InfraCap REIT Preferred ETF
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.
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
The only ETF offering a diversified investment in preferred securities issued by Real Estate Investment Trusts (REITs)
REIT preferreds tend to offer attractive yield potential, both fixed income and equity characteristics, and low equity beta
These securities are also typically exposed to less leverage with generally more predictable revenue streams than those issued by banks and insurance companies
Positions
| Security | |
|---|---|
| ANNALY CAPITAL MGMT 6.950 | |
| ANNALY CAPITAL MGMT 6.500 | |
| KIMCO REALTY CORP 6.000 | |
| KKR & CO INC 6.750 | |
| BNY MELLON CASH RESERVE USD 0.850 | |
| AGNC INVESTMENT CORP 7.000 | |
| NATIONAL RETAIL PROP INC 5.200 | |
| CHIMERA INVESTMENT CORP 8.000 | |
| ARCH CAPITAL GROUP LTD 5.450 | |
| APOLLO MANAGEMENT LLC 6.375 |
Distribution History2
| Ex-Date | Record Date | Payable Date | Dividend Income | ST Capital Gains | LT Capital Gains | Distribution Total |
|---|---|---|---|---|---|---|
| 06/20/2018 | 06/21/2018 | 06/28/2018 | 0.370000 | 0.000000 | 0.000000 | 0.370000 |
| 09/20/2018 | 09/21/2018 | 09/28/2018 | 0.370000 | 0.000000 | 0.000000 | 0.370000 |
| 12/20/2018 | 12/21/2018 | 12/28/2018 | 0.345000 | 0.000000 | 0.000000 | 0.345000 |
| 03/20/2019 | 03/21/2019 | 03/28/2019 | 0.360000 | 0.000000 | 0.000000 | 0.360000 |
Performance
| 1 Month | 3 Month | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception |
|---|
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.
Sales Charge and Expenses
Fees & Expenses
| Gross Expense Ratio | 0.45 |
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% |
| 2017-Q1: 2/7/2017 through 3/31/2017 | 0 | 0 | 0 | 0 | 6 | 30 | 2 | 0 | 0 | 0 |
| 2017-Q2: 4/3/2017 through 6/30/2017 | 0 | 0 | 0 | 0 | 7 | 54 | 0 | 0 | 0 | 2 |
| 2017-Q3: 7/3/2017 through 9/29/2017 | 0 | 0 | 0 | 0 | 10 | 51 | 1 | 0 | 0 | 1 |
| 2017-Q4: 10/2/2017 through 12/29/2017 | 0 | 0 | 0 | 0 | 8 | 55 | 0 | 0 | 0 | 0 |
| 2018-Q1: 1/2/2018 through 3/29/2018 | 0 | 0 | 0 | 0 | 24 | 36 | 1 | 0 | 0 | 0 |
| 2018-Q2: 4/2/2018 through 6/29/2018 | 0 | 0 | 0 | 0 | 30 | 34 | 0 | 0 | 0 | 0 |
| 2018-Q3: 7/2/2018 through 9/28/2018 | 0 | 0 | 0 | 0 | 13 | 50 | 0 | 0 | 0 | 0 |
| 2018-Q4: 10/1/2018 through 12/31/2018 | 1 | 0 | 0 | 1 | 18 | 43 | 0 | 0 | 0 | 0 |
| 2019-Q1: 1/2/2019 through 3/29/2019 | 0 | 0 | 0 | 2 | 36 | 23 | 0 | 0 | 0 | 0 |
Risk Considerations
Marketing Materials
Financial Materials
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.
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 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.
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.
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