On 6/10/15, Bank of America Corp.'s Trust Preferred Securities (MER.PRM) will trade ex-dividend, for its quarterly dividend of $0.4031, payable on 6/15/15. As a percentage of MER.PRM's recent share price of $25.59, this dividend works out to approximately 1.58%, so look for shares of MER.PRM to trade 1.58% lower — all else being equal — when MER.PRM shares open for trading on 6/10/15. On an annualized basis, the current yield is approximately 6.30%, which compares to an average yield of 5.69% in the "Financial" preferred stock category, according to Preferred Stock Channel.As of last close, MER.PRM was trading at a 2.36% premium to its liquidation preference amount, versus the average premium of 1.64% 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.PRM shares, versus BAC: Below is a dividend history chart for MER.PRM, showing historical dividends prior to the most recent $0.4031 on Bank of America Corp.'s Trust Preferred Securities: According to the ETF Finder at ETF Channel, Bank of America Corp. ( BAC) makes up 7.85% of the iShares U.S. Financial Services ETF (IYG) which is trading lower by about 0.4% on the day Monday. In Monday trading, Bank of America Corp.'s Trust Preferred Securities ( MER.PRM) is currently trading flat on the day, while the common shares ( BAC) are down about 0.6%.