Overview
Fallen angels — bonds born investment-grade and downgraded to junk — the high-yield market's structurally mispriced corner.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| VOD | Vodafone bonds | 2.8% |
| PCG | PG&E bonds | 2.4% |
| F | Ford Motor bonds | 2.2% |
| WBD | Warner Bros. Discovery bonds | 2.1% |
| NWL | Newell Brands bonds | 1.8% |
| FE | FirstEnergy bonds | 1.6% |
| LUMN | Lumen bonds | 1.4% |
| EPR | EPR Properties bonds | 1.3% |
| AAL | American Airlines bonds | 1.2% |
| KHC | Kraft Heinz bonds | 1.1% |
Fund Details
Investment Thesis
Fallen angels are junk's aristocracy: forced selling by investment-grade mandates dumps these bonds below fair value at the moment of downgrade, and buying that panic has beaten the broad high-yield index in most years since the strategy existed. Larger companies, higher recovery odds, and upgrade candidates ('rising stars') on the other side — ANGL is the thinking investor's junk fund.
Who It's For
High-yield investors who want the segment's best-documented structural edge rather than the whole junk market. The quality end of the high-yield barbell, monthly payer.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $26.32 | -- |
| 2017 | $27.90 | +6.0% |
| 2018 | $26.23 | -6.0% |
| 2019 | $29.38 | +12.0% |
| 2020 | $31.43 | +7.0% |
| 2021 | $32.38 | +3.0% |
| 2022 | $26.55 | -18.0% |
| 2023 | $27.88 | +5.0% |
| 2024 | $28.16 | +1.0% |
| 2025 | $29.00 | +3.0% |
| Year | Yield |
|---|---|
| 2016 | 5.70% |
| 2017 | 5.30% |
| 2018 | 5.90% |
| 2019 | 5.40% |
| 2020 | 5.00% |
| 2021 | 4.20% |
| 2022 | 6.20% |
| 2023 | 6.70% |
| 2024 | 6.60% |
| 2025 | 6.70% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $0.3B | -- |
| 2017 | $1B | +233.3% |
| 2018 | $1B | +0.0% |
| 2019 | $1.5B | +50.0% |
| 2020 | $3.5B | +133.3% |
| 2021 | $4B | +14.3% |
| 2022 | $2.8B | -30.0% |
| 2023 | $3B | +7.1% |
| 2024 | $3B | +0.0% |
| 2025 | $3B | +0.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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