(As of 9/30/2025)

Dynamic Active Preferred Shares ETF (DXP)

(Preferred Share Fixed Income)

FundGrade A+^® Rating recipient
For more information about FundGrade click here

2023
2022
2021

Inception Return (1/20/2017)	7.51 %
YTD Return	12.57 %

NAVPS (10/14/2025)	$25.30
Change	($0.02) / -0.08 %

Growth of $10,000 (As of September 30, 2025)

MER	0.65 %
Assets ($mil)	-
Rank (1Yr)	11/67
Std Dev (3Yr)	16.48 %
Volatility Ranking (3Yr)	5/10
RRSP Eligibility	Yes
Load	No Load
Max Front End	-
Max Back End	-
Sales Status	Open

Objective

DXP seeks to provide dividend income while preserving capital by investing primarily in preferred shares of Canadian based businesses. Exposure to these types of securities will be obtained by investing primarily in Dynamic Active Preferred Shares Fund (the “Dynamic APS Fund”), and/or by investing directly in them, in securities of one or more Other Funds, and/or through the use of derivatives.

Fund Manager

1832 Asset Management L.P.

Portfolio Manager

Marc-André Gaudreau, 1832 Asset Management L.P.

Roger Rouleau, 1832 Asset Management L.P.

Jeremy Lucas, 1832 Asset Management L.P.

Sub-Advisor

Asset Allocation
(As of July 31, 2025)

Sector Allocation
(As of July 31, 2025)

Geographic Allocation
(As of July 31, 2025)

Top 10 Holdings

Name	Asset	Sector	Geographic	Percent
Cash and Cash Equivalents	Cash and Equivalents	Cash and Cash Equivalent	Canada	2.28%
Enbridge Inc - Pfd Cl A Sr 3	Canadian Equity	Energy	Canada	2.16%
TC Energy Corp - Pfd Sr 1	Canadian Equity	Energy	Canada	1.98%
TC Energy Corp - Pfd Sr 7	Canadian Equity	Energy	Canada	1.97%
Fortis Inc - Pfd Sr M	Canadian Equity	Utilities	Canada	1.83%
iShares S&P/TSX Cdn Preferred Share Idx ETF (CPD)	Canadian Equity	Exchange Traded Fund	Canada	1.75%
BCE Inc - Pfd Sr AK	Canadian Equity	Telecommunications	Canada	1.64%
TransAlta Corp - Pfd Sr C	Canadian Equity	Utilities	Canada	1.63%
Manulife Financial Corp - Pfd CL 1 Sr 17	Canadian Equity	Financial Services	Canada	1.57%
Great-West Lifeco Inc - Pfd Sr G	Canadian Equity	Financial Services	Canada	1.54%

Performance Data (As of September 30, 2025)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	0.83	4.65	9.34	12.57	17.40	14.77	12.72	-
Benchmark	0.80	4.25	9.03	11.85	15.76	12.65	9.16	6.61
Quartile Ranking	3	2	2	1	1	1	1	-

Calendar Return (%)	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Fund	26.79	7.28	-15.52	27.90	5.59	3.84	-9.57	-	-	-
Benchmark	24.70	5.90	-18.08	19.35	6.16	3.48	-7.93	13.62	6.98	-14.95
Quartile Ranking	2	2	2	1	3	2	3	-	-	-

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