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PFFD - SPFF: Expecting Further Declines In High-Yield Preferreds Before The Rebound
Global X U.S. Preferred
The Global X SuperIncome Preferred ETF (SPFF) invests in the 50 highest-yielding preferred equities in the U.S. and Canada. The fund has lost 32% of its value since the sell-off began and its dividend yield has risen from 5% to 8%, increasing interest among income investors looking to buy the dip.
While the fund is certainly interesting, it has historically underperformed peers despite its higher yield. Like most preferred equities, it has extremely high exposure to banks which adds risk in the event of a liquidity crisis. Most of its holdings hold "junk"