PFF vs PFLD: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

AAM Low Duration Preferred and Income Securities ETF

PFLDBNYSE Arca

Overlap

18.0%by weight

Expense ratio

PFF0.45%PFLD0.45%

Avg volume · 30D

PFF 46.4×the volume

PFF3.04MPFLD65.6K

5Y return · a year

PFLD +1.2pt

PFF−0.6%PFLD+0.6%

PFF vs PFLD Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%PFF+3.0%PFLD

Expense ratio: PFF 0.45%; PFLD 0.45%
Fund size: PFF $11.7B; PFLD $368M
1Y total return: PFF −3.8%; PFLD +2.1%, better
Yield (12M): PFF 5.73%, better; PFLD 5.60%
Holdings: PFF 452; PFLD 119
Avg volume (30D): PFF 3.04M sh, better; PFLD 65.6K sh
NAV per share: PFF $28.50; PFLD $19.06
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PFLD, with each pillar’s weight
Pillar	PFF	PFLD
Cost30% weight	A73	A73
Mission25% weight	A80Higher	C43
Risk15% weight	D30	B66Higher
Tradability15% weight	A92Higher	C47
Holdings10% weight	B64Higher	C42
Durability5% weight	A97Higher	B57

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PFLD 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 PFLD 13th 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 13BHBRDInvesco U.S. Hybrid Bond ETFScore 56
Rank 13BPFLDAAM Low Duration Preferred and Income Securities ETFScore 56
Rank 15CCSSDCohen & Steers Short Duration Preferred and Income Active ETFScore 54

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PFLDBAAM Low Duration Preferred and Income Securities 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.

PFLD Preferred income on a shorter leash. PFLD tracks an ICE index built only from exchange-listed preferred and hybrid securities with five years of duration or less, and it 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.

PFLD The Fund seeks to track, before fees and expenses, the total return of the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index.

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.

PFLD The whole point is the duration screen: the ICE 0-5 Year Duration Exchange-Listed Preferred & Hybrid Securities Index keeps the portfolio at the short end of a market known for long, rate-sensitive paper.
Income arrives monthly rather than quarterly, from a basket of roughly 160 preferreds and hybrids, so no single issuer's payout dominates the check.
Rules, not hunches. It is passively managed against one published index, so the holdings follow a disclosed rulebook instead of a manager's mood, and it has run that way since launching in 2019.

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.

PFLD At 0.45% it sits right at the median for index-tracking ETFs, but that cohort includes plain stock trackers like VT and SCHK charging under a tenth as much. Niche plumbing costs more.
Short duration turns down interest-rate sensitivity, not credit risk. These are hybrid preferred securities, and they behave like hybrids when markets get jumpy.
A mid-sized, moderately traded fund rather than a category heavyweight, so limit orders and a glance at the spread do more work here than in the giants.

Full PFF profile⁠

Full PFLD profile⁠

PFF vs PFLD Holdings

How PFF and PFLD differ

Overlap by weight

18.0%

Shared holdings make up 98.9% of PFLD and 18.0% of PFF.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings116 in both18.0%
Countryby domicile88.1%

Sector

No Sector split for PFLD.

Country, concentration and asset class

Country by domicile

Country weights in PFF and PFLD, widest gap first
Country	More in PFFMore in PFLD	PFF	PFLD
United States	PFF +11.9 points	100.0%	88.1%
Canada	PFLD +8.0 points	0.0%	8.0%
United Kingdom	PFLD +2.5 points	0.0%	2.5%
Ireland	PFLD +0.6 points	0.0%	0.6%
Other countries (4)	PFLD +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

PFF22.0%
PFLD21.7%

Securities held

PFF448
PFLD119

Asset class

PFF: Equity
PFLD: Fixed Income

Holdings

Only in PFF332
In both116
Only in PFLD3

Only in PFF

332 securities, 81.1% 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%
Strategy Inc0.48%
AT&T Inc0.48%
Morgan Stanley0.47%
Bank of America Corp0.46%
Morgan Stanley0.46%
M&T Bank Corporation0.46%
Duke Energy Corp0.44%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.42%
Morgan Stanley0.40%
Capital One Financial Corporation0.40%
Wells Fargo & Company0.39%
AT&T Inc0.39%
Novanta Tangible Equity Units0.39%
Bank of America Corp0.38%
Pinnacle Financial Partners Non Cu0.38%
M T Bk Dep Int Perp Pfd Stk Ser J0.38%
Wells Fargo & Company0.38%
Xcel Energy Inc0.38%

Only in PFLD

3 securities, 1.1% of PFLD by weight

GasLog Partners LP0.45%
Tsakos Energy Navigation Ltd0.32%
Adamas Trust Inc0.31%

Weight gaps

The 100 widest of 116 Holdings in both funds.

Holding weights in PFF and PFLD, widest gap first
Holding	More in PFFMore in PFLD	PFF	PFLD
Morgan Stanley Ds Representing F	PFLD +2.00 points	0.45%	2.45%
Morgan Stanley	PFLD +1.89 points	0.43%	2.32%
Goldman Sachs Group Inc	PFLD +1.85 points	0.49%	2.34%
Morgan Stanley	PFLD +1.84 points	0.42%	2.26%
Morgan Stanley	PFLD +1.82 points	0.41%	2.23%
Morgan Stanley Ds	PFLD +1.79 points	0.41%	2.20%
Athene Holding Ds Representing P	PFLD +1.72 points	0.39%	2.11%
Annaly Capital Management Inc	PFLD +1.62 points	0.37%	1.99%
Reinsurance Group of America IncorRZC	PFLD +1.57 points	0.36%	1.93%
Us Bancorp	PFLD +1.51 points	0.34%	1.85%
Allstate Dep Repstg Th Non Cum Pe	PFLD +1.43 points	0.31%	1.74%
Jackson Financial Inc	PFLD +1.38 points	0.28%	1.66%
Apollo Global Management IncAPOS	PFLD +1.33 points	0.30%	1.63%
Chs Cumulative Redeemable Pref ClaCHSCO	PFLD +1.32 points	0.27%	1.59%
Keycorp	PFLD +1.31 points	0.30%	1.61%
Allstate Corporation (The)	PFLD +1.23 points	0.26%	1.49%
Agnc Investment CorpAGNCP	PFLD +1.23 points	0.28%	1.51%
Athene Holding LtdATHS	PFLD +1.16 points	0.27%	1.43%
Banc of California Inc	PFLD +1.15 points	0.26%	1.41%
Synchrony Financial	PFLD +1.12 points	0.26%	1.38%
Chs IncCHSCL	PFLD +1.12 points	0.25%	1.37%
Keycorp	PFLD +1.10 points	0.25%	1.35%
Metlife Inc	PFLD +1.08 points	0.25%	1.33%
Athene Hldg Ltd Dep Shr Repstg I	PFLD +1.06 points	0.25%	1.31%
Regions Financial Corporation	PFLD +1.05 points	0.25%	1.30%
Regions Financial Corporation	PFLD +1.05 points	0.24%	1.29%
Wintrust Financial CorporationWTFCN	PFLD +1.05 points	0.22%	1.27%
Goldman Sachs Group Inc	PFLD +1.04 points	0.28%	1.32%
New Residential Investment Corp	PFLD +1.02 points	0.24%	1.26%
Agnc Investment CorpAGNCO	PFLD +1.00 points	0.21%	1.21%
Chs IncCHSCN	PFLD +0.98 points	0.20%	1.18%
State Street Corp	PFLD +0.97 points	0.20%	1.17%
Fifth Third Bancorp Depositary ShaFITBI	PFLD +0.98 points	0.23%	1.21%
Chs Reset Rate Cumulative RedeemabCHSCM	PFLD +0.96 points	0.22%	1.18%
New York Community Bancorp Int Fxd	PFLD +0.94 points	0.24%	1.18%
Us Bancorp	PFLD +0.91 points	0.22%	1.13%
Algonquin Power & Utilities CorpAQNB	PFLD +0.90 points	0.18%	1.08%
Annaly Capital Management Inc	PFLD +0.89 points	0.22%	1.11%
Fifth Third Bancorp Depositary Sha	PFLD +0.89 points	0.20%	1.09%
Lincoln National Corporation	PFLD +0.80 points	0.17%	0.97%
Agnc Investment CorpAGNCN	PFLD +0.79 points	0.17%	0.96%
Huntington Bancshares IncHBANL	PFLD +0.77 points	0.16%	0.93%
First Citizens Bancshares Inc (DelFCNCN	PFLD +0.76 points	0.18%	0.94%
Ngl Energy Partners Lp	PFLD +0.76 points	0.15%	0.91%
Chs Inc. (8% Cumulative RedeemableCHSCP	PFLD +0.73 points	0.16%	0.89%
Umb Financial CorporationUMBFO	PFLD +0.71 points	0.16%	0.87%
Associated Banc-CorpASBA	PFLD +0.70 points	0.15%	0.85%
Western Alliance Bancorp	PFLD +0.70 points	0.15%	0.85%
B. Riley Financial IncRILYZ	PFLD +0.70 points	0.13%	0.83%
New Residential Investment Corp	PFLD +0.68 points	0.14%	0.82%
New Residential Investment Corp	PFLD +0.67 points	0.19%	0.86%
Voya Financial Inc	PFLD +0.66 points	0.14%	0.80%
Chimera Investment Corp	PFLD +0.65 points	0.14%	0.79%
M and T Bank Perpetual Fixed To Fl	PFLD +0.58 points	0.13%	0.71%
Acres Commercial Realty .625 Fixed	PFLD +0.57 points	0.07%	0.64%
Tenn Valley AuthorityTVC	PFLD +0.56 points	0.13%	0.69%
Mfa Financial Inc	PFLD +0.56 points	0.12%	0.68%
Agnc Investment CorpAGNCM	PFLD +0.54 points	0.11%	0.65%
Wesbanco IncWSBCO	PFLD +0.52 points	0.12%	0.64%
New York Mortgage Trust IncNYMTM	PFLD +0.48 points	0.09%	0.57%
Dillards Cap Tr I Cap Secs 7.5%DDT	PFLD +0.45 points	0.11%	0.56%
Arbor Realty Trust Inc	PFLD +0.46 points	0.08%	0.54%
B. Riley Financial IncRILYG	PFLD +0.41 points	0.10%	0.51%
Chimera Investment Corp	PFLD +0.41 points	0.10%	0.51%
Valley National BancorpVLYPN	PFLD +0.40 points	0.08%	0.48%
New York Mortgage Trust IncNYMTN	PFLD +0.39 points	0.07%	0.46%
Gladstone Investment CorpGAINZ	PFLD +0.38 points	0.07%	0.45%
Tenn Valley AuthTVE	PFLD +0.38 points	0.10%	0.48%
Bank of America Corporation Pfd 1	PFLD +0.38 points	0.12%	0.50%
Gladstone Investment CorpGAINI	PFLD +0.37 points	0.07%	0.44%
Teekay Lng Partners Lp	PFLD +0.37 points	0.06%	0.43%
New York Mortgage Trust IncNYMTL	PFLD +0.36 points	0.07%	0.43%
Old National Bancorp Dep Shs EachONBPO	PFLD +0.37 points	0.06%	0.43%
Trinity Capital IncTRINI	PFLD +0.36 points	0.06%	0.42%
Ellington Financial Inc	PFLD +0.36 points	0.06%	0.42%
Truist Financial Ds Representing	PFLD +0.36 points	0.06%	0.42%
Chimera Investment CorpCIMP	PFLD +0.35 points	0.06%	0.41%
Trinity Capital IncTRINZ	PFLD +0.35 points	0.06%	0.41%
Midland States Bancorp IncMSBIP	PFLD +0.35 points	0.06%	0.41%
New Mountain Finance CorpNMFCZ	PFLD +0.35 points	0.06%	0.41%
Mfa Financial IncMFAN	PFLD +0.34 points	0.06%	0.40%
Connectone Bancorp IncCNOBP	PFLD +0.35 points	0.06%	0.41%
Cion Investment Notes Due CorpCICC	PFLD +0.35 points	0.06%	0.41%
Valley National BancorpVLYPP	PFLD +0.34 points	0.06%	0.40%
B. Riley Financial IncRILYT	PFLD +0.34 points	0.09%	0.43%
Compass Diversified Holdings Fixed	PFLD +0.33 points	0.09%	0.42%
Atlanticus Holdings CorpATLCZ	PFLD +0.32 points	0.09%	0.41%
Chimera Investment Corp	PFLD +0.32 points	0.09%	0.41%
Old National BancorpONBPP	PFLD +0.32 points	0.06%	0.38%
New Residential Investment Corp	PFLD +0.33 points	0.05%	0.38%
Teekay Lng Partners Lp	PFLD +0.32 points	0.08%	0.40%
Ready Capital CorpRCD	PFLD +0.32 points	0.05%	0.37%
Pennymac Mortgage Investment TrustPMTW	PFLD +0.31 points	0.05%	0.36%
Granite Point Mortgage Trust Inc	PFLD +0.31 points	0.05%	0.36%
Invesco Mortgage Capital Inc	PFLD +0.30 points	0.08%	0.38%
Dynex Capital Inc	PFLD +0.30 points	0.06%	0.36%
Gladstone Investment CorpGAING	PFLD +0.30 points	0.05%	0.35%
Runway Growth FinanceRWAYI	PFLD +0.30 points	0.05%	0.35%
Saratoga Investment CorpSAV	PFLD +0.30 points	0.05%	0.35%
Ellington Financial Inc	PFLD +0.30 points	0.05%	0.35%

All 453 PFF holdings⁠All 342 PFLD 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 PFLD Cost

Same expense ratio

$9,041

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

PFF 0.45%
$9,041
PFLD 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PFLD 0.45%

Year by year

Year	PFF	PFLD
10	$812	$812
20	$3,128	$3,128
30	$9,041	$9,041

Expense ratio

0.45%PFF
0.45%PFLD

PFF0.45%PFLD0.45%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

PFLD 6th cheapest of 31 funds

PFF vs PFLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFF 5.73%, better; PFLD 5.60%
Payout (12M): PFF $1.63; PFLD $1.07
Last payment: PFF $0.16; PFLD $0.09
Ex-dividend: PFF Oct 1, 2026; PFLD Oct 30, 2026
Paid on: PFF Oct 6, 2026; PFLD Pays Nov 3, 2026
Frequency: PFF Monthly; PFLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 45 paymentsAll PFF payments⁠

PFLDMonthly · 46 paymentsAll PFLD payments⁠

PFF vs PFLD Risk

Fall from peak · 5 years

PFF
PFLD

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%PFLD 4.5%, better
Return per unit of riskSharpe ratio, 3 years: PFF 0.22, betterPFLD 0.13
Worst fallMax drawdown, 5 years: PFF −21.1%PFLD −15.5%, better
Market sensitivityBeta, 5 years: PFF 0.97PFLD 0.48; Market = 1

PFF and PFLD 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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