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% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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