At a glance
FLRT charges 0.6% a year, above the 0.44% average of the 7 funds most like it (the 5th cheapest of 8). It has $659.4M in assets, the 7th largest of that group; it paid 6.62% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.5% with distributions reinvested, 2nd of those 8 funds; over three years it returned +7.5% a year. At its worst it fell 19.1% in the 2020 crash (S&P 500: 33.7%) and 7.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low. Its ten largest positions make up 8.8% of the fund, out of 318 in all.
The short version
The Pacer Aristotle Pacific Floating Rate High Income ETF (FLRT) is an actively managed fund. It holds mostly below-investment-grade floating rate loans, whose interest rates reset as market rates move, plus collateralized loan obligations (CLOs). Its trailing 12-month yield was 6.62% as of October 27, 2026, paid monthly. Its 0.60% expense ratio is above the 0.44% average of similar funds but below floating-rate peers PFRL (0.72%) and SRLN (0.70%).
Price history
The interactive chart needs JavaScript.
FLRT +4.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLRT official prospectus, to Dec 31, 2025 | — | +6.34% | — | +5.99% | +5.13% | +4.50% |
| FLRT price data to Oct 27, 2026 | +3.1% | +4.5% | +7.5% | +6.0% | +4.7% | +4.4% |
- Over the year to Oct 27, 2026, FLRT returned +4.5%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +6.0% and its 10-year +4.7%.
- In the 2020 COVID crash it fell 19.1% and regained its old high 7 months after the low.
- Its worst full calendar year was 2022 (-2.7%); its best was 2023 (+14.5%).
- The deepest fall in its price history was 21% (Jan 21, 2020 to Mar 24, 2020), recovered by Nov 10, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.1% | — |
| 2025 | +6.2% | +6.34% |
| 2024 | +9.2% | +9.08% |
| 2023 | +14.5% | +14.61% |
| 2022 | -2.7% | -2.71% |
| 2021 | +3.1% | +3.43% |
| 2020 | +2.8% | +2.51% |
| 2019 | +9.4% | +9.50% |
| 2018 | -0.8% | -0.65% |
| 2017 | +1.4% | +1.39% |
| 2016 | +9.9% | +9.01% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 19.1% over that stretch · deepest drop along the way 19.1%, back to its old high 7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.5% over that stretch · deepest drop along the way 7.6%, back to its old high 6.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.3600 | |
| 2025 | $3.2600 | -13.3% |
| 2024 | $3.7600 | -4.6% |
| 2023 | $3.9400 | +51.5% |
| 2022 | $2.6000 | +69.9% |
| 2021 | $1.5300 | -10.5% |
| 2020 | $1.7100 | -19.3% |
| 2019 | $2.1200 | +14.0% |
| 2018 | $1.8600 | +18.5% |
| 2017 | $1.5700 | -7.6% |
| 2016 | $1.7000 |
What's inside
As of Jul 31, 2026, the fund held 318 securities; the ten largest made up 8.78% of assets, and 7.32% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| APPLE BIDCO LLC Loans | 1.05% | |
| QUIKRETE HOLDINGS INC Loans | 1.04% | |
| FERTITTA ENTERTAINMENT L Loans | 1.00% | |
| ALLIED UNIVERSAL HOLDCO Loans | 0.94% | |
| HUB INTERNATIONAL LTD Loans | 0.85% | |
| APPLIED SYSTEMS INC Loans | 0.81% | |
| EPICOR SOFTWARE CORP Loans | 0.78% | |
| AVOLON TLB BORROWER 1 US Loans | 0.77% | |
| CQP HOLDCO LP Loans | 0.77% | |
| BLERIOT US BIDCO INC Loans | 0.77% | |
| RIVIAN HLD/AUTO LLC Bonds and notes | 0.76% | |
| Voya CLO Ltd CDOs and CLOs | 0.76% | |
| Neuberger Berman CLO Ltd CDOs and CLOs | 0.76% | |
| Rad CLO 12 Ltd CDOs and CLOs | 0.76% | |
| Whatabrands T/L B Loans | 0.76% |
By country
United States 63.02%Cayman Islands 25.17%Jersey 3.63%Canada 1.86%Luxembourg 1.2%By issuer
Companies 93.63%US Treasury 2.87%Other registered funds 0.93%The bonds mature in 6.9 years on average (weighted by size), with an average coupon of 6.74%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $58.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.83%, +0.08%, +0.47%.
How it works
FLRT does not track an index. Its sub-adviser, Aristotle Pacific Capital, picks a focused portfolio. At least 80% of net assets must go into senior secured floating rate loans and other adjustable rate securities. Senior secured loans are loans to companies that rank ahead of most other debts and are backed by the borrower's assets. The adjustable rate securities include CLOs (bundles of loans split into slices of different risk), asset-backed securities such as auto and student loans, and commercial mortgage-backed securities. Most holdings are rated below investment grade, often called junk. Up to 20% can go elsewhere, including corporate bonds and second lien loans, which rank behind senior loans.
As of July 31, 2026, the fund held 318 issues: 53.4% loans, 30.2% CLOs and 12.9% bonds and notes, with 7.3% in cash. The largest positions were loans to Apple Bidco (1.05%), Quikrete Holdings (1.04%) and Fertitta Entertainment (1.00%). The top 10 made up just 8.8% of the fund. About 25% was in Cayman Islands issuers, such as Voya CLO 2020-2. Portfolio turnover was 38%.
Because loan coupons reset with benchmark rates, prices tend to react less to rate changes than fixed-rate bonds do. The trade-off is that income falls when rates fall. Loans can trade with wide bid/ask spreads and slow settlement. Up to 15% of the fund may be in illiquid investments. The manager may also move to cash for defense.
What it really costs
- FLRT charges 0.6% a year, versus an average of 0.44% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLRT | $61 | $192 | $335 | $750 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
FLRT pays monthly income from high-yield floating rate loans and CLOs, but its credit risk makes it a poor stand-in for safe bonds.
FLRT could add monthly income that is less sensitive to interest rates than a fixed-rate bond fund. Its trailing yield was 6.62% as of October 27, 2026. Under the SEC's standard $10,000 example, its 0.60% fee comes to $61 after one year and $750 over 10 years. It launched in 2015, so it has no record from 2008. The risk shows up in credit scares. FLRT fell 21% from January to March 2020, and its worst quarter was -9.07%. It took about 7.6 months to recover. In 2022 it dropped 7.6% at its low point and recovered by February 2023. It finished 2022 down 2.71%, its worst calendar year. Anyone who has to cash out shares during a sharp sell-off could lock in losses, and income may shrink if rates fall. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers wanting monthly payouts from loans and CLOs; the trailing yield was 6.62% as of October 27, 2026.
- Bond investors wanting less interest-rate sensitivity than fixed-rate bonds offer, since loan coupons reset as benchmark rates move.
- People comparing floating-rate loan ETFs on cost: FLRT charges 0.60%, versus 0.65% for BKLN, 0.70% for SRLN and 0.72% for PFRL.
Look elsewhere if
- Anyone wanting a safe haven: FLRT holds mostly below-investment-grade debt and fell 21% in early 2020.
- Cost-focused investors: high-yield bond ETFs USHY (0.08%) and SPHY (0.05%) cost far less, though they hold fixed-rate bonds, not loans.
- Those who need income that holds steady when interest rates fall, because FLRT's floating-rate coupons reset lower.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLRT this fund | 6.9 yrs | 0.6% | $659.4M | +4.5% | +7.5% |
| JNK SPDR Bloomberg High Yield Bond ETF | 5.8 yrs | 0.4% | $7.35B | +1.6% | +8.7% |
| PFRL PGIM Floating Rate Income ETF | 8.1 yrs | 0.72% | $125.5M | +5.0% | +7.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| SPHY SPDR Portfolio High Yield Bond ETF | 5.4 yrs | 0.05% | $11.33B | +1.8% | +8.9% |
| SRLN SPDR Blackstone Senior Loan ETF | 5.2 yrs | 0.7% | $5.21B | +3.7% | +7.0% |
| BKLN Invesco Senior Loan ETF | 4.8 yrs | 0.65% | $6.74B | +3.9% | +6.9% |
Questions investors ask
Does FLRT pay monthly dividends?
Yes. FLRT pays income every month. Over the 12 months to October 27, 2026, it paid $3.06 per share, a trailing yield of 6.62%. The payments come from interest on its loans, CLOs and bonds. Most of those coupons reset with benchmark interest rates, so the monthly amount is not fixed. It tends to rise when rates rise and fall when rates fall. Defaults or early repayment by borrowers can also lower income.
What's the difference between FLRT and SRLN?
Both ETFs focus on floating rate loans. FLRT costs less: 0.60% a year versus 0.70% for SRLN. FLRT also branches out more. As of July 31, 2026, about 30% of its assets were in CLOs and 12.9% in bonds and notes. On price returns to October 27, 2026, FLRT gained 4.5% over one year versus 3.7% for SRLN, and 7.5% a year over three years versus 7.0%. SRLN is far larger, with about $5.2 billion in net assets versus FLRT's $659 million.
Is FLRT a safe investment?
No. FLRT is not a low-risk fund, even though its price usually moves little. Its one-year volatility was 1.5% as of October 27, 2026. Most of its holdings are rated below investment grade, so it depends on borrowers' ability to pay. In early 2020 it fell 21% and took about 7.6 months to recover. Its worst quarter, the first quarter of 2020, lost 9.07%. In credit sell-offs, loans can also be hard to trade at fair prices.
How does FLRT do when interest rates rise?
Rising rates usually hurt FLRT less than fixed-rate bond funds. Most of its loans and CLOs carry interest rates that reset with a benchmark rate. That means income tends to rise and prices hold up better. FLRT lost 2.71% in 2022, its worst calendar year, then gained 14.61% in 2023. Rising rates can still strain borrowers and slow repayments. The prospectus calls that slowdown extension risk.
What is FLRT's expense ratio?
FLRT's expense ratio is 0.60% a year, according to its prospectus filed August 27, 2026. Under the SEC's standard example ($10,000 invested, 5% annual return, shares redeemed at the end), costs would be $61 after one year, $192 after three, $335 after five and $750 after ten. That is above the 0.44% average of similar funds. It is cheaper than loan ETFs PFRL, SRLN and BKLN but far more than high-yield bond ETFs like USHY at 0.08%.