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On January 3, 2023, the fair value methodology used to value the senior loan investments held by the fund was changed. Prior to that date, the senior loans were valued using the bid side price provided by a pricing service. After such date, the senior loans were valued using the midpoint between the bid and ask price provided by a pricing service. The change in the fund's fair value methodology on January 3, 2023, resulted in a one-time increase in the fund's net asset value of approximately $0.159 per share on that date, which represented a positive impact on the fund's performance of 0.35%.
Investment Objective/Strategy - The First Trust Senior Loan Fund is an actively managed exchange-traded fund. The fund's primary investment objective is to provide high current income by investing primarily in a diversified portfolio of first lien senior floating-rate bank loans ("Senior Loans"). The fund's secondary investment objective is the preservation of capital. Under normal market conditions, the fund will invest in at least 80% of its net assets in Senior Loans that are made predominantly to businesses operating in North America and may also invest up to 20% of its net assets in non-Senior Loan debt securities, warrants, equity securities and securities of other investment companies.
There can be no assurance that the Fund's investment objectives will be achieved.
Ticker | FTSL |
Fund Type | Senior Loan |
Investment Advisor | First Trust Advisors L.P. |
Investor Servicing Agent | Bank of New York Mellon Corp |
CUSIP | 33738D309 |
ISIN | US33738D3098 |
Intraday NAV | FTSLIV |
Fiscal Year-End | 10/31 |
Exchange | Nasdaq |
Inception | 5/1/2013 |
Inception Price | $50.00 |
Inception NAV | $50.00 |
Expense Ratio* | 0.86% |
* As of 3/1/2022
The Investment Advisor has implemented fee breakpoints, which reduce the fund's investment management fee at certain assets levels. Please see the fund's SAI for full details.
Closing NAV1 | $45.90 |
Closing Market Price2 | $45.87 |
Bid/Ask Midpoint | $45.87 |
Bid/Ask Discount | 0.08% |
30-Day Median Bid/Ask Spread3 | 0.04% |
Total Net Assets | $2,694,532,944 |
Outstanding Shares | 58,700,002 |
Daily Volume | 490,744 |
Average 30-Day Daily Volume | 620,517 |
Closing Market Price 52-Week High/Low | $47.86 / $43.93 |
Closing NAV 52-Week High/Low | $47.70 / $44.03 |
Number of Holdings (excluding cash) | 180 |
Holding |
Percent |
VERSCEND HOLDING CORP VCVHHO TL B 1L USD |
3.37% |
PG&E CORP PCG TL B 1L USD |
2.76% |
1011778 BC ULC BCULC TL B 1L USD |
2.62% |
IRB HOLDING CORP ARGIHC TL B 1L USD |
2.45% |
ZELIS PAYMENTS BUYER INC STRATO TL B 1L USD |
2.30% |
SS&C TECHNOLOGIES INC SSNC TL B5 1L USD |
2.22% |
ALLIANT HOLDINGS INTERMEDI ALIANT TL B 1L USD |
2.14% |
CCO HLDGS LLC/CAP CORP 5.125%, due 05/01/2027 |
2.03% |
MH SUB I LLC INET TL 1L USD |
1.94% |
CAMELOT FINANCE SA CCC TL B 1L USD |
1.75% |
* Excluding cash.
Holdings are subject to change.
Past performance is not indicative of future results.
Among 232 funds in the Bank Loan category. This fund was rated 4 stars/232 funds (3 years), 4 stars/221 funds (5 years) based on risk adjusted returns.
Weighted Average Effective Duration9 | 0.50 Years |
Weighted Average Maturity | 3.68 Years |
Weighted Average Price | $96.85 |
Weighted Average Coupon | 7.54% |
Weighted Average Yield-To-Maturity10 | 7.73% |
Days to Reset11 | 17.67 Days |
3-Month LIBOR12 | 4.84% |
Percent of Assets with LIBOR Floors | 44.99% |
Please note: Weighted average maturity excludes defaulted assets. Weighted average price excludes equity prices.
|
Asset |
Percent |
|
Loan
|
89.87%
|
|
Bond
|
10.06%
|
|
Equity
|
0.07%
|
|
2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Days Traded at Premium |
119 |
0 |
--- |
--- |
Days Traded at Discount |
132 |
25 |
--- |
--- |
BBB
|
0.03%
|
BBB-
|
12.41%
|
BB+
|
6.12%
|
BB
|
2.09%
|
BB-
|
9.36%
|
B+
|
16.61%
|
B
|
33.48%
|
B-
|
14.72%
|
CCC+
|
3.50%
|
CCC
|
0.40%
|
NR
|
1.28%
|
|
|
The ratings are by S&P Global Ratings. A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations except for those debt obligations that are only privately rated. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest). Investment grade is defined as those issuers that have a long-term credit rating of BBB- or higher. "NR" indicates no rating. The credit ratings shown relate to the creditworthiness of the issuers of the underlying securities in the Fund, and not to the Fund or its shares. Credit ratings are subject to change.
Software
|
21.07%
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Insurance
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11.72%
|
Health Care Technology
|
10.56%
|
Media
|
10.06%
|
Hotels, Restaurants & Leisure
|
9.20%
|
Health Care Providers & Services
|
6.46%
|
Containers & Packaging
|
5.26%
|
Pharmaceuticals
|
3.91%
|
Electric Utilities
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2.99%
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Professional Services
|
2.86%
|
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|
Standard Deviation |
Alpha |
Beta |
Sharpe Ratio |
Correlation |
FTSL |
7.17% |
-0.27 |
0.77 |
0.27 |
0.96 |
Markit iBoxx USD Liquid Leveraged Loan Index |
7.72% |
-1.67 |
0.83 |
0.09 |
0.97 |
Morningstar® LSTA® US Leveraged Loan Index |
9.03% |
--- |
1.00 |
0.31 |
1.00 |
Standard Deviation is a measure of price variability (risk). Alpha is an indication of how much an investment outperforms or underperforms
on a risk-adjusted basis relative to its benchmark.Beta is a measure of price variability relative to the market. Sharpe Ratio is a measure
of excess reward per unit of volatility. Correlation is a measure of the similarity of performance.
Markit iBoxx USD Liquid Leveraged Loan Index - The Index selects the 100 most liquid senior loans in the market. Morningstar® LSTA® US Leveraged Loan 100 Index - The Index, formerly the S&P/LSTA U.S. Leveraged Loan 100 Index, is a market value-weighted index that is designed to measure the performance of the 100 largest facilities in the US leveraged loan market. Morningstar® LSTA® US Leveraged Loan Index - The Index, formerly the S&P/LSTA Leveraged Loan Index, is a market value-weighted index that is designed to deliver comprehensive, precise coverage of the US leveraged loan market.
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The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.
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