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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

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    PFAN

  • Index Rebalancing

    Monthly

 
as of 10/15/21

  • 30-Day SEC Yield1

    5.00%

  • Total Net Assets

    $1.1B

  • Number of Holdings

    126

  • Options

    Expected

  • Gross Expense Ratio2

    0.40%

  • Net Expense Ratio/TER2

    0.40%

  • Distribution Frequency

    Monthly
Schedule a Call
How to Buy

Morningstar™ Ratings3
as of 09/30/2021

Category Overall 3 Year 5 Year
Preferred Stock
3 stars of 60 funds
4 stars of 60 funds
3 stars of 49 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 59% less than the mutual fund and ETF category average*

Yield
as of 10/15/21

  • 30-Day SEC Yield1

    5.00%

  • Distribution Yield1

    5.31%

  • 12-Month Yield1

    4.57%
 1See Important Disclosure for definitions.

Fees & 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.

Trading Information

  • Fund Ticker

    PFXF

  • Index Total Return Ticker

    PFAN

  • NAV

    PFXFNV

  • Intraday NAV (IIV)5

    PFXFIV

  • Shares Outstanding

    49,250,000

  • 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 10/15/21

NAV/
Market Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change
NAV/
Last Price 		Premium/
Discount 		Prem/Discount
Distribution Charts 		NAV &
Prem/Discount
History 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
PFXF $21.45
$21.45		 156,079
245,421		 $0.04 / +0.20%
$0.03 / +0.14%		 +8.36%
+8.17%
 $0.00
0.00%		 0.09%

Premium/Discount History as of 10/15/21

Calendar Year 2020 4Q 2020 1Q 2021 2Q 2021 3Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 138 34 20 37 37
PFXF Days closed at NAV 33 10 12 13 9
Days closed at a discount 82 20 29 13 18


Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12**
PFXF (NAV) -1.24 0.76 6.68 16.25 8.73 6.34 -- 6.42
PFXF (Share Price) -1.46 0.70 6.68 15.96 8.63 6.22 -- 6.42
PFAN (Index)** -1.30 1.02 6.47 16.84 9.09 6.46 -- 6.50
Performance Differential (NAV - Index) 0.06 -0.26 0.21 -0.59 -0.36 -0.12 -- -0.08
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12
PFXF (NAV) -1.24 0.76 6.68 16.25 8.73 6.34 -- 6.42
PFXF (Share Price) -1.46 0.70 6.68 15.96 8.63 6.22 -- 6.42
PFAN (Index)** -1.30 1.02 6.47 16.84 9.09 6.46 -- 6.50
Performance Differential (NAV - Index) 0.06 -0.26 0.21 -0.59 -0.36 -0.12 -- -0.08

*Returns less than one year are not annualized.

**Index data prior to June 1, 2021 reflects that of the Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL). From June 1, 2021 forward, the index data reflects that of the Fund's underlying index, the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (PFAN). Index history which includes periods prior to June 1, 2021 links the performance of WHPSL and PFAN and is not intended for third party use.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a VanEck Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck ETF investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 09/30/21 Daily Holdings

Total Holdings: 129
Swipe
to view
full data
Holding Name Maturity
Country†
Currency
% of Net
Assets
BROADCOM INC
09/30/2022
United States
USD
6.72
ARCELORMITTAL SA
05/18/2023
Luxembourg
USD
3.17
AVANTOR INC
05/15/2022
United States
USD
2.86
NEXTERA ENERGY INC
03/01/2023
United States
USD
2.80
NEXTERA ENERGY INC
09/01/2023
United States
USD
2.24
APTIV PLC
06/15/2023
Jersey
USD
2.13
AT&T INC
Perpetual
United States
USD
2.03
SOUTHERN CO/THE
08/01/2022
United States
USD
1.93
NEXTERA ENERGY INC
09/01/2022
United States
USD
1.93
BECTON DICKINSON AND CO
06/01/2023
United States
USD
1.78
Top 10 Total (%) 27.59

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

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 09/30/21

  • Country

    % of Net Assets
  • ■

    United States

    86.35
  • ■

    Canada

    4.72
  • ■

    United Kingdom

    3.49
  • ■

    Luxembourg

    3.17
  • ■

    Bermuda

    0.72
  • ■

    Other/Cash

    1.53

Currency Exposure (%)
as of 09/30/21

  • U.S. Dollar

    97.75

  • Canadian Dollar

    0.72

  • Other/Cash

    1.53

Sector Weightings (%) as of 09/30/21

  • Sector

    % of Net Assets
  • ■

    Electric Utilities & IPPs

    27.8
  • ■

    Residential & Commercial REITs

    16.0
  • ■

    Telecommunications Services

    9.0
  • ■

    Semiconductors & Semiconductor Equipmnt

    6.7
  • ■

    Healthcare Equipment & Supplies

    5.9
  • ■

    Multiline Utilities

    5.6
  • ■

    Automobiles & Auto Parts

    3.9
  • ■

    Metals & Mining

    3.2
  • ■

    Banking Services

    3.0
  • ■

    Food & Tobacco

    2.9
  • ■

    Professional & Commercial Services

    2.7
  • ■

    Diversified Retail

    2.0
  • ■

    Machinery; Equipment & Components

    1.6
  • ■

    Oil & Gas Related Equipment and Srvices

    1.5
  • ■

    Hotels & Entertainment Services

    0.7
  • ■

    Natural Gas Utilities

    0.7
  • ■

    Pharmaceuticals

    0.6
  • ■

    Software & IT Services

    0.6
  • ■

    Water & Related Utilities

    0.5
  • ■

    Office Equipment

    0.5
  • ■

    Consumer Goods Conglomerates

    0.3
  • ■

    Oil & Gas

    0.2
  • ■

    Other/Cash

    4.1

Credit Quality (%) as of 09/30/21

Composite % of Net Assets
Investment Grade AA --
A 1.05
BBB 20.86
Non-Investment Grade BB 19.10
B 3.17
Total Investment Grade -- 21.91
Total Non-Investment Grade -- 22.27
Not Rated -- 54.28
Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Maturity (%) as of 09/30/21