National Bank has teamed up with the Caisse de dépôt et placement du Québec to announce the creation of a new ETF that will invest strictly in the securities of Quebec-based companies.
The two organizations are ponying up $30 million to create the XTF Morningstar National Bank Québec Index ETF. The fund will be traded under the symbol QXM.
“This is the very first ETF to allow the individual and any other investor to be exposed to close to sixty Québec-based companies—in one single step,” said Laurent Ferreira, executive vice-president and managing director, derivatives at National Bank.
“This new fund…will be intended to promote the growth and recognition of Québec-based companies both locally and in the international financial community,” said Jean-Luc Gravel, executive vice-president, equity markets at the Caisse. “By investing $15 million in this new fund—based on this index—the Caisse is reaffirming its commitment to support the reputation of growth-driven companies.”