State Street Global Advisors has filed to launch an exchange-traded fund that would invest in nonconvertible preferred stocks.

It would trade on the NYSE Arca and seek to replicate the Wells Fargo Hybrid and Preferred Securities Aggregate Index. No cost information was supplied in the filing.

Preferred securities have been an attractive area for more-income-minded investors lately. The stocks usually pay a fixed rate of distribution in addition to any potential gains an investor can receive from shares' price movements. Preferred shareholders also gain preferential treatment over common stock in bankruptcy proceedings or other legal disputes over distributions.

The new SSgA ETF would compete head-to-head against two others already on the market. Those are the PowerShares Preferred Portfolio (NYSEArca: PGX) and the iShares S&P U.S. Preferred Stock Index Fund (NYSEArca: PFF).

You can read related articles about PGX's launch late last year here. You can also get a more in-depth analysis of the attractions and current prospects for the preferred market here.

But anyone considering investing in this space might want to also consider reading a review stacking preferred stock funds against other income-generating options in this Alternative Investor column from late last year.

The filing is available here.