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Equity

Virtus InfraCap U.S. Preferred Stock ETF

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Ticker
PFFA
CUSIP
26923G822
Closing Price
$
(as of 12/12/2018)
Inception
05/15/2018
Premium/Discount
$0.15
(as of 12/12/2018)
4PM Bid/Offer Midpoint
$23.12
(as of 12/12/2018)
Shares Outstanding
250,004
(as of 12/12/2018)
Daily Trading Volume
54,200.00
(as of 12/12/2018)
20 Day Average Trading Volume
12,315.00
(as of 12/12/2018)
Net Assets
$5,743,542
(as of 12/12/2018)
Investment Overview

The Fund seeks current income and, secondarily, capital appreciation through a portfolio of over 100 preferred securities issued by U.S. companies with market capitalizations of over $100 million.

Management Team

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 Hatfield
Jay D. Hatfield

Chief Investment Officer

Industry start date: 2000

Start date with fund: 2018

Ed Ryan
Edward Ryan

Chief Operating Officer

Industry start date: 1980

Start date with fund: 2018

Key Features
Focus on Income

Offers the potential for attractive yields, while pursuing compelling total return results

Active Management

Security selection and weightings are based on a variety of quantitative, qualitative, and relative valuation factors

Enhanced Exposure

Modest leverage (typically 20-30%) is utilized to enhance portfolio beta, and options strategies are used in an effort to enhance current income

Positions & Distributions

Positions
(as of 12/13/2018)
Security % of Portfolio
ANNALY CAPITAL MGMT 6.950
6.76
ENERGY TRANSFER OPERATNG 7.375
6.57
DCP MIDSTREAM LP 7.875
6.01
NATIONAL GENERAL HLDG CO 7.500
5.39
CORENERGY INFRASTRUCTURE 7.375
4.59
GLOBAL NET LEASE INC 7.250
4.01
WELLS FARGO & COMPANY 5.700
3.68
SUMMIT HOTEL PROPERTIES 6.250
3.14
AMERICAN HOMES 4 RENT 6.500
3.11
NUSTAR ENERGY LP 9.000
2.63
Distribution History2
Ex-Date Record Date Payable Date Dividend Income ST Capital Gains LT Capital Gains Distribution Total
07/20/2018 07/23/2018 07/30/2018 0.190000 0.000000 0.000000 0.190000
08/21/2018 08/22/2018 08/29/2019 0.190000 0.000000 0.000000 0.190000
09/20/2018 09/21/2018 09/28/2018 0.190000 0.000000 0.000000 0.190000
10/22/2018 10/23/2018 10/30/2018 0.190000 0.000000 0.000000 0.190000
11/20/2018 11/21/2018 11/29/2018 0.190000 0.000000 0.000000 0.190000

Performance & Risk

Performance
Quarterly
As of
Monthly
As of
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
Expenses are based on estimated amounts for the current fiscal year. The Gross Expense Ratio represents the fund's Total Annual Fund Operating Expenses, which includes a management fee, structured as a unified fee, out of which the Fund's subadviser pays all routine expenses, except for certain payments as described in the prospectus, which are paid by the Fund.
Fees & Expenses
Gross Expense Ratio 1.36
Expenses are based on estimated amounts for the current fiscal year. The Gross Expense Ratio represents the fund's Total Annual Fund Operating Expenses, which includes a management fee, structured as a unified fee, out of which the Fund's subadviser pays all routine expenses, except for certain payments as described in the prospectus, which are paid by the Fund.
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%
2018-Q2: 5/15/2018 through 6/29/2018 0 0 0 0 9 24 0 0 0 0
2018-Q3: 7/2/2018 through 9/28/2018 0 0 0 0 9 40 13 0 0 1
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 of owning the ETF may exceed the cost of investing directly in the underlying securities.
Preferred Stocks: Preferred stocks may decline in price, fail to pay dividends, or be illiquid.
Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund's assets.
Short Sales: The fund may engage in short sales, and may experience a loss if the price of a borrowed security increases before the date on which the fund replaces the security.
Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.
Derivatives: Investments in derivatives such as futures, options, forwards, and swaps may increase volatility or cause a loss greater than the principal investment.
No Guarantee: There is no guarantee that the portfolio will meet its objective.
Prospectus: For additional information on risks, please see the fund's prospectus.

Documents & Resources

Marketing Materials
Virtus Infracap U.S. Preferred Stock ETF (PFFA) - Fact Sheet
Holdings
Positions PFFA
Distributions
Virtus InfraCap U.S. Preferred Stock ETF (NYSE: PFFA) Declares Monthly Dividend (September 2018)
Financial Materials
Virtus Infracap U.S. Preferred Stock ETF (PFFA) Prospectus - May 2018
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Prospectus and SAI Supplement - May 21, 2018
Virtus Infracap U.S. Preferred Stock ETF (PFFA) SAI - May 2018

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.virtusetfs.com for a copy of the Fund's prospectus. Read the prospectus carefully before you invest or send money.

The Fund is an actively managed exchange-traded fund (“ETF”) and does not seek to replicate the performance of a specified index. The Fund may have a higher portfolio turnover than funds that seek to replicate the performance of an index.

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.

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.

Distributed by ETF Distributors LLC