OAKVILLE, ON, Feb 16, 2022 /CNW/ – Harvest Portfolios Group Inc. (“Harvest”) is pleased to announce the completion of the initial offering of Class A Units of the Harvest Diversified Monthly Income ETF pursuant to a prospectus dated February 4, 2022, filed with the securities regulatory authorities in all of the Canadian provinces and territories. The Class A Units of the Harvest Diversified Monthly Income ETF will commence trading on the TSX today under the following ticker symbol: (TSX: HDIF). This innovative ETF is designed to provide Canadian investors access to a core diversified monthly income solution.
The Harvest Diversified Monthly Income ETF investment objective is to provide holders of Class A Units with high monthly cash distributions and the opportunity for capital appreciation by investing, on a levered basis, in a portfolio of exchange traded mutual funds managed by the Manager that are listed on a recognized Canadian stock exchange and that engage in covered call strategies. The ETF will use leverage in order to seek to achieve its investment objective. Leverage will be created through the use of cash borrowings or as otherwise permitted under applicable securities legislation. The maximum aggregate exposure of the ETF to cash borrowing will not generally exceed approximately 33% of the ETF’s net asset value.
“We are very excited to launch HDIF, the latest addition to the Harvest Equity Income ETF lineup. Investors can now access five proven Harvest Equity Income ETFs efficiently in one single ETF,” said Michael Kovacs, President and CEO of Harvest. “HDIF provides an attractive high initial target yield of 8.50% per annum within a competitive cost structure.”
For additional information: Please visit www.harvestportfolios.com
About Harvest Portfolios Group Inc.
Founded in 2009, Harvest is a Canadian Investment Fund Manager managing $2 billion in assets for Canadian Investors. Harvest offers an innovative suite of exchange traded funds, mutual funds and publicly listed structured fund products designed to satisfy the long-term growth and income needs of investors. We pride ourselves in creating trusted investment solutions that meet the expectations of our investors.
You will usually pay brokerage fees to your dealer if you purchase or sell units of the ETF(s) on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the ETF(s) and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of an investment fund. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents.