SPDR
®
Blackstone
Senior Loan ETF
SRLN
Fact Sheet
Fixed Income
As of 06/30/2024
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 & Insurance
• 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
Inception Date //
CUSIP V
1
Not FDIC Insured. No Bank Guarantee. May Lose Value.
Total Return (As of 06/30/2024)
NAV
(%)
Market Value
(%)
Cumulative
QTD
YTD
Annualized
Year
Year
Year
Year
Index Primary (%)
1
Secondary (%)
2
QTD
YTD
Year
Year
Year
Year
Gross Expense Ratio (%)
30 Day SEC Yield (%)
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. All results are historical and assume the reinvestment
of dividends and capital gains. Visit ssga.com for most recent month-end
performance. Performance is shown net of fees. Performance of an index
is not illustrative of any particular investment. It is not possible to invest
directly in an index. 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.
1 Primary Benchmark is Markit iBoxx USD Liquid Leveraged Loan Index.
Inception date is 06/30/2006.
2 Secondary Benchmark is Morningstar LSTA U.S. Leveraged Loan 100 Index.
Inception date is 10/20/2008.
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.
Characteristics
Average Maturity in Years
Current month LIBOR
Number of Holdings
Percent of Loans in the Portfolio with LIBOR
Floors
Weighted Average All in Rate
Weighted Average Days to Reset
Weighted Average LIBOR Floor
Average Price
Asset Class Breakdown Weight (%)
Loans
Bonds
Cash -
Quality Breakdown Weight (%)
BBB-
BB
BB
BB-
B
B
B-
CCC
CCC
NR
Totals may not equal 100 due to rounding.
2
Top 10 Holdings Coupon Maturity Date Weight (%)
CLOUD SOFTWARE GROUP INC AKA BALBOA/CITRIX //
LBM ACQUISITION LLC AKA US LBM //
NEPTUNE BIDCO US INC AKA NIELSEN/NIELSEN HOLDINGS //
MCAFEE CORP //
SEDGWICK CLAIMS MANAGEMENT SERVICES, INC. //
ATHENAHEALTH GROUP INC. //
ALLIED UNIVERSAL HOLDCO LLC AKA USAGM //
PERATON CORP //
SOLERA, LLC //
REALPAGE INC //
Totals may not equal 100 due to rounding.
3
ssga.com
Information Classification: General
State Street Global Advisors
One Iron Street, Boston MA 02210
T: +1 866 787 2257
Glossary
NAV The market value of a mutual fund’s or
ETFs total assets, minus liabilities, divided by
the number of shares outstanding.
Market Value Determined by the midpoint
between the bid/offer prices as of the closing
time of the New York Stock Exchange (typically
4:00PM EST) on business days.
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.
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.
Average Maturity in Years 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.
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.
Percent of Loans in the Portfolio with
LIBOR Floors The percentage of loans in the
overall portfolio that contain a LIBOR Floor.
A loan is issued with a LIBOR Floor to ensure
the base rate does not fall below a set rate in a
low or falling interest rate environment. This
provides investors with protection against
falling rates.
Weighted Average All in Rate The
weighted average interest rate earned on
each asset in the portfolio, expressed as a
percentage.
Weighted Average Days to Reset 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.
Weighted Average LIBOR Floor The
weighted average of the LIBOR base rate of
each loan in the portfolio with a set floor.
Average Price The weighted average of each
asset’s market price relative to its face value
or par value.
Quality Breakdown Bloomberg 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.
Bloomberg 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.
Important Risk Information
Weights are as of the date indicated, are
subject to change, and should not be relied
upon as current thereafter.
Investing involves risk including the risk of loss
of principal.
The information provided does not constitute
investment advice and it should not be relied
on as such. It should not be considered a
solicitation to buy or an offer to sell a security.
It does not take into account any investor's
particular investment objectives, strategies,
tax status or investment horizon. You should
consult your tax and financial advisor.
The whole or any part of this work may not be
reproduced, copied or transmitted or any of
its contents disclosed to third parties without
SSGA’s express written consent.
This communication is not intended to be an
investment recommendation or investment
advice and should not be relied upon as such.
The Fund's investments are subject to
changes in general economic conditions,
general market fluctuations and the risks
inherent in investment in securities markets.
Investment markets can be volatile and prices
of investments can change substantially due
to various factors including, but not limited
to, economic growth or recession, changes
in interest rates, changes in the actual or
perceived creditworthiness of issuers, and
general market liquidity. The Fund is subject
to the risk that geopolitical events will disrupt
securities markets and adversely affect global
economies and markets. Local, regional or
global events such as war, acts of terrorism,
the spread of infectious illness or other
public health issues, or other events could
have a significant impact on the Fund and its
investments.
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.
Bonds generally present less short-term risk
and volatility than stocks, but contain interest
rate risk (as interest rates rise, bond prices
usually fall); issuer default risk; issuer credit
risk; liquidity risk; and inflation risk. These
effects are usually pronounced for longer-term
securities. Any fixed income security sold or
redeemed prior to maturity may be subject to
a substantial gain or loss.
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.
ETFs trade like stocks, are subject to
investment risk, fluctuate in market value and
may trade at prices above or below the ETFs
net asset value. Brokerage commissions and
ETF expenses will reduce returns.
Intellectual Property Information: The
S&P 500
®
Index is a product of S&P Dow Jones
Indices LLC or its affiliates (“S&P DJI”) and
have been licensed for use by State Street
Global Advisors. S&P
®
, SPDR
®
, S&P 500
®
,US
500 and the 500 are trademarks of Standard
& Poor’s Financial Services LLC (“S&P”); Dow
Jones
®
is a registered trademark of Dow Jones
Trademark Holdings LLC (“Dow Jones”) and
has been licensed for use by S&P Dow Jones
Indices; and these trademarks have been
licensed for use by S&P DJI and sublicensed
for certain purposes by State Street Global
Advisors. The fund is not sponsored, endorsed,
sold or promoted by S&P DJI, Dow Jones, S&P,
their respective affiliates, and none of such
parties make any representation regarding
the advisability of investing in such product(s)
nor do they have any liability for any errors,
omissions, or interruptions of these indices.
Distributor State Street Global Advisors
Funds Distributors, LLC, member FINRA,
SIPC, an indirect 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. State Street Global Advisors Funds
Distributors, LLC is the distributor for certain
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.
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 or
visit ssga.com. Read it carefully.
©
2024 State Street Corporation.
All Rights Reserved.
Tracking Number: 5998057.2.3.AM.RTL
Expiration Date: 10/31/2024
ETF-SRLN 20240715/10:53
