Emerging Markets Bonds

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Related Funds

HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF

EMAG
VanEck Vectors Emerging Markets Aggregate Bond ETF

EMBAX
Emerging Markets Bond Fund - Class A

GBFAX
Emerging Markets Fund - Class A

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 NAIC Designation⁷
3.A

as of 02/25/21

30-Day SEC Yield¹
4.07%
Total Net Assets
$3.4B
Number of Holdings
306
Options
Available
Gross Expense Ratio²
0.36%
Net Expense Ratio/TER²
0.30%
Distribution Frequency
Monthly

^1,2,7 See Important Disclosure.

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Morningstar™ Ratings³
as of 01/31/2021

Category	Overall	3 Year	5 Year
Emerging-Markets Local-Currency Bond	3 stars of 68 funds	3 stars of 68 funds	3 stars of 65 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 02/25/21

30-Day SEC Yield¹
4.07%
Distribution Yield¹
4.67%
12-Month Yield¹
4.93%

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
105,922,682
Estimated Cash
EMLCEU
Total Cash
EMLCTC
CUSIP
92189H300
ISIN
US92189H3003

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 02/25/21

Yield to Worst
4.52%
Yield to Maturity
4.56%
Effective Duration (yrs)
5.07
Years to Maturity
6.66
Modified Duration (yrs)
5.16
Coupon
5.54%

⁴ See Important Disclosure for definitions.

Investment Professionals

Francis G. Rodilosso, CFA

Portfolio Manager and Head of Fixed Income ETFs
Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
Joined VanEck in 2012
Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
CFA charterholder; member of CFA Society New York
MBA (with distinction), Finance, University of Pennsylvania
AB, History, Princeton University

Daniel Cho

Analyst for Fixed Income ETFs
Joined VanEck in 2013
Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
MS, Finance, University of Rochester
BS, Information Sciences and Technology, Pennsylvania State University

Stephanie Wang

Quantitative Analyst for Fixed Income ETFs
Joined VanEck in 2016
MS, Financial Engineering, Baruch College
BBA, Finance, Baruch College

Jared Model

Trader for Fixed Income ETFs
Joined VanEck in 2017
Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
MBA, Finance, Montclair State University
BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont

Prices as of 02/25/21

	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	$32.17 $31.75	2,180,652 2,715,657	-$0.25 / -0.78% $-0.75 / -2.31%	-2.38% -3.80%	$-0.42 -1.30%			0.03%

Premium/Discount History as of 02/25/21

		Calendar Year 2019	1Q 2020	2Q 2020	3Q 2020	4Q 2020
	Days closed at a premium	109	12	13	30	36
EMLC	Days closed at NAV	12	2	1	1	2
	Days closed at a discount	131	48	49	33	26

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

Month End as of 01/31/21
Quarter End as of 12/31/20

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/22/10
EMLC (NAV)	-0.80	7.90	-0.80	2.79	-0.28	5.04	0.76	1.23
EMLC (Share Price)	-1.48	7.46	-1.48	2.40	-0.37	4.96	0.64	1.19
GBIEMCOR (Index)	-1.05	8.09	-1.05	3.50	0.27	5.72	1.46	1.95
Performance Differential (NAV - Index)	0.25	-0.19	0.25	-0.71	-0.55	-0.68	-0.70	-0.72

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/22/10
EMLC (NAV)	3.14	9.14	2.98	2.98	1.47	5.31	0.71	1.32
EMLC (Share Price)	3.22	9.11	3.11	3.11	1.51	5.36	0.65	1.34
GBIEMCOR (Index)	3.54	9.70	3.46	3.46	1.99	5.99	1.39	2.07
Performance Differential (NAV - Index)	-0.40	-0.56	-0.48	-0.48	-0.52	-0.68	-0.68	-0.75

*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 01/31/21 Daily Holdings

Total Holdings: 300

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full data

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	BRAZIL LETRAS DO TESOURO NACIONAL	0.000	01/01/2024	BB-	Brazil	BRL	2.42
	BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01/01/2023	BB-	Brazil	BRL	1.40
	BRAZIL LETRAS DO TESOURO NACIONAL	0.000	07/01/2023	BB-	Brazil	BRL	1.22
	BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01/01/2025	BB-	Brazil	BRL	1.18
	BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01/01/2027	BB-	Brazil	BRL	1.09
	REPUBLIC OF SOUTH AFRICA GOVERNMENT BON	8.000	01/31/2030	BB	South Africa	ZAR	0.99
	REPUBLIC OF SOUTH AFRICA GOVERNMENT BON	8.750	02/28/2048	BB	South Africa	ZAR	0.97
	MEXICAN BONOS	10.000	12/05/2024	BBB+	Mexico	MXN	0.88
	REPUBLIC OF SOUTH AFRICA GOVERNMENT BON	10.500	12/21/2026	BB	South Africa	ZAR	0.87
	CHINA GOVERNMENT BOND	2.850	06/04/2027	NR	China	CNY	0.85
Top 10 Total (%)							11.86

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 01/31/21

Country
% of Net Assets
■
China
10.24
■
Indonesia
9.29
■
Brazil
8.79
■
Mexico
8.61
■
Thailand
7.27
■
South Africa
7.13
■
Malaysia
5.70
■
Poland
5.60
■
Russia
4.75
■
Colombia
4.68
■
Supra-National
4.50
■
Hungary
3.79
■
Czech
3.66
■
Romania
3.22
■
Turkey
3.09
■
Peru
2.99
■
Chile
2.99
■
Dominican Repb.
1.19
■
Uruguay
1.18
■
Philippines
1.17
■
Other/Cash
0.16

Currency Exposure (%)

as of 01/31/21

Chinese Renminbi
10.24
Indonesian Rupiah
10.02
Mexican Peso
9.71
Brazilian Real
8.80
South African Rand
7.66
Thailand Baht
7.27
Polish Zloty
6.60
Russian Ruble
5.88
Malaysian Ringgit
5.70
Colombian Peso
4.68
Hungarian Forint
3.79
Czech Koruna
3.66
Romanian Leu
3.22
Turkish Lira
3.09
Peruvian New Sol
2.99
Chilean Peso
2.99
Dominican Rep. Peso
1.19
Uruguay Peso
1.18
Philippines Peso
1.17
Other/Cash
0.15

Sector Weightings (%) as of 01/31/21

Sector
% of Net Assets
■
Government Activity
94.0
■
Financials
5.4
■
Industrials
0.2
■
Utilities
0.2
■
Energy
0.1
■
Other/Cash
0.1

Credit Quality (%) as of 01/31/21

Composite		% of Net Assets
Investment Grade	AAA	3.46
	AA	0.68
	A	10.08
	BBB	24.45
Non-Investment Grade	BB	16.57
	CCC	0.07
Total Investment Grade	--	38.67
Total Non-Investment Grade	--	16.64
Not Rated	--	44.69

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 01/31/21

Average Portfolio Maturity: 6.72 Years