PSK — State Street SPDR ICE Preferred Securities ETF
Preferred & Convertible Ranked #402 of 458 tracked ETFs · Issued by State Street Investment Management
PSK Price Performance — Growth of $10,000
Value of a $10,000 investment in PSK over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
PSK Drawdown
The "underwater" chart: PSK's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in PSK?
See what a lump sum in PSK would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The State Street SPDR ICE Preferred Securities ETF (PSK) is a Preferred & Convertible fund managed by State Street Investment Management with $708 million in assets under management. Trading at $30.20, the fund holds an overall rank of #402 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of D with a score of 44.4/100. The fund charges an expense ratio of 0.45% while offering a dividend yield of 7.06%. Within its specific category of Preferred & Convertible securities, which contains 8 ETFs tracked by ETFValuer, PSK sits in the middle of the pack regarding asset size. The combination of a mid-tier asset base and a lower overall rank suggests moderate investor adoption relative to the broader universe of funds. Its high dividend yield contrasts with its modest asset size, indicating a focus on income generation rather than capital appreciation. The fund's position among 458 total tracked ETFs places it in the lower half of the overall market spectrum.
Recent performance data shows a mixed trajectory with a slight gain of +0.03% over the last day followed by a decline of -0.82% over the past week. Over the last month, the fund dropped -0.53%, and this negative momentum extended to a -2.59% loss over three months. The six-month return stands at -3.58%, while the year-to-date figure is -2.37%, indicating a period of underperformance in the current calendar year. Despite these shorter-term declines, the fund posted a positive return of +1.48% over the last year. Looking further back, the three-year annualized return is +8.93%, showing that long-term performance has been more robust than recent trends. This pattern suggests a divergence where short-term volatility has overshadowed the fund's longer-term positive accumulation.
The fund carries a volatility label of Very Low, yet it exhibits a beta of 1.06, suggesting it moves slightly more than the broader market despite its classification. A Sharpe ratio of -0.59 indicates that the risk-adjusted returns have been negative, meaning the fund has not adequately compensated investors for the risk taken. The maximum drawdown of -10.30% highlights the potential for significant temporary losses during market downturns. This combination of a negative Sharpe ratio and a double-digit drawdown implies that the fund has experienced periods where losses were substantial relative to the returns generated. While the volatility label suggests stability, the beta and drawdown figures reveal that the fund remains sensitive to market movements and has faced notable downside pressure. Investors should note that the fund's behavior in down markets has resulted in meaningful declines that offset recent gains.
AI-generated summary based on the data on this page.
PSK Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | State Street Global Advisors | 5.46% | $39M |
| 2 | Citigroup Capital XIII | 3.83% | $27M |
| 3 | WELLS FARGO & COMPANY | 1.64% | $12M |
| 4 | AT&T Inc | 1.63% | $12M |
| 5 | CAPITAL ONE FINANCIAL CO | 1.63% | $11M |
| 6 | Duke Energy Corp | 1.41% | $10M |
| 7 | ALLSTATE CORP | 1.32% | $9M |
| 8 | CAPITAL ONE FINANCIAL CO | 1.30% | $9M |
| 9 | XCEL ENERGY INC | 1.28% | $9M |
| 10 | NEXTERA ENERGY CAPITAL | 1.26% | $9M |
Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 20.8% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PSK's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With PSK
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PSK's top 10 — PGX overlaps most, holding 3 of the same companies as PSK's top 10 (6.2% of PSK's assets).
| ETF | Name | Shared Companies | PSK Weight | Examples |
|---|---|---|---|---|
| PGX | Invesco Preferred ETF | 3 | 6.2% | CAPITAL ONE FINANCIAL CO, AT&T Inc, WELLS FARGO & COMPANY |
| FPE | First Trust Preferred Securities and Income ETF | 3 | 4.2% | WELLS FARGO & COMPANY, NEXTERA ENERGY CAPITAL, XCEL ENERGY INC |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 2 | 7.1% | State Street Global Advisors, WELLS FARGO & COMPANY |
| PFF | iShares Preferred and Income Securities ETF | 2 | 5.5% | Citigroup Capital XIII, WELLS FARGO & COMPANY |
| PFFD | Global X U.S. Preferred ETF | 2 | 5.5% | Citigroup Capital XIII, WELLS FARGO & COMPANY |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What PSK's Fees Cost You
PSK charges an expense ratio of 0.45% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
PSK Dividend Income Estimator
PSK currently yields 7.06%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
PSK Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 6.97% and average daily volume is 82K/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $708M provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: PSK is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
PSK Performance History
| Period | Return |
|---|---|
| 1-Day | +0.03% |
| 1-Week | -0.82% |
| 1-Month | -0.53% |
| 3-Month | -2.59% |
| 6-Month | -3.58% |
| YTD | -2.37% |
| 1-Year | +1.48% |
| 3-Year | +8.93% |
How PSK Compares to Other Preferred & Convertible ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #45 | B+ |
ICVT | iShares Convertible Bond ETF | +24.20% | 0.2% | $7.53B |
| #124 | B |
CWB | State Street SPDR Bloomberg Convertible Securities ETF | +20.74% | 0.4% | $6.20B |
| #342 | C |
FPE | First Trust Preferred Securities and Income ETF | +5.54% | 0.83% | $6.32B |
| #343 | C |
PFXF | VanEck Preferred Securities ex Financials ETF | +5.82% | 0.4% | $2.63B |
| #365 | C |
PFF | iShares Preferred and Income Securities ETF | +2.31% | 0.45% | $13.1B |
| #374 | C |
PFFD | Global X U.S. Preferred ETF | +2.49% | 0.23% | $2.15B |
| #388 | D |
PGX | Invesco Preferred ETF | +2.00% | 0.5% | $3.86B |
| #402 | D |
PSK | State Street SPDR ICE Preferred Securities ETF | +1.48% | 0.45% | $708M |