(1) The standard performance data of an investment fund must be calculated in accordance with this Part.
(2) In this Part
“current yield” means the yield of a money market fund expressed as a percentage and determined by applying the following formula:
current yield = [seven day return x 365/7] x 100;
“effective yield” means the yield of a money market fund expressed as a percentage and determined by applying the following formula:
effective yield = [(seven day return + 1) 365/7 – 1] x 100;
“seven day return” means the income yield of an account of a securityholder in a money market fund that is calculated by
(a) determining the net change, exclusive of new subscriptions other than from the reinvestment of distributions or proceeds of redemption of securities of the money market fund, in the value of the account,
(b) subtracting all fees and charges of the type referred to in paragraph 15.11(1)3 for the seven day period, and
(c) dividing the result by the value of the account at the beginning of the seven day period;
“standard performance data” means, as calculated in each case in accordance with this Part,
(a) for a money market fund, either of the following:
(i) the current yield;
(ii) the current yield and effective yield, if the effective yield is reported in a type size that is at least equal to that of the current yield, and
(b) for any investment fund other than a money market fund, the total return; and
“total return” means the annual compounded rate of return for an investment fund for a period that would equate the initial value to the redeemable value at the end of the period, expressed as a percentage, and determined by applying the following formula:
total return = [(redeemable value/initial value)(1/N)-1] x 100
where N = the length of the performance measurement period in years, with a minimum value of 1.
(3) If there are fees and charges of the type described in paragraph 15.11(1)1 relevant to the calculation of redeemable value and initial value of the securities of an investment fund, the redeemable value and initial value of securities of an investment fund must be the net asset value of one unit or share of the investment fund at the beginning or at the end of the performance measurement period, minus the amount of those fees and charges calculated by applying the assumptions referred to in that paragraph to a hypothetical securityholder account.
(4) If there are no fees and charges of the type described in paragraph 15.11(1)1 relevant to a calculation of total return, the calculation of total return for an investment fund may assume a hypothetical investment of one security of the investment fund and be calculated as follows:
(a) “initial value” means the net asset value of one unit or share of an investment fund at the beginning of the performance measurement period; and
(b) “redeemable value” =
R x (1 + D1/P1) x (1 + D2/P2) x (1 + D3/P3) . . . x (1 + Dn/Pn)
where
R = the net asset value of one unit or security of the investment fund at the end of the performance measurement period,
D = the dividend or distribution amount per security of the investment fund at the time of each distribution,
P = the dividend or distribution reinvestment price per security of the investment fund at the time of each distribution, and
n = the number of dividends or distributions during the performance measurement period.
(5) Standard performance data of an asset allocation service must be based upon the standard performance data of its participating funds.
(6) Performance data
(a) for an investment fund other than a money market fund must be calculated to the nearest one-tenth of one percent; and
(b) for a money market fund must be calculated to the nearest one-hundredth of one percent.