PFRL vs USLN

PFRLDPGIM Floating Rate Income ETF

USLNCiShares Broad USD Floating Rate Loan ETF

In short

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.

USLN —No data

Stated mandate

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

USLN —No data

Why people hold it

• 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.

USLN —No data

Worth knowing

• 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.

USLN —No data

Full PFRL profile⁠

Full USLN profile⁠