Toronto-based First Asset Investment Management Inc. announced that units of First Asset U.S. TrendLeaders Index ETF began trading Wednesday on the Toronto Stock Exchange under the ticker symbol SID.
The new exchange-traded fund (ETF) is designed to replicate the performance of the CIBC U.S. TrendLeaders index, net of expenses.
Developed in 2008 by Sid Mokhtari, a chartered market technician and executive director, CIBC World Markets, the index consists of a portfolio of equity securities of U.S. companies.
It employs a proprietary rules-based model which systematically and objectively selects and ranks securities based on the duration and longevity of certain underlying trend-strengths and incorporates an objective quantitative filter for technical factors.
To qualify for inclusion in the index an equity security must be a constituent of the Solactive U.S. large and mid cap index, and meet a minimum average daily traded dollar value volume threshold. T
The index is reconstituted and rebalanced monthly in order to remove constituents with weakening or stagnating trend scores and replace with a new set of higher trend-scoring constituents.
“Sid and his team have developed a trend-following model designed to consistently position investors in the best opportunities the U.S. equity market has to offer,” says Rohit Mehta, president First Asset Investment Management, in a statement.