Terry ShaunessyHorizons Act Float Prefer ETFHFP.A.TODON'T BUYJan 14, 2014

He would rather have direct access to floating rates. In Canada there are very few original floating rate preferreds left. One of the highest quality is the Brookfield BAM Preferred B or Preferred K and generally they are in the market and trading 17, 18, so they are at a big discount to their par value of 25. As interest rates start to rise, there is a good likelihood that Brookfield might redeem these.