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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 26 Jan 2023

  • NAV1

    59.15
  • Shares Outstanding

    650,000
  • Number of Holdings

    377
  • Base Currency

    USD
  • Net Assets

    $38.4M
  • Product Structure

    Physical (Optimized)
  • Income Treatment

    Reinvestment
  • Distribution Frequency

    None
  • Total Expense Ratio

    0.40%
  • SFDR Classification

    Article 6
  • Fact Sheet
  • Fund Holiday Calendar

Fundamentals3
as of 26 Jan 2023

  • Yield to Worst

    6.99%
  • Yield to Maturity

    7.04%
  • Effective Duration (yrs)

    4.72
  • Years to Maturity

    7.59
  • Modified Duration (yrs)

    4.78
  • Coupon

    4.80%
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 26 Jan 2023

Deutsche
Börse
EUR
Exchange Ticker GFEA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFEA GY
Reuters (RIC) GFEA.DE
Valor 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=IHSM
WKN A2JEMG
Trading Currency EUR
Last Traded Price 54.42
Day's Move 0.20
Volume 85
30 Day Volume 199
VWAP Volume 85

NAVs as of 26 Jan 2023

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
GFA USD $59.15 $0.04 / +0.07% +4.26%
0.40

Performance History* (%)

  1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF 1.56 8.92 -12.96 -12.96 1.35 -- -- 2.67
HWCF (Index) 1.46 8.88 -12.96 -12.96 1.07 2.60 5.13 2.69
Performance differential (ETF – Index) 0.10 0.04 0.00 0.00 0.28 -- -- -0.02
  1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF 1.56 8.92 -12.96 -12.96 1.35 -- -- 2.67
HWCF (Index) 1.46 8.88 -12.96 -12.96 1.07 2.60 5.13 2.69
Performance differential (ETF – Index) 0.10 0.04 0.00 0.00 0.28 -- -- -0.02
  2018 2019 2020 2021 2022
ETF -- 13.15 16.41 2.76 -12.96
HWCF (Index) -3.50 14.10 14.76 3.36 -12.96

Market Makers

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

Total Holdings: 376
Swipe<br>to view <br> full data
Holding Name Coupon Maturity
Composite
Rating
Country
Currency
% of Net
Assets
PETROLEOS MEXICANOS 7.690 23 Jan 2050 BB- Mexico USD 1.3336
ELECTRICITE DE FRANCE SA 5.625 22 Jan 2168 BB- France USD 1.3180
TEVA PHARMACEUTICAL FINANCE NETHERLANDS 3.150 01 Oct 2026 BB- Israel USD 1.2595
SPRINT CAPITAL CORP 8.750 15 Mar 2032 BB United States USD 1.0246
SPRINT CAPITAL CORP 6.875 15 Nov 2028 BB United States USD 0.9819
VODAFONE GROUP PLC 7.000 04 Apr 2079 BB+ United Kingdom USD 0.9305
UNICREDIT SPA 4.875 20 Feb 2029 BB+ Italy EUR 0.8975
FORD MOTOR CREDIT CO LLC 4.535 06 Mar 2025 BB United States GBP 0.8889
PETROLEOS MEXICANOS 6.500 13 Mar 2027 BB- Mexico USD 0.8868
VODAFONE GROUP PLC 3.100 03 Jan 2079 BB+ United Kingdom EUR 0.8521
Top 10 Total (%) 10.3734
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 31 Dec 2022

  • Country

    % of Net Assets
  • United States

    40.47
  • Mexico

    10.09
  • Italy

    6.75
  • United Kingdom

    6.73
  • France

    6.67
  • Germany

    4.46
  • Colombia

    3.69
  • Brazil

    3.30
  • Israel

    2.80
  • China

    1.70
  • Canada

    1.49
  • Peru

    1.35
  • Spain

    1.23
  • South Africa

    1.20
  • Oman

    0.94
  • Czech Republic

    0.90
  • Morocco

    0.87
  • Ireland

    0.86
  • Turkey

    0.75
  • Australia

    0.70
  • Finland

    0.49
  • Virgin Islands

    0.36
  • Netherlands

    0.35
  • Thailand

    0.35
  • United Arab Emirates

    0.25
  • Panama

    0.25
  • Luxembourg

    0.21
  • Trinidad And Tobago

    0.20
  • Tanzania

    0.13
  • Other/Cash

    0.44

Currency Exposure (%)
as of 30 Nov 2022

  • U.S. Dollar

    72.63
  • Euro

    22.35
  • British Pound

    3.63
  • Canadian Dollar

    0.92
  • Other/Cash

    0.47

Sector Weightings (%) as of 31 Dec 2022

  • Sector

    % of Net Assets
  • Energy

    27.8
  • Industrials

    13.8
  • Consumer Cyclicals

    13.0
  • Financials

    12.2
  • Technology

    10.8
  • Utilities

    8.0
  • Healthcare

    5.3
  • Real Estate

    3.4
  • Basic Materials

    3.0
  • Consumer Non-Cyclicals

    2.3
  • Other/Cash

    0.4

Credit Quality (%) as of 31 Dec 2022

Composite % of Net Assets
Investment Grade BBB 5.51
Non-Investment Grade BB 81.52
B 9.96
CCC 1.31
C 0.27
D 0.02
Total Investment Grade -- 5.51
Total Non-Investment Grade -- 93.08
Not Rated -- 1.41

Maturity (%) as of 31 Dec 2022

Average Maturity: 7.59 Years

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