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PFFD

U.S. Preferred ETF

 

Reasons to Consider PFFD

High Income Potential

PFFD invests in a broad basket of preferred stock in the U.S., an asset class that has historically offered high yield potential.

Low Expense Ratio

PFFD’s expense ratio is less than half the competitor average.1

Monthly Distributions

PFFD has made monthly distributions 6 years running.

1Expense ratio was 52.2% lower than the competitor average net expense ratio as of 7/1/24, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred”)

Key Information As of 08/23/24

Inception Date 09/11/17
Total Expense Ratio 0.23%
Net Assets $2.40 billion
NAV $20.23
Fact Sheet View the document

ETF Summary

The Global X U.S. Preferred ETF (PFFD) invests in a broad basket of U.S. preferred stocks, providing benchmark-like exposure to the asset class.

ETF Objective

The Global X U.S. Preferred ETF (PFFD) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the ICE BofA Diversified Core U.S. Preferred Securities Index.

Trading Details As of 08/22/24

Ticker PFFD
Bloomberg Index Ticker PLCR4PM
CUSIP 37954Y657
ISIN US37954Y6573
Primary Exchange NYSE Arca
Shares Outstanding 118,740,000
Number of Holdings 211
30-Day Median Bid-Ask Spread 0.05%
NAIC Designation Preliminary 3.A as of 03/31/24

Distributions As of 08/23/24

30-Day SEC Yield 6.34%
12-Month Trailing Yield 6.39%
Distribution Yield 6.11%
Distribution Frequency Monthly

ETF Prices As of 08/23/24

NAV $20.23 Daily Change $0.14 0.70%
Market Price $20.23 Daily Change $0.13 0.65%

Performance History

As of recent
(06/30/24)
As of recent
(06/30/24)
Fund NAV Market Price Index
1 Year 8.12% 8.33% 8.38%
3 Years -3.38% -3.42% -3.20%
5 Years 1.45% 1.38% 1.62%
Since Inception 2.19% 2.24% 2.38%
1 Year 7.38% 7.69% 7.69%
3 Years -3.35% -3.23% -3.15%
5 Years 1.15% 1.16% 1.34%
Since Inception 2.24% 2.35% 2.44%
Year-to-Date 4.11% 4.16% 4.18%
1 Month -0.08% 0.07% -0.08%
3 Months -0.72% -0.82% -0.70%
Since Inception 15.86% 16.30% 17.32%
Year-to-Date 4.66% 5.08% 4.84%
1 Month 0.53% 0.89% 0.64%
3 Months 3.34% 4.03% 3.49%
Since Inception 16.48% 17.34% 18.07%

Performance is shown on a total return basis (i.e., with gross income reinvested, where applicable). Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized return is the average return gained or lost by an investment each year over a given time period.

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. High short-term performance, when observed, is unusual and investors should not expect such performance to be repeated.

Top Holdings As of 08/23/24

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.10 WFC WFC 7 1/2 PERP B3KRSW9 1,244.00 79,214 98,542,216.00
2.81 BAC BAC 7 1/4 PERP B2PB3Z7 1,241.00 54,476 67,604,716.00
2.23 C C 11.887 10/30/40 B3Z1BZ0 29.77 1,798,951 53,554,771.27
1.66 ALB ALB 7 1/4 03/01/27 BPCTR42 43.20 923,368 39,889,497.60
1.56 JPM JPM 6 PERP BJ2KBT6 25.29 1,483,028 37,505,778.12
1.53 NEE NEE 6.926 09/01/25 BQV3827 45.71 803,712 36,737,675.52
1.49 APO APO 6 3/4 07/31/26 BQVW6Z3 62.31 576,123 35,898,224.13
1.43 WFC WFC 4 3/4 PERP BJVB6B7 21.25 1,613,968 34,296,820.00
1.42 JPM JPM 5 3/4 PERP BFY34D0 25.01 1,360,147 34,017,276.47
1.37 JPM JPM 4 5/8 PERP BND7XB0 22.19 1,483,834 32,926,276.46
1.36 JPM JPM 4.2 PERP BN75VC7 20.34 1,604,176 32,628,939.84
1.22 T T 4 3/4 PERP BLL1ZY7 20.81 1,404,233 29,222,088.73
1.09 JPM JPM 4.55 PERP BM8TGF9 21.66 1,204,130 26,081,455.80
1.04 GS GS 6.03444 PERP B15CKS5 23.16 1,083,876 25,102,568.16
1.04 T T 5.35 11/01/66 BF545Q2 23.51 1,059,728 24,914,205.28
1.02 COF COF 5 PERP BGMJPW3 20.64 1,192,873 24,620,898.72
1.00 BAC BAC 6 PERP BFZNM46 25.17 952,533 23,975,255.61
0.98 BAC BAC 5 3/8 PERP BJN6RX9 24.15 976,487 23,582,161.05
0.89 ALL ALL 5.1 PERP BKDKS91 23.15 921,400 21,330,410.00
0.88 T T 5 PERP BKPK060 21.91 961,387 21,063,989.17
0.88 BAC BAC 5 PERP BKVJXF1 22.92 918,661 21,055,710.12
0.87 MS MS 6 1/2 PERP BQH5ZL5 25.90 807,813 20,922,356.70
0.84 MS MS 4 1/4 PERP BMF4W82 19.45 1,043,261 20,291,426.45
0.84 COF COF 4.8 PERP BK9PWX2 20.00 1,004,339 20,086,780.00
0.83 MS MS 6 3/8 PERP BQT2G00 25.13 798,024 20,054,343.12
0.83 DUK DUK 5 3/4 PERP BJXH6L3 25.10 798,024 20,030,402.40
0.83 MS MS 6.26298 PERP B1802M4 22.45 892,126 20,028,228.70
0.83 WFC WFC 4.7 PERP BMYVT83 21.25 940,547 19,986,623.75
0.83 MS MS 5.85 PERP BYYYY81 24.81 801,316 19,880,649.96
0.82 WFC WFC 4 1/4 PERP BP91X65 19.53 1,004,993 19,627,513.29
0.79 BAC BAC 6.45 12/15/66 BF2PL60 25.78 739,073 19,053,301.94
0.77 SO SO 4.95 01/30/2080 BKM3QB9 23.35 794,798 18,558,533.30
0.74 BAC BAC 4 1/4 PERP BMH4QB1 19.49 914,194 17,817,641.06
0.73 MS MS 7 1/8 PERP BF4YJ94 25.31 693,877 17,562,026.87
0.73 MET MET 4 3/4 PERP BL3BQ19 21.99 797,196 17,530,340.04
0.73 USB USB 6.16298 PERP B125QN4 21.80 803,203 17,509,825.40
0.73 ATH ATH 6.35 PERP BPSKDY1 25.00 699,446 17,486,150.00
0.72 MS MS 6 7/8 PERP BH5QGM5 25.24 683,764 17,258,203.36
0.70 AEGON AEGON 5.1 12/15/49 BK59DD5 22.73 741,268 16,849,021.64
0.69 WFC WFC 4 3/8 PERP BL5C513 19.96 832,809 16,622,867.64
0.68 T T 5 5/8 08/01/67 BDDJDF0 24.58 664,042 16,322,152.36
0.68 MET MET 5 5/8 PERP BG43LW5 25.12 647,950 16,276,504.00
0.67 JPM JPM 4 3/4 PERP BK57WX2 22.67 713,863 16,183,274.21
0.65 TFC TFC 4 3/4 PERP BLD4B13 21.17 735,038 15,560,754.46
0.65 F F 6 12/01/59 BJP1KW2 24.38 635,838 15,501,730.44
0.64 BAC BAC 4 3/8 PERP BMVXBP3 20.12 760,627 15,303,815.24
0.63 SCHW SCHW 5.95 PERP BYPFT55 25.13 603,876 15,175,403.88
0.62 EQH EQH 5 1/4 PERP BKRMRC9 23.05 648,949 14,958,274.45
0.62 F F 6.2 06/01/59 BJ029D4 24.84 599,059 14,880,625.56
0.61 SRE SRE 5 3/4 07/01/2079 BK8LV34 24.42 604,511 14,762,158.62
0.61 BAC BAC 5 7/8 PERP BYVQZ09 24.93 591,869 14,755,294.17
0.61 RGA RGA 7 1/8 10/15/52 BMG9SY4 26.40 555,720 14,671,008.00
0.59 GS GS 6.11444 PERP B07GC93 23.43 608,165 14,249,305.95
0.58 NEE NEE 5.65 03/01/2079 BH3JGK4 25.38 545,638 13,848,292.44
0.56 WFC WFC 5 5/8 PERP BYQHXS1 24.26 556,079 13,490,476.54
0.54 ALL ALL 7 3/8 PERP BNBXR41 27.10 482,456 13,072,145.32
0.54 APO APO 7 5/8 09/15/53 BQC5ZW1 26.80 483,688 12,962,838.40
0.53 SO SO 4.2 10/15/60 BMGS0L2 20.85 604,975 12,613,728.75
0.52 CMS CMS 5 7/8 03/01/2079 BJJP666 24.74 508,062 12,569,453.88
0.52 F F 6 1/2 08/15/62 BPJK038 25.59 483,944 12,384,126.96
0.50 BAC BAC 4 1/8 PERP BN4Q1G7 19.08 634,501 12,106,279.08
0.50 SYF SYF 5 5/8 PERP BK77YC3 19.97 605,050 12,082,848.50
0.50 ATH ATH 6 3/8 PERP BMG0ZK2 25.34 476,226 12,067,566.84
0.49 JXN JXN 8 PERP BMW6VL7 26.71 443,826 11,854,592.46
0.49 ATH ATH 7 1/4 03/30/64 BSLKYN5 25.42 463,969 11,794,091.98
0.49 KEY KEY 6.2 PERP BPLPQT9 24.35 484,325 11,793,313.75
0.48 MET MET 6.60083 PERP B0B87W3 24.47 475,598 11,637,883.06
0.48 EIX EIX 7 1/2 PERP BLFB156 26.49 436,498 11,562,832.02
0.47 USB USB 5 1/2 PERP BDT6C58 24.55 464,226 11,396,748.30
0.47 USB USB 4 PERP BMFDGD2 18.79 602,743 11,325,540.97
0.47 PRU PRU 5 5/8 08/15/58 BG844G9 25.03 446,651 11,179,674.53
0.46 CTL CTL 6 1/2 09/01/56 BZ4C835 14.22 773,058 10,992,884.76
0.45 LNC LNC 9 PERP BP398R1 27.23 394,777 10,749,777.71
0.45 QRTEV QRTEA 8 03/15/31 BMH2T16 41.67 257,449 10,727,899.83
0.45 TFC TFC 5 1/4 PERP BMFYGG8 23.58 454,003 10,705,390.74
0.44 ATH ATH 7 3/4 PERP BPLKV33 26.63 396,439 10,557,170.57
0.43 ALL ALL 8.49792 01/15/53 B87XV26 25.95 397,479 10,314,580.05
0.43 BAC BAC 4 3/4 PERP BN7SQB0 21.55 477,352 10,286,935.60
0.43 SYF SYF 8 1/4 PERP BSNWT01 25.75 396,706 10,215,179.50
0.42 KEY KEY 6 1/8 PERP BYQR0N5 25.00 404,299 10,107,475.00
0.42 DUK DUK 5 5/8 09/15/2078 BFNR2X9 25.25 399,071 10,076,542.75
0.42 TDS TDS 6 PERP BNSNM38 18.55 542,909 10,070,961.95
0.42 SCHW SCHW 4.45 PERP BMW32F9 21.19 472,846 10,019,606.74
0.42 COF COF 4 3/8 PERP BMX47S9 18.81 531,250 9,992,812.50
0.42 AXS AXS 5 1/2 PERP BD2Z8N2 22.60 441,235 9,971,911.00
0.41 STT STT 5.35 PERP BYPK477 24.89 396,470 9,868,138.30
0.40 USB USB 6.58298 PERP B617Z40 857.15 11,318 9,701,223.70
0.40 PSA PSA 4 5/8 PERP BLFGL51 21.30 446,742 9,515,604.60
0.39 RF RF 5.7 PERP BJMXZX7 24.05 393,487 9,463,362.35
0.39 AMG AMG 6 3/4 03/30/64 BSLL7L7 25.57 362,182 9,260,993.74
0.38 FITB FITB 9.29621 PERP BH58353 25.69 357,064 9,172,974.16
0.38 USM USM 6 1/4 09/01/69 BMGR6C2 23.03 395,726 9,113,569.78
0.37 MS MS 4 7/8 PERP BK6JGG8 22.57 393,669 8,885,109.33
0.37 PSA PSA 4 PERP BM91SN6 18.60 475,077 8,836,432.20
0.37 ATH ATH 4 7/8 PERP BMC8G63 19.25 456,151 8,780,906.75
0.36 SO SO 5 1/4 12/01/2077 BF0WD23 24.50 354,056 8,674,372.00
0.36 BHF BHF 5 3/8 PERP BN0TD19 19.05 453,824 8,645,347.20
0.36 BPY BPY 6 1/4 07/26/2081 BMJ0KL5 16.12 535,374 8,630,228.88
0.35 USM USM 5 1/2 03/01/70 BN7J7C1 21.24 400,626 8,509,296.24
0.35 USM USM 5 1/2 06/01/70 BNMBT60 21.27 399,529 8,497,981.83
0.35 NYCB NYCB 6 3/8 PERP BYVLYP2 20.28 417,318 8,463,209.04
0.35 TPG TPG 6.95 03/15/64 BRC7MJ0 26.25 316,481 8,307,626.25
0.34 KKR KKR 4 5/8 04/01/61 BN2D5N5 20.30 405,244 8,226,453.20
0.34 CTL CTL 6 3/4 06/15/57 BD2ZSL0 14.71 556,815 8,190,748.65
0.34 KEY KEY 5 5/8 PERP BJHDLJ0 22.63 359,556 8,134,954.50
0.34 BHF BHF 6.6 PERP BJ0M332 24.10 336,999 8,121,675.90
0.34 GTLS GTLS 6 3/4 12/15/25 BNTBQN9 51.04 158,344 8,081,877.76
0.34 BHF BHF 6 3/4 PERP BM9JJ93 25.24 318,842 8,047,572.08
0.33 RGA RGA 5 3/4 06/15/56 BYT3Q98 25.19 316,266 7,966,740.54
0.33 ACGL ACGL 4.55 PERP BNYBNX3 20.18 394,649 7,964,016.82
0.33 PRU PRU 4 1/8 09/01/60 BLB2465 19.94 396,228 7,900,786.32
0.32 BTSG BTSG 6 3/4 02/01/27 BPDYYD4 48.70 159,575 7,771,302.50
0.32 CG CG 4 5/8 05/15/61 BMHV4X0 19.71 393,097 7,747,941.87
0.32 EIX EIX 5 PERP BDC3P68 20.48 373,176 7,642,644.48
0.32 KEY KEY 5.65 PERP BYWLBZ0 22.75 335,881 7,641,292.75
0.32 CFG CFG 5 PERP BK229B7 21.22 359,610 7,630,924.20
0.32 HBAN HBAN 4 1/2 PERP BKPLQ32 19.00 400,606 7,611,514.00
0.32 USB USB 4 1/2 PERP BMC7GV5 21.14 358,678 7,582,452.92
0.31 ETR ETR 4 7/8 09/01/66 BZC0L09 22.91 328,429 7,524,308.39
0.31 DTE DTE 5 1/4 12/01/2077 BF3L703 23.80 314,330 7,481,054.00
0.31 RNR RNR 4.2 PERP BKSDN56 18.68 392,026 7,323,045.68
0.30 TDS TDS 6 5/8 PERP BMDKP83 21.01 344,286 7,233,448.86
0.30 FG FG 7.95 12/15/53 BNKG9F6 26.30 273,217 7,185,607.10
0.30 USB USB 3 3/4 PERP BMFV904 17.62 402,560 7,093,107.20
0.29 OTHER PAYABLE & RECEIVABLES 1.00 6,991,730 6,991,729.82
0.29 NTRS NTRS 4.7 PERP BKFVZR9 21.83 319,832 6,980,333.40
0.29 HIG HIG 6 PERP BF5J7D8 25.20 276,459 6,966,766.80
0.29 BHF BHF 6 1/4 09/15/58 BF5JWJ9 23.12 300,499 6,947,536.88
0.28 ESGR ESGR 7 PERP BFXXB52 21.15 315,890 6,681,073.50
0.28 HBAN HBAN 6 7/8 PERP BQMS207 25.54 260,413 6,650,948.02
0.28 RLJ RLJ 1.95 PERP BF2N465 25.70 257,931 6,628,826.70
0.27 PBI PBI 6.7 03/07/43 B9CDPW6 19.35 340,429 6,587,301.15
0.27 PSA PSA 4 PERP BMQ85K6 18.65 347,665 6,483,952.25
0.27 COF COF 4 1/4 PERP BMHJZD1 18.33 352,872 6,468,143.76
0.27 DLR DLR 5.2 PERP BKLXG10 23.18 276,459 6,408,319.62
0.27 PRU PRU 5.95 09/01/62 BQB5JR5 26.55 240,399 6,382,593.45
0.26 EIX EIX 5 3/8 PERP BYX6KN5 24.20 258,608 6,258,313.60
0.26 FCNCA FCNCA 5 3/8 PERP BLHLTL6 22.97 272,263 6,253,881.11
0.26 ATH ATH 5 5/8 PERP BKWG6L8 22.60 276,459 6,247,973.40
0.26 VOYA VOYA 5.35 PERP BJGS497 26.22 236,360 6,197,359.20
0.25 PSA PSA 5.6 PERP BGMHQB3 25.33 239,945 6,077,806.85
0.25 ACGL ACGL 5.45 PERP BF956G8 23.49 258,280 6,066,997.20
0.25 UNM UNM 6 1/4 06/15/58 BFYF0S3 25.46 237,371 6,043,465.66
0.25 RF RF 4.45 PERP BP2C5M5 18.94 316,241 5,989,604.54
0.25 AEL AEL 6 5/8 PERP BRRG5W6 24.80 237,583 5,892,058.40
0.25 AMG AMG 5 7/8 03/30/59 BJVJZF8 23.60 249,170 5,880,412.00
0.24 ASB ASB 6 5/8 03/01/33 BMX3XP5 24.12 242,248 5,843,021.76
0.24 PSA PSA 4 7/8 PERP BK598B8 22.89 251,689 5,761,161.21
0.24 EIX EIX 5.45 PERP BYQ69C4 24.50 234,443 5,743,853.50
0.24 PSA PSA 5.05 PERP BF7PKX5 23.85 238,234 5,681,880.90
0.24 AHL AHL 5.33292 PERP B94QMV1 26.05 217,687 5,670,746.35
0.23 CMS CMS 5 7/8 10/15/2078 BFXBC20 24.86 224,052 5,569,932.72
0.23 EIX EIX 8.59083 PERP BK74GK6 25.50 217,641 5,549,845.50
0.23 SO SO 5 10/01/2077 BZ60HT6 25.25 215,734 5,447,283.50
0.22 PSA PSA 5.15 PERP BYZ2PF8 24.34 221,174 5,383,375.16
0.22 MTB MTB 5 5/8 PERP BPQT641 25.15 212,140 5,335,321.00
0.22 WRB WRB 5.1 12/30/59 BJBK4B0 22.61 234,224 5,295,804.64
0.22 NRUC NRUC 5 1/2 05/15/64 BJBL059 24.99 208,781 5,217,437.19
0.22 BAC NEW YORK BAC 5.7297 PERP B1GH4Y3 24.09 216,545 5,216,569.05
0.21 AL AL 9.24088 PERP BJR4L26 25.61 200,313 5,130,015.93
0.21 ETR ETR 4 7/8 09/01/66 BD0S963 22.76 224,497 5,109,551.72
0.21 BHF BHF 4 5/8 PERP BNRLZ01 16.92 297,791 5,038,623.72
0.21 OZK OZK 4 5/8 PERP BNTYXM6 17.35 288,347 5,002,820.45
0.21 QVCN QVCN 6 1/4 11/26/68 BKVHZH1 12.44 399,608 4,971,123.52
0.21 ETR ETR 4.9 10/01/66 BD5NDN8 23.14 214,646 4,966,908.44
0.20 SR SR 5.9 PERP BJV8KN8 24.06 203,771 4,902,730.26
0.20 TCBI TCBI 5 3/4 PERP BMH40V9 20.41 236,871 4,834,537.11
0.20 RNR RNR 5 3/4 PERP BFMZ665 24.84 194,317 4,826,834.28
0.20 BAC BAC 6.2475 PERP B06H0T3 21.96 219,283 4,815,454.68
0.20 WAL WAL 4 1/4 PERP BNZJSP3 19.80 238,496 4,722,220.80
0.20 BEPUCN BEPUCN 4 5/8 PERP BLFF1H0 16.83 280,349 4,718,273.67
0.20 NAVI NAVI 6 12/15/43 BDRW5R1 20.15 233,567 4,706,375.05
0.19 BIP BIP 5 1/8 PERP BPVC0M1 19.10 240,399 4,591,620.90
0.19 TVA TVA 2.134 06/01/28 2612674 23.04 199,217 4,589,959.68
0.19 EQH EQH 4.3 PERP BMF1DS0 19.37 233,956 4,531,727.72
0.19 BC BC 6 3/8 04/15/49 BJT13Z2 24.45 184,304 4,506,232.80
0.18 AIZ AIZ 5 1/4 01/15/61 BLD4BS0 22.14 200,313 4,434,929.82
0.18 PSA PSA 4.7 PERP BK72JQ7 21.82 200,566 4,375,347.29
0.18 VNO VNO 5 1/4 PERP BF5LLD2 17.00 255,886 4,350,062.00
0.18 DTE DTE 4 3/8 12/01/2081 BNQNFS6 19.97 217,457 4,342,616.29
0.18 PSA PSA 4 3/4 PERP BKSD8W8 21.98 197,372 4,338,651.04
0.18 AMG AMG 4 3/4 09/30/60 BN0VM18 19.85 212,545 4,219,018.25
0.17 SF SF 5.2 10/15/47 BD9FPT0 23.12 180,300 4,168,536.00
0.17 DLR DLR 5.85 PERP BJR2164 25.05 165,247 4,139,437.35
0.17 HPP HPP 4 3/4 PERP BP38WQ5 12.30 334,428 4,113,464.40
0.17 SPNT SPNT 8 PERP BMB63G7 25.27 161,621 4,084,162.67
0.17 VNO VNO 5.4 PERP B8K7RN8 17.53 231,497 4,058,142.41
0.17 AHL AHL 5 5/8 PERP BKDJPD1 20.82 193,160 4,021,591.20
0.16 WRB WRB 5.7 03/30/58 BFMXK34 25.26 156,008 3,941,074.10
0.16 TVA TVA 2.216 05/01/29 2520249 22.33 169,977 3,795,586.41
0.16 SLM SLM 7.30083 PERP B0B87Z6 76.50 48,762 3,730,293.00
0.15 GS GS 6.11444 PERP B0N0V47 23.45 158,385 3,714,128.25
0.15 PSA PSA 4.1 PERP BMX8DR2 19.23 192,695 3,705,524.85
0.15 HBAN 5.7 PERP BMHH2W3 23.95 150,740 3,610,223.00
0.15 AFG AFG 4 1/2 09/15/60 BN76JV5 20.84 171,321 3,570,329.64
0.14 O O 6 PERP BPLDNF8 24.78 135,633 3,360,985.74
0.14 BAC BAC 6.3475 PERP B0PR2S7 22.88 144,740 3,311,651.20
0.14 TFC TFC 5.86292 PERP BKMF2F1 24.06 137,137 3,298,830.54
0.13 CMS CMS 4.2 PERP BLNB396 19.22 167,950 3,227,999.00
0.13 BEPUCN BEPUCN 7 1/4 PERP BRBHMW4 25.37 118,220 2,999,241.40
0.12 ARGO ARGO 7 PERP BQ72J14 24.98 117,824 2,943,243.52
0.12 PRE PRE 4 7/8 PERP BN6JKG7 17.51 162,126 2,838,826.26
0.12 KMPR KMPR 5 7/8 03/15/62 BNW0GQ6 23.30 120,200 2,800,660.00
0.11 BPY BPY 6 3/8 PERP BK1KVK5 13.74 200,313 2,752,300.62
0.10 BC BC 6 5/8 01/15/49 BH42ZM7 24.80 97,637 2,421,749.09
0.10 PSA PSA 3.9 PERP BMW9C79 18.14 132,523 2,403,967.22
0.10 NMFC NMFC 8 1/4 11/15/28 BNDSDV3 25.50 92,133 2,349,391.50
0.10 EPR EPR 5 3/4 PERP B8MGH66 21.52 108,037 2,324,967.04
0.09 BPY BPY 6 1/2 PERP BJHJQ37 15.00 144,097 2,161,455.00
0.08 NYCB NYCB 6 11/01/51 2049603 36.14 54,714 1,977,363.96
0.08 ASB ASB 5 5/8 PERP BMTD069 21.42 88,540 1,896,526.80
0.06 OPI OPI 6 3/8 06/23/50 BK80YB0 11.69 129,804 1,517,408.76
0.05 CASH 1.00 1,162,845 1,162,844.90
Holdings are subject to change. "Cash" denotes U.S. dollars.

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Divergence in U.S. Banks: Opportunities in Preferreds (Part II)

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ETF Documents

Preliminary National Association of Insurance Commissioners (NAIC) Designation refers to the NAIC Securities Valuation Office’s (SVO’s) opinion as to what NAIC Designation it believes the Fund would receive if owned by an insurance company and reported to the SVO. NAIC Designations are to be used solely by the state insurance regulators and by the insurance industry for financial solvency monitoring and not for purposes of investment decision-making.

The Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) assigns credit quality designations to securities held by state-regulated insurance companies. NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality. “P” is a valuation indicator used to classify perpetual preferred stock. NAIC designations allow ETFs to be reported as bonds or preferred stock (as appropriate) on NAIC Schedule D and are used to set Risk-Based Capital (RBC) requirements. NAIC designations only measure credit risk and do not measure other risks or factors that may affect repayment, such as volatility/interest rate, prepayment, extension or liquidity risk. Refer to official NAIC publication and guidance for official NAIC policies and definitions.

Preliminary NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. A Preliminary NAIC Designation is an opinion of the NAIC Securities Valuation Office (SVO) of the probable credit quality designation that would be assigned by the SVO to an investment if purchased by an insurance company and reported to the SVO. A Preliminary NAIC Designations is only one of the regulatory factors considered by the SVO as part of its analysis of probable regulatory treatment under the Regulatory Treatment Analysis Service. A full discussion of such other regulatory factors is set forth in the RTAS Letter provided to Global X. A Preliminary NAIC Designation cannot be used to report the ETF to state insurance regulators. However, the purchasing insurance company may obtain an NAIC Designation for the ETF by filing the security and final documents for the ETF with the SVO. The indication of probable regulatory treatment indicated by a Preliminary NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

NAIC Designations are the intellectual property of the National Association of Insurance Commissioners (NAIC) and are redistributed here under License. An NAIC Designation is a proprietary symbol used by the NAIC Securities Valuation Office (SVO) to denote a category or band of credit risk (i.e., the likelihood of repayment in accordance with a written contract) for an issuer or for a security. NAIC Designations may be notched up or down to reflect the position of a specific liability in the issuer’s capital structure and/or the existence of other non-payment risk in the specific security. Under NAIC reporting rules, shares of an ETF are presumed to be reportable as common stock. The SVO may classify an ETF as a bond or preferred stock and assign it an NAIC Designation if it meets defined criteria. For a discussion of these criteria please call the SVO or refer to the Purposes and Procedures Manual of the NAIC Securities Valuation Office. The assignment of an NAIC Designation is not a recommendation to purchase the ETF and is not intended to convey approval or endorsement of the ETF Sponsor or the ETF by the NAIC.

Investing involves risk, including the possible loss of principal. Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stock may not pay a dividend, an issuer may suspend payment of dividends on preferred stock at any time, and in certain situations, an issuer may call or redeem its preferred stock or convert it to common stock. High yielding stocks are often speculative, high-risk investments. These companies can be paying out more than they can support and may reduce their dividends or stop paying dividends at any time, which could have a material adverse effect on the stock price of these companies and the Fund’s performance. PFFD is non-diversified.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns. Beginning October 15, 2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn’t available, the midpoint between the national best bid and national best offer (“NBBO”) as of the time the ETF calculates current NAV per share. Prior to October 15, 2020, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time. The returns shown do not represent the returns you would receive if you traded shares at other times. Indices are unmanaged and do not include the effect of fees, expenses or sales charges. One cannot invest directly in an index.

Since the Fund’s shares did not trade in the secondary market until several days after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares, the NAV of the Fund is used to calculate market returns.

Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses. Please read the prospectus carefully before investing.

Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments. Global X Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does ICE Data Indices, LLC make any representations regarding the advisability of investing in the Global X Funds. Neither SIDCO, Global X nor Mirae Asset Global Investments are affiliated with ICE Data Indices, LLC.