PFFV


Variable Rate Preferred ETF

Morningstar Rating™ - Overall rating out of 65 Preferred Stock funds, based on risk-adjusted returns as of 05/31/2024

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 7/1/24, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred Floating Rate”)

Key Information As of 07/16/24

Inception Date 06/22/20
Total Expense Ratio 0.25%
Net Assets $252.31 million
NAV $23.83
Fact Sheet View the document

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 07/16/24

Ticker PFFV
Bloomberg Index Ticker PFTF
CUSIP 37954Y376
ISIN US37954Y3760
Primary Exchange NYSE Arca
Shares Outstanding 10,590,000
Number of Holdings 55
30-Day Median Bid-Ask Spread 0.04%
NAIC Designation Preliminary 4.A as of 03/31/24

Distributions As of 07/16/24

30-Day SEC Yield 7.28%
12-Month Trailing Yield 7.37%
Distribution Yield 6.77%
Distribution Frequency Monthly

ETF Prices As of 07/16/24

NAV $23.83 Daily Change $0.03 0.13%
Market Price $23.83 Daily Change $0.02 0.08%

Performance History

As of recent month & quarter-end (06/30/24)
As of recent month & quarter-end (06/30/24)
Fund NAV Market Price Index
1 Year 13.34% 13.98% 13.60%
3 Years 0.30% 0.29% 0.47%
Since Inception 4.86% 4.89% 5.07%
1 Year 13.34% 13.98% 13.60%
3 Years 0.30% 0.29% 0.47%
Since Inception 4.86% 4.89% 5.07%
Year-to-Date 5.43% 5.05% 5.57%
1 Month -0.10% 0.03% -0.12%
3 Months 1.90% 1.59% 1.98%
Since Inception 21.03% 21.21% 22.04%
Year-to-Date 5.43% 5.05% 5.57%
1 Month -0.10% 0.03% -0.12%
3 Months 1.90% 1.59% 1.98%
Since Inception 21.03% 21.21% 22.04%

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.

Top Holdings As of 07/16/24

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
5.28 GS GS 6.25718 PERP B15CKS5 23.28 572,219 13,321,258.32
4.42 BAC BAC 6.45 12/15/66 BF2PL60 25.45 438,468 11,159,010.60
4.33 MS MS 6.26298 PERP B1802M4 23.16 471,315 10,915,655.40
3.75 USB USB 6.16298 PERP B125QN4 21.99 430,660 9,470,213.40
3.35 ATH ATH 6.35 PERP BPSKDY1 24.65 342,403 8,440,233.95
3.04 NLY NLY 10.5862 PERP BD0B1Y4 25.61 298,993 7,657,210.73
2.97 GS GS 6.33718 PERP B07GC93 23.63 316,612 7,481,541.56
2.85 RGA RGA 7 1/8 10/15/52 BMG9SY4 26.01 276,317 7,187,005.17
2.68 APO APO 7 5/8 09/15/53 BQC5ZW1 26.79 251,916 6,748,829.64
2.48 MET MET 6.60083 PERP B0B87W3 24.85 251,253 6,243,637.05
2.40 JXN JXN 8 PERP BMW6VL7 26.33 230,186 6,060,797.38
2.31 ATH ATH 6 3/8 PERP BMG0ZK2 25.18 231,725 5,834,835.50
2.31 KEY KEY 6.2 PERP BPLPQT9 22.83 255,173 5,824,323.73
2.27 ATH ATH 7 1/4 03/30/64 BSLKYN5 25.43 225,357 5,730,828.51
2.13 SYF SYF 8 1/4 PERP BSNWT01 25.67 209,566 5,379,559.22
2.13 ALL ALL 8.71238 01/15/53 B87XV26 25.81 208,227 5,374,318.05
2.13 USB USB 6.58298 PERP B617Z40 870.41 6,166 5,366,948.06
2.06 ATH ATH 7 3/4 PERP BPLKV33 26.45 196,715 5,203,111.75
2.06 BANC BANC 7 3/4 PERP BMWDYS6 24.00 216,691 5,200,584.00
1.98 KEY KEY 6 1/8 PERP BYQR0N5 23.32 214,131 4,993,534.92
1.97 FITB FITB 9.29621 PERP BH58353 25.81 192,976 4,980,710.56
1.96 RF RF 5.7 PERP BJMXZX7 23.51 209,780 4,931,927.80
1.88 NLY NLY 10.5822 PERP BK4QDZ9 25.74 184,495 4,748,901.30
1.80 RITM RITM 7 PERP BMHVDC2 23.15 196,094 4,539,576.10
1.80 CHSINC CHSINC 7.1 PERP BKJ9QV0 25.84 175,615 4,537,013.53
1.77 NLY NLY 9.71938 PERP BF4M2M2 25.39 176,277 4,475,673.03
1.69 ESGR ESGR 7 PERP BFXXB52 25.47 167,414 4,264,034.58
1.67 NYCB NYCB 6 3/8 PERP BYVLYP2 19.46 217,064 4,224,065.44
1.58 RGA RGA 5 3/4 06/15/56 BYT3Q98 25.23 157,994 3,986,188.62
1.39 AGNC AGNC 10.674 PERP BDH3TH2 25.76 136,077 3,505,343.52
1.36 HBAN HBAN 6 7/8 PERP BQMS207 25.25 136,316 3,441,979.00
1.35 CIM CIM 11.3842 PERP BYYPKL9 24.93 136,213 3,395,776.47
1.27 NGL NGL 12.7604 PERP BYSX804 24.27 131,724 3,196,941.48
1.27 B 08/01/24 BNRPV61 1.00 3,200,000 3,193,024.99
1.25 VOYA VOYA 5.35 PERP BJGS497 24.95 126,731 3,161,938.45
1.24 AEL AEL 6 5/8 PERP BRRG5W6 24.87 125,800 3,128,017.00
1.22 BAC NEW YORK BAC 5.93399 PERP B1GH4Y3 23.88 128,786 3,075,409.68
1.20 AHL AHL 5.54738 PERP B94QMV1 26.24 115,118 3,020,696.32
1.18 WTFC WTFC 6 7/8 PERP BMTCNN4 24.70 120,610 2,979,067.00
1.17 ASB ASB 6 5/8 03/01/33 BMX3XP5 23.58 125,547 2,960,398.26
1.11 BAC BAC 6.2475 PERP B06H0T3 22.66 123,645 2,801,795.70
1.07 AL AL 9.24088 PERP BJR4L26 25.65 104,774 2,687,442.62
1.03 MTB MTB 5 5/8 PERP BPQT641 24.70 105,127 2,596,636.90
0.99 AGNC AGNC 9.89498 PERP BJBT6K0 25.15 98,825 2,484,954.63
0.97 CIM CIM 7 3/4 PERP BGHCHV0 22.42 109,007 2,443,936.94
0.96 TVA TVA 2.134 06/01/28 2612674 22.70 107,005 2,429,013.50
0.96 WAL WAL 4 1/4 PERP BNZJSP3 18.98 127,374 2,417,558.52
0.85 SPNT SPNT 8 PERP BMB63G7 25.49 83,836 2,137,004.79
0.82 CIM CIM 10.9311 PERP BHRS1F7 24.72 83,865 2,072,933.14
0.81 GS GS 6.33718 PERP B0N0V47 24.27 84,030 2,039,408.10
0.80 SLM SLM 7.30083 PERP B0B87Z6 76.50 26,416 2,020,824.00
0.77 TVA TVA 2.216 05/01/29 2520249 22.17 87,356 1,936,682.52
0.66 TFC TFC 6.07738 PERP BKMF2F1 22.81 72,906 1,662,985.86
0.62 ARGO ARGO 7 PERP BQ72J14 24.90 62,516 1,556,654.65
0.60 AGNC AGNC 7 3/4 PERP BNC35P7 24.22 62,621 1,516,680.62
0.04 CASH 1.00 105,458 105,458.36
0.02 OTHER PAYABLE & RECEIVABLES 1.00 57,492 57,491.78
Holdings are subject to change. "Cash" denotes U.S. dollars.

ETF Research

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales load. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three- year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 05/31, PFFV was rated against the following numbers of Preferred Stock funds over the following time periods: 65 during the last 3 years. With respect to these Preferred Stock funds, PFFV received a Morningstar Rating of 4 stars. Past performance is not indicative of future results.

© 2023 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Preliminary National Association of Insurance Commissioners (NAIC) Designation refers to the NAIC Securities Valuation Office’s (SVO’s) opinion as to what NAIC Designation it believes the Fund would receive if owned by an insurance company and reported to the SVO. NAIC Designations are to be used solely by the state insurance regulators and by the insurance industry for financial solvency monitoring and not for purposes of investment decision-making.

The Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) assigns credit quality designations to securities held by state-regulated insurance companies. NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality. “P” is a valuation indicator used to classify perpetual preferred stock. NAIC designations allow ETFs to be reported as bonds or preferred stock (as appropriate) on NAIC Schedule D and are used to set Risk-Based Capital (RBC) requirements. NAIC designations only measure credit risk and do not measure other risks or factors that may affect repayment, such as volatility/interest rate, prepayment, extension or liquidity risk. Refer to official NAIC publication and guidance for official NAIC policies and definitions.

Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designations is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service. A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Global X. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

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.

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.