SNLN
Highland iBoxx Senior Loan ETFSNLN Fund Description
The Highland/iBoxx Senior Loan ETF tracks an index comprised of 100 senior loans with at least one year remaining in maturity. Loans are selected by liquidity and weighted by market value.
SNLN Factset Analytics Insight
SNLN delivers exposure to approximately 100 most liquid senior loans—floating-rate, high-yield senior debt issued by banks to companies. SNLN’s loans pass a screen for $500M in par amount outstanding and a spread over LIBOR of over 125 bps. The index imposes very robust liquidity selection criteria to identify the top 100 most liquid senior loans. While the floating-rate feature reduces sensitivity to interest rates, SNLN carries significant credit risk in that the portfolio is below investment grade and can include loans from insolvent issuers. Also, a spike in interest rates will make it harder for issuers to service their debt, a consideration that applies across the board in this space. The fund charges a low expense ratio in context. The robust liquidity selection criteria in SNLN’s underlying index should help with SNLN’s underlying liquidity. However, underlying liquidity—for all bank loan funds—remains a concern for larger investors and during market sell-offs. Institutions should reach out to market makers to assist with block trades and expect to be charged a premium for the service.
SNLN CHARTS AND PERFORMANCE
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SNLN Top 10 Countries
SNLN Top 10 Sectors
SNLN Top 10 Holdings [View All]
SNLN Summary Data
SNLN Portfolio Data
SNLN Portfolio Management
SNLN Tax Exposures
SNLN Fund Structure
SNLN Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of SNLN. SNLN is rated a 3 out of 5.
SNLN Tradability
SNLN Sector/Industry Breakdown
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SNLN Top 10 Holdings[View All]
SNLN Top 5 Countries
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SNLN Top 5 Currencies
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SNLN Economic Development
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SNLN Performance Statistics
SNLN HOLDINGS STATISTICS
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SNLN MATURITY DISTRIBUTION
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SNLN CREDIT BREAKDOWN
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