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Oakville, Ont.-based Harvest Portfolios Group Inc. is preparing to launch new ETFs tracking gold and utilities to help investors take defensive positions, the firm announced Tuesday.

“Arguably, we are in late innings of the economic cycle, so it makes sense to prepare a portfolio with more defensive products,” says Michael Kovacs, Harvest president and CEO, in a statement.

Harvest Equal Weight Global Utilities Income ETF (HUTL) aims to provide monthly cash distributions and lower volatility by writing covered call options on up to 33% of the portfolio securities.

Harvest Global Gold Giants Index ETF (HGGG) looks to replicate the performance of the Solactive Global Giants Index, investing in large gold mining issuers listed in North America, Australia and Europe.