PFF vs VRP: Grades, Fees and Holdings Compared

iShares Preferred and Income Securities ETF

PFFANasdaq

Invesco Variable Rate Preferred ETF

VRPBNYSE Arca

Overlap

10.0%by weight

Expense ratio

PFF −0.05pt a year

PFF0.45%VRP0.50%

Avg volume · 30D

PFF 4.8×the volume

PFF3.04MVRP630K

10Y return · a year

VRP +2.0pt

PFF+2.6%VRP+4.6%

PFF vs VRP Performance

Oct 29, 2021 – Oct 30, 2026

−2.8%PFF+20.9%VRP

Expense ratio: PFF 0.45%, better; VRP 0.50%
Fund size: PFF $11.7B; VRP $3B
1Y total return: PFF −3.8%; VRP +1.5%, better
Yield (12M): PFF 5.73%; VRP 5.93%, better
Holdings: PFF 452; VRP 368
Avg volume (30D): PFF 3.04M sh, better; VRP 630K sh
NAV per share: PFF $28.50; VRP $23.64
52W range

ETF.net Grade

Pillar letters and Scores for PFF, VRP, with each pillar’s weight
Pillar	PFF	VRP
Cost30% weight	A73Higher	C53
Mission25% weight	A80Higher	B64
Risk15% weight	D30	A80Higher
Tradability15% weight	A92Higher	A71
Holdings10% weight	B64	A75Higher
Durability5% weight	A97Higher	A86

Rank among Preferred Securities funds

How we build Categories ›

Same Category. PFF and VRP 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 VRP 4th 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 4BPFFVGlobal X Variable Rate Preferred ETFScore 66
Rank 4BVRPInvesco Variable Rate Preferred ETFScore 66
Rank 6BPSKState Street SPDR ICE Preferred Securities ETFScore 65

Our read on each fund

ETF.net Research

PFFAiShares Preferred and Income Securities ETF

VRPBInvesco Variable Rate Preferred 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.

VRP The preferred fund built on coupons that move. VRP holds mainly floating and variable rate preferred stock and hybrid debt from US corporations, where payouts reset with market rates instead of locking in at issue, 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.

VRP The fund seeks high monthly income, with potential tax advantages, through investments in preferred stock and hybrid debt.

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.

VRP By mandate, at least 90% of assets sit in floating and variable rate US preferred stock and hybrid debt, so coupons reset with market rates rather than staying fixed for life.invesco.com
Income is the stated job: high monthly income, with potential tax advantages, from preferred stock and hybrid debt. Distributions land monthly, not quarterly.
Running since 2014 and now a multi-billion-dollar fund, it spreads the bet across roughly 400 holdings and trades actively on the exchange.

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.

VRP 0.50% a year, above the middle of the pack among index-tracking ETFs. The floating-rate niche carries a higher sticker than plain vanilla index exposure.
Resets cut both ways. Coupons that climb when short-term rates rise also step down when rates fall, and the monthly income moves with them.invesco.com
The mandate spans investment grade and below investment grade preferreds and hybrid debt, so credit quality inside the basket is mixed, not uniformly high.invesco.com

Full PFF profile⁠

Full VRP profile⁠

PFF vs VRP Holdings

How PFF and VRP differ

Overlap by weight

10.0%

Shared holdings make up 14.4% of PFF and 10.0% of VRP.

Level by level

Asset classEquity, Fixed Income0.0%
Holdings76 in both10.0%
Countryby domicile85.7%

Sector

No Sector split for VRP.

Country, concentration and asset class

Country by domicile

Country weights in PFF and VRP, widest gap first
Country	More in PFFMore in VRP	PFF	VRP
United States	PFF +14.3 points	100.0%	85.7%
Canada	VRP +10.0 points	0.0%	10.0%
United Kingdom	VRP +3.0 points	0.0%	3.0%
Other countries (5)	VRP +1.3 points	0.0%	1.3%

Concentration

Weight in the 10 largest Holdings

PFF22.0%
VRP9.3%

Securities held

PFF448
VRP363

Asset class

PFF: Equity
VRP: Fixed Income

Holdings

Only in PFF372
In both76
Only in VRP287

Only in PFF

372 securities, 84.7% 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%
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%
Morgan Stanley Ds Representing F0.45%
Duke Energy Corp0.44%
Morgan Stanley0.43%
Bank Amer Ds Representing Non Cu0.43%
Allstate Corporation (The)0.42%
Morgan Stanley0.42%
Morgan Stanley Ds0.41%
Morgan Stanley0.40%
Capital One Financial Corporation0.40%
Wells Fargo & Company0.39%
AT&T Inc0.39%
Novanta Tangible Equity Units0.39%
Pinnacle Financial Partners Non Cu0.38%
M T Bk Dep Int Perp Pfd Stk Ser J0.38%

Only in VRP

287 securities, 88.9% of VRP by weight

Bank of America Corp 6.63% 12/31/20991.02%
JPMorgan Chase & Co 6.50% 12/31/20791.02%
JPMorgan Chase & Co 6.10% 12/31/20990.99%
Citigroup Inc 6.88% 12/31/20790.92%
JPMorgan Chase & Co 6.88% 12/31/20990.87%
Citigroup Inc 6.63% 12/31/20790.84%
Bank of America Corp 6.25% 12/31/20990.84%
BP Capital Markets PLC 4.88% 12/31/20490.84%
Goldman Sachs Group Inc/The 6.50% 12/31/20790.83%
State Street Corp 6.70% 12/31/20790.82%
CVS Health Corp 7.00% 03/10/20550.79%
Goldman Sachs Group Inc/The 7.50% 12/31/20790.78%
Bank of America Corp 5.88% 12/31/20790.78%
Wells Fargo & Co 6.13% 12/31/20790.75%
Vodafone Group PLC 7.00% 04/04/20790.70%
Wells Fargo & Co 6.85% 12/31/20790.69%
Charles Schwab Corp/The 4.00% 12/31/20790.69%
Bank of America Corp 6.13% 12/31/20790.69%
Citigroup Inc 6.95% 12/31/20790.68%
Verizon Communications Inc 6.60% 02/15/20590.66%
Verizon Communications Inc 6.05% 05/14/20580.65%
Goldman Sachs Group Inc/The 6.85% 12/31/20790.65%
Goldman Sachs Group Inc/The 6.13% 12/31/20790.65%
Verizon Communications Inc 6.20% 05/14/20560.63%
Southern Co/The 6.38% 03/15/20550.62%
Wells Fargo & Co 7.63% 12/31/20990.60%
Citigroup Inc 7.13% 12/31/20790.60%
Wells Fargo & Co 6.55% 12/31/20790.59%
Truist Financial Corp 6.67% 12/31/20790.59%
Verizon Communications Inc 6.75% 02/15/20570.57%
Bank of America Corp 4.38% 12/31/20790.57%
American Express Co 6.45% 12/31/20790.54%
Sysco Holdings Corp/ Sysco Corp 7.10% 10/06/20560.53%
Goldman Sachs Group Inc/The 7.50% 12/31/20990.52%
Citigroup Inc 7.63% 12/31/20990.52%
Transcanada Trust 5.30% 03/15/20770.52%
JPMorgan Chase & Co 6.84% 12/31/20790.52%
PNC Financial Services Group Inc/The 7.15% 12/31/20790.52%
PG&E Corp 7.38% 03/15/20550.52%
Citigroup Inc 7.00% 12/31/20790.51%
Citigroup Inc 6.75% 12/31/20790.51%
PNC Financial Services Group Inc/The 6.25% 12/31/20990.51%
US Bancorp 3.70% 12/31/20790.51%
NextEra Energy Capital Holdings Inc 6.38% 08/15/20550.51%
American Electric Power Co Inc 5.80% 03/15/20560.50%
Charles Schwab Corp/The 6.10% 12/31/20790.50%
American Electric Power Co Inc 6.05% 03/15/20560.49%
NextEra Energy Capital Holdings Inc 6.63% 10/01/20660.49%
Sysco Holdings Corp/ Sysco Corp 7.35% 10/06/20560.49%
Dominion Energy Inc 6.00% 02/15/20560.48%

Weight gaps

All 76 Holdings in both funds, largest gap first.

Holding weights in PFF and VRP, widest gap first
Holding	More in PFFMore in VRP	PFF	VRP
Citigroup Capital Xiii	PFF +0.39 points	1.20%	0.81%
Goldman Sachs Group Inc	PFF +0.16 points	0.49%	0.33%
Morgan Stanley	PFF +0.13 points	0.41%	0.28%
Athene Holding Ds Representing P	PFF +0.12 points	0.39%	0.27%
Annaly Capital Management Inc	PFF +0.12 points	0.37%	0.25%
Reinsurance Group of America IncorRZC	PFF +0.12 points	0.36%	0.24%
Us Bancorp	PFF +0.11 points	0.34%	0.23%
Apollo Global Management IncAPOS	PFF +0.09 points	0.30%	0.21%
Keycorp	PFF +0.10 points	0.30%	0.20%
Agnc Investment CorpAGNCP	PFF +0.09 points	0.28%	0.19%
Jackson Financial Inc	PFF +0.09 points	0.28%	0.19%
Goldman Sachs Group Inc	PFF +0.09 points	0.28%	0.19%
Athene Holding LtdATHS	PFF +0.09 points	0.27%	0.18%
Banc of California Inc	PFF +0.08 points	0.26%	0.18%
Synchrony Financial	PFF +0.08 points	0.26%	0.18%
Allstate Corporation (The)	PFF +0.08 points	0.26%	0.18%
Metlife Inc	PFF +0.08 points	0.25%	0.17%
Athene Hldg Ltd Dep Shr Repstg I	PFF +0.08 points	0.25%	0.17%
Regions Financial Corporation	PFF +0.08 points	0.25%	0.17%
Fifth Third Bancorp Depositary ShaFITBI	PFF +0.07 points	0.23%	0.16%
Keycorp	PFF +0.08 points	0.25%	0.17%
New Residential Investment Corp	PFF +0.08 points	0.24%	0.16%
Regions Financial Corporation	PFF +0.08 points	0.24%	0.16%
Chs Reset Rate Cumulative RedeemabCHSCM	PFF +0.07 points	0.22%	0.15%
New York Community Bancorp Int Fxd	PFF +0.07 points	0.24%	0.17%
Us Bancorp	PFF +0.08 points	0.22%	0.14%
Annaly Capital Management Inc	PFF +0.07 points	0.22%	0.15%
Wintrust Financial CorporationWTFCN	PFF +0.07 points	0.22%	0.15%
Agnc Investment CorpAGNCO	PFF +0.07 points	0.21%	0.14%
Chs IncCHSCN	PFF +0.06 points	0.20%	0.14%
Fifth Third Bancorp Depositary Sha	PFF +0.06 points	0.20%	0.14%
New Residential Investment Corp	PFF +0.06 points	0.19%	0.13%
Algonquin Power & Utilities CorpAQNB	PFF +0.06 points	0.18%	0.12%
Agnc Investment CorpAGNCN	PFF +0.06 points	0.17%	0.11%
First Citizens Bancshares Inc (DelFCNCN	PFF +0.06 points	0.18%	0.12%
Bank of America Corp	PFF +0.05 points	0.38%	0.33%
Huntington Bancshares IncHBANL	PFF +0.05 points	0.16%	0.11%
Umb Financial CorporationUMBFO	PFF +0.05 points	0.16%	0.11%
Chimera Investment Corp	PFF +0.05 points	0.14%	0.09%
New Residential Investment Corp	PFF +0.04 points	0.14%	0.10%
Western Alliance Bancorp	PFF +0.05 points	0.15%	0.10%
Associated Banc-CorpASBA	PFF +0.05 points	0.15%	0.10%
Voya Financial Inc	PFF +0.04 points	0.14%	0.10%
Tenn Valley AuthorityTVC	PFF +0.05 points	0.13%	0.08%
Ngl Energy Partners Lp	PFF +0.04 points	0.15%	0.11%
M and T Bank Perpetual Fixed To Fl	PFF +0.04 points	0.13%	0.09%
Mfa Financial Inc	PFF +0.04 points	0.12%	0.08%
Wesbanco IncWSBCO	PFF +0.04 points	0.12%	0.08%
Agnc Investment CorpAGNCM	PFF +0.03 points	0.11%	0.08%
Tenn Valley AuthTVE	PFF +0.03 points	0.10%	0.07%
Chimera Investment Corp	PFF +0.03 points	0.10%	0.07%
New York Mortgage Trust IncNYMTM	PFF +0.03 points	0.09%	0.06%
Chimera Investment Corp	PFF +0.03 points	0.09%	0.06%
Compass Diversified Holdings Fixed	PFF +0.03 points	0.09%	0.06%
Goldman Sachs Group Inc	PFF +0.03 points	0.08%	0.05%
Valley National BancorpVLYPN	PFF +0.03 points	0.08%	0.05%
Merchants BancorpMBINM	PFF +0.02 points	0.07%	0.05%
Agnc Investment CorpAGNCL	PFF +0.02 points	0.07%	0.05%
Kemper CorpKMPB	PFF +0.02 points	0.07%	0.05%
New York Mortgage Trust IncNYMTN	PFF +0.02 points	0.07%	0.05%
New York Mortgage Trust IncNYMTL	PFF +0.02 points	0.07%	0.05%
Connectone Bancorp IncCNOBP	PFF +0.02 points	0.06%	0.04%
Valley National BancorpVLYPP	PFF +0.02 points	0.06%	0.04%
Acres Commercial Realty .625 Fixed	PFF +0.02 points	0.07%	0.05%
Truist Financial Ds Representing	PFF +0.02 points	0.06%	0.04%
Dynex Capital Inc	PFF +0.02 points	0.06%	0.04%
Midland States Bancorp IncMSBIP	PFF +0.02 points	0.06%	0.04%
Ellington Financial Inc	PFF +0.02 points	0.06%	0.04%
Valley Natl Non Cum Perp Pref SeriVLYPO	PFF +0.02 points	0.05%	0.03%
New Residential Investment Corp	PFF +0.01 points	0.05%	0.04%
Granite Point Mortgage Trust Inc	PFF +0.01 points	0.05%	0.04%
Bank of America Corporation Pfd 1	PFF +0.02 points	0.12%	0.10%
Arbor Realty Trust Inc	PFF +0.02 points	0.08%	0.06%
Bank of America Corp	PFF +0.01 points	0.08%	0.07%
Bank of America Corp Pref Stock	PFF +0.01 points	0.09%	0.08%
Bank of America Depository Shares	Same weight	0.06%	0.06%

All 453 PFF holdings⁠All 366 VRP 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 VRP Cost

Overpaying VRP vs PFF

$938

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

PFF 0.45%
$9,041
VRP 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

PFF 0.45%
VRP 0.50%
Overpaying

Year by year

Year	PFF	VRP	Overpaying
10	$812	$900	$88
20	$3,128	$3,460	$332
30	$9,041	$9,979	$938

Expense ratio

0.45%PFF, cheaper
0.50%VRP

PFF0.45%VRP0.50%

0.23%2.11%

Middle half of Preferred Securities funds
Median 0.50%

PFF 6th cheapest of 31 funds

VRP 15th cheapest of 31 funds

PFF vs VRP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PFF 5.73%; VRP 5.93%, better
Payout (12M): PFF $1.63; VRP $1.40
Last payment: PFF $0.16; VRP $0.12
Ex-dividend: PFF Oct 1, 2026; VRP Oct 19, 2026
Paid on: PFF Oct 6, 2026; VRP Oct 23, 2026
Frequency: PFF Monthly; VRP Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PFFMonthly · 45 paymentsAll PFF payments⁠

VRPMonthly · 46 paymentsAll VRP payments⁠

PFF vs VRP Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PFF 8.5%VRP 4.2%, better
Return per unit of riskSharpe ratio, 3 years: PFF 0.22VRP 1.10, better
Worst fallMax drawdown, 5 years: PFF −21.1%VRP −13.4%, better
Market sensitivityBeta, 5 years: PFF 0.97VRP 0.47; Market = 1

PFF and VRP 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 VRP

In short

Stated mandate

Why people hold it

Worth knowing

How PFF and VRP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in VRP

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 VRP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in PFF

Only in VRP

Weight gaps