Toronto-based Evolve Funds Group Inc. has introduced an unhedged U.S. dollar class of units of Evolve Automobile Innovation Index ETF to provide Canadians the option of using U.S. dollars to invest.
The new U.S. dollar class of units follows the launch of Canadian dollar hedged and unhedged classes of Evolve Automobile Innovation Index ETF on Sept. 29. U.S. dollar class units of the ETF began trading on the Toronto Stock Exchange on Friday.
"[The U.S. dollar class of unhedged units] complement our existing classes of [Evolve] Automobile Innovation ETF," says Raj Lala, president and CEO of Evolve, in a statement. "This ETF provides many Canadian investors a simple way to invest in companies that are defining the future of the automobile through the purchase of Canadian dollar hedged and unhedged units and now U.S. dollar unhedged units."
Evolve Automobile Innovation Index ETF is managed passively and seeks to replicate the performance of the Solactive future cars index (Canadian dollar hedged).
The Evolve ETF invests mainly in equities of companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network connected services for automobiles.