What are Auction-Rate Preferred Shares of Closed-End ETFs?

Auction-Rate Preferred Shares are a share class of the underlying Closed-End ETFs that seek to provide yields that compare favorably with short-term instruments, such as the 30-day yield for money market funds. Many municipal bond funds leverage their assets, in an attempt to increase common share yields when the yield curve is relatively flat and greater yields cannot be earned by lengthening investment maturities. In order to leverage their assets, funds issue shares of preferred stock to investors.

The proceeds received from these shares are then invested in the fund portfolio. Preferred shareholders receive a regular dividend based on short-term interest rates, ahead of any payments made to common shareholders. More.

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