Introduction
In this monthly 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 a K-1. This makes a total of 88 securities, 49 of which are part of the largest primary exchange-traded fixed-income ETF: the iShares U.S. Preferred Stock ETF (PFF).
As we can see in the chart below, despite the fact that just 10% of PFF's market capitalization consists of the aforementioned securities, which also corresponds to 10% of the fund's holdings, we are