Canadian preferred share prices continued to move upward in a seesaw pattern during March. An absence of new issues and occasional ETF flows were contributing factors behind the market strength. Interestingly, increased purchases of preferred share ETFs had a delayed reaction to underlying preferred share prices. As well, when ETF volumes declined, it led to preferred share prices retracing their gains. The S&P/TSX Preferred Share index returned 1.81% in the month. The Solactive Laddered Rate Reset index gained 2.13%, as rate reset issues outperformed other types of preferred shares.