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CBON
VanEck Vectors ChinaAMC China Bond ETF

Latest Market Updates*

  • Chinese bonds currently offer attractive yields, with the 10-year China government bond yielding nearly 250 basis points above the 10-year U.S. Treasury yield.1
  • CNY has been appreciating against the U.S. dollar since July, supported by relatively constrained monetary policy, growing FX reserves and a strong economic recovery compared to most other countries worldwide.
  • Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

1Source: Bloomberg as of 9/16/2020

Fund Description

The VanEck Vectors® ChinaAMC China Bond ETF (CBON®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index (CHQU01TR), which is comprised of fixed-rate, Renminbi ("RMB")-denominated bonds issued in the People's Republic of China by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers.

 
 

  • Fund Ticker

    CBON
  • Exchange

    NYSE Arca
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    CHQU01TR
  • Index Rebalancing

    Monthly

 
as of 10/21/20

  • 30-Day SEC Yield1

    3.03%
  • Total Net Assets

    $25.7M
  • Number of Holdings

    57
  • Options

    Expected
  • Gross Expense Ratio2

    3.53%
  • Net Expense Ratio/TER2

    0.50%
  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 09/30/2020

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 67 funds
5 stars of 67 funds
2 stars of 64 funds

Key Points

  • Consumer-Driven, "New Economy" Sector Focus
    New Economy sectors such as information technology, consumer discretionary, consumer staples and health care, are well-represented in the Fund's underlying index.

  • Primarily Offers Exposure to Privately Owned Small- and Medium-Sized Enterprises (SMEs)
    Non-government owned small- and medium-sized enterprises have driven the majority of recent technological innovation and economic growth in China.

  • Historically High ROE May Support Growth Potential
    The underlying index has historically had a higher average Return on Equity (ROE) compared to China A-share small-cap benchmarks.

Yields
as of 10/21/20

  • 30-Day SEC Yield1

    3.03%
  • Distribution Yield1

    2.29%
  • 12-Month Yield1

    3.26%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%
  • Other Expenses

    3.13%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    3.53%
  • Fee Waivers and
    Expense Reimbursement

    -3.03%
  • Net Expense Ratio/TER2

    0.50%
2Expenses for CBON are capped contractually at 0.50% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

  • Fund Ticker

    CBON
  • Index Total Return Ticker

    CHQU01TR
  • NAV

    CBONNV
  • Intraday NAV (IIV)5

    CBONIV
  • Shares Outstanding

    1,100,000
  • Estimated Cash

    CBONEU
  • Total Cash

    CBONTC
  • CUSIP

    92189F379
  • ISIN

    US92189F3799
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 10/20/20

  • Yield to Maturity

    4.60%
  • Coupon

    3.71%
  • Modified Duration (yrs)

    2.01
  • Years to Maturity

    12.57
 4 See Important Disclosure for definitions.

Prices as of 10/21/20

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
CBON $23.36
$23.46
30,865
51,499
$0.10 / +0.44%
$0.06 / +0.23%
+7.79%
+8.80%
$0.10
0.45%
0.09%

Premium/Discount History as of 10/21/20

Calendar Year 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 36 9 12 48 64
CBON Days closed at NAV 13 4 0 0 0
Days closed at a discount 203 51 50 15 0

Performance History: Average Annual Total Returns* (%)

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) 1.06 4.06 5.00 8.45 3.32 1.75 -- 1.61
CBON (Share Price) 1.44 4.26 6.62 9.36 3.76 2.17 -- 1.78
CHQU01TR (Index) 0.93 3.58 4.85 8.61 4.31 2.73 -- 2.54
Performance Differential (NAV - Index) 0.13 0.48 0.15 -0.16 -0.99 -0.98 -- -0.93
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) 1.06 4.06 5.00 8.45 3.32 1.75 -- 1.61
CBON (Share Price) 1.44 4.26 6.62 9.36 3.76 2.17 -- 1.78
CHQU01TR (Index) 0.93 3.58 4.85 8.61 4.31 2.73 -- 2.54
Performance Differential (NAV - Index) 0.13 0.48 0.15 -0.16 -0.99 -0.98 -- -0.93

Top 10 Holdings (%) as of 09/30/20 Daily Holdings

Total Holdings: 51
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
CHINA DEVELOPMENT BANK
3.910
04/06/2022
China
CNY
5.16
CHINA GOVERNMENT BOND
3.400
04/17/2023
China
CNY
5.08
CHINA GOVERNMENT BOND
3.270
08/22/2046
China
CNY
4.76
HUBEI ENERGY GROUP CO LTD
3.070
11/11/2021
China
CNY
3.82
CHINA DEVELOPMENT BANK
3.870
08/01/2023
China
CNY
3.81
SHANGHAI SHIMAO CO LTD
4.650
01/15/2022
China
CNY
2.89
SHENWAN HONGYUAN GROUP CO LTD
4.800
07/17/2023
China
CNY
2.87
CINDA INVESTMENT CO LTD
3.800
12/22/2023
China
CNY
2.86
GUANGZHOU R&F PROPERTIES CO LTD
7.200
01/11/2021
China
CNY
2.81
CCCC DREDGING GROUP CO LTD
3.800
07/05/2021
China
CNY
2.80
Top 10 Total (%) 36.86

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary. Source: Bloomberg.  Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Country Weightings (%) as of 09/30/20

  • Country

    % of Net Assets
  • China

    91.61
  • Other/Cash

    8.39

Currency Exposure (%)
as of 09/30/20

  • Chinese Renminbi

    91.61
  • Other/Cash

    8.39

Sector Weightings (%) as of 09/30/20

  • Sector

    % of Net Assets
  • Financial

    42.1
  • Industrial

    14.8
  • Government

    11.7
  • Energy

    9.1
  • Utilities

    7.0
  • Basic Materials

    3.7
  • Consumer, Non-cyclical

    2.1
  • Consumer, Cyclical

    1.1
  • Other/Cash

    8.4

Maturity (%) as of 09/30/20

 Average Portfolio Maturity: 2.06 Years