The Numbers Are In: Active ETF Innovation Pulling Big Flows

Impact · against what's priced in

The growth in active ETF inflows and the success of GS's GPIQ fund provide incremental support for Asset Management revenue growth, but the market has already priced in mid-single-digit growth for this segment. The news is a mild positive confirmation of the current trajectory rather than a catalyst for a valuation rerating.

GS+0.10

Already priced in

The price assumes

The continuation of Investment Management's mid-single-digit growth, consistent with the 3.3% year-over-year increase already reported.

The strong YTD returns (19.6%) and distribution rates (9.86%) of the GPIQ fund support the continued growth of the Investment Management division, though this aligns with the mid-single-digit growth the market already expects.

What GS's price assumes · Sep 11

• GS▲32%
• income investing
• active etfs
• asset management
• buffer etfs
• defined outcome
• derivative income
• downside protection
• etf flows