Emerging Markets Bonds

Emerging Markets Bonds

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

Fund Description: VanEck Vectors J.P. Morgan EM Local Currency Bond UCITS ETF (EMLC) is a UCITS-compliant exchange-traded fund that invests in a portfolio of bond securities with the aim of providing investment returns that closely track the performance of the J.P. Morgan Government Bond Index-Emerging Markets Global Core Index (GBIEMCOR).

Index Description: The J.P. Morgan Government Bond Index-Emerging Markets Global Core Index (GBIEMCOR) is a comprehensive Emerging Markets debt benchmark that tracks local currency bonds issued by Emerging Market governments. 

Management Style: Optimized

 
 

  • Fund Ticker

    EMLC
  • Management Company

    VanEck Investments Ltd.
  • Custodian

    BNY Mellon Trust Company (Ireland) Limited
  • Domicile

    Ireland
  • UCITS Compliant

    YES
  • Index Ticker

    GBIEMCOR
  • Index Provider

    J.P. Morgan
  • Rebalance Frequency

    Monthly
  • Inception Date2

    07 Apr 2017
1The "Net Asset Value" (NAV) of all ETFs is determined at the close of each business day, and represents the 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. Investors should not expect to buy or sell ETF shares at NAV.

2The date the fund was launched prior to quotation on the stock exchange.

 
as of 19 Aug 2019

  • NAV1

    62.38
  • Shares Outstanding

    1,296,750
  • Number of Holdings

    220
  • Base Currency

    USD
  • Net Assets

    $80.9M
  • Product Structure

    Physical (Optimized)
  • Distribution Frequency

    None
  • Income Treatment

    Reinvestment
  • Total Expense Ratio

    0.30%
  • Fact Sheet
  • ETF Product List

Key Points

  • Seeks to replicate the J.P. Morgan Government Bond Index – Emerging Markets Global Core (GBI-EM Global Core)

  • Provides exposure to local bond markets in emerging economies

  • Emerging markets currently have higher yields than developed markets and potential for currency appreciation

Fundamentals3
as of 19 Aug 2019

  • Yield to Worst

    6.32%
  • Yield to Maturity

    6.38%
  • Effective Duration (yrs)

    5.27
  • Years to Maturity

    7.70
  • Modified Duration (yrs)

    5.34
  • Coupon

    6.47%
3These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Duration to Worst measures the duration of a bond computed using the bond's nearest call date or maturity, whichever comes first. This measure ignores future cash flow fluctuations due to embedded optionality. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

Trading Information as of 19 Aug 2019

Exchange TickerEMLC
ISINIE00BDS67326
SEDOLBDRXS19
BloombergEMLC LN
Reuters (RIC)--
Telekurs36453832
Bloomberg iNAVEMLCUIV
Reuters iNAVEMLCINAV=SOLA
WKNA2DQKN
Trading CurrencyUSD
Last Traded Price62.30
Day's Move-0.74
Volume105
30 Day Volume3,690
VWAP Volume105
Exchange TickerEMGB
ISINIE00BDS67326
SEDOLBYTPF19
BloombergEMGB LN
Reuters (RIC)--
Telekurs36453832
Bloomberg iNAVEMLCUIV
Reuters iNAVEMLCINAV=SOLA
WKNA2DQKN
Trading CurrencyGBP
Last Traded Price51.16
Day's Move-0.16
Volume0
30 Day Volume39
VWAP Volume0
Exchange TickerEM1C
ISINIE00BDS67326
SEDOLBYPCZ25
BloombergEM1C GY
Reuters (RIC)--
Telekurs36453832
Bloomberg iNAVEMLCUEIV
Reuters iNAVEMLCEURINAV=SOLA
WKNA2DQKN
Trading CurrencyEUR
Last Traded Price55.91
Day's Move-0.26
Volume0
30 Day Volume406
VWAP Volume0
Exchange TickerEMLC
ISINIE00BDS67326
SEDOL--
BloombergEMLC SE
Reuters (RIC)--
Telekurs36453832
Bloomberg iNAVEMLCUIV
Reuters iNAVEMLCINAV=SOLA
WKNA2DQKN
Trading CurrencyCHF
Last Traded Price60.86
Day's Move0.00
Volume0
30 Day Volume87
VWAP Volume0
Exchange TickerEMLC
ISINIE00BDS67326
SEDOL--
BloombergEMLC IM
Reuters (RIC)--
Telekurs36453832
Bloomberg iNAVEMLCUEIV
Reuters iNAVEMLCEURINAV=SOLA
WKNA2DQKN
Trading CurrencyEUR
Last Traded Price56.09
Day's Move-0.09
Volume0
30 Day Volume80
VWAP Volume0

NAVs as of 19 Aug 2019

Base
Currency
NAV Daily
Change
NAV
YTD
Change
NAV
NAV Price
History
Total
Expense
Ratio
EMLC USD $62.38 $-0.29 / -0.46% +5.22%
0.30

Performance History: Average Annual Total Returns* (%)

1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) 0.92 6.29 8.91 6.40 -- -- -- 3.22
GBIEMCOR (Index) 1.03 6.67 9.23 7.34 3.77 -0.14 3.12 4.10
Performance Differential (NAV - Index) -0.11 -0.38 -0.32 -0.94 -- -- -- -0.88
1 MO* 3 MO* YTD* 1 YR 3 YR 5 YR 10 YR ETF INCEPTION
ETF (NAV) 5.72 5.39 7.91 7.62 -- -- -- 2.91
GBIEMCOR (Index) 5.73 5.29 8.12 8.61 3.67 -0.53 3.43 3.78
Performance Differential (NAV - Index) -0.01 0.10 -0.21 -0.99 -- -- -- -0.87

Top 10 Holdings (%) View All Holdings » as of 31 Jul 2019

Total Holdings: 219
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
Brazil Notas Do Tesouro Nacional Serie
10.000
01 Jan 2023
BB-
Brazil
BRL
1.92
Dominican Republic International Bond
8.900
15 Feb 2023
BB-
Dominican Republic
DOP
1.70
Uruguay Government International Bond
9.875
20 Jun 2022
BBB-
Uruguay
UYU
1.69
Philippine Government International Bon
6.250
14 Jan 2036
BBB
Philippines
PHP
1.46
Brazil Notas Do Tesouro Nacional Serie
10.000
01 Jan 2021
BB-
Brazil
BRL
1.46
Republic Of South Africa Government Bon
10.500
21 Dec 2026
BB+
South Africa
ZAR
1.45
Brazil Notas Do Tesouro Nacional Serie
10.000
01 Jan 2025
BB-
Brazil
BRL
1.40
Dominican Republic International Bond
9.750
05 Jun 2026
BB-
Dominican Republic
DOP
1.28
Argentine Bonos Del Tesoro
15.500
17 Oct 2026
NR
Argentina
ARS
1.20
Brazil Notas Do Tesouro Nacional Serie
10.000
01 Jan 2027
BB-
Brazil
BRL
1.17
Top 10 Total (%) 14.73
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 31 Jul 2019

  • Country

    % of Net Assets
  • Brazil

    10.24
  • Indonesia

    10.12
  • Mexico

    10.08
  • South Africa

    8.28
  • Poland

    7.91
  • Thailand

    7.60
  • Russia

    6.78
  • Colombia

    4.72
  • Malaysia

    4.08
  • Other/Cash

    30.18

Currency Exposure (%)
as of 31 Jul 2019

  • Brazilian Real

    10.24
  • Indonesian Rupiah

    10.12
  • Mexican Peso

    10.08
  • South African Rand

    8.28
  • Polish Zloty

    7.91
  • Thai Baht

    7.60
  • Russian Ruble

    6.78
  • Colombian Peso

    4.72
  • Malaysian Ringgit

    4.08
  • Turkish Lira

    3.30
  • Uruguay Peso

    3.16
  • Peruvian New Sol

    3.05
  • Philippines Peso

    3.03
  • Dominican Repb.

    2.98
  • Chilean Peso

    2.96
  • New Romanian Leu

    2.94
  • Czech Koruna

    2.92
  • Hungarian Forint

    2.92
  • Argentinian Peso

    2.82
  • Other/Cash

    0.10

Sector Weightings (%) as of 31 Jul 2019

  • Sector

    % of Net Assets
  • Government

    99.9
  • Other/Cash

    0.1

Credit Quality (%) as of 31 Jul 2019

Composite % of Net Assets
Investment Grade A 11.66
BBB 36.58
Non-Investment Grade BB 21.50
Total Investment Grade -- 48.24
Total Non-Investment Grade -- 21.50
Not Rated -- 30.15
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 31 Jul 2019

 Average Maturity: 7.65 Years

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Performance quoted represents past performance. Current performance may be lower or higher than average annual returns shown. Discrete performance shows 12 month performance to the most recent Quarter end for each of the last 5yrs where available. E.g. '1st year' shows the most recent of these 12-month periods and '2nd year' shows the previous 12 month period and so on. Performance data is displayed on a Net Asset Value basis, in Base Currency terms, with net income reinvested, net of fees. Brokerage or transaction fees will apply. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than their original cost when redeemed.

The sales prospectus and KIID contain this and other information. Please read the sales prospectus and KIID carefully before investing.

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