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PFXF
VanEck Preferred Securities ex Financials ETF

Fund Description

The VanEck Preferred Securities ex Financials ETF (PFXF®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN), which is intended to track the overall performance of U.S. exchange-listed hybrid debt, preferred stock and convertible preferred stock issued by non-financial corporations.

 
 

  • Fund Ticker

    PFXF
  • Exchange

    NYSE Arca
  • Inception Date

    07/16/2012
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    PFAN
  • Index Rebalancing

    Monthly

 
as of 07/01/22

  • 30-Day SEC Yield1

    6.07%
  • Total Net Assets

    $995.6M
  • Number of Holdings

    127
  • Options

    No
  • Gross Expense Ratio2

    0.40%
  • Net Expense Ratio/TER2

    0.40%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    07/29/2022

Morningstar™ Ratings3
as of 05/31/2022

Category Overall 3 Year 5 Year
Preferred Stock
5 stars of 63 funds
5 stars of 63 funds
5 stars of 53 funds

Key Points

  • High Income Potential
    Historically, a company's preferred securities have offered higher yield than its common stock and senior debt

  • Differentiated Exposure
    Index excludes financial companies, which dominate broad-based indices, resulting in greater diversification without sacrificing yield

  • Low Expense Ratio
    PFXF's net expense ratio is 60% less than the mutual fund and ETF category average*

Yield
as of 07/01/22

  • 30-Day SEC Yield1

    6.07%
  • Distribution Yield1

    6.14%
  • 12-Month Yield1

    6.89%
 1 See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    --
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.40%
  • Fee Waivers and
    Expense Reimbursement

    --
  • Net Expense Ratio/TER2

    0.40%

2'Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2022.'

Trading Information

  • Fund Ticker

    PFXF
  • Index Total Return Ticker

    PFAN
  • NAV

    PFXFNV
  • Intraday NAV (IIV)5

    PFXFIV
  • Shares Outstanding

    54,800,000
  • Estimated Cash

    PFXFEU
  • Total Cash

    PFXFTC
  • CUSIP

    92189F429
  • ISIN

    US92189F4292
5See IIV Details. Source: Bloomberg

Investment Professionals

  • Portfolio Manager and Head of Equity ETFs
  • Oversees the Equity ETF Investment Management Team including development and management of index replication and optimization strategies
  • Joined VanEck in 2005
  • CFA charterholder; member of the CFA Society New York
  • BA, Mathematics and Economics, New York University
  • Portfolio Manager and Analyst for Equity ETFs
  • Joined VanEck in 2007
  • Prior to his current role, held a portfolio administration position at VanEck
  • Previously, Portfolio Analyst at Evaluation Associates
  • BS, Business Administration (concentration in Financial Analysis), State University of New York at Buffalo
  • Analyst for Equity ETFs
  • Joined VanEck in 2018
  • Prior to joining VanEck, ETF Basket Operations Analyst at JPMorgan
  • BS, Finance, Providence College
  • Analyst for Equity ETFs
  • Joined VanEck in 2019
  • Prior to VanEck, Intermediate Representative, Exchange Traded Funds at BNY Mellon.
  • BS, Accounting, Hunter College

Prices as of 07/01/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
PFXF $18.17
$18.23
283,318
213,767
$0.10 / +0.55%
$0.13 / +0.72%
-15.01%
-14.79%
$0.06
0.35%
0.16%

Premium/Discount History as of 07/01/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 134 37 40 23 39
PFXF Days closed at NAV 46 9 12 5 5
Days closed at a discount 72 18 12 34 18

Performance History: Average Annual Total Returns* (%)

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12**
PFXF (NAV) 2.20 -1.34 -9.05 -2.20 5.69 5.13 -- 5.50
PFXF (Share Price) 2.25 -1.97 -9.35 -2.46 5.54 4.95 -- 5.47
PFAN (Index)** 2.25 -1.55 -8.91 -1.84 6.04 5.38 5.71 5.59
Performance Differential (NAV - Index) -0.05 0.21 -0.14 -0.36 -0.35 -0.25 -- -0.09
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12**
PFXF (NAV) 2.52 -5.48 -5.48 3.91 7.29 6.12 -- 6.02
PFXF (Share Price) 2.42 -5.28 -5.28 3.82 7.45 6.21 -- 6.05
PFAN (Index)** 2.44 -5.22 -5.22 4.57 7.72 6.36 6.01 6.12
Performance Differential (NAV - Index) 0.08 -0.26 -0.26 -0.66 -0.43 -0.24 -- -0.10

Top 10 Holdings (%) as of 05/31/22 Daily Holdings

Total Holdings: 128
Swipe
to view
full data
Holding Name Maturity
Country
Currency
% of Net
Assets
Broadcom Inc 09/30/2022
United States
USD
8.70
Danaher Corp 04/15/2023
United States
USD
2.93
Nextera Energy Inc 03/01/2023
United States
USD
2.93
Nextera Energy Inc 09/01/2023
United States
USD
2.34
Southern Co/The 08/01/2022
United States
USD
2.32
Arcelormittal Sa 05/18/2023
Luxembourg
USD
2.27
Pg&E Corp 08/16/2023
United States
USD
2.18
Nextera Energy Inc 09/01/2022
United States
USD
1.99
Dominion Energy Inc 06/01/2022
United States
USD
1.95
Becton Dickinson And Co 06/01/2023
United States
USD
1.85
Top 10 Total (%) 29.46

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

‡See Country of Risk disclosure. 

Country Weightings (%) as of 05/31/22

  • Country

    % of Net Assets
  • United States

    86.65
  • Canada

    4.56
  • United Kingdom

    2.72
  • Luxembourg

    2.27
  • Bermuda

    1.00
  • Other/Cash

    2.79

Currency Exposure (%)
as of 05/31/22

  • U.S. Dollar

    96.52
  • Canadian Dollar

    0.69
  • Other/Cash

    2.79

Sector Weightings (%) as of 05/31/22

  • Sector

    % of Net Assets
  • Electric Utilities & IPPs

    27.4
  • Residential & Commercial REITs

    16.0
  • Telecommunications Services

    10.2
  • Semiconductors & Semiconductor Equipmnt

    8.7
  • Healthcare Equipment & Supplies

    6.1
  • Multiline Utilities

    5.9
  • Automobiles & Auto Parts

    3.6
  • Oil & Gas Related Equipment and Srvices

    3.5
  • Professional & Commercial Services

    3.1
  • Food & Tobacco

    3.0
  • Metals & Mining

    2.3
  • Machinery; Equipment & Components

    1.9
  • Diversified Retail

    1.6
  • Natural Gas Utilities

    0.9
  • Real Estate Operations

    0.7
  • Hotels & Entertainment Services

    0.6
  • Pharmaceuticals

    0.5
  • Office Equipment

    0.4
  • Software & IT Services

    0.4
  • Consumer Goods Conglomerates

    0.2
  • Oil & Gas

    0.2
  • Other/Cash

    2.8

Credit Quality (%) as of 05/31/22

Composite % of Net Assets
Investment Grade AA 0.30
A 2.16
BBB 32.06
Non-Investment Grade BB 20.18
B 3.30
Total Investment Grade -- 34.52
Total Non-Investment Grade -- 23.48
Not Rated -- 42.00

Maturity (%) as of 05/31/22

Average Portfolio Maturity: -- Years