EMLCVanEck 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
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Index Information
-
Index Provider
J.P. Morgan -
Index Type
Total Return -
Currency
USD -
Rebalance Frequency
Monthly -
Bloomberg Ticker
GBIEMCOR
Index Fundamentals
as of 03 Feb 2023
-
Yield to Worst
0.00% -
Yield to Maturity
6.83% -
Effective Duration (yrs)
-- -
Years to Maturity
6.93 -
Modified Duration (yrs)
-- -
Coupon
5.49%
Index Top 10 Constituents (%) as of 31 Jan 2023
|
Constituent Name
|
Coupon
|
Maturity
|
Weighting (%) |
|---|---|---|---|
|
Letra Tesouro Nacional |
0.000 |
01 Jan 2024 |
2.34 |
|
Republic Of Philippines |
6.250 |
14 Jan 2036 |
1.25 |
|
Dominican Republic |
9.750 |
05 Jun 2026 |
1.25 |
|
Republic Of South Africa |
10.500 |
21 Dec 2026 |
1.22 |
|
Letra Tesouro Nacional |
0.000 |
01 Jan 2026 |
1.16 |
|
Mex Bonos Desarr Fix Rt |
5.750 |
05 Mar 2026 |
1.03 |
|
Mex Bonos Desarr Fix Rt |
7.750 |
29 May 2031 |
1.00 |
|
Republic Of South Africa |
8.000 |
31 Jan 2030 |
0.97 |
|
Nota Do Tesouro Nacional |
10.000 |
01 Jan 2027 |
0.96 |
|
Nota Do Tesouro Nacional |
10.000 |
01 Jan 2025 |
0.95 |
| Top 10 Total (%) | 12.12 | ||
Index Country Weightings (%) as of 31 Jan 2023
-
Country
Weightings (%) -
■
China
9.9 -
■
Indonesia
9.9 -
■
Mexico
8.5 -
■
Brazil
8.1 -
■
Malaysia
7.7 -
■
Thailand
7.3 -
■
South Africa
7.0 -
■
Poland
5.6 -
■
Czech Republic
5.0 -
■
Colombia
4.2 -
■
Romania
3.9 -
■
Hungary
3.9 -
■
Peru
3.6 -
■
Chile
3.6 -
■
Turkey
3.0 -
■
Egypt
3.0 -
■
Serbia
1.3 -
■
Uruguay
1.3 -
■
Philippines
1.3 -
■
Dominican Republic
1.3
Index Sector Weightings (%) as of 31 Jan 2023
-
Sector
Weightings (%) -
■
Government Activity
99.3
Credit Quality (%)†
as of 31 Jan 2023
| Composite | % of Net Assets | |
|---|---|---|
| Investment Grade | AA | 4.53 |
| A | 25.10 | |
| BBB | 40.66 | |
| Non-Investment Grade | BB | 18.80 |
| B | 2.98 | |
| Total Investment Grade | -- | 70.29 |
| Total Non-Investment Grade | -- | 21.77 |
| Not Rated | -- | 7.94 |
Maturity (%) as of 31 Jan 2023
Average Maturity: 6.94 Years