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ANGL
VanEck Vectors Fallen Angel High Yield Bond ETF

  • We expect $250-300bn of fallen angels this year, which would make 2020 the biggest year on record (by far). Following the biggest month on record for fallen angel volume in April, two new additions entered the index in May, bringing YTD fallen angel volume to $110bn as of 6/5/2020. Source: VanEck.
  • With this oncoming wave of downgrades, we expect to see a similar technical pattern of forced selling as we have historically.
  • We believe new bonds entering the index may come in at deeper than average discounts.

Read More about fallen angels in our most recent blog. | View our recent webinar.

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.

Why ANGL?

 
 

  • 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 Preliminary NAIC
    Designation11

    3

 
as of 07/10/20

  • 30-Day SEC Yield1

    5.36%
  • Total Net Assets

    $2.2B
  • Number of Holdings

    331
  • Options

    Available
  • Gross Expense Ratio2

    0.45%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly

Country Weightings (%) as of 06/30/20

  • Country

    % of Net Assets
  • United States

    80.36
  • United Kingdom

    3.89
  • Canada

    3.59
  • Italy

    3.58
  • Germany

    2.24
  • Luxembourg

    1.80
  • Australia

    1.23
  • Sweden

    0.57
  • China

    0.43
  • Finland

    0.32
  • France

    0.28
  • Brazil

    0.27
  • Ireland

    0.19
  • Saudi Arabia

    0.19
  • Other/Cash

    1.06

Portfolio Composition (%)
as of 06/30/20

  • % of Net Assets
  • Stocks

    0.00
  • Bonds

    98.94
  • Other

    0.18
  • Cash

    0.88

Currency Exposure (%)
as of 06/30/20

  • U.S. Dollar

    98.94
  • Other/Cash

    1.06

Credit Quality (%) as of 06/30/20

Composite % of Net Assets
Non-Investment Grade BB 91.08
B 5.88
CCC 2.15
Total Non-Investment Grade -- 99.11
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.

3-YR Risk Measures*
as of 06/30/20

  • Beta vs. S&P 500 Index

    0.51
  • Correlation vs. S&P 500 Index

    0.82
  • Volatility (Standard Deviation)

    10.35
  • Sharpe Ratio

    0.26

Source: VanEck, FactSet

*Beta is a measure of sensitivity to market movements. Correlation measures the extent of linear association between the ETF performance and the index performance. Volatility is the annualized standard deviation of the ETF's monthly returns. Sharpe ratio measures risk-adjusted return, and represents the ETF's return less the risk free rate divided by the standard deviation. See S&P 500 Index definition.6

Maturity (%) as of 06/30/20

 Average Portfolio Maturity: 11.58 Years

Sector Weightings (%) as of 06/30/20

  • Sector

    % of Net Assets
  • Energy

    28.8
  • Consumer, Cyclical

    20.3
  • Consumer, Non-cyclical

    11.9
  • Financial

    11.1
  • Communications

    10.5
  • Basic Materials

    9.7
  • Technology

    2.8
  • Industrial

    2.8
  • Utilities

    1.0
  • Other/Cash

    1.1