Global X U.S. Preferred ETF

PFFD is an exchange-traded fund that seeks to track (before fees and expenses) the ICE BofA Diversified Core U.S. Preferred Securities Index by holding a broad basket of U.S. dollar–denominated preferred and other hybrid securities. Its risk profile is driven primarily by credit spreads in financial issuers (a large share of the preferred market), interest-rate sensitivity that is often moderated by call features and fixed-to-float structures, and equity-like drawdowns in stress periods. It’s typically used to target higher income than investment-grade bonds while accepting higher credit/extension risk and potential volatility.