This ETF offers exposure to high yield or junk bonds, a corner of the domestic fixed income market that has appeal to risk tolerant investors interested in boosting the current returns derived from their bond portfolios. As such, ANGL can have appeal both to investors building a long-term portfolio or to those looking to make a tactical allocation to this corner of the market. Because junk bonds are generally excluded from broad-based fixed income ETFs such as AGG or BND, this product can be a tool for rounding out the fixed income side of a portfolio.
ANGL is unique from many other products in the High Yield Bonds ETFdb Category in that it focuses exclusively on debt that was rated as investment grade at time of issuance but has since been downgraded to junk status. Given that objective, ANGL will tend to be concentrated at the higher end of the credit quality spectrum, and may hold bonds that are more likely to be upgraded back to investment grade status (which would generally involve a jump in price).
This ETF is a bit more expensive than some of the competing junk bond ETFs out there, but still very cheap given the investment objective.