Quadravest Announces the Launch of Quadravest Preferred Split Share ETF
26 Juni 2024 - 10:00PM
Quadravest Capital Management Inc. (the “Manager’) is pleased to
announce that Quadravest Preferred Split Share ETF (“Preferred
ETF”) will commence trading on the Toronto Stock Exchange (the
“TSX”) on June 27, 2024 under the symbol PREF. A final prospectus
dated June 7, 2024 has been filed with the securities regulatory
authorities in each province and territory in Canada.
The investment objectives of Preferred ETF are
to provide unitholders with: (a) monthly distributions and (b) the
opportunity for capital preservation, primarily through a portfolio
of preferred shares of split share corporations.
Preferred ETF will seek to achieve its
investment objectives by investing in an actively managed portfolio
of split corp. preferred shares offered by Canadian split share
corporations listed on a Canadian exchange. The Preferred ETF may
also invest in preferred shares of other issuers, exchange-traded
funds, other investment funds, equities or income-generating
securities, and securities that are convertible into any of the
above noted securities provided such investments are consistent
with the Preferred ETF’s investment objectives.
The manager is pleased to announce the initial
monthly distribution as follows:
Amount Per Unit: $0.05417 CAD Record
Date: July 31, 2024Payment Date:
August 9, 2024
The monthly distribution per unit represents a
total of $0.65 annualized based on the initial issue price of
$10.00.
Distributions, if any, on Units will be payable
monthly by the Preferred ETF. The Preferred ETF expects targeted
distributions to be $0.65 for the Preferred ETF’s first year of
operation. However, the Preferred ETF does not have a fixed
distribution amount. The amount of ordinary distributions, if any,
will be set at the Manager’s sole discretion and may be based on
the Manager’s assessment of the prevailing market conditions, the
Preferred ETF’s ability to generate sufficient levels of
distributable cash and any other factors that the Manager, in its
discretion, may deem relevant. The date of any distribution of the
Preferred ETF will be announced in advance by issuance of a press
release. Subject to compliance with the investment objectives of
the Preferred ETF, the Manager may, in its complete discretion,
change the frequency of these distributions and any such change
will be announced by issuance of a press release. In the event that
the Preferred ETF expects its targeted distribution amount to
change for any period subsequent to the Preferred ETF’s first year
of operation, the Manager shall determine and announce such change
by way of press release.
If the total return on the portfolio of the
Preferred ETF is less than the amount necessary to fund the monthly
distributions and all expenses of the Preferred ETF, and if the
Manager chooses to nevertheless ensure that the monthly
distributions are paid to Unitholders, this will result in a
portion of the distributions paid to Unitholders being a return of
the capital of the Preferred ETF back to Unitholders, and
accordingly, the NAV per Unit will be reduced. The amount of
monthly distributions may fluctuate from month to month and there
can be no assurance that the Preferred ETF will make any
distribution in any particular month or months. The amount of
monthly distributions may vary if there are changes in any of the
factors that affect the net cash flow on the portfolio of the
Preferred ETF, including the assumptions noted above.
The Manager has assigned Preferred ETF a risk
rating of “low”.
For further details, please refer to Preferred
ETF’s Facts document available on www.sedarplus.com or on Preferred
ETF’s home page at www.quadravest.com.
Founded in 1997, the Manager has a
successful track record of creating and managing investment
products with approximately $5 billion in assets under management,
and proudly manages a portfolio of 13 publicly traded investment
products including split share corporations and an investment
trust.
Commissions, management fees and expenses all
may be associated with exchange-traded fund investments. Please
read the prospectus before investing. Exchange-traded funds are not
guaranteed, their values change frequently and past performance may
not be repeated. Certain statements contained in this news release
constitute forward-looking information within the meaning of
Canadian securities laws. Forward-looking information may relate to
matters disclosed in this press release and to other matters
identified in public filings relating to the fund, to the future
outlook of the fund and anticipated events or results and may
include statements regarding the future financial performance of
the fund. In some cases, forward-looking information can be
identified by terms such as “may”, “will”, “should”, “expect”,
“plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”,
“potential”, “continue” or other similar expressions concerning
matters that are not historical facts. Actual results may vary from
such forward-looking information. Investors should not place undue
reliance on forward-looking statements. These forward-looking
statements are made as of the date hereof and we assume no
obligation to update or revise them to reflect new events or
circumstances.
Investor Relations: 1-877-478-2372Local:
416-304-4443www.quadravest.com info@quadravest.com
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