PFFL ETRACS 2xMonthly Pay Leveraged Preferred Stock ETN
What is PFFL?
PFFL tracks twice the monthly returns of a market-value-selected and -weighted index of preferred securities from various issuers.
PFFL Factset Analytics Insight
PFFL is a leveraged take on the US preferred shares market. The underlying index consists of equally weighted positions in two ETFs: iShares’ PFF and Invesco’s PGX. Both are preferred stock funds that hold securities of various credit ratings. PFFL is a leveraged product that resets monthly. While this makes the note more suitable for longer-term positions than a daily-reset product, it is not intended as a buy-and-hold ETF. Returns will track 2x exposure to the underlying index only if shares are purchased at the beginning of a calendar month and sold by the end of the month. Note that PFFL’s index is calculated based on the trading price of its underlying funds. This means that the effect of the funds’ fees, tracking error, and trading premium/discount is baked into the index—and PFFL’s leverage factor doubles their impact.
PFFL Summary Data
PFFL Fund Structure
PFFL Tax Exposures
PFFL Portfolio Data
PFFL Index Data
Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of PFFL. PFFL is rated a N/A out of 5.