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ANGL Resources

ANGL - Higher Quality High Yield

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IHY
VanEck Vectors International High Yield Bond ETF
HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF

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ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF

  • We expect $250-300bn of additional fallen angels this year, which would make 2020 the biggest year on record (by far). In the past two weeks alone, there has been $70 billion of estimated volume, including Ford, Occidental Petroleum, Delta Airlines, and Western Midstream. Source: VanEck, based on data from ICE Data Indices as of 3/31/2020.
  • With this oncoming wave of downgrades, we expect to see a similar technical pattern of forced selling as we have historically.
  • New bonds entering the index may come in at deeper than average discounts.

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

  • Commencement

    04/10/2012

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    H0CF

  • Index Rebalancing

    Monthly

  • 2020 Preliminary NAIC
    Designation11

    3

 
as of 04/08/20

  • 30-Day SEC Yield1

    7.41%

  • Total Net Assets

    $1.5B

  • Number of Holdings

    228

  • Options

    Available

  • Gross Expense Ratio2

    0.45%

  • Net Expense Ratio/TER2

    0.35%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    04/30/2020

Morningstar™ Ratings3
as of 2/29/2020

Category Overall 3 Year 5 Year
High Yield Bond
5 stars of 621 funds
5 stars of 621 funds
5 stars of 540 funds

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 11 of the last 15 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 04/08/20

  • 30-Day SEC Yield1

    7.41%

  • Distribution Yield1

    6.48%

  • 12-Month Yield1

    5.98%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%

  • Other Expenses

    0.05%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.45%

  • Fee Waivers and
    Expense Reimbursement

    -0.10%

  • Net Expense Ratio/TER2

    0.35%
2Expenses for ANGL are capped contractually at 0.35% until September 1, 2020. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    ANGL

  • Index Total Return Ticker

    H0CF

  • NAV

    ANGLNV

  • Intraday NAV (IIV)5

    ANGLIV

  • Shares Outstanding

    58,550,000

  • Estimated Cash

    ANGLEU

  • Total Cash

    ANGLTC

  • CUSIP

    92189F437

  • ISIN

    US92189F4375
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 04/07/20

  • Yield to Worst

    8.33%

  • Yield to Maturity

    8.34%

  • Effective Duration (yrs)

    5.85

  • Years to Maturity

    11.93

  • Coupon

    5.47%
 4 See Important Disclosure for definitions.

Prices as of 04/08/20

NAV/
Market Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change
NAV/
Last Price 		Premium/
Discount 		Prem/Discount
Distribution Charts 		NAV &
Prem/Discount
History 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
ANGL $25.75
$25.87		 1,527,635
1,243,820		 $0.14 / +0.56%
$0.37 / +1.45%		 -11.70%
-11.68%
 $0.12
0.45%		 --

Premium/Discount History as of 04/08/20

Calendar Year 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 209 52 53 54 33
ANGL Days closed at NAV 10 3 2 2 1
Days closed at a discount 33 8 9 8 28

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) -13.38 -13.14 -13.14 -6.52 0.53 4.04 -- 6.15
ANGL (Share Price) -13.85 -14.23 -14.23 -7.26 0.20 3.99 -- 6.06
H0CF (Index) -13.83 -13.91 -13.91 -6.39 0.84 4.51 7.66 7.09
Performance Differential (NAV - Index) 0.45 0.77 0.77 -0.13 -0.31 -0.47 -- -0.94
LBUSTRUU (Broad-based Index) -0.59 3.15 3.15 8.93 4.82 3.36 3.88 3.17
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) -13.38 -13.14 -13.14 -6.52 0.53 4.04 -- 6.15
ANGL (Share Price) -13.85 -14.23 -14.23 -7.26 0.20 3.99 -- 6.06
H0CF (Index) -13.83 -13.91 -13.91 -6.39 0.84 4.51 7.66 7.09
Performance Differential (NAV - Index) 0.45 0.77 0.77 -0.13 -0.31 -0.47 -- -0.94
LBUSTRUU (Broad-based Index) -0.59 3.15 3.15 8.93 4.82 3.36 3.88 3.17

*Returns less than one year are not annualized.

Index data on and prior to February 28, 2020 reflects that of the ICE BofA US Fallen Angel High Yield Index (H0FA). From February 28, 2020 forward, the index data reflects that of the Fund's underlying index, the ICE US Fallen Angel High Yield 10% Constrained Index (H0CF). Index history which includes periods prior to February 28, 2020 links H0FA and H0CF and is not intended for third party use.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar 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. VanEck Vectors ETF investors should not expect to buy or sell shares at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

Top 10 Holdings (%) as of 03/31/20 Daily Holdings

Total Holdings: 214
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country†
Currency
% of Net
Assets
SPRINT CAPITAL CORP
6.875
11/15/2028
B
Germany
USD
2.68
SPRINT CAPITAL CORP
8.750
03/15/2032
B
Germany
USD
2.47
VODAFONE GROUP PLC
7.000
04/04/2079
BB+
United Kingdom
USD
2.04
INTESA SANPAOLO SPA
5.017
06/26/2024
BB+
Italy
USD
1.90
NEWELL BRANDS INC
4.200
04/01/2026
BB+
United States
USD
1.85
FREEPORT-MCMORAN INC
3.875
03/15/2023
BB+
United States
USD
1.75
FREEPORT-MCMORAN INC
5.450
03/15/2043
BB+
United States
USD
1.58
FREEPORT-MCMORAN INC
3.550
03/01/2022
BB+
United States
USD
1.44
EMBARQ CORP
7.995
06/01/2036
BB
United States
USD
1.40
KRAFT HEINZ FOODS CO
4.375
06/01/2046
BB+
United States
USD
1.39
Top 10 Total (%) 18.50

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. 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.

Country Weightings (%) as of 03/31/20

  • Country

    % of Net Assets
  • ■

    United States

    78.19
  • ■

    Italy

    5.76
  • ■

    United Kingdom

    5.51
  • ■

    Germany

    3.51
  • ■

    Australia

    1.87
  • ■

    Canada

    1.01
  • ■

    Sweden

    0.94
  • ■

    China

    0.62
  • ■

    Saudi Arabia

    0.53
  • ■

    Finland

    0.49
  • ■

    Brazil

    0.38
  • ■

    Ireland

    0.33
  • ■

    Other/Cash

    0.86

Currency Exposure (%)
as of 03/31/20

  • U.S. Dollar

    99.14

  • Other/Cash

    0.86

Sector Weightings (%) as of 03/31/20

  • Sector

    % of Net Assets
  • ■

    Communications

    17.3
  • ■

    Consumer, Non-cyclical

    14.6
  • ■

    Energy

    14.5
  • ■

    Financial

    14.2
  • ■

    Basic Materials

    14.0
  • ■

    Consumer, Cyclical

    12.8
  • ■

    Technology

    6.0
  • ■

    Industrial

    4.5
  • ■

    Utilities

    1.2
  • ■

    Other/Cash

    0.9

Credit Quality (%) as of 03/31/20

Composite % of Net Assets
Non-Investment Grade BB 82.60
B 13.32
CCC 3.21
Total Non-Investment Grade -- 99.13
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 03/31/20

 Average Portfolio Maturity: 11.93 Years