CI TFSA

24 names, weighted as the index weights them, run through the series’ own ruler. Not ranked against the thirty-three funds.

Both rows apply the current constituent lists backwards across the full window. A name added last quarter is treated as though it were held in 2021. That is not what these books did — it is what today’s lists would have done, and the gap between the two is not measurable from anything we hold. The tradeable universe is refreshed in place: the screen’s verdicts survive only from May 28, 2026, the last 4.5% of the window, and for the 95.5% before that there is nothing to reconstruct from.

The two caveats on this figure do not point the same way. Running today’s constituent lists backwards flatters the result. The list being run is the one that survived every decision taken since the window opened, and the names that left it are not in it to be run; what that is worth cannot be bounded from anything we hold. Holding a not-yet-listed seat in cash works the other way, and that one can be bounded. 1.64% of the index sat in cash for 114 trading days and was bought at the next deposit. By the window close that cost $1.24 — 0.01 percentage points of the gain above.

Distributions are cash received. TC Energy’s 2024 spin-off of South Bow paid 0.2 SOBO per TRP share — held as value, reinvested, and reported separately rather than folded into the cash line.

A seat that cannot be bought is held in cash and deployed at the next scheduled deposit, not on the day the name begins trading. The schedule is what buys — the same $150 on the same day of the month as every other deposit — so a name that lists mid-month waits for it. That is a convention of this test and it applies to every name that lists inside the window. Here it cost 19 trading days: PMZ-UN.TO began trading on January 5, 2022 and the schedule bought it on February 1, 2022.

One name in this index was not trading when the window opened. PMZ-UN.TO first traded on January 5, 2022 — it is a spin-off, so its predecessor’s history is not its history and you could not have bought it in August 2021. Its seat, 1.64% of the index, held cash earning nothing for 114 trading days across 6 deposits, and was bought at weight on February 1, 2022. Idle cash at the window close: $0.00. The master table above refuses to rank a fund younger than its window for exactly this reason; these two rows are not ranked, and this is the difference.

How that is worked out: 6 deposits put $28.70 into the seat while it could not be bought. Each deposit is charged only for the time it actually sat — the first waited the whole stretch, the last a few weeks — so what the rest of the book returned is applied per deposit, from the day it arrived to the day the seat was bought, and not to the closing balance as though every dollar had waited the whole time. That comes to $0.94 not earned, which is 3.27% of the $28.70 — an average across the six, not a rate any one of them earned. That amount then compounds forward with the book from February 1, 2022 to the window close, a further 32.35%, giving $1.24. The return is the book’s own, at its target weights, in the names that were listed on the day each tranche arrived — not an index and not a cash rate.

A consolidation is recorded for CAR-UN.TO on December 31, 2025. The distribution that explains it is the issuer’s $0.90 per unit special, paid in units on December 31 to unitholders of record that day and consolidated immediately after, so the number of units outstanding is unchanged. It reconciles against a price we already held, and the check could have failed: the units issued are $0.90 divided by the December 31 TSX close, which makes the share factor P/(P+0.90), and the factor we carry implies a close of $36.8701 against the $36.87 in our own price series. Position value across the event was measured separately and held — 8.6684 units at $36.1184 before, 8.4618 at $37.1200 after, peer-net +0.10% against a −2.4% one-leg failure signature — so the price series carries the offsetting leg and the treatment is sound.

4 distributions totalling $6.14 were exposed to a dating gap: the vendor served no payment date, so their reinvestment price is the ex-date close. The error is price drift over the weeks to the true pay date applied to that sum — cents, not dollars. $6.14 is the amount exposed, not the amount wrong.

Corporate actions inside the window

The walk reads the verdict, never the raw factor. An event with no verdict halts it.

Constituent-set history

Every constituent set and its figure stays here with its date. The figure recomputes when the index changes and climbs by construction as the engine sheds losers and adds winners — so a reader watching it rise can see whether the market moved or the basket did. The snapshot refreshes quarterly.

What this page cannot show

What the construction rule would have chosen in 2021 cannot be rebuilt. The tradeable universe is refreshed in place, so the pool, the scores and the yields on any earlier date are gone. The screen’s own verdicts are kept, and they begin on May 28, 2026: 265,836 pass-or-fail records across 80 days, covering the last 82 days of the window — 4.5% of it. For the other 95.5% there is no record of what the screen would have said, and that is the part the figures above depend on.

This book’s own value is recorded from August 14, 2026: 147 observations of equity, cash and market value over the last 4 days of the window, 0.2% of it. What is missing is the transaction history — no deposits, no dates, no trades — and without deposits no return can be computed from those observations. A return is what the backtest produces, so the two still cannot be set against each other. The value is observable; the comparison is not.