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ANGL
VanEck 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 09/29/22

  • 30-Day SEC Yield1

    7.08%
  • Total Net Assets

    $3.0B
  • Number of Holdings

    213
  • Options

    Available
  • Gross Expense Ratio2

    0.35%
  • Net Expense Ratio/TER2

    0.35%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2022

Morningstar™ Ratings3
as of 08/31/2022

Category Overall 3 Year 5 Year
High Yield Bond
5 stars of 630 funds
4 stars of 630 funds
4 stars of 576 funds

Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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 14 of the last 18 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 09/29/22

  • 30-Day SEC Yield1

    7.08%
  • Distribution Yield1

    5.00%
  • 12-Month Yield1

    4.69%
 1 See Important Disclosure for definitions.

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%

2Van 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

    112,200,000
  • Estimated Cash

    ANGLEU
  • Total Cash

    ANGLTC
  • CUSIP

    92189F437
  • ISIN

    US92189F4375
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/29/22

  • Yield to Worst

    7.72%
  • Yield to Maturity

    7.74%
  • Effective Duration (yrs)

    5.50
  • Years to Maturity

    10.56
  • Coupon

    5.35%
  • Spread Duration (yrs)

    5.67
 4See Important Disclosure for definitions.

Investment Professionals

  • 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
  • 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
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • 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

Prices as of 09/29/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
ANGL $26.35
$26.43
1,904,806
974,453
$-0.16 / -0.61%
$-0.19 / -0.71%
-17.65%
-17.49%
$0.08
0.31%
0.04%

Premium/Discount History as of 09/29/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 196 51 43 24 17
ANGL Days closed at NAV 12 4 3 2 4
Days closed at a discount 44 9 18 36 41

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) -1.47 -3.22 -13.75 -13.19 2.78 3.49 6.25 6.64
ANGL (Share Price) -2.48 -4.22 -14.36 -13.85 2.50 3.28 5.98 6.57
H0CF (Index) -1.36 -3.05 -13.54 -12.82 3.39 4.00 7.13 7.55
Performance Differential (NAV - Index) -0.11 -0.17 -0.21 -0.37 -0.61 -0.51 -0.88 -0.91
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
04/10/12
ANGL (NAV) -6.71 -10.52 -16.86 -14.80 1.97 3.13 6.32 6.37
ANGL (Share Price) -6.76 -10.13 -16.63 -14.62 1.93 3.17 6.30 6.41
H0CF (Index) -6.67 -10.47 -16.77 -14.48 2.55 3.64 7.20 7.28
Performance Differential (NAV - Index) -0.04 -0.05 -0.09 -0.32 -0.58 -0.51 -0.88 -0.91

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 213
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
Sprint Capital Corp
6.875
11/15/2028
United States
USD
2.38
Sprint Capital Corp
8.750
03/15/2032
United States
USD
2.23
Vodafone Group Plc
7.000
04/04/2079
United Kingdom
USD
1.90
Intesa Sanpaolo Spa
5.017
06/26/2024
Italy
USD
1.73
Occidental Petroleum Corp
6.450
09/15/2036
United States
USD
1.70
Newell Brands Inc
4.200
04/01/2026
United States
USD
1.70
Las Vegas Sands Corp
3.200
08/08/2024
United States
USD
1.48
Royal Caribbean Cruises Ltd
11.500
06/01/2025
United States
USD
1.34
Deutsche Bank Ag
4.500
04/01/2025
Germany
USD
1.32
Firstenergy Corp
3.900
07/15/2027
United States
USD
1.28
Top 10 Total (%) 17.06

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

‡See Country of Risk disclosure. 

Country Weightings (%) as of 08/31/22

  • Country

    % of Net Assets
  • United States

    82.01
  • Italy

    4.78
  • United Kingdom

    3.68
  • Germany

    2.32
  • Ireland

    2.00
  • Canada

    1.71
  • Australia

    1.55
  • France

    1.27
  • Finland

    0.46
  • Other/Cash

    0.22

Currency Exposure (%)
as of 08/31/22

  • U.S. Dollar

    99.78
  • Other/Cash

    0.22

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • Energy

    29.0
  • Consumer Cyclicals

    18.9
  • Technology

    15.9
  • Financials

    12.7
  • Industrials

    8.2
  • Utilities

    6.4
  • Real Estate

    3.5
  • Basic Materials

    2.7
  • Healthcare

    2.3
  • Consumer Non-Cyclicals

    0.2
  • Other/Cash

    0.2

Credit Quality (%) as of 08/31/22

Composite % of Net Assets
Investment Grade BBB 0.60
Non-Investment Grade BB 85.78
B 10.72
CCC 2.12
C 0.52
Total Investment Grade -- 0.60
Total Non-Investment Grade -- 99.14
Not Rated -- 0.26

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 10.70 Years