FLTRVanEck IG Floating Rate ETF
Fund Description
VanEck IG Floating Rate ETF (FLTR®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Investment Grade Floating Rate Index (MVFLTR), which consists of U.S. dollar denominated floating rate notes issued by corporate issuers and rated investment grade.
-
Fund Ticker
FLTR -
Exchange
NYSE Arca -
Inception Date
04/25/2011 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
MVFLTR -
Index Rebalancing
Monthly -
2022 Preliminary NAIC Designation8
1.G
as of 06/01/23
-
30-Day SEC Yield1
5.90% -
Total Net Assets
$1.1B -
Number of Holdings
131 -
Options
No -
Gross Expense Ratio2
0.14% -
Net Expense Ratio/TER2
0.14% -
Distribution Frequency
Monthly -
Next Distribution Date
05/31/2023
Key Documents and Links
Fund Highlights
- Potential to Benefit from Rising Rates7
Floating rate notes have variable coupons that reset periodically - Investment Grade Credit Quality
Underlying index is comprised of a non-leveraged portfolio of investment grade floating rate corporate bonds - Near-Zero Duration with Enhanced Yield Potential
Floating rate notes may offer higher yields than other short duration instruments
Yield as of 06/01/23
-
30-Day SEC Yield1
5.90% -
Distribution Yield1
6.15% -
12-Month Yield1
4.42%
Fees and Expenses2
-
Management Fee
0.14% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.14% -
Fee Waivers and
--
Expense Reimbursement -
Net Expense Ratio/TER2
0.14%
2 Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.
Trading Information
-
Fund Ticker
FLTR -
Index Total Return Ticker
MVFLTR -
NAV
FLTRNV -
Intraday NAV (IIV)5
FLTRIV -
Shares Outstanding
44,850,000 -
Estimated Cash
FLTREU -
Total Cash
FLTRTC -
CUSIP
92189F486 -
ISIN
US92189F4862
Fundamentals4 as of 06/01/23
-
Yield to Worst
6.15 -
Yield to Maturity
6.21 -
Years to Maturity
3.76 -
Modified Duration (yrs)
0.03 -
Coupon
5.92 -
Spread Duration (yrs)
2.23
Investment Professionals
Fran Rodilosso
- Head of Fixed Income ETF Portfolio Management
- Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
- Joined VanEck in 2012
- Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
- Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
- CFA charterholder; member of CFA Society New York
- MBA (with distinction), Finance, University of Pennsylvania
- AB, History, Princeton University
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Stephanie Wang
- Deputy Portfolio Manager for non-taxable Fixed Income ETFs
- Oversees quantitative analysis and optimization processes for the fixed income ETFs
- Joined VanEck in 2016
- Prior to her current positions, served as quantitative analyst
- CFA charter holder; member of CFA Society New York
- MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 04/25/11 |
|
---|---|---|---|---|---|---|---|---|
FLTR (NAV) | 0.83 | 0.94 | 2.23 | 3.61 | 2.39 | 2.02 | 1.68 | 1.59 |
FLTR (Share Price) | 0.97 | 0.91 | 2.23 | 3.66 | 2.48 | 2.00 | 1.67 | 1.60 |
MVFLTR (Index) | 0.77 | 0.92 | 2.22 | 3.30 | 2.43 | 2.13 | 1.95 | 1.90 |
Performance Differential (NAV - Index) | 0.06 | 0.02 | 0.01 | 0.31 | -0.04 | -0.11 | -0.27 | -0.31 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 04/25/11 |
|
---|---|---|---|---|---|---|---|---|
FLTR (NAV) | -0.70 | 1.39 | 1.39 | 2.67 | 3.26 | 1.96 | 1.61 | 1.53 |
FLTR (Share Price) | -0.94 | 1.25 | 1.25 | 2.59 | 3.55 | 1.92 | 1.57 | 1.53 |
MVFLTR (Index) | -0.64 | 1.44 | 1.44 | 2.45 | 3.36 | 2.08 | 1.89 | 1.85 |
Performance Differential (NAV - Index) | -0.06 | -0.05 | -0.05 | 0.22 | -0.10 | -0.12 | -0.28 | -0.32 |
Top 10 Holdings (%) as of 04/30/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
Jpmorgan Chase & Co |
5.755
|
02/24/2028 |
United States
|
USD
|
2.25 |
Commonwealth Bank Of Australia |
5.238
|
07/07/2025 |
Australia
|
USD
|
2.05 |
Verizon Communications Inc |
5.964
|
05/15/2025 |
United States
|
USD
|
2.03 |
Truist Financial Corp |
4.976
|
06/09/2025 |
United States
|
USD
|
2.03 |
Bank Of America Corp |
5.576
|
02/05/2026 |
United States
|
USD
|
2.02 |
Goldman Sachs Group Inc/The |
6.034
|
05/15/2026 |
United States
|
USD
|
2.01 |
Goldman Sachs Group Inc/The |
7.023
|
10/28/2027 |
United States
|
USD
|
1.99 |
General Electric Co |
5.186
|
05/05/2026 |
United States
|
USD
|
1.87 |
Citigroup Inc |
5.855
|
02/24/2028 |
United States
|
USD
|
1.73 |
Bank Of America Corp |
5.625
|
02/04/2028 |
United States
|
USD
|
1.63 |
Top 10 Total (%) | 19.63 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%)
as of 04/30/23
Country | % of Net Assets |
---|---|
● United States | 63.98 |
● Australia | 9.05 |
● United Kingdom | 8.43 |
● Japan | 6.67 |
● Canada | 4.44 |
● France | 1.97 |
● Netherlands | 1.87 |
● Switzerland | 1.71 |
● Spain | 0.41 |
● Norway | 0.38 |
● Germany | 0.35 |
● China | 0.20 |
● Other/Cash | 0.55 |
Currency Exposure (%) as of 04/30/23
U.S. Dollar | 99.45 |
Other/Cash | 0.55 |
Sector Weightings (%)
as of 04/30/23
Sector | % of Net Assets |
---|---|
● Financials | 86.14 |
● Technology | 5.74 |
● Industrials | 2.54 |
● Consumer Non-Cyclicals | 1.87 |
● Utilities | 1.02 |
● Consumer Cyclicals | 0.83 |
● Healthcare | 0.78 |
● Energy | 0.31 |
● Real Estate | 0.20 |
● Other/Cash | 0.55 |
Credit Quality (%)† as of 04/30/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AA | 10.59 |
A | 54.73 | |
BBB | 34.68 | |
Total Investment Grade | -- | 100.00 |
Maturity (%)
as of 04/30/23
Average Portfolio Maturity: 3.55 Years