EVPF vs PSK

EVPFBEaton Vance Preferred Securities and Income ETF

PSKBState Street SPDR ICE Preferred Securities 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.

PSK Most preferred funds take the market as it comes. PSK's index counts only investment-grade-rated, $25-par preferreds, a quality filter written into the rules. Running since 2009, paying monthly.

Stated mandate

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

PSK The fund seeks to track the total return of the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index before fees and expenses. Its mandate covers non-convertible preferred securities meeting specified size, listing, currency, rating, and liquidity requirements.

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.

• PSK Index rules admit only non-convertible preferreds rated investment grade, at $25 par with $250M minimum size. That screen is written in, not a manager's call.ssga.com
• 0.45% a year, a touch under the typical fee in a preferred category where costs tend to run high.
• Trading since 2009 under State Street, with monthly distributions and roughly 160 issues in the book.
• Sits in the upper half of its preferred-ETF peer group in our review, backed by a long-running fund at a large, established shop.

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

• PSK Cheaper shelf-mates exist: PFFV runs 0.25% and EVPF 0.20%, though each slices the preferred market its own way.
• Preferreds sit low in the capital stack and move with both rates and credit, so price swings run wider than a plain bond fund's.
• A mid-sized, moderately traded fund rather than one of the category's household-name giants.

Full EVPF profile⁠

Full PSK profile⁠