The Innovator S&P Investment Grade Preferred ETF (EPRF) is an exchange-traded fund that seeks to track the performance of the S&P U.S. Preferred Stock Index, a market-cap-weighted benchmark of the preferred stock market.
Preferred stock is a type of equity security that represents ownership in a corporation, but with a fixed dividend payment similar to a bond. Preferred stock usually has a higher yield than common stock and is less volatile. It is a popular investment for income-seeking investors.
The ETF invests at least 80% of its total assets in preferred stocks included in the index. The index includes preferred stocks issued by companies in the S&P Composite 1500, which is a broad-based index of US equities. The ETF may also invest in other securities that are not included in the index.
The ETF is managed by Innovator Capital Management LLC and has an expense ratio of 0.47%. It began trading on the NYSE Arca in July 2018.
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