Symbols

ANGL

VanEck Fallen Angel High Yield Bond ETF·NASDAQ

--(--)

Key Stats

Assets Under Management

3.11BUSD

Fund Flows (1Y)

25.42MUSD

Dividend Yield

6.19%

Discount/Premium to NAV

0.17%

Shares Outstanding

105.70M

Expense Ratio

0.25%

About VanEck Fallen Angel High Yield Bond ETF

Issuer

Van Eck Associates Corporation

Brand

VanEck

Home Page

http://www.vaneck.com/funds/ANGL.aspx?redirectVE=generic

Inception Date

Structure

Open-Ended Fund

Index Tracked

ICE US Fallen Angel High Yield 10% Constrained Index

Management Style

Passive

Dividend Treatment

Distributes

Distribution Tax Treatment

Ordinary income

Income Tax Type

Capital Gains

Max ST Capital Gains Rate

39.60%

Max LT Capital Gains Rate

20.00%

Primary Advisor

Van Eck Associates Corp.

Distributor

Van Eck Securities Corp.

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. Prior to February 28, 2020 the fund tracked the unconstrained index-- ICE BofAML US Fallen Angel High Yield Index.