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ANGL - Higher Quality High Yield

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VanEck Vectors International High Yield Bond ETF
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ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF

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 BofAML US Fallen Angel High Yield Index (H0FA), 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

  • Commencement

    04/10/2012

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    H0FA

  • Index Rebalancing

    Monthly

  • 2019 NAIC
    Designation11

    4

 
as of 02/27/20

  • 30-Day SEC Yield1

    4.65%

  • Total Net Assets

    $1.9B

  • Number of Holdings

    202

  • Options

    Available

  • Gross Expense Ratio2

    0.45%

  • Net Expense Ratio/TER2

    0.35%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    02/28/2020

Morningstar™ Ratings3
as of 1/31/2020

Category Overall 3 Year 5 Year
High Yield Bond
5 stars of 621 funds
5 stars of 621 funds
5 stars of 542 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 11 of the last 15 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 02/27/20

  • 30-Day SEC Yield1

    4.65%

  • Distribution Yield1

    4.56%

  • 12-Month Yield1

    5.18%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%

  • Other Expenses

    0.05%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.45%

  • Fee Waivers and
    Expense Reimbursement

    -0.10%

  • Net Expense Ratio/TER2

    0.35%
2Expenses for ANGL are capped contractually at 0.35% until September 1, 2020. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    ANGL

  • Index Total Return Ticker

    H0FA

  • NAV

    ANGLNV

  • Intraday NAV (IIV)5

    ANGLIV

  • Shares Outstanding

    63,500,000

  • Estimated Cash

    ANGLEU

  • Total Cash

    ANGLTC

  • CUSIP

    92189F437

  • ISIN

    US92189F4375
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 02/26/20

  • Yield to Worst

    5.02%

  • Yield to Maturity

    5.10%

  • Effective Duration (yrs)

    5.93

  • Years to Maturity

    11.95

  • Coupon

    5.62%
 4 See Important Disclosure for definitions.

Prices as of 02/27/20

NAV/
Last 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 		NAV
Chart
ANGL $29.76
$29.51		 1,315,190
2,179,513		 -$0.24 / -0.82%
$-0.35 / -1.17%		 +1.11%
-0.32%
 $-0.25
-0.85%

Premium/Discount History as of 02/21/20

Calendar Year 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 38 50 52 53 54
ANGL Days closed at NAV 12 3 3 2 2
Days closed at a discount 201 8 8 9 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) 1.16 3.44 1.16 12.05 6.27 7.64 -- 8.38
ANGL (Share Price) 0.44 3.35 0.44 11.61 6.17 8.08 -- 8.36
H0FA (Index) 0.72 3.76 0.72 12.90 6.79 8.23 9.89 9.42
Performance Differential (NAV - Index) 0.44 -0.32 0.44 -0.85 -0.52 -0.59 -- -1.04
LBUSTRUU (Broad-based Index) 1.92 1.80 1.92 9.64 4.62 3.01 3.79 3.08
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) 1.94 2.91 16.62 16.62 6.80 8.13 -- 8.31
ANGL (Share Price) 1.88 3.18 18.17 18.17 6.95 8.83 -- 8.40
H0FA (Index) 2.52 3.72 17.33 17.33 7.26 8.50 10.07 9.43
Performance Differential (NAV - Index) -0.58 -0.81 -0.71 -0.71 -0.46 -0.37 -- -1.12
LBUSTRUU (Broad-based Index) -0.07 0.18 8.72 8.72 4.03 3.05 3.75 2.86

*Returns less than one year are not annualized.

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 "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares 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 01/31/20 Daily Holdings

Total Holdings: 193
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country†
Currency
% of Net
Assets
SPRINT CAPITAL CORP
6.875
11/15/2028
B
Japan
USD
2.33
VODAFONE GROUP PLC
7.000
04/04/2079
BB+
United Kingdom
USD
2.19
SPRINT CAPITAL CORP
8.750
03/15/2032
B
Japan
USD
2.08
INTESA SANPAOLO SPA
5.017
06/26/2024
BB+
Italy
USD
1.94
NEWELL BRANDS INC
4.200
04/01/2026
BB+
United States
USD
1.92
FREEPORT-MCMORAN INC
3.875
03/15/2023
BB+
United States
USD
1.81
FREEPORT-MCMORAN INC
3.550
03/01/2022
BB+
United States
USD
1.76
FREEPORT-MCMORAN INC
5.450
03/15/2043
BB+
United States
USD
1.76
EMBARQ CORP
7.995
06/01/2036
BB
United States
USD
1.52
GOLDMAN SACHS CAPITAL I
6.345
02/15/2034
BB+
United States
USD
1.49
Top 10 Total (%) 18.80

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 01/31/20

  • Country

    % of Net Assets
  • ■

    United States

    71.19
  • ■

    Italy

    6.38
  • ■

    United Kingdom

    6.08
  • ■

    Japan

    4.41
  • ■

    Germany

    4.02
  • ■

    Australia

    2.86
  • ■

    Canada

    1.21
  • ■

    Sweden

    0.97
  • ■

    China

    0.79
  • ■

    Finland

    0.58
  • ■

    Brazil

    0.51
  • ■

    Ireland

    0.35
  • ■

    Other/Cash

    0.65

Currency Exposure (%)
as of 01/31/20

  • U.S. Dollar

    99.35

  • Other/Cash

    0.65

Sector Weightings (%) as of 01/31/20

  • Sector

    % of Net Assets
  • ■

    Communications

    18.0
  • ■

    Financial

    16.8
  • ■

    Energy

    16.5
  • ■

    Basic Materials

    15.5
  • ■

    Consumer, Cyclical

    15.0
  • ■

    Technology

    7.6
  • ■

    Industrial

    4.6
  • ■

    Consumer, Non-cyclical

    3.9
  • ■

    Utilities

    1.4
  • ■

    Other/Cash

    0.6

Credit Quality (%) as of 01/31/20

Composite % of Net Assets
Non-Investment Grade BB 76.95
B 15.49
CCC 6.91
Total Non-Investment Grade -- 99.35
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 01/31/20

 Average Portfolio Maturity: 11.96 Years