iShares Preferred and Income Securities ETF

PFF is an ETF providing diversified exposure to U.S. dollar–denominated preferred and hybrid securities (including preferred stock and subordinated debt), designed primarily to generate income. Preferreds typically behave like long-duration credit: they’re sensitive to interest-rate moves and to issuer credit/spread risk, and they sit below senior debt in the capital structure (but above common equity). It’s commonly used by income-focused investors as a liquid way to access the preferred market, with risk/return characteristics that can resemble a mix of investment-grade credit and high-yield-like spread exposure.