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
$47.78
As of 05/26/2023

1-Day Change
$0.02 (0.04%)
 As of 05/26/2023

YTD Return
1.87%
As of 05/26/2023

Morningstar Rating

As of 04/30/2023

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)

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

View term definitions

Janus Henderson Investors

VNLA – Our Cash PLUS ETF

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

PORTFOLIO MANAGEMENT

Daniel Siluk

Daniel Siluk

Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Jason England

Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Performance

RETURNS (%) (As of 03/31/2023)
NAV Market Price FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(11/16/2016)
NAV 1.19 1.19 2.01 1.48 1.92 1.87
Market Price 1.30 1.30 1.93 1.46 1.91 1.87
FTSE 3-Month Treasury Bill Index 1.12 1.12 2.61 0.95 1.40 1.29
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
RETURNS (%) (As of 04/30/2023)
NAV Market Price FTSE 3-Month Treasury Bill Index
 
3M YTD 1YR 3YR 5YR Since Inception
(11/16/2016)
NAV 0.90 1.69 2.79 1.26 1.98 1.92
Market Price 0.98 1.81 2.81 1.23 1.97 1.93
FTSE 3-Month Treasury Bill Index 1.15 1.52 2.99 1.06 1.45 1.34
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is normally determined for most ETFs), and do not represent the returns you would receive if you traded shares at other times. Ordinary brokerage commissions apply and will reduce returns.
Calendar Year Returns (%)
NAV Market Price FTSE 3-Month Treasury Bill Index
2022 2021 2020 2019 2018 2017
NAV -0.08 -0.18 3.07 4.28 1.58 2.07
Market Price -0.15 -0.18 2.99 4.39 1.42 2.13
FTSE 3-Month Treasury Bill Index 1.50 0.05 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
05/01/202305/02/202305/05/2023$0.146806$0.000000$0.000000$0.146806
04/03/202304/04/202304/10/2023$0.141104$0.000000$0.000000$0.141104
03/01/202303/02/202303/07/2023$0.125630$0.000000$0.000000$0.125630
02/01/202302/02/202302/07/2023$0.140559$0.000000$0.000000$0.140559
12/23/202212/27/202212/30/2022$1.334038$0.000000$0.000000$1.334038
12/01/202212/02/202212/07/2022$0.128918$0.000000$0.000000$0.128918
11/01/202211/02/202211/07/2022$0.094732$0.000000$0.000000$0.094732
View Full History

MORNINGSTAR PERCENTILE

(As Of 03/31/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 55 45 11 - 12
Ultrashort Bond | Rank/Count 118/238 108/226 15/205 -/- 15/200
(As Of 04/30/2023)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 48 47 12 - 13
Ultrashort Bond | Rank / Count 102/236 103/216 17/199 -/- 18/194

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 05/26/2023)
% of Fund
New Zealand 0.5% 15-MAY-2024 5.15
Citigroup Inc. 5.61% 29-SEP-2026 1.55
Macquarie Group Limited 6.207% 22-NOV-2024 1.27
Banco Santander, S.A. 3.496% 24-MAR-2025 1.20
Janus Detroit Street Trust Janus Henderson AAA CLO ETF 1.19
Pfizer Investment Enterprises Pte. Ltd. 4.45% 19-MAY-2026 1.15
Royal Bank of Canada 5.66% 25-OCT-2024 1.14
GE Healthcare Technologies Inc. 5.55% 15-NOV-2024 1.09
Illumina, Inc. 5.8% 12-DEC-2025 1.03
Bank of America Corporation 1.319% 19-JUN-2026 1.01
View full holdings

Download

Portfolio Characteristics (As of 05/26/2023)
 
Number of Holdings
Debt Issues		 225
Portfolio Turnover Rate
(1-year trailing)		 46.13%
Weighted Average Maturity
(years)		 1.66
Effective Duration
(years)		 0.76
Yield to Worst
 5.52%

Yield to Worst calculation excludes cash.
Sector Allocation % OF FUND % OF FUND (As of 05/26/2023)
Regional Allocation % OF FUND % OF FUND (As of May 26, 2023)
Developed vs Emerging Markets % OF FUND % OF FUND (As of May 26, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 05/26/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of May 26, 2023)
Credit quality ratings reflect the lowest rating received from Moody’s, Standard & Poor’s and/or Fitch. Ratings are measured on a scale that ranges from AAA (highest) to D (lowest).

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