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Global X Variable Rate Preferred ETF

ETF
PFFV
Payout Change
Pending
Price as of:
$23.28 +0.06 +0.26%
primary theme
Preferred Stock
PFFV (ETF)

Global X Variable Rate Preferred ETF

Payout Change
Pending
Price as of:
$23.28 +0.06 +0.26%
primary theme
Preferred Stock
PFFV (ETF)

Global X Variable Rate Preferred ETF

Payout Change
Pending
Price as of:
$23.28 +0.06 +0.26%
primary theme
Preferred Stock

Name

As of 04/23/2024

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

Global X Variable Rate Preferred ETF

PFFV | ETF

$23.28

$255 M

6.86%

$1.60

0.25%

Vitals

YTD Return

2.2%

1 yr return

9.5%

3 Yr Avg Return

0.4%

5 Yr Avg Return

N/A

Net Assets

$255 M

Holdings in Top 10

35.2%

52 WEEK LOW AND HIGH

$23.2
$20.85
$23.94

Expenses

OPERATING FEES

Expense Ratio 0.25%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 26.17%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 04/23/2024

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

Global X Variable Rate Preferred ETF

PFFV | ETF

$23.28

$255 M

6.86%

$1.60

0.25%

PFFV - Profile

Distributions

  • YTD Total Return 2.2%
  • 3 Yr Annualized Total Return 0.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 5.01%
DIVIDENDS
  • Dividend Yield 6.9%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Global X Variable Rate Preferred ETF
  • Fund Family Name
    Global X Funds
  • Inception Date
    Jun 22, 2020
  • Shares Outstanding
    6729668
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Kimberly Chan

Fund Description

The Fund invests at least 80% of its total assets, plus borrowings for investment purposes (if any), in the securities of the ICE U.S. Variable Rate Preferred Securities Index ("Underlying Index") and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the Underlying Index. The Fund's 80% investment policy is non-fundamental and requires 60 days prior written notice to shareholders before it can be changed. The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of the collateral received).
The Underlying Index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. Qualifying preferred securities must be listed on a U.S. exchange, denominated in U.S. dollars, have floating or variable dividends or coupons, and have a minimum amount outstanding of $50 million. Qualifying preferred securities may, however, be issued by non-U.S. companies. Qualifying securities must be issued in $25, $50, $100, or $1000 par/liquidation preference increments, must have a traded market value of greater than $6 million in each of the previous three calendar months, and must have at least one year remaining to maturity, as determined by ICE Data Indices, LLC (the "Index Provider").
Constituents in the Underlying Index are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. A weighting cap of 10% is applied at the issuer level to limit the aggregate weight of a single issuer to 10% at each rebalance. The Underlying Index may include large-, mid- or small-capitalization companies. Components of
the Underlying Index primarily include financials companies. The Underlying Index is rebalanced quarterly. The Underlying Index may include securities that are rated below investment grade or that are unrated but may be deemed to be of a comparable quality. The Fund's investment objective and Underlying Index may be changed without shareholder approval.
The Underlying Index is sponsored by the Index Provider, which is an organization that is independent of, and unaffiliated with, the Fund and Global X Management Company LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
The Adviser uses a "passive" or indexing approach to try to achieve the Fund's investment objective. Unlike many investment companies, the Fund does not try to outperform the Underlying Index and does not seek temporary defensive positions when markets decline or appear overvalued.
The Fund generally uses a representative sampling strategy with respect to the Underlying Index. "Representative sampling" is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index in terms of key risk factors, performance attributes and other characteristics. These include country weightings, market capitalization and other financial characteristics of securities. The Fund may or may not hold all of the securities in the Underlying Index.
The Adviser expects that, over time, the correlation between the Fund's performance and that of the Underlying Index, before fees and expenses, will exceed 95%. A correlation percentage of 100% would indicate perfect correlation. If the Fund uses a replication strategy, it can be expected to have greater correlation to the Underlying Index than if it uses a representative sampling strategy.
The Fund concentrates its investments (i.e., holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. As of January 31, 2024, the Underlying Index was concentrated in the banking industry and had significant exposure to the financials sector.
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PFFV - Performance

Return Ranking - Trailing

Period PFFV Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -3.8% 3.7% 30.77%
1 Yr 9.5% 3.0% 18.8% 50.00%
3 Yr 0.4%* -8.9% 6.3% 16.67%
5 Yr N/A* -5.5% 5.3% 18.67%
10 Yr N/A* 0.6% 4.6% 27.12%

* Annualized

Return Ranking - Calendar

Period PFFV Return Category Return Low Category Return High Rank in Category (%)
2023 2.9% -3.6% 14.2% 15.38%
2022 -18.9% -29.4% -9.6% 58.33%
2021 0.9% -3.4% 17.2% 25.00%
2020 N/A -24.8% 9.0% N/A
2019 N/A 6.4% 19.1% N/A

Total Return Ranking - Trailing

Period PFFV Return Category Return Low Category Return High Rank in Category (%)
YTD 2.2% -3.8% 3.7% 30.77%
1 Yr 9.5% 3.0% 18.8% 50.00%
3 Yr 0.4%* -8.9% 6.3% 16.67%
5 Yr N/A* -5.5% 5.3% N/A
10 Yr N/A* 0.6% 4.6% N/A

* Annualized

Total Return Ranking - Calendar

Period PFFV Return Category Return Low Category Return High Rank in Category (%)
2023 10.7% -1.9% 26.5% 14.10%
2022 -13.8% -26.0% -5.8% 62.50%
2021 6.3% -2.5% 27.4% 12.50%
2020 N/A -19.2% 12.3% N/A
2019 N/A 10.0% 32.0% N/A

PFFV - Holdings

Concentration Analysis

PFFV Category Low Category High PFFV % Rank
Net Assets 255 M 24.1 M 14.5 B 74.36%
Number of Holdings 57 45 450 92.31%
Net Assets in Top 10 78.2 M 7.69 M 1.65 B 69.23%
Weighting of Top 10 35.20% 12.1% 48.1% 5.13%

Top 10 Holdings

  1. Goldman Sachs Group Inc/The PREFERRED STOCK 4.69%
  2. Bank of America Corp PREFERRED STOCK 4.48%
  3. Citigroup Inc PREFERRED STOCK 4.11%
  4. Morgan Stanley PREFERRED STOCK 4.03%
  5. Athene Holding Ltd PREFERRED STOCK 3.49%
  6. US Bancorp PREFERRED STOCK 3.38%
  7. Reinsurance Group of America Inc PREFERRED STOCK 2.97%
  8. Annaly Capital Management Inc PREFERRED STOCK 2.88%
  9. Goldman Sachs Group Inc/The PREFERRED STOCK 2.69%
  10. WESCO International Inc PREFERRED STOCK 2.48%

Asset Allocation

Weighting Return Low Return High PFFV % Rank
Preferred Stocks 		99.29% 0.00% 125.53% 10.26%
Cash 		0.71% -0.02% 10.76% 89.74%
Stocks 		0.00% 0.00% 28.30% 79.49%
Other 		0.00% -4.48% 12.19% 69.23%
Convertible Bonds 		0.00% 0.00% 31.65% 97.33%
Bonds 		0.00% 0.00% 98.46% 94.87%

PFFV - Expenses

Operational Fees

PFFV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.25% 0.05% 4.46% 96.10%
Management Fee 0.25% 0.00% 1.00% 5.13%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PFFV 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

PFFV 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.

PFFV Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 26.17% 12.00% 199.00% 47.06%

PFFV - Distributions

Dividend Yield Analysis

PFFV Category Low Category High PFFV % Rank
Dividend Yield 6.86% 0.00% 10.59% 8.97%

Dividend Distribution Analysis

PFFV Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Quarterly

Net Income Ratio Analysis

PFFV Category Low Category High PFFV % Rank
Net Income Ratio 5.01% 0.88% 7.54% 18.92%

Capital Gain Distribution Analysis

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

Distributions History

View More +

PFFV - Fund Manager Analysis

Managers

Kimberly Chan

Start Date

Tenure

Tenure Rank

Jun 22, 2020

1.94

1.9%

Kimberly Chan is a Portfolio Management Associate. Previously, Ms. Chan was a US Associate Trader at Credit Agricole from 2016 to 2018, and an Investment Analyst at MetLife Investments from 2015 to 2016. Ms. Chan received her Bachelor of Science from New York University in 2015.

Nam To

Start Date

Tenure

Tenure Rank

Jun 22, 2020

1.94

1.9%

Nam To, CFA, joined Global X Management Company LLC in July 2017 as a Portfolio Management Analyst. Mr. To has been a Portfolio Manager of the Fund since March 1, 2018. Previously, Mr. To was a Global Economics Research Analyst at Bunge Limited from 2014 through 2017 and an Advisory and Investment Analyst at Horizon Capital Group from June 2013 through August 2013. Mr. To received his Bachelor of Arts in Philosophy and Economics from Cornell University in 2014.

Wayne Xie

Start Date

Tenure

Tenure Rank

Jun 22, 2020

1.94

1.9%

Wayne Xie joined the Global X Management Company LLC in July 2018 as a Portfolio Management Associate. Previously, Mr. Xie was an Analyst at VanEck Associates on the Equity ETF Investment Management team from 2010 to 2018 and a Portfolio Administrator at VanEck Associates from 2007 to 2010. Mr. Xie received his BS in Business Administration from State University of New York at Buffalo.

Vanessa Yang

Start Date

Tenure

Tenure Rank

Dec 31, 2020

1.41

1.4%

Vanessa Yang, Portfolio Management Associate, joined Global X Management Company LLC in 2016 as a Portfolio Administrator. She was appointed to the portfolio management team in June 2019. Previously, Ms. Yang was a Portfolio Administrator at VanEck Associates from 2011 to 2014. Ms. Yang received her MS in Financial Engineering from Drucker School of Management in 2010 and her BS in Economics from Guangdong University of Foreign Studies in 2008.

William Helm

Start Date

Tenure

Tenure Rank

Apr 01, 2022

0.16

0.2%

William Helm, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Helm spent 14 years at Vanguard where he most recently served as an Equity Portfolio Manager and Trader. Previously, he held roles in Portfolio Review, Corporate Strategy and Corporate Finance. Mr. Helm received his BBA in Economics from Belmont University in 2007 and his MBA from Columbia Business School in 2020.

Sandy Lu

Start Date

Tenure

Tenure Rank

Apr 01, 2022

0.16

0.2%

Sandy Lu, CFA, Portfolio Manager, joined the Adviser in September 2021. Previously, Mr. Lu worked at PGIM Fixed Income from 2014 to 2021, where he led the portfolio analyst team covering Emerging Markets Debt. He began his career in 2010 as an Investment Analyst at Lincoln Financial Group. Mr. Lu graduated with a B.S. in Economics from the Wharton School of the University of Pennsylvania. He earned his CFA designation in September 2015, and holds the Series 3 license.

Tenure Analysis

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

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