Emerging Markets Bonds

Emerging Markets Bonds

Sign-up to Receive
Our Latest Insights

HYEM
VanEck Vectors Emerging Markets High Yield Bond UCITS ETF

Fund Description: The VanEck Vectors Emerging Markets High Yield Bond UCITS ETF (HYEM) 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 ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index (EMLH). 

Index Description: The ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index is comprised of U.S. dollar-denominated bonds issued by non-sovereign emerging markets issuers that are rated below investment grade and that are issued in the major domestic and Eurobond markets. 

Management Style: Optimized

 
 

  • Fund Ticker

    HYEM
  • Management Company

    VanEck Investments Ltd
  • Custodian

    State Street Custodial Services (Ireland) Limited
  • Domicile

     Ireland
  • UCITS Compliant

    YES
  • Index Ticker

    EMLH
  • Index Provider

    ICE Data Indices, LLC
  • Rebalance Frequency

    Monthly
  • Inception Date2

    20 Mar 2018
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 13 Jul 2020

  • NAV1

    109.88
  • Shares Outstanding

    202,000
  • Number of Holdings

    241
  • Base Currency

    USD
  • Net Assets

    $22.2M
  • Product Structure

    Physical (Optimized)
  • Distribution Frequency

    None
  • Income Treatment

    Reinvestment
  • Total Expense Ratio

    0.40%
  • Fact Sheet
  • ETF Product List

Index Key Points

Underlying Index
ICE BofAML Diversified High Yield US Emerging Markets Corporate Plus Index


Index Characteristics
In order to qualify for inclusion an issuer must have risk exposure to countries other than members of the FX G10, all Western European countries, and territories of the US and Western European countries. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden.

 

Individual securities of qualifying issuers must be denominated in US dollars, must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), must have at least one year remaining term to final maturity, at least 18 months to final maturity at point of issuance.

 

Liquidity

Bonds must have at least USD 300 million in outstanding face value and a fixed coupon.

 

Weighting Methodology

The Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest, subject to a 10% country of risk cap and a 3% issuer cap. Countries and issuers that exceed the caps are reduced to 10% and 3%, respectively, and the face value of each of their bonds is adjusted on a pro-rata basis.

 

Monthly Rebalance
Rebalance day occurs on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. Issues that no longer meet the criteria during the course of the month remain in the Index until the next month-end rebalancing at which point they are removed from the Index.

Index Provider
ICE Data Indices, LLC
For more information about the index please click here

 

Index Information

  • Index Provider

    ICE Data Indices, LLC
  • Index Type

    Total Return
  • Currency

    USD
  • Inception Date

    31 Dec 2004
  • Rebalance Frequency

    Monthly
  • Bloomberg Ticker

    EMLH

Index Fundamentals4
as of 13 Jul 2020

  • Yield to Worst

    7.95%
  • Yield to Maturity

    7.98%
  • Effective Duration (yrs)

    3.58
  • Years to Maturity

    5.27
  • Modified Duration (yrs)

    3.64
  • Coupon

    6.34%
 4See Important Disclosure for definitions.

Index Top 10 Constituents (%) as of 30 Jun 2020

Total Constituents: 791
Constituent Name
Coupon
Maturity Weighting (%)
Southern Gas Corridor
0.000
24 Mar 2026
0.73
Sberbank (Sb Cap Sa)
0.000
29 Oct 2022
0.66
Teva Pharmaceuticals Ne
3.150
01 Oct 2026
0.62
Teva Pharmaceuticals Ne
2.800
21 Jul 2023
0.57
First Quantum Minerals L
0.000
01 Apr 2023
0.49
Vtb Bank (Vtb Capital Sa
6.950
17 Oct 2022
0.47
Kazmunaygas National Co
0.000
19 Apr 2047
0.46
Office Cherifien Des Pho
0.000
25 Apr 2024
0.42
Sasol Financing Usa Llc
0.000
27 Mar 2024
0.42
Petroleos Mexicanos
0.000
23 Jan 2050
0.42
Top 10 Total (%) 5.26
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 30 Jun 2020

  • Country

    Weightings (%)
  • China

    10.2
  • Turkey

    9.8
  • Brazil

    9.1
  • Mexico

    7.8
  • India

    6.8
  • Russia

    5.8
  • Argentina

    4.7
  • South Africa

    4.5
  • Hong Kong

    3.0
  • Israel

    3.0
  • Colombia

    2.5
  • Indonesia

    2.4
  • Ukraine

    2.1
  • Peru

    1.8
  • Kazakhstan

    1.7
  • Uae

    1.7
  • Bahrain

    1.4
  • Oman

    1.4
  • Azerbaijan

    1.3
  • Macau

    1.3
  • Canada

    1.2
  • Morocco

    1.0
  • Chile

    0.9
  • Nigeria

    0.9
  • Singapore

    0.8
  • Netherlands

    0.8
  • Trinidad And Tobago

    0.8
  • United States

    0.8
  • Saudi Arabia

    0.7
  • United Kingdom

    0.7
  • Guatemala

    0.7
  • Thailand

    0.6
  • South Korea

    0.6
  • Panama

    0.6
  • Zambia

    0.6
  • Kuwait

    0.6
  • Spain

    0.5
  • Georgia

    0.5
  • Costa Rica

    0.4
  • Switzerland

    0.4
  • Saint Lucia

    0.4
  • Ghana

    0.3
  • Mongolia

    0.3
  • Vietnam

    0.3
  • Belarus

    0.3
  • Mauritius

    0.2
  • El Salvador

    0.2
  • Malaysia

    0.2
  • Dominican Repb.

    0.2
  • Croatia

    0.2
  • Paraguay

    0.2
  • Cayman Islands

    0.2
  • Togo

    0.2
  • Jamaica

    0.2
  • Qatar

    0.1
  • Luxembourg

    0.1
  • Barbados

    0.1
  • Uzbekistan

    0.1
  • Armenia

    0.1
  • Portugal

    0.0
  • OTHERS

    0.0

Index Sector Weightings (%) as of 30 Jun 2020

  • Sector

    Weightings (%)
  • Financial

    36.7
  • Energy

    17.2
  • Basic Materials

    11.3
  • Consumer, Non-cyclical

    8.4
  • Industrial

    6.4
  • Communications

    6.1
  • Utilities

    5.6
  • Consumer, Cyclical

    4.3
  • Government

    2.7
  • Diversified

    1.1
  • Technology

    0.2
  • OTHERS

    0.0

Index Credit Quality (%) as of 30 Jun 2020

Composite % of Net Assets
Investment Grade BBB 0.12
Non-Investment Grade BB 58.03
B 30.44
CCC 9.99
CC 0.50
C 0.10
DDD 0.30
Total Investment Grade -- 0.12
Total Non-Investment Grade -- 99.35
Not Rated -- 0.53

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 30 Jun 2020

 Average Maturity: 5.30 Years

Important Disclosure           

This website is for informational/advertisement purposes only.

Information contained in this website does not constitute any legal or investment advice. This website does not constitute an offer to sell or solicitation to buy any security, including shares of any investment fund promoted on this website and other financial instrument, products or services sponsored by any VanEck affiliates ("VanEck").

VanEck constructs and issues the investment funds but does not give any financial advice to private investors or accept client funds. VanEck provides financial services (e.g. financial advice) only to professional clients according to the detailed definition in the Terms and Conditions of this website. For questions regarding investing or trading please contact your advisor, brokerage or bank. If you have technical questions regarding our investment funds, please contact us.

An investment in the promoted investment funds may only be made based on the investment fund’s official sales prospectus, the relevant supplement and KIID and will be subject to the terms and conditions contained therein.

You can lose money by investing in the Funds. The value of the investments may go up or down and the investor may not get back the amount invested. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Any investment in a fund should be part of an overall investment program, not a complete program. An investor should consider investment objectives, risks, charges, and expenses of the investment carefully before investing.

Investment fund investing involves risk, including possible loss of principal. Investors should consult the prospectus and key investor information document ("KIID") before subscribing to any fund. The prospectus, the key investor information documents and the financial reports can be obtained free of charge from this website and upon request from the funds’ registered office and the offices of all local information agents. The documents, except for KIIDs, are only available in English and certain other languages as applicable.

Performance data for the Irish domiciled funds 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. Performance data for the Dutch domiciled ETFs include income distributions gross of Dutch withholding tax, net of fees and assume that the Dutch dividend withholding tax levied from the dividend payment of the ETF will be deducted or reclaimed with the Dutch tax authority and is reinvested. Different investor types and investors from other jurisdictions may not be able to achieve the same level of performance due to their tax status and local tax rules. Brokerage or transaction fees will apply. The Dutch domiciled ETFs use a gross reinvestment index. Please note that the performance includes income distributions gross of Dutch withholding tax because Dutch investors deduct or reclaim the 15% Dutch withholding tax levied. Different investor types and investors from other jurisdictions may not be able to achieve the same level of performance due to their tax status and local tax rules. For more information please be referred to the respective fund’s performance section on this website.

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

Not Insured — No Bank Guarantee — May Lose Value