The Toronto Stock Exchange reports that Harvest Equal Weight Global Utilities Income ETF will be listed at 5:01 p.m. on Jan. 14, 2019, for trading at the open on Jan. 15, 2019. According to the TSX, there will be 100,000 Class A units of the exchange-traded fund (ETF) issued and outstanding, with no securities reserved for issuance. The units will trade under the symbol HUTL and Cusip No. 41754C 10 5.
The TSX reports that the ETF seeks to provide unitholders with: (i) monthly cash distributions; (ii) the opportunity for capital appreciation; and (iii) lower volatility of portfolio returns than would otherwise be experienced by owning equity securities of global utility issuers directly. To achieve overall lower volatility of portfolio returns, the ETF will generally write covered call options on up to 33 per cent of the portfolio securities. The TSX notes that the level of covered call option writing may vary based on market volatility and other factors.
According to the TSX, the ETF expects to pay cash distributions, if any, on a monthly basis. Its manager and trustee is Harvest Portfolios Group Inc., its transfer agent and registrar is State Street Company Canada at its principal office in Toronto, and its fiscal year-end is Dec. 31. As stated in its prospectus dated Jan. 7, 2019, the ETF will issue 100,000 Class A units at $20 per unit in its initial public offering. It expects to close the offering before the open on Jan. 15, 2019.
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