UTES.TO Review: Evolve Canadian Utilities Enhanced Yield Index Fund - Canada
Evolve Canadian Utilities Enhanced Yield Index Fund - Canada (UTES.TO) is a sector based fund - utilities listed on the TSX. Below is our independent review using the Dependable Income Investing 13-factor scoring system, covering Fund Attributes, Risk, and Return — designed specifically for income-focused investors.
Fund Attributes 20% of overall score
Fund Attributes cover the foundational characteristics of UTES.TO: cost, company backing, track record, and size. These factors reflect the fund's stability and cost-efficiency.
Expense Ratio (25%)
MER is 0.84% as of December 31 - 2024 per ETF Facts (management fee 0.60% plus fund costs).
Fund Company Size (5%)
Evolve Funds Group reached $8 billion in AUM milestone in October 2025 per About page.
Fund History (40%)
Fund inception September 3 - 2024 - approximately 1.5 years old as of review date.
Fund AUM (30%)
Fund AUM is $340.17 million as at March 6 - 2026.
Risk 35% of overall score
Risk factors evaluate how UTES.TO manages volatility, diversification, and the nature of its underlying assets. These are critical for income investors who prioritise capital preservation.
Volatility
Lower volatility may indicate more stability — important for investors living off their income.
Beta approximately 0.09 vs SPY (2024-09-13 to 2026-03-07) - very low market correlation. Per scoring rules standalone volatility used when |beta| < 0.6. Standalone annualized volatility (weekly total returns) approximately 11.53% - low to moderate volatility (score 4).
Sector Diversification
Holding across more sectors reduces the impact of any single industry downturn.
Geographic Diversification
Exposure across geographies can reduce risk from any single country's economic conditions.
Fund Risk
The fund's overall risk profile, based on self-reported classifications where available.
Underlying Assets
What the fund actually holds — stocks, bonds, synthetics, or other funds — affects risk profile significantly.
See our full Risk analysis for UTES.TO — including analyst notes on volatility, diversification, and underlying assets.
View Plans →Return 45% of overall score
Return factors assess the income generation quality of UTES.TO: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Yield
The current dividend yield, reflecting the annual income generated relative to fund price.
Yield Stability
How consistent the distribution amounts have been over time — critical for income investors who budget around payments.
Capital History
The fund's track record of price appreciation or depreciation, reflecting total return alongside income.
Distribution Frequency
How often the fund pays distributions — monthly payments are generally preferred by income investors.
Monthly distributions confirmed by distribution history from September 2024 through February 2026.
See our full Return analysis for UTES.TO — yield rating, distribution consistency score, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score is designed to answer the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions About UTES.TO
What is UTES.TO's expense ratio?
MER is 0.84% as of December 31 - 2024 per ETF Facts (management fee 0.60% plus fund costs).
How long has UTES.TO been trading?
Fund inception September 3 - 2024 - approximately 1.5 years old as of review date.
How large is UTES.TO by assets under management?
Fund AUM is $340.17 million as at March 6 - 2026.
Who manages UTES.TO?
Evolve Funds Group reached $8 billion in AUM milestone in October 2025 per About page.
Where can I see the full UTES.TO review?
The complete 13-factor review — including all Risk and Return scores, analyst notes, and your Dependability Score — is available in the Dependable Income Investing app.
Does UTES.TO pay monthly dividends?
Monthly distributions confirmed by distribution history from September 2024 through February 2026. Full distribution history and yield stability score are available in the Dependable Income Investing app.
Is UTES.TO a high-volatility fund?
Beta approximately 0.09 vs SPY (2024-09-13 to 2026-03-07) - very low market correlation. Per scoring rules standalone volatility used when |beta| < 0.6. Standalone annualized volatility (weekly total returns) approximately 11.53% - low to moderate volatility (score 4). See the full volatility score and risk analysis in the Dependable Income Investing app.
How often does UTES.TO pay distributions?
Monthly distributions confirmed by distribution history from September 2024 through February 2026. Distribution consistency and yield stability ratings are available in the app.
See the Full UTES.TO Review
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors, analyst notes, Dependability Score, and tools to compare UTES.TO against other income funds side by side.
View Plans →Also available: free fund comparison tools in the app.