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CBON
VanEck 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 09/23/22

  • 30-Day SEC Yield1

    1.92%
  • Total Net Assets

    $95.1M
  • Number of Holdings

    95
  • Options

    No
  • Gross Expense Ratio2

    0.52%
  • Net Expense Ratio/TER2

    0.51%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    09/30/2022

Morningstar™ Ratings3
as of 08/31/2022

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
5 stars of 75 funds
5 stars of 75 funds
5 stars of 69 funds

Morningstar Ratings: When applicable, ratings shown when the ETF is rated three stars or more for any given period. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics.

© Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Key Points

  • 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
Source: FactSet and ICE Data Indices, LLC.

Yield
as of 09/23/22

  • 30-Day SEC Yield1

    1.92%
  • Distribution Yield1

    2.66%
  • 12-Month Yield1

    3.43%
 1 See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    0.12%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.52%
  • Fee Waivers and
    Expense Reimbursement

    -0.01%
  • Net Expense Ratio/TER2

    0.51%

2Expenses 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

    4,300,000
  • Estimated Cash

    CBONEU
  • Total Cash

    CBONTC
  • CUSIP

    92189F379
  • ISIN

    US92189F3799
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/23/22

  • Yield to Maturity

    2.67%
  • Coupon

    3.45%
  • Modified Duration (yrs)

    4.67
  • Years to Maturity

    5.26
 4See Important Disclosure for definitions.

Investment Professionals

  • 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
  • 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
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • 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

Prices as of 09/23/22

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
CBON $22.12
$22.09
27,370
29,122
$-0.20 / -0.90%
$-0.11 / -0.48%
-8.59%
-8.78%
$-0.04
-0.16%
0.09%

Premium/Discount History as of 09/23/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 124 24 22 45 10
CBON Days closed at NAV 19 4 11 2 2
Days closed at a discount 109 36 31 15 50

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) -1.56 -2.03 -5.42 -3.07 5.04 3.17 -- 2.03
CBON (Share Price) -2.18 -2.31 -6.30 -3.96 4.65 3.15 -- 1.92
CHQU01TR(Index) -1.37 -1.74 -4.87 -2.18 5.63 4.15 -- 2.94
Performance Differential (NAV - Index) -0.19 -0.29 -0.55 -0.89 -0.59 -0.98 -- -0.91
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) -0.38 -4.33 -3.84 -0.04 4.53 4.08 -- 2.30
CBON (Share Price) 0.09 -4.34 -4.00 0.25 4.48 4.28 -- 2.29
CHQU01TR(Index) -0.38 -4.24 -3.56 0.85 5.15 5.00 -- 3.19
Performance Differential (NAV - Index) 0.00 -0.09 -0.28 -0.89 -0.62 -0.92 -- -0.89

Top 10 Holdings (%) as of 08/31/22 Daily Holdings

Total Holdings: 98
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
China Development Bank
4.590
08/01/2038
China
CNY
3.21
China Development Bank
3.390
02/03/2027
China
CNY
2.98
China Cinda Asset Management Co Ltd
4.750
04/14/2027
China
CNY
2.92
Yankuang Energy Group Co Ltd
3.430
03/12/2025
China
CNY
2.78
Guangdong Guangxin Holdings Group Ltd
3.370
03/11/2025
China
CNY
2.78
Chemchina Petrochemical Co Ltd
4.000
11/06/2024
China
CNY
2.71
China Government Bond
3.270
11/19/2030
China
CNY
2.59
China Government Bond
3.270
08/22/2046
China
CNY
2.47
Shandong Hi-Speed Group Co Ltd
4.000
10/21/2024
China
CNY
2.44
Beijing State-Owned Capital Operation M
3.850
01/14/2024
China
CNY
2.11
Top 10 Total (%) 26.98

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

‡See Country of Risk disclosure.

Country Weightings (%) as of 08/31/22

  • Country

    % of Net Assets
  • China

    95.44
  • Other/Cash

    4.56

Currency Exposure (%)
as of 08/31/22

  • Chinese Renminbi

    95.44
  • Other/Cash

    4.56

Sector Weightings (%) as of 08/31/22

  • Sector

    % of Net Assets
  • Financials

    43.7
  • Government Activity

    20.0
  • Industrials

    10.9
  • Basic Materials

    8.3
  • Utilities

    5.2
  • Energy

    3.3
  • Real Estate

    2.1
  • Consumer Cyclicals

    1.5
  • Technology

    0.3
  • Other/Cash

    4.6

Maturity (%) as of 08/31/22

Average Portfolio Maturity: 4.98 Years