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Premium Cash Management to trade on TSX May 29

2023-05-25 20:53 ET - New Listing

The Toronto Stock Exchange reports that Premium Cash Management Fund will be listed on May 26, 2023, for trading at the open on May 29, 2023. According to the TSX, there will be 100,000 unhedged units of the exchange-traded fund (ETF) issued and outstanding, with no securities reserved for issuance. The units will trade under the symbol MCAD, in Canadian dollars and with Cusip No. 74061K 10 6.

The TSX reports that the ETF seeks to maximize current income, while at the same time preserving capital and maintaining liquidity, by investing primarily in Canadian-dollar-denominated high-quality short-term debt securities (with a term to maturity of 365 days or less). The ETF expects to pay cash distributions on its units, if any, on a monthly basis.

The ETF's manager and trustee is Evolve Funds Group Inc., its transfer agent and registrar is TSX Trust Company at its principal office in Toronto, and its fiscal year-end is Dec. 31. As stated in its prospectus dated May 18, 2023, the ETF is issuing 100,000 units at $100 per unit in its initial public offering. It expects to close the offering on May 25, 2023. Participating organizations should note that all trades in the ETF will settle T plus one on a permanent basis.

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