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VanEck Vectors Emerging Markets High Yield Bond ETF

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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
Commencement
07/22/2010
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
Bank of New York Mellon
Index Ticker
GBIEMCOR
Index Rebalancing
Monthly
2019 Preliminary NAIC Designation⁷
3

as of 06/26/19

30-Day SEC Yield¹
6.54%
Total Net Assets
$5.3B
Number of Holdings
281
Options
Available
Gross Expense Ratio²
0.46%
Net Expense Ratio/TER²
0.30%
Distribution Frequency
Monthly
Next Distribution Date
06/28/2019

^1,2,7 See Important Disclosure.

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 06/26/19

30-Day SEC Yield¹
6.54%
Distribution Yield¹
6.59%
12-Month Yield¹
6.19%

¹ See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.27%
Other Expenses
0.19%
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
0.46%
Fee Waivers and
Expense Reimbursement
-0.16%
Net Expense Ratio/TER²
0.30%

²Expenses for EMLC are capped contractually at 0.30% until September 1, 2019. 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
152,422,682
Estimated Cash
EMLCEU
Total Cash
EMLCTC
CUSIP
92189H300
ISIN
US92189H3003

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 06/25/19

Yield to Worst
6.76%
Yield to Maturity
6.83%
Effective Duration (yrs)
5.08
Years to Maturity
7.53
Modified Duration (yrs)
5.14
Coupon
6.58%

⁴ See Important Disclosure for definitions.

Prices as of 06/26/19

	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
EMLC	$34.52 $34.48	1,301,632 1,667,703	$0.02 / +0.06% $0.01 / +0.03%	+7.99% +7.75%	$-0.04 -0.11%

Performance History: Average Annual Total Returns* (%)
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Month End as of 05/31/19
Quarter End as of 03/31/19

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/22/10
EMLC (NAV)	-0.36	-2.00	2.77	-1.02	3.01	-2.05	--	0.46
EMLC (Share Price)	-0.36	-1.79	2.68	-0.75	3.04	-2.00	--	0.46
GBIEMCOR (Index)	-0.14	-1.89	2.26	-0.44	3.67	-1.43	--	1.20
Performance Differential (NAV - Index)	-0.22	-0.11	0.51	-0.58	-0.66	-0.62	--	-0.74

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 07/22/10
EMLC (NAV)	-1.62	3.17	3.17	-8.58	2.16	-1.34	--	0.51
EMLC (Share Price)	-1.80	2.67	2.67	-9.41	1.99	-1.32	--	0.47
GBIEMCOR (Index)	-1.48	2.69	2.69	-8.07	2.85	-0.71	--	1.27
Performance Differential (NAV - Index)	-0.14	0.48	0.48	-0.51	-0.69	-0.63	--	-0.76

*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 "Net Asset Value" (NAV) of a VanEck Vectors Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. VanEck Vectors ETF investors should not expect to buy or sell shares 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 05/31/19 Daily Holdings

Total Holdings: 286

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full data

	Holding Name	Coupon	Maturity	Composite Rating	Country^†	Currency	% of Net Assets
	Dominican Republic International Bond	8.900	02/15/2023	BB-	Dominican Republic	DOP	2.87
	Brazil Letras Do Tesouro Nacional	0.000	07/01/2020	BB-	Brazil	BRL	2.07
	Brazil Notas Do Tesouro Nacional Serie	10.000	01/01/2023	BB-	Brazil	BRL	1.70
	Uruguay Government International Bond	9.875	06/20/2022	BBB-	Uruguay	UYU	1.51
	Philippine Government International Bon	6.250	01/14/2036	BBB	Philippines	PHP	1.38
	Brazil Notas Do Tesouro Nacional Serie	10.000	01/01/2021	BB-	Brazil	BRL	1.34
	Brazil Notas Do Tesouro Nacional Serie	10.000	01/01/2025	BB-	Brazil	BRL	1.21
	Republic Of South Africa Government Bon	8.750	02/28/2048	BB+	South Africa	ZAR	1.14
	Argentine Bonos Del Tesoro	15.500	10/17/2026	NR	Argentina	ARS	1.12
	Republic Of South Africa Government Bon	10.500	12/21/2026	BB+	South Africa	ZAR	1.03
Top 10 Total (%)							15.37

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 05/31/19

Country
% of Net Assets
■
BRAZIL
10.31
■
INDONESIA
8.97
■
MEXICO
8.87
■
SOUTH AFRICA
7.86
■
POLAND
7.75
■
THAILAND
7.43
■
RUSSIA
6.03
■
COLOMBIA
5.05
■
MALAYSIA
4.20
■
SUPRA-NATIONAL
3.67
■
HUNGARY
3.14
■
CZECH
3.03
■
DOMINICAN REPB.
3.03
■
PHILIPPINES
3.03
■
ROMANIA
3.01
■
TURKEY
3.01
■
PERU
2.99
■
CHILE
2.96
■
URUGUAY
2.94
■
ARGENTINA
2.60
■
Other/Cash
0.11

Currency Exposure (%)

as of 05/31/19

Brazilian Real
10.32
Indonesian Rupiah
9.99
Mexican Peso
9.83
South African Rand
8.49
Polish Zloty
8.47
Thai Baht
7.43
Russian Ruble
6.25
Colombian Peso
5.07
Malaysian Ringgit
4.20
Hungarian Forint
3.14
Turkish Lira
3.14
Czech Koruna
3.03
Dominican Repb.
3.03
Philippines Peso
3.03
New Romanian Leu
3.01
Peruvian New Sol
2.99
Chilean Peso
2.96
Uruguay Peso
2.94
Argentinian Peso
2.60
Other/Cash
0.07

Sector Weightings (%) as of 05/31/19

Sector
% of Net Assets
■
Government
99.3
■
Utilities
0.2
■
Financial
0.2
■
Industrial
0.2
■
Energy
0.1
■
Other/Cash
0.1

Credit Quality (%) as of 05/31/19

Composite		% of Net Assets
Investment Grade	AAA	2.65
	A	12.19
	BBB	34.59
Non-Investment Grade	BB	20.86
	B	0.03
Total Investment Grade	--	49.44
Total Non-Investment Grade	--	20.90
Not Rated	--	29.67

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 05/31/19

Average Portfolio Maturity: 7.43 Years

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