SPDR® Blackstone / GSO Senior Loan ETF

SRLN

Key Features

  • The SPDR Blackstone / GSO Senior Loan ETF (the "Fund") seeks to provide current income consistent with the preservation of capital.  In pursuing its investment objective, the Fund seeks to outperform the Markit iBoxx USD Liquid Leveraged Loan Index (the "Primary Index") and the S&P/LSTA U.S. 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.
  • Access the investment management experience of GSO / Blackstone
  • Seeks to provide access to active management in the highly inefficient loan market
  • 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

Fund Information

As of 12/05/2019
Ticker Symbol SRLN
Primary Benchmark Markit iBoxx USD Liquid Leveraged Loan Index
Secondary Benchmark S&P/LSTA U.S. Leveraged Loan 100 Index
CUSIP 78467V608
Options Available No
Gross Expense Ratio

Gross Expense Ratio

The fund's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in the fund's most recent prospectus.

0.70%
Inception Date 04/03/2013
Investment Manager SSGA Funds Management, Inc.
Sub-advisor GSO / Blackstone Debt Funds Management LLC
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly
Exchange NYSE ARCA EXCHANGE

Fund Documents

Fund Performance

MONTH END As of 10/31/2019 QUARTER END As of 09/30/2019
1 Month-0.31%0.93%
QTD-0.31%1.48%
YTD6.66%6.99%
1 Year3.06%3.24%
3 Year3.73%3.99%
5 Year3.02%3.21%
10 YearN/AN/A
Inception
2.80%2.89%
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Fund Characteristics

As of 12/03/2019
Average Maturity in Years 5.38
Current 3 month LIBOR 1.89%
Number of Holdings 287
Percent of Loans in the Portfolio with LIBOR Floors 99.51%
Weighted Average All in Rate 5.28%
Weighted Average Days to Reset 29
Weighted Average LIBOR Floor 0.34%
Weighted Average Price $98.14

Fund Market Price

As of 12/04/2019
Bid/Ask $46.08
Closing Price $46.09
Day High $46.09
Day Low $46.00
Exchange Volume (shares) 179,813
Premium/Discount

Premium/Discount to NAV

Shows the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds calculated as ((4PM Bid/Ask – Closing NAV)  /  Closing NAV * 100)

0.13%

Yields

As of 12/03/2019
30 Day SEC Yield

30 Day SEC Yield

(Also known as Standardized Yield) An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price.

4.61%
30 Day SEC Yield (Unsubsidized)

30 Day SEC Yield (Unsubsidized)

An annualized yield that is calculated by dividing the net investment income earned by the fund over the most recent 30-day period by the current maximum offering price that does not account for expense ratio waivers.

N/A
Fund Dividend Yield

Fund Dividend Yield

The sum of the most recent 12 dividends within the past 365 days divided by Net Asset Value per share, expressed as a percentage.

5.55%
Tax Equivalent Yield N/A

Fund Net Asset Value

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

As of 12/04/2019
NAV

NAV

The market value of a mutual fund's or ETFs total assets, minus liabilities, divided by the number of shares outstanding.

$46.03
Shares Outstanding 49.55 M
Total Net Assets $2,280.66 M

Index Characteristics

 
Primary Benchmark Index Ticker Symbol IBOXLCPI
Secondary Benchmark Index Ticker Symbol SPBDLL
Primary Benchmark Number of Holdings 89
Secondary Benchmark Number of Holdings 100

Purchase Information

ETFs are flexible and easy to trade. Investors buy and sell them like stocks, typically through a brokerage account. Investors can also employ traditional stock trading techniques; including stop orders, limit orders, margin purchases, and short sales using ETFs. They are listed on major US Stock Exchanges.

ETFs are subject to risk similar to those of stocks including those regarding short-selling and margin account maintenance.

State Street Global Advisors Funds Distributors, LLC is the distributor for some registered products on behalf of the advisor. SSGA Funds Management has retained GSO/Blackstone Debt Funds Management LLC as the sub-advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with GSO/Blackstone Debt Funds Management LLC.

Ordinary brokerage commissions apply.

Performance Chart

Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/03/2013
Month End
NAV 10/31/2019 -0.31% -0.31% 6.66% 3.06% 3.73% 3.02% N/A 2.80%
Market Value 10/31/2019 -0.42% -0.42% 7.19% 3.28% 3.71% 3.09% N/A 2.80%
Return after Taxes on Distributions 10/31/2019 -0.51% -0.51% 4.82% 0.73% 1.74% 1.10% N/A 1.04%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 -0.18% -0.18% 3.93% 1.78% 1.98% 1.44% N/A 1.34%
Markit iBoxx USD Liquid Leveraged Loan Index
Primary Index
10/31/2019 -0.27% -0.27% 7.05% 2.60% 3.22% 2.76% 4.56% 2.77%
S&P/LSTA U.S. Leveraged Loan 100 Index
Secondary Index
10/31/2019 -0.20% -0.20% 8.00% 3.44% 4.01% 3.42% 4.90% 3.34%
Quarter End
NAV 09/30/2019 0.93% 1.48% 6.99% 3.24% 3.99% 3.21% N/A 2.89%
Market Value 09/30/2019 1.21% 1.66% 7.64% 3.36% 4.00% 3.31% N/A 2.90%
Return after Taxes on Distributions 09/30/2019 0.73% 0.89% 5.35% 0.94% 2.01% 1.30% N/A 1.13%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.55% 0.87% 4.12% 1.88% 2.17% 1.58% N/A 1.40%
Markit iBoxx USD Liquid Leveraged Loan Index
Primary Index
09/30/2019 0.62% 1.14% 7.34% 2.43% 3.39% 2.95% 4.56% 2.85%
S&P/LSTA U.S. Leveraged Loan 100 Index
Secondary Index
09/30/2019 0.70% 1.33% 8.21% 3.47% 4.33% 3.58% 4.86% 3.41%
Fund Before Tax Fund After Tax
Annualized
As of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since
Inception
04/03/2013
Month End
NAV 10/31/2019 -0.31% -0.31% 6.66% 3.06% 3.73% 3.02% N/A 2.80%
Market Value 10/31/2019 -0.42% -0.42% 7.19% 3.28% 3.71% 3.09% N/A 2.80%
Return after Taxes on Distributions 10/31/2019 -0.51% -0.51% 4.82% 0.73% 1.74% 1.10% N/A 1.04%
Return after Taxes on Distributions and Sale of Fund Shares 10/31/2019 -0.18% -0.18% 3.93% 1.78% 1.98% 1.44% N/A 1.34%
Markit iBoxx USD Liquid Leveraged Loan Index
Primary Index
10/31/2019 -0.27% -0.27% 7.05% 2.60% 3.22% 2.76% 4.56% 2.77%
S&P/LSTA U.S. Leveraged Loan 100 Index
Secondary Index
10/31/2019 -0.20% -0.20% 8.00% 3.44% 4.01% 3.42% 4.90% 3.34%
Quarter End
NAV 09/30/2019 0.93% 1.48% 6.99% 3.24% 3.99% 3.21% N/A 2.89%
Market Value 09/30/2019 1.21% 1.66% 7.64% 3.36% 4.00% 3.31% N/A 2.90%
Return after Taxes on Distributions 09/30/2019 0.73% 0.89% 5.35% 0.94% 2.01% 1.30% N/A 1.13%
Return after Taxes on Distributions and Sale of Fund Shares 09/30/2019 0.55% 0.87% 4.12% 1.88% 2.17% 1.58% N/A 1.40%
Markit iBoxx USD Liquid Leveraged Loan Index
Primary Index
09/30/2019 0.62% 1.14% 7.34% 2.43% 3.39% 2.95% 4.56% 2.85%
S&P/LSTA U.S. Leveraged Loan 100 Index
Secondary Index
09/30/2019 0.70% 1.33% 8.21% 3.47% 4.33% 3.58% 4.86% 3.41%
Swipe to view all columns
Performance Disclosure

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Performance of an index is not illustrative of any particular investment.  It is not possible to invest directly in an index.

The market price used to calculate the Market Value return is the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. If you trade your shares at another time, your return may differ.

Gross Expense Ratio: 0.70%

Performance Graphs

Month End as of 10/31/2019

Fund Inception Date: 04/03/2013

Inception Date of Primary Index: 06/30/2006

Inception Date of Secondary Index: 10/20/2008

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Quarter End as of 09/30/2019

Fund Inception Date: 04/03/2013

Inception Date of Primary Index: 06/30/2006

Inception Date of Secondary Index: 10/20/2008

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Fund Top Holdings

Subject to change.

As of 12/04/2019
Name Weight Par Value
Prime Security Services Borrower, LLC aka Protection One/ADT 09/23/2026 1.87 % 41,321,170
CenturyLink, Inc. 01/31/2025 1.85 % 40,357,792
Envision Healthcare Corp 10/10/2025 1.61 % 43,175,676
Bass Pro Group, LLC 09/25/2024 1.53 % 33,854,267
Univision Communications Inc. 03/15/2024 1.47 % 32,697,196
New Red Finance, Inc. aka Burger King 1011778 B.C. ULC 11/19/2026 1.44 % 31,358,855
Valeant Pharmaceuticals International aka Bausch Health /US Co-Borrower 06/02/2025 1.30 % 28,140,373
TransDigm Inc 05/30/2025 1.27 % 27,707,167
Scientific Games International, Inc. 08/14/2024 1.25 % 27,424,367
Caesars Resort Collection, LLC 12/23/2024 1.21 % 26,507,939

Fund Sector Allocation

As of 12/03/2019
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Asset Class Breakdown

As of 12/03/2019
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S&P Fund Quality Breakdown

S&P Fund Quality Breakdown

Standard & Poor's credit ratings express the agency's opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Credit ratings can also speak to the credit quality of an individual debt issue, such as a corporate note, a municipal bond or a mortgage-backed security, and the relative likelihood that the issue may default. Standard & Poor's ratings from A to CCC may be modified by a plus (+) or minus (-) sign to show relative standing within the rating categories.

As of 12/03/2019
BBB- 7.18%
BB+ 2.76%
BB 7.75%
BB- 14.70%
B+ 18.87%
B 32.90%
B- 13.24%
CCC+ 1.49%
CCC 0.91%
NR 0.15%

Moody's Fund Quality Breakdown

Moody's Fund Quality Breakdown

Moody's long-term obligation ratings are opinions of the relative credit risk of fixed-income obligations with an original maturity of one year or more. They address the possibility that a financial obligation will not be honored as promised. Gradations of creditworthiness are indicated by rating symbols, with each symbol representing a group in which the credit characteristics are broadly the same. There are nine symbols, from which are used to designate least credit risk to that denoting greatest credit risk. Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa.

As of 12/03/2019
Baa2 0.64%
Baa3 1.24%
Ba1 2.69%
Ba2 9.45%
Ba3 17.99%
B1 20.00%
B2 39.76%
B3 4.20%
Caa1 1.33%
Caa2 2.59%
NR 0.11%

Fund Maturity Ladder

As of 12/03/2019
0 - 2 Years 0.74%
2 - 5 Years 35.60%
5 - 7 Years 56.88%
7 - 10 Years 6.41%
10.01+ Years 0.38%

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

After-tax returns are calculated based on NAV using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

Performance of an index is not illustrative of any particular investment. It is not possible to invest directly in an index.

As with all stocks, you may be required to deposit more money or securities into your margin account if the equity, including the amount attributable to your ETF shares, declines.

Unless otherwise noted all information contained is that of the SPDR GSO / Blackstone Senior Loan ETF.

All information herein is provided as of the date(s) listed above.  Calculations are performed on a trade date basis and are intended to include both settled and unsettled positions.  The only exception to this is the calculation of Weighted Average Days to Reset which is performed on a settlement date basis and is intended to include information for settled positions only.

No Team Members exists.

After Tax Returns

After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shres through tad deferred arrangements such as 401(k) plans or individual retiredment accounts. After tax returns may not take into account year end tax adjustments, which are calculated only at the end of each tax year. The after tax returns could differ after year end tax adjustments are accounted for.

Markit iBoxx USD Liquid Leveraged Loan Index

The Markit iBoxx USD Liquid Leveraged Loan Index is comprised of about 100 of the most liquid, tradable leveraged loans, as identified by Markit's Loans Liquidity service. Markit is dedicated to utilising its unique datasets on loans to become the premier provider of independent and objective loan indices for trading, product structuring, and benchmarking.

S&P/LSTA U.S. Leveraged Loan 100 Index

The S&P/LSTA U.S. Leveraged Loan 100 Index is designed to reflect the largest facilities in the leveraged loan market. It mirrors the market-weighted performance of the largest institutional leveraged loans based upon market weightings, spreads, and interest payments. The index consists of 100 loan facilities drawn from a larger benchmark, the S&P/LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (LLI).

Important Risk Information

In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund.

Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.

Actively managed ETFs do not seek to replicate the performance of a specified index. These investments may have difficulty in liquidating an investment position without taking a significant discount from current market value, which can be a significant problem with certain lightly traded securities. The Fund is actively managed and may underperform its benchmarks. An investment in the fund is not appropriate for all investors and is not intended to be a complete investment program. Investing in the fund involves risks, including the risk that investors may receive little or no return on the investment or that investors may lose part or even all of the investment.

Investments in Senior Loans are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan and consequently a reduction in the value of the Portfolio's investments and a potential decrease in the net asset value ("NAV") of the Portfolio.

Investing in high yield fixed income securities, otherwise known as "junk bonds", is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, visit www.spdrs.com. Read it carefully.

Glossary

Premium Discount to NAV

As of 12/04/2019
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Blackstone / GSO Senior Loan ETF SRLN $46.03 $46.09 $46.08 0.13%
Download Fund Data

x axis: # of days y axis: # Premium/Discount percentage

The above information is provided to show the comparison of the daily net asset value (NAV) and the Midpoint of the closing bid/ask for each of the funds.

Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Centralized Systematic Valuation Aggregated Cash Flow (ACF) File

This information provided is calculated by Bloomberg Finance L.P., a third party not affiliated with SSGA. Neither SSGA nor its affiliates assume any liability for or guarantee the timeliness, accuracy and completeness of the information provided. The information provided is as of the date indicated and is subject to change.

This analysis or any portion thereof may not be revised or changed in any way, reprinted, sold or redistributed without the written consent of SSGA.

This cash flow table and the data contained herein (together, "Content") is provided for informational purposes only, on an "as is" basis. No source of Content, or any of its affiliates (each a "Source"), makes any warranty, express or implied, that the Content is accurate, complete or error-free, and it should not be relied upon as such. No Source guarantees the timeliness, reliability, performance, continued availability, or currency of the Content or any results obtained therefrom. No Source shall be liable for any damages, including without limitation, any special, punitive, indirect, incidental or consequential damages, or any lost profits, arising from the use of or reliance on the Content, even if advised of the possibility of such damages. Nothing in the Content shall constitute or be construed as an offering of financial instruments by any Source, or as investment advice or recommendations by such entities of an investment strategy or whether or not to "buy", "sell" or "hold" an investment.

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