FLBL vs USLN: Grades, Fees and Holdings Compared

Franklin Senior Loan ETF

FLBLCCboe

iShares Broad USD Floating Rate Loan ETF

USLNCCboe

Overlap

No data

Expense ratio

USLN −0.02pt a year

FLBL0.45%USLN0.43%

Avg volume · 30D

FLBL 88.7×the volume

FLBL296KUSLN3.33K

FLBL vs USLN Performance

Jul 31, 2026 – Oct 30, 2026

+0.7%FLBL+0.8%USLN

Expense ratio: FLBL 0.45%; USLN 0.43%, better
Fund size: FLBL $762M; USLN $30M
1Y total return: FLBL +3.0%; USLN No data
Yield (12M): FLBL 7.58%; USLN No data
Holdings: FLBL 255; USLN 361
Avg volume (30D): FLBL 296K sh, better; USLN 3.33K sh
NAV per share: FLBL $22.78; USLN $49.91
52W range

ETF.net Grade

Pillar letters and Scores for FLBL, USLN, with each pillar’s weight
Pillar	FLBL	USLN
Cost30% weight	A75	A84Higher
Mission25% weight	C40	Not scored
Risk15% weight	D30	B66Higher
Tradability15% weight	C47Higher	F13
Holdings10% weight	C54Higher	D28
Durability5% weight	A71Higher	D26

Rank among Bank Loan funds

How we build Categories ›

Same Category. FLBL and USLN 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 ›

USLN ranks 3rd 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 3CUSLNiShares Broad USD Floating Rate Loan ETFScore 54
Rank 4CFTSLFirst Trust Senior Loan FundScore 53
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

USLNCiShares Broad USD Floating Rate 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.

USLN No data

Stated mandate

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

USLN 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.

USLN 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.

USLN No data

Full FLBL profile⁠

Full USLN profile⁠

FLBL vs USLN Holdings

How FLBL and USLN differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Countryby domicile97.3%
Asset classFixed Income100%

Sector

No Sector split for FLBL and USLN.

Country, concentration and asset class

Country by domicile

Country weights in FLBL and USLN, widest gap first
Country	More in FLBLMore in USLN	FLBL	USLN
United States	FLBL +1.8 points	92.3%	90.5%
Luxembourg	USLN +1.0 points	0.9%	1.9%
Netherlands	FLBL +0.7 points	1.4%	0.7%
Other countries (10)	USLN +1.4 points	5.5%	6.9%

Concentration

Weight in the 10 largest Holdings

FLBL18.5%
USLN21.1%

Securities held

FLBL252
USLN359

Asset class

FLBL: Fixed Income
USLN: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. FLBL holds 252 securities, USLN 359.

All 273 FLBL holdings⁠All 360 USLN 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 USLN Cost

Overpaying FLBL vs USLN

$379

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

FLBL 0.45%
$9,041
USLN 0.43%
$8,662

Amount$10,000

Years30 years

Cost over time

FLBL 0.45%
USLN 0.43%
Overpaying

Year by year

Year	FLBL	USLN	Overpaying
10	$812	$776	$36
20	$3,128	$2,994	$134
30	$9,041	$8,662	$379

Expense ratio

0.45%FLBL
0.43%USLN, cheaper

USLN0.43%FLBL0.45%

0.40%0.72%

Middle half of Bank Loan funds
Median 0.61%

USLN 2nd cheapest of 11 funds

FLBL 3rd cheapest of 11 funds

FLBL vs USLN Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FLBL 7.58%; USLN No data
Payout (12M): FLBL $1.73; USLN No data
Last payment: FLBL $0.14; USLN $0.29
Ex-dividend: FLBL Oct 1, 2026; USLN Oct 1, 2026
Paid on: FLBL Oct 6, 2026; USLN Oct 6, 2026
Frequency: FLBL Monthly; USLN Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FLBLMonthly · 45 paymentsAll FLBL payments⁠

USLNMonthly · 6 paymentsAll USLN payments⁠

FLBL vs USLN 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%USLN No data
Return per unit of riskSharpe ratio, 3 years: FLBL 0.54USLN No data
Worst fallMax drawdown, 5 years: FLBL −6.8%USLN No data
Market sensitivityBeta, 5 years: FLBL 0.05USLN 0.14; Market = 1

Popular comparisons

FLBLCvsLVLNB
Franklin Senior Loan ETF · State Street SPDR S&P Leveraged Loan ETF
Expense ratio
0.45% · 0.40%
Category
USLNCvsLVLNB
iShares Broad USD Floating Rate Loan ETF · State Street SPDR S&P Leveraged Loan ETF
Expense ratio
0.43% · 0.40%
Category
FLBLCvsSEIXB
Franklin Senior Loan ETF · Virtus Seix Senior Loan ETF
Expense ratio
0.45% · 0.57%
Category
USLNCvsSEIXB
iShares Broad USD Floating Rate Loan ETF · Virtus Seix Senior Loan ETF
Expense ratio
0.43% · 0.57%
Category
FLBLCvsFTSLC
Franklin Senior Loan ETF · First Trust Senior Loan Fund
Expense ratio
0.45% · 0.70%
Category
USLNCvsFTSLC
iShares Broad USD Floating Rate Loan ETF · First Trust Senior Loan Fund
Expense ratio
0.43% · 0.70%
Category