ANGLVanEck Vectors Fallen Angel High Yield Bond ETF
ANGL Fund Description
ANGL 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 issuers. It also has a markedly high average maturity and duration, and thus carries significant interest-rate risk in addition to credit risk. ANGL 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. Prior to February 28, 2020 the fund tracked the unconstrained index, ICE BofAML US Fallen Angel High Yield Index.
ANGL MSCI ESG Analytics Insight
VanEck Vectors Fallen Angel High Yield Bond ETF has an MSCI ESG Fund Rating of BB based on a score of 3.50 out of 10. The MSCI ESG Fund Rating measures the resiliency of portfolios to long-term risks and opportunities arising from environmental, social, and governance factors. ESG Fund Ratings range from best (AAA) to worst (CCC). Highly rated funds consist of companies that tend to show strong and/or improving management of financially relevant environmental, social and governance issues. These companies may be more resilient to disruptions arising from ESG events.
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. VanEck Vectors Fallen Angel High Yield Bond ETF ranks in the 8th percentile within its peer group and in the 23th percentile within the global universe of all funds covered by MSCI ESG Fund Ratings.
ANGL Summary Data
ANGL Portfolio Data
ANGL Index Data
ANGL Portfolio Management
ANGL Tax Exposures
ANGL Fund Structure
ANGL Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of ANGL. ANGL is rated a 5 out of 5.
ANGL Sector/Industry Breakdown
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ANGL Top 5 Countries
ANGL Top 5 Currencies