Guardian Directed Premium Yield Portfolio - Hedged
GDPY.TO
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- Guardian Directed Premium Yield ETF Unhedged (TSX: GDPY.B) is an exchange-traded fund managed by Guardian Capital LP that seeks long-term capital appreciation and reduced portfolio volatility through a covered call strategy on a portfolio of global equities; it invests directly and indirectly in high-quality stocks across diversified sectors and market capitalizations worldwide, employing derivatives such as options, futures, forwards and swaps, as well as other funds. The ETF benchmarks its performance against a composite index of 90% MSCI World Index (Total Return, Unhedged, C$) and 10% FTSE Canada Universe Bond Index, with active management focused on tax-efficient yield maximization under varying market conditions; top holdings as of October 31, 2025 include CME Group Inc. (8.63%), EssilorLuxottica (8.58%) and Mastercard Inc. (6.20%). It offers monthly cash distributions potentially comprising net income, dividends, realized capital gains or return of capital, with a management expense ratio of 1.01% and assets under management of CAD $123.1 million as of the latest reporting. Launched on August 11, 2020 and listed on the Toronto Stock Exchange, the unhedged ETF units (GDPY.B) resulted from the November 3, 2023 merger of prior Guardian Directed Premium Yield ETF hedged units into the Guardian Directed Premium Yield Portfolio structure on a 1:1 basis, with exemptive relief obtained to continue disclosing the original start date and performance history. In May 2025, Guardian Capital LP updated the distribution policy for GDPY hedged (GDPY) and unhedged (GDPY.B) units, removing the fixed target annualized monthly distribution rate (previously around 4% of prior year-end NAV) in favor of an indicative rate set annually at year-end, adjustable at the manager's discretion based on market conditions, income and capital considerations. Guardian Capital LP, a wholly-owned subsidiary of Guardian Capital Group Limited (founded 1962 and headquartered at Commerce Court West, Suite 2700, 199 Bay Street, Toronto, Ontario), manages the ETF as part of its broader offerings to institutional, retail and private clients across Canada, with global equity exposure targeting yield-oriented investors.