- Pays: monthly.
- First paid: July 2018 — every payment since is charted below.
- What it is: an actively managed portfolio of U.S. preferred securities, run with modest leverage (typically 20-30%) to amplify the income.
- Fee: 2.11% total expense ratio per Virtus (0.80% management fee; the total includes leverage and other costs).
- The contrast: PFF is the passive, unlevered version of the same asset class — the natural benchmark.
Leverage on preferreds is a yield multiplier with a known bill: borrowing costs eat into income when short rates are high, and levered portfolios fall harder in credit stress. PFFA's yield premium over PFF is the market price of both.
PFFA pays monthly. Each point below is one dividend since the fund began paying in July 2018.
Loading the latest data…
Each point is one payment; the line ends at the most recent payout. The table below totals them by year.
| Recent Ex-Dividend Dates | Dividend / Share |
|---|
"Next expected" is estimated from PFFA's recent payment rhythm — the fund announces exact dates shortly before each payout, and the data feed can lag a few days. You must own shares before the ex-dividend date to receive that payout; the cash typically arrives days later. See every fund's upcoming date on the live dividend calendar.
A real total-return estimate, assuming every payout was reinvested — including what happened to the share price. Before taxes and fees. Past performance does not predict the future.
Preferred stock already yields well; PFFA's managers add security selection and a 20-30% borrow to push further. Against passive PFF, that's two active bets at once — that InfraCap picks better than the index, and that the leverage earns more than it costs. The years since 2018 (including 2020's crash and the 2022-23 rate shock) grade both bets.
Compare the two records directly on the compare tool — the spread between them is the cleanest measure of what active + leverage adds and subtracts in this asset class.
| Year | Total Dividends / Share | Payments | Change vs Prior Year |
|---|
Data source: Yahoo Finance. Figures are per share; the current year may be partial and figures should be verified against official sources.
Calculated from complete calendar years in the data above. Past results don't guarantee future payments.
When Is PFFA's Next Ex-Dividend Date?
PFFA pays monthly. The exact date of each payout is announced by the fund only shortly beforehand, so no site can promise the next date — but the live schedule box above shows the most recent ex-dividend date and the expected window for the next one, computed from PFFA's actual payment rhythm. Remember: you must own shares before the ex-dividend date to receive that payout.
PFFA's Record So Far
PFFA — the Virtus InfraCap U.S. Preferred Stock ETF — launched in May 2018 and has paid monthly since July 2018. The chart above shows every declared dividend.
Active Plus Leverage, Priced Honestly
PFFA is the rare fund that states its whole proposition in its fee table: 0.80% for the managers, the rest of the 2.11% mostly for the borrowed money. In exchange, holders have received one of the richest sustained monthly streams in the preferred space. Whether the package beats simply holding more PFF is the fair question — and a comparison the chart above lets you run with real numbers.
Reading the Chart Honestly
Watch two things: payment stability through rate cycles (leverage costs float) and the share price through credit stress (leverage cuts both ways). Judge on total return against PFF over your intended horizon — the compare tool makes it one view.
See Every Fund's Next Payday
The live dividend calendar computes expected ex-dividend windows for every fund we track — one page, all the paydays.
Open the Dividend Calendar