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% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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