PGIM Floating Rate Income ETF

PFRL
ETF Ticker

+3.68%

+5.67%

NYSE Arca Exchange

Fixed Income

Global

Floating Rate

The PGIM Floating Rate Income ETF, PFRL_US, is an actively managed strategy providing exposure to Global, Floating Rate Fixed Income. It is listed on the NYSE Arca Exchange and has assets under management of $126.0m (as of Aug 31, 2026). The ETF trades in USD and was listed on the exchange on May 17, 2022. It has a net expense ratio of 72bps. (All data in USD as of Oct 15, 2026 unless stated.)

The investment process driving the actively managed PGIM Floating Rate Income ETF sources USD-denominated, below-investment-grade senior secured corporate loans, with a focus on first-lien bank loans across diversified U.S. industries while retaining flexibility to hold second-lien loans and related floating-rate instruments. Credit selection is bottom-up, combining sector frameworks, issuer cash-flow durability, covenant strength, capital-structure positioning, and recovery analysis; ESG considerations may inform downside assessment where material to credit risk. Portfolio construction targets broad issuer diversification and controlled single-name exposure, manages sector tilts versus benchmark-agnostic risk budgets, and monitors weighted average spread, price, and effective spread duration. Liquidity practices favor actively traded loans and allocations to broadly syndicated issues to facilitate trading and reinvestment. Rebalancing is continuous, with sells catalyzed by weakening fundamentals, event risk, covenant slippage, reduced expected recovery, or diminished relative value versus new-issue supply and secondary market opportunities.

ETF Details

Key Facts

Issuer:
PGIM Investments
AUM:
$126.0m (as of Aug 31, 2026)
Net Expense Ratio:
72 bps
Inception Date:
May 17, 2022
Index:
Actively managed strategy
Dividend Frequency:
Monthly

Trading

Ticker:
PFRL
Exchange:
NYSE Arca Exchange
ISIN:
US69344A8835
Trading Currency:
USD
Domicile:
United States

Classification & Risk

Asset Class:
Fixed Income
Asset Region:
Global
Theme:
Floating Rate
Economic Development:
Developed Markets
1 Year Volatility:
2.00%
3 Year Volatility:
5.21%
5 Year Volatility:
N/A

Performance

TTM Dividend Yield:
6.18% (verify with issuer)
1 Month Performance:
-0.48%
3 Month Performance:
0.94%
6 Month Performance:
3.17%
1 Year Performance:
5.67%
3 Year Performance:
24.95%
5 Year Performance:
N/A
Investment Proposition

PGIM Floating Rate Income ETF (PFRL) provides exposure to senior, secured floating-rate loans with a primary objective of current income and a secondary objective of capital appreciation. The strategy actively invests across industries, emphasizing first-lien collateral, diversified borrower exposures and credit research, while limiting interest-rate risk through coupons that reset with short-term benchmarks. Portfolio construction balances income with credit discipline, focusing on issuer fundamentals, collateral quality and covenant terms rather than extending duration. Key characteristics include sensitivity to credit conditions, low interest-rate duration versus fixed-rate bonds, and distributions that tend to adjust as policy rates move. In portfolios, PFRL can support income generation, diversify away from core bonds, or serve as a tactical sleeve when rate volatility is elevated. Likely users include income-oriented allocators within multi-sector credit and model builders managing duration. Regimes with stable or improving credit fundamentals and rising or variable short-term rates typically favor the approach, while broad credit deterioration or liquidity stress can challenge it. A fund-specific risk to monitor is loan-market liquidity, where trading can become less efficient during periods of market strain.

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