Global X Variable Rate Preferred ETF (PFFV)
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PFFV Chart
PFFV: Still Retaining Appeal As A Cautious Allocation
Global X Variable Rate Preferred ETF (PFFV) offers an impressive ~7% SEC yield, with over 75% of distributions as qualified dividends, favoring high-tax-bracket investors. PFFV's portfolio is heavily concentrated in financials (~90%) and mid-quality credit, with ~30% unrated holdings and only ~35% rated BBB or above. Interest-rate uncertainty and low-duration exposure make PFFV a cautious buy for credit-risk-seeking investors seeking yield without significant duration risk.
PFFV: Not Always A Safe Harbour
Historically, PFFV has had worse returns than alternative investments with safer assets. A lower Fed Funds Rate will lead to lower dividends for PFFV. There is a good case that it will be cut, but no reason to think it will increase. Q1 is often a time of weakness for Preferred Shares.
PFFV's Portfolio Breakdown
Global X Variable Rate Preferred ETF invests in variable-rate preferred stocks, primarily in the financial sector, offering exposure to fixed-to-floating, resettable, and floor rate instruments. The ETF has a low expense ratio of 0.25% and has delivered stable 3-year returns of around 4.35%, with average credit quality between BBB- and BB+. Fixed-to-floating stocks below par offer the highest yields, while resettable and floor rate holdings provide diversified income streams and credit profiles.
Global X Variable Rate Preferred ETF Investors
| Name | Quantity | Cost | Value | Profit ($) | Gain (%) |
|---|---|---|---|---|---|
| JD Jim Dushek HARBOUR INVESTMENTS Inc. | 17,971 | $409,806.28 | $396,170.69 | -$13,635.59 | -3.33% |
 Jeff Ameen Spire Wealth Management | 300 | $6,948 | $6,607.5 | -$340.5 | -4.9% |
 Michael Abram INTEGRAL INVESTMENT ADVISORS Inc. | 116,315 | $2.7M | $2.57M | -$132,415.59 | -4.9% |
 Candace Cavalier Congress Wealth Management LLC / DE / | 162,187 | $3.74M | $3.58M | -$163,717.68 | -4.37% |
 Lonny Elfenbein West Michigan Advisors LLC | 13,476 | $314,469.81 | $297,684.84 | -$16,784.97 | -5.34% |
Global X Variable Rate Preferred ETF (PFFV) FAQ
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Global X Variable Rate Preferred ETF Profile
| ARCA Exchange | US Country |
Overview
The fund is a financial entity that focuses on investing a significant portion of its assets in the securities represented by an underlying index, which aims to mirror the broad-based performance of the U.S.-listed variable rate preferred securities market. A noteworthy aspect of its investment strategy is the inclusion of both American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) that are based on the securities within the underlying index. This approach enables the fund to have a stake in the performance of these securities without direct investment. The fund also reserves the right to utilize borrowings for investment purposes, highlighting its proactive approach to leveraging financial instruments to enhance its investment portfolio. Additionally, it’s important to note that the fund is non-diversified, indicating a focused investment strategy that may involve higher risks and rewards due to its concentration in a specific sector or type of security.
Products and Services
- Securities Investment
The core service provided by the fund involves investing in securities that form part of the underlying index designed to reflect the performance of the U.S.-listed variable rate preferred securities market. This includes a broad spectrum of securities, offering investors exposure to the preferred securities market through a single investment vehicle.
- American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) Investment
In addition to direct securities investment, the fund expands its portfolio by investing in ADRs and GDRs. These instruments represent shares in foreign companies that are traded on U.S. and global stock exchanges, respectively. This allows the fund to invest in a wider range of securities, including those not directly listed in the U.S., thus offering a more diversified global exposure.
