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NTHM ETF Rotates Into Midstream Energy & GLP-1 Healthcare

BY | ETF Database
11:25 am ET 09/23/26 | 3 VIEWS
The NBI Thematic Rotation ETF (NTHM:TSX) has completed its latest portfolio rebalance, pivoting away from broad tech and industrial momentum to channel capital into midstream energy infrastructure and GLP-1 weight-loss drug manufacturers. The fund tracks the Thematic Rotation Quality Momentum Screened Index.Key Takeaways Technology fell from 40.78% to 25.20%, a decline of 15.58 percentage points. Industrial Goods also dropped from 16.79% to 5.68%. Energy rose from 10.70% to 25.17%, while healthcare jumped from 0.08% to 15.42%. The new allocations added major positions in midstream energy and GLP-1 drugmakers. The NTHM ETF reduced top-10 concentration from 27.87% to 19.56%. Its seven main themes now include midstream energy, e-sports & interactive gaming, GLP-1 weight-loss drug manufacturers, semiconductors, robotic technologies & computation, battery minerals & raw materials, and natural resources. NTHM ETF Trims Tech, Adds Energy and HealthcareTechnology fell from 40.78% to 25.20%. That represents a 15.58-percentage-point decline. High-momentum names such as KLA Corp. (KLAC) and Palantir (PLTR) also moved lower in the portfolio’s rankings. Energy increased from 10.70% to 25.17%. That represents a gain of 14.47 percentage points. North American midstream operators drove much of the increase. The fund added major positions in companies such as ONEOK (OKE), Williams Companies (WMB), and Kinder Morgan (KMI). These businesses operate energy infrastructure, including pipelines and related midstream assets. Healthcare rose from just 0.08% to 15.42%. The 15.34-percentage-point increase gives the sector a much larger role in the NTHM ETF. The new exposure centers on metabolic-drug manufacturers and the GLP-1 weight-loss market. Eli Lilly (LLY) and Novo Nordisk (NVO) both entered the fund’s top 10 holdings.Industrial Goods and Materials DeclineIndustrial goods fell from 16.79% to 5.68%, a decline of 11.11 percentage points. Basic materials also declined, falling from 23.07% to 16.01%. Together, the changes show a clear shift in the NTHM ETF’s sector mix. Technology and industrial stocks now account for a much smaller share of the portfolio, while energy and healthcare have gained substantial weight. Bloom Energy (BE), KLA Corp., Showa Denko, and Albemarle dropped out of the top 10. They were replaced by energy infrastructure and pharmaceutical companies, alongside existing holdings such as Meta Platforms (META), Microsoft (MSFT), and Tencent (TCEHY). See More: National Bank Launches New NBI Thematic Rotation ETFNTHM ETF Expands Beyond U.S. StocksThe portfolio also became somewhat less U.S.-heavy. U.S. equity exposure fell from 50.17% to 43.04%, while Canadian holdings rose to 7.87%, helped by the fund’s larger allocation to North American energy infrastructure. NTHM is now spread across seven major themes, with allocations ranging from roughly 12.5% to 16%: Midstream Energy: 16.03% E-Sports & Interactive Gaming: 14.67% GLP-1 Weight-Loss Drug Manufacturers: 14.41% Semiconductors: 14.32% Robotic Technologies & Computation: 14.27% Battery Minerals & Raw Materials: 13.74% Natural Resources: 12.56% The latest rebalance highlights how quickly NTHM can shift as market themes change. The fund reduced exposure to technology and industrial stocks that had previously dominated the portfolio, while increasing allocations to energy infrastructure and healthcare. At the same time, the lower weight of the top 10 holdings leaves the portfolio more broadly distributed across its seven thematic exposures. For more news, information, and analysis, visit the ETFs in Canada Content Hub.

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