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Exchange Traded Fund Fixed Income

Virtus InfraCap U.S. Preferred Stock ETF

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Ticker
PFFA
CUSIP
26923G822
Closing Price
$
(as of 09/25/2020)
Inception
05/15/2018
Premium/Discount
$0.07 (as of 09/25/2020)
4PM Bid/Offer Midpoint
$18.98 (as of 09/25/2020)
Shares Outstanding
7,400,004 (as of 09/25/2020)
Daily Trading Volume
69,300.00 (as of 09/25/2020)
20 Day Average Trading Volume
81,320.00 (as of 09/25/2020)
Net Assets
$139,909,868 (as of 09/25/2020)

Portfolio Overview

Investment Overview

The Fund seeks current income and, secondarily, capital appreciation through a portfolio of 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.


Learn more about Infrastructure Capital Advisors

Investment Professionals

Jay D. Hatfield

Chief Investment Officer

Industry start date: 2000
Start date as fund Portfolio Manager: 2018

Edward Ryan

Chief Operating Officer

Industry start date: 1980
Start date as fund Portfolio Manager: 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

Top Holdings (% Fund)

(as of 09/28/2020)
Security
AMERICAN FINANCE TRUST 7.500
6.20
 6.20
BRAEMAR HOTELS & RESORTS 5.500
4.15
 4.15
DCP MIDSTREAM LP 7.875
4.02
 4.02
CENTERPOINT ENERGY INC 7.000 09/01/2021
4.01
 4.01
RLJ LODGING TRUST 1.950
3.62
 3.62
COLONY NORTHSTAR INC 7.150
3.50
 3.50
SCE TRUST VI 5.000
3.15
 3.15
GMAC CAPITAL TRUST I 7.477 02/15/2040
3.06
 3.06
SCE TRUST II 5.100
3.03
 3.03
FORD MOTOR COMPANY 6.000 12/01/2059
2.90
 2.90

Does not include cash/cash equivalents.

Distribution History2

Ex-Date Record Date Payable Date Dividend Income ST Capital Gains LT Capital Gains Distribution Total
10/21/2019 10/22/2019 10/29/2019 0.190000 0.000000 0.000000 0.190000
11/20/2019 11/21/2019 11/29/2019 0.190000 0.000000 0.000000 0.190000
12/20/2019 12/23/2019 12/30/2019 0.124950 0.379020 0.046030 0.550000
01/21/2020 01/22/2020 01/29/2020 0.190000 0.000000 0.000000 0.190000
02/20/2020 02/21/2020 02/28/2020 0.190000 0.000000 0.000000 0.190000
03/20/2020 03/23/2020 03/30/2020 0.150000 0.000000 0.000000 0.150000
04/20/2020 04/21/2020 04/28/2020 0.150000 0.000000 0.000000 0.150000
05/20/2020 05/21/2020 05/29/2020 0.150000 0.000000 0.000000 0.150000
06/22/2020 06/23/2020 06/30/2020 0.150000 0.000000 0.000000 0.150000
07/20/2020 07/21/2020 07/28/2020 0.150000 0.000000 0.000000 0.150000
08/20/2020 08/21/2020 08/28/2020 0.150000 0.000000 0.000000 0.150000
09/21/2020 09/22/2020 09/29/2020 0.150000 0.000000 0.000000 0.150000

Performance & Risk

Performance

As of
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.

Fees & Expenses

Management Fee 0.80
Total Expense Ratio 2.01
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.

Sales Charge and Expenses

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 Rate

(as of 08/31/2020)
30-day SEC Yield 10.18
Distribution Rate (as of 09/25/2020) 9.52

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-Q3: 7/2/2018 through 9/28/2018 0 0 0 0 9 40 13 0 0 1
2018-Q4: 10/1/2018 through 12/31/2018 0 0 0 0 6 43 13 0 0 1
2019-Q1: 1/2/2019 through 3/29/2019 0 0 0 0 2 35 23 1 0 0
2019-Q2: 4/1/2019 through 6/28/2019 0 0 0 0 1 48 14 0 0 0
2019-Q3: 7/1/2019 through 9/30/2019 0 0 0 0 0 63 1 0 0 0
2019-Q4: 10/1/2019 through 12/31/2019 0 0 0 0 8 55 1 0 0 0
2020-Q1: 1/2/2020 through 3/31/2020 3 0 2 1 6 37 8 3 1 1
2020-Q2: 4/1/2020 through 6/30/2020 0 0 0 6 13 25 12 2 1 4

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.
Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.
Options: Selling call options may limit the opportunity to profit from the increase in price of the underlying asset. Selling put options risks loss if the option is exercised while the price of the underlying asset is rising. Buying options risks loss of the premium paid for those options.
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.
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.
Market Volatility: Local, regional, or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the portfolio and its investments, including hampering the ability of the portfolio manager(s) to invest the portfolio's assets as intended.
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
Virtus Infracap U.S. Preferred Stock ETF (PFFA) - Commentary
Virtus ETF Ticker Menu
Precision Exposure Across Non-Traditional Sources of Income
Preferred Stocks: A Strong Case for Active Management

Holdings

Positions PFFA

Distributions

Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Distribution - June 2020
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Distribution - May 2020
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Distribution - Apr 2020
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Distribution - Mar 2020
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Distribution - Jan 2020
Virtus InfraCap U.S. Preferred Stock ETF (PFFA) 2020 Distribution Calendar

Financial Materials

Virtus InfraCap U.S. Preferred Stock ETF (PFFA) Prospectus - Feb 28, 2020
Virtus Infracap U.S. Preferred Stock ETF (PFFA) SAI - Feb 2020
ETFis Series Trust I Annual Report - Oct 2019
ETFis Series Trust I Semi-Annual Report - April 2020

Section 19a Notices

InfraCap U.S. Preferred Stock ETF - PFFA - 19a-1 - Oct 2019
InfraCap U.S. Preferred Stock ETF - PFFA - 19a-1 - Sept 2019
Virtus InfraCap U.S. Preferred Stock ETF - PFFA - 19a-1 - August 2019

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.

30-day SEC Yield is a standardized yield calculated according to a formula set by the SEC, and is subject to change.

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.