Evolve launches tech-focused Nasdaq 100 ETF on TSX

Jul 16th, 2023 | By | Category: Equities

Evolve Funds has launched a new ETF in Canada providing targeted exposure to technology companies within the Nasdaq 100.

Raj Lala, President and CEO at Evolve ETFs

Raj Lala, President and CEO at Evolve ETFs.

The Evolve NASDAQ Technology Index Fund (QQQT CN) has been listed on the Toronto Stock Exchange with a management fee of 0.25%.

The fund is linked to the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted Index which is constructed from the Nasdaq 100 – a widely followed growth-oriented benchmark consisting of 100 of the largest non-financial companies listed on the Nasdaq Stock Market.

The methodology selects all companies that are classified to the information technology sector according to the Industry Classification Benchmark (ICB). Constituents are weighted by market capitalization subject to a single stock cap of 10%. The index is rebalanced on a quarterly basis.

As of 12 July, the index consisted of 36 names with the largest constituents being Meta Platforms (10.9%), Nvidia (10.8%), Apple (10.0%), Microsoft (9.6%), Alphabet (9.0%), Broadcom (6.8%), Adobe (4.3%), Advanced Micro Devices (3.4%), and Texas Instruments (3.1%).

Raj Lala, President and CEO at Evolve ETFs, said: “We are very pleased to be working with the Nasdaq to bring this first of its kind product to Canadian investors. QQQT can be a great portfolio completion tool by providing investors with pure-play access to only the technology sector of the Nasdaq-100 Index.”

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