Brompton Flaherty & Crumrine Investment Grade Preferred ETF

  • Management Style
    Active
  • Closing Price (Oct 02, 2023)
    $20.73
  • NAV (Oct 02, 2023)
    $20.94
  • Distribution Rate (Oct 02, 2023)
    6.03%
  • Management Style
    Active
  • Closing Price (Sep 28, 2023)
    $20.83
  • NAV (Oct 02, 2023)
    $20.70
  • Distribution Rate (Sep 28, 2023)
    6.00%

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 or 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
  • Outstanding (CAD Hedged) (Oct 02, 2023)
    7,010,000
  • Ticker (USD Unit)
    BPRF.U
  • CUSIP (USD Unit)
    11221N208
  • Outstanding (USD Unit) (Sep 28, 2023)
    210,000
  • Inception Date (CAD Hedged)
    October 15, 2018
  • Inception Date (USD)
    August 8, 2019
  • Management Fee
    0.75%
  • 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’s proprietary database, software and models were developed specifically to analyze and manage portfolios of preferred and other subordinated securities.

Brompton Flaherty & Crumrine Investment Grade Preferred ETF

Summary of Investment Portfolio as at August 31, 2023

Total Net Asset Value$157,375,000

Top 25 Holdings

% of Portfolio% of Net Asset Value
Delphi Financial Group, 8.816% due May 15, 20374.5%
Metlife Inc., 10.750% due August 01, 20393.5%
Liberty Mutual Insurance, 7.697% due October 15, 20973.2%
HSBC Capital Funding LP, 10.176%3.1%
Partnerre Finance II, 7.996% due December 01, 20663.1%
Enterprise Products Operating LP, 5.250% due August 16, 20773.0%
Provident Financing TR I, 7.405% due March 15, 20383.0%
Energy Transfer LP, 7.600%2.6%
Transcanada Pipelines Limited, 5.500% due September 15, 20792.4%
Royal Bank of Canada, 4.500% due November 24, 20802.4%
Lloyds Banking Group PLC, 7.500%2.3%
Enbridge Inc., 6.000% due January 15, 20772.3%
BNP Paribas, 7.375%2.3%
Banco Santander, 7.500%2.0%
Everest Reinsurance Holdings, 8.011% due May 15, 20371.9%
Banco Santander, 4.750%1.8%
ING Groep NV, 7.500%1.8%
Liberty Mutual Group, 7.800% due March 15, 20371.6%
Credit Agricole S.A., 7.875%1.3%
Barclays PLC, 8.000%1.2%
Prudential Financial Inc., 6.750% due March 01, 20531.2%
AXIS Specialty Finance, 4.900% due January 15, 20401.2%
UBS AG, 4.875%1.1%
Lincoln National Corporation, 7.996% due May 17, 20661.0%
Athene Holding Ltd., 6.350%1.0%
Total0%54.8%
Performance NAV History

Growth of $10,000(1)

Annual Compound Returns(2)

YTD 1-Year 3-Year Since Inception(3) Since Inception(4)
Brompton Flaherty & Crumrine Investment Grade Preferred ETF - CAD Hedged 0.8% (1.3%) (1.4%) 1.7% n.a.
Brompton Flaherty & Crumrine Investment Grade Preferred ETF - USD 0.8% (1.5%) (1.4%) n.a. 0.8%

Year-by-Year Returns

2022 2021 2020 2019 2018
Brompton Flaherty & Crumrine Investment Grade Preferred ETF - CAD Hedged (13.4%) 4.1% 5.1% 17.4% (3.7%)(5)
Brompton Flaherty & Crumrine Investment Grade Preferred ETF - USD (13.8%) 4.3% 7.9% 5.5%(6) n.a.

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.

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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 Return of Capital Total Distribution
Sep 30, 2023 Oct 16, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Aug 31, 2023 Sep 15, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Jul 31, 2023 Aug 15, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Jun 30, 2023 Jul 17, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
May 31, 2023 Jun 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Apr 28, 2023 May 12, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Mar 31, 2023 Apr 17, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Feb 28, 2023 Mar 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Jan 31, 2023 Feb 14, 2023 0.00000 0.00000 0.00000 0.00000 0.00000 0.00000 0.10417
Dec 30, 2022 Jan 16, 2023 0.00000 0.00000 0.10401 (0.00301) 0.00000 0.00317 0.10417
Nov 30, 2022 Dec 14, 2022 0.00000 0.00000 0.10401 (0.00301) 0.00000 0.00317 0.10417
Oct 31, 2022 Nov 14, 2022 0.00000 0.00000 0.10401 (0.00301) 0.00000 0.00317 0.10417
Total 0.00000 0.00000 0.31203 (0.00903) 0.00000 0.00951 1.25004
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