Owns companies tied to four themes: the future of work, the digital consumer, genomics and telehealth, and changes in food, picked by an MSCI index using language analysis.
ANEW, the ProShares MSCI Transformational Changes ETF, is a $8 million ETF whose main story is the biology trade. Over the past year it returned +3.8%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
Its main narrative, at 0.6 of its exposure.
The biology trade →
Health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLV | 36.3% | $43.39bn | +18.0% | 0.08% |
| 2 | VHT | 15.3% | $18.31bn | +18.9% | 0.09% |
| 3 | IBB | 9.4% | $11.20bn | +37.5% | 0.44% |
| 4 | XBI | 8.7% | $10.36bn | +51.2% | 0.35% |
| 5 | IXJ | 3.6% | $4.32bn | +11.8% | – |
| 87 other ETFs | 26.7% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 92 ETFs on the narrative page →
Also carries: The AI compute core →
The chips, memory and data centers AI runs on, and the big technology companies that build and buy them.
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| ANEW | −1.0% | +3.5% | +7.8% | +3.8% | +17.4% | +4.6% |
| The biology tradeits narrative | −3.5% | +2.1% | +13.7% | +24.2% | +15.2% | +6.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on October 16, 2020: +5.9% a year.
$10,000 invested October 31, 2020
Year by year
Total return in each calendar year; this year is year to date. A year appears only if ANEW traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
ANEW moves closely with the market. When the market has moved 1%, ANEW has tended to move 0.95%.
ANEW moves closely with the biology trade. When the biology trade has moved 1%, ANEW has tended to move 0.67%.
Weekly returns over 157 weeks. The narrative is measured without ANEW in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The biology trade
Each dot is one of 58 unlevered ETFs whose main narrative is the biology trade, placed by its return (up) and how much it swung (right) over the last year.
Risk
Cost against its peers
ANEW is the 16th cheapest of 32 ETFs in the biology trade. The dashed line is the middle of the group, 0.45% a year.
How it is built
An unlevered long ETF that owns its holdings directly. It counts toward Share of Narrative.
Narrative exposure
Second narrative: read in the ETF’s own filing.
Common questions
What story is ANEW selling?
ANEW’s main story is the biology trade, which covers health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it. Its second is the AI compute core.
Which ETFs compete with ANEW?
The ETFs whose weekly returns move most like ANEW’s over the past 3 years are FDIF (0.94), NZAC (0.94) and CRBN (0.93).
How has ANEW performed against its story?
Over the past year ANEW returned +3.8%, the ETFs carrying the biology trade +24.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.70 with the story. Past performance only.
Run an ETF in the biology trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
Request a pilot