PFF — iShares Preferred and Income Securities ETF
Preferred & Convertible Ranked #365 of 458 tracked ETFs · Issued by iShares
PFF Price Performance — Growth of $10,000
Value of a $10,000 investment in PFF over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
PFF Drawdown
The "underwater" chart: PFF's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in PFF?
See what a lump sum in PFF would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The iShares Preferred and Income Securities ETF, trading under the ticker PFF, operates within the Preferred & Convertible category managed by issuer iShares. With assets under management totaling $13.1 billion and a current share price of $30.16, the fund represents a significant presence among the 8 ETFs tracked in its specific category. Despite its substantial size, the fund holds an overall rank of #365 out of 458 tracked ETFs across all categories, receiving an ETFValuer grade of C with a score of 52.2 out of 100. The fund charges an expense ratio of 0.45% while offering a dividend yield of 6.05%, indicating a focus on income generation relative to its cost structure. The combination of high assets and a mid-tier grade suggests that while investor adoption is strong, the fund's performance metrics have not yet secured a top-tier standing among its peers. This profile positions the ETF as a large-cap income vehicle that faces challenges in distinguishing itself through superior risk-adjusted returns compared to the broader universe of tracked funds.
Recent performance data reveals a divergence between short-term declines and longer-term gains for the iShares Preferred and Income Securities ETF. Over the most recent trading day, the fund posted a gain of +0.07%, though this was followed by a one-week decline of -0.63% and a one-month drop of -1.23%. The negative trend extended through the first half of the year, with a six-month return of -3.20% and a year-to-date figure of -1.13%, while the three-month return stood at -2.92%. However, the fund recovered over the longer horizon, posting a one-year return of +2.31% and a three-year return of +16.01%. This pattern indicates a period of recent underperformance that contrasts with the positive cumulative growth observed over the three-year period. The data shows a clear separation between the recent negative momentum and the established positive trajectory over the multi-year timeframe.
The fund exhibits a volatility label of Very Low and a beta of 0.97, suggesting that its price movements generally align with or slightly trail the broader market while maintaining a stable profile. Despite this low volatility, the fund recorded a maximum drawdown of -10.63%, indicating that investors have experienced significant temporary losses during market downturns. The Sharpe ratio of -0.37 reflects a negative risk-adjusted return, implying that the income generated has not sufficiently compensated for the volatility and drawdowns experienced. This combination of low beta and negative Sharpe ratio suggests the fund may have underperformed during periods when market returns were positive or failed to provide adequate protection during declines. The data points to a scenario where the fund's stability in terms of beta does not translate into positive risk-adjusted performance metrics over the measured periods.
AI-generated summary based on the data on this page.
PFF Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | Boeing Co. | 3.98% | $531M |
| 2 | Oracle Corp. | 2.40% | $321M |
| 3 | Wells Fargo & Co. | 2.29% | $305M |
| 4 | Albemarle Corp | 1.76% | $235M |
| 5 | Strategy Inc. | 1.49% | $199M |
| 6 | Citigroup Capital XIII | 1.41% | $188M |
| 7 | Bank of America Corp. | 1.35% | $180M |
| 8 | BLACKROCK CASH FUNDS | 1.29% | $171M |
| 9 | BLACKROCK GLOBAL | 1.25% | $167M |
| 10 | NextEra Energy Inc | 1.19% | $159M |
Holdings as of 2026-03-31 per the fund's most recent SEC N-PORT-P filing. Top 10 holdings make up 18.4% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how PFF's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With PFF
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with PFF's top 10 — PFFD overlaps most, holding 6 of the same companies as PFF's top 10 (12.0% of PFF's assets).
| ETF | Name | Shared Companies | PFF Weight | Examples |
|---|---|---|---|---|
| PFFD | Global X U.S. Preferred ETF | 6 | 12.0% | Boeing Co., Albemarle Corp, Wells Fargo & Co.… |
| PFXF | VanEck Preferred Securities ex Financials ETF | 5 | 10.8% | Boeing Co., Oracle Corp., NextEra Energy Inc… |
| CWB | State Street SPDR Bloomberg Convertible Securities ETF | 4 | 10.0% | Boeing Co., Oracle Corp., Wells Fargo & Co.… |
| VCIT | Vanguard Intermediate-Term Corporate Bond Index Fund ETF Shares | 3 | 7.7% | Boeing Co., Oracle Corp., Bank of America Corp. |
| VCSH | Vanguard Short-Term Corporate Bond Index Fund ETF Shares | 3 | 7.6% | Boeing Co., Wells Fargo & Co., Bank of America Corp. |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.71% (as of 2026-07-23) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 18.70 (as of 2026-07-23) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What PFF's Fees Cost You
PFF charges an expense ratio of 0.45% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
PFF Dividend Income Estimator
PFF currently yields 6.05%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
PFF Liquidity, Domicile & Tax Treatment
Liquidity: Quoted bid/ask spread is 3.36% and average daily volume is 2.9M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $13.1B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: PFF is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
PFF Performance History
| Period | Return |
|---|---|
| 1-Day | +0.07% |
| 1-Week | -0.63% |
| 1-Month | -1.23% |
| 3-Month | -2.92% |
| 6-Month | -3.20% |
| YTD | -1.13% |
| 1-Year | +2.31% |
| 3-Year | +16.01% |
How PFF Compares to Other Preferred & Convertible ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #45 | B+ |
ICVT | iShares Convertible Bond ETF | +24.20% | 0.2% | $7.53B |
| #124 | B |
CWB | State Street SPDR Bloomberg Convertible Securities ETF | +20.74% | 0.4% | $6.20B |
| #342 | C |
FPE | First Trust Preferred Securities and Income ETF | +5.54% | 0.83% | $6.32B |
| #343 | C |
PFXF | VanEck Preferred Securities ex Financials ETF | +5.82% | 0.4% | $2.63B |
| #365 | C |
PFF | iShares Preferred and Income Securities ETF | +2.31% | 0.45% | $13.1B |
| #374 | C |
PFFD | Global X U.S. Preferred ETF | +2.49% | 0.23% | $2.15B |
| #388 | D |
PGX | Invesco Preferred ETF | +2.00% | 0.5% | $3.86B |
| #402 | D |
PSK | State Street SPDR ICE Preferred Securities ETF | +1.48% | 0.45% | $708M |