Actively managed ETF is sub-advised by
PineBridge Investments, a leader in the CLO market.
Fund aims to provide opportunities for enhanced
yield, lower interest rate sensitivity than other fixed income
investments historically, and the benefits of built-in structural
risk protections; launch comes as interest rates and bond market
volatility are on the rise.
VanEck today announced the launch of the VanEck CLO ETF (CLOI),
designed to provide exposure to the $1 trillion collateralized loan
obligation (CLO) market through an actively managed fund
sub-advised by PineBridge Investments, a private, global asset
manager focused on active, high-conviction investing.
“The growth of the CLO market has been driven by the benefits
they provide, including enhanced yields versus equivalently rated
bonds and loans and their considerable structural protections. In
today’s rising rate environment, the floating rate coupons of CLOs
make them particularly attractive,” said William Sokol, Senior ETF
Product Manager at VanEck. “We’re excited to launch CLOI with
PineBridge at a time when investors looking for enhanced income and
risk protection have few options.”
“Our institutional clients have understood the strong value
proposition of our CLO strategies for more than 20 years, and we
are looking forward to extending access to this market to a broader
investor base,” said Laila Kollmorgen, Portfolio Manager, CLO
Tranche, at PineBridge Investments. “I’m looking forward to
partnering with VanEck on this strategy, which aims to allow
investors to combine the value of CLOs with the transparency,
liquidity and costs benefits of an ETF.”
CLOI exposure focuses primarily on investment grade CLOs. The
ETF combines VanEck’s leadership in income-focused investment
solutions with the established active management of PineBridge, a
$146 billion private global asset manager focused on active, high
conviction investing across various asset classes. PineBridge is
both a CLO manager and an active investor in CLO tranches, and
leverages a rigorous, time-tested investment process with
disciplined portfolio construction, robust risk management, and a
foundation in credit-intensive research. PineBridge has extensive
sub-advisory experience with $13.6 billion in sub-advised assets as
of March 31, 2022.
“We believe this new strategy will be an attractive and timely
complement to our income solutions lineup, which includes
differentiated, enhanced and less correlated sources of yield
relative to traditional fixed income asset classes. We believe CLOI
will allow investors of all types to potentially benefit from the
relatively high income, risk protections and floating rate exposure
that CLOs provide,” added Ed Lopez, Head of Product Management at
VanEck.
CLOI joins VanEck’s lineup of innovative, alternative income
ETFs that also includes the VanEck Investment Grade Floating Rate
ETF (FLTR), an ETF that invests in U.S. denominated floating rate
notes issued by corporate issuers and rated investment grade,
VanEck Fallen Angel High Yield Bond ETF (ANGL), which offers
exposure to high yield bonds originally issued as investment grade,
and VanEck BDC Income ETF (BIZD), which invests in publicly traded
business development companies.
CLOI is listed on the NYSE and has a total expense ratio of
0.40%.
About VanEck
VanEck has a history of looking beyond the financial markets to
identify trends that are likely to create impactful investment
opportunities. We were one of the first U.S. asset managers to
offer investors access to international markets. This set the tone
for the firm’s drive to identify asset classes and trends –
including gold investing in 1968, emerging markets in 1993, and
exchange traded funds in 2006 – that subsequently shaped the
investment management industry.
Today, VanEck offers active and passive strategies with
compelling exposures supported by well-designed investment
processes. As of May 31, 2022, VanEck managed approximately $78.3
billion in assets, including mutual funds, ETFs and institutional
accounts. The firm’s capabilities range from core investment
opportunities to more specialized exposures to enhance portfolio
diversification. Our actively managed strategies are fueled by
in-depth, bottom-up research and security selection from portfolio
managers with direct experience in the sectors and regions in which
they invest. Investability, liquidity, diversity, and transparency
are key to the experienced decision-making around market and index
selection underlying VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests
first, in all market environments, has been at the heart of the
firm’s mission.
About PineBridge Investments
PineBridge Investments is a private, global asset manager
focused on active, high-conviction investing. We draw on the
collective power of our experts in each discipline, market, and
region of the world through an open culture of collaboration
designed to identify the best ideas. Our mission is to exceed
clients’ expectations on every level, every day. As of 31 March
2022, the firm managed US$146.0 billion across global asset classes
for sophisticated investors around the world.
Important Disclosures
An investment in the VanEck CLO ETF (CLOI) may be subject
to risks which include, among others, Collateralized Loan
Obligations (CLO), debt securities, LIBOR Replacement, foreign
currency, foreign securities, investment focus, newly-issued
securities, extended settlement, affiliated fund, management,
derivatives, cash transactions, market, Sub-Adviser, operational,
authorized participant concentration, new fund, absence of prior
active market, trading issues, fund shares trading,
premium/discount, liquidity of fund shares, non-diversified, and
seed investor risks. The Fund may also be subject to liquidity,
interest rate, floating rate obligations, credit, call, extension,
high yield securities, income, valuation, privately-issued
securities, covenant lite loans, default of the underlying asset
and CLO manager risks, all of which may adversely affect the
Fund.
An investment in the VanEck Investment Grade Floating Rate
ETF (FLTR) may be subject to risk which includes, among others,
foreign securities, foreign currency, investing in Japanese and
United Kingdom issuers, credit, interest rate, floating rate,
floating rate LIBOR, restricted securities, financial, market,
operational, sampling, index tracking, authorized participant
concentration, no guarantee of active trading market, trading
issues, passive management, fund shares trading, premium/discount
risk and liquidity of fund shares, non-diversified and
concentration risks, all of which may adversely affect the
Fund.
An investment in the VanEck Fallen Angel High Yield Bond ETF
(ANGL) may be subject to risk which includes, among others,
high yield securities, foreign securities, foreign currency,
credit, interest rate, restricted securities, market, operational,
call, Consumer staples, consumer discretionary, energy,
communications, index tracking, authorized participant
concentration, no guarantee of active trading market, trading
issues, passive management, fund shares trading, premium/discount
risk and liquidity of fund shares, non-diversified and
concentration risks, all of which may adversely affect the
Fund.
An investment in VanEck BDC Income ETF may be subject to
risks of investments in business development companies (BDC). BDCs
invest in private companies and thinly traded securities of public
companies, including debt instruments of such companies. Generally,
little public information exists for private and thinly traded
companies and there is a risk that investors may not be able to
make fully informed investment decisions. Less mature and smaller
private companies involve greater risk than well-established and
larger publicly traded companies. Investing in debt involves risk
that the issuer may default on its payments or declare bankruptcy
and debt may not be rated by a credit rating agency. Many debt
investments in which a BDC may invest will not be rated by a credit
rating agency and will be below investment grade quality. These
investments have predominantly speculative characteristics with
respect to an issuer's capacity to make payments of interest and
principal. BDCs may not generate income at all times. Additionally,
limitations on asset mix and leverage may prohibit the way that
BDCs raise capital. The VanEck BDC Income ETF (BIZD) and its
affiliates may not own in excess of 25% of a BDC's outstanding
voting securities which may limit the Fund's ability to fully
replicate its index. An investment in the Fund may be subject to
risks which include, among others, investment restrictions,
financial sector, small- and medium-capitalization companies,
equity securities, market, operational, index tracking, authorized
participant concentration, no guarantee of active trading market,
trading issues, passive management, fund shares trading,
premium/discount risk and liquidity of fund shares, issuer-specific
changes and concentration risks. Small- and medium-capitalization
companies may be subject to elevated risks.
Investing involves substantial risk and high volatility,
including possible loss of principal. Bonds and bond funds will
decrease in value as interest rates rise. An investor should
consider the investment objective, risks, charges and expenses of
the Fund carefully before investing. To obtain a prospectus and
summary prospectus, which contain this and other information, call
800.826.2333 or visit vaneck.com. Please read the prospectus and
summary prospectus carefully before investing.
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version on businesswire.com: https://www.businesswire.com/news/home/20220623005025/en/
Media: Chris Sullivan/Julia Stoll MacMillan Communications
212.473.4442 chris@macmillancom.com
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