Nuveen Investments plans to launch a closed-end exchange-traded fund that will specialize in taxable preferred stocks. A public offering for the fund is expected next month.

The product, known as the Nuveen Quality Preferred Income Fund, is the first closed-end ETF to invest primarily in investment-grade taxable preferred securities, the firm said in a statement.

The fund is intended to help investors diversify their portfolios, said Paul Williams, Nuveen's VP of closed-end ETF development.

Spectrum Asset Management will sub-advise the fund, and Salomon Smith Barney will serve as its lead underwriter.

Nuveen initially filed the fund with the SEC in late April.

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