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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 01/27/22

  • 30-Day SEC Yield1

    5.17%

  • Total Net Assets

    $1.1B

  • Number of Holdings

    130

  • 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 12/31/2021

Category Overall 3 Year 5 Year
Preferred Stock
5 stars of 61 funds
5 stars of 61 funds
5 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 60% less than the mutual fund and ETF category average*

Yield
as of 01/27/22

  • 30-Day SEC Yield1

    5.17%

  • Distribution Yield1

    12.33%

  • 12-Month Yield1

    5.02%
 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

    51,850,000

  • 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 01/27/22

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 $20.32
$20.34		 233,812
354,486		 -$0.22 / -1.08%
$-0.11 / -0.54%		 -7.05%
-7.04%
 $0.02
0.09%		 0.09%

Premium/Discount History as of 01/27/22

Calendar Year 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 138 20 37 37 40
PFXF Days closed at NAV 33 12 13 9 12
Days closed at a discount 82 29 13 18 12


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) 5.20 5.18 12.21 12.21 13.34 8.57 -- 6.82
PFXF (Share Price) 4.78 5.23 12.26 12.26 13.33 8.54 -- 6.82
PFAN (Index)** 4.95 5.18 11.98 11.98 13.44 8.54 -- 6.89
Performance Differential (NAV - Index) 0.25 0.00 0.23 0.23 -0.10 0.03 -- -0.07
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/16/12
PFXF (NAV) 5.20 5.18 12.21 12.21 13.34 8.57 -- 6.82
PFXF (Share Price) 4.78 5.23 12.26 12.26 13.33 8.54 -- 6.82
PFAN (Index)** 4.95 5.18 11.98 11.98 13.44 8.54 -- 6.89
Performance Differential (NAV - Index) 0.25 0.00 0.23 0.23 -0.10 0.03 -- -0.07

*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 12/31/21 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
 8.92
Nextera Energy Inc 03/01/2023
United States
USD
 3.09
Avantor Inc 05/15/2022
United States
USD
 2.87
Arcelormittal Sa 05/18/2023
Luxembourg
USD
 2.84
Nextera Energy Inc 09/01/2023
United States
USD
 2.49
Aptiv Plc 06/15/2023
United Kingdom
USD
 2.27
Nextera Energy Inc 09/01/2022
United States
USD
 2.19
Southern Co/The 08/01/2022
United States
USD
 1.99
Pg&E Corp 08/16/2023
United States
USD
 1.99
At&T Inc Perpetual
United States
USD
 1.97
Top 10 Total (%) 30.63

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 12/31/21

  • Country

    % of Net Assets
  • ■

    United States

    87.32
  • ■

    Canada

    4.73
  • ■

    United Kingdom

    3.68
  • ■

    Luxembourg

    2.84
  • ■

    Bermuda

    0.75
  • ■

    Other/Cash

    0.69

Currency Exposure (%)
as of 12/31/21

  • U.S. Dollar

    98.56

  • Canadian Dollar

    0.75

  • Other/Cash

    0.69

Sector Weightings (%) as of 12/31/21

  • Sector

    % of Net Assets
  • ■

    Electric Utilities & IPPs

    27.0
  • ■

    Residential & Commercial REITs

    16.0
  • ■

    Semiconductors & Semiconductor Equipmnt

    8.9
  • ■

    Telecommunications Services

    8.8
  • ■

    Healthcare Equipment & Supplies

    5.8
  • ■

    Multiline Utilities

    5.5
  • ■

    Automobiles & Auto Parts

    4.1
  • ■

    Professional & Commercial Services

    3.5
  • ■

    Oil & Gas Related Equipment and Srvices

    3.3
  • ■

    Metals & Mining

    2.8
  • ■

    Food & Tobacco

    2.8
  • ■

    Banking Services

    2.1
  • ■

    Machinery; Equipment & Components

    2.1
  • ■

    Diversified Retail

    2.0
  • ■

    Natural Gas Utilities

    0.7
  • ■

    Hotels & Entertainment Services

    0.5
  • ■

    Water & Related Utilities

    0.5
  • ■

    Pharmaceuticals

    0.5
  • ■

    Office Equipment

    0.5
  • ■

    Software & IT Services

    0.4
  • ■

    Electronic Equipment & Parts

    0.3
  • ■

    Consumer Goods Conglomerates

    0.3
  • ■

    Oil & Gas

    0.2
  • ■

    Other/Cash

    1.4

Credit Quality (%)† as of 12/31/21

Composite % of Net Assets
Investment Grade AA 0.29
A 2.16
BBB 31.00
Non-Investment Grade BB 20.52
B 2.87
Total Investment Grade -- 33.45
Total Non-Investment Grade -- 23.39
Not Rated -- 43.17
 

Maturity (%) as of 12/31/21

Average Portfolio Maturity: -- Years