EVPF vs PRIZ

EVPFBEaton Vance Preferred Securities and Income ETF

PRIZCZacks Preferred 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.

PRIZ Most preferred ETFs pay out whatever coupons show up. PRIZ is actively managed and works backward from a declared target: quarterly income plus managed distributions aiming at roughly 8% annualized on NAV, with return of capital possible.

Stated mandate

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

PRIZ The Fund seeks current income. It is actively managed and normally invests at least 80% of its net assets, plus borrowings, 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.

• PRIZ At 0.45% net of a waiver through June 30, 2027, it prices level with PFF (0.45%) and PSK (0.45%), and near the category median. The gross fee is 1.07%.
• Actively managed, with at least 80% of net assets plus borrowings in preferred securities, so a manager picks the issues instead of inheriting an index list.sec.gov
• Each quarterly distribution comes with an estimate of how much is net investment income, capital gains, or return of capital, so you can see what the check is made of.sec.gov

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

• PRIZ The 8% rate is a target, not a floor: the prospectus says it can be raised or lowered without notice, and part of any payout may be a return of your own capital.sec.gov
• Thinly traded since its 2026 launch, so spreads and order size matter more here than in the category's giants.
• Preferreds are mostly bank and insurer paper, and the fund's sector tag is financials, so one industry's credit cycle drives much of the ride.

Full EVPF profile⁠

Full PRIZ profile⁠