IPPP — Preferred-Plus ETF
Data updated: 2025-08-28
IPPP — Preferred-Plus ETF. United States Value Equity · $11.91M AUM · 1.02% expense ratio · 4.9% 1-yr return. Holdings, fees, performance and SEC filings.
IPPP Fund Overview
IPPP — Preferred-Plus ETF is a US ETF managed by Listed Funds Trust, categorised as United States Value Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US ETF
- Manager: Listed Funds Trust
- Category: United States Value Equity
- Assets under management: $11.91M
- 1-year return: 4.9%
- Ticker: IPPP
- SEC CIK: 0001683471
- SEC series ID: S000075509
- Share class ID: C000234657
IPPP Investment Objective and Strategy
Preferred-Plus ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Listed Funds Trust.
Investment objective
The Preferred-Plus ETF (the Fund) seeks to provide income.
Principal investment strategy
The Funds investment strategy is two-fold: (1) preferred securities, and (2) credit spread options on an S&P 500 ETF or the S&P 500 Index; both of which are described in detail below. Preferred Investment Strategy The Fund pursues its objective primarily by investing in issues of preferred securities and debt securities that the Funds adviser, Innovative Portfolios, LLC (the Adviser), believes to be undervalued. In making this determination, the Adviser evaluates the fundamental characteristics of an issuer, including an issuers creditworthiness, and also takes into account prevailing market factors. In analyzing credit quality, the Adviser considers not only fundamental analysis, but also an issuers corporate and capital structure and the placement of the preferred or debt securities within that structure.
In evaluating relative value, the Adviser also takes into account call, conversion and other structural security features, in addition to such factors as the likely directions of credit ratings and relative value versus other fixed-income security classes. Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings made for investment purposes) in a portfolio of preferred securities issued by U.S. and non-U.S. companies, including traditional preferred securities; hybrid preferred securities that have investment and economic characteristics of both preferred stock and debt securities; floating rate preferred securities; convertible preferred securities; and shares of other open-end (including other exchange-traded funds (ETFs)) and closed-end funds that invest primarily in preferred securities.
The Fund may invest in preferred securities of all issuer capitalizations. The Fund may also invest in publicly-traded partnerships (PTPs). The Fund intends to concentrate ( i.e. , hold more than 25% of its total assets) its investments in one or more industries within the Financials Sector (including securities issued by banks, diversified financials, real estate (including real estate investment trusts (REITs) and insurance companies). As of the date of this Prospectus, the Fund was concentrated in companies in the Banking Industry, as classified by the Bloomberg Industry Classification Standard (BICS). In addition, the Fund also may focus its investments in other sectors such as (but not limited to) energy, industrials, utilities, health care and telecommunications. The Adviser retains broad discretion to allocate the Funds investments across various sectors and industries.
The Fund may invest in preferred equity or debt securities of any maturity or credit rating, including investment grade securities, below investment grade securities (commonly known as junk bonds) and unrated securities. The Fund generally seeks to maintain a minimum weighted average senior debt rating of the issuing companies in which it invests of BBB-, which the Fund considers to be investment grade. Although a companys senior debt rating may be BBB-, an underlying security issued by such company in which the Fund invests may have a lower rating than BBB-. A security must be rated no lower than B- or B3 in order to be purchased by the Fund (or if unrated, of similar quality in the opinion of the Adviser). S&P 500 Options Investment Strategy The Fund intends to maintain approximately 10% asset exposure to a credit spread options strategy, although market conditions may dictate additional exposure.
The Fund seeks to achieve a credit spread on an S&P 500 ETF or the S&P 500 Index by selling/writing an out-of-the-money (an out-of-the-money put option is one whose strike price is lower than the market price of the underlying reference asset of the option) short put option each month while simultaneously purchasing an out-of-the-money long put option below the short option position. A credit spread is an options strategy that involves the purchase of one option and a sale of another option in the same class and with the same expiration but different strike prices. Such a strategy results in a net credit for entering the option position, and is profitable when the spreads narrow or expire. By buying a protective long put option, the Fund seeks to hedge any significant downside risk posed by the short put option.
The short option premium is derived from implied volatility the expected level of volatility priced into an option and is higher, on average, than the volatility actually experienced on the security underlying the option. For example, an option buyer typically pays a premium to an option seller, such as the Fund, that is priced based on the expected amount by which the value of the instrument underlying the option will move up or down. On average, this expected amount of value movement (or implied volatility) is generally greater than the amount by which the value of the underlying instrument actually moves (realized volatility). By entering into derivatives contracts, the Fund is, in essence, accepting a risk that its counterparty seeks to transfer in exchange for the premium received by the Fund under the derivatives contract.
By providing this risk transfer service, the Fund seeks to benefit over the long-term from the difference between the level of volatility priced into the options it sells and the level of volatility realized on the securities underlying those options. There can be no assurance that the variance risk premium will be positive for the Funds investments at any time or on average and over time. The premium paid for a long put option is typically priced based on the expected amount by which the value of the instrument underlying the option will move up or down. On average, this expected amount of value movement (or implied volatility) is generally greater than the amount by which the value of the underlying instrument actually moves (realized volatility). By entering into this derivative contract, the Fund is, in essence, transferring a risk that its counterparty seeks to accept in exchange for the premium received by the counterparty under the derivatives contract.
By transferring this risk to a counterparty, the Fund seeks to benefit over the long-term from the difference in premium collected on the short put option premium above and the long option premium paid herein. There can be no assurance that the variance risk premium will be positive for the Funds investments at any time or on average and over time. A put option typically gives the option buyer the right to sell, and obligates the option seller to purchase, a security at an agreed-upon price. Generally, the Fund intends to sell put options that are out-of-the-money. Options that are more substantially out-of-the-money generally would pay lower premiums than options that are at or slightly out-of-the-money. By selling put options, the Fund will sell protection against depreciation below the option exercise price to the option purchaser in exchange for an option premium.
If an option is exercised, the Fund will either purchase or sell the security at the strike price or pay to the option holder the difference between the strike price and the current price level of the underlying equity security, ETF or index, depending on the terms of the option. The potential returns of the Fund are generally limited to the amount of cash (premiums) the Fund receives when selling short puts, net of any cash (premiums) paid by the Fund to purchase long puts, plus the returns of the underlying Investments in which the Fund invests. When the Fund enters into derivatives transactions, it is typically required to post collateral to secure its payment or delivery obligations. The Fund invests as indicated above in preferred securities. These securities will be used to meet margin requirements on the Funds option writing strategy.
The Fund may write put options in respect of an underlying security in which the Fund does not have a short position (so-called naked put options). The Fund may hold positions in equities and ETFs to the extent necessary to meet margin requirements. Generally, the investment goal is to write options with a target of 10% spread notional exposure however market conditions may dictate more notional exposure. The Fund may be considered to have created investment leverage; leverage increases the volatility of the Fund and may result in losses greater than if the Fund had not been leveraged.
IPPP Holdings
Top 10 holdings of Preferred-Plus ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Synovus Financial Corp. | 2.16% |
| Athene Holding Ltd. | 2.07% |
| Keycorp | 1.86% |
| Banc Of California, Inc. | 1.76% |
| JPMorgan Chase & Co. | 1.69% |
| Synchrony Financial | 1.57% |
| Bank Of America Corp. | 1.55% |
| Jackson Financial, Inc. | 1.55% |
| American National Group | 1.51% |
| Agnc Investment Corp. | 1.51% |
IPPP Portfolio Allocation
Asset-class allocation of Preferred-Plus ETF by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.5% |
| Cash & Equivalents | 1.2% |
IPPP Performance
Total returns for IPPP (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 4.9% |
| 3 years (annualised) | 5.8% |
IPPP Risk Information
Risk metrics for IPPP, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 7.5%
IPPP Costs and Fees
IPPP costs about $102 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.02%
- Gross expense ratio: 1.02%
- Portfolio turnover: 16%
- Brokerage commissions: 2.68 bps of average net assets (SEC N-CEN)
IPPP Cashflows
Over the 12 months to 2025-06, Preferred-Plus ETF had net inflows of $774.12K, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-06 | $0 |
| 2025-05 | $0 |
| 2025-04 | $0 |
| 2025-03 | $0 |
| 2025-02 | $0 |
| 2025-01 | $255.33K |
IPPP Debt Constituents
No individual debt constituents are reported in Preferred-Plus ETF's latest SEC N-PORT filing.
IPPP Prospectus and SEC Filings
Official Preferred-Plus ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2025-01-27
- Prospectus (485BPOS) — filed 2024-01-29
- Prospectus supplement (497) — filed 2024-01-31
- Portfolio holdings (N-PORT) — filed 2025-08-28
- Portfolio holdings (N-PORT) — filed 2025-05-29
- Portfolio holdings (N-PORT) — filed 2025-02-28
- Annual census (N-CEN) — filed 2024-12-11
- Annual census (N-CEN) — filed 2023-12-13
Related Funds
Other United States Value Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.