Highland/iBoxx Senior Loan ETF (SNLN)

Fund Overview

Investment Objective

The Highland iBoxx Senior Loan ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Markit iBoxx Liquid Leveraged Loan Index (the “Underlying Index”).

Opportunities in Senior Bank Loans
  • Rules based index
  • Consists of approximately 100 of the largest, most liquid leveraged loans
  • Measured by the number of active market participants trading the security and the dollar face amount of outstanding senior loans issued
  • Loans eligible for inclusion in the Underlying Index are measured by type, size, liquidity, spread, credit rating and minimum time to maturity.
Fund NAV (As of Sep 18, 2017)
SYMBOLNAVMarket Price
SNLN$18.28$18.26
Fund AUM (As of Sep 18, 2017)
AUM
Total Net Assets$572.07 M
VIEW FULL PERFORMANCE
SymbolSNLN
Inception11/06/12
Gross Expense Ratio0.77%
Net Expense Ratio10.55%

Historical Returns & NAV

As of 09/18/2017
Net Asset Value(NAV)$18.28
Market Price$18.26
Bid/Ask Midpoint Price$18.26
Premium/Discount($)$-0.02

Premium/Discount to NAV Chart

As of 08/31/2017 MonthlyQuarterly
YTD 1-YR 3-YR Since Inception
SNLN (NAV)0.88%2.99%1.76%2.78%
SNLN (Market Price)0.82%2.99%1.77%2.78%
Markit iBoxx Liquid Leveraged Loan Index1.28%4.05%2.20%3.03%
Fund Characteristics As Of 08/31/2017
Weighted Avg Maturity (yrs)5.42
Yield to Maturity (%)4.97
Days to Reset29.5
Weighted Avg Coupon (%)4.39
30 Day SEC Yield (%)4.99
Unsubsidized 30 Day Yield (%)4.84
Top Holdings as of: 09/18/2017 Market ValueWeight
UNIVISION COMMUNICATIONS$11,808,3902.06%
CHANGE HEALTHCARE$11,259,8051.97%
CLEAR CHANNEL COMM LOAN D$11,209,7141.96%
DELTA 2 (FORMULA ONE) B3$11,075,6251.94%
Level 3 Financing, Inc.$10,513,9131.84%
Virgin Media 12/16$10,038,9001.76%
INTELSAT JACKSON B2$9,986,3501.75%
MISYS LTD TLB 1L$9,620,3821.68%
GRIFOLS WORLDWIDE OPS$8,512,1561.49%
TRANSDIGM INC TRANCHE F$8,507,9681.49%

View All Fund Holdings » Holdings are subject to change.




View all Literature & Forms

The Highland/iBoxx Senior Loan ETF is distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Highland Capital Management or any of its affiliates. Check the background of SIDCO on FINRA’s BrokerCheck

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For the most recent month-end and quarter-end performance figures, please visit the Performance tab above or call a representative at 1-855-799-4757.

Carefully consider the investment objectives, risk factors, charges, and expenses of the Fund before investing. This and additional information about the Fund can be found in the full or summary prospectus, which may be obtained by calling 1-855-799-4757 or by visiting the Literature tab above. Read the prospectus carefully before investing.

1. Fee waivers are contractual and in effect through at least October 31, 2017. In the absence of current fee waivers, total return would be reduced.

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.

Investing involves risk, including the possible loss of principal.

The price used to calculate market returns (“Market Price”) of the Fund generally is determined using the midpoint between the bid and the ask on the primary securities exchange on which shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. The Fund's Market Price may be at, above or below its NAV.

Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns.

There is no guarantee the fund will meet its investment objectives.

Liquidity Risk. At times, a major portion of any portfolio security may be held by relatively few institutional purchasers. Although the Fund generally considers such securities to be liquid because of the availability of an institutional market for such securities, under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to sell such securities when the Adviser believes it advisable to do so or may be able to sell such securities only at prices lower than if the securities were more widely held.

Non-Payment Risk. Senior Loans, like other corporate debt obligations, are subject to the risk of non-payment of scheduled interest and/or principal. Non-payment would result in a reduction of income to the Fund, a reduction in the value of the Senior Loan experiencing non-payment and a potential decrease in the NAV of the Fund.

Credit Risk. The Fund may invest all or substantially all of its assets in Senior Loans or other securities that are rated below investment grade and unrated Senior Loans deemed by Highland to be of comparable quality. Securities rated below investment grade are commonly referred to as “high yield securities” or “junk securities.” They are regarded as predominantly speculative with respect to the issuing company’s continuing ability to meet principal and interest payments. Investments in high yield Senior Loans and other securities may result in greater NAV fluctuation than if the Fund did not make such investments.

Interest Rate Risk. The Fund’s NAV will usually change in response to interest rate fluctuations. When interest rates decline, the value of fixed rate securities already held by the Fund can be expected to rise. Conversely, when interest rates rise, the value of existing fixed rate securities can be expected to decline.

Senior Loans Risk. The risks associated with Senior Loans are similar to the risks of below investment grade securities, although Senior Loans are typically senior and secured in contrast to other below investment grade securities, which are often subordinated and unsecured.

Ongoing Monitoring Risk. On behalf of the several Lenders, the Agent generally will be required to administer and manage the Senior Loans and, with respect to collateralized Senior Loans, to service or monitor the collateral.

Narrowly focused funds typically exhibit higher volatility.  Also, the fund is non-diversified, and an investment in the Fund could fluctuate in value more than an investment in a diversified fund.

All registered investment companies, including the Highland Funds, are obliged to distribute portfolio gains to shareholders at year's end regardless of performance. Trading the Highland iBoxx Senior Loan ETF will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive the distribution, you must be a registered shareholder of the ETF on the record date, and must have placed the ETF trade prior to the ex-date. Distributions are paid to shareholders on the payable date. Past distributions are not indicative of future trends. Please consult your tax professional or financial advisor for more information regarding your tax situation.

The Markit iBoxx Liquid Leveraged Loan Index has been licensed for use by Highland Capital Management Fund Advisors. The Highland iBoxx Senior Loan ETF is not sponsored, endorsed, issued, sold, or promoted by the Markit iBoxx Liquid Leveraged Loan Index, nor does this company make any representations regarding the advisability of investing in the Highland iBoxx Senior Loan ETF.

Glossary: Click for important terms and definitions
 
Data Source: SEI

Premium/Discount to NAV

As of: TICKER NAV CLOSE BID/ASK MID PT PREMIUM/DISCOUNT
Quarter:

Explanation of Premium/Discount:

Premium is when an ETF’s market price (selling or purchase price) is greater than its calculated NAV. So when the ETF’s price is above the NAV, the ETF is said to trade at a “premium” – the ETF is trading higher than what the underlying holdings are worth.

Discount is when an ETF’s market price (selling or purchase price) is less than its calculated NAV. So when the ETF’s price is lower than the NAV, the ETF is said to be at a “discount” – the ETF is valued less than the fund’s overall holdings.

Shareholders may pay more than net asset value when they buy Fund shares and receive less than net asset value when they sell those shares, because shares are bought and sold at current market prices.

The Premium/Discount chart demonstrates the difference between the daily market price of shares of the Fund and the Fund's net asset value (NAV). The daily market price is calculated using the Midpoint price which is the midpoint between the Ask price and the Bid price at the time the NAV is calculated (generally 4 p.m. eastern time). The vertical axis of the chart shows the premium or discount of the Midpoint price as a percentage of the NAV. The horizontal axis shows the number of trading days covered by the chart, and each bar in the chart demonstrates how many days the Fund traded within the given premium/discount range. The data presented in the chart and table above represent past performance and cannot be used to predict future results.