Evolve takes over Sphere's ETFs

The Canadian firm is taking control of five listed ETFs

Evolve takes over Sphere's ETFs
Canadian exchange-traded fund (ETF) provider Evolve Funds Group is taking control of five listed ETFs from Sphere Investment Management.

The group agreed to acquire the right to manage the five ETFs consisting of funds from US, Canada, Europe, Asia and emerging markets. The funds have around $68 million in assets under management.
  • Sphere FTSE Canada Sustainable Yield Index ETF (TMX: SHC)
  • Sphere FTSE US Sustainable Yield Index ETF (TMX: SHU)
  • Sphere FTSE Europe Sustainable Yield Index ETF (TMX: SHE)
  • Sphere FTSE ASIA Sustainable Yield Index ETF (TMX: SHA)
  • Sphere FTSE Emerging Markets Sustainable Yield Index ETF (TMX: SHZ)

Evolve CEO and president Raj Lala said this would further the group's services. To recall, Evolve Funds recently launched three new ETFs focused on US banks. It also launched a global healthcare ETF.

"As an innovative ETF provider, this transaction will further deepen our commitment to providing Canadian investors with products designed to address the changing global economic environment," Lala said.

The ETFs will continue to employ a strategy that follows the sustainable yield indices. The acquisition is still subject to regulatory and unitholder approvals.

For Sphere CIO Keith McLean, the acquisition will add depth to an already impressive array of products being offered by Evolve.

"These ETFs will continue to act as a core holding for client portfolios, as they provide an opportunity for good risk adjusted returns and enhanced yield for investors," McLean said.

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