GPZ vs PSP

GPZBVanEck Alternative Asset Manager ETF

PSPCInvesco 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.

PSP Public stock in the private-equity business. PSP has tracked a global index of buyout firms, alternative asset managers and BDCs since 2006, at an all-in 1.75% that is mostly fees passed through from the vehicles it holds.

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.

PSP The fund seeks exposure to listed private-equity companies through an index of publicly traded securities, ADRs and GDRs. Eligible companies invest in, lend to, or provide services to privately held businesses.

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.

• PSP Listed since 2006, it is the long-standing option on the listed-private-markets shelf: roughly 70 global names, non-US firms included via ADRs and GDRs.
• Wide net by design. The index takes companies that invest in, lend to, or provide services to privately held businesses, so buyout shops, alt managers and BDCs ride in one ticker.sec.gov
• Most of the 1.75% headline is acquired fund fees, indirect costs passed through from the listed vehicles it holds, not Invesco's own advisory fee.sec.gov
• Income-heavy underlying holdings, and the fund distributes quarterly.

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.

• PSP Headline cost runs above index-style peers such as GPZ (0.40%) and GTPE (0.50%), even though it sits below the category median, which some BDC funds drag higher.
• A smaller, thinly traded fund, so spreads can be wider than on a mainstream ETF and large orders need more care.
• Holdings are leveraged, cyclical financials whose shares can swing harder than broad global equity through credit and deal cycles.sec.gov

Full GPZ profile⁠

Full PSP profile⁠