GPZ vs PEX

GPZBVanEck Alternative Asset Manager ETF

PEXDProShares Global Listed Private Equity ETF

In short

GPZ Private markets, bought from the fee-collecting side. GPZ tracks an index of the publicly listed firms that run buyout, credit and real-asset funds, rather than the deals themselves, for 0.40% a year.

PEX PEX owns the deal-doers, not the fee-collectors: about 30 listed companies that hold private businesses on their own balance sheets. The fee is 2.75% net of a waiver through September 30, 2027, and most of that sits inside the holdings.

Stated mandate

GPZ GPZ seeks to track, before fees and expenses, the price and yield performance of the MarketVector Alternative Asset Managers Index, providing public-equity exposure to alternative asset managers across private-market segments.

PEX The Fund seeks to track, before fees and expenses, the performance of the LPX Direct Listed Private Equity Index.

Why people hold it

• GPZ 0.40% a year in a corner of the market that usually charges like the managers it holds: cohort peers PSP (1.80%) and BUYO (0.89%) both cost more for listed private-markets exposure.
• Clean mechanism: it tracks the MarketVector Alternative Asset Managers Index for public-equity exposure to alternative managers across private-market segments. Rules, not a stock picker's hunches.vaneck.com
• One of the sturdier implementations in the small listed private-markets group, and it gets there on cost and structure rather than exotic wrappers.

• PEX The index only admits companies where direct private equity stakes, cash and post-IPO holdings top 80% of assets: owners of private businesses, not managers taking fees.sec.govlpx-group.com
• Listed since 2013, one of the longer-running ways to hold global listed private equity in a single ticker, with about 30 names and quarterly distributions.
• Much of the headline cost comes from expenses inside the holdings, not advisory fees; the fund's own operating costs run under a waiver through September 30, 2027.sec.gov

Worth knowing

• GPZ One industry, and a 2025 launch. Early price swings have run high for its group, and there is only a short live record to judge the fund by.
• Distributions come annually or semiannually, so this is an equity-growth wrapper rather than an income schedule you can plan around.
• Still a smaller, moderately traded fund. Spreads can be wider than in mega-cap index ETFs, which matters most on large or hurried orders.

• PEX 2.75% net of a waiver through September 30, 2027 (3.98% gross) is above the category median; peers take cheaper routes, with GPZ at 0.40% and BUYO at 0.89%.
• A small fund that trades thinly, so spreads tend to be wider and the share price can wander from the value of the basket more than in a mainstream index ETF.
• Concentrated by design at about 30 names, and because the roster is global, currency moves in the foreign listings ride along with the returns.sec.gov

Full GPZ profile⁠

Full PEX profile⁠