Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF

  • Management Style
    Active
  • Closing Price (Jun 08, 2023)
    $8.46
  • NAV (Jun 08, 2023)
    $8.48
  • Distribution Rate (Jun 09, 2023)
    9.93%
  • Total Assets (May 31, 2023)
    $85 Million
  • Management Style
    Active
  • Closing Price (Jun 01, 2023)
    $8.55
  • NAV (Jun 08, 2023)
    $8.68
  • Distribution Rate (Jun 09, 2023)
    9.47%
  • Total Assets (May 31, 2023)
    $85 Million
Fund Profile Fund Profile - FR Why Invest Portfolio Summary Flaherty & Crumrine - Bank Update Commentary Preferred Securities Overview Two Ways to Invest in US Preferreds Economic Update KYP Resources
U.S. Preferred Shares: An Attractive Income Opportunity in Volatile Markets
U.S. Preferreds: Higher Income Opportunities
Un-Yielding Duration & What to Do About It

Why Invest?

  • Portfolio of primarily US Preferred securities, highly diversified by issuer and issue
  • Primarily investment-grade credit, with higher yield than many other fixed income categories
  • Historical outperformance compared to the S&P/TSX Preferred Share Index with lower volatility
  • Low correlation of returns to other fixed income; effective tool to diversify portfolio returns and risk

BEPR - Investment Grade US Preferred Shares

Investment Objectives

  • Provide unitholders with a stable stream of monthly distributions
  • Preserve the net asset value per unit; and
  • Enhance the total return per unit by actively managing the portfolio.

This Fund is for Investors who are:

  • Seeking a high level of income
  • Seeking to diversify their portfolio with corporate preferred shares, trust preferred shares and other corporate debt of North American issuers or of Canadian or U.S. dollar denominated securities of global issuers
  • Comfortable with an investment that employs leverage

FUND FACTS

  • Ticker (CAD Hedged)
    BEPR
  • CUSIP (CAD Hedged)
    11223L101
  • Outstanding (CAD Hedged) (Jun 09, 2023)
    6,662,280
  • Ticker (USD Unit)
    BEPR.U
  • CUSIP (USD Unit)
    11223L200
  • Outstanding (USD Unit) (Jun 09, 2023)
    120,000
  • Inception Date (CAD Hedged)
    December 15, 2004
  • ETF Conversion Date (CAD Hedged)
    November 26, 2021
  • Inception Date (USD)
    February 4, 2022
  • Management Fee
    1.00%
  • Manager/Portfolio Manager
    Brompton Funds Limited
  • Auditor
    PricewaterhouseCoopers LLP
  • Custodian
    CIBC Mellon Trust Company
  • Transfer Agent
    TSX Trust Company
  • Eligibility
    All registered and non-registered accounts
  • Leverage
    Up to 33% of total assets
  • Sub Advisor
    Flaherty & Crumrine Incorporated
  • Risk Rating
    Medium

Sub-Advisor

Flaherty & Crumrine Incorporated: Established in 1983, Flaherty & Crumrine Incorporated specializes in US dollar denominated preferred securities and corporate debt instruments. The firm’s proprietary database, software and models were developed specifically to analyze and manage portfolios of preferred and other subordinated securities.

Market Data provided by TMX, and powered by QuoteMedia

Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF

Summary of Investment Portfolio as at April 30, 2023

Total Asset Value$85,610,000

Top Holdings

% of Portfolio% of Net Asset Value
Delphi Financial Group, 8.054% due May 15, 20374.4%
Liberty Mutual Insurance, 7.697% due October 15, 20973.6%
Metlife Inc., 10.750% due August 01, 20393.5%
HSBC Capital Funding LP, 10.176%3.1%
Provident Financing TR I, 7.405% due March 15, 20383.0%
Enterprise Products Operating LP, 5.250% due August 16, 20773.0%
Partnerre Finance II, 7.287% due December 01, 20662.9%
Transcanada Pipelines Limited, 5.500% due September 15, 20792.4%
Energy Transfer LP, 7.600%2.4%
Royal Bank of Canada, 4.500% due November 24, 20802.3%
Lloyds Banking Group PLC, 7.500%2.4%
Enbridge Inc., 6.000% due January 15, 20772.3%
BNP Paribas, 7.375%2.2%
Banco Santander, 7.500%2.0%
Everest Reinsurance Holdings, 7.249% due May 15, 20371.9%
Banco Santander, 4.750%1.9%
ING Groep NV, 7.500%1.7%
Liberty Mutual Group, 7.800% due March 15, 20371.6%
Credit Agricole S.A., 7.875%1.3%
Prudential Financial Inc., 6.750% due March 01, 20531.2%
AXIS Specialty Finance, 4.900% due January 15, 20401.2%
Barclays PLC, 8.000%1.1%
DCP Midstream LLC, 5.850% due May 21, 20431.1%
UBS AG, 4.875%1.0%
Lloyds Banking Group PLC, 8.000%1.0%
Total54.5%0%

1)The investment portfolio may change due to ongoing portfolio transactions of the investment fund. Quarterly updates are available on the Fund's website at www.bromptongroup.com within 60 days of each quarter end.

Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(3)
Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF (3.3%) (9.2%) 0.2% (0.0%) 3.7% 4.0%

Year-by-Year Returns

2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF (19.5%) 7.7% (0.3%) 27.3% (9.2%) 15.9% 7.7% 0.9% 20.4% 5.1% 28.0%

(1) The chart is hypothetical and intended for illustrative purposes only. The chart reflects a hypothetical $10,000 investment based on Net Asset Value per unit and assumes that distributions made by the Fund on its units were reinvested at Net Asset Value per unit in additional units of the Fund. The chart is derived from data supplied by Morningstar. © 2021 Morningstar. All Rights Reserved. The information contained herein: (i) is proprietary to Morningstar and/or its content providers; (ii) may not be copied or distributed; and (iii) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

(2) Returns are for the periods ended May 31, 2023. The tables above show the past performance of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future. The information shown is based on Net Asset Value per unit and assumes that cash distributions made by the Fund and deemed distributions based on the warrants’ intrinsic value at the approximate exercise date of the warrants in the periods shown were reinvested at Net Asset Value per unit in additional units of the Fund. The tables above show the Fund’s year-by-year and compound returns for each period indicated.

(3) Period from December 15, 2004 (commencement of operations) to May 31, 2023.

Returns for Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF are unaudited. Commissions, trailing commissions, management fees and expenses all may be associated with exchange-traded fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Distributions

The actual breakdown of distributions for tax purposes will be provided to unitholders annually in March. This information will also be posted on the website as soon as it is available.

This information is of a general nature only and does not constitute legal or tax advice to any particular investor. Accordingly, prospective investors are advised to consult their own tax advisors with respect to their individual circumstances.

DRIP

Investors may elect to automatically reinvest their distributions in additional units of the Fund and realize the benefits of compound growth.

DRIP Plan

Tax Allocation

The following information is applicable to holders who, for the purposes of the Income Tax Act (Canada), are resident in Canada and hold trust units as capital property. If this is not the case, a tax advisor should be consulted.

Holders of trust units outside of a RRSP, DPSP, RRIF, RESP or TFSA should expect to receive a T3 slip from their investment dealer. T3 supplementary slips will indicate Investment Income in Box 26, Foreign Non-Business Income in Box 25, Capital Gains in Box 21 and Dividend Income in Box 23 and Box 49. Dividend income is subject to the standard gross up and federal dividend tax credit rules.

The return of capital component is a non-taxable amount that serves to reduce the adjusted cost base of the Fund units and is reported in Box 42.

Select a year
Record Date Payment Date Capital Gains Eligible Dividend Foreign Non- Business Income Foreign Non- Business Income Tax Paid Other Income Other Taxable Return of Capital Total Distribution
Jun 30, 2023 Jul 17, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
May 31, 2023 Jun 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Apr 28, 2023 May 12, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Mar 31, 2023 Apr 17, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Feb 28, 2023 Mar 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Jan 31, 2023 Feb 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Dec 30, 2022 Jan 16, 2023 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Nov 30, 2022 Dec 14, 2022 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Oct 31, 2022 Nov 14, 2022 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Sep 30, 2022 Oct 17, 2022 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Aug 31, 2022 Sep 15, 2022 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Jul 29, 2022 Aug 15, 2022 0.00000 0.00000 0.05590 (0.00198) 0.00000 0.00000 0.01358 0.06750
Total 0.00000 0.00000 0.33540 (0.01188) 0.00000 0.00000 0.08148 0.81000

(1) The distribution was automatically reinvested in additional units. Immediately following the issuance, the units of the Fund were automatically consolidated and, as a result, unitholders held the same number of units after the distribution as they held before it. The adjusted cost base of a holder’s units would be increased by the amount of the distributions reinvested in units.

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Quick Contact

General Inquiries: (416) 642-9061|Investor Relations: (416) 642-6000|Toll Free: 1-866-642-6001
Email: info@bromptongroup.com
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