FPEI vs PFF: Grades, Fees and Holdings Compared

First Trust Institutional Preferred Securities & Income ETF

FPEICNYSE Arca

iShares Preferred and Income Securities ETF

PFFANasdaq

Overlap

1.0%by weight

Expense ratio

PFF −0.40pt a year

FPEI0.85%PFF0.45%

Avg volume · 30D

PFF 6.1×the volume

FPEI523KPFF3.17M

5Y return · a year

FPEI +4.1pt

FPEI+3.7%PFF−0.4%

FPEI vs PFF Performance

Nov 9, 2021 – Nov 9, 2026

+19.8%FPEI−1.8%PFF

Expense ratio: FPEI 0.85%; PFF 0.45%, better
Fund size: FPEI $1.86B; PFF $11.5B
1Y total return: FPEI +2.1%, better; PFF −2.7%
Yield (12M): FPEI 6.03%, better; PFF 5.73%
Holdings: FPEI 179; PFF 452
Avg volume (30D): FPEI 523K sh; PFF 3.17M sh, better
NAV per share: FPEI $18.58; PFF $28.29
52W range

ETF.net Grade

Pillar letters and Scores for FPEI, PFF, with each pillar’s weight
Pillar	FPEI	PFF
Cost30% weight	F7	A73Higher
Mission25% weight	A74	A81Higher
Risk15% weight	A78Higher	D30
Tradability15% weight	C53	A89Higher
Holdings10% weight	B68Higher	B61
Durability5% weight	A76	A97Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. FPEI 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 FPEI 20th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 74
Rank 2APFFiShares Preferred and Income Securities ETFScore 70
Rank 3BPFFVGlobal X Variable Rate Preferred ETFScore 69
Rank 20CCSPFCohen & Steers Preferred and Income Opportunities Active ETFScore 50
Rank 20CFPEIFirst Trust Institutional Preferred Securities & Income ETFScore 50
Rank 22CEPRFInnovator S&P Inv. Grade Preferred ETFScore 48

Our read on each fund

ETF.net Research

FPEICFirst Trust Institutional Preferred Securities & Income ETF

PFFAiShares Preferred and Income Securities ETF

In short

FPEI Preferred income from the institutional side of the market: at least 80% of assets in institutional preferred securities and income-producing debt, roughly 170 positions, cash paid 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

FPEI The fund seeks total return and current income, investing at least 80% of assets in institutional preferred securities and income-producing debt securities under normal conditions.

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

FPEI A narrow, stated mandate: at least 80% of assets in institutional preferred securities and income-producing debt, chasing total return plus current income.ftportfolios.com
Income arrives monthly, spread across roughly 170 positions rather than a handful of big bank issues.
Billions in assets and steady day-to-day volume put it among the easier preferred funds to move in and out of, and it has held up in the upper half of its peer group.

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

FPEI Cost is the trade-off: 0.85% a year against a 0.49% median for preferred ETFs, with PFFV at 0.25% and EVPF at 0.20% anchoring the cheap end.
Preferreds and income debt sit between stocks and bonds, so the ride reflects both credit conditions and interest rates, not just the coupon.ftportfolios.com
No declared benchmark index to measure the portfolio against; what fills the 80% mandate is the manager's call.

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 FPEI profile⁠

Full PFF profile⁠

FPEI vs PFF Holdings

How FPEI and PFF differ

Overlap by weight

1.0%

Shared holdings make up 2.1% of PFF and 1.0% of FPEI.

Level by level

Asset classBonds, Stocks0.0%
Holdings1 in both1.0%
Countryby domicile47.6%

Sector

No Sector split for FPEI.

Country, concentration and asset class

Country by domicile

Country weights in FPEI and PFF, widest gap first
Country	Gap	FPEI	PFF
United States	PFF +52.4 points	47.6%	100.0%
Canada	FPEI +15.0 points	15.0%	0.0%
France	FPEI +10.2 points	10.2%	0.0%
United Kingdom	FPEI +8.4 points	8.4%	0.0%
Spain	FPEI +5.9 points	5.9%	0.0%
Netherlands	FPEI +2.6 points	2.6%	0.0%
Germany	FPEI +2.5 points	2.5%	0.0%
Japan	FPEI +2.5 points	2.5%	0.0%
Other countries (7)	FPEI +5.2 points	5.2%	0.0%

Outside the US: FPEI 94% developed, 6% emerging.

Concentration

Weight in the 10 largest Holdings

FPEI18.2%
PFF21.3%

Securities held

FPEI123
PFF447

Asset class

FPEI: Bonds
PFF: Stocks

Holdings

Only in FPEI122
In both1
Only in PFF446

Only in FPEI

122 securities, 99.1% of FPEI by weight

BNP PARIBAS Variable rate4.19%
BANK OF AMERICA CORP Variable rate3.53%
HSBC HOLDINGS PLC Variable rate3.31%
BANCO SANTANDER SA Variable rate3.11%
WELLS FARGO & COMPANY Variable rate2.92%
CREDIT AGRICOLE SA Variable rate2.85%
ING GROEP NV Variable rate2.56%
SOCIETE GENERALE Variable rate2.50%
BANCO BILBAO VIZCAYA ARGENTARIA Variable rate2.49%
BARCLAYS PLC Variable rate2.33%
CITIGROUP INC Series HH, Variable rate2.17%
GOLDMAN SACHS GROUP INC Variable rate2.13%
BANCO MERCANTIL DEL NORTE Variable rate1.78%
NATWEST GROUP PLC Variable rate1.75%
JPMORGAN CHASE & CO Variable rate1.57%
ENBRIDGE INC Variable rate, due 01/15/20841.56%
CHARLES SCHWAB CORP Series H, Variable rate1.50%
BANK OF MONTREAL Variable rate, due 05/26/20841.47%
COMMERZBANK AG Variable rate1.30%
CANADIAN IMPERIAL BANK Variable rate, due 10/28/20851.27%
STATE STREET CORP Variable rate1.24%
VERIZON COMMUNICATIONS Variable rate, due 02/15/20571.20%
LLOYDS BANKING GROUP PLC Variable rate1.20%
EVERSOURCE ENERGY Variable rate, due 08/15/20561.09%
THE AES CORP Variable rate, due 07/15/20551.03%
BANK OF NOVA SCOTIA Variable rate, due 10/27/20851.02%
ATHENE HOLDING LTD Variable rate, due 06/28/20550.99%
THE HARTFORD INSUR GRP INC Variable rate, due 02/12/20470.98%
EUSHI FINANCE INC Variable rate, due 04/01/20560.98%
CITIGROUP INC Variable rate0.96%
ROYAL BANK OF CANADA Variable rate, due 08/24/20850.95%
HUNTINGTON BANCSHARES Variable rate0.95%
AMERICAN ELECTRIC POWER 6.95%, due 12/15/20540.95%
BELL CANADA Variable rate, due 09/15/20550.93%
DOMINION ENERGY INC Variable rate, due 06/01/20540.88%
BANK OF NOVA SCOTIA Variable rate, due 01/27/20840.83%
GLOBAL ATLANTIC FIN CO Variable rate, due 03/01/20560.80%
NORDEA BANK ABP Variable rate0.80%
CREDIT SUISSE GROUP AG Variable rate0.78%
BANK OF NOVA SCOTIA Variable rate, due 04/27/20850.78%
EMERA US FINANCE LLC Variable rate, due 10/01/20560.76%
VERIZON COMMUNICATIONS Variable rate, due 02/15/20590.76%
CENTERPOINT ENERGY INC Variable rate, due 02/15/20550.75%
GLOBAL ATLANTIC FIN CO Variable rate, due 10/15/20540.74%
DEUTSCHE BANK AG Variable rate0.72%
ENBRIDGE INC Variable rate, due 01/15/20830.69%
SEMPRA Variable rate, due 10/01/20540.69%
BANK OF MONTREAL Variable rate, due 11/26/20840.69%
TORONTO-DOMINION BANK Variable rate, due 10/31/20850.68%
TELUS CORP Variable rate, due 06/09/20560.68%

Only in PFF

446 securities, 97.5% of PFF by weight

Strategy Inc3.50%
Boeing Co3.22%
Alphabet Inc2.12%
Alphabet Inc2.09%
Oracle Corporation1.94%
Super Micro Computer Inc1.91%
Nextera Energy Units1.83%
Nextera Energy Inc1.77%
Hewlett Packard Enterprise Conv Pr1.76%
Bank of America Corp1.42%
Citigroup Capital Xiii1.21%
Kkr & Co Inc1.10%
Albemarle Corp1.03%
Duke Energy Corp1.02%
Southern Company (The)0.98%
Brightspring Health Services Units0.90%
JPMorgan Chase & Co0.87%
Microchip Technology Incorporated0.79%
JPMorgan Chase & Co0.74%
Wells Fargo & Company0.69%
Ares Management Corp0.66%
JPMorgan Chase and Co Ds Repstg T0.65%
JPMorgan Chase Non-Cumulative Pref0.64%
Bruker Corporation0.63%
AT&T Inc0.56%
Strive Inc0.55%
PG&E Corporation0.54%
Ppl Corporation0.54%
Capital One Financial Corporation0.51%
JPMorgan Chase Drc0.51%
AT&T Inc0.49%
Goldman Sachs Group Inc0.49%
Strategy Inc0.49%
Morgan Stanley0.49%
Bank of America Corp0.47%
M&T Bank Corporation0.47%
Morgan Stanley0.47%
Duke Energy Corp0.46%
Morgan Stanley Ds Representing F0.46%
Morgan Stanley0.44%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.43%
Morgan Stanley0.42%
Morgan Stanley Ds0.42%
Morgan Stanley0.41%
Morgan Stanley0.41%
Capital One Financial Corporation0.40%
AT&T Inc0.40%
Wells Fargo & Company0.40%
Xcel Energy Inc0.40%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in FPEI and PFF, widest gap first
Holding	More in FPEIMore in PFF	Gap	FPEI	PFF
Wells Fargo & Company, Series L, 7.500%		PFF +1.13 points	1.01%	2.14%

All 178 FPEI holdings⁠All 454 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.

FPEI vs PFF Cost

Overpaying FPEI vs PFF

$7,158

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

FPEI 0.85%
$16,199
PFF 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

FPEI 0.85%
PFF 0.45%
Overpaying

Year by year

Year	FPEI	PFF	Overpaying
10	$1,508	$812	$696
20	$5,706	$3,128	$2,578
30	$16,199	$9,041	$7,158

Expense ratio

0.85%FPEI
0.45%PFF, cheaper

PFF0.45%FPEI0.85%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

FPEI 29th cheapest of 31 funds

FPEI vs PFF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FPEI 6.03%, better; PFF 5.73%
Payout (12M): FPEI $1.13; PFF $1.64
Last payment: FPEI $0.10; PFF $0.18
Ex-dividend: FPEI Oct 21, 2026; PFF Nov 2, 2026
Paid on: FPEI Oct 30, 2026; PFF Nov 5, 2026
Frequency: FPEI Monthly; PFF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FPEIMonthly · 46 paymentsAll FPEI payments⁠

PFFMonthly · 46 paymentsAll PFF payments⁠

FPEI vs PFF Risk

Fall from peak · 5 years

FPEI
PFF

Risk facts

VolatilityStd dev, 3 years: FPEI 5.0%, betterPFF 8.5%
Return per unit of riskSharpe ratio, 3 years: FPEI 1.04, betterPFF 0.22
Worst fallMax drawdown, 5 years: FPEI −16.3%, betterPFF −21.1%
Market sensitivityBeta, 5 years: FPEI 0.65PFF 0.97; Market = 1

FPEI 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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FPEI vs PFF

In short

Stated mandate

Why people hold it

Worth knowing

How FPEI and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPEI

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 FPEI and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPEI

Only in PFF

Weight gaps