IPPP Preferred-Plus ETF
The Fund's primary investment objective is to seek current income.
The Fund invests in preferred equities and an S&P 500 index-based option overlay for additional income.
| 1 Mo. | 3 Mos. | YTD | 1-Year Annualized | 3-Year Annualized | Since Inception Annualized (12/24/18) |
|
| Preferred-Plus - Market Price | 9.03% | 2.70% | 12.74% | 3.31% | -1.15% | 4.31% |
| Preferred-Plus - NAV | 9.27% | 2.82% | 11.81% | 3.38% | -1.25% | 4.25% |
| ICE BofA Core Plus Fixed Rate Preferred Securities Index | 9.68% | 2.12% | 6.92% | 1.35% | -3.73% | 2.45% |
| S&P U.S. Preferred Securities Index | 8.64% | 2.37% | 9.28% | 4.54% | -1.02% | 4.27% |
| 1 Mo. | 3 Mos. | YTD | 1-Year Annualized | 3-Year Annualized | Since Inception Annualized (12/24/18) |
|
| Preferred-Plus - Market Price | 9.27% | 2.82% | 11.81% | 3.38% | -1.25% | 4.25% |
| Preferred-Plus - NAV | 9.03% | 2.70% | 12.74% | 3.31% | -1.15% | 4.31% |
| ICE BofA Core Plus Fixed Rate Preferred Securities Index | 9.68% | 2.12% | 6.92% | 1.35% | -3.73% | 2.45% |
| S&P U.S. Preferred Securities Index | 8.64% | 2.37% | 9.28% | 4.54% | -1.02% | 4.27% |
| Year | 2019 | 2020 | 2021 | 2022 |
| Preferred-Plus - Market Price | 19.77% | 9.05% | 7.74% | -22.12% |
| Preferred-Plus - NAV | 19.77% | 9.05% | 7.74% | -22.52% |
| ICE BofA Core Plus Fixed Rate Preferred Securities Index | 17.42% | 7.38% | 3.27% | -20.71% |
| S&P U.S. Preferred Securities Index | 17.64% | 7.97% | 6.64% | -18.93% |
The performance data quoted represents past performance; past performance does not guarantee future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns for periods shorter than one year are not annualized. Brokerage commissions and expenses will reduce the returns.
Prior to listing date, the ETF operated as a mutual fund. The Fund’s objective, policies, guidelines, and restrictions are in all material respects equivalent to those of the predecessor mutual fund, Preferred-Plus, which was created for reasons entirely unrelated to the establishment of a performance record.
The NAVs of the predecessor mutual fund are used for both NAV and market price performance from inception to listing. For ETFs, the market price return is calculated from closing prices as determined by the fund’s listing exchange. If you trade your shares at another time, your return may differ. For the period from inception date to listing date, the NAV of the fund is used as a proxy for the market price to calculate returns. ETFs trade like stocks, fluctuate in market value and may trade either at a premium or discount to their net asset value. ETFs shares trade at market price and are not individually redeemable with the issuing fund, other than in large share amounts called creation units.
Indices are shown for comparative purposes only and may not necessarily be representative of the fund’s portfolio. An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses or taxes.
ICE BofA Core Plus Fixed Rate Preferred Securities Index is an index designed to measure the performance of fixed rate U.S. dollar-denominated preferred securities issued in the U.S domestic market with a rating of at least B3 (based on an average of Moody’s, S&P and Fitch) and an investment-grade country risk profile.
S&P U.S. Preferred Securities Index is an index designed to measure the performance of the U.S. preferred stock market and consists of U.S. preferred stocks with a market cap greater than $100 million and a maturity of at least one year or longer.
| Price Data as of 12/05/2023 |
View Premium Discount History |
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|---|---|---|---|---|---|
| NAV | Price | ||||
| Net Asset Value | $9.49 | Market Price | $9.49 | ||
| $ Daily Change | $-0.01 | $ Daily Change | $-0.08 | ||
| % Daily Change | -0.06% | % Daily Change | -0.08% | ||
| Median 30-Day Bid/Ask Spread | 0.97% | Premium/Discount | -0.02% | ||
Net Asset Value (NAV): NAV is calculated as of the scheduled close of regular trading on the New York Stock Exchange. The NAV is calculated by dividing the fund’s net assets by its outstanding shares.
Market Price: Market price is the closing price as determined by the fund’s listing exchange. Shares are bought and sold at market price, not net asset value (NAV), and are not individually redeemable from the fund.
Median 30-Day Bid/Ask Spread: An ETF’s median bid-ask spread, expressed as a percentage rounded to the nearest hundredth, is computed by identifying the ETF’s national best bid and national offer as of the end of each 10 second interval during each trading day of the last 30 calendar days, dividing the difference between each such bid and offer by the midpoint of the national best bid and national offer, and identifying the median of those values. For the first 30 calendar days, the median bid-ask spread for the ETF will reflect the number of calendar days the ETF has been operating.
| Top Holdings Data as of 12/06/2023 |
View All Holdings |
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|---|---|---|---|---|---|---|---|---|
| Company | % Net Assets | Company | % Net Assets | |||||
| ATHENE HOLDING LTD | 2.11% | ENERGY TRANSFER L P | 1.54% | |||||
| SYNOVUS FINL CORP | 2.03% | AMERICAN EQTY INVT LIFE HLD CO 6.625 DEP PFD B | 1.53% | |||||
| JPMORGAN CHASE & CO | 1.93% | AMERICAN EQTY INVT LIFE HLD CO 5.95 DP RP PFD A | 1.51% | |||||
| WESCO INTL INC | 1.66% | MORGAN STANLEY | 1.47% | |||||
| BANC OF CALIFORNIA INC | 1.60% | NEW YORK CMNTY BANCORP INC | 1.44% | |||||
Fund holdings are subject to change at any time and should not be considered recommendations to buy or sell any security.
|
SECTOR ALLOCATION Data as of 09/30/2023 |
|---|
| Financial Services | 72.14% |
| Utilities | 10.46% |
| Real Estate | 4.48% |
| Communication Services | 3.24% |
| Consumer Discretionary | 2.56% |
| Energy | 2.50% |
| Consumer Staples | 2.03% |
| Industrials | 1.69% |
| Cash or Equivalent | 0.71% |
| Closed End Funds | 0.18% |
| Derivative | 0.02% |
| Coupon Structure Data as of 09/30/2023 |
|||||
|---|---|---|---|---|---|
| Coupon Structure (%) | Fund Market Value | ||||
| Fixed-Rate Securities | 53.11% | ||||
| Fixed-to-Fixed Rate Securities | 0.0% | ||||
| Fixed-to-Floating Rate Securities | 42.99% | ||||
| Floating Rate Securities | 2.99% | ||||
| Other Securities | 0.91% | ||||
Fixed-to-Fixed Rate Securities step from one fixed rate to another based on a schedule. Fixed-to-Floating Rate Securities pay a fixed coupon for a set number of years, then convert to a variable coupon for the remaining life of the security that is based on a benchmark rate, such as the 3-month LIBOR. Other includes income-producing securities that do not have a specified coupon structure. Examples would include, but are not limited to, shares of income-oriented EFT’s or other closed-end funds.
| Issuer Credit Breakdown Data as of 09/30/2023 |
|||||
|---|---|---|---|---|---|
| Credit Quality (%) | Fund Market Value | ||||
| AAA | 0.0 | ||||
| AA | 14.16% | ||||
| A | 22.87% | ||||
| BBB | 41.86% | ||||
| BB | 5.36% | ||||
| B | 0.0 | ||||
| NR | 15.05% | ||||
| Cash & Equivalents | 0.71% | ||||
Issuer credit ratings represent the issuer’s overall credit creditworthiness and financial strength and not the issue rating which refers to specific financial obligations and considers ranking in the capital structure. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s, Fitch, DBRS or AM Best. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade rating; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated NR are not rated by these national rating agencies. Excludes credit spread put options.
| Yield Data as of 9/30/2023 |
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|---|---|---|---|---|
| Characteristic | Fund | Characteristic | Fund | |
| 30-day SEC yield
30-day SEC Yield
The 30-day SEC yield is a standard calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is calculated by dividing net investment income per share during a 30-day period by the net asset value as of the close of that period. The 30-day SEC yield reflects the rate at which the Fund is earning income on its current portfolio of securities excluding options. |
6.52% | Distribution yield (%)
Distribution yield
Distribution yields is calculated by annualizing the most recent distribution – from dividends, interest and option income - and dividing by the net asset value per share as of the reported date. Distributions may include a return of capital. Shareholders of record will be notified of the estimated return of capital for each distribution. Please click here for more information. |
6.15% | |
| Trailing 12-month yield(%)
Trailing 12-month yield Trailing 12-month yield is calculated by adding the Fund’s trailing 12-month distributions – from dividends, interest and option income - and dividing by the net asset value per share as of the reported date. Distributions may include a return of capital. Shareholders of record will be notified of the estimated return of capital for each distribution. Please click here for more information. |
6.05% | Distribution frequency | Quarterly | |
| Distributions Data as of 09/30/2023 |
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|---|---|---|---|---|---|---|---|
| Record date | Ex-Date | Pay Date | Total Distribution | Income | ST Gain | LT Gain | Return of Capital |
| 12/26/2023 | 12/22/2023 | 12/27/2023 | - | - | - | - | - |
| 9/27/2023 | 9/26/2023 | 9/28/2023 | $0.14000 | $0.14000 | $0.00000 | $0.00000 | $0.00000 |
| 6/28/2023 | 6/27/2023 | 6/29/2023 | $0.14110 | $0.14110 | $0.00000 | $0.00000 | $0.00000 |
| 3/29/2023 | 3/28/2023 | 3/30/2023 | $0.00000 | $0.00000 | $0.00000 | $0.00000 | $0.00000 |
| 12/28/2022 | 12/27/2022 | 12/29/2022 | $0.09602 | $0.09602 | $0.00000 | $0.00000 | $0.00000 |
| 09/27/2022 | 09/27/2022 | 09/29/2022 | $0.14790 | $0.14061 | $0.00000 | $0.00000 | $0.00000 |
| 06/28/2022 | 06/27/2022 | 06/29/2022 | $0.14790 | $0.14790 | $0.00000 | $0.00000 | $0.00000 |
| 02/25/2022 | 02/28/2022 | 02/28/2022 | $0.20039 | $0.04820 | $0.01209 | $0.14010 | — |
| 12/29/2021 | 12/30/2021 | 12/30/2021 | $0.19312 | $0.11366 | $0.03216 | $0.04730 | — |
| 09/29/2021 | 09/30/2021 | 09/30/2021 | $0.20876 | $0.09200 | $0.11676 | — | — |
| 06/29/2021 | 06/30/2021 | 06/30/2021 | $0.19940 | $0.08956 | $0.10984 | — | — |
| 03/30/2021 | 03/31/2021 | 03/31/2021 | $0.18966 | $0.09899 | $0.09067 | — | — |
| 12/29/2020 | 12/30/2020 | 12/30/2020 | $0.09819 | $0.09819 | — | — | — |
| 09/28/2020 | 09/29/2020 | 09/29/2020 | $0.10554 | $0.10554 | — | — | — |
| 06/26/2020 | 06/29/2020 | 06/29/2020 | $0.11131 | $0.11131 | — | — | — |
| 03/27/2020 | 03/30/2020 | 03/30/2020 | $0.09881 | $0.09881 | — | — | — |
| 12/30/2019 | 12/31/2019 | 12/31/2019 | $0.20994 | $0.09366 | $0.11628 | — | — |
| 09/27/2019 | 09/30/2019 | 09/30/2019 | $0.16598 | $0.10536 | — | — | $0.06062 |
| 06/27/2019 | 06/28/2019 | 06/28/2019 | $0.09408 | $0.07431 | — | — | $0.01977 |
| 03/28/2019 | 03/29/2019 | 03/29/2019 | $0.11456 | $0.11456 | — | — | — |
All fund distributions will vary depending on the current market conditions, and past distributions are not indicative of future trends.
To receive a distribution, you may have been a registered shareholder of the fund on the record date. Distributions were paid to shareholders on the payment date. Please consult your tax professional or financial adviser for more information regarding your tax situation.
Prior to the listing date, the ETF operated as a mutual fund. Distribution information shown prior to the ETF listing date is of the predecessor mutual fund.
| Documents | ||
|---|---|---|
| 09/30/2023 | Preferred-Plus ETF Fact Sheet | Download |
| 09/30/2023 | Preferred-Plus ETF Q3 Update | Download |
| 01/31/2023 | Preferred-Plus ETF Summary Prospectus | Download |
| 01/31/2023 | Preferred-Plus ETF Statutory Prospectus | Download |
| 01/31/2023 | Preferred-Plus ETF SAI | Download |
| 09/30/2023 | Preferred-Plus ETF Annual Report | Download |
| 03/31/2023 | Preferred-Plus ETF Semi-Annual Report | Download |
| 06/30/2023 | Preferred Plus ETF SOI | Download |
| 12/31/2022 | Preferred-Plus ETF SOI | Download |
| 12/31/2022 | Supplemental Tax Informaation | View |
Prior to listing date, the ETF operated as a mutual fund. The annual report, semi-annual report, and schedules of investments (holdings) of the predecessor mutual fund are shown for periods prior to the ETF listing date.
Strategy Highlights
Diversification from traditional equity and fixed-income strategies.
Seeks potential income from higher-yielding preferred stocks, some of which may be U.S. tax-advantaged.
Additional income can be anticipated through option premiums.
Active management to potentially exploit inefficiencies such as credit quality, interest rate structure, and call risk.
Portfolio Construction
1ST | Macro Outlook
Develop opinions about the economy, markets, and interest rates.
2ND | Screen
Exchange-traded preferred securities for yield, duration, liquidity, credit quality, and structure.
3RD | Decision
Select from the screened holdings based on pricing and attractive opportunities, which can include undervalued sectors and/or companies.
4TH | Options
Create a put credit spread position on an S&P 500 ETF or Index which involves the selling of the put option with the purchase of a put option with the same expiration.
IPPP
Data as of 12/05/2023
| Ticker | IPPP |
| Exchange | Cboe BZX Exchange |
| CUSIP | 53656F219 |
| Total Net Assets | $11,366,015.12 |
| Shares Outstanding | 1,197,107 |
| NAV per Share | $9.49 |
| Distribution Frequency | Quarterly |
| Expense Ratio (1) | 1.06% |
| Management Fee | 0.85% |
| Interest Expense | 0.20% |
| Acquired Fund Fees And Expenses (2) |
0.01% |
| Asset Class | U.S. Equity |
| Fund Type | Active |
| Inception Date | 12/24/2018 |
| Listing Date | 03/07/2022 |
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