The management fee is what Evolve charges to manage the fund. The MER (Management Expense Ratio) includes the management fee plus operating expenses, applicable taxes (HST/GST), and certain other costs. MER is the true all-in annual cost of holding the fund.

Each fund’s current MER is published in its annual Management Report of Fund Performance (MRFP) and on the fund page. Trading commissions paid inside the fund are reported separately as the Trading Expense Ratio (TER).

UltraYield and other modestly leveraged ETFs incur borrowing costs to fund their leveraged exposure. These costs are included in the fund’s expenses and reflected in the MER reported on the fund page.

Because borrowing costs vary with prevailing interest rates, the all-in cost of holding a leveraged ETF can fluctuate over time. Evolve discloses these costs transparently in each fund’s MRFP and prospectus, so investors can evaluate the net impact on returns.

Small premiums or discounts to NAV occur because market price reflects real-time supply and demand on the exchange, while NAV is calculated after market close based on the fund’s holdings.

Market makers and authorized participants work to keep these differences minimal through a creation/redemption mechanism: when a meaningful premium develops, they create new units; when a discount develops, they redeem units. This arbitrage process keeps ETF market prices closely tied to NAV under normal conditions.

Evolve reports performance on a total return basis, including reinvested distributions, net of fees. Returns are shown for standard periods (1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, and Since Inception) on each fund page.

Total return assumes distributions are reinvested at the unit price on the distribution date. Periods longer than one year are annualized. Past performance is not indicative of future results, and returns will vary depending on when units are purchased and sold.

Performance data for every Evolve ETF — including historical returns, distribution history, and current yield — is published on each fund’s product page at evolveetfs.com, and updated daily.

More detailed performance disclosures, including comparisons to benchmarks and the Management Report of Fund Performance (MRFP), are filed each year and available on the fund page and on SEDAR+.

No. Like all Canadian ETFs, Evolve funds do not pay trailing commissions to advisors or dealers. Your brokerage may charge a trading commission depending on your account type.

This is a structural difference between ETFs and most mutual fund series — it’s part of why ETF MERs are typically lower than equivalent mutual fund MERs. Fee-based advisors charge their own asset-based fee separately from the fund’s MER.