Milliman Launches Healthcare Inflation ETFs, Capitalizing on Rising Costs
Event summary
- Milliman launched two actively managed ETFs, MHIG (Healthcare Inflation Guard) and MHIP (Healthcare Inflation Plus), on NYSE Arca, beginning trading on April 21, 2026.
- MHIG aims to match U.S. healthcare cost inflation, while MHIP seeks to exceed it, both based on Milliman’s Health Trend Guidelines (HTGs).
- Milliman FRM, managing $242 billion in assets, advises the ETFs.
- The ETFs utilize a quantitative model and a multi-asset portfolio approach, including equities, bonds, and alternatives.
- MHIG incorporates a legacy Healthcare Investment Solutions strategy, utilizing a 351 Exchange.
The big picture
Milliman’s move into ETFs targeting healthcare inflation represents a significant expansion of its business, leveraging its established position as a leading healthcare consultancy and actuarial firm. The launch addresses a growing investor need to hedge against the persistent and accelerating rise in U.S. healthcare costs, which are outpacing general inflation and straining household finances. This initiative could establish a new asset class and potentially disrupt traditional healthcare investment strategies.
What we're watching
- Performance Tracking
- The ETFs' ability to accurately track or exceed healthcare inflation, as measured by Milliman’s HTGs, will be a key indicator of their success and the validity of their methodology.
- Adoption Rate
- The rate at which institutional investors, wealth managers, and individual savers incorporate the ETFs into their portfolios will determine the long-term viability of the product offering.
- Regulatory Scrutiny
- Given the unique nature of the ETFs and their reliance on Milliman’s proprietary data, increased regulatory scrutiny of the HTGs and the ETFs’ methodology is possible.
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