PGF's Portfolio Breakdown

PGF invests exclusively in financial sector preferreds, with 90% in fixed-rate holdings, making it highly sensitive to interest rate changes. The fund maintains moderate risk, with over 60% of assets rated BBB or higher by Fitch and 80% by Moody's. Fixed-rate preferreds above par yield 6.85% on average, while those below par offer a 6.31% yield to worst, both with Baa3 average ratings.

Seeking Alpha • Aug 21, 2025

PGF's Portfolio Review

PGF offers diversified exposure to financial sector preferred stocks, with 90% fixed-rate holdings and a focus on investment-grade credit quality (average Baa3 rating). The fund's portfolio is mainly composed of 71% fixed-rate preferreds trading below par, providing a yield to worst of 6.50% and attractive entry points. Resettable and fixed-to-floating rate preferreds add yield and interest rate risk diversification, though they represent a smaller portion of the portfolio.

Seeking Alpha • Jun 12, 2025

Debunking Preferred Stock ETF Holdings Part 5: PGF's Portfolio Breakdown

The Invesco Financial Preferred ETF focuses on U.S. dollar fixed-rate preferred securities from financial companies, with a current yield of 6.25% and a 0.54% expense ratio. Fixed-rate preferred stocks below par make up 65% of the portfolio, offering an average weighted current yield of 6.18% and a Baa2 credit rating. Fixed to floating and resettable stocks are evaluated using a methodology that calculates expected internal rates of return, with average credit ratings around Baa3 and Ba1/Ba2 respectively.

Seeking Alpha • Mar 28, 2025

Top Preferred Equity ETFs For High Monthly Dividends: Up To 7% Yields

The article evaluates various preferred securities ETFs, focusing on their dividend yields and performance metrics according to yield growth or sustainment. Most preferred equity ETFs are down big after rate hikes started. If you believe the 10 year is finally stabilizing and headed downward, now might be a good time to pick up some high yield rate sensitive plays.

Seeking Alpha • Feb 24, 2025

PGF: Financial Preferred Stocks Look Unattractive

Invesco Financial Preferred ETF focuses on preferred stocks of financials companies. PGF shows a 2-digit decrease in both price and distributions over the last 10 years. PGF concentration in banks seems to be an additional factor of risk, as it has underperformed a preferred stocks ETF excluding financials.

Seeking Alpha • Aug 11, 2024

Preferreds Weekly Review: Bond Interest Deferral Worries Investors

We take a look at the action in preferreds and baby bonds through the second week of April and highlight some of the key themes we are watching.

Seeking Alpha • Apr 21, 2024

PGF: Only If Bullish On Financials And Falling Rates

The Invesco Financial Preferred ETF offers higher yield and lower volatility compared to common stock, making it a potential asset for portfolios. The PGF ETF primarily invests in fixed-rate preferred securities issued by financial entities in the U.S. domestic market. The fund's sector-specific focus on the financial sector exposes it to sector-specific risks, but it also provides an opportunity for steady dividend payments.

Seeking Alpha • Apr 18, 2024

Preferreds Weekly Review: Keep An Eye On The Spread Of Floating-Rate Preferreds

We take a look at the action in preferreds and baby bonds through the fourth week of March and highlight some of the key themes we are watching. Preferreds had a good week as Treasury yields fell on the back of the Fed's more dovish than expected stance. We take a look at how stocks with different spreads over SOFR could react to Fed's cuts.

Seeking Alpha • Mar 31, 2024

Preferreds Weekly Review: Mandatory Convertibles Offer High-Beta Preferred Exposure

We take a look at the action in preferreds and baby bonds through the third week of March and highlight some of the key themes we are watching. Preferreds were down for the week due to rising Treasury yields, but most preferred CEF sectors remain positive for the month. Albemarle issued a new preferred stock with a mandatory convertible feature, offering upside participation with less downside than the common and a higher coupon.

Seeking Alpha • Mar 24, 2024

Preferreds Weekly Review: Historic Drawdowns Are Relevant Again

We take a look at the action in preferreds and baby bonds through the fourth week of February and highlight some of the key themes we are watching. Preferreds had a strong week with a 1%+ return, driven by a drop in Treasury yields and compression in credit spreads. Different preferreds sectors have different drawdown profiles, offering investors an opportunity to tilt to more resilient securities in anticipation of the next drawdown.

Seeking Alpha • Mar 3, 2024