Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Invesco Preferred ETF
$10.04+0.09 (+0.90%)
- 0.50%
- $3.6B
- −7.9%
- 6.94%
- 4.3M sh
- $10.01
- low $9.94high $11.64
The ETF.net PGX Grade
B
Score 64 out of 100
- 8 of 31
Score 64 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.B55 out of 100Rank 13 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.F20 out of 100Rank 30 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A88 out of 100Rank 2 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A80 out of 100Rank 4 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A90 out of 100Rank 3 of 31
Our read on PGX
BA 2008-vintage preferred fund that has traded through every rate cycle since. Roughly 300 fixed-rate preferred securities, distributions paid monthly, and enough daily volume to get in and out without drama.
The fund seeks a combination of income and capital appreciation through investment in preferred securities.
Why people hold it
- Live since January 2008, so its record spans the credit crisis, the zero-rate decade, and the rate spike that followed.
- Spreads the bet across about 300 preferred issues, so a single skipped coupon or downgraded issuer is a thin slice of the pot.
- Distributions arrive monthly rather than quarterly, which lines up with how most bills show up.
- A multi-billion-dollar fund that trades actively, which generally keeps bid-ask spreads manageable for ordinary-size orders.
Worth knowing
- The 0.50% annual fee sits above the typical index-tracking ETF, and you pay it in flat markets as well as good ones.
- The index is fixed-rate by design, so prices here respond to interest rate moves, not just to issuer credit quality.
- The stated mandate puts income first and capital appreciation second, a different job than a stock fund does.
PGX Holdings
- Stocks
- 272
- 13%
- JPM-PC
Sectors
- Financials73.9%
- Utilities10.3%
- Real Estate6.8%
- Communication6.0%
- Consumer Discretionary2.1%
- Industrials0.5%
- Energy0.3%
- Materials0.1%
Geography
- United States94.06%
- Bermuda4.41%
- Canada1.40%
- United Kingdom0.14%
PGX Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
PGX$9,208
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 | PGX |
|---|---|
| Year to date | −7.3% |
| 1 month | −4.1% |
| 3 months | −6.8% |
| 1 year | −7.9% |
| 3 years | +4.3% |
| 5 years | −2.2% |
| 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 | PGX |
|---|---|---|
| 2026 YTD | −7.3% | |
| 2025 | +3.5% | |
| 2024 | +6.5% | |
| 2023 | +9.5% | |
| 2022 | −21.2% | |
| 2021 | +3.2% | |
| 2020 | +7.1% |
PGX in the news
PGX Dividends
- 6.94%
- $0.69
- $0.06 per share
- Monthly
Distribution history
PGX Risk
- 10.1%
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.
- −0.07
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.
- −24.6%
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.
- 1.21
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PGX Cost
0.50%
PGX0.50%
- The middle half of Preferred Securities funds
- Median 0.50%
14 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- BVRPInvesco Variable Rate Preferred ETFExpense ratio 0.50%1 year return +2.1%
- BPFXFVanEck Preferred Securities ex Financials ETFExpense ratio 0.40%1 year return +5.0%
- BJHPIJohn Hancock Investments - Preferred Income ETFExpense ratio 0.54%1 year return −0.4%
- BFPEFirst Trust Preferred Securities and Income ETFExpense ratio 0.83%1 year return −0.5%
- BGPRFGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFExpense ratio 0.45%1 year return −0.8%