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CBON
VanEck Vectors ChinaAMC China Bond ETF

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
  • Commencement

    11/10/2014
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    Bank of New York Mellon
  • Index Ticker

    CHQU01TR
  • Index Rebalancing

    Monthly

 
as of 09/17/19

  • 30-Day SEC Yield1

    3.07%
  • Total Net Assets

    $4.4M
  • Number of Holdings

    24
  • Options

    Expected
  • Gross Expense Ratio2

    2.25%
  • Net Expense Ratio/TER2

    0.50%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2019

Key Points

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

  • Attractive Yields, Low Correlation
    Onshore bond market with historical yield premium to developed bond markets, 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 09/17/19

    • 30-Day SEC Yield1

      3.07%
    • Distribution Yield1

      3.91%
    • 12-Month Yield1

      3.62%
     1 See Important Disclosure for definitions.

    Fees & Expenses2

    • Management Fee

      0.40%
    • Other Expenses

      1.85%
    • Acquired Fund Fees and Expenses

      --
    • Gross Expense Ratio

      2.25%
    • Fee Waivers and
      Expense Reimbursement

      -1.75%
    • Net Expense Ratio/TER2

      0.50%
    2Expenses for CBON are capped contractually at 0.50% until September 1, 2020. 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

      200,000
    • Estimated Cash

      CBONEU
    • Total Cash

      CBONTC
    • CUSIP

      92189F379
    • ISIN

      US92189F3799
    5See IIV Details. Source: Bloomberg

    Fundamentals4
    as of 09/16/19

    • Yield to Maturity

      3.50%
    • Coupon

      4.49%
    • Modified Duration (yrs)

      2.52
    • Years to Maturity

      2.74
     4 See Important Disclosure for definitions.

    Prices as of 09/17/19

    NAV/
    Last 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
    NAV
    Chart
    CBON $21.96
    $21.94
    1,406
    402
    -$0.08 / -0.35%
    $-0.13 / -0.57%
    +0.15%
    +0.81%
    $-0.02
    -0.10%

    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) -3.26 -1.75 -0.98 0.07 0.36 -- -- 0.19
    CBON (Share Price) -2.95 -1.59 -0.05 0.92 0.85 -- -- 0.26
    CHQU01TR (Index) -3.07 -1.24 -0.74 1.74 1.24 -- -- 1.29
    Performance Differential (NAV - Index) -0.19 -0.51 -0.24 -1.67 -0.88 -- -- -1.10
    1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
    11/10/14
    CBON (NAV) 1.38 -1.48 2.17 1.54 1.59 -- -- 0.88
    CBON (Share Price) 1.33 -1.13 2.91 2.22 2.02 -- -- 0.90
    CHQU01TR (Index) 1.50 -1.54 2.02 2.86 2.54 -- -- 1.94
    Performance Differential (NAV - Index) -0.12 0.06 0.15 -1.32 -0.95 -- -- -1.06

    Top 10 Holdings (%) as of 08/31/19 Daily Holdings

    Total Holdings: 24
    Swipe
    to view
    full data
    Holding Name
    Coupon
    Maturity
    Country
    Currency
    % of Net
    Assets
    China Government Bond
    3.400
    04/17/2023
    China
    CNY
    17.67
    China Development Bank
    3.910
    04/06/2022
    China
    CNY
    11.98
    China Government Bond
    4.260
    07/31/2021
    China
    CNY
    5.10
    China South Industries Group Co Ltd
    4.450
    04/19/2020
    China
    CNY
    4.55
    China State Railway Group Co Ltd
    4.630
    08/25/2021
    China
    CNY
    4.11
    China Petroleum & Chemical Corp
    4.900
    06/01/2022
    China
    CNY
    4.05
    Jiangxi Ganyue Expressway Co Ltd
    5.150
    04/19/2023
    China
    CNY
    3.90
    Tianjin Infrastructure Construction & I
    5.700
    02/26/2023
    China
    CNY
    3.68
    Power Construction Corp Of China Ltd
    5.200
    10/29/2022
    China
    CNY
    3.51
    China Merchants Securities Co Ltd
    5.080
    05/26/2025
    China
    CNY
    3.44
    Top 10 Total (%) 61.99

    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 08/31/19

    • Country

      % of Net Assets
    • China

      100.39
    • Other/Cash

      -0.39

    Currency Exposure (%)
    as of 08/31/19

    • China Renminbi

      100.39
    • Other/Cash

      -0.39

    Sector Weightings (%) as of 08/31/19

    • Sector

      % of Net Assets
    • Financial

      42.2
    • Government

      24.3
    • Industrial

      13.1
    • Energy

      7.4
    • Consumer, Non-cyclical

      7.2
    • Consumer, Cyclical

      6.2
    • Other/Cash

      -0.4

    Maturity (%) as of 08/31/19

     Average Portfolio Maturity: 2.79 Years