Tema Oncology ETF

Tema Oncology ETF (CANC) is an actively managed fund. It owns stocks of companies that earn at least half their revenue from cancer care, from Roche and Eli Lilly to smaller drug developers like Revolution Medicines, its largest holding as of May 31, 2026. It is narrower than broad health care funds, and it costs more: 0.75% a year after a fee waiver, compared with 0.35% for SPDR S&P Biotech ETF and 0.09% for Vanguard Health Care ETF.

• Over the year to Oct 27, 2026, CANC returned +35.4%, 4th of 9 among similar funds.
• Its worst full calendar year was 2024 (-5.3%); its best was 2025 (+42.9%).
• The deepest fall in its price history was 28% (Jul 16, 2024 to Apr 8, 2025), recovered by Oct 1, 2025.

As of May 31, 2026, the fund held 56 securities; the ten largest made up 42.86% of assets.

• Over the three months to May 31, 2026, investors added a net $14.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -3.00%, +2.45%, +1.52%.

CANC does not track an index. Its adviser, Tema ETF LLC, chooses the holdings. It must put at least 80% of net assets into listed companies that earn at least 50% of their revenue from oncology, the treatment of cancer. That group includes large drugmakers, companies that make cancer tests such as liquid biopsies, makers of cancer treatment devices, and cancer care providers. Each company needs a market value of at least $100 million and must trade at least $500,000 of shares a day on average over three months. The fund expects to hold more than 15 but no more than 100 companies. It held 56 as of May 31, 2026.

The adviser first screens on measures such as five-year revenue growth, profit margins and return on invested capital. It then favors companies whose valuations, such as price-to-earnings ratios, look low while their business results look strong compared with peers, their own history or forecasts. ESG (environmental, social and governance) risks are part of the research, but they do not rule any company out. The prospectus gives no fixed weighting formula. Portfolio turnover was 68%, so the fund trades fairly actively.

The fund is "non-diversified," which means it can put large amounts in a few stocks. Revolution Medicines made up 7.7% of assets. The fund does not hedge currencies, and it may put up to 15% of assets in private or hard-to-trade securities.

• CANC charges 0.75% a year, versus an average of 0.49% for the similar funds below (7th of 9, cheapest first).
• Of that, 0.99% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.24% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $77 in the first year and $1,168 over 10 years (assuming a 5% annual return).

CANC owns a single slice of health care through 56 concentrated, actively picked stocks, so it fits better as a small add-on than as a foundation.

CANC launched in August 2023, so it has no record from the 2008, 2020 or 2022 market drops. Its biggest fall so far was 28%, from July 16, 2024 to April 8, 2025. It regained that earlier high by October 1, 2025, about 5.8 months after the low. Its worst calendar year was 2024, at -5.33%. In 2025 it gained 42.78%. Swings of that size can force someone drawing money in a bad stretch to cash out shares at low prices. The fund pays almost no income: the trailing yield was 0.05% as of October 27, 2026, paid once a year. At 0.75%, it costs more than the 0.49% average of similar funds. Past results do not predict future returns, and any plan should be judged across the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.