FFirst Trust Institutional Preferred Securities & Income ETF

FPEI is an actively managed exchange-traded fund launched by First Trust in 2017. It invests at least 80% of its net assets in institutional preferred securities and income-producing debt securities. The preferred securities it targets are issues typically geared toward institutional investors — generally issued in large lot sizes and trading over-the-counter — distinguishing it from retail-oriented preferred ETFs. The fund's sub-advisor employs a top-down approach accounting for sector, interest rate, and systemic risks, with individual securities selected on credit fundamentals, relative value, and technical factors such as call features and pricing inefficiencies. As of recent data, the fund manages approximately $1.79 billion in assets.

1 Exchange-Traded Security