Think driverless cars are the future? A new ETF lets you invest in them now
By Ryan Vlastelica
The fund, set to launch on Friday, is the latest example of a 'thematic' ETF
Exposure to one of the most highly anticipated technological trends of recent years will soon be available to investors in one of the most popular investment wrappers on the market.
Evolve Funds, an investment fund based in Toronto, is launching an exchange-traded fund dedicated to innovation in automobiles. The fund will hold companies "that are directly or indirectly involved in developing electric drivetrains, autonomous driving or network connected services for automobiles," per its prospectus.
It will begin trading on Friday, according to a Reuters report (http://www.reuters.com/article/us-autonomous-etf/upstart-fund-to-launch-future-car-etf-in-canada-idUSKCN1C31FW). Evolve Funds didn't immediately return a request for comment or confirmation.
The Evolve Automobile Innovation Index ETF will trade under the symbol "CARS" and charge an annual expense ratio of 0.4%.
The fund is part of a suite of ETFs that Evolve is launching "that will provide exposure to new emerging trends and industries," according to the firm's website. Also included in the family is an ETF dedicated to cyber security firms (CYBR.T) and one that pertains to gender diversity (HERS.T). Earlier this month, it filed a preliminary prospectus for an ETF that tracks the digital currency bitcoin.
Related:This ETF bets that companies with female leadership will outperform (http://www.marketwatch.com/story/this-etf-bets-that-companies-with-female-leadership-will-outperform-2016-09-19)