InfraCap REIT Preferred ETF
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
12.1%
1 yr return
22.8%
3 Yr Avg Return
0.4%
5 Yr Avg Return
2.0%
Net Assets
$80.3 M
Holdings in Top 10
20.7%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 144.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/01/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
PFFR - Profile
Distributions
- YTD Total Return 12.1%
- 3 Yr Annualized Total Return 0.4%
- 5 Yr Annualized Total Return 2.0%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 2.61%
- Dividend Yield 7.3%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameInfraCap REIT Preferred ETF
-
Fund Family NameVirtus ETFs
-
Inception DateFeb 07, 2017
-
Shares Outstanding3600004
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerEdward Ryan
Fund Description
Under normal market conditions, the Fund will invest not less than 90% of its assets in component securities of the Underlying Index. The Underlying Index is comprised of preferred securities listed on U.S. exchanges that are issued by real estate investment trusts (“REITs”).
What are preferred securities? Preferred securities are 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 the payment of dividends and in the event of the bankruptcy or liquidation of a company’s assets. Although preferred securities represent an ownership interest in a company, preferred stockholders usually have no voting rights with respect to corporate matters of the issuer. Instead, preferred securities typically have rights and characteristics similar to debt instruments.
Preferred securities in the Underlying Index may include, without limitation, floating and fixed-rate preferred securities, callable preferred securities, cumulative and non-cumulative preferred securities, convertible preferred securities, trust preferred securities and depositary preferred securities.
What is a REIT? A REIT is a corporation, trust or association dedicated to owning, operating or financing income-producing real estate. To qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), a REIT is required to distribute at least 90% of its taxable income to shareholders annually and receive at least 75% of that income from rents, mortgages and sales of property. A REIT that qualifies under the Code is generally not taxed on income that it distributes to its shareholders. The Underlying Index may include preferred securities issued by Equity REITs, Mortgage REITs or Hybrid REITs. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rental and lease income, but may also realize capital gains by selling properties that have appreciated in value. Mortgage REITs, which provide loans to owners and operators of real estate assets or hold or trade mortgages or mortgage-backed securities, derive their income primarily from interest payments made on the underlying mortgages. Hybrid REITs may invest in a combination of properties, mortgages and mortgage-backed securities.
The Underlying Index. The Underlying Index, which was launched in January 2015, is a modified market capitalization weighted index designed to provide diversified exposure to high yielding liquid preferred securities issued by REITs listed in the U.S. In a market capitalization weighted index, each component security is weighted by the issuer’s market capitalization relative to the overall capitalization of the index.
The Underlying Index was co-developed by Infrastructure Capital Advisors, LLC, the Fund’s sub-adviser (the “Sub-Adviser”), and Indxx, LLC (“Indxx”), the index provider of the Underlying Index. Indxx is not affiliated with the Fund, the Sub-Adviser, or the Fund’s adviser, Virtus ETF Advisers LLC (the “Adviser”). Indxx owns the Underlying Index and is solely responsible for calculating, maintaining and rebalancing the Underlying Index.
To be included in the Underlying Index, a security generally must meet the following minimum criteria as of each reconstitution date:
•Security Type: Preferred Securities
•Primary Exchange: United States
•Type of Issuer: REIT
•Market Capitalization: $75 million or more
•6 Month Average Monthly Trading Volume: 150,000 shares or more
•Yield to Worst (i.e., an estimate of the lowest potential yield that can be received on a preferred security without issuer default): greater than 3%
•Constituent Weightings: No single issuer will exceed 10% of its representation in the Underlying Index upon rebalance. No REIT sub-sector will exceed 30% of the Underlying Index upon rebalance, with the exception of the Diversified REIT sub-sector, which will not exceed 35%.
•Review: At the end of every calendar quarter, each Underlying Index constituent will be reviewed and distressed companies may be excluded.
Once the investment universe is appropriately narrowed based on the foregoing criteria, all remaining securities are chosen as index constituents, which are then weighted based on their modified market capitalization. Indxx reconstitutes and rebalances the Underlying Index semi-annually at the close of the last trading day of March and September of each year in accordance with the Underlying Index methodology. The Fund is generally reconstituted and rebalanced in accordance with the Underlying Index. As of December 31, 2023, the Underlying Index contained 91 constituents.
Indxx’s Index Committee is responsible for setting policy, determining index composition, and administering the Underlying Index in accordance with the Underlying Index methodology. The Index Committee reserves the right to use qualitative judgment to include, exclude, adjust, or postpone the inclusion of a constituent. Continued index membership of a constituent is not necessarily subject to the Underlying Index methodology. A constituent may be considered for exclusion by the Index Committee on the basis of corporate governance, accounting policies, lack of transparency and lack of representation, despite meeting all the criteria provided in the Underlying Index methodology.
The Fund will not seek to “beat” the performance of the Underlying Index and will not seek temporary defensive measures when markets decline or appear overvalued. Instead, the Fund uses a “passive” or indexing investment approach to try to approximate the investment performance of the Underlying Index by investing in a portfolio of securities that generally replicates the Underlying Index; however, there may be times when the Fund does not hold every security in the Underlying Index. The Sub-Adviser expects that, over time, the correlation between the Fund’s performance before fees and expenses and that of the Underlying Index will be 95% or better. A figure of 100% would indicate perfect correlation.
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 preferred securities of REITs. The Fund will concentrate its investments (i.e., invest more than 25% of its total assets) in a particular industry or group of industries approximately to the same extent that the Underlying Index is concentrated. As of October 31, 2023, the Underlying Index is concentrated in the Mortgage REITs and Equity REITs industries. 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, in attempting to meet its investment objective, the Fund may engage in active and frequent trading of portfolio securities.
PFFR - Performance
Return Ranking - Trailing
Period | PFFR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.1% | 4.8% | 17.7% | 7.69% |
1 Yr | 22.8% | 10.0% | 28.4% | 7.69% |
3 Yr | 0.4%* | -7.6% | 5.9% | 56.94% |
5 Yr | 2.0%* | -5.1% | 11.5% | 60.29% |
10 Yr | N/A* | 0.8% | 5.0% | 20.34% |
* Annualized
Return Ranking - Calendar
Period | PFFR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 11.4% | -3.6% | 14.2% | 6.41% |
2022 | -29.4% | -29.4% | -9.6% | 100.00% |
2021 | 0.6% | -3.4% | 17.2% | 33.33% |
2020 | -6.3% | -24.8% | 9.0% | 88.41% |
2019 | 13.5% | 6.4% | 19.1% | 24.62% |
Total Return Ranking - Trailing
Period | PFFR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 12.1% | 4.8% | 17.7% | 7.69% |
1 Yr | 22.8% | 10.0% | 28.4% | 7.69% |
3 Yr | 0.4%* | -7.6% | 5.9% | 56.94% |
5 Yr | 2.0%* | -5.1% | 11.5% | 60.29% |
10 Yr | N/A* | 0.8% | 5.0% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | PFFR Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 21.0% | -1.9% | 26.5% | 5.13% |
2022 | -23.9% | -26.0% | -5.8% | 91.67% |
2021 | 6.8% | -2.5% | 27.4% | 11.11% |
2020 | 0.2% | -19.2% | 12.3% | 84.06% |
2019 | 20.3% | 10.0% | 32.0% | 21.54% |
PFFR - Holdings
Concentration Analysis
PFFR | Category Low | Category High | PFFR % Rank | |
---|---|---|---|---|
Net Assets | 80.3 M | 24.1 M | 14.5 B | 94.87% |
Number of Holdings | 110 | 49 | 439 | 83.33% |
Net Assets in Top 10 | 16.5 M | 8.45 M | 1.89 B | 98.72% |
Weighting of Top 10 | 20.66% | 11.3% | 48.1% | 39.74% |
Top 10 Holdings
- DigitalBridge Group Inc 2.62%
- Digital Realty Trust Inc 2.47%
- DigitalBridge Group Inc 2.33%
- UMH Properties Inc 2.16%
- AGNC Investment Corp 2.00%
- Kimco Realty Corp 1.97%
- Hudson Pacific Properties Inc 1.90%
- Digital Realty Trust Inc 1.76%
- SL Green Realty Corp 1.75%
- Vornado Realty Trust 1.71%
Asset Allocation
Weighting | Return Low | Return High | PFFR % Rank | |
---|---|---|---|---|
Preferred Stocks | 98.53% | 0.00% | 125.69% | 14.10% |
Cash | 1.48% | -0.02% | 11.04% | 76.92% |
Stocks | 0.00% | 0.00% | 29.42% | 67.95% |
Other | 0.00% | -4.41% | 10.15% | 47.44% |
Convertible Bonds | 0.00% | 0.00% | 31.65% | 85.33% |
Bonds | 0.00% | 0.00% | 97.75% | 83.33% |
PFFR - Expenses
Operational Fees
PFFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.45% | 0.05% | 4.46% | 92.21% |
Management Fee | 0.45% | 0.00% | 1.00% | 7.69% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.55% | N/A |
Sales Fees
PFFR 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
PFFR 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.
PFFR Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 144.00% | 12.00% | 199.00% | 94.12% |
PFFR - Distributions
Dividend Yield Analysis
PFFR | Category Low | Category High | PFFR % Rank | |
---|---|---|---|---|
Dividend Yield | 7.34% | 0.00% | 9.59% | 7.69% |
Dividend Distribution Analysis
PFFR | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
PFFR | Category Low | Category High | PFFR % Rank | |
---|---|---|---|---|
Net Income Ratio | 2.61% | 0.88% | 7.54% | 87.84% |
Capital Gain Distribution Analysis
PFFR | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Oct 21, 2024 | $0.120 | OrdinaryDividend |
Sep 20, 2024 | $0.120 | OrdinaryDividend |
Aug 20, 2024 | $0.120 | OrdinaryDividend |
Jul 22, 2024 | $0.120 | OrdinaryDividend |
Apr 22, 2024 | $0.120 | OrdinaryDividend |
Mar 20, 2024 | $0.120 | OrdinaryDividend |
Feb 21, 2024 | $0.120 | OrdinaryDividend |
Jan 22, 2024 | $0.120 | OrdinaryDividend |
Dec 20, 2023 | $0.120 | OrdinaryDividend |
Nov 20, 2023 | $0.120 | OrdinaryDividend |
Oct 20, 2023 | $0.120 | OrdinaryDividend |
Sep 20, 2023 | $0.120 | OrdinaryDividend |
Aug 21, 2023 | $0.120 | OrdinaryDividend |
Jul 20, 2023 | $0.120 | OrdinaryDividend |
Jun 20, 2023 | $0.120 | OrdinaryDividend |
May 22, 2023 | $0.120 | OrdinaryDividend |
Apr 20, 2023 | $0.120 | OrdinaryDividend |
Mar 20, 2023 | $0.120 | OrdinaryDividend |
Feb 21, 2023 | $0.120 | OrdinaryDividend |
Jan 20, 2023 | $0.120 | OrdinaryDividend |
Dec 20, 2022 | $0.120 | OrdinaryDividend |
Nov 21, 2022 | $0.120 | OrdinaryDividend |
Oct 20, 2022 | $0.120 | OrdinaryDividend |
Sep 20, 2022 | $0.120 | OrdinaryDividend |
Aug 22, 2022 | $0.120 | OrdinaryDividend |
Jul 20, 2022 | $0.120 | OrdinaryDividend |
Jun 21, 2022 | $0.120 | OrdinaryDividend |
May 20, 2022 | $0.120 | OrdinaryDividend |
Apr 20, 2022 | $0.120 | OrdinaryDividend |
Mar 21, 2022 | $0.120 | OrdinaryDividend |
Feb 22, 2022 | $0.120 | OrdinaryDividend |
Jan 20, 2022 | $0.120 | OrdinaryDividend |
Dec 20, 2021 | $0.120 | OrdinaryDividend |
Nov 22, 2021 | $0.120 | OrdinaryDividend |
Oct 20, 2021 | $0.120 | OrdinaryDividend |
Sep 20, 2021 | $0.120 | OrdinaryDividend |
Aug 20, 2021 | $0.120 | OrdinaryDividend |
Jul 20, 2021 | $0.120 | OrdinaryDividend |
Jun 21, 2021 | $0.120 | OrdinaryDividend |
May 20, 2021 | $0.120 | OrdinaryDividend |
Apr 20, 2021 | $0.120 | OrdinaryDividend |
Mar 22, 2021 | $0.120 | OrdinaryDividend |
Feb 22, 2021 | $0.120 | OrdinaryDividend |
Jan 20, 2021 | $0.120 | OrdinaryDividend |
Dec 21, 2020 | $0.120 | OrdinaryDividend |
Nov 20, 2020 | $0.120 | OrdinaryDividend |
Oct 20, 2020 | $0.120 | OrdinaryDividend |
Sep 21, 2020 | $0.120 | OrdinaryDividend |
Aug 20, 2020 | $0.120 | OrdinaryDividend |
Jul 20, 2020 | $0.120 | OrdinaryDividend |
Jun 22, 2020 | $0.120 | OrdinaryDividend |
May 20, 2020 | $0.120 | OrdinaryDividend |
Apr 20, 2020 | $0.120 | OrdinaryDividend |
Mar 20, 2020 | $0.120 | OrdinaryDividend |
Feb 20, 2020 | $0.120 | OrdinaryDividend |
Jan 21, 2020 | $0.120 | OrdinaryDividend |
Dec 20, 2019 | $0.140 | OrdinaryDividend |
Nov 20, 2019 | $0.120 | OrdinaryDividend |
Oct 21, 2019 | $0.120 | OrdinaryDividend |
Sep 20, 2019 | $0.120 | OrdinaryDividend |
Aug 20, 2019 | $0.120 | OrdinaryDividend |
Jul 22, 2019 | $0.120 | OrdinaryDividend |
Jun 20, 2019 | $0.350 | OrdinaryDividend |
Mar 20, 2019 | $0.360 | OrdinaryDividend |
Dec 20, 2018 | $0.345 | OrdinaryDividend |
Sep 20, 2018 | $0.370 | OrdinaryDividend |
Jun 20, 2018 | $0.370 | OrdinaryDividend |
Mar 20, 2018 | $0.350 | OrdinaryDividend |
Dec 20, 2017 | $0.375 | OrdinaryDividend |
Oct 20, 2017 | $0.372 | OrdinaryDividend |
Jul 20, 2017 | $0.281 | OrdinaryDividend |
May 22, 2017 | $0.020 | OrdinaryDividend |
Apr 20, 2017 | $0.151 | OrdinaryDividend |
Mar 20, 2017 | $0.103 | OrdinaryDividend |
PFFR - Fund Manager Analysis
Managers
Edward Ryan
Start Date
Tenure
Tenure Rank
Feb 07, 2017
5.31
5.3%
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).
Jay Hatfield
Start Date
Tenure
Tenure Rank
Feb 07, 2017
5.31
5.3%
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.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 30.32 | 7.8 | 11.42 |