Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Invesco Financial Preferred ETF
$12.72+0.15 (+1.19%)
- 0.56%
- $600M
- −7.7%
- 6.95%
- 0.2M sh
- $12.66
- low $12.57high $14.67
The ETF.net PGF Grade
B
Score 56 out of 100
- 13 of 31
Score 56 of 100 falls in the B 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.C40 out of 100Rank 18 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.A77 out of 100Rank 6 of 26Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.F23 out of 100Rank 28 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A71 out of 100Rank 10 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A70 out of 100Rank 11 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A77 out of 100Rank 7 of 31
Our read on PGF
BFiled under financials, but this isn't a bank-stock fund. PGF buys the fixed-rate preferred shares that banks and insurers issue and pays the income out monthly. It launched in 2006, making it one of the original preferred-stock ETFs.
The fund provides financial-focused exposure to preferred securities and generally invests at least 90% of assets in fixed-rate U.S.-dollar preferred securities issued by financial institutions.
Why people hold it
- Narrow mandate, plainly written: at least 90% of assets in fixed-rate US-dollar preferred securities issued by financial institutions, tracking an ICE index of financial preferreds.
- Spread across roughly 100 preferred issues rather than a few big bank names, so no single security dominates the payout stream.
- Distributions land monthly, useful for anyone treating preferred income as a recurring cash-flow line instead of a quarterly lump.
- Live since 2006, so it has traded through the 2008 crisis and the 2023 regional-bank scare. Its behavior when bank balance sheets wobble is on the record.
Worth knowing
- 0.55% a year is real money next to plain financials index trackers such as VFH and XLF, which charge a fraction of that, and it sits above the category norm.
- Fixed-rate by design. Coupons don't reset, so prices move with interest rates much like long-dated bonds rather than with bank earnings.
- One sector, one rung of the capital stack: stress at US banks and insurers hits credit quality and price at the same time, with no other industries to lean on.
PGF Holdings
- Stocks
- 102
- 21%
- JPM-PC
Sectors
- Financials100.0%
Geography
- United States96.04%
- Bermuda3.96%
PGF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PGF$9,229
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 | PGF |
|---|---|
| Year to date | −6.9% |
| 1 month | −4.1% |
| 3 months | −6.8% |
| 1 year | −7.7% |
| 3 years | +4.0% |
| 5 years | −2.1% |
| 10 years | +1.6% |
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 | PGF |
|---|---|---|
| 2026 YTD | −6.9% | |
| 2025 | +3.4% | |
| 2024 | +6.0% | |
| 2023 | +7.7% | |
| 2022 | −19.2% | |
| 2021 | +2.7% | |
| 2020 | +7.3% |
PGF in the news
PGF Dividends
- 6.95%
- $0.87
- $0.07 per share
- Monthly
Distribution history
PGF Risk
- 9.8%
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.
- −0.11
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.
- −23.4%
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.
- 1.16
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PGF Cost
0.56%
PGF0.56%
- The middle half of Preferred Securities funds
- Median 0.50%
18 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- BCSSDCohen & Steers Short Duration Preferred and Income Active ETFExpense ratio 0.49%1 year return —
- BHBRDInvesco U.S. Hybrid Bond ETFExpense ratio 0.40%1 year return —
- BPFLDAAM Low Duration Preferred and Income Securities ETFExpense ratio 0.45%1 year return +3.2%
- CNPFINuveen Preferred and IncomeExpense ratio 0.56%1 year return +2.0%
- CFPEIFirst Trust Institutional Preferred Securities & Income ETFExpense ratio 0.85%1 year return +1.9%