At a glance
PFXF charges 0.4% a year, below the 1.09% average of the 3 funds most like it (the 2nd cheapest of 4). It has $2.63B in assets, the 2nd largest of that group; it paid 6.24% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +10.1% a year. At its worst it fell 20.3% 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 42.1% of the fund, out of 115 in all.
The short version
VanEck Preferred Securities ex Financials ETF (PFXF) tracks an ICE index of US-listed preferred stock, convertible preferred and hybrid debt from companies outside the financial sector, such as Boeing, Oracle and NextEra Energy. Leaving out banks and insurers sets it apart from most preferred funds. Its trailing 12-month yield was 6.24% as of October 27, 2026, paid monthly, and it charges 0.40% a year, below the 1.09% average of similar funds.
Price history
The interactive chart needs JavaScript.
PFXF 0.0% 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 | |
|---|---|---|---|---|---|---|
| PFXF official prospectus, to Dec 31, 2025 | — | +9.44% | — | +3.78% | +5.53% | — |
| ICE Bof A US Broad Market Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +7.15% | — | -0.42% | +2.01% | — |
| PFXF price data to Oct 27, 2026 | +0.1% | 0.0% | +10.1% | +2.0% | — | +4.9% |
- Over the year to Oct 27, 2026, PFXF returned 0.0%, 1st of 4 among similar funds.
- Its 5-year annualized return was +2.0%.
- Its worst full calendar year was 2022 (-18.9%); its best was 2021 (+11.6%).
- The deepest fall in its price history was 21.8% (Dec 31, 2021 to Oct 21, 2022), recovered by Sep 19, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.1% | — |
| 2025 | +9.7% | +9.44% |
| 2024 | +8.4% | +8.79% |
| 2023 | +11.2% | +11.40% |
| 2022 | -18.9% | -19.11% |
| 2021 | +11.6% | +12.21% |
| 2020 | — | +7.99% |
| 2019 | — | +20.16% |
| 2018 | — | -4.28% |
| 2017 | — | +8.25% |
| 2016 | — | +5.79% |
| 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 20.3% over that stretch · deepest drop along the way 20.3%, back to its old high 23.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $1.1900 | -11.2% |
| 2024 | $1.3400 | -1.5% |
| 2023 | $1.3600 | +22.5% |
| 2022 | $1.1100 | +8.8% |
| 2021 | $1.0200 |
What's inside
As of Jun 30, 2026, the fund held 115 securities; the ten largest made up 42.09% of assets, and 2.58% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| BOEING CO Preferred stock | 9.67% | |
| STRATEGY INC Preferred stock | 6.27% | |
| ORACLE CORP Preferred stock | 5.61% | |
| HP ENTERPRISE CO Preferred stock | 4.33% | |
| ALBEMARLE CORP Preferred stock | 3.18% | |
| MICROCHIP TECHNOLOGY INC Preferred stock | 2.85% | |
| NEXTERA ENERGY INC Preferred stock | 2.75% | |
| NEXTERA ENERGY INC Preferred stock | 2.65% | |
| SOUTHERN CO Preferred stock | 2.49% | |
| BRIGHTSPRING HEALTH SERV Preferred stock | 2.29% | |
| NEXTERA ENERGY INC Preferred stock | 1.86% | |
| PG&E CORP Preferred stock | 1.66% | |
| AT&T INC Preferred stock | 1.56% | |
| BRUKER CORP Preferred stock | 1.54% | |
| PPL CORPORATION Preferred stock | 1.41% |
By country
United States 95.85%Canada 2.58%Bermuda 0.76%By asset type
Preferred stock 99.19%By sector
Sectors of the companies held, for the 58.3% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $447.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.15%, +2.39%, -5.14%.
How it works
PFXF tracks the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index. The index holds US exchange-listed preferred stock, convertible preferred stock and hybrid debt issued by non-financial companies. Preferred securities pay fixed or variable distributions. They rank ahead of common stock but behind most debt if a company fails. Hybrid debt mixes features of stocks and bonds. Issuers can often defer payments or call (buy back) these securities early. As of December 31, 2025, the index held 112 securities from 55 issuers.
The fund is passive. It invests at least 80% of its assets in index securities and generally copies the index. It does not try to beat the index or move into cash for safety. The index is rebalanced monthly, and portfolio turnover was 31%. The fund is non-diversified, which means it can put large amounts in a single issuer. As of June 30, 2026, Boeing preferred stock made up 9.7% of the fund, Strategy Inc 6.3% and Oracle 5.6%. The top ten made up 42%.
The fund holds both fixed-rate and floating-rate securities. Fixed-rate prices tend to fall when interest rates rise. Floating-rate payments drop when rates fall. Convertible preferreds can also move with the issuer's common stock. The fund held no derivatives as of June 30, 2026.
What it really costs
- PFXF charges 0.4% a year, versus an average of 1.09% for the similar funds below (2nd of 4, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $41 in the first year and $505 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PFXF | $41 | $128 | $224 | $505 |
In a retirement portfolio
PFXF's main purpose is high monthly income from preferred securities, and it carries stock-like price swings when interest rates or credit conditions change.
PFXF can add steady monthly income. Its trailing 12-month yield was 6.24% as of October 27, 2026. The fee is 0.40% a year. Under the SEC's standard example, that comes to about $41 in the first year and $505 over 10 years on a $10,000 investment. The trade-off is price risk. In the 2022 bear market the fund fell 20.3%. Its deepest drop, 21.8% from December 2021 to October 2022, took about 23 months to recover. 2022 was its worst calendar year, down 19.11%. The fund launched in 2012, after the 2008 crisis. The price history here starts in June 2020, but the prospectus shows a 17.88% loss in the first quarter of 2020.
Selling shares in a year like 2022 would have meant selling well below earlier highs. 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; the trailing yield was 6.24% as of October 27, 2026.
- Holders of bank-heavy preferred funds who want issuers like Boeing, Oracle and NextEra Energy instead of banks and insurers.
- Cost-aware buyers: its 0.40% expense ratio is below PGX's 0.51% and PFFA's 2.52%, though above PFFD's 0.23%.
Look elsewhere if
- Investors who need stable prices: it fell 21.8% from December 2021 to October 2022 and took about 23 months to recover.
- Those uneasy with concentration: Boeing alone was 9.7% of assets and the top ten 42% as of June 30, 2026.
- People who need fixed, dependable payments: issuers can defer distributions or call securities, and floating-rate payments shrink when rates fall.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Does PFXF pay monthly dividends?
Yes. PFXF pays distributions every month. Over the 12 months to October 27, 2026, it paid about $1.06 per share, a trailing yield of 6.24%. The amount is not fixed. Issuers of preferred and hybrid securities can defer or suspend payments, or call securities away early. Floating-rate holdings also pay less when interest rates fall, so the fund's monthly income can go up or down over time.
What's the difference between PFXF and PFFD?
The main differences are cost and what they hold. PFXF leaves out financial-company issuers by design. Based on the latest N-PORT reports, its holdings overlap with the Global X U.S. Preferred ETF (PFFD) by 40%. PFFD costs less, at 0.23% a year versus 0.40%. Returns have differed: as of October 27, 2026, PFXF returned 0% over one year and 10.1% a year over three years. PFFD returned -6.2% and 5.8%.
Why does PFXF exclude financial stocks?
Its index only includes preferred securities from non-financial companies. Banks and insurers issue much of the US preferred market, so leaving them out means the fund leans on other sectors. The prospectus names utilities, real estate, communication services and industrials as significant parts of the fund as of December 31, 2025. That reduces dependence on banks. However, it still concentrates risk in sectors that are sensitive to interest rates, such as utilities and real estate.
What are PFXF's top holdings?
As of June 30, 2026, the largest positions were preferred securities from Boeing (9.7%), Strategy Inc (6.3%), Oracle (5.6%), Hewlett Packard Enterprise (4.3%) and Albemarle (3.2%). NextEra Energy appeared three times in the top 11, for about 7.3% combined. The fund held 115 issues, and the top ten made up 42% of assets. About 96% was in US issuers, with small amounts from Canada and Bermuda.
How did PFXF do when interest rates rose in 2022?
Poorly. PFXF lost 19.11% in 2022, its worst calendar year from 2016 through 2025. Its deepest drop was 21.8%, from December 31, 2021 to October 21, 2022. It didn't regain that peak until September 19, 2024. When interest rates rise, newly issued securities pay more, so the prices of existing fixed-rate preferreds tend to fall. The fund later gained 11.4% in 2023, 8.79% in 2024 and 9.44% in 2025.