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Related Funds

SMOG
VanEck Vectors Low Carbon Energy ETF

EVX
VanEck Vectors Environmental Services ETF

GRNB
VanEck Vectors Green Bond ETF

Market Updates*

Green bonds finance projects that have a positive impact on the environment, and allow investors to integrate sustainability into their core fixed income portfolios without significantly impacting the overall risk/return profile.
GRNB’s index currently has an average yield of 1.54%, compared to the Bloomberg Barclays U.S. Aggregate Bond Index yield of 1.17%, as of January 29, 2021.
Issuance this year has been dampened due to a near market shutdown earlier this year due to the pandemic, but has recovered sharply and may still meet or exceed last year’s record of $257bn (Source: Climate Bonds Initiative). Green stimulus spending, progress on market standards and strong investor demand are driving market development.

Fund Description

VanEck Vectors^®Green Bond ETF (GRNB^®) seeks to replicate, as closely as possible, before fees and expenses, the price and yield performance of the S&P Green Bond U.S. Dollar Select Index (SPGRUSST). The index is comprised of U.S. dollar-denominated green bonds that are issued to finance environmentally friendly projects, and includes bonds issued by supranational, government, and corporate issuers globally.

Fund Ticker
GRNB
Exchange
NYSE Arca
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
SPGRUSST
Index Rebalancing
Monthly

as of 04/16/21

30-Day SEC Yield¹
1.68%
Total Net Assets
$84.2M
Number of Holdings
252
Options
Expected
Gross Expense Ratio²
0.83%
Net Expense Ratio/TER²
0.20%
Distribution Frequency
Monthly

^1,2 See Important Disclosure.

Schedule a Call

Morningstar™ Ratings³
as of 03/31/2021

Category	Overall	3 Year
World Bond	3 stars of 181 funds	3 stars of 181 funds

Key Points

Access bonds issued to finance projects that have a positive impact on the environment

An ESG solution for a core bond portfolio

Index includes only U.S. dollar-denominated bonds designated as “green” by the Climate Bonds Initiative

Yield
as of 04/16/21

30-Day SEC Yield¹
1.68%
Distribution Yield¹
1.84%
12-Month Yield¹
2.12%

¹ See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.35%
Other Expenses
0.48%
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
0.83%
Fee Waivers and
Expense Reimbursement
-0.63%
Net Expense Ratio/TER²
0.20%

²Expenses for GRNB are capped contractually at 0.20% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

Fund Ticker
GRNB
Index Total Return Ticker
SPGRUSST
NAV
GRNBNV
Intraday NAV (IIV)⁵
GRNBIV
Shares Outstanding
3,100,000
Estimated Cash
GRNBEU
Total Cash
GRNBTC
CUSIP
92189F171
ISIN
US92189F1710

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 04/15/21

Yield to Worst
1.83%
Yield to Maturity
1.90%
Effective Duration (yrs)
5.25
Years to Maturity
7.00
Modified Duration (yrs)
5.54
Coupon
2.85%

⁴ See Important Disclosure for definitions.

Investment Professionals

Francis G. Rodilosso, CFA

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

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

Associate Portfolio Manager for Fixed Income ETFs
Joined VanEck in 2016
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

Prices as of 04/16/21

	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
GRNB	$27.16 $27.23	21,992 13,576	-$0.04 / -0.13% $-0.08 / -0.30%	-1.68% -2.03%	$0.06 0.24%			0.04%

Premium/Discount History as of 04/16/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	245	63	64	64	61
GRNB	Days closed at NAV	1	0	0	0	0
	Days closed at a discount	7	0	0	0	0

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

Month End as of 03/31/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 03/03/17
GRNB (NAV)	-1.10	-2.46	-2.46	5.10	1.77	--	--	3.83
GRNB (Share Price)	-1.22	-2.66	-2.66	4.81	1.79	--	--	3.92
SPGRUSST (Index)	-1.10	-2.50	-2.50	5.84	2.31	--	--	4.46
Performance Differential (NAV - Index)	0.00	0.04	0.04	-0.74	-0.54	--	--	-0.63
Bloomberg Barclays US Aggregate Bond Index	-1.25	-3.37	-3.37	0.71	4.65	3.10	3.44	3.86

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 03/03/17
GRNB (NAV)	-1.10	-2.46	-2.46	5.10	1.77	--	--	3.83
GRNB (Share Price)	-1.22	-2.66	-2.66	4.81	1.79	--	--	3.92
SPGRUSST (Index)**	-1.10	-2.50	-2.50	5.84	2.31	--	--	4.46
Performance Differential (NAV - Index)	0.00	0.04	0.04	-0.74	-0.54	--	--	-0.63
Bloomberg Barclays US Aggregate Bond Index	-1.25	-3.37	-3.37	0.71	4.65	3.10	3.44	3.86

*Returns less than one year are not annualized.

**Index data prior to September 1, 2019 reflects that of the S&P Green Bond Select Index (SPGRNSLT). From September 1, 2019 forward, the index data reflects that of the Fund's underlying index, the S&P Green Bond U.S. Dollar Select Index (SPGRUSST). Index history which includes periods prior to September 1, 2019 links the performance of SPGRNSLT and SPGRUSST and is not intended for third party use.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. 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: 237

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full data

	Holding Name	Coupon	Maturity	Country^†	Currency	% of Net Assets
	FANNIE MAE-ACES	3.555	09/25/2028	United States	USD	2.19
	KREDITANSTALT FUER WIEDERAUFBAU	1.750	09/14/2029	Germany	USD	2.08
	CHILE GOVERNMENT INTERNATIONAL BOND	3.500	01/25/2050	Chile	USD	1.35
	BANK OF AMERICA CORP	3.499	05/17/2022	United States	USD	1.31
	APPLE INC	3.000	06/20/2027	United States	USD	1.31
	INTERNATIONAL FINANCE CORP	2.125	04/07/2026	Supra-National	USD	1.10
	EUROPEAN INVESTMENT BANK	2.125	04/13/2026	Supra-National	USD	1.07
	SOUTHERN POWER CO	4.150	12/01/2025	United States	USD	1.03
	CHILE GOVERNMENT INTERNATIONAL BOND	2.550	01/27/2032	Chile	USD	1.02
	VERIZON COMMUNICATIONS INC	3.875	02/08/2029	United States	USD	1.02
Top 10 Total (%)						13.48

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
■
United States
34.55
■
China
14.98
■
Supra-National
11.53
■
Germany
4.29
■
Netherlands
4.28
■
South Korea
3.73
■
India
3.33
■
Brazil
2.82
■
Chile
2.73
■
Indonesia
2.51
■
Singapore
1.95
■
Canada
1.66
■
Spain
1.41
■
United Kingdom
1.28
■
Japan
1.27
■
Uae
1.10
■
Sweden
0.87
■
France
0.83
■
Norway
0.63
■
Saudi Arabia
0.63
■
Other/Cash
3.63

Currency Exposure (%)

as of 03/31/21

U.S. Dollar
100.05
Other/Cash
-0.05

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

Sector
% of Net Assets
■
Financials
47.0
■
Utilities
19.3
■
Real Estate
7.0
■
Government Activity
4.9
■
Industrials
4.4
■
Technology
3.3
■
Basic Materials
2.8
■
Energy
1.3
■
Government
1.2
■
Consumer Cyclicals
0.9
■
Healthcare
0.6
■
Consumer Non-Cyclicals
0.3
■
Academic & Educational Services
0.2
■
Other/Cash
6.7

Credit Quality (%) as of 03/31/21

Composite		% of Net Assets
Investment Grade	AAA	17.61
	AA	12.78
	A	24.41
	BBB	22.22
Non-Investment Grade	BB	8.51
	B	1.72
Total Investment Grade	--	77.03
Total Non-Investment Grade	--	10.23
Not Rated	--	12.79

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 03/31/21

Average Portfolio Maturity: 6.91 Years