ANGL

VanEck Vectors Fallen Angel High Yield Bond ETF
C

70
  • Overview
  • Efficiency
  • Tradability
  • Fit

ANGL Fund Description

The VanEck Vectors Fallen Angel High Yield Bond ETF tracks a market-value-weighted index of bonds that were rated investment grade at issuance but later downgraded to sub-investment grade.

ANGL Factset Analytics Insight

ANGL looks for value in the high-yield space by targeting "fallen angels", bonds that are under duress or have been downgraded. The investment thesis is interesting. Credit downgrades can generate short-term downward pricing pressure. Future credit upgrade will compress the credit spread, which can lead to price appreciation. In combination, the strategy aims to buy low and sell high for maximum total returns. ANGL is limited to USD issues, but holds a sizable share of debt from non-US issers. It also has a markedly high average maturity and duration, and thus carries significant interest-rate risk in addition to credit risk.
Retail traders should find plentiful liquidity with modest spreads. It’s a different picture for the institutional trader, who will find that poor underlying liquidity inhibits efficient block execution. ANGL charges a very reasonable fee for a novel strategy, though it tends to lag its index by far more than the listed fee, likely due to the difficulty of trading the underlying bonds. That’s a problem for any high-yield bond fund, but it hits ANGL especially hard, raising holding costs.

ANGL MSCI ESG Analytics Insight

The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of November 19, 2017 the VanEck Vectors Fallen Angel High Yield Bond ETF MSCI ESG Fund Quality Score is 3.84 out of 10.

The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. ANGL ranks in the 80th percentile within its peer group and in the 6th percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
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ANGL Top 10 Countries View All

ANGL Top 10 Sectors

ANGL Top 10 Holdings View All

ANGL Summary Data

VanEck
04/10/12
Open-Ended Fund
0.35%
$1.15B
$12.15M
0.05%

ANGL Portfolio Data

6.2
11.29Years
5.31%
12/01/17
239

ANGL Index Data

BofA Merrill Lynch US Fallen Angel High Yield Index
Market Value
Credit Downgrade
Barclays U.S. Corporate High Yield Index

Related ETFs to ANGL

PHB, FALN, WFHY, HYG, JNK
Total Return
  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max

ANGL Portfolio Management

0.35%
-1.17%
-0.46%
-1.79%

ANGL Tax Exposures

20% / 39.6%
0.42%
Ordinary income
No

ANGL Fund Structure

Open-Ended Fund
No
Yes
100% / 0%
N/A
N/A
Low
Daily
Bats Book Viewer
TOP OF BOOK
SHARES/SIZEPRICE
ASKS10029.94
10029.93
10029.92
40029.91
10029.90
BIDS15029.88
30029.87
10029.86
10029.85
10029.84
LAST 10 TRADES
TIMEPRICESHARES
15:49:0029.90100
15:49:0029.89200
15:48:2529.89100
15:47:5029.89100
15:26:4629.9025
15:21:1629.9034
14:53:3429.90100
14:49:3329.90300
14:49:0429.90100
14:49:0229.91100
Bats BZX Real-time Quote - 15:49:42
Daily Spread
Premium/Discount
Volume

ANGL Factset Analytics Block Liquidity

As of 11/20/17
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of ANGL. ANGL is rated a 2 out of 5.

ANGL Tradability

403,306
$12.15M
258,228
$7.81M
0.05%
$0.02
0.16%
0.63% / -0.8%
None
100%
50,000
5.16
0.03%
0%
5
$29.91
2

ANGL Top 5 Countries

73.35% 58.16%
4.42% 9.16%
1.51% 6.29%
1.01% 5.78%
5.54% 5.59%

ANGL Top 5 Currencies

100.00% 100.00%
98.75% 99.47%
1.23% 0.53%

ANGL Performance Statistics

0.84
1.02
1.02
0.93
0.08%

ANGL MSCI ESG Ratings

3.84 / 10
79.58
5.98
5.77%
1.25%
572.34

ANGL Holdings Statistics

ANGL Maturity Distribution

0.45% 0.24%
13.10% 18.87%
26.48% 20.51%
29.22% 11.99%
24.03% 7.54%
6.66% 39.61%

ANGL Credit Breakdown

0.00% 0.00%
0.00% 0.00%
0.05% 0.26%
0.16% 6.20%
44.92% 69.41%
38.38% 19.10%
14.44% 3.68%
1.46% 0.12%
0.16% 0.00%