VNLA Short Duration Income ETF

Our Cash PLUS ETF - A capital preservation and income-focused ETF that seeks returns above cash

NAV
$49.84
As of 10/15/2019

1 Day Change
$0.00 (0.00%)
As of 10/15/2019

YTD Return
3.90%
As of 10/15/2019

30 Day SEC Yield
2.39%
As of 09/30/2019

Overview

Striving to Deliver Cash PLUS 2%-3% from Investments

An ETF seeking global fixed income investments that can provide return above FTSE 3-Month U.S. Treasury Bill Index (a proxy for cash)

Globe-Wireframe

Investors in VNLA may

  • Want to put cash to work to seek a steady income stream
  • Seek higher returns on cash than a money market fund
  • Place high priority on capital preservation
  • Be looking to diversify their fixed income allocation
  • Want intra-day liquidity for near-term needs

The Fund may be subject to greater investment risk than a money market fund.

In Your Portfolio

VNLA's targeted absolute return, coupled with a focus on risk, make it an attractive option for investors. By keeping duration low, the Fund seeks to minimize interest rate risk.

Hypothetical examples are for illustrative purposes only and do not represent the returns of any particular investment.

Differences between compared investments may include objectives, sales and management fees, liquidity, volatility, tax features and other features, which may result in differences in performance.

Benefits of an Absolute Return Approach

Without benchmark constraints, the fund is free to invest across global fixed income markets, giving the portfolio managers the latitude to:

  • Fully express their high-conviction active views
  • Avoid areas of the market where they see greater downside risk
  • Make what they believe to be the best investment decisions on behalf of investors.

Investment Process

STRUCTURAL ALPHA

Investments with Alpha-Generating Potential

An opportunity set that may leverage derivatives through alpha seeking or protection strategies to express our view on global credit, interest rates, and duration

YIELD FOUNDATION

Short-Term Fixed Income Investments

Predominantly high-quality investment grade short-duration fixed income assets, diversified across sectors and geographies worldwide

Janus Henderson Investors

VNLA – Our Cash PLUS ETF

An Active, Global Absolute Return Approach to Put Cash to Work

PORTFOLIO MANAGEMENT

Nick Maroutsos

Co-Head of Global Bonds | Portfolio Manager

Industry since 1999. Joined Firm in 2015.

Daniel Siluk

Portfolio Manager

Industry since 2003. Joined Firm in 2015.

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Performance

RETURNS (%) (As of 09/30/2019)
NAV Market Price FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(11/16/2016)
NAV 0.94% 3.92% 4.03% - - - 2.64%
Market Price 0.90% 3.96% 3.91% - - - 2.64%
FTSE 3-Month Treasury Bill Index 0.56% 1.78% 2.36% 1.52% 0.96% 0.52% 1.58%
RETURNS (%) (As of 09/30/2019)
NAV Market Price FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR 10YR Since Inception
(11/16/2016)
NAV 0.94% 3.92% 4.03% - - - 2.64%
Market Price 0.90% 3.96% 3.91% - - - 2.64%
FTSE 3-Month Treasury Bill Index 0.56% 1.78% 2.36% 1.52% 0.96% 0.52% 1.58%

FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 13 14 36 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 20.31% 21.88% 56.25% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 26 13 22 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 41.27% 20.63% 34.92% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 23 5 32 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 37.70% 8.20% 52.46% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 7 0 56 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 11.11% 0.00% 88.89% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 0 0 63 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 0 0 64 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 1 0 60 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 1.64% 0.00% 98.36% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 0 1 60 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 0.00% 1.59% 95.24% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 0 0 63 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 1 0 62 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 1.59% 0.00% 98.41% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 13 4 45 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 20.97% 6.45% 72.58% 0.00% 0.00% 0.00%
Market price below NAV Market price equal to NAV Market price above NAV
Percent of Difference < -1.50 -1.49 to -1.00 -0.99 to -0.50 -0.49 to -0.01 0 0.01 to 0.49 0.50 to 0.99 1.00 to 1.49 > 1.50
Number of Days 0 0 0 0 0 30 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 0.00% 0.00% 100.00% 0.00% 0.00% 0.00%
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
8/1/2019 8/2/2019 8/7/2019 $0.117192$0.000000$0.000000$0.117192
7/1/2019 7/2/2019 7/8/2019 $0.106635$0.000000$0.000000$0.106635
6/3/2019 6/4/2019 6/7/2019 $0.112083$0.000000$0.000000$0.112083
5/1/2019 5/2/2019 5/7/2019 $0.107656$0.000000$0.000000$0.107656
4/1/2019 4/2/2019 4/5/2019 $0.181587$0.000000$0.000000$0.181587
3/1/2019 3/4/2019 3/7/2019 $0.111868$0.000000$0.000000$0.111868
2/1/2019 2/4/2019 2/7/2019 $0.086182$0.000000$0.000000$0.086182
12/27/2018 12/28/2018 1/3/2018 $0.147492$0.252288$0.392125$0.791905
12/3/2018 12/4/2018 12/7/2018 $0.089646$0.000000$0.000000$0.089646
11/1/2018 11/2/2018 11/7/2018 $0.089646$0.000000$0.000000$0.089646
10/1/2018 10/2/2018 10/5/2018 $0.132742$0.000000$0.000000$0.132742
9/4/2018 9/5/2018 9/10/2018 $0.112921$0.000000$0.000000$0.112921
8/1/2018 8/2/2018 8/7/2018 $0.113682$0.000000$0.000000$0.113682
7/2/2018 7/3/2018 7/9/2018 $0.083218$0.000000$0.000000$0.083218
6/1/2018 6/4/2018 6/7/2018 $0.075564$0.000000$0.000000$0.075564
5/1/2018 5/2/2018 5/7/2018 $0.106898$0.000000$0.000000$0.106898
4/2/2018 4/3/2018 4/6/2018 $0.076017$0.000000$0.000000$0.076017
3/1/2018 3/2/2018 3/7/2018 $0.089409$0.000000$0.000000$0.089409
2/1/2018 2/2/2018 2/7/2018 $0.080882$0.000000$0.000000$0.080882
12/27/2017 12/28/2017 1/2/2018 $0.135978$0.000000$0.000000$0.135978
12/1/2017 12/4/2017 12/7/2017 $0.117687$0.000000$0.000000$0.117687
11/1/2017 11/2/2017 11/7/2017 $0.108801$0.000000$0.000000$0.108801
10/2/2017 10/3/2017 10/6/2017 $0.099298$0.000000$0.000000$0.099298
9/1/2017 9/6/2017 9/8/2017 $0.047273$0.000000$0.000000$0.047273
8/1/2017 8/3/2017 8/7/2017 $0.049412$0.000000$0.000000$0.049412
7/3/2017 7/6/2017 7/10/2017 $0.049085$0.000000$0.000000$0.049085
6/1/2017 6/5/2017 6/7/2017 $0.052921$0.000000$0.000000$0.052921
5/1/2017 5/3/2017 5/5/2017 $0.087679$0.000000$0.000000$0.087679
4/3/2017 4/5/2017 4/7/2017 $0.074476$0.000000$0.000000$0.074476
3/1/2017 3/3/2017 3/7/2017 $0.051472$0.000000$0.000000$0.051472
2/1/2017 2/3/2017 2/7/2017 $0.025395$0.000000$0.000000$0.025395
12/28/2016 12/30/2016 1/3/2017 $0.040782$0.000000$0.000000$0.040782

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

(As of 10/15/2019)
% of Fund
Sydney Airport Finance Co. Pty Ltd. 3.625% 28-APR-2026 1.58
SGSP (Australia) Assets Pty Ltd. 3.3% 09-APR-2023 1.26
Export-Import Bank of Korea FRN 01-JUN-2021 1.23
Cardinal Health, Inc. FRN 15-JUN-2022 1.11
Westpac Banking Corporation 4.334% 16-AUG-2029 0.90
Liberty Funding Pty LTD Liberty Series 2018-1 A2 2.707% 10-OCT-2049 0.88
Walt Disney Company 1.75% 30-AUG-2024 0.84
Volkswagen Group of America Finance LLC FRN 12-NOV-2021 0.83
Ausgrid Finance Pty Ltd. FRN 30-OCT-2024 0.82
Wells Fargo Bank, N.A. FRN 23-JUL-2021 0.79
View full holdings
Portfolio Characteristics (As of 10/14/2019)
 
Number of Holdings
Debt Issues
355
Portfolio Turnover Rate
(1-year trailing)
11.65%
Weighted Average Maturity
(years)
2.24
Effective Duration
(years)
1.73

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