Overview
Actively managed preferred and hybrid securities — the largest active fund in the category, run by Stonebridge's specialist preferred desk.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BAC | Bank of America pfd | 2.4% |
| JPM | JPMorgan pfd | 2.1% |
| C | Citigroup pfd | 1.9% |
| WFC | Wells Fargo pfd | 1.7% |
| MS | Morgan Stanley pfd | 1.5% |
| BCS | Barclays AT1 | 1.3% |
| ENB | Enbridge hybrid | 1.2% |
| MET | MetLife pfd | 1.1% |
| ALL | Allstate pfd | 1.0% |
| SCHW | Charles Schwab pfd | 0.9% |
Fund Details
Investment Thesis
Preferreds are a credit-picker's market — call features, rate resets and issuer quirks that indexes handle badly — and FPE pays a specialist desk to navigate them, including the institutional $1,000-par market retail indexes skip. The 6% monthly payout is the point; the 0.83% fee and bank-sector concentration are the costs. Against index rival PFF, this is the active case.
Who It's For
Income investors who want preferred-market yield with humans reading the fine print. Monthly payer for income ladders; same crisis behaviour as all preferreds.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $18.72 | -- |
| 2017 | $19.47 | +4.0% |
| 2018 | $18.10 | -7.0% |
| 2019 | $20.28 | +12.0% |
| 2020 | $20.28 | +0.0% |
| 2021 | $20.68 | +2.0% |
| 2022 | $16.75 | -19.0% |
| 2023 | $17.25 | +3.0% |
| 2024 | $17.25 | +0.0% |
| 2025 | $17.60 | +2.0% |
| Year | Yield |
|---|---|
| 2016 | 5.60% |
| 2017 | 5.40% |
| 2018 | 5.90% |
| 2019 | 5.40% |
| 2020 | 5.20% |
| 2021 | 4.60% |
| 2022 | 6.20% |
| 2023 | 6.40% |
| 2024 | 6.20% |
| 2025 | 6.10% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.5B | -- |
| 2017 | $3B | +100.0% |
| 2018 | $3.5B | +16.7% |
| 2019 | $4.5B | +28.6% |
| 2020 | $5B | +11.1% |
| 2021 | $7B | +40.0% |
| 2022 | $5B | -28.6% |
| 2023 | $5.5B | +10.0% |
| 2024 | $6B | +9.1% |
| 2025 | $6B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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