The Tema Cardiovascular and Metabolic ETF holds positions in around 20 companies, including Novo Nordisk and Eli Lilly.
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.
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.