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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
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    GBIEMCOR
  • Index Rebalancing

    Monthly
  • 2021 NAIC Designation7

    3.A

 
as of 01/27/22

  • 30-Day SEC Yield1

    5.70%
  • Total Net Assets

    $3.5B
  • Number of Holdings

    350
  • Options

    Available
  • Gross Expense Ratio2

    0.31%
  • Net Expense Ratio/TER2

    0.30%
  • Distribution Frequency

    Monthly
1,2,7 See Important Disclosure
Why Invest?

Morningstar™ Ratings3
as of 12/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 73 funds
2 stars of 73 funds
2 stars of 69 funds

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 01/27/22

  • 30-Day SEC Yield1

    5.70%
  • Distribution Yield1

    5.19%
  • 12-Month Yield1

    5.26%
 1 See Important Disclosure for definitions.

Fees & 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

    121,322,682
  • Estimated Cash

    EMLCEU
  • Total Cash

    EMLCTC
  • CUSIP

    92189H300
  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 01/27/22

  • Yield to Worst

    6.45%
  • Yield to Maturity

    6.51%
  • Effective Duration (yrs)

    5.01
  • Years to Maturity

    7.14
  • Modified Duration (yrs)

    5.06
  • Coupon

    5.50%
 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 01/27/22

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
EMLC $28.54
$28.43
1,731,413
1,337,968
-$0.10 / -0.34%
$0.02 / +0.07%
-0.06%
-0.59%
$-0.11
-0.38%
0.03%

Premium/Discount History as of 01/27/22

Calendar Year 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 91 14 38 22 28
EMLC Days closed at NAV 6 3 2 5 2
Days closed at a discount 156 44 23 37 34


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) 1.10 -3.30 -9.33 -9.33 0.86 1.55 0.03 0.34
EMLC (Share Price) 1.21 -2.95 -9.37 -9.37 0.88 1.54 -0.02 0.36
GBIEMCOR (Index) 1.21 -3.19 -9.23 -9.23 1.13 2.00 0.61 1.03
Performance Differential (NAV - Index) -0.11 -0.11 -0.10 -0.10 -0.27 -0.45 -0.58 -0.69
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 1.10 -3.30 -9.33 -9.33 0.86 1.55 0.03 0.34
EMLC (Share Price) 1.21 -2.95 -9.37 -9.37 0.88 1.54 -0.02 0.36
GBIEMCOR (Index) 1.21 -3.19 -9.23 -9.23 1.13 2.00 0.61 1.03
Performance Differential (NAV - Index) -0.11 -0.11 -0.10 -0.10 -0.27 -0.45 -0.58 -0.69

Top 10 Holdings (%) as of 12/31/21 Daily Holdings

Total Holdings: 344
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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
2.00
Brazil Letras Do Tesouro Nacional
0.000
07/01/2023
Brazil
BRL
1.29
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2023
Brazil
BRL
1.28
Philippine Government International Bon
6.250
01/14/2036
Philippines
PHP
1.20
Uruguay Government International Bond
8.250
05/21/2031
Uruguay
UYU
1.13
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2025
Brazil
BRL
0.99
Mexican Bonos
5.750
03/05/2026
Mexico
MXN
0.97
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2027
Brazil
BRL
0.96
Republic Of South Africa Government Bon
8.000
01/31/2030
South Africa
ZAR
0.95
Republic Of South Africa Government Bon
8.750
02/28/2048
South Africa
ZAR
0.92
Top 10 Total (%) 11.69

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 12/31/21

  • Country

    % of Net Assets
  • China

    10.00
  • Indonesia

    9.63
  • Brazil

    8.02
  • Mexico

    6.80
  • South Africa

    6.77
  • Thailand

    6.74
  • Malaysia

    6.60
  • Russia

    4.87
  • Poland

    4.69
  • Czech Republic

    4.39
  • Colombia

    4.00
  • Supra-National

    3.79
  • Hungary

    3.70
  • Romania

    3.48
  • Chile

    3.02
  • Peru

    2.99
  • Turkey

    2.41
  • Serbia

    1.96
  • Uruguay

    1.85
  • Philippines

    1.85
  • Dominican Repb.

    1.79
  • United States

    0.27
  • United Kingdom

    0.04
  • Germany

    0.02
  • Other/Cash

    0.32

Currency Exposure (%)
as of 12/31/21

  • Chinese Renminbi

    10.00
  • Indonesian Rupiah

    9.99
  • Brazilian Real

    8.03
  • Mexican Peso

    7.82
  • South African Rand

    7.25
  • Thailand Baht

    6.74
  • Malaysian Ringgit

    6.60
  • Russian Ruble

    5.75
  • Polish Zloty

    5.74
  • Czech Koruna

    4.39
  • Colombian Peso

    4.00
  • Hungarian Forint

    3.70
  • Romanian Leu

    3.48
  • Chilean Peso

    3.02
  • Peruvian New Sol

    2.99
  • Turkish Lira

    2.78
  • Serbian Dinar

    1.96
  • Uruguay Peso

    1.85
  • Philippines Peso

    1.80
  • Dominican Rep. Peso

    1.79
  • Other/Cash

    0.32

Sector Weightings (%) as of 12/31/21

  • Sector

    % of Net Assets
  • Government Activity

    94.3
  • Financials

    5.0
  • Industrials

    0.2
  • Utilities

    0.2
  • Energy

    0.0
  • Other/Cash

    0.3

Credit Quality (%) as of 12/31/21

Composite % of Net Assets
Investment Grade AAA 4.20
AA 4.03
A 24.40
BBB 43.67
Non-Investment Grade BB 18.59
B 2.42
CCC 0.08
Total Investment Grade -- 76.29
Total Non-Investment Grade -- 21.09
Not Rated -- 2.62
 

Maturity (%) as of 12/31/21

Average Portfolio Maturity: 7.22 Years