Evolve Funds has introduced a new exchange-traded fund (ETF) in Canada, offering focused exposure to technology companies within the Nasdaq 100. The Evolve NASDAQ Technology Index Fund (QQQT CN) has been listed on the Toronto Stock Exchange, featuring a management fee of 0.25%.
The fund tracks the Nasdaq-100 Technology Sector Adjusted Market-Cap Weighted Index, which is derived from the Nasdaq 100—a well-known growth-oriented benchmark comprising 100 of the largest non-financial firms listed on the Nasdaq Stock Market.
The index’s methodology selects companies classified under the information technology sector according to the Industry Classification Benchmark (ICB). Constituents are weighted based on market capitalization, with a single stock cap of 10%. The index undergoes quarterly rebalancing.
As of July 12, the index included 36 companies, with the largest constituents being Meta Platforms, Nvidia, Apple, Microsoft, Alphabet, Broadcom, Adobe, Advanced Micro Devices, and Texas Instruments.
Raj Lala, President and CEO at Evolve ETFs, expressed satisfaction in collaborating with Nasdaq to introduce this unique product to Canadian investors. Lala believes that the Evolve NASDAQ Technology Index Fund can serve as a valuable portfolio completion tool, granting investors pure-play access exclusively to the technology sector of the Nasdaq-100 Index.