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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
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    GBIEMCOR
  • Index Rebalancing

    Monthly
  • 2021 NAIC Designation7

    3.A

 
as of 05/13/22

  • 30-Day SEC Yield1

    6.88%
  • Total Net Assets

    $3.0B
  • Number of Holdings

    362
  • Options

    Available
  • Gross Expense Ratio2

    0.31%
  • Net Expense Ratio/TER2

    0.30%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    05/31/2022
Why Invest?

Morningstar™ Ratings3
as of 04/30/2022

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 73 funds
3 stars of 73 funds
3 stars of 70 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 05/13/22

  • 30-Day SEC Yield1

    6.88%
  • Distribution Yield1

    5.50%
  • 12-Month Yield1

    5.84%
 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

    122,222,682
  • Estimated Cash

    EMLCEU
  • Total Cash

    EMLCTC
  • CUSIP

    92189H300
  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 05/13/22

  • Yield to Worst

    7.93%
  • Yield to Maturity

    8.02%
  • Effective Duration (yrs)

    4.68
  • Years to Maturity

    6.95
  • Modified Duration (yrs)

    4.78
  • Coupon

    5.60%
 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 05/13/22

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 $24.59
$24.61
1,923,560
623,086
$-0.02 / -0.09%
$0.08 / +0.33%
-12.47%
-12.54%
$0.02
0.06%
0.04%

Premium/Discount History as of 05/13/22

Calendar Year 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 102 38 22 28 35
EMLC Days closed at NAV 12 2 5 2 2
Days closed at a discount 138 23 37 34 25


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) -5.44 -10.12 -9.83 -14.53 -3.56 -2.03 -1.90 -0.54
EMLC (Share Price) -5.54 -10.40 -10.09 -14.55 -3.60 -2.11 -1.97 -0.56
GBIEMCOR (Index) -5.48 -10.52 -10.28 -14.70 -3.23 -1.65 -1.36 0.07
Performance Differential (NAV - Index) 0.04 0.40 0.45 0.17 -0.33 -0.38 -0.54 -0.61
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) -1.92 -4.64 -4.64 -7.64 -1.74 -0.70 -1.27 -0.07
EMLC (Share Price) -0.28 -4.82 -4.82 -7.52 -1.63 -0.73 -1.32 -0.07
GBIEMCOR (Index) -1.53 -5.07 -5.07 -7.78 -1.48 -0.30 -0.70 0.55
Performance Differential (NAV - Index) -0.39 0.43 0.43 0.14 -0.26 -0.40 -0.57 -0.62

Top 10 Holdings (%) as of 04/30/22 Daily Holdings

Total Holdings: 358
Swipe
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
2.31
Brazil Letras Do Tesouro Nacional
0.000
07/01/2023
Brazil
BRL
1.71
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2023
Brazil
BRL
1.33
Philippine Government International Bon
6.250
01/14/2036
Philippines
PHP
1.33
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2025
Brazil
BRL
1.26
Brazil Notas Do Tesouro Nacional Serie
10.000
01/01/2027
Brazil
BRL
1.11
Uruguay Government International Bond
8.250
05/21/2031
Uruguay
UYU
1.00
Republic Of South Africa Government Bon
8.000
01/31/2030
South Africa
ZAR
1.00
Mexican Bonos
5.750
03/05/2026
Mexico
MXN
1.00
Republic Of South Africa Government Bon
8.750
02/28/2048
South Africa
ZAR
0.95
Top 10 Total (%) 12.99

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 04/30/22

  • Country

    % of Net Assets
  • China

    10.53
  • Indonesia

    9.72
  • Brazil

    9.69
  • South Africa

    7.14
  • Thailand

    7.02
  • Malaysia

    6.84
  • Mexico

    6.54
  • Czech Republic

    4.30
  • Poland

    4.24
  • Colombia

    4.21
  • Romania

    3.66
  • Hungary

    3.54
  • Turkey

    3.25
  • Peru

    3.10
  • Chile

    3.09
  • Egypt

    3.08
  • Supra-National

    2.92
  • Uruguay

    1.63
  • Serbia

    1.57
  • Dominican Repb.

    1.57
  • Philippines

    1.48
  • United States

    0.43
  • Russia

    0.13
  • United Kingdom

    0.03
  • Germany

    0.00
  • Other/Cash

    0.28

Currency Exposure (%)
as of 04/30/22

  • Chinese Renminbi

    10.20
  • Indonesian Rupiah

    10.12
  • Brazilian Real

    9.70
  • Mexican Peso

    8.15
  • South African Rand

    7.64
  • Thailand Baht

    7.02
  • Malaysian Ringgit

    6.84
  • Polish Zloty

    5.23
  • Czech Koruna

    4.30
  • Colombian Peso

    4.21
  • Romanian Leu

    3.66
  • Hungarian Forint

    3.54
  • Turkish Lira

    3.44
  • Peruvian New Sol

    3.10
  • Chilean Peso

    3.09
  • Egyptian Pound

    3.08
  • Uruguay Peso

    1.63
  • Serbian Dinar

    1.57
  • Dominican Rep. Peso

    1.57
  • Philippines Peso

    1.50
  • Russian Ruble

    0.13
  • Other/Cash

    0.28

Sector Weightings (%) as of 04/30/22

  • Sector

    % of Net Assets
  • Government Activity

    94.9
  • Financials

    4.3
  • Industrials

    0.3
  • Utilities

    0.2
  • Energy

    0.0
  • Other/Cash

    0.3

Credit Quality (%) as of 04/30/22

Composite % of Net Assets
Investment Grade AAA 3.73
AA 3.95
A 24.28
BBB 38.68
Non-Investment Grade BB 20.53
B 6.34
CCC 0.08
Total Investment Grade -- 70.64
Total Non-Investment Grade -- 26.95
Not Rated -- 2.41

Maturity (%) as of 04/30/22

Average Portfolio Maturity: 6.94 Years