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Home   »   ETFs : SPDR® Blackstone / GSO Senior Loan ETF (SRLN)
SRLN

SPDR® Blackstone / GSO Senior Loan ETF

Fund Objective

The SPDR Blackstone / GSO Senior Loan ETF (the "Fund") seeks to provide current income consistent with the preservation of capital.  The Fund invests substantially all of its assets in the Blackstone / GSO Senior Loan Portfolio, a separate series of the SSGA Master Trust with an identical investment objective as the Fund.  As a result, the Fund invests indirectly through the Portfolio. In pursuing its investment objective, the Portfolio 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.

Ordinary brokerage commissions may apply.

Fund Information

As of 07/04/2015
Ticker SymbolSRLN
Primary BenchmarkMarkit iBoxx USD Liquid Leveraged Loan Index
Secondary BenchmarkS&P/LSTA U.S. Leveraged Loan 100 Index
CUSIP78467V608
Options AvailableNo
Gross Expense Ratio

The gross expense ratio is 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 Date04/03/2013
Investment ManagerState Street Global Advisors
Sub-advisorGSO / Blackstone Debt Funds Management LLC
DistributorState Street Global Markets, LLC
Distribution FrequencyMonthly
ExchangeNYSE ARCA EXCHANGE

Fund Characteristics

As of 07/01/2015
Average Maturity in Years

Average Maturity in Years is the market value-weighted average maturity of the bonds and loans in a portfolio, where maturity is defined as the stated final for bullet maturity bonds and loans.

5.02
Current 3 month LIBOR

Current 3 Month LIBOR (London Interbank Offered Rate) is the average interest rate estimated by leading banks in London that they would be charged if borrowing from other banks with a maturity of 3 months.

0.28%
Number of Holdings183
Percent of Loans in the Portfolio with LIBOR Floors

Percent of Loans in the Portfolio with LIBOR Floors is the percentage of loans in the overall portfolio that contain a LIBOR Floor.

94.72%
Weighted Average All in Rate

Weighted Average All In Rate is the weighted average interest rate earned on each asset in the portfolio, expressed as a percentage.

5.06%
Weighted Average Days to Reset

Weighted Average Days to Reset  is the weighted average of the number of days until the floating coupon rates of each loan are reset to reflect the current LIBOR base rate on reset date.

59
Weighted Average LIBOR Floor

Weighted Average LIBOR Floor is the weighted average of the LIBOR base rate of each loan in the portfolio with a set floor.

0.99%
Weighted Average Price

Weighted Average Price is the weighted average of each asset's market price relative to its face value or par value.

$98.47

Yields

As of 07/01/2015
30 Day SEC Yield

30 Day SEC Yield (Standardized Yield) 

An annualized yield that is calculated by dividing the investment income earned by the fund less expenses over the most recent 30-day period by the current maximum offering price.

4.32%
Fund Dividend Yield

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

4.10%

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

Fund Documents

Fund Market Price

As of 07/01/2015
Bid/Ask$49.05
Closing Price$49.08
Day High$49.09
Day Low$48.91
Exchange Volume (shares)30,241
Premium/Discount-0.02%
Premium Discount to Nav Chart

Fund Net Asset Value

NAV

Market value of a mutual fund's and ETF's total assets, minus liabilities, divided by the number of shares outstanding

As of 07/01/2015
Price$49.06
Shares Outstanding13.65 M
Total Net Assets$669.70 M
Most Recent NAV / NAV History XLS

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 Markets, LLC is the distributor for all registered products on behalf of the advisor.  SSgA Funds Management has retained GSO Capital Partners as the sub-advisor.

Ordinary brokerage commissions apply.

Performance Graphs

Month End as of 05/31/2015

Fund Inception Date: 04/04/2013

Inception Date of Primary Index: 06/30/2006

Inception Date of Secondary Index: 10/20/2008

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Blackstone / GSO Senior Loan ETF" bmarkName="Markit iBoxx USD Liquid Leveraged Loan Index" secondBmarkName="S&amp;P/LSTA U.S. Leveraged Loan 100 Index"><funds><field>1 Month</field><fund>0.15</fund><index>-0.09</index><secondIndex>0.05</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>1.02</fund><index>0.75</index><secondIndex>0.78</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>3.33</fund><index>2.52</index><secondIndex>2.64</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>3.20</fund><index>1.90</index><secondIndex>1.72</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>5.08</index><secondIndex>5.04</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>5.54</index><secondIndex>5.40</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>2.79</fund><index>2.92</index><secondIndex>2.98</secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2015

Fund Inception Date: 04/04/2013

Inception Date of Primary Index: 06/30/2006

Inception Date of Secondary Index: 10/20/2008

<performance fundName="SPDR&lt;sup&gt;®&lt;/sup&gt; Blackstone / GSO Senior Loan ETF" bmarkName="Markit iBoxx USD Liquid Leveraged Loan Index" secondBmarkName="S&amp;P/LSTA U.S. Leveraged Loan 100 Index"><funds><field>1 Month</field><fund>0.33</fund><index>0.16</index><secondIndex>0.19</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>2.29</fund><index>1.76</index><secondIndex>1.85</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>2.29</fund><index>1.76</index><secondIndex>1.85</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund>2.64</fund><index>1.94</index><secondIndex>1.83</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>4.56</index><secondIndex>4.58</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>4.86</index><secondIndex>4.79</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index></index><secondIndex></secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>2.50</fund><index>2.78</index><secondIndex>2.83</secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings

Subject to change.

As of 07/02/2015
NameWeightPar Value
Avaya Inc. 05/29/20201.98%13,871,257
Scientific Games International, Inc. 10/01/20211.90%12,876,471
Dell Inc. 04/29/20201.77%11,939,773
First Data Corporation 03/23/20181.62%10,987,969
Fortescue Metals Group (FMG Resources) 06/30/20191.59%12,246,869
BMC Software Inc. 09/10/20201.48%10,602,878
Valeant Pharmaceuticals International, Inc. 04/01/20221.44%9,772,804
Clear Channel Communications, Inc. 9% 12/15/20191.42%10,000,000
Neiman Marcus Group Inc., The 10/25/20201.38%9,363,331
Aspect Software, Inc. 05/07/20161.31%8,923,152
Download All Holdings XLS

Fund Industry Allocation

As of 07/01/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>07/01/2015</asOfDate><code>FUND_SECTOR_ALLOCATION</code><attributes><attribute><rawValue>11.603997</rawValue><value>11.60%</value><label>Services: Business</label><order>1</order></attribute><attribute><rawValue>9.605542</rawValue><value>9.61%</value><label>High Tech Industries</label><order>2</order></attribute><attribute><rawValue>9.593968</rawValue><value>9.59%</value><label>Healthcare &amp; Pharmaceuticals</label><order>3</order></attribute><attribute><rawValue>8.893512</rawValue><value>8.89%</value><label>Retail</label><order>4</order></attribute><attribute><rawValue>7.390859</rawValue><value>7.39%</value><label>Telecommunications</label><order>5</order></attribute><attribute><rawValue>6.608143</rawValue><value>6.61%</value><label>Hotel, Gaming &amp; Leisure</label><order>6</order></attribute><attribute><rawValue>4.942466</rawValue><value>4.94%</value><label>Containers, Packaging &amp; Glass</label><order>7</order></attribute><attribute><rawValue>4.724154</rawValue><value>4.72%</value><label>Banking, Finance, Insurance &amp; Real Estate</label><order>8</order></attribute><attribute><rawValue>3.709182</rawValue><value>3.71%</value><label>Metals &amp; Mining</label><order>9</order></attribute><attribute><rawValue>3.60265</rawValue><value>3.60%</value><label>Media: Broadcasting &amp; Subscription</label><order>10</order></attribute><attribute><rawValue>3.515247</rawValue><value>3.52%</value><label>Energy: Oil &amp; Gas</label><order>11</order></attribute><attribute><rawValue>3.043211</rawValue><value>3.04%</value><label>Automotive</label><order>12</order></attribute><attribute><rawValue>2.87631</rawValue><value>2.88%</value><label>Beverage, Food &amp; Tobacco</label><order>13</order></attribute><attribute><rawValue>2.562712</rawValue><value>2.56%</value><label>Chemicals, Plastics, &amp; Rubber</label><order>14</order></attribute><attribute><rawValue>2.172696</rawValue><value>2.17%</value><label>Services: Consumer</label><order>15</order></attribute><attribute><rawValue>2.110152</rawValue><value>2.11%</value><label>Utilities: Electric</label><order>16</order></attribute><attribute><rawValue>1.984564</rawValue><value>1.98%</value><label>Energy: Electricity</label><order>17</order></attribute><attribute><rawValue>1.664402</rawValue><value>1.66%</value><label>Diversified Conglomerate / Manufacturing</label><order>18</order></attribute><attribute><rawValue>1.546213</rawValue><value>1.55%</value><label>Consumer goods: Non-durable</label><order>19</order></attribute><attribute><rawValue>1.516939</rawValue><value>1.52%</value><label>Transportation: Consumer</label><order>20</order></attribute><attribute><rawValue>1.358284</rawValue><value>1.36%</value><label>Media: Advertising, Printing &amp; Publishing</label><order>21</order></attribute><attribute><rawValue>0.846476</rawValue><value>0.85%</value><label>Diversified Conglomerate / Service</label><order>22</order></attribute><attribute><rawValue>0.795131</rawValue><value>0.80%</value><label>Capital Equipment</label><order>23</order></attribute><attribute><rawValue>0.773604</rawValue><value>0.77%</value><label>Construction &amp; Building</label><order>24</order></attribute><attribute><rawValue>0.687323</rawValue><value>0.69%</value><label>Consumer goods: Durable</label><order>25</order></attribute><attribute><rawValue>0.609412</rawValue><value>0.61%</value><label>Food and Miscellaneous Services</label><order>26</order></attribute><attribute><rawValue>0.552742</rawValue><value>0.55%</value><label>Environmental Industries</label><order>27</order></attribute><attribute><rawValue>0.435948</rawValue><value>0.44%</value><label>Leisure &amp; Entertainment: Movie Theatres</label><order>28</order></attribute><attribute><rawValue>0.27416</rawValue><value>0.27%</value><label>Ecological</label><order>29</order></attribute></attributes><overrideLabel>Fund Industry Allocation</overrideLabel></component>

Asset Class Breakdown

As of 07/01/2015
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>07/01/2015</asOfDate><code>ASSET_CLASS_BREAKDOWN</code><attributes><attribute><rawValue>94.7033</rawValue><value>94.70%</value><label>Loans</label><order>1</order></attribute><attribute><rawValue>8.13899</rawValue><value>8.14%</value><label>Bonds</label><order>2</order></attribute><attribute><rawValue>-2.84232</rawValue><value>-2.84%</value><label>Cash</label><order>3</order></attribute></attributes></component>

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 07/01/2015
BBB1.74%
BBB-1.90%
BB+10.00%
BB6.68%
BB-18.52%
B+18.29%
B25.52%
B-9.08%
CCC+5.81%
CCC0.61%
D1.16%

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 07/01/2015
Baa30.24%
Ba110.69%
Ba29.13%
Ba318.32%
B129.77%
B219.59%
B32.55%
Caa14.89%
Caa22.07%

Fund Maturity Ladder

As of 07/01/2015
0 - 2 Years4.07%
2 - 5 Years42.87%
5 - 7 Years50.04%
7 - 10 Years3.02%
10.01+ Years0.00%

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.

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.

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.

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 Leveraged Loan Index, with about 850 constituents, is a barometer of the broad loan market. 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 a premier provider of independent, transparent, and objective indices for trading, product structuring, and benchmarking to bring transparency and liquidity to the financial markets.

© 2015 State Street Corporation. All Rights Reserved.

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).

© 2015 State Street Corporation. All Rights Reserved.

© 2015 State Street Corporation. All Rights Reserved.

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.

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

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 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.

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.

SPDR is a registered trademark of Standard & Poor Financial Services LLC (S&P) and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its Affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Further limitations and important information that could affect investors' rights are described in the prospectus for the applicable product.

Distributor: State Street Global Markets, LLC, member FINRA, SIPC, a wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

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.

Premium Discount to NAV

As of 07/01/2015
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Blackstone / GSO Senior Loan ETF SRLN $49.06 $49.08 $49.05 -0.02%
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.