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 10/1/22, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred Floating Rate”)

Key Information As of 11/28/22

Inception Date 06/22/20
Total Expense Ratio 0.25%
Net Assets $285.35 million
NAV $23.35
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 11/28/22

Ticker PFFV
Bloomberg Index Ticker PFTF
CUSIP 37954Y376
ISIN US37954Y3760
Primary Exchange NYSE Arca
Shares Outstanding 12,220,000
Number of Holdings 66
30-Day Median Bid-Ask Spread 0.18%

Distributions As of 11/28/22

30-Day SEC Yield 6.95%
12-Month Trailing Yield 6.55%
Distribution Yield 6.25%
Distribution Frequency Monthly

ETF Prices As of 11/28/22

NAV $23.35 Daily Change $0.01 0.06%
Market Price $23.39 Daily Change -$0.05 -0.21%

Performance History

As of recent
(09/30/22)
As of recent
(09/30/22)
Fund NAV Market Price Index
1 Year -11.56% -11.59% -11.37%
Since Inception 2.77% 2.81% 3.04%
1 Year -14.44% -14.44% -14.27%
Since Inception 1.46% 1.57% 1.72%
Year-to-Date -12.02% -11.92% -11.87%
1 Month -1.78% -2.06% -1.75%
3 Months -0.81% -1.27% -0.78%
Since Inception 6.42% 6.50% 7.05%
Year-to-Date -14.45% -14.20% -14.30%
1 Month -2.76% -2.59% -2.76%
3 Months -7.48% -7.50% -7.43%
Since Inception 3.48% 3.74% 4.09%

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 11/28/22

Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
5.04 C C 6 7/8 PERP BG05028 25.04 574,688 14,390,187.52
4.83 B 12/01/22 BPLVD29 1.00 13,790,000 13,787,388.45
3.57 BAC BAC 6.45 12/15/66 BF2PL60 25.22 403,427 10,174,428.94
3.47 GS GS 5.262 PERP B15CKS5 19.11 518,602 9,909,447.02
2.88 WFC WFC 6 5/8 PERP BH7Y8S7 25.24 325,257 8,208,166.14
2.76 ATH ATH 6.35 PERP BK1MHD6 24.49 322,106 7,888,375.94
2.61 USB USB 4.67914 PERP B125QN4 19.23 387,023 7,442,452.29
2.51 ET ET 7.6 PERP BNZGZ86 23.09 309,659 7,150,026.31
2.49 STT STT 5.9 PERP BK4Z903 24.48 290,272 7,106,235.91
2.41 NLY NLY 8.66714 PERP BD0B1Y4 24.69 278,648 6,879,819.12
2.39 GS GS 6 3/8 PERP BLTV2N7 25.42 268,675 6,829,718.50
2.30 MS MS 6 3/8 PERP BQT2G00 25.01 262,508 6,565,325.08
2.21 MS MS 5.85 PERP BYYYY81 23.97 262,463 6,291,238.11
1.99 MS MS 4.77914 PERP B1802M4 19.70 288,568 5,684,789.60
1.99 WCC WCC 10 5/8 PERP BLFBXS3 27.10 208,982 5,663,412.20
1.98 ATH ATH 6 3/8 PERP BMG0ZK2 25.27 223,863 5,657,018.01
1.98 MS MS 6 7/8 PERP BH5QGM5 25.32 222,989 5,646,081.48
1.92 GS GS 5.342 PERP B07GC93 19.03 287,585 5,472,742.55
1.78 PACW PACW 7 3/4 PERP BNM26D9 25.65 198,397 5,088,883.05
1.76 RF RF 6 3/8 PERP BLZHDQ9 25.98 193,262 5,020,946.76
1.71 MET MET 4.29257 PERP B0B87W3 21.03 231,925 4,877,088.90
1.68 KEY KEY 6 1/8 PERP BYQR0N5 24.82 193,217 4,795,102.42
1.67 CHSINC CHSINC 6 3/4 PERP BQS2V39 25.06 190,357 4,770,346.42
1.67 NYCB NYCB 6 3/8 PERP BYVLYP2 23.93 198,972 4,761,399.96
1.66 STT STT 5.35 PERP BYPK477 24.53 193,238 4,739,297.22
1.65 NI NI 6 1/2 PERP BGYJZ76 24.30 193,255 4,695,130.23
1.56 FITB FITB 6 5/8 PERP BH58353 25.58 173,853 4,447,159.74
1.54 AGNC AGNC 6 1/8 PERP BK8ZYQ0 19.79 222,120 4,395,754.80
1.54 RF RF 5.7 PERP BJMXZX7 22.76 193,126 4,395,547.76
1.44 CHSINC CHSINC 7.1 PERP BKJ9QV0 25.30 162,234 4,104,520.20
1.38 NLY NLY 6 3/4 PERP BK4QDZ9 22.98 170,782 3,924,570.36
1.36 NSUS NSUS 10.8131 01/15/43 B8S0HY0 25.05 155,417 3,893,195.85
1.36 RGA RGA 5 3/4 06/15/56 BYT3Q98 25.12 154,433 3,879,356.96
1.24 ESGR ESGR 7 PERP BFXXB52 22.90 154,371 3,535,095.90
1.20 RITM RITM 7 PERP BMHVDC2 19.03 179,363 3,413,277.89
1.17 AEL AEL 5.95 PERP BL4Q3H8 21.64 154,384 3,340,869.76
1.15 AGNC AGNC 6 1/2 PERP BK71BY6 21.10 155,190 3,274,509.00
1.13 NSUS NSUS 9.12643 PERP BF0XV77 21.71 148,482 3,223,544.22
1.12 SNV SNV 5 7/8 PERP BKFHSG7 23.77 134,953 3,207,832.81
1.11 BAC BAC 5.23386 PERP B1VN1F6 19.70 161,263 3,176,881.10
1.05 AQNCN AQNCN 6.2 07/01/2079 BFYWGC0 22.10 134,977 2,982,991.70
1.00 CFG CFG 6.35 PERP BGPFT82 24.63 115,589 2,846,957.07
0.97 RITM RITM 6 3/8 PERP BLCF612 17.78 154,995 2,755,811.10
0.96 AEL AEL 6 5/8 PERP BMTD3B5 23.71 115,575 2,740,283.25
0.90 CIM CIM 8 PERP BYYPKL9 20.59 125,083 2,575,208.80
0.89 VOYA VOYA 5.35 PERP BJGS497 21.86 115,494 2,524,698.84
0.86 WAL WAL 4 1/4 PERP BNZJSP3 21.32 115,458 2,461,564.56
0.86 RGA RGA 7.66257 09/15/42 B711QX5 25.44 95,853 2,438,500.32
0.83 BAC NEW YORK BAC 4.95614 PERP B1GH4Y3 19.48 121,067 2,358,203.56
0.78 MTB MTB 5 5/8 PERP BPQT641 23.21 96,143 2,231,479.03
0.76 RITM RITM 7 1/8 PERP BHQZFQ8 20.10 108,506 2,180,970.60
0.74 TWO TWO 7 1/4 PERP BFNL297 18.63 113,390 2,112,455.70
0.74 ABR ABR 6 1/4 PERP BLR4KW3 19.60 107,136 2,099,865.60
0.73 NSUS NSUS 10.2494 PERP BYVQFR6 23.91 87,055 2,081,485.05
0.73 TWO TWO 7 5/8 PERP BYZBR93 18.72 110,476 2,068,022.34
0.67 MFA MFA 6 1/2 PERP BLHGG32 18.18 105,613 1,920,044.34
0.64 CIM CIM 7 3/4 PERP BGHCHV0 18.41 99,786 1,836,720.99
0.64 AGNC AGNC 6 7/8 PERP BJBT6K0 20.10 90,141 1,811,834.10
0.62 SPNT SPNT 8 PERP BMB63G7 23.15 76,785 1,777,572.75
0.53 CIM CIM 8 PERP BHRS1F7 19.90 76,529 1,522,927.10
0.51 GPMT GPMT 7 PERP BP4BX15 18.40 78,833 1,450,527.20
0.43 RITM RITM 7 1/2 PERP BJHNY35 20.84 59,172 1,233,144.48
0.42 CASH 1.00 1,208,251 1,208,251.18
0.42 ARGO ARGO 7 PERP BMVZ8X6 20.97 57,207 1,199,773.81
0.40 NYMT NYMT 8 PERP BF2FGW1 19.70 58,301 1,148,529.70
0.39 KMPR KMPR 5 7/8 03/15/62 BNW0GQ6 19.55 57,231 1,118,866.05
0.33 ACR ACR 8 5/8 PERP BNKTVK4 21.31 44,694 952,429.14
Holdings are subject to change.

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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