Horizons Inovestor Canadian Equity Index (symbol INOC), holding an equally weighted portfolio of 25 large-cap Canadian companies screened for positive growth and value attributes, opened for trading today on the Toronto Stock Exchange.
The underlying index for the exchange-traded fund is the NASDAQ Inovestor Canada Index, whose bottom-up quantitative discipline is described as QARP, an acronym that denotes high quality at a reasonable price. The index was designed by Inovestor Inc., an affiliate of the ETF's Montreal-based sub-advisor Inovestor Asset Management.
Using a multi-factor approach, Inovestor's screening process seeks to identify Canadian companies that achieve high levels of "economic profit" and are trading at attractive valuations.