Financial 15 Split Corp T.FTN

Alternate Symbol(s): T.FTN.PR.A | FNNCF

Financial 15 Split Corp. is a mutual fund, which invests in a portfolio consisting of over 15 financial services companies. The Company offers two types of shares, such as Preferred Shares and Class A Shares. Its investment objectives with respect to Preferred Shares are to provide holders of Preferred Shares with cumulative preferential monthly cash dividends in an amount of over 6.75% annually and to pay the holders of the Preferred Shares approximately $10 per Preferred Share on or about the termination date. Its investment objectives with respect to Class A Shares are to provide holders of Class A Shares with regular monthly cash distributions and to permit holders to participate in all growth in the net asset value of the Company over $15 per unit, by paying holders on or about the termination date such amounts as remain in the Company after paying over $10 per Preferred Share. The Company’s investment manager is Quadravest Capital Management Inc.

TSX:FTN - Post by User

Financial 15 Split Corp

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Comment by GoGetter1on Feb 18, 2016 2:48pm

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Post# 24571878

RE:RE:RE:RE:Nav over 15 bucks at market close

You are right Navgod. Similar covered call ETF's don't have anyway near the yield this product has. FTN must be returning capital as the divs plus the call premiums don't equal the payout. They are levered somewhat because of the split nature of the shares while only paying out 5.5% on the preferred. Perhaps this is why they have to keep issuing new shares to restore the capital being paid out.

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