FLBL vs LVLN: Grades, Fees and Holdings Compared

Franklin Senior Loan ETF

FLBLCCboe

State Street SPDR S&P Leveraged Loan ETF

LVLNBNYSE Arca

Overlap

No data

Expense ratio

LVLN −0.05pt a year

FLBL0.45%LVLN0.40%

Avg volume · 30D

FLBL 60.4×the volume

FLBL296KLVLN4.9K

FLBL vs LVLN Performance

Dec 31, 2025 – Oct 30, 2026

+2.8%FLBL+3.0%LVLN

Expense ratio: FLBL 0.45%; LVLN 0.40%, better
Fund size: FLBL $762M; LVLN $52M
1Y total return: FLBL +3.0%; LVLN No data
Yield (12M): FLBL 7.58%; LVLN No data
Holdings: FLBL 255; LVLN 198
Avg volume (30D): FLBL 296K sh, better; LVLN 4.9K sh
NAV per share: FLBL $22.78; LVLN $24.56
52W range

ETF.net Grade

Pillar letters and Scores for FLBL, LVLN, with each pillar’s weight
Pillar	FLBL	LVLN
Cost30% weight	A75	A93Higher
Mission25% weight	C40	B55Higher
Risk15% weight	D30	B63Higher
Tradability15% weight	C47Higher	F12
Holdings10% weight	C54	A95Higher
Durability5% weight	A71Higher	D29

Rank among Bank Loan funds

How we build Categories ›

Same Category. FLBL and LVLN are both graded against the same 11 Bank Loan funds, so their Grades compare head to head.

Bank Loan⁠

Category · 11 funds

See all 11 ›

LVLN ranks 1st and FLBL 6th of 11 funds in the Bank Loan Category.

Rank 1BLVLNState Street SPDR S&P Leveraged Loan ETFScore 63
Rank 2BSEIXVirtus Seix Senior Loan ETFScore 58
Rank 4CLONZPIMCO Senior Loan Active Exchange-Traded FundScore 53
Rank 6CFLBLFranklin Senior Loan ETFScore 52
Rank 6CFLRTPacer Aristotle Pacific Floating Rate High Income ETFScore 52

Our read on each fund

ETF.net Research

FLBLCFranklin Senior Loan ETF

LVLNBState Street SPDR S&P Leveraged Loan ETF

In short

FLBL Bank loans are a pricey corner of credit, where most ETFs charge north of 0.70%. Franklin's runs at 0.45% and commits at least 80% of net assets to senior loans, the floating-rate tier of corporate debt.

LVLN No data

Stated mandate

FLBL The fund’s mandate is to invest at least 80% of net assets in senior loans.

LVLN No data

Why people hold it

FLBL At 0.45%, it undercuts the bank-loan ETF median of 0.72% and the other main names in the group, including SRLN, LONZ and PFRL.
The mandate is explicit: at least 80% of net assets in senior loans. A 1940 Act fund, trading since 2018.
Credit exposure is spread across roughly 300 loans, and distributions arrive monthly rather than quarterly.
Lands in the upper half of a small bank-loan ETF field, with the fee doing a lot of that work.

LVLN No data

Worth knowing

FLBL Senior loans are corporate credit from leveraged borrowers. That risk is the whole trade, and prices can move sharply when default worries spread.
Actively managed, so there is no published index to measure the manager's loan picks against.
Volume is moderate rather than heavy, so execution quality matters more here than in the busiest bond ETFs.

LVLN No data

Full FLBL profile⁠

Full LVLN profile⁠

FLBL vs LVLN Holdings

How FLBL and LVLN differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile90.6%
Asset classFixed Income100%

Sector

No Sector split for FLBL and LVLN.

Country, concentration and asset class

Country by domicile

Country weights in FLBL and LVLN, widest gap first
Country	More in FLBLMore in LVLN	FLBL	LVLN
United States	FLBL +6.4 points	92.3%	85.9%
Luxembourg	LVLN +5.7 points	0.9%	6.6%
Canada	FLBL +2.4 points	3.0%	0.6%
Germany	LVLN +1.1 points	0.6%	1.7%
Netherlands	LVLN +0.6 points	1.4%	2.0%
Japan	FLBL +0.6 points	0.6%	0.0%
Israel	LVLN +0.5 points	0.0%	0.5%
Other countries (4)	LVLN +1.5 points	1.2%	2.7%

Concentration

Weight in the 10 largest Holdings

FLBL18.5%
LVLN11.0%

Securities held

FLBL252
LVLN197

Asset class

FLBL: Fixed Income
LVLN: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FLBL holds 252 securities, LVLN 197.

All 273 FLBL holdings⁠All LVLN holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FLBL vs LVLN Cost

Overpaying FLBL vs LVLN

$951

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FLBL 0.45%
$9,041
LVLN 0.40%
$8,090

Amount$10,000

Years30 years

Cost over time

FLBL 0.45%
LVLN 0.40%
Overpaying

Year by year

Year	FLBL	LVLN	Overpaying
10	$812	$723	$89
20	$3,128	$2,793	$335
30	$9,041	$8,090	$951

Expense ratio

0.45%FLBL
0.40%LVLN, cheaper

LVLN0.40%FLBL0.45%

0.40%0.72%

Middle half of Bank Loan funds
Median 0.61%

LVLN cheapest of 11 funds

FLBL 3rd cheapest of 11 funds

FLBL vs LVLN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLBL 7.58%; LVLN No data
Payout (12M): FLBL $1.73; LVLN No data
Last payment: FLBL $0.14; LVLN $0.14
Ex-dividend: FLBL Oct 1, 2026; LVLN Oct 1, 2026
Paid on: FLBL Oct 6, 2026; LVLN Oct 6, 2026
Frequency: FLBL Monthly; LVLN Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLBLMonthly · 45 paymentsAll FLBL payments⁠

LVLNMonthly · 11 paymentsAll LVLN payments⁠

FLBL vs LVLN Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FLBL 2.7%LVLN No data
Return per unit of riskSharpe ratio, 3 years: FLBL 0.54LVLN No data
Worst fallMax drawdown, 5 years: FLBL −6.8%LVLN No data
Market sensitivityBeta, 5 years: FLBL 0.05LVLN 0.06; Market = 1

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