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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
NYSE Arca
Commencement
04/10/2012
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
Bank of New York Mellon
Index Ticker
H0FA
Index Rebalancing
Monthly
2019 Preliminary NAIC
Designation¹¹
4

as of 06/14/19

30-Day SEC Yield¹
5.76%
Total Net Assets
$1.1B
Number of Holdings
211
Options
Available
Gross Expense Ratio²
0.44%
Net Expense Ratio/TER²
0.35%
Distribution Frequency
Monthly
Next Distribution Date
06/28/2019

Morningstar™ Ratings³
as of 05/31/19

Category	Overall	3 Year	5 Year
High Yield Bond	5 stars of 608 funds	5 stars of 608 funds	5 stars of 525 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 06/14/19

30-Day SEC Yield¹
5.76%
Distribution Yield¹
5.51%
12-Month Yield¹
5.58%

¹ See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.40%
Other Expenses
0.04%
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
0.44%
Fee Waivers and
Expense Reimbursement
-0.09%
Net Expense Ratio/TER²
0.35%

²Expenses for ANGL are capped contractually at 0.35% until September 1, 2019. 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
38,100,000
Estimated Cash
ANGLEU
Total Cash
ANGLTC
CUSIP
92189F437
ISIN
US92189F4375

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 06/14/19

Yield to Worst
6.33%
Yield to Maturity
6.34%
Effective Duration (yrs)
5.66
Years to Maturity
10.73
Coupon
5.64%

⁴ See Important Disclosure for definitions.

Prices as of 06/14/19

	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	$28.70 $28.84	638,777 256,320	$0.01 / +0.05% $-0.01 / -0.03%	+9.71% +11.07%	$0.14 0.48%

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

Month End as of 05/31/19
Quarter End as of 03/31/19

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 04/10/12
ANGL (NAV)	-1.37	1.10	8.43	3.92	7.69	6.17	--	7.92
ANGL (Share Price)	-2.05	0.46	8.82	3.92	7.47	5.99	--	7.86
H0FA (Index)	-1.36	1.26	8.08	4.22	8.18	6.78	11.74	8.98
Performance Differential (NAV - Index)	-0.01	-0.16	0.35	-0.30	-0.49	-0.61	--	-1.06
LBUSTRUU (Broad-based Index)	1.78	3.76	4.80	6.40	2.50	2.70	3.83	2.57

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 04/10/12
ANGL (NAV)	1.04	8.36	8.36	4.41	9.72	6.75	--	8.11
ANGL (Share Price)	0.90	9.29	9.29	4.61	9.78	6.86	--	8.13
H0FA (Index)	1.09	7.90	7.90	4.60	10.29	7.38	14.17	9.18
Performance Differential (NAV - Index)	-0.05	0.46	0.46	-0.19	-0.57	-0.63	--	-1.07
LBUSTRUU (Broad-based Index)	1.92	2.94	2.94	4.48	2.03	2.74	3.77	2.37

*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 05/31/19 Daily Holdings

Total Holdings: 213

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full data

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	Sprint Capital Corp	6.875	11/15/2028	B	Japan	USD	2.37
	Sprint Capital Corp	8.750	03/15/2032	B	Japan	USD	2.14
	Intesa Sanpaolo Spa	5.017	06/26/2024	BB+	Italy	USD	1.76
	Emc Corp	2.650	06/01/2020	BB	U.S.	USD	1.75
	Freeport-Mcmoran Inc	3.550	03/01/2022	BB+	U.S.	USD	1.72
	Freeport-Mcmoran Inc	3.875	03/15/2023	BB+	U.S.	USD	1.72
	Freeport-Mcmoran Inc	5.450	03/15/2043	BB+	U.S.	USD	1.49
	Goldman Sachs Capital I	6.345	02/15/2034	BB+	U.S.	USD	1.36
	Embarq Corp	7.995	06/01/2036	BB	U.S.	USD	1.32
	Deutsche Bank Ag	4.500	04/01/2025	BB+	Germany	USD	1.30
Top 10 Total (%)							16.93

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 05/31/19

Country
% of Net Assets
■
UNITED STATES
77.81
■
ITALY
5.71
■
UNITED KINGDOM
4.92
■
JAPAN
4.52
■
GERMANY
3.72
■
SWEDEN
0.94
■
CHINA
0.75
■
CANADA
0.60
■
FINLAND
0.50
■
IRELAND
0.31
■
Other/Cash
0.23

Currency Exposure (%)
as of 05/31/19

U.S. Dollar
99.77
Other/Cash
0.23

Sector Weightings (%) as of 05/31/19

Sector
% of Net Assets
■
Energy
20.4
■
Communications
17.8
■
Basic Materials
16.2
■
Financial
16.1
■
Technology
10.7
■
Consumer, Cyclical
10.5
■
Consumer, Non-cyclical
4.2
■
Industrial
4.0
■
Other/Cash
0.2

Credit Quality (%) as of 05/31/19

Composite		% of Net Assets
Non-Investment Grade	BB	73.52
	B	16.80
	CCC	7.59
	CC	0.67
Total Non-Investment Grade	--	98.57
Not Rated	--	1.20

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 05/31/19

Average Portfolio Maturity: 10.79 Years

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