Harvest Balanced Income & Growth ETF

What moved the price

• ·Concentration: United States was about 78.4% of the fund, so that market drove most of the movement.
• ·Currency: the fund hedged its foreign-currency exposure back to Canadian dollars, so most of the exchange-rate movement was removed, and hedging itself carried a cost.
• ·Options overlay: the covered-call overlays inside its holdings lifted distributions and capped part of the upside on the covered portion.
• ·Interest rates: for the fixed-income portion (about 35% of the fund), effective duration was about 7.4 years, so at the whole-fund level a 1% rise in rates corresponded to roughly a 2.6% price decline, and a 1% fall to a similar increase.
• ·Fund size: assets were $15M, below the level where bid-ask spreads widen and the chance of closure rises for smaller funds.