Vaneck Prfd Securities Ex Financials ETF (PFXF)

Description:

The VanEck Vectors Preferred Securities ex Financials ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Wells Fargo Hybrid and Preferred Securities ex Financials Index. The Index is intended to track the overall performance of U.S.-listed preferred securities excluding those with a financial sector classification, including securities that, in Wells Fargo Securities LLCs judgment, are functionally equivalent to preferred securities such as convertible securities, depository preferred securities and perpetual subordinated debt. Expenses for PFXF are capped contractually at 0.40% until 09/01/17. Cap excludes certain expenses, such as interest.