TORONTO, March 27, 2024 (GLOBE NEWSWIRE) — (TSX: CBNK) Mulvihill Canadian Bank Enhanced Yield ETF (the “Fund”) announces results of operations for the year ended December 31, 2023. Increase in net assets attributable to holders of units amounted to $5.11 million or $0.55 per unit. As at December 31, 2023, net assets attributable to holders of units were $75.71 million or $7.24 per unit. Cash distributions to unitholders totaling $6.58 million or $0.70 per unit were paid during the period.
The Fund is a mutual fund investment trust that seeks to provide unitholders with long-term capital appreciation through exposure to a portfolio consisting principally of common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank (collectively, the “Banks”) and monthly cash distributions.
In order to achieve its investment objectives, the Fund will purchase and hold substantially all of its assets in common shares of the Banks, while adding modest leverage of 25.0 percent. The Fund will also write call and put options on a portion of its portfolio to seek to generate investment returns and, in the case of put options, acquire securities at predetermined prices in a manner that reduces acquisition costs. The Fund seeks to achieve a 7.0 percent yield, with additional capital growth potential beyond such yield target.
The Fund’s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Units are listed on the Toronto Stock Exchange under the symbol CBNK.
| Selected Financial Information: ($ Millions) | |||
| Statement of Financial Position as at December 31st | 2023 | ||
| Assets | $ | 94.84 | |
| Liabilities | (19.13 | ) | |
| Net Assets Attributable to Holders of Units | $ | 75.71 | |
| Statement of Comprehensive Income for the year ended December 31st | |||
| Income (including Net Gain on Investments) | $ | 6.78 | |
| Expenses | (1.67 | ) | |
| Increase in Net Assets Attributable to Holders of Units | $ | 5.11 | |
For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at [email protected] or visit Mulvihill www.mulvihill.com.
| John Germain, Senior Vice-President & CFO | Mulvihill Capital Management Inc. 121 King Street West Suite 2600 Toronto, Ontario, M5H 3T9 416.681.3966; 1.800.725.7172 |
Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.
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