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

Fund Description

The VanEck Vectors® 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
  • ETF Structure

    Physical
  • Administrator

    Van Eck Associates
  • Custodian

    State Street Bank and Trust Company
  • Index Ticker

    GBIEMCOR
  • Index Rebalancing

    Monthly
  • 2020 NAIC Designation7

    3.A

 
as of 03/03/21

  • 30-Day SEC Yield1

    4.12%
  • Total Net Assets

    $3.3B
  • Number of Holdings

    312
  • Options

    Available
  • Gross Expense Ratio2

    0.36%
  • Net Expense Ratio/TER2

    0.30%
  • Distribution Frequency

    Monthly
1,2,7 See Important Disclosure
Why Invest?

Morningstar™ Ratings3
as of 01/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 68 funds
3 stars of 68 funds
3 stars of 65 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 03/03/21

  • 30-Day SEC Yield1

    4.12%
  • Distribution Yield1

    4.48%
  • 12-Month Yield1

    4.94%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.27%
  • Other Expenses

    0.09%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.36%
  • Fee Waivers and
    Expense Reimbursement

    -0.06%
  • Net Expense Ratio/TER2

    0.30%
2Expenses for EMLC are capped contractually at 0.30% until September 1, 2021. 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

    105,922,682
  • Estimated Cash

    EMLCEU
  • Total Cash

    EMLCTC
  • CUSIP

    92189H300
  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 03/02/21

  • Yield to Worst

    4.60%
  • Yield to Maturity

    4.66%
  • Effective Duration (yrs)

    5.11
  • Years to Maturity

    6.73
  • Modified Duration (yrs)

    5.21
  • Coupon

    5.54%
 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
EMLC $31.57
$31.51
2,383,048
2,963,193
-$0.12 / -0.37%
$-0.18 / -0.57%
-4.18%
-4.53%
$-0.06
-0.20%
--

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 109 12 13 30 36
EMLC Days closed at NAV 12 2 1 1 2
Days closed at a discount 131 48 49 33 26

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) -0.80 7.90 -0.80 2.79 -0.28 5.04 0.76 1.23
EMLC (Share Price) -1.48 7.46 -1.48 2.40 -0.37 4.96 0.64 1.19
GBIEMCOR (Index) -1.05 8.09 -1.05 3.50 0.27 5.72 1.46 1.95
Performance Differential (NAV - Index) 0.25 -0.19 0.25 -0.71 -0.55 -0.68 -0.70 -0.72
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 3.14 9.14 2.98 2.98 1.47 5.31 0.71 1.32
EMLC (Share Price) 3.22 9.11 3.11 3.11 1.51 5.36 0.65 1.34
GBIEMCOR (Index) 3.54 9.70 3.46 3.46 1.99 5.99 1.39 2.07
Performance Differential (NAV - Index) -0.40 -0.56 -0.48 -0.48 -0.52 -0.68 -0.68 -0.75

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

Total Holdings: 300
Swipe
to view
full data
Holding Name
Coupon
Maturity
Composite
Rating
Country
Currency
% of Net
Assets
BRAZIL LETRAS DO TESOURO NACIONAL
0.000
01/01/2024
BB-
Brazil
BRL
2.42
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2023
BB-
Brazil
BRL
1.40
BRAZIL LETRAS DO TESOURO NACIONAL
0.000
07/01/2023
BB-
Brazil
BRL
1.22
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2025
BB-
Brazil
BRL
1.18
BRAZIL NOTAS DO TESOURO NACIONAL SERIE
10.000
01/01/2027
BB-
Brazil
BRL
1.09
REPUBLIC OF SOUTH AFRICA GOVERNMENT BON
8.000
01/31/2030
BB
South Africa
ZAR
0.99
REPUBLIC OF SOUTH AFRICA GOVERNMENT BON
8.750
02/28/2048
BB
South Africa
ZAR
0.97
MEXICAN BONOS
10.000
12/05/2024
BBB+
Mexico
MXN
0.88
REPUBLIC OF SOUTH AFRICA GOVERNMENT BON
10.500
12/21/2026
BB
South Africa
ZAR
0.87
CHINA GOVERNMENT BOND
2.850
06/04/2027
NR
China
CNY
0.85
Top 10 Total (%) 11.86

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 01/31/21

  • Country

    % of Net Assets
  • China

    10.24
  • Indonesia

    9.29
  • Brazil

    8.79
  • Mexico

    8.61
  • Thailand

    7.27
  • South Africa

    7.13
  • Malaysia

    5.70
  • Poland

    5.60
  • Russia

    4.75
  • Colombia

    4.68
  • Supra-National

    4.50
  • Hungary

    3.79
  • Czech

    3.66
  • Romania

    3.22
  • Turkey

    3.09
  • Peru

    2.99
  • Chile

    2.99
  • Dominican Repb.

    1.19
  • Uruguay

    1.18
  • Philippines

    1.17
  • Other/Cash

    0.16

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

  • Chinese Renminbi

    10.24
  • Indonesian Rupiah

    10.02
  • Mexican Peso

    9.71
  • Brazilian Real

    8.80
  • South African Rand

    7.66
  • Thailand Baht

    7.27
  • Polish Zloty

    6.60
  • Russian Ruble

    5.88
  • Malaysian Ringgit

    5.70
  • Colombian Peso

    4.68
  • Hungarian Forint

    3.79
  • Czech Koruna

    3.66
  • Romanian Leu

    3.22
  • Turkish Lira

    3.09
  • Peruvian New Sol

    2.99
  • Chilean Peso

    2.99
  • Dominican Rep. Peso

    1.19
  • Uruguay Peso

    1.18
  • Philippines Peso

    1.17
  • Other/Cash

    0.15

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

  • Sector

    % of Net Assets
  • Government Activity

    94.0
  • Financials

    5.4
  • Industrials

    0.2
  • Utilities

    0.2
  • Energy

    0.1
  • Other/Cash

    0.1

Credit Quality (%) as of 01/31/21

Composite % of Net Assets
Investment Grade AAA 3.46
AA 0.68
A 10.08
BBB 24.45
Non-Investment Grade BB 16.57
CCC 0.07
Total Investment Grade -- 38.67
Total Non-Investment Grade -- 16.64
Not Rated -- 44.69
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.

Maturity (%) as of 01/31/21

 Average Portfolio Maturity: 6.72 Years