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Infrastructure Capital Advisors debuts the InfraCap REIT Preferred ETF


Infrastructure Capital Advisors, a New York City based investment adviser, has partnered with Virtus ETF Solutions to launch the InfraCap REIT Preferred ETF. 

The newly launched ETF will trade on the New York Stock Exchange under the ticker PFFR, joining the InfraCap MLP ETF (AMZA).
PFFR is being introduced on the heels of the categorisation of real estate as a distinct market sector. The fund itself will track the Indxx REIT Preferred Stock Index, and expand upon InfraCap's focus on yield-producing investment strategies. PFFR is a rules-based strategy that will rebalance semi-annually.
The fund is the only ETF offering a diversified investment in high yielding liquid preferred securities issued by real estate investment trusts (REITs). The fund is broadly diversified in terms of both REIT sectors – including mortgage, office properties, hotels, healthcare and shopping centres – and company issuers. The fund includes 31 securities from 26 different issuers. Each security in the fund has a minimum issue size of USD75 million and an average monthly trading volume in excess of 250,000 shares. The index requires each security to have a yield-to-worst of at least 3 per cent. 
Jay D Hatfield, co-founder and president of InfraCap, says: "PFFR is one of the newest products to overlap the newly added 11th sector in the S&P 500 and allows investors to invest in the real estate industry without having to select individual companies. We also believe it will be extremely attractive to investor's looking for income in a yield-stretched market."
PFFR carries an expense ratio of 0.45 per cent and the index calculations allow for concentrated positions as dictated by the rules-based methodology, but no position will exceed 10 per cent of the underlying index. Sector limits are also in place.

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