UDA Caldwell US Dividend Advantage Fund

Caldwell Investment Management Ltd., the manager of Caldwell U.S. Dividend Advantage Fund (the “Fund”) announces the estimated annual special year-end distribution for the 2021 tax year for the actively-managed ETF Series of the Fund (TSX Ticker: UDA) to unitholders of record as indicated below. Please note that this is an estimated amount as of December 6, 2021 and includes certain forward-looking information, which may cause the Special Distribution to change before the Fund’s tax year-end on December 15, 2021. The estimated amount is for the Special Distribution only and does not include the ongoing, regular monthly distribution amounts which were either previously announced, or which are expected to be announced in respect of the 2022 calendar year.

Record Date	Payment Date	Estimated Special Distribution per Unit
December 14, 2021	December 23, 2022	CAD $0.91

The Fund is required to distribute any net income and capital gains that it has earned in the year. The Special Distribution will be paid in cash and will generally consist of capital gains and/or any excess net income at year-end. Investors holding their ETF units outside registered plans will have taxable amounts to report and will have an increase in the adjusted cost base of their investment.

Caldwell Investment Management Ltd. expects to announce the final, confirmed Special Distribution amount (subject to any further revisions to per ETF unit amounts resulting from subscription and redemption activity prior to the record date) on or about December 17, 2021. Caldwell Investment Management Ltd. provides estimated distributions for information purposes only. These estimates are not intended to be, nor should they construed to be, legal or tax advice to any particular person.

ETF Series unitholders also have the option to participate in the distribution reinvestment plan (“DRIP”) offered by the Fund, which provides investors with the ability to automatically reinvest distributions and realize the benefits of compounded growth. Unitholders can enroll in the DRIP program by contacting their investment advisor.

The ETF Series of Caldwell U.S. Dividend Advantage Fund trades on the TSX under the ticker symbol UDA.

For further information, please visit our website at www.caldwellinvestment.com or contact us at 416-593-1798 or 1-800-256-2441.

The Fund was first offered to the public as a closed-end investment (May 28, 2015) and with effect from November 15, 2018 was converted into an open-end mutual fund, with all outstanding units predesignated as Series F units. Performance of the Fund prior to the conversion date would have differed had the Fund been subject to the same investment restrictions and practices of the current open-end mutual fund. Further, the Fund reduced its management fees by 1% (October 17,2019) resulting in fees of 1.75% for Series A units and 0.75% for Series F units.

Investors are strongly encouraged to consult with a financial advisor and review the Simplified Prospectus and Fund Facts documents carefully prior to making investment decisions about the Fund. Caldwell Investment Management Ltd. makes no representations or warranties on the accuracy and completeness of the information included herein. Certain statements herein contain forward looking information based on certain historical information of the Fund and represent current expectations as of the date of this press release. Actual future results may differ materially due to but not limited to prevailing market conditions, there being no assurance of realizing capital gains and no assurance that issuers held in the portfolio will pay dividends or distributions on their securities. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. The payment of distributions should not be confused with a fund’s performance, rate of return or yield. If distributions paid are greater than the performance of the fund, your original investment will shrink. Distributions paid as a result of capital gains realized by a fund, and income and dividends earned by a fund, are taxable in your hands in the year they are paid. Your adjusted cost base (“ACB”) will be reduced by the amount of any returns of capital and should your ACB fall below zero, you will have to pay capital gains tax on the amount below zero.