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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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