AAM Low Duration Preferred and Income Securities ETF
PFLD
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- AAM Low Duration Preferred and Income Securities ETF (NYSE Arca: PFLD) is an exchange-traded fund that seeks to track the performance, before fees and expenses, of the ICE 0-5 Year Duration Preferred & Hybrid Securities Index. The fund provides exposure to a portfolio of U.S. dollar-denominated, shorter-duration exchange-listed and over-the-counter hybrid debt and preferred stock publicly issued by U.S. domestic corporations; it emphasizes preferred securities and hybrid instruments with an option-adjusted duration of less than five years, priced at no more than 105% of face value, targeting high monthly income potential, reduced interest rate sensitivity, and portfolio diversification through low correlation to traditional equities and bonds. Holdings are market capitalization-weighted with issuer caps at 4.75%, rebalanced monthly, and feature significant allocations to sectors including financials, utilities, industrials, and quasi-government issuers; top holdings as of December 2025 include securities from Wells Fargo & Co., BP PLC, CVS Health Corp., Charles Schwab Corp., and JPMorgan Chase & Co., with a composite credit rating of BBB3, effective duration of approximately 1.87 years, and a 30-day SEC yield around 5.31%. Launched on November 19, 2019, and domiciled in the United States, PFLD is managed by Advisors Asset Management, Inc. (AAM), an SEC-registered investment advisor headquartered at 18925 Base Camp Road, Monument, Colorado 80132, with ETF shares distributed by Quasar Distributors, LLC. In a significant strategic shift, the fund changed its underlying benchmark effective June 30, 2025, from the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index (PHLD) to the broader ICE 0-5 Year Duration Preferred & Hybrid Securities Index (PFLD), expanding inclusion of institutional-style ($1,000 par) over-the-counter securities alongside retail ($25 par) exchange-traded preferreds to better align with evolving market dynamics and enhance yield-duration trade-offs; additionally, PFLD surpassed $500 million in assets under management in February 2025, reflecting strong investor adoption amid rising demand for tax-advantaged, low-duration income solutions.