Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
PIMCO Preferred And Capital Securities Active Exchange-Traded Fund
$48.89+0.08 (+0.16%)
- 0.88%
- $234M
- +0.3%
- 6.11%
- 0M sh
- $48.80
- low $48.24high $52.60
The ETF.net PRFD Grade
C
Score 46 out of 100
- 23 of 31
Score 46 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.F7 out of 100Rank 29 of 31Mission
Whether the fund did what it promised, tested against its stated mandate.B59 out of 100Rank 17 of 26Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B68 out of 100Rank 7 of 31Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B60 out of 100Rank 12 of 31Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A75 out of 100Rank 7 of 29Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B55 out of 100Rank 17 of 31
Our read on PRFD
CPIMCO points its credit desk at preferreds, including the regulatory-capital paper banks issue to institutions rather than only retail-listed shares. Active, monthly-paying, running since 2023.
The Fund seeks total return with a secondary objective of income generation. It normally invests at least 80% of its assets in diversified preferred and capital securities, including regulatory-capital instruments issued by U.S. and non-U.S. financial institutions.
Why people hold it
- At least 80% of assets go to preferred and capital securities, including regulatory-capital instruments from US and non-US financial institutions. Wider ground than US-listed preferreds alone.
- Actively run rather than index-tracking: managers choose the issues, chasing total return with income as the stated secondary objective.
- Pays monthly and spreads exposure across a couple hundred positions instead of a short list of jumbo bank issues.
- Standard 1940 Act fund wrapper, so shareholders get 1099 tax reporting rather than a partnership K-1.
Worth knowing
- Active management costs: the 0.88% expense ratio sits above index rivals in the same aisle, such as EVPF at 0.20% and PSK at 0.45%.
- Trades lightly next to the category's household names, so bid-ask spreads can be wider, particularly in stressed markets.
- The fund discloses that distributions may include return of capital, meaning part of a monthly payout can be capital returned rather than income earned.
PRFD Holdings
- Bonds
- 248
- 15%
- Net Other Assets
Sectors
- Financials89.8%
- Communication10.2%
Geography
- United States54.33%
- Canada14.06%
- United Kingdom10.07%
- France6.01%
- Switzerland2.69%
- Spain2.45%
- Japan2.28%
- Netherlands2.14%
- 5.97%
Developed 95% · Emerging 5%
PRFD Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
PRFD$10,030
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 | PRFD |
|---|---|
| Year to date | −1.0% |
| 1 month | −1.7% |
| 3 months | −2.7% |
| 1 year | +0.3% |
| 3 years | +9.1% |
| 5 years | — |
| 10 years | — |
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 | PRFD |
|---|---|---|
| 2026 YTD | −1.0% | |
| 2025 | +8.4% | |
| 2024 | +10.2% | |
| 2023 | +1.8% |
PRFD in the news
PRFD Dividends
- 6.11%
- $2.98
- $0.25 per share
- Monthly
Distribution history
PRFD Risk
- 6.2%
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.
- 0.63
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.
- −11.9%
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.
- 0.92
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
PRFD Cost
0.88%
PRFD0.88%
- The middle half of Preferred Securities funds
- Median 0.50%
28 of the 31 Preferred Securities funds charge less.
Other funds in Preferred Securities
- CEPRFInnovator S&P Inv. Grade Preferred ETFExpense ratio 0.47%1 year return −8.2%
- CPQDIPrincipal Spectrum Preferred and Income ETFExpense ratio 0.60%1 year return +1.2%
- CSPFFGlobal X - SuperIncome Preferred ETFExpense ratio 0.48%1 year return +5.2%
- CPFFRInfraCap REIT Preferred ETFExpense ratio 0.45%1 year return −2.9%
- CPFFAVirtus InfraCap U.S. Preferred Stock ETFExpense ratio 2.11%1 year return −0.5%