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iShares S&P/TSX Canadian Preferred Share Index ETF

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The iShares S&P/TSX Canadian Preferred Share Index Fund (CPD) tracks, less fees and expenses, the S&P/TSX Preferred Share Index. The iShares S&P/TSX Canadian Preferred Share Index Fund currently has $1.4B in assets comprised of 217 holdings compared to the S&P/TSX Preferred Share Index with 168 holdings. As of Feb-28-2017 approximately 80% of the fund is comprised of rate reset preferred shares, the balance are fixed rate shares. Sector weightings include banks -30%, insurance companies – 24%, energy -18%, utilities – 10%, real estate-9%, telecommunications – 5% and other -4%.

The iShares business is a global product leader in exchange traded funds with over 600 funds globally across equities, fixed income and commodities, which trade on 20 exchanges worldwide. The iShares funds are bought and sold like common stocks on securities exchanges. The iShares funds are attractive to many individual and institutional investors and financial intermediaries because of their relative low cost, tax efficiency and trading flexibility. Investors can purchase and sell securities through any brokerage firm, financial advisor, or online broker, and hold the funds in any type of brokerage account. The iShares customer base consists of the institutional segment of pension plans and fund managers, as well as the retail segment of financial advisors and individual investors.

Net asset value decreased from $1,474M at Dec-31-2015 to $1,304.4M at Dec-31- 2016. The decrease of $164.8M was due to net redemptions and a decrease of $4.8M from distributions paid exceeding income. For 2015 income included $66.9M from dividends, realized losses on sale of preferred shares of $170.7M and unrealized gains on preferred shares of $169.4M for a net of $65.6M before expenses of $6.6M and dividends of $64.9M.

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