State Street SPDR S&P Leveraged Loan ETF (LVLN)

State Street SPDR S&P Leveraged Loan ETF is a fixed income fund in the SPDR family from State Street Investment Management. As its name indicates, it focuses on leveraged loans, also known as senior loans or bank loans.

Leveraged loans are floating-rate loans made to companies with below-investment-grade credit ratings. They usually sit at the top of a borrower's capital structure and are secured by its assets, and their interest payments adjust with short-term rates, so their prices are less sensitive to interest rate moves than fixed-rate bonds, though they carry meaningful credit risk. The fund's exposure is tied to an S&P leveraged loan index; details of its methodology should be confirmed in the prospectus.