Evolve Funds Group Inc (Evolve) has launched the Evolve FANGMA Index ETF (TECH).
TECH has closed its initial offering of units and will begin trading on the Toronto Stock Exchange (TSX) today under the ticker symbols: TECH (CAD Hedged Units), TECH.B (CAD Unhedged Units) and TECH.U (USD Unhedged Units). TECH seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive FANGMA Equal Weight Index Canadian Dollar Hedged (FANGMA Index), or any successor thereto.
ECH provides investors with exposure to the equity securities of six technology titans: FANGMA Index, Alphabet Inc, Amazon Inc, Apple Inc, Facebook Inc, Netflix Inc, Microsoft Corp.
“The FANGMA Index ETF is first of its kind, providing investors with simplified access to the world’s six tech giants in one ETF,” says Raj Lala, President and CEO, at Evolve. “One of the numerous operational advantages of using this Fund is the fact that investors can get exposure to these six companies for a USD10 starting share price. This compares with investing over USD7,000 at current market prices to purchase one share of each of these companies. This ETF provides investors with a mechanism to control their overall portfolio exposure to the largest technology companies in the world.”
The FANGMA Index is equally weighted, rebalanced quarterly and published in US dollars.