EVPF vs PGX

EVPFBEaton Vance Preferred Securities and Income ETF

PGXBInvesco Preferred 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.

PGX A 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.

Stated mandate

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

PGX The fund seeks a combination of income and capital appreciation through investment in preferred securities.

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.

• PGX 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

• 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

• PGX 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.

Full EVPF profile⁠

Full PGX profile⁠