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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 09/29/22

  • 30-Day SEC Yield1

    6.51%
  • Total Net Assets

    $930.7M
  • Number of Holdings

    124
  • Options

    No
  • Gross Expense Ratio2

    0.40%
  • Net Expense Ratio/TER2

    0.40%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2022

Morningstar™ Ratings3
as of 08/31/2022

Category Overall 3 Year 5 Year
Preferred Stock
4 stars of 62 funds
4 stars of 62 funds
5 stars of 56 funds

Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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 59% less than the mutual fund and ETF category average*

Yield
as of 09/29/22

  • 30-Day SEC Yield1

    6.51%
  • Distribution Yield1

    8.61%
  • 12-Month Yield1

    6.73%
 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%

2Van 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, 2023.

Trading Information

  • Fund Ticker

    PFXF
  • Index Total Return Ticker

    PFAN
  • NAV

    PFXFNV
  • Intraday NAV (IIV)5

    PFXFIV
  • Shares Outstanding

    54,100,000
  • 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
  • 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 09/29/22

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 $17.20
$17.16
316,378
156,800
$-0.26 / -1.46%
$-0.34 / -1.94%
-18.34%
-18.61%
$-0.04
-0.25%
0.16%

Premium/Discount History as of 09/29/22

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) -3.31 -4.01 -12.70 -9.32 2.58 3.80 4.82 4.94
PFXF (Share Price) -3.43 -4.12 -13.08 -9.87 2.37 3.74 4.74 4.90
PFAN (Index)** -3.23 -3.73 -12.31 -8.96 2.97 4.13 4.93 5.05
Performance Differential (NAV - Index) -0.08 -0.28 -0.39 -0.36 -0.39 -0.33 -0.11 -0.11
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12**
PFXF (NAV) -7.06 -10.57 -15.47 -10.42 2.43 3.43 -- 4.68
PFXF (Share Price) -6.67 -10.68 -15.39 -10.35 2.40 3.42 -- 4.70
PFAN (Index)** -6.72 -10.35 -15.03 -9.72 2.87 3.76 4.87 4.81
Performance Differential (NAV - Index) -0.34 -0.22 -0.44 -0.70 -0.44 -0.33 -- -0.13

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 126
Swipe
to view
full data
Holding Name Maturity
Country
Currency
% of Net
Assets
Broadcom Inc 09/30/2022
United States
USD
8.42
Nextera Energy Inc 03/01/2023
United States
USD
3.51
Danaher Corp 04/15/2023
United States
USD
3.27
Nextera Energy Inc 09/01/2023
United States
USD
2.83
Pg&E Corp 08/16/2023
United States
USD
2.47
Nextera Energy Inc 09/01/2022
United States
USD
2.42
Becton Dickinson And Co 06/01/2023
United States
USD
2.04
Arcelormittal Sa 05/18/2023
Luxembourg
USD
1.85
At&T Inc Perpetual
United States
USD
1.83
Dte Energy Co 11/01/2022
United States
USD
1.80
Top 10 Total (%) 30.44

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 08/31/22

  • Country

    % of Net Assets
  • United States

    88.82
  • Canada

    4.88
  • United Kingdom

    2.64
  • Luxembourg

    1.85
  • Bermuda

    1.03
  • Other/Cash

    0.78

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    99.22
  • Other/Cash

    0.78

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • Electric Utilities & IPPs

    25.8
  • Residential & Commercial REITs

    16.4
  • Telecommunications Services

    10.9
  • Semiconductors & Semiconductor Equipmnt

    8.4
  • Healthcare Equipment & Supplies

    6.7
  • Multiline Utilities

    6.4
  • Oil & Gas Related Equipment and Srvices

    3.8
  • Automobiles & Auto Parts

    3.7
  • Food & Tobacco

    3.3
  • Professional & Commercial Services

    3.2
  • Machinery; Equipment & Components

    2.1
  • Metals & Mining

    1.9
  • Diversified Retail

    1.5
  • Natural Gas Utilities

    0.9
  • Real Estate Operations

    0.7
  • Investment Banking & Investment Srvices

    0.7
  • Hotels & Entertainment Services

    0.5
  • Office Equipment

    0.5
  • Software & IT Services

    0.4
  • Pharmaceuticals

    0.4
  • Collective Investments

    0.4
  • Consumer Goods Conglomerates

    0.3
  • Oil & Gas

    0.2
  • Other/Cash

    0.8

Credit Quality (%) as of 08/31/22

Composite % of Net Assets
Investment Grade AA 0.31
A 2.30
BBB 30.19
Non-Investment Grade BB 21.32
B 3.43
Total Investment Grade -- 32.80
Total Non-Investment Grade -- 24.76
Not Rated -- 42.44

Maturity (%) as of 08/31/22

Average Portfolio Maturity: -- Years