Harvest Portfolios Group has announced it has changed the name of the US Buyback Leaders ETF (HUL) to the US Equity Plus Income ETF, which took effect on the Toronto Stock Exchange as of 22 June 2017. While the fund’s investment objective remains the same, Harvest believes the name change is more reflective of the underlying strategy.

Michael Kovacs, CEO at Harvest Portfolios Group.

HUL invests in an equally weighted portfolio of 25 equities selected from the top 100 issuers with the largest dollar amount of shares repurchased over the prior four quarters relative to the issuer’s current market capitalization. To be eligible for inclusion, firms must meet certain criteria including being part of the S&P 500 Index, having a market capitalization of at least $10 billion, being incorporated in the US, paying a dividend, and having bought back their shares within the prior four quarters as determined at the time of investment.

Michael Kovacs, CEO at Harvest, commented: “To specifically title the fund on the corporate share repurchase programs that are part of the investment criteria was narrow and didn’t give enough credit to the overall stock portfolio choices being made and the overall quality of the portfolio.”

The ETF’s management expense ratio is 0.75% and it has just over $20 million in AUM. Its ticker symbol will remain the same.