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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 12/08/22

  • 30-Day SEC Yield1

    6.67%

  • Total Net Assets

    $935.6M

  • Number of Holdings

    121

  • Options

    No

  • Gross Expense Ratio2

    0.40%

  • Net Expense Ratio/TER2

    0.40%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    12/27/2022
Schedule a Call
Fund FAQ
How to Buy

Key Documents and Links

PFXF Fact Sheet
Summary Prospectus
Management Team

Fund Highlights

  • 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 12/08/22

  • 30-Day SEC Yield1

    6.67%

  • Distribution Yield1

    9.92%

  • 12-Month Yield1

    7.21%

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.

Morningstar™ Ratings3 as of 10/31/2022

Category Overall 3 Year 5 Year
Preferred Stock

3 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.

Trading Information

  • Fund Ticker

    PFXF

  • Index Total Return Ticker

    PFAN

  • NAV

    PFXFNV

  • Intraday NAV (IIV)5

    PFXFIV

  • Shares Outstanding

    54,300,000

  • 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 12/08/22

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 $17.23
$17.23 		206,817
334,694 		$-0.06 / -0.33%
$-0.12 / -0.69% 		-16.68%
-16.76% 		$0.00
0.00% 		0.17%

Premium/Discount History as of 12/08/22

Calendar Year 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 Premium/Discount Charts NAV & Prem/Discount History
PFXF Days closed at a premium 134 40 23 39 32
Days closed at NAV 46 12 5 5 7
Days closed at a discount 72 12 34 18 25

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) 4.89 -3.44 -15.70 -11.31 1.21 3.10 4.33 4.46
PFXF (Share Price) 4.23 -3.58 -16.19 -12.18 0.93 2.91 4.25 4.41
PFAN (Index)** 4.97 -2.93 -14.88 -10.67 1.75 3.53 4.49 4.63
Performance Differential (NAV - Index) -0.08 -0.51 -0.82 -0.64 -0.54 -0.43 -0.16 -0.17
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12**
PFXF (NAV) -6.22 -3.14 -18.12 -13.88 0.02 2.49 4.10 4.24
PFXF (Share Price) -6.15 -3.58 -18.42 -14.15 -0.16 2.46 4.01 4.21
PFAN (Index)** -5.91 -2.89 -17.49 -13.22 0.51 2.89 4.25 4.39
Performance Differential (NAV - Index) -0.31 -0.25 -0.63 -0.66 -0.49 -0.40 -0.15 -0.15

*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 performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund 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. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 11/30/22

Daily Holdings
Total Holdings: 121
Holding Name Maturity
Country‡
Currency
 % of Net
Assets
Nextera Energy Inc 03/01/2023
United States
USD
 4.16
Pg&E Corp 08/16/2023
United States
USD
 3.63
Nextera Energy Inc 09/01/2023
United States
USD
 3.29
Nextera Energy Inc 09/01/2025
United States
USD
 3.19
Arcelormittal Sa 05/18/2023
Luxembourg
USD
 2.53
Becton Dickinson And Co 06/01/2023
United States
USD
 2.42
Aptiv Plc 06/15/2023
United Kingdom
USD
 2.24
At&T Inc Perpetual
United States
USD
 2.10
At&T Inc 11/01/2066
United States
USD
 1.97
Boston Scientific Corp 06/01/2023
United States
USD
 1.85
Top 10 Total (%) 27.37
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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 11/30/22

Country % of Net Assets
● United States 86.55
● Canada 5.01
● United Kingdom 3.25
● Luxembourg 2.53
● Bermuda 1.08
● Other/Cash 1.57

Currency Exposure (%) as of 11/30/22

U.S. Dollar 98.43
Other/Cash 1.57

Sector Weightings (%)
as of 11/30/22

Sector % of Net Assets
● Electric Utilities & IPPs 28.87
● Residential & Commercial REITs 17.76
● Telecommunications Services 11.92
● Multiline Utilities 6.78
● Automobiles & Auto Parts 5.60
● Oil & Gas Related Equipment and Srvices 4.71
● Healthcare Equipment & Supplies 4.27
● Food & Tobacco 3.84
● Professional & Commercial Services 3.64
● Metals & Mining 2.53
● Machinery; Equipment & Components 1.83
● Diversified Retail 1.44
● Natural Gas Utilities 1.14
● Real Estate Operations 0.73
● Investment Banking & Investment Srvices 0.69
● Hotels & Entertainment Services 0.51
● Office Equipment 0.51
● Software & IT Services 0.44
● Collective Investments 0.40
● Pharmaceuticals 0.37
● Consumer Goods Conglomerates 0.26
● Oil & Gas 0.19
● Other/Cash 1.57

Credit Quality (%)† as of 11/30/22

Composite % of Net Assets
Investment Grade AA 0.36
A 2.61
BBB 29.08
Non-Investment Grade BB 24.82
B 4.06
Total Investment Grade -- 32.05
Total Non-Investment Grade -- 28.89
Not Rated -- 35.82

Maturity (%)
as of 11/30/22

Average Portfolio Maturity: -- Years

Maturity (%)

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