Overview
The largest preferred-stock ETF — around 440 exchange-listed preferred and hybrid securities, mostly issued by US banks, utilities and insurers.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| C | Citigroup Capital Pfd | 2.3% |
| WFC | Wells Fargo Pfd L | 2.1% |
| BAC | Bank of America Pfd | 1.9% |
| JPM | JPMorgan Pfd | 1.5% |
| NEE | NextEra Energy Pfd | 1.4% |
| ALB | Albemarle Pfd A | 1.2% |
| MS | Morgan Stanley Pfd | 1.1% |
| GS | Goldman Sachs Pfd | 1.0% |
| SCHW | Charles Schwab Pfd | 0.9% |
| T | AT&T Pfd C | 0.8% |
Fund Details
Investment Thesis
Preferreds sit between bonds and stocks: fixed dividends ahead of common equity, but no maturity date and deep sensitivity to both rates and bank credit. PFF pays a 5.6% monthly yield for accepting that hybrid risk — attractive while banks are well-capitalised, punishing in crises (2008) and rate shocks (2022). It is an income tool, not ballast: it correlates with equities exactly when diversification matters most.
Who It's For
Income investors comfortable with bank-sector concentration who want a 5%+ monthly payout and understand this behaves nothing like a Treasury fund in a stress event. Best sized as one income stream among several.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $36.56 | -- |
| 2017 | $37.29 | +2.0% |
| 2018 | $34.31 | -8.0% |
| 2019 | $37.74 | +10.0% |
| 2020 | $38.11 | +1.0% |
| 2021 | $38.50 | +1.0% |
| 2022 | $30.80 | -20.0% |
| 2023 | $31.41 | +2.0% |
| 2024 | $30.78 | -2.0% |
| 2025 | $31.40 | +2.0% |
| Year | Yield |
|---|---|
| 2016 | 5.70% |
| 2017 | 5.50% |
| 2018 | 5.90% |
| 2019 | 5.50% |
| 2020 | 5.20% |
| 2021 | 4.60% |
| 2022 | 6.10% |
| 2023 | 6.50% |
| 2024 | 6.20% |
| 2025 | 5.90% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $17B | -- |
| 2017 | $18B | +5.9% |
| 2018 | $16B | -11.1% |
| 2019 | $17B | +6.3% |
| 2020 | $18B | +5.9% |
| 2021 | $20B | +11.1% |
| 2022 | $14B | -30.0% |
| 2023 | $14B | +0.0% |
| 2024 | $14B | +0.0% |
| 2025 | $13B | -7.1% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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