Invesco Preferred ETF

PGX is an index ETF that provides broad exposure to primarily fixed-rate, U.S. dollar–denominated preferred securities (a hybrid of equity and long-duration credit) issued by U.S. and non-U.S. issuers and listed/accessible in the U.S. market. Its interest-rate sensitivity tends to be intermediate-to-long (preferreds are often perpetual/very long final maturities but are commonly priced to call), so the fund is typically used for income generation and preferred-market exposure rather than capital preservation. Key risks include rate risk, credit/spread risk (including meaningful exposure below investment grade), and call/refinancing risk that can cap upside when spreads tighten.