State Street Investment Management Enhances Access to Leveraged Loans With New ETF
The State Street® SPDR® S&P® Leveraged Loan ETF (LVLN) Offers Index-Based Access to Growing Leveraged Loan Market
State Street Investment Management announced today the launch of the State Street® SPDR® S&P® Leveraged Loan ETF (LVLN). Designed to offer investors broad, index-based exposure to the investable leveraged loan universe, LVLN's gross expense ratio is 0.40%*, which makes the fund the lowest-cost leveraged loan ETF available in the U.S.1
"Investors seeking to add income and diversification to their fixed income portfolios continue to turn to leveraged loans, which have historically shown a low correlation to Treasuries and investment-grade corporates2," said Anna Paglia, Chief Business Officer for State Street Investment Management. "With the addition of LVLN, our fixed income ETF offerings now include both active and index-based strategies to meet client needs for gaining access to the fast-growing leveraged loan market."
The State Street® SPDR® S&P® Leveraged Loan ETF seeks to track the performance of the S&P® USD Select Leveraged Loan Index (the "Index"). The Index comprises USD-denominated loans with a minimum $500M size, while capping constituents based on loan facility level, issuer (borrower) and industry constraints to provide broad exposure to the US leveraged loan market. The Index reflects a broad and transparent benchmark for US dollar leveraged loans that is anchored by eligibility and liquidity filters, market value weighting and real-world pricing, comprehensive coverage, and oversight and governance by S&P. For more information about leveraged loans, including investment characteristics and risks, please see LVLN's prospectus.
Footnotes:
* – The LVLN's total annual operating expense ratio. It is gross of any fee waivers or expense reimbursements. It can be found in LVLN's most recent prospectus.
1 – Source: Bloomberg Finance L.P., as of November 18, 2025.
2 – Source: Morningstar, as of October 31, 2025. Based on 20-year correlations. Leveraged Loans are represented by the Morningstar LSTA Leveraged Loan Index. Investment-Grade Corporates are represented by the Bloomberg US Corporate Bond Index. Treasuries are represented by the Bloomberg US Treasury Index.
About State Street Investment Management
At State Street Investment Management, we have been helping create better outcomes for institutions, financial intermediaries, and investors for nearly half a century. Starting with our early innovations in indexing and ETFs, our rigorous approach continues to be driven by market-tested expertise and a relentless commitment to those we serve. With over $5 trillion in assets managed*, clients in over 60 countries, and a global network of strategic partners, we use our scale to deliver a comprehensive and cost-effective suite of investment solutions that help investors get wherever they want to go. State Street Investment Management is the asset management arm of State Street Corporation (NYSE:STT).
*This figure is presented as of September 30, 2025 and includes ETF AUM of $1,848.02 billion USD of which approximately $144.95 billion USD in gold assets with respect to SPDR products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Investment Management are affiliated. Please note all AUM is unaudited.
Disclosures
Important Risk Information
Diversification does not ensure a profit or guarantee against loss.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
Market Risk: The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investing in markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity.
The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in the debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. This may result in a reduction in income from debt securities income.
Investments in Senior Loans are subject to credit risk and general investment risk. Credit risk refers to the possibility that the borrower of a Senior Loan will be unable and/or unwilling to make timely interest payments and/or repay the principal on its obligation. Default in the payment of interest or principal on a Senior Loan will result in a reduction in the value of the Senior Loan.
Passively managed funds invest by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.
Investing in high yield fixed income securities, otherwise known as "junk bonds", is considered speculative and involves greater risk of default than investing in investment grade fixed income securities. Issuers of high yield debt securities may have substantially greater risk of insolvency or bankruptcy than issuers of higher-quality debt securities.
There can be no assurance that a liquid market will be maintained for ETF shares.
The S&P USD Select Leveraged Loan Index is a product of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI") and UBS AG and has been licensed for use by State Street Investment Management. S&P® is a trademark of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been Licensed for use by S&P DJI and sublicensed for certain purposes by State Street Investment Management. The State Street SPDR S&P Leveraged Loan ETF is not sponsored or sold by S&P DJI, Dow Jones, UBS AG, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indices.
State Street Global Advisors (SSGA) is now State Street Investment Management. Please go to statestreet.com/investment-management for more information.
Intellectual Property Information: The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI") and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®, US 500 and the 500 are trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. State Street Global Advisors Funds Distributors, LLC is the distributor for certain registered products on behalf of the advisor.
Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit ssga.com. Read it carefully.
Not FDIC insured. No bank guarantee. May lose value.
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8609233.1.1.AM.RTL
Exp. Date: 11/30/2026
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