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PFFV

Variable Rate Preferred ETF

Overview Prices & Performance Holdings & Characteristics Research Documents

Reasons to Consider PFFV

High Income Potential

PFFV invests in a broad basket of variable rate preferred stock in the U.S., an asset class that has historically offered high yield potential.

Low Expense Ratio

PFFV’s expense ratio is half the competitor average.¹

Lower Duration Nature

Variable rate preferreds may offer lower duration profiles than fixed rate preferred issuances.

¹Expense ratio was 50.0% lower than the competitor average net expense ratio as of 1/1/23, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred Floating Rate”)

Key Information As of 03/30/23

Inception Date	06/22/20
Total Expense Ratio	0.25%
Net Assets	$266.85 million
NAV	$22.63
Fact Sheet

ETF Summary

The Global X Variable Rate Preferred ETF (PFFV) invests in a broad basket of U.S. variable rate preferred stocks, providing benchmark-like exposure to the asset class. Variable rate preferreds can play a role in an investor’s portfolio as a source of income with less interest rate risk, offering the potential to mitigate the risks of rising interest rates due to coupon payments that adjust at certain points over their lifespan.

ETF Objective

The Global X Variable Rate Preferred ETF (PFFV) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE U.S. Variable Rate Preferred Securities Index.

Trading Details As of 03/30/23

Ticker	PFFV
Bloomberg Index Ticker	PFTF
CUSIP	37954Y376
ISIN	US37954Y3760
Primary Exchange	NYSE Arca
Shares Outstanding	11,790,000
Number of Holdings	70
30-Day Median Bid-Ask Spread	0.23%

Distributions As of 03/30/23

30-Day SEC Yield	6.80%
12-Month Trailing Yield	6.76%
Distribution Yield	6.50%
Distribution Frequency	Monthly

ETF Prices As of 03/30/23

NAV	$22.63	Daily Change	$0.19	0.85%
Market Price	$22.69	Daily Change	$0.27	1.20%

As of recent (12/31/22) As of recent (12/31/22)	Fund NAV	Market Price	Index
1 Year	-14.20%	-13.80%	-14.06%
Since Inception	1.48%	1.65%	1.71%
1 Year	-1.34%	-1.70%	-1.27%
Since Inception	4.66%	4.64%	4.87%
Year-to-Date	-14.20%	-13.80%	-14.06%
1 Month	-3.88%	-3.42%	-3.83%
3 Months	-2.47%	-2.13%	-2.49%
Since Inception	3.79%	4.23%	4.39%
Year-to-Date	8.91%	8.38%	8.86%
1 Month	0.35%	0.14%	0.40%
3 Months	4.68%	4.67%	4.69%
Since Inception	13.03%	12.96%	13.63%

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Net Assets (%)	Ticker	Name	SEDOL	Market Price ($)	Shares Held	Market Value ($)
3.90	GS	GS 5.52929 PERP	B15CKS5	20.32	512,281	10,409,549.92
3.59	BAC	BAC 6.45 12/15/66	BF2PL60	25.09	381,354	9,568,171.86
3.37	USB	USB 5.84971 PERP	B617Z40	757.55	11,872	8,993,633.60
2.92	WFC	WFC 6 5/8 PERP	BH7Y8S7	24.20	322,181	7,796,780.20
2.84	MS	MS 6 3/8 PERP	BQT2G00	24.70	307,225	7,588,457.50
2.82	MS	MS 5.85 PERP	BYYYY81	24.50	307,241	7,527,404.50
2.69	ET	ET 7.6 PERP	BNZGZ86	23.40	306,912	7,181,740.80
2.68	USB	USB 5.39243 PERP	B125QN4	18.86	379,728	7,161,670.08
2.68	ATH	ATH 6.35 PERP	BK1MHD6	22.03	324,069	7,139,240.07
2.55	MS	MS 5.49243 PERP	B1802M4	20.15	338,033	6,811,364.95
2.51	GS	GS 6 3/8 PERP	BLTV2N7	25.21	265,904	6,703,439.84
2.50	STT	STT 5.9 PERP	BK4Z903	23.19	287,742	6,672,736.98
2.50	NLY	NLY 10.1521 PERP	BD0B1Y4	24.14	276,284	6,669,910.19
2.15	GS	GS 5.60929 PERP	B07GC93	20.11	285,059	5,732,536.49
2.07	WCC	WCC 10 5/8 PERP	BLFBXS3	26.58	207,471	5,514,579.18
1.99	MET	MET 6.15914 PERP	B0B87W3	22.99	230,418	5,297,309.82
1.94	ATH	ATH 6 3/8 PERP	BMG0ZK2	22.90	225,693	5,168,369.70
1.90	KEY	KEY 6.2 PERP	BPLPQT9	22.06	230,344	5,081,388.64
1.79	STT	STT 5.35 PERP	BYPK477	24.92	192,078	4,786,583.76
1.75	NI	NI 6 1/2 PERP	BGYJZ76	24.25	192,097	4,658,352.25
1.74	CHSINC	CHSINC 6 3/4 PERP	BQS2V39	24.54	189,237	4,643,875.98
1.69	RF	RF 6 3/8 PERP	BLZHDQ9	23.48	192,075	4,509,921.00
1.69	NYCB	NYCB 6 3/8 PERP	BYVLYP2	22.76	197,856	4,503,202.56
1.65	KEY	KEY 6 1/8 PERP	BYQR0N5	22.94	192,078	4,406,269.32
1.52	RF	RF 5.7 PERP	BJMXZX7	21.10	192,105	4,053,415.50
1.49	CHSINC	CHSINC 7.1 PERP	BKJ9QV0	24.59	161,478	3,970,744.02
1.48	AGNC	AGNC 6 1/8 PERP	BK8ZYQ0	19.58	201,883	3,952,869.14
1.46	RGA	RGA 5 3/4 06/15/56	BYT3Q98	25.35	153,839	3,899,818.65
1.46	NSUS	NSUS 11.5264 01/15/43	B8S0HY0	25.12	154,824	3,889,178.88
1.43	NLY	NLY 6 3/4 PERP	BK4QDZ9	22.49	170,189	3,827,550.61
1.30	RITM	RITM 7 PERP	BMHVDC2	19.45	178,874	3,479,099.30
1.29	AEL	AEL 5.95 PERP	BL4Q3H8	22.37	153,904	3,443,140.29
1.27	ESGR	ESGR 7 PERP	BFXXB52	21.97	153,923	3,381,688.31
1.26	NSUS	NSUS 10.8021 PERP	BF0XV77	22.77	148,171	3,373,853.67
1.18	AQNCN	AQNCN 6.2 07/01/2079	BFYWGC0	23.26	134,808	3,135,647.56
1.16	BAC	BAC 5.41529 PERP	B1VN1F6	20.25	152,332	3,084,723.00
1.11	PACW	PACW 7 3/4 PERP	BNM26D9	15.00	197,176	2,957,640.00
1.10	AGNC	AGNC 6 1/2 PERP	BK71BY6	20.78	141,553	2,941,471.34
1.06	RITM	RITM 6 3/8 PERP	BLCF612	18.36	153,364	2,815,763.04
1.05	SNV	SNV 5 7/8 PERP	BKFHSG7	20.86	134,751	2,810,905.86
1.04	AEL	AEL 6 5/8 PERP	BMTD3B5	24.02	115,567	2,775,919.34
1.03	AGNC	AGNC 9.90343 PERP	BDH3TH2	23.94	114,369	2,737,993.86
1.02	CFG	CFG 6.35 PERP	BGPFT82	23.58	115,568	2,725,093.44
0.97	VOYA	VOYA 5.35 PERP	BJGS497	22.39	115,579	2,587,813.81
0.95	WTFC	WTFC 6 7/8 PERP	BMTCNN4	22.99	110,769	2,546,579.31
0.93	CIM	CIM 8 PERP	BYYPKL9	19.71	125,276	2,469,189.96
0.87	MTB	MTB 5 5/8 PERP	BPQT641	24.59	93,921	2,309,517.39
0.85	TWO	TWO 7 1/4 PERP	BFNL297	19.83	113,840	2,257,447.20
0.82	RITM	RITM 7 1/8 PERP	BHQZFQ8	20.55	106,169	2,181,772.95
0.81	TVA	TVA 2.134 06/01/28	2612674	21.71	98,886	2,147,299.60
0.81	TWO	TWO 7 5/8 PERP	BYZBR93	19.35	110,952	2,146,921.20
0.79		CASH		1.00	2,114,995	2,114,995.19
0.76	AL	AL 6.15 PERP	BJR4L26	21.00	96,473	2,025,933.00
0.76	NSUS	NSUS 11.9251 PERP	BYVQFR6	23.74	84,971	2,017,211.54
0.68	ABR	ABR 6 1/4 PERP	BLR4KW3	17.16	106,424	1,826,235.84
0.67	MFA	MFA 6 1/2 PERP	BLHGG32	17.29	103,027	1,781,336.83
0.66	CIM	CIM 7 3/4 PERP	BGHCHV0	18.16	97,418	1,769,110.88
0.64	AGNC	AGNC 6 7/8 PERP	BJBT6K0	20.40	83,052	1,694,260.80
0.62	TVA	TVA 2.216 05/01/29	2520249	21.37	77,586	1,658,012.82
0.62	SPNT	SPNT 8 PERP	BMB63G7	22.03	74,760	1,646,962.80
0.59	GS	GS 5.90914 PERP	B0N0V47	20.52	76,711	1,574,109.72
0.58	WAL	WAL 4 1/4 PERP	BNZJSP3	13.40	115,717	1,550,607.80
0.54	CIM	CIM 8 PERP	BHRS1F7	19.14	74,579	1,427,442.06
0.53	IVR	IVR 7 1/2 PERP	BZ0CHS7	18.71	75,661	1,415,239.01
0.50	MBIN	MBIN 8 1/4 PERP	BQ0QJ57	24.94	52,961	1,320,847.34
0.48	GPMT	GPMT 7 PERP	BP4BX15	16.66	76,436	1,273,614.85
0.46	RITM	RITM 7 1/2 PERP	BJHNY35	21.16	57,516	1,217,038.56
0.41	AGNC	AGNC 7 3/4 PERP	BNC35P7	21.52	50,591	1,088,718.32
0.41	NYMT	NYMT 8 PERP	BF2FGW1	19.17	56,691	1,086,483.02
0.40	KMPR	KMPR 5 7/8 03/15/62	BNW0GQ6	19.00	55,552	1,055,488.00
0.33	FTAI	FTAI 8 1/4 PERP	BM8J6T3	22.68	38,669	877,012.92

Holdings are subject to change. "Cash" denotes U.S. dollars.

ETF Research

2022 Presents Potential Tax-Loss Harvesting Opportunities

Latest Premium / Discount As of 03/30/23

NAV	$22.63
Market Price	$22.69
Premium / (Discount)	$0.06

Current View 2023 Q1 As of 03/30/23

Days at Premium	54
Days at NAV	0
Days at Discount	7
Greatest Premium	0.65%
Greatest Discount	-0.26%

Daily Premium / Discount History As of 03/30/23

Hover over the chart points for details

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How can the Fund trade at a premium/discount to its NAV?

The primary explanation is that timing discrepancies can arise between the NAV and the trading price of the Fund. Since shares of the Fund trade on the open market, prices are affected by the constant flow of information received by investors, corporations and financial institutions. Depending on how this changing information affects investor sentiment, shares of the Fund may deviate slightly from the value of the Fund's underlying assets. The NAV of the Fund is only calculated once a day (normally at 4:00 p.m. eastern time). As a result, shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares, because shares are purchased and sold at current market prices. However, due to the creation and redemption process that is unique to ETFs, market makers are able to minimize these deviations from NAV by taking advantage of arbitrage opportunities.

What causes these time discrepancies?

Close of Trading Times. Although both the NAV and the daily market price of the Fund are generally calculated based on prices at the closing time of the exchange (generally 4:00 p.m. eastern time), slight differences in this timing may cause discrepancies.

Time of Last Trade. Trading of Global X funds generally takes place during normal trading hours (9:30 a.m. to 4:00 p.m. eastern time). However, it is important to note that the last trade - from which the closing price is determined - may not occur at exactly 4:00 p.m. eastern time. Therefore, changing market sentiment during the time difference may cause the NAV to deviate from the closing price.

International Holdings. The premiums and discounts for funds with significant holdings in international markets may be less accurate due to the different closing times of various international markets. Because the Funds trade during U.S. market hours while the underlying securities may not, the time lapse between the markets can result in differences between the NAV and the trading price.

Investing involves risk, including the possible loss of principal. Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stock may not pay a dividend, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. High yielding stocks are often speculative, high-risk investments. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance.

Variable and Floating Rate Securities may have limits on the maximum increases in coupon rates and may lag behind changes in market rates. A downward adjustment in coupon rates may decrease the Fund’s income as a result of its investment in variable or floating rate securities. Performance of companies in the Financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. PFFV is non-diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Since the Fund’s shares did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares, the NAV of the Fund is used to calculate market returns.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does ICE Data Indices, LLC make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with ICE Data Indices, LLC.