Redwood Asset Management has made an exchange offering for the ETF units of the Redwood Canadian Preferred Share Fund. Investors have until 15 September, 2017 to tender their preferred shares and other accepted securities in exchange for units of the Fund.
The offering, which closes on 22 September, 2017, is the first of its kind in Canada, and is another example in Redwood’s focus on delivering innovative solutions to Canadian investors. The Fund trades under the ticker symbol RPS on the NEO Exchange.
“We are excited to offer this opportunity to Canadian investors. With the recent appreciation in preferred shares, we believe that exchanging select preferred shares and ETFs for units in our actively managed ETF provides investors with the ability to continue to participate in the space while protecting recent gains,” says Shippen. “This ETF exchange offering will allow investors who have participated in the preferred share market to exchange their individual securities for a diversified, actively managed basket of preferred shares that we believe hold superior risk/reward opportunities.”