Top Portfolio Products: Goldman ETF Tracks 'Best Ideas' Hedge Fund Positions

Goldman Sachs Asset Management launched an ETF that tracks the Goldman Sachs Hedge Fund VIP Index, according to an announcement.

The Goldman Sachs Hedge Industry VIP ETF (GVIP) is the first ETF to track its index of 50 “Very-Important-Positions,” or stocks widely held by hedge fund managers.

The index includes the 50 U.S.-listed stocks that most often appear in the top 10 holdings of more than 650 hedge fund managers, managing more than $700 billion in equity. It’s equally weighted and includes stocks owned by hedge fund managers holding between 10 and 200 distinct equity positions, as reported in their most recent Form 13F filings.

“We’re thrilled to be able to package these high-conviction investment ideas from a broad array of professional investors into a cost effective, tax-efficient and convenient ETF wrapper,” said Michael Crinieri, Head of ETF Strategies at GSAM.

GVIP, which began trading on the NYSE Arca, Inc. on November 3 with $20 million in assets, has an expense ratio of 45 basis points.

Goldman Sachs Asset Management started offering ETFs in September 2015 with the launch of Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF (GSLC). Goldman now offers seven ETFs with $2.5 billion in assets as of September 30.

ASCI Funds Introduces its First ETF

Asset manager ACSI Funds launched its inaugural exchange-traded fund, the American Customer Satisfaction Core Alpha ETF (ACSI), according to an announcement. The new ETF capitalizes on the correlation between consumer sentiment and investment performance and aims to shed light on customer satisfaction for more than 350 well-known, national brands.

Wells Fargo Launches Low Volatility U.S. Equity Fund