At a glance
FLRN charges 0.15% a year, above the 0.11% average of the 7 funds most like it (the 5th cheapest of 8). It has $2.97B in assets, the 7th largest of that group; it paid 4.35% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.4% with distributions reinvested, 2nd of those 8 funds; over three years it returned +5.3% a year. At its worst it fell 14.7% in the 2020 crash (S&P 500: 33.7%) and 1.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 3 months after the lows. Its ten largest positions make up 8.0% of the fund, out of 538 in all.
The short version
SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN) is a State Street index fund. It holds investment-grade floating rate notes, which are bonds whose interest payments reset as short-term rates move, and all of them mature in under five years. This design keeps price swings small: one-year volatility was 0.7% as of October 27, 2026. It charges 0.15% a year, the same as its closest rival, iShares Floating Rate Bond ETF (FLOT), which is much larger.
Price history
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FLRN +4.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| FLRN official prospectus, to Dec 31, 2025 | — | +5.02% | — | +3.86% | +2.91% | — |
| FLRN price data to Oct 27, 2026 | +3.5% | +4.4% | +5.3% | +4.5% | +3.1% | +2.5% |
- Over the year to Oct 27, 2026, FLRN returned +4.4%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +4.5% and its 10-year +3.1%.
- In the 2020 COVID crash it fell 14.7% and regained its old high 5.4 months after the low.
- Its worst full calendar year was 2014 (-0.1%); its best was 2023 (+6.5%).
- The deepest fall in its price history was 14.7% (Feb 21, 2020 to Mar 18, 2020), recovered by Aug 28, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.5% | — |
| 2025 | +5.0% | +5.02% |
| 2024 | +6.3% | +6.34% |
| 2023 | +6.5% | +6.63% |
| 2022 | +1.3% | +1.19% |
| 2021 | +0.4% | +0.29% |
| 2020 | +0.8% | +0.86% |
| 2019 | +4.1% | +3.83% |
| 2018 | +1.4% | +1.58% |
| 2017 | +1.8% | +1.98% |
| 2016 | +1.8% | +1.59% |
| 2015 | +0.5% | — |
| 2014 | -0.1% | — |
| 2013 | +0.8% | — |
| 2012 | +2.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9.2% over that stretch · deepest drop along the way 14.7%, back to its old high 5.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.2% over that stretch · deepest drop along the way 1.5% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9800 | |
| 2025 | $1.5100 | -12.7% |
| 2024 | $1.7300 | -0.6% |
| 2023 | $1.7400 | +190.0% |
| 2022 | $0.6000 | +400.0% |
| 2021 | $0.1200 | -67.6% |
| 2020 | $0.3700 | -57.0% |
| 2019 | $0.8600 | +16.2% |
| 2018 | $0.7400 | +51.0% |
| 2017 | $0.4900 | +48.5% |
| 2016 | $0.3300 | +57.1% |
| 2015 | $0.2100 | +28.3% |
| 2014 | $0.1637 | -26.2% |
| 2013 | $0.2217 | -54.5% |
| 2012 | $0.4875 |
What's inside
As of Jun 30, 2026, the fund held 538 securities; the ten largest made up 7.95% of assets, and 2.57% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| EUROPEAN BK RECON & DEV Bonds and notes | 1.20% | |
| INTL BK RECON & DEVELOP Bonds and notes | 0.90% | |
| EUROPEAN BK RECON & DEV Bonds and notes | 0.83% | |
| INTL BK RECON & DEVELOP Bonds and notes | 0.83% | |
| EUROPEAN BK RECON & DEV Bonds and notes | 0.78% | |
| INTL FINANCE CORP Bonds and notes | 0.70% | |
| INTL BK RECON & DEVELOP Bonds and notes | 0.70% | |
| KOMMUNALBANKEN AS Bonds and notes | 0.69% | |
| INTER-AMERICAN DEVEL BK Bonds and notes | 0.67% | |
| INTL BK RECON & DEVELOP Bonds and notes | 0.66% | |
| KOMMUNALBANKEN AS Bonds and notes | 0.63% | |
| INTER-AMERICAN DEVEL BK Bonds and notes | 0.62% | |
| INTER-AMERICAN DEVEL BK Bonds and notes | 0.61% | |
| INTL BK RECON & DEVELOP Bonds and notes | 0.61% | |
| INTER-AMERICAN DEVEL BK Bonds and notes | 0.60% |
By country
United States 38.62%XX 19.43%Australia 7.36%Canada 7.22%United Kingdom 5.65%By issuer
Companies 73.46%Foreign governments 25.33%Other 0.23%The bonds mature in 2 years on average (weighted by size), with an average coupon of 4.37%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $175.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.41%, +0.39%, +0.35%.
How it works
FLRN tracks the Bloomberg U.S. Dollar Floating Rate Note < 5 Years Index, run by Bloomberg Index Services, which is not affiliated with State Street. To qualify, a bond must be in U.S. dollars and rated investment grade (Baa3/BBB- or higher). It must mature in one month to under five years and have at least $300 million outstanding. Its coupon must be variable with a fixed spread, meaning a benchmark short-term rate plus a set margin. The index excludes fixed-rate, convertible, inflation-linked and securitized bonds. It can include dollar bonds from non-U.S. companies, governments and international bodies. It held 550 securities as of July 31, 2026.
Bonds are weighted by market value, and the index is updated on the last calendar day of each month. The adviser, SSGA Funds Management, uses sampling, so it may hold only part of the index. At least 80% of assets must be in index securities. As of June 30, 2026, the fund had 541 positions. The 10 largest made up 7.95% of assets, led by the European Bank for Reconstruction & Development, the International Bank for Reconstruction & Development and the Inter-American Development Bank. Companies made up 73% of the fund, and financial and industrial companies were a large share of it.
Because coupons reset, prices react little to rate changes, but income falls when rates fall. The average maturity was 2 years and the fund held no derivatives.
What it really costs
- FLRN charges 0.15% a year, versus an average of 0.11% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FLRN | $15 | $48 | $85 | $192 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its short, floating rate bonds have kept price swings small, with one-year volatility of 0.7% as of October 27, 2026.
FLRN could serve as a low-volatility place for money that may be needed within a few years. Its income follows short-term rates. The trailing 12-month yield was 4.35% as of October 27, 2026, paid monthly, but payouts shrink when rates fall. The fund launched in 2011, so it has no 2008 record. Between February 21 and March 18, 2020, its share price fell 14.7% and took 5.4 months to recover. Anyone forced to sell then would have locked in a loss. During the 2022 bear market it dipped only 1.5% and recovered in 2.7 months, and it returned 1.19% for 2022. Its worst calendar year was 2014, at -0.1%. In the SEC's $10,000 example, the 0.15% fee costs $192 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting monthly income that rises with short-term rates; the trailing 12-month yield was 4.35% as of October 27, 2026.
- Savers holding money for a few years who want small price swings; one-year volatility was 0.7% as of October 27, 2026.
- Bond investors worried about rising rates; in the 2022 bear market FLRN's deepest dip was 1.5%, recovered within 2.7 months.
Look elsewhere if
- Those who want to lock in a yield; coupons reset lower when short-term rates fall, so income can shrink.
- Cost-focused buyers; the 0.15% fee is above the 0.11% peer average, though fixed-rate funds like VCSH follow a different strategy.
- Anyone who can't stomach credit risk; the price fell 14.7% in early 2020. USFR holds Treasury floaters instead of corporate bonds.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| FLRN this fund | 2 yrs | 0.15% | $2.97B | +4.4% | +5.3% |
| FLOT iShares Floating Rate Bond ETF | 2 yrs | 0.15% | $10.32B | +4.3% | +5.3% |
| JPST JPMorgan Ultra-Short Income ETF | 2 yrs | 0.18% | $41.13B | +3.1% | +4.8% |
| SLQD iShares 0-5 Year Investment Grade Corporate… | 2.6 yrs | 0.06% | $2.38B | +1.9% | +5.3% |
| FLTR VanEck IG Floating Rate ETF | 3.1 yrs | 0.14% | $3.00B | +4.6% | +5.9% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
Questions investors ask
Does FLRN pay monthly dividends?
Yes. FLRN pays income monthly. Over the 12 months to October 27, 2026, it paid $1.34 per share, a trailing yield of 4.35%. The amount changes from month to month because the bonds' coupons reset with short-term interest rates. If rates fall, payouts usually fall too. The prospectus also warns that bonds can be repaid early, forcing the fund to reinvest at lower rates.
What's the difference between FLRN and FLOT?
Very little. Both hold investment-grade floating rate bonds, both charge 0.15% a year, and both had an average maturity of 2 years. Their average maturity and issuer mix were a 99% match. The main gap is size: FLOT had $10.3 billion in net assets as of July 31, 2026, against FLRN's $2.97 billion as of June 30, 2026. As of October 27, 2026, FLRN's one-year return was 4.4% against FLOT's 4.3%. Both returned 5.3% a year over three years.
Is FLRN safe when interest rates rise?
FLRN holds up better than most bond funds when rates rise, but it is not risk-free. Its coupons reset upward, so prices react little to rate changes. In the 2022 bear market it dipped 1.5%, recovered within 2.7 months and returned 1.19% for 2022. It still carries credit risk, though: its price fell 14.7% in early 2020. It is not FDIC-insured, and its coupons can lag behind market rates.
What does FLRN hold?
FLRN holds short-term, investment-grade floating rate bonds, with 541 positions as of June 30, 2026. The largest were international development banks: the European Bank for Reconstruction & Development, the International Bank for Reconstruction & Development, the International Finance Corp and the Inter-American Development Bank. Norway's Kommunalbanken was also near the top. Companies made up 73% of assets and foreign governments 25%. U.S. issuers were 39%, followed by Australia and Canada.
How much does FLRN cost?
FLRN charges 0.15% a year, according to its prospectus filed October 26, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would cost $15 in the first year, $85 over five years and $192 over 10 years. That is above the 0.11% average for similar funds, and FLRN ranks 5th of 8 on cost. FLOT charges the same 0.15%, while VCSH charges 0.03% but holds fixed-rate bonds.