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

Index Description

The J.P. Morgan Government Bond Index-Emerging Markets Global Core Index (GBIEMCOR) is a comprehensive Emerging Markets debt benchmark that tracks local currency bonds issued by Emerging Market governments. 

Index Key Points

Underlying Index
The J.P. Morgan GBI-EMG Core Index (GBIEMCOR)


Index components
The index comprises local currency bonds issued by emerging market governments.


Components eligible for inclusion


Country Criteria
  • Gross Net Income (GNI) per capita must be below the Index Income Ceiling (IIC) for three consecutive years. J.P. Morgan defines the IIC as the GNI per capita level that is adjusted every year by the growth rate of the GNI per capita provided by the World Bank.
  • Excludes countries where local market investing is subject to capital controls.

Liquidity
  • Bonds must trade with enough frequency as determined by the index provider to help prevent stale price Quotes.
  • Two-way trading must exist, bonds must trade regularly at acceptable bid/ask spreads, and be readily redeemable for cash as determined by the index provider.
  • In addition, bonds must have a minimum face amount outstanding of $1 billion (for locally issued bonds) or $500 million (for globally issued bonds).

Weighting Methodology
  • Maximum country weight of 10% (cap) and minimum country weight of 1% to 3% (floor) based on country’s eligible debt outstanding amount.

Monthly Rebalance
  • Rebalance day occurs on the last weekday of each month.
  • Bonds must have more than 13 months remaining to maturity on the rebalance day.

Index Provider
J.P. Morgan


Click here for more information about the index composition
Click here for more information about the index methodology

Index Information
 

  • Index Provider

    J.P. Morgan

  • Index Type

    Total Return

  • Currency

    USD

  • Rebalance Frequency

    Monthly

  • Bloomberg Ticker

    GBIEMCOR

Index Fundamentals
as of 31 Jan 2023

  • Yield to Worst

    0.00%

  • Yield to Maturity

    6.91%

  • Effective Duration (yrs)

    --

  • Years to Maturity

    6.86

  • Modified Duration (yrs)

    --

  • Coupon

    5.49%

Index Top 10 Constituents (%) as of 31 Dec 2022

Total Constituents: 304
Constituent Name
Coupon
Maturity
 Weighting (%)
Letra Tesouro Nacional
0.000
01 Jan 2024
 2.36
Republic Of South Africa
10.500
21 Dec 2026
 1.26
Republic Of Philippines
6.250
14 Jan 2036
 1.25
Dominican Republic
9.750
05 Jun 2026
 1.25
Letra Tesouro Nacional
0.000
01 Jan 2026
 1.17
Mex Bonos Desarr Fix Rt
5.750
05 Mar 2026
 1.04
Republic Of South Africa
8.000
31 Jan 2030
 1.02
Mex Bonos Desarr Fix Rt
7.750
29 May 2031
 1.01
Nota Do Tesouro Nacional
10.000
01 Jan 2027
 0.97
Nota Do Tesouro Nacional
10.000
01 Jan 2025
 0.96
Top 10 Total (%) 12.30
These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Index Country Weightings (%) as of 31 Dec 2022

  • Country

    Weightings (%)
  • ■

    Indonesia

    9.9
  • ■

    China

    9.8
  • ■

    Mexico

    8.5
  • ■

    Brazil

    8.2
  • ■

    Malaysia

    7.7
  • ■

    South Africa

    7.3
  • ■

    Thailand

    7.0
  • ■

    Poland

    5.7
  • ■

    Czech Republic

    5.0
  • ■

    Colombia

    4.2
  • ■

    Romania

    4.1
  • ■

    Hungary

    3.9
  • ■

    Peru

    3.6
  • ■

    Chile

    3.6
  • ■

    Egypt

    3.1
  • ■

    Turkey

    3.0
  • ■

    Uruguay

    1.3
  • ■

    Philippines

    1.3
  • ■

    Dominican Republic

    1.3
  • ■

    Serbia

    1.3

Index Sector Weightings (%) as of 31 Dec 2022

  • Sector

    Weightings (%)
  • ■

    Government Activity

    99.6

Credit Quality (%)†
as of 31 Dec 2022

Composite % of Net Assets
Investment Grade AA 4.59
A 24.67
BBB 41.00
Non-Investment Grade BB 19.15
B 3.12
Total Investment Grade -- 70.26
Total Non-Investment Grade -- 22.27
Not Rated -- 7.48

Maturity (%) as of 31 Dec 2022

Average Maturity: 6.93 Years

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