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PFF

iShares S&P U.S. Preferred Stock Index ETF

6/19/2013, 8:53 PM ET

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Wednesday, June 12, 3:22 PM Preferred stock indexes just don't move this much, but the last few sessions' quick decline in the Preferred Stock Index Fund (PFF -1.3%) has left it trading at a slight discount to NAV. Peter Tchir calls it "spiral risk," and it's there when illiquid underlying assets meet a "beta" vehicle meet a crowded trade (and a few more conditions). When does it end? Often after a capitulation day. The Financial Preferred ETF (PGF -1.2%) also takes a hit. 7 Comments [Financials]
Tuesday, June 11, 2:44 PM The "ETF bid" in which indexed parts of the high-yield bond market (likely to be owned by HYG and JNK) rise faster than the rest when times are good works in reverse too as May saw the ETFs decline far more than NAV. What about for preferred shares? Investors pulled a relatively modest $300M from the $12B PFF in May and the fund was down 2.8%, but it's off another 1.6% since. "It stands to reason the same yield-seeking investors dumping HYG (and REM) are turning on PFF too," writes Brendan Conway. 3 Comments
Monday, June 3, 1:54 PM iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.1642. For shareholders of record June 05. Payable June 07. Ex-div date June 03. Comment! [Dividends]
Saturday, May 4, 8:43 AM Do you know what's in your preferred stock ETF? The PowerShares Financial Preferred Portfolio (PGF) has nearly all holdings in perpetual preferreds - fixed yields with no maturity dates, thus particularly vulnerable to rising rates. The iShares Preferred Stock ETF (PFF) has just 45%. Mutual preferred funds, though more expensive, might offer even better protection against higher rates - they're able to participate in the OTC market where much of the action in floating-rate preferreds takes place. 4 Comments
Wednesday, May 1, 2:53 PM iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.1728. For shareholders of record May 03. Payable May 07. Ex-div date May 01. Comment! [Dividends]
Monday, April 1, 4:56 PM iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.175. For shareholders of record Apr. 03. Payable Apr. 05. Ex-div date Apr. 01. 1 Comment [Dividends]
Friday, March 1, 9:55 AM iShares S&P U.S. Preferred Stock Index ETF (PFF) announces monthly distribution of $0.100. 30-day SEC yield of 5.54%. For shareholders of record Mar. 05. Payable Mar. 07. Ex-div date Mar. 01. 14 Comments [Dividends]
Wednesday, February 13, 7:14 PM First Trust's new actively managed Preferred Securities and Income ETF FPE began trading Tuesday. FPE tries to generate income through holding preferred securities and income-producing debt securities, such as corporate bonds, high-yield securities and convertibles. This gives investors yield-generating options as an alternative route to the low interest rates in Treasury bonds. FPE comes with a high expense ratio of 0.85% compared to PFF (0.48%), PFXF (0.40%), SPFF (0.58%), PSK (0.45%), PGX (0.50%) and IPFF (0.55%). (PR) 1 Comment
Monday, January 28, 11:00 AM Bank debt is back with lenders' paper set to overtake that of industrial companies as the safest in the U.S. corporate bond market for the first time since the financial crisis. Investors are currently demanding just 16 bps more premium over a benchmark from banks, compared to 365 bps 4 years ago. Comment! [Financials]
Sunday, January 6, 8:56 AM While the preferred stock (PFF) led the income pack in 2012 with a total return of 18.2%, the current risk-reward profile isn't great, says Barclays' Shobhit Gupta, with the upside capped by the issuer call option, and significant downside if rates rise. One overlooked class for investors: Convertible Bonds (CWB). Barron's overview of the income sector. 26 Comments [Quick Ideas]
Tuesday, January 1, 10:52 AM Small-cap dividend ETFs (DES, DLS, DFE, DGS, DFJ, EES) led the pack in 2012 performance domestically and globally, followed by mid-caps (DON, DIM, EZM) and large-caps (DLN, DOL, EPS). Among strategy-based ETFs, it was preferreds (PGF, PFF) and buybacks (PKW) that outperformed. See here for full dividend ETF performance data. 2 Comments [Dividends, Quick Ideas]
Friday, November 16, 2012, 9:48 AM Another blow against the income-seekers, Capital One (COF) announces it will redeem $3.65B of trust preferred securities. The high-cost paper is in the process of being called by most financials as it will no longer by allowed to count towards capital buffers. (PR) 3 Comments [Financials]
Wednesday, November 14, 2012, 4:26 PM Where'a an income investor to turn? Citigroup (C) calls away another series of trust preferred securities, these the 7.875% Enhanced TRUPS. Banks have been busily redeeming this high-cost paper as new rules no longer allow it to be counted in capital calculations. (PR) 1 Comment [Financials]
Monday, October 22, 2012, 1:07 PM "The fundamentals haven't changed, but the prices certainly have," says fund manager Mark Egan, explaining why he recently sold Bank of America (BAC) bonds yielding 3% that he had picked up last year when they were yielding 8%. He notes the great balance sheets of the financials mean good times for bondholders, but not so much for the owners of the common stock.
6 Comments [Financials, Quick Ideas]
Friday, October 12, 2012, 3:18 PM Don't say you weren't warned. Seventy-five percent of the preferred market is trading above par, according to BAML, and nearly the entire market is callable. 3 Comments [Financials]
Tuesday, October 9, 2012, 11:31 AM Preferred stock investors aren't happy about banks buying back their trust preferred shares before the call date and often at face value (despite them trading at premiums), but new capital rules - "a capital treatment event" - allow the lenders to do so. Bank of America (BAC), says JPMorgan's Vivek Juneja, is likely to see the biggest benefit to its bottom line. 11 Comments [Financials]