Polen Floating Rate Income ETF
PCFI
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ROIC.AI
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- Polen Floating Rate Income ETF (PCFI) is an actively managed exchange-traded fund that seeks total return through high current income and long-term capital appreciation by primarily investing in senior secured floating rate loans, high yield fixed income securities including junk bonds, second lien loans, senior unsecured notes, secured notes, and other credit instruments of middle market issuers with normalized EBITDA of $75-250 million predominantly in the United States and, to a lesser extent, Canada; the fund maintains a concentrated portfolio of 60 to 110 holdings, with top issuers such as Auction.com, Asurion LLC, Duravant, Infinite Electronics, and Learning Care Group typically comprising over 25% of assets, and emphasizes first lien bank loans for collateral protection and interest rate hedging. PCFI trades on the NYSE Arca exchange under ticker PCFI with CUSIP 36087T429 and distributes dividends monthly; it is part of FundVantage Trust, managed by Polen Capital Credit with portfolio managers John Sherman and Ben Santonelli, each with over 20 years of leveraged credit experience, and benchmarks against the Morningstar LSTA US Leveraged Loan Index. Launched on March 24, 2025, following a reorganization on March 21, 2025, in which the ETF acquired substantially all assets and liabilities of the predecessor Polen Bank Loan Fund (commenced June 30, 2022), PCFI represented Polen Capital's strategic expansion into active credit ETFs alongside the simultaneous launch of the Polen High Income ETF (PCHI). The fund, headquartered in Boca Raton, Florida, operates with a net expense ratio of 0.49% after waivers through August 31, 2026, and had preliminary assets of approximately $9.8 million as of October 31, 2025.