For Individual 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

As of 09/27/2023

1-Day Change
-$0.02 (-0.04%)
As of 09/27/2023

YTD Return
As of 09/27/2023

Morningstar Rating

As of 08/31/2023


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)

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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


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


Short-Term Fixed Income Investments

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



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


Jason England

Portfolio Manager

Industry since 1994. Joined Firm in 2017.

Daniel Siluk

Portfolio Manager

Industry since 2004. Joined Firm in 2015.


RETURNS (%) (As of 08/31/2023)
NAV Market Price FTSE 3-Month U.S. Treasury Bill Index
3M YTD 1YR 3YR 5YR Since Inception
NAV 1.35 3.42 4.32 1.20 2.13 2.08
Market Price 1.39 3.49 4.25 1.17 2.11 2.07
FTSE 3-Month U.S. Treasury Bill Index 1.35 3.33 4.44 1.63 1.68 1.54
RETURNS (%) (As of 06/30/2023)
NAV Market Price FTSE 3-Month U.S. Treasury Bill Index
3M YTD 1YR 3YR 5YR Since Inception
NAV 1.13 2.34 3.77 1.04 2.05 1.97
Market Price 1.03 2.34 3.60 0.96 2.01 1.96
FTSE 3-Month U.S. Treasury Bill Index 1.25 2.39 3.75 1.33 1.57 1.44
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 0.05 0.58 2.25 1.86 0.84


Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
View Full History


Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 09/26/2023)
% of Fund
New Zealand 0.5% 15-MAY-2024 5.19
Citigroup Inc. 5.61% 29-SEP-2026 1.57
Bank of Montreal 4.338% 05-OCT-2028 1.50
Macquarie Group Limited 6.207% 22-NOV-2024 1.29
Janus Detroit Street Trust Janus Henderson AAA CLO ETF 1.21
Pfizer Investment Enterprises Pte. Ltd. 4.45% 19-MAY-2026 1.16
GE Healthcare Technologies Inc. 5.55% 15-NOV-2024 1.11
Georgia-Pacific LLC 0.625% 15-MAY-2024 1.02
Bank of America Corporation 1.319% 19-JUN-2026 1.02
Illumina, Inc. 5.8% 12-DEC-2025 1.01
View full holdings
Portfolio Characteristics (As of 09/26/2023)
Number of Holdings
Debt Issues
Portfolio Turnover Rate
(1-year trailing)
Weighted Average Maturity
Effective Duration
Yield to Worst

Yield to Worst is a portfolio level calculation that excludes cash and cash related costs.

Sector Allocation % OF FUND % OF FUND (As of 09/26/2023)
Regional Allocation % OF FUND % OF FUND (As of September 26, 2023)
Developed vs Emerging Markets % OF FUND % OF FUND (As of September 26, 2023)
Maturity Breakdown of Fixed Income Holdings % OF FUND % OF FUND (As of 09/26/2023)
Credit Quality of Fixed Income Holdings % OF FUND % OF FUND (As of September 26, 2023)