Purpose Investments has launched a new actively managed equity ETF in Canada providing income-enhanced exposure to innovative biotechnology and healthcare companies worldwide.
The fund is the first ETF in Canada to target innovative companies within the biotechnology and healthcare sectors.
The Purpose Healthcare Innovation Yield ETF (HEAL CN) has been listed on the Toronto Stock Exchange with a management fee of 0.85%.
According to Purpose, the fund is the first ETF of its kind in Canada, offering investors a convenient vehicle for tapping into a new multi-year cycle of breakthroughs in biotech and healthcare.
Commenting on the launch, Som Seif, Founder and CEO of Purpose Investments, said: “The past two years have shown just how important it is to have innovative companies develop vaccines and push forward medical advancements. Between the pandemic and our aging population, the spotlight is on the industry to really grow and innovate.
“We launched this fund to give Canadians an opportunity to get actively managed exposure to the healthcare companies that are changing the world with cutting-edge medical and technological advancements.”
Investment approach
The fund is sub-advised by Next Edge Capital, a Toronto-based alternative investment fund manager.
Day-to-day fund management operations are led by portfolio manager Eden Rahim, a seasoned healthcare-sector investor with an academic background in molecular genetics and more than twenty-five years of financial industry experience.
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“Eden is one of the leading global experts in healthcare investing and someone who understands the math as well as the science backing the portfolio. We are excited to have such a seasoned portfolio manager help us maximize the growth opportunities in this space and provide investors with a strategy to generate attractive yield”, said Seif.
The fund invests in companies of any market capitalization that are active primarily in the high-growth areas of gene-editing, digital healthcare, medical testing devices, dental, health maintenance, hospitals, pharmacies, and animal health. Security selection is strongly influenced by a firm’s commercialization opportunities and whether it has a strong pipeline of products under development.
Rahim said: “With this fund, we will work to strategically identify key healthcare companies developing innovations that will profoundly improve people’s lives. The Purpose Healthcare Innovation Yield ETF aims to provide investors with exposure to unique opportunities that may not be on their radar, so they can reap the full rewards of the high-growth areas in healthcare and science.”
The fund seeks to boost its yield by opportunistically employing a covered call options strategy on up to 33% of portfolio holdings.
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A covered call is an options strategy whereby an investor holds a long position in an asset and sells or “writes” call options on that same asset in an attempt to generate more income (the income from option premium) than the asset would otherwise provide on its own from dividends or other distributions.
Historically, during bear markets, range-bound markets, and modest bull markets, this type of options strategy has generally outperformed its underlying securities. However, during strong bull markets, when the underlying securities may frequently rise through their strike prices, covered call strategies have typically tended to lag.