The Top 10 Owners of Bank Loan ETFs in 2022

The bond market has not had a consistent trend over the past year, which has created a challenging environment for allocators, leaving many asking, “what should I do with fixed income, duration, rates, credit” entering 2022. 

Looking at the 13F flow data we collected over Q1, the answer has partially revealed itself as during the last two quarters as investors /allocators have seen a significant shift in where yields, the fed, and inflation 2021 ended Q4 2021, and where they are today. 

Post the introduction of QE, we saw allocators making two decisions as they constructed bond allocation: where to get income, and what is going to be the ballast/air bag that is not correlated to risk asset drawdowns. 

Now, with a few quarters of flow data, we were able to see how these decisions were being made and track trends in allocations, additions, and reductions in exposure.

In this article, we’re going to be sharing some of the 13F trends we’ve seen along the yield curve so far this year, as well as the top 10 holders of bank loan and variable rate ETFs in 2022. 

By the end of the article, you’ll have a clear understanding of the variable rate ETF landscape. 

First, we’ll jump into the trends. 

Observed 13F trends along the yield curve 

During the quarter, the yield curve moved higher causing core bonds to sell off almost 6%  during and high yield bonds drop 5%...concurrently we saw a reduction among the ETFs and CEFs during this past qtr, in particular in where duration played a role such as intermediate term bonds, where flows dropped 7% QoQ, and high yield dropped 11% QoQ. 

In aggregate, money was in motion under the surface as we saw those redemptions find their way into other areas within bond sub-asset classes to take advantage of the yield curve shift that we have seen since the beginning of the year and look for income on the front end of the curve.    

Unlike the last hiking cycle which was widely telegraphed and gave allocators time, this one is creating very swift directional flows into the front end of the curve. During Q1, this heavily favored floating/ variable rate and shorter duration vehicles via three main sub-asset classes:

These are below investment-grade, senior secured corporate loans that have floating rate coupons linked to the LIBOR, typically 200 – 400 basis points over SOFR/LIBOR.

They exhibit a very low duration and historically have shown positive correlation with inflation and negative correlation with U.S. Treasuries. 

For the past three quarters now, we have seen an increase of 10% in net asset flow for each quarter and points to interest rate aversion driving allocation decisions rather than risk aversion. For a great resource on the asset class, MP member Eaton Vance publishes an informative quarterly update. 

Similar to bank loans, these have near-zero duration risk, and floating coupons. Unlike bank loans, however, they are issued by investment-grade rated companies with lower credit risk, thus lowering the risk of default, but a lower yield as well: typically 25-100 basis points over LIBOR/SOFR. These are different from bank loans, as BlackRock noted in a recent piece.

Ultra Short and Short Duration

These typically invest in investment grade bonds with fixed rates and fixed maturities.  Ultra short strategies will keep their duration at one year or below, and short duration will focus on a one- to three-year maturity range. 

Over the course of this most recent quarter, the filings showed a 16% increase in asset flow into these two categories combined. In a recent piece, PIMCO illustrated the characteristics and differences between these categories.

The common theme among all of these sub-asset classes is that they remain well placed to deal with the current environment through the combination of their low duration sensitivity, helping to protect against rising bond yields, and a reasonably attractive coupon level that will help mitigate the income erosion effect from inflation.

Finally, as we continue to compile and update this information into our database, Dakota Marketplace, another trend we saw during the quarter was ongoing conversion from mutual funds to ETFs. This year already saw six firms covering sixteen funds have converted with another seven funds on deck.

Below is a sampling of allocators who had positions in these asset classes as reported at the end of Q1 2022.

Yield Curve Graphic showing the change in yields from Q4 21-Q1 2022:

Now that you’ve got a good understanding of what we’re seeing in the market, we’ll get into the top ten owners of bank loan ETFs in 2022. 

Top owners of bank loan ETFs in 2022

1. Morgan Stanley: $3,817,782,000

Investment strategies: 

• PIMCO Enhanced Short Maturity Active ETF: $2,501,855,000
• Invesco Senior Income Trust: $47,066,000
• First Trust Senior Loan Fund: $378,514,000
• SPDR Blackstone Senior Loan ETF: $252,632,000
• Highland Income Fund: $48,152,000
• BlackRock Debt Strategies Fund: $48,017,000
• iShares Floating Rate Bond: $200,859,000
• Nuveen Credit Strategies Income: $16,673,000
• SPDR Blackstone Senior Loan ETF: $99,920,000
• Eaton Vance Float-Rate 2022 Target Term: $17,808,000
• Blackstone Strategic Credit Fund: $24932000
• Saba Capital Income & Opportunities Fund: $7937000
• Nuveen Floating Rate Income Opps: $14,361,000
• EV Floating Rate Income: $17,460,000
• Blackstone Senior Floating Rate Term: $16,154,000
• Nuveen Floating Rate Income: $9,188,000
• First Trust Senior FR Income II: $9,981,000
• Oxford Lane Capital Corp: $6,021,000
• EV Senior Floating Rate: $10,412,000
• Invesco Variable Rate Investment Grade ETF: $15,635,000
• Nuveen Senior Income: $3,338,000
• BlackRock Floating Rate Inc Trust: $7,583,000
• iShares Floating Rate Bond: $26,727,000
• Oxford Lane Capital Corp: $3,380,000
• EV Senior Income Trust: $2,291,000
• Blackstone Long-Short Credit Income: $4,601,000
• Apollo Senior Floating Rate: $4,423,000
• Eagle Point Credit Co LLC: $3,467,000
• Ares Dynamic Credit Allocation Fund: $3,581,000
• Pioneer Floating Rate Fund: $2,078,000
• SPDR Blackstone Senior Loan ETF: $5,030,000
• SPDR Blackstone Senior Loan ETF: $4,977,000
• XAI Octagon FR & Alt Income Term Trust: $717,000
• Nuveen Short Duration Credit Opps: $914,000
• OFS Credit Company Inc: $193,000
• First Trust Senior Loan Fund: $664,000
• Eagle Point Credit Co LLC: $104,000
• PIMCO Enhanced Short Maturity Active ETF: $112,000
• Oxford Lane Capital Corp: $5,000
• Nuveen Senior Income: $2,000
• Blackstone Strategic Credit Fund: $2,000
• PIMCO Enhanced Short Maturity Active ETF: $11,000
• iShares Floating Rate Bond: $5,000
• PIMCO Enhanced Short Maturity Active ETF: $0

2. Bank of America Merrill Lynch: $1,284,930,000

Investment strategies:

• iShares Floating Rate Bond: $272,863,000
• iShares Floating Rate Bond: $162,390,000
• Invesco Senior Income Trust: $11,153,000
• SPDR Blackstone Senior Loan ETF: $115,215,000
• Nuveen Floating Rate Income Opps: $22,225,000
• SPDR Blackstone Senior Loan ETF: $94,058,000
• PIMCO Enhanced Short Maturity Active ETF: $198,737,000
• Nuveen Floating Rate Income: $17,835,000
• Blackstone Strategic Credit Fund: $23,021,000
• First Trust Senior Loan Fund: $73,716,000
• iShares Floating Rate Bond: $73,725,000
• EV Floating Rate Income: $20,246,000
• First Trust Senior FR Income II: $15,568,000
• Blackstone Senior Floating Rate Term: $12,788,000
• First Trust Senior Loan Fund: $34,345,000
• PIMCO Enhanced Short Maturity Active ETF: $66,835,000
• Saba Capital Income & Opportunities Fund: $2,859,000
• Eaton Vance Float-Rate 2022 Target Term: $4,780,000
• EV Senior Floating Rate: $6,707,000
• BlackRock Floating Rate Inc Trust: $6,246,000
• Invesco Variable Rate Investment Grade ETF: $10,692,000
• BlackRock Debt Strategies Fund: $4,599,000
• SPDR Blackstone Senior Loan ETF: $11,4640,00
• Pioneer Floating Rate Fund: $2,511,000
• Invesco Variable Rate Investment Grade ETF: $3566000
• Nuveen Credit Strategies Income: $907,000
• Ares Dynamic Credit Allocation Fund: $2,025,000
• Invesco Senior Income Trust: $533,000
• Apollo Senior Floating Rate: $1,882,000
• Blackstone Long-Short Credit Income: $1,142,000
• Apollo Senior Floating Rate: $901,000
• iShares Floating Rate Bond: $2,784,000
• EV Senior Income Trust: $335,000
• Oxford Lane Capital Corp: $322,000
• PIMCO Enhanced Short Maturity Active ETF: $4,011,000
• Nuveen Senior Income: $91,000
• iShares Floating Rate Bond: $772,000
• Eaton Vance Float-Rate 2022 Target Term: $92,000
• Highland Income Fund: $96,000
• Eagle Point Credit Co LLC: $115,000
• Oxford Lane Capital Corp: $46,000
• XAI Octagon FR & Alt Income Term Trust: $50,000
• Invesco Variable Rate Investment Grade ETF: $113,000
• First Trust Senior Loan Fund: $194,000
• SPDR Blackstone Senior Loan ETF: $141,000
• Nuveen Floating Rate Income: $31,000
• EV Senior Floating Rate: $35,000
• First Trust Senior Loan Fund: $105,000
• Nuveen Short Duration Credit Opps: $28,000
• Ares Dynamic Credit Allocation Fund: $13,000
• BlackRock Floating Rate Inc Trust: $11,000
• EV Floating Rate Income: $11,000
• Invesco Senior Income Trust: $0

3. UBS Asset Management: $656,451,000

Investment strategies:

• iShares Floating Rate Bond: $157,304,000
• PIMCO Enhanced Short Maturity Active ETF: $246,620,000
• SPDR Blackstone Senior Loan ETF: $95,136,000
• First Trust Senior Loan Fund: $87,122,000
• Invesco Senior Income Trust: $5,750,000
• Nuveen Floating Rate Income: $8,358,000
• EV Senior Income Trust: $3,496,000
• Ares Dynamic Credit Allocation Fund: $6,191,000
• Blackstone Strategic Credit Fund: $4,939,000
• EV Floating Rate Income: $4,893,000
• First Trust Senior FR Income II: $3,691,000
• BlackRock Floating Rate Inc Trust: $4,237,000
• Nuveen Senior Income: $1,722,000
• BlackRock Debt Strategies Fund: $2,790,000
• EV Senior Floating Rate: $3,107,000
• Nuveen Floating Rate Income Opps: $1,876,000
• XAI Octagon FR & Alt Income Term Trust: $1,633,000
• Invesco Senior Income Trust: $681,000
• SPDR Blackstone Senior Loan ETF: $6,048,000
• Saba Capital Income & Opportunities Fund: $592,000
• Blackstone Long-Short Credit Income: $1,756,000
• Eaton Vance Float-Rate 2022 Target Term: $877,000
• Nuveen Credit Strategies Income: $606,000
• Apollo Senior Floating Rate: $1,186,000
• Nuveen Credit Strategies Income: $391,000
• Blackstone Senior Floating Rate Term: $1,026,000
• Pioneer Floating Rate Fund: $539,000
• Oxford Lane Capital Corp: $185,000
• Nuveen Short Duration Credit Opps: $292,000
• Pioneer Floating Rate Fund: $155,000
• Highland Income Fund: $134,000
• BlackRock Debt Strategies Fund: $116,000
• PIMCO Enhanced Short Maturity Active ETF: $871,000
• BlackRock Floating Rate Inc Trust: $109,000
• Eagle Point Credit Co LLC: $105,000
• PIMCO Enhanced Short Maturity Active ETF: $755,000
• Nuveen Floating Rate Income: $75,000
• Saba Capital Income & Opportunities Fund: $29,000
• SPDR Blackstone Senior Loan ETF: $281,000
• Invesco Variable Rate Investment Grade ETF: $95,000
• First Trust Senior Loan Fund: $173,000
• Highland Income Fund: $39,000
• Eaton Vance Float-Rate 2022 Target Term: $32,000
• Blackstone Strategic Credit Fund: $40,000
• Blackstone Senior Floating Rate Term: $50,000
• EV Floating Rate Income: $39,000
• XAI Octagon FR & Alt Income Term Trust: $22,000
• iShares Floating Rate Bond: $95,000
• Blackstone Long-Short Credit Income: $20,000
• Eagle Point Credit Co LLC: $14,000
• Highland Income Fund: $10,000
• First Trust Senior FR Income II: $11,000
• Janus Henderson AAA CLO ETF: $45,000
• Ares Dynamic Credit Allocation Fund: $14,000
• OFS Credit Company Inc: $8,000
• iShares Floating Rate Bond: $29,000
• Virtus Seix Senior Loan ETF: $14,000
• Blackstone Long-Short Credit Income: $7,000
• BlackRock Debt Strategies Fund: $4,000
• Nuveen Short Duration Credit Opps: $4,000
• Franklin Liberty Senior Loan ETF: $7,000
• SPDR Blackstone Senior Loan ETF: $5,000

4. RBC Wealth Management: $643,834,000

Investment strategies: 

• SPDR Blackstone Senior Loan ETF: $234,934,000
• Highland Income Fund: $20,915,000
• iShares Floating Rate Bond: $68,593,000
• First Trust Senior Loan Fund: $42,659,000
• First Trust Senior Loan Fund: $40,842,000
• PIMCO Enhanced Short Maturity Active ETF: $82,232,000
• Nuveen Floating Rate Income: $5,523,000
• iShares Floating Rate Bond: $27,334,000
• Saba Capital Income & Opportunities Fund: $1,722,000
• First Trust Senior Loan Fund: $15,950,000
• Nuveen Credit Strategies Income: $1,921,000
• PIMCO Enhanced Short Maturity Active ETF: $27,989,000
• Invesco Variable Rate Investment Grade ETF: $6,277,000
• EV Floating Rate Income: $3,362,000
• First Trust Senior Loan Fund: $8,976,000
• SPDR Blackstone Senior Loan ETF: $8,252,000
• Janus Henderson AAA CLO ETF: $8,470,000
• Invesco Senior Income Trust: $646,000
• Nuveen Floating Rate Income Opps: $1,495,000
• First Trust Senior FR Income II: $1,703,000
• Eaton Vance Float-Rate 2022 Target Term: $833,000
• Blackstone Senior Floating Rate Term: $1,519,000
• Pioneer Floating Rate Fund: $958,000
• First Trust Senior Loan Fund: $3,491,000
• PIMCO Enhanced Short Maturity Active ETF: $7,228,000
• BlackRock Floating Rate Inc Trust: $990,000
• Blackstone Strategic Credit Fund: $854,000
• Eagle Point Credit Co LLC: $883,000
• Invesco Senior Income Trust: $256,000
• SPDR Blackstone Senior Loan ETF: $2,038,000
• iShares Floating Rate Bond: $2,256,000
• Blackstone Long-Short Credit Income: $628,000
• Nuveen Senior Income: $223,000
• XAI Octagon FR & Alt Income Term Trust: $291,000
• Apollo Senior Floating Rate: $520,000
• iShares Floating Rate Bond: $1,525,000
• iShares Floating Rate Bond: $1,493,000
• BlackRock Debt Strategies Fund: $309,000
• Oxford Lane Capital Corp: $169,000
• Nuveen Credit Strategies Income: $141,000
• SPDR Blackstone Senior Loan ETF: $985,000
• EV Senior Floating Rate: $295,000
• Nuveen Floating Rate Income: $186,000
• SPDR Blackstone Senior Loan ETF: $758,000
• Nuveen Credit Strategies Income: $93,000
• Pacer Pacific Asset Fltng Rt Hi Inc ETF: $633,000
• Highland Income Fund: $136,000
• iShares Floating Rate Bond: $530,000
• First Trust Senior Loan Fund: $43,0000
• EV Senior Income Trust: $60,000
• Oxford Lane Capital Corp: $65,000
• Franklin Liberty Senior Loan ETF: $211,000
• Ares Dynamic Credit Allocation Fund: $131,000
• PIMCO Enhanced Short Maturity Active ETF: $648,000
• First Trust Senior Loan Fund: $290,000
• Eagle Point Credit Co LLC: $83,000
• iShares Floating Rate Bond: $290,000
• Nuveen Short Duration Credit Opps: $84,000
• Highland Income Fund: $62,000
• PIMCO Enhanced Short Maturity Active ETF: $558,000
• Blackstone Long-Short Credit Income: $66,000
• Oxford Lane Capital Corp: $31,000
• XAI Octagon FR & Alt Income Term Trust: $27,000
• PIMCO Enhanced Short Maturity Active ETF: $276,000
• Blackstone Senior Floating Rate Term: $45,000
• Apollo Senior Floating Rate: $41,000
• Nuveen Credit Strategies Income: $16,000
• SPDR Blackstone Senior Loan ETF: $101,000
• Blackstone Senior Floating Rate Term: $35,000
• Invesco Senior Income Trust: $9,000
• PIMCO Enhanced Short Maturity Active ETF: $145,000
• Nuveen Credit Strategies Income: $8,000
• Apollo Senior Floating Rate: $19,000
• XAI Octagon FR & Alt Income Term Trust: $9,000
• Ares Dynamic Credit Allocation Fund: $14,000
• First Trust Senior Loan Fund: $21,000
• Blackstone Strategic Credit Fund: $6,000
• BlackRock Debt Strategies Fund: $5,000
• BlackRock Debt Strategies Fund: $4,000
• Blackstone Strategic Credit Fund: $3,000
• Nuveen Senior Income: $1,000
• PIMCO Enhanced Short Maturity Active ETF: $15,000
• Oxford Lane Capital Corp: $1,000
• SPDR Blackstone Senior Loan ETF: $6,000
• Ares Dynamic Credit Allocation Fund: $1,000
• EV Floating Rate Income: $1,000
• BlackRock Debt Strategies Fund: $0
• Nuveen Floating Rate Income Opps: $0

5. Wells Fargo: $598,848,000

Investment strategies:

• iShares Floating Rate Bond: $85,896,000
• First Trust Senior Loan Fund: $80,582,000
• SPDR Blackstone Senior Loan ETF: $76,451,000
• PIMCO Enhanced Short Maturity Active ETF: $138,740,000
• Nuveen Floating Rate Income: $12,426,000
• First Trust Senior Loan Fund: $38,681,000
• Blackstone Strategic Credit Fund: $,9841,000
• Highland Income Fund: $6,979,000
• Ares Dynamic Credit Allocation Fund: $8,732,000
• Apollo Senior Floating Rate: $8,291,000
• Nuveen Floating Rate Income: $4,804,000
• Highland Income Fund: $5,015,000
• PIMCO Enhanced Short Maturity Active ETF: $45,117,000
• Nuveen Credit Strategies Income: $2,218,000
• Invesco Senior Income Trust: $1,399,000
• iShares Floating Rate Bond: $16,307,000
• Eaton Vance Float-Rate 2022 Target Term: $2,632,000
• Blackstone Long-Short Credit Income: $3,563,000
• iShares Floating Rate Bond: $11,470,000
• iShares Floating Rate Bond: $10,006,000
• Blackstone Strategic Credit Fund: $2,471,000
• Ares Dynamic Credit Allocation Fund: $2,510,000
• Invesco Senior Income Trust: $632,000
• EV Senior Floating Rate: $2,065,000
• SPDR Blackstone Senior Loan ETF: $6,336,000
• EV Senior Income Trust: $878,000
• Apollo Senior Floating Rate: $2,022,000
• Nuveen Floating Rate Income Opps: $1,259,000
• Pioneer Floating Rate Fund: $1,219,000
• Eaton Vance Float-Rate 2022 Target Term: $933,000
• Saba Capital Income & Opportunities Fund: $422,000
• Blackstone Senior Floating Rate Term: $1,542,000
• Nuveen Short Duration Credit Opps: $1,018,000
• EV Floating Rate Income: $967,000
• XAI Octagon FR & Alt Income Term Trust: $524,000
• Nuveen Senior Income: $319,000
• BlackRock Debt Strategies Fund: $596,000
• Blackstone Long-Short Credit Income: $748,000
• BlackRock Floating Rate Inc Trust: $699,000
• Nuveen Credit Strategies Income: $282,000
• EV Senior Income Trust: $222,000
• Nuveen Floating Rate Income Opps: $317,000
• Saba Capital Income & Opportunities Fund: $103,000
• First Trust Senior FR Income II: $266,000
• SPDR Blackstone Senior Loan ETF: $914,000
• BlackRock Debt Strategies Fund: $86,000
• Oxford Lane Capital Corp: $50,000
• EV Senior Floating Rate: $78,000
• Eaton Vance Float-Rate 2022 Target Term: $46,000
• Nuveen Floating Rate Income: $41,000
• Nuveen Credit Strategies Income: $16,000
• Pioneer Floating Rate Fund: $20,000
• Nuveen Shrt Duration Cred Opps: $24,000
• Eagle Point Credit Co LLC: $17,000
• Saba Capital Income & Opportunities Fund: $5,000
• First Trust Senior FR Income II: $6,000
• EV Floating Rate Income: $7,000
• PIMCO Enhanced Short Maturity Active ETF: $30,000
• Nuveen Floating Rate Income: $3,000
• Invesco Variable Rate Investment Grade ETF: $5,000
• Pacer Pacific Asset Fltng Rt Hi Inc ETF: $0
• OFS Credit Company Inc: $0
• Nuveen Senior Income: $0

6. LPL: $584,484,000

Investment strategies: 

• SPDR Blackstone Senior Loan ETF: $156,151,000
• iShares Floating Rate Bond: $167,821,000
• First Trust Senior Loan Fund: $93,109,000
• Nuveen Floating Rate Income: $19,045,000
• PIMCO Enhanced Short Maturity Active ETF: $86,988,000
• Highland Income Fund: $8,590,000
• First Trust Senior FR Income II: $8,877,000
• Invesco Senior Income Trust: $2,630,000
• Invesco Variable Rate Investment Grade ETF: $11,991,000
• Nuveen Floating Rate Income Opps: $3,755,000
• Blackstone Senior Floating Rate Term: $5,209,000
• XAI Octagon FR & Alt Income Term Trust: $2,636,000
• BlackRock Debt Strategies Fund: $3,119,000
• Oxford Lane Capital Corp: $1,962,000
• Apollo Senior Floating Rate: $3,183,000
• Eaton Vance Float-Rate 2022 Target Term: $1,728,000
• EV Floating Rate Income: $2,175,000
• Nuveen Credit Strategies Income: $809,000
• EV Senior Floating Rate: $1,219,000
• EV Senior Income Trust: $492,000
• Nuveen Short Duration Credit Opps: $1,024,000
• Nuveen Senior Income: $407,000
• BlackRock Floating Rate Inc Trust: $845,000
• Saba Capital Income & Opportunities Fund: $214,000
• Ares Dynamic Credit Allocation Fund: $301,000
• Blackstone Strategic Credit Fund: $204,000

7. Goldman Sachs Group Inc.: $491,690,000

Investment strategies:

• SPDR Blackstone Senior Loan ETF: $358,983,000
• SPDR Blackstone Senior Loan ETF: $101,106,000
• iShares Floating Rate Bond: $22,980,000
• Nuveen Floating Rate Income: $4,459,000
• Nuveen Floating Rate Income Opps: $3,533,000
• Saba Capital Income & Opportunities Fund: $362,000
• BlackRock Debt Strategies Fund: $151,000
• Pioneer Floating Rate Fund: $116,000

8. Envestnet: $362,235,000

Investment strategies: 

• iShares Floating Rate Bond: $114,862,000
• SPDR Blackstone Senior Loan ETF: $75,803,000
• First Trust Senior Loan Fund: $51,104,000
• PIMCO Enhanced Short Maturity Active ETF: $81,994,000
• Highland Income Fund: $6,184,000
• Saba Capital Income & Opportunities Fund: $2,162,000
• EV Floating Rate Income: $6,150,000
• Invesco Senior Income Trust: $1,239,000
• Janus Henderson AAA CLO ETF: $1,440,0000
• Nuveen Senior Income: $1,212,000
• Nuveen Floating Rate Income Opps: $1,449,000
• Oxford Lane Capital Corp: $945,000
• OFS Credit Company Inc: $1,007,000
• Invesco Variable Rate Investment Grade ETF: $1,710,000
• Eagle Point Credit Co LLC: $798,000
• Virtus Seix Senior Loan ETF: $624,000
• First Trust Senior FR Income II: $253,000
• EV Senior Floating Rate: $242,000
• Nuveen Credit Strategies Income: $97,000

9. Raymond James & Associates Inc.: $286,949,000

Investment strategies:

• Nuveen Credit Strategies Income: $8,860,000
• First Trust Senior Loan Fund: $41,146,000
• First Trust Senior Loan Fund: $34,705,000
• EV Floating Rate Income: $10,251,000
• iShares Floating Rate Bond: $33,898,000
• Nuveen Credit Strategies Income: $3,958,000
• SPDR Blackstone Senior Loan ETFv25,166,000
• Blackstone Strategic Credit Fund: $5,797,000
• iShares Floating Rate Bond: $20,924,000
• Highland Income Fund: $3,898,000
• Nuveen Floating Rate Income: $3,391,000
• SPDR Blackstone Senior Loan ETF: $14196000
• PIMCO Enhanced Short Maturity Active ETF: $28,612,000
• PIMCO Enhanced Short Maturity Active ETF: $23,444,000
• Invesco Senior Income Trust: $972,000
• Janus Henderson AAA CLO ETF: $10,481,000
• EV Floating Rate Income: $2,211,000
• Nuveen Floating Rate Income Opps: $1,424,000
• Saba Capital Income & Opportunities Fund: $610,000
• EV Senior Floating Rate: $1,412,000
• Blackstone Strategic Credit Fund: $1,139,000
• Eaton Vance Float-Rate 2022 Target Term: $724,000
• XAI Octagon FR & Alt Income Term Trust: $551,000
• Invesco Variable Rate Investment Grade ETF: $1,549,000
• Saba Capital Income & Opportunities Fund: $257,000
• First Trust Senior FR Income II: $515,000
• Nuveen Floating Rate Income Opps: $363,000
• Ares Dynamic Credit Allocation Fund: $580,000
• Invesco Senior Income Trust: $128,000
• BlackRock Debt Strategies Fund: $299,000
• Invesco Senior Income Trust: $107,000
• EV Senior Floating Rate: $362,000
• Invesco Variable Rate Investment Grade ETF: $605,000
• Oxford Lane Capital Corp: $176,000
• Nuveen Floating Rate Income: $231,000
• BlackRock Floating Rate Inc Trust: $302,000
• Blackstone Senior Floating Rate Term: $365,000
• BlackRock Debt Strategies Fund: $245,000
• Invesco Variable Rate Investment Grade ETF: $515,000
• Blackstone Strategic Credit Fund: $237,000
• Ares Dynamic Credit Allocation Fund: $261,000
• First Trust Senior FR Income II: $185,000
• EV Floating Rate Income: $210,000
• Eagle Point Credit Co LLC: $177,000
• Nuveen Senior Income: $74,000
• Nuveen Credit Strategies Income: $79,000
• Nuveen Senior Income: $62,000
• EV Senior Income Trust: $67,000
• iShares Floating Rate Bond: $444,000
• First Trust Senior Loan Fund: $415,000
• PIMCO Enhanced Short Maturity Active ETF: $318,000
• iShares Floating Rate Bond: $51,000

10. Invesco LLC: $276,204,000

Investment strategies:

• Invesco Variable Rate Investment Grade ETF: $153,425,000
• Invesco Senior Income Trust: $9,539,000
• Nuveen Credit Strategies Income: $13,066,000
• Highland Income Fund: $15,247,000
• Nuveen Floating Rate Income: $8,224,000
• BlackRock Debt Strategies Fund: $5,473,000
• Nuveen Credit Strategies Income: $2,533,000
• First Trust Senior FR Income II: $4,481,000
• Nuveen Senior Income: $2,165,000
• Ares Dynamic Credit Allocation Fund: $5,502,000
• EV Senior Income Trust: $2,218,000
• Blackstone Long-Short Credit Income: $4,483,000
• EV Floating Rate Income: $4,326,000
• Ares Dynamic Credit Allocation Fund: $4,556,000
• EV Senior Floating Rate: $3,699,000
• Invesco Variable Rate Investment Grade ETF: $5,876,000
• BlackRock Floating Rate Inc Trust: $3,117,000
• Pioneer Floating Rate Fund: $2,338,000
• Nuveen Floating Rate Income: $1,938,000
• Nuveen Floating Rate Income Opps: $1,914,000
• First Trust Senior FR Income II: $2,049,000
• Apollo Senior Floating Rate: $2,728,000
• Blackstone Long-Short Credit Income: $2,476,000
• BlackRock Debt Strategies Fund: $1,841,000
• Blackstone Senior Floating Rate Term: $2,470,000
• BlackRock Floating Rate Inc Trust: $1,895,000
• Blackstone Strategic Credit Fund: $1,651,000
• Pioneer Floating Rate Fund: $1,406,000
• EV Senior Floating Rate: $1,694,000
• EV Floating Rate Income: $1,400,000
• Nuveen Short Duration Credit Opps: $1,217,000
• Blackstone Strategic Credit Fund: $553,000
• SPDR Blackstone Senior Loan ETF: $428,000
• iShares Floating Rate Bond: $271,000
• SPDR Blackstone Senior Loan ETF: $5,000

While the above are the top 10 owners of bank loan ETFs, you can find the complete list, along with other asset class information in our institutional investor database, Dakota Marketplace. If you’re ready to learn more, we’d love to offer you a free trial of Dakota Marketplace.