Mulvihill Enhanced Split Preferred Share ETF

Historic Net Asset Value Per Unit

Portfolio Manager Updates

Fund Features

Objectives

The Mulvihill ETF seeks to provide Unitholders of the Mulvihill ETF with: (a) monthly distributions and (b) the opportunity for capital preservation primarily through investment in a portfolio of primarily preferred shares of Canadian split share corporations (“Split Corp. Shares”).

Investment Strategy

In order to achieve its investment objectives, the Mulvihill ETF will primarily invest in an actively managed portfolio consisting primarily of preferred shares offered by Canadian split share corporations listed on a Canadian exchange. The Mulvihill ETF may also hold Class A shares of Canadian split share corporations listed on a Canadian exchange in the discretion of the Manager. The Mulvihill ETF may not invest more than (a) 20%of its net asset value in preferred shares of any one split share corporation at the time of investment and (b) 20% of its net asset value in Class A shares of split share corporations at the time of investment. The Mulvihill 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 Mulvihill ETF’s investment objectives. The Mulvihill ETF may use leverage in certain circumstances to enhance dividend income or to pursue attractive investment opportunities, as determined by the Manager, in its sole discretion, from time to time. The Mulvihill ETF does not expect to employ leverage in excess of 50% of its net asset value.

Distributions

Mulvihill Enhanced Split Preferred Share ETF pays monthly distributions targeting a 10% yield per annum.

Distributions are not fixed but are reviewed and set monthly at the discretion of the Fund.

Eligibility

RRSPs, DPSPs, RRIFs, RESPs and TFSAs

Management Fees

The Fund pays a management fee of 0.65% of net asset value annually to Mulvihill Capital Management for acting as the Manager and the Investment Manager.

MER

The Management Expense Ratio (“MER”) is the sum of all operating expenses, including management and service fees but excluding portfolio transaction costs, expressed as a percentage of average net asset value.

Inception Date

12/06/2024

Manager

Mulvihill Capital Management Inc.

Documentation

Date:   All 2024		Type:   All Annual Information Form Distribution Notice Financial Report Fund Fact IRC Report Press Release Prospectus		Description
December 06, 2024		Press Release		SPFD: Announces Completion of Fund Name Change
December 06, 2024		Press Release		SPFD: Declares Monthly Fund Distribution

Administration & Governance

Introduction

Mulvihill Capital Managent Inc. serves as the Manager and the Investment Manager of the Fund.

Manager

The Manager is responsible for providing or arranging for the provision of administrative services to the Fund including but not limited to:

• authorizing the payment of operating expenses incurred on behalf of the Fund,
• preparing financial statements and other accounting information,
• ensuring that unitholders are provided with annual and semi-annual reports and other reports as required by applicable law;
• ensuring the Fund complies with regulatory requirements;
• calculating and arranging for the payment of distributions;
• negotiating any contractual agreements with third-party providers of services to the Fund, including auditors, printers, registrar and transfer agent
• Overseeing and paying quarterly and annual redemptions;
• Maintaining the website and ongoing communication with investors.

The Management fee payable to the Manager includes any amount payable to the Investment Manager.

Investment Manager

The Investment Manager is responsible for making all investment decisions and managing the call option writing program in accordance with the investment objectives, strategies and restrictions of the Fund. Fees for the provision of investment management services are included in the management fee.

The Investment Manager has an asset mix committee consisting of senior members of the firm. The investment process for the Fund begins at the asset mix committee. Members of this committee meet monthly to examine macro-economic variables and relationships among dominant economic factors. This process culminates in an outlook for the various capital markets around the world and provides the Fundamental basis for Mulvihill’s long-term market outlook. These views are integrated into the investment decision making process at the portfolio management level. The asset mix committee of Mulvihill oversees investment decisions made by the portfolio managers of the Fund.

Independent Review Committee

The Fund has established an Independent Review Committee (“IRC”) in accordance with National Instrument 81-107 – Independent Review Committee for Investment Funds (“NI 81-107”) which is comprised of three members who are independent of the Manager. The mandate of the IRC is to review and provide its decisions to the Manager regarding any conflict of interest matters relating to its management of the Fund that the Manager has identified and brought to the committee.

A conflict of interest matter is a situation where a reasonable person would consider the Manager or an entity related to it to have an interest that may conflict with the Manager’s ability to act in good faith and in the best interests of the Funds and Securityholders. Click here for the IRC Report to Securityholders.

Click here to review members of the IRC.

Trustee and Custodian

Trustee: Mulvihill Capital Management Inc.
Custodian: RBC Investor & Treasury Services

Registrar and Transfer Agent

TSX Trust

Legal Counsel

Osler Hoskin & Harcourt LLP

Auditors

Deloitte & Touche LLP