NPFI vs PFFD: Grades, Fees and Holdings Compared

Nuveen Preferred and Income

NPFICNasdaq

Global X U.S. Preferred ETF

PFFDANYSE Arca

Overlap

No data

Expense ratio

PFFD −0.33pt a year

NPFI0.56%PFFD0.23%

Avg volume · 30D

PFFD 44.2×the volume

NPFI25.2KPFFD1.12M

NPFI vs PFFD Performance

Nov 7, 2025 – Nov 9, 2026

+3.2%NPFI−4.2%PFFD

Expense ratio: NPFI 0.56%; PFFD 0.23%, better
Fund size: NPFI $164M; PFFD $1.86B
1Y total return: NPFI +3.2%, better; PFFD −4.2%
Yield (12M): NPFI 6.72%; PFFD 7.02%, better
Holdings: NPFI 159; PFFD 238
Avg volume (30D): NPFI 25.2K sh; PFFD 1.12M sh, better
NAV per share: NPFI $25.20; PFFD $16.92
52W range

ETF.net Grade

Pillar letters and Scores for NPFI, PFFD, with each pillar’s weight
Pillar	NPFI	PFFD
Cost30% weight	C40	A100Higher
Mission25% weight	B66	A78Higher
Risk15% weight	A72Higher	D25
Tradability15% weight	C46	A80Higher
Holdings10% weight	B69Higher	B55
Durability5% weight	D37	A72Higher

Rank among Preferred Securities funds

How we build Categories ›

Same Category. NPFI 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 NPFI 14th 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 13BHBRDInvesco U.S. Hybrid Bond ETFScore 56
Rank 14CNPFINuveen Preferred and IncomeScore 55
Rank 14BPFLDAAM Low Duration Preferred and Income Securities ETFScore 55

Our read on each fund

ETF.net Research

NPFICNuveen Preferred and Income

PFFDAGlobal X U.S. Preferred ETF

In short

NPFI A preferred-securities income fund wearing a financials jersey. Nuveen's ETF seeks high current income plus total return from roughly 160 preferreds and other income payers, and pays 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

NPFI The Fund seeks a high level of current income together with total return.

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

NPFI Income-first mandate: a high level of current income together with total return, paid out monthly rather than quarterly.
Owns preferred securities, not bank common stock like XLF or VFH, so it acts as an income sleeve rather than a sector-earnings bet.
Spread across roughly 160 income-producing positions, so no single issuer's coupon runs the show.

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

NPFI At 0.56% a year it costs more than the typical fund in its financials cohort, and many times index peers like XLF (0.08%) or VFH (0.09%).
A small fund that trades lightly, so bid-ask spreads can run wider than on the cohort's giants.
Launched in 2024, so the track record is short, and it sits in the lower tier of its financials cohort on cost and trading friction.

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 NPFI profile⁠

Full PFFD profile⁠

NPFI vs PFFD Holdings

How NPFI and PFFD differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile48.3%
Asset classBonds100%

Sector

No Sector split for NPFI.

Country, concentration and asset class

Country by domicile

Country weights in NPFI and PFFD, widest gap first
Country	Gap	NPFI	PFFD
United States	PFFD +51.8 points	45.3%	97.1%
United Kingdom	NPFI +13.3 points	13.3%	0.0%
Canada	NPFI +12.7 points	13.6%	0.9%
France	NPFI +9.1 points	9.1%	0.0%
Spain	NPFI +5.4 points	5.4%	0.0%
Switzerland	NPFI +4.5 points	4.5%	0.0%
Netherlands	NPFI +1.9 points	1.9%	0.0%
Ireland	NPFI +1.5 points	1.5%	0.0%
Other countries (4)	NPFI +3.4 points	5.4%	2.0%

Outside the US: NPFI 96% developed, 4% emerging.

Concentration

Weight in the 10 largest Holdings

NPFI14.2%
PFFD23.9%

Securities held

NPFI120
PFFD238

Asset class

NPFI: Bonds
PFFD: Bonds

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. NPFI holds 120 securities, PFFD 238.

All 160 NPFI 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.

NPFI vs PFFD Cost

Overpaying NPFI vs PFFD

$6,329

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

NPFI 0.56%
$11,088
PFFD 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

NPFI 0.56%
PFFD 0.23%
Overpaying

Year by year

Year	NPFI	PFFD	Overpaying
10	$1,006	$419	$587
20	$3,855	$1,630	$2,225
30	$11,088	$4,759	$6,329

Expense ratio

0.56%NPFI
0.23%PFFD, cheaper

PFFD0.23%NPFI0.56%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

NPFI 19th cheapest of 31 funds

NPFI vs PFFD Dividends

Last 12 months to Nov 9, 2026

Yield (12M): NPFI 6.72%; PFFD 7.02%, better
Payout (12M): NPFI $1.70; PFFD $1.20
Last payment: NPFI $0.15; PFFD $0.10
Ex-dividend: NPFI Nov 2, 2026; PFFD Nov 2, 2026
Paid on: NPFI Nov 3, 2026; PFFD Nov 5, 2026
Frequency: NPFI Monthly; PFFD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

NPFIMonthly · 32 paymentsAll NPFI payments⁠

PFFDMonthly · 46 paymentsAll PFFD payments⁠

NPFI vs PFFD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: NPFI 3.7%since Apr 2024PFFD 9.1%
Return per unit of riskSharpe ratio, 3 years: NPFI 0.39since Apr 2024PFFD 0.10
Worst fallMax drawdown, 5 years: NPFI −3.2%since Mar 2024PFFD −24.4%
Market sensitivityBeta, 5 years: NPFI 0.24PFFD 1.07; Market = 1

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