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CBON
VanEck Vectors ChinaAMC China Bond ETF

Latest Market Updates*

  • Chinese bonds currently offer attractive yields, with the 10-year China government bond yielding nearly 250 basis points above the 10-year U.S. Treasury yield.1
  • CNY has been appreciating against the U.S. dollar since July, supported by relatively constrained monetary policy, growing FX reserves and a strong economic recovery compared to most other countries worldwide.
  • Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

1Source: Bloomberg as of 9/16/2020

Fund Description

The VanEck Vectors® ChinaAMC China Bond ETF (CBON®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index (CHQU01TR), which is comprised of fixed-rate, Renminbi ("RMB")-denominated bonds issued in the People's Republic of China by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers.

 
 

  • Fund Ticker

    CBON
  • Exchange

    NYSE Arca
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    CHQU01TR
  • Index Rebalancing

    Monthly

 
as of 09/30/20

  • 30-Day SEC Yield1

    2.97%
  • Total Net Assets

    $16.0M
  • Number of Holdings

    48
  • Options

    Expected
  • Gross Expense Ratio2

    3.53%
  • Net Expense Ratio/TER2

    0.50%
  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 08/31/2020

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
4 stars of 67 funds
5 stars of 67 funds
3 stars of 64 funds

Key Points

  • Access to China's Onshore Bonds
    Largest emerging markets bond market, once closed to U.S. investors

  • Attractive Yields, Low Correlation
    Yield premium to developed bond markets and low correlation to core asset classes

  • Sub-Advised by ChinaAMC (H.K.)
    One of the largest asset managers in China*
* By mutual fund and ETF assets under management as of December 31, 2016.

Yields
as of 09/30/20

  • 30-Day SEC Yield1

    2.97%
  • Distribution Yield1

    2.95%
  • 12-Month Yield1

    3.55%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    3.13%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    3.53%
  • Fee Waivers and
    Expense Reimbursement

    -3.03%
  • Net Expense Ratio/TER2

    0.50%
2Expenses for CBON are capped contractually at 0.50% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    CBON
  • Index Total Return Ticker

    CHQU01TR
  • NAV

    CBONNV
  • Intraday NAV (IIV)5

    CBONIV
  • Shares Outstanding

    700,000
  • Estimated Cash

    CBONEU
  • Total Cash

    CBONTC
  • CUSIP

    92189F379
  • ISIN

    US92189F3799
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/29/20

  • Yield to Maturity

    4.51%
  • Coupon

    4.20%
  • Modified Duration (yrs)

    1.84
  • Years to Maturity

    2.06
 4 See Important Disclosure for definitions.

Prices as of 09/30/20

NAV/
Market Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change
NAV/
Last Price
Premium/
Discount
Prem/Discount
Distribution Charts
NAV &
Prem/Discount
History
30-Day
Median
Bid Ask
Spread
NAV
Chart
CBON $22.80
$23.00
15,519
41,765
$0.12 / +0.51%
$0.17 / +0.74%
+5.00%
+6.52%
$0.20
0.89%
--

Premium/Discount History as of 09/30/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 36 12 9 12 48
CBON Days closed at NAV 13 5 4 0 0
Days closed at a discount 203 47 51 50 15

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) 1.84 4.01 3.90 7.74 2.81 1.72 -- 1.45
CBON (Share Price) 1.75 3.72 5.11 8.06 3.25 2.28 -- 1.56
CHQU01TR (Index) 1.78 3.20 3.88 7.96 3.93 2.89 -- 2.41
Performance Differential (NAV - Index) 0.06 0.81 0.02 -0.22 -1.12 -1.17 -- -0.96
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) 1.01 0.41 0.91 1.41 2.74 0.85 -- 0.97
CBON (Share Price) 0.91 1.92 2.26 2.11 3.35 0.94 -- 1.11
CHQU01TR (Index) 0.56 -0.10 1.23 2.36 3.97 1.98 -- 2.01
Performance Differential (NAV - Index) 0.45 0.51 -0.32 -0.95 -1.23 -1.13 -- -1.04

Top 10 Holdings (%) as of 08/31/20 Daily Holdings

Total Holdings: 39
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
CHINA GOVERNMENT BOND
3.400
04/17/2023
China
CNY
8.85
CHINA DEVELOPMENT BANK
3.870
08/01/2023
China
CNY
6.64
CHINA DEVELOPMENT BANK
3.910
04/06/2022
China
CNY
5.66
BEIJING CAPITAL LAND LTD
4.890
09/14/2023
China
CNY
3.43
XIAMEN C & D INC
3.500
10/15/2021
China
CNY
3.33
HUBEI ENERGY GROUP CO LTD
3.070
11/11/2021
China
CNY
3.33
CHINA COSCO SHIPPING CORP LTD
4.500
04/24/2021
China
CNY
3.31
GUANGZHOU R&F PROPERTIES CO LTD
6.580
12/04/2022
China
CNY
3.28
STATE POWER INVESTMENT CORP LTD
3.570
07/06/2169
China
CNY
3.21
CHONGQING LONGHU DEVELOPMENT CO LTD
5.600
03/21/2023
China
CNY
2.68
Top 10 Total (%) 43.72

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Country Weightings (%) as of 08/31/20

  • Country

    % of Net Assets
  • China

    93.44
  • Other/Cash

    6.56

Currency Exposure (%)
as of 08/31/20

  • China Renminbi

    93.44
  • Other/Cash

    6.56

Sector Weightings (%) as of 08/31/20

  • Sector

    % of Net Assets
  • Financial

    37.3
  • Industrial

    20.9
  • Government

    14.5
  • Energy

    7.8
  • Utilities

    7.5
  • Consumer, Non-cyclical

    3.6
  • Consumer, Cyclical

    1.8
  • Other/Cash

    6.6

Maturity (%) as of 08/31/20

 Average Portfolio Maturity: 2.44 Years