PFXF Challenges The S&P 500's Earnings Yield 6%

VanEck Preferred Securities ex Financials ETF offers exposure to non-financial preferreds with a competitive 6.78% yield and monthly distributions. PFXF's exclusion of financials, high duration, and significant issuer concentration, especially Boeing, make it sensitive to interest rates and credit spreads. The fund is attractive when long Treasury yields are high and S&P 500 earnings yield is compressed, but widening credit spreads could pressure prices, especially for lower-rated holdings.