Evolve Funds Group is making it more convenient for investors who want to use US dollars to invest in its automobile exchange-traded fund (ETF).
A month after it launched its automobile-innovation ETF
, Evolve rolled out an unhedged US dollar class of units of the said ETF. It will begin trading on Toronto Stock Exchange under the ticker symbol CARS.U.
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Evolve CEO and president Raj Lala
said the unhedged dollar class units complement the existing units of Canada's first Automobile Innovation ETF.
"This ETF provides many Canadian investors with 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," he said.
This class of units is an index ETF which aims to replicate the performance of the Solactive Future Cars Index Canadian Dollar Hedged.
The fund injects assets in equity securities of companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network connected services for automobiles.
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