The Angel ETF covers nearly 15% of the US dollar denominated high yield bond market, said the fund launcher.
ANGL replicates the price and yield performance of The BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA), which encompasses investment-grade corporate bonds denominated in US dollars that were rated investment grade at time of issuance.
Fallen Angels are one of the reputed names in American business, including Ford, JC Penney, and The New York Times Company.
The Market Vectors suite of ETFs include Emerging Markets Local Currency Bond ETF (EMLC), LatAm Aggregate Bond ETF (BONO), Renminbi Bond ETF (CHLC), International High Yield Bond ETF (IHY), as well as a full suite of US municipal bond ETFs, among others.
ANGL has a gross expense ratio of 0.52% and a net expense ratio of 0.40%, which is capped until 1 September 2013.
As of 31 December 2011, Market Vectors owned $23.7bn in assets under management and operates in many asset classes, including equities, fixed income (municipal and international bonds) and currency markets.
