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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 04/20/2014
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 Ratio0.70%
Net Expense RatioN/A
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 04/16/2014
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.
0.23%
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.

Index Dividend Yield is the weighted average of the underlyings’ indicated annual dividend divided by price, expressed as a percentage.

2.62%
Number of Holdings184
Weighted Average 3 month LIBOR Base Rate
Weighted Average 3 Month LIBOR Base Rate is the weighted average of the LIBOR base rate of each loan in the portfolio.
0.97%
Weighted Average All in Rate
Weighted Average All In Rate is the weighted average interest rate earned on each loan in the portfolio, expressed as a percentage.
4.31%
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.
79
Weighted Average Price
Weighted Average Price is the weighted average of each loans market price relative to its face value or par value.
$99.94

30 DAY SEC YIELD

As of 04/16/2014
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.

3.09%

Index Characteristics

 
Primary Benchmark Index Ticker Symbol IBXXLLTR
Secondary Benchmark Index Ticker Symbol SPBDLL
Primary Benchmark Number of Holdings 97
Secondary Benchmark Number of Holdings 100

Fund Documents

Fund Market Price

As of 04/16/2014
Bid/Ask$49.88
Closing Price$49.90
Day High$49.91
Day Low$49.83
Exchange Volume (shares)4,013
Premium/Discount0.12%
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 04/16/2014
Price$49.82
Shares Outstanding12.35 M
Total Net Assets$615.30 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 03/31/2014

Fund Inception Date: 04/03/2013

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>0.08</fund><index>0.29</index><secondIndex>0.34</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>0.56</fund><index>0.92</index><secondIndex>1.01</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>0.56</fund><index>0.92</index><secondIndex>1.01</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund></fund><index>3.59</index><secondIndex>3.87</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>4.52</index><secondIndex>4.80</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>12.71</index><secondIndex>12.12</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex>N/A</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>2.36</fund><index>3.60</index><secondIndex>3.81</secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Quarter End as of 03/31/2014

Fund Inception Date: 04/03/2013

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>0.08</fund><index>0.29</index><secondIndex>0.34</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>QTD</field><fund>0.56</fund><index>0.92</index><secondIndex>1.01</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>YTD</field><fund>0.56</fund><index>0.92</index><secondIndex>1.01</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>1 YR</field><fund></fund><index>3.59</index><secondIndex>3.87</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>3 YR</field><fund></fund><index>4.52</index><secondIndex>4.80</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>5 YR</field><fund></fund><index>12.71</index><secondIndex>12.12</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>10 YR</field><fund></fund><index>N/A</index><secondIndex>N/A</secondIndex><tertiaryIndex></tertiaryIndex></funds><funds><field>Inception</field><fund>2.36</fund><index>3.60</index><secondIndex>3.81</secondIndex><tertiaryIndex></tertiaryIndex></funds></performance>

Fund Top Holdings
Subject to change.

As of 04/17/2014
NameWeightPar Value
Dell Inc. 04/29/20202.02%12,060,682
Caesars Entertainment Resort Properties, LLC 10/11/20201.46%8,652,733
Las Vegas Sands LLC 12/19/20201.40%8,336,664
MultiPlan, Inc. (MPH Acq) 03/19/20211.36%8,120,301
Minerals Technologies Inc. 04/14/20211.24%7,386,364
Quintiles Transnational Corp. 06/08/20181.18%7,000,000
BMC Software Inc. 09/10/20201.16%6,904,375
Ineos Finance plc 05/04/20181.16%6,945,465
US Foods, Inc. (aka U.S. Foodservice, Inc.) 03/31/20191.13%6,663,172
Alpha Topco Limited (Formula One & Delta) 04/30/20191.11%6,534,595
Download All Holdings XLS

Fund Industry Allocation

As of 04/16/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/16/2014</asOfDate><attributes><attribute><rawValue>11.01261</rawValue><value>11.01%</value><label>Healthcare &amp; Pharmaceuticals</label><order>1</order></attribute><attribute><rawValue>10.655682</rawValue><value>10.66%</value><label>Services: Business</label><order>2</order></attribute><attribute><rawValue>8.989806</rawValue><value>8.99%</value><label>Retail</label><order>3</order></attribute><attribute><rawValue>8.227578</rawValue><value>8.23%</value><label>Telecommunications</label><order>4</order></attribute><attribute><rawValue>6.376613</rawValue><value>6.38%</value><label>Hotel, Gaming &amp; Leisure</label><order>5</order></attribute><attribute><rawValue>5.432936</rawValue><value>5.43%</value><label>Media: Broadcasting &amp; Subscription</label><order>6</order></attribute><attribute><rawValue>5.356111</rawValue><value>5.36%</value><label>High Tech Industries</label><order>7</order></attribute><attribute><rawValue>4.952677</rawValue><value>4.95%</value><label>Services: Consumer</label><order>8</order></attribute><attribute><rawValue>3.209678</rawValue><value>3.21%</value><label>Beverage, Food &amp; Tobacco</label><order>9</order></attribute><attribute><rawValue>3.065042</rawValue><value>3.07%</value><label>Construction &amp; Building</label><order>10</order></attribute><attribute><rawValue>3.027065</rawValue><value>3.03%</value><label>Chemicals, Plastics, &amp; Rubber</label><order>11</order></attribute><attribute><rawValue>2.865057</rawValue><value>2.87%</value><label>Energy: Electricity</label><order>12</order></attribute><attribute><rawValue>2.830734</rawValue><value>2.83%</value><label>Automotive</label><order>13</order></attribute><attribute><rawValue>2.633027</rawValue><value>2.63%</value><label>Utilities: Electric</label><order>14</order></attribute><attribute><rawValue>2.567011</rawValue><value>2.57%</value><label>Transportation: Consumer</label><order>15</order></attribute><attribute><rawValue>2.318335</rawValue><value>2.32%</value><label>Containers, Packaging &amp; Glass</label><order>16</order></attribute><attribute><rawValue>2.084789</rawValue><value>2.08%</value><label>Metals &amp; Mining</label><order>17</order></attribute><attribute><rawValue>1.884707</rawValue><value>1.88%</value><label>Consumer goods: Durable</label><order>18</order></attribute><attribute><rawValue>1.784813</rawValue><value>1.78%</value><label>Banking, Finance, Insurance &amp; Real Estate</label><order>19</order></attribute><attribute><rawValue>1.571129</rawValue><value>1.57%</value><label>Aerospace &amp; Defense</label><order>20</order></attribute><attribute><rawValue>1.528912</rawValue><value>1.53%</value><label>Consumer goods: Non-durable</label><order>21</order></attribute><attribute><rawValue>1.215238</rawValue><value>1.22%</value><label>Environmental Industries</label><order>22</order></attribute><attribute><rawValue>0.998139</rawValue><value>1.00%</value><label>Diversified Conglomerate / Service</label><order>23</order></attribute><attribute><rawValue>0.967933</rawValue><value>0.97%</value><label>Energy: Oil &amp; Gas</label><order>24</order></attribute><attribute><rawValue>0.92276</rawValue><value>0.92%</value><label>Diversified Conglomerate / Manufacturing</label><order>25</order></attribute><attribute><rawValue>0.701568</rawValue><value>0.70%</value><label>Food and Miscellaneous Services</label><order>26</order></attribute><attribute><rawValue>0.512165</rawValue><value>0.51%</value><label>Leisure &amp; Entertainment: Movie Theatres</label><order>27</order></attribute><attribute><rawValue>0.503145</rawValue><value>0.50%</value><label>Capital Equipment</label><order>28</order></attribute><attribute><rawValue>0.35499</rawValue><value>0.35%</value><label>Forest Products &amp; Paper</label><order>29</order></attribute><attribute><rawValue>0.351625</rawValue><value>0.35%</value><label>Media: Diversified &amp; Production</label><order>30</order></attribute><attribute><rawValue>0.34153</rawValue><value>0.34%</value><label>Leisure &amp; Entertainment: Amusement Parks</label><order>31</order></attribute><attribute><rawValue>0.270686</rawValue><value>0.27%</value><label>Media: Advertising, Printing &amp; Publishing</label><order>32</order></attribute><attribute><rawValue>0.253491</rawValue><value>0.25%</value><label>Wholesale</label><order>33</order></attribute><attribute><rawValue>0.232417</rawValue><value>0.23%</value><label>Transportation: Cargo</label><order>34</order></attribute></attributes><code>FUND_SECTOR_ALLOCATION</code><overrideLabel>Fund Industry Allocation</overrideLabel></component>

Asset Class Breakdown

As of 04/16/2014
<?xml version="1.0" encoding="UTF-8" standalone="yes"?><component><asOfDate>04/16/2014</asOfDate><attributes><attribute><rawValue>94.7258</rawValue><value>94.73%</value><label>Loans</label><order>1</order></attribute><attribute><rawValue>5.27419</rawValue><value>5.27%</value><label>Bonds</label><order>2</order></attribute></attributes><code>ASSET_CLASS_BREAKDOWN</code></component>

Fund Quality Breakdown

Quality Breakdown

Barclays uses the “middle rating” of Moody’s, S&P, and Fitch to determine a security’s index classification. If only two of the agencies rate a security, then the most conservative (lowest) rating will be used. If only one rating agency rates a security, that one rating will be used. Where there are no security level ratings, an issuer rating may be used to determine index classification.  Barclays Index breakdowns are grouped into larger categories.  For example, AAA+ and AAA are listed as Aaa; AA1, AA2, and AA3 are listed as Aa, etc.

As of 04/16/2014
BBB-4.92%
BB+7.11%
BB11.01%
BB-19.14%
B+25.12%
B28.07%
B-3.56%
CCC+1.07%

Fund Maturity Ladder

As of 04/16/2014
0.00-2.00 Years1.07%
2.01-5.00 Years26.67%
5.01-7.00 Years71.49%
7.01-10.00 Years0.77%
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.

© 2014 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).

© 2014 State Street Corporation. All Rights Reserved.

© 2014 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 04/16/2014
Ticker NAV Close Bid/Ask Mid Pt Premium/ Discount
SPDR® Blackstone / GSO Senior Loan ETF SRLN $49.82 $49.90 $49.88 0.12%
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.