Emerging Markets Bonds

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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

    BNY Mellon Trust Company (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 21 Oct 2019

  • NAV1

    108.09
  • Shares Outstanding

    76,000
  • Number of Holdings

    110
  • Base Currency

    USD
  • Net Assets

    $8.2M
  • 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 17 Oct 2019

  • Yield to Worst

    7.40%
  • Yield to Maturity

    7.54%
  • Effective Duration (yrs)

    3.41
  • Years to Maturity

    5.00
  • Modified Duration (yrs)

    3.70
  • Coupon

    6.44%
 4 See Important Disclosure for definitions.

Index Top 10 Constituents (%) as of 30 Sep 2019

Total Constituents: 714
Constituent Name
Coupon
Maturity Weighting (%)
Southern Gas Corridor
0.000
24 Mar 2026
0.79
Sberbank (Sb Cap Sa)
0.000
29 Oct 2022
0.73
Teva Pharmaceuticals Ne
2.200
21 Jul 2021
0.64
Eskom Holdings Soc Ltd
0.000
26 Jan 2021
0.61
Teva Pharmaceuticals Ne
3.150
01 Oct 2026
0.57
Teva Pharmaceuticals Ne
2.800
21 Jul 2023
0.57
Vtb Bank (Vtb Capital Sa
6.950
17 Oct 2022
0.53
Kazmunaygas National Co
0.000
19 Apr 2047
0.51
Kazakhstan Temir Zholy
6.950
10 Jul 2042
0.51
Dtek Finance Plc
0.000
31 Dec 2024
0.46
Top 10 Total (%) 5.92
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 30 Sep 2019

  • Country

    Weightings (%)
  • Turkey

    10.0
  • China

    9.8
  • Brazil

    9.1
  • Argentina

    6.5
  • Russia

    6.4
  • India

    6.3
  • Mexico

    4.7
  • South Africa

    4.7
  • Hong Kong

    3.6
  • Uae

    3.0
  • Israel

    3.0
  • Colombia

    2.4
  • Ukraine

    2.3
  • Indonesia

    2.2
  • Kazakhstan

    2.2
  • Oman

    1.7
  • Azerbaijan

    1.4
  • Bahrain

    1.4
  • Peru

    1.4
  • Chile

    1.3
  • Singapore

    1.1
  • Nigeria

    1.0
  • Canada

    1.0
  • Guatemala

    0.9
  • United States

    0.8
  • Macau

    0.8
  • Netherlands

    0.8
  • United Kingdom

    0.8
  • Jamaica

    0.8
  • Spain

    0.6
  • Costa Rica

    0.6
  • Zambia

    0.6
  • Ghana

    0.5
  • Georgia

    0.5
  • Switzerland

    0.4
  • Mongolia

    0.4
  • South Korea

    0.4
  • Saudi Arabia

    0.3
  • Vietnam

    0.3
  • Belarus

    0.3
  • Trinidad And Tobago

    0.3
  • Qatar

    0.3
  • Mauritius

    0.2
  • Malaysia

    0.2
  • El Salvador

    0.2
  • Dominican Repb.

    0.2
  • Dem.Rep. Congo

    0.2
  • Croatia

    0.2
  • Saint Lucia

    0.2
  • Togo

    0.2
  • Thailand

    0.2
  • Panama

    0.1
  • Luxembourg

    0.1
  • Barbados

    0.1
  • Paraguay

    0.1
  • Cambodia

    0.1
  • Kuwait

    0.1
  • Ecuador

    0.1
  • Portugal

    0.1
  • OTHERS

    0.0

Index Sector Weightings (%) as of 30 Sep 2019

  • Sector

    Weightings (%)
  • Financial

    36.5
  • Energy

    14.6
  • Basic Materials

    11.0
  • Consumer, Non-cyclical

    8.7
  • Industrial

    6.8
  • Utilities

    6.6
  • Communications

    6.3
  • Consumer, Cyclical

    4.6
  • Government

    3.7
  • Diversified

    1.0
  • Technology

    0.2
  • OTHERS

    0.0

Index Credit Quality (%) as of 30 Sep 2019

Composite % of Net Assets
Non-Investment Grade BB 48.41
B 34.29
CCC 7.59
CC 0.07
DD+ 0.02
Total Non-Investment Grade -- 90.37
Not Rated -- 9.63

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 Sep 2019

 Average Maturity: 5.04 Years

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