On 1/28/14, JPMorgan Chase & Co.'s 5.45% Non-Cumulative Preferred Stock, Series P ( JPM.PRA) will trade ex-dividend, for its quarterly dividend of $0.3406, payable on 3/1/14. As a percentage of JPM.PRA's recent share price of $21.65, this dividend works out to approximately 1.57%, so look for shares of JPM.PRA to trade 1.57% lower — all else being equal — when JPM.PRA shares open for trading on 1/28/14. On an annualized basis, the current yield is approximately 6.28%, which compares to an average yield of 5.79% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, JPM.PRA was trading at a 13.20% discount to its liquidation preference amount. Investors should keep in mind that the shares are not cumulative, meaning that in the event of a missed payment, the company does not have to pay the balance of missed dividends to preferred shareholders before resuming a common dividend. The chart below shows the one year performance of JPM.PRA shares, versus JPM: Below is a dividend history chart for JPM.PRA, showing historical dividends prior to the most recent $0.3406 on JPMorgan Chase & Co.'s 5.45% Non-Cumulative Preferred Stock, Series P: According to the ETF Finder at ETF Channel, JPMorgan Chase & Co. ( JPM) makes up 10.19% of the iShares U.S. Financial Services ETF (IYG) which is trading lower by about 1.8% on the day Friday. In Friday trading, JPMorgan Chase & Co.'s 5.45% Non-Cumulative Preferred Stock, Series P ( JPM.PRA) is currently off about 0.2% on the day, while the common shares ( JPM) are off about 1.6%.