SEE MORE: 10 Floating Rate ETFs to Hedge Rate Risks

Other options among bank loan ETFs included the actively managed SPDR Blackstone/GSO Senior Loan ETF (NYSEArca: SRLN) and First Trust Senior Loan ETF (NasdaqGM: FTSL).

Senior loans do not come with a maximum settlement period, which may cause trouble for funds that try to redeem senior loans during more volatile periods. Fund providers, though, may stick to more liquid segments of the senior loan market and hold cash to help offset this risk.

For more information on senior secured floating-rate bank loans, visit our bank loans category.

PowerShares Senior Loan Portfolio