Toronto-based BMO Asset Management Inc. (BMOAM) has launched BMO Global Communications Index ETF, the company announced on Tuesday.
The new ETF offers investors access to companies in the communications equipment, gaming software, media and publishing services, telecommunications and web-based data sectors.
Some of the holdings in the fund include Cupertino, Calif.-based Apple Inc., Los Gatos, Calif.-based Netflix Inc., Menlo Park, Calif.-based Facebook Inc., Mountain View, Calif.-based Alphabet Inc. (Google), Burbank, Calif.-based The Walt Disney Company and New York-based Time Warner Inc.
“This ETF provides investors with a unique balance of global companies that are reshaping and driving the market through communications, technology and new media,” says Kevin Gopaul, head of BMO Global Asset Management Canada, in a statement.
The ETF will track the Solactive media and communication index, a free-float market-cap-weighted index designed to replicate the price movement of global stocks in the media and communications industry, Solactive announced in a news release.
“The Solactive media and communications index provides a snapshot of the changing media and communications landscape, capturing the full spectrum from traditional services to newer digital forms of communication,” says Timo Pfeiffer, head of research at Solactive, in a statement. “We are happy that BMO has chosen Solactive to provide access to this theme and I am very keen to see how this sector will evolve in the next couple of years.”
The offering of the new ETF is closed and the fund will start trading on the Toronto Stock Exchange today (Ticker: COMM).
BMOAM’s ETF business now has 74 ETF strategies in Canada.