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Montreal-based Desjardins Global Asset Management Inc. (DGAM), the manager and portfolio advisor of the Desjardins Exchange Traded Funds, has launched a new alternative ETF, the company announced Thursday.

The Desjardins Alt Long/Short Equity Market Neutral ETF has closed an initial offering of units, and those units are trading on the Toronto Stock Exchange under the ticker symbol DANC.

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“With changes in mutual fund regulation, we are very excited to offer investors our unique market neutral paired equity strategy that aims to offer absolute and uncorrelated returns in all market conditions,” Nicolas Richard, DGAM CEO, says in a statement.

The ETF’s management fee is 1.00%.