EPRF — Innovator S&P Investment Grade Preferred ETF

EPRF Fund Overview

EPRF — Innovator S&P Investment Grade Preferred ETF is a US ETF managed by Innovator ETFs Trust II, categorised as United States Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Innovator ETFs Trust II
• Category: United States Blend / Core Equity
• Assets under management: $224.47M
• 1-year return: 6.6%
• Ticker: EPRF
• SEC CIK: 0001595106
• SEC series ID: S000051507
• Share class ID: C000162138

EPRF Investment Objective and Strategy

Innovator S&P Investment Grade Preferred ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Innovator ETFs Trust II.

Investment objective

The Innovator S&P Investment Grade Preferred ETF 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?).

Principal investment strategy

The Fund generally will invest at least 90% of its total assets in U.S.-listed preferred stocks that comprise the Index. In general, preferred stock is a class of equity security that pays a specified dividend that must be paid before any dividends can be paid to common stockholders, and which takes precedence over common stock in the event of the company?s liquidation. Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights and have economic characteristics similar to fixed-income securities. Preferred stocks generally are issued with a fixed par value and pay dividends based on a percentage of that par value at a fixed or variable rate. Additionally, preferred stocks often have a liquidation value that generally equals the original purchase price of the preferred stock at the date of issuance.

The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund?s investment sub-adviser seeks a correlation of 0.95 or better (before fees and expenses) between the Fund?s performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. S&P Opco LLC (a subsidiary of S&P Dow Jones Indices, LLC) (?S&P? or the ?Index Provider?) compiles, maintains and calculates the Index. Penserra Capital Management LLC (?Penserra? or the ?Sub-Adviser?) serves as the investment sub-adviser to the Fund. The Index is designed to provide exposure to U.S.-listed preferred stocks that meet the following minimum size, liquidity, type of issuance, and quality criteria: Initial Universe. To be eligible for the Index, a preferred stock must be included in both the S&P U.S.

Fixed Rate Preferred Stock Index and the S&P U.S. Investment Grade Preferred Stock Index as of the reference date. The S&P U.S. Fixed Rate Preferred Stock Index comprises preferred stocks that pay dividends at a fixed rate; a fixed-rate preferred stock pays a fixed dividend for its entire term. Market Capitalization . Preferred stocks must have an outstanding market capitalization of more than $100 million as of the reference date to be included in the Index. Listing . Preferred stocks that do not trade on a public market are excluded from the Index. Volume . Preferred stocks that have traded more than 250,000 shares per month over the previous six months are eligible for inclusion. Issues with fewer than six months of trading history are evaluated over the available period and may be included should size and available trading history infer the issue will satisfy this requirement.

Indicated Yield . Preferred stocks for which the Index Provider cannot determine an indicated dividend yield are not eligible. Rating . Preferred stocks must be considered investment grade with a credit rating minimum of BBB-/Baa3/BBB- issued by S&P, Moody?s, and Fitch, respectively. For an issue rated by all of S&P, Moody?s, and Fitch, the lowest of the three ratings is used as the issue?s credit rating. When there are two ratings, the lower of the two ratings must be considered investment grade. When there is only one rating, that rating must be considered investment grade. Defaulted securities are removed at the first rebalancing of the Index. For more information on the Index, please refer to the Index Provider section later in this prospectus. The Fund may employ a representative sampling indexing strategy to track the Index.

?Representative sampling? is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index. Concentration Policy. The Fund will concentrate its investments ( i.e., invest more than 25% of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Index reflects a concentration in that industry or group of industries.

The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of March 31, 2018, the Fund had significant investments in companies comprising the financials sector.

EPRF Performance

Total returns for EPRF (as of 2026-10-01), from SEC filings.

EPRF Risk Information

Risk metrics for EPRF, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.9%

EPRF Costs and Fees

EPRF costs about $47 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.47%
• Gross expense ratio: 0.47%
• Portfolio turnover: 67%
• Brokerage commissions: 4.16 bps of average net assets (SEC N-CEN)

EPRF Cashflows

Over the 12 months to 2021-07, Innovator S&P Investment Grade Preferred ETF had net inflows of $181.20M, from monthly SEC N-PORT filings.

EPRF Debt Constituents

No individual debt constituents are reported in Innovator S&P Investment Grade Preferred ETF's latest SEC N-PORT filing.

EPRF Prospectus and SEC Filings

Official Innovator S&P Investment Grade Preferred ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2021-03-01
• Prospectus (485BPOS) — filed 2020-06-08
• Prospectus (485BPOS) — filed 2020-06-08
• Portfolio holdings (N-PORT) — filed 2021-09-28
• Portfolio holdings (N-PORT) — filed 2021-06-28
• Portfolio holdings (N-PORT) — filed 2021-03-31
• Annual census (N-CEN) — filed 2021-01-12
• Annual census (N-CEN) — filed 2020-01-10

Related Funds

Other United States Blend / Core Equity funds tracked on ABC INVEST:

• International Small Company Portfolio (DFISX)
• iShares Preferred and Income Securities ETF (PFF)
• Guggenheim Macro Opportunities Fund (GIOAX)
• Emerging Markets Portfolio (DFEMX)
• Eaton Vance Global Macro Absolute Return Advantage Fund (EGRAX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.