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InfraCap REIT Preferred ETF
Ticker
PFFR
CUSIP
26923G400
Inception
02/07/2017
NAV
$
Closing Price
$
30-Day Median Bid/Ask Spread
1.07%
(as of 06/01/2023)
Premium/Discount
$-0.08
(as of 06/01/2023)
4PM Bid/Offer Midpoint
$16.75
(as of 06/01/2023)
Shares Outstanding
(as of 06/01/2023)
Daily Trading Volume
19,500.00
(as of 06/01/2023)
20 Day Average Trading Volume
17,800.00
(as of 06/01/2023)
Net Assets
$58,893,769
(as of 06/01/2023)
Investment Overview
The Fund seeks investment results that correspond, before fees and expenses, to the price and yield performance of the Indxx REIT Preferred Stock Index.
Investment Partner
Infrastructure Capital Advisors
Infrastructure Capital Advisors, LLC (ICA) is a 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.
Learn more about Infrastructure Capital Advisors
Investment Professionals
Jay D. Hatfield
Chief Investment Officer
Industry start date: 2000
Start date as fund Portfolio Manager: 2017
Edward Ryan
Chief Operating Officer
Industry start date: 1980
Start date as fund Portfolio Manager: 2017
Key Features
Targeted Exposure
The only ETF offering a diversified investment in preferred securities issued by Real Estate Investment Trusts (REITs)
Attractive Attributes
REIT preferreds tend to offer attractive yield potential, both fixed income and equity characteristics, and low equity beta
Advantages Over Traditional Preferreds
These securities are also typically exposed to less leverage with generally more predictable revenue streams than those issued by banks and insurance companies
Top Holdings (% Fund)
| Security | |
|---|---|
| ANNALY CAPITAL MGMT 10.152 06/01/2073 | |
| DIGITAL REALTY TRUST INC 5.200 06/01/2073 | |
| DIGITALBRIDGE GROUP INC 7.150 06/01/2073 | |
| DIGITALBRIDGE GROUP INC 7.125 06/01/2073 | |
| KIMCO REALTY CORP 5.250 06/01/2073 | |
| AGNC INVESTMENT CORP 6.125 06/01/2073 | |
| KIMCO REALTY CORP 5.125 06/01/2073 | |
| DIGITAL REALTY TRUST INC 5.850 06/01/2073 | |
| NATIONAL STORAGE AFFILIA 6.000 06/01/2073 | |
| DIVERSIFIED HEALTHCARE T 5.625 08/01/2042 |
Performance
As of
As of
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
| Total Expense Ratio | 0.45 |
The Total Expense Ratio represents the Fund's Total Annual Fund Operating Expenses, which includes the management fee and other expenses where applicable, except for certain payments that are paid directly by the Fund, as described in the Prospectus.
Yields / Distribution Rate1
(as of 04/28/2023)| 30-day SEC Yield | 7.67 |
| Distribution Rate (as of 06/01/2023) | 8.56 |
Distribution History2
| Ex-Date | Record Date | Payable Date | Dividend Income | ST Capital Gains | LT Capital Gains | Distribution Total |
|---|---|---|---|---|---|---|
| 06/21/2022 | 06/22/2022 | 06/29/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 07/20/2022 | 07/21/2022 | 07/28/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 08/22/2022 | 08/23/2022 | 08/30/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 09/20/2022 | 09/21/2022 | 09/28/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 10/20/2022 | 10/21/2022 | 10/28/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 11/21/2022 | 11/22/2022 | 11/30/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 12/20/2022 | 12/21/2022 | 12/29/2022 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 01/20/2023 | 01/23/2023 | 01/30/2023 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 02/21/2023 | 02/22/2023 | 02/27/2023 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 03/20/2023 | 03/21/2023 | 03/28/2023 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 04/20/2023 | 04/21/2023 | 04/28/2023 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
| 05/22/2023 | 05/23/2023 | 05/31/2023 | 0.120000 | 0.000000 | 0.000000 | 0.120000 |
Please view the Fund’s Section 19-a notices, which set forth information regarding the composition of the distributions, including any portion that may constitute a return of capital.
Premium/Discount
| 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% |
| 2021-Q2: 4/1/2021 through 6/30/2021 | 0 | 0 | 0 | 0 | 18 | 45 | 0 | 0 | 0 | 0 |
| 2021-Q3: 7/1/2021 through 9/30/2021 | 0 | 0 | 0 | 0 | 33 | 31 | 0 | 0 | 0 | 0 |
| 2021-Q4: 10/1/2021 through 12/31/2021 | 0 | 0 | 0 | 0 | 28 | 36 | 0 | 0 | 0 | 0 |
| 2022-Q1: 1/3/2022 through 3/31/2022 | 0 | 0 | 0 | 0 | 37 | 25 | 0 | 0 | 0 | 0 |
| 2022-Q2: 4/1/2022 through 6/30/2022 | 0 | 0 | 0 | 3 | 44 | 15 | 0 | 0 | 0 | 0 |
| 2022-Q3: 7/1/2022 through 9/30/2022 | 0 | 0 | 0 | 2 | 20 | 37 | 5 | 0 | 0 | 0 |
| 2022-Q4: 10/3/2022 through 12/30/2022 | 0 | 0 | 0 | 1 | 18 | 37 | 6 | 1 | 0 | 0 |
| 2023-Q1: 1/3/2023 through 3/31/2023 | 0 | 0 | 0 | 1 | 7 | 38 | 16 | 0 | 0 | 0 |
Risk Considerations
Exchange-Traded Funds (ETF): The value of an ETF may be more volatile than the underlying portfolio of securities it is designed to track. The costs to the portfolio of owning shares of an ETF may exceed the cost of investing directly in the underlying securities.
Equity REITs: The portfolio may be negatively affected by factors specific to the real estate market, such as interest rates, leverage, property, and management; and factors specific to investing in a pooled vehicle such as poor management and concentration risk.
Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.
Industry/Sector Concentration: A portfolio 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 portfolio.
Passive Strategy/Index Risk: A passive investment strategy seeking to track the performance of the underlying Index may result in the portfolio holding securities regardless of market conditions or their current or projected performance. This could cause the portfolio's returns to be lower than if the portfolio employed an active strategy.
Correlation to Index: The performance of the portfolio and its index may vary due to factors such as flows, transaction costs, whether the portfolio obtains every security in the index, and timing differences associated with additions to and deletions from the index.
REIT Interest Rate: When interest rates rise, the value of REIT securities (including preferred securities) can be expected to decline. The current historically low interest rate environment increases the risk associated with rising interest rates.
Small Companies: The market price of equity securities may be affected by financial market, industry, or issuer-specific events. Focus on a particular style or on small or medium-sized companies may enhance that risk.
Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.
Non-Diversified: The portfolio is not diversified and may be more susceptible to factors negatively impacting its holdings to the extent the portfolio invests more of its assets in the securities of fewer issuers than would a diversified portfolio.
Market Volatility: The value of the securities in the portfolio may go up or down in response to the prospects of individual companies and/or general economic conditions. Local, regional, or global events such as war, terrorism, pandemic, or recession could impact the portfolio, including hampering the ability of the portfolio's manager(s) to invest its assets as intended.
Prospectus: For additional information on risks, please see the fund's prospectus.
Marketing Materials
Holdings
Distributions
| 2023 Distribution Calendar - ETF | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - April 2021 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - March 2021 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - Oct 2020 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - June 2020 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - May 2020 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - Mar 2020 | |
| Virtus InfraCap REIT Preferred ETF (PFFR) Distribution - Jan 2020 |
Financial Materials
Section 19a Notices
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (April 2023) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (March 2023) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (February 2023) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (January 2023) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (December 2022) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (November 2022) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (October 2022) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (September 2022) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (August 2022) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (July 2022) | |
| InfraCap REIT Preferred Stock ETF - PFFR - 19a-1 (December 2021) | |
| InfraCap REIT Preferred Stock ETF - PFFR - 19a-1 (November 2021) | |
| InfraCap REIT Preferred Stock ETF - PFFR - 19a-1 (October 2021) | |
| InfraCap REIT Preferred Stock ETF - PFFR - 19a-1 (September 2021) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (August 2021) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (July 2021) | |
| InfraCap REIT Preferred ETF - PFFR - 19a-1 (June 2021) |
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 1-888-383-0553 or visit www.virtus.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 Fund is an exchange-traded fund (“ETF”). 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.
1 Yields/Distributions: 30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change. 30-day SEC Yield (unsubsidized) is the 30-day SEC Yield without the effect of applicable expense waivers. Distribution Rate is the annual rate that an investor would receive if the most recent distribution remained the same going forward. The rate represents a single distribution from the Fund and does not represent total return of the Fund. The distribution rate is calculated by annualizing the most recent distribution and dividing it by the most recent NAV.
2 Distribution History: Distributions are represented on a cash basis and may be reclassified at year end for tax purposes. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. STCG: Short Term Capital Gain, LTCG: Long Term Capital Gain
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.