Overview
Fixed-rate US preferred securities — around 273 issues, mostly bank and utility paper, paying 6.6% monthly.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| C | Citigroup pfd | 2.8% |
| WFC | Wells Fargo pfd | 2.5% |
| BAC | Bank of America pfd | 2.3% |
| JPM | JPMorgan pfd | 2.0% |
| AL | Air Lease pfd | 1.6% |
| NEE | NextEra pfd | 1.5% |
| MS | Morgan Stanley pfd | 1.4% |
| DUK | Duke Energy pfd | 1.2% |
| GS | Goldman Sachs pfd | 1.1% |
| T | AT&T pfd | 1.0% |
Fund Details
Investment Thesis
PGX is the duration-heavy end of the preferred market: fixed-rate perpetuals whose prices move like long bonds — which is why a year of rising long yields left it down 6% even as its 6.6% coupon kept paying. That cuts both ways: no mainstream preferred fund gains more when long rates finally fall. An income position with an embedded rates view.
Who It's For
Income investors comfortable pairing a fat monthly coupon with long-duration risk, ideally as the rate-sensitive half of a preferred allocation beside floating-heavy FPE.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $13.68 | -- |
| 2017 | $14.09 | +3.0% |
| 2018 | $12.97 | -7.9% |
| 2019 | $14.65 | +13.0% |
| 2020 | $14.80 | +1.0% |
| 2021 | $14.95 | +1.0% |
| 2022 | $11.81 | -21.0% |
| 2023 | $12.04 | +1.9% |
| 2024 | $11.68 | -3.0% |
| 2025 | $11.80 | +1.0% |
| Year | Yield |
|---|---|
| 2016 | 5.90% |
| 2017 | 5.60% |
| 2018 | 6.10% |
| 2019 | 5.50% |
| 2020 | 5.30% |
| 2021 | 4.70% |
| 2022 | 6.40% |
| 2023 | 6.70% |
| 2024 | 6.50% |
| 2025 | 6.50% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $4.5B | -- |
| 2017 | $5.5B | +22.2% |
| 2018 | $5B | -9.1% |
| 2019 | $6B | +20.0% |
| 2020 | $6.5B | +8.3% |
| 2021 | $7.5B | +15.4% |
| 2022 | $5B | -33.3% |
| 2023 | $4.5B | -10.0% |
| 2024 | $4B | -11.1% |
| 2025 | $3.8B | -5.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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