PFF vs QTPI: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

North Square RCIM Tax-Advantaged Preferred and Income Securities ETF

QTPICNYSE Arca

Overlap

5.5%by weight

Expense ratio

PFF −0.15pt a year

PFF0.45%QTPI0.60%

Avg volume · 30D

PFF 462.4×the volume

PFF3.17MQTPI6.86K

PFF vs QTPI Performance

Nov 7, 2025 – Nov 9, 2026

−2.7%PFF+1.1%QTPI

Expense ratio: PFF 0.45%, better; QTPI 0.60%
Fund size: PFF $11.5B; QTPI $77M
1Y total return: PFF −2.7%; QTPI +1.1%, better
Yield (12M): PFF 5.73%, better; QTPI 4.42%
Holdings: PFF 452; QTPI 55
Avg volume (30D): PFF 3.17M sh, better; QTPI 6.86K sh
NAV per share: PFF $28.29; QTPI $24.74
52W range

ETF.net Grade

Pillar letters and Scores for PFF, QTPI, with each pillar’s weight
Pillar	PFF	QTPI
Cost30% weight	A73Higher	D25
Mission25% weight	A81Higher	C54
Risk15% weight	D30	B68Higher
Tradability15% weight	A89Higher	F24
Holdings10% weight	B61Higher	C45
Durability5% weight	A97Higher	F16

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and QTPI 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 QTPI 28th of 31 funds in the Preferred Securities Category.

Rank 1APFFDGlobal X U.S. Preferred ETFScore 74
Rank 2APFFiShares Preferred and Income Securities ETFScore 70
Rank 3BPFFVGlobal X Variable Rate Preferred ETFScore 69
Rank 27CJPRFJPMorgan Preferred and Income Securities ETFScore 42
Rank 28CQTPINorth Square RCIM Tax-Advantaged Preferred and Income Securities ETFScore 40
Rank 29DPFFAVirtus InfraCap U.S. Preferred Stock ETFScore 39

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

QTPICNorth Square RCIM Tax-Advantaged 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.

QTPI No data

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.

QTPI No data

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.

QTPI No data

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.

QTPI No data

Full PFF profile⁠

Full QTPI profile⁠

PFF vs QTPI Holdings

How PFF and QTPI differ

Overlap by weight

5.5%

Shared holdings make up 30.6% of QTPI and 5.5% of PFF.

Level by level

Holdings21 in both5.5%
Asset classStocks100%
Countryby domicile100%

Sector

No Sector split for QTPI.

Country, concentration and asset class

Country by domicile

Country weights in PFF and QTPI, widest gap first
Country	More in PFFMore in QTPI	Gap	PFF	QTPI
United States		Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PFF21.3%
QTPI29.5%

Securities held

PFF447
QTPI55

Asset class

PFF: Stocks
QTPI: Stocks

Holdings

Only in PFF426
In both21
Only in QTPI34

Only in PFF

426 securities, 94.1% of PFF by weight

Strategy Inc3.50%
Boeing Co3.22%
Wells Fargo & Company Series L2.14%
Alphabet Inc2.12%
Alphabet Inc2.09%
Oracle Corporation1.94%
Super Micro Computer Inc1.91%
Nextera Energy Units1.83%
Nextera Energy Inc1.77%
Hewlett Packard Enterprise Conv Pr1.76%
Bank of America Corp1.42%
Citigroup Capital Xiii1.21%
Kkr & Co Inc1.10%
Albemarle Corp1.03%
Duke Energy Corp1.02%
Southern Company (The)0.98%
Brightspring Health Services Units0.90%
JPMorgan Chase & Co0.87%
Microchip Technology Incorporated0.79%
JPMorgan Chase & Co0.74%
Wells Fargo & Company0.69%
Ares Management Corp0.66%
JPMorgan Chase and Co Ds Repstg T0.65%
JPMorgan Chase Non-Cumulative Pref0.64%
Bruker Corporation0.63%
AT&T Inc0.56%
Strive Inc0.55%
PG&E Corporation0.54%
Ppl Corporation0.54%
JPMorgan Chase Drc0.51%
AT&T Inc0.49%
Goldman Sachs Group Inc0.49%
Strategy Inc0.49%
Morgan Stanley0.49%
Bank of America Corp0.47%
M&T Bank Corporation0.47%
Duke Energy Corp0.46%
Morgan Stanley Ds Representing F0.46%
Morgan Stanley0.44%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.43%
Morgan Stanley0.42%
Morgan Stanley Ds0.42%
Morgan Stanley0.41%
Capital One Financial Corporation0.40%
Wells Fargo & Company0.40%
Xcel Energy Inc0.40%
Athene Holding Ds Representing P0.39%
Pinnacle Financial Partners Non Cu0.39%
Bank of America Corp0.39%

Only in QTPI

34 securities, 69.4% of QTPI by weight

JPMorgan Chase & Company 6.875%, Fixed until 6/1/2029 Due 3/1/21743.50%
Citigroup, Inc. 7.625%, Fixed until 11/15/28 Due 2/15/723.24%
Wells Fargo & Company 7.625%, Fixed until 9/15/2028 Due 9/15/21733.18%
Goldman Sachs Group, Inc. (The) 7.5%, Fixed until 8/18/2028 Due 8/18/21702.87%
Bank of America Corporation 6.625%, Fixed until 5/1/2030 Due 8/1/21732.87%
PNC Financial Services Group, Inc. (The) 6.25%, Fixed until 3/15/2030 Due 6/15/21732.77%
Toronto-Dominion Bank (The) 8.125%, Fixed until 10/31/2027 Due 10/31/20822.73%
BP Capital Markets plc 6.45%, Fixed until 3/1/2034 Perpetual 03/01/21742.70%
State Street Corporation 6.7%, Fixed until 3/15/2029 Due 03/15/21742.70%
Canadian Imperial Bank of Commerce 7%, Fixed Until 10/28/2030 Due 10/28/20852.67%
Bank of New York Mellon Corporation (The) 7.125%, Fixed until 12/30/2031 Due 03/20/21752.66%
Royal Bank of Canada 7.5%, Fixed until 5/2/2029 Due 5/2/20842.65%
Bank of Montreal 7.7%, Fixed until 5/26/2029 Due 5/26/20842.63%
Vistra Corporation 8.875%, Fixed until 1/15/2029 Due 1/15/21712.59%
General Motors Financial Company, Inc. 6.5%, Fixed until 9/30/2028 Due 3/30/21732.52%
Bank of Nova Scotia (The) 8.625%, Fixed until 10/27/2027 Due 10/27/20822.27%
UBS Group A.G. 9.25%, Fixed until 11/13/2028 Due 05/13/21722.09%
Ally Financial, Inc. 7.1%, Fixed until 8/15/2031 Due 08/15/21741.92%
HSBC Holdings plc 7.05%, Fixed Until 12/05/2030 Due 12/05/21731.83%
Banco Bilbao Vizcaya Argentaria S.A. 9.375%, Fixed until 09/19/2029 Due 09/19/21731.80%
Lloyds Banking Group plc 8%, Fixed until 09/27/2029 Due 3/27/21701.69%
Banco Santander S.A. 9.625% Fixed until 5/21/29 Due 2/21/21731.66%
Standard Chartered plc 7.75%, Fixed until 2/15/2028 Due 2/15/21731.66%
Air Lease Corporation 6%,Fixed Until 12/15/2029 Due 09/15/21731.58%
NatWest Group plc 8.125%, Fixed until 5/10/2034 Due 06/30/21721.43%
Citizens Financial Group, Inc. Series I1.42%
BNP Paribas S.A. 8%, Fixed until 08/22/2031 Due 02/22/21741.33%
ING Groep N.V. 7%, Fixed until 11/16/2023 Due 11/16/21751.28%
Nordea Bank Abp 6.75%, Fixed until 11/10/2033 Due 11/10/21751.27%
Credit Agricole S.A. 7.125%, Fixed until 09/23/2035 Due 09/23/21751.23%
First Citizens BancShares, Inc. 7.5%, Fixed until 09/15/2031 Due 12/15/21741.03%
Receivables/Payables0.89%
Bbh Sweep Vehicle0.51%
Santander Holdings USA, Inc. Series H0.20%

Weight gaps

All 21 Holdings in both funds, largest gap first.

Holding weights in PFF and QTPI, widest gap first
Holding	Gap	PFF	QTPI
Truist Financial Perpetual Pref SE	QTPI +2.57 points	0.22%	2.79%
AT&T Inc	QTPI +2.45 points	0.40%	2.85%
Charles Schwab Corporation (The)	QTPI +1.88 points	0.19%	2.07%
Capital One Financial Corporation	QTPI +1.69 points	0.51%	2.20%
M T Bk Dep Int Perp Pfd Stk Ser J	QTPI +1.63 points	0.39%	2.02%
Morgan Stanley	QTPI +1.61 points	0.41%	2.02%
Us Bancorp	QTPI +1.60 points	0.22%	1.82%
Keycorp	QTPI +1.58 points	0.17%	1.75%
Fifth Third Bancorp Depositary Sha	QTPI +1.56 points	0.20%	1.76%
Citizens Financial Group Inc	QTPI +1.40 points	0.16%	1.56%
Huntington Bancshares IncHBANL	QTPI +1.19 points	0.17%	1.36%
Morgan Stanley	QTPI +1.04 points	0.47%	1.51%
Keycorp	QTPI +0.97 points	0.30%	1.27%
Bank of America Corp	QTPI +0.77 points	0.25%	1.02%
Charles Schwab Corporation (The)	QTPI +0.70 points	0.33%	1.03%
Synchrony Financial	QTPI +0.55 points	0.26%	0.81%
Allstate Dep Repstg Th Non Cum Pe	QTPI +0.55 points	0.31%	0.86%
Umb Financial CorporationUMBFO	QTPI +0.45 points	0.16%	0.61%
Cms Energy Corporation	QTPI +0.42 points	0.07%	0.50%
Regions Financial Corporation	QTPI +0.36 points	0.25%	0.61%
First Horizon Corp (Tennessee)	QTPI +0.17 points	0.05%	0.22%

All 454 PFF holdings⁠All QTPI 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 QTPI Cost

Overpaying QTPI vs PFF

$2,776

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

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

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
QTPI 0.60%
Overpaying

Year by year

Year	PFF	QTPI	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%QTPI

PFF0.45%QTPI0.60%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

QTPI 23rd cheapest of 31 funds

PFF vs QTPI Dividends

Last 12 months to Nov 9, 2026

Yield (12M): PFF 5.73%, better; QTPI 4.42%
Payout (12M): PFF $1.64; QTPI $1.10
Last payment: PFF $0.18; QTPI $0.13
Ex-dividend: PFF Nov 2, 2026; QTPI Oct 29, 2026
Paid on: PFF Nov 5, 2026; QTPI Nov 3, 2026
Frequency: PFF Monthly; QTPI Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 46 paymentsAll PFF payments⁠

QTPIMonthly · 23 paymentsAll QTPI payments⁠

PFF vs QTPI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%QTPI 3.0%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: PFF 0.22QTPI −0.17since Jan 2025
Worst fallMax drawdown, 5 years: PFF −21.1%QTPI −4.1%since Dec 2024
Market sensitivityBeta, 5 years: PFF 0.97QTPI 0.16; Market = 1

PFF and QTPI 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 QTPI

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and QTPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in QTPI

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 QTPI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in QTPI

Weight gaps