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ANGL - Higher Quality High Yield

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ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF

Latest Market Updates*

  • With over $150B of new fallen angel high yield bonds through September, 2020 is already a record year, and we expect an additional $100B to $125B of additional volume for the remainder of the year. Source: ICE Data Indices, as of 9/30/2020.
  • With this oncoming wave of downgrades, we expect to see a similar technical pattern of forced selling as we have historically.
  • We believe new bonds entering the index may come in at deeper than average discounts.

Listen to a recent ETF Prime podcast on fallen angels.

Fund Description

The VanEck Vectors® Fallen Angel High Yield Bond ETF (ANGL®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF), which is comprised of below investment grade corporate bonds denominated in U.S. dollars, issued in the U.S. domestic market and that were rated investment grade at the time of issuance.

 
 

  • Fund Ticker

    ANGL

  • Exchange

    NASDAQ

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    H0CF

  • Index Rebalancing

    Monthly

  • 2020 NAIC Designation11

    3

 
as of 10/29/20

  • 30-Day SEC Yield1

    4.62%

  • Total Net Assets

    $3.3B

  • Number of Holdings

    328

  • Options

    Available

  • Gross Expense Ratio2

    0.43%

  • Net Expense Ratio/TER2

    0.35%

  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 09/30/2020

Category Overall 3 Year 5 Year
High Yield Bond
5 stars of 620 funds
4 stars of 620 funds
5 stars of 534 funds

Key Points

  • Higher Quality High Yield
    Fallen angels, high yield bonds originally issued as investment grade corporate bonds, have had historically higher average credit quality than the broad high yield bond universe7
     
  • Outperformed Broad High Yield Bond Market
    Fallen angels have outperformed the broad high yield bond market in 12 of the last 16 calendar years8
     
  • Higher Risk-Adjusted Returns than Broad High Yield Bond Market
    Fallen angels have historically offered a better risk/reward trade off than found with the broad high yield bond market9

Yield
as of 10/29/20

  • 30-Day SEC Yield1

    4.62%

  • Distribution Yield1

    5.14%

  • 12-Month Yield1

    5.07%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%

  • Other Expenses

    0.03%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.43%

  • Fee Waivers and
    Expense Reimbursement

    -0.08%

  • Net Expense Ratio/TER2

    0.35%
2Expenses for ANGL are capped contractually at 0.35% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    ANGL

  • Index Total Return Ticker

    H0CF

  • NAV

    ANGLNV

  • Intraday NAV (IIV)5

    ANGLIV

  • Shares Outstanding

    109,350,000

  • Estimated Cash

    ANGLEU

  • Total Cash

    ANGLTC

  • CUSIP

    92189F437

  • ISIN

    US92189F4375
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 10/29/20

  • Yield to Worst

    5.15%

  • Yield to Maturity

    5.23%

  • Effective Duration (yrs)

    6.29

  • Years to Maturity

    11.57

  • Coupon

    5.40%
 4 See Important Disclosure for definitions.

Prices as of 10/29/20

NAV/
Market Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change
NAV/
Last Price 		Premium/
Discount 		Prem/Discount
Distribution Charts 		NAV &
Prem/Discount
History 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
ANGL $29.76
$29.81		 1,338,412
1,726,356		 -$0.05 / -0.17%
$0.03 / +0.10%		 +4.71%
+4.04%
 $0.05
0.15%		 0.03%

Premium/Discount History as of 10/29/20

Calendar Year 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 209 54 33 40 54
ANGL Days closed at NAV 10 2 1 3 2
Days closed at a discount 33 8 28 20 8

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) -2.11 4.97 3.95 6.98 4.93 8.85 -- 8.05
ANGL (Share Price) -2.03 4.96 3.57 6.86 4.92 8.90 -- 8.07
H0CF (Index) -2.09 5.21 3.94 7.81 5.42 9.42 8.91 9.06
Performance Differential (NAV - Index) -0.02 -0.24 0.01 -0.83 -0.49 -0.57 -- -1.01
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) -2.11 4.97 3.95 6.98 4.93 8.85 -- 8.05
ANGL (Share Price) -2.03 4.96 3.57 6.86 4.92 8.90 -- 8.07
H0CF (Index) -2.09 5.21 3.94 7.81 5.42 9.42 8.91 9.06
Performance Differential (NAV - Index) -0.02 -0.24 0.01 -0.83 -0.49 -0.57 -- -1.01

*Returns less than one year are not annualized.
Index data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the index data reflects that of the Fund's underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Index history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third party use.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

Top 10 Holdings (%) as of 09/30/20 Daily Holdings

Total Holdings: 322
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country†
Currency
% of Net
Assets
CARNIVAL CORP
11.500
04/01/2023
BB
United States
USD
2.19
SPRINT CAPITAL CORP
6.875
11/15/2028
BB
United States
USD
1.46
KRAFT HEINZ FOODS CO
4.375
06/01/2046
BB+
United States
USD
1.40
SPRINT CAPITAL CORP
8.750
03/15/2032
BB
United States
USD
1.37
ROYAL CARIBBEAN CRUISES LTD
11.500
06/01/2025
BB+
United States
USD
1.28
VODAFONE GROUP PLC
7.000
04/04/2079
BB+
United Kingdom
USD
1.14
OCCIDENTAL PETROLEUM CORP
2.900
08/15/2024
BB
United States
USD
1.07
ELECTRICITE DE FRANCE SA
5.250
01/29/2168
BB+
France
USD
1.02
NEWELL BRANDS INC
4.200
04/01/2026
BB+
United States
USD
1.02
KRAFT HEINZ FOODS CO
5.200
07/15/2045
BB+
United States
USD
0.99
Top 10 Total (%) 12.94

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Country Weightings (%) as of 09/30/20

  • Country

    % of Net Assets
  • ■

    United States

    80.81
  • ■

    United Kingdom

    3.71
  • ■

    Italy

    3.32
  • ■

    Canada

    3.29
  • ■

    Germany

    2.08
  • ■

    France

    1.76
  • ■

    Luxembourg

    1.67
  • ■

    Australia

    1.12
  • ■

    Sweden

    0.50
  • ■

    China

    0.40
  • ■

    Finland

    0.30
  • ■

    Brazil

    0.25
  • ■

    Ireland

    0.17
  • ■

    Other/Cash

    0.62

Currency Exposure (%)
as of 09/30/20

  • U.S. Dollar

    99.38

  • Other/Cash

    0.62

Sector Weightings (%) as of 09/30/20

  • Sector

    % of Net Assets
  • ■

    Energy

    27.6
  • ■

    Consumer, Cyclical

    23.5
  • ■

    Consumer, Non-cyclical

    12.1
  • ■

    Financial

    10.0
  • ■

    Communications

    9.6
  • ■

    Basic Materials

    8.3
  • ■

    Industrial

    3.3
  • ■

    Technology

    2.6
  • ■

    Utilities

    2.4
  • ■

    Other/Cash

    0.6

Credit Quality (%) as of 09/30/20

Composite % of Net Assets
Non-Investment Grade BB 92.21
B 5.39
CCC 1.42
CC 0.12
Total Non-Investment Grade -- 99.13
Not Rated -- 0.25
Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Maturity (%) as of 09/30/20

 Average Portfolio Maturity: 11.91 Years