CBONVanEck China Bond ETF
Fund Description
The VanEck China Bond ETF (CBON®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index (CHQU01TR), which is comprised of fixed-rate, Renminbi ("RMB")-denominated bonds issued in the People's Republic of China by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers.
-
Fund Ticker
CBON -
Exchange
NYSE Arca -
Inception Date
11/10/2014 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
CHQU01TR -
Index Rebalancing
Monthly
as of 02/03/23
-
30-Day SEC Yield1
2.10% -
Total Net Assets
$53.1M -
Number of Holdings
77 -
Options
No -
Gross Expense Ratio2
0.52% -
Net Expense Ratio/TER2
0.51% -
Distribution Frequency
Monthly -
Next Distribution Date
02/28/2023
Key Documents and Links
Fund Highlights
- Yield Premium
Historical yield pickup over developed markets bonds
- Portfolio Diversifier
RMB denominated bonds have historically exhibited low correlation to other asset classes*
- Access to the world’s second largest bond market
Broad exposure to bonds issued by the central government, policy banks and corporations
Yield as of 02/03/23
-
30-Day SEC Yield1
2.10% -
Distribution Yield1
1.88% -
12-Month Yield1
2.51%
Fees and Expenses2
-
Management Fee
0.40% -
Other Expenses
0.12% -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.52% -
Fee Waivers and
-0.01%
Expense Reimbursement -
Net Expense Ratio/TER2
0.51%
2 Expenses for CBON are capped contractually at 0.50% until September 1, 2023. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
Trading Information
-
Fund Ticker
CBON -
Index Total Return Ticker
CHQU01TR -
NAV
CBONNV -
Intraday NAV (IIV)5
CBONIV -
Shares Outstanding
2,300,000 -
Estimated Cash
CBONEU -
Total Cash
CBONTC -
CUSIP
92189F379 -
ISIN
US92189F3799
Fundamentals4 as of 02/03/23
-
Yield to Maturity
3.11% -
Coupon
3.59% -
Modified Duration (yrs)
3.93 -
Years to Maturity
4.57
Investment Professionals
Fran Rodilosso
- Head of Fixed Income ETF Portfolio Management
- Responsible for portfolio strategies as well as credit and market analysis; specializes in international bond markets
- Joined VanEck in 2012
- Prior to VanEck, Managing Director of Global Emerging Markets with The Seaport Group; launched the firm’s emerging markets fixed income sales and trading business
- Previously, held portfolio management positions at Greylock Capital and Soundbrook Capital; focused on corporate high-yield and distressed bonds with an emphasis on emerging markets
- CFA charterholder; member of CFA Society New York
- MBA (with distinction), Finance, University of Pennsylvania
- AB, History, Princeton University
Daniel Cho
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2013
- Prior to his current role, held a portfolio administration position for the firm’s alternative investment funds
- MS, Finance, University of Rochester
- BS, Information Sciences and Technology, Pennsylvania State University
Stephanie Wang
- Deputy Portfolio Manager for non-taxable Fixed Income ETFs
- Oversees quantitative analysis and optimization processes for the fixed income ETFs
- Joined VanEck in 2016
- Prior to her current positions, served as quantitative analyst
- CFA charter holder; member of CFA Society New York
- MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst for Fixed Income ETFs
- Joined VanEck in 2017
- Previously, Trader at Beck, Mack & Oliver LLC and monitored markets and executed equity and fixed income trades and Fixed Income Operations at Gleacher & Company Securities, Inc.
- MBA, Finance, Montclair State University
- BS, concentration in Accounting and Finance, minor in Computer Science, University of Vermont
Performance History: Average Annual Total Returns* (%)
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 11/10/14 |
|
---|---|---|---|---|---|---|---|---|
CBON (NAV) | 2.63 | 8.19 | 2.63 | -3.82 | 4.38 | 2.64 | -- | 2.17 |
CBON (Share Price) | 3.41 | 7.58 | 3.41 | -5.38 | 4.05 | 2.55 | -- | 2.02 |
CHQU01TR(Index) | 2.61 | 7.73 | 2.61 | -3.72 | 4.47 | 3.53 | -- | 3.02 |
Performance Differential (NAV - Index) | 0.02 | 0.46 | 0.02 | -0.10 | -0.09 | -0.89 | -- | -0.85 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 11/10/14 |
|
---|---|---|---|---|---|---|---|---|
CBON (NAV) | 2.40 | 2.86 | -6.01 | -6.01 | 3.56 | 2.92 | -- | 1.87 |
CBON (Share Price) | 2.09 | 1.56 | -7.99 | -7.99 | 3.07 | 2.74 | -- | 1.62 |
CHQU01TR(Index) | 2.47 | 2.73 | -5.52 | -5.52 | 4.05 | 3.78 | -- | 2.73 |
Performance Differential (NAV - Index) | -0.07 | 0.13 | -0.49 | -0.49 | -0.49 | -0.86 | -- | -0.86 |
Top 10 Holdings (%) as of 01/31/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
China Cinda Asset Management Co Ltd |
4.750
|
04/14/2027 |
China
|
CNY
|
6.00 |
Guangdong Guangxin Holdings Group Ltd |
3.370
|
03/11/2025 |
China
|
CNY
|
5.72 |
China Development Bank |
4.590
|
08/01/2038 |
China
|
CNY
|
4.84 |
China State Railway Group Co Ltd |
3.450
|
07/25/2024 |
China
|
CNY
|
4.28 |
Zijin Mining Group Co Ltd |
3.510
|
02/21/2025 |
China
|
CNY
|
2.88 |
Yankuang Energy Group Co Ltd |
3.430
|
03/12/2025 |
China
|
CNY
|
2.86 |
Beijing Public Housing Center Co Ltd |
3.190
|
04/16/2040 |
China
|
CNY
|
2.85 |
Shanghai Pudong Development Group Co Lt |
3.520
|
04/21/2026 |
China
|
CNY
|
2.82 |
Shandong Lucion Investment Holdings Gro |
3.850
|
01/07/2026 |
China
|
CNY
|
2.80 |
Beijing Haidian State-Owned Assets Oper |
3.700
|
10/24/2024 |
China
|
CNY
|
2.77 |
Top 10 Total (%) | 37.82 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%)
as of 01/31/23
Country | % of Net Assets |
---|---|
● China | 99.20 |
● Other/Cash | 0.80 |
Currency Exposure (%) as of 01/31/23
Chinese Renminbi | 99.20 |
Other/Cash | 0.80 |
Sector Weightings (%)
as of 01/31/23
Sector | % of Net Assets |
---|---|
● Financials | 46.47 |
● Government Activity | 16.99 |
● Industrials | 12.27 |
● Basic Materials | 10.59 |
● Utilities | 4.66 |
● Energy | 3.84 |
● Real Estate | 2.99 |
● Consumer Cyclicals | 1.38 |
● Other/Cash | 0.80 |
Maturity (%)
as of 01/31/23
Average Portfolio Maturity: 4.65 Years