Goldman Sachs Asset Management on Wednesday launched the Goldman Sachs Access Ultra Short Bond ETF (GSST), an actively managed product focused on U.S. dollar-denominated ultra-short duration bonds, U.S. government securities and other investment-grade fixed-income securities
According to the prospectus, the fund typically will invest more than 25 percent of its total assets in debt securities issued by financial services companies. In addition, the fund’s effective duration— a measure of a debt security’s price sensitivity to changes in interest rates—is expected to be one year or less.
The GSST fund’s expense ratio is 0.16 percent.
Its ultra-short bond fund cousin, the Goldman Sachs Access Treasury 0-1 Year ETF (GBIL), is a passively managed product that launched in 2016 and has grabbed $3 billion in assets. It charges an expense ratio of 0.12 percent.
The new GSST fund is the fifth in GSAM’s Access suite of fixed-income ETFs, and is the first of the lot that’s actively managed—in this case, by GSAM’s global fixed-income team.