PFRL ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The PGIM Floating Rate Income ETF (PFRL) is an actively managed bond ETF that invests in senior secured floating-rate bank loans. Its dividend outlook during periods of shifting interest rates, and how its fees and strategy compare with related funds such as FLOT and FLRN, are the key selection criteria.
SubscribeWhat Is the PGIM Floating Rate Income ETF?
This is an actively managed bond ETF whose core holdings are senior secured floating-rate loans (bank loans). Unlike traditional bank loan strategies, it also draws on a broader set of investment opportunities and liquidity management techniques.
It suits investors seeking current income who want interest income that adjusts even when interest rates are rising.
The ETF is run with an active management approach by PGIM Investments.
How Does the PGIM Floating Rate Income ETF Invest?
| Item | Details |
|---|---|
| Investment Focus | Primarily senior floating-rate loans (bank loans) |
| Management Style | Active (managed by PGIM Fixed Income) |
| Rebalancing Frequency | Adjusted at the discretion of the management team |
| Dividend Frequency | Monthly dividends |
| Total Expense Ratio | 0.72% |
The fund centers on senior secured floating-rate loans, with maximizing current income as its primary goal and capital appreciation as a secondary objective. By combining an expanded set of investment opportunities with liquidity management techniques, it seeks to differentiate itself from traditional bank loan strategies.
- Security selection and liquidity management by an active management team
- Interest income that adjusts when rates rise
PGIM Floating Rate Income ETF Size and Costs (AUM and Management Fees)
Assets under management (AUM) stand at $138.1M, and the total expense ratio is 0.72% per year.
Compared with FLOT and FLRN, peers in the same floating-rate bond category, it differs in its active management approach and its fee level.
PGIM Floating Rate Income ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeAs the interest rate environment changes, the interest income on floating-rate loans adjusts along with it, and price movements continue to be affected by shifts in credit spreads and by supply and demand in the loan market.
While demand for income continues across active bond ETFs in general, the direction of fund flows keeps changing with the interest rate cycle and shifts in the credit environment.
PGIM Floating Rate Income ETF Pros and Cons
Its strengths are interest income that adjusts when rates rise and the flexibility of active management, while credit risk and the fee burden are points to watch.
💪 Key Strengths
⚠️ Points to Watch
PGIM Floating Rate Income ETF Alternative ETFs and Related Products
Compared with FLOT and FLRN, the low-fee passive floating-rate bond ETFs shown in the table, this fund takes an active strategy, so its strategic axis is different. FLRT, USLN and PCFI are also useful comparisons, each with a different credit spectrum and management approach. In addition, reviewing BKLN, a leading active ETF in the bank loan category, can help you gauge how security selection methods differ across managers.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 FLOT | iShares Floating Rate Bond ETF | $51.01 | -0.0% | $11.7B | 0.15% | 4.27% | -0.1% |
 FLRN | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | $30.82 | -0.0% | $3.2B | 0.15% | 4.25% | -0.1% |
 FLRT | Pacer Aristotle Pacific Floating Rate High Income ETF | $46.24 | -0.1% | $1.1B | 0.60% | 6.62% | -2.1% |
 USLN | iShares Broad USD Floating Rate Loan ETF | $50.08 | -0.2% | $30.0M | 0.40% | 4.05% | - |
 PCFI | Polen Floating Rate Income ETF | $22.17 | -0.6% | $14.5M | 0.49% | 9.73% | -8.4% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 PAB | PGIM Active Aggregate Bond ETF | 0.05% | $41.02 | -0.1% | $0.0M | - | 5.01% |
 GCPB | Goldman Sachs Core Plus Bond ETF | 0.02% | $49.26 | +0.2% | $0.0M | - | 0.65% |
| RY | Royal Bank Of Canada | 0.05% | $202.98 | -1.5% | $281.5B | 17.7 | 2.44% |
| BAC | Bank Of America Corp | 0.01% | $50.01 | -2.2% | $346.2B | 11.9 | 2.4% |
| BNS | Bank Of Nova Scotia | 0.02% | $93.76 | -1.7% | $115.5B | 17.0 | 3.44% |
PGIM Floating Rate Income ETF Investor Checkpoints
These are the points to check before investing in PFRL. Alongside the advantages of the floating-rate structure, you should also review credit risk, liquidity risk and the level of active management fees.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the level of active management fees | Somewhat higher than passive funds |
| 💰 Dividend Frequency | Whether monthly dividends are maintained | Paying monthly dividends |
| 📉 Credit Risk | Diversification of credit quality across loan holdings | Diversified across many holdings |
| 💧 Liquidity | Trading liquidity in the bank loan market | Lower liquidity than Treasuries |
Deteriorating credit quality among borrowers and the relatively low liquidity of the bank loan market are the main risk factors. In periods when the credit environment worsens, price volatility can increase.
This is an active floating-rate bond ETF suited to income-seeking investors who want interest income that adjusts when rates rise, along with monthly dividends. If low fees are your priority, it is also worth comparing passive alternatives such as FLOT and FLRN.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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