Investment Q&A

ZPR is a laddered preferred ETF, so its holdings have varying redemption or call dates. HPR focuses on preferred but is actively managed and does not follow a specific index. TPRF is also active. There are small differences in fees and varying asset levels here as well. The sector has declined with higher rates as other investments (GICs for example) offer safety and decent rates. Also, economic concerns can worry preferred investors also. With rates soon to peak, the sector 'could' do better but if rates fall a lot then investors in reset preferreds start to worry about lower dividends on reset rates. So as usual the sector is hard to call. We would be fine with just one of these. ZPR since it follows an index of course will produce sector results. The others will vary. We cannot get specific but we think ZRE makes sense both for income and to diversify ETF holdings.