First Trust Senior Loan Fund (FTSL)

First Trust Senior Loan Fund (FTSL) is an exchange-traded fund in the Bank Loan category. It has $2.30B in assets, an expense ratio of 0.70% and a 6.40% dividend yield. Under normal market conditions, the fund invests at least 80% of its net assets in first and second lien senior floating rate bank loans (collectively, “Senior Loans”). Senior loans represent debt obligations of sub-investment grade corporate borrowers, similar to high yield bonds; however, senior loans are different from traditional high yield bonds in that senior loans are typically senior to other obligations of the borrower and generally secured by a lien on all or some portion of the asset…