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CBON
VanEck Vectors ChinaAMC China Bond ETF

Market Updates*

  • Chinese bonds currently offer attractive yields, with the 10-year China government bond yielding nearly 235 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 12/17/2020.

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 03/03/21

  • 30-Day SEC Yield1

    2.79%
  • Total Net Assets

    $97.9M
  • Number of Holdings

    87
  • Options

    Expected
  • Gross Expense Ratio2

    3.53%
  • Net Expense Ratio/TER2

    0.50%
  • Distribution Frequency

    Monthly

Morningstar™ Ratings3
as of 01/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 68 funds
5 stars of 68 funds
2 stars of 65 funds

Key Points

  • Yield Premium
    Attractive yield pickup over developed markets bonds

  • Portfolio Diversifier
    RMB denominated bonds have historically exhibited low correlation to other asset classes*

  • Access to the world’s second largest bond market
    Broad exposure to bonds issued by the central government, policy banks and corporations
Source: FactSet and ICE Data Indices, LLC.

Yields
as of 03/03/21

  • 30-Day SEC Yield1

    2.79%
  • Distribution Yield1

    2.35%
  • 12-Month Yield1

    2.80%
 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

    4,100,000
  • Estimated Cash

    CBONEU
  • Total Cash

    CBONTC
  • CUSIP

    92189F379
  • ISIN

    US92189F3799
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 03/02/21

  • Yield to Maturity

    3.89%
  • Coupon

    3.98%
  • Modified Duration (yrs)

    3.39
  • Years to Maturity

    4.94
 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
  • Analyst 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
  • Quantitative Analyst for Fixed Income ETFs
  • Joined VanEck in 2016
  • MS, Financial Engineering, Baruch College
  • BBA, Finance, Baruch College
  • Trader 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 03/03/21

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 $23.88
$23.92
92,356
88,949
$0.04 / +0.17%
$-0.05 / -0.19%
+0.10%
+0.05%
$0.04
0.15%
--

Premium/Discount History as of 03/03/21

Calendar Year 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 36 12 48 64 62
CBON Days closed at NAV 13 0 0 0 1
Days closed at a discount 203 50 15 0 1

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) 0.78 4.68 0.78 11.72 3.82 3.30 -- 2.58
CBON (Share Price) 1.02 4.66 1.02 12.66 4.28 3.61 -- 2.67
CHQU01TR (Index) 1.00 4.89 1.00 10.52 4.86 4.11 -- 3.49
Performance Differential (NAV - Index) -0.22 -0.21 -0.22 1.20 -1.04 -0.81 -- -0.91
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) 2.10 5.84 11.13 11.13 4.94 2.94 -- 2.49
CBON (Share Price) 1.72 5.11 12.07 12.07 5.42 3.24 -- 2.54
CHQU01TR (Index) 2.03 5.79 10.92 10.92 5.83 3.86 -- 3.37
Performance Differential (NAV - Index) 0.07 0.05 0.21 0.21 -0.89 -0.92 -- -0.88

Top 10 Holdings (%) as of 01/31/21 Daily Holdings

Total Holdings: 75
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to view
full data
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
CHINA GOVERNMENT BOND
3.400
04/17/2023
China
CNY
10.30
CHINA GOVERNMENT BOND
3.270
08/22/2046
China
CNY
6.26
CHINA DEVELOPMENT BANK
3.910
04/06/2022
China
CNY
4.43
CHINA DEVELOPMENT BANK
3.870
08/01/2023
China
CNY
3.86
CHINA DEVELOPMENT BANK
4.590
08/01/2038
China
CNY
3.76
YANZHOU COAL MINING CO LTD
3.430
03/12/2025
China
CNY
3.33
SHANDONG HI-SPEED GROUP CO LTD
4.000
10/21/2024
China
CNY
2.26
GEMDALE CORP
3.950
10/12/2025
China
CNY
2.26
TAIYUAN IRON & STEEL GROUP CO LTD
3.880
08/13/2024
China
CNY
2.25
HESTEEL CO LTD
4.080
11/26/2024
China
CNY
2.22
Top 10 Total (%) 40.93

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 01/31/21

  • Country

    % of Net Assets
  • China

    86.13
  • Other/Cash

    13.87

Currency Exposure (%)
as of 01/31/21

  • Chinese Renminbi

    86.13
  • Other/Cash

    13.87

Sector Weightings (%) as of 01/31/21

  • Sector

    % of Net Assets
  • Financials

    33.0
  • Government Activity

    18.8
  • Industrials

    8.7
  • Utilities

    7.7
  • Real Estate

    6.0
  • Basic Materials

    5.9
  • Energy

    3.9
  • Consumer Cyclicals

    2.2
  • Other/Cash

    13.9

Maturity (%) as of 01/31/21

 Average Portfolio Maturity: 3.57 Years