Fund Description: Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. seeks total return, with an emphasis on high current income. FUND STRATEGY: Under normal market conditions, the Fund invests at least 80% of its Managed Assets in a portfolio of preferred and other income-producing securities issued by U.S. and non-U.S. companies, including traditional preferred stock, hybrid and trust preferred securities that have characteristics of both equity and debt securities, convertible securities, subordinated debt and senior debt. The Adviser attempts to identify, through independent credit analysis, analysis of security terms and structure and market supply/demand imbalances, those preferred and debt securities that provide opportunities for high relative total return and income. In selecting individual securities for investment, the Adviser considers, among other things, current yield, price variability and the underlying fundamental characteristics of the issuer, with particular emphasis on capital structure, interest and dividend coverage, and the potential for the timely payment of dividends and interest. The Fund will invest, under normal market conditions, more than 25% of its total assets in the financials sector, which for this purpose is comprised of the bank, thrifts & mortgage finance, diversified financial services, finance, consumer finance, capital markets, asset management & custody, investment banking & brokerage, insurance, insurance brokers and REIT industries. The Fund may invest up to 100% of its Managed Assets in securities of U.S. and non-U.S. companies. The Fund will invest at least 80% of its Managed Assets in (i) investment grade quality securities or (ii) below investment grade quality securities of companies with investment grade senior unsecured debt outstanding, in either case determined at the time of purchase. FUND MANAGEMENT: Flaherty & Crumrine Incorporated will server as the investment adviser to the Fund.