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What's the Best Risk/Reward ETF Investment?

One concern on PGF is that the banks could be prevented from paying dividends even on preferreds with the government intervention here in the US and in Europe. This happened with Fannie and Freddie preferreds. PGF holds a large % of RBS preferreds. Lloyds is asking for an exemption so it can pay dividends. Does this decision affect only common or will it affect preferreds?