For Institutional Investors in the US

VNLA Short Duration Income ETF

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

NAV
$48.18
As of 12/08/2023

1-Day Change
-$0.01 (-0.02%)
As of 12/08/2023

YTD Return
5.26%
As of 12/08/2023

Morningstar Rating

As of 11/30/2023

Overview

Striving to Deliver Cash PLUS 2% 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)

Close-Up Of Magnifying Glass Against BlueBackground.Studio shot

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.

vnla target return

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

VNLA-Investment-Process-Graphic-Revised-2023

VNLA – Our Cash PLUS ETF

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

PORTFOLIO MANAGEMENT

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Daniel Siluk

Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Performance

RETURNS (%) (As of 09/30/2023)
Nav Market-Price FTSE 3-Month U.S. Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(11/16/2016)
Nav 1.31 3.68 4.87 1.28 2.15 2.09
Market-Price 1.42 3.79 4.96 1.25 2.13 2.09
FTSE 3-Month U.S. Treasury Bill Index 1.37 3.79 4.70 1.78 1.74 1.58
RETURNS (%) (As of 11/30/2023)
Nav Market-Price FTSE 3-Month U.S. Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(11/16/2016)
Nav 1.59 5.07 5.57 1.62 2.41 2.23
Market-Price 1.67 5.22 5.62 1.63 2.40 2.24
FTSE 3-Month U.S. Treasury Bill Index 1.38 4.76 5.11 2.08 1.85 1.68
Calendar Year Returns (%)
Nav FTSE 3-Month U.S. Treasury Bill Index
2022 2021 2020 2019 2018 2017
Nav -0.08 -0.18 3.07 4.28 1.58 2.07
FTSE 3-Month U.S. Treasury Bill Index 1.50 0.04 0.58 2.25 1.86 0.84

PREMIUM/DISCOUNT HISTORY

DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
12/01/202312/04/202312/07/20230.1670030$0.000000$0.0000000.1670030
11/01/202311/02/202311/07/2023$0.175108$0.000000$0.000000$0.175108
10/02/202310/03/202310/06/2023$0.171134$0.000000$0.000000$0.171134
09/01/202309/05/202309/08/2023$0.162807$0.000000$0.000000$0.162807
08/01/202308/02/202308/07/2023$0.170202$0.000000$0.000000$0.170202
07/03/202307/05/202307/10/2023$0.163201$0.000000$0.000000$0.163201
06/01/202306/02/202306/07/2023$0.159309$0.000000$0.000000$0.159309
View Full History

MORNINGSTAR PERCENTILE

(As Of 09/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 54 70 16 - 17
Ultrashort Bond | Rank/Count 133/235 145/214 23/201 -/- 23/184
(As Of 11/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 46 67 13 - 15
Ultrashort Bond | Rank / Count 116/236 138/215 19/201 -/- 20/184

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 12/07/2023)
% of Fund
New Zealand 0.5% 15-MAY-2024 5.09
Citigroup Inc. 5.61% 29-SEP-2026 1.45
Macquarie Group Limited 6.207% 22-NOV-2024 1.20
Janus Detroit Street Trust Janus Henderson AAA CLO ETF 1.14
Pfizer Investment Enterprises Pte. Ltd. 4.45% 19-MAY-2026 1.09
GE Healthcare Technologies Inc. 5.55% 15-NOV-2024 1.03
Bank of America Corporation 1.319% 19-JUN-2026 0.98
Illumina, Inc. 5.8% 12-DEC-2025 0.97
Georgia-Pacific LLC 0.625% 15-MAY-2024 0.97
Willis North America, Inc. 3.6% 15-MAY-2024 0.95
View full holdings
Portfolio Characteristics (As of 12/07/2023)
 
Number of Holdings
Debt Issues
226
Portfolio Turnover Rate
(1-year trailing)
36.55%
Weighted Average Maturity
(years)
1.72
Effective Duration
(years)
0.80
Yield to Worst
5.92%
Sector Allocation % OF FUND % OF FUND (As of 12/07/2023)
Regional Allocation % OF FUND % OF FUND (As of December 7, 2023)
Developed vs Emerging Markets % OF FUND % OF FUND (As of December 7, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 12/07/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of December 7, 2023)

Documents