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Gotham Asset Management has launched the Gotham 1000 Value ETF (NYSE Arca: GVLU), an actively managed exchange-traded fund that begins trading Wednesday on the New York Stock Exchange Arca.
GVLU invests in equity securities of 400 to 600 mid- to large-capitalization companies selected from a universe of the largest 1,400 companies listed on U.S. stock exchanges. As the fund’s sub-adviser, Gotham deploys a strategy whereby its portfolio is weighted towards those companies priced at the largest discount to the sub-adviser’s assessment of value, subject to pre-specified risk and diversification constraints.
Gotham seeks to capitalize on pricing inefficiencies by employing a systematic, bottom-up valuation approach to identify companies that appear to be undervalued or overvalued on both an absolute (compared to historical valuations) and a relative (compared to other publicly traded companies in the investment universe) basis, according to the summary prospectus. The fund’s portfolio is generally rebalanced at least monthly.
Its top holdings as of June 8 are Regeneron Pharmaceuticals (REGN), at 0.55% of the fund; Moderna Inc. (MRNA), at 0.52%; and Quidelortho Corp. (QDEL), at .52%.
Toroso Investments LLC, GVLU’s investment adviser, has agreed to reduce its unitary management fee, including all expenses incurred by the fund. GVLU carries an expense ratio of 0.50% after Toroso’s 0.15% fee waiver.
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