Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Innovator S&P Inv. Grade Preferred ETF
$15.66+0.09 (+0.60%)
- 0.47%
- $63M
- −8.2%
- 6.52%
- 0M sh
- $15.60
- low $15.50high $18.28
The ETF.net EPRF Grade
C
Score 50 out of 100
- 20 of 31
Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A75 out of 100Rank 6 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.B58 out of 100Rank 18 of 26Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F15 out of 100Rank 31 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D31 out of 100Rank 23 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.D32 out of 100Rank 27 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B59 out of 100Rank 15 of 31
Our read on EPRF
CMost preferred-stock ETFs hoover up the whole market. EPRF tracks an S&P index built only from investment-grade preferreds, holds a tight book of roughly 80 of them, and pays income monthly.
The Fund seeks current income through exposure to investment-grade preferred stocks.
Why people hold it
- The screen is the whole idea: it follows the S&P U.S. High Quality Preferred Stock Index, seeking current income from investment-grade preferreds rather than the full US preferred market.innovatoretfs.cominnovatoretfs.com
- Income arrives monthly, and with roughly 80 positions the portfolio is short enough to read line by line instead of taking on trust.
- Live since 2016, a long run for a specialty preferred strategy, and a plain index-tracking mandate with no derivatives layered on top.innovatoretfs.com
Worth knowing
- It is a small, thinly traded fund. Expect wider bid-ask spreads than a mainstream index ETF, and size your orders knowing the screen is thin.
- At 0.47% a year, it runs a touch above the typical index-tracking fund, and giants like VT and SCHK charge a fraction of that (for stocks, not preferreds).
- Quality filtering narrows the pool: an investment-grade-only rule leaves out the lower-rated preferreds that broader funds in this corner hold.innovatoretfs.com
EPRF Holdings
- Bonds
- 80
- 41%
- Ares Management Corp 6.75% 10/01/2027
Sectors
- Financials89.4%
- Real Estate10.6%
Geography
- United States84.08%
- Bermuda15.92%
EPRF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
EPRF$9,184
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | EPRF |
|---|---|
| Year to date | −7.4% |
| 1 month | −3.4% |
| 3 months | −4.8% |
| 1 year | −8.2% |
| 3 years | +3.2% |
| 5 years | −3.0% |
| 10 years | +0.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | EPRF |
|---|---|---|
| 2026 YTD | −7.4% | |
| 2025 | +2.7% | |
| 2024 | +3.4% | |
| 2023 | +9.4% | |
| 2022 | −20.7% | |
| 2021 | +1.4% | |
| 2020 | +7.4% |
EPRF in the news
Week in Funds
ZOCT paid its cap, then reset at 9.43%
EPRF Dividends
- 6.52%
- $1.02
- $0.09 per share
- Monthly
Distribution history
EPRF Risk
- 10.3%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.17
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −25.3%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.11
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
EPRF Cost
0.47%
EPRF0.47%
- The middle half of Preferred Securities funds
- Median 0.50%
10 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- CFPFDFidelity Preferred Securities & Income ETFExpense ratio 0.59%1 year return −1.9%
- CCSPFCohen & Steers Preferred and Income Opportunities Active ETFExpense ratio 0.59%1 year return +2.6%
- CPQDIPrincipal Spectrum Preferred and Income ETFExpense ratio 0.60%1 year return +1.2%
- CPRFDPIMCO Preferred And Capital Securities Active Exchange-Traded FundExpense ratio 0.88%1 year return +0.3%
- CSPFFGlobal X - SuperIncome Preferred ETFExpense ratio 0.48%1 year return +5.2%