Betashares has continued to expand its suite of thematic exchange traded funds (ETF) with plans to release its Digital Health and Telemedicine ETF (EDOC) by the end of this month.
The investment manager said the use of digital solutions in healthcare had increased in recent years and this trend had accelerated further during the COVID-19 pandemic as public health orders increased the level of remote consultations between patients and healthcare professionals.
Betashares added EDOC will have exposure to up to 50 global digital healthcare and telemedicine companies which will be operating in the areas of digital healthcare, connected medical devices, remote patient monitoring, and telehealth or wearable products. To this end index constituents currently include Boston Scientific, Abbott and Resmed.
According to BetaShares chief executive Alex Vynokur EDOC will provide cost-effective access to a diversified portfolio of companies that are revolutionising the way people access healthcare.
“We believe digital healthcare is a long-term secular growth story – enabling more convenient, comprehensive and efficient care for patients,” Vynokur explained.
“Global spending on healthcare is set to grow as the global population ages and income levels rise. Digital healthcare solutions are forecast to be a significant part of this increased spending as technological innovation reduces costs, improves quality and expands access to healthcare for millions across the globe,” he added.
The release of EDOC will see the number of thematic ETFs Betashares offers increase to 12 and Vynokur noted it was another step in the managers’ plans to expand its range of products that offer exposure to high conviction megatrends it believes will play out over the coming decades.
The new ETF is expected to start trading on the ASX at the end of March 2022 subject to regulatory approvals.
