PFF vs PSK: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

State Street SPDR ICE Preferred Securities ETF

PSKBNYSE Arca

Overlap

35.6%by weight

Expense ratio

PFF0.45%PSK0.45%

Avg volume · 30D

PFF 19.9×the volume

PFF3.06MPSK154K

10Y return · a year

PFF +1.2pt

PFF+2.7%PSK+1.5%

PFF vs PSK Performance

Nov 5, 2021 – Nov 5, 2026

−3.7%PFF−11.7%PSK

Expense ratio: PFF 0.45%; PSK 0.45%
Fund size: PFF $11.7B; PSK $623M
1Y total return: PFF −4.3%, better; PSK −7.7%
Yield (12M): PFF 5.82%; PSK 7.51%, better
Holdings: PFF 451; PSK 166
Avg volume (30D): PFF 3.06M sh, better; PSK 154K sh
NAV per share: PFF $28.67; PSK $28.26
52W range

ETF.net Grade

Pillar letters and Scores for PFF, PSK, with each pillar’s weight
Pillar	PFF	PSK
Cost30% weight	A73	A73
Mission25% weight	A80Higher	A70
Risk15% weight	D31Higher	F20
Tradability15% weight	A90Higher	A76
Holdings10% weight	B62	B68Higher
Durability5% weight	A97Higher	A83

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and PSK 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 PSK 6th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 74
Rank 2APFFiShares Preferred and Income Securities ETFScore 71
Rank 3BEVPFEaton Vance Preferred Securities and Income ETFScore 68
Rank 5BVRPInvesco Variable Rate Preferred ETFScore 66
Rank 6BPSKState Street SPDR ICE Preferred Securities ETFScore 64
Rank 7BJHPIJohn Hancock Preferred Income ETFScore 62

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

PSKBState Street SPDR ICE Preferred 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.

PSK Most preferred funds take the market as it comes. PSK's index counts only investment-grade-rated, $25-par preferreds, a quality filter written into the rules. Running since 2009, paying 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.

PSK The fund seeks to track the total return of the ICE Exchange-Listed Fixed & Adjustable Rate Preferred Securities Index before fees and expenses. Its mandate covers non-convertible preferred securities meeting specified size, listing, currency, rating, and liquidity requirements.

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.

PSK Index rules admit only non-convertible preferreds rated investment grade, at $25 par with $250M minimum size. That screen is written in, not a manager's call.ssga.com
0.45% a year, a touch under the typical fee in a preferred category where costs tend to run high.
Trading since 2009 under State Street, with monthly distributions and roughly 160 issues in the book.
Sits in the upper half of its preferred-ETF peer group in our review, backed by a long-running fund at a large, established shop.

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.

PSK Cheaper shelf-mates exist: PFFV runs 0.25% and EVPF 0.20%, though each slices the preferred market its own way.
Preferreds sit low in the capital stack and move with both rates and credit, so price swings run wider than a plain bond fund's.
A mid-sized, moderately traded fund rather than one of the category's household-name giants.

Full PFF profile⁠

Full PSK profile⁠

PFF vs PSK Holdings

How PFF and PSK differ

Overlap by weight

35.6%

Shared holdings make up 89.4% of PSK and 35.6% of PFF.

Level by level

Holdings147 in both35.6%
Sector11 Sectors68.8%
Countryby domicile95.9%
Asset classStocks100%

Sector

Sector weights in PFF and PSK, widest gap first
Sector	Gap	PFF	PSK
Financials	PSK +25.4 points	51.3%	76.7%
Technology	PFF +9.6 points	9.6%	0.0%
Communication	PFF +6.5 points	8.1%	1.6%
Real Estate	PFF +6.3 points	10.8%	4.5%
Industrials	PFF +4.8 points	4.8%	0.0%
Utilities	PSK +4.3 points	9.7%	14.0%
Health Care	PFF +1.6 points	1.6%	0.0%
Consumer Discretionary	PSK +1.4 points	1.3%	2.7%
Consumer Staples	PFF +1.2 points	1.2%	0.0%
Materials	PFF +1.1 points	1.1%	0.0%
Energy	Same weight	0.5%	0.5%

Country, concentration and asset class

Country by domicile

Country weights in PFF and PSK, widest gap first
Country	Gap	PFF	PSK
United States	PFF +4.1 points	100.0%	95.9%
Bermuda	PSK +2.6 points	0.0%	2.6%
Netherlands	PSK +1.0 points	0.0%	1.0%
Canada	PSK +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

PFF21.5%
PSK15.4%

Securities held

PFF447
PSK161

Asset class

PFF: Stocks
PSK: Stocks

Holdings

Only in PFF300
In both147
Only in PSK14

Only in PFF

300 securities, 64.0% of PFF by weight

Strategy Inc3.46%
Boeing Co3.22%
Wells Fargo & Company Series L2.13%
Alphabet Inc2.11%
Alphabet Inc2.07%
Oracle Corporation2.00%
Super Micro Computer Inc1.95%
Hewlett Packard Enterprise Conv Pr1.93%
Nextera Energy Units1.80%
Nextera Energy Inc1.76%
Bank of America Corp1.43%
Kkr & Co Inc1.13%
Duke Energy Corp1.02%
Southern Company (The)0.98%
Albemarle Corp0.98%
Microchip Technology Incorporated0.96%
Brightspring Health Services Units0.93%
Ares Management Corp0.66%
Bruker Corporation0.64%
Strive Inc0.55%
AT&T Inc0.55%
PG&E Corporation0.55%
Ppl Corporation0.54%
Goldman Sachs Group Inc0.49%
Strategy Inc0.48%
M&T Bank Corporation0.47%
Morgan Stanley0.40%
AT&T Inc0.40%
Pinnacle Financial Partners Non Cu0.39%
Novanta Tangible Equity Units0.39%
Citigroup Inc0.38%
Bank of America Corporation Deposi0.38%
Strategy Inc0.37%
Annaly Capital Management Inc0.37%
Strategy Inc0.37%
Strive Inc0.34%
Ford Motor Company0.31%
Bank of America Corp0.30%
SHIFT4 Payments Inc0.29%
Agnc Investment Corp0.28%
Jackson Financial Inc0.28%
Goldman Sachs Group Inc0.28%
Chs Cumulative Redeemable Pref Cla0.27%
Synchrony Financial0.27%
Banc of California Inc0.26%
Synchrony Financial0.26%
Chs Inc0.26%
New York Community Bancorp Int Fxd0.24%
Bank of New York Mellon Corp/The0.24%
New Residential Investment Corp0.24%

Only in PSK

14 securities, 10.4% of PSK by weight

Fifth Third Bancorp1.53%
Nextera Energy Capital1.16%
Bank of America Corp1.06%
Ford Motor Company0.92%
M+t Bank Corporation0.80%
Nextera Energy Capital0.79%
Morgan Stanley0.79%
Bank of Ny Mellon Corp0.72%
M+t Bank Corporation0.59%
Citizens Financial Group0.57%
Arch Capital Group Ltd0.45%
Voya Financial Inc0.42%
Brookfield Finance Inc0.33%
Equitable Holdings Inc0.27%

Weight gaps

The 100 widest of 147 Holdings in both funds.

Holding weights in PFF and PSK, widest gap first
Holding	Gap	PFF	PSK
Citigroup Capital Xiii	PSK +2.31 points	1.19%	3.50%
Capital One Financial Corporation	PSK +1.00 points	0.51%	1.51%
Wells Fargo & Company	PSK +0.95 points	0.69%	1.64%
AT&T IncTBB	PSK +0.95 points	0.49%	1.44%
Duke Energy Corp	PSK +0.89 points	0.45%	1.34%
Allstate Corporation (The)	PSK +0.83 points	0.42%	1.25%
Capital One Financial Corporation	PSK +0.79 points	0.41%	1.20%
Athene Holding Ds Representing P	PSK +0.77 points	0.39%	1.16%
Xcel Energy IncXELLL	PSK +0.77 points	0.39%	1.16%
M T Bk Dep Int Perp Pfd Stk Ser J	PSK +0.75 points	0.38%	1.13%
Reinsurance Group of America IncorRZC	PSK +0.71 points	0.36%	1.07%
Us Bancorp	PSK +0.70 points	0.35%	1.05%
Southern Company (The)SOJD	PSK +0.69 points	0.35%	1.04%
Metlife Inc	PSK +0.68 points	0.35%	1.03%
Metlife Inc	PSK +0.65 points	0.34%	0.99%
Charles Schwab Corporation (The)	PSK +0.65 points	0.33%	0.98%
Aegon Funding Corporation IiAEFC	PSK +0.65 points	0.33%	0.98%
Truist Financial Drc Corp	PSK +0.62 points	0.32%	0.94%
Apollo Global Management IncAPOS	PSK +0.60 points	0.31%	0.91%
Allstate Dep Repstg Th Non Cum Pe	PSK +0.60 points	0.31%	0.91%
Keycorp	PSK +0.59 points	0.30%	0.89%
Ford Motor Company	PSK +0.58 points	0.30%	0.88%
Sempra EnergySREA	PSK +0.56 points	0.29%	0.85%
Wells Fargo & Company	PSK +0.55 points	0.40%	0.95%
Equitable Hldngs Drc Representing	PSK +0.54 points	0.28%	0.82%
Wells Fargo & Company	PSK +0.54 points	0.38%	0.92%
Nextera Energy Capital Holdings In	PSK +0.53 points	0.27%	0.80%
Kkr & Co IncKKRT	PSK +0.53 points	0.27%	0.80%
Athene Holding LtdATHS	PSK +0.53 points	0.27%	0.80%
Southern Company (The)SOJF	PSK +0.51 points	0.26%	0.77%
Cms Energy CorporationCMSD	PSK +0.50 points	0.26%	0.76%
Allstate Corporation (The)	PSK +0.50 points	0.26%	0.76%
Corebridge Financial IncCRBD	PSK +0.50 points	0.26%	0.76%
Dte Energy CompanyDTK	PSK +0.49 points	0.26%	0.75%
Keycorp	PSK +0.50 points	0.25%	0.75%
Metlife Inc	PSK +0.49 points	0.25%	0.74%
Ford Motor Company	PSK +0.47 points	0.25%	0.72%
Athene Hldg Ltd Dep Shr Repstg I	PSK +0.48 points	0.25%	0.73%
Regions Financial Corporation	PSK +0.48 points	0.25%	0.73%
Sce Trust Vii	PSK +0.48 points	0.24%	0.72%
Regions Financial Corporation	PSK +0.47 points	0.24%	0.71%
Wells Fargo & Company	PSK +0.47 points	0.33%	0.80%
Southern Company (The)SOJE	PSK +0.45 points	0.24%	0.69%
Us Bancorp	PSK +0.45 points	0.23%	0.68%
Prudential Financial IncPRS	PSK +0.44 points	0.22%	0.66%
Truist Financial Perpetual Pref SE	PSK +0.43 points	0.22%	0.65%
Us Bancorp	PSK +0.42 points	0.22%	0.64%
Duke Energy CorpDUKB	PSK +0.40 points	0.21%	0.61%
Wells Fargo & Company	PSK +0.40 points	0.29%	0.69%
Capital One Financial Corporation	PSK +0.39 points	0.20%	0.59%
Citizens Financial Group Inc	PSK +0.39 points	0.20%	0.59%
State Street Corp	PSK +0.39 points	0.20%	0.59%
Charles Schwab Corporation (The)	PSK +0.38 points	0.19%	0.57%
Affiliated Managers Group Inc.MGRE	PSK +0.38 points	0.19%	0.57%
Axis Capital Holdings Ltd	PSK +0.38 points	0.19%	0.57%
Public Storage	PSK +0.36 points	0.19%	0.55%
Keycorp	PSK +0.35 points	0.18%	0.53%
Public Storage	PSK +0.33 points	0.18%	0.51%
Lincoln National Corporation	PSK +0.34 points	0.17%	0.51%
Keycorp	PSK +0.33 points	0.17%	0.50%
Tpg Operating Group Ii LpTPGXL	PSK +0.33 points	0.17%	0.50%
Southern Company (The)SOJC	PSK +0.33 points	0.17%	0.50%
Athene Holding Ds Representing A	PSK +0.32 points	0.17%	0.49%
T-Mobile Usa IncTMUSL	PSK +0.32 points	0.16%	0.48%
Huntington Bancshares IncHBANL	PSK +0.32 points	0.16%	0.48%
F&G Annuities & Life IncFGN	PSK +0.31 points	0.16%	0.47%
Transcanada Pipelines LtdTCPA	PSK +0.31 points	0.16%	0.47%
Citizens Financial Group Inc	PSK +0.31 points	0.16%	0.47%
Carlyle Finance LlcCGABL	PSK +0.30 points	0.16%	0.46%
Kkr Group Finance Co Ix LlcKKRS	PSK +0.31 points	0.15%	0.46%
Prudential Financial IncPFH	PSK +0.30 points	0.16%	0.46%
Hartford Financial Services Group	PSK +0.31 points	0.15%	0.46%
Entergy Arkansas LlcEAI	PSK +0.30 points	0.15%	0.45%
Umb Financial CorporationUMBFO	PSK +0.29 points	0.15%	0.45%
Huntington Bancshares Drc IncHBANP	PSK +0.30 points	0.15%	0.45%
Associated Banc-CorpASBA	PSK +0.29 points	0.15%	0.44%
T-Mobile Usa IncTMUSZ	PSK +0.29 points	0.15%	0.44%
Us Bancorp	PSK +0.29 points	0.15%	0.44%
Sce Trust Vi	PSK +0.28 points	0.15%	0.43%
T-Mobile Usa IncTMUSI	PSK +0.28 points	0.15%	0.43%
JPMorgan Chase & Co	PSK +0.29 points	0.86%	1.15%
Dte Energy CompanyDTW	PSK +0.28 points	0.15%	0.43%
Sce Trust Viii	PSK +0.28 points	0.15%	0.43%
Northern Trust CorporationNTRSO	PSK +0.29 points	0.14%	0.43%
Renaissancere Holdings Ltd	PSK +0.28 points	0.14%	0.42%
Us Bancorp	PSK +0.27 points	0.14%	0.41%
Prudential Financial IncPRH	PSK +0.25 points	0.13%	0.38%
M and T Bank Perpetual Fixed To Fl	PSK +0.25 points	0.13%	0.38%
Digital Realty Trust Inc	PSK +0.24 points	0.13%	0.37%
Bank of America Corp	PSK +0.25 points	0.47%	0.72%
JPMorgan Chase & Co	PSK +0.24 points	0.74%	0.98%
Capital One Finl Ds Repstg Th Prf	PSK +0.24 points	0.13%	0.37%
Regions Finl Drc Corp	PSK +0.25 points	0.12%	0.37%
Public Storage	PSK +0.24 points	0.13%	0.37%
Tenn Valley AuthorityTVC	PSK +0.24 points	0.12%	0.36%
Unum GroupUNMA	PSK +0.24 points	0.12%	0.36%
Arch Capital Group Ltd.ACGLO	PSK +0.24 points	0.12%	0.36%
Athene Hldg Drc Ltd	PSK +0.23 points	0.12%	0.35%
Bank Amer Ds Representing Non Cu	PSK +0.23 points	0.43%	0.66%
Public Storage	PSK +0.22 points	0.12%	0.34%

All 454 PFF holdings⁠All 165 PSK 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 PSK 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
PSK 0.45%
$9,041

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
PSK 0.45%

Year by year

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

Expense ratio

0.45%PFF
0.45%PSK

PFF0.45%PSK0.45%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

PSK 6th cheapest of 31 funds

PFF vs PSK Dividends

Last 12 months to Nov 5, 2026

Yield (12M): PFF 5.82%; PSK 7.51%, better
Payout (12M): PFF $1.64; PSK $2.10
Last payment: PFF $0.18; PSK $0.16
Ex-dividend: PFF Nov 2, 2026; PSK Nov 2, 2026
Paid on: PFF Nov 5, 2026; PSK Nov 5, 2026
Frequency: PFF Monthly; PSK Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 46 paymentsAll PFF payments⁠

PSKMonthly · 46 paymentsAll PSK payments⁠

PFF vs PSK Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%, betterPSK 8.8%
Return per unit of riskSharpe ratio, 3 years: PFF 0.22, betterPSK −0.08
Worst fallMax drawdown, 5 years: PFF −21.1%, betterPSK −22.2%
Market sensitivityBeta, 5 years: PFF 0.97PSK 1.06; Market = 1

PFF and PSK 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 PSK

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and PSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PSK

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 PSK differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in PSK

Weight gaps