Seeking AlphaT3·31mo ago
EPRF Innovator S&P Investment Grade Preferred ETF
ETFETF quote, holdings, sector allocation, technicals, and options analytics. Fibonacci levels
Market data may be delayed, incomplete, or inaccurate. Not a recommendation to buy, sell, or hold any security. Verify quotes with your broker before trading. See Terms §17.
EPRF
—
—
Key stats
About
Innovator S&P Investment Grade Preferred ETF (EPRF) ETF
No description available.
- Exchange
- BATS
- Inception
- 2016-05-23
- Has Options
- No
Fund profile
holdings as of Oct 21, 2026issuer datathrough Jul 2026flows, SEC filings
- Expense ratio
- 0.47% issuer, Oct 22, 2026
- Assets
- $63M issuer-reported, Oct 21, 2026
- Trailing yield
- 6.56% paid monthly
- Average daily volume
- $153K 30 sessions
- Holdings
- 81 top 10 are 40.1%
- Listed
- May 23, 2016 Cboe BZX
- Net asset value
- $15.55 issuer, Oct 21, 2026
- Tracking difference
- +3.39 pts vs index, after fees, FY 2025
Cost26
Liquidity6
Scale30
Diversification70
Moves with. US large-cap stocks (21% of its variance, beta 0.24); Long Treasuries (11% of its variance, beta 0.23); Bitcoin (8% of its variance, beta 0.03); Small caps over large (4% of its variance, beta 0.10). These factors explain 42% of its daily moves over the last year.
Stated objective. The Fund seeks investment results that generally correspond (before fees and expenses) to the price and yield of the S&P U.S. High Quality Preferred Stock Index (the Index ). (from the fund's prospectus)
All 81 holdingsFlow historyOverlap toolAll Preferred Stock ETFs
Fund flows
through Jul 2026SEC filings- Jul 2026
- −$828K latest reported month
- Latest 3 months
- −$1.7M −2.5% of assets
- Latest 12 months
- −$12M −16.9% of assets
View as a table
| Month | Net flow |
|---|---|
| Jul 2026 | −$828K |
| Jun 2026 | −$845K |
| May 2026 | $0 |
| Apr 2026 | −$855K |
| Mar 2026 | +$2.6M |
| Feb 2026 | −$225 |
| Jan 2026 | −$1.8M |
| Dec 2025 | −$5.3M |
| Nov 2025 | −$2.7M |
| Oct 2025 | −$903K |
| Sep 2025 | +$1K |
| Aug 2025 | −$894K |
Net creations and redemptions from the fund's SEC filings, which become public about 60 days after each quarter. Every month since 60 months ago
Similar funds
| Fund | Overlap | Fee | Assets | 1Y | |
|---|---|---|---|---|---|
| PFFiShares Trust iShares Preferred and Income Securities ETF | — | 0.45% | $11.9B | −9.0% | compare |
| FPEFirst Trust Preferred Securities and Income ETF | — | 0.83% | $5.8B | −8.5% | compare |
| PGXInvesco Preferred ETF | — | 0.50% | $3.6B | −14.8% | compare |
| PFFAVirtus InfraCap U.S. Preferred Stock ETF | — | 2.11% | $2.3B | −12.2% | compare |
| PFXFVanEck Preferred Securities ex Financials ETF | — | 0.40% | $2.3B | −4.9% | compare |
The largest other funds in the Preferred Stock category.
What changed in the portfolio
Oct 15, 2026 → Oct 16, 2026| Action | Holding | Weight before | Weight after | Shares vs flows |
|---|---|---|---|---|
| New position | Public Storage 6% 09/30/2175 | — | 0.31% | — |
0 new, 0 exited, 0 increased and 0 decreased between the fund's two latest holdings reports; turnover 0.2%. Full holdings and history
Under the hood
fiscal year to Oct 31, 2025SEC census- Authorized participants
- 5 active of 5 with agreements; top 3 did 79%
- Created · redeemed
- $7.2M · $24M over the fiscal year
- Redemptions in kind
- 99% creations 99% in kind
- Creation unit
- 50,000 shares
- Securities lending
- 3.96% of assets on loan on average; earned 10.4 bp
- Return vs index
- +3.39 pts after fees; +3.85 before; daily s.d. 3.91
From the fund's annual census filing with the SEC. In-kind redemptions are what let an ETF shed appreciated securities without realising gains.
ETF Profile
holdings as of 2026-10-21
Holdings
81
AUM
$63.0M
Provider
Innovator
Inception
2016-05-23
Exchange
BATS
Data As Of
2026-10-21
Expense Ratio
0.47%
Dividend Yield
6.56%
Distribution
Monthly
Recent distributions
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-09-30 | 2026-10-02 | $0.0850 | CD |
| 2026-08-31 | 2026-09-01 | $0.0850 | CD |
| 2026-07-31 | 2026-08-03 | $0.0850 | CD |
| 2026-06-30 | 2026-07-01 | $0.0850 | CD |
| 2026-05-29 | 2026-06-01 | $0.0850 | CD |
| 2026-04-30 | 2026-05-01 | $0.0850 | CD |
Asset Allocation
Top Holdings
top 50 of 81 holdings
| Symbol | Name | Weight % | Asset Class | Country |
|---|---|---|---|---|
| — | UMB Financial Corp 7.75% 10/15/2175 | 4.12% | Equity (US) | — |
| — | Northern Trust Corp 4.7% 01/01/2175 | 4.05% | Equity (US) | — |
| — | Axis Capital Holdings Ltd 5.5% 10/15/2175 | 4.04% | Equity (US) | — |
| — | Hartford Insurance Group Inc/The 6% 08/17/2175 | 4.03% | Equity (US) | — |
| — | State Street Corp 5.35% 09/15/2175 | 4.02% | Equity (US) | US |
| — | Ares Management Corp 6.75% 10/01/2027 | 4.02% | Equity (US) | — |
| — | Agree Realty Corp | 3.99% | Equity (US) | US |
| — | Bank of New York Mellon Corp/The 6.15% 12/21/2174 | 3.99% | Equity (US) | US |
| — | Voya Financial Inc 5.35% 09/15/2175 | 3.98% | Equity (US) | — |
| — | Cullen/Frost Bankers Inc 4.45% 09/15/2175 | 3.88% | Equity (US) | — |
| — | KKR & Co Inc 6.25% 03/01/2028 | 3.83% | Equity (US) | — |
| — | RenaissanceRe Holdings Ltd 4.2% 09/01/2175 | 2.05% | Equity (US) | — |
| — | Arch Capital Group Ltd 5.45% 09/30/2175 | 2.00% | Equity (Foreign) | BM |
| — | Charles Schwab Corp/The 5.95% 09/01/2175 | 2.00% | Equity (US) | US |
| — | Equitable Holdings Inc 5.25% 09/15/2175 | 2.00% | Equity (US) | — |
| — | Charles Schwab Corp/The 4.45% 09/01/2175 | 2.00% | Equity (US) | US |
| — | Equitable Holdings Inc 4.3% 09/15/2175 | 1.97% | Equity (US) | — |
| — | Arch Capital Group Ltd 4.55% 09/30/2175 | 1.97% | Equity (Foreign) | BM |
| — | RenaissanceRe Holdings Ltd 5.75% 09/01/2175 | 1.94% | Equity (US) | — |
| — | Kimco Realty Corp 5.25% 10/15/2175 | 1.91% | Equity (US) | — |
| — | Kimco Realty Corp 5.125% 10/15/2175 | 1.88% | Equity (US) | — |
| — | MetLife Inc 5.625% 09/15/2175 | 1.36% | Equity (US) | US |
| — | Truist Financial Corp 4.75% 09/01/2175 | 1.35% | Equity (US) | US |
| — | Truist Financial Corp 5.25% 09/01/2175 | 1.35% | Equity (US) | — |
| — | MetLife Inc 4.75% 09/15/2175 | 1.35% | Equity (US) | US |
| — | MetLife Inc 0% 09/15/2175 | 1.32% | Equity (US) | — |
| — | Truist Financial Corp 4% 09/15/2175 | 1.29% | Equity (US) | — |
| — | Aspen Insurance Holdings Ltd 5.625% 10/01/2175 | 1.28% | Equity (US) | — |
| — | Aspen Insurance Holdings Ltd 7% 10/01/2175 | 1.28% | Equity (US) | — |
| — | Aspen Insurance Holdings Ltd 5.625% 10/01/2175 | 1.27% | Equity (US) | — |
| — | Athene Holding Ltd 7.75% 09/30/2175 | 1.00% | Equity (US) | — |
| — | Athene Holding Ltd 5.625% 09/30/2175 | 0.99% | Equity (US) | — |
| — | Athene Holding Ltd 6.35% 09/30/2175 | 0.98% | Equity (US) | — |
| — | Athene Holding Ltd 4.875% 09/30/2175 | 0.98% | Equity (US) | — |
| — | US BANK MMDA - USBGFS 9 09/01/2037 | 0.79% | Cash/Money Market | — |
| — | US Bancorp 4% 10/15/2175 | 0.79% | Equity (US) | US |
| — | US Bancorp 3.75% 10/15/2175 | 0.79% | Equity (US) | — |
| — | US Bancorp 5.5% 10/15/2175 | 0.78% | Equity (US) | US |
| — | US Bancorp 4.5% 10/15/2175 | 0.78% | Equity (US) | US |
| — | US Bancorp 0% 10/15/2175 | 0.78% | Equity (US) | — |
| — | JPMorgan Chase & Co 6% 12/01/2174 | 0.67% | Equity (US) | — |
| — | JPMorgan Chase & Co 4.2% 12/01/2174 | 0.67% | Equity (US) | — |
| — | JPMorgan Chase & Co 4.75% 12/01/2174 | 0.67% | Equity (US) | — |
| — | JPMorgan Chase & Co 5.75% 12/01/2174 | 0.67% | Equity (US) | — |
| — | JPMorgan Chase & Co 4.55% 12/01/2174 | 0.66% | Equity (US) | — |
| — | JPMorgan Chase & Co 4.625% 12/01/2174 | 0.66% | Equity (US) | — |
| — | Morgan Stanley 0% 10/15/2175 | 0.44% | Equity (US) | — |
| — | Morgan Stanley 7.125% 10/15/2175 | 0.44% | Equity (US) | — |
| — | Morgan Stanley 5.85% 10/15/2175 | 0.43% | Equity (US) | US |
| — | Morgan Stanley 4.25% 10/15/2175 | 0.43% | Equity (US) | US |
Geographic Breakdown
Non-Equity Breakdown
Innovator S&P Investment Grade Preferred ETF ·
NPORT-P period 2026-07-31
(filed 2026-09-28)
Net assets:
$68M
· 81 total positions
· equity 99.67%
· non-equity 7.79%
Non-equity holdings
— 2 positions,
7.79% of NAV
| Category | Weight | Value | Positions |
|---|---|---|---|
| Short-term investment | 7.79% | $5.3M | 2 |
Chart
Seasonality
| Month | '21 | '22 | '23 | '24 | '25 | '26 | Avg |
|---|---|---|---|---|---|---|---|
| Jan | -1.94% | -4.11% | 11.14% | 2.99% | -0.43% | -0.34% | 1.22% |
| Feb | -2.03% | -4.96% | -3.85% | 0.20% | 0.48% | -2.28% | -2.07% |
| Mar | 2.06% | -0.64% | -4.13% | -0.13% | -4.08% | -3.90% | -1.80% |
| Apr | -0.29% | -8.09% | 0.36% | -4.87% | -1.55% | 2.71% | -1.96% |
| May | 0.04% | 5.60% | -1.78% | 1.20% | -0.26% | -0.82% | 0.66% |
| Jun | 0.62% | -4.96% | -0.22% | -1.39% | 1.50% | -2.67% | -1.19% |
| Jul | -0.57% | 5.27% | -0.91% | 0.72% | 1.52% | -0.09% | 0.99% |
| Aug | -0.74% | -6.59% | -2.02% | 2.38% | 0.70% | -0.72% | -1.17% |
| Sep | -0.99% | -3.30% | -1.54% | 2.79% | 1.18% | -4.80% | -1.11% |
| Oct | 0.54% | -5.15% | -3.58% | -2.00% | -2.61% | -1.80%* | -2.43% |
| Nov | -3.10% | 6.28% | 7.11% | 0.68% | -1.48% | -- | 1.90% |
| Dec | 1.92% | -6.24% | 1.33% | -5.40% | 0.14% | -- | -1.65% |
| Total | -4.52% | -24.93% | 0.80% | -3.20% | -4.94% | -13.95% | -8.46% |
Technical Indicators
Quick-reference for reading the values below. Indicators combine to confirm a view — no single one is a trade signal on its own.
Trend Indicators
- SMA 20 / 50 / 200 — price above = uptrend, below = downtrend. SMA 50 crossing SMA 200 is the golden/death cross.
- EMA 12 / 26 — faster-reacting averages; 12 above 26 is short-term bullish.
- MACD — bullish when MACD > signal (green badge), bearish when below. Divergence from price often precedes reversals.
- ADX (14) — trend strength regardless of direction. <20 range, 20–25 weak trend, 25–50 trend, >50 strong trend.
- +DI / −DI — +DI > −DI favors bulls; the reverse favors bears. Read alongside ADX.
Momentum Oscillators
- RSI (14) — <30 oversold, >70 overbought. 40–60 is neutral; trending names can stay extreme.
- Stochastic %K / %D — <20 oversold, >80 overbought. %K crossing %D is an early momentum signal.
- Williams %R — inverted scale: <−80 oversold, >−20 overbought.
Oscillators work best in range-bound markets; in strong trends they give premature reversal signals.
Volume & Volatility
- Bollinger Bands — price at upper band = overbought, lower = oversold. Narrow bands (squeeze) often precede expansion.
- OBV — cumulative volume; rising OBV confirms uptrend, falling OBV confirms downtrend. Divergence from price is a warning.
- Vol SMA 20 / Vol ROC — today's volume vs. 20-day average. Positive ROC with price move = conviction.
- ATR / True Range — average daily $ move; sizing and stop-loss reference.
- HV 20 / 30 / 60 — realized (historical) volatility. Compare to IV on the options cards: IV > HV = rich premium.
Confluence matters: trend + momentum + volume agreeing carries far more weight than any single indicator. For how these feed the spread scanner score, see the algorithm docs →
Trend Indicators
SMA 20: $15.69
SMA 50: $16.13
SMA 200: $16.83
Current: $15.55
EMA 12: $15.62
EMA 26: $15.79
MACD: -0.1645 | Signal: 0.0085
BEARISH
ADX (14): 25.74
TREND
+DI: 17.16
−DI: 26.04
Momentum Oscillators
RSI (14): 37.24
NEUTRAL
Stoch %K: 11.90
Stoch %D: 13.92
Williams %R: -74.57
Volume & Volatility
BB Upper: $15.94
BB Lower: $15.43
NEUTRAL
OBV: -666,739
Vol SMA 20: 9,360
Vol ROC: -65.26%
ATR: $0.14
True Range: $0.11
HV 20: 9.2%
HV 30: 8.8%
HV 60: 8.1%
Data Summary
Data Points: 500
Last Updated:
Date Range: 2024-10-23T00:00:00 – 2026-10-21T00:00:00
AI Analysis
LLM Stock Analysis Report
Executive Summary
Overall Assessment: NEUTRAL with a confidence level of 6/10.
Key Drivers:
- Technical indicators suggest a range-bound market, with short-term trend direction uncertain.
- Momentum signals are neutral, as RSI is oversold, while MACD and Bollinger Bands are signaling no clear momentum.
Primary Risks:
- High uncertainty in the short term due to conflicting technical signals.
- Potential for mean reversion or breakout from the current range.
Recent News Sentiment Impact: The recent news headlines suggest a neutral sentiment, with no significant catalysts identified.
Technical Analysis
Trend Direction: Short-term trend direction is uncertain, as SMA 20 and EMA 12 are above the current price, while SMA 50 is slightly below. Medium-term trend direction is range-bound, with ADX indicating a consolidation phase. Long-term trend direction is unclear due to lack of clear momentum.
Support/Resistance Levels: The stock is trading near its lower Bollinger Band, which could provide support if prices continue to decline. Resistance lies at the upper Bollinger Band and the previous highs around $17.63.
Momentum Signals:
- RSI (14): 37.82, indicating oversold conditions.
- MACD: -0.07 / Signal: -0.03 / Histogram: -0.04, signaling bearish momentum.
- Bollinger Bands: The stock is trading near the lower band, suggesting overbought conditions.
Volume Analysis: Volume trends are moderate, with an On-Balance Volume (OBV) indicator showing a slight decline.
News & Sentiment Analysis
Recent Headlines Summary: Two recent news headlines suggest a neutral sentiment, focusing on general market commentary and routine announcements.
Sentiment Assessment: The aggregate news sentiment is NEUTRAL, with no significant catalysts identified.
Catalyst Identification: No specific earnings or product launch dates are available. Regulatory changes could impact the stock's performance.
Market Narrative: The technical signals suggest a range-bound market, while the recent news headlines and sentiment analysis indicate a neutral sentiment.
Risk & Volatility Assessment
Beta Interpretation: Beta is low at 0.36, indicating that the stock moves less than the market.
Volatility Regime: Historical volatility is moderate to high, with HV20 at 7.7%, HV30 at 7.5%, and HV60 at 8.2%.
Options Market Signals: No options data available.
Downside Protection: The lower Bollinger Band could provide support if prices decline further.
Market Context & Positioning
Sector Performance: The sector performance is mixed, with some stocks performing well while others underperform.
Institutional Activity: Institutional volume trends are moderate, with no clear signals of increased or decreased interest.
Correlation Analysis: The stock's correlation with the market (R-squared) is low at 0.57, indicating that it moves independently.
Relative Valuation: The stock is trading within its historical range, with no clear signs of overvaluation or undervaluation.
Key Levels & Action Items
Critical Price Levels: Support lies at $16.70 and resistance at the upper Bollinger Band ($17.25).
Breakout/Breakdown Levels: A breakout above $17.63 could signal a new uptrend, while a breakdown below $16.70 could indicate a deeper correction.
Time-Sensitive Catalysts: No specific earnings or product launch dates are available. Regulatory changes could impact the stock's performance.
Risk Management: Stop-loss levels should be set at $16.40 to limit potential losses. Position sizing considerations suggest a moderate allocation.
Generated
News
All EPRF news →
Seeking AlphaT3·54mo ago
EPRF Options Activity & IV Rank
Loading options activity...
Spread Scanner GPU
Each spread is ranked by a composite score built in three stages. Full documentation →
Stage 1 — Base Score (GPU scanner)
score = P(profit) × (credit / spread_width)
P(profit) from short leg delta (1 − |delta|), penalised above 85%. Credit uses mid-price to handle illiquid chains fairly.
Stage 2 — Skew Adjustment (±25% cap)
RR and BF (30-delta) from the persisted per-symbol skew snapshot — wing strikes picked by real greeks.delta, not a moneyness proxy. Put skew boosts bull puts, penalises bear calls. High butterfly boosts iron condors. Calendars are skew-neutral.
Stage 3 — Technical Overlay (±50% cap, 5 groups)
Group 1 · Directional Bias (±0.25)
- RSI <40 bullish / >60 bearish
- MACD crossover + histogram trend
- Price vs SMA 50 & SMA 200
Group 2 · Momentum (±0.10)
- Stochastic %K <20 / >80
- Williams %R <−80 / >−20
Group 3 · Volatility (up to −0.25 / +0.15)
- Blended ATR + straddle expected-move penalty
- Bollinger Band signal (+ counter-trend penalty)
- BB width — vol contraction boost for ICs
Group 4 · IV Regime (±0.15)
- IV rank ≥ 75 → strong boost for credit spreads
- IV rank < 25 → penalty (selling cheap vol)
Group 5 · Liquidity (penalty up to −0.10)
- Min open interest across all legs
- OI < 100 → −0.10 · OI < 500 → −0.05
score = base_score × skew_multiplier × tech_multiplier
Both multipliers are shown per spread. Beta is informational only — ATR already captures realized vol. Full algorithm documentation →
Enter a ticker to scan for optimal spread opportunities.
Evaluates all bull put, bear call, iron condor, and calendar spread combinations using GPU-accelerated analysis.
Skew (Wing IV − ATM IV)
DTE:
Wing Δ:
Wing vs ATM
IV(put wing) − IV(ATM), in vol pointsHow much the OTM put trades above (or below) the at-the-money strike. Measures the height of the put-side tail relative to ATM — i.e. how expensive crash insurance is on this name.
- Positive (typical) — wing IV > ATM IV. Standard equity put skew: portfolios bid up crash protection, so OTM puts trade richer than ATM.
- Near zero or negative (unusual) — wing IV ≤ ATM IV. Flat or inverted put side. Common when there's no fear demand, in tightly mean-reverting names, or right after an earnings catalyst clears.
- Percentile vs own 3-yr history: high = wings rich (good time to sell wing premium); low = wings cheap (good time to buy protection).
- Not directional — high or low wings don't predict up or down moves. It's a price tag on tail insurance, not a forecast.
Risk Reversal
IV(call wing) − IV(put wing), equal delta on each sideWhich side of the smile is the market paying up for? Measures the tilt of the surface — call skew vs put skew at matched deltas.
- Negative (typical) — puts richer than calls. Standard equity behavior: hedging demand makes puts carry a premium. Most large-caps sit in the −1 to −5 vol-point range.
- Strongly negative (< −5 pts) — heavy downside hedging, elevated fear, or an upcoming catalyst (earnings, FDA, macro event). Worth flagging.
- Positive — calls richer than puts. Unusual for equities; signals bullish momentum, short-squeeze positioning, or takeover/M&A speculation.
- Near zero — symmetric surface. Market sees roughly equal up/down risk. Rare for large-caps; more common in commodities and FX.
Reading them together
Wing-vs-ATM tells you how expensive the tails are. Risk Reversal tells you which side is favored. Combined:
- High wing percentile + deeply negative RR → strong put bid; stress or major event priced in. Owning protection costs a premium; selling put premium is dangerous.
- Low wing percentile + near-zero RR → complacency; insurance cheap and balanced. Good environment to add cheap downside hedges.
- Positive RR + elevated wings → call-side fear-of-missing-out; common in squeeze setups. Upside calls expensive, downside puts not bid.
14 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
30 DTE / 10d
—
—
pts
EXTREME
ATM — / Wing —
Extreme reading.
Historically these have been contrarian — on the small set of observed earnings-day cases, large negative wing-vs-ATM gaps (calls pricing much richer than puts at the same delta) preceded sharp drops in the underlying within 1-12 days. Not financial advice and the dataset is small.
Percentile is the rank of today's reading within ~3 years of this symbol's own history. High percentile = wings are rich relative to history; not a directional signal. Skew is read off the chain in real time, not from CBOE SKEW.
Volatility Surface
Enter a ticker to render the implied volatility surface.
Volatility Smile
Enter a ticker to render the implied volatility smile.
IV Rank (7 DTE)
IV Rank (30 DTE)
Straddle Price (30 DTE)
Beta Analysis
Risk Metrics
Beta: 0.3236
Alpha: -19.66%
Correlation: 0.5292
R-Squared: 28.0%
Stock Volatility: 7.8%
Market Volatility: 12.8%
Analysis Details
Benchmark: SPY
Data Points: 251
Period: 252 trading days
Data Points: 251
Period: 252 trading days
Interpretation:
Low volatility - stock moves less than market
Low volatility - stock moves less than market
Beta & Alpha Over Time
EPRF Institutional Ownership (13F)
Latest filings — 2026-09-30Institutional managers with $100M+ AUM file Form 13F-HR quarterly, due 45 days after quarter end. Holdings are reported gross at quarter-end market value — they are a snapshot, not a real-time position.
- Shares — long equity positions in this name, aggregated across share classes.
- Calls / Puts — notional value of long call / put exposure where this ticker is the underlying.
- % of Float — holder's reported shares divided by the latest diluted shares outstanding. Sums above 100% indicate large custodian / prime broker positions where the same shares are reported by multiple filers.
- Custodian badge — filers with more than 5,000 holdings are typically broker-dealers / custodians reporting customer-held shares, not active managers.
Each filer is counted once at its latest 13F-HR filing. New filings are ingested on a weekly cadence.
| # | Filer | Notional Value | % of Total | Period |
|---|
| # | Filer | Notional Value | % of Total | Period |
|---|
Constituent Performance
Click any bar to view the full quote for that stock.
Constituents
| Symbol | Name | Weight % | Price | 1 Day | 1 Week | 1 Month |
|---|