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GFA
VanEck Global Fallen Angel High Yield Bond UCITS ETF

Index Description

The ICE Global Fallen Angel High Yield 10% Constrained 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.  

Index Key Points

Underlying Index
ICE Global Fallen Angel High Yield 10% Constrained Index


Index Characteristics
The Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or eurobond markets and that were rated investment grade at the point of issuance.

 

Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, and a fixed coupon schedule.

 

Liquidity

Bonds must have minimum amount outstanding of USD 250 million, EUR 250 million, GBP 100 million, or CAD 100 million.


Weighting Methodology
Index constituents are market capitalization weighted, provided the total allocation to an individual issuer does not exceed 10%.

 

Accrued interest is calculated assuming next-day settlement.

 

Monthly Rebalance
Rebalance day occurs on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. 
 
No changes are made to constituent holdings other than on month end rebalancing dates.

 

Index Provider
ICE Data Indices, LLC

For more information about the index please click here

 

Please note that GFA’s underlying index has changed on 31 July 2020. Prior to 31 July 2020 the underlying index was ICE Global Fallen Angel High Yield Index (HWFA).

Index Information

  • Index Provider

    ICE Data Indices, LLC
  • Index Type

    Total Return
  • Currency

    USD
  • Inception Date

    31 Dec 1997
  • Rebalance Frequency

    Monthly
  • Bloomberg Ticker

    HWCF

Index Fundamentals
as of 12 Aug 2022

  • Yield to Worst

    6.23%
  • Yield to Maturity

    6.26%
  • Effective Duration (yrs)

    4.91
  • Years to Maturity

    7.74
  • Modified Duration (yrs)

    4.97
  • Coupon

    4.92%

Index Top 10 Constituents (%) as of 31 Jul 2022

Total Constituents: 434
Constituent Name
Coupon
Maturity Weighting (%)
Petroleos Mexicanos
0.000
23 Jan 2050
1.32
Teva Pharmaceuticals Ne
3.150
01 Oct 2026
1.17
Sprint Capital Corp
6.875
15 Nov 2028
1.03
Sprint Capital Corp
8.750
15 Mar 2032
0.97
Petroleos Mexicanos
0.000
21 Sep 2047
0.88
Petroleos Mexicanos
0.000
13 Mar 2027
0.83
Vodafone Group Plc
0.000
04 Apr 2079
0.79
Vodafone Group Plc
0.000
03 Jan 2079
0.74
Newell Brands Inc
0.000
01 Apr 2026
0.73
Occidental Petroleum Cor
6.450
15 Sep 2036
0.72
Top 10 Total (%) 9.18
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 31 Jul 2022

  • Country

    Weightings (%)
  • United States

    39.3
  • Mexico

    10.0
  • Italy

    8.2
  • France

    6.7
  • United Kingdom

    5.6
  • Germany

    5.4
  • Colombia

    4.0
  • Brazil

    3.3
  • Israel

    2.7
  • South Africa

    1.6
  • Oman

    1.5
  • Canada

    1.4
  • Peru

    1.3
  • Spain

    1.1
  • Ireland

    0.9
  • Morocco

    0.7
  • Thailand

    0.7
  • Australia

    0.6
  • China

    0.6
  • Czech Republic

    0.6
  • Turkey

    0.6
  • Finland

    0.4
  • Trinidad And Tobago

    0.3
  • India

    0.3
  • Kuwait

    0.3
  • Kuwait

    0.3
  • Japan

    0.3
  • Netherlands

    0.3
  • Kazakhstan

    0.3
  • Panama

    0.3
  • Luxembourg

    0.3
  • Belgium

    0.2
  • Jersey

    0.2
  • Bermuda

    0.1
  • Hong Kong

    0.1

Index Sector Weightings (%) as of 31 Jul 2022

  • Sector

    Weightings (%)
  • Energy

    28.8
  • Financials

    20.3
  • Consumer Cyclicals

    13.6
  • Technology

    10.3
  • Industrials

    7.8
  • Utilities

    7.8
  • Healthcare

    4.8
  • Basic Materials

    2.9
  • Real Estate

    2.1
  • Consumer Non-Cyclicals

    1.7

Credit Quality (%) as of 31 Jul 2022

Composite % of Net Assets
Investment Grade BBB 3.15
Non-Investment Grade BB 85.56
B 7.99
CCC 1.65
CC 0.05
C 0.18
Total Investment Grade -- 3.15
Total Non-Investment Grade -- 95.42
Not Rated -- 1.43

Maturity (%) as of 31 Jul 2022

 Average Maturity: 7.66 Years