EPRF vs PFF: Grades, Fees and Holdings Compared

Innovator S&P Inv. Grade Preferred ETF

EPRFCCboe

iShares Preferred and Income Securities ETF

PFFANasdaq

Overlap

15.4%by weight

Expense ratio

PFF −0.02pt a year

EPRF0.47%PFF0.45%

Avg volume · 30D

PFF 343.2×the volume

EPRF8.87KPFF3.04M

10Y return · a year

PFF +1.9pt

EPRF+0.7%PFF+2.6%

EPRF vs PFF Performance

Oct 29, 2021 – Oct 30, 2026

−15.2%EPRF−2.8%PFF

Expense ratio: EPRF 0.47%; PFF 0.45%, better
Fund size: EPRF $62M; PFF $11.7B
1Y total return: EPRF −8.4%; PFF −3.8%, better
Yield (12M): EPRF 7.12%, better; PFF 5.73%
Holdings: EPRF 80; PFF 452
Avg volume (30D): EPRF 8.87K sh; PFF 3.04M sh, better
NAV per share: EPRF $15.42; PFF $28.50
52W range

ETF.net Grade

Pillar letters and Scores for EPRF, PFF, with each pillar’s weight
Pillar	EPRF	PFF
Cost30% weight	A73	A73
Mission25% weight	B56	A80Higher
Risk15% weight	F15	D30Higher
Tradability15% weight	D28	A92Higher
Holdings10% weight	D30	B64Higher
Durability5% weight	B59	A97Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. EPRF and PFF are both graded against the same 31 Preferred Securities funds, so their Grades compare head to head.

Preferred Securities⁠

Category · 31 funds

See all 31 ›

PFF ranks 2nd and EPRF 23rd of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 73
Rank 2APFFiShares Preferred and Income Securities ETFScore 71
Rank 3BEVPFEaton Vance Preferred Securities and Income ETFScore 68
Rank 22CFPEIFirst Trust Institutional Preferred Securities & Income ETFScore 49
Rank 23CEPRFInnovator S&P Inv. Grade Preferred ETFScore 48
Rank 23CPQDIPrincipal Spectrum Preferred and Income ETFScore 48

Our read on each fund

ETF.net Research

EPRFCInnovator S&P Inv. Grade Preferred ETF

PFFAiShares Preferred and Income Securities ETF

In short

EPRF Most preferred-stock ETFs hoover up the whole market. EPRF tracks an S&P index built only from investment-grade preferreds, holds a tight book of roughly 80 of them, and pays income monthly.

PFF Preferred stock is a clumsy market to shop one issue at a time. PFF, running since 2007, bundles roughly 500 US dollar preferreds and hybrids into a single heavily traded ticker and pays out monthly.

Stated mandate

EPRF The Fund seeks current income through exposure to investment-grade preferred stocks.

PFF The fund seeks to track an index of U.S. dollar-denominated preferred and hybrid securities, providing exposure to preferred stock and subordinated debt with an income-oriented mandate.

Why people hold it

EPRF The screen is the whole idea: it follows the S&P U.S. High Quality Preferred Stock Index, seeking current income from investment-grade preferreds rather than the full US preferred market.innovatoretfs.com innovatoretfs.com 2
Income arrives monthly, and with roughly 80 positions the portfolio is short enough to read line by line instead of taking on trust.
Live since 2016, a long run for a specialty preferred strategy, and a plain index-tracking mandate with no derivatives layered on top.innovatoretfs.com

PFF One ticker buys roughly 500 US dollar preferreds and hybrids tracking the ICE Exchange-Listed Preferred & Hybrid Securities Index, a corner most investors can't assemble issue by issue.
Distributions land monthly rather than quarterly, a steadier rhythm for anyone spending the income.
A multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.
Live since 2007, through the financial crisis and several rate cycles, with the same income-oriented mandate from a large index shop.

Worth knowing

EPRF It is a small, thinly traded fund. Expect wider bid-ask spreads than a mainstream index ETF, and size your orders knowing the screen is thin.
At 0.47% a year, it runs a touch above the typical index-tracking fund, and giants like VT and SCHK charge a fraction of that (for stocks, not preferreds).
Quality filtering narrows the pool: an investment-grade-only rule leaves out the lower-rated preferreds that broader funds in this corner hold.innovatoretfs.com

PFF 0.45% a year is the going rate in this niche (the peer median), but it's many times what broad stock index trackers like VT charge.
Preferreds and subordinated debt are hybrids: they rank below an issuer's senior bonds, so this trades on credit and rate conditions more than on earnings growth.
The mandate is US dollar issuers only, so there's no international preferred exposure here.

Full EPRF profile⁠

Full PFF profile⁠

EPRF vs PFF Holdings

How EPRF and PFF differ

Overlap by weight

15.4%

Shared holdings make up 75.3% of EPRF and 15.8% of PFF.

Level by level

Asset classFixed Income, Equity0.0%
Holdings64 in both15.4%
Sector11 Sectors61.2%
Countryby domicile84.2%

Sector

Sector weights in EPRF and PFF, widest gap first
Sector	More in EPRFMore in PFF	EPRF	PFF
Financials	EPRF +38.8 points	90.1%	51.3%
Utilities	PFF +9.7 points	0.0%	9.7%
Technology	PFF +9.6 points	0.0%	9.6%
Communication	PFF +8.1 points	0.0%	8.1%
Industrials	PFF +4.8 points	0.0%	4.8%
Health Care	PFF +1.6 points	0.0%	1.6%
Consumer Discretionary	PFF +1.3 points	0.0%	1.3%
Consumer Staples	PFF +1.2 points	0.0%	1.2%
Materials	PFF +1.1 points	0.0%	1.1%
Real Estate	PFF +0.9 points	9.9%	10.8%
Energy	PFF +0.5 points	0.0%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in EPRF and PFF, widest gap first
Country	More in EPRFMore in PFF	EPRF	PFF
United States	PFF +15.8 points	84.2%	100.0%
Bermuda	EPRF +15.8 points	15.8%	0.0%

Concentration

Weight in the 10 largest Holdings

EPRF40.4%
PFF22.0%

Securities held

EPRF79
PFF448

Asset class

EPRF: Fixed Income
PFF: Equity

Holdings

Only in EPRF15
In both64
Only in PFF384

Only in EPRF

15 securities, 25.1% of EPRF by weight

Ares Management Corp 6.75% 10/01/20274.37%
Bank of New York Mellon Corp/The 6.15% 12/21/21744.05%
Agree Realty Corp4.00%
KKR & Co Inc 6.25% 03/01/20283.94%
Equitable Holdings Inc 5.25% 09/15/21752.01%
Equitable Holdings Inc 4.3% 09/15/21751.96%
Aspen Insurance Holdings Ltd 7% 10/01/21751.25%
Us Bank Mmda - Usbgfs 9 09/01/20370.80%
Bank of America Corp 0% 11/30/21740.65%
Morgan Stanley 6.875% 10/15/21750.43%
Bank of America Corp 5.875% 10/26/21750.33%
Bank of America Corp 6% 11/16/21740.32%
Bank of America Corp 0% 11/16/21740.32%
Bank of America Corp 0% 11/23/21740.31%
Public Storage 6% 09/30/21750.31%

Only in PFF

384 securities, 83.3% of PFF by weight

Strategy Inc3.45%
Boeing Co3.19%
Super Micro Computer Inc2.15%
Hewlett Packard Enterprise Conv Pr2.14%
Wells Fargo & Company Series L2.11%
Oracle Corporation2.11%
Alphabet Inc2.08%
Alphabet Inc2.05%
Nextera Energy Units1.77%
Nextera Energy Inc1.72%
Bank of America Corp1.43%
Citigroup Capital Xiii1.20%
Kkr & Co Inc1.07%
Microchip Technology Incorporated0.99%
Southern Company (The)0.99%
Duke Energy Corp0.97%
Albemarle Corp0.96%
Brightspring Health Services Units0.88%
Wells Fargo & Company0.68%
Ares Management Corp0.63%
Bruker Corporation0.59%
PG&E Corporation0.55%
Ppl Corporation0.54%
AT&T Inc0.54%
Strive Inc0.54%
Capital One Financial Corporation0.50%
Goldman Sachs Group Inc0.49%
Strategy Inc0.48%
AT&T Inc0.48%
Bank of America Corp0.46%
M&T Bank Corporation0.46%
Duke Energy Corp0.44%
Allstate Corporation (The)0.42%
Morgan Stanley Ds0.41%
Capital One Financial Corporation0.40%
Wells Fargo & Company0.39%
AT&T Inc0.39%
Novanta Tangible Equity Units0.39%
Bank of America Corp0.38%
Pinnacle Financial Partners Non Cu0.38%
M T Bk Dep Int Perp Pfd Stk Ser J0.38%
Wells Fargo & Company0.38%
Xcel Energy Inc0.38%
Citigroup Inc0.38%
Annaly Capital Management Inc0.37%
Strategy Inc0.37%
Reinsurance Group of America Incor0.36%
Strategy Inc0.36%
Southern Company (The)0.35%
Strive Inc0.33%

Weight gaps

All 64 Holdings in both funds, largest gap first.

Holding weights in EPRF and PFF, widest gap first
Holding	More in EPRFMore in PFF	EPRF	PFF
UMB Financial Corp 7.75% 01/15/2175UMBFO	EPRF +3.96 points	4.12%	0.16%
Voya Financial Inc 5.35% 12/15/2174	EPRF +3.89 points	4.03%	0.14%
Cullen/Frost Bankers Inc 4.45% 12/15/2174	EPRF +3.87 points	3.92%	0.05%
Hartford Insurance Group Inc/The 6% 08/17/2175	EPRF +3.84 points	3.99%	0.15%
State Street Corp 5.35% 09/15/2175	EPRF +3.81 points	4.01%	0.20%
Axis Capital Holdings Ltd 5.5% 10/15/2175	EPRF +3.80 points	3.99%	0.19%
Northern Trust Corp 4.7% 01/01/2175NTRSO	EPRF +3.74 points	3.88%	0.14%
Arch Capital Group Ltd 5.45% 09/30/2175ACGLO	EPRF +1.87 points	1.99%	0.12%
RenaissanceRe Holdings Ltd 4.2% 09/01/2175	EPRF +1.86 points	2.00%	0.14%
RenaissanceRe Holdings Ltd 5.75% 09/01/2175	EPRF +1.85 points	1.95%	0.10%
Kimco Realty Corp 5.25% 01/15/2175	EPRF +1.85 points	1.95%	0.10%
Kimco Realty Corp 5.125% 01/15/2175	EPRF +1.82 points	1.91%	0.09%
Charles Schwab Corp/The 4.45% 12/01/2174	EPRF +1.81 points	2.00%	0.19%
Arch Capital Group Ltd 4.55% 09/30/2175ACGLN	EPRF +1.81 points	1.96%	0.15%
Charles Schwab Corp/The 5.95% 12/01/2174	EPRF +1.71 points	2.03%	0.32%
Aspen Insurance Holdings Ltd 5.625% 10/01/2175	EPRF +1.20 points	1.28%	0.08%
Truist Financial Corp 4% 12/15/2174	EPRF +1.19 points	1.25%	0.06%
Aspen Insurance Holdings Ltd 5.625% 10/01/2175	EPRF +1.16 points	1.25%	0.09%
Truist Financial Corp 5.25% 12/01/2174	EPRF +1.16 points	1.38%	0.22%
Truist Financial Corp 4.75% 12/01/2174	EPRF +1.08 points	1.40%	0.32%
MetLife Inc 0% 09/15/2175	EPRF +1.06 points	1.31%	0.25%
MetLife Inc 5.625% 09/15/2175	EPRF +1.04 points	1.37%	0.33%
MetLife Inc 4.75% 09/15/2175	EPRF +1.03 points	1.37%	0.34%
Athene Holding Ltd 5.625% 09/30/2175	EPRF +0.84 points	0.96%	0.12%
Athene Holding Ltd 4.875% 09/30/2175	EPRF +0.79 points	0.96%	0.17%
Athene Holding Ltd 7.75% 09/30/2175	EPRF +0.75 points	1.00%	0.25%
US Bancorp 3.75% 10/15/2175	EPRF +0.63 points	0.77%	0.14%
US Bancorp 4.5% 10/15/2175	EPRF +0.64 points	0.78%	0.14%
Athene Holding Ltd 6.35% 09/30/2175	EPRF +0.61 points	1.00%	0.39%
US Bancorp 4% 10/15/2175	EPRF +0.56 points	0.78%	0.22%
US Bancorp 5.5% 10/15/2175	EPRF +0.55 points	0.78%	0.23%
US Bancorp 0% 10/15/2175	EPRF +0.41 points	0.75%	0.34%
JPMorgan Chase & Co 4.75% 12/01/2174	EPRF +0.35 points	0.67%	0.32%
Public Storage 3.9% 09/30/2175	EPRF +0.26 points	0.31%	0.05%
Morgan Stanley 4.875% 10/15/2175	EPRF +0.26 points	0.44%	0.18%
Public Storage 4.75% 09/30/2175	EPRF +0.23 points	0.31%	0.08%
Public Storage 3.875% 09/30/2175	EPRF +0.23 points	0.31%	0.08%
Public Storage 4.1% 09/30/2175	EPRF +0.23 points	0.30%	0.07%
Public Storage 4.7% 09/30/2175	EPRF +0.22 points	0.31%	0.09%
Public Storage 5.15% 09/30/2175	EPRF +0.21 points	0.31%	0.10%
Public Storage 5.05% 09/30/2175	EPRF +0.21 points	0.32%	0.11%
Public Storage 4.875% 09/30/2175	EPRF +0.20 points	0.31%	0.11%
JPMorgan Chase & Co 6% 12/01/2174	PFF +0.19 points	0.67%	0.86%
Public Storage 5.6% 09/30/2175	EPRF +0.19 points	0.30%	0.11%
Public Storage 4% 09/30/2175	EPRF +0.19 points	0.31%	0.12%
Bank of America Corp 4.75% 11/17/2174	EPRF +0.16 points	0.33%	0.17%
JPMorgan Chase & Co 4.55% 12/01/2174	EPRF +0.15 points	0.66%	0.51%
Public Storage 4% 09/30/2175	EPRF +0.14 points	0.31%	0.17%
Bank of America Corp 4.125% 11/02/2175	EPRF +0.12 points	0.32%	0.20%
Public Storage 4.625% 09/30/2175	EPRF +0.12 points	0.31%	0.19%
Bank of America Corp 5.375% 12/28/2174	PFF +0.09 points	0.34%	0.43%
Bank of America Corp 4.375% 11/03/2174	EPRF +0.08 points	0.33%	0.25%
JPMorgan Chase & Co 5.75% 12/01/2174	PFF +0.08 points	0.66%	0.74%
Morgan Stanley 4.25% 10/15/2175	EPRF +0.04 points	0.44%	0.40%
Bank of America Corp 4.25% 11/17/2174	EPRF +0.04 points	0.33%	0.29%
Morgan Stanley 6.625% 10/15/2175	PFF +0.03 points	0.44%	0.47%
Bank of America Corp 5% 12/17/2174	PFF +0.04 points	0.33%	0.37%
Morgan Stanley 5.85% 10/15/2175	EPRF +0.02 points	0.44%	0.42%
Morgan Stanley 6.5% 10/15/2175	PFF +0.03 points	0.43%	0.46%
Morgan Stanley 0% 10/15/2175	EPRF +0.03 points	0.44%	0.41%
JPMorgan Chase & Co 4.2% 12/01/2174	EPRF +0.02 points	0.67%	0.65%
JPMorgan Chase & Co 4.625% 12/01/2174	EPRF +0.02 points	0.66%	0.64%
Morgan Stanley 7.125% 10/15/2175	EPRF +0.01 points	0.44%	0.43%
Morgan Stanley 6.375% 10/15/2175	PFF +0.01 points	0.44%	0.45%

All 80 EPRF holdings⁠All 453 PFF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EPRF vs PFF Cost

Overpaying EPRF vs PFF

$377

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EPRF 0.47%
$9,418
PFF 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

EPRF 0.47%
PFF 0.45%
Overpaying

Year by year

Year	EPRF	PFF	Overpaying
10	$847	$812	$35
20	$3,261	$3,128	$133
30	$9,418	$9,041	$377

Expense ratio

0.47%EPRF
0.45%PFF, cheaper

PFF0.45%EPRF0.47%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

EPRF 12th cheapest of 31 funds

EPRF vs PFF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EPRF 7.12%, better; PFF 5.73%
Payout (12M): EPRF $1.10; PFF $1.63
Last payment: EPRF $0.09; PFF $0.16
Ex-dividend: EPRF Oct 30, 2026; PFF Oct 1, 2026
Paid on: EPRF Pays Nov 2, 2026; PFF Oct 6, 2026
Frequency: EPRF Monthly; PFF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EPRFMonthly · 46 paymentsAll EPRF payments⁠

PFFMonthly · 45 paymentsAll PFF payments⁠

EPRF vs PFF Risk

Fall from peak · 5 years

EPRF
PFF

Risk facts

VolatilityStd dev, 3 years: EPRF 10.0%PFF 8.5%, better
Return per unit of riskSharpe ratio, 3 years: EPRF −0.07PFF 0.22, better
Worst fallMax drawdown, 5 years: EPRF −25.3%PFF −21.1%, better
Market sensitivityBeta, 5 years: EPRF 1.11PFF 0.97; Market = 1

EPRF and PFF in the news

All news⁠

ETF Filings
BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale
Oct 21, 2026PFF
Deep Dive
Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning
Sep 19, 2026PFF

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EPRF vs PFF

In short

Stated mandate

Why people hold it

Worth knowing

How EPRF and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EPRF

Only in PFF

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BondBloxx registers a 0.22% core-plus bond ETF, and two funds still not for sale

Financials drop 2.4% after the Fed's first hike since 2023 and a Bank of America fee warning

How EPRF and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EPRF

Only in PFF

Weight gaps