iShares Global Healthcare ETF (IXJ) — Review & Analysis

IXJ is the largest healthcare ETF on the ASX with AUM of $1.35 billion as at May 2026 — more than 8x larger than every other healthcare option combined. The fund tracks the S&P Global 1200 Healthcare Sector Index and holds the world's biggest healthcare names: Johnson & Johnson, Eli Lilly, UnitedHealth Group, Novo Nordisk, Roche, AbbVie, Merck and Pfizer. Compare IXJ across the full healthcare universe on our healthcare and biotech ETF page.

The 0.41% p.a. management fee sits in the middle of the sector cohort — cheaper than DRUG at 0.57% and HLTH/CURE at 0.45%. IXJ is unhedged for currency, which means returns include both global healthcare performance and AUD/USD movement. For Australian investors building long-term healthcare exposure, that unhedged structure has historically been a tailwind during periods of US dollar strength.

IXJ's market-cap weighted structure means roughly 65% of the portfolio is US-listed, with the remainder split across Switzerland (Roche, Novartis), Denmark (Novo Nordisk), the UK (AstraZeneca, GSK) and Japan. The fund is dominated by large-cap pharma and managed care — there is limited biotech and medical device exposure inside the top 20 holdings. Investors wanting more concentrated biotech exposure typically pair IXJ with CURE (S&P Biotech ETF).

Healthcare is one of the most defensive sectors in global equities — non-cyclical demand, strong cash generation, and steady earnings. IXJ's scale, deep liquidity and brand strength (iShares/BlackRock) have made it the default healthcare ETF for Australian super funds and advisers. Our every theme ETF on the ASX guide covers how healthcare compares against other sector and thematic options on fees and performance.