EPRF vs PFFD: Grades, Fees and Holdings Compared

Innovator S&P Inv. Grade Preferred ETF

EPRFCCboe

Global X U.S. Preferred ETF

PFFDANYSE Arca

Overlap

No data

Expense ratio

PFFD −0.24pt a year

EPRF0.47%PFFD0.23%

Avg volume · 30D

PFFD 119.4×the volume

EPRF8.87KPFFD1.06M

5Y return · a year

PFFD +0.9pt

EPRF−3.2%PFFD−2.3%

EPRF vs PFFD Performance

Oct 29, 2021 – Oct 30, 2026

−15.2%EPRF−10.8%PFFD

Expense ratio: EPRF 0.47%; PFFD 0.23%, better
Fund size: EPRF $62M; PFFD $1.83B
1Y total return: EPRF −8.4%; PFFD −5.7%, better
Yield (12M): EPRF 7.12%, better; PFFD 7.07%
Holdings: EPRF 80; PFFD 238
Avg volume (30D): EPRF 8.87K sh; PFFD 1.06M sh, better
NAV per share: EPRF $15.42; PFFD $17.00
52W range

ETF.net Grade

Pillar letters and Scores for EPRF, PFFD, with each pillar’s weight
Pillar	EPRF	PFFD
Cost30% weight	A73	A100Higher
Mission25% weight	B56	A75Higher
Risk15% weight	F15	D25Higher
Tradability15% weight	D28	A83Higher
Holdings10% weight	D30	C48Higher
Durability5% weight	B59	A72Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. EPRF and PFFD 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 ›

PFFD ranks 1st 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 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

PFFDAGlobal X U.S. Preferred 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.

PFFD Preferred stock is a corner where fund fees usually run rich. PFFD turned up in 2017 charging 0.23% for a broad basket of U.S. preferreds, and it has paid monthly ever since. Cheap, plain-vanilla exposure to an income niche.

Stated mandate

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

PFFD PFFD seeks to track the performance of the ICE BofA Diversified Core U.S. Preferred Securities Index before fees and expenses. It provides broad exposure to U.S. preferred stocks.

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

PFFD Charges 0.23% a year, which Global X notes is less than half the average fee among competing preferred funds.globalxetfs.com
Holds roughly 220 U.S. preferreds tracking the ICE BofA Diversified Core index. Benchmark-like exposure, not a manager's shortlist.globalxetfs.com
Pays distributions monthly, and has done so every year since its 2017 launch.globalxetfs.com
A multi-billion-dollar fund that trades actively, so entering and exiting is rarely the hard part.

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

PFFD Preferreds come mostly from banks and insurers, and the index has been concentrated in banking, so the ride tracks financial-sector health.globalxetfs.com
These securities behave more like long bonds than stocks: interest rate moves push prices around, as the fund's risk disclosures describe.globalxetfs.com
Monthly does not mean fixed. The payout size floats with what the portfolio collects.globalxetfs.com

Full EPRF profile⁠

Full PFFD profile⁠

EPRF vs PFFD Holdings

As of Oct 13, 2026

How EPRF and PFFD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Sector5 Sectors0.0%
Countryby domicile86.3%
Asset classFixed Income100%

Sector

Sector weights in EPRF and PFFD, widest gap first
Sector	More in EPRFMore in PFFD	EPRF	PFFD
Financials	EPRF +90.1 points	90.1%	0.0%
Utilities	PFFD +84.9 points	0.0%	84.9%
Real Estate	EPRF +9.9 points	9.9%	0.0%
Technology	PFFD +9.8 points	0.0%	9.8%
Industrials	PFFD +5.3 points	0.0%	5.3%

Country, concentration and asset class

Country by domicile

Country weights in EPRF and PFFD, widest gap first
Country	More in EPRFMore in PFFD	EPRF	PFFD
Bermuda	EPRF +13.7 points	15.8%	2.1%
United States	PFFD +12.7 points	84.2%	96.9%
Canada	PFFD +1.0 points	0.0%	1.0%

Concentration

Weight in the 10 largest Holdings

EPRF40.4%
PFFD25.1%

Securities held

EPRF79
PFFD238

Asset class

EPRF: Fixed Income
PFFD: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. EPRF holds 79 securities, PFFD 238.

All 80 EPRF holdings⁠All 237 PFFD 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 PFFD Cost

Overpaying EPRF vs PFFD

$4,659

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

EPRF 0.47%
$9,418
PFFD 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

EPRF 0.47%
PFFD 0.23%
Overpaying

Year by year

Year	EPRF	PFFD	Overpaying
10	$847	$419	$428
20	$3,261	$1,630	$1,631
30	$9,418	$4,759	$4,659

Expense ratio

0.47%EPRF
0.23%PFFD, cheaper

PFFD0.23%EPRF0.47%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

EPRF 12th cheapest of 31 funds

EPRF vs PFFD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EPRF 7.12%, better; PFFD 7.07%
Payout (12M): EPRF $1.10; PFFD $1.20
Last payment: EPRF $0.09; PFFD $0.10
Ex-dividend: EPRF Oct 30, 2026; PFFD Oct 1, 2026
Paid on: EPRF Pays Nov 2, 2026; PFFD Oct 6, 2026
Frequency: EPRF Monthly; PFFD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EPRFMonthly · 46 paymentsAll EPRF payments⁠

PFFDMonthly · 45 paymentsAll PFFD payments⁠

EPRF vs PFFD Risk

Fall from peak · 5 years

EPRF
PFFD

Risk facts

VolatilityStd dev, 3 years: EPRF 10.0%PFFD 9.1%, better
Return per unit of riskSharpe ratio, 3 years: EPRF −0.07PFFD 0.10, better
Worst fallMax drawdown, 5 years: EPRF −25.3%PFFD −24.4%, better
Market sensitivityBeta, 5 years: EPRF 1.11PFFD 1.07; Market = 1

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