The companies said the indices, the S&P/TSX Composite Shareholder Yield Index <.GSPTXSY> and the S&P/TSX Composite Buyback Index <.GSPTXBB>, will meet growing demand from Canadian investors for factor-based, non-market cap weighted benchmarks.

The yield index is designed to measure the performance of the top 50 stocks with the highest shareholder yield in the S&P/TSX Composite <.GSPTSE>. The yield ratios will be derived on the dividends paid, amounts spent on stock repurchase programs, and debt paydowns over the last four calendar quarters.

The companies said Horizons ETFs Management Inc has licensed the S&P/TSX Composite Shareholder Yield Index as the basis for a potential new exchange-traded fund for the Canadian market.

The buyback index is designed to measure the performance of the 50 constituent companies in the S&P/TSX Composite with the highest buyback ratio in the last 12 months.

The buyback ratio will be based on the amount of cash paid for buybacks in the last four quarters divided by the total market capitalization at the beginning of the buyback period.

(Reporting by Euan Rocha; Editing by James Dalgleish)