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There's a new exchange-traded fund that just got listed, and it's cashing in on the Ozempic-fueled weight loss craze that's gripped the stock market this year.
The Tema Cardiovascular and Metabolic ETF (HRTS) made its stock market debut Tuesday on the Nasdaq.
The exchange-traded fund holds positions in around 20 companies that are involved in the treatment of cardiovascular disease, obesity, and diabetes, the ETF offerer said.
That includes shares of Ozempic and Wegovy-maker Novo Nordisk as well as those of Mounjaro maker Eli Lilly. Those shares have soared amid this year's frenzy for GLP-1 drugs.
HRTS opened with a price of $26.82 on Tuesday, and stayed mostly flat in early-morning trading.
Similar exchange-traded funds, like the iShares Biotechnology ETF and the SPDR S&P Biotech ETF, have traded mostly flat compared to levels at the start of the year. But that's due to the fading popularity of thematic ETF investments: investors have pulled out $4.7 billion from such funds this year, according to Bloomberg Intelligence data. That's in contrast to 2021, when those funds saw $49 billion rush in.
Meanwhile, GLP-1 drugs have already switched up leadership in the biopharmaceutical space. Novo Nordisk is now Europe's largest company at a $452 billion valuation. Eli Lilly has soared to be among the top 10 S&P 500 companies this year, with a $562 billion valuation.
