Truist Financial Increases Stake in Global X Variable Rate ETF

Truist Financial Corp has expanded its holdings in the Global X Variable Rate Preferred ETF (NYSEARCA:PFFV) by 11.6% during the second quarter of 2023, as revealed in its recent 13F filing with the Securities and Exchange Commission (SEC). After acquiring an additional 2,818 shares during this period, Truist now owns a total of 27,152 shares, representing approximately 0.20% of the fund, valued at about $619,000.

Truist’s investment reflects a broader trend among institutional investors, as several others have recently entered or increased their positions in the Global X Variable Rate Preferred ETF. Notably, North Capital Inc. established a new position in the first quarter valued at approximately $44,000. Similarly, Apollon Wealth Management LLC and Choreo LLC acquired new stakes worth $201,000 and $247,000, respectively. Furthermore, SFI Advisors LLC purchased shares valued at about $296,000, while Howard Wealth Management LLC increased its stake by 36.8%, owning 13,083 shares valued at $310,000.

Current Stock Performance

As of Wednesday, PFFV stock opened at $22.89, reflecting a slight decline of 0.3%. The fund’s 50-day moving average is $23.15, while the 200-day moving average stands at $23.03. Over the past year, the stock reached a low of $22.25 and a high of $24.48.

The Global X Variable Rate Preferred ETF primarily focuses on investing in broad credit fixed income, tracking an index of variable rate US preferred securities, which are selected and weighted by market value. Launched on June 22, 2020, the fund is managed by Global X and aims to provide investors with exposure to preferred securities that offer variable rates.

As institutional interest in the fund increases, it remains to be seen how these investments will influence the performance of the Global X Variable Rate Preferred ETF in the evolving financial landscape. Investors and analysts alike are closely monitoring trends in preferred securities, particularly in light of changing economic conditions and interest rates.