Evolve to buy Sphere’s ETF range

Nov 2nd, 2017 | By | Category: ETF and Index News

Evolve Funds has announced it has entered an agreement to buy Sphere Investment Management’s five ETFs, which are listed on the Toronto Stock Exchange.

Evolve to buy Spheres ETF range

The five TSX-listed ETFs all offer different equity exposures using the theme of sustainable yield.

Evolve will acquire the right to manage the five ETFs, which have approximately $68 million in assets under management, subject to obtaining unitholder and regulatory approvals.

Raj Lala, president and CEO of Evolve, commented: “We are excited to expand and complement our existing product lineup with Sphere’s suite of ETFs. As an innovative ETF provider, this transaction will further deepen our commitment to providing Canadian investors with products designed to address the changing global economic environment.”

The ETFs are as follows:

Sphere FTSE Canada Sustainable Yield Index ETF (SHC)
Sphere FTSE US Sustainable Yield Index ETF (SHU)
Sphere FTSE Europe Sustainable Yield Index ETF (SHE)
Sphere FTSE ASIA Sustainable Yield Index ETF (SHA)
Sphere FTSE Emerging Markets Sustainable Yield Index ETF (SHZ)

Each ETF has a total expense ratio of 0.54%.

Keith McLean, CIO of Sphere, said: “The family of Sphere ETFs will continue to be offered as part of the carefully selected range of product solutions that we offer to our clientele. We look forward to working with the team at Evolve, as they share our commitment to providing innovative investment opportunities for investors.”

While the acquisition is subject to regulatory and unitholder approvals, it is expected the ETFs will continue to utilise a strategy that follows the Sustainable Yield Indices. Unitholders will be asked to approve the transaction at a special meeting to be held on 11 December 2017.

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