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Trending ETFs

Name

As of 06/17/2024

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

$18.25

$80.3 M

7.85%

$1.44

0.45%

Vitals

YTD Return

1.1%

1 yr return

16.0%

3 Yr Avg Return

-2.5%

5 Yr Avg Return

0.8%

Net Assets

$80.3 M

Holdings in Top 10

20.9%

52 WEEK LOW AND HIGH

$18.3
$16.07
$18.99

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 06/17/2024

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

$18.25

$80.3 M

7.85%

$1.44

0.45%

PFFR - Profile

Distributions

  • YTD Total Return 1.1%
  • 3 Yr Annualized Total Return -2.5%
  • 5 Yr Annualized Total Return 0.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 2.61%
DIVIDENDS
  • Dividend Yield 7.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    InfraCap REIT Preferred ETF
  • Fund Family Name
    Virtus ETFs
  • Inception Date
    Feb 07, 2017
  • Shares Outstanding
    3600004
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Edward 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.

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PFFR - Performance

Return Ranking - Trailing

Period PFFR Return Category Return Low Category Return High Rank in Category (%)
YTD 1.1% -1.8% 7.8% 94.87%
1 Yr 16.0% 7.1% 23.2% 7.69%
3 Yr -2.5%* -8.5% 6.8% 75.00%
5 Yr 0.8%* -5.3% 5.7% 71.21%
10 Yr N/A* 0.8% 4.6% 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 1.1% -1.8% 7.8% 94.87%
1 Yr 16.0% 7.1% 23.2% 7.69%
3 Yr -2.5%* -8.5% 6.8% 75.00%
5 Yr 0.8%* -5.3% 5.7% 71.21%
10 Yr N/A* 0.8% 4.6% 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 101 44 445 88.46%
Net Assets in Top 10 14.4 M 8.41 M 2.04 B 98.72%
Weighting of Top 10 20.92% 11.9% 48.1% 46.15%

Top 10 Holdings

  1. DigitalBridge Group Inc 2.62%
  2. Digital Realty Trust Inc 2.55%
  3. DigitalBridge Group Inc 2.34%
  4. Kimco Realty Corp 2.09%
  5. Hudson Pacific Properties Inc 2.09%
  6. UMH Properties Inc 2.05%
  7. AGNC Investment Corp 1.89%
  8. Diversified Healthcare Trust 1.77%
  9. SL Green Realty Corp 1.77%
  10. Kimco Realty Corp 1.75%

Asset Allocation

Weighting Return Low Return High PFFR % Rank
Preferred Stocks
99.24% 0.26% 125.53% 8.97%
Cash
0.76% -0.02% 10.76% 82.05%
Stocks
0.00% 0.00% 41.20% 60.26%
Other
0.00% -5.20% 11.09% 44.87%
Convertible Bonds
0.00% 0.00% 31.65% 90.67%
Bonds
0.00% 0.00% 97.38% 87.18%

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 7.85% 0.00% 9.59% 7.69%

Dividend Distribution Analysis

PFFR Category Low Category High Category Mod
Dividend Distribution Frequency Monthly 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

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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