It’s no secret exchange traded funds (ETFs) are popular, spurring many fund companies to offer new and innovative products. XShares appears to be a new kid on the block, however, it turns out they’ve been around for a while. Although the company had never offered a mutual fund or ETF before, HealthShares, the ETF family, are now on the market, with 15 more funds in the pipeline. The company will also launch StateShares and IndependentShares, as well as other privately labeled ETFs.

Ferghana Partners, a life-science advice firm and Wellspring Biocapital Partners, an investment firm offering next-generation treatments, combined to form XShares. Jen Ryan of TheStreet.com writes that under the name Ferghana-Wellspring, the company filed as a  corporate entity in August, and then changed to XShares in January.