Evolve lists car innovation ETF
Canadian issuer Evolve is listing a currency hedged ETF that tracks companies that are driving the car industry towards the digital revolution, the Evolve Automobile Innovation Index ETF (CARS/U).
CARS’ index, developed by Solactive, is made of 32 companies that are heavily involved in the car industry. This includes regular car companies, like Tesla and Ford, that are investing in self-driving cars. But it also includes parts suppliers like Delphi, Visteon and Nvidia Corp. The index is equally weighted.
CARS was already listed on the OTC market in the US, but will now be listed in Canada and hedged into Canadian dollars.