What’s going on with preferred shares?

A few months ago, I bought some shares of PGX, a preferred share ETF. I thought that the solid yields would cause it to be less affected by rising rates, and historically, it hasn't been very volatile. It recently fell by over $1 and I'm not sure why. I guess this is why you shouldn't invest in stocks you don't understand. But either way, can someone explain to me why this happened? And should I sell now or wait it out and hope that it rises again?


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