ETF Evaluator:
VanEck Pref Secs ex Fincls ETF (PFXF)
Follow This ETF
(as of Jul 31)
Best Performing in Preferred Stock Over the Last Year
| 11.8% | Global X SuperIncome™ Preferred ETF (SPFF) |
| 11.2% | VanEck Pref Secs ex Fincls ETF (PFXF) |
| 9.7% | Virtus InfraCap US Preferred Stock ETF (PFFA) |
| 8.2% | Cohen & Steers Pref & Inc Opps Act ETF (CSPF) |
| 7.6% | First Trust Instl Pref Secs and Inc ETF (FPEI) |
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ETF Details
VanEck Pref Secs ex Fincls ETF Overview
VanEck Pref Secs ex Fincls ETF (PFXF) is a passively managed Taxable Bond Preferred Stock exchange-traded fund (ETF). VanEck launched the ETF in 2012.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE Exchange-Listed Fixed & Adjustable Rate Non-Financial Preferred Securities Index (the "Preferred Securities Index").
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index is comprised of U.S. exchange-listed hybrid debt, preferred stock and convertible preferred stock issued by non-financial corporations. The fund is non-diversified.
About VanEck Pref Secs ex Fincls ETF (PFXF)
There are 2 members of the management team with an average tenure of 8.40 years: Peter Liao (2012) and Griffin Driscoll (2023). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: ICE BofA US Broad Market TR USD index with a weighting of 100% and ICE ExL Fix&AdjRt NF PrefSec 4PM TR USD index with a weighting of 100%. VanEck Pref Secs ex Fincls ETF has 116 securities in its portfolio. The top 10 holdings constitute 42.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VanEck Pref Secs ex Fincls ETF is part of the Hybrid Securities global asset class and is within the Taxable Bond ETF group. VanEck Pref Secs ex Fincls ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 15.3% There is 0.0% allocated to foreign stock, and 84.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Pref Secs ex Fincls ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is above the $1 billion average for the Preferred Stock category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PFXF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Pref Secs ex Fincls ETF expense ratio is average compared to funds in the Preferred Stock category. VanEck Pref Secs ex Fincls ETF has an expense ratio of 0.40%, which is 30% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Pref Secs ex Fincls ETF has a portfolio turnover rate of 31%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 37% for the Preferred Stock category.
Recently, in the month of June 2026, VanEck Pref Secs ex Fincls ETF returned -5.1%, which earned it a grade of F, as the Preferred Stock category had an average return of -0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VanEck Pref Secs ex Fincls ETF has a trailing yield of 6.42%, which is above the 6.18% category average.
The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Pref Secs ex Fincls ETF Grades
Year to date, the ETF has returned 3.0%, 1.7 percentage points better than the category, which translates into a grade of A. The fund has returned 11.2% over the past year (grade of A), 7.7% over the past three years (grade of C) and 3.2% per year over the past five years (grade of B) and 4.7% per year over the past 10 years (grade of B).
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PFXF Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PFXF Return (NAV) | -5.1% | 3.1% | 11.2% | 7.7% | 3.2% | 4.7% |
| PFXF Return (Price) | -5.4% | 3.0% | 11.1% | 7.9% | 3.2% | 4.7% |
| NAV +/- Price Return | 0.284% | 0.068% | 0.089% | -0.155% | -0.045% | 0.004% |
| Preferred Stock Avg | -0.6% | 2.7% | 6.3% | 7.4% | 1.5% | 3.1% |
| PFXF Grade (NAV) | F | B | A | C | B | B |
| +/- Category (NAV) | -4.6% | 0.4% | 4.9% | 0.3% | 1.7% | 1.6% |
| PFXF Tax-Cost Ratio | na | na | 2.6% | 2.9% | 2.7% | 2.5% |
PFXF Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFXF Return (NAV) | 3.0% | 9.4% | 8.8% | 11.4% | -19.2% | 11.5% | 7.9% | 20.2% | -4.1% | 8.0% | 5.7% |
| PFXF Return (Price) | 3.2% | 9.6% | 8.4% | 11.2% | -18.8% | 11.6% | 7.6% | 20.5% | -4.2% | 7.9% | 6.6% |
| NAV +/- Price Ret | 0.057% | 0.026% | -0.044% | -0.020% | -0.016% | 0.004% | -0.041% | 1.4% | 0.9% | -0.8% | 15.3% |
| Preferred Stock Avg | 1.3% | 6.1% | 9.2% | 9.8% | -16.0% | 5.8% | 5.6% | 18.4% | -4.7% | 9.0% | 3.2% |
| PFXF Grade (NAV) | A | A | C | A | D | A | A | A | B | F | B |
| +/- Category | 1.7% | 3.3% | -0.4% | 1.6% | -3.2% | 5.7% | 2.4% | 1.9% | 0.6% | -1.0% | 2.5% |
| Risk Measures | |
| Beta: | 0.97 |
| R-Squared: | 29% |
| Standard Deviation: | 10.1% |
| Category Risk Index: | 1.37 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.83 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 6.4% |
| Total Assets: | $ 2,629 Mil |
| Share Class Assets: | $ 2,629 Mil |
| Turnover: | 31.0% |
| Expense Ratio: | 0.40% |
| Index Fund: | Yes |
| Index Tracked: | ICE BofA US Broad Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.0 years | |||
| Average Tenure: 8.4 years | |||
| Managers (Year): Liao Peter (2012), Driscoll Griffin (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 116 |
| % in Top 10 Holdings: | 42.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 15.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 84.5% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VanEck |
| Phone Number: | 800-826-2333 |
| Website: | www.marketvectorsetfs.com |
| Inception Date: | July 16, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.40% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.57% |
