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Goldman Sachs AM Converts Mutual Fund To ETF

Goldman Sachs Asset Management has just completed the conversion of their defensive equity strategy to launch the Goldman Sachs Defensive Equity ETF (GDEF), marking their first mutual fund to ETF conversion. GDEF plans to invest in U.S. large-cap equity securities that are within the range of the S&P 500 market cap. It does this by purchasing put options at higher price strikes and selling them on the same index at lower strike prices.