PFF vs PFFD: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

Global X U.S. Preferred ETF

PFFDANYSE Arca

Overlap

0.0%by weight

Expense ratio

PFFD −0.22pt a year

PFF0.45%PFFD0.23%

Avg volume · 30D

PFF 2.9×the volume

PFF3.04MPFFD1.06M

5Y return · a year

PFF +1.7pt

PFF−0.6%PFFD−2.3%

PFF vs PFFD Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%PFF−10.8%PFFD

Expense ratio: PFF 0.45%; PFFD 0.23%, better
Fund size: PFF $11.7B; PFFD $1.83B
1Y total return: PFF −3.8%, better; PFFD −5.7%
Yield (12M): PFF 5.73%; PFFD 7.07%, better
Holdings: PFF 452; PFFD 238
Avg volume (30D): PFF 3.04M sh, better; PFFD 1.06M sh
NAV per share: PFF $28.50; PFFD $17.00
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PFFD, with each pillar’s weight
Pillar	PFF	PFFD
Cost30% weight	A73	A100Higher
Mission25% weight	A80Higher	A75
Risk15% weight	D30Higher	D25
Tradability15% weight	A92Higher	A83
Holdings10% weight	B64Higher	C48
Durability5% weight	A97Higher	A72

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF 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 PFF 2nd 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

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PFFDAGlobal X U.S. Preferred 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.

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

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.

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

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.

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

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.

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 PFF profile⁠

Full PFFD profile⁠

PFF vs PFFD Holdings

As of Oct 13, 2026

How PFF and PFFD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of PFF and 0.0% of PFFD.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings0 in both0.0%
Sector11 Sectors24.0%
Countryby domicile96.9%

Sector

Sector weights in PFF and PFFD, widest gap first
Sector	More in PFFMore in PFFD	PFF	PFFD
Utilities	PFFD +75.2 points	9.7%	84.9%
Financials	PFF +51.3 points	51.3%	0.0%
Real Estate	PFF +10.8 points	10.8%	0.0%
Communication	PFF +8.1 points	8.1%	0.0%
Health Care	PFF +1.6 points	1.6%	0.0%
Consumer Discretionary	PFF +1.3 points	1.3%	0.0%
Consumer Staples	PFF +1.2 points	1.2%	0.0%
Materials	PFF +1.1 points	1.1%	0.0%
Industrials	PFFD +0.5 points	4.8%	5.3%
Energy	PFF +0.5 points	0.5%	0.0%
Technology	PFFD +0.2 points	9.6%	9.8%

Country, concentration and asset class

Country by domicile

Country weights in PFF and PFFD, widest gap first
Country	More in PFFMore in PFFD	PFF	PFFD
United States	PFF +3.1 points	100.0%	96.9%
Bermuda	PFFD +2.1 points	0.0%	2.1%
Canada	PFFD +1.0 points	0.0%	1.0%

Concentration

Weight in the 10 largest Holdings

PFF22.0%
PFFD25.1%

Securities held

PFF448
PFFD238

Asset class

PFF: Equity
PFFD: Fixed Income

Holdings

Only in PFF448
In both0
Only in PFFD238

Only in PFF

448 securities, 99.1% of PFF by weight

Strategy Inc3.45%
Boeing Co3.19%
Super Micro Computer Inc2.15%
Hewlett Packard Enterprise Conv Pr2.14%
Wells Fargo & Company Series L2.11%
Oracle Corporation2.11%
Alphabet Inc2.08%
Alphabet Inc2.05%
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%
JPMorgan Chase & Co0.74%
Wells Fargo & Company0.68%
JPMorgan Chase and Co Ds Repstg T0.65%
JPMorgan Chase Non-Cumulative Pref0.64%
Ares Management Corp0.63%
Bruker Corporation0.59%
PG&E Corporation0.55%
Ppl Corporation0.54%
AT&T Inc0.54%
Strive Inc0.54%
JPMorgan Chase Drc0.51%
Capital One Financial Corporation0.50%
Goldman Sachs Group Inc0.49%
Strategy Inc0.48%
AT&T Inc0.48%
Morgan Stanley0.47%
Bank of America Corp0.46%
Morgan Stanley0.46%
M&T Bank Corporation0.46%
Morgan Stanley Ds Representing F0.45%
Duke Energy Corp0.44%
Morgan Stanley0.43%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.42%
Morgan Stanley0.42%
Morgan Stanley0.41%
Morgan Stanley Ds0.41%
Morgan Stanley0.40%
Capital One Financial Corporation0.40%
Wells Fargo & Company0.39%
Athene Holding Ds Representing P0.39%

Only in PFFD

238 securities, 100% of PFFD by weight

Ba 6 10/15/27 (BRBLC59)4.52%
Smci 7 06/01/29 (BWRXGQ3)3.91%
Orcl 6 1/2 01/15/29 (BTTQ6B4)3.21%
Googl 6 1/4 05/15/29 (BX59J50)2.34%
Wfc 7 1/2 Perp (B3KRSW9)2.33%
Googl 6 1/4 05/15/29 (BX59J61)2.32%
C 10.4746 10/30/40 (B3Z1BZ0)1.83%
Kkr 6 1/4 03/01/28 (BN72V73)1.65%
Nee 7 3/8 02/15/29 (BWTWYL9)1.55%
Mchp 7 1/2 03/15/28 (BTTRKK4)1.42%
So 7 1/8 12/15/28 (BMHXRD7)1.40%
Bac 7 1/4 Perp (B2PB3Z7)1.38%
Nee 7.234 11/01/27 (BRBLDX4)1.07%
Jpm 6 Perp (BJ2KBT6)1.04%
Jpm 5 3/4 Perp (BFY34D0)0.90%
Ares 6 3/4 10/01/27 (BR4TW49)0.90%
Brkr 6 3/8 09/01/28 (BVZM740)0.86%
T 4 3/4 Perp (BLL1ZY7)0.84%
Pcg 6 12/01/27 (BPGN2R8)0.82%
Mstr 8 Perp (BTCDKX2)0.82%
Ppl 7 02/15/29 (BWFB3Q8)0.81%
Jpm 4 5/8 Perp (BND7XB0)0.78%
Jpm 4.2 Perp (BN75VC7)0.78%
Gs 4.68873 Perp (B15CKS5)0.77%
Cof 5 Perp (BGMJPW3)0.75%
T 5.35 11/01/66 (BF545Q2)0.74%
Wfc 4 3/4 Perp (BJVB6B7)0.74%
Duk 5 3/4 Perp (BJXH6L3)0.67%
All 5.1 Perp (BKDKS91)0.63%
Jpm 4.55 Perp (BM8TGF9)0.62%
Ath 6.35 Perp (BPSKDY1)0.61%
T 5 Perp (BKPK060)0.61%
Cof 4.8 Perp (BK9PWX2)0.60%
Novt 6 1/2 11/01/28 (BTWWZS9)0.60%
Nee 6 1/2 06/01/2085 (BTZQRD7)0.59%
Xel 6 1/4 10/15/2085 (BV2JPV7)0.58%
Ms 6 5/8 Perp (BPDXXZ6)0.58%
Mtb 7 1/2 Perp (BS55Z77)0.57%
Usb 4.61453 Perp (B125QN4)0.56%
Ms 6 1/2 Perp (BQH5ZL5)0.56%
C 6 1/4 Perp (BWRNH48)0.55%
Ms 6 3/8 Perp (BQT2G00)0.55%
So 4.95 01/30/2080 (BKM3QB9)0.54%
Rga 7 1/8 10/15/52 (BMG9SY4)0.53%
Ms 4.71453 Perp (B1802M4)0.53%
Ms 7 1/8 Perp (BF4YJ94)0.52%
Ms 5.85 Perp (BYYYY81)0.51%
Met 4 3/4 Perp (BL3BQ19)0.51%
Ms 6 7/8 Perp (BH5QGM5)0.50%
Met 5 5/8 Perp (BG43LW5)0.49%

Weight gaps

PFF and PFFD share no securities.

All 453 PFF 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.

PFF vs PFFD Cost

Overpaying PFF vs PFFD

$4,282

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

PFF 0.45%
$9,041
PFFD 0.23%
$4,759

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PFFD 0.23%
Overpaying

Year by year

Year	PFF	PFFD	Overpaying
10	$812	$419	$393
20	$3,128	$1,630	$1,498
30	$9,041	$4,759	$4,282

Expense ratio

0.45%PFF
0.23%PFFD, cheaper

PFFD0.23%PFF0.45%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFFD cheapest of 31 funds

PFF 6th cheapest of 31 funds

PFF vs PFFD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFF 5.73%; PFFD 7.07%, better
Payout (12M): PFF $1.63; PFFD $1.20
Last payment: PFF $0.16; PFFD $0.10
Ex-dividend: PFF Oct 1, 2026; PFFD Oct 1, 2026
Paid on: PFF Oct 6, 2026; PFFD Oct 6, 2026
Frequency: PFF Monthly; PFFD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 45 paymentsAll PFF payments⁠

PFFDMonthly · 45 paymentsAll PFFD payments⁠

PFF vs PFFD Risk

Fall from peak · 5 years

PFF
PFFD

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%, betterPFFD 9.1%
Return per unit of riskSharpe ratio, 3 years: PFF 0.22, betterPFFD 0.10
Worst fallMax drawdown, 5 years: PFF −21.1%, betterPFFD −24.4%
Market sensitivityBeta, 5 years: PFF 0.97PFFD 1.07; Market = 1

PFF and PFFD 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

PFFAvsEVPFB
iShares Preferred and Income Securities ETF · Eaton Vance Preferred Securities and Income ETF
Expense ratio
0.45% · 0.39%
Category
PFFDAvsEVPFB
Global X U.S. Preferred ETF · Eaton Vance Preferred Securities and Income ETF
Expense ratio
0.23% · 0.39%
Category
PFFAvsPFFVB
iShares Preferred and Income Securities ETF · Global X Variable Rate Preferred ETF
Expense ratio
0.45% · 0.25%
Category
PFFDAvsPFFVB
Global X U.S. Preferred ETF · Global X Variable Rate Preferred ETF
Expense ratio
0.23% · 0.25%
Category
PFFAvsVRPB
iShares Preferred and Income Securities ETF · Invesco Variable Rate Preferred ETF
Expense ratio
0.45% · 0.50%
Category
PFFDAvsVRPB
Global X U.S. Preferred ETF · Invesco Variable Rate Preferred ETF
Expense ratio
0.23% · 0.50%
Category

PFF vs PFFD

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and PFFD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFFD

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 PFFD differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFFD

Weight gaps