This past week, a new Exchange Traded Fund (ETF) has been launched to help investors gain exposure to innovation within technology supporting the automotive sector.
The Evolve Automobile Innovation ETF aims to invest in innovation within the automobile sector - everything from electric vehicle (EV) technology to autonomous driving technology and the internet of things revolution are sought from the investments made in this fund.
I have for some time spoken of the positive impacts innovation within the auto sector will have for Canadian technology companies like BlackBerry Ltd. (TSX:BB)(NYSE:BB) which have stepped into this space in a big way.
This ETF essentially provides investors with exposure to companies like BlackBerry that have shifted their focus toward innovation in a sector which is expected to grow exponentially in the years to come.
Picking the right area of focus for growth can be a difficult thing to do, and exactly how this ETF will go about choosing candidates for its ETF may not jive with all investors (I encourage all to read the prospectus behind this ETF).
That being said, having a portfolio of companies which are diversified globally, many of whom are in the U.S., can provide Canadian investors with exposure to a wide range of companies beyond BlackBerry with unique niches which may outperform in times of weakness for specific companies in a given country. This ETF is an excellent option for growth-focused investors to consider in this current environment.Invest wisely, my friends.