When you sell stuff, where should you put it? This is the US preferred share market, unhedged. Almost 5% yield, close to a high-yield bond, without the credit risk. There is ZHP-T if you don’t want to take the currency risk. Defensive.
Preferred shares? He's lost a lot in Canadian preferreds which are very volatile compared to American ones. They used to be fixed-rate here (they are in the US). Here, there are different resets, therefore are volatile. To buy US preferreds, look at ZUP-T.