PGIM Launches Floating Rate ETF

PGIM Investments is expanding their actively managed ETF lineup with the launch of the PGIM Floating Rate Income ETF (PFRL). PFRL is looking to maximize current income by investing in senior floating rate funds, mirroring the PGIM Floating Rate Income Fund. A quote from the president and CEO of PGIM states, “We’ve seen increased demand for floating rate strategies as investors look to protect against rising rates. In our view, actively managed credit selection will be a differentiating factor between managers in volatile markets, and we are thrilled to offer PGIM Fixed Income’s time-tested strategy as an ETF.”