The new fund will allow dividend and option premium income by investing in dividend paying securities in the Canadian financial sector and employs a dynamic covered call option writing strategy.
The product is also expected to meet demand from the larger body of mutual fund (MFDA) advisors who may also be insurance licensed advisors looking for these features in providing financial services to Canadians.
Matrix Funds managing partner Grahame Lyons said that the majority of the portfolio is invested in Canada’s largest commercial banks, which has relative financial strength and conservative approach.
"The fund provides the common attributes and popular benefits of ETFs – low cost, portfolio transparency and tax efficiency and makes them available to a broader audience," added Lyons.
