PFF Fees and Costs — iShares Preferred and Income Securities ETF
Data updated: 2026-08-27
The net expense ratio is 0.45%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.3M in broker commissions, 0.0091% of average net assets, and portfolio turnover was 20%.
PFF Fees and Expenses
Annual operating expenses and sales charges of PFF. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.45% |
| Fee waiver | — |
| Net expense ratio | 0.45% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PFF Costs Over Time
On $10,000 invested in PFF, assuming 5% a year before costs, total costs come to $290 over 5 years, cutting the return by 0.48% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.45%) | $47 | $148 | $259 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $48 | $159 | $290 |
| Value after costs | $10,452 | $11,418 | $12,473 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
PFF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0091%
- Total broker commissions: $1.3M
- Bought from dealers (principal trades, not a cost): $3.0B
- Portfolio turnover (prospectus): 20%
- Securities on loan, average value: $94.4M
- Net income from securities lending: $3.4M (0.024% of average net assets)
PFF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $1.3M | 98.64% |
| UBS SECURITIES LLC | $14K | 1.13% |
| JEFFERIES LLC | $2K | 0.14% |
| BTIG, LLC | $502 | 0.04% |
| BOFA SECURITIES, INC. | $352 | 0.03% |
| CitiGroup Global Markets Inc. | $257 | 0.02% |
| VIRTU AMERICAS LLC | $5 | 0.00% |
| GOLDMAN SACHS & CO. LLC | $4 | 0.00% |
PFF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BLACKROCK FUNDS III - BlackRock Cash Funds: Treasury | $3.0B | 99.75% |
| CANTOR FITZGERALD & CO. | $7.4M | 0.25% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.