PFFV


Variable Rate Preferred ETF

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%

Performance History

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.

Top Holdings As of 03/30/23

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

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.

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