2. iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI)
5-Year Performance as of August 9: 49.10%
iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI)’s primary objective is to replicate the investment performance of the Dow Jones U.S. Select Investment Services Index. The ETF offers exposure to different entities in the U.S. investment landscape, including investment banks, discount brokerages, and stock exchanges. The fund was established on May 01, 2006. As of August 7, 2023, iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI)’s portfolio consists of 25 stocks, with net assets totaling $413.7 million. The fund offers an expense ratio of 0.40%. It is one of the best financial ETFs to buy.
The Goldman Sachs Group, Inc. (NYSE:GS) is the largest holding of iShares U.S. Broker-Dealers & Securities Exchanges ETF (NYSE:IAI). On July 19, The Goldman Sachs Group, Inc. (NYSE:GS) declared a $2.75 per share quarterly dividend, a 10% increase from its prior dividend of $2.50. The dividend is payable on September 28, to shareholders of record on August 31.
According to Insider Monkey’s first quarter database, 69 hedge funds were bullish on The Goldman Sachs Group, Inc. (NYSE:GS), compared to 74 funds in the prior quarter. Boykin Curry’s Eagle Capital Management is a prominent stakeholder of the company, with 3 million shares worth $986.2 million.
Manole Capital Management made the following comment about The Goldman Sachs Group, Inc. (NYSE:GS) in its Q3 2022 investor letter:
“Back in 2019, The Goldman Sachs Group, Inc. (NYSE:GS) made a splash in the card industry by working with Apple and MasterCard on a credit card. The actual card is fairly sleek (as you can see below), as customers’ names are etched into an Apple titanium card. The no-fee card generated a lot of hype, as many early users were quick to post their latest card on various social media sites.
The initial goal of Marcus (back in 2016) was to leverage Goldman’s wonderful name brand and build a full-service digital bank. This card was a large piece of GS’s ambitions to grow its retail banking franchise called Marcus. After 5 years, Marcus now has 14 million customers and $16 billion in loan balances. Surprisingly, Marcus now represents nearly 20% of the firm’s total revenue.
We thought it would be interesting to look at how the Apple Card is doing in terms of loans and exposures. With over $100 billion in assets, this has been a successful source of cheap deposits for GS. Despite having an institutional / “white shoe” brand in the investment banking and trading world, GS’s Apple Card has been a disappointment.” (Click here to read the full text)
