Goldman Sachs AM Brings Active Fixed Income UCITS Lineup in EMEA to 14 With Two New Listings: Global Credit and Multi-Sector Income

Why It Matters

The new ETFs deepen GSAM’s fixed‑income offering in Europe, tapping a fast‑growing active ETF market and enhancing diversification options for income‑focused investors.

Key Takeaways

• GSAM active UCITS lineup now 14 ETFs, $1.9 bn assets
• New ETFs GCPA and GIBO target diversified credit and income
• TERs are 0.29% and 0.40%, competitive in Europe
• Acquisition of Innovator added $31 bn assets, $2 bn deal
• European active ETF market grew to $20.8 bn in 2024

Pulse Analysis

Goldman Sachs Asset Management’s latest foray into Europe’s active ETF space reflects a broader shift from passive index funds toward manager‑driven solutions. After debuting its first active fixed‑income products in early 2025, GSAM now boasts 14 UCITS ETFs with $1.9 billion under management, a portfolio bolstered by the $2 billion Innovator Capital acquisition. That deal alone injected $31 billion of assets and 171 defined‑outcome ETFs, propelling GSAM into the top ten global active ETF providers and signaling confidence in the active model’s scalability.

The two new offerings—Global Credit Plus Active (GCPA) and Global Income Bond Opportunities Active (GIBO)—are designed to meet divergent investor needs. GCPA blends investment‑grade corporates with a modest high‑yield (6.88%) and emerging‑market (9.64%) tilt, while GIBO leans heavily into high‑yield bonds (54.97%) to maximize income. Both funds reference Bloomberg’s Global Aggregate benchmarks and charge low expense ratios of 0.29% and 0.40% respectively, positioning them as cost‑effective alternatives to traditional mutual funds and passive trackers in the region.

The timing aligns with a surge in European active ETF assets, which climbed from €6.7 billion ($7.3 billion) in 2023 to €19.1 billion ($20.8 billion) in 2024, according to Morningstar. GSAM’s distribution network, already anchored by a $400 million commitment from Handelsbanken’s fund‑of‑funds team, will leverage unhedged listings on the London Stock Exchange and SIX Swiss Exchange, with hedged classes slated for Deutsche Börse and Borsa Italiana. As investors prioritize durable income and diversification, GSAM’s expanded suite is poised to capture a growing slice of the market, reinforcing the firm’s strategic push into active fixed‑income solutions.