Goldman Sachs’s proposed DeFi ETF has sparked speculation that the fund has more to do with boomer tech than DeFi — but there’s still a chance the banking giant may redeem itself.
Goldman Sachs’s DeFi and Blockchain Equity ETF will track the Solactive Decentralized Finance and Blockchain Index, according to the SEC filing. While the filing doesn’t mention the members of that index, an online search yields a basket tracking stocks of Nokia and Microsoft, a far cry from actual DeFi.
Except the Solactive Decentralized Finance and Blockchain Index, as named in the Goldman Sachs filing, does not seem to exist — at least not with that name. The closest index is the “Solactive Blockchain Technology Performance Index,” which tracks mainstream tech companies with “economic exposure to the Blockchain segment.”
When reached for clarification, Leslie Shribman, vice president of corporate communications at Goldman Sachs, told The Defiant: “We don’t have a comment beyond the filing at this time.”
The Solactive Blockchain Technology Performance Index tracks companies including Paypal, Visa and Facebook. Nokia, which launched a blockchain-powered data marketplace in May, takes up the index’s largest weight at 7.15%.
Of course, none of these mainstream tech companies have anything to do with DeFi. This means that if Goldman Sachs’ proposal is actually referring to the Solactive Blockchain Technology Performance Index, then their “DeFi and Blockchain Equity ETF” is mislabeled.
That said, it’s also possible there’s a different Solactive index which is not publicly available yet.