AC to DC converters, more specifically Power Factor Correction (PFC) circuits, using a multi-level waveform and hybrid devices are presented. From an AC voltage input a multi-level waveform is generated, which is used to generate high and low DC output voltage levels. The multi-level waveform is connected to the DC outputs through a corresponding intermediate node by an initial switch, and from the intermediate node to the corresponding output by a hybrid device. The hybrid device includes a first current path, such as a series connected switch-diode pair, in parallel with second current path of a relatively faster and lower current device, such as a diode. The resultant arrangement can use devices having lower voltage ratings relative to typical PFC circuit designs.