CI Preferred Share ETF
FPR.TO
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- CI Preferred Share ETF (FPR.TO) is an actively managed exchange-traded fund that provides unitholders with regular distributions and the opportunity for capital appreciation through a portfolio comprised primarily of investment-grade preferred shares issued by North American companies; to a lesser extent, the portfolio includes investment-grade corporate debt and convertible bonds, with at least 75% of preferred shares and corporate debt rated investment grade as of June 30 and December 31 each year. The ETF targets income-focused investors seeking the hybrid characteristics of preferred shares, which offer equity-like subordination combined with bond-like income features. Launched on May 11, 2016, by CI Global Asset Management (CI GAM), a subsidiary of CI Financial Corp., the fund is headquartered in Toronto, Ontario, Canada, and trades on the Toronto Stock Exchange. CI GAM, the ETF's manager, oversees approximately $56 million in net assets for FPR.TO, with recent distributions including $0.0768 per unit in January 2025 and estimated annual reinvested capital gains distributions for the 2025 tax year. The firm operates across Canada, the United States, and Australia, serving over one million investors through a broad lineup of mutual funds, ETFs, and alternative strategies. CI GAM maintains a focus on active management in fixed income and preferred share segments, complementing its parent company's diversified wealth and asset management platform. In recent developments, CI GAM completed the acquisition of Forge First Asset Management on December 1, 2025, adding four alternative investment funds with approximately $900 million in combined assets to its offerings. Parent company CI Financial Corp. finalized its transition to a private entity on August 12, 2025, through a C$12.1-billion take-private transaction with Mubadala Capital, providing enhanced capital resources to support ETF expansions and U.S. growth via subsidiary Corient. Additionally, CI Financial priced a €1.10 billion private offering of notes on December 5, 2025, to repay credit facilities, redeem debentures, and settle remaining equity in certain holdings. These strategic moves bolster CI GAM's capacity to innovate within the ETF space, including preferred share products like FPR.TO.