(Bloomberg) -- One of Wall Street’s most storied names is joining the mania for actively managed thematic ETFs sparked by Cathie Wood.Goldman Sachs Group Inc. plans to create the Future Consumer Equity exchange-traded fund, the bank said in a filing Thursday. It will focus on technology companies and firms that embrace the “lifestyle and values” of younger consumers such as sustainable living, health and wellness.While this isn’t Goldman’s first foray into thematic investing, it does appear to be its first actively managed equity ETF. Theme-based products are a booming corner of the $6.1 trillion U.S. industry, with Wood’s Ark Investment Management inspiring copycat ETFs that eschew traditional sectors in favor of futuristic trends like space travel and robotics.“Given the success of Ark in the past year, many asset managers are seeking to tap into growing investor demand for actively managed equity ETFs using in-house expertise,” said Todd Rosenbluth, director of ETF research for CFRA Research.Even as retail traders look to be cooling toward the stock market, a recent survey shows that 80% of global ETF investors plan on increasing their exposure to thematic products this year.Goldman’s proposed fund, which doesn’t have an expense ratio yet, will invest in companies that cater to the “evolving priorities and spending habits of younger consumers,” according to the filing. The prospectus warns that the ETF may invest more of its cash in fewer companies than a traditional diversified fund might.The U.S. bank has struggled to hit on a winning thematic product in the past. In November, it combined five such ETFs that had failed to gain much traction into the Goldman Sachs Innovate Equity fund (ticker GINN), which has $457 million in assets.Meanwhile, the theme of next-generation consumers is fairly well-established. Global X’s Millennial Consumer fund (MILN) has gathered $177 million in assets since its 2016 launch, for example.Still, the New York-based bank has notched some ETF victories. The ActiveBeta U.S. Large Cap Equity fund (GSLC) -- a smart beta product that undercut the competition with its 9 basis point fee -- holds $12.6 billion.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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(Bloomberg) -- Didi Chuxing is raising $1.5 billion of debt financing from banks as the Chinese ride-hailing giant seeks to expand its firepower ahead of a potential U.S. initial public offering, according to people familiar with the matter.Didi, backed by SoftBank Group Corp., has signed a revolving loan facility with JPMorgan Chase & Co., Morgan Stanley, Goldman Sachs Group Inc., HSBC Holdings Plc, Barclays Plc and Citigroup Inc., the people said. A debt deal would serve as a stepping stone as Didi continues to evaluate a potential listing that could value the firm at about $100 billion, the people said, asking not to be identified because the matter is private.Representatives for Beijing-based Didi and the banks declined to comment.After raising a loan, Didi would follow the footsteps of other sharing economy companies in seeking a listing. In February, Southeast Asia’s ride-hailing giant Grab Holdings Inc. closed its first senior secured term loan facility, which was upsized to $2 billion from $750 million planned initially due to strong investor interest. Grab is in advanced talks to go public through Altimeter Capital’s first blank-check company, people familiar with the matter have said.Didi is stepping up efforts to grow its presence in strategically important sectors like autonomous driving as it prepares to go public in what could be one of the largest tech IPOs globally this year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.