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GFA
VanEck Vectors Global Fallen Angel High Yield Bond UCITS ETF

Index Description

The ICE Global Fallen Angel High Yield 10% Constrained Index is comprised of below investment grade corporate bonds denominated in US dollar, Canadian dollar, British pound sterling and Euro, that were rated investment grade at the time of issuance and that are publicly issued in the major domestic or eurobond markets.  

Index Key Points

Underlying Index
ICE Global Fallen Angel High Yield 10% Constrained Index


Index Characteristics
The Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets and that were rated investment grade at the point of issuance.

 

Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, and a fixed coupon schedule.

 

Liquidity

Bonds must have minimum amount outstanding of USD 250 million, EUR 250 million, GBP 100 million, or CAD 100 million.


Weighting Methodology
Index constituents are market capitalization weighted, provided the total allocation to an individual issuer does not exceed 10%.

 

Accrued interest is calculated assuming next-day settlement.

 

Monthly Rebalance
Rebalance day occurs on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. 
 
No changes are made to constituent holdings other than on month end rebalancing dates.

 

Index Provider
ICE Data Indices, LLC

For more information about the index please click here

 

Please note that GFA’s underlying index has changed on 31 July 2020. Prior to 31 July 2020 the underlying index was ICE Global Fallen Angel High Yield Index (HWFA).

Index Information

  • Index Provider

    ICE Data Indices, LLC
  • Index Type

    Total Return
  • Currency

    USD
  • Inception Date

    31 Dec 1997
  • Rebalance Frequency

    Monthly
  • Bloomberg Ticker

    HWCF

Index Fundamentals
as of 15 Oct 2021

  • Yield to Worst

    3.38%
  • Yield to Maturity

    3.53%
  • Effective Duration (yrs)

    5.72
  • Years to Maturity

    8.72
  • Modified Duration (yrs)

    5.77
  • Coupon

    4.94%

Index Top 10 Constituents (%) as of 30 Sep 2021

Total Constituents: 559
Constituent Name
Coupon
Maturity Weighting (%)
Petroleos Mexicanos
0.000
23 Jan 2050
1.15
Petroleos Mexicanos
0.000
13 Mar 2027
0.85
Petroleos Mexicanos
0.000
21 Sep 2047
0.78
Kraft Heinz Foods Co
0.000
01 Jun 2046
0.74
Teva Pharmaceuticals Ne
3.150
01 Oct 2026
0.72
Sprint Capital Corp
6.875
15 Nov 2028
0.70
Petroleos Mexicanos
0.000
23 Jan 2030
0.68
Teva Pharmaceuticals Ne
2.800
21 Jul 2023
0.65
Sprint Capital Corp
8.750
15 Mar 2032
0.65
Petroleos Mexicanos
0.000
28 Jan 2031
0.55
Top 10 Total (%) 7.47
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 30 Sep 2021

  • Country

    Weightings (%)
  • United States

    44.5
  • Mexico

    10.3
  • Italy

    7.6
  • France

    5.6
  • Germany

    5.0
  • Brazil

    4.8
  • United Kingdom

    4.6
  • Israel

    3.1
  • Colombia

    3.1
  • Canada

    1.7
  • South Africa

    1.3
  • Oman

    1.0
  • China

    0.8
  • Russia

    0.8
  • Turkey

    0.6
  • Spain

    0.6
  • Morocco

    0.5
  • Thailand

    0.4
  • Finland

    0.4
  • Peru

    0.4
  • India

    0.3
  • Kuwait

    0.3
  • Kuwait

    0.3
  • Uae

    0.3
  • Kazakhstan

    0.3
  • Panama

    0.2
  • Trinidad And Tobago

    0.2
  • Austria

    0.2
  • Japan

    0.2
  • Belgium

    0.1
  • Denmark

    0.1
  • South Korea

    0.1
  • Cayman Islands

    0.1
  • Australia

    0.1
  • Puerto Rico

    0.1
  • Guernsey

    0.1
  • Chile

    0.1

Index Sector Weightings (%) as of 30 Sep 2021

  • Sector

    Weightings (%)
  • Energy

    28.0
  • Consumer, Cyclical

    17.9
  • Financial

    14.6
  • Consumer, Non-cyclical

    13.2
  • Utilities

    7.5
  • Communications

    7.4
  • Basic Materials

    5.4
  • Industrial

    4.0
  • Technology

    1.8
  • Diversified

    0.3

Index Credit Quality (%) as of 30 Sep 2021

Composite % of Net Assets
Investment Grade BBB 2.19
Non-Investment Grade BB 89.73
B 4.41
CCC 0.74
CC 0.14
Total Investment Grade -- 2.19
Total Non-Investment Grade -- 95.01
Not Rated -- 2.80

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 30 Sep 2021

 Average Maturity: 8.76 Years