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PFFA: A Cushioned 10%, With A Ceiling That Just Dropped (Rating Downgrade)
Virtus InfraCap US Preferred Stock ETF is downgraded from Strong Buy to Buy, reflecting a less favorable rate environment and reduced total return ceiling. PFFA's income remains robust with a ~10% yield, but NAV has eroded ~2.7% since May due to higher long-term rates. The portfolio is rotating toward higher credit quality, sacrificing some yield (SEC yield down to ~8.78%), and supporting resilience in a late-cycle regime.
PFFA Vs. JAAA: What 4.5% More Yield Actually Buys
I rate the Janus Henderson AAA CLO ETF a Buy: its 5%+ yield, AAA CLO exposure, 0.13-year duration, and very low volatility are attractive while short-term rates remain elevated. I rate the Virtus InfraCap US Preferred Stock ETF a Hold: its 9.85% trailing yield and stronger historical returns are appealing, but leverage, higher rate sensitivity, and the current entry point keep me from upgrading it. The allocation decision comes down to yield versus stability: PFFA has delivered more income and stronger historical returns with much larger price swings, while JAAA sacrifices yield for a far.
PFFA: Short-Term Pain, Long-Term Recession Protection
Virtus InfraCap US Preferred Stock ETF remains a buy, especially as a defensive play ahead of a potential recession. PFFA offers a 10% yield, leveraging preferred stock's seniority and diversification, though recent performance has lagged due to rising rates. The ETF is heavily weighted toward financials but maintains broad sector diversification, limiting single-issuer risk.
Virtus InfraCap U.S. Preferred Stock ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| BZ Brandon Zatopek Commonwealth Equity Services LLC | 189,899 | $3.91M | $3.65M | -$256,371.23 | -6.56% |
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 16,004 | $333,274.63 | $307,596.88 | -$25,677.75 | -7.7% |
| WDW William Dudley Webb Jr. WORLD EQUITY GROUP Inc. | 60,357 | $1.28M | $1.16M | -$119,136.49 | -9.28% |
| DMC Dana M. Capozzella CASCADE INVESTMENT GROUP Inc. | 12,750 | $265,582.5 | $245,055 | -$20,527.5 | -7.73% |
| NA Nizar Araji National Bank Of Canada /FI/ | 2,848 | $56,620.56 | $55,137.28 | -$1,483.28 | -2.62% |
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) FAQ
What is the stock price today?
On which exchange is it traded?
What is its stock symbol?
Does it pay dividends? What is the current yield?
What is its market cap?
Has Virtus InfraCap U.S. Preferred Stock ETF ever had a stock split?
Virtus InfraCap U.S. Preferred Stock ETF Profile
| ARCA Exchange | US Country |
Overview
The fund is designed for investors seeking exposure to the U.S. preferred stock market. It aims to achieve its investment objective by allocating not less than 80% of its net assets, along with any borrowings for investment purposes, towards U.S. preferred stocks and instruments with similar economic characteristics. To manage the fund's assets, the Sub-Adviser employs a combination of quantitative, qualitative, and relative valuation analysis. Given its concentration on preferred stocks, the fund operates as a non-diversified fund, meaning it may invest a larger portion of its assets in fewer issuers than a diversified fund.
Products and Services
- U.S. Preferred Stock Investments:
The primary focus of the fund is on investments in preferred stocks issued by U.S. companies. Preferred stocks are a type of equity investment that typically provides income through dividends. These stocks have preferential treatment over common stocks in the payment of dividends and upon liquidation but usually do not have the voting rights associated with common stocks.
- Derivatives and Similar Instruments:
In addition to direct investments in U.S. preferred stocks, the fund may engage in derivatives and other financial instruments that mimic the economic characteristics of preferred stocks. The use of derivatives can include futures, options, and swap agreements, which are employed to enhance returns, manage risk, or gain exposure to specific assets or markets without directly owning the underlying asset.
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