KraneShares, an exchange traded fund provider known for its China theme, has expanded on its suite with a new ETF to track the Chinese health care industry.

On Thursday, KraneShares launched the KraneShares MSCI All China Health Care Index ETF (NYSEArca: KURE), which comes with a 0.79% expense ratio.

The KraneShares MSCI All China Health Care Index ETF will try to reflect the performance of the MSCI China All Shares Health Care Index, which is comprised of the various China share classes from Chinese companies engaged in the healthcare sector.

According to a prospectus sheet, the underlying index includes all types of publicly traded shares of Chinese issuers, including A-Shares, B-Shares, H-Shares, P-Chips and Red Chips – the portfolio essentially includes companies listed on Mainland China, Hong Kong and the U.S. Furthermore, the Chinese health care companies must be classified under the Global Industry Classification Standard. The index may also include small-, mid- and large-cap companies.

“China’s aging population, rising incomes and increasing urbanization may provide a sustained catalyst for growth in China’s healthcare sector,” according to KraneShares.

The Chinese health care industry may be a growth opportunity, especially given China’s large population. The health industry in China is also far less developed than those in Western countries, so the emerging Asian country will have to invest and expand its health care facilities and infrastructure to meet the growing demand from a large population.

“China currently has the fastest growing major healthcare market in the world with a five-year compound annual growth rate of 17%, compared to just 4% in the United States, and -2% in Japan,” according to KraneShares. “China is the second largest healthcare market globally with total healthcare expenditure reaching $594 billion in 2015. A number projected to reach $1.1 trillion by 2020. There is still opportunity for considerable growth in China’s healthcare market with per capita health spending at just $420, compared to an average of over $5,800 for the world’s top eight healthcare markets in terms of per capita expenditure.”

For more information on new fund products, visit our new ETFs category.