|Market Price||$23.02||Daily Change||$0.16||0.70%|
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.
PFFV’s expense ratio is half the competitor average.1
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 7/1/23, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred Floating Rate”)
|Total Expense Ratio||0.25%|
|Net Assets||$218.32 million|
|Fact Sheet||View the document|
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.
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.
|Bloomberg Index Ticker||PFTF|
|Primary Exchange||NYSE Arca|
|Number of Holdings||60|
|30-Day Median Bid-Ask Spread||0.22%|
|NAIC Designation||Preliminary 4.B as of 03/31/23|
|30-Day SEC Yield||7.65%|
|12-Month Trailing Yield||6.79%|
|Market Price||$23.02||Daily Change||$0.16||0.70%|
As of recent (06/30/23)
As of recent (06/30/23)
|Fund NAV||Market Price||Index|
Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.
|Net Assets (%)||Ticker||Name||SEDOL||Market Price ($)||Shares Held||Market Value ($)|
|4.35||BAC||BAC 6.45 12/15/66||BF2PL60||25.07||378,575||9,490,913.11|
|4.02||GS||GS 6.29689 PERP||B15CKS5||21.14||415,497||8,783,606.58|
|3.98||MS||MS 6.26957 PERP||B1802M4||21.79||398,971||8,693,578.09|
|3.26||ATH||ATH 6.35 PERP||BK1MHD6||22.80||312,216||7,118,524.80|
|3.13||USB||USB 6.16957 PERP||B125QN4||19.20||355,921||6,833,683.20|
|3.02||NLY||NLY 10.5309 PERP||BD0B1Y4||25.29||260,617||6,591,003.93|
|3.01||RGA||RGA 7 1/8 10/15/52||BMG9SY4||25.98||253,158||6,577,044.84|
|2.44||ATH||ATH 6 3/8 PERP||BMG0ZK2||24.55||217,021||5,327,865.55|
|2.36||WCC||WCC 10 5/8 PERP||BLFBXS3||26.38||195,002||5,144,152.76|
|2.31||JXN||JXN 8 PERP||BMW6VL7||25.32||199,182||5,043,288.24|
|2.28||MET||MET 6.6617 PERP||B0B87W3||22.90||217,279||4,975,689.10|
|2.25||GS||GS 6.37689 PERP||B07GC93||21.30||230,437||4,908,308.10|
|2.11||ALL||ALL 8.73457 01/15/53||B87XV26||25.60||179,643||4,598,860.80|
|2.10||AGNC||AGNC 6 1/8 PERP||BK8ZYQ0||22.05||207,849||4,583,070.45|
|2.09||ATH||ATH 7 3/4 PERP||BPLKV33||25.39||179,392||4,554,762.88|
|2.04||CHSINC||CHSINC 6 3/4 PERP||BQS2V39||25.01||178,290||4,459,032.90|
|1.98||KEY||KEY 6.2 PERP||BPLPQT9||19.94||217,158||4,330,130.52|
|1.95||NYCB||NYCB 6 3/8 PERP||BYVLYP2||22.89||186,389||4,266,444.21|
|1.89||RF||RF 6 3/8 PERP||BLZHDQ9||22.80||180,991||4,126,594.80|
|1.89||ET||ET 10.1562 PERP||BNZGZ19||25.34||162,840||4,126,365.60|
|1.84||KEY||KEY 6 1/8 PERP||BYQR0N5||22.25||180,862||4,024,179.50|
|1.81||USB||USB 6.58957 PERP||B617Z40||773.50||5,105||3,948,717.50|
|1.76||NSUS||NSUS 12.3036 01/15/43||B8S0HY0||26.35||145,609||3,836,797.15|
|1.74||NLY||NLY 9.70986 PERP||BF4M2M2||24.74||153,534||3,798,431.16|
|1.72||PACW||PACW 7 3/4 PERP||BNM26D9||20.16||185,679||3,743,288.64|
|1.71||RF||RF 5.7 PERP||BJMXZX7||20.61||180,855||3,727,421.55|
|1.68||RGA||RGA 5 3/4 06/15/56||BYT3Q98||25.45||144,326||3,673,096.70|
|1.62||ESGR||ESGR 7 PERP||BFXXB52||24.62||143,831||3,541,119.22|
|1.61||RITM||RITM 7 PERP||BMHVDC2||20.95||168,163||3,523,014.85|
|1.60||NSUS||NSUS 11.3147 PERP||BF0XV77||25.08||139,218||3,491,587.44|
|1.57||AGNC||AGNC 6 1/2 PERP||BK71BY6||23.77||144,513||3,435,074.01|
|1.46||AEL||AEL 5.95 PERP||BL4Q3H8||22.19||143,111||3,175,633.09|
|1.43||BAC||BAC 6.14137 PERP||B1VN1F6||20.91||149,230||3,120,399.30|
|1.38||AGNC||AGNC 10.6806 PERP||BDH3TH2||25.99||116,110||3,017,698.90|
|1.32||HBAN||HBAN 6 7/8 PERP||BQMS207||24.85||116,262||2,889,110.70|
|1.28||RITM||RITM 6 3/8 PERP||BLCF612||19.67||142,238||2,797,963.70|
|1.18||AEL||AEL 6 5/8 PERP||BMTD3B5||24.07||107,306||2,582,855.42|
|1.17||VOYA||VOYA 5.35 PERP||BJGS497||23.86||107,299||2,560,154.14|
|1.10||WTFC||WTFC 6 7/8 PERP||BMTCNN4||23.42||102,840||2,408,512.80|
|1.04||BAC NEW YORK||BAC 5.97618 PERP||B1GH4Y3||20.68||109,966||2,274,096.88|
|1.02||ASB||ASB 6 5/8 03/01/33||BMX3XP5||20.78||107,300||2,229,694.00|
|0.94||MTB||MTB 5 5/8 PERP||BPQT641||23.02||89,400||2,057,988.00|
|0.93||ABR||ABR 6 1/4 PERP||BLR4KW3||20.00||101,393||2,027,860.00|
|0.87||TWO||TWO 7 5/8 PERP||BYZBR93||20.17||93,837||1,892,692.29|
|0.85||TWO||TWO 7 1/4 PERP||BFNL297||20.75||89,242||1,851,771.50|
|0.82||SPNT||SPNT 8 PERP||BMB63G7||24.89||71,502||1,779,877.84|
|0.79||SNV||SNV 9.0137 PERP||BG1FRQ0||24.26||71,498||1,734,541.48|
|0.79||WAL||WAL 4 1/4 PERP||BNZJSP3||16.00||107,243||1,715,888.00|
|0.77||CIM||CIM 7 3/4 PERP||BGHCHV0||18.14||92,954||1,686,185.56|
|0.73||TVA||TVA 2.216 05/01/29||2520249||21.27||74,465||1,583,870.55|
|0.72||NSUS||NSUS 12.551 PERP||BD1KJ79||25.56||61,649||1,575,748.44|
|0.60||GS||GS 6.37689 PERP||B0N0V47||21.58||60,620||1,308,179.60|
|0.57||ZION||ZION 9.91104 PERP||B8GFK37||25.22||49,431||1,246,649.82|
|0.57||MBIN||MBIN 8 1/4 PERP||BQ0QJ57||24.23||50,898||1,233,258.54|
|0.55||AGNC||AGNC 7 3/4 PERP||BNC35P7||22.36||53,496||1,196,170.56|
|0.46||KMPR||KMPR 5 7/8 03/15/62||BNW0GQ6||18.37||54,029||992,512.73|
|0.44||OTHER PAYABLE & RECEIVABLES||1.00||967,430||967,429.56|
|0.41||FTAI||FTAI 8 1/4 PERP||BM8J6T3||23.90||37,652||899,882.80|
|0.38||VLY||VLY 6 1/4 PERP||BYNMCH1||19.84||41,451||822,387.84|
|0.37||VLY||VLY 9.11586 PERP||BDGSY95||22.68||36,040||817,387.20|
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 08/31, PFFV was rated against the following numbers of Preferred Stock funds over the following time periods: 64 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. 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.