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  • Ticker:- PFXF;true;WHPSL;
  • Ticker Group:- ETFFI_EI;false;;

  • Making News

    StreetAuthority: These High-Yield Funds Make a Great Investment Even Better


    05/22/13: StreetAuthority makes a compelling case for investing in business development companies, especially through the reduced risk approach of ETFs, and leads with BIZD. “Launched in February, this fund seeks to own the largest BDCs, with each holding given a weighted position (and rebalanced) according to its market value.”

    View article >> 


    Seeking Alpha: How Preferred ETFs Can Juice Your Income Portfolio


    04/09/13: Touting the benefits of preferred stock ETFs, Seeking Alpha underscores PFXF. "This new and unique offering from Van Eck Global seeks to differentiate itself by getting away from the traditional financial sector dominance of other preferred ETFs." 

    View article >> 


    Barron's: Yield's Final Frontier


    03/09/13: "After high-yield bonds, real-estate investment trusts, and leveraged loans comes yield's final frontier: the roughly $24 billion niche of business-development companies [BDCs]," reports Brendan Conway. "Van Eck Global last month launched the first BDC-only ETF, the Market Vectors BDC Income ETF (BIZD). Though it tracks 25 companies, 50% of assets are invested in five BDCs. One reason: You can count the number of companies with a $1 billion market capitalization on two hands." 

    View article >> 


    WSJ: Advisers Find Income Alternatives in Mortgage REITs


    03/06/13:  WSJ Reporter Murray Coleman highlights MORT in his recent article on mortgage REITs: But for most mainstream investors, mortgage REITs likely represent "a roundabout way" to lower portfolio correlations and generate higher income. He quotes product manager, Brandon R.: “we stress that MORT is designed to leverage the differences between short-term financing rates and longer-term MBS [mortgage-backed securities] yields.”
    View article >> 


    ETF Database: All About The New BDC Income ETF (BIZD)


    02/26/13: “The new Market Vectors BDC Income ETF (BIZD) gives investors access to a diversified pool of business development companies in the U.S., and indirectly to the typically small high-yielding companies they invest in,” writes Cory Mitchell. “Ultimately, BIZD is attractive if you are an investor looking for high yield—expected to be around 7.60% – and are willing to accept higher risk to get it.”
      View article >> 


  • How to Purchase

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Preferred Securities ex Financials ETF PFXF

  • Full Name: Market Vectors®
    Preferred Securities ex Financials ETF (PFXF)

    Management Style: Replication

    Underlying Index: The Wells Fargo® Hybrid and Preferred Securities ex Financials Index (WHPSL)

    Index Description: WHPSL is a rules-based index intended to track the overall performance of publicly traded non-financial preferred securities including those that, in Wells Fargo Securities, LLC’s judgment, are functionally equivalent to preferred securities such as convertible securities, depository preferred securities and perpetual subordinated debt.

  •    

    • Fund Ticker

      PFXF

    • Exchange

      NYSE Arca

    • Index Total Return Ticker

      WHPSL

    • Index Provider

      Wells Fargo Securities, LLC

    • Total Net Assets

      $167.2M

    • Shares Outstanding

      8,300,000

    • Number of Holdings

      81

    • Commencement Date

      07/16/2012

  •   as of 06/14/13

  • Key Points

    • High Income Potential
      Historically, a company’s preferred securities have offered higher yield than its common stock and senior debt

    • Historically Lower Volatility
      Index excludes traditional financial companies which have been more volatile than other sectors in recent years

    • Lowest Expense Ratio in Class
      PFXF currently has the lowest published net expense ratio of U.S.-listed ETFs that invest primarily in preferred securities (based on 8 ETFs as of 03/31/13).

  • Yields as of 06/14/13

    • 30-Day SEC Yield1

      6.10%

    • Distribution Yield1

      5.06%

    • 12-Month Yield1

      --
     1 See Important Disclosure for definitions.

  • Fees & Expenses2

    • Management Fee

      0.40%

    • Other Expenses

      0.12%

    • Acquired Fund Fees and Expenses

      --

    • Gross Expense Ratio

      0.52%

    • Fee Waivers and
      Expense Reimbursement

      (0.12)%

    • Net Expense Ratio

      0.40%
    2Expenses for PFXF are capped contractually at 0.40% until 09/01/13. Cap excludes certain expenses, such as interest. See Important Disclosure for more information.

  • Trading Information

    • Fund Ticker

      PFXF

    • Index Total Return Ticker

      WHPSL

    • NAV

      PFXFNV

    • Intraday NAV (IIV)5

      PFXFIV

    • Shares Outstanding

      8,300,000

    • Estimated Cash

      PFXFEU

    • Total Cash

      PFXFTC

    • CUSIP

      57061R791

    • ISIN

      US57061R7917
    5See IIV Details. Source: Bloomberg

  • Fundamentals as of 04/03/13

    • Yield to Worst1

      --

    • Yield to Maturity1

      --

    • Effective Duration (yrs)4

      --

    • Modified Duration (yrs)4

      --

    • Duration to Worst4

      --

    • Spread Duration (yrs)4

      --

    • Years to Maturity (yrs)4

      --

    • Coupon4

      --
     4 See Important Disclosure for definitions.

  • Prices as of 06/14/13

    TickerNAV/
    Last Price    		Avg. 30-Day
    Trading
    Volume    		Daily Change
    NAV/
    Last Price    		 YTD Change
    NAV/
    Last Price    		Premium/
    Discount    		Prem/Discount
    Distribution Charts    		NAV &
    Prem/Discount
    History    		NAV
    Price
    Chart
    PFXF $20.14
    $20.03         		74,453
    42,023
    $0.22 / +1.1%
    $0.14 / +0.7%
    		+ 0.8%
    - 0.1%
    		$-0.11
    -0.55%

  • View All Indices » View All ETFs » Performance History: Average Annual Total Returns* (%)

    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    07/16/12
    PFXF (NAV) -0.83 1.95 2.64 -- -- -- -- 6.49
    PFXF (Share Price) -0.64 1.75 2.69 -- -- -- -- 6.85
    WHPSL (Index) -0.82 2.04 2.02 8.66 -- -- -- 6.71
    Performance Differential (NAV - Index) -0.01 -0.09 0.62 -- -- -- -- -0.22
    After Tax Held -- -- -- -- -- -- -- 4.68
    After Tax Sold -- -- -- -- -- -- -- 3.82
    1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR LIFE
    07/16/12
    PFXF (NAV) 0.74 1.43 1.43 -- -- -- -- 5.23
    PFXF (Share Price) 0.69 1.62 1.62 -- -- -- -- 5.74
    WHPSL (Index) 0.81 0.79 0.79 6.10 -- -- -- 5.42
    Performance Differential (NAV - Index) -0.07 -0.61 0.64 -- -- -- -- -0.19
    After Tax Held -- -- -- -- -- -- -- 3.91
    After Tax Sold -- -- -- -- -- -- -- 3.11

    *Returns less than one year are not annualized.

    The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

    The "Net Asset Value" (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

  • View All Holdings » Top 10 Holdings (%) as of 05/31/13

    Total Holdings: 82
    Holding Name
    		Maturity
    Composite
    Rating
    Country†
    Currency
    		 % of Net
    Assets
    General Motors Co
    		12/01/2013
    NR
    U.S.
    USD
    		 11.99
    ArcelorMittal
    		01/15/2016
    NR
    Luxembourg
    USD
    		 4.59
    United Technologies Corp
    		08/01/2015
    BBB+
    U.S.
    USD
    		 3.22
    PPL Corp
    		07/01/2013
    NR
    U.S.
    USD
    		 2.92
    Apache Corp
    		08/01/2013
    NR
    U.S.
    USD
    		 2.86
    PPL Corp
    		05/01/2014
    NR
    U.S.
    USD
    		 2.55
    Health Care REIT Inc
    		Perpetual
    BB+
    U.S.
    USD
    		 2.20
    Stanley Black & Decker Inc
    		07/25/2052
    BBB
    U.S.
    USD
    		 1.89
    Dominion Resources Inc/VA
    		06/15/2064
    BBB-
    U.S.
    USD
    		 1.78
    Qwest Corp
    		06/01/2051
    BBB-
    U.S.
    USD
    		 1.76
    Top 10 Total (%) 35.76

    †See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

  • Country Weightings (%) as of 05/31/13

    • Domicile

      % of Net Assets

    • U.S.

      89.3

    • LUXEMBOURG

      4.6

    • BERMUDA

      3.5

    • CHINA

      0.9

    • UNITED KINGDOM

      0.9

    • Other

      0.8

    • Total

      100.0

  • Currency Exposure (%)
    as of 05/31/13

    • U.S. Dollar

      99.19

    • Other

      0.81

    • Total

      100.00

  • Industry Weightings (%) as of 05/31/13

    • Sector

      % of Net Assets

    • REITS

      30.8

    • Electric

      22.9

    • Auto Manufacturers

      12.0

    • Telecommunications

      7.3

    • Iron/Steel

      6.0

    • Insurance

      4.5

    • Aerospace/Defense

      3.2

    • Oil&Gas

      2.9

    • Hand/Machine Tools

      1.9

    • Sovereign

      1.5

    • Auto Parts&Equipment

      1.2

    • Office/Business Equip

      1.1

    • Pipelines

      1.0

    • Transportation

      0.9

    • Mining

      0.9

    • Media

      0.7

    • Healthcare-Services

      0.4

    • Other

      0.8

    • Total

      100.0

  • Credit Quality (%) as of 05/31/13

    Composite % of Net Assets
    Investment Grade AA 1.48
    A 2.41
    BBB 41.09
    Non-Investment Grade BB 13.40
    B 2.30
    CCC 0.77
    Total Investment Grade 44.98
    Total Non-Investment Grade 16.48
    Not rated 38.54
    Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion.

  • Maturity (%) as of 05/31/13

  • Contact Us

    Van Eck Securities
    Corporation, Distributor
    335 Madison Avenue, 19th Fl.
    New York, NY 10017
    888.MKT.VCTR
    888.658.8287
    marketvectors@vaneck.com

  • Important Disclosure

    130-Day SEC Yield is calculated as of the most recent month end, and is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons primarily among bond funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the fund over the last twelve months assuming the most recent NAV. The Distribution Yield is the annual yield an investor would receive if the most recent fund distribution stayed the same going forward. The yield represents a single distribution from the fund and does not represent the total return of the fund.  The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    2PFXF Fees & Expenses: “Other Expenses” are based on estimated amounts for the current fiscal year. Van Eck Associates Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.40% of the Fund’s average daily net assets per year until at least September 1, 2013. During such time, the expense limitation is expected to continue until the Fund’s Board of Trustees acts to discontinue all or a portion of such expense limitation.

    3Morningstar Ratings: ©2013 Morningstar, Inc. All Rights Reserved. All Rights Reserved. Not applicable at this time.

     4These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases.Years to Maturity is the length of time until a fixed-income investment returns its original investment. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

     5IIV is an abbreviation for An ETF's intraday indicative value; it is an estimated fair value of its holdings based on the most recent prices of its underlying securities and other assets. Intraday values are typically updated every 15 seconds and should closely approximate the net asset value (NAV) of an ETF throughout the trading day. ETF intraday values are calculated by an exchange (e.g., the NYSE Arca) and are distributed through quote services.

    6The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    Investments in preferred securities are subject to fluctuations in value due to deferred or unpaid distributions, call features and decreases in value of common stock if security is convertible. Investments in fixed-income securities are subject to credit risk and will decline in price when interest rates rise. Payments may be structurally subordinated such that creditors will have priority to assets over the Fund. Adverse economic, business or political developments affecting real estate could have an effect on the value of the Fund’s investments. Small- and medium-capitalization companies may be more volatile than large-capitalization companies. The Fund’s assets may be concentrated in a particular sector, such as real estate, utilities and consumer discretionary and may be subject to more risk than investments in a diverse group of sectors.

    The Fund is not sponsored, endorsed, or advised by Wells Fargo & Company, Wells Fargo Securities, LLC (together, “Wells Fargo”), Index Calculation Agent or any of their subsidiaries and affiliates. WELLS FARGO AND INDEX CALCULATION AGENT DO NOT GUARANTEE THE ACCURACY AND/OR COMPLETENESS OF ANY DATA SUPPLIED BY THEM OR OF THE INDEX UNDERLYING THE ETF AND MAKE NO WARRANTY AS TO THE RESULTS TO BE OBTAINED FROM INVESTING IN THE ETF OR IN THE INDEX.

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

    Country of Risk: The International Organization for Standardization (ISO) country code of the issuer's country of risk. The assignment of an issuer's country of risk takes four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the Chief Executive Officer (CEO), Chief Financial Officer CFO), Chief Operating Officer (COO), and/or General Counsel is otherwise.

    The “Net Asset Value” (NAV) of a Market Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF’s intraday trading value. Market Vectors ETF investors should not expect to buy or sell shares at NAV.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Creation units are issued and redeemed principally in kind. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 888.MKT.VCTR or on this web page. 

    Investing involves substantial risk and high volatility, including possible loss of principal. Bonds and bond funds will decrease in value as interest rates rise. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus and summary prospectus carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value

© 2013 Van Eck Securities Corporation. All rights reserved.