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Brompton Flaherty & Crumrine Investment Grade Preferred ETF

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  • Closing Price (Dec 06, 2019) $26.51
  • Distribution $0.10417
  • Distribution Rate (Dec 08, 2019) 4.72%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 0.75%
  • NAV (Dec 05, 2019) $26.48
  • Total Assets (Dec 08, 2019) $37 Million
  • Closing Price (Dec 05, 2019) $25.65
  • Distribution $0.10417
  • Distribution Rate (Dec 08, 2019) 4.53%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 0.75%
  • NAV (Dec 05, 2019) $25.58

This actively managed ETF seeks to provide: (i) stable monthly cash distributions; and (ii) a stable net asset value. The ETF actively invests in a portfolio consisting of Canadian and U.S. dollar denominated corporate preferred securities, trust preferred securities and other corporate debt, with foreign currency substantially hedged to the Canadian dollar. At least 75% of the ETF’s portfolio (at the time of investment) consists of securities that are rated investment grade. The Sub-Advisor will select a portfolio of preferred investments for the ETF, giving consideration to the opportunity for income, issuer and security diversification, credit quality, and duration/interest rate sensitivity, among other factors.

Why Invest in Preferred Securities?

  • Primarily investment-grade securities, with higher yield than many other fixed income categories
  • Historical outperformance of other fixed income categories during periods of rising long-term interest rates
  • Low correlation of returns; effective tool to diversify portfolio returns and risk

This Fund is for Investors who are:

  • Seeking regular income
  • Seeking to diversify their portfolio with corporate preferred shares, trust preferred shares and other corporate debt of North American issuers or of Canadian of U.S. dollar denominated securities of global issuers
  • Can handle the ups and downs of the stock market

FUND FACTS

  • Ticker (CAD Hedged)
    BPRF
  • CUSIP (CAD Hedged)
    11221N109
  • Ouststanding (CAD Hedged) (Dec 08, 2019)
    1,360,000
  • Ticker (USD Unit)
    BPRF.U
  • CUSIP (USD Unit)
    11221N208
  • Ouststanding (USD Unit) (Dec 08, 2019)
    35,000
  • Inception Date
    October 15, 2018
  • MER(1)
    0.95%
  • 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
  • Sub Advisor
    Flaherty & Crumrine Incorporated
  • Risk Rating
    Low to Medium
  • ESG Score(2)
    B

Sub-Advisor

Flaherty & Crumrine Incorporated: Established in 1983, Flaherty & Crumrine Incorporated specializes in US dollar denominated preferred securities and corporate debt instruments. The firm uses 30 years of proprietary data on over 1500 preferred securities to carry out intensive credit analysis, thorough vetting of securities’ terms and structures, and active portfolio management, with the goal of exploiting pricing inefficiencies in the fixed income markets to provide attractive rates of return on its funds.

Brompton Flaherty & Crumrine Investment Grade Preferred ETF

Summary of Investment Portfolio as at October 31, 2019

Total Net Asset Value$34,136,955.00

Top 25 Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments5.1%5.1%
Capital One Financial, 5.00% due December 31, 20494.3%4.3%
Sempra Energy, 5.75% due July 01, 20793.9%3.9%
Nextera Energy Capital, 5.65% due May 01, 20793.8%3.7%
Axis Capital Holdings, 5.50% due December 31, 20493.3%3.3%
ING Groep NV, 6.75% due December 31, 20493.2%3.1%
HSBC Holdings PLC, 6.50% due December 31, 20493.1%3.1%
Barclays PLC, 8.00% due December 31, 20492.8%2.7%
Enbridge Inc., 6.00% due January 15, 20772.7%2.7%
Emera Incorporated, 6.75% due June 15, 20762.6%2.6%
Arch Capital Group Ltd., 5.45% due December 31, 20492.5%2.5%
Energy Transfer Operating, 7.60% due December 31, 20492.3%2.2%
JPMorgan Chase & Co, floating rate due December 31, 20492.2%2.1%
Credit Suisse Group Ag, 6.375% due December 31, 20492.1%2.0%
Lloyds Banking Group PLC, 7.50% due December 31, 20491.9%1.9%
Transcanada Pipelines Limited, 5.50% due September 15, 20791.9%1.9%
Athene Holding Ltd., 6.35% due December 31, 20491.9%1.8%
Metlife Cap Trust IV, 7.875% due December 15, 20371.8%1.8%
Aercap Global Aviation Trust, 6.50% due June 15, 20451.7%1.7%
Banco Santander, 7.50% due December 31, 20491.7%1.7%
Voya Financial, 5.35% due December 31, 20491.7%1.7%
UBS Group Funding Switzerland, 7.00% due December 31, 20491.7%1.7%
Southern Company, 5.50% due March 15, 20571.6%1.6%
Renaissancere Holdings Ltd., 5.75% due December 31, 20491.6%1.6%
Duke Energy Corporation, 4.875% due December 31, 204911.5%1.5%
Total62.9%62.2%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-year Since Inception(3)
Brompton Flaherty & Crumrine Investment Grade Preferred ETF 16.1% 13.9% 10.5%
ICE BofAML 8% Constrained Core West Preferred & Jr Subordinated Securities Index 16.7% 15.0% 12.9%
S&P/TSX Preferred Share Index 1.0% (0.6%) (7.8%)

Returns for Brompton Flaherty & Crumrine 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.

The benchmarks from ICE Data Indices, LLC (“ICE Data”) are used with permission. ICE Data, its affiliates and their respective third party suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any data included in, related to, or derived therefrom. Neither ICE Data, its affiliates nor their respective third party providers shall be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices or the index data or any component thereof, and the indices and index data and all components thereof are provided on an “as is” basis and your use is at your own risk. ICE Data, its affiliates and their respective third party suppliers do not sponsor, endorse, or recommend the Fund.

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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. Any units acquired pursuant to the distribution reinvestment program qualify for the service fee.

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

Class A Share

Record Date Payment Date Foreign Non- Business Income Foreign Non- Business Income Tax Paid Capital Gains Total Distribution
Dec 31, 2019 Jan 15, 2020 0.00000 0.00000 0.00000 0.10417
Nov 29, 2019 Dec 13, 2019 0.00000 0.00000 0.00000 0.10417
Oct 31, 2019 Nov 14, 2019 0.00000 0.00000 0.00000 0.10417
Sep 30, 2019 Oct 15, 2019 0.00000 0.00000 0.00000 0.10417
Aug 30, 2019 Sep 16, 2019 0.00000 0.00000 0.00000 0.10417
Jul 31, 2019 Aug 15, 2019 0.00000 0.00000 0.00000 0.10417
Jun 28, 2019 Jul 15, 2019 0.00000 0.00000 0.00000 0.10417
May 31, 2019 Jun 14, 2019 0.00000 0.00000 0.00000 0.10417
Apr 30, 2019 May 14, 2019 0.00000 0.00000 0.00000 0.10417
Mar 29, 2019 Apr 12, 2019 0.00000 0.00000 0.00000 0.10417
Feb 28, 2019 Mar 14, 2019 0.00000 0.00000 0.00000 0.10417
Jan 31, 2019 Feb 14, 2019 0.00000 0.00000 0.00000 0.10417
Total 0.00000 0.00000 0.00000 1.25004
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