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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 29 Sep 2022

  • NAV1

    51.82
  • Shares Outstanding

    772,000
  • Number of Holdings

    399
  • Base Currency

    USD
  • Net Assets

    $40.0M
  • Product Structure

    Physical (Optimized)
  • Income Treatment

    Reinvestment
  • Distribution Frequency

    None
  • Total Expense Ratio

    0.40%
  • SFDR Classification

    Article 6
  • Fact Sheet
  • VanEck Product List
  • Fund Holiday Calendar

Fundamentals3
as of 29 Sep 2022

  • Yield to Worst

    8.44%
  • Yield to Maturity

    8.46%
  • Effective Duration (yrs)

    4.59
  • Years to Maturity

    7.58
  • Modified Duration (yrs)

    4.65
  • Coupon

    4.86%
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 29 Sep 2022

London
Stock Exchange
USD
Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL BF3W0N0
Bloomberg GFA LN
Reuters (RIC) GFA.L
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency USD
Last Traded Price 51.67
Day's Move -0.64
Volume 27
30 Day Volume 503
VWAP Volume 27
London
Stock Exchange
GBP
Exchange Ticker GFGB
ISIN IE00BF540Z61
SEDOL BF3W0P2
Bloomberg GFGB LN
Reuters (RIC) GFGB.L
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency GBP
Last Traded Price 46.86
Day's Move -1.77
Volume 0
30 Day Volume 90
VWAP Volume 282
Deutsche
Börse
EUR
Exchange Ticker GFEA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFEA GY
Reuters (RIC) GFEA.DE
Valor 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 52.84
Day's Move -1.44
Volume 34
30 Day Volume 295
VWAP Volume 34
SIX
Swiss Exchange
CHF
Exchange Ticker GFAA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFAA SE
Reuters (RIC) GFAA.S
Valor 40992308
Bloomberg iNAV GFAUSIV
Reuters iNAV GFAINAV=SOLA
WKN A2JEMG
Trading Currency CHF
Last Traded Price 50.74
Day's Move -0.39
Volume 0
30 Day Volume 33
VWAP Volume 200
Borsa
Italiana
EUR
Exchange Ticker GFA
ISIN IE00BF540Z61
SEDOL --
Bloomberg GFA IM
Reuters (RIC) GFA.MI
Valor 40992308
Bloomberg iNAV GFAEUIV
Reuters iNAV GFAEURINAV=SOLA
WKN A2JEMG
Trading Currency EUR
Last Traded Price 52.86
Day's Move -1.37
Volume 2
30 Day Volume 906
VWAP Volume 2

NAVs as of 29 Sep 2022

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
GFA USD $51.82 $-0.12 / -0.24% -20.50%
0.40

Performance History* (%)

Month End as of 31 Aug 2022 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) -1.91 -4.89 -15.17 -15.80 1.86 -- -- 2.29
HWCF (Index) -1.81 -4.95 -15.12 -15.61 1.68 2.59 5.95 2.31
Performance Differential (NAV - Index) -0.10 0.06 -0.05 -0.19 0.18 -- -- -0.02
Quarter End as of 30 Jun 2022 1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) -6.77 -11.25 -16.84 -16.53 1.38 -- -- 1.90
HWCF (Index) -6.87 -11.29 -16.84 -16.29 1.17 2.77 6.27 1.92
Performance Differential (NAV - Index) 0.10 0.04 0.00 -0.24 0.21 -- -- -0.02
Calendar Year as of 31 Dec 2021 2017 2018 2019 2020 2021
ETF (NAV) -- -- 13.15 16.41 2.76
HWCF (Index) 13.19 -3.50 14.10 14.76 3.36

Market Makers

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

Total Holdings: 398
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
PETROLEOS MEXICANOS
7.690
23 Jan 2050
BB-
Mexico
USD
1.2684
TEVA PHARMACEUTICAL FINANCE NETHERLANDS
3.150
01 Oct 2026
BB-
Israel
USD
1.1048
VODAFONE GROUP PLC
4.875
03 Oct 2078
BB+
United Kingdom
GBP
1.0709
ELECTRICITE DE FRANCE SA
5.625
22 Jan 2168
BB-
France
USD
1.0541
SPRINT CAPITAL CORP
6.875
15 Nov 2028
BB
United States
USD
1.0099
SPRINT CAPITAL CORP
8.750
15 Mar 2032
BB
United States
USD
0.9511
INTESA SANPAOLO SPA
5.017
26 Jun 2024
BB+
Italy
USD
0.9063
PETROLEOS MEXICANOS
6.750
21 Sep 2047
BB-
Mexico
USD
0.8529
VODAFONE GROUP PLC
7.000
04 Apr 2079
BB+
United Kingdom
USD
0.8344
PETROLEOS MEXICANOS
6.500
13 Mar 2027
BB-
Mexico
USD
0.8039
Top 10 Total (%) 9.84
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 31 Aug 2022

  • Country

    % of Net Assets
  • United States

    39.31
  • Mexico

    10.16
  • Italy

    8.05
  • France

    6.44
  • United Kingdom

    5.69
  • Germany

    5.26
  • Colombia

    4.04
  • Brazil

    2.99
  • Israel

    2.59
  • China

    1.56
  • Oman

    1.54
  • Canada

    1.49
  • Peru

    1.34
  • South Africa

    1.27
  • Ireland

    0.79
  • Spain

    0.78
  • Morocco

    0.75
  • Thailand

    0.73
  • Czech Republic

    0.71
  • Australia

    0.68
  • Turkey

    0.52
  • Japan

    0.45
  • Finland

    0.42
  • Kuwait

    0.41
  • Trinidad And Tobago

    0.39
  • Luxembourg

    0.35
  • Panama

    0.33
  • Kazakhstan

    0.25
  • Belgium

    0.25
  • Netherlands

    0.23
  • Uae

    0.22
  • Bermuda

    0.13
  • Other/Cash

    -0.14

Currency Exposure (%)
as of 31 Aug 2022

  • U.S. Dollar

    71.95
  • Euro

    24.09
  • British Pound

    3.17
  • Canadian Dollar

    0.92
  • Other/Cash

    -0.14

Sector Weightings (%) as of 31 Aug 2022

  • Sector

    % of Net Assets
  • Energy

    28.9
  • Financials

    20.3
  • Consumer Cyclicals

    13.3
  • Technology

    10.6
  • Utilities

    7.7
  • Industrials

    7.6
  • Healthcare

    4.6
  • Basic Materials

    3.2
  • Real Estate

    2.5
  • Consumer Non-Cyclicals

    1.5
  • Other/Cash

    -0.1

Credit Quality (%) as of 31 Aug 2022

Composite % of Net Assets
Investment Grade BBB 3.97
Non-Investment Grade BB 84.39
B 8.01
CCC 1.36
C 0.21
Total Investment Grade -- 3.97
Total Non-Investment Grade -- 93.97
Not Rated -- 1.52

Maturity (%) as of 31 Aug 2022

 Average Maturity: 7.74 Years