On 12/10/14, Bank of America Corp.'s Trust Preferred Securities ( MER.PRP) will trade ex-dividend, for its quarterly dividend of $0.4609, payable on 12/15/14. As a percentage of MER.PRP's recent share price of $25.94, this dividend works out to approximately 1.78%, so look for shares of MER.PRP to trade 1.78% lower — all else being equal — when MER.PRP shares open for trading on 12/10/14. On an annualized basis, the current yield is approximately 7.10%, which compares to an average yield of 5.78% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, MER.PRP was trading at a 3.84% premium to its liquidation preference amount, versus the average premium of 0.48% in the "Financial" category. 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 MER.PRP shares, versus BAC: Below is a dividend history chart for MER.PRP, showing historical dividends prior to the most recent $0.4609 on Bank of America Corp.'s Trust Preferred Securities : According to the ETF Finder at ETF Channel, Bank of America Corp. ( BAC) makes up 8.51% of the Bank and Brokerage ETF (RKH) which is trading relatively unchanged on the day Monday. In Monday trading, Bank of America Corp.'s Trust Preferred Securities ( MER.PRP) is currently down about 0.1% on the day, while the common shares ( BAC) are trading flat.