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Equity

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The purpose of this fund

An equally weighted portfolio of Canada's 'Big-Six' banks through Class A and Preferred shares issued by the corporation.

  • Equal weight exposure to Canada’s Big-Six banks through split share structure
  • Active covered-call writing strategy on up to 30% to enhance income and reduce volatility
  • Preferred Shares: attractive income stream with 6% coupon and high asset coverage ratio
  • Class A Shares: opportunity for greater upside participation relative to holding the portfolio directly

Equal weighted exposure to Canada’s Big-Six Banks enhanced with covered calls through a split share structure.

bmocibc
national bankrbc
scotiabanktd
Class A Shares:
  • To provide holders with regular monthly cash distributions targeting a yield of 8.0% per year (based on the issue price of the Class A Shares)
  • To provide holders the opportunity for capital appreciation.
Preferred Shares:
  • To provide holders with 6% fixed coupon cumulative preferential monthly cash distributions.
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Purpose Investments

ESG Risk RatingWhat is ESG?

No ESG score is shown for this fund because either (1) the fund's mandate does not incorporate single security selection, rendering ESG analysis something that cannot be assured on a portfolio management basis, or (2) Purpose does not currently have access to ESG scoring data for >50% of the fund's positions. ESG scores are not shown for these funds as they might be misleading or misrepresent a fund's ESG integration or lack thereof.

FUND DETAILS

Class A Shares (BNK)
YIELD

5.54%

PREMIUM / DISCOUNT

-9.78%

MGMT FEE

0.75%

PRICE

$14.33

(2022-05-17)

NAV

$15.88

(2022-05-17)

Preferred Shares (BNK.PR.A)
YIELD

6.00%

PREMIUM / DISCOUNT

10.00%

MGMT FEE

0.75%

PRICE

$11.00

(2022-05-17)

NAV

$10.00

(2022-05-17)

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