Goldman Sachs Files To Create ETFs That Track Market Indexes

“Goldman Sachs Group Inc. (GS: 163.97 0.00 0.00%) is seeking regulatory clearance to create exchange-traded funds, a fast- growing segment of the money-management business. The company filed an application today with the U.S. Securities and Exchange Commission to establish ETFs that track market indexes. The initial fund will seek to replicate an index based on the Brazilian, Chinese, Indian and Korean stock markets, according to the New York-based company’s application,” Miles Weiss Reports From Bloomberg.

“Unlike traditional mutual funds, which are priced at the end of each day and report their holdings quarterly, ETFs trade on an exchange and are required to reveal the securities they own on a daily basis. ETF assets grew 64 percent to $783 billion at the end of November from $478 billion a year earlier, according to the Investment Company Institute in Washington,” Weiss Reports.

“The index for Goldman Sachs’s initial ETF will track the top 85 percent of companies by market value in China, Korea, Brazil and India, the filing said. A company not affiliated with Goldman Sachs will create the index, the filing said,” Weiss Reports.