JPMorgan Healthcare Leaders ETF

JPMorgan Healthcare Leaders ETF (JDOC) is an actively managed healthcare stock fund with 56 holdings as of July 31, 2026, led by AbbVie, Eli Lilly and UnitedHealth Group. It doesn't track an index. Instead, its managers pick companies they see as leaders whose growth the market underrates. It charges 0.65% a year, above the 0.39% average for similar funds, and had just $9.1 million in assets on July 31, 2026.

• Over the year to Oct 27, 2026, JDOC returned +15.7%, 8th of 9 among similar funds.
• Its worst full calendar year was 2024 (-1.0%); its best was 2025 (+15.4%).
• The deepest fall in its price history was 20.8% (Aug 30, 2024 to May 14, 2025), recovered by Jun 26, 2026.

As of Jul 31, 2026, the fund held 56 securities; the ten largest made up 48.1% of assets.

By sector

• Over the three months to Jul 31, 2026, investors withdrew a net $2.8M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.76%, +6.38%, +0.47%.

JDOC doesn't track an index. JPMorgan's healthcare specialists pick drug, biotech, medical device, health services and life sciences companies that get at least half their assets, revenue or net income from healthcare. Since June 1, 2026, at least 80% of assets must be in "leaders." These are companies that rank above the healthcare median on at least one measure, such as revenue growth, earnings-per-share growth or profit margins. The team favors leaders with catalysts, such as new clinical data or regulatory approvals, whose growth it believes the market underrates.

The prospectus sets no formula for sizing positions and no rebalancing schedule. The managers size and trade positions as their views change, mostly among mid-size and large companies worldwide. As of July 31, 2026, 75.2% of assets were in US stocks. The 10 largest holdings made up 48.1% of the fund, led by AbbVie and Eli Lilly at about 7.8% each. Turnover was 92%, meaning the fund replaced most of its holdings in a year. Those trading costs aren't included in the expense ratio.

The fund may use futures, options and currency forwards to manage risk, handle cash or hedge some foreign-currency exposure. Its July 31, 2026 holdings report showed none. Shares trade on Nasdaq at market prices that can differ from the value of the fund's holdings.

• JDOC charges 0.65% a year, versus an average of 0.39% for the similar funds below (7th of 9, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).

JDOC is a small, actively managed fund that holds one sector, so it works better as a side position than as the base of a portfolio.

JDOC could add healthcare stocks that have moved only loosely with the wider market (a beta of 0.35 for the year to October 27, 2026). It launched in November 2023, so it has no record from the 2008, 2020 or 2022 sell-offs. Its worst calendar year, 2024, was only a 0.63% loss. But its deepest drop was 20.8%, from August 30, 2024 to May 14, 2025. It got back to that earlier high on June 26, 2026, about 13 months after the low. Anyone selling shares to cover bills during that stretch would have sold low.

Income is slim: the yield was 0.8% as of October 27, 2026, paid once a year. Costs of 0.65% a year are above the 0.39% average for similar funds. The SEC's standard $10,000 example puts them at $66 after one year and $810 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.