FPEI vs PFFD: Grades, Fees and Holdings Compared

First Trust Institutional Preferred Securities & Income ETF

FPEICNYSE Arca

Global X U.S. Preferred ETF

PFFDANYSE Arca

Overlap

No data

Expense ratio

PFFD −0.62pt a year

FPEI0.85%PFFD0.23%

Avg volume · 30D

PFFD 2.1×the volume

FPEI523KPFFD1.12M

5Y return · a year

FPEI +5.7pt

FPEI+3.7%PFFD−2.0%

FPEI vs PFFD Performance

Nov 9, 2021 – Nov 9, 2026

+19.8%FPEI−9.8%PFFD

Expense ratio: FPEI 0.85%; PFFD 0.23%, better
Fund size: FPEI $1.86B; PFFD $1.86B
1Y total return: FPEI +2.1%, better; PFFD −4.2%
Yield (12M): FPEI 6.03%; PFFD 7.02%, better
Holdings: FPEI 179; PFFD 238
Avg volume (30D): FPEI 523K sh; PFFD 1.12M sh, better
NAV per share: FPEI $18.58; PFFD $16.92
52W range

ETF.net Grade

Pillar letters and Scores for FPEI, PFFD, with each pillar’s weight
Pillar	FPEI	PFFD
Cost30% weight	F7	A100Higher
Mission25% weight	A74	A78Higher
Risk15% weight	A78Higher	D25
Tradability15% weight	C53	A80Higher
Holdings10% weight	B68Higher	B55
Durability5% weight	A76Higher	A72

Rank among Preferred Securities funds

How we build Categories ›

Same Category. FPEI 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 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 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

PFFDAGlobal X U.S. Preferred 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.

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

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.

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

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.

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

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.

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 FPEI profile⁠

Full PFFD profile⁠

FPEI vs PFFD Holdings

How FPEI and PFFD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile49.0%
Asset classBonds100%

Sector

No Sector split for FPEI.

Country, concentration and asset class

Country by domicile

Country weights in FPEI and PFFD, widest gap first
Country	Gap	FPEI	PFFD
United States	PFFD +49.5 points	47.6%	97.1%
Canada	FPEI +14.1 points	15.0%	0.9%
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 +3.2 points	5.2%	2.0%

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

Concentration

Weight in the 10 largest Holdings

FPEI18.2%
PFFD23.9%

Securities held

FPEI123
PFFD238

Asset class

FPEI: Bonds
PFFD: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FPEI holds 123 securities, PFFD 238.

All 178 FPEI 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.

FPEI vs PFFD Cost

Overpaying FPEI vs PFFD

$11,440

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

FPEI 0.85%
$16,199
PFFD 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

FPEI 0.85%
PFFD 0.23%
Overpaying

Year by year

Year	FPEI	PFFD	Overpaying
10	$1,508	$419	$1,089
20	$5,706	$1,630	$4,076
30	$16,199	$4,759	$11,440

Expense ratio

0.85%FPEI
0.23%PFFD, cheaper

PFFD0.23%FPEI0.85%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

FPEI 29th cheapest of 31 funds

FPEI vs PFFD Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FPEI 6.03%; PFFD 7.02%, better
Payout (12M): FPEI $1.13; PFFD $1.20
Last payment: FPEI $0.10; PFFD $0.10
Ex-dividend: FPEI Oct 21, 2026; PFFD Nov 2, 2026
Paid on: FPEI Oct 30, 2026; PFFD Nov 5, 2026
Frequency: FPEI Monthly; PFFD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FPEIMonthly · 46 paymentsAll FPEI payments⁠

PFFDMonthly · 46 paymentsAll PFFD payments⁠

FPEI vs PFFD Risk

Fall from peak · 5 years

FPEI
PFFD

Risk facts

VolatilityStd dev, 3 years: FPEI 5.0%, betterPFFD 9.1%
Return per unit of riskSharpe ratio, 3 years: FPEI 1.04, betterPFFD 0.10
Worst fallMax drawdown, 5 years: FPEI −16.3%, betterPFFD −24.4%
Market sensitivityBeta, 5 years: FPEI 0.65PFFD 1.07; Market = 1

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