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Sunday, August 23, 2026The Morning Brief →Sign in

Global X Variable Rate Preferred ETF

$22.00+0.14% today
222352-WK

The fund invests at least 80% of its total assets, plus borrowings for investments purposes (if any), in the securities of the underlying index and in American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") based on the securities in the underlying index. The underlying index is designed to track the broad-based performance of the U.S.-listed variable rate preferred securities market. It is non-diversified.

Price & daily flows
23.022.622.122.00DAILY NET FLOWAug 22Dec 19Apr 21Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1Y SHOWN

The desk’s read

Flows are quiet — the past month netted out near zero, while the price has returned -1.4% so far this year. At 0.25% a year it is not the cheapest way in — XLU runs the same ground at 0.09%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$256Massets under management
0.25%expense ratio · $25 per $10,000 a year
net flow, trailing month
102Kavg daily volume, 30 days
55holdings · US-domiciled
2020listed June 21, 2020 · beta 0.16
The book at a glance
FCNCA+1.5%GS+3.7%GS+3.7%MS+3.3%RGA+0.2%ALL-0.3%APO+2.1%BNY+0.8%JXN+0.6%WTFC+0.0%MET+0.9%USB+0.4%UMBF-0.5%BAC-0.3%SYF+3.6%PNFP+0.3%VOYA+0.3%CFG+0.2%FITB+0.6%FITB+0.6%RF+0.6%RF+0.6%KEY+0.1%BACBANC-0.1%NLY-0.6%WSBC-0.0%BACNLY-0.6%NLY-0.6%HBAN+0.1%NGL-1.4%AGNC-0.3%RITM+0.3%CIM-0.5%CIM-0.5%TWO+0.1%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1FCNCAFIRST CITIZENS BANCSHARES1.88%$2183.54+1.5%
2GSGOLDMAN SACHS GROUP2.62%$1039.28+3.7%
3GSGOLDMAN SACHS GROUP1.47%$1039.28+3.7%
4MSMORGAN STANLEY4.10%$214.20+3.3%
5RGAREINSURANCE GROUP OF AMERICA3.44%$243.13+0.2%
6ALLALLSTATE2.45%$253.83-0.3%
7GSGOLDMAN SACHS GROUP0.39%$1039.28+3.7%
8APOAPOLLO GLOBAL MANAGEMENT2.93%$132.69+2.1%
9BNYBLACKROCK NEW YORK MUNICIPAL INCOME TRUST2.38%$158.49+0.8%
10JXNJACKSON FINANCIAL2.71%$129.88+0.6%
11WTFCWINTRUST FINANCIAL2.15%$152.67+0.0%
12METMETLIFE2.38%$94.34+0.9%
13USBUS BANCORP2.82%$62.05+0.4%
14UMBFUMB FINANCIAL1.50%$145.14-0.5%
15BACBANK OF AMERICA3.24%$61.69-0.3%

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Sector weights
Utilities100%
Cash & Others100%
Finance88.28%
Financial Services74.9%
Real Estate12.09%
Other10.68%
Industrial Services4.1%
Industrials2.33%
Distribution Services2.32%
Government1.6%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States100%
Bermuda13.13%
Other7.3%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.2%
1 month+0.2%
3 months-1.3%
6 months-3.0%
YTD-1.4%
1 year-5.3%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month
3 months
YTD
1 year

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
3%realized volatility, 30 days (annualized)
4%realized volatility, 1 year
-6.8%deepest fall from a peak, 1 year
-5.9%where it sits vs. that peak today

The top holding is 4.1% of the book; the top ten carry 30%. Spread across 57+ names, it behaves like roughly 45 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

Options tape
calls today
puts today
put/call ratio
34Kshares traded
Most-traded holdings, options premiumBullishBearish
GS GOLDMAN SACHS GROUP$41M$34M
GS GOLDMAN SACHS GROUP$41M$34M
GS GOLDMAN SACHS GROUP$41M$34M
BAC BANK OF AMERICA$12M$9M
BAC BANK OF AMERICA$12M$9M

TODAY’S OPTIONS PREMIUM IN THE FUND’S UNDERLYING NAMES

The case against PFFV

Due diligence cuts both ways. These funds sit on the same shelf and beat PFFV on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-21bp on fee · 127× the assets · +$104M in over the monthHead-to-head
IEFA iShares Core MSCI EAFE ETF0.07%$193.2B+$631M-18bp on fee · 754× the assets · +$631M in over the monthHead-to-head
IEMG iShares Core MSCI Emerging Markets ETF0.09%$160.6B+$1.9B-16bp on fee · 627× the assets · +$1.9B in over the monthHead-to-head
IAGG iShares Core International Aggregate Bond ETF0.07%$11.4B+$739M-18bp on fee · 44× the assets · +$739M in over the monthHead-to-head
IXUS iShares Core MSCI Total International Stock ETF0.07%$46.2B-18bp on fee · 180× the assetsHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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