February 19, 2021 Investors are often lead to believe that bonds are steady investments. They can also be wired to think that junk bonds are exceptionally volatile. Yet many fallen angels funds like the ANGL seeks to replicate as closely as possible the price and yield performance of the ICE BofAML US Fallen Angel High Yield Index. The index is comprised of below investment grade corporate bonds denominated in U.S. dollars that were rated investment grade at the time of issuance. “We believe that in this uncertain environment, high yield investors should be selective and focus on fallen angel bonds—which are bonds originally issued with investment grade ratings—as a potential source of outperformance relative to the broad high yield bond market,” writes William Sokol, VanEck senior ETF product manager. “Fallen angels have provided outperformance in 13 of the last 17 calendar years, a level of consistency that we believe may be attractive in a changing market environment such as the one we are currently in.”