Toronto-based First Asset Investment Management Inc. on Thursday announced it has completed the previously announced conversion of Can-60 Income Corp. from a closed-end fund to an exchange-traded fund (ETF).
The outstanding equity shares of Can-60 Income Corp. have been consolidated on a 1:3 basis and re-designated as ETF shares of First Asset Core Canadian Equity Income ETF, which trade on the Toronto Stock Exchange under ticker CSY.
The new ETF will use a multi-factor portfolio optimization strategy, as is applied to other First Asset Core ETFs, the company says in its announcement.
By combining such factors as momentum, value, size, and volatility, First Asset Core Canadian Equity Income ETF is designed to provide investors with long term capital appreciation with an attractive risk adjusted rate of return and aims to gain exposure to a well-diversified portfolio with strong fundamentals and attractive levels of dividend income.
The new ETF may invest directly in equity securities and/or indirectly in such securities through other ETFs, including those managed by First Asset, the company says.