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

In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and USFR +4.1%.

Which is cheaper, PFF or USFR?

USFR 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 USFR: Differences, Returns & Fees

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Over the year to Oct 28, 2026, PFF returned −4.2% to USFR's +4.1%, and USFR charges 0.15% to PFF's 0.45%.

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Net assets: $11.8bn on Oct 27, 2026 for iShares Preferred and Income Securities ETF, and $17.0bn on May 31, 2026 for WisdomTree Floating Rate Treasury Fund.

PFF on its own →USFR on its own →

At a glance

−4.2%

PFF total return, 1 year

+4.1%

USFR total return, 1 year

0.45%

PFF expense ratio

0.15%

USFR expense ratio

Pair scorecard

USFR costs 0.30 points a year less; their one-year returns differ by 8.3 points.

PFF vs USFR: Differences, Returns & Fees
Measure	PFF	USFR
Return
Measure	PFF	USFR
Total return, 1 year	−4.2%	+4.1%
Drawdown
Measure	PFF	USFR
Below its high	7.1%, high on May 8, 2026
Benchmark
Measure	PFF	USFR
What it tracks	ICE Exchange-Listed Preferred & Hybrid Securities Index	Bloomberg U.S. Treasury Floating Rate Bond Index
Cost and size
Measure	PFF	USFR
Expense ratio	0.45%	0.15%
Net assets, PFF as of Oct 27, 2026 and USFR as of May 31, 2026	$11.8bn	$17.0bn
Holdings
Measure	PFF	USFR
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 31, 2026 and Jun 30, 2026. Method

What they share

By the books each fund has filed, PFF and USFR hold 0% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Jun 30, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first PFF USFR

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 USFR

TF 0 10/31/27, due Oct 31, 2027 27.95%

TF 0 07/31/27, due Jul 31, 2027 27.93%

TF 0 01/31/28, due Jan 31, 2028 27.91%

TF 0 04/30/28, due Apr 30, 2028 15.90%

Check overlap with more funds →

Side by side

PFF iShares Preferred and Income Securities ETF USFR WisdomTree Floating Rate Treasury Fund

Where it sits Bond ETF Bond ETF

Issuer iShares WisdomTree

What it is Tracks an index of Preferred and Income Securities Tracks an index of Floating Rate Treasury

Total return, 1 year −4.2% +4.1%

Its benchmark over the same days +13.6% (MLRG) +4.0% (TFLO)

Gap to its benchmark −17.8 pts vs MLRG +0.1 pts vs TFLO

Expense ratio 0.45% 0.15%

Holdings 453 4

Net assets, PFF as of Oct 27, 2026 and USFR as of May 31, 2026 $11.8bn $17.0bn

PFF and USFR 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.

USFR

USFR tracks an index of Floating Rate Treasury. Over the year to Oct 28, 2026 it returned +4.1% with distributions reinvested, against +4.0% for its benchmark, the Bloomberg U.S. Treasury Floating Rate Bond Index. The prospectus expense ratio is 0.15% a year.

Questions people ask

Which returned more over the last year, PFF or USFR?: In the year to Oct 28, 2026, with distributions reinvested, PFF returned −4.2% and USFR +4.1%.
Which is cheaper, PFF or USFR?: USFR 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

BIL vs PFF PFF vs SGOV MINT vs PFF PFF vs PULS FLOT vs USFR SPSB vs USFR EMB vs USFR USFR vs VGLT

Where to next

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

Sources and dates

PFF filings on SEC EDGAR ↗

PFF prospectus with the expense ratio (SEC) ↗

iShares page for PFF ↗

USFR filings on SEC EDGAR ↗

USFR prospectus with the expense ratio (SEC) ↗

WisdomTree page for USFR ↗

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.

Cite this pageCitation, APA and Markdown

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

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