At a glance
ANGL charges 0.25% a year, above the 0.21% average of the 7 funds most like it (the 5th cheapest of 8). It has $3.05B in assets, the 7th largest of that group; it paid 6.89% of its price in distributions over the past 12 months, monthly. Over the past year it returned −0.3% with distributions reinvested, 6th of those 8 funds; over three years it returned +8.2% a year. At its worst it fell 29.2% in the 2020 crash (S&P 500: 33.7%) and 18.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 22 months after the lows. Its ten largest positions make up 22.2% of the fund, out of 129 in all.
The short version
VanEck Fallen Angel High Yield Bond ETF (ANGL) tracks the ICE US Fallen Angel High Yield 10% Constrained Index. The index holds US-dollar corporate bonds that were rated investment grade when issued and were later downgraded to junk, or below investment grade. Most high-yield funds cover the whole junk market, so this narrower focus sets it apart. It pays income monthly, with a trailing 12-month yield of 6.89% as of October 27, 2026. Its 0.25% expense ratio is higher than low-cost rivals such as USHY (0.08%).
Price history
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ANGL -0.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| ANGL official prospectus, to Dec 31, 2025 | — | +9.11% | — | +3.77% | +7.61% | — |
| ANGL price data to Oct 27, 2026 | -0.6% | -0.3% | +8.2% | +2.2% | +5.1% | +6.5% |
- Over the year to Oct 27, 2026, ANGL returned -0.3%, 6th of 8 among similar funds.
- Its 5-year annualized return was +2.2% and its 10-year +5.1%.
- In the 2020 COVID crash it fell 29.2% and regained its old high 4.1 months after the low.
- Its worst full calendar year was 2022 (-14.2%); its best was 2016 (+25.2%).
- The deepest fall in its price history was 35.1% (Aug 2, 2013 to Aug 19, 2013), recovered by Jun 18, 2019.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.7% | — |
| 2025 | +9.1% | +9.11% |
| 2024 | +6.1% | +5.77% |
| 2023 | +12.5% | +12.95% |
| 2022 | -14.2% | -14.24% |
| 2021 | +6.9% | +7.65% |
| 2020 | +13.2% | +13.33% |
| 2019 | +18.1% | +16.62% |
| 2018 | -5.9% | -4.74% |
| 2017 | +9.7% | +9.67% |
| 2016 | +25.2% | +25.32% |
| 2015 | -1.4% | — |
| 2014 | +2.8% | — |
| 2013 | +7.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 26.3% over that stretch · deepest drop along the way 29.2%, back to its old high 4.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 17.7% over that stretch · deepest drop along the way 18.4%, back to its old high 21.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4435 | |
| 2025 | $1.8300 | +1.1% |
| 2024 | $1.8100 | +19.1% |
| 2023 | $1.5200 | +18.8% |
| 2022 | $1.2800 | -1.5% |
| 2021 | $1.3000 | -13.3% |
| 2020 | $1.5000 | -3.2% |
| 2019 | $1.5500 | -2.5% |
| 2018 | $1.5900 | +1.3% |
| 2017 | $1.5700 | +1.9% |
| 2016 | $1.5400 | +9.2% |
| 2015 | $1.4100 | -21.2% |
| 2014 | $1.7900 | +7.8% |
| 2013 | $1.6600 |
What's inside
As of Jul 31, 2026, the fund held 129 securities; the ten largest made up 22.22% of assets, and 6.65% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NISSAN MOTOR CO Bonds and notes | 3.42% | |
| VODAFONE GROUP PLC Bonds and notes | 3.33% | |
| NISSAN MOTOR CO Bonds and notes | 3.23% | |
| ENTEGRIS INC Bonds and notes | 2.55% | |
| DRESDNER FNDG TRUST I Bonds and notes | 1.73% | |
| CELANESE US HOLDINGS LLC Bonds and notes | 1.71% | |
| CELANESE US HOLDINGS LLC Bonds and notes | 1.70% | |
| CELANESE US HOLDINGS LLC Bonds and notes | 1.69% | |
| RESORTS WORLD/RWLV CAP Bonds and notes | 1.48% | |
| PACIFICORP Bonds and notes | 1.37% | |
| CELANESE US HOLDINGS LLC Bonds and notes | 1.26% | |
| CELANESE US HOLDINGS LLC Bonds and notes | 1.25% | |
| HUNTSMAN INTERNATIONAL L Bonds and notes | 1.18% | |
| PERRIGO FINANCE UNLIMITE Bonds and notes | 1.15% | |
| PARAMOUNT GLOBAL Bonds and notes | 1.15% |
By country
United States 76.45%Japan 6.65%Luxembourg 3.75%Canada 3.54%United Kingdom 3.33%By issuer
Companies 90.05%Other 7.58%The bonds mature in 8.7 years on average (weighted by size), with an average coupon of 5.61%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $16.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.47%, +0.67%, -0.60%.
How it works
ANGL is an index fund. It does not try to beat its benchmark, the ICE US Fallen Angel High Yield 10% Constrained Index. Instead it aims to match the index's price and yield before fees. It normally puts at least 80% of its assets into bonds in the index and generally holds them in the same way the index does. It does not take defensive positions in rough markets.
To qualify, a bond must be a US-dollar corporate bond issued in the US market and rated below investment grade. It must also have been investment grade when it was first issued. These are the "fallen angels." There is one limited exception: senior bonds from companies already in the index can qualify even if they were junk from the start. The issuer must be based in a Group of Ten country, Western Europe or one of their territories. A bond that defaults leaves the index at the end of that month. As of June 30, 2026, the index held 130 bonds from just 55 companies. About 15% were Rule 144A bonds, which are sold only to large institutions and can be harder to trade.
With so few issuers, single companies can carry a lot of weight. As of July 31, 2026, five Celanese bonds made up about 7.6% of assets, two Nissan bonds 6.6% and Vodafone 3.3%. The fund's average maturity was 8.7 years, which is longer than most broad high-yield peers. That makes its price more sensitive to interest rates.
What it really costs
- ANGL charges 0.25% a year, versus an average of 0.21% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ANGL | $26 | $80 | $141 | $318 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
ANGL pays monthly from a portfolio of junk-rated corporate bonds, with a trailing 12-month yield of 6.89% as of October 27, 2026, but its price can fall sharply.
ANGL can add monthly income, but that income comes with stock-like drops. In the 2020 COVID crash, the fund fell 29.2% in about a month and got back to its old high by July 2020. In the 2022 bear market it fell 18.4%. That made 2022 its worst calendar year, at −14.24%, and the fund took about 22 months to recover. Its deepest price drop, 35.1% in August 2013, took nearly six years to recover. The fund launched in 2012, so it has no record from 2008. A retiree who has to sell during a slump like these would lock in losses. The SEC's standard example puts the cost of a $10,000 investment at $26 for one year and $318 over ten years. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who accept junk-bond risk for monthly payouts. The trailing 12-month yield was 6.89% as of October 27, 2026.
- Investors who want only fallen angels, such as Celanese, Nissan and Vodafone, rather than the whole high-yield market.
- Long-term holders who can sit through drops like the 18.4% fall in 2022, which took about 22 months to recover.
Look elsewhere if
- Cost-focused investors. The 0.25% expense ratio is higher than broad high-yield funds such as USHY (0.08%) and SPHY (0.05%).
- Anyone who needs steady value. The fund fell 29.2% in early 2020 and lost 14.24% over calendar 2022.
- Investors wary of concentration. The index held only 55 issuers as of June 30, 2026, and Celanese bonds alone made up about 7.6% of assets.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| ANGL this fund | 8.7 yrs | 0.25% | $3.05B | -0.3% | +8.2% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| JNK SPDR Bloomberg High Yield Bond ETF | 5.8 yrs | 0.4% | $7.35B | +1.6% | +8.7% |
| HYDB iShares High Yield Systematic Bond ETF | 5.2 yrs | 0.35% | $1.61B | +0.9% | +8.7% |
| HYG iShares iBoxx $ High Yield Corporate Bond E… | 5.4 yrs | 0.49% | $16.19B | +0.9% | +7.4% |
| USHY iShares Broad USD High Yield Corporate Bond… | 5.4 yrs | 0.08% | $28.59B | +1.2% | +7.7% |
| SPHY SPDR Portfolio High Yield Bond ETF | 5.4 yrs | 0.05% | $11.33B | +1.8% | +8.9% |
Questions investors ask
What is a fallen angel bond ETF?
A fallen angel bond ETF holds corporate bonds that were rated investment grade when they were issued but were later downgraded to junk. ANGL tracks the ICE US Fallen Angel High Yield 10% Constrained Index, which covers US-dollar bonds of this kind. As of June 30, 2026, the index held 130 bonds from 55 issuers. Its largest names as of July 31, 2026 included Celanese, Nissan Motor, Vodafone and Entegris.
Does ANGL pay monthly dividends?
Yes. ANGL pays income monthly. Over the 12 months to October 27, 2026, it paid about $1.91 per share, a trailing yield of 6.89%. The money comes from interest on its junk-rated corporate bonds, which had an average coupon of 5.61% as of July 31, 2026. Payouts can change from month to month. They can fall if bonds default or are called early and get replaced with lower-yielding ones.
ANGL vs JNK: what's the difference?
ANGL holds only fallen angels, while JNK, the SPDR Bloomberg High Yield Bond ETF, covers the high-yield market more broadly. ANGL charges 0.25% a year and JNK charges 0.40%. ANGL's bonds also mature later on average: 8.7 years compared with 5.8 for JNK, so ANGL reacts more to interest rate changes. As of October 27, 2026, ANGL returned −0.3% over one year and JNK 1.6%. Over three years they returned 8.2% and 8.7% a year. USHY, at 0.08%, is a cheaper broad option worth comparing.
How has ANGL performed over the long term?
ANGL's long-term returns have been solid but uneven. According to its prospectus, it returned an average of 7.61% a year over the 10 years through December 31, 2025, and 3.77% a year over five years. Calendar years ranged from 25.32% in 2016 down to −14.24% in 2022. Based on price, it returned 5.1% a year over 10 years as of October 27, 2026, and −0.3% over the most recent year.
Is ANGL risky?
Yes, more than investment-grade bond funds. Its bonds are rated junk, so companies are more likely to miss payments. Its 8.7-year average maturity adds interest rate risk, because bond prices fall when rates rise. Holdings are concentrated in 55 issuers, and about 15% of the index was in Rule 144A bonds that can be hard to trade. The fund fell 29.2% in early 2020 and 18.4% in 2022.