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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 52.1% lower than the competitor average net expense ratio as of 9/30/23, per ETF.com (category: “Fixed Income: U.S. Corporate, Preferred”)

Key Information As of 11/22/23

Inception Date 09/11/17
Total Expense Ratio 0.23%
Net Assets $2.18 billion
NAV $18.67
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 11/22/23

Ticker PFFD
Bloomberg Index Ticker PLCR4PM
CUSIP 37954Y657
ISIN US37954Y6573
Primary Exchange NYSE Arca
Shares Outstanding 116,540,000
Number of Holdings 212
30-Day Median Bid-Ask Spread 0.05%
NAIC Designation Preliminary 3.B as of 03/31/23

Distributions As of 11/22/23

30-Day SEC Yield 7.34%
12-Month Trailing Yield 6.96%
Distribution Yield 6.84%
Distribution Frequency Monthly

ETF Prices As of 11/22/23

NAV $18.67 Daily Change -$0.08 -0.43%
Market Price $18.67 Daily Change -$0.09 -0.48%

Performance History

As of recent
(09/30/23)
As of recent
(09/30/23)
Fund NAV Market Price Index
1 Year -2.50% -2.25% -2.36%
3 Years -3.32% -3.45% -3.18%
5 Years 0.68% 0.66% 0.86%
Since Inception 0.88% 0.95% 1.07%
1 Year -3.03% -3.78% -2.99%
3 Years -5.24% -5.24% -5.08%
5 Years 0.04% -0.02% 0.22%
Since Inception 0.02% 0.04% 0.19%
Year-to-Date 1.86% 1.34% 1.99%
1 Month -1.65% -1.44% -1.66%
3 Months -1.58% -1.38% -1.50%
Since Inception 5.47% 5.88% 6.63%
Year-to-Date -3.33% -4.03% -3.20%
1 Month -5.09% -5.30% -5.09%
3 Months -7.72% -7.97% -7.70%
Since Inception 0.10% 0.27% 1.20%

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 11/24/23

Full Holdings (.csv)
Net Assets (%) Ticker Name SEDOL Market Price ($) Shares Held Market Value ($)
4.20 WFC WFC 7 1/2 PERP B3KRSW9 1,130.00 80,917 91,436,218.09
2.72 BAC BAC 7 1/4 PERP B2PB3Z7 1,110.52 53,324 59,217,368.48
2.44 C C 12.0216 10/30/40 B3Z1BZ0 28.95 1,833,211 53,071,458.45
1.73 JPM JPM 6 PERP BJ2KBT6 24.96 1,510,913 37,712,388.48
1.51 JPM JPM 5 3/4 PERP BFY34D0 23.71 1,385,766 32,856,511.86
1.46 WFC WFC 4 3/4 PERP BJVB6B7 19.31 1,644,145 31,748,439.95
1.41 NEE NEE 6.926 09/01/25 BQV3827 37.64 817,128 30,756,697.92
1.36 JPM JPM 4 5/8 PERP BND7XB0 19.60 1,511,764 29,630,574.40
1.35 JPM JPM 4.2 PERP BN75VC7 17.95 1,634,159 29,333,154.05
1.23 T T 4 3/4 PERP BLL1ZY7 18.70 1,430,294 26,746,497.80
1.09 T T 5.35 11/01/66 BF545Q2 21.98 1,081,298 23,766,930.04
1.09 JPM JPM 4.55 PERP BM8TGF9 19.37 1,226,328 23,753,973.36
1.08 GS GS 6.30069 PERP B15CKS5 21.23 1,103,718 23,426,414.55
1.05 BAC BAC 6 PERP BFZNM46 24.30 940,264 22,848,415.20
1.01 COF COF 5 PERP BGMJPW3 17.87 1,226,425 21,916,214.75
0.98 BAC BAC 5 3/8 PERP BJN6RX9 22.10 962,342 21,267,758.20
0.97 MS MS 6 1/2 PERP BQH5ZL5 25.68 818,092 21,012,365.78
0.92 C C 9.69643 PERP BDX8YP4 25.66 778,619 19,979,363.54
0.91 MS MS 6 3/8 PERP BQT2G00 24.30 818,168 19,881,482.40
0.91 ALL ALL 5.1 PERP BKDKS91 21.00 941,016 19,761,336.00
0.91 DUK DUK 5 3/4 PERP BJXH6L3 24.13 818,215 19,743,446.13
0.91 MS MS 6.26957 PERP B1802M4 21.87 900,062 19,684,355.94
0.88 T T 5 PERP BKPK060 19.60 981,901 19,245,259.60
0.87 MS MS 5.85 PERP BYYYY81 23.19 818,331 18,977,095.89
0.87 MS MS 4 1/4 PERP BMF4W82 17.83 1,063,696 18,965,699.68
0.86 BAC BAC 5 PERP BKVJXF1 20.60 905,961 18,662,796.60
0.86 BAC BAC 6.45 12/15/66 BF2PL60 25.52 731,117 18,658,105.84
0.85 WFC WFC 4.7 PERP BMYVT83 19.40 957,730 18,579,962.00
0.82 SO SO 4.95 01/30/2080 BKM3QB9 21.86 818,634 17,895,339.24
0.82 MS MS 7 1/8 PERP BF4YJ94 25.26 705,638 17,824,415.88
0.82 WFC WFC 4 1/4 PERP BP91X65 17.35 1,023,256 17,753,491.60
0.81 COF COF 4.8 PERP BK9PWX2 17.30 1,022,965 17,697,294.50
0.81 MS MS 6 7/8 PERP BH5QGM5 25.20 695,670 17,530,884.00
0.80 WFC WFC 6 5/8 PERP BH7Y8S7 25.33 687,584 17,416,502.72
0.77 MET MET 4 3/4 PERP BL3BQ19 20.47 818,811 16,762,698.79
0.75 ATH ATH 6.35 PERP BK1MHD6 23.16 706,159 16,354,642.44
0.73 USB USB 6.16957 PERP B125QN4 19.38 819,088 15,873,925.44
0.72 BAC BAC 4 1/4 PERP BMH4QB1 17.27 902,801 15,591,373.27
0.71 STT STT 5.9 PERP BK4Z903 25.30 614,169 15,538,475.70
0.71 MET MET 5 5/8 PERP BG43LW5 23.53 659,008 15,506,458.24
0.71 T T 5 5/8 08/01/67 BDDJDF0 22.94 675,631 15,498,975.14
0.70 WFC WFC 4 3/8 PERP BL5C513 17.82 860,044 15,325,984.08
0.70 AEGON AEGON 5.1 12/15/49 BK59DD5 20.64 742,053 15,315,973.92
0.69 RGA RGA 7 1/8 10/15/52 BMG9SY4 26.33 573,426 15,098,306.58
0.69 SCHW SCHW 5.95 PERP BYPFT55 24.53 614,237 15,067,233.61
0.69 SRE SRE 5 3/4 07/01/2079 BK8LV34 24.21 620,679 15,026,638.59
0.69 JPM JPM 4 3/4 PERP BK57WX2 20.24 737,285 14,925,818.73
0.67 F F 6 12/01/59 BJP1KW2 22.32 655,371 14,627,880.72
0.65 TFC TFC 4 3/4 PERP BLD4B13 18.73 757,880 14,197,290.25
0.64 F F 6.2 06/01/59 BJ029D4 22.70 614,379 13,946,403.30
0.64 BAC BAC 5 7/8 PERP BYVQZ09 23.50 592,362 13,920,507.00
0.63 NEE NEE 5.65 03/01/2079 BH3JGK4 24.38 563,471 13,737,422.98
0.62 BAC BAC 4 3/8 PERP BMVXBP3 17.92 747,891 13,402,206.72
0.61 GS GS 6.38069 PERP B07GC93 21.69 614,598 13,330,630.62
0.61 EQH EQH 5 1/4 PERP BKRMRC9 20.33 653,388 13,283,378.04
0.61 WFC WFC 5 5/8 PERP BYQHXS1 23.37 565,567 13,217,300.79
0.58 ALL ALL 7 3/8 PERP BNBXR41 26.41 480,554 12,691,431.14
0.56 CMS CMS 5 7/8 03/01/2079 BJJP666 23.65 516,729 12,220,640.85
0.56 ATH ATH 6 3/8 PERP BMG0ZK2 24.67 492,165 12,141,710.55
0.55 WCC WCC 10 5/8 PERP BLFBXS3 26.90 441,568 11,878,179.20
0.54 SO SO 4.2 10/15/60 BMGS0L2 19.08 614,976 11,733,742.08
0.53 JXN JXN 8 PERP BMW6VL7 25.46 451,113 11,485,336.98
0.53 MET MET 6.67104 PERP B0B87W3 23.21 492,274 11,425,679.54
0.51 LNC LNC 9 PERP BP398R1 26.94 410,289 11,053,185.66
0.51 PRU PRU 5 5/8 08/15/58 BG844G9 23.70 463,506 10,985,092.20
0.50 F F 6 1/2 08/15/62 BPJK038 22.28 492,244 10,967,196.32
0.50 BAC BAC 4 1/8 PERP BN4Q1G7 17.02 633,684 10,785,301.68
0.48 ALL ALL 8.73457 01/15/53 B87XV26 25.55 410,430 10,486,486.50
0.48 ATH ATH 7 3/4 PERP BPLKV33 25.20 410,541 10,345,633.20
0.47 USB USB 5 1/2 PERP BDT6C58 21.51 472,138 10,155,688.38
0.46 TFC TFC 5 1/4 PERP BMFYGG8 21.28 472,230 10,050,376.64
0.45 SYF SYF 5 5/8 PERP BK77YC3 16.06 615,784 9,889,491.04
0.45 USB USB 4 PERP BMFDGD2 16.03 615,835 9,870,295.46
0.45 NYCB NYCB 6 3/8 PERP BYVLYP2 23.29 423,075 9,853,416.75
0.45 QRTEV QRTEA 8 03/15/31 BMH2T16 37.63 261,388 9,836,030.44
0.45 KEY KEY 6.2 PERP BPLPQT9 19.88 492,881 9,798,474.28
0.45 AIG AIG 5.85 PERP BJM0FP0 23.77 410,782 9,764,288.14
0.45 DUK DUK 5 5/8 09/15/2078 BFNR2X9 23.67 410,601 9,718,925.67
0.44 STT STT 5.35 PERP BYPK477 23.36 410,750 9,595,120.00
0.44 USB USB 6.58957 PERP B617Z40 801.49 11,807 9,463,191.25
0.43 ET ET 10.1562 PERP BNZGZ19 25.22 369,568 9,320,468.00
0.43 SCHW SCHW 4.45 PERP BMW32F9 18.81 492,984 9,273,029.04
0.43 PSA PSA 4 5/8 PERP BLFGL51 19.97 464,158 9,269,235.26
0.42 BAC BAC 4 3/4 PERP BN7SQB0 19.26 477,225 9,191,353.50
0.42 AXS AXS 5 1/2 PERP BD2Z8N2 20.22 451,821 9,135,820.62
0.42 GTLS GTLS 6 3/4 12/15/25 BNTBQN9 55.00 165,163 9,083,965.00
0.41 ET ET 10.3642 PERP BNZGZ31 25.28 354,411 8,959,510.08
0.41 PACW PACW 7 3/4 PERP BNM26D9 20.97 421,938 8,848,039.86
0.40 PSA PSA 4 PERP BM91SN6 17.72 496,444 8,796,987.68
0.40 NSUS NSUS 12.3036 01/15/43 B8S0HY0 26.21 330,941 8,673,963.61
0.40 COF COF 4 3/8 PERP BMX47S9 15.52 554,563 8,606,817.76
0.39 SO SO 5 1/4 12/01/2077 BF0WD23 23.20 369,890 8,581,448.00
0.39 RGA RGA 5 3/4 06/15/56 BYT3Q98 25.80 328,980 8,487,684.00
0.39 CTL CTL 6 1/2 09/01/56 BZ4C835 10.53 802,078 8,445,881.34
0.39 KEY KEY 6 1/8 PERP BYQR0N5 20.38 410,944 8,374,833.25
0.38 MS MS 4 7/8 PERP BK6JGG8 20.28 411,203 8,339,196.84
0.37 BHF BHF 5 3/8 PERP BN0TD19 17.08 472,960 8,078,156.80
0.37 NSUS NSUS 11.3147 PERP BF0XV77 25.47 316,728 8,067,062.16
0.37 ESGR ESGR 7 PERP BFXXB52 24.49 329,048 8,058,385.52
0.37 RF RF 5.7 PERP BJMXZX7 19.35 411,205 7,956,816.75
0.36 ACGL ACGL 4.55 PERP BNYBNX3 19.14 411,556 7,877,181.84
0.35 TDS TDS 6 PERP BNSNM38 13.55 567,711 7,692,484.05
0.35 PRU PRU 4 1/8 09/01/60 BLB2465 18.60 411,396 7,651,965.60
0.35 USM USM 6 1/4 09/01/69 BMGR6C2 18.48 411,593 7,606,238.64
0.34 DTE DTE 5 1/4 12/01/2077 BF3L703 22.53 329,408 7,421,562.24
0.34 ATH ATH 4 7/8 PERP BMC8G63 16.33 452,822 7,394,583.26
0.34 BHF BHF 6.6 PERP BJ0M332 20.98 349,606 7,334,733.88
0.34 BPY BPY 6 1/4 07/26/2081 BMJ0KL5 13.24 552,303 7,312,491.72
0.33 BHF BHF 6 3/4 PERP BM9JJ93 21.79 331,140 7,215,540.60
0.33 AEL AEL 5.95 PERP BL4Q3H8 21.89 329,356 7,209,602.84
0.33 NTRS NTRS 4.7 PERP BKFVZR9 21.87 329,565 7,207,586.55
0.33 ETR ETR 4 7/8 09/01/66 BZC0L09 21.24 337,465 7,167,722.85
0.33 HBAN HBAN 4 1/2 PERP BKPLQ32 17.35 411,912 7,146,673.20
0.33 KKR KKR 4 5/8 04/01/61 BN2D5N5 17.31 411,897 7,129,937.07
0.32 HIG HIG 6 PERP BF5J7D8 24.50 284,208 6,963,096.00
0.32 KEY KEY 5 5/8 PERP BJHDLJ0 18.73 370,204 6,933,920.92
0.32 USM USM 5 1/2 03/01/70 BN7J7C1 16.66 411,988 6,863,720.08
0.31 USM USM 5 1/2 06/01/70 BNMBT60 16.60 412,042 6,839,897.20
0.31 CFG CFG 5 PERP BK229B7 18.41 370,549 6,821,992.36
0.31 USB USB 4 1/2 PERP BMC7GV5 18.19 370,683 6,742,723.77
0.31 KEY KEY 5.65 PERP BYWLBZ0 19.13 350,280 6,700,856.40
0.30 OTHER PAYABLE & RECEIVABLES 1.00 6,572,386 6,572,385.59
0.29 BHF BHF 6 1/4 09/15/58 BF5JWJ9 20.69 308,914 6,391,430.66
0.29 USB USB 3 3/4 PERP BMFV904 15.41 412,357 6,354,421.37
0.29 PSA PSA 4 PERP BMQ85K6 17.71 358,693 6,352,453.03
0.29 PRU PRU 5.95 09/01/62 BQB5JR5 25.13 247,485 6,218,060.63
0.29 RLJ RLJ 1.95 PERP BF2N465 23.36 265,305 6,197,524.80
0.29 HBAN HBAN 6 7/8 PERP BQMS207 23.13 267,932 6,197,267.16
0.28 BAC BAC 6.12854 PERP B1VN1F6 20.84 291,487 6,074,589.08
0.27 DLR DLR 5.2 PERP BKLXG10 20.83 284,852 5,933,495.65
0.27 FCNCA FCNCA 5 3/8 PERP BLHLTL6 20.63 284,889 5,877,260.07
0.27 AEL AEL 6 5/8 PERP BMTD3B5 23.31 247,596 5,771,462.76
0.27 CTL CTL 6 3/4 06/15/57 BD2ZSL0 10.60 543,398 5,760,018.80
0.26 WTFC WTFC 6 7/8 PERP BMTCNN4 24.13 237,182 5,722,015.75
0.26 AHL AHL 9.59343 PERP B94QMV1 25.54 223,071 5,696,117.99
0.26 PSA PSA 5.6 PERP BGMHQB3 24.10 235,320 5,671,212.00
0.26 PBI PBI 6.7 03/07/43 B9CDPW6 16.00 350,646 5,610,336.00
0.26 PSA PSA 5.05 PERP BF7PKX5 22.61 247,713 5,600,790.93
0.26 ATH ATH 5 5/8 PERP BKWG6L8 19.64 284,767 5,593,678.18
0.26 VOYA VOYA 5.35 PERP BJGS497 22.54 247,598 5,580,858.92
0.25 PSA PSA 4 7/8 PERP BK598B8 21.07 261,042 5,500,154.94
0.25 RF RF 4.45 PERP BP2C5M5 16.51 330,185 5,451,354.35
0.25 EIX EIX 5 3/8 PERP BYX6KN5 20.48 263,579 5,398,097.92
0.23 COF COF 4 1/4 PERP BMHJZD1 15.13 325,664 4,927,296.32
0.23 AMG AMG 5 7/8 03/30/59 BJVJZF8 21.38 229,914 4,915,561.32
0.23 ASB ASB 6 5/8 03/01/33 BMX3XP5 20.52 238,332 4,890,572.64
0.22 PSA PSA 5.15 PERP BYZ2PF8 22.54 214,606 4,838,249.35
0.22 SO SO 5 10/01/2077 BZ60HT6 22.47 215,275 4,837,229.25
0.22 TDS TDS 6 5/8 PERP BMDKP83 14.95 321,643 4,808,562.85
0.22 SR SR 5.9 PERP BJV8KN8 23.65 200,386 4,739,128.90
0.22 ETR ETR 4 7/8 09/01/66 BD0S963 21.34 220,935 4,714,752.90
0.21 ALL ALL 4 3/4 PERP BK727P2 20.01 229,866 4,599,618.66
0.21 BNCN BNCN 4 5/8 10/16/2080 BNHQ5L7 15.00 306,590 4,598,850.00
0.21 MTB MTB 5 5/8 PERP BPQT641 24.02 191,418 4,597,860.36
0.21 ETR ETR 4.9 10/01/66 BD5NDN8 21.59 211,661 4,569,739.82
0.21 BAC NEW YORK BAC 5.99133 PERP B1GH4Y3 20.56 217,894 4,479,900.64
0.21 KIM KIM 5 1/4 PERP BD0RST6 22.33 200,468 4,476,510.58
0.20 NRUC NRUC 5 1/2 05/15/64 BJBL059 23.15 191,465 4,431,457.43
0.20 BAC BAC 6.3155 PERP B06H0T3 20.50 214,309 4,393,334.50
0.20 SF SF 6 1/8 PERP BMDX0S7 23.23 182,437 4,238,011.51
0.19 FITB FITB 4.95 PERP BKKBGL5 21.83 191,355 4,177,279.65
0.19 BC BC 6 3/8 04/15/49 BJT13Z2 23.61 176,114 4,158,051.54
0.19 TCBI TCBI 5 3/4 PERP BMH40V9 18.06 230,107 4,155,732.42
0.19 WRB WRB 4 1/8 03/30/61 BNKBJW8 17.61 229,696 4,044,946.56
0.19 OZK OZK 4 5/8 PERP BNTYXM6 15.01 267,749 4,018,912.49
0.18 BHF BHF 4 5/8 PERP BNRLZ01 14.64 267,659 3,918,527.76
0.18 CMS CMS 4.2 PERP BLNB396 20.10 194,236 3,904,143.60
0.18 SF SF 4 1/2 PERP BP38124 16.34 235,632 3,850,226.88
0.18 SPNT SPNT 8 PERP BMB63G7 24.85 152,978 3,801,503.30
0.17 DLR DLR 5.85 PERP BJR2164 23.56 160,595 3,783,618.20
0.17 HPP HPP 4 3/4 PERP BP38WQ5 11.61 325,589 3,780,088.29
0.17 PSA PSA 3 7/8 PERP BLFKCL6 16.61 226,350 3,759,673.50
0.17 SNV SNV 9.01063 PERP BG1FRQ0 24.55 152,235 3,737,369.25
0.17 WAL WAL 4 1/4 PERP BNZJSP3 15.91 234,580 3,732,167.80
0.17 WRB WRB 4 1/4 09/30/60 BN0W233 19.48 191,363 3,727,751.24
0.17 FITB FITB 6 PERP BJGTMK7 23.89 152,967 3,654,381.63
0.17 EQH EQH 4.3 PERP BMF1DS0 15.83 230,040 3,641,533.20
0.17 KIM KIM 5 1/8 PERP BF47T71 21.35 170,385 3,637,719.75
0.17 DHC DHC 5 5/8 08/01/42 BKRTG67 13.58 267,478 3,632,458.23
0.16 TVA TVA 2.216 05/01/29 2520249 21.26 167,123 3,553,034.98
0.16 VNO VNO 5 1/4 PERP BF5LLD2 14.36 245,027 3,518,587.72
0.16 VNO VNO 5 1/4 PERP BMWB4M4 14.50 240,423 3,486,133.50
0.16 DTE DTE 4 3/8 10/15/2080 BMY4XS0 19.65 175,950 3,457,417.50
0.16 NSUS NSUS 12.551 PERP BD1KJ79 25.74 131,807 3,392,712.18
0.15 SLM SLM 7.37104 PERP B0B87Z6 67.44 48,054 3,240,761.76
0.15 WAFD WAFD 4 7/8 PERP BMVN6G9 13.78 235,038 3,238,823.64
0.15 FCNCA FCNCA 5 5/8 PERP BMQ7J12 20.85 153,189 3,193,990.65
0.15 SLG SLG 6 1/2 PERP B89P3T1 17.25 184,050 3,174,844.10
0.14 AFG AFG 4 1/2 09/15/60 BN76JV5 17.79 169,809 3,020,902.11
0.14 SITC SITC 6 3/8 PERP BGL0NT0 22.10 133,867 2,958,192.97
0.14 VNO VNO 4.45 PERP BMHV5V5 12.50 236,008 2,950,100.00
0.14 ARGO ARGO 7 PERP BMVZ8X6 23.10 127,403 2,943,009.30
0.13 HBAN 5.7 PERP BMHH2W3 19.55 148,616 2,905,442.80
0.13 BEPUCN BEPUCN 4 7/8 PERP BMV7W07 14.58 198,775 2,898,139.50
0.13 MBIN MBIN 8 1/4 PERP BQ0QJ57 24.66 114,858 2,832,398.28
0.13 DHC DHC 6 1/4 02/01/46 BKRTG78 13.82 202,227 2,794,777.14
0.13 TRTN TRTN 5 3/4 PERP BLCGQK4 18.90 146,383 2,766,638.70
0.13 TRTN TRTN 8 PERP BJK4N72 24.93 109,858 2,738,759.94
0.13 ZION ZION 9.91104 PERP B8GFK37 25.55 106,576 2,723,016.80
0.12 BPY BPY 5 3/4 PERP BLK7825 11.87 219,559 2,606,165.33
0.12 FHN FHN 6 1/2 PERP BMH5VC0 21.16 123,036 2,603,441.76
0.12 TRTN TRTN 6 7/8 PERP BMTQTF0 22.33 114,374 2,553,971.42
0.11 KMPR KMPR 5 7/8 03/15/62 BNW0GQ6 18.80 128,657 2,418,751.60
0.11 FULT FULT 5 1/8 PERP BN7NYQ6 15.75 153,015 2,409,986.25
0.11 PSA PSA 3.9 PERP BMW9C79 16.86 138,343 2,332,961.01
0.09 CFR CFR 4.45 PERP BNKVVC2 17.25 114,092 1,968,087.00
0.09 BPY BPY 6 1/2 PERP BJHJQ37 13.20 149,002 1,966,826.40
0.09 FHN FHN 4.7 PERP BLB1GT9 14.70 130,143 1,913,102.10
0.08 VLY VLY 9.23443 PERP BDGSY95 22.33 77,071 1,720,995.43
0.07 VLY VLY 6 1/4 PERP BYNMCH1 18.33 87,301 1,600,227.33
0.07 ASB ASB 5 5/8 PERP BMTD069 17.40 87,301 1,519,037.40
0.06 ASB ASB 5 7/8 PERP BG2F3F0 17.42 75,594 1,316,847.48
0.01 CASH 1.00 228,933 228,932.77
0.00 FTAI FTAI 8 1/4 PERP BM8J6T3 24.75 210 5,197.50
Holdings are subject to change. "Cash" denotes U.S. dollars.

ETF Research

Divergence in U.S. Banks: Exploring Resilience in Global Systemically Important Banks (Part I)

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

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Preferred Stock Outlook in the Wake of the Banking Sector Shakeout

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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.