ANGLVanEck Fallen Angel High Yield Bond ETF
Fund Description
The VanEck 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 -
Inception Date
04/10/2012 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
H0CF -
Index Rebalancing
Monthly -
2022 Preliminary NAIC Designation11
3.B
as of 03/24/23
-
30-Day SEC Yield1
7.10% -
Total Net Assets
$2.6B -
Number of Holdings
209 -
Options
Available -
Gross Expense Ratio2
0.35% -
Net Expense Ratio/TER2
0.35% -
Distribution Frequency
Monthly -
Next Distribution Date
03/31/2023
Forbes: How to Make Money on Sickly Bonds
Key Documents and Links
Fund Highlights
- 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 14 of the last 19 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 03/24/23
-
30-Day SEC Yield1
7.10% -
Distribution Yield1
4.47% -
12-Month Yield1
4.80%
Fees and Expenses2
-
Management Fee
0.35% -
Other Expenses
-- -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.35% -
Fee Waivers and
--
Expense Reimbursement -
Net Expense Ratio/TER2
0.35%
2 Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Adviser has agreed to pay the offering costs until at least September 1, 2023.
Trading Information
-
Fund Ticker
ANGL -
Index Total Return Ticker
H0CF -
NAV
ANGLNV -
Intraday NAV (IIV)5
ANGLIV -
Shares Outstanding
95,650,000 -
Estimated Cash
ANGLEU -
Total Cash
ANGLTC -
CUSIP
92189F437 -
ISIN
US92189F4375
Fundamentals4 as of 03/24/23
-
Yield to Worst
7.36% -
Yield to Maturity
7.39% -
Effective Duration (yrs)
5.39 -
Years to Maturity
9.63 -
Coupon
5.31% -
Spread Duration (yrs)
5.43
Investment Professionals
Fran Rodilosso
- Head of Fixed Income ETF Portfolio Management
- Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
- Joined VanEck in 2012
- Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
- Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
- CFA charterholder; member of CFA Society New York
- MBA (with distinction), Finance, University of Pennsylvania
- AB, History, Princeton University
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Stephanie Wang
- Deputy Portfolio Manager for non-taxable Fixed Income ETFs
- Oversees quantitative analysis and optimization processes for the fixed income ETFs
- Joined VanEck in 2016
- Prior to her current positions, served as quantitative analyst
- CFA charter holder; member of CFA Society New York
- MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 04/10/12 |
|
---|---|---|---|---|---|---|---|---|
ANGL (NAV) | -1.60 | 2.09 | 2.07 | -7.00 | 2.12 | 3.49 | 5.68 | 6.47 |
ANGL (Share Price) | -2.03 | 0.89 | 1.78 | -7.19 | 2.09 | 3.49 | 5.65 | 6.45 |
H0CF (Index) | -1.56 | 2.27 | 2.24 | -6.56 | 2.64 | 3.98 | 6.36 | 7.36 |
Performance Differential (NAV - Index) | -0.04 | -0.18 | -0.17 | -0.44 | -0.52 | -0.49 | -0.68 | -0.89 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 04/10/12 |
|
---|---|---|---|---|---|---|---|---|
ANGL (NAV) | 0.02 | 3.95 | -14.24 | -14.24 | 1.52 | 3.05 | 5.72 | 6.37 |
ANGL (Share Price) | -0.87 | 4.71 | -14.25 | -14.25 | 1.34 | 3.02 | 5.71 | 6.38 |
H0CF (Index) | 0.02 | 4.04 | -14.00 | -14.00 | 1.85 | 3.38 | 6.40 | 7.25 |
Performance Differential (NAV - Index) | 0.00 | -0.09 | -0.24 | -0.24 | -0.33 | -0.33 | -0.68 | -0.88 |
Top 10 Holdings (%) as of 02/28/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
Sprint Capital Corp |
6.875
|
11/15/2028 |
United States
|
USD
|
2.49 |
Sprint Capital Corp |
8.750
|
03/15/2032 |
United States
|
USD
|
2.31 |
Vodafone Group Plc |
7.000
|
04/04/2079 |
United Kingdom
|
USD
|
1.91 |
Intesa Sanpaolo Spa |
5.017
|
06/26/2024 |
Italy
|
USD
|
1.83 |
Newell Brands Inc |
4.200
|
04/01/2026 |
United States
|
USD
|
1.79 |
Occidental Petroleum Corp |
6.450
|
09/15/2036 |
United States
|
USD
|
1.66 |
Las Vegas Sands Corp |
3.200
|
08/08/2024 |
United States
|
USD
|
1.58 |
Royal Caribbean Cruises Ltd |
11.500
|
06/01/2025 |
United States
|
USD
|
1.41 |
Firstenergy Corp |
3.900
|
07/15/2027 |
United States
|
USD
|
1.32 |
Occidental Petroleum Corp |
6.600
|
03/15/2046 |
United States
|
USD
|
1.10 |
Top 10 Total (%) | 17.40 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%)
as of 02/28/23
Country | % of Net Assets |
---|---|
● United States | 83.59 |
● Italy | 5.18 |
● United Kingdom | 3.80 |
● Ireland | 2.08 |
● Canada | 1.91 |
● Australia | 1.61 |
● Germany | 1.03 |
● Finland | 0.47 |
● Other/Cash | 0.33 |
Currency Exposure (%) as of 02/28/23
U.S. Dollar | 99.67 |
Other/Cash | 0.33 |
Sector Weightings (%)
as of 02/28/23
Sector | % of Net Assets |
---|---|
● Energy | 26.89 |
● Consumer Cyclicals | 20.19 |
● Technology | 16.38 |
● Financials | 11.64 |
● Industrials | 8.03 |
● Real Estate | 5.43 |
● Utilities | 5.07 |
● Healthcare | 3.08 |
● Basic Materials | 2.44 |
● Consumer Non-Cyclicals | 0.51 |
● Other/Cash | 0.33 |
Credit Quality (%)† as of 02/28/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | BBB | 3.09 |
Non-Investment Grade | BB | 81.10 |
B | 10.71 | |
CCC | 2.99 | |
C | 0.72 | |
D | 0.08 | |
Total Investment Grade | -- | 3.09 |
Total Non-Investment Grade | -- | 95.59 |
Not Rated | -- | 1.32 |
Maturity (%)
as of 02/28/23
Average Portfolio Maturity: 9.80 Years