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Goldman’s GTOP ETF Rides the Trillion-Dollar AI Wave

BY | ETF Database
10/07/2026 | 50 VIEWS
Goldman Sachs’ Technology Opportunities ETF (GTOP) has emerged as one of the firm’s strongest-performing funds this year, benefiting from investors’ continued appetite for technology and artificial intelligence (AI) exposure.The actively managed fund has gained roughly 33.41% year to date, with its concentrated portfolio giving investors exposure to several of the companies at the center of the AI investment cycle. GTOP has a 0.65% expense ratio and $770 million in assets under management.Key Takeaways: GTOP is up 4% year to date, largely because it holds companies at the center of the AI buildout. The ETF invests in major AI players like Nvidia, Alphabet, and AMD. Its concentrated portfolio, which includes 36 holdings, can boost returns but also increase risk. That positioning has helped GTOP capitalize on the continued boom in AI-related capital spending. Nvidia Corp. (NVDA) is the fund’s largest holding (13.29%) as of early October, followed by Alphabet Inc. (GOOG) (8.70%), Advanced Micro Devices, Inc. (AMD) (4.72%), and Apple Inc. (AAPL) (4.62%). Amazon.com Inc., Meta Platforms Inc., Micron Technology Inc., and Microsoft Inc. also rank among its top positions. The mix gives GTOP exposure to multiple parts of the AI ecosystem, from the chips and networking technology powering data centers to the hyperscalers spending billions of dollars to build out AI infrastructure. See More: Goldman Sachs Talks AI Investing Regime Change, Active ETFsTop HoldingsAmongst its top holdings, Nvidia’s position is particularly important to GTOP’s performance. The chipmaker’s shares approached a $6 trillion market capitalization this week as the broader technology sector pushed the Nasdaq to a record high. Another chipmaker, AMD, is also preparing to significantly grow chip supply in 2027, as it seeks to meet growing demand for AI processors, according to Reuters. Alphabet, meanwhile, gives GTOP exposure to the hyperscaler side of the equation. Google Cloud revenue jumped 82% to $24.8 billion in its most recent reported quarter, as demand for AI-related cloud services increased. Alphabet also raised its 2026 capital expenditure forecast to as much as $205 billion as it accelerates infrastructure investment. That spending is part of a much larger investment cycle. Goldman Sachs Research estimates that global AI-related investment could grow to more than $1 trillion in 2026, including about $581 billion in the U.S. For investors, that spending creates a potentially powerful earnings channel for the companies held by GTOP.Concentration Cuts Both WaysThe concentration of GTOP also highlights why the fund has been able to outperform the broader market. Its 10 largest positions account for roughly 55.8% of the portfolio, giving the fund considerably more exposure to individual technology winners than a broad-market ETF. That concentration, however, cuts both ways. Goldman Sachs Asset Management has noted that dispersion among the so-called “Magnificent Seven” has increased as companies pursue different AI and cloud strategies, making stock selection increasingly important. For now, though, GTOP’s performance suggests investors remain willing to reward companies with direct exposure to the AI buildout. For more news, information, and strategy, visit the Future ETFs Content Hub.

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