Regular readers of Investor’s Business Daily are well-acquainted with the publication’s venerable IBD 50, a group of fundamentally sound leading stocks displaying impressive relative strength.

Thanks to New York-based Innovator Management, the IBD can now be accessed via the exchange traded fund wrapper in the form of the new Innovator IBD 50 Fund (NYSEArca: FFTY). The actively managed FFTY debuted earlier this month.

FFTY adheres to the CAN SLIM formula pioneered by IBD founder William J. O’Neil. CAN SLIM combines traits such as a company’s current and annual earnings (rising of course), new, innovative proucts, leadership in a given industry, increased institutional ownership and other factors.

“The CAN SLIM formula combines top fundamentals with relative price strength utilizing one of the most extensive stock databases in the securities industry. Typically, the IBD 50 targets companies generating outstanding profit growth, big sales increases, wide profit margins and high return on equity,” according to Innovator Management.

“That would mean this ETF trades partly on fundamentals and partly on technicals. Buying companies with improving earnings quality or new products makes logical sense, but looking for stocks that are trading higher on strong volume or increasing institutional ownership makes it a momentum play as well,” writes Dave Dierking in a Seeking Alpha post.