USO - Not So Common Fixed-Income Preview
In this article, I'll review the less popular fixed-income securities, sorted into several categories: floored preferred stocks, third parties, trust preferred stocks, and the preferred units, including those with K-1. This makes a total of 87 securities, half of which are part of the biggest ETF for fixed-income securities: the iShares U.S. Preferred Stock ETF (PFF).
As we can see in the chart below, despite the fact that just 16% of PFF's market capitalization consists of the aforementioned securities, which corresponds to 15% of the fund's holdings, we are talking for over $2B