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Evolve files preliminary prospectus for Canada’s first cloud computing ETF


Evolve Funds Group (Evolve) has filed a preliminary prospectus with the Canadian securities regulators for Canada’s first cloud computing ETF. The Evolve Cloud Computing Index Fund (DATA) is designed to provide investors with access to companies operating in the cloud computing industry.

“Cloud computing was moving at a rapid pace pre-Covid, and has now accelerated even further, particularly with widespread work from home mandates and the increasing need for secure, reliable technology infrastructure,” says Raj Lala, President and CEO, Evolve ETFs. “For today’s investor, this means that the opportunity for portfolio growth via diversification into sectors like cloud computing has never been more important. Even with the introduction of a vaccine, industry growth is not expected to slow down, as flexible and safe ways of doing business will always be a necessity.”

DATA seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Cloud Computing Index Canadian Dollar Hedged, or any successor thereto. DATA invests primarily in equity securities of companies located domestically or internationally that have business operations in the field of cloud computing.

The Solactive Global Cloud Computing Index measures the performance of equity securities of companies that are located in developed markets. All eligible securities are ranked based on their share class market capitalisation in a descending order. Top 50 securities by share class market capitalisation rank are selected for index inclusion with exposure to each Constituent Issuer capped at 7.5 per cent and rebalanced quarterly. The Index is published in Canadian dollars.

DATA will offer hedged Canadian dollar denominated ETF units and unhedged Canadian dollar denominated ETF units, as applicable, which seek to replicate the performance of the Solactive Global Cloud Computing Index Canadian Dollar Hedged and Solactive Global Cloud Computing Index, respectively.

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