PFD ETF

$11.28

AUM$159M

Holdings245

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PFD ETF

$11.28

Flaherty & Crumrine Preferred Income Fund Inc

AUM$159M

Holdings245

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Overview Performance Chart Dividends Top Holdings All Holdings Sectors Geography Similar Compare Overlap

Leveraged fundWeights reflect notional exposure via swaps/derivatives and do not sum to 100%.

Net exposure

141.0%

Gross exposure

141.0%

Long

141.0%

Cash & collateral

0.2%

As of Nov 28, 2025

Showing top 50 of 214 holdings · as of Nov 28, 2025

PFD holdings, by weight
#	Ticker	Name	Weight	Cumulative	Shares	Mkt value	Share chg	Sector	Industry
1	PFS	Provident Financing Trust IFinancials · Diversified Financial Services	3.46%	3.5%	-	$5.63M	-	Financials	Diversified Financial Services
2	—	Metlife Inc Jr Subordina 144a 04/38 9.25Financials · Insurance	2.66%	6.1%	-	$4.32M	-	Financials	Insurance
Share changes, sector and industry · Pro
3	—	Liberty Mutual Group Inc	2.65%	8.8%	-	$4.31M
4	FITB	Fifth Third Bancorp, Series I, Pfd.	2.60%	11.4%	164,935	$4.23M
5	—	New York Community Bancorp, Inc., Series A., Pfd.	2.52%	13.9%	183,628	$4.10M
6	RF	Regions Financial Corp	2.45%	16.3%	163,980	$3.98M
7	MS.PF	Morgan Stanley, Series F, Pfd.	2.41%	18.8%	154,665	$3.91M
8	—	Land O'Lakes Inc 8% /perp	2.37%	21.1%	-	$3.86M
9	WFC	Wells Fargo & Co	2.35%	23.5%	27,000	$3.82M
10	—	Hsbc Holdings Plc	2.34%	25.8%	-	$3.80M
11	MET	Metlife Inc	2.22%	28.0%	-	$3.60M
12	—	Banco Santander, S.A. 4.75% Perp	2.19%	30.2%	-	$3.56M
13	—	Bnp Paribas Sa	2.18%	32.4%	-	$3.55M
14	DFG	Delphi Financial Group Inc	2.12%	34.5%	139,279	$3.45M
15	—	Bank of America Corp Regd V/R /Perp/ Ser Rr 4.37500000	2.06%	36.6%	-	$3.36M
16	ATH	Athene Holding Ltd. Class A	1.96%	38.5%	127,990	$3.18M
17	CMA	Comerica Inc.	1.95%	40.5%	122,850	$3.17M
18	Debt	The PNC Financial Services Group, Inc. 6.00% Dec 31/99	1.95%	42.4%	-	$3.18M
19	FCNCA	First Citizens BancShares Inc	1.86%	44.3%	95,190	$3.02M
20	—	UBS Group, 4.875% perp., USD	1.65%	46.0%	-	$2.68M
21	—	Synovus Financial Corp	1.51%	47.5%	92,727	$2.45M
22	—	Keycorp, Series E, Pfd.	1.43%	48.9%	83,910	$2.32M
23	—	Liberty Mutual Insurance, 7.697% Due October 15, 2097	1.43%	50.3%	-	$2.32M
24	—	Emera Inc V/R 06/15/76	1.35%	51.7%	-	$2.20M
25	SYF	Synchrony Financial	1.31%	53.0%	92,000	$2.13M
26	—	Lloyds Bk Gr Plc	1.29%	54.3%	-	$2.10M
27	—	Standard Chartered Plc	1.23%	55.5%	-	$1.99M
28	—	Citizens Financial Group 12/99 1	1.12%	56.6%	-	$1.83M
29	Debt	American International Group	1.11%	57.7%	-	$1.81M
30	—	Banco Bilbao Vizcaya Argentaria Sa 6.125 11/16/2027	1.10%	58.8%	-	$1.79M
31	—	Banco Bilbao Vizcaya Argentaria Sa 9.375	1.10%	59.9%	-	$1.79M
32	—	Enbridge Inc., Callable, 6.000% Jan 15, 2077	1.09%	61.0%	-	$1.77M
33	MS.PK	Morgan Stanley, Series K, Pfd.	1.06%	62.1%	68,580	$1.72M
34	—	Ft Real Estate Secs /pfd//res/	1.05%	63.1%	796	$1.71M
35	—	Keycorp KEY.PR.L	1.05%	64.2%	67,300	$1.70M
36	—	Banco Santander Sa 0 03-01-2024	1.04%	65.2%	-	$1.69M
37	AQN	Algonquin Power & Utilities Corp., 4.75%,Jan18,2082	1.03%	66.3%	-	$1.68M
38	—	Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31	0.97%	67.2%	-	$1.58M
39	ESGR	Enstar Group, Ltd.	0.93%	68.2%	45,000	$1.51M
40	WSBC	Wesbanco, Inc.	0.92%	69.1%	57,875	$1.49M
41	MS.PE	Morgan Stanley, Series E, Pfd.	0.91%	70.0%	58,216	$1.49M
42	ET	Energy Transfer	0.90%	70.9%	-	$1.46M
43	—	Citigroup Inc	0.89%	71.8%	-	$1.45M
44	CFG	Citizens Financial Group Inc.	0.89%	72.7%	56,000	$1.45M
45	—	Dominion Energy Inc 09/11/2023	0.89%	73.6%	-	$1.45M
46	—	Paramount Global, 6.37%, Due 03/30/2062	0.89%	74.4%	-	$1.44M
47	—	Arbor Realty Trust Prfd F	0.84%	75.3%	61,614	$1.37M
48	RGA	Reinsurance Group of America, Inc	0.84%	76.1%	43,520	$1.36M
49	—	Edison International 5 3/71	0.83%	77.0%	-	$1.34M
50	—	The Goldman Sachs Group Inc	0.83%	77.8%	-	$1.35M
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PFD ETF All Holdings

PFD holdings total 245 positions. The top 10 holdings account for 25.8% of the fund, led by Provident Financing Trust I at 3.5%, Metlife Inc Jr Subordina 144a 04/38 9.25 at 2.7%, Liberty Mutual Group Inc at 2.6%.

PFD portfolio concentration is well-diversified, with the top 10 representing 25.8% of total assets. The largest sector exposure is Financials at 90.8%.

PFD sectors provide a detailed breakdown. PFD overlap shows how holdings compare to other funds in your portfolio.

Compare PFD

PFD vs SPY PFD vs QQQ PFD vs VOO PFD vs VTI PFD vs IVV PFD vs SCHD PFD vs VYM PFD vs VXUS

PFD ETF Holdings

214 of 245 holdings

Sector

Industry

Sort By

1
Provident Financing Trust I
UNM 7.405 03/15/38Financials
3.46%
2
Metlife Inc Jr Subordina 144a 04/38 9.25
MET 9.25 04/08/38Financials
2.66%
3
Liberty Mutual Group Inc
LIBMUT 7.8 03/15/37 Financials
2.65%
4
Fifth Third Bancorp, Series I, Pfd.
FITBIFinancials
2.60%
5
New York Community Bancorp, Inc., Series A., Pfd.
FLG V6.375 PERP A.Financials
2.52%
6
Regions Financial Corp
RF.PR.CFinancials
2.45%
7
Morgan Stanley, Series F, Pfd.
MS.PFFinancials
2.41%
8
Land O'Lakes Inc 8% /perp
LLAKES 8 PERP 144AConsumer Staples
2.37%
9
Wells Fargo & Co
WFC.PR.AFinancials
2.35%
10
Hsbc Holdings Plc
HSBA:LNUnknown
2.34%
11
Metlife Inc
MET 10.75 08/01/39Financials
2.22%
12
Banco Santander, S.A. 4.75% Perp
SANTANFinancials
2.19%
13
Bnp Paribas Sa
BNP V7.75 PERP 144AFinancials
2.18%
14
Delphi Financial Group Inc
DFGUnknown
2.12%
15
Bank of America Corp Regd V/R /Perp/ Ser Rr 4.37500000
BAC V4.375 PERP RRFinancials
2.06%
16
Athene Holding Ltd. Class A
ATHUnknown
1.96%
17
Comerica Inc.
CMAFinancials
1.95%
18
The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099
PNC V6 PERP UFinancials
1.95%
19
First Citizens BancShares Inc
FCNCAFinancials
1.86%
20
UBS Group, 4.875% perp., USD
UBS V4.875 PERP 144AFinancials
1.65%
21
Synovus Financial Corp
SNV.PR.EFinancials
1.51%
22
Keycorp, Series E, Pfd.
KEY.PIFinancials
1.43%
23
Liberty Mutual Insurance, 7.697% Due October 15, 2097
LIBMUT 7.697 10/15/9Financials
1.43%
24
Emera Inc V/R 06/15/76
EMACN V6.75 06/15/76Utilities
1.35%
25
Synchrony Financial
SYFFinancials
1.31%
26
Lloyds Bk Gr Plc
Other
1.29%
27
Standard Chartered Plc
STANLN V7.75 PERP 14Financials
1.23%
28
Citizens Financial Group 12/99 1
CFG V6.375 PERP CFinancials
1.12%
29
American Intl Group 8.175 05/15/2058
Other
1.11%
30
Banco Bilbao Vizcaya Argentaria Sa 6.125 11/16/2027
BBVASMFinancials
1.10%
31
Banco Bilbao Vizcaya Argentaria Sa 9.375
BBVASMFinancials
1.10%
32
Enbridge Inc., Callable, 6.000% Jan 15, 2077
ENBCN V6 01/15/77 16Energy
1.09%
33
Morgan Stanley, Series K, Pfd.
MS.PKFinancials
1.06%
34
Ft Real Estate Secs /pfd//res/
FHNUnknown
1.05%
35
Keycorp KEY.PR.L
KEY.PR.LFinancials
1.05%
36
Banco Santander Sa 0 03-01-2024
Other
1.04%
37
Algonquin Power & Utilities Corp., 4.75%,Jan18,2082
AQNCN V4.75 01/18/82Utilities
1.03%
38
Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31
AAGACA V5.25 PERP QIFinancials
0.97%
39
Enstar Group, Ltd.
ESGRFinancials
0.93%
40
Wesbanco, Inc.
WSBCFinancials
0.92%
41
Morgan Stanley, Series E, Pfd.
MS.PEFinancials
0.91%
42
Energy Transfer
ETEnergy
0.90%
43
Citigroup Inc
C V4.15 PERP YFinancials
0.89%
44
Citizens Financial Group Inc.
CFGFinancials
0.89%
45
Dominion Energy Inc 09/11/2023
Other
0.89%
46
Paramount Global, 6.37%, Due 03/30/2062
PARA V6.375 03/30/62Communication Services
0.89%
47
Arbor Realty Trust Prfd F
ABR.PR.FFinancials
0.84%
48
Reinsurance Group of America, Incorporated
RGAFinancials
0.84%
49
Edison Intl 5 3/71
EIX V5 PERP BUtilities
0.83%
50
Goldman Sachs Group Inc/the
GS V7.56 PERP RFinancials
0.83%
51
Transcanada Trust 5.5% 09/15/2079
TRPCN V5.5 09/15/79Financials
0.82%
52
Energy Transfer Lp Regd V/R /Perp/ Ser G 7.12500000
ET V7.125 PERP GEnergy
0.81%
53
Kkr Real Estate Fin Tr 6.5 Cum Pfd
KREF.PAFinancials
0.79%
54
Psx V6.2 03/15/56 B Corp
Other
0.79%
55
Texas Capital Bancshares Inc
TCBIFinancials
0.79%
56
Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099
JPM V6.875 PERP NNFinancials
0.78%
57
Algonquin Pwr & Utility
AQNBUtilities
0.76%
58
Blackrock Liquidity Funds T-Fund
TSTXXFinancials
0.76%
59
Comed Financing Iii
Other
0.76%
60
Eushi Finance Inc 7.63% 12/15/2054
Other
0.76%
61
Northpointe Bancshares Inc
NRTBNC.PUnknown
0.76%
62
Huntington Bancshares Inc./Oh
HBANFinancials
0.75%
63
Sempra Energy, 4.12%, Due 04/01/2052
SRE V4.125 04/01/52Utilities
0.72%
64
Entergy Corp 7.13% 01Dec2054
ETR V7.125 12/01/54Utilities
0.71%
65
Kuvare Us Holdings Inc
KUVARE V7 02/17/51 1Financials
0.69%
66
PNC Financial Services Group, 3.5% 23jan2024
Other
0.69%
67
Societe Generale Sa
SOCGENFinancials
0.68%
68
Societe Generale Jr Subordina 144A 12/99 Var
SOCGENUnknown
0.68%
69
Royal Bank Of Canada Jr Subordina 11/84 Var
RY V6.35 11/24/84Financials
0.67%
70
American Electric V/R 12/15/54
AEP V6.95 12/15/54Utilities
0.66%
71
Sbl Holdings, Llc 6.5% 12/31/2099
Other
0.65%
72
American Electric Power Co. Inc. 5Y Us Ti + 2.675 02/15/2062
AEP V3.875 02/15/62Utilities
0.64%
73
Umb Financial Corp
UMBFFinancials
0.63%
74
Ally Financial Inc Jr Subordina 12/99 Var 4.7
ALLY V4.7 PERP BFinancials
0.62%
75
Duke Energy Corp Jr Subordina 09/54 Var
DUK V6.45 09/01/54Utilities
0.62%
76
M&T Bank Corporation
MNT:CAUnknown
0.62%
77
Aercap Ireland Capital Dac / Aercap Global Aviation Trust Var.Rt. Corp. Bonds
AER V6.95 03/10/55Financials
0.61%
78
Jpmorgan Chase And Co 3.65
JPM V3.65 PERP KKFinancials
0.61%
79
Sbl Holdings Inc Sr Unsecured 144a Var
Other
0.61%
80
Dime Community Bancshares Inc
DCOMP.PFinancials
0.58%
81
Valley National Bancorp
VLYFinancials
0.57%
82
Bank Of Nova Scotia/The 8 01-27-2084
BNS V8 01/27/84Financials
0.55%
83
Keurig Dr Pepper Inc 3.35 03/15/2051
Other
0.54%
84
Capital One Ficial Corporation 3.95% 12/31/2099
COF V3.95 PERP MFinancials
0.53%
85
Connectone Bancorp Inc
CNOBFinancials
0.53%
86
Sce Trust Vii
SCE.PRMUtilities
0.53%
87
Everest Reinsurance Holdings Inc
Other
0.52%
88
State Street Corp Jr Subordina 12/99 Var 6.7
STT V6.7 PERP IFinancials
0.51%
89
Cnp 3.6 11/01/21
Other
0.50%
90
Sce Trust V
SCE.PKUtilities
0.50%
91
Aes Corp/The 7.6% 15Jan2055
AES V7.6 01/15/55Utilities
0.49%
92
Bank Of Montreal (Callable) 7.70% May 26, 2084
BMO V7.7 05/26/84Financials
0.49%
93
Bell Telephone Company (Nc10.5) 7 09/15/2055
BCECN V7 09/15/55Communication Services
0.49%
94
Royal Bank Of Canada 7.5% May 02, 2084
RY V7.5 05/02/84Financials
0.49%
95
Athene (Ath) / Apollo Global Management (Apo)
APOFinancials
0.48%
96
General Motors Financial Co In Jr Subordina 12/99 Var
GM V6.5 PERP BFinancials
0.48%
97
Global Atlantic Finance Co.
GBLATL 7.95 06/15/33Financials
0.47%
98
Nextera Energy Ca V/R 06/15/54
NEE V6.75 06/15/54Utilities
0.46%
99
Royal Bank Of Canada 6.500% Flt 11/24/85
Other
0.46%
100
Societe Generale Jr Subordina 144A 12/99 Var
Other
0.46%
101
Bank Of America Corp Jr Subordina 12/99 Var 6.625 07/24/2025
BAC V6.25 PERPFinancials
0.45%
102
Barclays PLC 4.375%
BACR V4.375 PERPFinancials
0.44%
103
Societe Generale Sa
Other
0.44%
104
Wells Fargo + Company Jr Subordina 12/99 Var
WFC V3.9 PERP BBFinancials
0.43%
105
Wintrust Financial Corp
WTFCFinancials
0.43%
106
Evergy Inc Subordinated 06/55 Var
EVRG V6.65 06/01/55Utilities
0.42%
107
Liberty Mutual Gr V/R 12/15/51
LIBMUT V4.125 12/15/Financials
0.42%
108
Canadian Imperial Bank 7.000% Flt 10/28/85
CM V7 10/28/85Financials
0.41%
109
Nextera Energy 1.875% 01/15/27
NEE 1.875 01/15/27Utilities
0.41%
110
Sempra 5.5 08/01/2033
SRE 5.5 08/01/33Utilities
0.41%
111
Ally Finl Inc 4.7%/Var Perp
ALLY V4.7 PERP CFinancials
0.40%
112
Bank Of N Vrn 10/27/85
Other
0.40%
113
Corebridge Financial Inc Variable Rate, Due 09/15/2054
CRBG V6.375 09/15/54Financials
0.40%
114
PartnerRe Ltd.
PRE.J:BMUnknown
0.40%
115
Axis Specialty Finance Llc 4.9% 01/15/2040
AXS V4.9 01/15/40Financials
0.39%
116
Dte Energy Company
DTEUtilities
0.39%
117
Northwest Natural Holdi Jr Subordina 09/55 Var 7% 09/15/2055
NWN V7 09/15/55Utilities
0.39%
118
Xcel Energy, Inc
XELUtilities
0.39%
119
Bank Nova Scoti 7.35 4/85
BNS V7.35 04/27/85Financials
0.38%
120
Fmc Corp V/R 11/01/55
FMC V8.45 11/01/55Materials
0.38%
121
Nisource Inc. 6.95 11/30/2054
NI V6.95 11/30/54Utilities
0.38%
122
Pnc Financial Servi V/R /Perp/
PNC V6.2 PERP VFinancials
0.38%
123
General Motors Financial Co Inc (Pfd) 5.70% 03/30/2172 Perpetual
GM V5.7 PERP CFinancials
0.37%
124
Goldman Sachs Group Inc Regd V/r /perp/ Ser Q 5.50000000
GS V7.379 PERP QFinancials
0.37%
125
Rogers Communications, Inc.
RCICN V5.25 03/15/82Communication Services
0.37%
126
Voya Financial Inc
VOYA.PR.BFinancials
0.37%
127
Affiliated Managers Group Inc.
AMGFinancials
0.36%
128
American National Group Inc
AEL.PRAUnknown
0.36%
129
Banco Mercantil De Norte Regd V/R /Perp/ 144A P/P 6.62500000
BANORT V6.625 PERP 1Financials
0.36%
130
Credit Agricole Sa 7.13% Sep 23/35
Other
0.36%
131
South Bow Canadian Infrastructure Holdings Ltd 0.075 03/01/2055
SOBOCNUtilities
0.36%
132
American Express Co 3.55 Perpetl 9/15/2174
AXP V3.55 PERPFinancials
0.35%
133
Canadian Imperial Bank Jr Subordina 01/85 Var
CM V6.95 01/28/85Financials
0.35%
134
Hsbc Holdings Plc 6 05/22/2027
HSBC V6 PERP *Financials
0.35%
135
Tpg Operating Group Ii Lp
TPGXLFinancials
0.35%
136
Altagas Ltd V/R 10/15/54
ALACN V7.2 10/15/54 Utilities
0.34%
137
Cvs Health Corp 7% 10Mar2055
CVS V7 03/10/55Health Care
0.34%
138
Dominion Energy Inc 4.350000% Maturity: Perpetual Callable 01/15/2027 At 100.0000
D V4.35 PERP CUtilities
0.34%
139
Enstar Finance Ll V/R 01/15/42
ESGR V5.5 01/15/42Financials
0.34%
140
Ing Groep Nv
INTNED V3.875 PERPFinancials
0.34%
141
M&T Bank Corp 3.500000% Maturity: Perpetual
MTB V3.5 PERPFinancials
0.34%
142
Qwest Corp Preferred Stock 06/57 6.75
CTDDCommunication Services
0.34%
143
Sce Trust Viii
EIX 6.95 PERP NUtilities
0.34%
144
Banco Mercantil Del Norte Variable Rate
BANORTFinancials
0.33%
145
Farm Credit Bk Of Texas Jr Subordina 12/99 Var
FARMCB V7 PERP 6Financials
0.33%
146
Spire Inc. 0% 05/31/2056
Other
0.33%
147
American Electric Power Co Inc 0.0605 03/f15/2056
Other
0.32%
148
British Telecommunications Plc
BRITEL V4.875 11/23/Communication Services
0.32%
149
Entergy Corp Variable Rate, Due 06/15/2056
Other
0.32%
150
Equitable Holdings Inc
Other
0.32%
151
Peco Energy Capital Trust Iii
Other
0.32%
152
Adamas Trust, Inc. Common Stock
ADAM:ILUnknown
0.32%
153
Bbva Bancomer Sa V/R 09/13/34
BBVASM V5.875 09/13/Financials
0.31%
154
Cadence Bancorp Common Stock
CADEFinancials
0.31%
155
Stifel Finl Corp
SFFinancials
0.31%
156
Sunoco LP 7.88 03/18/2174
Other
0.31%
157
ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR
RY V6.75 08/24/85Financials
0.30%
158
Telus Corp V/R 10/15/55
TCN V7 10/15/55Communication Services
0.30%
159
Fortegra Group Inc/The 9.25 11/15/2064
Other
0.29%
160
Morgan Stanley 5.3% 12/31/2049
MS V0 PERP NFinancials
0.29%
161
Aercap Ireland Cap/Globa Company Guar 01/56 Var
AER V6.5 01/31/56Financials
0.28%
162
Citigroup Inc 3.88% 12/31/2099
C V3.875 PERP XFinancials
0.28%
163
Cobank Acb
COBKACFinancials
0.28%
164
Corebridge Financial, Inc. 6.88% Dec 01/30
Other
0.28%
165
Lincoln National Corp.
LNCFinancials
0.28%
166
Lincoln National, 9.25% perp., USD
LNC V9.25 PERP CFinancials
0.28%
167
Ubs Group Ag 144A 4.375000% Maturity: Perpetual
UBS V4.375 PERP 144AFinancials
0.28%
168
Bnp Paribas Sa
BNP V9.25 PERP 144AFinancials
0.27%
169
F&G Annuities & Life Inc
FGUnknown
0.27%
170
Bank Of Montreal Jr Subordina 11/84 Var %
BMO V7.3 11/26/84Financials
0.26%
171
Edison International 5Y Us Ti + 4.698 12/31/2049
EIX V5.375 PERP AUtilities
0.26%
172
Nextera Energy Capital Holding Company Guar 09/54 Var 6.7 2054-09-01
NEE V6.7 09/01/54Utilities
0.26%
173
Qwest Corp Preferred Stock 09/56 6.5
CTBBCommunication Services
0.26%
174
Toronto-Dominion Bank/The
Other
0.26%
175
Toronto-Dominion Bank Variable Rate, Due 10/31/2082
TD V8.125 10/31/82Financials
0.26%
176
Western Alliance Bancorp
WAL.PR.AFinancials
0.26%
177
Bank Of America Corp Jr Subordina 12/49 Var 6.3
BAC V6.3 PERP DDFinancials
0.25%
178
Barclays Plc 8 12/71
A3K745Financials
0.25%
179
Cms Energy Corp 6.5 2055-06-01
CMS V6.5 06/01/55Utilities
0.24%
180
Exelon Corporation 6.5% Mar 15, 2055
EXC V6.5 03/15/55Utilities
0.24%
181
First Horizon Natl Corp 6.5 Pfd
FHN.PEFinancials
0.24%
182
Tpg Re Finance Trust, Inc.
TRTXFinancials
0.24%
183
Renaissancere Holdings L /Pfd/
RNR.GUnknown
0.24%
184
Universal Insurance Holdings, Inc.
Other
0.23%
185
Athene Holding Ltd Pref
ATH 4.875 PERP DFinancials
0.22%
186
Bank Of New York Mellon Corp
BKFinancials
0.22%
187
Perpetual Bonds
ACAFPUnknown
0.22%
188
Axis Capital Holdings Ltd.
AXSFinancials
0.22%
189
Compeer Financial Aca
AGSTAR V4.875 PERP QFinancials
0.21%
190
Prudential Financial Inc Mtn 3 Mar 10, 2040
PRU 3 03/10/40 MTNFinancials
0.21%
191
Corporate Bonds
BNP V4.625 PERP 144AFinancials
0.20%
192
Jackson Financial Inc., Pfd.
JXN V8 PERPFinancials
0.20%
193
Standard Chartered Plc
Other
0.20%
194
Pnc Financial Services Jr Subordina 12/99 Var
PNC V3.4 PERP TFinancials
0.19%
195
Washington Fed Hwy Grnt Antic
WAFDFinancials
0.19%
196
Huntington Bancshares Incorporated 4.45% Oct 15/27
HBAN V4.45 PERP GFinancials
0.18%
197
Wells Fargo & Co., Class A, Series L, Conv. Pfd.
WFC.PRLFinancials
0.18%
198
Natwest Group Pl
NWG V4.6 PERP .*.Financials
0.17%
199
Assurant, Inc.
AIZNFinancials
0.16%
200
Banco Mercantil Del Norte, S.a.
BANORT V7.5 PERP 144Financials
0.16%
201
Capital One Financial Corporation Depositary Shs Repr 1/40Th 5% Non-Cum Red Perp Pfd Registered Shs
COF.PR.IFinancials
0.16%
202
Land O' Lakes Inc 144a 7.250000% Maturity: Perpetual
LLAKES 7.25 PERP 144Consumer Staples
0.15%
203
Arch Capital Group Ltd 5.45%
ACGLOFinancials
0.14%
204
Cno Financial Group Inc
CNOFinancials
0.14%
205
Carlyle Finance Llc
CGABLFinancials
0.12%
206
Citigroup, Inc. Pref
C V4 PERP WFinancials
0.12%
207
Webster Financial Corp
WBS.PR.GFinancials
0.12%
208
Fulton Financial Corp
FULTFinancials
0.10%
209
Vistra Corp Regd V/R /Perp/ 144A P/P 7.00000000
VST V7 PERP 144AUtilities
0.09%
210
Annaly Capital Mgmt Ser F
NLY.FFinancials
0.05%
211
Arbor Rlty Tr Inc 6.375 Cum Pfd
ABR.PDFinancials
0.05%
212
Fgold 30Yr Giant 3.5 07/01/2043
Other
0.00%
213
Barclays Plc 5.67 03/12/2028
Other
0.00%
214
Credit Default Swaptions
Other
0.00%

#	Company	Ticker	Weight
1	Provident Financing Trust I	UNM 7.405 03/15/38	3.460%
2	Metlife Inc Jr Subordina 144a 04/38 9.25	MET 9.25 04/08/38	2.660%
3	Liberty Mutual Group Inc	LIBMUT 7.8 03/15/37	2.650%
4	Fifth Third Bancorp, Series I, Pfd.	FITBI	2.600%
5	New York Community Bancorp, Inc., Series A., Pfd.	FLG V6.375 PERP A.	2.520%
6	Regions Financial Corp	RF.PR.C	2.450%
7	Morgan Stanley, Series F, Pfd.	MS.PF	2.410%
8	Land O'Lakes Inc 8% /perp	LLAKES 8 PERP 144A	2.370%
9	Wells Fargo & Co	WFC.PR.A	2.350%
10	Hsbc Holdings Plc	HSBA:LN	2.340%
11	Metlife Inc	MET 10.75 08/01/39	2.220%
12	Banco Santander, S.A. 4.75% Perp	SANTAN	2.190%
13	Bnp Paribas Sa	BNP V7.75 PERP 144A	2.180%
14	Delphi Financial Group Inc	DFG	2.120%
15	Bank of America Corp Regd V/R /Perp/ Ser Rr 4.37500000	BAC V4.375 PERP RR	2.060%
16	Athene Holding Ltd. Class A	ATH	1.960%
17	Comerica Inc.	CMA	1.950%
18	The Pnc Financial Services Group, Inc. 6.00% Dec 31/99 6% 12/31/2099	PNC V6 PERP U	1.950%
19	First Citizens BancShares Inc	FCNCA	1.860%
20	UBS Group, 4.875% perp., USD	UBS V4.875 PERP 144A	1.650%
21	Synovus Financial Corp	SNV.PR.E	1.510%
22	Keycorp, Series E, Pfd.	KEY.PI	1.430%
23	Liberty Mutual Insurance, 7.697% Due October 15, 2097	LIBMUT 7.697 10/15/9	1.430%
24	Emera Inc V/R 06/15/76	EMACN V6.75 06/15/76	1.350%
25	Synchrony Financial	SYF	1.310%
26	Lloyds Bk Gr Plc	-	1.290%
27	Standard Chartered Plc	STANLN V7.75 PERP 14	1.230%
28	Citizens Financial Group 12/99 1	CFG V6.375 PERP C	1.120%
29	American Intl Group 8.175 05/15/2058	-	1.110%
30	Banco Bilbao Vizcaya Argentaria Sa 6.125 11/16/2027	BBVASM	1.100%
31	Banco Bilbao Vizcaya Argentaria Sa 9.375	BBVASM	1.100%
32	Enbridge Inc., Callable, 6.000% Jan 15, 2077	ENBCN V6 01/15/77 16	1.090%
33	Morgan Stanley, Series K, Pfd.	MS.PK	1.060%
34	Ft Real Estate Secs /pfd//res/	FHN	1.050%
35	Keycorp KEY.PR.L	KEY.PR.L	1.050%
36	Banco Santander Sa 0 03-01-2024	-	1.040%
37	Algonquin Power & Utilities Corp., 4.75%,Jan18,2082	AQNCN V4.75 01/18/82	1.030%
38	Amer Agcredit Aca Jr Subordina 144A Var 5.25% 2099-12-31	AAGACA V5.25 PERP QI	0.970%
39	Enstar Group, Ltd.	ESGR	0.930%
40	Wesbanco, Inc.	WSBC	0.920%
41	Morgan Stanley, Series E, Pfd.	MS.PE	0.910%
42	Energy Transfer	ET	0.900%
43	Citigroup Inc	C V4.15 PERP Y	0.890%
44	Citizens Financial Group Inc.	CFG	0.890%
45	Dominion Energy Inc 09/11/2023	-	0.890%
46	Paramount Global, 6.37%, Due 03/30/2062	PARA V6.375 03/30/62	0.890%
47	Arbor Realty Trust Prfd F	ABR.PR.F	0.840%
48	Reinsurance Group of America, Incorporated	RGA	0.840%
49	Edison Intl 5 3/71	EIX V5 PERP B	0.830%
50	Goldman Sachs Group Inc/the	GS V7.56 PERP R	0.830%
51	Transcanada Trust 5.5% 09/15/2079	TRPCN V5.5 09/15/79	0.820%
52	Energy Transfer Lp Regd V/R /Perp/ Ser G 7.12500000	ET V7.125 PERP G	0.810%
53	Kkr Real Estate Fin Tr 6.5 Cum Pfd	KREF.PA	0.790%
54	Psx V6.2 03/15/56 B Corp	-	0.790%
55	Texas Capital Bancshares Inc	TCBI	0.790%
56	Jpmorgan Chase + Co Jr Subordina 12/99 Var12/31/2099	JPM V6.875 PERP NN	0.780%
57	Algonquin Pwr & Utility	AQNB	0.760%
58	Blackrock Liquidity Funds T-Fund	TSTXX	0.760%
59	Comed Financing Iii	-	0.760%
60	Eushi Finance Inc 7.63% 12/15/2054	-	0.760%
61	Northpointe Bancshares Inc	NRTBNC.P	0.760%
62	Huntington Bancshares Inc./Oh	HBAN	0.750%
63	Sempra Energy, 4.12%, Due 04/01/2052	SRE V4.125 04/01/52	0.720%
64	Entergy Corp 7.13% 01Dec2054	ETR V7.125 12/01/54	0.710%
65	Kuvare Us Holdings Inc	KUVARE V7 02/17/51 1	0.690%
66	PNC Financial Services Group, 3.5% 23jan2024	-	0.690%
67	Societe Generale Sa	SOCGEN	0.680%
68	Societe Generale Jr Subordina 144A 12/99 Var	SOCGEN	0.680%
69	Royal Bank Of Canada Jr Subordina 11/84 Var	RY V6.35 11/24/84	0.670%
70	American Electric V/R 12/15/54	AEP V6.95 12/15/54	0.660%
71	Sbl Holdings, Llc 6.5% 12/31/2099	-	0.650%
72	American Electric Power Co. Inc. 5Y Us Ti + 2.675 02/15/2062	AEP V3.875 02/15/62	0.640%
73	Umb Financial Corp	UMBF	0.630%
74	Ally Financial Inc Jr Subordina 12/99 Var 4.7	ALLY V4.7 PERP B	0.620%
75	Duke Energy Corp Jr Subordina 09/54 Var	DUK V6.45 09/01/54	0.620%
76	M&T Bank Corporation	MNT:CA	0.620%
77	Aercap Ireland Capital Dac / Aercap Global Aviation Trust Var.Rt. Corp. Bonds	AER V6.95 03/10/55	0.610%
78	Jpmorgan Chase And Co 3.65	JPM V3.65 PERP KK	0.610%
79	Sbl Holdings Inc Sr Unsecured 144a Var	-	0.610%
80	Dime Community Bancshares Inc	DCOMP.P	0.580%
81	Valley National Bancorp	VLY	0.570%
82	Bank Of Nova Scotia/The 8 01-27-2084	BNS V8 01/27/84	0.550%
83	Keurig Dr Pepper Inc 3.35 03/15/2051	-	0.540%
84	Capital One Ficial Corporation 3.95% 12/31/2099	COF V3.95 PERP M	0.530%
85	Connectone Bancorp Inc	CNOB	0.530%
86	Sce Trust Vii	SCE.PRM	0.530%
87	Everest Reinsurance Holdings Inc	-	0.520%
88	State Street Corp Jr Subordina 12/99 Var 6.7	STT V6.7 PERP I	0.510%
89	Cnp 3.6 11/01/21	-	0.500%
90	Sce Trust V	SCE.PK	0.500%
91	Aes Corp/The 7.6% 15Jan2055	AES V7.6 01/15/55	0.490%
92	Bank Of Montreal (Callable) 7.70% May 26, 2084	BMO V7.7 05/26/84	0.490%
93	Bell Telephone Company (Nc10.5) 7 09/15/2055	BCECN V7 09/15/55	0.490%
94	Royal Bank Of Canada 7.5% May 02, 2084	RY V7.5 05/02/84	0.490%
95	Athene (Ath) / Apollo Global Management (Apo)	APO	0.480%
96	General Motors Financial Co In Jr Subordina 12/99 Var	GM V6.5 PERP B	0.480%
97	Global Atlantic Finance Co.	GBLATL 7.95 06/15/33	0.470%
98	Nextera Energy Ca V/R 06/15/54	NEE V6.75 06/15/54	0.460%
99	Royal Bank Of Canada 6.500% Flt 11/24/85	-	0.460%
100	Societe Generale Jr Subordina 144A 12/99 Var	-	0.460%
101	Bank Of America Corp Jr Subordina 12/99 Var 6.625 07/24/2025	BAC V6.25 PERP	0.450%
102	Barclays PLC 4.375%	BACR V4.375 PERP	0.440%
103	Societe Generale Sa	-	0.440%
104	Wells Fargo + Company Jr Subordina 12/99 Var	WFC V3.9 PERP BB	0.430%
105	Wintrust Financial Corp	WTFC	0.430%
106	Evergy Inc Subordinated 06/55 Var	EVRG V6.65 06/01/55	0.420%
107	Liberty Mutual Gr V/R 12/15/51	LIBMUT V4.125 12/15/	0.420%
108	Canadian Imperial Bank 7.000% Flt 10/28/85	CM V7 10/28/85	0.410%
109	Nextera Energy 1.875% 01/15/27	NEE 1.875 01/15/27	0.410%
110	Sempra 5.5 08/01/2033	SRE 5.5 08/01/33	0.410%
111	Ally Finl Inc 4.7%/Var Perp	ALLY V4.7 PERP C	0.400%
112	Bank Of N Vrn 10/27/85	-	0.400%
113	Corebridge Financial Inc Variable Rate, Due 09/15/2054	CRBG V6.375 09/15/54	0.400%
114	PartnerRe Ltd.	PRE.J:BM	0.400%
115	Axis Specialty Finance Llc 4.9% 01/15/2040	AXS V4.9 01/15/40	0.390%
116	Dte Energy Company	DTE	0.390%
117	Northwest Natural Holdi Jr Subordina 09/55 Var 7% 09/15/2055	NWN V7 09/15/55	0.390%
118	Xcel Energy, Inc	XEL	0.390%
119	Bank Nova Scoti 7.35 4/85	BNS V7.35 04/27/85	0.380%
120	Fmc Corp V/R 11/01/55	FMC V8.45 11/01/55	0.380%
121	Nisource Inc. 6.95 11/30/2054	NI V6.95 11/30/54	0.380%
122	Pnc Financial Servi V/R /Perp/	PNC V6.2 PERP V	0.380%
123	General Motors Financial Co Inc (Pfd) 5.70% 03/30/2172 Perpetual	GM V5.7 PERP C	0.370%
124	Goldman Sachs Group Inc Regd V/r /perp/ Ser Q 5.50000000	GS V7.379 PERP Q	0.370%
125	Rogers Communications, Inc.	RCICN V5.25 03/15/82	0.370%
126	Voya Financial Inc	VOYA.PR.B	0.370%
127	Affiliated Managers Group Inc.	AMG	0.360%
128	American National Group Inc	AEL.PRA	0.360%
129	Banco Mercantil De Norte Regd V/R /Perp/ 144A P/P 6.62500000	BANORT V6.625 PERP 1	0.360%
130	Credit Agricole Sa 7.13% Sep 23/35	-	0.360%
131	South Bow Canadian Infrastructure Holdings Ltd 0.075 03/01/2055	SOBOCN	0.360%
132	American Express Co 3.55 Perpetl 9/15/2174	AXP V3.55 PERP	0.350%
133	Canadian Imperial Bank Jr Subordina 01/85 Var	CM V6.95 01/28/85	0.350%
134	Hsbc Holdings Plc 6 05/22/2027	HSBC V6 PERP *	0.350%
135	Tpg Operating Group Ii Lp	TPGXL	0.350%
136	Altagas Ltd V/R 10/15/54	ALACN V7.2 10/15/54	0.340%
137	Cvs Health Corp 7% 10Mar2055	CVS V7 03/10/55	0.340%
138	Dominion Energy Inc 4.350000% Maturity: Perpetual Callable 01/15/2027 At 100.0000	D V4.35 PERP C	0.340%
139	Enstar Finance Ll V/R 01/15/42	ESGR V5.5 01/15/42	0.340%
140	Ing Groep Nv	INTNED V3.875 PERP	0.340%
141	M&T Bank Corp 3.500000% Maturity: Perpetual	MTB V3.5 PERP	0.340%
142	Qwest Corp Preferred Stock 06/57 6.75	CTDD	0.340%
143	Sce Trust Viii	EIX 6.95 PERP N	0.340%
144	Banco Mercantil Del Norte Variable Rate	BANORT	0.330%
145	Farm Credit Bk Of Texas Jr Subordina 12/99 Var	FARMCB V7 PERP 6	0.330%
146	Spire Inc. 0% 05/31/2056	-	0.330%
147	American Electric Power Co Inc 0.0605 03/f15/2056	-	0.320%
148	British Telecommunications Plc	BRITEL V4.875 11/23/	0.320%
149	Entergy Corp Variable Rate, Due 06/15/2056	-	0.320%
150	Equitable Holdings Inc	-	0.320%
151	Peco Energy Capital Trust Iii	-	0.320%
152	Adamas Trust, Inc. Common Stock	ADAM:IL	0.320%
153	Bbva Bancomer Sa V/R 09/13/34	BBVASM V5.875 09/13/	0.310%
154	Cadence Bancorp Common Stock	CADE	0.310%
155	Stifel Finl Corp	SF	0.310%
156	Sunoco LP 7.88 03/18/2174	-	0.310%
157	ROYAL BANK OF CANADA JR SUBORDINA 08/85 VAR	RY V6.75 08/24/85	0.300%
158	Telus Corp V/R 10/15/55	TCN V7 10/15/55	0.300%
159	Fortegra Group Inc/The 9.25 11/15/2064	-	0.290%
160	Morgan Stanley 5.3% 12/31/2049	MS V0 PERP N	0.290%
161	Aercap Ireland Cap/Globa Company Guar 01/56 Var	AER V6.5 01/31/56	0.280%
162	Citigroup Inc 3.88% 12/31/2099	C V3.875 PERP X	0.280%
163	Cobank Acb	COBKAC	0.280%
164	Corebridge Financial, Inc. 6.88% Dec 01/30	-	0.280%
165	Lincoln National Corp.	LNC	0.280%
166	Lincoln National, 9.25% perp., USD	LNC V9.25 PERP C	0.280%
167	Ubs Group Ag 144A 4.375000% Maturity: Perpetual	UBS V4.375 PERP 144A	0.280%
168	Bnp Paribas Sa	BNP V9.25 PERP 144A	0.270%
169	F&G Annuities & Life Inc	FG	0.270%
170	Bank Of Montreal Jr Subordina 11/84 Var %	BMO V7.3 11/26/84	0.260%
171	Edison International 5Y Us Ti + 4.698 12/31/2049	EIX V5.375 PERP A	0.260%
172	Nextera Energy Capital Holding Company Guar 09/54 Var 6.7 2054-09-01	NEE V6.7 09/01/54	0.260%
173	Qwest Corp Preferred Stock 09/56 6.5	CTBB	0.260%
174	Toronto-Dominion Bank/The	-	0.260%
175	Toronto-Dominion Bank Variable Rate, Due 10/31/2082	TD V8.125 10/31/82	0.260%
176	Western Alliance Bancorp	WAL.PR.A	0.260%
177	Bank Of America Corp Jr Subordina 12/49 Var 6.3	BAC V6.3 PERP DD	0.250%
178	Barclays Plc 8 12/71	A3K745	0.250%
179	Cms Energy Corp 6.5 2055-06-01	CMS V6.5 06/01/55	0.240%
180	Exelon Corporation 6.5% Mar 15, 2055	EXC V6.5 03/15/55	0.240%
181	First Horizon Natl Corp 6.5 Pfd	FHN.PE	0.240%
182	Tpg Re Finance Trust, Inc.	TRTX	0.240%
183	Renaissancere Holdings L /Pfd/	RNR.G	0.240%
184	Universal Insurance Holdings, Inc.	-	0.230%
185	Athene Holding Ltd Pref	ATH 4.875 PERP D	0.220%
186	Bank Of New York Mellon Corp	BK	0.220%
187	Perpetual Bonds	ACAFP	0.220%
188	Axis Capital Holdings Ltd.	AXS	0.220%
189	Compeer Financial Aca	AGSTAR V4.875 PERP Q	0.210%
190	Prudential Financial Inc Mtn 3 Mar 10, 2040	PRU 3 03/10/40 MTN	0.210%
191	Corporate Bonds	BNP V4.625 PERP 144A	0.200%
192	Jackson Financial Inc., Pfd.	JXN V8 PERP	0.200%
193	Standard Chartered Plc	-	0.200%
194	Pnc Financial Services Jr Subordina 12/99 Var	PNC V3.4 PERP T	0.190%
195	Washington Fed Hwy Grnt Antic	WAFD	0.190%
196	Huntington Bancshares Incorporated 4.45% Oct 15/27	HBAN V4.45 PERP G	0.180%
197	Wells Fargo & Co., Class A, Series L, Conv. Pfd.	WFC.PRL	0.180%
198	Natwest Group Pl	NWG V4.6 PERP .*.	0.170%
199	Assurant, Inc.	AIZN	0.160%
200	Banco Mercantil Del Norte, S.a.	BANORT V7.5 PERP 144	0.160%
201	Capital One Financial Corporation Depositary Shs Repr 1/40Th 5% Non-Cum Red Perp Pfd Registered Shs	COF.PR.I	0.160%
202	Land O' Lakes Inc 144a 7.250000% Maturity: Perpetual	LLAKES 7.25 PERP 144	0.150%
203	Arch Capital Group Ltd 5.45%	ACGLO	0.140%
204	Cno Financial Group Inc	CNO	0.140%
205	Carlyle Finance Llc	CGABL	0.120%
206	Citigroup, Inc. Pref	C V4 PERP W	0.120%
207	Webster Financial Corp	WBS.PR.G	0.120%
208	Fulton Financial Corp	FULT	0.100%
209	Vistra Corp Regd V/R /Perp/ 144A P/P 7.00000000	VST V7 PERP 144A	0.090%
210	Annaly Capital Mgmt Ser F	NLY.F	0.050%
211	Arbor Rlty Tr Inc 6.375 Cum Pfd	ABR.PD	0.050%
212	Fgold 30Yr Giant 3.5 07/01/2043	-	0.000%
213	Barclays Plc 5.67 03/12/2028	-	0.000%
214	Credit Default Swaptions	-	0.000%