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EMLC
VanEck J.P. Morgan EM Local Currency Bond ETF

Fund Description

The VanEck J.P. Morgan EM Local Currency Bond ETF (EMLC®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the J.P. Morgan GBI-EM Global Core Index (GBIEMCOR), which is comprised of bonds issued by emerging market governments and denominated in the local currency of the issuer.

 
 

  • Fund Ticker

    EMLC
  • Exchange

    NYSE Arca
  • Inception Date

    07/22/2010
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Index Ticker

    GBIEMCOR
  • Index Rebalancing

    Monthly
  • 2022 Preliminary NAIC Designation7

    3.A

 
as of 08/08/22

  • 30-Day SEC Yield1

    7.24%
  • Total Net Assets

    $2.9B
  • Number of Holdings

    339
  • Options

    Available
  • Gross Expense Ratio2

    0.31%
  • Net Expense Ratio/TER2

    0.30%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    08/31/2022

Key Points

    • Seeks to replicate the J.P. Morgan GBI-EM Global Core Index

    • Access to local bond markets in emerging economies

    • Provides yields that are currently higher than developed markets and potential for currency appreciation

Yield
as of 08/08/22

  • 30-Day SEC Yield1

    7.24%
  • Distribution Yield1

    5.97%
  • 12-Month Yield1

    5.73%
 1 See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.27%
  • Other Expenses

    0.04%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.31%
  • Fee Waivers and
    Expense Reimbursement

    -0.01%
  • Net Expense Ratio/TER2

    0.30%

2Expenses for EMLC are capped contractually at 0.30% until September 1, 2022. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    EMLC
  • Index Total Return Ticker

    GBIEMCOR
  • NAV

    EMLCNV
  • Intraday NAV (IIV)5

    EMLCIV
  • Shares Outstanding

    120,122,682
  • Estimated Cash

    EMLCEU
  • Total Cash

    EMLCTC
  • CUSIP

    92189H300
  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 08/08/22

  • Yield to Worst

    7.63%
  • Yield to Maturity

    7.71%
  • Effective Duration (yrs)

    4.76
  • Years to Maturity

    6.96
  • Modified Duration (yrs)

    4.83
  • Coupon

    5.45%
 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 08/08/22

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
EMLC $24.50
$24.48
1,905,591
2,466,497
$0.14 / +0.56%
$0.17 / +0.70%
-11.56%
-11.75%
$-0.02
-0.07%
0.04%

Premium/Discount History as of 08/08/22

Calendar Year 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 102 22 28 35 31
EMLC Days closed at NAV 12 5 2 2 3
Days closed at a discount 138 37 34 25 28

Performance History: Average Annual Total Returns* (%)

  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) -0.13 -3.34 -12.84 -17.96 -6.57 -3.51 -2.26 -0.81
EMLC (Share Price) -0.07 -2.90 -12.69 -17.69 -6.25 -3.52 -2.24 -0.79
GBIEMCOR (Index) 0.02 -2.97 -12.94 -17.92 -6.24 -3.07 -1.72 -0.18
Performance Differential (NAV - Index) -0.15 -0.37 0.10 -0.04 -0.33 -0.44 -0.54 -0.63
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) -4.38 -8.48 -12.73 -18.32 -6.25 -3.11 -2.00 -0.81
EMLC (Share Price) -4.16 -8.21 -12.63 -18.02 -6.17 -3.07 -1.99 -0.79
GBIEMCOR (Index) -4.25 -8.31 -12.95 -18.32 -5.92 -2.71 -1.48 -0.18
Performance Differential (NAV - Index) -0.13 -0.17 0.22 0.00 -0.33 -0.40 -0.52 -0.63

Top 10 Holdings (%) as of 07/31/22 Daily Holdings

Total Holdings: 340
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to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
Brazil Letras Do Tesouro Nacional
0.000
01/01/2024
Brazil
BRL
2.37
Brazil Letras Do Tesouro Nacional
0.000
07/01/2023
Brazil
BRL
1.78
Philippine Government International Bon
6.250
01/14/2036
Philippines
PHP
1.17
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2025
Brazil
BRL
1.08
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2027
Brazil
BRL
1.04
Republic Of South Africa Government Bon
8.750
02/28/2048
South Africa
ZAR
0.98
Republic Of South Africa Government Bon
8.000
01/31/2030
South Africa
ZAR
0.97
Mexican Bonos
5.750
03/05/2026
Mexico
MXN
0.88
Mexican Bonos
7.750
05/29/2031
Mexico
MXN
0.77
Bonos De La Tesoreria De La Republica E
2.500
03/01/2025
Chile
CLP
0.77
Top 10 Total (%) 11.81

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 07/31/22

  • Country

    % of Net Assets
  • China

    10.48
  • Indonesia

    9.70
  • Brazil

    8.88
  • Malaysia

    7.68
  • South Africa

    7.10
  • Thailand

    6.96
  • Mexico

    6.15
  • Poland

    4.87
  • Czech Republic

    4.74
  • Colombia

    4.25
  • Romania

    3.88
  • Hungary

    3.54
  • Chile

    3.50
  • Peru

    3.45
  • Egypt

    3.08
  • Supra-National

    3.04
  • Turkey

    2.96
  • Dominican Repb.

    1.23
  • Serbia

    1.20
  • Uruguay

    1.19
  • Philippines

    1.17
  • United States

    0.52
  • United Kingdom

    0.19
  • Germany

    0.00
  • Other/Cash

    0.24

Currency Exposure (%)
as of 07/31/22

  • Indonesian Rupiah

    10.13
  • Chinese Renminbi

    10.03
  • Brazilian Real

    8.89
  • Mexican Peso

    8.68
  • Malaysian Ringgit

    7.68
  • South African Rand

    7.58
  • Thailand Baht

    6.96
  • Polish Zloty

    5.53
  • Czech Koruna

    4.74
  • Colombian Peso

    4.25
  • Romanian Leu

    3.88
  • Hungarian Forint

    3.54
  • Chilean Peso

    3.50
  • Peruvian New Sol

    3.45
  • Egyptian Pound

    3.08
  • Turkish Lira

    3.03
  • Dominican Rep. Peso

    1.23
  • Serbian Dinar

    1.20
  • Uruguay Peso

    1.19
  • Philippines Peso

    1.19
  • Other/Cash

    0.24

Sector Weightings (%) as of 07/31/22

  • Sector

    % of Net Assets
  • Government Activity

    94.7
  • Financials

    4.6
  • Industrials

    0.2
  • Utilities

    0.2
  • Energy

    0.0
  • Other/Cash

    0.2

Credit Quality (%) as of 07/31/22

Composite % of Net Assets
Investment Grade AAA 4.21
AA 4.65
A 25.95
BBB 37.88
Non-Investment Grade BB 19.37
B 6.06
CCC 0.08
Total Investment Grade -- 72.69
Total Non-Investment Grade -- 25.51
Not Rated -- 1.80

Maturity (%) as of 07/31/22

Average Portfolio Maturity: 6.91 Years