ANGL
VanEck Vectors Fallen Angel High Yield Bond ETFANGL 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 October 17, 2018 the VanEck Vectors Fallen Angel High Yield Bond ETF MSCI ESG Fund Quality Score is 4.04 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 86th percentile within its peer group and in the 9th percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.
ANGL CHARTS AND PERFORMANCE
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ANGL Top 10 Countries [View All]
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ANGL Portfolio Data
ANGL Index Data
ANGL Portfolio Management
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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 2 out of 5.
ANGL Tradability
ANGL Sector/Industry Breakdown
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ANGL Top 10 Holdings[View All]
ANGL Top 5 Countries
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ANGL Top 5 Currencies
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ANGL Economic Development
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ANGL Performance Statistics
ANGL MSCI ESG Ratings
ANGL HOLDINGS STATISTICS
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ANGL MATURITY DISTRIBUTION
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ANGL CREDIT BREAKDOWN
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MSCI ESG Research LLC’s ("MSCI ESG") Fund Metrics products (the "Information") provide environmental, social and governance data with respect to underlying securities within more than 24,000 multi-asset class Mutual Funds and ETFs globally. MSCI ESG is a Registered Investment Adviser under the Investment Advisers Act of 1940. MSCI ESG materials have not been submitted to, nor received approval from, the US SEC or any other regulatory body. None of the Information constitutes an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. None of the Information can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided "as is" and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.