FPFD vs PFF: Grades, Fees and Holdings Compared

Fidelity Preferred Securities & Income ETF

FPFDCCboe

iShares Preferred and Income Securities ETF

PFFANasdaq

Overlap

23.3%by weight

Expense ratio

PFF −0.14pt a year

FPFD0.59%PFF0.45%

Avg volume · 30D

PFF 194.9×the volume

FPFD15.6KPFF3.04M

5Y return · a year

FPFD +1.3pt

FPFD+0.7%PFF−0.6%

FPFD vs PFF Performance

Oct 29, 2021 – Oct 30, 2026

+3.7%FPFD−2.8%PFF

Expense ratio: FPFD 0.59%; PFF 0.45%, better
Fund size: FPFD $76M; PFF $11.7B
1Y total return: FPFD −2.3%, better; PFF −3.8%
Yield (12M): FPFD 5.80%, better; PFF 5.73%
Holdings: FPFD 328; PFF 452
Avg volume (30D): FPFD 15.6K sh; PFF 3.04M sh, better
NAV per share: FPFD $20.36; PFF $28.50
52W range

ETF.net Grade

Pillar letters and Scores for FPFD, PFF, with each pillar’s weight
Pillar	FPFD	PFF
Cost30% weight	D32	A73Higher
Mission25% weight	A73	A80Higher
Risk15% weight	B58Higher	D30
Tradability15% weight	C53	A92Higher
Holdings10% weight	B58	B64Higher
Durability5% weight	C52	A97Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. FPFD 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 FPFD 18th 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 16CPGFInvesco Financial Preferred ETFScore 53
Rank 18CFPFDFidelity Preferred Securities & Income ETFScore 52
Rank 18CPRIZZacks Preferred Income ETFScore 52

Our read on each fund

ETF.net Research

FPFDCFidelity Preferred Securities & Income ETF

PFFAiShares Preferred and Income Securities ETF

In short

FPFD Most funds in this dividend crowd buy common stock. FPFD climbs a rung up the capital stack, actively picking preferred securities, heavily bank and insurer paper, and paying out 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

FPFD The ETF seeks high total return through current income and capital appreciation.

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

FPFD Owns preferred securities rather than common shares, aiming for high total return from current income plus capital appreciation, with distributions paid monthly.fidelity.com
Actively managed by Fidelity with no index to shadow, so the team can shift between issues and issuers as the preferred market moves.
Spread across roughly 200 preferred issues, so no single security carries the fund.
Trading since 2021 and sitting in the upper half of its income-focused peer group on our review.

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

FPFD The 0.59% expense ratio runs above the middle of its peer group, where plain dividend-equity funds such as CGDV (0.33%) charge less.
Preferreds concentrate in financials and act like long-dated bonds, so bank sector stress and interest-rate swings both land here.
Shares trade lightly, so bid-ask spreads can be wider than on the largest preferred funds.

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 FPFD profile⁠

Full PFF profile⁠

FPFD vs PFF Holdings

How FPFD and PFF differ

Overlap by weight

23.3%

Shared holdings make up 42.5% of PFF and 33.3% of FPFD.

Level by level

Asset classFixed Income, Equity0.0%
Holdings163 in both23.3%
Countryby domicile82.8%

Sector

No Sector split for FPFD.

Country, concentration and asset class

Country by domicile

Country weights in FPFD and PFF, widest gap first
Country	More in FPFDMore in PFF	FPFD	PFF
United States	PFF +17.2 points	82.8%	100.0%
Canada	FPFD +6.5 points	6.5%	0.0%
Japan	FPFD +4.3 points	4.3%	0.0%
United Kingdom	FPFD +3.1 points	3.1%	0.0%
France	FPFD +1.7 points	1.7%	0.0%
Germany	FPFD +0.7 points	0.7%	0.0%
Bermuda	FPFD +0.6 points	0.6%	0.0%
Other countries (2)	FPFD +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

FPFD17.8%
PFF22.0%

Securities held

FPFD325
PFF448

Asset class

FPFD: Fixed Income
PFF: Equity

Holdings

Only in FPFD162
In both163
Only in PFF285

Only in FPFD

162 securities, 65.9% of FPFD by weight

Energy Tran Lp 6.625%/VAR Perp3.91%
Enbridge Inc 8.5%/VAR 01/15/842.37%
Energy Tran Lp 6.55%/VAR 1/571.64%
Vistra Operatio 7.25%/VAR 3/571.64%
Gsinc 4.125%/VAR Perp1.51%
Jpmc Co Frn TSFR3M+274.5 Perp1.37%
Pnc Fincl Srvcs 3.4%/VAR Perp1.29%
Bnpsa 6.875%/VAR Perp 144A1.20%
Us Bancorp Del 3.7%/VAR Perp1.10%
Citigroup 6.75%/VAR Perp1.08%
Wellsfargo 6.55%/VAR Perp1.08%
Plains All Ame 6.75%/VAR 12/561.06%
Sunoco Lp 7.875%/VAR Perp 144A1.06%
Schwab Charles 4%/VAR Perp1.03%
Citigroup 6.875%/VAR Perp1.00%
Venture Glb 9%/VAR 12/99 144A1.00%
Sempra 4.125%/VAR 04/01/520.96%
Gsinc 6.85%/VAR Perp0.92%
Boa Corp 6.25%/VAR Perp0.78%
M&T Bank Corp 6.625% Pfd Perp0.77%
Citigroup Inc 6.25% Perp Pref0.75%
Citigroup Inc 6.625%/VAR Perp0.75%
Rogers Com 5.25%/VAR 3/82 144A0.69%
Bpcm 4.875%/VAR Perp0.69%
Dominion E 6.625%/VAR 05/15/550.67%
Vistra Corp 7%/VAR Perp 144A0.64%
Gsinc 6.125%/VAR Perp0.61%
Boa Corp 6.125%/VAR Perp0.60%
Cvs Health 6.75/VAR 12/10/540.59%
Vodafone 7%/VAR 04/04/790.55%
Wells Fargo 6.125%/VAR Prp0.55%
Sierra Pacific 6.375%/VAR 9/560.54%
American Electr 5.8%/VAR 3/560.54%
Nippon 6.5%/VAR 04/30/55 144A0.54%
Jpmc Co 6.1%/VAR Perp0.54%
Gsinc 6.5%/VAR Perp0.53%
American Electr 6.05%/VAR 3/560.53%
Truist Financia 5.1%/VAR Perp0.53%
Mstdw 5.875%/VAR Perp0.51%
Cms Energy Corp T5Y+NA 12/1/500.51%
Boa Corp 4.375%/VAR Perp0.47%
Boa Corp 5.875%/VAR Perp0.46%
Bpcm 6.45%/VAR Perp0.45%
Transcanada Tru 5.6%/VAR 3/820.44%
Amex 6.45%/VAR Perp0.44%
Statecrp 6.35%/VAR Perp0.43%
Capital One Fin 5.5%/VAR Perp0.43%
Metlife Inc 6.4%/VAR 12/15/660.43%
Rakuten I 8.125%/VAR Perp 144A0.41%
Sumisho Air Ls 8.256%/VAR Perp0.41%

Only in PFF

285 securities, 56.6% of PFF by weight

Boeing Co3.19%
Super Micro Computer Inc2.15%
Hewlett Packard Enterprise Conv Pr2.14%
Wells Fargo & Company Series L2.11%
Oracle Corporation2.11%
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%
JPMorgan Chase & Co0.86%
Ares Management Corp0.63%
Bruker Corporation0.59%
PG&E Corporation0.55%
Ppl Corporation0.54%
Goldman Sachs Group Inc0.49%
M&T Bank Corporation0.46%
Morgan Stanley0.43%
Morgan Stanley0.41%
Novanta Tangible Equity Units0.39%
Bank of America Corp0.38%
Pinnacle Financial Partners Non Cu0.38%
Citigroup Inc0.38%
Annaly Capital Management Inc0.37%
Strategy Inc0.37%
Us Bancorp0.34%
Wells Fargo & Company0.33%
Agnc Investment Corp0.28%
Jackson Financial Inc0.28%
Goldman Sachs Group Inc0.28%
Chs Cumulative Redeemable Pref Cla0.27%
SHIFT4 Payments Inc0.26%
Banc of California Inc0.26%
Synchrony Financial0.26%
Allstate Corporation (The)0.26%
Chs Inc0.25%
Keycorp0.25%
Metlife Inc0.25%
Athene Hldg Ltd Dep Shr Repstg I0.25%
Bank of New York Mellon Corp/The0.25%
New York Community Bancorp Int Fxd0.24%
Sce Trust Vii0.24%
New Residential Investment Corp0.24%
Fifth Third Bancorp Depositary Sha0.23%
Chs Reset Rate Cumulative Redeemab0.22%

Weight gaps

The 100 widest of 163 Holdings in both funds.

Holding weights in FPFD and PFF, widest gap first
Holding	More in FPFDMore in PFF	FPFD	PFF
Strategy Inc Step Perp PfdSTRC	PFF +3.01 points	0.44%	3.45%
Alphabet Ser A Pc 6.25% 5/29GOOGM	PFF +1.95 points	0.13%	2.08%
Alphabet Ser B Pc 6.25% 5/29GOOGN	PFF +1.92 points	0.13%	2.05%
Southern Cmp 4.2% Pfd 10/15/60SOJE	FPFD +1.14 points	1.37%	0.23%
Strategy Inc Ser A 10% Perp PfSTRF	FPFD +0.98 points	1.46%	0.48%
Morgan Stanley 6.5% Pfd Perp	FPFD +0.77 points	1.23%	0.46%
Bitmine Immersion Pfd Perp ABMNP	FPFD +0.55 points	0.72%	0.17%
Dte Energy Co 6.25% Ser H PfdDTK	FPFD +0.49 points	0.74%	0.25%
Morgan Stanley 5.85% Pfd Perp	FPFD +0.43 points	0.85%	0.42%
Morgan Stanley 6.875% Pfd Perp	PFF +0.39 points	0.02%	0.41%
Bk of America 5.875% Pfd Perp	FPFD +0.37 points	0.66%	0.29%
Duke Enrgy 5.625% Pfd 09/15/78DUKB	FPFD +0.37 points	0.58%	0.21%
Southern Ser A 6.5 3/15/85 PfdSOJF	FPFD +0.37 points	0.63%	0.26%
Bac Ser Kk 5.375% Pfd Perp	FPFD +0.34 points	0.77%	0.43%
JPMorgan Chase & Co Ser Mm 4.2	PFF +0.32 points	0.33%	0.65%
Strategy Inc 8% Pc PerpSTRK	PFF +0.30 points	0.06%	0.36%
Southern Company Ser A 4.95% PSOJD	FPFD +0.27 points	0.62%	0.35%
Jp Morgan Chase 4.75% Pfd Perp	FPFD +0.28 points	0.60%	0.32%
Capital One Financ Pfd 5% Perp	PFF +0.28 points	0.22%	0.50%
Morgan Stanl 6.375/VAR Prd Prp	PFF +0.26 points	0.19%	0.45%
Duke Engy Nw SA 5.75% Pfd Perp	PFF +0.25 points	0.19%	0.44%
Wells Fargo Ser Y 5.625% Pfd	FPFD +0.25 points	0.53%	0.28%
M&T Bank Corp 7.5% Pfd Perp	PFF +0.24 points	0.14%	0.38%
Sce Trust Vi 5% Pfd Perp	FPFD +0.24 points	0.38%	0.14%
Capital One Fin J 5% Pfd Perp	PFF +0.24 points	0.16%	0.40%
T-Mobile Usa Inc Pfd 5.5% 06/0TMUSI	FPFD +0.23 points	0.38%	0.15%
Aegon Fdg Co Llc 5.1% 12/15/20AEFC	PFF +0.23 points	0.09%	0.32%
Reinsur B VAR/7.125% Pfd 10/52RZC	PFF +0.22 points	0.14%	0.36%
Ford Motor Co	PFF +0.22 points	0.07%	0.29%
AT&T Inc 5.125% Perp Pfd	PFF +0.22 points	0.17%	0.39%
Strive Inc A 15% Perp PfdSATS	FPFD +0.22 points	0.55%	0.33%
Bank of America Co 6% Pfd Perp	PFF +0.21 points	0.25%	0.46%
Athene Holding Ltd Ser A 6.35%	PFF +0.21 points	0.18%	0.39%
Public Storage 4% Perp Pfd	FPFD +0.21 points	0.38%	0.17%
Metlife Inc 5.625% Perp Pfd	PFF +0.20 points	0.13%	0.33%
Charles Schwab 5.95% Pfd Perp	PFF +0.20 points	0.12%	0.32%
Metlife Inc Sr F 4.75% Pfd Prp	PFF +0.19 points	0.15%	0.34%
Dte Energy Co 5.25% Pfd 12/1/7DTW	FPFD +0.19 points	0.34%	0.15%
Keycorp 6.2%/VAR Perp Pfd	PFF +0.19 points	0.11%	0.30%
Truist Fina Crp 4.75% Perp Pfd	PFF +0.18 points	0.14%	0.32%
Wells Fargo & Co New 4.7% Pfd	PFF +0.18 points	0.21%	0.39%
Digital Rlty Tr Inc Ser L 5.2%	FPFD +0.18 points	0.30%	0.12%
Ford Motor 6.5% 08/15/62 Pfd	PFF +0.18 points	0.06%	0.24%
Allstate Corp H 5.1% Perp Pfd	PFF +0.17 points	0.25%	0.42%
AT&T Inc Ser C 4.75% Pfd Perp	FPFD +0.17 points	0.71%	0.54%
Statecrp 5.35%/VAR Pfd Perp	PFF +0.17 points	0.03%	0.20%
Allstate Corp Ser J 7.375% Pfd	PFF +0.17 points	0.14%	0.31%
Stifel Fin Ser D 4.5% Perp Pfd	FPFD +0.16 points	0.25%	0.09%
Ford Motor Co 6.0% 12/1/59 Pfd	PFF +0.17 points	0.13%	0.30%
Kkr & Co L 6.875% Pfd 06/01/65KKRT	PFF +0.17 points	0.10%	0.27%
Bank of Amer 4.250% Pfd Perp	PFF +0.16 points	0.13%	0.29%
Apollo Asset Mgt 7.625/VAR PrpAPOS	PFF +0.16 points	0.14%	0.30%
Wells Fargo & C 4.25% Perp Pfd	PFF +0.16 points	0.22%	0.38%
Bank of Amer Corp 5% Perp Pfd	PFF +0.16 points	0.21%	0.37%
Synchrony Financial Ser A 5.62	PFF +0.16 points	0.11%	0.27%
Telephone & Data 6% Pfd Perp	PFF +0.15 points	0.08%	0.23%
Entergy New Orls 5.5% Pfd 4/66ENO	FPFD +0.15 points	0.19%	0.04%
Equitable Holdings Inc Ser A 5	PFF +0.14 points	0.14%	0.28%
Athene 7.25%/VAR Pfd 03/30/64ATHS	FPFD +0.14 points	0.41%	0.27%
Hartford Insurance Grp Inc/The	PFF +0.14 points	<0.01%	0.15%
Regions Fin 5.70%/VAR Pfd Perp	PFF +0.14 points	0.10%	0.24%
Sempra Energy 5.75% Pfd 7/1/79SREA	PFF +0.14 points	0.14%	0.28%
Dte Energy Co 4.375% Pfd 10/80DTB	FPFD +0.14 points	0.21%	0.07%
Regions Fin VAR/6.95% Perp Pfd	PFF +0.14 points	0.11%	0.25%
Us Bancorp Ser K 5.5% Pfd Perp	PFF +0.14 points	0.09%	0.23%
Morgan Stanley O 4.5% Pfd Perp	PFF +0.14 points	0.26%	0.40%
T-Mobile Usa Inc Pfd 5.5% 03/0TMUSZ	FPFD +0.13 points	0.28%	0.15%
Cms Energy 5.875% Pfd 03/01/79CMSD	PFF +0.12 points	0.13%	0.25%
Corebridge 6.375% Pfd 12/15/64CRBD	PFF +0.13 points	0.12%	0.25%
Axis Cap Hldgs 5.5% Pfd Perp	PFF +0.12 points	0.07%	0.19%
Telephone & Da 6.625% Pfd Perp	PFF +0.12 points	0.04%	0.16%
Truist Finl Sr O 5.25% Pfd Prp	PFF +0.12 points	0.10%	0.22%
Nextera Energy 5.65% 3/79 Pfd	PFF +0.12 points	0.15%	0.27%
Prudential 5.625% 08/15/58 PfdPRS	PFF +0.12 points	0.10%	0.22%
Entergy Miss 4.9% Pfd 10/1/66EMP	FPFD +0.11 points	0.21%	0.10%
Us Bancorp Ser M 4% Pfd Perp	PFF +0.12 points	0.10%	0.22%
Brook Foh A 6.625% A Perp Pfd	FPFD +0.12 points	0.19%	0.07%
Renaissancere G 4.2% Pfd Perp	PFF +0.11 points	0.03%	0.14%
Brookfield 6.25% 07/26/81 PfdBPYPM	PFF +0.11 points	0.10%	0.21%
Citizens Fin 5% Pfd Perp	PFF +0.10 points	0.05%	0.15%
Arch Capi Ser G 4.55% Pfd PerpACGLN	PFF +0.10 points	0.05%	0.15%
Northern Trust Corp Ser E 4.7%NTRSO	PFF +0.10 points	0.04%	0.14%
Sce Trust Ii 5.1% Pfd Perp	FPFD +0.10 points	0.17%	0.07%
Capital One L 4.375% Pfd Perp	PFF +0.10 points	0.10%	0.20%
Vornado Rlty Sr L 5.4% Pfd Prp	FPFD +0.10 points	0.20%	0.10%
Bank of America Corporation	FPFD +0.10 points	0.27%	0.17%
Western Alliance Bancorporatn	PFF +0.10 points	0.05%	0.15%
JPMorgan Chase 4.625% Perp Pfd	PFF +0.10 points	0.54%	0.64%
Schwab Charles 4.45% Perp Pfd	PFF +0.09 points	0.10%	0.19%
Brookfield Oaktree Holdings Ll	FPFD +0.09 points	0.18%	0.09%
Prudential 4.125% Pfd 9/1/60PFH	PFF +0.09 points	0.06%	0.15%
Dte Energy Co 4.375% 12/01/81DTG	FPFD +0.08 points	0.17%	0.09%
Athene Hold D 4.875% Pfd Perp	PFF +0.09 points	0.08%	0.17%
Huntington Ser H 4.5% Pfd PerpHBANP	PFF +0.09 points	0.06%	0.15%
Us Bancorp Del 4.5% Perp Pfd	PFF +0.08 points	0.06%	0.14%
F&G Annuities 7.3% 1/15/65 PfdFGSN	PFF +0.09 points	0.05%	0.14%
Brighthouse Fn 6.25% Pfd 09/58BHFAL	PFF +0.09 points	0.03%	0.12%
Public Stge I 4.875% Pfd Perp	PFF +0.08 points	0.03%	0.11%
Entergy La 4.875% Pfd 9/1/66ELC	PFF +0.08 points	0.02%	0.10%
Algonqu 19-A 6.2%/VAR Pfd 7/79AQNB	PFF +0.08 points	0.10%	0.18%

All 213 FPFD 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.

FPFD vs PFF Cost

Overpaying FPFD vs PFF

$2,594

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

FPFD 0.59%
$11,635
PFF 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

FPFD 0.59%
PFF 0.45%
Overpaying

Year by year

Year	FPFD	PFF	Overpaying
10	$1,058	$812	$246
20	$4,051	$3,128	$923
30	$11,635	$9,041	$2,594

Expense ratio

0.59%FPFD
0.45%PFF, cheaper

PFF0.45%FPFD0.59%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

FPFD 21st cheapest of 31 funds

FPFD vs PFF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FPFD 5.80%, better; PFF 5.73%
Payout (12M): FPFD $1.18; PFF $1.63
Last payment: FPFD $0.12; PFF $0.16
Ex-dividend: FPFD Oct 29, 2026; PFF Oct 1, 2026
Paid on: FPFD Pays Nov 2, 2026; PFF Oct 6, 2026
Frequency: FPFD Monthly; PFF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FPFDMonthly · 46 paymentsAll FPFD payments⁠

PFFMonthly · 45 paymentsAll PFF payments⁠

FPFD vs PFF Risk

Fall from peak · 5 years

FPFD
PFF

Risk facts

VolatilityStd dev, 3 years: FPFD 5.6%, betterPFF 8.5%
Return per unit of riskSharpe ratio, 3 years: FPFD 0.48, betterPFF 0.22
Worst fallMax drawdown, 5 years: FPFD −20.6%, betterPFF −21.1%
Market sensitivityBeta, 5 years: FPFD 0.76PFF 0.97; Market = 1

FPFD 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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FPFD vs PFF

In short

Stated mandate

Why people hold it

Worth knowing

How FPFD and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPFD

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 FPFD and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in FPFD

Only in PFF

Weight gaps