ETF Evaluator:
Polen Floating Rate Income ETF ()
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(as of Aug 26)
Best Performing in Bank Loan Over the Last Year
| 5.3% | PIMCO Sr Ln Actv ETF (LONZ) |
| 5.3% | PGIM Floating Rate Income ETF (PFRL) |
| 5.3% | Virtus Seix Senior Loan ETF (SEIX) |
| 5.0% | Pacer Aristotle Pac Ast Fl Rt Hi Inc ETF (FLRT) |
| 4.7% | T. Rowe Price Floating Rate ETF (TFLR) |
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Risk
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ETF Details
Polen Floating Rate Income ETF Overview
Polen Floating Rate Income ETF (PCFI) is an actively managed Taxable Bond Bank Loan exchange-traded fund (ETF). Polen Capital launched the ETF in 2022.
The investment seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation.
The fund will pursue its investment objective by seeking to outperform, after taking into account fees and expenses, the broader bank loan market over a complete credit cycle. The fund has adopted an investment policy providing that under normal circumstances, the fund will invest at least 80% of the value of its assets (net assets plus the amount of any borrowings for investment purposes) in floating rate securities and other obligations (such as bank loans).
About Polen Floating Rate Income ETF (PCFI)
There are 2 members of the management team with an average tenure of 4.09 years: John Sherman (2022) and Benjamin Santonelli (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and Morningstar LSTA US LL TR USD index with a weighting of 100%. Polen Floating Rate Income ETF has 130 securities in its portfolio. The top 10 holdings constitute 24.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
Polen Floating Rate Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. Polen Floating Rate Income ETF has 6.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.8% (90.6% domestic bond, 6.2% foreign bond and 0.0% convertible bond). Polen Floating Rate Income ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $7 million in total assets, which is below the $1 billion average for the Bank Loan category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
PCFI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Polen Floating Rate Income ETF expense ratio is average compared to funds in the Bank Loan category. Polen Floating Rate Income ETF has an expense ratio of 0.49%, which is 16% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Polen Floating Rate Income ETF has a portfolio turnover rate of 102%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 92% for the Bank Loan category.
Recently, in the month of July 2026, Polen Floating Rate Income ETF returned -0.1%, which earned it a grade of F, as the Bank Loan category had an average return of 0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
Polen Floating Rate Income ETF has a trailing yield of 10.48%, which is above the 7.35% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Polen Floating Rate Income ETF Grades
Year to date, the ETF has returned 0.9%, 1.0 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.2% over the past year (grade of F) and 5.7% over the past three years (grade of F).
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PCFI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| PCFI Return (NAV) | -0.1% | -0.2% | 0.2% | 5.7% | na | na |
| PCFI Return (Price) | 1.4% | 0.7% | 0.7% | 6.1% | na | na |
| NAV +/- Price Return | -1.486% | -0.840% | -0.410% | -0.452% | na | na |
| Bank Loan Avg | 0.6% | 1.1% | 4.0% | 7.1% | 5.4% | 4.5% |
| PCFI Grade (NAV) | F | F | F | F | na | na |
| +/- Category (NAV) | -0.7% | -1.3% | -3.8% | -1.4% | na | na |
| PCFI Tax-Cost Ratio | na | na | 4.0% | 4.1% | na | na |
PCFI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PCFI Return (NAV) | 0.9% | 2.2% | 8.9% | 15.5% | na | na | na | na | na | na | na |
| PCFI Return (Price) | 2.1% | 2.3% | 8.9% | 15.5% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 1.235% | 0.064% | 0.000% | 0.000% | na | na | na | na | na | na | na |
| Bank Loan Avg | 1.9% | 5.7% | 8.7% | 12.7% | -2.3% | 4.0% | 2.6% | 8.7% | -0.4% | 2.8% | 7.6% |
| PCFI Grade (NAV) | F | F | C | A | na | na | na | na | na | na | na |
| +/- Category | -1.0% | -3.5% | 0.3% | 2.7% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.04 |
| R-Squared: | 0% |
| Standard Deviation: | 2.9% |
| Category Risk Index: | 1.39 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.23 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 10.5% |
| Total Assets: | $ 8 Mil |
| Share Class Assets: | $ 8 Mil |
| Turnover: | 102.0% |
| Expense Ratio: | 0.49% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Universal TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.1 years | |||
| Average Tenure: 4.1 years | |||
| Managers (Year): Sherman John (2022), Santonelli Benjamin (2022) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 130 |
| % in Top 10 Holdings: | 24.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 2.5% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 90.6% |
| Foreign Bond: | 6.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Polen Capital |
| Phone Number: | 888-678-6024 |
| Website: | www.tobam.fr |
| Inception Date: | June 30, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.49% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.58% |
