Goldman Sachs Asset Management has launched the Goldman Sachs MarketBeta Total International Equity ETF (NYSE Arca: GXUS). The fund provides diversified access to approximately 85% of the global markets, excluding the U.S.
GXUS seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Global Markets ex United States Large & Mid Cap Index. The index is designed to measure the performance of large and mid-cap equities covering the largest 85% of the free-float market cap in the global markets outside the U.S.
As of March 31, the index consisted of 2,737 securities with a market-cap range between $178 million and $1.9 trillion, and an average market capitalization of about $17 billion. On the day of the launch, the ETF already had more than $400 million in assets.
“Advisors have been removing the home bias in client portfolios this year,” said VettaFi’s head of research Todd Rosenbluth. “Low-cost building block international ETFs can serve as a strong core to an asset allocation strategy.”
The launch of GXUS follows GSAM launching in March the Goldman Sachs Community Municipal Bond ETF (GMUN). GMUN provides exposure to tax-exempt municipal securities with the aim of maximizing tax efficiency.
GXUS carries an expense ratio of 19 basis points.