ETF Evaluator: State Street® Blackstone Senior Loan ETF () Follow This ETF

State Street® Blackstone Senior Loan ETF Overview

State Street® Blackstone Senior Loan ETF (SRLN) is an actively managed Taxable Bond Bank Loan exchange-traded fund (ETF). State Street Investment Management launched the ETF in 2013.

The investment seeks to provide current income consistent with the preservation of capital. In pursuing its investment objective, the fund seeks to outperform the Morningstar LSTA U.S. Leveraged Loan Index (the “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.

About State Street® Blackstone Senior Loan ETF (SRLN)

There are 3 members of the management team with an average tenure of 5.78 years: Daniel McMullen (2015), Bonnie Brookshaw (2021) and Glenn Champion (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.

The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar LSTA US LL TR USD index with a weighting of 100%. State Street® Blackstone Senior Loan ETF has 743 securities in its portfolio. The top 10 holdings constitute 17.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.

State Street® Blackstone Senior Loan ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. State Street® Blackstone Senior Loan ETF has 20.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.0% (73.9% domestic bond, 20.1% foreign bond and 0.0% convertible bond). State Street® Blackstone Senior Loan ETF has 5.4% of the portfolio in cash.

Assets Under Management

The fund has $5 billion in total assets, which is above the $1 billion average for the Bank Loan category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

SRLN Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The State Street® Blackstone Senior Loan ETF expense ratio is above average compared to funds in the Bank Loan category. State Street® Blackstone Senior Loan ETF has an expense ratio of 0.70%, which is 20% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. State Street® Blackstone Senior Loan ETF has a portfolio turnover rate of 195%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 92% for the Bank Loan category.

Recently, in the month of July 2026, State Street® Blackstone Senior Loan ETF returned 1.0%, which earned it a grade of A, as the Bank Loan category had an average return of 0.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.

State Street® Blackstone Senior Loan ETF has a trailing yield of 7.38%, which is above the 7.35% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

State Street® Blackstone Senior Loan ETF Grades

Year to date, the ETF has returned 1.5%, 0.4 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.4% over the past year (grade of C), 7.1% over the past three years (grade of C) and 4.8% per year over the past five years (grade of F) and 4.5% per year over the past 10 years (grade of C).

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