PGX - Fixed-To-Floating Preferred Stocks And Units Complete Review
In this article, I'll review the fixed-to-floating rate preferred stocks and units, sorted into several categories. There are 75 issues in our database that trade on primary exchanges. Maybe the most important ETF for this type of security is the Invesco Variable Rate Preferred ETF (VRP). As we can see in the charts below, despite the fact that almost 60% of the holdings are corporate bonds, which occupies 3/4 of the market capitalization of the fund, still, with over $400M in preferred stocks, VRP has no analog in regard to floating rate securities.