Toronto-based Horizons ETFs Management (Canada) Inc. has launched a preferred shares index ETF, the investment manager announced Wednesday.

Horizons Laddered Canadian Preferred Share Index ETF tracks the Solactive Laddered Canadian Preferred Share Index (Total Return), net of expenses. The ETF began trading on the Toronto Stock Exchange today under the ticker symbol HLPR.

“ETFs have been a popular strategy for investors seeking access to preferred shares because they offer a one-ticket solution to the complexities and illiquidity of investing in this asset class,” Steve Hawkins, president and CEO of Horizons ETFs, says in a statement.

HLPR is an addition to the Horizons Total Return Index ETF suite, bringing it to a total of 15 ETFs. Similar to the other total return index ETFs, HLPR is well-suited to taxable accounts since it’s not expected to pay out any taxable distributions.