The New York-based provider of exchange-traded funds Global X has listed its ETF -- which invests in global telemedicine and digital health companies -- on the Nasdaq, parent company Mirae Asset Global Investments said on July 31.
The product -- the Global X Telemedicine & Digital Health ETF -- tracks the Solactive Telemedicine & Digital Health Index, which included 40 firms as of July 21. US firms account for 82.48 percent of the total, while firms from countries such as Japan, China and Hong Kong make up 4 percent each.
Nasdaq MarketSite in New York’s Times Square showcases the Global X Telemedicine & Digital Health ETF. (Mirae Asset Global Investments)
The product is designed to invest in companies involved in telemedicine, health care analytics, connected health care devices and administrative digitization.
According to data from the company’s research team, the telemedicine market is expected to mark a 24.7 percent annual growth rate starting this year, with the market value exceeding $657 billion by 2026.
“This newly-launched product will help investors invest in digital health-related firms across the world,” CEO Luis Berruga said in a statement, vowing to further expand the range of such products.
Mirae Asset Global Investments acquired a 100 percent stake in the US ETF provider for $488 million in July 2018. Global X set up a joint venture in Japan with Tokyo-based Daiwa Securities Group and Daiwa Asset Management in September 2019.
Mirae Asset oversees some 370 ETFs in eight countries including the US, Canada, Australia and South Korea, valued at a combined 47 trillion won. The combined net asset value of its global ETFs ranked No. 17 among asset management firms around the globe.
By Jie Ye-eun (firstname.lastname@example.org)