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
Eligibility All registered and non-registered accounts
Sub Advisor Flaherty & Crumrine Incorporated
Risk Rating Low to Medium
ESG Score(2) B
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.
(1) The manager intends to limit certain expenses to 0.95% of NAV
(2) Source: Thomson Reuters as at July 31, 2019. Reflects the weighted average ESG Score of the companies held in the portfolio. The ESG Score is an overall score of a company based on the reported information in the environmental, social and corporate governance pillars. Letter grades range from D- for the lowest ESG scores to A+ for the highest scores. See https://www.refinitiv.com/content/dam/marketing/en_us/documents/methodology/esg-scores-methodology.pdf for more information.
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Summary of Investment Portfolio as at June 30, 2019
Total Net Asset Value$15,961,344.00
Top 10 Holdings
% of Portfolio
% of Net Asset Value
Cash and short-term investments
Bank Of America Corp., floating rate due December 31, 2049
JPMorgan Chase & Co, 5.00% due December 31, 2049
Southern Company, 5.50% due March 15, 2057
Axis Capital Holdings, 5.50% due December 31, 2049
Regions Financial Corporation, 5.70% due December 31, 2049
Arch Capital Group Ltd, 5.45% due December 31, 2049
Algonquin Power & Utilities Corp., 6.20% due July 01, 2079
Athene Holding Ltd., 6.35% due December 31, 2049
Goldman Sachs Group, 5.50% due December 31, 2049
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.
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(1) NAV plus cash distributions since fund inception
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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.
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.
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.
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(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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