Symbols

SEIX

Virtus Seix Senior Loan ETF·NYSE

--(--)

Key Stats

Assets Under Management

267.91MUSD

Fund Flows (1Y)

-9.87MUSD

Dividend Yield

6.84%

Discount/Premium to NAV

-0.02%

Shares Outstanding

11.48M

Expense Ratio

0.57%

About Virtus Seix Senior Loan ETF

Issuer

Virtus Investment Advisers, LLC

Brand

Virtus

Home Page

https://www.virtus.com/products/virtus-seix-senior-loan-etf#shareclass.752/period.quarterly

Inception Date

Apr 24, 2019

Structure

Open-Ended Fund

Index Tracked

Management Style

Active

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Virtus Advisers LLC

Distributor

VP Distributors LLC

SEIX offers actively-managed exposure to bank loans in an ETF wrapper. As floating rate securities, bank loans offer relative safety from interest rate risk, but still take significant credit risk. This is because the fund focuses on debt from below-investment grade firms, just like other competing ETFs in the segment. Even so, credit risk is somewhat mitigated in that the firm's capital structure is senior debt. US firms are the primary target, but the fund can hold paper up to 20% ex-US. Cash positions in the fund may represent derivative collateral rather than low risk, low return cash exposure. As with all bank-loan ETFs, keep in mind that underlying liquidity should be a concern if the market sells off. As an actively-managed fund, Seix Investment Advisors (the sub-advisor) reveals little about their approach.