Wed, 05/12/2018 - 09:12
Harvest Portfolios Group (Harvest) has filed a preliminary prospectus with the Canadian securities regulators for two new ETFs – the Harvest Equal Weight Global Utilities Income ETF (HUTL) and Harvest Global Gold Giants Index ETF (HGGG).
"These two new ETFs add defensive bench strength to our growing line-up of products," says Michael Kovacs, President and CEO of Harvest. "Arguably, we are in late innings of the economic cycle, so it makes sense to prepare a portfolio with more defensive products; both quality and established Utility and Gold issuers can help fill that ticket."
HUTL seeks to provide Unitholders with monthly cash distributions, the opportunity for capital appreciation, and lower overall volatility of portfolio returns than would otherwise be experienced by owning Equity Securities of the Global Utility Issuers directly. To achieve lower overall volatility of portfolio returns, the Harvest Equal Weight Global Utilities Income ETF will generally write covered call options on up to 33 per cent of the portfolio securities. The level of covered call option writing may vary based on market volatility and other factors.
HGGG seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Gold Giants Index TR. HGGG primarily invests in large gold mining issuers that are listed on a regulated stock exchange in North America, Australia or in certain European countries.
Harvest, a registered investment fund manager and portfolio manager, will act as promoter, trustee, manager and portfolio manager of HUTL and HGGG and will be responsible for the administration of HUTL and HGGG.
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