Summary

• For the quarter, the Virtus InfraCap U.S. Preferred Stock ETF returned -3.39% on NAV, while the Fund's benchmark, the S&P U.S. Preferred Stock Index, returned -2.36%.
• The effect of selection contributed 1.23% to the return, and allocation detracted -1.27%, while leverage and related interest expenses detracted -0.80%.
• The Fund's relative underperformance was largely impacted by its overweight in certain financial services preferred stocks, which were hurt by concerns surrounding private credit markets.

Market Overview

In the first quarter of 2026, preferred stocks outperformed the broader equities market. The war in Iran accentuated common equity underperformance.

How the fund performed

For the quarter, the Virtus InfraCap U.S. Preferred Stock