LVLN vs PFRL

LVLNBState Street SPDR S&P Leveraged Loan ETF

PFRLDPGIM Floating Rate Income ETF

In short

LVLN —No data

PFRL Senior bank loans in ETF form, actively picked by PGIM's credit desk instead of cloned from an index. Coupons float with short-term rates, income lands monthly, and the fee sits right at the category median.

Stated mandate

LVLN —No data

PFRL The Fund seeks to maximize current income, with capital appreciation as a secondary objective. It primarily invests in senior floating-rate loans.

Why people hold it

LVLN —No data

• PFRL Loan coupons reset with short-term rates, so the portfolio carries far less interest-rate sensitivity than a fixed-coupon bond fund. Income is paid monthly.
• The 0.72% expense ratio lands exactly at the median for bank-loan ETFs, and a hair under PIMCO's LONZ at 0.73%.
• Actively run against the S&P UBS Leveraged Loan Index rather than copying it: a focused book of roughly 150 loans chosen by PGIM's credit team.

Worth knowing

LVLN —No data

• PFRL Trading is thin next to the category's biggest loan funds, which can mean wider bid-ask spreads, particularly on larger orders.
• Cheaper doors into the same asset exist: Franklin's FLBL runs 0.45%. On overall build, PFRL sits in the lower half of its six-fund peer group.
• Leveraged loans are below-investment-grade credit, and floating coupons cut both ways: payouts shrink when short-term rates fall.

Full LVLN profile⁠

Full PFRL profile⁠