JHPI vs PFF: Grades, Fees and Holdings Compared

John Hancock Preferred Income ETF

JHPIBNYSE Arca

iShares Preferred and Income Securities ETF

PFFANasdaq

Overlap

17.9%by weight

Expense ratio

PFF −0.09pt a year

JHPI0.54%PFF0.45%

Avg volume · 30D

PFF 61.7×the volume

JHPI49.7KPFF3.06M

3Y return · a year

JHPI +3.9pt

JHPI+7.9%PFF+4.0%

JHPI vs PFF Performance

Nov 5, 2025 – Nov 5, 2026

0.0%JHPI−4.3%PFF

Expense ratio: JHPI 0.54%; PFF 0.45%, better
Fund size: JHPI $229M; PFF $11.7B
1Y total return: JHPI 0.0%, better; PFF −4.3%
Yield (12M): JHPI 6.18%, better; PFF 5.82%
Holdings: JHPI 218; PFF 451
Avg volume (30D): JHPI 49.7K sh; PFF 3.06M sh, better
NAV per share: JHPI $21.73; PFF $28.67
52W range

ETF.net Grade

Pillar letters and Scores for JHPI, PFF, with each pillar’s weight
Pillar	JHPI	PFF
Cost30% weight	C47	A73Higher
Mission25% weight	A88Higher	A80
Risk15% weight	B66Higher	D31
Tradability15% weight	D36	A90Higher
Holdings10% weight	A92Higher	B62
Durability5% weight	C41	A97Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. JHPI 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 JHPI 7th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 74
Rank 2APFFiShares Preferred and Income Securities ETFScore 71
Rank 3BEVPFEaton Vance Preferred Securities and Income ETFScore 68
Rank 6BPSKState Street SPDR ICE Preferred Securities ETFScore 64
Rank 7BJHPIJohn Hancock Preferred Income ETFScore 62
Rank 7BPFXFVanEck Preferred Securities ex Financials ETFScore 62

Our read on each fund

ETF.net Research

JHPIBJohn Hancock Preferred Income ETF

PFFAiShares Preferred and Income Securities ETF

In short

JHPI A stock-picker's take on preferred income: JHPI skips the index entirely and lets its manager hunt preferreds it judges undervalued, with room to roam as far down as B-rated credit. 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

JHPI The fund seeks a high level of current income while preserving capital.

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

JHPI Not an index fund. The manager works sector allocation, industry allocation and security selection, buying preferreds it judges undervalued versus similar names.jhinvestments.com
Pays monthly, and spreads that income across roughly 220 preferred and hybrid positions rather than a concentrated handful.
The portfolio sticks closely to the preferred-income mandate it advertises, one of the stronger implementations in 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

JHPI Fee is 0.54% net of a waiver through July 31, 2027 (0.66% gross), near the category median; index rivals like PFFD at 0.23% cost less.
One of the smaller, more thinly traded names in the group, so bid-ask spreads can run wider than at the category's giants.
Up to 50% of net assets can sit in below-investment-grade preferreds, floored at B, so credit stress shows up in the price.jhinvestments.com

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 JHPI profile⁠

Full PFF profile⁠

JHPI vs PFF Holdings

How JHPI and PFF differ

Overlap by weight

17.9%

Shared holdings make up 28.3% of JHPI and 27.6% of PFF.

Level by level

Asset classBonds, Stocks0.0%
Holdings79 in both17.9%
Countryby domicile80.0%

Sector

No Sector split for JHPI.

Country, concentration and asset class

Country by domicile

Country weights in JHPI and PFF, widest gap first
Country	Gap	JHPI	PFF
United States	PFF +20.0 points	80.0%	100.0%
Canada	JHPI +10.1 points	10.1%	0.0%
Japan	JHPI +2.3 points	2.3%	0.0%
France	JHPI +2.2 points	2.2%	0.0%
Bermuda	JHPI +1.4 points	1.4%	0.0%
Switzerland	JHPI +1.3 points	1.3%	0.0%
Germany	JHPI +1.2 points	1.2%	0.0%
Spain	JHPI +0.9 points	0.9%	0.0%
Other countries (2)	JHPI +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

JHPI11.2%
PFF21.5%

Securities held

JHPI185
PFF447

Asset class

JHPI: Bonds
PFF: Stocks

Holdings

Only in JHPI106
In both79
Only in PFF368

Only in JHPI

106 securities, 71.7% of JHPI by weight

Citigroup Inc2.24%
Jh Ctf2.20%
Energy Transfer Lp2.17%
Dominion Energy Inc2.14%
Bnp Paribas1.60%
First Citizens Bancshare1.53%
Bank of America Corp1.40%
Evergy Inc1.36%
Ubs Group AG1.27%
Sbl Holdings Inc1.20%
JPMorgan Chase & Co1.19%
Allianz SE1.15%
Rogers Communications In1.12%
Entergy Corp1.09%
Phillips 66 Co1.06%
Sunoco Lp1.06%
Telus Corp1.06%
Northwest Natural Holdi1.01%
Emera Us Finance Llc0.98%
Citizens Financial Group0.90%
Spire Inc0.89%
Charles Schwab Corp0.88%
Sysco Hold/ Sysc Corp0.87%
Global Atlantic Fin Co0.86%
Enbridge Inc0.86%
Nextera Energy Inc0.86%
Venture Global Lng Inc0.86%
Banco Santander SA0.84%
Altagas Ltd0.83%
Softbank Group Corp0.81%
American National Group0.81%
Royal Bank of Canada0.80%
Sumitomo Mitsui Finl Grp0.76%
Aes Corp/ The0.76%
Ally Financial Inc0.76%
Txnm Energy Inc0.76%
Brookfield Infra Fin Ulc0.74%
Sempra0.74%
Nrg Energy Inc0.73%
Canadian Imperial Bank0.71%
Cobank Acb0.70%
Vistra Corp0.69%
Nisource Inc0.65%
Nextera Energy Capital0.65%
Bank of Montreal0.65%
Nextera Energy Capital0.64%
Arch Capital Group Ltd0.64%
Ha Sustainable Inf Cap0.62%
Kkr & Co Inc0.59%
Prudential Financial Inc0.59%

Only in PFF

368 securities, 72.0% of PFF by weight

Strategy Inc3.46%
Boeing Co3.22%
Oracle Corporation2.00%
Super Micro Computer Inc1.95%
Hewlett Packard Enterprise Conv Pr1.93%
Nextera Energy Units1.80%
Nextera Energy Inc1.76%
Citigroup Capital Xiii1.19%
Kkr & Co Inc1.13%
Albemarle Corp0.98%
Microchip Technology Incorporated0.96%
Brightspring Health Services Units0.93%
JPMorgan Chase & Co0.86%
JPMorgan Chase & Co0.74%
Wells Fargo & Company0.69%
Ares Management Corp0.66%
Bruker Corporation0.64%
JPMorgan Chase Non-Cumulative Pref0.64%
Strive Inc0.55%
PG&E Corporation0.55%
JPMorgan Chase Drc0.51%
Goldman Sachs Group Inc0.49%
AT&T Inc0.49%
Strategy Inc0.48%
Bank of America Corp0.47%
M&T Bank Corporation0.47%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.42%
Morgan Stanley0.42%
Morgan Stanley0.41%
Morgan Stanley0.40%
Wells Fargo & Company0.40%
Pinnacle Financial Partners Non Cu0.39%
Novanta Tangible Equity Units0.39%
Wells Fargo & Company0.38%
Citigroup Inc0.38%
Bank of America Corporation Deposi0.38%
Annaly Capital Management Inc0.37%
Reinsurance Group of America Incor0.36%
Us Bancorp0.35%
Metlife Inc0.35%
Strive Inc0.34%
Metlife Inc0.34%
Wells Fargo & Company0.33%
Charles Schwab Corporation (The)0.33%
JPMorgan Chase & Co0.32%
Ford Motor Company0.31%
Allstate Dep Repstg Th Non Cum Pe0.31%
Apollo Global Management Inc0.31%
Keycorp0.30%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in JHPI and PFF, widest gap first
Holding	Gap	JHPI	PFF
Alphabet IncGOOGN	PFF +2.00 points	0.07%	2.07%
Alphabet IncGOOGM	PFF +2.00 points	0.11%	2.11%
Wells Fargo & Company	PFF +1.82 points	0.31%	2.13%
Bank of America Corp	PFF +0.89 points	0.54%	1.43%
Ngl Energy Partners Lp	JHPI +0.75 points	0.91%	0.16%
Ppl CorporationPPLC	JHPI +0.58 points	1.12%	0.54%
Transcanada PipelinesTCPA	JHPI +0.51 points	0.67%	0.16%
At+ T Inc	PFF +0.52 points	0.03%	0.55%
Tpg Operating Group IiTPGXL	JHPI +0.47 points	0.64%	0.17%
Morgan Stanley	PFF +0.42 points	0.06%	0.48%
Dte Energy CoDTK	JHPI +0.41 points	0.67%	0.26%
Renaissancere Holdings L	JHPI +0.42 points	0.56%	0.14%
Xcel Energy IncXELLL	JHPI +0.41 points	0.80%	0.39%
Affiliated Managers GrouMGRE	JHPI +0.39 points	0.58%	0.19%
At+ T Inc	JHPI +0.38 points	0.78%	0.40%
Morgan Stanley	PFF +0.35 points	0.11%	0.46%
T Mobile Usa IncTMUSL	JHPI +0.33 points	0.49%	0.16%
Brookfield Brp HoldingsBEPH	JHPI +0.32 points	0.42%	0.10%
Equitable Holdings Inc	JHPI +0.32 points	0.60%	0.28%
Athene Holding Ltd	JHPI +0.31 points	0.70%	0.39%
Sce Trust Viii	JHPI +0.30 points	0.45%	0.15%
Telephone & Data Sys	JHPI +0.30 points	0.53%	0.23%
Berkley (Wr) Corporation	JHPI +0.27 points	0.38%	0.11%
Charles Schwab Corp	JHPI +0.27 points	0.46%	0.19%
Array Digital Infra IncUZD	JHPI +0.26 points	0.30%	0.04%
Capital One Financial Co	PFF +0.25 points	0.26%	0.51%
JPMorgan Chase & Co	PFF +0.22 points	0.43%	0.65%
Banc of California Inc	JHPI +0.21 points	0.47%	0.26%
Kkr Group Fin Co Ix LlcKKRS	JHPI +0.20 points	0.35%	0.15%
M+ T Bank Corporation	PFF +0.19 points	0.19%	0.38%
Public Storage	JHPI +0.19 points	0.38%	0.19%
Synchrony Financial	JHPI +0.19 points	0.45%	0.26%
Assurant IncAIZN	JHPI +0.18 points	0.27%	0.09%
Global Net Lease Inc	JHPI +0.18 points	0.27%	0.09%
First Citizens BancshareFCNCN	JHPI +0.17 points	0.35%	0.18%
Wesbanco IncWSBCO	JHPI +0.16 points	0.28%	0.12%
Unum GroupUNMA	JHPI +0.16 points	0.28%	0.12%
Huntington BancsharesHBANL	JHPI +0.16 points	0.32%	0.16%
Strategy IncSTRD	JHPI +0.15 points	0.52%	0.37%
Corebridge Financial IncCRBD	PFF +0.15 points	0.11%	0.26%
Brighthouse Financial InBHFAN	JHPI +0.15 points	0.27%	0.12%
Regions Financial Corp	JHPI +0.14 points	0.39%	0.25%
Duke Energy CorpDUKU	PFF +0.12 points	0.90%	1.02%
Strategy IncSTRK	PFF +0.12 points	0.25%	0.37%
Southern CoSOJF	JHPI +0.11 points	0.37%	0.26%
SempraSREA	PFF +0.10 points	0.19%	0.29%
Southern CoSOJD	PFF +0.10 points	0.25%	0.35%
M+ T Bank Corporation	JHPI +0.10 points	0.23%	0.13%
American Financial GroupAFGC	JHPI +0.10 points	0.17%	0.07%
Truist Financial Corp	JHPI +0.09 points	0.41%	0.32%
Dte Energy CoDTW	JHPI +0.08 points	0.23%	0.15%
Keycorp	PFF +0.08 points	0.17%	0.25%
Morgan Stanley	JHPI +0.09 points	0.49%	0.41%
First Busey CorporationBUSEP	JHPI +0.08 points	0.19%	0.11%
F+ G Annuities & Life IncFGSN	JHPI +0.07 points	0.21%	0.14%
Wintrust Financial CorpWTFCN	PFF +0.07 points	0.15%	0.22%
Keycorp	JHPI +0.07 points	0.24%	0.17%
Pebblebrook Hotel Trust	JHPI +0.07 points	0.16%	0.09%
Duke Energy Corp	PFF +0.06 points	0.39%	0.45%
Southern CoSOMN	PFF +0.06 points	0.92%	0.98%
Morgan Stanley	JHPI +0.06 points	0.51%	0.45%
Algonquin Pwr & UtilityAQNB	PFF +0.05 points	0.13%	0.18%
Morgan Stanley	JHPI +0.05 points	0.48%	0.43%
Regions Financial Corp	JHPI +0.05 points	0.17%	0.12%
Aegon Funding Co LlcAEFC	JHPI +0.04 points	0.37%	0.33%
Cms Energy CorpCMSD	PFF +0.04 points	0.22%	0.26%
National Rural Util CoopNRUC	PFF +0.03 points	0.07%	0.10%
Capital One Financial Co	JHPI +0.03 points	0.44%	0.41%
Cms Energy CorpCMSC	JHPI +0.03 points	0.15%	0.12%
Athene Holding Ltd	PFF +0.03 points	0.22%	0.25%
Carlyle Finance LlcCGABL	JHPI +0.02 points	0.18%	0.16%
Us Bancorp	JHPI +0.02 points	0.25%	0.23%
Bank of America Corp	JHPI +0.01 points	0.40%	0.39%
F+ G Annuities & Life IncFGN	JHPI +0.01 points	0.17%	0.16%
Umb Financial CorpUMBFO	PFF +0.02 points	0.14%	0.15%
Citizens Financial Group	PFF +0.01 points	0.19%	0.20%
Array Digital Infra IncUZF	JHPI +0.01 points	0.04%	0.03%
Cms Energy CorpCMSA	PFF +0.01 points	0.07%	0.08%
Jackson Financial Inc	Same weight	0.28%	0.28%

All 217 JHPI 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.

JHPI vs PFF Cost

Overpaying JHPI vs PFF

$1,679

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

JHPI 0.54%
$10,720
PFF 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

JHPI 0.54%
PFF 0.45%
Overpaying

Year by year

Year	JHPI	PFF	Overpaying
10	$971	$812	$159
20	$3,724	$3,128	$596
30	$10,720	$9,041	$1,679

Expense ratio

0.54%JHPI
0.45%PFF, cheaper

PFF0.45%JHPI0.54%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

JHPI 17th cheapest of 31 funds

JHPI vs PFF Dividends

Last 12 months to Nov 5, 2026

Yield (12M): JHPI 6.18%, better; PFF 5.82%
Payout (12M): JHPI $1.34; PFF $1.64
Last payment: JHPI $0.14; PFF $0.18
Ex-dividend: JHPI Oct 28, 2026; PFF Nov 2, 2026
Paid on: JHPI Oct 30, 2026; PFF Nov 5, 2026
Frequency: JHPI Monthly; PFF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JHPIMonthly · 46 paymentsAll JHPI payments⁠

PFFMonthly · 46 paymentsAll PFF payments⁠

JHPI vs PFF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JHPI 5.9%, betterPFF 8.5%
Return per unit of riskSharpe ratio, 3 years: JHPI 0.75, betterPFF 0.22
Worst fallMax drawdown, 5 years: JHPI −13.5%since Dec 2021PFF −21.1%
Market sensitivityBeta, 5 years: JHPI 0.79PFF 0.97; Market = 1

JHPI 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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JHPI vs PFF

In short

Stated mandate

Why people hold it

Worth knowing

How JHPI and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JHPI

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 JHPI and PFF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JHPI

Only in PFF

Weight gaps