Key Takeaways
- • Tema's Listed Private Managers ETF (PRVT) trades on Cboe Global Markets and provides diversified exposure to a curated portfolio of 25–35 listed alternative asset managers operating across private equity, private credit, infrastructure, real estate, and venture capital.
- • PRVT structure delivers liquid, exchange-traded access to the alternative assets management sector, enabling institutional investors to gain exposure to the growth of alternative asset managers without direct commitment to underlying private vehicles.
- • Fund objective centers on long-term capital appreciation by investing in publicly listed companies that manage alternative assets, positioning the ETF as a proxy for the expanding alternative asset management industry.
- • NAV calculation methodology uses 4:00 PM Eastern Time pricing; market price returns are based on official closing prices or NBBO midpoints, with past performance explicitly disclaimed as no guarantee of future results.
- • Competitive positioning places PRVT alongside peer products such as VanEck's Alternative Asset Manager ETF (GPZ), which tracks the MarketVector Alternative Asset Managers Index, reflecting institutional demand for alternative manager exposure.
Summary
Tema's Listed Private Managers ETF (PRVT), now trading on Cboe Global Markets, represents an institutional-grade vehicle designed to capitalize on the secular growth of alternative asset managers. The fund offers exposure to a carefully selected universe of 25–35 publicly listed companies engaged in managing alternative assets across multiple categories: private equity, private credit, infrastructure, real estate, and venture capital.
The PRVT structure addresses a specific institutional need: providing liquid, daily-tradeable access to alternative asset management platforms without requiring commitment to illiquid private vehicles. This design appeals to hedge funds, family offices, and institutional investors seeking portfolio exposure to the alternative asset management sector itself rather than to the underlying private assets. The fund seeks long-term growth by capitalizing on the multi-decade expansion of alternative asset pools under professional management.
NAV per share calculations occur daily at 4:00 PM Eastern Time using official closing prices. Market price returns reflect either the official closing price of PRVT shares or the midpoint between national best bid and offer (NBBO) spreads when official closing prices are unavailable. Notably, NAV is used to calculate returns prior to the first trade date because bid-ask spreads do not exist until trading commences—typically several days after fund inception. Performance data represents historical returns and carries standard disclaimers that past results are not predictive of future performance; investors' redeemed shares may be worth more or less than original cost basis.
PRVT enters a competitive market that includes established alternatives-focused ETF products, such as VanEck's Alternative Asset Manager ETF (GPZ), which tracks the MarketVector Alternative Asset Managers Index. The proliferation of such products reflects sustained institutional appetite for thematic exposure to alternative managers during periods when private credit markets experience stress and alternative asset classes demonstrate resilience across economic cycles.
The PRVT structure addresses a specific institutional need: providing liquid, daily-tradeable access to alternative asset management platforms without requiring commitment to illiquid private vehicles. This design appeals to hedge funds, family offices, and institutional investors seeking portfolio exposure to the alternative asset management sector itself rather than to the underlying private assets. The fund seeks long-term growth by capitalizing on the multi-decade expansion of alternative asset pools under professional management.
NAV per share calculations occur daily at 4:00 PM Eastern Time using official closing prices. Market price returns reflect either the official closing price of PRVT shares or the midpoint between national best bid and offer (NBBO) spreads when official closing prices are unavailable. Notably, NAV is used to calculate returns prior to the first trade date because bid-ask spreads do not exist until trading commences—typically several days after fund inception. Performance data represents historical returns and carries standard disclaimers that past results are not predictive of future performance; investors' redeemed shares may be worth more or less than original cost basis.
PRVT enters a competitive market that includes established alternatives-focused ETF products, such as VanEck's Alternative Asset Manager ETF (GPZ), which tracks the MarketVector Alternative Asset Managers Index. The proliferation of such products reflects sustained institutional appetite for thematic exposure to alternative managers during periods when private credit markets experience stress and alternative asset classes demonstrate resilience across economic cycles.
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