PFF vs PFFA: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

Virtus InfraCap U.S. Preferred Stock ETF

PFFADNYSE Arca

Overlap

14.7%by weight

Expense ratio

PFF −1.66pt a year

PFF0.45%PFFA2.11%

Avg volume · 30D

PFF 3.6×the volume

PFF3.17MPFFA879K

5Y return · a year

PFFA +3.9pt

PFF−0.4%PFFA+3.5%

PFF vs PFFA Performance

Nov 9, 2021 – Nov 9, 2026

−1.8%PFF+19.0%PFFA

Expense ratio: PFF 0.45%, better; PFFA 2.11%
Fund size: PFF $11.5B; PFFA $2.23B
1Y total return: PFF −2.7%, better; PFFA −4.4%
Yield (12M): PFF 5.73%; PFFA 11.07%, better
Holdings: PFF 452; PFFA 199
Avg volume (30D): PFF 3.17M sh, better; PFFA 879K sh
NAV per share: PFF $28.29; PFFA $18.54
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PFFA, with each pillar’s weight
Pillar	PFF	PFFA
Cost30% weight	A73Higher	F0
Mission25% weight	A81Higher	B68
Risk15% weight	D30Higher	D27
Tradability15% weight	A89Higher	B69
Holdings10% weight	B61Higher	C48
Durability5% weight	A97Higher	B69

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PFFA 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 PFFA 29th 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 28CQTPINorth Square RCIM Tax-Advantaged Preferred and Income Securities ETFScore 40
Rank 29DPFFAVirtus InfraCap U.S. Preferred Stock ETFScore 39
Rank 30FVPFFVIRTUS INFRACAP PREFERRED AND INCOME SECURITIES ETFScore 17

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PFFADVirtus InfraCap U.S. Preferred Stock ETF

In short

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.

PFFA Most preferred-stock funds just track an index. PFFA hand-picks its preferreds, borrows 20-30% to amplify the income stream, writes options on top, and pays monthly.

Stated mandate

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.

PFFA The fund seeks current income and, secondarily, capital appreciation through an actively managed portfolio of U.S. preferred stocks. It also uses options strategies and modest leverage to enhance income and total return.

Why people hold it

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.

PFFA Genuinely active, not an index in disguise: managers select and weight preferreds on valuation and research, and layer options strategies over the book.virtus.com
Modest leverage, typically 20-30%, amplifies both income and price swings. That mechanism is the line between this and a plain preferred tracker.virtus.com
Pays monthly, spread across roughly 200 preferred positions rather than a handful of concentrated bets.
A multi-billion-dollar fund that trades actively for a niche corner, which helps keep bid-ask friction manageable.

Worth knowing

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.

PFFA The 2.11% expense ratio runs several times the typical fund in its income peer group. That is a real hurdle the strategy has to clear.
Leverage cuts both ways: borrowed money deepens declines as well as gains, and preferreds are already sensitive to rates and credit stress.virtus.com
It sits in a peer group of cheap dividend-growth funds (CGDV, TDVG, both well under 1%). Different asset class, different machinery, very different price tag.

Full PFF profile⁠

Full PFFA profile⁠

PFF vs PFFA Holdings

How PFF and PFFA differ

Overlap by weight

14.7%

Shared holdings make up 86.3% of PFFA and 27.7% of PFF.

Level by level

Asset classStocks, Bonds0.0%
Holdings119 in both14.7%
Sector11 Sectors59.5%
Countryby domicile96.3%

Sector

Sector weights in PFF and PFFA, widest gap first
Sector	Gap	PFF	PFFA
Real Estate	PFFA +29.2 points	10.7%	39.9%
Financials	PFF +25.9 points	51.5%	25.6%
Utilities	PFF +6.7 points	10.9%	4.2%
Energy	PFFA +4.1 points	0.5%	4.6%
Industrials	PFFA +3.8 points	4.9%	8.7%
Communication	PFFA +3.4 points	7.6%	11.0%
Technology	PFF +2.9 points	8.6%	5.7%
Health Care	PFF +1.6 points	1.6%	0.0%
Consumer Staples	PFF +1.2 points	1.2%	0.0%
Materials	PFF +1.2 points	1.2%	0.0%
Consumer Discretionary	PFF +1.0 points	1.3%	0.3%

Country, concentration and asset class

Country by domicile

Country weights in PFF and PFFA, widest gap first
Country	Gap	PFF	PFFA
United States	PFF +3.7 points	100.0%	96.3%
Bermuda	PFFA +3.0 points	0.0%	3.0%
Greece	PFFA +0.6 points	0.0%	0.6%
Other countries (2)	PFFA +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

PFF21.3%
PFFA25.0%

Securities held

PFF447
PFFA199

Asset class

PFF: Stocks
PFFA: Bonds

Holdings

Only in PFF328
In both119
Only in PFFA80

Only in PFF

328 securities, 71.9% of PFF by weight

Wells Fargo & Company Series L2.14%
Oracle Corporation1.94%
Nextera Energy Units1.83%
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%
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%
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%
Athene Holding Ds Representing P0.39%
Pinnacle Financial Partners Non Cu0.39%
Bank of America Corp0.39%
M T Bk Dep Int Perp Pfd Stk Ser J0.39%
Wells Fargo & Company0.39%
Bank of America Corporation Deposi0.38%
Citigroup Inc0.38%
Annaly Capital Management Inc0.37%

Only in PFFA

80 securities, 38.8% of PFFA by weight

Boeing Co/The 6.000%2.86%
KKR & Co Inc 6.250%2.78%
Energy Transfer LP 9.250%2.38%
Adamas Trust Inc 8.000%1.78%
Triton International Ltd 7.625%1.61%
Oracle Corp 6.500%1.59%
Ares Management Corp 6.750%1.22%
Adamas Trust Inc 10.807%1.08%
First Horizon Corp 6.750%0.91%
CION Investment Corp 7.500%0.90%
Redwood Trust Inc 9.000%0.82%
Rithm Capital Corp 8.750%0.82%
NextEra Energy Capital Holdings Inc 6.500%0.81%
Federal Agricultural Mortgage Corp 6.500%0.81%
Babcock & Wilcox Enterprises Inc 8.750% 06/30/20300.78%
DigitalBridge Group Inc 7.150%0.78%
DigitalBridge Group Inc 7.125%0.77%
Bread Financial Holdings Inc 8.625%0.75%
American National Group Inc 7.375%0.67%
TPG Mortgage Investment Trust Inc 10.718%0.67%
Medallion Bank/Salt Lake City UT 9.000%0.64%
SCE Trust VI 5.000%0.63%
NewtekOne Inc 8.625%0.62%
Vornado Realty Trust 5.400%0.59%
Redwood Trust Inc 9.125%0.55%
Live Oak Bancshares Inc 8.375%0.55%
GasLog Partners LP 8.625%0.53%
TPG Mortgage Investment Trust Inc 8.000%0.53%
Dynex Capital Inc 9.375%0.51%
NewtekOne Inc 8.500%0.48%
Federal Agricultural Mortgage Corp 6.875%0.47%
Global Net Lease Inc 7.375%0.46%
Citigroup Inc 6.250%0.44%
Rithm Capital Corp 8.971%0.44%
Bread Financial Holdings Inc 8.875%0.44%
M&T Bank Corp 6.350%0.43%
M&T Bank Corp 6.625%0.43%
Oxford Square Capital Corp 7.750%0.41%
Ramaco Resources Inc 8.250%0.40%
Enterprise Financial Services Corp 5.000%0.36%
Triton International Ltd 7.500%0.34%
Adamas Trust Inc 9.125%0.31%
Rithm Property Trust Inc 9.875%0.31%
Sound Point Meridian Capital Inc 8.000%0.28%
Bread Financial Holdings Inc 9.375%0.27%
Live Oak Bancshares Inc 8.750%0.27%
NextEra Energy Inc 7.375%0.22%
Ramaco Resources Inc 8.375%0.21%
Alpine Income Property Trust Inc 8.000%0.21%
Shift4 Payments Inc 6.000%0.19%

Weight gaps

The 100 widest of 119 Holdings in both funds.

Holding weights in PFF and PFFA, widest gap first
Holding	Gap	PFF	PFFA
Strategy IncSTRC	PFF +3.43 points	3.50%	0.07%
Boeing CoBA	PFF +3.21 points	3.22%	<0.01%
Strategy IncSTRD	PFFA +2.81 points	0.37%	3.18%
New York Community Bancorp Int Fxd	PFFA +2.59 points	0.25%	2.84%
Qwest CorpCTGG	PFFA +2.12 points	0.13%	2.25%
Telephone and Data Systems Inc	PFFA +2.08 points	0.24%	2.32%
Rlj Lodging .95 Cumulative Convert	PFFA +2.06 points	0.16%	2.22%
Global Net Lease Cumulative Rede	PFFA +2.02 points	0.09%	2.11%
Diversified Healthcare .25% SeniorDHCNL	PFFA +1.97 points	0.10%	2.07%
Diversified Healthcare .625% SenioDHCNI	PFFA +1.93 points	0.12%	2.05%
Merchants BancorpMBINL	PFFA +1.92 points	0.11%	2.03%
Super Micro Computer IncSMCIP	PFF +1.91 points	1.91%	<0.01%
First Citizens Bancshares Inc (DelFCNCN	PFFA +1.80 points	0.18%	1.98%
Qwest CorpCTHH	PFFA +1.80 points	0.10%	1.90%
Babcock & Wilcox Enterprises Inc	PFFA +1.79 points	0.07%	1.86%
Nextera Energy IncNEE	PFF +1.77 points	1.77%	<0.01%
Banc of California Inc	PFFA +1.71 points	0.27%	1.98%
Mfa Financial Inc	PFFA +1.54 points	0.12%	1.66%
Xcel Energy IncXELLL	PFFA +1.49 points	0.40%	1.89%
Triton International Ltd	PFFA +1.40 points	0.08%	1.48%
Compass Diversified Holdings Fixed	PFFA +1.39 points	0.09%	1.48%
Valley National BancorpVLYPP	PFFA +1.24 points	0.06%	1.30%
Pennymac Mortgage Investment Trust	PFFA +1.23 points	0.08%	1.31%
Atlanticus Holdings CorpATLCZ	PFFA +1.23 points	0.09%	1.32%
Compass Diversified Holdings	PFFA +1.13 points	0.09%	1.22%
Dte Energy CompanyDTK	PFFA +1.13 points	0.26%	1.39%
Slm CorpSLMBP	PFFA +1.11 points	0.09%	1.20%
Chimera Investment Corp	PFFA +1.09 points	0.08%	1.17%
Compass Diversified Holdings	PFFA +1.07 points	0.05%	1.12%
Chimera Investment Corp	PFFA +1.03 points	0.10%	1.13%
Redwood Trust IncRWTS	PFFA +1.02 points	0.05%	1.07%
Saul Centers Inc	PFFA +0.99 points	0.04%	1.03%
Corebridge Financial IncCRBD	PFFA +0.99 points	0.26%	1.25%
Vornado Realty Trust	PFFA +0.95 points	0.11%	1.06%
Invesco Mortgage Capital Inc	PFFA +0.93 points	0.08%	1.01%
Global Net Lease Pref Series A Inc	PFFA +0.88 points	0.08%	0.96%
Innovative Industrial Properties I	PFFA +0.84 points	0.07%	0.91%
Prospect Capital Corp	PFFA +0.84 points	0.03%	0.87%
Hudson Pacific Properties Inc	PFFA +0.82 points	0.12%	0.94%
Spire IncSRJN	PFFA +0.81 points	0.08%	0.89%
Transcanada Pipelines LtdTCPA	PFFA +0.79 points	0.16%	0.95%
Chimera Investment Corp	PFFA +0.78 points	0.13%	0.91%
Mfa Financial Inc	PFFA +0.78 points	0.07%	0.85%
Pebblebrook Hotel Trust	PFFA +0.74 points	0.06%	0.80%
Vornado Realty Trust	PFFA +0.71 points	0.10%	0.81%
Western Alliance Bancorp	PFFA +0.69 points	0.15%	0.84%
Brighthouse Financial IncBHFAN	PFFA +0.69 points	0.12%	0.81%
Chimera Investment CorpCIMP	PFFA +0.67 points	0.06%	0.73%
Triton International Ltd	PFFA +0.67 points	0.06%	0.73%
Triton International Ltd	PFFA +0.66 points	0.06%	0.72%
Epr Properties	PFFA +0.64 points	0.06%	0.70%
Global Net Lease Inc	PFFA +0.63 points	0.05%	0.68%
Ready Capital CorpRCD	PFFA +0.61 points	0.05%	0.66%
Summit Hotel Properties Inc	PFFA +0.59 points	0.06%	0.65%
Redwood Trust IncRWTQ	PFFA +0.59 points	0.04%	0.63%
Cion Investment Notes Due CorpCICC	PFFA +0.57 points	0.06%	0.63%
Vornado Realty Trust	PFFA +0.55 points	0.08%	0.63%
Brighthouse Financial IncBHFAM	PFFA +0.51 points	0.07%	0.58%
Alphabet IncGOOGM	PFF +0.50 points	2.12%	1.62%
Strategy IncSTRK	PFFA +0.47 points	0.36%	0.83%
Brighthouse Financial IncBHFAP	PFFA +0.47 points	0.11%	0.58%
Telephone Data Sys Drc Inc	PFFA +0.47 points	0.16%	0.63%
Alphabet IncGOOGN	PFF +0.46 points	2.09%	1.63%
Braemar Hotel & Resorts Inc	PFFA +0.40 points	0.02%	0.42%
Brighthouse Financial IncBHFAO	PFFA +0.37 points	0.11%	0.48%
Pennymac Mortgage Investment Trust	PFFA +0.37 points	0.05%	0.42%
Rithm Capital Corp	PFFA +0.35 points	0.09%	0.44%
Navient Prcnt Senior Notes Exp DJSM	PFFA +0.34 points	0.10%	0.44%
New York Community Capital Trust V	PFFA +0.35 points	0.05%	0.40%
Merchants BancorpMBINN	PFFA +0.31 points	0.08%	0.39%
F&G Annuities & Life IncFGSN	PFFA +0.31 points	0.14%	0.45%
Cto Realty Growth Inc	PFFA +0.29 points	0.05%	0.34%
Sl Green Realty Corp	PFFA +0.30 points	0.10%	0.40%
Chimera Investment Corp	PFFA +0.29 points	0.05%	0.34%
Acres Commercial Realty .625 Fixed	PFFA +0.26 points	0.06%	0.32%
Sce Trust Viii	PFFA +0.25 points	0.15%	0.40%
New Residential Investment Corp	PFF +0.24 points	0.24%	<0.01%
Pebblebrook Hotel Trust	PFFA +0.21 points	0.09%	0.30%
Vse CorpVSECU	PFF +0.20 points	0.21%	0.01%
Regency Centers Series B CumulatREGCO	PFFA +0.19 points	0.05%	0.24%
Brighthouse Financial IncBHFAL	PFFA +0.19 points	0.12%	0.31%
Franklin Bsp Realty Trust Cumula	PFFA +0.19 points	0.09%	0.28%
Summit Hotel Properties Inc	PFFA +0.17 points	0.03%	0.20%
Trinity Capital IncTRNI	PFFA +0.17 points	0.06%	0.23%
Pennymac Mortgage Investment Trust	PFFA +0.16 points	0.08%	0.24%
Kemper CorpKMPB	PFFA +0.15 points	0.08%	0.23%
Agnc Investment CorpAGNCZ	PFF +0.15 points	0.17%	0.02%
Associated Banc-CorpASBA	PFF +0.15 points	0.15%	<0.01%
Strategy IncSTRF	PFFA +0.14 points	0.49%	0.63%
Pitney Bowes Inc	PFF +0.13 points	0.13%	<0.01%
Armour Residential Reit Inc	PFFA +0.13 points	0.07%	0.20%
Kkr Group Finance Co Ix LlcKKRS	PFF +0.12 points	0.15%	0.03%
United States Cellular CorporationUZF	PFFA +0.12 points	0.03%	0.15%
First Busey CorporationBUSEP	PFF +0.11 points	0.11%	<0.01%
Charter Communications CumulativeCHTRP	PFFA +0.11 points	0.08%	0.19%
Synchrony Financial	PFFA +0.11 points	0.26%	0.37%
Sce Trust Vii	PFF +0.08 points	0.24%	0.16%
Arbor Realty Trust Inc	PFFA +0.07 points	0.06%	0.13%
Valley National BancorpVLYPN	PFF +0.08 points	0.08%	<0.01%
Valley Natl Non Cum Perp Pref SeriVLYPO	PFFA +0.07 points	0.05%	0.12%

All 454 PFF holdings⁠All 198 PFFA 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.

PFF vs PFFA Cost

Overpaying PFFA vs PFF

$25,200

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

PFF 0.45%
$9,041
PFFA 2.11%
$34,241

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PFFA 2.11%
Overpaying

Year by year

Year	PFF	PFFA	Overpaying
10	$812	$3,552	$2,740
20	$3,128	$12,714	$9,586
30	$9,041	$34,241	$25,200

Expense ratio

0.45%PFF, cheaper
2.11%PFFA

PFF0.45%PFFA2.11%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

PFFA 31st cheapest of 31 funds

PFF vs PFFA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PFF 5.73%; PFFA 11.07%, better
Payout (12M): PFF $1.64; PFFA $2.06
Last payment: PFF $0.18; PFFA $0.17
Ex-dividend: PFF Nov 2, 2026; PFFA Oct 20, 2026
Paid on: PFF Nov 5, 2026; PFFA Oct 27, 2026
Frequency: PFF Monthly; PFFA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 46 paymentsAll PFF payments⁠

PFFAMonthly · 46 paymentsAll PFFA payments⁠

PFF vs PFFA Risk

Fall from peak · 5 years

PFF
PFFA

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%, betterPFFA 10.6%
Return per unit of riskSharpe ratio, 3 years: PFF 0.22PFFA 0.58, better
Worst fallMax drawdown, 5 years: PFF −21.1%, betterPFFA −22.7%
Market sensitivityBeta, 5 years: PFF 0.97PFFA 1.07; Market = 1

PFF and PFFA 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

Popular comparisons

PFFAvsPFFDA
iShares Preferred and Income Securities ETF · Global X U.S. Preferred ETF
Expense ratio
0.45% · 0.23%
Category
PFFADvsPFFDA
Virtus InfraCap U.S. Preferred Stock ETF · Global X U.S. Preferred ETF
Expense ratio
2.11% · 0.23%
Category
PFFAvsPGXB
iShares Preferred and Income Securities ETF · Invesco Preferred ETF
Expense ratio
0.45% · 0.50%
Category
PFFADvsPFFVB
Virtus InfraCap U.S. Preferred Stock ETF · Global X Variable Rate Preferred ETF
Expense ratio
2.11% · 0.25%
Category
PFFAvsPFFVB
iShares Preferred and Income Securities ETF · Global X Variable Rate Preferred ETF
Expense ratio
0.45% · 0.25%
Category
PFFADvsEVPFB
Virtus InfraCap U.S. Preferred Stock ETF · Eaton Vance Preferred Securities and Income ETF
Expense ratio
2.11% · 0.39%
Category

PFF vs PFFA

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and PFFA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFFA

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 PFF and PFFA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFFA

Weight gaps