I’ve been buying PFF for over a year. It’s a ETF comprised of preferred stocks in the US. http://us.ishares.com/product_info/fund/overview/PFF.htm?fundSearch=true&qt=PFFIt’s top ten holdings represent 15% of the fund, and ~80% of the fund is rated BB or better. It’s slightly heavily weighted to banks, diversified, and insurance companies (mainly economically sensitive stuff). It yields over 6%. 6%! It pays out distributions monthly. I started buying at $39 in 2012, and I pick some up every time it dips to that level (37,38,39). Because this ETF doesn’t really move sometimes I’ll invest when I’ve freed up capital elsewhere and I need to keep money invested. It now yields more the HYG (the main pillar of my portfolio). Basically it’s a well diversified vehicle which yields 6% and has economic exposure in the case of either a big down turn or a big run. What’s wrong with that? PFF might be my perfect stock, I think I’ll go buy some more today.