ATLASPrincipal Spectrum Preferred Securities Active ETF (PREF): outlook, holdings and fees
Principal Spectrum Preferred Securities Active ETF (PREF) is an exchange-traded fund and is managed by Principal Funds. The expense ratio is 0.57% and the yield is 5.72%. The ten largest holdings are 8% of the fund.
Fund data as of Oct 14, 2026 · Price Nov 2, 2026
ATLAS view on PREF
| Last price | $18.42 (+0.1%) |
|---|---|
| ATLAS chance of a higher price in 1 month | 74% |
| Likely 1-month range (50%) | $18.41 – $18.64 |
| Normal 1-day range (±1σ) | ±0.2% |
| Distribution yield | 5.72% |
ATLAS probabilities use the same calibrated model as every stock page. A fair value is shown for companies, not funds; the holdings below link to the fair value of each company.
PREF fund facts
| Issuer | Principal Funds |
|---|---|
| Theme | Other strategies |
| Assets under management | $1.9B |
| Expense ratio | 0.57% |
| Number of holdings | 6 |
| Portfolio turnover | 16% |
| Inception | Jul 10, 2017 |
| Exchange | NYSE |
Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in preferred securities. Examples of preferred securities include preferred stock, certain depositary receipts, and various types of junior subordinated debt. In particular, the fund focuses on preferred securities known as "$1,000 par preferred securities," which are issued in large, institutional lot sizes, typically by U.S. and non-U.S. financial services companies and other corporations.
PREF top holdings
| Holding | Sector | Weight |
|---|---|---|
| PNC 6.25 US693475BP99 | – | 1.88% |
| MTB 3.5 US55261FAN42 | – | 1.62% |
| SCHW 4 US808513BJ38 | – | 1.23% |
| WELLS FARGO 23/UND. FLR US95002YAA10 | – | 1.14% |
| HBAN 5.625 US446150AT18 | – | 1.11% |
| US929089AG55 US929089AG55 | – | 0.85% |
Holdings with an ATLAS page link to their probability range, fair value and earnings calendar.
PREF returns and risk
| Year to date | 0.0% |
|---|---|
| 1 year | +1.3% |
| 3 years (annualised) | +8.5% |
| 5 years (annualised) | +2.4% |
| 10 years (annualised) | 0.0% |
| Volatility (3 years) | 4.6% |
| Sharpe ratio (3 years) | 0.81 |
Past returns do not guarantee future results.
PREF: frequently asked questions
What does PREF invest in?
Principal Spectrum Preferred Securities Active ETF invests in a portfolio of securities. Its largest holdings are PNC 6.25 (1.9%), MTB 3.5 (1.6%), SCHW 4 (1.2%), WELLS FARGO 23/UND. FLR (1.1%), HBAN 5.625 (1.1%).
What is the PREF expense ratio?
0.57% a year: about $57.00 for every $10,000 invested.
What is the PREF dividend yield?
5.72%. ATLAS does not hold the exact distribution dates for ETFs.
Will PREF go up?
Nobody can know. The ATLAS model puts the chance of a higher price in one month at 74%, with a likely range (50%) of $18.41 to $18.64 from $18.42 today. It is a probability, not a prediction.
How has PREF performed?
Year to date 0.0%, one year +1.3%, three years +8.5% a year, five years +2.4% a year. Past returns do not guarantee future results.
Similar ETFs: Other strategies
- iShares Russell 1000 ETF (IWB)
- Vanguard Extended Market ETF (VXF)
- State Street SPDR S&P MidCap 400 ETF Trust (MDY)
- iShares S&P 100 ETF (OEF)
- iShares Russell 3000 ETF (IWV)
- Vanguard Mortgage-Backed Securities ETF (VMBS)
- State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF (SPTM)
- iShares Preferred and Income Securities ETF (PFF)
Educational information, not investment advice. Disclaimer