At a glance
PSK charges 0.45% a year, above the 0.38% average of the 3 funds most like it (the 3rd cheapest of 4). It has $707.8M in assets, the 4th largest of that group; it paid 7.58% of its price in distributions over the past 12 months, monthly. Over the past year it returned −9.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +3.8% a year. At its worst it fell 29.6% in the 2020 crash (S&P 500: 33.7%) and 18.1% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 16.0% of the fund, out of 160 in all.
The short version
SPDR ICE Preferred Securities ETF (PSK) tracks the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index, about 160 investment-grade preferred securities. These are hybrid investments that pay set income and rank ahead of common stock. PSK pays monthly, with a trailing yield of 7.58% as of October 27, 2026. Its 0.45% expense ratio is above the 0.38% peer average, and it trailed similar funds over one and three years.
Price history
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PSK -9.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PSK official prospectus, to Dec 31, 2025 | — | +2.61% | — | -0.60% | +2.43% | — |
| PSK price data to Oct 27, 2026 | -7.1% | -9.5% | +3.8% | -2.4% | +1.3% | +4.1% |
- Over the year to Oct 27, 2026, PSK returned -9.5%, 4th of 4 among similar funds.
- Its 5-year annualized return was -2.4% and its 10-year +1.3%.
- In the 2020 COVID crash it fell 29.6% and regained its old high 4.4 months after the low.
- Its worst full calendar year was 2022 (-18.9%); its best was 2019 (+17.6%).
- The deepest fall in its price history was 30.1% (Feb 12, 2020 to Mar 18, 2020), recovered by Aug 17, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.2% | — |
| 2025 | +2.7% | +2.61% |
| 2024 | +4.8% | +5.22% |
| 2023 | +8.9% | +9.06% |
| 2022 | -18.9% | -18.90% |
| 2021 | +1.6% | +1.60% |
| 2020 | +6.4% | +6.45% |
| 2019 | +17.6% | +17.36% |
| 2018 | -4.5% | -4.57% |
| 2017 | +12.4% | +10.49% |
| 2016 | -0.7% | -0.54% |
| 2015 | +7.7% | — |
| 2014 | +17.6% | — |
| 2013 | -5.7% | — |
| 2012 | +13.5% | — |
| 2011 | +1.1% | — |
| 2010 | +13.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26% over that stretch · deepest drop along the way 29.6%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 18.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.5800 | |
| 2025 | $2.1600 | 0.0% |
| 2024 | $2.1600 | 0.0% |
| 2023 | $2.1600 | +0.5% |
| 2022 | $2.1500 | -0.5% |
| 2021 | $2.1600 | -4.4% |
| 2020 | $2.2600 | -5.8% |
| 2019 | $2.4000 | -6.3% |
| 2018 | $2.5600 | -15.8% |
| 2017 | $3.0400 | +22.6% |
| 2016 | $2.4800 | +3.8% |
| 2015 | $2.3900 | -3.6% |
| 2014 | $2.4800 | -18.7% |
| 2013 | $3.0500 | +7.8% |
| 2012 | $2.8300 | -4.7% |
| 2011 | $2.9700 | +10.8% |
| 2010 | $2.6800 |
What's inside
As of Jun 30, 2026, the fund held 160 securities; the ten largest made up 15.98% of assets, and 8.79% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Citigroup Capital XIII Preferred stock | 3.67% | |
| WELLS FARGO & COMPANY Preferred stock | 1.66% | |
| CAPITAL ONE FINANCIAL CO Preferred stock | 1.56% | |
| AT&T Inc Preferred stock | 1.54% | |
| Duke Energy Corp Preferred stock | 1.40% | |
| ALLSTATE CORP Preferred stock | 1.30% | |
| CAPITAL ONE FINANCIAL CO Preferred stock | 1.25% | |
| NEXTERA ENERGY CAPITAL Preferred stock | 1.21% | |
| XCEL ENERGY INC Preferred stock | 1.20% | |
| ATHENE HOLDING LTD Preferred stock | 1.19% | |
| JPMorgan Chase & Co Preferred stock | 1.17% | |
| M&T BANK CORPORATION Preferred stock | 1.11% | |
| SOUTHERN CO Preferred stock | 1.09% | |
| METLIFE INC Preferred stock | 1.06% | |
| US Bancorp Preferred stock | 1.05% |
By country
United States 94.03%Bermuda 2.93%Canada 1.56%By asset type
Preferred stock 98.51%By sector
Sectors of the companies held, for the 40.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $7.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.88%, -1.01%, -0.84%.
How it works
PSK follows an index built by ICE Data Indices, which is separate from State Street. The index holds preferred securities: non-convertible preferred stock and similar securities, including some senior and subordinated debt. To get in, a security must have a $25 par value and be listed mainly on the NYSE or Nasdaq. It must have at least $250 million outstanding, be in US dollars and carry an investment-grade rating from Moody's or S&P. It must also average at least 250,000 units of monthly trading volume over six months. Convertible preferreds, closed-end funds and securities with a sinking fund (a schedule for retiring the issue early) are excluded. As of July 31, 2026, the index held 163 securities.
Holdings are weighted mostly by market value. No single issuer can make up more than 5% of the index, and any excess is spread across the other issuers. The index rebalances on the last calendar day of each month. SSGA Funds Management, the fund's adviser, may hold all the index securities or a representative sample. At least 80% of net assets must be in index securities, and the fund may use futures and cash to manage money coming in and going out. Portfolio turnover was 14%.
As of June 30, 2026, the largest position was Citigroup Capital XIII at 3.67%, and the top 10 holdings made up 15.98% of the fund. The prospectus notes that a large share of the fund is in financial companies.
What it really costs
- PSK charges 0.45% a year, versus an average of 0.38% for the similar funds below (3rd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PSK | $46 | $144 | $252 | $567 |
In a retirement portfolio
PSK's main contribution is monthly income from preferred securities, but its stock-like drops make it a supporting income source rather than a core holding.
PSK pays monthly, with a trailing 12-month yield of 7.58% as of October 27, 2026. That income has come with sharp price swings. The fund launched in September 2009, after the 2008 crisis. In the 2020 COVID crash it fell 29.6% in about a month and recovered by July 2020. It lost 18.1% in the 2022 bear market, and 2022 was its worst calendar year at -18.9%. As of October 27, 2026, it had not regained its January 2022 peak. Someone who had to sell shares in a year like that would lock in losses. Under the SEC's standard example, costs on $10,000 come to $46 after one year and $567 after 10. Its heavy tilt toward banks and insurers adds sector risk. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts; the trailing yield was 7.58% as of October 27, 2026.
- Investors who want preferreds limited to investment-grade issues, with no single issuer above 5% of the index.
- Holders who can ride out deep drops, like the 29.6% fall in early 2020, in exchange for steady monthly income.
Look elsewhere if
- Cost-conscious investors: Global X U.S. Preferred ETF (PFFD) charges 0.23% a year, compared with PSK's 0.45%.
- Anyone avoiding bank concentration: PSK leans heavily on financial companies, while VanEck's PFXF excludes financials.
- People who need stable principal: PSK lost 18.9% in 2022 and had not regained its early-2022 peak as of October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does PSK pay monthly dividends?
Yes. PSK pays distributions every month. Over the 12 months to October 27, 2026, it paid $2.12 per share, a trailing yield of 7.58%. The income comes from the preferred securities it holds, which mostly pay fixed rates. Payments can change as holdings are redeemed, replaced or reset, so past distributions don't guarantee future ones.
What's the difference between PSK and PGX?
The main differences are size and cost. Their holdings overlap by about 66%. Invesco Preferred ETF (PGX) had about $3.7 billion in net assets as of August 31, 2026, while PSK had about $708 million as of June 30, 2026. PGX charges 0.51% a year and PSK charges 0.45%. Over the year to October 27, 2026, PGX returned -9.2% and PSK returned -9.5%. PSK's index admits only investment-grade issues.
Is PSK good for retirement income?
It can provide monthly income, but with real price risk. The trailing yield was 7.58% as of October 27, 2026. The fund also fell 29.6% in early 2020 and lost 18.9% in 2022. As of December 31, 2025, its average annual return was -0.6% over five years and 2.43% over 10 years, so high income hasn't always meant strong total return. It may suit retirees who treat it as one part of a broader mix.
Why did PSK lose money in 2022?
PSK lost 18.9% in 2022, its worst calendar year. Most preferred securities pay fixed distributions. Like bonds, their prices tend to fall when interest rates rise, because newer securities offer higher payouts. The fund's heavy tilt toward banks and other financial companies adds sector risk. As of October 27, 2026, it had not regained its January 2022 peak and was down 7.1% for 2026 through that date.
What is PSK's expense ratio?
PSK's expense ratio is 0.45%, all of it management fee, according to the prospectus filed October 26, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $46 after one year, $252 after five years and $567 after 10. That is above the 0.38% average of similar funds. Global X U.S. Preferred ETF (PFFD) charges 0.23%, and Invesco Preferred ETF (PGX) charges 0.51%.