EPRF vs PFFV

EPRFCInnovator S&P Inv. Grade Preferred ETF

PFFVBGlobal X Variable Rate Preferred ETF

In short

EPRF Most 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.

PFFV Most preferred funds hand you a fixed coupon and a lot of rate sensitivity. PFFV screens for variable-rate preferreds only, so coupons reset off short-term benchmarks instead of standing still, at 0.25% a year with monthly payouts.

Stated mandate

EPRF The Fund seeks current income through exposure to investment-grade preferred stocks.

PFFV The fund seeks to provide investment results generally corresponding to the price and yield performance of the ICE U.S. Variable Rate Preferred Securities Index before fees and expenses.

Why people hold it

• EPRF 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 2
• 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

• PFFV Costs 0.25% a year, about half the typical preferred ETF fee and a fraction of what an actively run peer like FPE charges (0.83%).
• The whole point: an index of variable-rate preferreds, whose coupons reset off short-term benchmarks rather than locking in for the life of the security.
• Passive and plain-vanilla. Roughly 60 US preferred issues picked by published index rules, with income paid out monthly.
• Stacks up as one of the stronger builds in a crowded preferred-ETF field, mostly on cost and a clean, rules-based mandate.

Worth knowing

• EPRF 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

• PFFV Preferred issuance skews to banks and insurers, so this is concentrated financials credit in bond clothing, spread across only about 60 positions.
• Resets cut both ways. The same floating mechanism that lifts coupons when short-term rates climb also drags them down when rates fall.
• Moderately traded and mid-sized rather than a heavyweight, so bid-ask spreads matter more here than in the largest preferred funds.

Full EPRF profile⁠

Full PFFV profile⁠