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Dividend Vision

ETF Comparison

PFF vs PFFA: Index Preferreds, or an Active Sleeve?

A head-to-head of iShares Preferred and Income Securities and Virtus InfraCap U.S. Preferred Stock covering construction and cost.

Data updated September 4, 2026

Best for

  • PFFInvestors who want fixed-income ballast that steadies the portfolio when stocks fall.
  • PFFAInvestors who want higher current income (9.88% vs 5.82% for PFF).

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

PFF has lagged PFFA over the trailing twelve months, posting a 1.53% total return against 6.09%. The lead holds up over 5 years too: PFFA has compounded at 5.78% a year, against 0.58% for PFF. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD1Y3Y5YSince May 2018Volatility Sharpe Sortino Max drawdown
PFF-0.00%1.53%6.03%0.58%3.32%8.5%0.160.23-10.6%
PFFA3.01%6.09%12.30%5.78%7.48%9.4%0.761.04-12.2%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since May 2018” measures every fund from May 16, 2018 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricPFFPFFA
Full nameiShares Preferred and Income Securities ETFVirtus InfraCap U.S. Preferred Stock ETF
IssueriSharesVirtus Investment Partners
Underlying indexICE Exchange-Listed Preferred & Hybrid Securities IndexActively managed U.S. preferred stock portfolio
Last Close$30.36 as of September 4, 2026$20.96 as of September 4, 2026
Distribution rate5.82%9.88%
Distribution Safety Score™ 8396
Safety-Adjusted Yield 4.83%9.48%
Expense ratio0.45%2.11%
AUM$12.8B$2.53B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities.Actively managed portfolio targeting income from U.S. preferred stocks and capital structure opportunities.
Asset classHybridHybrid
Inception date03/26/200705/15/2018
Beta0.951.05
Last dividend$0.1472 payable today$0.1725
Ex-dividend date09/01/202608/20/2026

Bottom lineChoose PFF if you want fixed-income ballast that steadies the portfolio when stocks fall. Choose PFFA if you want higher current income (9.88% vs 5.82% for PFF).

Broad preferreds versus an active sleeve

PFF is a broad preferred-stock book. PFFA is active. Construction, not a one-date yield, is the split.

PFFPFFA
BookBroad preferreds indexActive preferred sleeve
Expense ratio0.45%2.11%
Distribution yield5.82%9.88%

Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

ETFs466
Total AUM$4643B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

iShares is one of the largest ETF providers globally, known for offering a broad, diversified lineup of exchange-traded funds across multiple asset classes and investment strategies. The company operates 215 funds spanning 15 distinct families, including popular offerings in dividend income, covered call strategies, bonds, equities, ESG-focused investments, and factor-based approaches, with widely-held tickers like AGG (bond), ACWI (global equity), and AOA (allocation). iShares is characterized by its comprehensive fund ecosystem that serves both core portfolio holdings and specialized investment strategies, making it a prominent player for investors seeking both traditional and alternative income-generating ETF solutions.

See our curated list of related YouTube videos on PFF.

ETFs23
Total AUM$5.27B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Virtus Investment Partners operates a focused lineup of 5 ETFs primarily concentrated in income-generating and specialized strategies. Their fund families span bonds, closed-end funds, and income-focused products, with notable tickers including AIO, DNP, PFFA, UTES, and VEMY that cater to investors seeking dividend and yield exposure. The firm positions itself as a niche player in the ETF space with an emphasis on income strategies rather than broad market exposure.

See our curated list of related YouTube videos on PFFA.

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Quick verdict

PFF (iShares Preferred and Income Securities ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both monthly-pay dividend ETFs, but they take different approaches.

PFFA offers the higher yield at 9.88% vs 5.82% for PFF. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

PFF is cheaper with an expense ratio of 0.45% compared to 2.11%.

They have different reference exposures: PFF is linked to ICE Exchange-Listed Preferred & Hybrid Securities Index while PFFA is linked to Actively managed U.S. preferred stock portfolio, which means their performance drivers differ.

PFF is the larger fund by assets ($12.8B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose PFF

iShares Preferred and Income Securities ETF

  • Want fixed-income ballast that cushions equity drawdowns.
  • Want to keep costs low — a 0.45% expense ratio vs 2.11% for PFFA.

Choose PFFA

Virtus InfraCap U.S. Preferred Stock ETF

  • Want higher current income — PFFA yields 9.88% vs 5.82% for PFF.
  • Want broad hybrid exposure.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, PFF would generate roughly $48.50/month, while PFFA would produce $82.33/month, at current distribution rates. Both pay monthly distributions.

PFF yield5.82%
PFFA yield9.88%
Monthly diff on $10K$33.83

Cost & efficiency

Over 10 years on $10,000, PFF would cost approximately $450 in fees vs $2,110 for PFFA (simplified, not compounded). The $1,660.00 difference may be offset by yield or performance.

PFF ER0.45%
PFFA ER2.11%

Strategy & risk

PFF tracks ICE Exchange-Listed Preferred & Hybrid Securities Index with a preferred stock approach, while PFFA is actively managed around Actively managed U.S. preferred stock portfolio exposure with a preferred stock approach. Beta is 0.95 for PFF and 1.05 for PFFA, making PFF the less volatile of the two by this measure.

PFF beta0.95
PFFA beta1.05

Fund details

PFF is managed by iShares (launched 03/26/2007) with $12.8B in assets. PFFA is managed by Virtus Investment Partners (launched 05/15/2018) with $2.53B in assets.

PFF AUM$12.8B
PFFA AUM$2.53B

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Frequently asked questions

What is the difference between PFF and PFFA?

PFF (iShares Preferred and Income Securities ETF) is a broad preferred-stock ETF. PFFA (Virtus InfraCap U.S. Preferred Stock ETF) is an active preferred sleeve. Rules, not a tiny yield gap, decide it. Cost is 0.45% versus 2.11%; distributions are 5.82% and 9.88% as of September 2026.

What is the current distribution rate for PFF and PFFA?

PFF currently distributes 5.82% and PFFA 9.88%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is PFF or PFFA better for dividend income?

It depends on your goals. PFFA currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both PFF and PFFA?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is PFF or PFFA safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — PFFA scores 96, PFF scores 83, so PFFA's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee.

Which has lower fees, PFF or PFFA?

PFF has an expense ratio of 0.45% while PFFA charges 2.11%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in PFF vs PFFA generate?

At current rates, $10,000 in PFF would generate roughly $48.50 per month ($582.00 annually). The same in PFFA would produce about $82.33 per month ($988.00 annually).

Which has performed better historically, PFF or PFFA?

PFF has lagged PFFA over the trailing twelve months, posting a 1.53% total return against 6.09%. The lead holds up over 5 years too: PFFA has compounded at 5.78% a year, against 0.58% for PFF. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

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PFF vs PFFA — at a glance

Generated September 5, 2026.

Overview

PFF and PFFA are both monthly-distribution ETFs focused on U.S. preferred securities, but they take fundamentally different management approaches. The choice between them hinges on whether you want broad index exposure or active security selection—and what yield you're willing to pay for it.

How they differ

The biggest difference is management style: PFF replicates an index of preferred and hybrid securities, while PFFA's managers actively select preferred stocks and tactically time capital structure situations. That structural gap drives a sharp yield gap. PFF distributes at 5.82%, while PFFA yields 9.88%—a 406-basis-point spread that reflects PFFA's active stock-picking and tactical positioning.

That higher yield comes with a cost premium. Both funds carry similar equity-like beta (0.95 for PFF, 1.05 for PFFA), meaning both move with broader market sentiment, but the fee drag and yield profile suggest different underlying strategies. PFF's size ($12.8B AUM) offers tighter liquidity and index replication stability; PFFA's smaller asset base ($2.53B) reflects its niche-manager positioning.

Who each is best for

  • PFF: Fits investors seeking straightforward preferred-sector exposure without paying for active management, comfortable with a mid-5% yield and willing to accept broad index composition (which includes both investment-grade and higher-yielding names).

Key risks to know

  • Preferred equity sensitivity. Both funds carry beta near 1.0, meaning they'll decline when equity markets retreat or preferred yields rise—preferred stocks lack the downside cushion of bonds. A significant market drawdown could see both funds fall 10%+ even if their underlying yields remain stable.
  • NAV erosion at elevated yields. PFFA's 9.88% yield substantially exceeds the underlying preferred equity market's total return potential; absent strong price appreciation or capital gains, distributions are likely to include return-of-capital treatment, eroding NAV over time.
  • Active management execution risk. PFFA's outperformance depends on its managers' ability to identify mispriced preferreds or time capital structure events—there's no guarantee that skill will persist, especially in a market where preferred valuations are increasingly efficient.
  • Rising rate sensitivity. Preferred securities reprice more sharply than bonds when rates rise, because their coupons are less deeply discounted relative to market yields. A sustained rise in Treasury yields could pressure both funds, though higher yields will eventually create entry points.

Bottom line

If you want low-cost, transparent index exposure to the preferred sector, PFF's 0.45% fee and 5.82% yield deliver straightforward implementation. If you're convinced active managers can extract incremental returns through security selection and capital structure timing—and can justify the 2.11% fee drag—PFFA's 9.88% yield and tactical positioning may appeal. Past performance of either fund does not predict future results, and preferred valuations remain sensitive to both interest rate moves and equity sentiment.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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