Evolve Innovation Index (symbol: EDGE), an exchange-traded fund providing exposure to companies "involved in innovative and disruptive trends" in a range of industries, opened for trading today on the Toronto Stock Exchange. Sponsored by Toronto-based Evolve Funds Group Inc., the ETF seeks to replicate the returns, before fees and expenses, of the Solactive Global Innovation Index.
The index, which will be rebalanced quarterly, measures the performance of equity securities that have been classified according to six categories, namely: robotics and automation, future cars, cyber security, big data and cloud computing, genomics, and social media. Each of these categories are to be equally weighted. The index creator, Solactive AG, is based in Frankfurt, Germany.
In terms of geographic exposure, the index will consist of issuers located in developed markets, as well as Taiwan and South Korea. The ETF's foreign-currency exposure will be hedged or substantially hedged back to the Canadian dollar.
