FLOT - VanEck Floating Rate Notes ETF | Australian Fixed Income | Snapshot

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VanEck Australian Floating Rate ETF FLOT

Fund description: FLOT invests in a diversified portfolio of Australian dollar denominated Floating Rate Bonds with the aim of providing investment returns (before fees and costs) that closely track the returns of the Index.

Index description:  The Bloomberg AusBond Credit FRN 0+ Yr Index (BAFRN0) is a market value weighted index comprising floating rate bonds that are of investment grade quality. The index typically includes bonds issued by corporate entities such as the four largest banks in Australia, foreign banks, other lending institutions and Australian listed property trusts (A-REITs).

Country of domicile: Australia

 as at 25-May-22

  • Exchange

    ASX
  • ASX code

    FLOT
  • Bloomberg index code

    BAFRN0
  • Index provider

    Bloomberg
  • NAV

    $24.71
  • Units outstanding

    15,264,066
  • Net assets

    $377.2M
  • Number of holdings

    177
  • Inception date1

    05-Jul-17
  • ASX commencement

    07-Jul-17

1The date the ETF was seeded prior to quotation on ASX.

as at 25-May-22

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Key benefits

Dedicated Australian Floating Rate Notes (FRNs) market benchmark exposure
Access to a diversified portfolio of FRNs which represent the Bloomberg AusBond Credit FRN 0+ Yr Index


Potential to protect against rising rates

FRNs pay coupons (interest) that vary with short-term interest rates. Interest rates are reset periodically resulting in reduced duration (interest rate) risk


Yield premium

For an elevated risk FRNs typically offer a higher yield

Yields as of 24-May-22

  • Running yield

    1.30%
  • Yield to maturity

    3.26%

Fundamentals as of 24-May-22

  • Credit rating

    A+
  • Average maturity (years)

    1.95
  • Modified duration (years)

    0.13

Trading information

  • ASX code

    FLOT
  • IRESS code

    FLOT.AXW
  • Units outstanding

    15,264,066
  • ISIN

    AU00000FLOT5

Fees and other costs  

  • Management costs p.a.

    0.22%

Key risks

An investment in the ETF carries risks associated with: bond markets generally, interest rate movements, issuer default, credit ratings, fund operations, liquidity and tracking an index. See the PDS for details.

Prices as at  25-May-22

NAV/
Last trade
Volume:
30-day avg/
Previous day
Daily change: NAV/
Last trade
YTD change:
NAV/
Last trade
Premium/
Discount
Premium/
Discount
Distribution charts
NAV &
Premium /Discount
History
NAV
Chart
FLOT $24.71
$24.74
124,775
66,893
$0.00 / -0.01%
$0.00 / +0.00%
-0.54%
-0.54%
$0.03
+0.11%

Performance history (%) View all ETFs » View all indices »

1 Mth 3 Mths 6 Mths 1 Yr 3 Yrs p.a. 5 Yrs p.a. 10 Yrs p.a. ETF Inception p.a.
Price return -0.16 -0.64 -0.83 -1.25 -0.47 -- -- -0.21
Income return 0.08 0.23 0.40 0.85 1.31 -- -- 1.76
Total return -0.08 -0.41 -0.43 -0.40 0.84 -- -- 1.55
Index (BAFRN0) -0.05 -0.35 -0.31 -0.16 1.06 1.81 2.86 1.75
1 Mth 3 Mths 6 Mths 1 Yr 3 Yrs p.a. 5 Yrs p.a. 10 Yrs p.a. ETF Inception p.a.
Price return -0.40 -0.60 -0.85 -1.13 -0.38 -- -- -0.18
Income return 0.08 0.26 0.38 0.86 1.36 -- -- 1.78
Total return -0.32 -0.34 -0.47 -0.27 0.98 -- -- 1.60
Index (BAFRN0) -0.29 -0.28 -0.36 -0.04 1.20 1.85 2.91 1.80

Top ten holdings (%) View all daily holdings » as at 30-Apr-22

No. of holdings: 178
Security name
Coupon
Maturity
Composite
rating^
Country
Currency
% of Fund
net assets
NATIONAL AUSTRALIA BANK LTD
1.180
21-Jan-25
AA-
Australia
AUD
3.02
WESTPAC BANKING CORP
1.024
16-Nov-23
AA-
Australia
AUD
2.36
COMMONWEALTH BANK OF AUSTRALIA
1.029
14-Jan-27
A+
Australia
AUD
2.26
WESTPAC BANKING CORP
1.212
25-Jan-27
A+
Australia
AUD
2.03
COMMONWEALTH BANK OF AUSTRALIA
1.440
11-Jan-24
AA-
Australia
AUD
1.98
NATIONAL AUSTRALIA BANK LTD
0.798
25-Feb-27
AA-
Australia
AUD
1.89
AUSTRALIA & NEW ZEALAND BANKING GROUP L
1.165
06-Dec-23
AA-
Australia
AUD
1.87
NATIONAL AUSTRALIA BANK LTD
1.153
05-Jul-22
AA-
Australia
AUD
1.85
AUSTRALIA & NEW ZEALAND BANKING GROUP L
1.170
08-Feb-24
AA-
Australia
AUD
1.81
WESTPAC BANKING CORP
0.965
06-Mar-23
AA-
Australia
AUD
1.75
Top 10 Total (%) 20.82

Source: Bloomberg. These are not recommendations to buy or to sell any security.

^Composite rating is an evenly weighted blend of a bond’s Moody’s, S&P and Fitch credit ratings when there are two or more. ‘NR’ means the bond has one ‘Investment Grade’ rating. The above ratings are not a credit opinion by VanEck on any bond or the Fund or a recommendation to buy any individual security.

– country of risk

Country weightings (%) as at 30-Apr-22

  • Country

    Weightings (%)
  • Australia

    57.3
  • Canada

    10.0
  • Singapore

    5.8
  • Japan

    5.6
  • China

    5.0
  • Switzerland

    4.3
  • South Korea

    2.6
  • United States

    2.2
  • Netherlands

    1.8
  • France

    1.8
  • Other/Cash

    3.5
  • Total

    99.9

Sector weightings (%) as at 30-Apr-22

  • Sector

    Weightings (%)
  • Banking Services

    95.7
  • Electric Utilities & IPPs

    1.5
  • Telecommunications Services

    1.0
  • Beverages

    0.3
  • Multiline Utilities

    0.3
  • Insurance

    0.3
  • Hotels & Entertainment Services

    0.3
  • Transport Infrastructure

    0.3
  • Government Activity

    0.1
  • Other/Cash

    0.3
  • Total

    100.1

Credit quality (%) as at 30-Apr-22

Composite Contribution to
duration
% of Net
Assets
Investment Grade AAA 0.01 9.90
AA 0.07 48.25
A 0.04 32.67
BBB 0.01 9.14
Total Investment Grade -- 0.14 99.96

Maturity (%) as at 30-Apr-22

Average Portfolio Maturity: 1.97 Years