ROBO Global, the company behind the first benchmark index to track robotics, automation and artificial intelligence, announced Tuesday that it has a new innovative healthcare index.
The company's investment thesis will be rolled into a new exchange traded fund that will debut on the New York Exchange on Tuesday.
The ROBO Global Healthcare Technology & Innovation ETF (NYSE:HTEC) consists of 85 constituent companies in nine medical subsectors. The index will rebalance quarterly and uses a modified factor weighting scheme, meaning certain components affect the index’s value more than others
READ: ROBO Global finds the AI technologies giving HBO's 'Westworld' so much whizbang are not all fiction
The Dallas-based company partnered with Exchange Traded Concepts to create the fund. ETC also helped launch the ROBO Global Robotics & Automation Index ETF (NYSEArca:ROBO) in 2013.
“By and large, the healthcare industry appears to be primed for massive market growth thanks to the implementation of advanced technologies like robotics and AI,” CEO Travis Briggs said. “The healthcare AI market is expected to grow at a compound annual growth rate between 47-50% by 2025, a value of $36 billion.”
Contact Andrew Kessel at email@example.com
Follow him on Twitter @andrew_kessel