Goldman Sachs Asset Management is looking for the FAANG of the future with its latest exchange-traded fund, according to a report by Bloomberg on Thursday.
The actively managed Goldman Sachs Future Tech Leaders Equity ETF (ticker GTEK) will be launched on Thursday, holding tech companies with market capitalizations under $100 billion.
Katie Koch, GSAM’s co-head of fundamental equities, stated that with GTEK, Goldman is attempting to identify moonshots to stay on “the right side of disruption and innovation.
Koch further stated that it is going to be another company’s opportunity to be up another 175,000% since its IPO. Goldman was working hard to identify those companies.
Big tech companies such as Apple Inc., Google’s parent Alphabet Inc, and Facebook Inc. have dominated the stock market for many years, but their influence rose to new highs during the pandemic.
The $195 billion Invesco Trust Series 1 ETF (QQQ) has surged over 20% this year. While the $1.2 billion Invesco NASDAQ NextGen 100 ETF has risen 11% over the period. GTEK up +0.28%, GS down -0.61%