Evolve Funds Group Inc. has launched The Evolve Automobile Innovation Index ETF (TSX:CARS) and the Evolve Active Canadian Preferred Share ETF (TSX:DIVS), in hedged and unhedged units. The company filed a preliminary prospectus with Canadian securities regulators to launch five factor ETFs in July, including these two.
CARS seeks to replicate the performance of the Solactive Future Cars Index Canadian Dollar Hedged index and invests primarily in equity securities of companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network-connected services for automobiles.
DIVS invests primarily in a mix of preferred shares of primarily Canadian issuers as well as U.S. and international issuers.
This month Evolve Funds also launched Canada’s first cryptocurrency ETF.