NEW YORK ( TheStreet) -- Over the weekend the Barron's cover story was about how to construct an income portfolio. Oddly, the article left out preferred stocks and preferred stock ETFs -- surprising especially since last week iShares launched the iShares S&P International Preferred Stock Index Fund ( IPFF).Financial institutions issue by far the most preferred stock and, indeed, financials make up 84% of this new fund. But fortunately there is no exposure to the eurozone. Canada is the largest country at 73% followed by the U.K. at 10% and New Zealand at 8% before getting smaller from there. The larger issuers in the fund include Swedbank from Sweden, Quayside Holdings and Kiwi Capital Securities which are both from New Zealand, energy company Transcanada and the large Canadian banks like Royal Bank of Canada and Toronto Dominion. Follow TheStreet on Twitter and become a fan on Facebook. For some other nuts and bolts, the expense ratio of the fund is 0.55%, 93% of the holdings are perpetual preferreds and the credit ratings range from A to BB, with 34% of the fund having no rating. IPFF is likely to be very similar to the Global X Canada Preferred ETF ( CNPF) which started trading last May and obviously is 100% Canada, owning the same issues from Transcanada and all the banks. iShares reports the yield of the underlying index at 5.75%, implying a 5.2% yield for the fund after accounting for the 0.55% expense ratio. The nature of ETF yields is such that the payouts can be lumpy, based on when the constituent companies pay and the rate at which new assets migrate into the fund.