Which returned more over the last year, PFF or PULS?

In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and PULS +4.0%.

Which is cheaper, PFF or PULS?

PULS is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.

Data as of Oct 28, 2026.

Across categories

PFF vs PULS: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PFF returned −4.2% to PULS's +4.0%, and PULS charges 0.15% to PFF's 0.45%.

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Net assets on Oct 27, 2026: $11.8bn for iShares Preferred and Income Securities ETF and $19.8bn for PGIM Ultra Short Bond ETF.

PFF on its own →PULS on its own →

At a glance

−4.2%

PFF total return, 1 year

+4.0%

PULS total return, 1 year

0.45%

PFF expense ratio

0.15%

PULS expense ratio

Pair scorecard

PULS costs 0.30 points a year less; their one-year returns differ by 8.2 points; PULS is 1.7 times larger.

PFF vs PULS: Differences, Returns & Fees
Measure	PFF	PULS
Return
Measure	PFF	PULS
Total return, 1 year	−4.2%	+4.0%
Drawdown
Measure	PFF	PULS
Below its high	7.1%, high on May 8, 2026
Benchmark
Measure	PFF	PULS
What it tracks	ICE Exchange-Listed Preferred & Hybrid Securities Index	No index, actively managed
Cost and size
Measure	PFF	PULS
Expense ratio	0.45%	0.15%
Net assets, as of Oct 27, 2026	$11.8bn	$19.8bn
Holdings
Measure	PFF	PULS
Holdings in common	0%
In the S&P 500, by weight	0%
Top ten holdings, share of the fund	22.7%

Holdings in common uses holdings dated May 29, 2026 and Jun 30, 2026. Method

What they share

By the books each fund has filed, PFF and PULS hold 0% of their money in the same securities at the same weight. Holdings dated May 29, 2026 and Jun 30, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PFF PULS

Only in one fund ↓

Only in PFF

BOEING COMPANY (THE) 6% SER A DEP SHS REPSTG 1/20TH INT MANDATORY CONV PFD 3.93%

STRATEGY INC VARIABLE RATE SERIES A PERPETUAL STRETCH PREFERRED STOCK 2.95%

WELLS FARGO & COMPANY 7.5% NON-CUMULATIVE PERPETUAL CONVERTIBLE CLASS A PREFERRED STOCK, SERIES L 2.33%

ORACLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/2,000TH INTEREST IN A SHARE OF 6.50% SERIES D MANDATORY CONVERTIBLE PREFERRED STOCK 2.28%

HEWLETT PACKARD ENTERPRISE COMPANY 7.625% SERIES C MANDATORY CONVERTIBLE PREFERRED STOCK 1.76%

BANK OF AMERICA CORP 7.25% NON-CUMULATIVE PERPETUAL CONVERTIBLE PREFERRED STOCK SERIES L 1.45%

CITIGROUP CAPITAL XIII FIXED/FLOAT TRUST PREFERRED SECURITIES 1.31%

ALBEMARLE CORP DEPOSITARY SHARES EACH REPRESENTING A 1/20TH INTEREST IN A SHARE OF 7.25% SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK 1.29%

Only in PULS

PGIM AAA CLO ETF 1.81%

Phillips 66 0% CP 22/06/2026, due Jun 22, 2026 0.83%

GLENCORE FUNDING LLC 0% CP 17/06/2026, due Jun 17, 2026 0.74%

Alexandria Real Estate Equities, Inc. 0% CP 01/06/2026, due Jun 1, 2026 0.66%

INTESA SANPAOLO SPA NEW YORK BRANCH 4.27% CP 30/06/2026, due Jun 30, 2026 0.63%

ABNANV 4.718 01/22/27 144A, due Jan 22, 2027 0.57%

Healthpeak Properties Inc 0% CP 24/06/2026, due Jun 24, 2026 0.52%

BX 2022-LBA6 A, due Jan 18, 2039 0.51%

Check overlap with more funds →

Side by side

PFF iShares Preferred and Income Securities ETF PULS PGIM Ultra Short Bond ETF

Where it sits Bond ETF Bond ETF

Issuer iShares PGIM

What it is Tracks an index of Preferred and Income Securities Actively managed

Total return, 1 year −4.2% +4.0%

Its benchmark over the same days +13.6% (MLRG) not measured

Gap to its benchmark −17.8 pts vs MLRG not measured

Expense ratio 0.45% 0.15%

Holdings 453 553

Net assets, as of Oct 27, 2026 $11.8bn $19.8bn

PFF and PULS on the fields both publish, as of Oct 28, 2026. Source: ETFIQ.

Alert

About each fund

PFF

PFF tracks an index of Preferred and Income Securities. Over the year to Oct 28, 2026 it returned −4.2% with distributions reinvested, against +13.6% for its benchmark, the MSCI USA Index. The prospectus expense ratio is 0.45% a year. By its holdings published by its issuer for Oct 27, 2026, 0% of the fund by weight is stocks the S&P 500 also holds, across 453 positions, with the top ten at 22.7%. It sat 7.1% below its high of May 8, 2026 on Oct 28, 2026.

PULS

PULS is actively managed and tracks no index. Over the year to Oct 28, 2026 it returned +4.0% with distributions reinvested. The prospectus expense ratio is 0.15% a year.

Questions people ask

Which returned more over the last year, PFF or PULS?: In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and PULS +4.0%.
Which is cheaper, PFF or PULS?: PULS is cheaper, by 0.30 percentage points a year. That is about $30 on $10,000 held for a year. Fees come from each fund's prospectus.

Other comparisons

PFF vs SHV BOXX vs PFF PFF vs VBIL PFF vs VUSB PULS vs SPSB DUSB vs PULS BILZ vs PULS FLOT vs PULS

Where to next

PFF on its own →PULS on its own →Hold both: look the portfolio through →Rankings →PFF dividend history →PFF holdings →PULS dividend history →PULS holdings →Standards and sources →

Sources and dates

PFF filings on SEC EDGAR ↗

PFF prospectus with the expense ratio (SEC) ↗

iShares page for PFF ↗

PULS filings on SEC EDGAR ↗

PULS prospectus with the expense ratio (SEC) ↗

PGIM website ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

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ETFIQ, PFF against PULS, data as of Oct 28, 2026. https://etfiq.com/compare/any/pff-vs-puls

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.