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

    BNY Mellon Trust Company (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 20 May 2019

  • NAV1

    51.05
  • Shares Outstanding

    120,000
  • Number of Holdings

    171
  • Base Currency

    USD
  • Net Assets

    $6.1M
  • Product Structure

    Physical (Optimized)
  • Distribution Frequency

    None
  • Income Treatment

    Reinvestment
  • Total Expense Ratio

    0.40%
  • Fact Sheet
  • Product List

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 16 May 2019

  • Yield to Worst

    5.05%
  • Yield to Maturity

    5.07%
  • Effective Duration (yrs)

    4.53
  • Years to Maturity

    6.57
  • Modified Duration (yrs)

    4.56
  • Coupon

    5.27%
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 20 May 2019

Exchange TickerGFA
ISINIE00BF540Z61
SEDOLBF3W0N0
BloombergGFA LN
Reuters (RIC)GFA.L
Telekurs40992308
Bloomberg iNAVGFAUSIV
Reuters iNAVGFAINAV=SOLA
WKNA2JEMG
Trading CurrencyUSD
Last Traded Price51.09
Day's Move0.05
Volume0
30 Day Volume206
VWAP Volume0
Exchange TickerGFGB
ISINIE00BF540Z61
SEDOLBF3W0P2
BloombergGFGB LN
Reuters (RIC)GFGB.L
Telekurs40992308
Bloomberg iNAVGFAUSIV
Reuters iNAVGFAINAV=SOLA
WKNA2JEMG
Trading CurrencyGBP
Last Traded Price40.13
Day's Move0.05
Volume0
30 Day Volume--
VWAP Volume0
Exchange TickerGFEA
ISINIE00BF540Z61
SEDOL--
BloombergGFEA GY
Reuters (RIC)GFEA.DE
Telekurs40992308
Bloomberg iNAVGFAEUIV
Reuters iNAVGFAEURINAV=SOLA
WKNA2JEMG
Trading CurrencyEUR
Last Traded Price45.72
Day's Move-0.02
Volume0
30 Day Volume35
VWAP Volume0
Exchange TickerGFAA
ISINIE00BF540Z61
SEDOL--
BloombergGFAA SE
Reuters (RIC)GFAA.S
Telekurs40992308
Bloomberg iNAVGFAUSIV
Reuters iNAVGFAINAV=SOLA
WKNA2JEMG
Trading CurrencyCHF
Last Traded Price51.58
Day's Move0.00
Volume0
30 Day Volume5
VWAP Volume0
Exchange TickerGFA
ISINIE00BF540Z61
SEDOL--
BloombergGFA IM
Reuters (RIC)GFA.MI
Telekurs40992308
Bloomberg iNAVGFAEUIV
Reuters iNAVGFAEURINAV=SOLA
WKNA2JEMG
Trading CurrencyEUR
Last Traded Price45.74
Day's Move0.01
Volume0
30 Day Volume18
VWAP Volume0

NAVs as of 20 May 2019

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
GFA USD $51.05 $0.04 / +0.08% +6.01%
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) 1.14 2.76 6.62 2.91 -- -- -- 2.42
HWFA (Index) 1.29 3.22 7.13 3.44 7.38 4.90 12.58 2.91
Performance Differential (NAV - Index) -0.15 -0.46 -0.51 -0.53 -- -- -- -0.49
1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) 0.44 5.42 5.42 1.80 -- -- -- 1.49
HWFA (Index) 0.44 5.76 5.76 2.07 8.48 4.97 13.67 1.87
Performance Differential (NAV - Index) 0.00 -0.34 -0.34 -0.27 -- -- -- -0.38

Top 10 Holdings (%) View All Holdings » as of 30 Apr 2019

Total Holdings: 172
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
Intesa Sanpaolo Spa
6.625
13 Sep 2023
BB+
Italy
EUR
2.24
Unicredit Spa
6.950
31 Oct 2022
BB+
Italy
EUR
2.17
Orano Sa
4.875
23 Sep 2024
BB+
France
EUR
2.08
Telecom Italia Finance Sa
7.750
24 Jan 2033
BB+
Italy
EUR
2.05
Casino Guichard Perrachon Sa
5.976
26 May 2021
BB
France
EUR
2.04
Tesco Plc
6.125
24 Feb 2022
BB+
United Kingdom
GBP
2.03
Teva Pharmaceutical Finance Netherlands
2.800
21 Jul 2023
BB
Israel
USD
2.01
Petrobras Global Finance Bv
4.375
20 May 2023
BB-
Brazil
USD
1.95
Teollisuuden Voima Oyj
2.500
17 Mar 2021
BB+
Finland
EUR
1.90
Teva Pharmaceutical Finance Netherlands
1.125
15 Oct 2024
BB
Israel
EUR
1.65
Top 10 Total (%) 20.12
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 30 Apr 2019

  • Country

    % of Net Assets
  • UNITED STATES

    32.90
  • BRAZIL

    17.12
  • ITALY

    9.91
  • ISRAEL

    7.17
  • UNITED KINGDOM

    6.37
  • GERMANY

    4.21
  • FRANCE

    4.12
  • TURKEY

    3.47
  • SOUTH AFRICA

    3.38
  • FINLAND

    2.07
  • JAPAN

    1.82
  • RUSSIA

    1.68
  • COLOMBIA

    1.26
  • OMAN

    1.13
  • SWEDEN

    0.84
  • KAZAKHSTAN

    0.84
  • CANADA

    0.57
  • PERU

    0.43
  • CHINA

    0.33
  • SPAIN

    0.00
  • Other/Cash

    0.36

Currency Exposure (%)
as of 30 Apr 2019

  • U.S. Dollar

    76.83
  • Euro

    19.03
  • British Pound

    3.45
  • Canadian Dollar

    0.32
  • Other/Cash

    0.36

Sector Weightings (%) as of 30 Apr 2019

  • Sector

    % of Net Assets
  • Financial

    26.0
  • Consumer, Non-cyclical

    15.9
  • Energy

    15.8
  • Communications

    11.3
  • Basic Materials

    9.0
  • Industrial

    5.6
  • Utilities

    5.0
  • Technology

    4.5
  • Consumer, Cyclical

    4.4
  • Diversified

    1.7
  • Government

    0.4
  • Other/Cash

    0.4

Credit Quality (%) as of 30 Apr 2019

Composite % of Net Assets
Non-Investment Grade BB 78.85
B 15.98
CCC 4.37
Total Non-Investment Grade -- 99.20
Not Rated -- 0.44
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 Apr 2019

 Average Maturity: 6.63 Years