PFF vs PFXF: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

VanEck Preferred Securities ex Financials ETF

PFXFBNYSE Arca

Overlap

31.2%by weight

Expense ratio

PFXF −0.05pt a year

PFF0.45%PFXF0.40%

Avg volume · 30D

PFF 4.0×the volume

PFF3.04MPFXF761K

10Y return · a year

PFXF +1.7pt

PFF+2.6%PFXF+4.3%

PFF vs PFXF Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%PFF+7.5%PFXF

Expense ratio: PFF 0.45%; PFXF 0.40%, better
Fund size: PFF $11.7B; PFXF $2.21B
1Y total return: PFF −3.8%; PFXF +0.1%, better
Yield (12M): PFF 5.73%; PFXF 6.37%, better
Holdings: PFF 452; PFXF 118
Avg volume (30D): PFF 3.04M sh, better; PFXF 761K sh
NAV per share: PFF $28.50; PFXF $16.71
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PFXF, with each pillar’s weight
Pillar	PFF	PFXF
Cost30% weight	A73	A90Higher
Mission25% weight	A80Higher	B58
Risk15% weight	D30	D32Higher
Tradability15% weight	A92Higher	A77
Holdings10% weight	B64Higher	F18
Durability5% weight	A97Higher	A85

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PFXF 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 PFXF 8th 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 7BPGXInvesco Preferred ETFScore 64
Rank 8BPFXFVanEck Preferred Securities ex Financials ETFScore 63
Rank 9BJHPIJohn Hancock Preferred Income ETFScore 62

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PFXFBVanEck Preferred Securities ex Financials 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.

PFXF Most preferred funds are a bank bet in disguise, since financials dominate the preferred market. PFXF screens them out and tracks a non-financial preferred index instead, a niche it has held since 2012.

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.

PFXF The Fund seeks to track, before fees and expenses, the price and yield performance of its named ICE preferred-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.

PFXF The whole idea in one line: no bank or insurer preferreds. The index keeps utilities, REITs and industrial issuers instead.vaneck.com
Costs 0.40% a year, under the median for its index-tracking peer group, and distributions come monthly.
Trading since 2012, over a billion dollars in assets and actively traded. A settled option, not a fresh launch chasing a theme.
Straightforward plumbing: passive index tracking, roughly 120 preferreds, at least 80% of assets in benchmark securities. Upper half of its index-wrapper peer group.

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.

PFXF Cutting financials shifts the concentration rather than removing it: utilities, REITs and industrial issuers carry the weight.vaneck.com
0.40% is normal for preferreds, steep beside plain stock index wrappers like SCHK (0.03%) or VOOV (0.07%).
Preferreds are rate-sensitive and sit below bonds in the capital stack, and VanEck discloses that payouts can include return of capital.

Full PFF profile⁠

Full PFXF profile⁠

PFF vs PFXF Holdings

How PFF and PFXF differ

Overlap by weight

31.2%

Shared holdings make up 69.4% of PFXF and 31.2% of PFF.

Level by level

Holdings103 in both31.2%
Sector11 Sectors46.2%
Countryby domicile98.0%

Sector

Sector weights in PFF and PFXF, widest gap first
Sector	More in PFFMore in PFXF	PFF	PFXF
Financials	PFF +49.1 points	51.3%	2.2%
Technology	PFXF +16.6 points	9.6%	26.2%
Communication	PFXF +14.2 points	8.1%	22.3%
Utilities	PFXF +9.1 points	9.7%	18.8%
Real Estate	PFXF +5.9 points	10.8%	16.7%
Industrials	PFF +3.5 points	4.8%	1.3%
Health Care	PFXF +2.8 points	1.6%	4.4%
Consumer Staples	PFXF +2.3 points	1.2%	3.5%
Energy	PFXF +1.6 points	0.5%	2.1%
Consumer Discretionary	PFXF +1.3 points	1.3%	2.6%
Materials	PFF +1.1 points	1.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in PFF and PFXF, widest gap first
Country	More in PFFMore in PFXF	PFF	PFXF
United States	PFF +2.0 points	100.0%	98.0%
Canada	PFXF +1.3 points	0.0%	1.3%
Bermuda	PFXF +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

PFF22.0%
PFXF45.5%

Securities held

PFF448
PFXF113

Asset class

PFF: Equity
PFXF: Multi-Asset

Holdings

Only in PFF345
In both103
Only in PFXF10

Only in PFF

345 securities, 67.9% of PFF by weight

Boeing Co3.19%
Hewlett Packard Enterprise Conv Pr2.14%
Wells Fargo & Company Series L2.11%
Oracle Corporation2.11%
Nextera Energy Units1.77%
Nextera Energy Inc1.72%
Bank of America Corp1.43%
Citigroup Capital Xiii1.20%
Kkr & Co Inc1.07%
Duke Energy Corp0.97%
Albemarle Corp0.96%
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%
PG&E Corporation0.55%
Strive Inc0.54%
JPMorgan Chase Drc0.51%
Capital One Financial Corporation0.50%
Goldman Sachs Group Inc0.49%
Morgan Stanley0.47%
Bank of America Corp0.46%
Morgan Stanley0.46%
M&T Bank Corporation0.46%
Morgan Stanley Ds Representing F0.45%
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%
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%
Citigroup Inc0.38%
Bank of America Corporation Deposi0.37%
Reinsurance Group of America Incor0.36%
Metlife Inc0.34%
Us Bancorp0.34%
Strive Inc0.33%
Metlife Inc0.33%
Wells Fargo & Company0.33%
Aegon Funding Corporation Ii0.32%

Only in PFXF

10 securities, 29.3% of PFXF by weight

Boeing Co/The7.08%
Nextera Energy Inc6.25%
Hewlett Packard Enterprise Co5.10%
Oracle Corp4.89%
Albemarle Corp2.17%
Nextera Energy Capital Holdings Inc1.44%
Pg&E Corp1.22%
Qxo Inc0.46%
Whirlpool Corp0.34%
Annaly Capital Management Inc0.32%

Weight gaps

The 100 widest of 103 Holdings in both funds.

Holding weights in PFF and PFXF, widest gap first
Holding	More in PFFMore in PFXF	PFF	PFXF
Strategy IncSTRC	PFXF +4.18 points	3.45%	7.63%
Super Micro Computer IncSMCIP	PFXF +2.81 points	2.15%	4.96%
Alphabet IncGOOGN	PFXF +2.41 points	2.05%	4.46%
Alphabet IncGOOGM	PFXF +2.38 points	2.08%	4.46%
Microchip Technology IncorporatedMCHPP	PFXF +1.32 points	0.99%	2.31%
Southern Company (The)SOMN	PFXF +1.21 points	0.99%	2.20%
Brightspring Health Services UnitsBTSGU	PFXF +0.90 points	0.88%	1.78%
Bruker CorporationBRKRP	PFXF +0.82 points	0.59%	1.41%
Ppl CorporationPPLC	PFXF +0.66 points	0.54%	1.20%
AT&T Inc	PFXF +0.65 points	0.54%	1.19%
Strategy IncSTRF	PFXF +0.61 points	0.48%	1.09%
AT&T IncTBB	PFXF +0.57 points	0.48%	1.05%
Duke Energy Corp	PFXF +0.54 points	0.44%	0.98%
Novanta Tangible Equity UnitsNOVTU	PFXF +0.51 points	0.39%	0.90%
AT&T Inc	PFXF +0.48 points	0.39%	0.87%
Xcel Energy IncXELLL	PFXF +0.47 points	0.38%	0.85%
Strategy IncSTRK	PFXF +0.46 points	0.36%	0.82%
Strategy IncSTRD	PFXF +0.45 points	0.37%	0.82%
Annaly Capital Management Inc	PFXF +0.45 points	0.37%	0.82%
Southern Company (The)SOJD	PFXF +0.42 points	0.35%	0.77%
Ford Motor Company	PFXF +0.37 points	0.30%	0.67%
Agnc Investment CorpAGNCP	PFXF +0.35 points	0.28%	0.63%
Ford Motor Company	PFXF +0.35 points	0.29%	0.64%
Sempra EnergySREA	PFXF +0.35 points	0.28%	0.63%
Chs Cumulative Redeemable Pref ClaCHSCO	PFXF +0.34 points	0.27%	0.61%
Nextera Energy Capital Holdings In	PFXF +0.32 points	0.27%	0.59%
Southern Company (The)SOJF	PFXF +0.32 points	0.26%	0.58%
Chs IncCHSCL	PFXF +0.32 points	0.25%	0.57%
Cms Energy CorporationCMSD	PFXF +0.31 points	0.25%	0.56%
Dte Energy CompanyDTK	PFXF +0.31 points	0.25%	0.56%
Sce Trust Vii	PFXF +0.30 points	0.24%	0.54%
Ford Motor Company	PFXF +0.28 points	0.24%	0.52%
New Residential Investment Corp	PFXF +0.28 points	0.24%	0.52%
Telephone and Data Systems Inc	PFXF +0.28 points	0.23%	0.51%
Southern Company (The)SOJE	PFXF +0.29 points	0.23%	0.52%
Chs Reset Rate Cumulative RedeemabCHSCM	PFXF +0.27 points	0.22%	0.49%
Brookfield Property Preferred PrefBPYPM	PFXF +0.26 points	0.21%	0.47%
Annaly Capital Management Inc	PFXF +0.26 points	0.22%	0.48%
Duke Energy CorpDUKB	PFXF +0.25 points	0.21%	0.46%
Agnc Investment CorpAGNCO	PFXF +0.24 points	0.21%	0.45%
Vse CorpVSECU	PFXF +0.24 points	0.19%	0.43%
Chs IncCHSCN	PFXF +0.24 points	0.20%	0.44%
Liberty Latin America Fixed RateLILAP	PFXF +0.24 points	0.20%	0.44%
New Residential Investment Corp	PFXF +0.24 points	0.19%	0.43%
Algonquin Power & Utilities CorpAQNB	PFXF +0.22 points	0.18%	0.40%
Public Storage	PFXF +0.22 points	0.19%	0.41%
Bitmine Immersion Technologies IncBMNP	PFXF +0.22 points	0.17%	0.39%
Public Storage	PFXF +0.21 points	0.17%	0.38%
Ngl Energy Partners Lp	PFXF +0.21 points	0.15%	0.36%
Agnc Investment CorpAGNCN	PFXF +0.20 points	0.17%	0.37%
Agnc Investment CorpAGNCZ	PFXF +0.20 points	0.17%	0.37%
Southern Company (The)SOJC	PFXF +0.20 points	0.17%	0.37%
T-Mobile Usa IncTMUSL	PFXF +0.20 points	0.16%	0.36%
Rlj Lodging .95 Cumulative Convert	PFXF +0.20 points	0.16%	0.36%
Chs Inc. (8% Cumulative RedeemableCHSCP	PFXF +0.19 points	0.16%	0.35%
Telephone Data Sys Drc Inc	PFXF +0.19 points	0.16%	0.35%
Transcanada Pipelines LtdTCPA	PFXF +0.18 points	0.15%	0.33%
Entergy Arkansas LlcEAI	PFXF +0.19 points	0.15%	0.34%
Qwest CorpCTGG	PFXF +0.18 points	0.14%	0.32%
Sce Trust Vi	PFXF +0.18 points	0.14%	0.32%
T-Mobile Usa IncTMUSZ	PFXF +0.17 points	0.15%	0.32%
T-Mobile Usa IncTMUSI	PFXF +0.17 points	0.15%	0.32%
Dte Energy CompanyDTW	PFXF +0.17 points	0.15%	0.32%
Sce Trust Viii	PFXF +0.18 points	0.14%	0.32%
New Residential Investment Corp	PFXF +0.17 points	0.14%	0.31%
Chimera Investment Corp	PFXF +0.17 points	0.14%	0.31%
Umh Properties Inc	PFXF +0.16 points	0.14%	0.30%
Pitney Bowes Inc	PFXF +0.16 points	0.13%	0.29%
Diversified Healthcare .625% SenioDHCNI	PFXF +0.16 points	0.12%	0.28%
Tenn Valley AuthorityTVC	PFXF +0.14 points	0.13%	0.27%
Kkr Real Estate Finance Trust Inc	PFXF +0.15 points	0.12%	0.27%
Digital Realty Trust Inc	PFXF +0.15 points	0.12%	0.27%
Public Storage	PFXF +0.15 points	0.12%	0.27%
Mfa Financial Inc	PFXF +0.15 points	0.12%	0.27%
Hudson Pacific Properties Inc	PFXF +0.14 points	0.12%	0.26%
Rithm Capital Corp	PFXF +0.14 points	0.12%	0.26%
Public Storage	PFXF +0.14 points	0.11%	0.25%
Cms Energy CorporationCMSC	PFXF +0.14 points	0.11%	0.25%
Qwest CorpCTHH	PFXF +0.13 points	0.11%	0.24%
Arbor Realty Trust Inc	PFXF +0.13 points	0.08%	0.21%
Vornado Realty Trust	PFXF +0.14 points	0.10%	0.24%
Public Storage Repstg Th Ben Int	PFXF +0.13 points	0.11%	0.24%
Public Storage	PFXF +0.13 points	0.11%	0.24%
Diversified Healthcare .25% SeniorDHCNL	PFXF +0.13 points	0.10%	0.23%
Chimera Investment Corp	PFXF +0.13 points	0.10%	0.23%
Vornado Realty Trust 5.4% Cum Red	PFXF +0.12 points	0.10%	0.22%
Public Storage Ds Representing Th	PFXF +0.13 points	0.10%	0.23%
Brookfield Brp Holdings (Canada) IBEPH	PFXF +0.12 points	0.10%	0.22%
Kimco Rlty Ds Representing Class	PFXF +0.12 points	0.10%	0.22%
Vornado Realty Trust	PFXF +0.12 points	0.10%	0.22%
Georgia Power CompanyGPJA	PFXF +0.12 points	0.10%	0.22%
Entergy Louisiana LlcELC	PFXF +0.12 points	0.10%	0.22%
Entergy Mississippi IncEMP	PFXF +0.11 points	0.10%	0.21%
Bip Bermuda Holdings I LtdBIPI	PFXF +0.12 points	0.09%	0.21%
Franklin Bsp Realty Trust Cumula	PFXF +0.11 points	0.09%	0.20%
Public Storage Dep Shs Repstg Th	PFXF +0.10 points	0.09%	0.19%
Dte Energy CoDTG	PFXF +0.10 points	0.09%	0.19%
Vornado Realty Trust	PFXF +0.10 points	0.08%	0.18%
Pennymac Mortgage Investment Trust	PFXF +0.10 points	0.08%	0.17%
Brookfield Infrastructure FinanceBIPH	PFXF +0.09 points	0.08%	0.17%

All 453 PFF holdings⁠All 116 PFXF 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 PFXF Cost

Overpaying PFF vs PFXF

$951

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

PFF 0.45%
$9,041
PFXF 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PFXF 0.40%
Overpaying

Year by year

Year	PFF	PFXF	Overpaying
10	$812	$723	$89
20	$3,128	$2,793	$335
30	$9,041	$8,090	$951

Expense ratio

0.45%PFF
0.40%PFXF, cheaper

PFXF0.40%PFF0.45%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFXF 4th cheapest of 31 funds

PFF 6th cheapest of 31 funds

PFF vs PFXF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFF 5.73%; PFXF 6.37%, better
Payout (12M): PFF $1.63; PFXF $1.06
Last payment: PFF $0.16; PFXF $0.06
Ex-dividend: PFF Oct 1, 2026; PFXF Oct 1, 2026
Paid on: PFF Oct 6, 2026; PFXF Oct 6, 2026
Frequency: PFF Monthly; PFXF Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 45 paymentsAll PFF payments⁠

PFXFMonthly · 45 paymentsAll PFXF payments⁠

PFF vs PFXF Risk

Fall from peak · 5 years

PFF
PFXF

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%, betterPFXF 9.9%
Return per unit of riskSharpe ratio, 3 years: PFF 0.22PFXF 0.48, better
Worst fallMax drawdown, 5 years: PFF −21.1%, betterPFXF −21.8%
Market sensitivityBeta, 5 years: PFF 0.97PFXF 0.97; Market = 1

PFF and PFXF 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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PFF vs PFXF

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and PFXF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFXF

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 PFXF differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PFXF

Weight gaps