At a glance
PFFR charges 0.45% a year, below the 0.51% average of the 1 funds most like it. It has $120.6M in assets; it paid 8.81% of its price in distributions over the past 12 months, monthly. Over the past year it returned −4.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +8.3% a year. At its worst it fell 25.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months after the low. Its ten largest positions make up 23.1% of the fund, out of 109 in all.
The short version
InfraCap REIT Preferred ETF (PFFR) is an index fund that tracks the Indxx REIT Preferred Stock Index, which holds preferred stock issued by U.S.-listed real estate investment trusts (REITs). It pays monthly, with a trailing 12-month yield of 8.81% as of October 27, 2026. Its 0.45% expense ratio is below the 0.51% average for similar funds. The trade-off is a narrow focus on one industry, and the fund lost about 24% in 2022.
Price history
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PFFR -4.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PFFR official prospectus, to Dec 31, 2025 | — | +3.82% | — | +2.09% | — | +3.17% |
| PFFR price data to Oct 27, 2026 | -2.9% | -4.7% | +8.3% | +0.1% | — | +3.8% |
- Over the year to Oct 27, 2026, PFFR returned -4.7%.
- Its 5-year annualized return was +0.1%.
- Its worst full calendar year was 2022 (-23.2%); its best was 2023 (+21.0%).
- The deepest fall in its price history was 29.2% (Sep 3, 2021 to Oct 24, 2022), recovered by Sep 13, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.9% | — |
| 2025 | +5.4% | +3.82% |
| 2024 | +7.1% | +9.85% |
| 2023 | +21.0% | +19.75% |
| 2022 | -23.2% | -24.13% |
| 2021 | +6.8% | +7.03% |
| 2020 | — | -0.11% |
| 2019 | — | +20.32% |
| 2018 | — | -7.28% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.9% over that stretch · deepest drop along the way 25%, back to its old high 22.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2000 | |
| 2025 | $1.4400 | 0.0% |
| 2024 | $1.4400 | 0.0% |
| 2023 | $1.4400 | -10.8% |
| 2022 | $1.6150 | +12.2% |
| 2021 | $1.4400 |
What's inside
As of Jul 31, 2026, the fund held 109 securities; the ten largest made up 23.07% of assets.
| Holding | Weight | |
|---|---|---|
| UMH PROPERTIES INC Preferred stock | 2.79% | |
| DIGITAL REALTY TRUST INC Preferred stock | 2.67% | |
| HUDSON PACIFIC PROPERTIES INC Preferred stock | 2.58% | |
| PEBBLEBROOK HOTEL TRUST Preferred stock | 2.35% | |
| VORNADO REALTY TRUST Preferred stock | 2.22% | |
| VORNADO REALTY TRUST Preferred stock | 2.17% | |
| KIMCO REALTY CORP Preferred stock | 2.10% | |
| VORNADO REALTY TRUST Preferred stock | 2.09% | |
| DIGITALBRIDGE GROUP INC Preferred stock | 2.04% | |
| GLADSTONE LAND CORP Preferred stock | 2.04% | |
| GLOBAL NET LEASE INC Preferred stock | 1.99% | |
| SL GREEN REALTY CORP Preferred stock | 1.93% | |
| PUBLIC STORAGE Preferred stock | 1.89% | |
| AGNC INVESTMENT CORP Preferred stock | 1.89% | |
| DIGITALBRIDGE GROUP INC Preferred stock | 1.87% |
By country
United States 97.56%Bermuda 1.44%By asset type
Preferred stock 99.01%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.63%, -0.51%, +2.22%.
How it works
PFFR aims to match, before fees, the price and yield performance of the Indxx REIT Preferred Stock Index. It keeps at least 90% of its assets in the index's securities. Preferred stock usually pays a fixed or floating dividend. It ranks ahead of common stock but behind bonds if a company fails, and it typically carries no voting rights. Indxx runs the index, which it built with the fund's sub-adviser, Infrastructure Capital Advisors. Virtus Investment Advisers is the adviser.
To qualify, a security must be a preferred issued by a U.S.-listed REIT. It also needs a market value of at least $75 million, average monthly trading of at least 150,000 shares over six months, and a yield to worst above 3%. Yield to worst is the lowest yield an investor could receive if the issuer doesn't default. Every qualifying security goes in, weighted by size, with caps: no issuer above 10% and no REIT sub-sector above 30% (35% for diversified REITs). Indxx rebalances at the end of March and September and can drop distressed companies at quarterly reviews. The index had 86 constituents as of December 31, 2025.
The fund does not take defensive steps when markets fall. Many holdings are callable, which means issuers can buy them back early. Some holdings also let issuers defer or skip dividends. As of July 31, 2026, the fund held no derivatives.
What it really costs
- PFFR charges 0.45% a year, versus an average of 0.51% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $46 in the first year and $567 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PFFR | $46 | $144 | $252 | $567 |
In a retirement portfolio
PFFR pays monthly from a portfolio that is almost entirely REIT preferred stock, and its trailing yield was 8.81% as of October 27, 2026.
PFFR's main draw is monthly income. Its trailing 12-month yield was 8.81% as of October 27, 2026. It costs 0.45% a year. Under the SEC's standard example, that comes to about $46 in the first year on $10,000. The fund launched in 2017, so it has no record from 2008. In the first quarter of 2020 it lost 29.45%, then gained 19.87% the next quarter. It fell 24.13% in 2022, its worst calendar year. Its deepest drop was about 29%, from September 2021 to October 2022. It took roughly 23 months to recover, in September 2024.
Anyone who had to sell shares for spending during that slide would have sold well below earlier prices. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want monthly payouts from REIT preferred stock; the trailing yield was 8.81% as of October 27, 2026.
- Investors wanting preferred-stock exposure at 0.45% a year, below the 0.51% charged by Invesco Preferred ETF (PGX).
- Holders who can wait out drops like the roughly 29% decline from 2021 to 2022, which took about 23 months to recover.
Look elsewhere if
- Investors wanting broad diversification: nearly every holding is a REIT preferred, and the fund is legally non-diversified.
- Those seeking long-term growth: the five-year average annual return was 2.09% through December 31, 2025.
- Anyone who may need to sell in a downturn or is worried about rising rates, which typically push preferred prices down.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| PFFR this fund | — | 0.45% | $120.6M | -4.7% | +8.3% |
| PGX Invesco Preferred ETF | 6% | 0.51% | $3.73B | -9.2% | +5.3% |
Questions investors ask
Does PFFR pay monthly dividends?
Yes. PFFR pays distributions monthly. Over the 12 months through October 27, 2026, it paid $1.44 per share, a trailing yield of 8.81%. The money comes from dividends on the REIT preferred stock the fund holds, so payments can change. Some preferreds let issuers defer or skip dividends. If an issuer does that, the fund's income can fall.
What's the difference between PFFR and PGX?
PFFR holds only REIT preferred stock. Invesco Preferred ETF (PGX) is a much larger preferred fund, and the two share just 6% of their holdings. PGX had about $3.73 billion in net assets as of August 31, 2026, compared with PFFR's $120.6 million as of July 31, 2026. PFFR costs 0.45% a year and PGX costs 0.51%. Through October 27, 2026, PFFR's one-year return was -4.7% versus -9.2% for PGX. Over three years, PFFR averaged 8.3% a year and PGX 5.3%.
What are PFFR's largest holdings?
As of July 31, 2026, the largest holding was UMH Properties' 6.375% Series D preferred, at about 2.8% of assets. Next came Digital Realty's 5.2% Series L at 2.7%, Hudson Pacific Properties' 4.75% Series C at 2.6%, and Pebblebrook Hotel Trust's 6.375% Series G at 2.3%. Vornado Realty Trust had three preferred series in the top ten, about 6.5% combined. The ten largest positions made up about 23% of the 111-position portfolio.
Is PFFR good for retirement income?
It may suit retirees who want high monthly income and can tolerate large price swings. The trailing yield was 8.81% as of October 27, 2026. But the fund lost 24.13% in 2022. From September 2021 to October 2022 it fell about 29%, and it took roughly 23 months to recover. Over the five years through December 31, 2025, it returned 2.09% a year on average. Because it holds only REIT preferreds, it is a narrow bet on one industry.
What is PFFR's expense ratio?
PFFR's expense ratio is 0.45% a year, according to the prospectus filed February 27, 2026. The whole amount is the management fee, and there is no fee waiver. That is below the 0.51% average for similar funds. Under the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $46 after one year, $144 after three, $252 after five, and $567 after ten.