Not registered. Not advice. DecodeETF is an information service. We are not registered as an adviser, dealer, or investment fund manager with the Ontario Securities Commission or any Canadian provincial regulator. Nothing on this site is a recommendation, solicitation, or offer to buy or sell any security. Past performance is not indicative of future results, and all investing carries risk including the loss of principal. Speak with a registered financial professional before making investment decisions.
Ninepoint Partners
About 25% of the 10.1% yield is recurring income; the rest is capital gains or return of capital. Too new to show a capital trend.
Payout over time
Fund health
This fund sells call options on BCE.TO to help fund its distribution. That can limit how much of BCE.TO's rise it keeps in exchange for the cash it pays out. The comparison against BCE.TO is further down this page.
Why the price moved
This fund has under 3 years of its own price history, so the 3-year price comparison against BCE.TO is not shown yet. The comparison over the available window is further down this page.
Own payout record
Cash distributed per unit, by calendar year, from the fund's own distribution history (up to the last 6 years). "Reduced" marks a year where the cash paid per unit fell more than 5% versus the prior year.
How it's taxed
The CRA taxes each distribution dollar by its character. These shares are measured against the full taxable distribution, including any portion the fund reinvested as units rather than paying in cash.
| Character | % of taxable | $ / unit |
|---|---|---|
| Eligible dividends | 25% | $0.0757 |
| Capital gains | 38% | $0.1129 |
| Return of capital | 37% | $0.1113 |
For a covered-call or leveraged fund, return of capital can include option premium or realized gains classified as ROC for tax purposes, not your capital handed back. It still lowers your cost base, so the deferred tax can increase a later capital gain or reduce a later capital loss when you sell. If return of capital keeps building up and your cost base reaches zero, any further return of capital is taxed as a capital gain in the year you receive it, not deferred to a sale.
Fund vs underlying
BCHI.TO targets ~1.25x BCE.TOexposure via a swap and sells call options on top to lift the payout. The comparison below is against the underlying stock's plain total return.
| Last 36 months | BCHI.TO Ninepoint BCE HighShares ETF | BCE.TO |
|---|---|---|
| Distribution yield (TTM) | 10.1% | 5.8% |
| Total return (3y/yr) | - | -13.1% |
| Growth of $100, reinvested | - | $66 |
| Growth of $100, not reinvested | - | $53 |
BCHI.TO targets ~1.25x BCE.TO exposure via swaps and covered calls, but is too new for a return comparison yet.
Underlying total return, dividend-reinvested. Past performance is not indicative of future results.
What Premium adds
Next steps
Prices as of 2026-07-27. Distributions as of 2026-07-28. Tax character year 2025.
We break down what Canadian ETF investors need to know. Free. No account needed. Unsubscribe anytime.
Based on Ninepoint Partners's 2025 T3 / tax-factor filing. Character can vary year to year. This is not tax advice; consult a tax professional about your situation.
What you keep, in your account
Each figure below starts from the headline yield of 10.1% and shows an estimate of what you keep after tax. Where you hold the fund changes the answer: a TFSA shelters Canadian tax and can still lose foreign withholding tax when the fund has foreign withholding, a non-registered account taxes each character at its own rate, and an RRSP defers tax until you withdraw.
These figures are estimates at the top ON marginal tax rate, not your personal rate. The return-of-capital portion is not taxed now: it lowers your cost base, so more of your eventual sale is taxed as a capital gain instead.
Illustrative, not tax advice.