Emerging Markets

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HYEM
VanEck Emerging Markets High Yield Bond UCITS ETF

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. 

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 Fundamentals
as of 26 May 2022

  • Yield to Worst

    9.87%
  • Yield to Maturity

    9.95%
  • Effective Duration (yrs)

    3.85
  • Years to Maturity

    5.65
  • Modified Duration (yrs)

    3.93
  • Coupon

    5.93%

Index Top 10 Constituents (%) as of 30 Apr 2022

Total Constituents: 674
Constituent Name
Coupon
Maturity Weighting (%)
Ind & Comm Bk Of China
0.000
01 Jan 1900
1.52
Teva Pharmaceuticals Ne
3.150
01 Oct 2026
0.75
Bank Of Communications
3.800
01 Jan 1900
0.73
Southern Gas Corridor
0.000
24 Mar 2026
0.68
Tullow Oil Plc
10.250
15 May 2026
0.60
Ecopetrol Sa
6.875
29 Apr 2030
0.56
Ecopetrol Sa
5.875
18 Sep 2023
0.52
Dp World Salaam
0.000
01 Jan 1900
0.49
First Quantum Minerals L
0.000
15 Oct 2027
0.48
Sasol Financing Usa Llc
0.000
27 Mar 2024
0.48
Top 10 Total (%) 6.81
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 30 Apr 2022

  • Country

    Weightings (%)
  • China

    12.6
  • Brazil

    8.9
  • Mexico

    6.9
  • Turkey

    6.2
  • India

    5.8
  • Colombia

    5.8
  • Argentina

    4.2
  • Israel

    3.3
  • South Africa

    2.8
  • Indonesia

    2.4
  • Peru

    2.4
  • Singapore

    2.3
  • Luxembourg

    2.2
  • Uae

    2.2
  • United Kingdom

    2.1
  • United States

    2.1
  • Oman

    1.7
  • Mauritius

    1.7
  • Macau

    1.6
  • Cayman Islands

    1.6
  • Zambia

    1.5
  • Bahrain

    1.5
  • Chile

    1.1
  • Nigeria

    1.1
  • Morocco

    1.0
  • Azerbaijan

    0.9
  • Spain

    0.9
  • Netherlands

    0.9
  • Bermuda

    0.9
  • Ukraine

    0.8
  • Trinidad And Tobago

    0.6
  • Thailand

    0.6
  • Ghana

    0.6
  • Uzbekistan

    0.5
  • Saudi Arabia

    0.5
  • Hong Kong

    0.4
  • Guatemala

    0.4
  • Panama

    0.4
  • Georgia

    0.3
  • Poland

    0.3
  • Isle Of Man

    0.3
  • Costa Rica

    0.3
  • South Korea

    0.3
  • Kazakhstan

    0.3
  • Virgin Islands

    0.3
  • Kuwait

    0.3
  • Kuwait

    0.3
  • Malta

    0.3
  • Mongolia

    0.3
  • Canada

    0.2
  • Qatar

    0.2
  • Vietnam

    0.2
  • Barbados

    0.2
  • Paraguay

    0.2
  • Uruguay

    0.2
  • Togo

    0.2
  • Cambodia

    0.2
  • Czech Republic

    0.1
  • Switzerland

    0.1
  • El Salvador

    0.1
  • Pakistan

    0.1
  • France

    0.1
  • Honduras

    0.1
  • Philippines

    0.1
  • Armenia

    0.1
  • Cyprus

    0.1
  • Dominican Repb.

    0.1
  • Austria

    0.1

Index Sector Weightings (%) as of 30 Apr 2022

  • Sector

    Weightings (%)
  • Financials

    33.8
  • Energy

    17.9
  • Basic Materials

    10.1
  • Industrials

    8.7
  • Utilities

    7.9
  • Real Estate

    4.8
  • Consumer Cyclicals

    4.2
  • Consumer Non-Cyclicals

    3.8
  • Healthcare

    3.3
  • Technology

    3.2
  • Government Activity

    1.0
  • --

    0.1

Credit Quality (%) as of 30 Apr 2022

Composite % of Net Assets
Investment Grade BBB 2.52
Non-Investment Grade BB 55.06
B 28.68
CCC 6.87
CC 0.84
D 0.23
Total Investment Grade -- 2.52
Total Non-Investment Grade -- 91.68
Not Rated -- 5.79

Maturity (%) as of 30 Apr 2022

 Average Maturity: 5.59 Years