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iShares Preferred and Income Securities ETF

ETF
PFF
Payout Change
Pending
Price as of:
$33.295 +0.3 +0.89%
primary theme
Preferred Stock
PFF (ETF)

iShares Preferred and Income Securities ETF

Payout Change
Pending
Price as of:
$33.295 +0.3 +0.89%
primary theme
Preferred Stock
PFF (ETF)

iShares Preferred and Income Securities ETF

Payout Change
Pending
Price as of:
$33.295 +0.3 +0.89%
primary theme
Preferred Stock

Name

As of 11/08/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Preferred and Income Securities ETF

PFF | ETF

$33.30

$14.5 B

5.96%

$1.98

0.46%

Vitals

YTD Return

12.4%

1 yr return

20.4%

3 Yr Avg Return

0.5%

5 Yr Avg Return

3.5%

Net Assets

$14.5 B

Holdings in Top 10

13.3%

52 WEEK LOW AND HIGH

$33.0
$29.94
$33.51

Expenses

OPERATING FEES

Expense Ratio 0.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 21.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

N/A

IRA

N/A

Fund Classification

Fund Type

Exchange Traded Fund

Name

As of 11/08/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

iShares Preferred and Income Securities ETF

PFF | ETF

$33.30

$14.5 B

5.96%

$1.98

0.46%

PFF - Profile

Distributions

  • YTD Total Return 12.4%
  • 3 Yr Annualized Total Return 0.5%
  • 5 Yr Annualized Total Return 3.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.56%
DIVIDENDS
  • Dividend Yield 6.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    iShares Preferred and Income Securities ETF
  • Fund Family Name
    BlackRock-advised Funds
  • Inception Date
    Mar 26, 2007
  • Shares Outstanding
    471100000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Greg Savage

Fund Description

The Fund seeks to track the investment results of the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Underlying Index”), which measures the performance of a select group of exchange-listed, U.S. dollar-denominated preferred securities, hybrid securities and convertible preferred securities listed on the New York Stock Exchange (“NYSE”) or the Nasdaq Capital Market. The Underlying Index includes issuances of preferred stocks with amounts outstanding over $100 million, convertible preferred stock with at least $50 million face amount outstanding, and hybrid securities with at least $250 million face amount outstanding, that meet minimum maturity and other requirements, as applicable, as determined by ICE Data Indices, LLC (the “Index Provider” or “ICE Data”).
In general, preferred stock is a class of equity security that pays a specified dividend that must be paid before any dividends can be paid to common stockholders and takes precedence over common stock in the event of a company’s liquidation. In general, a “hybrid” security refers to a security which combines both debt and equity
characteristics. In general, hybrid securities included in the Underlying Index, like traditional preferred stock, have preference over the common stock within an issuer’s capital structure, and are issued and traded in a similar manner to traditional preferred stock. Like debt securities and preferred stock (but unlike common stock), issuers of hybrid securities included in the Underlying Index may make fixed, periodic payments to the holders of such securities. Like preferred stock, issuers of hybrid securities included in the Underlying Index have the ability to defer dividend payments and to extend such securities’ maturity dates.
Although preferred stocks represent a partial ownership interest in a company, preferred stocks generally do not carry voting rights. Preferred stocks have economic characteristics similar to fixed-income securities. Preferred stocks and hybrid securities generally are issued with a fixed par value and pay dividends based on a percentage of that par value at a fixed or variable rate.
Additionally, preferred stocks and hybrid securities often have a liquidation value that generally equals the original purchase price of such security at the date of issuance. The Underlying Index may include many different categories of preferred stock and hybrid securities, such as floating and fixed rate preferreds, fixed-to-floating rate securities, callable preferreds, convertible preferreds, cumulative and non-cumulative preferreds, certain capital securities, trust preferreds or various other preferred stock and hybrid securities. The total allocation to an individual issuer across the entire Underlying Index is limited to 4.75%. The Underlying Index uses a market capitalization weighted methodology subject to certain constraints and is rebalanced monthly.
The Underlying Index may include large-, mid- or small-capitalization companies and includes preferred stocks and hybrid securities of non-U.S. issuers. As of March 31, 2024, a significant portion of the Underlying Index is represented by securities of companies in the financials and industrials industries or sectors. The components of the Underlying Index are likely to change over time.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and
may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is owned, maintained and administered by the Index Provider, ICE Data, which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
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PFF - Performance

Return Ranking - Trailing

Period PFF Return Category Return Low Category Return High Rank in Category (%)
YTD 12.4% 5.2% 19.3% 8.97%
1 Yr 20.4% 10.6% 31.3% 12.82%
3 Yr 0.5%* -7.6% 6.4% 59.72%
5 Yr 3.5%* -4.7% 11.4% 13.24%
10 Yr 4.0%* 0.9% 5.1% 45.83%

* Annualized

Return Ranking - Calendar

Period PFF Return Category Return Low Category Return High Rank in Category (%)
2023 2.2% -3.6% 14.2% 23.08%
2022 -22.6% -29.4% -9.6% 70.83%
2021 2.4% -3.4% 17.2% 13.89%
2020 2.4% -24.8% 9.0% 13.04%
2019 9.8% 6.4% 19.1% 89.23%

Total Return Ranking - Trailing

Period PFF Return Category Return Low Category Return High Rank in Category (%)
YTD 12.4% 5.2% 19.3% 8.97%
1 Yr 20.4% 10.6% 31.3% 12.82%
3 Yr 0.5%* -7.6% 6.4% 59.72%
5 Yr 3.5%* -4.7% 11.4% 13.24%
10 Yr 4.0%* 0.9% 5.1% 45.83%

* Annualized

Total Return Ranking - Calendar

Period PFF Return Category Return Low Category Return High Rank in Category (%)
2023 9.2% -1.9% 26.5% 19.23%
2022 -18.2% -26.0% -5.8% 69.44%
2021 7.1% -2.5% 27.4% 9.72%
2020 7.9% -19.2% 12.3% 5.80%
2019 15.9% 10.0% 32.0% 81.54%

PFF - Holdings

Concentration Analysis

PFF Category Low Category High PFF % Rank
Net Assets 14.5 B 24.1 M 14.5 B 1.28%
Number of Holdings 439 49 439 1.28%
Net Assets in Top 10 1.89 B 8.45 M 1.89 B 1.28%
Weighting of Top 10 13.30% 11.3% 48.1% 92.31%

Top 10 Holdings

  1. Wells Fargo Co 2.24%
  2. Citigroup Capital XIII 1.75%
  3. Albemarle Corp 1.44%
  4. BLACKROCK CASH FUNDS 1.36%
  5. Bank of America Corp 1.28%
  6. Apollo Global Management Inc 1.26%
  7. NextEra Energy Inc 1.11%
  8. JPMorgan Chase Co 1.00%
  9. ATT Inc 0.95%
  10. BLACKROCK GLOBAL 0.91%

Asset Allocation

Weighting Return Low Return High PFF % Rank
Preferred Stocks 		98.28% 0.00% 125.69% 15.38%
Cash 		2.27% -0.02% 11.04% 38.46%
Stocks 		0.00% 0.00% 29.42% 44.87%
Other 		0.00% -4.41% 10.15% 28.21%
Convertible Bonds 		0.00% 0.00% 31.65% 82.67%
Bonds 		0.00% 0.00% 97.75% 79.49%

PFF - Expenses

Operational Fees

PFF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.46% 0.05% 4.46% 89.61%
Management Fee 0.46% 0.00% 1.00% 11.54%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.55% N/A

Sales Fees

PFF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

PFF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PFF Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 21.00% 12.00% 199.00% 22.06%

PFF - Distributions

Dividend Yield Analysis

PFF Category Low Category High PFF % Rank
Dividend Yield 5.96% 0.00% 9.59% 20.51%

Dividend Distribution Analysis

PFF Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

PFF Category Low Category High PFF % Rank
Net Income Ratio 4.56% 0.88% 7.54% 32.43%

Capital Gain Distribution Analysis

PFF Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

PFF - Fund Manager Analysis

Managers

Greg Savage

Start Date

Tenure

Tenure Rank

Jan 01, 2008

14.42

14.4%

Greg Savage, Managing Director; has been associated with BlackRock Fund Advisors since 2009. Mr. Savage has been a senior portfolio manager for BFA and BTC since 2009. Prior to his employment with BFA and BTC, Mr. Savage was a senior portfolio manager from 2006 to 2009 for BGFA and BGI and a portfolio manager from 2001 to 2006 for BGFA and BGI.

Jennifer Hsui

Start Date

Tenure

Tenure Rank

Aug 01, 2012

9.84

9.8%

Jennifer Hsui, Managing Director & Portfolio Manager at BlackRock Investment Management LLC has been employed by BlackRock Fund Advisors as a senior portfolio manager since 2007. Prior to that, Ms. Hsui was a portfolio manager from 2006 to 2007 for BGFA. She was a research analyst for RBC Capital Markets from 2003 to 2006.

Amy Whitelaw

Start Date

Tenure

Tenure Rank

Aug 01, 2018

3.83

3.8%

Amy Whitelaw is Managing Director of BlackRock, Inc. since 2013 and was Director of the firm from 2009 to 2012. Ms. Whitelaw's service with the firm dates back to 1998, including her years with Barclays Global Investors (BGI), which merged with BlackRock in 2009. Ms. Whitelaw served as Principal of BGI from 2000 to 2009. Previously Ms. Whitelaw worked in the Transition Services group as a transition manager and strategist, and was also an international equity trader on BGI’s trading desk.

Paul Whitehead

Start Date

Tenure

Tenure Rank

Jan 01, 2022

0.41

0.4%

Paul Whitehead is responsible for supporting the day-to-day management of the MML Blend Fund’s portfolio, including setting the Fund’s overall investment strategy and overseeing the management of the Fund. Mr. Whitehead is a Managing Director of BlackRock, Inc., Co-Head of Index Equity, and Co-Head of BlackRock’s ETF and Index Investments business. Mr. Whitehead also oversees the management of BlackRock’s Institutional and iShares funds. Mr. Whitehead was previously the Global Head of Equity Trading and the Global Head of Transition Management within BlackRock’s Global Trading Group. Mr. Whitehead’s service with the firm dates back to 1996, including his years with Barclays Global Investors, which merged with BlackRock in 2009. Prior to his current role, Mr. Whitehead was Head of Americas Equity Trading. Previously, he managed the trading team responsible for all Institutional Index funds, Exchange Traded funds, and Transition Management mandates. Mr. Whitehead represents BlackRock on the board of Luminex, a buy-side owned Alternative Trading System launched in 2015.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 30.32 7.8 11.42

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