ETF Evaluator:
PGIM Floating Rate Income ETF ()
Follow This ETF
(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) |
Risk
Index
Risk
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ETF Details
PGIM Floating Rate Income ETF Overview
PGIM Floating Rate Income ETF (PFRL) is an actively managed Taxable Bond Bank Loan exchange-traded fund (ETF). PGIM launched the ETF in 2022.
The investment seeks to maximize current income; the secondary objective is to seek capital appreciation when consistent with primary objective.
Under normal market conditions, the fund invests at least 80% of its investable assets (net assets plus borrowings for investment purposes, if any) in floating rate loans and other floating rate debt securities. It may invest up to 25% of its total assets in senior loans made to foreign-domiciled borrowers and other foreign securities, including securities of issuers located in emerging market countries, which may be denominated in U.S. dollars or non-U.S. currencies.
About PGIM Floating Rate Income ETF (PFRL)
There are 5 members of the management team with an average tenure of 3.72 years: Brian Juliano (2022), Parag Pandya (2022), Robert Meyer (2022), Michael Haigh (2024) and Robert Cignarella (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and S&P UBS Leveraged Loan USD index with a weighting of 100%. PGIM Floating Rate Income ETF has 472 securities in its portfolio. The top 10 holdings constitute 14.8% 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.
PGIM Floating Rate Income ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. PGIM Floating Rate Income ETF has 49.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 5.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 95.0% (45.3% domestic bond, 49.7% foreign bond and 0.0% convertible bond). PGIM Floating Rate Income ETF has -0.8% of the portfolio in cash.
Assets Under Management
The fund has $122 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.
PFRL 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 PGIM Floating Rate Income ETF expense ratio is above average compared to funds in the Bank Loan category. PGIM Floating Rate Income ETF has an expense ratio of 0.72%, which is 24% higher than its category average, making the fund expense ratio grade a F. 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. PGIM Floating Rate Income ETF has a portfolio turnover rate of 112%, 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, PGIM Floating Rate Income ETF returned 0.6%, which earned it a grade of D, 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.
PGIM Floating Rate Income ETF has a trailing yield of 7.15%, which is below 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.
PGIM Floating Rate Income ETF Grades
Year to date, the ETF has returned 3.2%, 1.3 percentage points better than the category, which translates into a grade of A. The fund has returned 5.3% over the past year (grade of A) and 8.0% over the past three years (grade of A).
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PFRL 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 |
|
| PFRL Return (NAV) | 0.6% | 1.7% | 5.3% | 8.0% | na | na |
| PFRL Return (Price) | 0.5% | 1.8% | 5.5% | 7.9% | na | na |
| NAV +/- Price Return | 0.106% | -0.159% | -0.176% | 0.125% | na | na |
| Bank Loan Avg | 0.6% | 1.1% | 4.0% | 7.1% | 5.4% | 4.5% |
| PFRL Grade (NAV) | D | A | A | A | na | na |
| +/- Category (NAV) | -0.0% | 0.5% | 1.3% | 0.9% | na | na |
| PFRL Tax-Cost Ratio | na | na | 2.8% | 3.2% | na | na |
PFRL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| PFRL Return (NAV) | 3.2% | 5.9% | 9.5% | 13.7% | na | na | na | na | na | na | na |
| PFRL Return (Price) | 3.0% | 6.3% | 9.4% | 13.7% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.076% | 0.063% | -0.012% | 0.006% | 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% |
| PFRL Grade (NAV) | A | C | A | A | na | na | na | na | na | na | na |
| +/- Category | 1.3% | 0.2% | 0.8% | 0.9% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.08 |
| R-Squared: | 4% |
| Standard Deviation: | 2.3% |
| Category Risk Index: | 1.12 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.19 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 7.2% |
| Total Assets: | $ 122 Mil |
| Share Class Assets: | $ 122 Mil |
| Turnover: | 112.0% |
| Expense Ratio: | 0.72% |
| Index Fund: | No |
| Index Tracked: | Bloomberg US Agg Bond 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: 5 | |||
| Longest Tenure: 4.2 years | |||
| Average Tenure: 3.7 years | |||
| Managers (Year): Juliano Brian (2022), Pandya Parag (2022), Meyer Robert (2022), Cignarella Robert (2022), Haigh Michael (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 472 |
| % in Top 10 Holdings: | 14.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 49.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 5.6% |
| Domestic Bond: | 45.3% |
| Foreign Bond: | 49.7% |
| Convertible Bond: | 0.0% |
| Other: | 0.2% |
| Cash: | -0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | PGIM |
| Phone Number: | 888-247-8090 |
| Website: | www.pgim.com/investments |
| Inception Date: | May 17, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.72% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.58% |
