Virtus InfraCap U.S. Preferred Stock ETF
PFFA
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- Virtus InfraCap U.S. Preferred Stock ETF (NYSE Arca: PFFA) is an actively managed exchange-traded fund that seeks current income and, secondarily, capital appreciation through a diversified portfolio of preferred securities issued by U.S. companies with market capitalizations exceeding $100 million. The fund employs a disciplined investment process focused on security selection and weightings derived from quantitative, qualitative, and relative valuation factors; it benchmarks against the S&P U.S. Preferred Stock Index while differentiating through active management to minimize sector concentration risk, manage call risk, and maximize yield-to-call; modest leverage, typically 20-30% of net asset value, enhances portfolio beta and current income potential. Preferred holdings primarily consist of cumulative, callable, and convertible securities from investment-grade issuers, with roughly 75% of the market concentrated in regulated sectors such as banks, insurance companies, and utilities; top holdings include SCE Trust IV 7.100% due 12/16/2075, Apollo Global Management 6.750% due 07/31/2026, and KKR & Co. 6.250% due 03/01/2028. Launched on May 15, 2018, the ETF is managed by Infrastructure Capital Advisors, LLC, a New York City-based registered investment advisor formed in 2012, under the oversight of Virtus Investment Partners, Inc., with headquarters in Hartford, Connecticut. The fund targets income-focused investors seeking tax-advantaged monthly distributions, historically competitive yields relative to high-yield bonds and common stocks, and diversification benefits from preferred securities' low correlations to traditional equities and fixed income. Recent developments include consistent monthly distribution declarations throughout 2025 at $0.1700 per share from January to November, alongside sustained dividend increases noted in quarterly commentaries; in December 2025, parent company Virtus Investment Partners completed a strategic acquisition of a 35% minority interest in Crescent Cove Advisors, LP, broadening private markets capabilities in technology lending, though not directly impacting PFFA operations.