Innovator Capital Management has changed the name of the Innovator S&P High Quality Preferred ETF (EPRF US) to the Innovator S&P Investment Grade Preferred ETF, effective 16 July 2018, to better reflect the mandate of the fund.

Bruce Bond, chief executive officer of Innovator Capital Management.

“EPRF is the only ETF on the market today providing access to a portfolio of 100% investment grade preferred shares,” said Bruce Bond, chief executive officer of Innovator Capital Management.

“We believe renaming EPRF as the Innovator S&P Investment Grade Preferred ETF more accurately reflects the funds’ underlying holdings.”

“Many institutions, by mandate, are limited to investment grade credit quality instruments. Within the preferred asset class, EPRF is the only ETF that fulfils this requirement,” added Graham Day, Innovator’s vice president of product & research.

“We believe credit risk is at historically dangerous levels. EPRF is a timely solution for investors looking to improve credit quality in one’s portfolio.”

The fund continues to track the S&P US High Quality Preferred Stock Index, which selects investment grade preferred issues (BBB- or higher) from US-listed preferred stocks. The index is calculated with a tiered equal weighting scheme, with preferred stock issuers equal weighted and the component securities within each issuer also equal weighted.

The ticker symbol of the fund remains the same and current shareholders are not required to take any actions as a result of this change.

The ETF remains on Cboe BZX and has assets under management of $21 million and comes with an expense ratio of 0.47%.