InfraCap REIT Preferred ETF

Investment Opportunity

The InfraCap REIT Preferred ETF is the only ETF offering a diversified investment in preferred securities issued by Real Estate Investment Trusts (REITs).

Potential benefits include attractive yield potential, characteristics of both fixed income and equities, low equity beta, and monthly dividends.

REIT Preferreds may offer advantages relative to traditional preferred securities, such as those issued by banks and insurance companies. REITs are typically less leveraged, as they often have lower levels of corporate debt. The nature of revenue streams associated with REITs are generally more predictable. REITs may offer greater transparency as to the financial health of the issuer (i.e., cash flows, assets).

Fund Risks

Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.

Real Estate: The fund may be negatively affected by factors specific to the real estate market, including interest rates, leverage, property, and management.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Passive Strategy/Index Risk: A passive investment strategy seeking to track the performance of the underlying Index may result in the fund holding securities regardless of market conditions or their current or projected performance. This could cause the fund's returns to be lower than if the fund employed an active strategy.

Correlation to Index: The performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, and timing differences associated with additions to and deletions from its index.

Market Volatility: Securities in the fund may go up or down in response to the prospects of individual companies and general economic conditions. Price changes may be short or long term.

Prospectus: For additional information on risks, please see the fund's prospectus.

Management Team

Jay D. Hatfield
Infrastructure Capital Advisors

Industry start date: 2000

Start date with Fund: 2017

Edward Ryan
Infrastructure Capital Advisors

Industry start date: 1980

Start date with Fund: 2017

Infrastructure Capital Advisors

Infrastructure Capital Advisors, LLC (ICA) is an SEC-registered investment advisor that manages an actively managed ETF and a series of hedge funds. The firm was formed in 2012 and is based in New York City.


Fund Information

Exchange: NYSE Arca
Ticker: PFFR
CUSIP: 26923G400
Inception Date: 2/7/2017
IOPV Symbol: PFFR.IV
NAV Symbol: PFFR.NV

Average Annual Total Returns

Monthly Performance (%) (as of 5/31/2017)
  1 Mo. 3 Mo.   YTD     1YR   3YR 5YR 10YR Since Inception
NAV 0.58 1.81 NA NA NA NA NA 3.69
MKT Price 0.68 1.95 NA NA NA NA NA 4.06
Index 0.64 2.03 NA NA NA NA NA 3.90
Quarterly Performance (%) (as of 3/31/2017)
  1 Mo. 3 Mo. YTD 1YR 3YR 5YR 10YR Since Inception
NAV 0.30 NA NA NA NA NA NA 2.15
MKT Price 0.25 NA NA NA NA NA NA 2.32
Index 0.39 NA NA NA NA NA NA 2.23

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate, so your shares, when redeemed, may be worth more or less than their original cost.

Fees & Expenses

Management Fee: 0.45
Other Expenses: 0.00
Acquired Fund Fees: 0.00
Gross Expense Ratio: 0.45

The management fee is structured as a “unified fee”, out of which the Fund’s sub-adviser pays all routine expenses of the Fund, except for payments under any 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing money; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary expenses of the Fund, each of which is paid by the Fund.

Index: Indxx REIT Preferred Stock Index
The Indxx REIT Preferred Stock Index is a market cap weighted index designed to provide diversified exposure to high yielding liquid preferred securities issued by Real Estate Investment Trusts listed in the U.S. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment.

Fund Data & Pricing (as of 6/27/2017)

NAV: $26.24
Change: -$0.02
Closing Price: $26.31
Change: -$0.01
4PM Bid/Offer Midpoint: $26.30
Premium/Discount: $0.05
Shares Outstanding: 650,004.00
Net Assets: 17,058,473.83
Daily Trade Volume: 6,909.00
20 Day Average Trading Volume: 15,794.00

Premium / Discount Analysis

  Number of Days Fund Has Traded at a:
  Discount Premium
Period Less than -2% -1.51% to -2.00% -1.01% to -1.50% -0.51% to -1.00% -0.01% to -0.50% 0.00% to 0.50% 0.51% to 1.00% 1.01% to 1.50% 1.51% to 2.00% Greater than 2%
2017-Q1: 2/7/2017 through 3/31/2017 0 0 0 0 6 30 2 0 0 0

Top Holdings (% Fund)
(as of 6/28/2017)

VEREIT INC 6.700 9.40
WELLTOWER INC 6.500 8.15
ANNALY CAPITAL MGMT 7.500 3.92
CBL & ASSOCIATES PROP 7.375 3.54
FELCOR LODGING TRUST INC 1.950 3.01
ALEXANDRIA REAL ESTATE E 7.000 2.92
ANNALY CAPITAL MGMT 7.625 2.58
VORNADO REALTY TRUST 5.700 2.56
VORNADO REALTY TRUST 5.400 2.55
WELLS FARGO REIT 6.375 2.48

Fund Distributions

Distributions - Last 12 Months
Ex
Date
Record
Date
Payable
Date
Dividend
Income
Short Term
Capital Gain
Long Term
Capital Gain
Distribution
Total
5/22/2017 5/24/2017 5/30/2017 $0.020260 $0.000000 $0.000000 $0.020260
4/20/2017 4/24/2017 5/1/2017 $0.151190 $0.000000 $0.000000 $0.151190
3/20/2017 3/22/2017 3/28/2017 $0.103340 $0.000000 $0.000000 $0.103340

Please consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus contains this and other information about the Fund. Contact us at 888-383-0553 or visit www.infracappffr.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

Performance data quoted represents past results. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost.

Closing Price:
The Closing Price is the price of the last reported trade on the fund's primary exchange. If there has been no reported trade for a particular date, the Closing Price represents the 4PM Bid/Offer Midpoint. 

4PM Bid/Offer Midpoint: The midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00pm Eastern Time).

Premium/Discount: The amount the Fund is trading above or below the reported NAV (based on 4PM Bid/Offer Midpoint).

The “net asset value” (NAV) of the Fund is determined at the close of each business day, and represents the dollar value of one share of the Fund; it is calculated by taking the total assets of the Fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the Fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs such as the Fund are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

NAV returns are calculated using the Fund’s daily 4:00 p.m. NAV, and include the reinvestment of all dividends and other distributions (reinvested at the Fund's NAV on distribution ex-date). Market price returns are calculated using the 4:00 pm midpoint between the bid and offer, and include the reinvestment of all dividends and other distributions (reinvested at the 4:00pm bid/offer midpoint on distribution ex-date). Market price returns do not represent the return you would receive if you traded at other times.

SEC Yield is an annualized yield that is calculated by dividing the investment income earned by the Fund less expenses over the most recent 30 day period by the current NAV at the end of the 30 day period. The Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. The Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the Subsidized Yield and Unsubsidized Yield will be identical.

Distribution Yield is the annual yield that an investor would receive if the most recent distribution remained the same going forward. The yield represents a single distribution from the Fund and does not represent total return of the Fund. The distribution yield is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.

Returns for periods of less than one year are cumulative total returns.

Not insured by FDIC/NCUSIF or any federal government agency. No bank guarantee. Not a deposit. May lose value.

Distributed by ETF Distributors LLC

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