Canadian asset manager Evolve Funds has filed plans to list a new ETF that offers exposure to the country’s biggest banks, combining modest leverage and a covered call strategy to generate higher income for investors.

Evolve Funds Group Inc. (Evolve) has submitted a preliminary prospectus to Canadian securities regulators for the Evolve Big Six Canadian Banks UltraYield Index ETF (SIXY). It intends to list them on the Toronto Stock Exchange. The proposed ETF will track an equal weighted portfolio  The proposed ETF will track an equal weighted portfolio (each stock will be assigned the same importance in the portfolio)  of Canada’s six largest banks: RBC, TD, BMO, Scotiabank, CIBC and Natio