Evolve Funds Group announced this week the launch of the Evolve Cloud Computing Index Fund. The ETF units trade on the TSX under the ticker symbol DATA.
"The pandemic has increased the need for cloud computing in the midst of work from home mandates, and 2020 rounded out what was already a vastly-advancing decade for the sector," stated Raj Lala, President and CEO at Evolve. "We all rely heavily on the cloud in both our personal and professional lives, and this demand is reflected in the growth we are seeing in the sector. The launch of DATA marks another Canadian ETF first for investors and helps round out an already impressive disruptive innovation suite from Evolve."
The ETF aims to replicate the performance of the Solactive Global Cloud Computing Index Canadian Dollar Hedged. The ETF invests primarily in equity securities of companies located domestically or internationally that have business operations in the field of cloud computing.