ANGLVanEck Vectors Fallen Angel High Yield Bond ETF
Market Updates*
- ANGL’s index has consistently outperformed the broad high yield index in a variety of market conditions, with outperformance in 13 of the past 17 years.
- Long-term performance has been driven by buying new fallen angels at deep discounts, a higher quality tilt, and sector positioning.
- 2020 performance has been driven by record volume of new fallen angels; we expect further downgrade in 2021, however as the pace slows we expect the other drivers of performance to play an important role in returns going forward.
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 ICE US Fallen Angel High Yield 10% Constrained Index (H0CF), 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
NASDAQ -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Custodian
State Street Bank and Trust Company -
Index Ticker
H0CF -
Index Rebalancing
Monthly -
2020 NAIC Designation11
3.C
as of 04/09/21
-
30-Day SEC Yield1
3.49% -
Total Net Assets
$4.7B -
Number of Holdings
305 -
Options
Available -
Gross Expense Ratio2
0.43% -
Net Expense Ratio/TER2
0.35% -
Distribution Frequency
Monthly
Key Points
- Higher Quality High Yield
Fallen angels, high yield bonds originally issued as investment grade corporate bonds, have had historically higher average credit quality than the broad high yield bond universe7
- Outperformed Broad High Yield Bond Market
Fallen angels have outperformed the broad high yield bond market in 13 of the last 17 calendar years8
- Higher Risk-Adjusted Returns than Broad High Yield Bond Market
Fallen angels have historically offered a better risk/reward trade off than found with the broad high yield bond market9
Yield
as of 04/09/21
-
30-Day SEC Yield1
3.49% -
Distribution Yield1
4.39% -
12-Month Yield1
4.61%
Fees & Expenses2
-
Management Fee
0.40% -
Other Expenses
0.03% -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.43% -
Fee Waivers andExpense Reimbursement
-0.08% -
Net Expense Ratio/TER2
0.35%
Trading Information
-
Fund Ticker
ANGL -
Index Total Return Ticker
H0CF -
NAV
ANGLNV -
Intraday NAV (IIV)5
ANGLIV -
Shares Outstanding
146,800,000 -
Estimated Cash
ANGLEU -
Total Cash
ANGLTC -
CUSIP
92189F437 -
ISIN
US92189F4375
Fundamentals4
as of 04/09/21
-
Yield to Worst
3.60% -
Yield to Maturity
3.80% -
Effective Duration (yrs)
6.61 -
Years to Maturity
10.23 -
Coupon
5.22%
Investment Professionals
Francis G. Rodilosso, CFA
- Portfolio Manager and Head of Fixed Income ETFs
- Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
- Joined VanEck in 2012
- Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
- Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
- CFA charterholder; member of CFA Society New York
- MBA (with distinction), Finance, University of Pennsylvania
- AB, History, Princeton University
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Stephanie Wang
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Prices as of 04/09/21
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE 04/10/12 |
|
---|---|---|---|---|---|---|---|---|
ANGL (NAV) | -0.83 | 0.58 | 0.58 | 31.24 | 8.60 | 10.14 | -- | 8.69 |
ANGL (Share Price) | -0.10 | 0.56 | 0.56 | 32.70 | 8.78 | 10.24 | -- | 8.75 |
H0CF (Index) | -0.78 | 0.18 | 0.18 | 32.73 | 9.13 | 10.76 | 9.24 | 9.69 |
Performance Differential (NAV - Index) | -0.05 | 0.40 | 0.40 | -1.49 | -0.53 | -0.62 | -- | -1.00 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | LIFE 04/10/12 |
|
---|---|---|---|---|---|---|---|---|
ANGL (NAV) | -0.83 | 0.58 | 0.58 | 31.24 | 8.60 | 10.14 | -- | 8.69 |
ANGL (Share Price) | -0.10 | 0.56 | 0.56 | 32.70 | 8.78 | 10.24 | -- | 8.75 |
H0CF (Index) | -0.78 | 0.18 | 0.18 | 32.73 | 9.13 | 10.76 | 9.24 | 9.69 |
Performance Differential (NAV - Index) | -0.05 | 0.40 | 0.40 | -1.49 | -0.53 | -0.62 | -- | -1.00 |
Top 10 Holdings (%) as of 03/31/21 Daily Holdings
to view
full data
Holding Name |
Coupon
|
Maturity |
Country†
|
Currency
|
% of Net Assets |
|
---|---|---|---|---|---|---|
CARNIVAL CORP |
11.500
|
04/01/2023
|
United States
|
USD
|
2.05 | |
SPRINT CAPITAL CORP |
6.875
|
11/15/2028
|
United States
|
USD
|
1.36 | |
KRAFT HEINZ FOODS CO |
4.375
|
06/01/2046
|
United States
|
USD
|
1.35 | |
OCCIDENTAL PETROLEUM CORP |
2.900
|
08/15/2024
|
United States
|
USD
|
1.26 | |
SPRINT CAPITAL CORP |
8.750
|
03/15/2032
|
United States
|
USD
|
1.26 | |
ROYAL CARIBBEAN CRUISES LTD |
11.500
|
06/01/2025
|
United States
|
USD
|
1.17 | |
VODAFONE GROUP PLC |
7.000
|
04/04/2079
|
United Kingdom
|
USD
|
1.07 | |
KRAFT HEINZ FOODS CO |
5.200
|
07/15/2045
|
United States
|
USD
|
0.99 | |
NEWELL BRANDS INC |
4.200
|
04/01/2026
|
United States
|
USD
|
0.96 | |
FREEPORT-MCMORAN INC |
5.450
|
03/15/2043
|
United States
|
USD
|
0.96 | |
Top 10 Total (%) | 12.43 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%) as of 03/31/21
-
Country
% of Net Assets -
■
United States
84.99 -
■
Italy
3.05 -
■
United Kingdom
2.74 -
■
Germany
1.97 -
■
France
1.64 -
■
Luxembourg
1.59 -
■
Canada
1.09 -
■
Australia
1.08 -
■
China
0.39 -
■
Finland
0.28 -
■
Brazil
0.22 -
■
Ireland
0.16 -
■
Other/Cash
0.81
Currency Exposure (%)
as of 03/31/21
-
U.S. Dollar
99.19 -
Other/Cash
0.81
Sector Weightings (%) as of 03/31/21
-
Sector
% of Net Assets -
■
Energy
26.6 -
■
Consumer Cyclicals
21.1 -
■
Technology
12.5 -
■
Consumer Non-Cyclicals
10.2 -
■
Basic Materials
7.3 -
■
Utilities
6.1 -
■
Industrials
5.7 -
■
Financials
5.3 -
■
Real Estate
3.9 -
■
Healthcare
0.5 -
■
Other/Cash
0.8
Credit Quality (%) as of 03/31/21
Composite | % of Net Assets | |
---|---|---|
Non-Investment Grade | BB | 92.94 |
B | 4.14 | |
CCC | 1.92 | |
D | 0.19 | |
Total Non-Investment Grade | -- | 99.19 |
Maturity (%) as of 03/31/21
Average Portfolio Maturity: 10.06 Years