VanEck Alternative Asset Manager ETF

GPZ

Market cap $121M

NEW YORK--(BUSINESS WIRE)--VanEck announced today the 2025 annual distributions per share for its VanEck equity exchange-traded funds.

VanEck Alternative Asset Manager ETF offers exposure to top public alternative asset managers, outperforming their own private equity strategies in recent years. GPZ tracks a passive, rules-based index focused on firms deriving 75%+ revenue from alternative assets, resulting in a concentrated portfolio of 23 holdings. Top holdings include BN, BX, KKR, and APO, making the ETF top-heavy and less diversified, with significant North American exposure.

After years of researching equities, my research has started trending toward alternatives — including crypto, commodities, and private markets. It is not that equities have gone out of favor.

The VanEck Alternative Asset Manager ETF offers targeted exposure to leading alternative asset managers, with top holdings accounting for 48% of assets. GPZ stands to benefit from secular growth in private markets, especially with increased retail access and supportive regulatory changes related to allowing alternatives in 401(k) plans. Despite recent pullbacks and sector risks, GPZ's top holdings have strong historical returns, robust earnings growth, and reasonable valuations versus traditional financials.

Private credit isn't necessarily new to retail investors. In fact, closed-end funds (CEFs) and business development companies (BDCs) have been giving everyday investors access to private loans and middle-market financing for years (see my previous note here).

VanEck has consistently delivered some of the best funds that help investors diversify into untapped and new markets.

A new executive order could bring alternative assets to 401(k)s, creating potential growth opportunities for alternative asset managers. Here's what this shift could mean for investors.

Lately it seems as if most roads lead to the democratization of private markets.

I rate VanEck Alternative Asset Manager ETF a Buy, targeting capital appreciation from the surge in alternative investments entering 401Ks after a recent executive order. The GPZ ETF offers exposure to the top 20 public alternative asset managers, benefiting from a $12.5 trillion retirement market and outpacing the financial sector since launch. The ETF provides diversification across private equity, credit, infrastructure, and real estate, with a low expense ratio and minimal direct competition among ETFs.

By Coulter Regal, CFA, Product Manager Private markets have surged to $15T, but access remains complex. We explore two ways to gain exposure to private credit and asset managers without traditional hurdles.