VanEck Fallen Angel High Yield Bond ETF
U.S. bond index ETF · tracks ICE US Fallen Angel High Yield 10% Constrained Index
As of its 2026 Q2 report, VanEck Fallen Angel High Yield Bond ETF held 133 positions with $3.07B in net assets. Its ten largest holdings made up 29.3% of the fund. The ANGL share class costs 0.25% a year. Over the 12 months to May 2026, ANGL returned 8.5%, with dividends reinvested. In 2026 Q3 it added no new positions and exited 3.
VanEck Fallen Angel High Yield Bond ETF (the Fund) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of ICE US Fallen Angel High Yield 10% Constrained Index (the Fallen Angel Index or the Index).
The fund tracks the ICE US Fallen Angel High Yield 10% Constrained Index, which holds below-investment-grade corporate bonds that were rated investment grade at issuance or are senior bonds from issuers already in the index. Eligible issuers must be domiciled in the Group of Ten nations, Western Europe, or U.S./Western European territories. The fund invests at least 80% of assets in index constituents and replicates the index rather than attempting to outperform it. Because the fund may concentrate in particular industries to the extent the index does, performance will track the index's sector tilts.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
GVMXXState Street Global Advisors | 8.65% | $265.31M | — |
NISSAN MOTOR CO 4.34% · due 2027-09-17 | 3.43% | $105.25M | — |
VODAFONE GROUP PLC 7.00% · due 2079-04-04 | 3.28% | $100.57M | — |
NISSAN MOTOR CO 4.81% · due 2030-09-17 | 3.25% | $99.51M | — |
ENTEGRIS INC 4.75% · due 2029-04-15 | 2.50% | $76.56M | — |
DRESDNER FNDG TRUST I 8.15% · due 2031-06-30 | 1.70% | $52.14M | — |
CELANESE US HOLDINGS LLC 7.70% · due 2033-11-15 | 1.70% | $52.11M | — |
CELANESE US HOLDINGS LLC 7.55% · due 2030-11-15 | 1.69% | $51.74M | — |
CELANESE US HOLDINGS LLC 7.38% · due 2032-07-15 | 1.67% | $51.09M | — |
RESORTS WORLD/RWLV CAP 4.63% · due 2029-04-16 | 1.41% | $43.16M | — |
All 133 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 98.17% |
| Cash & short-term | 8.65% |
These positions come to 106.83% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
By sector
- Other
- 30.5%
- International
- 20.3%
- Consumer Discretionary
- 13.6%
- Communication Services
- 9.6%
- 8 other sectors
- 26.0%
- Other
- 30.5%
- International
- 20.3%
- Consumer Discretionary
- 13.6%
- Communication Services
- 9.6%
- Cash
- 6.4%
- Real Estate
- 6.0%
- Materials
- 5.9%
- Information Technology
- 3.1%
- Energy
- 2.8%
- Financials
- 0.8%
- Health Care
- 0.6%
- Consumer Staples
- 0.4%
How it has done
ANGL share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.76%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
VanEck Fallen Angel High Yield Bond ETF is a U.S. bond index ETF that tracks the ICE US Fallen Angel High Yield 10% Constrained Index.
- Asset class
- Bonds
- Region
- United States
- Management
- Index (passive)
- Fund type
- ETF
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.25%· ANGL 0.25%
- Portfolio turnover
- 43.00% a year · as of 2025 Q3
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
0 new
3 exited
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.4% |
| 1-3y | 26.2% |
| 3-5y | 25.2% |
| 5-10y | 19.9% |
| 10y+ | 27.4% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 50% |
| Interest rates | 50% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +4.69 yr |
| Investment grade | +0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.82 yr | 17% |
| 5 yr | 1.76 yr | 37% |
| 10 yr | 1.65 yr | 35% |
| 30 yr | 0.47 yr | 10% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.82 yr | 17% |
| 5 yr | 1.76 yr | 37% |
| 10 yr | 1.65 yr | 35% |
| 30 yr | 0.47 yr | 10% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.00 | +0.01 | $12 | $4.3k |
| 1 yr | +0.82 | +0.00 | +0.82 | $285 | $250.9k |
| 5 yr | +1.76 | +0.02 | +1.74 | $6.8k | $532.1k |
| 10 yr | +1.65 | +0.00 | +1.65 | $101 | $506.3k |
| 30 yr | +0.47 | +0.00 | +0.47 | $0 | $143.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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