By Morningstar Canada | 20/09/17

Evolve Funds Group Inc., Canada's newest entrant in the Canadian ETF industry, has opened for business by offering a pair of narrowly focused mandates. With today's launch of Evolve North American Gender Diversity Index (HERS) and Evolve Cyber Security Index (CYBR) on the Toronto Stock Exchange, Evolve is putting a specialty spin on index investing.

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HERS is based on the Solactive Equileap North American Gender Equality Index Canadian Dollar Hedged. The index is made up of shares of Canadian and U.S. companies that have demonstrated commitment to gender diversity.

CYBR's reference index is the Solactive Global Cyber Security Index Canadian Dollar Hedged, whose constituents are equity securities of companies that are involved in the cyber-security industry through hardware and software development.

The management fee for each ETF is 0.40%. In addition, Evolve charges an administration fee of 0.15% that covers most expenses. Privately held Evolve, whose president and CEO is Raj Lala, is based in Toronto. The company has received prospectus approval to launch seven other ETFs, mostly with non-core mandates.

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