VanEck Vectors Fallen Angel High Yield Bond
ALTAR
Score™
3.8% info Median Credit
S&P/Moody's
BB/Ba2
 
Yield to
Maturity
5.7% Current
Yield
5.8%
Macaulay
Duration
6.2 yrs Modified
Duration
6.0%


  • Description
  • Performance
  • Fundamentals
  • Rate Sensitivity
  • Rating
VanEck Vectors Fallen Angel High Yield Bond ETF is an exchange-traded fund incorporated in the USA. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of The BofA Merrill Lynch US Fallen Angel High Yield Index.

FUND BASICS
Category Corporate
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Apr 11, 2012
Assets (mns) $1,064
Currency USD
Expense ratio 35 bp
Distributions Monthly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian Bank of New York Mellon/The
Weighting Market Cap
Index replication Optimized

ISSUER TYPE BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents 193
No of distinct issuers 97
Inflation protected 0%
Variable/Fixed coupon 8% /92%
Non-standard maturity (callable, etc.) 84%

TOP TEN HOLDINGS
SPRINT CAPITAL CORP. 6.9% 11/15/28 2.4 %
SPRINT CAPITAL CORP. 8.8% 3/15/32 2.2 %
INTESA SANPAOLO S.P.A 5.0% 6/26/24 1.9 %
FREEPORT-MCMORAN, INC 3.9% 3/15/23 1.8 %
FREEPORT-MCMORAN, INC 3.6% 3/01/22 1.8 %
FREEPORT-MCMORAN, INC 5.5% 3/15/43 1.6 %
GOLDMAN SACHS CAPITAL 6.3% 2/15/34 1.4 %
EMBARQ CORP. 8.0% 6/01/36 1.4 %
DEUTSCHE BANK AKTIENG 4.5% 4/01/25 1.3 %
DEUTSCHE BANK AKTIENG 4.3% 5/24/28 1.3 %
   
TOTAL 17.1 %

TOP ISSUERS
FREEPORT-MCMORAN, INC.7.4%
SPRINT CAPITAL CORP.5.0%
ALCOA INC.4.5%
TELECOM ITALIA CAPITAL SA4.1%
XEROX CORPORATION3.5%

TOP COUNTRY EXPOSURE
UNITED STATES 80.1 %
LUXEMBOURG 4.1 %
UNITED KINGDOM 2.5 %
ITALY 1.9 %
GERMANY 1.3 %

 





HISTORICAL RETURNS info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
13.0% 7.1% 7.0% -- 8.0%

Market Correlations
versus... Beta R-squared
Barclays Agg. Bond 0.18 1%
S&P500 0.35 57%
MSCI EAFE 0.42 66%
MSCI Emg. Mkts. 0.28 47%

Technical Indicators
Recent close $28.98
30d moving avg. $29.12
Annualized volatility 5.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 47
Liquidity measures
Avg. volume (thou.) 357
Avg. daily value traded (mns) $10
Turnover 1.0%
Bid/Ask (% of price) 0.06

Distributions


Yield Comparison

*Fund Category: CORPORATE

CREDIT QUALITY: MOODY'S

DISTRIBUTION YIELD (TRAILING 12 MONTHS)
Macaulay Duration info
 
ANGL 6.2 yrs Category
Avg.*
4.7 yrs
 

Modified Duration info
 
ANGL 6.0% Category
Avg.*
4.6%

RATE SENSITIVITY ANALYSIS info
Change
in YTM
New
YTM
Est. Price
Change
Est. New
Price
+300 bp 8.69% -15.1% $24.60
+200 bp 7.69% -10.7% $25.87
+150 bp 7.19% -8.3% $26.58
+100 bp 6.69% -5.7% $27.33
+75 bp 6.44% -4.3% $27.73
+50 bp 6.19% -2.9% $28.13
+25 bp 5.94% -1.5% $28.55
0 bp 5.69% 0% $28.98
-25 bp 5.44% 1.5% $29.42
-50 bp 5.19% 3.1% $29.87
-75 bp 4.94% 4.7% $30.34
-100 bp 4.69% 6.3% $30.81
-150 bp 4.19% 9.7% $31.80
-200 bp 3.69% 13.3% $32.83
-300 bp 2.69% 20.9% $35.03

*Fund Category: CORPORATE

ALTAR Score™


Calculation of ALTAR Score™
Adj. Yield to Maturity info 569 bp
Less: Annual "default factor" info 153 bp
Less: Expense ratio 35 bp
Equals: ALTAR Score 3.81 %
 

Average ALTAR Score™ by Category
Aggregate 1.7%
Corporate 2.3%
Emerging Market 3.6%
Government 1.6%
Inflation Protected 1.7%
Mortgage 2.8%
Municipals 2.2%
 
*Note: The VanEck Vectors Fallen Angel High Yield Bond is classified as a Corporate fund.

 

Our estimate of the impact of potential defaults on investor returns, based on historical default and recovery rates for bonds of similar credit rating and maturities.
See RATING tab for calculations of ALTAR Score™
Estimate of fund sensitivity to interest rate changes based on modified duration and convexity adjustment applied to underlying bonds. Note: Less meaningful for inflation-indexed bonds.
Adds expected inflation to real YTM for inflation-linked bonds so that all instruments are compared on a nominal basis
Weighted-average term to maturity of the cash flows from a bond. All else being equal, bonds of longer duration are more sensitive to changes in interest rates than bonds of shorter duration.
Approximation of the change in bond prices given a 100 basis point shift in interest rates. A better estimate, particularly for larger moves in interest rates, is provided by the Rate Sensitivity Analysis below.