TORONTO, Nov. 3, 2017 /CNW/ - Evolve Funds Group Inc. ("Evolve") is pleased to announce the launch of an unhedged U.S. dollar class of units ("USD units") of Evolve Automobile Innovation Index ETF, making it more convenient for Canadians who want to use U.S. dollars to invest.
CARS.U has closed its initial offering of USD units, and will begin trading on the Toronto Stock Exchange ("TSX") today under the ticker symbol "CARS.U".
The USD unit follows the launch of Canadian dollar hedged (TSX:CARS) and unhedged (TSX:CARS.B) classes on September 29, 2017.
"CARS.U complements our existing classes of Canada's first Automobile Innovation ETF," said Raj Lala, President and CEO of Evolve. "This ETF provides many Canadian investors 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."
CARS.U is an index (or passively managed) ETF, that seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Future Cars Index Canadian Dollar Hedged. CARS invests primarily in equity securities of companies that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network connected services for automobiles.
About Solactive (www.solactive.com)
Solactive AG is an innovative index provider that focuses on the development, calculation and distribution of tailor-made indices over all asset classes. As at March 2017, Solactive AG served approximately 350 clients in Europe, America and Asia, with approximately USD $100 billion invested in products linked to indices calculated by the Company globally, primarily via 250 exchange traded funds from a number of well-known providers. Solactive AG was established in 2007 and is headquartered in Frankfurt.
Commissions, management fees and applicable sales taxes all may be associated with an investment in the exchange traded funds managed by Evolve Funds Group Inc. (the "ETFs"). The ETFs are not guaranteed, their values change frequently and past performance may not be repeated. The prospectus contains important detailed information about the ETFs. Please read the prospectus before investing.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve Funds undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
CARS is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade name or the Index Price at any time or in any other respect. The Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade name for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in CARS nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in CARS.
About Evolve Funds Group Inc.
Evolve specializes in bringing innovative ETFs to Canadian investors. Currently, Evolve has eight ETFs listed on the Toronto Stock Exchange. Evolve's suite of ETFs provide investors with access to: (i) long term investment themes; and (ii) some of the world's leading investment managers. Established by a team of industry veterans with a proven track record of success, we create investment products that make a difference. For more information, please visit www.evolvefunds.com.
SOURCE Evolve Funds Group Inc.