VanEck is celebrating the fifth anniversary of the launch of the VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) which recently passed $750 million in assets under management.

‘Fallen angels’ are bonds that were rated as investment grade at the time of their original issuance, but which have since lost their investment-grade status.

ANGL was the first ETF to provide targeted exposure to “fallen angels,” a category of high yield bonds that were originally issued as investment grade but which have since experienced a downgrade to junk status.

Original-issue high yield bonds tend to offer relatively higher income and lower duration than fallen angels. These differences in bond characteristics as well as the overly negative sentiment surrounding a downgrade into junk status, causes fallen angels to be regularly oversold prior to their downgrade. In this way, the fund seeks to provide investors with a value proposition.

The fallen angels category has outperformed the broad high yield space in ten of the last 13 years, including 2016, where it returned 25.3%.

“We’re proud to be celebrating ANGL’s five year anniversary,” said Ed Lopez, head of ETF product management and marketing with VanEck. “The investment thesis behind ANGL is a time-tested strategy, well beyond the ETF’s five year history. ANGL’s simple and intuitive approach to capturing quality and value in the high yield market helps it stand out in a growing sea of smart beta ETFs.”

In June 2016, VanEck lowered the fees on ANGL from 0.40% to 0.35%.