Continue to site >
Trending ETFs

Highland/iBoxx Senior Loan ETF

ETF
SNLN
Payout Change
Pending
Price as of:
$14.53 +0.06 +0.41%
primary theme
Bank Loan
SNLN (ETF)

Highland/iBoxx Senior Loan ETF

Payout Change
Pending
Price as of:
$14.53 +0.06 +0.41%
primary theme
Bank Loan
SNLN (ETF)

Highland/iBoxx Senior Loan ETF

Payout Change
Pending
Price as of:
$14.53 +0.06 +0.41%
primary theme
Bank Loan

Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$14.53

$42.3 M

7.95%

$1.16

0.66%

Vitals

YTD Return

3.5%

1 yr return

6.6%

3 Yr Avg Return

3.9%

5 Yr Avg Return

2.6%

Net Assets

$42.3 M

Holdings in Top 10

33.0%

52 WEEK LOW AND HIGH

$14.5
$14.42
$15.22

Expenses

OPERATING FEES

Expense Ratio 0.66%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 215.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

Price

Aum/Mkt Cap

YIELD

Exp Ratio

Watchlist

$14.53

$42.3 M

7.95%

$1.16

0.66%

SNLN - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return 3.9%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.68%
DIVIDENDS
  • Dividend Yield 8.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Highland/iBoxx Senior Loan ETF
  • Fund Family Name
    Highland Funds
  • Inception Date
    Nov 06, 2012
  • Shares Outstanding
    2800231
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Matt Pearson

Fund Description

The Fund will, under normal circumstances, invest at least 80% of its assets (the “80% basket”) in component securities of the Underlying Index (“Component Securities”). The Fund may invest the remaining 20% of its assets (the “20% basket”) in securities not included in the Underlying Index, but which the Adviser believes will help the Fund track the Underlying Index. For example, the Fund may invest in securities that are not components of the Underlying Index to reflect various corporate actions (such as mergers) and other changes in the Underlying Index (such as reconstitutions, additions and deletions). The Fund may invest in securities of any type and of companies of any market capitalization, market sector or industry. The Fund may use the 20% basket to invest in securities issued by other investment companies, including other exchange-traded funds. The Fund also may invest in warrants and may also use derivatives, primarily swaps (including equity, variance and volatility swaps), and options and futures contracts on securities, interest rates, non‑physical commodities and/or currencies, with the 20% basket to track the Underlying Index and as substitutes for direct investments the Fund can make. The Fund may also use derivatives such as swaps, options (including options on futures), futures, and foreign currency transactions (e.g., foreign currency swaps, futures and forwards) to hedge various investments for risk management and speculative purposes. In addition, the Fund’s 20% basket may be invested in cash and cash equivalents, including shares of money market funds advised by the Adviser or its affiliates. 
Unlike many investment companies, the Fund does not try to “beat” the index it tracks. The Fund uses a passive management strategy designed to track the total return performance of the Underlying Index as a proxy for the senior secured loan universe. The Underlying Index is a subset of the Markit iBoxx USD Leveraged Loan Index. “Leveraged Loans” are loans to companies that typically already have a high amount of debt and are often characterized by lower credit ratings or higher interest rates. The Underlying Index is a rules-based index consisting of some of the largest, most liquid Leveraged Loans, as measured by the number of active market participants trading the security and the dollar face amount of outstanding senior loans issued. Currently, loans eligible for inclusion in the Underlying Index are measured by type, size, liquidity, spread, credit rating and minimum time to maturity. 
The Underlying Index is sponsored by Markit Indices Limited (the “Index Provider”), an organization that is independent of the Fund and the Adviser. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. 
The Adviser uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity or credit ratings and yield) and liquidity measures similar to those of the Underlying Index. The Fund may, but is not required to, hold all of the securities in the Underlying Index. “Tracking error” is the difference between the performance (return) of the Fund’s portfolio and that of the Underlying Index. The Adviser expects that, over time, the Fund’s tracking error will not exceed 5%. Funds that employ a representative sampling strategy may incur tracking error risk to a greater extent than funds that seek to replicate an index. 
The Component Securities primarily consist of senior loans (“Senior Loans”) to domestic or foreign corporations, partnerships and other entities that operate in a variety of industries and geographic regions, which may include emerging markets (“Borrowers”). The Fund will, under normal circumstances, invest at least 80% of its assets (i.e., net assets plus borrowings for investment purposes) in Senior Loans. Senior Loans, at the time of the Fund’s purchase, have the most senior position in a Borrower’s capital structure or share the senior position with other senior debt securities of the Borrower. Senior Loans generally are arranged through private negotiations between a Borrower and several financial institutions (the “Lenders”) represented in each case by one or more such Lenders acting as agent (the “Agent”) of the several Lenders. On behalf of the Lenders, the Agent is primarily responsible for negotiating the loan agreement (“Loan Agreement”) that establishes the relative terms and conditions of the Senior Loan and rights of the Borrower and the Lenders. The Component Securities in which the Fund will invest are expected to be below investment grade securities (also known as “high yield securities” or “junk securities”). Such securities are rated below investment grade by a nationally recognized statistical rating organization (“NRSRO”) or are unrated but deemed by the Adviser to be of comparable quality. The Underlying Index may include, and the Fund may acquire and retain in its portfolio, below investment grade or unrated securities, including loans of Borrowers that are insolvent or in default, provided that all criteria of the Underlying Index, including liquidity requirements, are met. 
The Fund may invest in participations (“Participations”) in Senior Loans and may purchase assignments (“Assignments”) of portions of Senior Loans from third parties. Senior Loans often are secured by specific assets of the Borrower, although the Fund may invest without limitation in Senior Loans that are not secured by any collateral. 
The Fund is a non‑diversified fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), but intends to adhere to the diversification requirements applicable to regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund may invest 25% or more of the value of its assets in an industry or group of industries to the extent that the Underlying Index concentrates in an industry or group of industries. The Fund is not intended to be a complete investment program. Except for investment restrictions designated as fundamental in this Prospectus or in the Fund’s Statement of Additional Information (“SAI”), the investment policies described in this Prospectus or the Fund’s SAI are not fundamental and may be changed without shareholder approval. 
The Adviser expects that the Fund’s active or frequent trading of portfolio securities will result in a portfolio turnover rate in excess of 100% on an annual basis. As a result, the Fund may be more likely to realize capital gains, including short-term capital gains taxable as ordinary income, that must be distributed to shareholders as taxable income. High turnover may also cause the Fund to pay more brokerage commissions and to incur other transaction costs, which may detract from performance. The Fund’s portfolio turnover rate and the amount of brokerage commissions and transaction costs it incurs will vary over time based on market conditions. 
Read More

SNLN - Performance

Return Ranking - Trailing

Period SNLN Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -6.9% 6.5% 4.70%
1 Yr 6.6% -14.7% 23.8% 1.36%
3 Yr 3.9%* -8.2% 56.8% 4.30%
5 Yr 2.6%* -8.1% 29.5% 5.04%
10 Yr 4.7%* -5.2% 13.8% 4.71%

* Annualized

Return Ranking - Calendar

Period SNLN Return Category Return Low Category Return High Rank in Category (%)
2022 0.9% -22.9% 5.5% 3.41%
2021 2.5% -6.3% 5.5% 2.08%
2020 -0.9% -7.9% 57.4% 54.21%
2019 1.8% -2.1% 5.5% 2.61%
2018 0.6% -4.2% 12.9% 1.58%

Total Return Ranking - Trailing

Period SNLN Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -6.9% 6.5% 4.70%
1 Yr 6.6% -14.7% 24.7% 4.28%
3 Yr 3.9%* -8.2% 56.8% 7.29%
5 Yr 2.6%* -8.1% 29.5% 8.24%
10 Yr 4.7%* -5.2% 13.8% 4.71%

* Annualized

Total Return Ranking - Calendar

Period SNLN Return Category Return Low Category Return High Rank in Category (%)
2022 0.9% -22.9% 5.5% 3.41%
2021 2.5% -6.3% 5.5% 2.08%
2020 -0.9% -7.9% 57.4% 54.21%
2019 1.8% -2.1% 5.5% 2.61%
2018 0.6% -4.2% 12.9% 2.37%

SNLN - Holdings

Concentration Analysis

SNLN Category Low Category High SNLN % Rank
Net Assets 42.3 M 25 M 13.1 B 98.55%
Number of Holdings 103 12 1447 90.82%
Net Assets in Top 10 17.5 M -191 M 2.54 B 88.52%
Weighting of Top 10 32.99% 4.6% 91.9% 9.63%

Top 10 Holdings

  1. Dreyfus Treasury Obligations Csh Mgt Ins 19.94%
  2. Radiate Holdco Llc 2.90%
  3. Radiate Holdco Llc 2.90%
  4. Radiate Holdco Llc 2.90%
  5. Radiate Holdco Llc 2.90%
  6. Radiate Holdco Llc 2.90%
  7. Radiate Holdco Llc 2.90%
  8. Radiate Holdco Llc 2.90%
  9. Radiate Holdco Llc 2.90%
  10. Radiate Holdco Llc 2.90%

Asset Allocation

Weighting Return Low Return High SNLN % Rank
Bonds
71.71% 28.71% 161.82% 97.70%
Cash
28.28% -61.90% 58.61% 1.97%
Stocks
0.00% 0.00% 51.23% 83.61%
Preferred Stocks
0.00% -3.99% 1.54% 44.26%
Other
0.00% -54.21% 26.58% 59.02%
Convertible Bonds
0.00% 0.00% 5.51% 55.74%

Bond Sector Breakdown

Weighting Return Low Return High SNLN % Rank
Corporate
71.72% 0.00% 99.80% 96.38%
Cash & Equivalents
28.28% 0.00% 58.41% 1.64%
Derivative
0.00% 0.00% 7.03% 39.80%
Securitized
0.00% 0.00% 96.93% 55.59%
Municipal
0.00% 0.00% 0.47% 25.33%
Government
0.00% 0.00% 5.93% 40.79%

Bond Geographic Breakdown

Weighting Return Low Return High SNLN % Rank
US
67.56% 14.05% 128.54% 71.15%
Non US
4.15% 0.00% 84.20% 90.16%

SNLN - Expenses

Operational Fees

SNLN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.66% 0.03% 7.31% 89.52%
Management Fee 0.45% 0.00% 1.89% 4.92%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.02% 0.27% N/A

Sales Fees

SNLN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 5.75% N/A
Deferred Load N/A 1.00% 3.00% N/A

Trading Fees

SNLN 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.

SNLN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 215.00% 3.00% 215.00% 100.00%

SNLN - Distributions

Dividend Yield Analysis

SNLN Category Low Category High SNLN % Rank
Dividend Yield 7.95% 0.00% 9.41% 2.52%

Dividend Distribution Analysis

SNLN Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SNLN Category Low Category High SNLN % Rank
Net Income Ratio 2.68% 1.56% 10.22% 87.67%

Capital Gain Distribution Analysis

SNLN Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

View More +

SNLN - Fund Manager Analysis

Managers

Matt Pearson


Start Date

Tenure

Tenure Rank

Jan 06, 2021

1.4

1.4%

Mr. Pearson is a Portfolio Manager and Equity Trader at Highland Capital Management Fund Advisors, L.P. Previously, he was an Assistant Trader and Senior Operations Analyst with Highland Capital Management, L.P. Prior to joining Highland in June 2012, he was a Junior Associate for Chapwood Investments. Mr. Pearson received a BS in Economics with Financial Applications from Southern Methodist University. Mr. Pearson is a holder of the right to use the Chartered Financial Analyst designation.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 23.43 6.03 3.25