The Globe and Mail reports in its Friday edition that over the past two years, the S&P/TSX Preferred Share Index has declined by more than 30 per cent, not including dividends. Guest columnist Tom Czitron writes that preferred shares have been a poor long-term investment, too. Consider that there have been periods when preferred shares have done remarkably well, so timing is key. Right now, the chart trend for preferred shares remains negative. Furthermore, given that an expected economic downturn has yet to materialize, some more weakness can be expected. Once we see further progress on inflation coming down and there is further validation that interest rates have peaked, preferred shares will offer a compelling opportunity. Mr. Czitron believes that at some point near the end of this year or in the first half of 2024, they will be a buy. He suggests an exchange-traded fund instead of purchasing individual issues. In addition to the iShares S&P/TSX Canadian Preferred Shares Index ETF (CPD) another ETF of interest is the BMO Laddered Preferred Share ETF (ZPR) which uses a laddered structure to ensure relatively equal dividend payments over the subsequent five years for investors who desire a steady income.