TORONTO, Jan. 11, 2022 /CNW/ - Evolve Funds Group Inc.
("Evolve" or "the Manager") is pleased to announce
the Evolve European Banks Enhanced Yield ETF ("EBNK") has
closed its initial offering of units and will begin trading on the
Toronto Stock Exchange ("TSX") today under the ticker
symbols: EBNK (CAD Hedged Units), EBNK.B (CAD Unhedged Units) and
EBNK.U (USD Unhedged Units).
"European banks were one of the top performing sectors in
Europe last year and posted their
best returns since 2009," says Raj Lala, President and CEO at
Evolve ETFs. "The sector is currently trading at steep discounts
relative to pre-COVID levels and other regions like the US.
Improving economic growth, higher earnings expectations, and lifted
dividend restrictions have continued to attract assets to the
sector in early 2022. Given current valuations, European banks may
offer investors diversification benefits and potentially more
upside than North American counterparts."
The investment objective of EBNK seeks to replicate, to
the extent reasonably possible before fees and expenses, the
performance of the Solactive European Bank Top 20 Equal Weight
Index Canadian Dollar Hedged, or any successor thereto, while
writing covered call options on up to 33% of the portfolio
securities, at the discretion of the Manager. The level of covered
call option writing may vary based on market volatility and other
factors.
The Solactive European Bank Top 20 Equal Weight Index Canadian
Dollar Hedged measures the performance of equity securities of the
largest European banks on an equally-weighted basis, and hedges
foreign currency exposure back to Canadian dollars.
The initial composition of the Index as well as any ongoing
adjustments upon rebalancing are based on certain criteria,
including only the top 20 Constituent Issuers with the largest
market capitalization that have been classified under the following
FactSet Sector: Major and Regional Banks. The composition of the
Index is rebalanced quarterly.
The following chart sets out the TSX ticker symbol for the Units
of the Evolve ETF:
Evolve
ETF
|
CAD Hedged
Units
|
CAD Unhedged
Units
|
USD Unhedged
Units
|
Evolve European Banks
Enhanced Yield ETF
|
EBNK
|
EBNK.B
|
EBNK.U
|
For more information, visit https://evolveetfs.com/ebnk/.
About Evolve Funds Group Inc.
With over $2 billion in assets under management, Evolve is
one of Canada's fastest growing
ETF providers since launching its first ETF in September
2017. Evolve is a leader in thematic ETFs and specializes in
bringing disruptive innovation ETFs to Canadian investors.
Evolve's suite of ETFs provide investors with access to: (i) long
term investment themes; (ii) index-based income strategies; and
(iii) some of the world's leading investment managers.
Established by a team of industry veterans with a proven track
record of success, Evolve creates investment products that make a
difference. For more information, please visit
www.evolveetfs.com.
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Commissions, management fees and expenses all may be
associated with exchange traded funds (ETFs). ETFs are not
guaranteed, their values change frequently and past performance may
not be repeated. There are risks involved with investing in ETFs.
Please read the prospectus for a complete description of risks
relevant to ETFs. Investors may incur customary brokerage
commissions in buying or selling ETF. 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 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.
SOURCE Evolve ETFs