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Trending ETFs

Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Franklin Senior Loan ETF

FLBL | Active ETF

$24.50

$305 M

8.42%

$2.06

0.45%

Vitals

YTD Return

2.3%

1 yr return

12.8%

3 Yr Avg Return

5.7%

5 Yr Avg Return

4.9%

Net Assets

$305 M

Holdings in Top 10

22.5%

52 WEEK LOW AND HIGH

$24.5
$23.24
$24.50

Expenses

OPERATING FEES

Expense Ratio 0.45%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 35.67%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 03/28/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Franklin Senior Loan ETF

FLBL | Active ETF

$24.50

$305 M

8.42%

$2.06

0.45%

FLBL - Profile

Distributions

  • YTD Total Return 2.3%
  • 3 Yr Annualized Total Return 5.7%
  • 5 Yr Annualized Total Return 4.9%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.72%
DIVIDENDS
  • Dividend Yield 8.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Franklin Senior Loan ETF
  • Fund Family Name
    Franklin Templeton Group of Funds
  • Inception Date
    Jun 01, 2018
  • Shares Outstanding
    10100000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Justin Ma

Fund Description

Under normal market conditions, the Fund invests at least 80% of its net assets in senior loans and investments that provide exposure to senior loans. Senior loans include loans referred to as leveraged loans, bank loans and/or floating rate loans. The Fund invests predominantly in income-producing senior floating interest rate corporate loans made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities. Floating interest rates vary with and are periodically adjusted to a generally recognized base interest rate such as the Secured Overnight Financing Rate (SOFR) or the Prime Rate. The Fund may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.

Senior loans generally have credit ratings below investment grade and may be subject to restrictions on resale. Under normal market conditions, the Fund invests at least 75% of its net assets in senior loans that are rated B- or higher at the time of purchase by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined to be of comparable quality by the Fund’s investment manager. Under normal market conditions, the Fund may invest up to 25% of its net assets in senior loans that are rated below B- by an NRSRO or, if unrated, are determined to be of comparable quality by the investment manager.

The Fund’s senior loans typically hold the most senior position in the capitalization structure of a company and are generally secured by specific collateral. Such senior position means that, in case the company becomes insolvent, the lenders or security holders in a senior position like the Fund’s position will typically be paid before other unsecured or subordinated creditors of the company from the assets of the company.

The Fund typically invests in a corporate loan if the investment manager judges that the borrower can meet the scheduled payments on the obligation and the risk adjusted return meets the portfolio criteria. The investment manager performs its own independent credit analysis of each borrower/issuer and of the collateral structure securing the Fund’s investment.

The Fund may invest in “covenant lite” loans. Certain financial institutions may define “covenant lite” loans differently. Covenant lite loans may have tranches that contain fewer or no restrictive covenants. The tranche of the covenant lite loan that has fewer restrictions typically does not include the legal clauses which allow an investor to proactively enforce financial tests or prevent or restrict undesired actions taken by the company or sponsor. Covenant lite loans also generally give

the borrower/issuer more flexibility if they have met certain loan terms and provide fewer investor protections if certain criteria are breached. The Fund may experience relatively greater realized or unrealized losses or delays in enforcing its rights on its holdings of certain covenant lite loans than its holdings of loans with the usual covenants.

The Fund currently limits its investments in debt obligations of non-U.S. entities to no more than 25% of its total assets. The Fund currently invests predominantly in debt obligations that are U.S. dollar-denominated or otherwise provide for payment in U.S. dollars.

The Fund currently does not intend to invest more than 25% of its net assets in the obligations of borrowers in any single industry, except that, under normal market conditions, the Fund invests more than 25% of its net assets in debt obligations of companies operating in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance companies and finance companies. These firms, or “agent banks,” may serve as administrators of corporate loans issued by other companies. For purposes of this restriction, the Fund currently considers such companies to include the borrower, the agent bank and any intermediate participant. The Fund may invest up to 100% of its net assets in loans where firms in such industry group are borrowers, agent banks or intermediate participants.

The Fund may invest in structured fixed income securities, including collateralized loan obligations (CLOs). The Fund considers the CLOs that it holds "loans" for purposes of its 80% policy. The Fund may also invest a portion of its assets in cash or cash equivalents.

To pursue its investment goals, the Fund may enter into certain derivative transactions, principally high yield credit default index swaps. The Fund may use credit default index swaps to obtain net long or net short exposures to selected credit risks or durations, for the purposes of enhancing Fund returns, increasing liquidity and/or gaining exposure to particular instruments in more efficient or less expensive ways, and to hedge risks related to changes in credit risks and other market factors. Derivatives that provide exposure to senior loans may be used to satisfy the Fund’s 80% policy.

In addition to the Fund's main investments, the Fund may invest up to 20% of its net assets in certain other types of debt obligations and equity or debt securities, including, but not limited to, other secured, second lien, subordinated or unsecured corporate loans and corporate debt securities, fixed rate obligations of U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities and equity securities (including convertible securities, warrants and rights) to the extent that they are acquired in connection with or incidental to the Fund's other investment activities.

The investment manager may consider selling a security when it believes the security has become fully valued due to either its price appreciation or changes in the issuer’s fundamentals, or when the investment manager believes another security is a more attractive investment opportunity.

 
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FLBL - Performance

Return Ranking - Trailing

Period FLBL Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -0.8% 5.5% 41.67%
1 Yr 12.8% -5.7% 33.5% 7.58%
3 Yr 5.7%* -5.5% 9.2% 12.80%
5 Yr 4.9%* -6.6% 37.5% 13.19%
10 Yr N/A* -1.9% 19.3% 6.21%

* Annualized

Return Ranking - Calendar

Period FLBL Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -12.0% 17.3% 6.44%
2022 -7.8% -22.9% 5.1% 56.42%
2021 0.7% -12.2% 12.0% 70.52%
2020 -1.2% -14.1% 289.8% 15.83%
2019 3.5% -8.1% 14.6% 28.88%

Total Return Ranking - Trailing

Period FLBL Return Category Return Low Category Return High Rank in Category (%)
YTD 2.3% -0.8% 5.5% 41.67%
1 Yr 12.8% -5.7% 33.5% 7.58%
3 Yr 5.7%* -5.5% 9.2% 12.80%
5 Yr 4.9%* -6.6% 37.5% 13.19%
10 Yr N/A* -1.9% 19.3% N/A

* Annualized

Total Return Ranking - Calendar

Period FLBL Return Category Return Low Category Return High Rank in Category (%)
2023 14.8% -12.0% 30.3% 9.09%
2022 -2.7% -22.9% 5.1% 59.92%
2021 4.3% -10.2% 19.4% 63.75%
2020 2.2% -14.1% 306.9% 39.58%
2019 7.7% -3.6% 23.8% 50.43%

FLBL - Holdings

Concentration Analysis

FLBL Category Low Category High FLBL % Rank
Net Assets 305 M 35.9 M 11.9 B 68.77%
Number of Holdings 226 2 1605 79.85%
Net Assets in Top 10 69.4 M -191 M 2.38 B 55.31%
Weighting of Top 10 22.55% 5.2% 100.8% 17.65%

Top 10 Holdings

  1. Federal Home Loan Bank Discount Notes 13.19%
  2. Verscend Holding Corp. 2021 Term Loan B 1.19%
  3. Greeneden U.S. Holdings II, LLC 2020 USD Term Loan B4 1.15%
  4. Peraton Corp. Term Loan B 1.07%
  5. Gainwell Acquisition Corp. Term Loan B 1.03%
  6. Navicure Inc 2019 Term Loan B 1.03%
  7. Athenahealth Group Inc 2022 Term Loan B 1.02%
  8. Charter NEX US Inc 2021 Term Loan 1.02%
  9. McAfee, LLC 2022 USD Term Loan B 0.95%
  10. First Brands Group, LLC 2021 Term Loan 0.90%

Asset Allocation

Weighting Return Low Return High FLBL % Rank
Bonds
102.75% 0.00% 161.82% 8.42%
Convertible Bonds
0.16% 0.00% 5.51% 22.51%
Stocks
0.00% 0.00% 100.76% 91.94%
Preferred Stocks
0.00% -3.99% 6.42% 56.78%
Other
0.00% -52.39% 26.58% 65.57%
Cash
0.00% -61.90% 18.85% 91.94%

Bond Sector Breakdown

Weighting Return Low Return High FLBL % Rank
Corporate
82.67% 0.00% 141.23% 88.19%
Securitized
1.53% 0.00% 91.68% 27.68%
Derivative
0.00% -8.79% 1.12% 57.88%
Cash & Equivalents
0.00% 0.00% 25.03% 90.84%
Municipal
0.00% 0.00% 0.47% 37.64%
Government
0.00% 0.00% 3.18% 48.71%

Bond Geographic Breakdown

Weighting Return Low Return High FLBL % Rank
US
102.75% 0.00% 144.71% 4.76%
Non US
0.00% 0.00% 63.23% 66.30%

FLBL - Expenses

Operational Fees

FLBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.45% 0.03% 12.26% 99.64%
Management Fee 0.45% 0.00% 1.89% 4.29%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

FLBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

FLBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FLBL Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 35.67% 4.00% 180.00% 20.93%

FLBL - Distributions

Dividend Yield Analysis

FLBL Category Low Category High FLBL % Rank
Dividend Yield 8.42% 0.00% 11.56% 47.69%

Dividend Distribution Analysis

FLBL Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

FLBL Category Low Category High FLBL % Rank
Net Income Ratio 3.72% 1.77% 9.82% 42.16%

Capital Gain Distribution Analysis

FLBL Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

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FLBL - Fund Manager Analysis

Managers

Justin Ma


Start Date

Tenure

Tenure Rank

May 30, 2018

4.01

4.0%

Justin Ma is an assistant portfolio manager for Franklin Advisers' Floating Rate Debt Group. He is a portfolio manager on Franklin Floating Rate Daily Access Fund, Franklin Floating Rate PLC, and FTSIIF Franklin Floating Rate II Funds, as well as the floating rate investments of Franklin Templeton Limited Duration Income Trust Fund. Mr. Ma is also a member of the Investment Committee. Mr. Ma joined Franklin Templeton in 2006 as a member of the Futures Program and joined the Floating Rate Debt Group as a portfolio analyst in 2008. Mr. Ma holds a B.A. from Stanford University and is a Chartered Financial Analyst (CFA) Charterholder. He is also a member of the CFA Society of San Francisco (CFASF) and the CFA Institute.

Reema Agarwal


Start Date

Tenure

Tenure Rank

Jan 31, 2019

3.33

3.3%

Reema Agarwal, SVP, Director of the Floating Rate Debt Group, manages a team of research analysts and portfolio managers across the full spectrum of the bank loan market. Prior to this role Reema was the Floating Rate Debt Group Director of Research (2014–2018). Prior to joining the firm in 2004, Ms. Agarwal was with FleetBoston Financial and ABN AMRO Bank N.V. Ms. Agarwal holds an M.B.A. from the Indian Institute of Management, Bangalore. She is a Chartered Financial Analyst (CFA) charter holder and a member of the CFA Society of San Francisco (CFASF).

Margaret Chiu


Start Date

Tenure

Tenure Rank

Mar 01, 2019

3.25

3.3%

Margaret Chiu is a portfolio manager for the Franklin Advisers' Floating Rate Debt Group. Ms. Chiu provides portfolio analytics for the floating rate open-end funds and institutional separate accounts. Ms. Chiu joined Franklin Templeton in 2012 and the Floating Rate Debt Group in 2013. Ms. Chiu holds a B.S. in business administration from the University of California, Berkeley. She is a Chartered Financial Analyst (CFA) charterholder and a Certified Financial Risk Manager (FRM).

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 21.18 6.0 3.25