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For Financial Professionals in the US

VNLA Short Duration Income ETF

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

NAV
$48.91
As of 10/03/2024

1-Day Change
$0.00 (0.00%)
 As of 10/03/2024

YTD Return
5.00%
As of 10/03/2024

Morningstar Rating

As of 08/31/2024

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

Capital preservation
Risk management is fully-integrated into our approach, and we will manage to our overall volatility budget actively and swiftly.

Income generation
A versatile solution combining return-seeking and consistent income generating objectives.

Global diversification
We collaborate on a global scale across team and portfolio to access the best relative value opportunities.

Portfolio Management

Daniel Siluk
Daniel Siluk

Head of Global Short Duration & Liquidity | Portfolio Manager

Industry since 2004. Joined Firm in 2015.

Addison Maier
Addison Maier

Portfolio Manager

Industry since 2011. Joined Firm in 2011.

Performance

RETURNS (%) (As of 06/30/2024)
Nav Market-Price FTSE 3-Month U.S. Treasury Bill
 
3M YTD 1YR 3YR 5YR Since Inception
(11/17/2016)
Nav 1.40 2.57 6.26 2.79 2.51 2.52
Market-Price 1.38 2.53 6.28 2.76 2.49 2.51
FTSE 3-Month U.S. Treasury Bill 1.37 2.76 5.64 3.17 2.22 1.98
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 08/31/2024)
Nav Market-Price FTSE 3-Month U.S. Treasury Bill
 
3M YTD 1YR 3YR 5YR Since Inception
(11/17/2016)
Nav 2.16 4.23 6.84 3.30 2.65 2.68
Market-Price 2.30 4.33 6.95 3.33 2.67 2.69
FTSE 3-Month U.S. Treasury Bill 1.38 3.71 5.65 3.48 2.33 2.05
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 FTSE 3-Month U.S. Treasury Bill
2023 2022 2021 2020 2019 2018 2017
Nav 6.02 -0.08 -0.18 3.07 4.28 1.58 2.07
FTSE 3-Month U.S. Treasury Bill 5.26 1.50 0.05 0.58 2.25 1.86 0.84

Premium/Discount History

Morningstar Percentile

 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 18 41 18 - 20
Ultrashort Bond | Rank/Count 43/254 86/213 34/201 -/- 29/180
 (As of 09/30/2024)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking 18 41 18 - 15
Ultrashort Bond | Rank / Count 43/254 86/213 34/201 -/- 24/178

Growth of a Hypothetical Investment

@Nav FTSE 3-Month U.S. Treasury Bill 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).

Returns-Based Statistics (As of 08/31/2024 )

RISK / REWARD
VS. FTSE 3-Month U.S. Treasury Bill		 3YR 5YR
Information Ratio -0.18 0.23
Alpha -0.14 0.45
Tracking Error 0.97 1.35
Beta 2.00 -2.25
R-squared (%) 55.70 22.52
UP/DOWN MARKET CAPTURE (%)
VS. FTSE 3-Month U.S. Treasury Bill		 3YR 5YR
Up Capture Ratio 94.80 113.88
Down Capture Ratio - -
STANDARD DEVIATION 3YR 5YR
Short Duration Income ETF 1.37 1.54
FTSE 3-Month U.S. Treasury Bill 0.66 0.66
SHARPE RATIO 3YR 5YR
Short Duration Income ETF -0.15 0.23
FTSE 3-Month U.S. Treasury Bill -0.04 0.06
DISTRIBUTION OVERVIEW
Ex-DateRecord DatePayable DateOrdinary IncomeShort-Term Capital GainsLong-Term Capital GainsTotal Distribution
10/01/202410/01/202410/07/2024$0.204359$0.000000$0.000000$0.204359
09/03/202409/03/202409/09/2024$0.208788$0.000000$0.000000$0.208788
08/01/2024 08/01/2024 08/07/2024 $0.198080 $0.000000$0.000000$0.198080
07/01/202407/01/202407/08/2024$0.202487$0.000000$0.000000$0.202487
06/03/202406/03/202406/07/2024$0.206707$0.000000$0.000000$0.206707
05/01/202405/02/202405/07/2024$0.199931$0.000000$0.000000$0.199931
04/01/202404/02/202404/05/2024$0.198809$0.000000$0.000000$0.198809
03/01/202403/04/202403/07/2024$0.193838$0.000000$0.000000$0.193838
View Full History

Portfolio

Index represents the FTSE 3-Month Treasury Bill Index.

Top Holdings (As of 10/03/2024)
% of Fund
Citigroup Inc. 5.61% 29-SEP-2026 1.60
Goldman Sachs Bank USA 5.283% 18-MAR-2027 1.54
Morgan Stanley Bank, N.A. 4.952% 14-JAN-2028 1.44
NOW Trust 2024-1 A 14-JUN-2032 1.43
Macquarie Group Limited 6.207% 22-NOV-2024 1.34
Bank Australia Limited FRN 21-FEB-2028 1.21
GE Healthcare Technologies Inc. 5.55% 15-NOV-2024 1.16
Bank of America Corporation 1.319% 19-JUN-2026 1.12
Vistra Operations Co. LLC 5.125% 13-MAY-2025 1.09
Korea Electric Power Corporation 4.875% 31-JAN-2027 1.08
View full holdings

Download

Portfolio Characteristics (As of 10/03/2024)
 
Number of Holdings
Debt Issues		 224
Portfolio Turnover Rate
(1-year trailing)		 42.00%
Weighted Average Maturity
(years)		 2.68
Effective Duration
(years)		 0.74
Yield to Worst
 5.08%
Sector Allocation % of Fund % of Fund As of 10/03/2024
Fixed Income country and/or regional weights primarily based on Bloomberg classifications.
Regional Allocation % of Fund % of Fund As of 10/03/2024
Developed vs Emerging Markets % of Fund % of Fund As of 10/03/2024
Credit Quality of Fixed Income Holdings % of Fund % of Fund As of 10/03/2024
Holdings in fixed income ETFs and pooled vehicles are classified based on their underlying securities and credit ratings are obtained from Bloomberg.
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).
Maturity Breakdown of Fixed Income Holdings % of Fund % of Fund As of 10/03/2024

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