MIG and MBBB utilize Moody’s Analytics credit
risk data to look beyond traditional fixed income risk measures in
selecting investment grade and BBB-rated bonds with the most
attractive valuations
VanEck today announced the launch of two new corporate bond
exchange-traded funds (ETFs) designed to provide investors with
important new tools to enhance their investment grade bond
exposures. The VanEck Vectors® Moody’s Analytics® IG Corporate Bond
ETF (MIG) and the VanEck Vectors® Moody’s Analytics® BBB Corporate
Bond ETF (MBBB) both began trading today on the CBOE BZX Exchange,
and join VanEck’s highly diversified family of income-focused ETF
offerings.
Bonds are selected for the underlying indices by applying a
Moody’s Analytics quantitative credit risk model, which provides
investors with forward looking credit risk metrics, including a
bond’s EDF™ (Expected Default Frequency) from which a fair value
spread can be determined. The index methodology uses the model to
identify bonds that offer attractive spreads relative to their
embedded credit risk, and also uses the model to help identify
bonds that are at a high risk of being downgraded to non-investment
grade.
“The corporate bond universe is expansive and there can be a
great deal of dispersion in terms of where the market is pricing
risk and a bond’s fair value. Finding bonds with attractive
valuations and achieving outperformance is built upon accurately
evaluating a bond’s expected credit risk going forward.
Incorporating market implied information into the selection process
to evaluate credit risk allows you to do that, particularly in
volatile markets,” said Fran Rodilosso, Head of Fixed Income ETF
Portfolio Management at VanEck.
Moody’s Analytics, a subsidiary of Moody’s Corporation, is a
leading provider of award-winning quantitative credit risk analysis
tools. Moody’s Analytics CreditEdge® platform, which provides key
inputs for the funds’ underlying indices, combines the industry’s
leading probability of default model with cutting edge credit
analytics to deliver a tool that can identify relative value and
provide early warnings of credit deterioration.
“We have established a comprehensive set of metrics for early
warning detection of credit defaults and downgrades,” said Nihil
Patel, Managing Director at Moody’s Analytics. “Our research shows
our credit risk metrics can help identify undervalued securities.
We are thrilled to be able to offer our credit risk metrics for use
in the indices underlying VanEck’s funds.”
MIG, which has an expense ratio of 20 bps, seeks to track the
MVIS Moody’s Analytics US Investment Grade Corporate Bond Index (US
IG Index). MBBB, which has an expense ratio of 25 bps, seeks to
track the MVIS Moody’s Analytics US BBB Corporate Bond Index (BBB
Index). Both indexes are rules-based and are the first U.S.
investment grade bond indexes to be driven by Moody’s Analytics
credit risk modeling. The indices rebalance monthly.
“Moody’s Analytics is the recognized industry leader in credit
risk modeling so we are excited to be using their credit risk
models and data to power these two new funds,” added William Sokol,
Senior ETF Product Manager at VanEck. “We believe that these funds
can offer investors the income potential and outperformance they
are looking for without having to assume excessive risk, which is
particularly important in this prolonged low yield
environment.”
MIG and MBBB join a VanEck corporate bond ETF lineup that also
includes the VanEck Vectors® Fallen Angel High Yield Bond ETF
(ANGL®), which targets “fallen angel” high yield bonds and is
ranked #1 out of 392 funds within the Morningstar High Yield Bond
Category since inception1, and the VanEck Vectors® Investment Grade
Floating Rate ETF (FLTR®), which focuses on U.S. dollar denominated
floating rate notes issues by corporate issuers and rated
investment grade and has a unique methodology that seeks to enhance
yield potential without increasing interest rate risk.
###
About VanEck
VanEck has a history of looking beyond the financial markets to
identify trends that are likely to create impactful investment
opportunities. We were one of the first U.S. asset managers to
offer investors access to international markets. This set the tone
for the firm’s drive to identify asset classes and trends –
including gold investing in 1968, emerging markets in 1993, and
exchange traded funds in 2006 – that subsequently shaped the
investment management industry.
Today, VanEck offers active and passive strategies with
compelling exposures supported by well-designed investment
processes. As of October 31, 2020, VanEck managed approximately
$60.2 billion in assets, including mutual funds, ETFs and
institutional accounts. The firm’s capabilities range from core
investment opportunities to more specialized exposures to enhance
portfolio diversification. Our actively managed strategies are
fueled by in-depth, bottom-up research and security selection from
portfolio managers with direct experience in the sectors and
regions in which they invest. Investability, liquidity, diversity,
and transparency are key to the experienced decision-making around
market and index selection underlying VanEck’s passive
strategies.
Since our founding in 1955, putting our clients’ interests
first, in all market environments, has been at the heart of the
firm’s mission.
About Moody’s Analytics
Moody’s Analytics provides financial intelligence and analytical
tools to help business leaders make better, faster decisions. Our
deep risk expertise, expansive information resources, and
innovative application of technology help our clients confidently
navigate an evolving marketplace. We are known for our
industry-leading and award-winning solutions, made up of research,
data, software, and professional services, assembled to deliver a
seamless customer experience. We create confidence in thousands of
organizations worldwide, with our commitment to excellence, open
mindset approach, and focus on meeting customer needs. For more
information about Moody’s Analytics, visit our website or connect
with us on Twitter or LinkedIn.
Moody's Analytics, Inc. is a subsidiary of Moody's Corporation
(NYSE: MCO). Moody’s Corporation reported revenue of $4.8 billion
in 2019, employs approximately 11,400 people worldwide and
maintains a presence in more than 40 countries.
###
Important Disclosures
1 Source: ©2020 Morningstar, Inc. All Rights Reserved. Data as
of 9/30/2020. The information contained herein: (1) is proprietary
to Morningstar; (2) may not be copied or distributed; and (3) is
not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any
damages or losses arising from any use of this information.
An investment in of the VanEck Vectors Moody’s Analytics IG
Corporate Bond ETF or VanEck Vectors Moody’s Analytics BBB
Corporate Bond ETF (the “Funds”) may be subject to risks which
include, among others, investing in European issuers, foreign
securities, BBB-rated bond, credit, interest rate, liquidity,
restricted securities, consumer staples sector, financials sector,
energy sector, communications sector, market, operational, high
portfolio turnover, call, sampling, index tracking, authorized
participant concentration, absence of prior active market, trading
issues, passive management, non-diversified, and trading,
premium/discount and liquidity of fund shares risks. The Fund's
assets may be concentrated in a particular sector and may be
subject to more risk than investments in a diverse group of
sectors.
An investment in VanEck Vectors Fallen Angel High Yield Bond ETF
may be subject to risk which includes, among others, high yield
securities, foreign securities, foreign currency, credit, interest
rate, restricted securities, market, operational, call, sampling,
basic materials, energy, financial services, telecommunications,
index tracking, authorized participant concentration, no guarantee
of active trading market, trading issues, passive management, fund
shares trading, premium/discount and liquidity of fund shares and
concentration risks, all of which may adversely affect the
Fund.
An investment in VanEck
Vectors Investment Grade Floating Rate ETF may be subject to risk
which includes, among others, foreign securities, foreign currency,
credit, interest rate, restricted securities, financial services,
market, operational, sampling, index tracking, authorized
participant concentration, no guarantee of active trading market,
trading issues, passive management, fund shares trading,
premium/discount and liquidity of fund shares, non-diversified and
concentration risks, all of which may adversely affect the
Fund.
Moody’s Analytics is a registered trademark of Moody’s
Analytics, Inc. and/or its affiliates and is used under
license.
The Funds are not sponsored, promoted, sold or supported in any
manner by Moody’s Analytics nor does Moody’s Analytics offer any
express or implicit guarantee or assurance either with regard to
the results of using the US IG Index and BBB Index (together, the
“Indices”) and/or the Moody’s Analytics trademark or data at any
time or in any other respect. Certain quantitative financial data
used in calculating and publishing the Indices is licensed to the
Funds manager by Moody’s Analytics. Moody’s Analytics has no
obligation to point out errors in the data to third parties
including but not limited to investors and/or financial
intermediaries of the Funds. The licensing of data or the Moody’s
Analytics trademark for the purpose of use in connection with the
Indices and Funds does not constitutes a recommendation by Moody’s
Analytics to invest capital in the Funds nor does it in any way
represent an assurance or opinion of Moody’s Analytics with regard
to any investment in this financial instrument.
MVIS does not sponsor, endorse, sell, promote or manage any
investment fund or other investment vehicle that is offered by
third parties and that seeks to provide and investment return based
on the performance of any index. MVIS makes no assurance that
investment products based on the index will accurately track index
performance or provide positive investment returns. MVIS is not an
investment advisor, and it makes no representation regarding the
advisability of investing in any such investment fund or other
investment vehicle. A decision to invest in any such investment
fund or other investment vehicle should not be made in reliance on
any of the statements set forth in this document. MVIS is the index
business of VanEck, a U.S. based investment management firm and
provider of VanEck Vectors® ETFs.
Investing involves substantial risk and high volatility,
including possible loss of principal. Bonds and bond funds will
decrease in value as interest rates rise. An investor should
consider the investment objective, risks, charges and expenses of
the Fund carefully before investing. To obtain a prospectus and
summary prospectus , which contains this and other information,
call 800.826.2333 or visit vaneck.com/etfs . Please read the
prospectus and summary prospectus carefully before
investing.
1 Source: Moody’s Analytics based on various industry awards
including Risk Technology Awards 2020 Winner (Best credit data
provider, Best wholesale credit modelling software), Risk
Technology Awards 2019 Winner (Best credit data provider, Best
wholesale credit modelling software), and Data Management Awards
2018 Winner (Best risk data aggregation platform)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201202005742/en/
Chris Sullivan/Julia Stoll MacMillan Communications 212.473.4442
chris@macmillancom.com
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