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Adjustable Rate Preferred Stock (ARPS)
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Floating rate preferred stock with a dividend rate reset based, for example, on the maximum of a series of short- and long-term rates plus or minus a designated spread. Designed to permit U.S. corporate investors to take advantage of the 70 percent intercorporate dividend exclusion. Also called Cumulative Auction Market Preferred Stock (CAMPS), Dutch Auction Rate Transferable Securities (DARTS) Preferred Stock. See Adjustable Rate Instrument, Auction Rate Preferred Stock (ARPS), Remarketed Preferred Stock, Single Point Adjustable Rate Stock (SPARS), Variable Cumulative Preferred Stock.
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