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EMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

Fund Description

The VanEck Vectors® J.P. Morgan EM Local Currency Bond ETF (EMLC®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the J.P. Morgan GBI-EM Global Core Index (GBIEMCOR), which is comprised of bonds issued by emerging market governments and denominated in the local currency of the issuer.

 
 

  • Fund Ticker

    EMLC

  • Exchange

    NYSE Arca

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    GBIEMCOR

  • Index Rebalancing

    Monthly

  • 2020 Preliminary NAIC Designation7

    3

 
as of 09/25/20

  • 30-Day SEC Yield1

    4.20%

  • Total Net Assets

    $3.0B

  • Number of Holdings

    292

  • Options

    Available

  • Gross Expense Ratio2

    0.36%

  • Net Expense Ratio/TER2

    0.30%

  • Distribution Frequency

    Monthly
1,2,7 See Important Disclosure. 

Morningstar™ Ratings3
as of 08/31/2020

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

Key Points

    • Seeks to replicate the J.P. Morgan GBI-EM Global Core Index

    • Access to local bond markets in emerging economies

    • Provides yields that are currently higher than developed markets and potential for currency appreciation

Yield
as of 09/25/20

  • 30-Day SEC Yield1

    4.20%

  • Distribution Yield1

    4.88%

  • 12-Month Yield1

    5.96%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.27%

  • Other Expenses

    0.09%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.36%

  • Fee Waivers and
    Expense Reimbursement

    -0.06%

  • Net Expense Ratio/TER2

    0.30%
2Expenses for EMLC are capped contractually at 0.30% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    EMLC

  • Index Total Return Ticker

    GBIEMCOR

  • NAV

    EMLCNV

  • Intraday NAV (IIV)5

    EMLCIV

  • Shares Outstanding

    98,922,682

  • Estimated Cash

    EMLCEU

  • Total Cash

    EMLCTC

  • CUSIP

    92189H300

  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/25/20

  • Yield to Worst

    4.43%

  • Yield to Maturity

    4.48%

  • Effective Duration (yrs)

    5.18

  • Years to Maturity

    7.28

  • Modified Duration (yrs)

    5.28

  • Coupon

    5.79%
 4 See Important Disclosure for definitions.

Prices as of 09/25/20

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
EMLC $30.63
$30.57		 1,735,936
2,750,266		 $0.01 / +0.02%
$-0.16 / -0.52%		 -6.08%
-6.30%
 $-0.06
-0.20%		 0.03%

Premium/Discount History as of 09/25/20

Calendar Year 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 109 15 21 12 13
EMLC Days closed at NAV 12 3 4 2 1
Days closed at a discount 131 46 39 48 49

Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) -0.28 3.70 -3.91 0.72 -0.92 3.13 0.47 0.67
EMLC (Share Price) 0.24 3.60 -3.86 1.34 -0.96 3.13 0.43 0.69
GBIEMCOR (Index) -0.29 3.70 -3.98 1.10 -0.38 3.80 1.17 1.38
Performance Differential (NAV - Index) 0.01 0.00 0.07 -0.38 -0.54 -0.67 -0.70 -0.71
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 0.82 9.20 -6.57 -5.51 -0.70 0.96 -- 0.40
EMLC (Share Price) 0.13 9.44 -7.08 -5.98 -0.89 0.93 -- 0.35
GBIEMCOR (Index) 0.69 9.58 -6.76 -5.02 -0.19 1.59 -- 1.11
Performance Differential (NAV - Index) 0.13 -0.38 0.19 -0.49 -0.51 -0.63 -- -0.71

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

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

Total Holdings: 293
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country†
Currency
% of Net
Assets
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2023
BB-
Brazil
BRL
1.72
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2025
BB-
Brazil
BRL
1.45
BRAZIL LETRAS DO TESOURO NACIONAL
0.000
07/01/2023
BB-
Brazil
BRL
1.44
PHILIPPINE GOVERNMENT INTERNATIONAL BON
6.250
01/14/2036
BBB
Philippines
PHP
1.28
DOMINICAN REPUBLIC INTERNATIONAL BOND
9.750
06/05/2026
BB-
Dominican Repb.
DOP
1.12
BRAZIL LETRAS DO TESOURO NACIONAL
0.000
01/01/2024
BB-
Brazil
BRL
1.10
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2027
BB-
Brazil
BRL
1.05
URUGUAY GOVERNMENT INTERNATIONAL BOND
9.875
06/20/2022
BBB-
Uruguay
UYU
0.98
BRAZIL LETRAS DO TESOURO NACIONAL
0.000
01/01/2022
BB-
Brazil
BRL
0.94
MEXICAN BONOS
10.000
12/05/2024
BBB
Mexico
MXN
0.94
Top 10 Total (%) 12.02

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
  • ■

    Indonesia

    9.45
  • ■

    Brazil

    9.36
  • ■

    Mexico

    9.01
  • ■

    Thailand

    8.05
  • ■

    South Africa

    6.44
  • ■

    Poland

    6.09
  • ■

    Malaysia

    5.74
  • ■

    Supra-National

    5.43
  • ■

    Russia

    5.18
  • ■

    China

    5.08
  • ■

    Colombia

    4.62
  • ■

    Czech

    4.22
  • ■

    Hungary

    3.25
  • ■

    Romania

    3.07
  • ■

    Peru

    3.06
  • ■

    Chile

    2.97
  • ■

    Turkey

    2.65
  • ■

    Uruguay

    2.05
  • ■

    Dominican Repb.

    2.04
  • ■

    Philippines

    1.85
  • ■

    Other/Cash

    0.37

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

  • Indonesian Rupiah

    10.15

  • Mexican Peso

    10.11

  • Brazilian Real

    9.37

  • Thailand Baht

    8.05

  • Polish Zloty

    7.34

  • South African Rand

    7.00

  • Russian Ruble

    6.87

  • Malaysian Ringgit

    5.74

  • China Renminbi

    5.08

  • Colombian Peso

    4.62

  • Czech Koruna

    4.22

  • Hungarian Forint

    3.25

  • Romanian Leu

    3.07

  • Peruvian New Sol

    3.06

  • Chilean Peso

    2.97

  • Turkish Lira

    2.78

  • Uruguay Peso

    2.05

  • Dominican Rep. Peso

    2.04

  • Philippines Peso

    1.85

  • Other/Cash

    0.35

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

  • Sector

    % of Net Assets
  • ■

    Government

    98.9
  • ■

    Industrial

    0.2
  • ■

    Utilities

    0.2
  • ■

    Financial

    0.2
  • ■

    Energy

    0.1
  • ■

    Other/Cash

    0.4

Credit Quality (%) as of 08/31/20

Composite % of Net Assets
Investment Grade AAA 4.34
AA 0.98
A 7.60
BBB 32.41
Non-Investment Grade BB 17.45
CCC 0.06
Total Investment Grade -- 45.34
Total Non-Investment Grade -- 17.51
Not Rated -- 37.15
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.

Maturity (%) as of 08/31/20

 Average Portfolio Maturity: 7.33 Years