PFF vs PQDI: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

Principal Spectrum Preferred and Income ETF

PQDICNYSE Arca

Overlap

6.5%by weight

Expense ratio

PFF −0.15pt a year

PFF0.45%PQDI0.60%

Avg volume · 30D

PFF 180.6×the volume

PFF3.04MPQDI16.9K

5Y return · a year

PQDI +3.2pt

PFF−0.6%PQDI+2.6%

PFF vs PQDI Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%PFF+13.6%PQDI

Expense ratio: PFF 0.45%, better; PQDI 0.60%
Fund size: PFF $11.7B; PQDI $123M
1Y total return: PFF −3.8%; PQDI +0.1%, better
Yield (12M): PFF 5.73%; PQDI 5.88%, better
Holdings: PFF 452; PQDI 127
Avg volume (30D): PFF 3.04M sh, better; PQDI 16.9K sh
NAV per share: PFF $28.50; PQDI $18.59
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PQDI, with each pillar’s weight
Pillar	PFF	PQDI
Cost30% weight	A73Higher	D25
Mission25% weight	A80	A81Higher
Risk15% weight	D30	A71Higher
Tradability15% weight	A92Higher	F22
Holdings10% weight	B64Higher	C46
Durability5% weight	A97Higher	C40

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PQDI 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 PQDI 23rd 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 23CEPRFInnovator S&P Inv. Grade Preferred ETFScore 48
Rank 23CPQDIPrincipal Spectrum Preferred and Income ETFScore 48
Rank 25CSPFFGlobal X SuperIncome Preferred ETFScore 46

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PQDICPrincipal Spectrum Preferred and Income 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.

PQDI Preferred stock with a tax angle. PQDI actively picks global dollar-denominated preferred and capital securities screened toward payouts eligible for the lower qualified-dividend rate rather than ordinary-income treatment.

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.

PQDI The Fund seeks to provide current income.

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.

PQDI Built around the tax code: the mandate targets preferred and capital securities whose dividends are eligible for qualified-dividend treatment, a screen most preferred funds skip.principalam.com bloomberg.com
Active, not an index sleeve. Principal's Spectrum preferred team picks roughly 100 positions from across the global US dollar preferred and capital securities market.principalam.com
Income shows up monthly, and the objective is stated plainly in the prospectus: current income, full stop.

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.

PQDI At 0.60% a year, it runs above the median fee in its financials peer group and many times what index giants like XLF and VFH charge.
Smaller fund, light trading. Spreads can be wider than on the household-name financial-sector ETFs, which matters most on larger orders.
Preferred issuers cluster in banks and insurers, so this leans on financial-sector credit, and the tax-treatment edge only registers in taxable accounts.bloomberg.com

Full PFF profile⁠

Full PQDI profile⁠

PFF vs PQDI Holdings

How PFF and PQDI differ

Overlap by weight

6.5%

Shared holdings make up 14.7% of PQDI and 9.3% of PFF.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings34 in both6.5%
Countryby domicile46.3%

Sector

No Sector split for PQDI.

Country, concentration and asset class

Country by domicile

Country weights in PFF and PQDI, widest gap first
Country	More in PFFMore in PQDI	PFF	PQDI
United States	PFF +53.7 points	100.0%	46.3%
Canada	PQDI +14.7 points	0.0%	14.7%
United Kingdom	PQDI +11.8 points	0.0%	11.8%
France	PQDI +10.1 points	0.0%	10.1%
Netherlands	PQDI +4.2 points	0.0%	4.2%
Spain	PQDI +3.3 points	0.0%	3.3%
Switzerland	PQDI +3.3 points	0.0%	3.3%
Finland	PQDI +2.1 points	0.0%	2.1%
Other countries (3)	PQDI +4.2 points	0.0%	4.2%

Outside the US: PQDI 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

PFF22.0%
PQDI25.2%

Securities held

PFF448
PQDI96

Asset class

PFF: Equity
PQDI: Fixed Income

Holdings

Only in PFF414
In both34
Only in PQDI62

Only in PFF

414 securities, 89.8% 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%
Strive Inc0.54%
JPMorgan Chase Drc0.51%
Goldman Sachs Group Inc0.49%
Strategy Inc0.48%
AT&T Inc0.48%
Bank of America Corp0.46%
M&T Bank Corporation0.46%
Duke Energy Corp0.44%
Morgan Stanley0.43%
Bank Amer Ds Representing Non Cu0.43%
Morgan Stanley0.41%
Morgan Stanley Ds0.41%
Morgan Stanley0.40%
Wells Fargo & Company0.39%
Athene Holding Ds Representing P0.39%
Novanta Tangible Equity Units0.39%
Bank of America Corp0.38%
Pinnacle Financial Partners Non Cu0.38%
Wells Fargo & Company0.38%
Xcel Energy Inc0.38%
Citigroup Inc0.38%
Bank of America Corporation Deposi0.37%
Annaly Capital Management Inc0.37%

Only in PQDI

62 securities, 86.2% of PQDI by weight

Wells Fargo & Company Jr Subordina 12/99 Var4.32%
Ing Groep NV Jr Subordina 12/99 Var3.92%
Citigroup Inc Jr Subordina 12/99 Var3.72%
Credit Agricole SA Jr Subordina 144A 12/99 Var3.37%
Ubs Group AG Jr Subordina 144A 12/99 Var3.27%
Bnp Paribas Jr Subordina 144A 12/99 Var3.14%
Goldman Sachs Group Inc Jr Subordina 12/99 Var3.12%
Hsbc Holdings PLC Jr Subordina 12/99 Var2.97%
Banco Bilbao Vizcaya Arg Jr Subordina 12/99 Var2.42%
Bank of America Corp Jr Subordina 12/99 Var2.40%
Standard Chartered PLC Jr Subordina 144A 12/99 Var2.36%
Lloyds Banking Group PLC Jr Subordina 12/99 Var2.20%
Nordea Bank Abp Jr Subordina 144A 12/99 Var2.15%
American Express Co Jr Subordina 12/99 Var2.11%
Societe Generale Jr Subordina 144A 12/99 Var2.11%
Natwest Group PLC Jr Subordina 12/99 Var2.08%
JPMorgan Chase & Co Jr Subordina 12/99 Var1.94%
Barclays PLC Jr Subordina 12/99 Var1.89%
Bank of Nova Scotia Jr Subordina 01/84 Var1.87%
State Street Corp Jr Subordina 12/99 Var1.76%
Banco Santander SA Jr Subordina 12/99 Var1.70%
Toronto Dominion Bank Jr Subordina 10/82 Var1.68%
State Street Institutional Us State St Inst Us Gov Mm Prem1.59%
Royal Bank of Canada Jr Subordina 05/84 Var1.51%
Electricite De France SA Jr Subordina 144A 12/99 Var1.45%
Bank of Montreal Jr Subordina 05/84 Var1.43%
Bank of Montreal Jr Subordina 11/84 Var1.31%
Pnc Financial Services Jr Subordina 12/99 Var1.30%
Toronto Dominion Bank Jr Subordina 10/85 Var1.29%
Nomura Holdings Inc Jr Subordina 12/99 Var1.28%
Allianz SE Jr Subordina 144A 12/99 Var1.25%
Bank of Nova Scotia Jr Subordina 10/85 Var1.16%
Us Bancorp Jr Subordina 12/99 Var1.00%
Corebridge Financial Inc Jr Subordina 12/99 Var0.99%
Cobank Acb Jr Subordina 12/99 Var0.99%
Truist Financial Corp Jr Subordina 12/99 Var0.89%
Royal Bank of Canada Jr Subordina 11/85 Var0.88%
First Horizon Corp Preferred Stock 6.750.85%
Voya Financial Inc Jr Subordina 12/99 Var0.84%
Royal Bank of Canada Jr Subordina 08/85 Var0.83%
Canadian Imperial Bank Jr Subordina 10/85 Var0.82%
Huntington Bancshares Jr Subordina 12/99 Var0.80%
Bank of Ny Mellon Corp Jr Subordina 12/99 Var0.71%
Canadian Imperial Bank Jr Subordina 07/86 Var0.66%
Canadian Imperial Bank Jr Subordina 01/85 Var0.65%
Charles Schwab Corp Jr Subordina 12/99 Var0.55%
Mizuho Financial Group Jr Subordina 12/99 Var0.52%
Citizens Financial Group Jr Subordina 12/99 Var0.48%
Citizens Financial Group Preferred Stock Var0.42%
Arch Capital Group Ltd Preferred Stock 4.550.40%

Weight gaps

All 34 Holdings in both funds, largest gap first.

Holding weights in PFF and PQDI, widest gap first
Holding	More in PFFMore in PQDI	PFF	PQDI
Allstate Dep Repstg Th Non Cum Pe	PQDI +2.03 points	0.31%	2.34%
Citizens Financial Group Inc	PQDI +1.58 points	0.20%	1.78%
Regions Financial Corporation	PQDI +1.13 points	0.25%	1.38%
M T Bk Dep Int Perp Pfd Stk Ser J	PQDI +0.83 points	0.38%	1.21%
Umb Financial CorporationUMBFO	PQDI +0.67 points	0.16%	0.83%
Wintrust Financial CorporationWTFCN	PQDI +0.64 points	0.22%	0.86%
Keycorp	PQDI +0.55 points	0.25%	0.80%
Capital One Financial Corporation	PFF +0.49 points	0.50%	0.01%
Morgan Stanley	PFF +0.39 points	0.46%	0.07%
Morgan Stanley	PQDI +0.25 points	0.42%	0.67%
Morgan Stanley	PFF +0.24 points	0.47%	0.23%
Capital One Financial Corporation	PQDI +0.23 points	0.40%	0.63%
Truist Financial Drc Corp	PFF +0.21 points	0.32%	0.11%
Bank of America Corp	PFF +0.18 points	0.25%	0.07%
AT&T Inc	PFF +0.17 points	0.39%	0.22%
Morgan Stanley Ds Representing F	PFF +0.14 points	0.45%	0.31%
Keycorp	PFF +0.12 points	0.17%	0.05%
Us Bancorp	PFF +0.12 points	0.14%	0.02%
Capital One Finl Ds Repstg Th Prf	PFF +0.12 points	0.12%	<0.01%
Allstate Corporation (The)	PFF +0.12 points	0.42%	0.30%
Capital One Financial Corporation	PFF +0.11 points	0.20%	0.09%
Metlife Inc	PFF +0.10 points	0.34%	0.24%
AT&T Inc	PFF +0.10 points	0.54%	0.44%
Keycorp	PQDI +0.10 points	0.16%	0.26%
Equitable Hldngs Drc Representing	PQDI +0.08 points	0.28%	0.36%
Huntington Bancshares IncHBANL	PQDI +0.07 points	0.16%	0.23%
Arch Capital Group Ltd.ACGLO	PFF +0.06 points	0.12%	0.06%
Renaissancere Holdings Ltd	PFF +0.04 points	0.14%	0.10%
Renaissancere Holdings Ltd	PQDI +0.03 points	0.10%	0.13%
Axis Capital Holdings Ltd	PFF +0.03 points	0.19%	0.16%
Regions Finl Drc Corp	PQDI +0.02 points	0.12%	0.14%
Huntington Bancshares Drc IncHBANP	PFF +0.02 points	0.15%	0.13%
Keycorp	PFF +0.02 points	0.30%	0.28%
Truist Financial Perpetual Pref SE	PFF +0.02 points	0.22%	0.20%

All 453 PFF holdings⁠All 126 PQDI 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 PQDI Cost

Overpaying PQDI vs PFF

$2,776

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

PFF 0.45%
$9,041
PQDI 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PQDI 0.60%
Overpaying

Year by year

Year	PFF	PQDI	Overpaying
10	$812	$1,076	$264
20	$3,128	$4,116	$988
30	$9,041	$11,817	$2,776

Expense ratio

0.45%PFF, cheaper
0.60%PQDI

PFF0.45%PQDI0.60%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

PQDI 23rd cheapest of 31 funds

PFF vs PQDI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFF 5.73%; PQDI 5.88%, better
Payout (12M): PFF $1.63; PQDI $1.09
Last payment: PFF $0.16; PQDI $0.09
Ex-dividend: PFF Oct 1, 2026; PQDI Oct 1, 2026
Paid on: PFF Oct 6, 2026; PQDI Oct 5, 2026
Frequency: PFF Monthly; PQDI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 45 paymentsAll PFF payments⁠

PQDIMonthly · 45 paymentsAll PQDI payments⁠

PFF vs PQDI Risk

Fall from peak · 5 years

PFF
PQDI

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%PQDI 4.3%, better
Return per unit of riskSharpe ratio, 3 years: PFF 0.22PQDI 0.89, better
Worst fallMax drawdown, 5 years: PFF −21.1%PQDI −16.8%, better
Market sensitivityBeta, 5 years: PFF 0.97PQDI 0.55; Market = 1

PFF and PQDI 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
PQDICvsPFFDA
Principal Spectrum Preferred and Income ETF · Global X U.S. Preferred ETF
Expense ratio
0.60% · 0.23%
Category
PFFAvsEVPFB
iShares Preferred and Income Securities ETF · Eaton Vance Preferred Securities and Income ETF
Expense ratio
0.45% · 0.39%
Category
PQDICvsEVPFB
Principal Spectrum Preferred and Income ETF · Eaton Vance Preferred Securities and Income ETF
Expense ratio
0.60% · 0.39%
Category
PFFAvsPFFVB
iShares Preferred and Income Securities ETF · Global X Variable Rate Preferred ETF
Expense ratio
0.45% · 0.25%
Category
PQDICvsPFFVB
Principal Spectrum Preferred and Income ETF · Global X Variable Rate Preferred ETF
Expense ratio
0.60% · 0.25%
Category