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Trending ETFs

Name

As of 04/19/2024

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

$41.80

$5.63 B

8.45%

$3.53

0.70%

Vitals

YTD Return

1.9%

1 yr return

10.2%

3 Yr Avg Return

3.5%

5 Yr Avg Return

3.8%

Net Assets

$5.63 B

Holdings in Top 10

21.9%

52 WEEK LOW AND HIGH

$41.8
$40.84
$42.12

Expenses

OPERATING FEES

Expense Ratio 0.70%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 176.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 04/19/2024

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

$41.80

$5.63 B

8.45%

$3.53

0.70%

SRLN - Profile

Distributions

  • YTD Total Return 1.9%
  • 3 Yr Annualized Total Return 3.5%
  • 5 Yr Annualized Total Return 3.8%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 4.31%
DIVIDENDS
  • Dividend Yield 8.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    SPDR Blackstone Senior Loan ETF
  • Fund Family Name
    State Street Global Advisors - advised funds
  • Inception Date
    Apr 03, 2013
  • Shares Outstanding
    221050000
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Gordon McKemie

Fund Description

In pursuing its investment objective, the Fund seeks to outperform the Markit iBoxx USD Liquid Leveraged Loan Index (the Primary Index) and the Morningstar LSTA US Leveraged Loan 100 Index (the Secondary Index) by normally investing at least 80% of its net assets (plus any borrowings for investment purposes) in Senior Loans. For purposes of this 80% test, Senior Loans are first lien senior secured floating rate bank loans. A Senior Loan is an advance or commitment of funds made by one or more banks or similar financial institutions, including the Fund, to one or more corporations, partnerships or other business entities and pays interest at a floating or adjusting rate that is determined periodically at a designated premium above a base lending rate. A Senior Loan is senior to all unsecured claims against the borrower and senior or equal to all other secured claims, meaning that, in the event of a bankruptcy, the Senior Loan, together with other first lien claims, is entitled to be the first to be repaid out of proceeds of the assets securing the loans, before other existing claims or interests receive repayment. However, in bankruptcy proceedings, there may be other claims, such as taxes or additional advances that take precedence. The Primary Index is composed of the 100 most liquid Senior Loans in the market, while the Secondary Index is composed of the 100 largest Senior Loans in the market, as measured by the borrowed amounts outstanding. The Fund intends to hold a large percentage of the components of the Primary and Secondary Indexes. It is anticipated that the Fund will invest approximately 50% to 75% of its net assets in Senior Loans that are eligible for inclusion in the Primary and/or Secondary Indexes. Senior Loans included in the Primary and/or Secondary Indexes, and in which the Fund may invest, may include covenant-lite loans, which may contain fewer or no maintenance covenants compared to other loans. Each of the Fund's Senior Loan investments is expected to have no less than $250 million par outstanding.
The Fund invests predominantly in Senior Loans that are made to businesses operating in North America, but may also invest in Senior Loans made to businesses operating outside of North America. The Fund may invest in Senior Loans directly, either from the borrower as part of a primary issuance or in the secondary market through assignments of portions of Senior Loans from third parties, or participations in Senior Loans, which are contractual relationships with an existing lender in a loan facility whereby the Fund purchases the right to receive principal and interest payments on a loan but the existing lender remains the record holder of the loan. Under normal market conditions, it is expected that the Fund's Senior Loan investments will maintain an average interest rate duration of less than 90 days. Loan interest rate duration is based on the actual remaining time until the applicable reference rate is reset for each individual loan. In addition, when making investments, the Sub-Adviser seeks to maintain appropriate liquidity and price transparency for the Fund.
In selecting securities for the Fund, the Fund's sub-adviser, Blackstone Liquid Credit Strategies LLC (the Sub-Adviser), seeks to construct a portfolio of loans that it believes is less volatile than the general loan market. In addition, when making investments, the Sub-Adviser seeks to maintain appropriate liquidity and price transparency for the Fund. On an on-going basis, the Sub-Adviser adds or removes those individual loans that it believes will cause the Fund to outperform or underperform, respectively, the Primary and Secondary Indexes. The Fund's strategy may result in a high portfolio turnover rate.
When identifying prospective investment opportunities in Senior Loans, the Sub-Adviser currently intends to invest principally in Senior Loans that are below investment-grade quality and will rely on fundamental credit analysis in an effort to attempt to minimize the loss of the Fund's capital. While credit ratings assigned by Moody's Investors Service, Inc., S&P Global Ratings and/or Fitch Ratings Inc. (the SROs (statistical rating agencies)) will be considered, such ratings will not be determinative in the Sub-Adviser's process in the selection of specific debt securities (including Senior Loans). The Senior Loans and other securities that the Sub-Adviser is likely to select for investment in by the Fund will typically be rated below investment-grade quality by one or more of the SROs or, if unrated, will typically, in the opinion of the Sub-Adviser, be of similar credit quality. The Sub-Adviser expects to invest in Senior Loans, other loans and bonds of companies, including high yield securities (commonly known as junk bonds) and Rule 144A securities, possessing the following attributes, which it believes will help generate higher risk adjusted total returns:
Leading, defensible market positions. The Sub-Adviser intends to invest in loans made to and bonds issued by companies that it believes have developed strong positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments. The Sub-Adviser will seek companies that it believes possess advantages in scale, scope, customer loyalty, product pricing, or product quality versus their competitors, thereby minimizing business risk and protecting profitability.
Investing in companies with positive cash flow. The Sub-Adviser intends to invest primarily in loans made to and bonds issued by established companies which have demonstrated a record of profitability and cash flows over several economic cycles. The Sub-Adviser believes such companies are well-positioned to maintain consistent cash flow to service and repay their obligations and maintain growth in their businesses or market share. The Sub-Adviser does not intend to invest in primarily start-up companies, companies in turnaround situations or companies with speculative business plans.
Proven management teams. The Sub-Adviser intends to focus on investments in loans made to and bonds issued by companies that have experienced management teams with established track records of success. The Sub-Adviser will typically require companies to have in place proper incentives to align management's goals with the Fund's goals.
Private equity sponsorship. The Sub-Adviser may seek to invest in loans made to and bonds issued by issuers sponsored by what it believes to be high-quality private equity firms. The Sub-Adviser believes that a private equity sponsor's willingness to invest significant sums of equity capital into a company is an implicit endorsement of the quality of the investment. Further, private equity sponsors of companies with significant investments at risk have the ability and a strong incentive to contribute additional capital in difficult economic times should operational issues arise.
Diversification, concentration and reliance on other lenders. The Sub-Adviser will seek to invest broadly among companies and industries, thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value of the Fund's portfolio. While the Fund looks to the underlying borrower of a bank loan, rather than the bank originating the loan, for purposes of determining the industry concentration of investments, it is possible that under a different interpretation the Fund may be deemed to concentrate its investments in the financial services industries. Loans, and the collateral securing them, are typically monitored by agents for the lenders, which may be the originating bank or banks. The Fund may be
affected by the creditworthiness of the agent bank and other intermediate participants in a Senior Loan, in addition to the borrower, since rights that may exist under the loan against the borrower if the borrower defaults are typically asserted by or through the agent bank or intermediate participant. Agents are typically large commercial banks, although for Senior Loans that are not broadly syndicated they can also include thrift institutions, insurance companies or finance companies (or their affiliates). Such companies may be especially susceptible to the effects of changes in interest rates resulting from changes in U.S. or foreign fiscal or monetary policies, governmental regulations affecting capital raising activities or other economic or market fluctuations.
If circumstances cause the Sub-Adviser to determine there is a likelihood the value of an existing investment will decline over time, the Fund may, if the Sub-Adviser believes that circumstances require, exit the investment. The circumstances giving rise to the Sub-Adviser's determination may, but will not necessarily, coincide with a downgrade of the Senior Loan or other security's credit rating.
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SRLN - Performance

Return Ranking - Trailing

Period SRLN Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -1.3% 4.6% 78.33%
1 Yr 10.2% -4.9% 22.4% 48.67%
3 Yr 3.5%* -5.7% 7.6% 74.40%
5 Yr 3.8%* -7.2% 37.2% 41.70%
10 Yr 3.4%* -2.0% 19.3% 48.59%

* Annualized

Return Ranking - Calendar

Period SRLN Return Category Return Low Category Return High Rank in Category (%)
2023 2.5% -12.0% 17.3% 73.76%
2022 -10.4% -22.9% 5.1% 85.94%
2021 0.0% -12.2% 12.0% 93.60%
2020 -2.0% -14.1% 289.8% 32.64%
2019 4.2% -8.1% 14.6% 5.63%

Total Return Ranking - Trailing

Period SRLN Return Category Return Low Category Return High Rank in Category (%)
YTD 1.9% -1.3% 4.6% 78.33%
1 Yr 10.2% -4.9% 22.4% 48.67%
3 Yr 3.5%* -5.7% 7.6% 74.40%
5 Yr 3.8%* -7.2% 37.2% 41.70%
10 Yr 3.4%* -2.0% 19.3% 48.59%

* Annualized

Total Return Ranking - Calendar

Period SRLN Return Category Return Low Category Return High Rank in Category (%)
2023 11.6% -12.0% 30.3% 70.34%
2022 -5.3% -22.9% 5.1% 85.16%
2021 4.5% -10.2% 19.4% 60.40%
2020 3.1% -14.1% 306.9% 15.48%
2019 10.0% -3.6% 23.8% 2.16%

SRLN - Holdings

Concentration Analysis

SRLN Category Low Category High SRLN % Rank
Net Assets 5.63 B 29.9 M 13.5 B 6.34%
Number of Holdings 586 2 1605 11.03%
Net Assets in Top 10 1.13 B -191 M 2.48 B 4.41%
Weighting of Top 10 21.86% 5.2% 100.8% 25.09%

Top 10 Holdings

  1. State Street Institutional US Government Money Market Fund 7.52%
  2. BARCLAYS CAPITAL REPO 1.93%
  3. Peraton Corp. Term Loan B 1.77%
  4. Medline Borrower, LP USD Term Loan B 1.68%
  5. Athenahealth Group Inc 2022 Term Loan B 1.68%
  6. 1011778 B.C. Unlimited Liability Company 2023 Term Loan B5 1.59%
  7. Cloud Software Group Inc 2022 USD Term Loan B 1.54%
  8. McAfee, LLC 2022 USD Term Loan B 1.53%
  9. HUB International Limited 2023 Term Loan B 1.32%
  10. Allied Universal Holdco LLC 2021 USD Incremental Term Loan B 1.29%

Asset Allocation

Weighting Return Low Return High SRLN % Rank
Bonds
97.58% 0.00% 161.82% 18.75%
Cash
7.52% -61.90% 18.85% 22.43%
Other
1.93% -52.39% 26.58% 12.87%
Stocks
0.44% 0.00% 100.78% 64.71%
Preferred Stocks
0.00% -3.99% 6.42% 83.82%
Convertible Bonds
0.00% 0.00% 5.51% 86.67%

Stock Sector Breakdown

Weighting Return Low Return High SRLN % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 100.00% N/A
Real Estate
0.00% 0.00% 48.61% N/A
Industrials
0.00% 0.00% 100.00% N/A
Healthcare
0.00% 0.00% 100.00% N/A
Financial Services
0.00% 0.00% 89.61% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 100.00% N/A
Consumer Cyclical
0.00% 0.00% 97.66% N/A
Basic Materials
0.00% 0.00% 1.36% N/A

Stock Geographic Breakdown

Weighting Return Low Return High SRLN % Rank
US
0.44% -0.01% 100.78% 62.50%
Non US
0.00% 0.00% 0.68% 81.25%

Bond Sector Breakdown

Weighting Return Low Return High SRLN % Rank
Corporate
90.06% 0.00% 141.23% 47.41%
Cash & Equivalents
7.52% 0.00% 25.03% 22.43%
Government
1.30% 0.00% 3.18% 3.33%
Derivative
0.00% -8.79% 1.12% 76.10%
Securitized
0.00% 0.00% 91.68% 87.78%
Municipal
0.00% 0.00% 0.47% 77.04%

Bond Geographic Breakdown

Weighting Return Low Return High SRLN % Rank
US
97.58% 0.00% 144.71% 10.66%
Non US
0.00% 0.00% 63.23% 89.34%

SRLN - Expenses

Operational Fees

SRLN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.03% 12.26% 92.34%
Management Fee 0.70% 0.00% 1.89% 77.06%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

SRLN 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

SRLN 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.

SRLN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 176.00% 4.00% 180.00% 98.83%

SRLN - Distributions

Dividend Yield Analysis

SRLN Category Low Category High SRLN % Rank
Dividend Yield 8.45% 0.00% 11.10% 29.64%

Dividend Distribution Analysis

SRLN Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SRLN Category Low Category High SRLN % Rank
Net Income Ratio 4.31% 1.77% 9.82% 17.98%

Capital Gain Distribution Analysis

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

Distributions History

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SRLN - Fund Manager Analysis

Managers

Gordon McKemie


Start Date

Tenure

Tenure Rank

May 14, 2015

7.05

7.1%

Gordon McKemie is a Principal of The Blackstone Group L.P. and a portfolio manager for CCS. Mr. McKemie is also responsible for the evaluation and ongoing analysis of primary and secondary fixed income investments across multiple industries. Prior to joining GSO, Mr. McKemie was an Associate in Leveraged Finance at Citigroup and an Assistant Vice President in high yield research at Barclays Capital. He began his career at Lehman Brothers. Mr. McKemie received a B.B.A. from Goizueta Business School at Emory University. Mr. McKemie has earned the right to use the Chartered Financial Analyst designation.

Daniel McMullen


Start Date

Tenure

Tenure Rank

Sep 28, 2015

6.68

6.7%

Daniel T. McMullen is a Senior Managing Director and Senior Portfolio Manager with GSO Capital Partners LP (“GSO”), and serves as lead Portfolio Manager of the Portfolio. Since joining Blackstone in 2002, Mr. McMullen's responsibilities have included the coordination of the group's capital markets activities for broadly distributed transactions. Mr. McMullen serves as the group's senior representative for a number of financial intermediaries. Before joining Blackstone, Mr. McMullen worked at CIBC World Markets, most recently as a Director and Senior Investment Analyst for the structured investment vehicles managed by Trimaran Advisors, L. L. C. Prior to that, Mr. McMullen was a Director in the Investment Banking Group at CIBC, specializing in the aerospace and defense industries. Before joining CIBC in 1996, Mr. McMullen was employed at The Chase Manhattan Bank where he worked in the Corporate Finance Healthcare Group. Mr. McMullen has earned the right to use the Chartered Financial Analyst designation and received a BA from the University of Rochester where he graduated cum laude.

Bonnie Brookshaw


Start Date

Tenure

Tenure Rank

Oct 31, 2021

0.58

0.6%

Bonnie Brookshaw is a Managing Director and a Portfolio Manager for Blackstone Credit's U.S. loan separately managed accounts, commingled funds and exchange-traded funds. Previously, Ms. Brookshaw was responsible for the management and implementation of the day-to-day investment strategy for the U.S. CLOs. Prior to joining Blackstone in 2002, Ms. Brookshaw worked at CIBC World Markets and was responsible for the transaction logistics and settlement functions for the structured investment vehicles managed by Trimaran Advisors, L.L.C. Ms. Brookshaw received a B.A. from the State University of New York at Oswego.

Tenure Analysis

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