Franklin Senior Loan ETF
Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.4%
1 yr return
9.7%
3 Yr Avg Return
6.5%
5 Yr Avg Return
5.3%
Net Assets
$443 M
Holdings in Top 10
28.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.45%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 35.67%
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Exchange Traded Fund
Name
As of 11/19/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
FLBL - Profile
Distributions
- YTD Total Return 7.4%
- 3 Yr Annualized Total Return 6.5%
- 5 Yr Annualized Total Return 5.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 3.72%
- Dividend Yield 8.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameFranklin Senior Loan ETF
-
Fund Family NameFranklin Templeton Group of Funds
-
Inception DateJun 01, 2018
-
Shares Outstanding10100000
-
Share ClassN/A
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJustin Ma
Fund Description
Under normal market conditions, the Fund invests at least 80% of its net assets in senior loans and investments that provide exposure to senior loans. Senior loans include loans referred to as leveraged loans, bank loans and/or floating rate loans. The Fund invests predominantly in income-producing senior floating interest rate corporate loans made to or issued by U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities. Floating interest rates vary with and are periodically adjusted to a generally recognized base interest rate such as the Secured Overnight Financing Rate (SOFR) or the Prime Rate. The Fund may invest in companies whose financial condition is troubled or uncertain and that may be involved in bankruptcy proceedings, reorganizations or financial restructurings.
Senior loans generally have credit ratings below investment grade and may be subject to restrictions on resale. Under normal market conditions, the Fund invests at least 75% of its net assets in senior loans that are rated B- or higher at the time of purchase by a nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined to be of comparable quality by the Fund’s investment manager. Under normal market conditions, the Fund may invest up to 25% of its net assets in senior loans that are rated below B- by an NRSRO or, if unrated, are determined to be of comparable quality by the investment manager.
The Fund’s senior loans typically hold the most senior position in the capitalization structure of a company and are generally secured by specific collateral. Such senior position means that, in case the company becomes insolvent, the lenders or security holders in a senior position like the Fund’s position will typically be paid before other unsecured or subordinated creditors of the company from the assets of the company.
The Fund typically invests in a corporate loan if the investment manager judges that the borrower can meet the scheduled payments on the obligation and the risk adjusted return meets the portfolio criteria. The investment manager performs its own independent credit analysis of each borrower/issuer and of the collateral structure securing the Fund’s investment.
The Fund may invest in “covenant lite” loans. Certain financial institutions may define “covenant lite” loans differently. Covenant lite loans may have tranches that contain fewer or no restrictive covenants. The tranche of the covenant lite loan that has fewer restrictions typically does not include the legal clauses which allow an investor to proactively enforce financial tests or prevent or restrict undesired actions taken by the company or sponsor. Covenant lite loans also generally give
the borrower/issuer more flexibility if they have met certain loan terms and provide fewer investor protections if certain criteria are breached. The Fund may experience relatively greater realized or unrealized losses or delays in enforcing its rights on its holdings of certain covenant lite loans than its holdings of loans with the usual covenants.
The Fund currently limits its investments in debt obligations of non-U.S. entities to no more than 25% of its total assets. The Fund currently invests predominantly in debt obligations that are U.S. dollar-denominated or otherwise provide for payment in U.S. dollars.
The Fund currently does not intend to invest more than 25% of its net assets in the obligations of borrowers in any single industry, except that, under normal market conditions, the Fund invests more than 25% of its net assets in debt obligations of companies operating in the industry group consisting of financial institutions and their holding companies, including commercial banks, thrift institutions, insurance companies and finance companies. These firms, or “agent banks,” may serve as administrators of corporate loans issued by other companies. For purposes of this restriction, the Fund currently considers such companies to include the borrower, the agent bank and any intermediate participant. The Fund may invest up to 100% of its net assets in loans where firms in such industry group are borrowers, agent banks or intermediate participants.
The Fund may invest in structured fixed income securities, including collateralized loan obligations (CLOs). The Fund considers the CLOs that it holds "loans" for purposes of its 80% policy. The Fund may also invest a portion of its assets in cash or cash equivalents.
To pursue its investment goals, the Fund may enter into certain derivative transactions, principally high yield credit default index swaps. The Fund may use credit default index swaps to obtain net long or net short exposures to selected credit risks or durations, for the purposes of enhancing Fund returns, increasing liquidity and/or gaining exposure to particular instruments in more efficient or less expensive ways, and to hedge risks related to changes in credit risks and other market factors. Derivatives that provide exposure to senior loans may be used to satisfy the Fund’s 80% policy.
In addition to the Fund's main investments, the Fund may invest up to 20% of its net assets in certain other types of debt obligations and equity or debt securities, including, but not limited to, other secured, second lien, subordinated or unsecured corporate loans and corporate debt securities, fixed rate obligations of U.S. companies, non-U.S. entities and U.S. subsidiaries of non-U.S. entities and equity securities (including convertible securities, warrants and rights) to the extent that they are acquired in connection with or incidental to the Fund's other investment activities.
The investment manager may consider selling a security when it believes the security has become fully valued due to either its price appreciation or changes in the issuer’s fundamentals, or when the investment manager believes another security is a more attractive investment opportunity.
FLBL - Performance
Return Ranking - Trailing
Period | FLBL Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.4% | -4.1% | 10.2% | 59.40% |
1 Yr | 9.7% | -3.7% | 14.6% | 37.97% |
3 Yr | 6.5%* | -6.9% | 8.3% | 8.53% |
5 Yr | 5.3%* | -6.2% | 38.4% | 21.10% |
10 Yr | N/A* | -2.2% | 19.7% | 6.21% |
* Annualized
Return Ranking - Calendar
Period | FLBL Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 5.5% | -12.0% | 11.1% | 4.51% |
2022 | -7.8% | -22.9% | 5.1% | 55.21% |
2021 | 0.7% | -12.2% | 11.1% | 71.54% |
2020 | -1.2% | -14.1% | 289.8% | 14.81% |
2019 | 3.5% | -8.1% | 7.5% | 27.54% |
Total Return Ranking - Trailing
Period | FLBL Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.4% | -4.1% | 10.2% | 59.40% |
1 Yr | 9.7% | -3.7% | 14.6% | 37.97% |
3 Yr | 6.5%* | -6.9% | 8.3% | 8.53% |
5 Yr | 5.3%* | -6.2% | 38.4% | 21.10% |
10 Yr | N/A* | -2.2% | 19.7% | N/A |
* Annualized
Total Return Ranking - Calendar
Period | FLBL Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 14.8% | -12.0% | 22.1% | 10.15% |
2022 | -2.7% | -22.9% | 5.1% | 60.62% |
2021 | 4.3% | -10.2% | 11.1% | 65.22% |
2020 | 2.2% | -14.1% | 306.9% | 37.45% |
2019 | 7.7% | -3.6% | 10.5% | 47.03% |
FLBL - Holdings
Concentration Analysis
FLBL | Category Low | Category High | FLBL % Rank | |
---|---|---|---|---|
Net Assets | 443 M | 29.9 M | 13.5 B | 58.85% |
Number of Holdings | 276 | 2 | 1977 | 72.87% |
Net Assets in Top 10 | 141 M | -191 M | 2.37 B | 42.25% |
Weighting of Top 10 | 28.77% | 5.2% | 100.7% | 12.06% |
Top 10 Holdings
- Federal Home Loan Bank Discount Notes 19.32%
- Cotiviti Corporation 2024 Term Loan 1.23%
- Athenahealth Group Inc 2022 Term Loan B 1.19%
- Allied Universal Holdco LLC 2021 USD Incremental Term Loan B 1.11%
- McAfee LLC 2024 USD Term Loan B 1.11%
- PMHC II Inc 2022 Term Loan B 1.03%
- First Brands Group LLC 2021 Term Loan 1.03%
- Triton Water Holdings Inc Term Loan 0.98%
- MH Sub I LLC 2023 Term Loan 0.89%
- Charter NEX US Inc 2024 Term Loan B 0.88%
Asset Allocation
Weighting | Return Low | Return High | FLBL % Rank | |
---|---|---|---|---|
Bonds | 110.86% | 0.00% | 161.82% | 4.26% |
Convertible Bonds | 0.16% | 0.00% | 5.51% | 21.48% |
Stocks | 0.08% | 0.00% | 100.74% | 84.88% |
Preferred Stocks | 0.00% | -3.99% | 7.30% | 44.57% |
Other | 0.00% | -52.39% | 34.87% | 63.18% |
Cash | 0.00% | -61.90% | 16.36% | 85.66% |
Stock Sector Breakdown
Weighting | Return Low | Return High | FLBL % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 100.00% | 55.56% |
Technology | 0.00% | 0.00% | 100.00% | 57.89% |
Real Estate | 0.00% | 0.00% | 48.61% | 38.01% |
Industrials | 0.00% | 0.00% | 100.00% | 32.16% |
Healthcare | 0.00% | 0.00% | 100.00% | 40.94% |
Financial Services | 0.00% | 0.00% | 89.61% | 3.51% |
Energy | 0.00% | 0.00% | 100.00% | 72.51% |
Communication Services | 0.00% | 0.00% | 100.00% | 74.27% |
Consumer Defense | 0.00% | 0.00% | 100.00% | 54.39% |
Consumer Cyclical | 0.00% | 0.00% | 97.66% | 63.16% |
Basic Materials | 0.00% | 0.00% | 1.36% | 0.58% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | FLBL % Rank | |
---|---|---|---|---|
US | 0.08% | -0.01% | 100.74% | 82.95% |
Non US | 0.00% | 0.00% | 0.68% | 31.40% |
Bond Sector Breakdown
Weighting | Return Low | Return High | FLBL % Rank | |
---|---|---|---|---|
Corporate | 82.67% | 0.00% | 99.80% | 87.50% |
Securitized | 1.53% | 0.00% | 91.68% | 26.95% |
Derivative | 0.00% | -10.96% | 0.59% | 53.88% |
Cash & Equivalents | 0.00% | 0.00% | 25.03% | 85.27% |
Municipal | 0.00% | 0.00% | 0.47% | 17.19% |
Government | 0.00% | 0.00% | 3.18% | 37.11% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | FLBL % Rank | |
---|---|---|---|---|
US | 110.86% | 0.00% | 123.41% | 3.88% |
Non US | 0.00% | 0.00% | 63.23% | 50.00% |
FLBL - Expenses
Operational Fees
FLBL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.45% | 0.03% | 5.51% | 99.62% |
Management Fee | 0.45% | 0.00% | 1.89% | 4.53% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.02% | 0.27% | N/A |
Sales Fees
FLBL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.00% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
FLBL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
FLBL Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 35.67% | 4.00% | 180.00% | 20.58% |
FLBL - Distributions
Dividend Yield Analysis
FLBL | Category Low | Category High | FLBL % Rank | |
---|---|---|---|---|
Dividend Yield | 8.47% | 0.00% | 11.13% | 47.74% |
Dividend Distribution Analysis
FLBL | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
FLBL | Category Low | Category High | FLBL % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.72% | 1.77% | 9.82% | 41.73% |
Capital Gain Distribution Analysis
FLBL | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Nov 01, 2024 | $0.172 | OrdinaryDividend |
Oct 01, 2024 | $0.159 | OrdinaryDividend |
Sep 03, 2024 | $0.163 | OrdinaryDividend |
Aug 01, 2024 | $0.166 | OrdinaryDividend |
Jul 01, 2024 | $0.148 | OrdinaryDividend |
Jun 03, 2024 | $0.154 | OrdinaryDividend |
May 01, 2024 | $0.197 | OrdinaryDividend |
Apr 01, 2024 | $0.156 | OrdinaryDividend |
Mar 01, 2024 | $0.172 | OrdinaryDividend |
Feb 01, 2024 | $0.178 | OrdinaryDividend |
Dec 15, 2023 | $0.151 | OrdinaryDividend |
Dec 01, 2023 | $0.164 | OrdinaryDividend |
Nov 01, 2023 | $0.175 | OrdinaryDividend |
Oct 02, 2023 | $0.169 | OrdinaryDividend |
Sep 01, 2023 | $0.188 | OrdinaryDividend |
Aug 01, 2023 | $0.156 | OrdinaryDividend |
Jul 03, 2023 | $0.167 | OrdinaryDividend |
Jun 01, 2023 | $0.194 | OrdinaryDividend |
May 01, 2023 | $0.183 | OrdinaryDividend |
Apr 03, 2023 | $0.189 | OrdinaryDividend |
Mar 01, 2023 | $0.137 | OrdinaryDividend |
Feb 01, 2023 | $0.159 | OrdinaryDividend |
Dec 16, 2022 | $0.174 | OrdinaryDividend |
Dec 01, 2022 | $0.155 | OrdinaryDividend |
Nov 01, 2022 | $0.127 | OrdinaryDividend |
Oct 03, 2022 | $0.109 | OrdinaryDividend |
Sep 01, 2022 | $0.123 | OrdinaryDividend |
Aug 01, 2022 | $0.103 | OrdinaryDividend |
Jul 01, 2022 | $0.090 | OrdinaryDividend |
Jun 01, 2022 | $0.102 | OrdinaryDividend |
May 02, 2022 | $0.067 | OrdinaryDividend |
Apr 01, 2022 | $0.091 | OrdinaryDividend |
Mar 01, 2022 | $0.063 | OrdinaryDividend |
Feb 01, 2022 | $0.069 | OrdinaryDividend |
Dec 17, 2021 | $0.068 | OrdinaryDividend |
Dec 01, 2021 | $0.074 | OrdinaryDividend |
Oct 29, 2021 | $0.072 | OrdinaryDividend |
Sep 30, 2021 | $0.081 | OrdinaryDividend |
Aug 31, 2021 | $0.083 | OrdinaryDividend |
Jul 30, 2021 | $0.080 | OrdinaryDividend |
Jun 30, 2021 | $0.081 | OrdinaryDividend |
May 28, 2021 | $0.068 | OrdinaryDividend |
Apr 30, 2021 | $0.069 | OrdinaryDividend |
Mar 31, 2021 | $0.052 | OrdinaryDividend |
Feb 26, 2021 | $0.022 | OrdinaryDividend |
Jan 29, 2021 | $0.142 | OrdinaryDividend |
Dec 30, 2020 | $0.000 | OrdinaryDividend |
Nov 30, 2020 | $0.062 | OrdinaryDividend |
Oct 30, 2020 | $0.066 | OrdinaryDividend |
Sep 30, 2020 | $0.062 | OrdinaryDividend |
Aug 31, 2020 | $0.054 | OrdinaryDividend |
Jul 31, 2020 | $0.063 | OrdinaryDividend |
Jun 30, 2020 | $0.058 | OrdinaryDividend |
May 29, 2020 | $0.061 | OrdinaryDividend |
Apr 30, 2020 | $0.068 | OrdinaryDividend |
Mar 31, 2020 | $0.076 | OrdinaryDividend |
Feb 28, 2020 | $0.072 | OrdinaryDividend |
Jan 31, 2020 | $0.156 | OrdinaryDividend |
Dec 30, 2019 | $0.007 | OrdinaryDividend |
Nov 29, 2019 | $0.071 | OrdinaryDividend |
Oct 31, 2019 | $0.093 | OrdinaryDividend |
Sep 30, 2019 | $0.078 | OrdinaryDividend |
Aug 30, 2019 | $0.081 | OrdinaryDividend |
Jul 31, 2019 | $0.100 | OrdinaryDividend |
Jun 28, 2019 | $0.084 | OrdinaryDividend |
May 31, 2019 | $0.191 | OrdinaryDividend |
Apr 30, 2019 | $0.078 | OrdinaryDividend |
Mar 29, 2019 | $0.085 | OrdinaryDividend |
Feb 28, 2019 | $0.081 | OrdinaryDividend |
Jan 31, 2019 | $0.048 | OrdinaryDividend |
Dec 28, 2018 | $0.132 | OrdinaryDividend |
Nov 30, 2018 | $0.055 | OrdinaryDividend |
Oct 31, 2018 | $0.083 | OrdinaryDividend |
Sep 28, 2018 | $0.067 | OrdinaryDividend |
Aug 31, 2018 | $0.105 | OrdinaryDividend |
Jul 31, 2018 | $0.075 | OrdinaryDividend |
Jun 29, 2018 | $0.018 | OrdinaryDividend |
FLBL - Fund Manager Analysis
Managers
Justin Ma
Start Date
Tenure
Tenure Rank
May 30, 2018
4.01
4.0%
Justin Ma is an assistant portfolio manager for Franklin Advisers' Floating Rate Debt Group. He is a portfolio manager on Franklin Floating Rate Daily Access Fund, Franklin Floating Rate PLC, and FTSIIF Franklin Floating Rate II Funds, as well as the floating rate investments of Franklin Templeton Limited Duration Income Trust Fund. Mr. Ma is also a member of the Investment Committee. Mr. Ma joined Franklin Templeton in 2006 as a member of the Futures Program and joined the Floating Rate Debt Group as a portfolio analyst in 2008. Mr. Ma holds a B.A. from Stanford University and is a Chartered Financial Analyst (CFA) Charterholder. He is also a member of the CFA Society of San Francisco (CFASF) and the CFA Institute.
Reema Agarwal
Start Date
Tenure
Tenure Rank
Jan 31, 2019
3.33
3.3%
Reema Agarwal, SVP, Director of the Floating Rate Debt Group, manages a team of research analysts and portfolio managers across the full spectrum of the bank loan market. Prior to this role Reema was the Floating Rate Debt Group Director of Research (2014–2018). Prior to joining the firm in 2004, Ms. Agarwal was with FleetBoston Financial and ABN AMRO Bank N.V. Ms. Agarwal holds an M.B.A. from the Indian Institute of Management, Bangalore. She is a Chartered Financial Analyst (CFA) charter holder and a member of the CFA Society of San Francisco (CFASF).
Margaret Chiu
Start Date
Tenure
Tenure Rank
Mar 01, 2019
3.25
3.3%
Margaret Chiu is a portfolio manager for the Franklin Advisers' Floating Rate Debt Group. Ms. Chiu provides portfolio analytics for the floating rate open-end funds and institutional separate accounts. Ms. Chiu joined Franklin Templeton in 2012 and the Floating Rate Debt Group in 2013. Ms. Chiu holds a B.S. in business administration from the University of California, Berkeley. She is a Chartered Financial Analyst (CFA) charterholder and a Certified Financial Risk Manager (FRM).
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 21.18 | 6.07 | 3.25 |