VNLA – Short Duration Income ETF

Seeking Attractive Returns and Steady Income
NAV As of 12/14/18 $49.77

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Fund Facts

Pricing Data (As of Market Close 12/14/18) Yields and Expenses Fund Details
$49.79 Closing Market Price
$49.79 Bid/Ask Midpoint
$49.82 Day High
$49.77 Day Low
250,814 Trading Volume (Shares)
0.04% Premium/Discount
16.55M Shares Outstanding
2.43% Distribution Yield at NAV
(As of 11/30/18)
30 Day SEC Yield (As of 11/30/18) 2.92%
Monthly Distribution Frequency
$823.72M Total Net Assets (As of 12/14/18)
GROSS 0.35%
NET 0.35%
Annual Expense Ratio
(As of fiscal year end 10/31/18)
Performance (As of 12/14/18)
$49.77 NAV
(As of 12/14/18)
0.02% NAV 1 Day Return
1.43% NAV Year to Date
11/16/16 Inception Date
47103U886 CUSIP
Category
Morningstar (As of 11/30/2018)
Ultrashort Bond
VNLAIV Intraday Value (IOPV)
NYSE Exchange
Primary Benchmark FTSE 3-Month Treasury Bill Index
Creation Unit size is 50,000 shares.

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 Wire Frame
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
  • Are 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, may pay off as yields rise. By keeping duration low, the fund seeks to minimize interest rate risk.
Chart: VNLA In your Portfolio
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
Chart: VNLA Investment Process
VNLA – Our Cash PLUS ETF
An Active, Global Absolute Return Approach to Put Cash to Work

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Nov 16, 2016 3M YTD 1YR 3YR 5YR 10YR Since Inception
NAV 0.78% 1.47% 1.96% - - - 1.90%
Market Price 0.76% 1.47% 2.04% - - - 1.97%
FTSE 3-Month Treasury Bill Index 0.50% 1.29% 1.57% 0.80% 0.49% 0.32% 1.16%
Inception: Nov 16, 2016 3M YTD 1YR 3YR 5YR 10YR Since Inception
NAV 0.17% 1.53% 1.64% - - - 1.78%
Market Price 0.19% 1.51% 1.66% - - - 1.83%
FTSE 3-Month Treasury Bill Index 0.54% 1.66% 1.76% 0.93% 0.57% 0.34% 1.25%
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.
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.

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 1 0 52 0 0 0
Percent of Total Days 0.00% 0.00% 0.00% 1.89% 0.00% 98.11% 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-DATE RECORD DATE PAYABLE DATE ORDINARY INCOME SHORT-TERM CAPITAL GAINS LONG-TERM CAPITAL GAINS TOTAL DISTRIBUTION
12/3/2018 12/4/2018 12/7/2018 $0.081154 $0.000000 $0.000000 $0.081154
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
09/04/2018 09/05/2018 09/10/2018 $0.112921 $0.000000 $0.000000 $0.112921
08/01/2018 08/02/2018 08/07/2018 $0.113682 $0.000000 $0.000000 $0.113682
07/02/2018 07/03/2018 07/09/2018 $0.083218 $0.000000 $0.000000 $0.083218
06/01/2018 06/04/2018 06/07/2018 $0.075564 $0.000000 $0.000000 $0.075564
05/01/2018 05/02/2018 05/07/2018 $0.106898 $0.000000 $0.000000 $0.106898
04/02/2018 04/03/2018 04/06/2018 $0.076017 $0.000000 $0.000000 $0.076017
03/01/2018 03/02/2018 03/07/2018 $0.089409 $0.000000 $0.000000 $0.089409
02/01/2018 02/02/2018 02/07/2018 $0.080882 $0.000000 $0.000000 $0.080882
12/27/2017 12/28/2017 01/02/2018 $0.135978 $0.000000 $0.000000 $0.135978
12/01/2017 12/04/2017 12/07/2017 $0.117687 $0.000000 $0.000000 $0.117687
11/01/2017 11/02/2017 11/07/2017 $0.108801 $0.000000 $0.000000 $0.108801
10/02/2017 10/03/2017 10/06/2017 $0.099298 $0.000000 $0.000000 $0.099298
09/01/2017 09/06/2017 09/08/2017 $0.047273 $0.000000 $0.000000 $0.047273
08/01/2017 08/03/2017 08/07/2017 $0.049412 $0.000000 $0.000000 $0.049412
07/03/2017 07/06/2017 07/10/2017 $0.049085 $0.000000 $0.000000 $0.049085
06/01/2017 06/05/2017 06/07/2017 $0.052921 $0.000000 $0.000000 $0.052921
05/01/2017 05/03/2017 05/05/2017 $0.087679 $0.000000 $0.000000 $0.087679
04/03/2017 04/05/2017 04/07/2017 $0.074476 $0.000000 $0.000000 $0.074476
03/01/2017 03/03/2017 03/07/2017 $0.051472 $0.000000 $0.000000 $0.051472
02/01/2017 02/03/2017 02/07/2017 $0.025395 $0.000000 $0.000000 $0.025395
12/28/2016 12/30/2016 01/03/2017 $0.040782 $0.000000 $0.000000 $0.040782

Characteristics

Index represents the FTSE 3-Month U.S. Treasury Bill Index.

TOP HOLDINGS

(As of 12/13/2018)

% of Fund
Optus Finance Pty Ltd. 4.625% 15-OCT-2019 1.61
SGSP (Australia) Assets Pty Ltd. 3.3% 09-APR-2023 1.39
Ausgrid Finance Pty Ltd. FRN 30-OCT-2024 1.03
Network Finance Co. Pty Ltd. FRN 06-DEC-2024 0.94
Wells Fargo Bank, N.A. FRN 23-JUL-2021 0.92
Volkswagen Group of America Finance LLC FRN 12-NOV-2021 0.92
National Australia Bank Ltd|0|11/04/2021 0.88
KfW Bankengruppe 2.375% 29-DEC-2022 0.85
Westpac Banking Corporation 4.334% 16-AUG-2029 0.82
Amazon.com, Inc. 2.5% 29-NOV-2022 0.81

PORTFOLIO CHARACTERISTICS

(As of 12/14/18)

Number of Holdings
Debt Issues
342
Portfolio Turnover Rate
(1-year trailing)
17.50%
Weighted Average Maturity
(years)
3.54
Effective Duration
(years)
0.77

Commentary & Literature