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Brompton Flaherty & Crumrine Investment Grade Preferred ETF

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  • Closing Price (May 24, 2019) $25.53
  • Distribution $0.10417
  • Distribution Rate (May 25, 2019) 5.00%
  • Distribution Frequency Monthly
  • Management Style Active
  • Management Fee 0.75%
  • NAV (May 23, 2019) $25.46
  • Total Assets (May 25, 2019) $11 Million

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
    BPRF:CC
  • CUSIP
    11221N109
  • Outstanding (May 25, 2019)
    460,000
  • Inception Date
    October 15, 2018
  • MER(1)
    0.95%
  • Currency
    Hedged to CAD
  • 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

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 April 30, 2019

Total Net Asset Value$8,659,454.00

Top 10 Holdings

% of Portfolio% of Net Asset Value
Cash and short-term investments8.8%8.4%
Enbridge Inc., 6.375% due April 15, 20784.1%3.9%
American International Group, 8.175% due May 15, 20583.9%3.7%
Transcanada Pipelines Limited, 5.875% due August 15, 20763.6%3.4%
BNP Paribas, 7.375% due December 31, 20493.5%3.3%
Barclays PLC, 8% due December 31, 20493.4%3.3%
Banco Santander, 7.50% due December 31, 20493.4%3.2%
UBS Group Funding Switzerland, 7% due December 31, 20493.4%3.2%
Aercap Global Aviation Trust, 6.50% due June 15, 20453.3%3.2%
HSBC Holdings PLC, 6.50% due December 31, 20493.3%3.2%
Total40.7%38.8%
NAV History

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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.

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 Foreign Non- Business Income Foreign Non- Business Income Tax Paid Capital Gains Total Distribution
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
Dec 31, 2018 Jan 15, 2019 0.02563 0.00000 0.07854 0.10417
Dec 31, 2018 Dec 31, 2018 0.01476 0.00000 0.04524 0.060001
Dec 10, 2018 Dec 14, 2018 0.00744 0.00000 0.02281 0.03025
Nov 30, 2018 Dec 14, 2018 0.02976 0.00000 0.09120 0.12096
Total 0.07759 0.00000 0.23779 0.94040
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