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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 BofA Merrill Lynch 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

  •  
    as of 08/22/17

    • 30-Day SEC Yield1

      4.95%

    • Total Net Assets

      $912.9M

    • Number of Holdings

      234

    • Options

      Available

    • Gross Expense Ratio2

      0.65%

    • Net Expense Ratio/TER2

      0.35%

    • Distribution Frequency

      Monthly

    • Next Distribution Date

      08/31/2017

  • Country Weightings (%) as of 07/31/17

    • Country

      % of Net Assets
    • ■

      UNITED STATES

      65.65
    • ■

      UNITED KINGDOM

      8.00
    • ■

      JAPAN

      6.92
    • ■

      ITALY

      6.42
    • ■

      CANADA

      4.14
    • ■

      LUXEMBOURG

      4.13
    • ■

      FINLAND

      1.13
    • ■

      GERMANY

      0.92
    • ■

      SWEDEN

      0.74
    • ■

      CHINA

      0.59
    • ■

      FRANCE

      0.40
    • ■

      IRELAND

      0.26
    • ■

      NEW ZEALAND

      0.22
    • ■

      Other/Cash

      0.48

  • Portfolio Composition (%)
    as of 07/31/17

    • % of Net Assets

    • Stocks

      0.00

    • Bonds

      99.51

    • Other

      0.00

    • Cash

      0.49

  • Currency Exposure (%)
    as of 07/31/17

    • U.S. Dollar

      99.52

    • Other/Cash

      0.48

  • Credit Quality (%) as of 07/31/17

    Composite % of Net Assets
    Non-Investment Grade BB 77.19
    B 18.14
    CCC 3.81
    C 0.03
    Total Non-Investment Grade -- 99.17
    Not Rated -- 0.25
    Composite Rating: An evenly weighted blend of a security's Moody's, S&P, Fitch and DBRS ratings. Not Rated indicates that a security is rated by fewer than two of the four rating agencies. This composite is not intended to be a credit opinion.

  • 3-YR Risk Measures*
    as of 07/31/17

    • Beta vs. S&P 500 Index

      0.35

    • Correlation vs. S&P 500 Index

      0.47

    • Volatility (Standard Deviation)

      7.63

    • Sharpe Ratio

      1.09

    Source: VanEck, FactSet

    *Beta is a measure of sensitivity to market movements. Correlation measures the extent of linear association between the ETF performance and the index performance. Volatility is the annualized standard deviation of the ETF's monthly returns. Sharpe ratio measures risk-adjusted return, and represents the ETF's return less the risk free rate divided by the standard deviation. See S&P 500 Index definition.6

  • Sector Weightings (%) as of 07/31/17

    • Sector

      % of Net Assets
    • ■

      Basic Materials

      25.4
    • ■

      Energy

      24.6
    • ■

      Communications

      17.7
    • ■

      Financial

      11.4
    • ■

      Consumer, Cyclical

      6.1
    • ■

      Technology

      5.2
    • ■

      Consumer, Non-cyclical

      4.1
    • ■

      Industrial

      3.7
    • ■

      Diversified

      0.8
    • ■

      Utilities

      0.6
    • ■

      Other/Cash

      0.5

  • Important Disclosure

    VanEck only serves professional clients in countries where the funds are registered or where funds can be sold in accordance with local private placement rules.

    130-Day SEC Yield is a standard yield calculation developed by the Securities and Exchange Commission that allows for fairer comparisons among funds. It is based on the most recent 30-day period. This yield figure reflects the interest earned during the period after deducting the Fund's expenses for the period. It does not reflect the yield an investor would have received if they had held the Fund over the last twelve months assuming the most recent NAV. Distributions may vary from time to time. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Vectors Fallen Angel High Yield Bond ETF would have been 4.87% on 08/22/2017. The Distribution Yield is the annual yield an investor would receive if the most recent Fund distribution stayed the same going forward. The yield represents a single distribution from the Fund and does not represent the total return of the Fund.  The yield is calculated by annualizing the most recent distribution and dividing by the Fund NAV from the as-of date. The 12-Month Yield is the yield an investor would have received if they had held the fund over the last 12 months assuming the most recent NAV. The 12-month yield is calculated by summing any income distributions over the past 12 months and dividing by the sum of the most recent NAV and any capital gain distributions made over the past 12 months. Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included.

    2ANGL Fees & Expenses : "Other Expenses" are based on estimated amounts for the current fiscal year. Van Eck Associates Corporation (the "Adviser") has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses) from exceeding 0.35% of the Fund's average daily net assets per year until at least September 1, 2017. During such time, the expense limitation is expected to continue until the Fund's Board of Trustees acts to discontinue all or a portion of such expense limitation. TER, or Total Expense Ratio, is also referred to as "Net Expense Ratio". 

    3Morningstar Ratings: If applicable, when the ETF is rated three stars or more for any given period. ©Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    4These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The coupon and yields presented do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

    5IIV is an abbreviation for the intraday indicative value of an ETF's Shares (and is also known as the Indicative Optimized Portfolio Value or IOPV), and is disseminated every 15 seconds during regular trading hours. The IIV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IIV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IIV should not be viewed as a "real-time" update of the Fund's NAV, which is computed only once a day. The Fund is not involved in, or responsible for, the calculation or dissemination of the IIV and makes no warranty as to its accuracy.

    6The S&P 500® Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sector; as an Index, it is unmanaged and is not a security in which investments can be made.

    7When comparing BofA Merrill Lynch US Fallen Angel High Yield Index and BofA Merrill Lynch US High Yield Index.  BofA Merrill Lynch composite ratings are simple averages of ratings from Moody's, S&P, and Fitch, and are not intended to be a credit opinion.

    8,9Source: FactSet. Represented by the BofA Merrill Lynch US Fallen Angel High Yield Index (“Index”) and the BofA Merrill Lynch US High Yield Index (“Broad HY Index”), respectively.  Risk-adjusted returns are measured by Sharpe ratio, which is a statistical measure of the excess return of a portfolio over a risk-free rate of return (as found with a U.S. Treasury security) per unit of the portfolio's standard deviation of returns.

    An investment in the Fund may be subject to risk which include, among others, credit risk, call risk, and interest rate risk, all of which may adversely affect the Fund. High yield bonds may be subject to greater risk of loss of income and principal and are likely to be more sensitive to adverse economic changes than higher rated securities. International investing involves additional risks which include greater market volatility, the availability of less reliable financial information, higher transactional and custody costs, taxation by foreign governments, decreased market liquidity and political instability. The Fund's assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.

    After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund shares throughtax-deferred arrangements such as 401(k) plans or individual retirement.

    Merrill Lynch, Pierce, Fenner & Smith Incorporated and its affiliates ("BofA Merrill Lynch") indices and related information, the name "BofA Merrill Lynch", and related trademarks, are intellectual property licensed from BofA Merrill Lynch, and may not be copied, used, or distributed without BofA Merrill Lynch's prior written approval. The licensee's products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, guaranteed, or promoted by BofA Merrill Lynch. BOFA MERRILL LYNCH MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, ANY RELATED INFORMATION, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS). 

    Bloomberg Barclays Indices does not sponsor, endorse, or promote the Fund and bears no liability with respect to the Fund or security.

    Index returns are not Fund returns and do not reflect any management fees or brokerage expenses. Investors can not invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Index returns assume that dividends have been reinvested.

    BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA, “Index”) is a subset of the BofA Merrill Lynch US High Yield Index (H0A0, “Broad Index”), including securities that were rated investment grade at time of issuance. H0FA is representative of the entire fallen angel high yield corporate bond market.

    BofA Merrill Lynch US High Yield Index (H0A0, “Broad HY Index”) is comprised of below-investment grade corporate bonds (based on an average of Moody's, S&P, and Fitch) denominated in U.S. dollars.

    Bloomberg Barclays US Aggregate Bond Index (LBUSTRUU, “Broad-based Index”) is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS, ABS, CMBS.

    Country of Risk:  Country of risk is defined using the International Organization for Standardization’s (ISO) country codes which take four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the CEO, CFO, COO or General Counsel is otherwise.

    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.

    Fund shares are not individually redeemable and will be issued and redeemed at their NAV only through certain authorized broker-dealers in large, specified blocks of shares called "creation units" and otherwise can be bought and sold only through exchange trading. Shares may trade at a premium or discount to their NAV in the secondary market. You will incur brokerage expenses when trading Fund shares in the secondary market. Past performance is no guarantee of future results. Returns for actual Fund investments may differ from what is shown because of differences in timing, the amount invested, and fees and expenses.

    The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund reflects temporary waivers of expenses and/or fees. Had the Fund incurred all expenses, investment returns would have been reduced. Investment return and value of the shares of the Fund will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Fund returns reflect dividends and capital gains distributions. Performance current to the most recent month end is available by calling 800.826.2333 or on this web page.

    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 contains this and other information, call 800.826.2333 or visit vaneck.com/etfs . Please read the prospectus and summary prospectus carefully before investing.

    This content is published in the United States for residents of specified countries. Investors are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this content. Nothing in this content should be considered a solicitation to buy or an offer to sell shares of any investment in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction, nor is it intended as investment, tax, financial, or legal advice. Investors should seek such professional advice for their particular situation and jurisdiction.

Van Eck Securities Corporation, Distributor
666 Third Avenue
New York, NY 10017
800.826.2333

 



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