Perhaps you own preferred stocks for income. And instead of sifting through the various individual preferred stock offerings in the marketplace today, you decided instead to make things neat and easy by purchasing a preferred stock ETF. So far, your preferred stock position has held up quite well despite what has been a difficult stock market environment. That is, of course, until Tuesday, when these ETFs suddenly broke to the downside. What’s in these preferred stock ETFs that would have resulted in the sudden downside move on Tuesday? And is this likely to continue?
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