We started covering the Global X SuperIncome Preferred ETF (NYSEARCA:SPFF) a year ago during the regional banking crisis, via a piece rightfully entitled 'SPFF: The Time Is Now'. The fund is up almost 7% on a total return basis since our initial coverage: In our initial piece, we characterized SPFF as cyclical, and warned investors this fund is not a true buy and hold, but more of an instrument to be utilized during times of panic. As per our initial article, SPFF is fairly concentrated in terms of its top positions, a construction which can introduce additional volatility.