Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF

  • Management Style
    Active
  • Closing Price (Apr 12, 2024)
    $8.96
  • NAV (Apr 11, 2024)
    $8.93
  • Distribution Rate (Apr 12, 2024)
    9.38%

Why Invest?

  • Portfolio of primarily US Preferred shares, 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) (Apr 12, 2024)
    6,722,280
  • Ticker (USD Unit)
    BEPR.U
  • CUSIP (USD Unit)
    11223L200
  • Outstanding (USD Unit) (Apr 12, 2024)
    90,000
  • 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.

This webpage is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. The opinions contained in this report are solely those of Brompton Funds Limited (“BFL”) and are subject to change without notice. BFL makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, BFL assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. BFL is under no obligation to update the information contained herein. The information should not be regarded as a substitute for the exercise of your own judgment. Please read the prospectus before investing.

Commissions, trailing commissions, management fees and expenses all may be associated with exchange-traded fund investments. 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. Please read the prospectus before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information contained on this webpage was published at a specific point in time. Upon publication, it is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. Certain statements contained on this webpage constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed on this webpage and to other matters identified in public filings relating to the ETF, to the future outlook of the ETF and anticipated events or results and may include statements regarding the future financial performance of the ETF. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF

Summary of Investment Portfolio as at March 31, 2024

Total Asset Value$90,296,000

Top Holdings

% of Portfolio% of Net Asset Value
Delphi Financial Group, 8.759% due May 15, 20374.7%6.9%
Liberty Mutual Insurance, 7.697% due October 15, 20973.5%5.1%
Metlife Inc., 10.750% due August 01, 20393.4%5.0%
Provident Financing TR I, 7.405% due March 15, 20383.3%4.8%
Enterprise Products Operating LP, 5.250% due August 16, 20773.2%4.7%
HSBC Capital Funding LP, 10.176%3.1%4.6%
Partnerre Finance II, 7.928% due December 01, 20662.9%4.3%
Energy Transfer LP, 7.600%2.6%3.7%
Transcanada Pipelines Limited, 5.500% due September 15, 20792.6%3.7%
Lloyds Banking Group PLC, 7.500%2.4%3.6%
Royal Bank of Canada, 4.500% due November 24, 20802.4%3.5%
Enbridge Inc., 6.000% due January 15, 20772.4%3.4%
BNP Paribas, 7.375%2.3%3.3%
Everest Reinsurance Holdings, 7.954% due May 15, 20372.1%3.1%
Banco Santander, 4.750%2.1%3.0%
Cash2.0%2.9%
ING Groep NV, 7.500%1.9%2.8%
Liberty Mutual Group, 7.800% due March 15, 20371.5%2.3%
AXIS Specialty Finance, 4.900% due January 15, 20401.3%1.9%
Barclays PLC, 8.000%1.2%1.8%
UBS AG, 4.875%1.2%1.7%
Lincoln National Corporation, 7.979% due May 17, 20661.2%1.7%
AerCap Holdings NV, 5.875% due October 10, 20791.1%1.6%
Athene Holding Ltd., 6.350%1.1%1.6%
Lloyds Banking Group PLC, 8.000%1.1%1.5%
Total56.6%82.5%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-Year 3-Year 5-Year 10-Year Since Inception(3) Since Inception(4) Since Inception(2)
Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF - CAD Hedged 5.2% 17.9% (0.7%) 2.5% 4.8% 4.6% N.A.
Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF - USD 5.5% 18.9% N.A. N.A. N.A. N.A. (2.8%)

Year-by-Year Returns

2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF 7.1% (19.5%) 7.7% (0.3%) 27.3% (9.2%) 15.9% 7.7% 0.9% 20.4% 5.1%

Returns for Brompton Flaherty & Crumrine Enhanced Investment Grade Preferred ETF are unaudited.

This webpage is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. The opinions contained in this report are solely those of Brompton Funds Limited (“BFL”) and are subject to change without notice. BFL makes every effort to ensure that the information has been derived from sources believed to be reliable and accurate. However, BFL assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. BFL is under no obligation to update the information contained herein. The information should not be regarded as a substitute for the exercise of your own judgment. Please read the prospectus before investing.

Commissions, trailing commissions, management fees and expenses all may be associated with exchange-traded fund investments. 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. Please read the prospectus before investing. Exchange-traded funds are not guaranteed, their values change frequently and past performance may not be repeated.

Information contained on this webpage was published at a specific point in time. Upon publication, it is believed to be accurate and reliable, however, we cannot guarantee that it is complete or current at all times. Certain statements contained on this webpage constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed on this webpage and to other matters identified in public filings relating to the ETF, to the future outlook of the ETF and anticipated events or results and may include statements regarding the future financial performance of the ETF. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

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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
Mar 28, 2024 Apr 12, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Feb 29, 2024 Mar 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Jan 31, 2024 Feb 14, 2024 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.06750
Dec 29, 2023 Jan 15, 2024 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Nov 30, 2023 Dec 14, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Oct 31, 2023 Nov 14, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Sep 30, 2023 Oct 16, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Aug 31, 2023 Sep 15, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Jul 31, 2023 Aug 15, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Jun 30, 2023 Jul 17, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
May 31, 2023 Jun 14, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Apr 28, 2023 May 12, 2023 0.00000 0.00000 0.05009 (0.00183) 0.00000 0.00000 0.01924 0.06750
Total 0.00000 0.00000 0.45081 0.00000 0.00000 0.00000 0.17316 0.81000
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