CLOIVanEck CLO ETF
Fund Description
The VanEck CLO ETF (CLOI) is an actively managed ETF, sub-advised by PineBridge Investments, seeking capital preservation and current income. It invests primarily in investment grade-rated tranches of collateralized loan obligations (“CLOs”) of any maturity.
-
Fund Ticker
CLOI -
Exchange
NYSE Arca -
Inception Date
06/21/2022 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
2022 Preliminary NAIC Designation7
1.F
as of 03/27/23
-
30-Day SEC Yield1
5.95% -
Total Net Assets
$61.4M -
Number of Holdings
37 -
Options
No -
Gross Expense Ratio2
0.40% -
Net Expense Ratio/TER2
0.40% -
Distribution Frequency
Monthly -
Next Distribution Date
03/31/2023
The Power of CLOs: Higher Yields and Built-In Risk Protection
Key Documents and Links
Fund Highlights
- Portfolio of investment grade floating rate CLOs with limited exposure to rising rates
- Yield pickup versus similarly rated corporate bonds and loans with built-in protection against credit loss**
- Actively managed by PineBridge, drawing on decades of CLO experience
Yield as of 03/27/23
-
30-Day SEC Yield1
5.95% -
Distribution Yield1
4.06% -
12-Month Yield1
--
Fees and Expenses2
-
Management Fee
0.40% -
Other Expenses
-- -
Gross Expense Ratio
0.40% -
Net Expense Ratio/TER2
0.40%
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 May 1, 2024.
Trading Information
-
Fund Ticker
CLOI -
NAV
CLOINV -
Shares Outstanding
1,200,000 -
Estimated Cash
CLOIEU -
Total Cash
CLOITC -
CUSIP
92189H748 -
ISIN
US92189H7483
Fundamentals4 as of 03/27/23
-
Yield to Worst
6.03% -
Yield to Maturity
6.03% -
Spread Duration(Yrs)
2.90 -
Weighted Average Life
3.38 -
Coupon
6.09% -
Discount Margin
221
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
Laila Kollmorgen
- Joined PineBridge Investments in 2015
- Responsible for managing the investments in Collateralized Loan Obligations (“CLOs”) issued by third-party managers
- Prior to PineBridge Investments, Managing Director, Head of European Structured Products Trading at Raymond James Financial in London
- Previously, Head of European ABS/CDO Syndicate & Trading at Cohen & Company Securities LLP and advised Commerzbank on US & European securitized product portfolios
- CFA charterholder
- MBA, The Wharton School of the University of Pennsylvania
- MA, Joseph H. Lauder Institute, University of Pennsylvania
- BA, Wellesley College
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 06/21/22 |
|
---|---|---|---|---|---|---|---|---|
CLOI (NAV) | 0.84 | 3.62 | 2.53 | -- | -- | -- | -- | 5.88 |
CLOI (Share Price) | 0.87 | 3.51 | 2.60 | -- | -- | -- | -- | 6.24 |
J.P. Morgan Collateralized Loan Obligation Index | 0.58 | 3.04 | 2.21 | -- | -- | -- | -- | 4.96 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 06/21/22 |
|
---|---|---|---|---|---|---|---|---|
CLOI (NAV) | 1.06 | 3.16 | -- | -- | -- | -- | -- | 3.26 |
CLOI (Share Price) | 0.88 | 2.20 | -- | -- | -- | -- | -- | 3.55 |
J.P. Morgan Collateralized Loan Obligation Index | 0.81 | 3.03 | -- | -- | -- | -- | -- | 2.69 |
Top 10 Holdings (%) as of 02/28/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Currency
|
% of Net Assets |
---|---|---|---|---|
Sound Point Clo Xiv Ltd |
5.805
|
01/23/2029 |
USD
|
5.42 |
Ares Lxi Clo Ltd |
6.458
|
10/20/2034 |
USD
|
5.34 |
Betony Clo 2 Ltd |
5.882
|
04/30/2031 |
USD
|
4.30 |
Tcw Clo 2018-1 Ltd |
5.788
|
04/25/2031 |
USD
|
4.30 |
Canyon Capital Clo 2016-1 Ltd |
5.862
|
07/15/2031 |
USD
|
4.30 |
Lcm 29 Ltd |
5.862
|
04/15/2031 |
USD
|
4.29 |
Hps Loan Management 11-2017 Ltd |
5.826
|
05/06/2030 |
USD
|
4.28 |
Wind River 2014-1 Clo Ltd |
5.845
|
07/18/2031 |
USD
|
4.27 |
Ozlm Ix Ltd |
6.358
|
10/20/2031 |
USD
|
4.26 |
Lcm Xv Lp |
5.808
|
07/20/2030 |
USD
|
3.96 |
Top 10 Total (%) | 44.73 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Credit Quality (%)† as of 02/28/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 60.81 |
AA | 25.78 | |
A | 5.26 | |
Total Investment Grade | -- | 91.84 |
Not Rated | -- | 8.16 |
Currency Exposure (%) as of 02/28/23
U.S. Dollar | 99.15 |
Other/Cash | 0.85 |
Maturity (%)
as of 02/28/23
Average Portfolio Maturity: 9.30 Years