1. Enbridge's fixed rate perpetual preferred shares are a 'hold' due to their lower yields compared to resettable preferred shares and common stock. 2. Enbridge's distributable cash flow is strong, covering preferred dividends with less than 4% of DCF, ensuring dividend security for preferred shareholders. 3. Series A preferred shares, yielding approximately 6%, are less attractive than common stock and Series 3 preferred shares, which offer higher returns.