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GFA
VanEck Global Fallen Angel High Yield Bond UCITS ETF

Fund Description

The VanEck Global Fallen Angel High Yield Bond UCITS ETF is a straightforward way to profit from the well-known anomaly of Fallen Angels – investment grade bonds that have been downgraded to high yield. They are often oversold due to restrictions placed on institutional investors and tend to outperform the broad High Yield sector, while on average having higher credit quality.

  • A history of outperformance versus the high-yield bond universe1
  • Take advantage of a market anomaly
  • Currently higher average credit quality than ordinary high-yield issuers
  • Diversification across countries and sectors
  • Issued in USD, GBP, EUR and CAD
  • Currently amongst the lowest total expense ratios in UCITS Fallen Angel ETFs (0.4%)


1Past performance is not a reliable indicator for future performance. Risk factors: Foreign Currency Risk, Emerging Markets Risk, High Yield Securities Risk



Underlying Index

ICE Global Fallen Angel High Yield 10% Constrained Index

Fund Details
 

  • Fund Ticker

    GFA
  • Management Company

    VanEck Asset Management B.V.
  • Custodian

    State Street Custodial Services (Ireland) Limited
  • Domicile

    Ireland
  • UCITS Compliant

    Yes
  • Index Ticker

    HWCF
  • Index Provider

    ICE Data Indices, LLC
  • Rebalance Frequency

    Monthly
1The "Net Asset Value" (NAV) of all ETFs is determined at the close of each business day, and represents the 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. Investors should not expect to buy or sell ETF shares at NAV.

2The date the fund was launched prior to quotation on the stock exchange.

 
as of 24 Jun 2022

  • NAV1

    55.13
  • Shares Outstanding

    816,000
  • Number of Holdings

    395
  • Base Currency

    USD
  • Net Assets

    $45.0M
  • Product Structure

    Physical (Optimized)
  • Income Treatment

    Reinvestment
  • Distribution Frequency

    None
  • Total Expense Ratio

    0.40%
  • SFDR Classification

    Article 6
  • Fact Sheet
  • VanEck Product List
  • Fund Holiday Calendar

Fundamentals3
as of 23 Jun 2022

  • Yield to Worst

    6.95%
  • Yield to Maturity

    6.98%
  • Effective Duration (yrs)

    4.83
  • Years to Maturity

    7.78
  • Modified Duration (yrs)

    4.90
  • Coupon

    4.93%
3These 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. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases. 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 Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

Trading Information as of 24 Jun 2022

London
Stock Exchange
USD
Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL BF3W0N0
Bloomberg GFA LN
Reuters (RIC) GFA.L
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency USD
Last Traded Price 55.39
Day's Move 0.44
Volume 0
30 Day Volume 226
VWAP Volume 500
London
Stock Exchange
GBP
Exchange Ticker GFGB
ISIN IE00BF540Z61
SEDOL BF3W0P2
Bloomberg GFGB LN
Reuters (RIC) GFGB.L
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency GBP
Last Traded Price 45.07
Day's Move 0.26
Volume 113
30 Day Volume 125
VWAP Volume 113
Deutsche
Börse
EUR
Exchange Ticker GFEA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFEA GY
Reuters (RIC) GFEA.DE
Valor 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 52.68
Day's Move 0.38
Volume 84
30 Day Volume 319
VWAP Volume 84
SIX
Swiss Exchange
CHF
Exchange Ticker GFAA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFAA SE
Reuters (RIC) GFAA.S
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency CHF
Last Traded Price 52.84
Day's Move 0.00
Volume 0
30 Day Volume 11
VWAP Volume 0
Borsa
Italiana
EUR
Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFA IM
Reuters (RIC) GFA.MI
Valor 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 52.65
Day's Move 0.38
Volume 162
30 Day Volume 462
VWAP Volume 162

NAVs as of 24 Jun 2022

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
GFA USD $55.13 $0.18 / +0.32% -15.41%
0.40

Performance History* (%)

Month End as of 31 May 2022 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) 0.59 -5.78 -10.80 -9.83 4.73 -- -- 3.65
HWCF (Index) 0.51 -5.77 -10.70 -9.50 4.62 4.30 7.30 3.70
Performance Differential (NAV - Index) 0.08 -0.01 -0.10 -0.33 0.11 -- -- -0.05
Quarter End as of 31 Mar 2022 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) -1.02 -6.30 -6.30 -2.76 6.35 -- -- 5.09
HWCF (Index) -1.07 -6.25 -6.25 -2.33 6.26 5.92 7.47 5.12
Performance Differential (NAV - Index) 0.05 -0.05 -0.05 -0.43 0.09 -- -- -0.03
Calendar Year as of 31 Dec 2021 2017 2018 2019 2020 2021
ETF (NAV) -- -- 13.15 16.41 2.76
HWCF (Index) 13.19 -3.50 14.10 14.76 3.36

Top 10 Holdings (%) as of 31 May 2022 View All Holdings »

Total Holdings: 402
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
PETROLEOS MEXICANOS
7.690
23 Jan 2050
BB-
Mexico
USD
1.2330
VODAFONE GROUP PLC
4.875
03 Oct 2078
BB+
United Kingdom
GBP
1.0908
TEVA PHARMACEUTICAL FINANCE NETHERLANDS
3.150
01 Oct 2026
BB-
Israel
USD
1.0552
SPRINT CAPITAL CORP
6.875
15 Nov 2028
BB
United States
USD
0.9337
SPRINT CAPITAL CORP
8.750
15 Mar 2032
BB
United States
USD
0.8897
DEUTSCHE BANK AG
2.750
17 Feb 2025
BB+
Germany
EUR
0.8814
ELECTRICITE DE FRANCE SA
5.625
22 Jan 2168
BB-
France
USD
0.8424
PETROLEOS MEXICANOS
6.500
13 Mar 2027
BB-
Mexico
USD
0.8210
PETROLEOS MEXICANOS
6.750
21 Sep 2047
BB-
Mexico
USD
0.7740
VODAFONE GROUP PLC
7.000
04 Apr 2079
BB+
United Kingdom
USD
0.7491
Top 10 Total (%) 9.26
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 31 May 2022

  • Country

    % of Net Assets
  • United States

    38.99
  • Mexico

    9.97
  • Italy

    8.32
  • France

    6.03
  • United Kingdom

    5.95
  • Germany

    5.48
  • Colombia

    3.79
  • Brazil

    3.59
  • Israel

    2.94
  • South Africa

    1.67
  • Canada

    1.46
  • Oman

    1.27
  • Peru

    1.13
  • Ireland

    0.79
  • Australia

    0.77
  • Spain

    0.76
  • Thailand

    0.68
  • Turkey

    0.48
  • Morocco

    0.47
  • India

    0.43
  • Uae

    0.41
  • Japan

    0.41
  • Finland

    0.40
  • Kuwait

    0.37
  • Luxembourg

    0.33
  • Panama

    0.30
  • Belgium

    0.24
  • Kazakhstan

    0.24
  • Netherlands

    0.22
  • Trinidad And Tobago

    0.15
  • Bermuda

    0.14
  • Other/Cash

    1.82

Currency Exposure (%)
as of 31 May 2022

  • U.S. Dollar

    70.54
  • Euro

    22.76
  • British Pound

    3.82
  • Canadian Dollar

    1.05
  • Other/Cash

    1.82

Sector Weightings (%) as of 31 May 2022

  • Sector

    % of Net Assets
  • Energy

    29.4
  • Financials

    19.5
  • Consumer Cyclicals

    11.9
  • Technology

    10.2
  • Utilities

    7.7
  • Industrials

    7.4
  • Healthcare

    5.1
  • Basic Materials

    2.8
  • Real Estate

    2.7
  • Consumer Non-Cyclicals

    1.5
  • Other/Cash

    1.8

Credit Quality (%) as of 31 May 2022

Composite % of Net Assets
Investment Grade BBB 2.43
Non-Investment Grade BB 86.67
B 8.18
CCC 1.71
C 0.21
Total Investment Grade -- 2.43
Total Non-Investment Grade -- 96.77
Not Rated -- 0.80

Maturity (%) as of 31 May 2022

 Average Maturity: 7.84 Years