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For Individual Investors in the US

VNLA Short Duration Income ETF

VNLA – Short Duration Income ETF is an active, capital preservation and income focused ETF that seeks returns above cash

How to buy

NAV
$49.34
As of 01/29/2026

1-Day Change
$0.01 (0.02%)
 As of 01/29/2026

YTD Return
0.43%
As of 01/29/2026

Morningstar Rating

As of 12/31/2025

Morningstar Medalist Rating ™

Bronze Morningstar Analyst Rating
As of 03/27/2025

Overview

About this ETF

For investors looking to diversify their fixed income allocation and seeking a higher return on cash than a money market fund. VNLA seeks to generate income through investment flexibility across a global opportunity set, with low volatility and capital preservation across economic cycles.

Why Invest in this ETF

Focus on Secular Themes
Investing in companies benefiting from durable trends transforming society, including AI, deglobalization, health care innovation, digitization, and migration to the cloud

Highly Active Diversification
Focused portfolio provides thoughtful diversification away from the index by generally avoiding the 5-10 largest companies

Designed to complement
The portfolio focuses on 20-30 companies and seeks to capture growth equity upside while mitigating index-driven volatility

Portfolio Management

Daniel Siluk: Head of Global Short Duration & Liquidity | Portfolio Manager
Daniel Siluk

Head of Global Short Duration & Liquidity | Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Addison Maier: Portfolio Manager
Addison Maier

Portfolio Manager

Industry since 2011. Joined Firm in 2011.

Performance

RETURNS (%) (As of 12/31/2025)
Nav Market-Price ICE BofA US 3M Trsy Bill TR USD
 
3M YTD 1YR 3YR 5YR Since Inception
(11/17/2016)
Nav 1.22 5.45 5.45 5.93 3.47 3.10
Market-Price 1.28 5.45 5.45 5.97 3.47 3.11
ICE BofA US 3M Trsy Bill TR USD 0.97 4.18 4.18 4.81 3.17 2.36
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 12/31/2025)
Nav Market-Price ICE BofA US 3M Trsy Bill TR USD
 
3M YTD 1YR 3YR 5YR Since Inception
(11/17/2016)
Nav 1.22 5.45 5.45 5.93 3.47 3.10
Market-Price 1.28 5.45 5.45 5.97 3.47 3.11
ICE BofA US 3M Trsy Bill TR USD 0.97 4.18 4.18 4.81 3.17 2.36
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 ICE BofA US 3M Trsy Bill TR USD
2025 2024 2023 2022 2021 2020 2019 2018 2017
Nav 5.45 6.34 6.02 -0.08 -0.18 3.07 4.28 1.58 2.07
ICE BofA US 3M Trsy Bill TR USD 4.18 5.25 5.01 1.46 0.05 0.67 2.28 1.87 0.86
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.

Premium/Discount History

Growth of a Hypothetical Investment

@Nav ICE BofA US 3M Trsy Bill TR USD Ultrashort Bond
Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 12/31/2025)

RISK / REWARD
VS. ICE BofA US 3M Trsy Bill TR USD		 3YR 5YR
Information Ratio 1.45 0.35
Alpha 0.90 0.13
Tracking Error 0.74 0.83
Beta 0.03 -0.13
R-squared (%) 4.97 56.98
UP/DOWN MARKET CAPTURE (%)
ICE BofA US 3M Trsy Bill TR USD		 3YR 5YR
Up Capture Ratio 123.30 112.53
Down Capture Ratio - 4071.16
STANDARD DEVIATION 3YR 5YR
Short Duration Income ETF 0.76 1.19
ICE BofA US 3M Trsy Bill TR USD 0.19 0.63
SHARPE RATIO 3YR 5YR
Short Duration Income ETF 1.19 0.12
ICE BofA US 3M Trsy Bill TR USD -0.86 -0.23
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
01/30/202601/30/202602/05/2026$0.1916590$0.0000000$0.0000000$0.1916590
12/22/202512/22/202512/29/2025$0.1950330$0.0000000$0.0000000$0.1950330
12/01/202512/01/202512/05/2025$0.1911380$0.0000000$0.0000000$0.1911380
11/03/202511/03/202511/07/2025$0.1977340$0.0000000$0.0000000$0.1977340
10/01/202510/01/202510/07/2025$0.2014900$0.0000000$0.0000000$0.2014900
09/02/202509/02/202509/08/2025$0.1986910$0.0000000$0.0000000$0.1986910
08/01/202508/01/202508/07/2025$0.2035050$0.0000000$0.0000000$0.2035050
View Full History

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index

Top Holdings (As of 01/29/2026)
% of Fund
Bank Australia Limited FRN 21-FEB-2028 1.88
Australia and New Zealand Banking Group Limited 5.545% 15-JAN-2035 1.66
Morgan Stanley Bank, N.A. 4.952% 14-JAN-2028 1.47
CNH Industrial Capital Australia Pty Ltd. 5.8% 13-JUL-2026 1.45
Lonsdale Finance Pty Ltd|2.45|11/20/2026 1.39
NOW Trust 2024-1 A 4.965% 14-JUN-2032 1.18
Goldman Sachs Bank USA 5.283% 18-MAR-2027 1.15
Newcastle Greater Mutual Group Ltd. FRN 14-FEB-2029 1.02
NOW Trust 2025-1 A 4.715% 14-FEB-2034 0.94
Liberty Financial Pty Ltd. FRN 25-MAY-2026 0.94
View full holdings

Download

Portfolio Characteristics (As of 01/28/2026)
 
Number of Holdings
Debt Issues		 299
Portfolio Turnover Rate
(1-year trailing)		 15.18%
Weighted Average Maturity
(years)		 1.18
Effective Duration
(years)		 0.57
Yield to Worst
 3.71%
Sector Allocation % of Fund % of Fund As of 01/28/2026
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of January 28, 2026
Developed vs Emerging Markets % of Fund % of Fund As of January 28, 2026
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of January 28, 2026

The credit rating displayed is determined based on the availability of ratings from specific agencies. If Moody's, S&P, and Fitch all provide ratings, the lowest rating of the three is shown. In cases where none of the primary agencies (Moody's, S&P, Fitch) provide a rating, the lower rating between secondary agencies KBRA and DBRS is used instead.

Holdings in fixed income ETFs and pooled vehicles are classified based on their underlying securities and credit ratings are obtained from Bloomberg.
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 01/28/2026

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