| Approach |
| The Fund is designed to
provide Unitholders with exposure to a passively managed portfolio of income
trusts on an equal sector weighted basis. This approach is intended to result
in a broadly diversified portfolio of the largest Income Trusts, most of which
are expected to benefit from inclusion in the S&P/TSX Composite Index. This
investment approach is also intended to result in a reduced exposure to any one
Income Trust Sector and any one Income Trust. |
| |
| Monthly
Distributions |
| The Fund intends to pay
monthly cash Distributions. The Fund intends that Distributions will be payable
to Unitholders of record on the last day of each month and will be paid on or
about the 15 th day of the following month. |
| |
| Liquidity |
| TSX Listing. The
Fund's units can be bought and sold on the TSX under the symbol
ESF.UN. |
| |
| Mandatory Market
Purchase Program. To enhance liquidity and provide market support for the
units, the Fund will be obligated to purchase for cancellation any units
offered in the market at the then prevailing market price if the price at which
units are offered for sale is less than 95% of the Net Asset Value per Unit,
subject to some limitations. See the Fund's prospectus for details. |
| |
| Redemptions.
Units may be surrendered for redemption on any business day that is at least 20
business days prior to November 30 and will be redeemed on November 30 of such
year, subject to the Fund's right to suspend redemptions in certain
circumstances. A Unitholder who surrenders Units for redemption at least 20
business days prior to November 30 of any year will receive payment on or
before the 15th business day following November 30. Unitholders whose Units are
redeemed will be entitled to receive a redemption price per Unit calculated
with reference to the net asset value of the Fund (NAV) (however, at the sole
option of the Manager, the redemption price may be calculated by using a 3-day
volume weighted average trading price of a security instead of the closing
price) determined as of the applicable November 30 date less any costs
associated with the redemption. Any unpaid distribution declared on or before
November 30 in respect of Units redeemed on such date will be paid to the
Unitholder redeeming such Units on the date on which such distribution is
payable to Unitholders. For further information, please refer to the Fund's
prospectus. |
| |
