EVPF vs FPFD

EVPFBEaton Vance Preferred Securities and Income ETF

FPFDCFidelity Preferred Securities & Income ETF

In short

EVPF Eaton Vance's preferred-securities team, ETF-wrapped: an active, concentrated run at the preferred and hybrid market for 0.39% a year, under the category's median fee. Active stock-picking in a corner usually sold by the index.

FPFD Most funds in this dividend crowd buy common stock. FPFD climbs a rung up the capital stack, actively picking preferred securities, heavily bank and insurer paper, and paying out monthly.

Stated mandate

EVPF The Fund seeks total return and current income, primarily through preferred securities and other income-producing securities.

FPFD The ETF seeks high total return through current income and capital appreciation.

Why people hold it

• EVPF Active in a category built on indexes: Eaton Vance's fundamental team picks across preferred and hybrid securities instead of owning whatever a benchmark lists.morganstanley.com
• At 0.39% a year, with no waiver propping it up, it undercuts index heavyweights PFF and PSK (0.45% each) and sits below the category median. Rare pricing for an active mandate.
• Income is the mandate, not a byproduct: total return plus current income from preferred securities, with distributions declared monthly under the prospectus.
• For a fund launched in 2026, the package lands in the upper tier of the roughly thirty US preferred ETFs on cost and mandate clarity.

• FPFD Owns preferred securities rather than common shares, aiming for high total return from current income plus capital appreciation, with distributions paid monthly.fidelity.com
• Actively managed by Fidelity with no index to shadow, so the team can shift between issues and issuers as the preferred market moves.
• Spread across roughly 200 preferred issues, so no single security carries the fund.
• Trading since 2021 and sitting in the upper half of its income-focused peer group on our review.

Worth knowing

• EVPF Born March 2026, so there is no multi-cycle record of how the managers steer through a rate shock or a credit wobble.
• Smaller and thinner-traded than the category's index incumbents, so bid-ask spreads can run wider than in the biggest preferred funds.
• About 80 positions in preferred and hybrid securities, a rate- and credit-sensitive corner that ranks below bonds in the capital stack.sec.gov

• FPFD The 0.59% expense ratio runs above the middle of its peer group, where plain dividend-equity funds such as CGDV (0.33%) charge less.
• Preferreds concentrate in financials and act like long-dated bonds, so bank sector stress and interest-rate swings both land here.
• Shares trade lightly, so bid-ask spreads can be wider than on the largest preferred funds.

Full EVPF profile⁠

Full FPFD profile⁠