Description

HLPR provides exposure to Toronto Stock Exchange-listed preferred shares that generally have an adjustable dividend rate and are laddered using equal weights in annual reset term buckets. Generally issued by large, well-established companies, preferred shares are securities that include characteristics of both bonds and equities. Like bonds, preferred shares pay a fixed or adjustable dividend over a set term – but also have the potential for price appreciation (or decline) like a stock. This ETF is suitable for an investor looking for total return exposure to Canadian rate-reset preferred shares, who can handle fluctuations in the value of their investment, but who is not looking for regular distributions. HLPR seeks to replicate, to the extent possible, the performance of the Solactive Laddered Canadian Preferred Share Index (Total Return), net of expenses. The Solactive Laddered Canadian Preferred Share Index (Total Return) is an index of Canadian preferred shares that generally have an adjustable dividend rate.