(As of 11/30/2025)

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)	7.60 %
YTD Return	14.79 %

NAVPS (12/12/2025)	$25.64
Change	$0.02 / 0.10 %

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

MER	0.65 %
Assets ($mil)	-
Rank (1Yr)	13/67
Std Dev (3Yr)	16.48 %
Volatility Ranking (3Yr)	6/10
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 September 30, 2025)

Sector Allocation
(As of September 30, 2025)

Geographic Allocation
(As of September 30, 2025)

Top 10 Holdings

Name	Asset	Sector	Geographic	Percent
Cash and Cash Equivalents	Cash and Equivalents	Cash and Cash Equivalent	Canada	5.09%
Enbridge Inc 0.00% 31-Dec-2049	Domestic Bonds	Fixed Income	Canada	3.06%
Canadian Imperial Bank Commrce 4.00% 28-Dec-2026	Domestic Bonds	Fixed Income	Canada	2.36%
Manulife Financial Corporation 0.00% 31-Dec-2049	Domestic Bonds	Fixed Income	Canada	2.32%
iShares S&P/TSX Cdn Preferred Share Idx ETF (CPD)	Canadian Equity	Exchange Traded Fund	Canada	2.12%
Enbridge Inc - Pfd Cl A Sr 3	Canadian Equity	Energy	Canada	2.07%
Great-West Lifeco Inc 0.00% 31-Dec-2049	Domestic Bonds	Fixed Income	Canada	1.97%
TC Energy Corp - Pfd Sr 1	Canadian Equity	Energy	Canada	1.75%
TC Energy Corp - Pfd Sr 7	Canadian Equity	Energy	Canada	1.74%
Power Corporation of Canada 0.00% 31-Dec-2049	Domestic Bonds	Fixed Income	Canada	1.60%

Performance Data (As of November 30, 2025)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	-0.06	2.82	9.74	14.79	17.83	15.68	11.89	-
Benchmark	-0.08	2.98	9.45	14.27	17.22	14.03	8.61	6.38
Quartile Ranking	4	3	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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