USHX Healthcare Equity ETF
A proposed U.S. exchange-traded fund designed to translate the UHEB healthcare equity benchmark into a portfolio of underlying healthcare stocks.
Built around a defined basket spanning seven healthcare industry segments, the proposed fund would give investors a single investment vehicle for accessing the companies represented in UHEB.
Healthcare equity exposure, through a fund
A proposed investment vehicle for following the listed healthcare market.
Investment objective
The proposed ETF would seek to track the performance of UHEB, subject to fund expenses and tracking differences. Its preferred approach is to hold the underlying stocks represented in the benchmark, rather than obtain exposure through the USHX digital token.
Who it is intended to serve
The proposed fund is intended for investors and institutions seeking an exchange-traded approach to U.S.-listed healthcare equities. It would also provide a portfolio reference for advisers and researchers studying healthcare equity allocation. Suitability depends on an investor’s objectives and risk tolerance.
One initiative. Three distinct roles.
The benchmark, proposed fund and digital token serve different purposes.
| Component | What it does | What users receive |
|---|---|---|
| UHEB benchmark | Measures the price-return performance of 50 U.S.-listed healthcare companies across seven segments. | An index level and performance reference; the index itself is not a fund or a shareholding. |
| Proposed USHX Healthcare Equity ETF | Would hold healthcare stocks and seek to track UHEB through a managed fund portfolio. | If launched, investors would buy fund shares representing an interest in the fund, subject to its final prospectus. |
| USHX digital token | A separately traded digital asset within the U.S. Health Index initiative. | Token ownership; no ownership of UHEB constituent stocks or proposed ETF shares. |
Proposed fund design
The intended structure will be refined with U.S. operating partners.
Stock-holding portfolio
Full physical replication is the preferred starting point: holding the companies represented in UHEB in proportions aligned with benchmark target weights. Final portfolio implementation, cash management and any permitted sampling would be established with the investment adviser and disclosed in fund documents.
U.S. domicile and listing
The intended structure is a U.S.-domiciled registered open-end fund listed on a U.S. securities exchange. An established ETF trust and operating platform is the proposed route. Registration, exchange eligibility and fund governance must be completed before a launch.
Weighting and portfolio maintenance
UHEB uses defined segment allocations and equal target weights within each segment at rebalancing. Between rebalances, market movements can cause actual portfolio weights to drift. Fund rebalancing and corporate-action treatment would follow the final benchmark and fund policies.
Trading and valuation
If launched, ETF shares would trade during exchange hours at market prices, which may differ from net asset value. Fund NAV would be calculated through fund-specific valuation processes. UHEB’s published daily closing observations are benchmark data, not intraday ETF prices or fund NAV.
Seven healthcare segments
The deployed UHEB basket is the foundation of the proposed fund.
| UHEB industry segment | Companies | Target allocation |
|---|---|---|
| Pharma & Biopharma | 10 | 25% |
| Biotech | 8 | 20% |
| Medical Devices | 9 | 18% |
| Providers & Services | 6 | 15% |
| Managed Care | 5 | 10% |
| Life Sciences | 7 | 7% |
| Healthcare Technology | 5 | 5% |
The published UHEB release comprises 50 companies and 100% total target allocation, with a September 18, 2026 reference date and October 1, 2026 effective date. These are benchmark dates, not the proposed ETF’s inception or launch dates. Future benchmark changes would follow its governing methodology.
Dividends, returns and tracking
Benchmark returns and fund returns require a clear comparison.
Current benchmark basis
UHEB currently publishes a price-return series. Ordinary cash dividends are not reinvested in that series. Its base level is 1,000 using September 30, 2026 closing prices; subsequent observations measure the approved basket’s price performance.
Proposed fund treatment
A fund holding the stocks would receive dividends. Its distribution policy, tax treatment and performance reporting would be finalized with the adviser and operating partners. A UHEB total-return companion using the same basket and weights is proposed for evaluation; it has not yet been implemented.
Tracking differences
Fund expenses, transaction costs, cash holdings, execution timing, dividend treatment and corporate actions can produce differences between fund and benchmark performance. Tracking an index does not guarantee matching its published return in every period.
No token linkage
The ETF proposal does not provide token redemption into fund shares, a token price peg to UHEB or a guarantee that USHX and healthcare equity returns will move together. The proposed investment exposure is to healthcare stocks.
Building with U.S. operating partners
The next phase is feasibility, operating structure and launch economics.
Operating platform and adviser
Discussions are intended to cover an ETF trust, investment adviser, portfolio management, fund administration, custody, transfer agency, independent accounting and audit, legal counsel and compliance. Responsibilities and appointments have not been finalized.
Capital markets and distribution
Launch planning must address authorized participants, market makers, exchange coordination, seed-capital arrangements and distribution. Sponsor operating capital and fund seed assets are different funding needs and will be evaluated separately.
Benchmark licensing and continuity
The proposed structure includes licensing UHEB for fund use and establishing clear calculation, publication, change-management and continuity arrangements. Operating partners will review benchmark ownership, commercial data rights, governance and potential conflicts of interest.
Partner engagement
Prospective U.S. platforms and advisers are invited to assess the proposal’s feasibility and provide itemized formation and recurring costs, capital requirements, responsibilities and a launch timetable. Initial inquiries can be made through the existing U.S. Health Index contact channel.
Contact U.S. Health IndexDevelopment milestones
A structured path from proposal to an investable product.
1. Partner and feasibility assessment
Evaluate operating platforms, fund economics, benchmark readiness and the intended investor audience.
2. Structure and commercial agreements
Agree on responsibilities, licensing, operating capital, seed arrangements and service-provider terms.
3. Registration and listing preparation
Prepare fund documents and complete the applicable registration, governance and exchange-listing process with qualified U.S. partners.
4. Operational readiness and launch
Establish portfolio trading, NAV, disclosures, creation and redemption processes, distribution and ongoing reporting. Announce launch details only after the required arrangements are complete.
Investment considerations
Healthcare equity exposure involves market and sector risks.
Healthcare share prices can be affected by clinical trial outcomes, product approvals, patents, reimbursement policy, competition, litigation, financing conditions and changes in public policy. A healthcare-focused portfolio can be more sensitive to sector developments than a broadly diversified equity fund.
The proposed fund would also face equity market, liquidity, tracking and operational risks. ETF shares may trade at a premium or discount to NAV. Investors could lose money. Final objectives, policies, fees and risk disclosures would appear in a prospectus if the fund proceeds to launch.
This page is information about a proposed product, not an offer to sell fund shares or a solicitation to buy them. No ETF performance history, guaranteed return or approved launch date is presented.