Harvest Portfolios Group Issues Canada’s First Travel & Leisure Index ETF Tracking Solactive Index
The traveling sector was one of the most affected economic segments that were struck by the pandemic. On the other hand, traveling businesses are projected to experience the tailwinds of a globally recovering economy, leaving investors with an attractive opportunity to invest. Harvest Portfolios Group Inc. (“Harvest”) assumes sound potential growth of the travel and leisure sector and issued Canada’s first travel & leisure index ETF, the Harvest Travel & Leisure Index ETF (“TRVL”), which enables Canadian investors to access this well-diversified sector. The ETF tracks the Solactive Travel & Leisure Index.
“TRVL is another first for Harvest in Canada and will provide investors with access to some of the most prominent Travel and Leisure companies in the world,” said Michael Kovacs, President and CEO of Harvest. “TRVL provides a low-cost portfolio that stands to benefit from a rebound in international travel as the global economy recovers, as well as a demographic trend that was well established prior to the recent Industry shutdowns.”
The Harvest Travel & Leisure Index ETF tracks the Solactive Travel & Leisure Index. The index intends to track the performance of the 30 largest North American companies that generate the majority of their revenues from travel-related industries, including airlines, hospitality, online booking services, and cruises. Companies eligible for inclusion must be headquartered or incorporated in North America. Additionally, companies must fall in at least one of the following industries, as classified by a well-established data provider: Hotels/Resorts/Cruiselines, Casinos/Gaming, Airlines, Real Estate Investment Trusts, or Other Consumer Services.
“The global pandemic reshaped everyone’s life and has set insuperable limitations to activities, which we took for granted,” comments Timo Pfeiffer, Chief Markets Officer at Solactive. “As the global economy is expected to recuperate, the traveling sector may possibly come back stronger than before since global traveling already experienced a surge in demand before the pandemic.”
The Harvest Travel & Leisure Index ETF started trading on January 14th, 2020, on TSX.