VanEck Alternative Asset Manager ETF

The VanEck Alternative Asset Manager ETF (GPZ) provides investors with indexed exposure to publicly traded alternative asset management firms through a rules-based equity strategy. The fund seeks to replicate the performance of the MarketVector Alternative Asset Managers Index before fees and expenses, making it a benchmark-tracking vehicle rather than an actively managed alternative strategy.

The fund's composition reflects concentration among industry leaders. Blackstone Inc. represents the largest holding at 12.18% of net assets, followed closely by Brookfield Corporation's Class A ordinary shares at 11.92%. KKR & Co. commands a 10.51% position, while Apollo Global Management accounts for 8.37%. Additional top-tier holdings include Brookfield Asset Management (6.75%) and Ares Management Corp (4.42%), collectively representing the dominant firms capturing value across private equity, infrastructure, credit, and alternative asset platforms.

As a non-diversified fund, GPZ carries concentration risk concentrated in a small number of issuers, which distinguishes it from diversified equity ETFs. The fund's structure mandates minimum 80% allocation to index constituents, allowing up to 20% in cash or ancillary positions. With 10.825 million shares outstanding as of early May 2026, the fund maintains sufficient scale for institutional deployment while offering retail access to alternative asset management equity exposure.

The geographic and sector composition reflects the U.S.-dominant headquarters of major alternative asset managers, though many holdings operate globally. This positioning provides investors with leveraged exposure to alternative asset industry growth dynamics, including rising institutional demand for private equity, infrastructure, and private credit allocations.