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New Listings: Only one new listing today, summer has started…

Picture of Bernie Thurston
Summer trading may be quiet, but the ETF launch machine never takes a day off. Today brings just one new listing. A sign of the seasonal lull, but it's a notable one: a fund betting big on AI's slow-moving takeover of healthcare.

Tema Healthcare AI ETF (HLTH, NYSE)

Somewhere at a fund manufacturer, a compliance team sat down and decided that vibes alone were not enough. This actively managed fund invests in companies applying artificial intelligence to healthcare, and it defines a "Healthcare AI Company" as one that derives at least 40% of its annual revenue from AI-enabled healthcare products or services.

I want to sit in on the meeting where that number was chosen. Was 35% considered and rejected as insufficiently rigorous? Did 45% feel like it excluded too many promising names? There is something almost touching about applying that level of legalistic precision to a theme this fashionable. Healthcare is an industry famous for adopting new technology roughly a decade after everyone else, and here is a fund willing to stake an entire stock-picking mandate on the idea that this time is different. Possibly it is. The 40% rule, at least, suggests someone has thought about it harder than most.

 

Bernie Thurston

Bernie Thurston is the founder and CEO of Ultumus, a leading provider of ETF and index data, calculation, and workflow solutions. With over 20 years of experience in financial technology, Bernie has been at the forefront of index and ETF innovation since 2003. His finance career began at Markit, where as Managing Director for Equities he designed and developed products for index and ETF composition and dividend forecasting from 2003 to 2011. He then founded and led DeltaOne Solutions as Managing Director, building it into a global provider of index and ETF trading data and technology services. The company managed over 100,000 multi-asset class products before being acquired by Markit in 2015. Following the acquisition, while working for an ETF issuer, Bernie identified fundamental issues in how index and ETF data was represented across the industry. This led him to found Ultumus in 2016, building solutions for ETF primary market operations. Under his leadership, Ultumus has grown into a market leader serving major financial institutions globally, with its ETF Order Management System (OMS) supporting create and redeem workflows worldwide and its PCF platform calculating and distributing portfolio composition files for ETF issuers across every major market. Bernie sold Ultumus to SIX Group in 2021, where it continues to expand across Europe, North America, and Asia-Pacific. Known for building lasting teams and leveraging cutting-edge technology, Bernie is focused on establishing Ultumus as the backbone of the global index and ETF industry through standardisation and automation.

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