SPDR® Blackstone Senior Loan ETF SRLN

NAV
$41.37
as of Dec 02 2022
Base Currency
USD
Assets Under Management
$6,383.47 M
as of Dec 02 2022
Gross Expense Ratio
0.70%

Key Features


  • The SPDR Blackstone 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 Morningstar 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 Blackstone Credit
  • 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

About the Primary Benchmark


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.


About the Secondary Benchmark


The Morningstar LSTA U.S. Leveraged Loan 100 Index is designed to reflect the largest facilities in the US 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 Morningstar LSTA (Loan Syndications and Trading Association) Leveraged Loan Index (LLI).


Fund Information as of Dec 06 2022

Primary Benchmark Markit iBoxx USD Liquid Leveraged Loan Index
Secondary Benchmark Morningstar LSTA US Leverage Loan 100 Index
Inception Date Apr 03 2013
Options Available No
Gross Expense Ratio
0.70%
Base Currency USD
Administrator State Street Global Advisors Funds Management Inc.
Sub-advisor Blackstone Liquid Credit Strategies LLC
Investment Manager SSGA Funds Management, Inc.
Distributor State Street Global Advisors Funds Distributors, LLC
Distribution Frequency Monthly

Listing Information as of Dec 06 2022

Exchange Listing Date Trading Currency Ticker CUSIP ISIN
NYSE ARCA EXCHANGE Apr 04 2013 USD SRLN 78467V608 US78467V6083

Fund Characteristics as of Dec 02 2022

Number of Holdings 512
Average Maturity in Years
4.44
Current 3 month LIBOR 4.73%
Percent of Loans in the Portfolio with LIBOR Floors 53.13%
Weighted Average All in Rate 6.94%
Weighted Average Days to Reset 31
Weighted Average LIBOR Floor 0.62%
Average Price $94.38

Index Characteristics as of Dec 06 2022

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

Yields as of Dec 02 2022

30 Day SEC Yield
7.54%
30 Day SEC Yield (Unsubsidized)
-
Fund Distribution Yield
5.49%

Fund Market Price as of Dec 02 2022

Bid/Ask
$41.36
Closing Price
$41.36
Day High $41.40
Day Low $41.28
Exchange Volume (Shares)
183,057
Premium/Discount
-0.01%
30-Day Median Bid/Ask Spread
0.02%

Premium Discount to NAV Graph and Summary

Number of Days Summary

Calendar Year 2021 First Quarter of 2022 Second Quarter of 2022 Third Quarter of 2022
Days Traded at Premium
54 15 10 5
Days Traded at Discount
198 47 52 59

Because ETFs trade like stocks at current market prices, shareholders may pay more than a fund’s NAV when purchasing fund shares and may receive less than a fund’s NAV when selling fund shares.

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.


Fund Net Cash Amount as of Dec 02 2022

Net Cash Amount $170,111,416.40

Fund Net Asset Value as of Dec 02 2022

NAV
$41.37
Shares Outstanding 154.30 M
Assets Under Management $6,383.47 M

Fund Performance

  • Fund Inception Date: Apr 03 2013

as of Oct 31 2022

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Apr 03 2013
Fund Before Tax
NAV Oct 31 2022 0.71% 0.71% -5.91% -5.58% 1.29% 2.12% - 2.32%
Market Value Oct 31 2022 1.69% 1.69% -5.91% -5.46% 1.31% 2.11% - 2.33%
Markit iBoxx USD Liquid Leveraged Loan Index
Oct 31 2022 1.43% 1.43% -3.43% -3.36% 0.62% 1.67% 2.35% 2.09%
Morningstar LSTA US Leverage Loan 100 Index
Oct 31 2022 1.64% 1.64% -2.69% -2.34% 2.01% 2.72% 3.14% 2.92%
Fund After Tax
Return after Taxes on Distributions Oct 31 2022 0.49% 0.49% -7.33% -7.43% -0.67% 0.10% - 0.50%
Return after Taxes on Distributions and Sale of Fund Shares Oct 31 2022 0.42% 0.42% -3.47% -3.26% 0.19% 0.78% - 0.97%
Markit iBoxx USD Liquid Leveraged Loan Index
Oct 31 2022 1.43% 1.43% -3.43% -3.36% 0.62% 1.67% 2.35% 2.09%
Morningstar LSTA US Leverage Loan 100 Index
Oct 31 2022 1.64% 1.64% -2.69% -2.34% 2.01% 2.72% 3.14% 2.92%

as of Sep 30 2022

As Of 1 Month QTD YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Apr 03 2013
Fund Before Tax
NAV Sep 30 2022 -3.42% -0.16% -6.57% -6.22% 0.94% 2.08% - 2.27%
Market Value Sep 30 2022 -4.15% -0.52% -7.47% -6.91% 0.61% 1.89% - 2.17%
Markit iBoxx USD Liquid Leveraged Loan Index
Sep 30 2022 -2.44% 1.38% -4.80% -4.76% 0.05% 1.51% 2.19% 1.96%
Morningstar LSTA US Leverage Loan 100 Index
Sep 30 2022 -2.85% 1.29% -4.26% -3.92% 1.39% 2.50% 2.97% 2.77%
Fund After Tax
Return after Taxes on Distributions Sep 30 2022 -3.60% -0.69% -7.79% -7.99% -1.00% 0.08% - 0.46%
Return after Taxes on Distributions and Sale of Fund Shares Sep 30 2022 -2.02% -0.09% -3.86% -3.63% -0.06% 0.76% - 0.94%
Markit iBoxx USD Liquid Leveraged Loan Index
Sep 30 2022 -2.44% 1.38% -4.80% -4.76% 0.05% 1.51% 2.19% 1.96%
Morningstar LSTA US Leverage Loan 100 Index
Sep 30 2022 -2.85% 1.29% -4.26% -3.92% 1.39% 2.50% 2.97% 2.77%

Past performance is not a reliable indicator of future performance. 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.  All results are historical and assume the reinvestment of dividends and capital gains. It is not possible to invest directly in an index.

Performance returns for periods of less than one year are not annualized.  Performance is shown net of fees.

Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income as applicable.

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%


Top Holdings

Fund Top Holdings as of Dec 02 2022

Name Par Value Weight
New Red Finance, Inc. aka Burger King 1011778 B.C. ULC/Restaurant Brands 11/19/2026 132,229,077 2.08%
American Airlines, Inc aka AAdvantage 12/15/2023 119,363,845 1.90%
Caesars Resort Collection, LLC aka Caesars Entertainment 12/23/2024 105,369,876 1.68%
Peraton Corp 02/01/2028 100,404,914 1.57%
Medline Borrower LP aka Medline Industries 10/23/2028 96,666,167 1.48%
Berry Global, Inc. aka Berry Plastics Corp 07/01/2026 91,442,161 1.45%
Charter Communications Operating, LLC 02/01/2027 90,837,481 1.42%
Pilot Travel Centers LLC 08/04/2028 88,550,893 1.40%
Citadel Securities LP 02/02/2028 87,758,545 1.38%
Hilton Worldwide Finance LLC 06/22/2026 86,263,332 1.37%

Sector Allocation

Fund Sector Breakdown as of Dec 02 2022

Sector Weight
Sector Weight
Banking, Finance, Insurance & Real Estate (3) 11.34%
Technology: Semiconductor (40) 9.43%
Services: Business (23) 8.58%
Healthcare & Pharmaceuticals (15) 7.51%
Telecommunications (26) 6.75%
High Tech Industries (16) 6.30%
Media: Broadcasting & Subscription (19) 4.99%
Hotel, Gaming & Leisure (17) 3.94%
Services: Consumer (24) 3.67%
Aerospace & Defense (1) 3.43%
Transportation: Consumer (28) 3.06%
Retail (22) 2.96%
Diversified Conglomerate / Manufacturing (34) 2.88%
Restaurants: Family Dining (42) 2.69%
Media: Cable TV (41) 2.44%
Food and Miscellaneous Services (36) 2.16%
Chemicals, Plastics, & Rubber (6) 2.11%
Energy: Oil & Gas (12) 1.92%
Automotive (2) 1.74%
Transportation: Cargo (27) 1.72%
Containers, Packaging & Glass (10) 1.56%
Energy: Electricity (11) 1.44%
Consumer goods: Non-durable (9) 1.43%
Construction & Building (7) 1.39%
Utilities: Electric (29) 1.31%
Consumer goods: Durable (8) 1.00%
Leisure & Entertainment: Amusement Parks (38) 0.64%
Leisure & Entertainment: Movie Theatres (39) 0.49%
Metals & Mining (21) 0.39%
Media: Advertising, Printing & Publishing (18) 0.38%
Beverage, Food & Tobacco (4) 0.10%
Forest Products & Paper (14) 0.08%
Media: Diversified & Production (20) 0.06%
Diversified Conglomerate / Service (37) 0.05%
Sovereign & Public Finance (25) 0.03%
Environmental Industries (13) 0.02%
Wholesale (32) 0.01%

Asset Allocation

Fund Asset Allocation as of Dec 02 2022

Sector Weight
Loans 92.02%
Bonds 5.74%
Cash 2.23%

Asset Allocation is a method of diversification which positions assets among major investment categories. Asset Allocation may be used in an effort to manage risk and enhance returns.  It does not, however, guarantee a profit or protect against loss.


Quality Breakdown

as of Dec 02 2022
as of Dec 02 2022

S&P Fund Quality Breakdown as of Dec 02 2022

Name Weight
BBB+ 0.18%
BBB 0.09%
BBB- 15.76%
BB+ 14.14%
BB 4.50%
BB- 12.34%
B+ 14.95%
B 19.18%
B- 14.74%
CCC+ 1.74%
CCC 0.74%
CCC- 0.04%
CC 0.39%
D 0.26%
NR 0.95%

Moody's Fund Quality Breakdown as of Dec 02 2022

Name Weight
Baa1 0.18%
Baa2 0.25%
Baa3 5.05%
Ba1 16.88%
Ba2 10.69%
Ba3 13.33%
B1 17.59%
B2 26.55%
B3 4.70%
Caa1 1.84%
Caa2 1.91%
Ca 0.36%
C 0.07%
NR 0.14%
WR 0.48%

Maturity Ladder

Fund Maturity Ladder as of Dec 02 2022

Name Weight
0 - 2 Years 3.69%
2 - 5 Years 52.12%
5 - 7 Years 42.77%
7 - 10 Years 1.33%
> 10 Years 0.09%

Purchase Information


Buying and Selling ETFs

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.

Ordinary brokerage commissions may apply.

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


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.

Holdings and sectors shown are as of the date indicated and are subject to change. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.

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

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.

SSGA Funds Management has retained Blackstone Liquid Credit Strategies LLC as the sub-advisor. State Street Global Advisors Funds Distributors, LLC is not affiliated with Blackstone Liquid Credit Strategies LLC.

Prior to 02/26/2021, the SPDR® Blackstone Senior Loan ETF was known as the SPDR® Blackstone / GSO Senior Loan ETF.

Prior to 8/29/2022, the Morningstar LSTA US Leverage Loan 100 Index was known as the S&P/LSTA U.S. Leveraged Loan 100 Index.

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.