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FPE vs PFF

First Trust Preferred Securities and Income ETF

FPEBNYSE Arca

iShares Preferred and Income Securities ETF

PFFANasdaq

Overlap

Expense ratio

PFF −0.38pt a year

FPE0.83%PFF0.45%

Avg volume · 30D

PFF 2.2×the volume

FPE1.4MPFF3.04M

10Y return · a year

FPE +1.6pt

FPE+4.2%PFF+2.6%

FPE vs PFF Performance

Oct 29, 2021 – Oct 30, 2026

+10.6%FPE−2.8%PFF

Oct 29, 2021 to Oct 30, 2026. FPE +10.6%. PFF −2.8%. Use the arrow keys to read each point.−20%−10%Oct 2021Apr 2024Oct 2026
Expense ratio
FPE 0.83%
PFF 0.45%, better
Fund size
FPE $5.81B
PFF $11.7B
1Y total return
FPE −1.9%, better
PFF −3.8%
Yield (12M)
FPE 6.38%, better
PFF 5.73%
Holdings
FPE 264
PFF 452
Avg volume (30D)
FPE 1.4M sh
PFF 3.04M sh, better
NAV per share
FPE $17.01
PFF $28.50
52W range

ETF.net Grade

FPE: Cost 10, Risk 57, Mission 90, Tradability 82, Holdings 77, Durability 90. PFF: Cost 73, Risk 30, Mission 80, Tradability 92, Holdings 64, Durability 97.
Pillar letters and Scores for FPE, PFF, with each pillar’s weight
PillarFPEPFF
Cost30% weightF10A73Higher
Mission25% weightA90HigherA80
Risk15% weightB57HigherD30
Tradability15% weightA82A92Higher
Holdings10% weightA77HigherB64
Durability5% weightA90A97Higher

Rank among Preferred Securities funds

Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FPE 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 FPE 10th of 31 funds in the Preferred Securities Category.

  1. Rank 1APFFDGlobal X U.S. Preferred ETFScore 73
  2. Rank 2APFFiShares Preferred and Income Securities ETFScore 71
  3. Rank 3BEVPFEaton Vance Preferred Securities and Income ETFScore 68
  4. Rank 9BJHPIJohn Hancock Preferred Income ETFScore 62
  5. Rank 10BFPEFirst Trust Preferred Securities and Income ETFScore 58
  6. Rank 10BGPRFGoldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETFScore 58

Our read on each fund

ETF.net Research

FPEBFirst Trust Preferred Securities and Income ETF

PFFAiShares Preferred and Income Securities ETF

In short

FPE A preferred-securities fund that doesn't stop at preferreds: the mandate also reaches into corporate bonds, high yield and convertibles. Running since 2013, big, actively traded, and it pays 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

FPE The fund seeks total return and current income. It normally invests at least 80% of net assets in preferred securities and income-producing debt securities, including corporate bonds, high-yield securities, and convertible securities.

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

  • FPE The 80% policy spans preferred securities and income-producing debt: corporate bonds, high-yield, convertibles. One ticker, several income markets instead of a single slice.
  • Live since 2013 and grown into a multi-billion-dollar fund that trades actively, real staying power in a niche corner of the bond market.
  • Monthly distributions from a portfolio of roughly 240 positions, and one of the stronger overall showings among the preferred funds we grade.
  • 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

  • FPE The fee is 0.83% a year, well above the typical preferred ETF, and cheaper shelf-mates exist (EVPF at 0.20%, PFFV at 0.25%).
  • That wide mandate cuts both ways: high-yield and convertible holdings carry credit risk a plain investment-grade preferred sleeve would not.
  • 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 FPE profile⁠

Full PFF profile⁠

FPE vs 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.

FPE vs PFF Cost

Overpaying FPE vs PFF

$6,818

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

  • FPE 0.83%

    $15,859

  • PFF 0.45%

    $9,041

$10,000
30 years

Cost over time

  • FPE 0.83%
  • PFF 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530FPE $15,859PFF $9,041

Year by year

YearFPEPFFOverpaying
10$1,474$812$662
20$5,581$3,128$2,453
30$15,859$9,041$6,818

Expense ratio

  • 0.83%FPE
  • 0.45%PFF, cheaper
  • Middle half of Preferred Securities funds
  • Median 0.50%

PFF 6th cheapest of 31 funds

FPE 28th cheapest of 31 funds

FPE vs PFF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FPE 6.38%, better
PFF 5.73%
Payout (12M)
FPE $1.08
PFF $1.63
Last payment
FPE $0.08
PFF $0.16
Ex-dividend
FPE Oct 21, 2026
PFF Oct 1, 2026
Paid on
FPE Oct 30, 2026
PFF Oct 6, 2026
Frequency
FPE Monthly
PFF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FPEMonthly · 46 paymentsAll FPE payments⁠
One bar per payment. 46 payments from 2023 to 2026 YTD. Jan 24, 2023 $0.07; Feb 22, 2023 $0.09; Mar 24, 2023 $0.10; Apr 21, 2023 $0.07; May 23, 2023 $0.10; Jun 27, 2023 $0.08; Jul 21, 2023 $0.08; Aug 22, 2023 $0.10; Sep 22, 2023 $0.09; Oct 24, 2023 $0.06; Nov 21, 2023 $0.10; Dec 22, 2023 $0.09; Jan 23, 2024 $0.07; Feb 21, 2024 $0.09; Mar 21, 2024 $0.09; Apr 23, 2024 $0.07; May 21, 2024 $0.09; Jun 27, 2024 $0.10; Jul 23, 2024 $0.07; Aug 21, 2024 $0.09; Sep 26, 2024 $0.09; Oct 22, 2024 $0.07; Nov 21, 2024 $0.09; Dec 13, 2024 $0.09; Jan 22, 2025 $0.07; Feb 21, 2025 $0.09; Mar 27, 2025 $0.09; Apr 22, 2025 $0.08; May 21, 2025 $0.09; Jun 26, 2025 $0.08; Jul 22, 2025 $0.08; Aug 21, 2025 $0.10; Sep 25, 2025 $0.08; Oct 21, 2025 $0.07; Nov 21, 2025 $0.10; Dec 12, 2025 $0.12; Jan 21, 2026 $0.07; Feb 20, 2026 $0.09; Mar 26, 2026 $0.09; Apr 21, 2026 $0.07; May 21, 2026 $0.09; Jun 25, 2026 $0.10; Jul 21, 2026 $0.08; Aug 21, 2026 $0.09; Sep 24, 2026 $0.10; Oct 21, 2026 $0.08. Use the arrow keys to read each point.$0$0.2020232026YTD
PFFMonthly · 45 paymentsAll PFF payments⁠
One bar per payment. 45 payments from 2023 to 2026 YTD. Feb 1, 2023 $0.19; Mar 1, 2023 $0.19; Apr 3, 2023 $0.19; May 1, 2023 $0.17; Jun 1, 2023 $0.17; Jul 3, 2023 $0.16; Aug 1, 2023 $0.16; Sep 1, 2023 $0.15; Oct 2, 2023 $0.16; Nov 1, 2023 $0.17; Dec 1, 2023 $0.18; Dec 14, 2023 $0.19; Feb 1, 2024 $0.18; Mar 1, 2024 $0.17; Apr 1, 2024 $0.16; May 1, 2024 $0.16; Jun 3, 2024 $0.16; Jul 1, 2024 $0.16; Aug 1, 2024 $0.16; Sep 3, 2024 $0.16; Oct 1, 2024 $0.17; Nov 1, 2024 $0.17; Dec 2, 2024 $0.16; Dec 18, 2024 $0.18; Feb 3, 2025 $0.18; Mar 3, 2025 $0.17; Apr 1, 2025 $0.17; May 1, 2025 $0.17; Jun 2, 2025 $0.17; Jul 1, 2025 $0.17; Aug 1, 2025 $0.16; Sep 2, 2025 $0.16; Oct 1, 2025 $0.17; Nov 3, 2025 $0.17; Dec 1, 2025 $0.18; Dec 19, 2025 $0.07; Feb 2, 2026 $0.18; Mar 2, 2026 $0.03; Apr 1, 2026 $0.14; May 1, 2026 $0.14; Jun 1, 2026 $0.14; Jul 1, 2026 $0.14; Aug 3, 2026 $0.14; Sep 1, 2026 $0.15; Oct 1, 2026 $0.16. Use the arrow keys to read each point.$0$0.2020232026YTD

FPE vs PFF Risk

Fall from peak · 5 years

  • FPE
  • PFF
Oct 29, 2021 to Oct 30, 2026. Worst fall: PFF −21.1% · Oct 2022. Use the arrow keys to read each point.−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FPE 5.7%, betterPFF 8.5%
Return per unit of riskSharpe ratio, 3 years
FPE 0.80, betterPFF 0.22
Worst fallMax drawdown, 5 years
FPE −19.4%, betterPFF −21.1%
Market sensitivityBeta, 5 years
FPE 0.72PFF 0.97

FPE and PFF in the news

Popular comparisons

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