Wild valuation here IMO (though congrats to Innovator ETFs)…
Biggest issue for Goldman is category fee compression.
Aptus recently launched buffer ETFs at *25bps*. Founder basically said they can run these ETFs in their sleep. Just a few trades a yr.
Problematic for Goldman.
HUGE: Goldman Sachs to acquire Innovator ETFs (the Buffer ETF people) for $2b. Wow. This product set has ‘only’ $28b but they all charge like 80bps = revenue machines (hard to find in Vgrd Era). This also gives Goldman a huge lift, they were eerily quiet since ex-JPM star Bryon Lake joined. Now we know why. Finally, it’s another big feat and payday for ETF legend Bruce Bond. Great story/scoop from @emily_graffeo @kgreifeld
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