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GFA
VanEck Vectors Global Fallen Angel High Yield Bond UCITS ETF

Fund Description: The VanEck Vectors Global Fallen Angel High Yield Bond UCITS ETF (GFA) is a UCITS-compliant exchange-traded fund that invests in a portfolio of bond securities with the aim of providing investment returns that closely track the performance of the ICE BofAML Global Fallen Angel High Yield Index (HWFA).

Index Description: The ICE BofAML Global Fallen Angel High Yield 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.  

Management Style: Optimized

 
 

  • Fund Ticker

    GFA
  • Management Company

    VanEck Investments Ltd
  • Custodian

    State Street Custodial Services (Ireland) Limited
  • Domicile

    Ireland
  • UCITS Compliant

    YES
  • Index Ticker

    HWFA
  • Index Provider

    ICE Data Indices, LLC
  • Rebalance Frequency

    Monthly
  • Inception Date2

    19 Mar 2018
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 27 Mar 2020

  • NAV1

    48.24
  • Shares Outstanding

    152,000
  • Number of Holdings

    226
  • Base Currency

    USD
  • Net Assets

    $7.3M
  • Product Structure

    Physical (Optimized)
  • Distribution Frequency

    None
  • Income Treatment

    Reinvestment
  • Total Expense Ratio

    0.40%
  • Fact Sheet
  • ETF Product List
afm_english_risicoscore_4.jpg

Key Points

  • Higher Quality High Yield
  • Global fallen angels, high yield bonds originally issued as investment grade corporate bonds, have had historically higher average credit quality than global original issue high yield corporate bond. 

  • Outperformed Global High Yield Bond Market
    Global fallen angels on average have outperformed the global original issue high yield corporate bond market. 
  •  

Fundamentals3
as of 27 Mar 2020

  • Yield to Worst

    7.07%
  • Yield to Maturity

    7.07%
  • Effective Duration (yrs)

    5.20
  • Years to Maturity

    9.32
  • Modified Duration (yrs)

    5.25
  • Coupon

    5.06%
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. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. 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 27 Mar 2020

Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL BF3W0N0
Bloomberg GFA LN
Reuters (RIC) GFA.L
Telekurs 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency USD
Last Traded Price 47.72
Day's Move 0.44
Volume 0
30 Day Volume 485
VWAP Volume 0
Exchange Ticker GFGB
ISIN IE00BF540Z61
SEDOL BF3W0P2
Bloomberg GFGB LN
Reuters (RIC) GFGB.L
Telekurs 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency GBP
Last Traded Price 38.66
Day's Move -0.15
Volume 1
30 Day Volume 416
VWAP Volume 1
Exchange Ticker GFEA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFEA GY
Reuters (RIC) GFEA.DE
Telekurs 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 43.27
Day's Move -0.05
Volume 387
30 Day Volume 427
VWAP Volume 387
Exchange Ticker GFAA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFAA SE
Reuters (RIC) GFAA.S
Telekurs 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency CHF
Last Traded Price 45.05
Day's Move 0.23
Volume 0
30 Day Volume 541
VWAP Volume 0
Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFA IM
Reuters (RIC) GFA.MI
Telekurs 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 43.66
Day's Move 0.92
Volume 125
30 Day Volume 339
VWAP Volume 125

NAVs as of 27 Mar 2020

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
GFA USD $48.24 $0.48 / +1.01% -11.47%
0.40

Performance History: Average Annual Total Returns* (%)

1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) -1.10 1.70 -0.30 7.47 -- -- -- 4.35
HWFA (Index) -1.25 1.60 -0.45 7.87 7.36 6.81 8.68 4.76
Performance Differential (NAV - Index) 0.15 0.10 0.15 -0.40 -- -- -- -0.41
1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) 2.01 4.03 13.15 13.15 -- -- -- 4.93
HWFA (Index) 2.06 4.23 14.10 14.10 7.53 7.00 8.95 5.46
Performance Differential (NAV - Index) -0.05 -0.20 -0.95 -0.95 -- -- -- -0.53

Top 10 Holdings (%) View All Holdings » as of 29 Feb 2020

Total Holdings: 207
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
VODAFONE GROUP PLC
7.000
04 Apr 2079
BB+
United Kingdom
USD
2.7260
TELECOM ITALIA FINANCE SA
7.750
24 Jan 2033
BB+
Italy
EUR
2.4654
CENTRICA PLC
5.250
10 Apr 2075
BB+
United Kingdom
GBP
1.6861
INTESA SANPAOLO SPA
6.625
13 Sep 2023
BB+
Italy
EUR
1.6071
AUTOSTRADE PER L'ITALIA SPA
5.875
09 Jun 2024
BB
Italy
EUR
1.5793
ORANO SA
4.875
23 Sep 2024
BB+
France
EUR
1.5358
TEVA PHARMACEUTICAL FINANCE NETHERLANDS
2.800
21 Jul 2023
BB
Israel
USD
1.5223
CASINO GUICHARD PERRACHON SA
5.976
26 May 2021
B-
France
EUR
1.4206
TEOLLISUUDEN VOIMA OYJ
2.125
04 Feb 2025
BB+
Finland
EUR
1.4205
BANCO DE SABADELL SA
1.750
10 May 2024
BB+
Spain
EUR
1.3727
Top 10 Total (%) 17.35
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 29 Feb 2020

  • Country

    % of Net Assets
  • United States

    31.75
  • Brazil

    11.86
  • Italy

    8.57
  • United Kingdom

    7.06
  • Israel

    5.79
  • Germany

    4.06
  • France

    2.96
  • Turkey

    2.50
  • Japan

    2.23
  • Russia

    1.96
  • Kazakhstan

    1.96
  • Finland

    1.80
  • Spain

    1.37
  • South Africa

    1.30
  • Colombia

    1.10
  • Sweden

    1.04
  • Bermuda

    0.95
  • Oman

    0.93
  • Canada

    0.84
  • Australia

    0.81
  • Austria

    0.41
  • China

    0.38
  • Peru

    0.31
  • Other/Cash

    8.08

Currency Exposure (%)
as of 29 Feb 2020

  • U.S. Dollar

    70.56
  • Euro

    17.75
  • GBP

    3.20
  • Canadian Dollar

    0.40
  • Other/Cash

    8.08

Sector Weightings (%) as of 29 Feb 2020

  • Sector

    % of Net Assets
  • Financial

    21.0
  • Communications

    14.4
  • Consumer, Non-cyclical

    13.7
  • Energy

    12.0
  • Basic Materials

    8.7
  • Consumer, Cyclical

    6.9
  • Industrial

    6.0
  • Utilities

    5.3
  • Technology

    3.4
  • Diversified

    0.6
  • Other/Cash

    8.1

Credit Quality (%) as of 29 Feb 2020

Composite % of Net Assets
Non-Investment Grade BB 71.17
B 15.20
CCC 1.81
Total Non-Investment Grade -- 88.18
Not Rated -- 4.34
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 29 Feb 2020

 Average Maturity: 8.84 Years

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