It is supposed to be a blend of oil-sands stocks and high-yielding trusts. During a "bull phase," the fund will be 70% oil sands stocks and 30% trusts. During "bear phases" it will be the other way around. It appears as though the keepers of the fund view now as a bull phase.
The fund is 100% Canadian stocks; it is heaviest in mid-caps at 45%. I would imagine that it is currently tilted to growth, and during a bear phase it would switch to value. It only has 29 holdings.
I have written in the past that an oil sands product might be useful for people who do not want to take single stock risk within the sector. Often non-stockpickers are shut out from narrow, but potentially important, themes -- but not with oil-sands anymore.
There is no back test data and I'm not sure there needs to be. If oil goes up, how's this fund going to do? The variable is whether it does better than other products, which I don't know. It goes without saying that during the bull phase this fund will be very volatile relative to other energy funds, and during the bear phase the hope is it would be less volatile, but sometimes trusts can be very hot potatoes.
[Related: Press release]