At a glance
GDOC charges 0.75% a year, above the 0.36% average of the 8 funds most like it (the 8th cheapest of 9). It has $19.6M in assets, the 8th largest of that group; it paid 0.29% of its price in distributions over the past 12 months, annual. Over the past year it returned +9.7% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +11.2% a year. At its worst it fell 28.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 51 months after the low. Its ten largest positions make up 57.0% of the fund, out of 39 in all.
The short version
Goldman Sachs Future Health Care Equity ETF (GDOC) is an actively managed fund: its managers pick U.S. and foreign health care stocks tied to genomics, precision medicine, surgical technology and digital health rather than tracking an index. As of August 31, 2026, it held just 39 companies, with about 57% in its top 10. Its 0.75% annual fee is roughly double the 0.36% average of similar funds.
Price history
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GDOC +9.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GDOC official prospectus, to Dec 31, 2024 | — | -1.59% | — | — | — | -6.18% |
| GDOC price data to Oct 27, 2026 | +6.7% | +9.7% | +11.2% | — | — | -0.4% |
- Over the year to Oct 27, 2026, GDOC returned +9.7%, 9th of 9 among similar funds.
- Its worst full calendar year was 2022 (-17.1%); its best was 2025 (+10.7%).
- The deepest fall in its price history was 31% (Nov 16, 2021 to May 11, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.7% | — |
| 2025 | +10.7% | — |
| 2024 | -1.6% | -1.59% |
| 2023 | +4.6% | +4.90% |
| 2022 | -17.1% | -16.91% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.4% over that stretch · deepest drop along the way 28.7%, back to its old high 51.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.1100 | +1000.0% |
| 2024 | $0.0100 | -94.4% |
| 2023 | $0.1800 | |
| 2022 | $0.0000 |
What's inside
As of Aug 31, 2026, the fund held 39 securities; the ten largest made up 56.97% of assets, and 2.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| ELI LILLY & COMPANY | 12.19% | |
| JOHNSON & JOHNSON | 8.31% | |
| MERCK & COMPANY INC | 7.44% | |
| UNITEDHEALTH GROUP INC | 5.79% | |
| VERTEX PHARMACEUTICALS INC | 4.20% | |
| ARGENX SE | 4.14% | |
| GUARDANT HEALTH INC | 4.02% | |
| DEXCOM INC | 3.86% | |
| AGILENT TECHNOLOGIES INC | 3.51% | |
| THERMO FISHER SCIENTIFIC INC | 3.51% | |
| EDWARDS LIFESCIENCES CORP | 3.48% | |
| INTUITIVE SURGICAL INC | 2.93% | |
| LONZA GROUP AG | 2.81% | |
| CENCORA INC | 2.67% | |
| ROIVANT SCIENCES LTD | 2.48% |
By country
United States 78.49%Switzerland 4.21%Netherlands 4.14%United Kingdom 3.77%Bermuda 2.48%By asset type
Stocks 98.33%By sector
Sectors of the companies held, for the 56.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.43%, -0.44%, +4.10%.
How it works
GDOC is not an index fund. Goldman Sachs Asset Management picks stocks through fundamental research (studying each company's business) and may weigh environmental, social and governance (ESG) factors. At least 80% of assets go into U.S. and foreign health care companies, chosen mostly for ties to four themes: genomics (gene sequencing, diagnostic testing), precision medicine (targeted cancer drugs, gene and cell therapy), technology-enabled procedures (robotic and minimally invasive surgery) and digital health (connected devices, online care). The managers set no fixed split among themes, can change them without notice and may own stocks outside them.
The portfolio mixes established firms with early innovators. As of August 31, 2026, the largest holdings were Eli Lilly (12.2%), Johnson & Johnson (8.3%), Merck (7.4%) and UnitedHealth Group (5.8%), with Vertex Pharmaceuticals, argenx and Guardant Health near 4% each. Position sizes reflect the managers' judgment, not an index formula. The fund is non-diversified, so it may hold bigger stakes in fewer companies than diversified funds. About 78% was in U.S. stocks. Turnover of 46% means yearly trading equal to nearly half the portfolio.
The prospectus permits options, futures and other ETFs, but the August 31, 2026 holdings report showed none: about 98% stocks, 2% cash. Goldman compares results with the MSCI ACWI Health Care Index, a global health care benchmark.
What it really costs
- GDOC charges 0.75% a year, versus an average of 0.36% for the similar funds below (8th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $930 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GDOC | $77 | $240 | $417 | $930 |
In a retirement portfolio
With 39 stocks in one sector, an actively managed approach and a 0.75% fee, it fits better as a small add-on than as a portfolio's foundation.
GDOC could add focused health care exposure. Launched in November 2021, it has no record from the 2008 or 2020 crashes. In the 2022 bear market it fell 28.7% from January 3 to May 11, 2022, and took 51 months, until August 18, 2026, to recover. Measured from its November 2021 peak, its deepest drop was 31%, and it had not fully recovered as of October 27, 2026. In its worst calendar year, 2022, it lost about 17%. Withdrawals during that slump meant cashing out at depressed prices.
Income is minimal: the 12-month yield was 0.29% as of October 27, 2026, paid annually. Its 0.75% fee is about double the 0.36% average of similar funds: $77 in year one and $930 over 10 years on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan has to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a stock-picked health care fund tilted toward genomics, precision medicine, robotic surgery and digital health, alongside giants like Eli Lilly and Merck.
- Those comfortable with concentration: 39 companies as of August 31, 2026, with about 57% in the top 10 and Eli Lilly alone at 12%.
- Patient investors holding it as a small side position who could sit through slumps like its 51-month climb back from early 2022 losses.
Look elsewhere if
- Cost-conscious investors: GDOC's 0.75% fee compares with 0.08% for Health Care Select Sector SPDR (XLV) and 0.09% for Vanguard Health Care ETF (VHT).
- Retirees needing portfolio income: the 12-month yield was 0.29% as of October 27, 2026, paid just once a year.
- Anyone wary of tiny funds: net assets were about $19.6 million as of August 31, 2026, with $2.6 million withdrawn over three months.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GDOC this fund | — | 0.75% | $19.6M | +9.7% | +11.2% |
| IYH iShares U.S. Healthcare ETF | 45% | 0.39% | $3.56B | +23.8% | +15.0% |
| XLV Health Care Select Sector SPDR Fund | 45% | 0.08% | $40.60B | +30.2% | +16.2% |
| FHLC Fidelity MSCI Health Care Index ETF | 44% | 0.084% | $3.29B | +23.8% | +16.0% |
| VHT Vanguard Health Care ETF | 44% | 0.09% | $22.04B | +28.9% | +16.9% |
| JDOC JPMorgan Healthcare Leaders ETF | 40% | 0.65% | $9.1M | +15.7% | — |
| IXJ iShares Global Healthcare ETF | 40% | 0.41% | $3.84B | +19.5% | +13.4% |
| MEDI Harbor Health Care ETF | 35% | 0.8% | $41.2M | +12.6% | +18.2% |
Questions investors ask
Is GDOC good for retirement?
It is better suited to a small side role than a core one. GDOC held 39 health care stocks as of August 31, 2026, charges 0.75% a year and yielded just 0.29% over the 12 months to October 27, 2026, paid annually. It fell 28.7% in early 2022 and took 51 months to get back to its January 2022 level. It may suit retirees who already own broad, diversified funds and want a modest health care tilt, but it adds little income.
What's the difference between GDOC and XLV?
GDOC is an actively managed fund of 39 U.S. and foreign health care stocks as of August 31, 2026. The Health Care Select Sector SPDR Fund (XLV) is far larger and much cheaper. XLV charges 0.08% a year versus 0.75% for GDOC, and about 45% of their holdings overlap. XLV also returned more: 30.2% over one year and 16.2% a year over three years as of October 30, 2026, versus 9.7% and 11.2% for GDOC as of October 27, 2026.
Does GDOC pay dividends?
Yes, but very little, and only once a year. Its 12-month payout was about $0.11 per share, a yield of 0.29% as of October 27, 2026. That fits the fund's stated objective, long-term growth of capital, rather than income. Investors who rely on portfolio income would get little from it, so it is better understood as a growth holding than a source of regular cash.
How has GDOC performed since it launched?
It has lagged similar funds. According to its prospectus, GDOC lost 16.91% in 2022, gained 4.9% in 2023 and lost 1.59% in 2024; from its November 2021 launch through December 31, 2024, it lost 6.18% a year on average. Price-based returns improved afterward: 10.7% in 2025 and 9.7% over the year to October 27, 2026. Still, that one-year figure ranked last among GDOC and eight similar funds, and its 11.2% annual three-year return ranked last of eight funds with that history.
Is GDOC actively managed?
Yes. Goldman Sachs Asset Management picks the stocks instead of tracking an index, though it compares results with the MSCI ACWI Health Care Index. Managers focus on four themes (genomics, precision medicine, technology-enabled procedures and digital health) and can change them without notice. The fund is non-diversified, so a few stocks can drive results: Eli Lilly alone was 12.2% of assets as of August 31, 2026. That hands-on approach comes with a 0.75% annual fee.