NTHM ETF: the NBI Thematic Rotation ETF, explained

Short answer: NTHM is the NBI Thematic Rotation ETF, which tracks a proprietary index that systematically rotates into the seven highest-ranked global investment themes, scored on quality and momentum, out of a universe of 45. It began trading on the TSX on June 23, 2026, charges a 0.55% management fee, and is rated Medium risk.

Thematic investing has an old problem: by the time a theme has a fund, the easy money is often gone. NTHM’s answer is to not marry any theme. It follows the Thematic Rotation Quality Momentum Screened Index, which re-ranks 45 global themes quarterly and holds the top seven. This page explains the machine and the trade-offs. It is not financial advice.

What NTHM is

NTHM at a glance

Attribute	Detail
Ticker	NTHM
Issuer	National Bank Investments
Index	Thematic Rotation Quality Momentum Screened Index
Mechanism	Holds the top 7 of 45 global themes, rebalanced quarterly
Management fee	0.55%
Distributions	Annual
Risk rating	Medium
Status	Trading on the TSX since June 23, 2026

At launch the fund held roughly 170 stocks spread across its seven themes at roughly equal weights, with early themes including areas like battery technology and interactive gaming, and holdings such as major semiconductor equipment makers and large tech platforms. The themes will change; that is the whole point.

What to weigh

• You are buying a rule, not a story. The appeal of NTHM is systematic discipline: momentum decides when a theme enters and exits, not marketing. The flip side is that momentum rules buy strength, which sometimes means buying tops.
• Quarterly rotation means turnover. Themes swapping in and out creates trading costs inside the fund and, in taxable accounts, less predictable distributions.
• Theme definitions are soft. Forty-five themes sliced from the global market involve judgment calls about what counts as which theme. Look at the actual holdings, not the theme names.
• It will never look like your index fund. That is the feature and the risk. Expect stretches where it beats broad markets and stretches where it badly lags them.

Frequently asked questions

When did NTHM launch?

It began trading on the TSX on June 23, 2026.

How does the theme rotation work?

The index scores 45 global thematic categories on quality and momentum measures, holds the seven highest-ranked, and re-runs the ranking quarterly. Themes that fall out of the top seven are sold and replaced.

Is NTHM actively managed?

It sits in between. The fund replicates its index passively, but the index itself embeds an active-style rotation rule. You get systematic decisions without a human making discretionary calls.

Bottom line

NTHM is the most interesting product in NBI’s June lineup: a disciplined way to hold themes without falling in love with any of them, at a 0.55% fee that is fair for the machinery. It is a satellite position by nature, not a core, and its record starts now. If you give it a small slot, Greenline will show you what it adds beside your core holdings.