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CBON
VanEck Vectors ChinaAMC China Bond ETF

Market Updates*

  • Chinese bonds currently offer attractive yields, with the 10-year China government bond yielding nearly 154 basis points above the 10-year U.S. Treasury yield.1
  • CNY has appreciated against the U.S. dollar since last summer, supported by relatively constrained monetary policy, growing FX reserves and a strong economic recovery compared to most other countries worldwide.
  • Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

Learn More | What Sets Chinese Bonds Apart?

1Source: Bloomberg as of 04/09/2021.

Fund Description

The VanEck Vectors® ChinaAMC 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

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    CHQU01TR

  • Index Rebalancing

    Monthly

 
as of 05/05/21

  • 30-Day SEC Yield1

    2.71%

  • Total Net Assets

    $103.3M

  • Number of Holdings

    87

  • Options

    Expected

  • Gross Expense Ratio2

    3.53%

  • Net Expense Ratio/TER2

    0.50%

  • Distribution Frequency

    Monthly
Schedule a Call
How to Buy

Morningstar™ Ratings3
as of 03/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
4 stars of 68 funds
5 stars of 68 funds
4 stars of 66 funds

Key Points

  • Yield Premium
    Attractive 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.

Yields
as of 05/05/21

  • 30-Day SEC Yield1

    2.71%

  • Distribution Yield1

    2.66%

  • 12-Month Yield1

    2.71%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%

  • Other Expenses

    3.13%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    3.53%

  • Fee Waivers and
    Expense Reimbursement

    -3.03%

  • Net Expense Ratio/TER2

    0.50%
2Expenses for CBON are capped contractually at 0.50% until September 1, 2021. 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 05/04/21

  • Yield to Maturity

    3.57%

  • Coupon

    3.51%

  • Modified Duration (yrs)

    3.25

  • Years to Maturity

    4.66
 4 See Important Disclosure for definitions.

Investment Professionals

  • Portfolio Manager and Head of Fixed Income ETFs
  • 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 05/05/21

NAV/
Market Price 		Volume
30-Day Avg./
Last Trading Day 		Daily Change
NAV/
Last Price 		YTD Change
NAV/
Last Price 		Premium/
Discount 		Prem/Discount
Distribution Charts 		NAV &
Prem/Discount
History 		30-Day
Median
Bid Ask
Spread 		NAV
Chart
CBON $24.03
$24.03		 38,470
18,360		 $0.01 / +0.05%
$-0.01 / -0.04%		 +1.39%
+1.19%
 $0.00
0.01%		 0.13%

Premium/Discount History as of 05/05/21

Calendar Year 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 186 48 64 62 45
CBON Days closed at NAV 1 0 0 1 1
Days closed at a discount 66 15 0 1 15


Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) -0.32 -0.31 -0.31 10.24 2.91 2.57 -- 2.34
CBON (Share Price) -0.35 -0.47 -0.47 11.18 3.09 2.78 -- 2.36
CHQU01TR (Index) -0.61 -0.11 -0.11 9.34 3.70 3.27 -- 3.22
Performance Differential (NAV - Index) 0.29 -0.20 -0.20 0.90 -0.79 -0.70 -- -0.88
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) -0.32 -0.31 -0.31 10.24 2.91 2.57 -- 2.34
CBON (Share Price) -0.35 -0.47 -0.47 11.18 3.09 2.78 -- 2.36
CHQU01TR (Index) -0.61 -0.11 -0.11 9.34 3.70 3.27 -- 3.22
Performance Differential (NAV - Index) 0.29 -0.20 -0.20 0.90 -0.79 -0.70 -- -0.88

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

Top 10 Holdings (%) as of 03/31/21 Daily Holdings

Total Holdings: 86
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country†
Currency
% of Net
Assets
CHINA GOVERNMENT BOND
3.400
04/17/2023
China
CNY
9.96
CHINA DEVELOPMENT BANK
3.910
04/06/2022
China
CNY
4.82
CHINA GOVERNMENT BOND
3.270
08/22/2046
China
CNY
4.82
CHINA DEVELOPMENT BANK
3.870
08/01/2023
China
CNY
3.32
SHANDONG HI-SPEED GROUP CO LTD
4.000
10/21/2024
China
CNY
2.74
CHINA DEVELOPMENT BANK
4.590
08/01/2038
China
CNY
2.70
SHENWAN HONGYUAN GROUP CO LTD
4.800
07/17/2023
China
CNY
2.50
ANSHAN IRON AND STEEL GROUP CO LTD
4.280
07/30/2169
China
CNY
2.38
BEIJING PUBLIC HOUSING CENTER
3.190
04/16/2040
China
CNY
2.37
GUANGZHOU ASSET MANAGEMENT CO LTD
3.790
01/22/2024
China
CNY
2.36
Top 10 Total (%) 37.97

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

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 03/31/21

  • Country

    % of Net Assets
  • ■

    China

    91.94
  • ■

    Other/Cash

    8.06

Currency Exposure (%)
as of 03/31/21

  • Chinese Renminbi

    91.94

  • Other/Cash

    8.06

Sector Weightings (%) as of 03/31/21

  • Sector

    % of Net Assets
  • ■

    Financials

    34.1
  • ■

    Government Activity

    16.8
  • ■

    Utilities

    11.6
  • ■

    Industrials

    10.5
  • ■

    Basic Materials

    6.6
  • ■

    Consumer Cyclicals

    5.8
  • ■

    Real Estate

    3.1
  • ■

    Energy

    2.7
  • ■

    Technology

    0.8
  • ■

    Other/Cash

    8.1

Maturity (%) as of 03/31/21

 Average Portfolio Maturity: 3.02 Years