VanEck Fallen Angel High Yield Bond ETF
VanEck ETF Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Expense ratio |
|---|---|
| ANGL | 0.25% |
Portfolio turnover 43.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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%.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 29.7% |
| International | 19.7% |
| Consumer Discretionary | 13.9% |
| Communication Services | 9.8% |
| 8 smaller | 26.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: PARAMOUNT GLOBAL ×5, FS KKR CAPITAL CORP ×3
Exited: ROGERS COMMUNICATIONS IN, NORDSTROM INC, FRONTIER FLORIDA LLC, H.B. FULLER CO, SERVICE PROPERTIES TRUST
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| GVMXX | State Street Global AdvisorsGVMXX | 8.65% | $265.31M | — |
| — | NISSAN MOTOR CO4.34% · due 2027-09-17 | 3.43% | $105.25M | — |
| — | VODAFONE GROUP PLC7.00% · due 2079-04-04 | 3.28% | $100.57M | — |
| — | NISSAN MOTOR CO4.81% · due 2030-09-17 | 3.25% | $99.51M | — |
| — | ENTEGRIS INC4.75% · due 2029-04-15 | 2.50% | $76.56M | — |
| — | DRESDNER FNDG TRUST I8.15% · due 2031-06-30 | 1.70% | $52.14M | — |
| — | CELANESE US HOLDINGS LLC7.70% · due 2033-11-15 | 1.70% | $52.11M | — |
| — | CELANESE US HOLDINGS LLC7.55% · due 2030-11-15 | 1.69% | $51.74M | — |
| — | CELANESE US HOLDINGS LLC7.38% · due 2032-07-15 | 1.67% | $51.09M | — |
| — | RESORTS WORLD/RWLV CAP4.63% · due 2029-04-16 | 1.41% | $43.16M | — |
Top 10 positions are 29.27% of net assets, top 25 45.98%, across 58 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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