Income from real assets.
Distribution Rate* : 9.08%
Investment Manager
Source: Bloomberg / HANetf. Data As of 15.10.2026.*PLEASE NOTE: The Distribution Rate is the annual rate an investor would receive if the most recently declared distribution remained the same going forward. The Distribution Rate is calculated by multiplying an ETF’s Distribution per Share by twelve (12), and dividing the resulting amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return.
High diversified current income
Seeks to consistently offer income greater than its passively managed counterparts by optimising yield-to-call metrics and deploying an investment process designed to arbitrage price inefficiency resulting from call, market, interest rate, and credit risks.
Active alpha
Seeks to exploit undervalued opportunities through tactical sector over/underweights and dynamic portfolio shifts. Aims to enhance risk-adjusted returns and capture liquidity-driven price moves by anticipating passive fund rebalances.
Monthly income
With yields near historic lows and rate cuts expected, investors may benefit from active income strategies. The ETF invests in income-generating stocks and offers a monthly managed distribution, providing flexibility to reinvest or reallocate capital regularly.
Preference shares, or preferred shares, are equities that typically pay fixed dividends and take priority over ordinary shares for income – making them popular with income-focused investors.
Preference shares can offer attractive yields above traditional equities and passive fixed income. Optimising yield-to-call and exploiting pricing inefficiencies may help investors access consistent, diversified income.
Preference shares present opportunities for active investors to exploit pricing inefficiencies through tactical allocation and selection, potentially enhancing risk-adjusted returns, especially during market dislocations.
In a low-yield environment, preference shares may offer reliable monthly or quarterly dividends – providing a steady income stream that investors can reinvest or reallocate to suit their objectives.
Diversified Income: Targeting high yield income investments by predominately focusing on preferred stocks.
Actively Managed: Seeking positive security selection versus the leading preferred stock benchmarks and competitor funds by using a mix of quantitative and qualitative analysis, with an emphasis on preferred securities that the management team believes are undervalued when considering factors such as term premium, credit premium, liquidity premium, industry, sector, and market capitalisation.
Investment Process:
Before founding the Infrastructure Capital Advisors, Mr. Hatfield established Infrastructure Capital Management (ICM) in 2002. He was previously a portfolio manager at SAC Capital Advisors (now Point72) and head of fixed-income research at Zimmer Lucas Partners, an energy-focused hedge fund. Earlier, he spent over a decade at Morgan Stanley advising energy and utility companies, executing $10B+ in capital raises and M&A deals. He later led the Utility and Power Group at CIBC Oppenheimer, managing a 15-member team focused on capital markets and strategic transactions across energy, power, and utilities.
Mr. Caffrey-Agoglia is a member of the investment committee of Infrastructure Capital Advisors. Before joining in 2018, he worked at a law firm in New York, and previously at PwC and the U.S. Department of Energy. He is a licensed attorney and CPA in New York, with FINRA Series 7 and 63 registrations. He holds a B.S. in Accounting (Business Administration concentration), a J.D., and an Executive LL.M. in Asset Management Practice, Compliance, and Regulation. While in law school, he was a Staff Editor on the New York Law School Law Review. Mr. Caffrey-Agoglia is a registered representative of Quasar Distributors, LLC.
Prior to joining Infrastructure Capital Advisors in 2016, Mr. Meleney was an equity analyst at Parker Global Strategies, focusing on midstream MLP, oil and gas equities and commodity fundamentals. Mr. Meleney is a CFA Charterholder and earned a Bachelor of Arts and science in economics at Tufts University.
Infrastructure Capital Preferred Income UCITS ETF (PFFI) seeks to maximise income and pursue strategic opportunities for capital appreciation over the medium to long term. The ETF will primarily invest in a portfolio of preferred, hybrid, and income generating securities actively selected by the management team.
In selecting portfolio securities, the manager analyses securities against quantitative, qualitative, and relative valuation factors as well as taking into account global macroeconomic factors.
The Preferred Income ETF is actively managed by the expert team at Infrastructure Capital Management (ICM).
Key Risks
Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. For a complete overview of all the risks, please refer to the « Risk Factors » in the Prospectus.
There is currently insufficient data to display the performance history.
No. of holdings: 77
Preferred securities are hybrid instruments that sit between common shares and bonds in a company’s capital structure. They often pay a fixed or floating distribution and may have features similar to both debt and equity. Compared with common shares, preferred securities usually have priority over dividends and claims on assets, but they may offer less upside if the company performs strongly. Compared with bonds, they may carry higher income potential but can also involve greater subordination and price volatility.
Preferred securities are different from ordinary shares because they usually focus more on income than voting rights or capital growth. Preferred holders may receive distributions before common shareholders, but they typically have limited voting power and may not participate fully in company upside. Some preferreds are perpetual, meaning they have no fixed maturity date, while others may be callable by the issuer. Investors should review coupon structure, call dates, issuer quality, subordination and sensitivity to interest rates before investing in this asset class.
Financial companies are often prominent because banks and insurers frequently issue preferred or hybrid capital securities as part of their capital structure. These instruments can help issuers meet regulatory or funding needs while offering investors income-oriented exposure. However, financial-sector concentration can increase sensitivity to bank profitability, credit conditions, regulation and market stress. Investors should look at sector diversification, issuer quality and whether the portfolio is concentrated in a small number of banks, insurers, real estate companies or other income-generating issuers.
Examples of relevant issuers may include Pebblebrook Hotel Trust, Innovative Industrial, Merchants Bancorp, Redwood Trust, Energy Transfer, Western Alliance Bancorp and Brighthouse Financial. These issuers show how preferred and hybrid exposure can span real estate, financials, energy infrastructure and other income-generating sectors. Investors should treat these as examples of current portfolio exposure rather than recommendations, and should review the latest holdings, credit profile, call features and risk disclosures before making any investment decision.
Key risks include credit risk, interest-rate risk, call risk, liquidity risk, sector concentration and subordination risk. Preferred securities may fall in value if interest rates rise, credit spreads widen or investors become concerned about the issuer’s financial strength. Some securities can be called by the issuer, which may affect future income. Because preferreds often rank below senior debt, investors may face greater losses than bondholders if an issuer experiences financial distress.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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Infrastructure Capital Advisors is a boutique financial firm with over $2 billion in managed assets. They are a leading provider of investment management solutions specialising in ETFs, managed hedge funds, and providing consulting services for other investment firms. Their success comes from their ability to offer innovative solutions to meet the needs of income-focused investors.
As shareholders in Infrastructure Capital Advisors’ funds, you own a part of a professionally managed portfolio. They take their role as fiduciaries seriously and offer funds to meet the needs of investors with varying levels of risk tolerance.
They are long-term investors seeking to maximise investment returns over full market cycles. To minimise risk, we they to invest in securities backed by long-lived assets that generate substantial streams of free cash flow. To enhance income for more risk tolerant investors, they may use modest leverage or options strategies.
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