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

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 loves data. Fortunately for him, London’s finance industry has been indulgent, providing him lots of benchmark data to play with and enjoy. Bernie’s journey began at Sky, where he designed the first interactive television and helped build a technical-based charity (ctt.org). He then hopped over to finance, and soon found himself at a start-up working on dividends and derivatives. Then, by nature of the fact that finance and technology have rapidly conjoined, he found himself working with Credit Suisse to build an index aggregation and distribution platform. Markit then acquired the start-up and Bernie battled his way up the greasy pole becoming the Managing Director of Markit’s equities division, with responsibility for index, ETF and Dividends. But the siren song of startups called once more. And Bernie was headhunted to rescue a failing index business. Over five years, he helped reverse the fortunes of DeltaOne Solutions, turning into a fighting force. So successful was the turn around that Markit came along and acquired this company as well. But Bernie still loved start-ups. To that end, he founded Ultumus, an ETF and benchmark data company. Ultumus aims to provide the best data in the most timely and consumable manner possible. With clients on both buy and sell side, when something happens in the index or ETF industry, Ultumus is the first to know.

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