Goldman Sachs Hedge Industry VIP ETF

Goldman Sachs Hedge Industry VIP ETF (GVIP) tracks the Goldman Sachs Hedge Fund VIP Index. The index holds about 50 stocks that turn up most often among the top 10 holdings of hedge fund managers who pick stocks by studying company fundamentals. It is not a hedge fund. Each stock gets an equal weight. The fund costs 0.45% a year, against 0.04% for SPYG. It has also swung more sharply than the broad market.

• Over the year to Oct 27, 2026, GVIP returned +4.1%, 7th of 9 among similar funds.
• Its 5-year annualized return was +10.0%.
• In the 2020 COVID crash it fell 36.6% and regained its old high 4.1 months after the low.
• Its worst full calendar year was 2022 (-31.9%); its best was 2020 (+44.1%).
• The deepest fall in its price history was 37.1% (Nov 16, 2021 to Oct 14, 2022), recovered by Feb 29, 2024.

As of Aug 31, 2026, the fund held 50 securities; the ten largest made up 21.73% of assets.

By sector

• Over the three months to Aug 31, 2026, investors added a net $26.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +5.09%, -10.59%, +1.13%.

Large money managers must report their U.S. stock holdings to the SEC every quarter on Form 13F. Those reports become public up to 45 days after each quarter ends. The index uses them to find hedge fund managers who pick stocks through fundamental analysis. It defines these as managers with 10 to 200 U.S. stock positions and at least $10 million in reported stock holdings. It ranks each manager's positions by dollar value. The roughly 50 stocks that appear most often in those top-10 lists make up the index.

The index is rebuilt every quarter, once the filings are public. At each rebuild, every stock gets the same dollar amount, so no one company dominates. As of August 31, 2026, the largest positions were DoorDash, MercadoLibre, Thermo Fisher Scientific, Visa and S&P Global, at about 2.2% each. The top 10 together made up 21.7% of assets. The fund must keep at least 80% of its assets in index stocks or related depositary receipts. It may hold a sample of the index or substitute other securities.

Two points matter for holders. First, the data is stale: managers may have sold a stock before their filing appears. Second, the quarterly reshuffle led to 137% portfolio turnover in the prospectus. That raises trading costs, though in-kind redemptions are expected to limit taxable gains. The fund held no derivatives as of August 31, 2026.

• GVIP charges 0.45% a year, versus an average of 0.33% for the similar funds below (6th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).

GVIP is a concentrated, equal-weighted basket of about 50 stocks with a one-year beta of 1.52 as of October 27, 2026, which makes it a small add-on rather than a foundation.

GVIP adds a rules-based slice of stocks that hedge fund managers favor, but it has fallen hard in sell-offs. It launched in 2016, so it has no 2008 record. In the 2020 COVID crash it fell 36.6% from February 19 to March 18, 2020, then got back to its peak by July 20, 2020. Its deepest drop was 37.1%, from November 16, 2021 to October 14, 2022. It took about 16.5 months from that low to recover. Its worst calendar year was 2022, at −31.85%. Anyone selling shares for cash in a year like that would have sold far below the peak. Income is minimal: a 0.32% yield as of October 27, 2026, paid once a year. On the SEC's $10,000 example, costs come to $46 after one year and $567 after ten. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.