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Trending ETFs

Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.95

$873 M

9.50%

$2.01

2.52%

Vitals

YTD Return

3.6%

1 yr return

24.1%

3 Yr Avg Return

4.9%

5 Yr Avg Return

6.0%

Net Assets

$873 M

Holdings in Top 10

36.2%

52 WEEK LOW AND HIGH

$21.2
$17.94
$21.17

Expenses

OPERATING FEES

Expense Ratio 2.52%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 35.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$20.95

$873 M

9.50%

$2.01

2.52%

PFFA - Profile

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return 4.9%
  • 5 Yr Annualized Total Return 6.0%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.93%
DIVIDENDS
  • Dividend Yield 9.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Virtus InfraCap U.S. Preferred Stock ETF
  • Fund Family Name
    Virtus ETFs
  • Inception Date
    May 15, 2018
  • Shares Outstanding
    24250004
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jay Hatfield

Fund Description

Under normal market conditions, the Fund will invest not less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. preferred stock, and in derivatives and other instruments that have economic characteristics similar to such investments. The Fund considers an issuer of preferred stock to be in the U.S. if: (i) it is organized under the laws of, or maintains a principal place of business in, the U.S.; (ii) the principal trading market for its securities is in the U.S.; or (iii) during its most recent fiscal year, it derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S., or has at least 50% of its

assets in the U.S. Preferred stock or a class of equity security that typically pay fixed or floating dividends to investors and have “preference” over common stock (but are subordinated to bonds), in that the company issuing the preferred and common stock must pay dividends to preferred stockholders before common stockholders, and, in the event of a bankruptcy or liquidation of the company’s assets, must put the claims of the preferred stockholders ahead of the claims of the common stockholders. The Fund’s portfolio will primarily consist of preferred stock issued by companies with market capitalizations of over $100 million, which may include small and mid-capitalization companies.

Although preferred stock represents an ownership interest in a company, preferred stockholders usually have no voting rights with respect to corporate matters of the issuer. Instead, preferred stock typically have rights and characteristics similar to debt instruments. The Fund may invest in all types of preferred stock, including, without limitation, floating and fixed-rate preferred stock, callable preferred stock, cumulative and non-cumulative preferred stock, convertible preferred stock and depositary preferred stock. Certain preferred stock may have call provisions, which entitle the issuer to redeem the stock at a predetermined price (i.e., the “call price”) after a specified date.

Infrastructure Capital Advisors, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), may purchase and write put and call options in an effort to generate additional income, reduce volatility and/or hedge against market or other risks in the Fund’s portfolio. The Fund will also borrow from banks for investment purposes generally in an amount between 15% and 25% of its net assets, although it may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed) in compliance with the Investment Company Act of 1940 (the “1940 Act”). The use of borrowings to purchase additional investments is known as leverage.

The Sub-Adviser actively manages the Fund’s assets pursuant to a variety of quantitative, qualitative and relative valuation factors. The Sub-Adviser will typically evaluate potential investments with respect to certain key variables that the Sub-Adviser believes make a business successful over time, including, without limitation, a company’s competitive position, its perceived ability to earn a high return on capital, the historical and projected stability and reliability of its profits, its anticipated ability to generate cash in excess of its growth needs and its access to additional capital. In addition, when selecting preferred stock that are subject to a call provision, the Sub-Adviser generally seeks to underweight or eliminate those that trade above the call price and exhibit a low or negative yield-to-call (i.e., the rate of return that an investor would earn if the preferred stock was held until its call date).

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can. In addition, from time to time, the Fund may focus its investments (i.e., invest more than 15% of its total assets) in particular sectors. As of October 31, 2023, the Fund focused its investments in the real estate, financial and energy sectors.

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PFFA - Performance

Return Ranking - Trailing

Period PFFA Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -0.8% 6.7% 15.38%
1 Yr 24.1% 10.2% 29.9% 5.13%
3 Yr 4.9%* -7.6% 8.1% 2.78%
5 Yr 6.0%* -4.5% 6.3% 1.52%
10 Yr N/A* 1.1% 4.9% 30.51%

* Annualized

Return Ranking - Calendar

Period PFFA Return Category Return Low Category Return High Rank in Category (%)
2023 14.2% -3.6% 14.2% 1.28%
2022 -27.8% -29.4% -9.6% 98.61%
2021 14.1% -3.4% 17.2% 2.78%
2020 -16.5% -24.8% 9.0% 95.65%
2019 19.1% 6.4% 19.1% 1.54%

Total Return Ranking - Trailing

Period PFFA Return Category Return Low Category Return High Rank in Category (%)
YTD 3.6% -0.8% 6.7% 15.38%
1 Yr 24.1% 10.2% 29.9% 5.13%
3 Yr 4.9%* -7.6% 8.1% 2.78%
5 Yr 6.0%* -4.5% 6.3% 1.52%
10 Yr N/A* 1.1% 4.9% N/A

* Annualized

Total Return Ranking - Calendar

Period PFFA Return Category Return Low Category Return High Rank in Category (%)
2023 26.5% -1.9% 26.5% 1.28%
2022 -20.9% -26.0% -5.8% 81.94%
2021 23.5% -2.5% 27.4% 2.78%
2020 -7.9% -19.2% 12.3% 89.86%
2019 32.0% 10.0% 32.0% 1.54%

PFFA - Holdings

Concentration Analysis

PFFA Category Low Category High PFFA % Rank
Net Assets 873 M 20 M 14.5 B 53.85%
Number of Holdings 207 45 450 44.87%
Net Assets in Top 10 221 M 7.69 M 1.65 B 52.56%
Weighting of Top 10 36.20% 12.1% 45.9% 5.13%

Top 10 Holdings

  1. SCE Trust III 5.71%
  2. Crestwood Equity Partners LP 5.22%
  3. NuStar Energy LP 3.92%
  4. NuStar Energy LP 3.58%
  5. RLJ Lodging Trust 3.42%
  6. Babcock Wilcox Enterprises Inc 3.10%
  7. FTAI Aviation Ltd 3.06%
  8. Global Net Lease Inc 2.87%
  9. DigitalBridge Group Inc 2.70%
  10. New York Mortgage Trust Inc 2.62%

Asset Allocation

Weighting Return Low Return High PFFA % Rank
Preferred Stocks
126.07% 0.00% 126.07% 1.28%
Stocks
0.00% 0.00% 28.30% 94.87%
Other
0.00% -4.48% 12.19% 78.21%
Convertible Bonds
0.00% 0.00% 31.65% 98.67%
Cash
0.00% -0.02% 9.83% 98.72%
Bonds
0.00% 0.00% 98.46% 98.72%

PFFA - Expenses

Operational Fees

PFFA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.52% 0.05% 4.46% 6.49%
Management Fee 0.80% 0.00% 1.00% 85.90%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PFFA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PFFA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PFFA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 35.00% 12.00% 199.00% 54.41%

PFFA - Distributions

Dividend Yield Analysis

PFFA Category Low Category High PFFA % Rank
Dividend Yield 9.50% 0.00% 9.40% 1.28%

Dividend Distribution Analysis

PFFA Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annual Monthly Monthly

Net Income Ratio Analysis

PFFA Category Low Category High PFFA % Rank
Net Income Ratio 4.93% 0.88% 7.54% 22.97%

Capital Gain Distribution Analysis

PFFA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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PFFA - Fund Manager Analysis

Managers

Jay Hatfield


Start Date

Tenure

Tenure Rank

May 15, 2018

4.05

4.1%

Mr. Hatfield is the Chief Executive Officer of Infrastructure Capital Management, LLC (“ICM”), a private investment company that he founded in 2002. Mr. Hatfield also is a co-founder of, and holds a significant interest in the general partner of, NGL Energy Partners, LP, an NYSE-listed master limited partnership (Symbol: NGL). Prior to founding ICM, Mr. Hatfield was a portfolio manager with SAC Capital Advisors. Before joining SAC, Mr. Hatfield was a Managing Director and Head of Fixed Income Research at Zimmer Lucas Partners. Mr. Hatfield began his investment banking career at Morgan Stanley & Co. Inc., where he spent over 10 years as an investment banker advising clients in the utility, power and energy industries. Mr. Hatfield began his career as an auditor and consultant at Arthur Young & Co. (now Ernst & Young), where he was a Certified Public Accountant and consultant, auditing and providing consulting services to companies in the technology, biotechnology and retailing industries. Mr. Hatfield has a Master of Business Administration degree from the Wharton School, University of Pennsylvania, where he specialized in Finance and graduated with distinction and as a member of the Beta Gamma Sigma honor society. Mr. Hatfield also has a Bachelor of Science degree in Managerial Economics from the University of California, Davis.

Edward Ryan


Start Date

Tenure

Tenure Rank

May 15, 2018

4.05

4.1%

Edward F. Ryan is a co-founder, Chief Financial Officer, and the Chief Operating Officer of Infrastructure Capital Advisors, LLC. Prior to co-founding the firm, Mr. Ryan was engaged in venture capital projects in the financial technology sector. Prior to his venture capital activities, he was founder and Managing Partner of Mansion Partners, LP, a private investment partnership focused on value stocks and special situations, which he ran for twelve years. Before launching his own investment management business, Mr. Ryan was Vice President and Director of Ansbacher (Dublin) Asset Management, Ltd., where he was part of a small team managing investments in global equity and fixed income markets for an offshore investment company and U.S. trusts and foundations. His primary investment focus was on financially troubled utilities, real estate investment trusts (REITs) and banks and thrifts. Prior to joining Ansbacher, he was an Investment Analyst and the Secretary/Treasurer at J. Rothschild Capital Management Corp., a unit of RIT Capital Partners plc. Mr. Ryan was a member of the team that launched the U.S. operation, where he evaluated U.S. investment opportunities and managed all corporate financial functions. Mr. Ryan began his career at The Bank of New York, where he was a Senior Industry Analyst specializing in the oil service industry. Mr. Ryan has a Master of Business Administration from the Graduate School of Business at Columbia University with a concentration in finance. He also has a Bachelor of Arts degree in Accounting from Saint John’s University (MN).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42