GVIP vs SPYV

GVIPDGoldman Sachs Hedge Industry VIP ETF

SPYVAState Street SPDR Portfolio S&P 500 Value ETF

In short

GVIP Smart-money cloning, by the rulebook. GVIP holds roughly 50 US stocks that show up most often in the top ten positions of fundamental hedge funds' 13F filings, equal-weighted and refreshed on the quarterly filing cycle.

SPYV The value side of the S&P 500, tracked since 2000 for four basis points. It does one thing: hold the index names that screen cheap, and charge close to nothing for the privilege.

Stated mandate

GVIP The Fund seeks to track, before fees and expenses, the performance of the Goldman Sachs Hedge Fund VIP Index.

SPYV The fund seeks to track, before fees and expenses, the total return of the S&P 500 Value Index.

Why people hold it

• GVIP The rulebook is public: 13F holdings ranked by value, the names appearing most often in managers' top ten get selected, equal dollar-weighted at each rebalance.gsam.com
• Equal weighting means a crowded mega-cap and a smaller conviction name start each quarter the same size, so it tracks breadth of hedge fund agreement, not market cap.gsam.com
• Rebalances are keyed to the SEC 13F filing deadline and run quarterly, so the roster turns over with each disclosure cycle instead of sitting static.gsam.com
• Running since 2016, it is a rules-based index wrapper (Solactive calculates the benchmark) rather than a manager making calls week to week.gsam.com

• SPYV 0.04% a year. VOOV tracks the identical S&P 500 Value Index and charges 0.07%, so this is the same exposure at a lower fee.
• Trading since 2000 and now a multi-billion-dollar fund that changes hands actively, so the plumbing is well worn.
• No stock picking, no factor secret sauce: it aims to match the S&P 500 Value Index before fees, and it is one of the cleaner implementations in its peer group.ssga.com

Worth knowing

• GVIP At 0.45% it costs many times a plain index tracker such as SCHK (0.03%) or VOOV (0.07%). The fee buys the screen, not the beta.
• 13F snapshots land after the quarter closes and cover long US equity positions. Shorts, hedges and non-US books never make the file.gsam.com
• About 50 names loved by the same crowd is a concentrated book, and it trades lightly next to the broad index giants in its category.

• SPYV This is one style slice, roughly 400 value-screened names, not the whole S&P 500. It will move differently from the full index.
• Value goes through long stretches in and out of favor. The fund follows the index rules either way, with no manager stepping in.
• Distributions land quarterly, not monthly.

Full GVIP profile⁠

Full SPYV profile⁠