Global X U.S. Preferred ETF (PFFD)

Global X U.S. Preferred ETF (PFFD $19.22)
- $19.22 P/E (TTM): 4.04X Cap: $2.32B
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Global X U.S. Preferred ETF (PFFD $19.22)
- $19.22 P/E (TTM): 4.04X Cap: $2.32B
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Q: hello 5i:
We've held a small position in PFFD for quite some time, with a significant loss (glad its small position).
But: the Fed narrative has changed from raising to pausing and the next step is inevitably lowering. Yes, there may be another small raise and yes, I know the higher for longer argument.
PFFD pays out over 7% in our RRIF, in an investment that appears to have very little risk of more downside and even a large amount of upside if things were to return to pre-covid levels.
Summing up and being a bit of a contrarian (skate to where the pucks going?), would you agree with my assessment? Can you see any reason for anything but limited downside with new money in the preferred space? What am I missing here?
thanks
Paul L

Read Answer Asked by Paul on October 17, 2023