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

Fund Description

VanEck J.P. Morgan EM Local Currency Bond UCITS ETF offers access to a diversified and liquid portfolio of Emerging Market bonds for investors that are looking for a yield pick-up versus other fixed income segments. It provides an attractive blend of risk and reward because emerging market countries tend to have less leveraged public finances, and their central banks have increasingly adopted conventional monetary policies.

Significantly higher yields than developed market bonds of the same quality
Portfolio of bonds issued by emerging markets governments in their local currencies
Diversified across 19 countries
Restricted to countries whose debt can be freely traded by international investors
Current lowest total expense ratio among all European ETFs in this category

Risk factors: Foreign Currency Risk, Emerging Markets Risk, Credit Risk

Underlying Index

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

Fund Details

Fund Ticker
EMLC
Management Company
VanEck Asset Management B.V.
Custodian
State Street Custodial Services (Ireland) Limited
Domicile
Ireland
UCITS Compliant
Yes
Index Ticker
GBIEMCOR
Index Provider
J.P. Morgan
Rebalance Frequency
Monthly

¹The "Net Asset Value" (NAV) of all ETFs is determined at the close of each business day, and represents the value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF 's intraday trading value. Investors should not expect to buy or sell ETF shares at NAV.

²The date the fund was launched prior to quotation on the stock exchange.

as of 27 May 2022

NAV¹
54.72
Shares Outstanding
1,258,000
Number of Holdings
293
Base Currency
USD
Net Assets
$68.8M
Product Structure
Physical (Optimized)
Income Treatment
Reinvestment
Distribution Frequency
None
Total Expense Ratio
0.30%
ISA Eligibility
Yes
SIPP Available
Yes
UK Reporting Status
Yes
UK Distributor
Yes
SFDR Classification
Article 6
Fact Sheet
VanEck Product List
Fund Holiday Calendar

Fundamentals³
as of 27 May 2022

Yield to Worst
7.65%
Yield to Maturity
7.74%
Effective Duration (yrs)
4.70
Years to Maturity
6.94
Modified Duration (yrs)
4.79
Coupon
5.59%

³These figures represent averages. Yield to Worst measures the lowest of either yield-to-maturity or yield-to-call date on every possible call date. Yield to Maturity is the annualized return on a bond held to maturity. Effective Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. This duration measure is appropriate for bonds with embedded options. Modified Duration measures a bond's sensitivity to interest rate changes that reflects the change in a bond's price given a change in yield. Spread Duration measures a bond's price sensitivity to a 100 basis point change to its option-adjusted spread. As the rate of the Treasury security in the option-adjusted spread increases, the rate of the option-adjusted spread also increases. Years to Maturity is the period of time for which a financial instrument remains outstanding. Maturity refers to a finite time period at the end of which the financial instrument will cease to exist and the principal is repaid. Coupon is measured by weighting the coupon of each bond by its relative size in the portfolio. Coupons are fixed percentages paid on a fixed-income security on an annual basis. Averages are market weighted. The Coupon and Yield to Worst do not represent the performance of the Fund. These statistics do not take into account fees and expenses associated with investments of the Fund.

Trading Information as of 27 May 2022

London
Stock Exchange
USD

Exchange Ticker	EMLC
ISIN	IE00BDS67326
SEDOL	BDRXS19
Bloomberg	EMLC LN

Reuters (RIC)	--
Valor	36453832
Bloomberg iNAV	EMLCUIV
Reuters iNAV	EMLCINAV=SOLA
WKN	A2DQKN

Trading Currency	USD
Last Traded Price	54.82
Day's Move	0.42
Volume	0
30 Day Volume	303
VWAP Volume	0

London
Stock Exchange
GBP

Exchange Ticker	EMGB
ISIN	IE00BDS67326
SEDOL	BYTPF19
Bloomberg	EMGB LN

Reuters (RIC)	--
Valor	36453832
Bloomberg iNAV	EMLCUIV
Reuters iNAV	EMLCINAV=SOLA
WKN	A2DQKN

Trading Currency	GBP
Last Traded Price	43.46
Day's Move	0.25
Volume	0
30 Day Volume	191
VWAP Volume	1

Deutsche
Börse
EUR

Exchange Ticker	EM1C
ISIN	IE00BDS67326
SEDOL	BYPCZ25
Bloomberg	EM1C GY

Reuters (RIC)	--
Valor	36453832
Bloomberg iNAV	EMLCUEIV
Reuters iNAV	EMLCEURINAV=SOLA
WKN	A2DQKN

Trading Currency	EUR
Last Traded Price	51.16
Day's Move	0.44
Volume	6,825
30 Day Volume	2,876
VWAP Volume	6,825

SIX
Swiss Exchange
CHF

Exchange Ticker	EMLC
ISIN	IE00BDS67326
SEDOL	--
Bloomberg	EMLC SE

Reuters (RIC)	--
Valor	36453832
Bloomberg iNAV	EMLCUIV
Reuters iNAV	EMLCINAV=SOLA
WKN	A2DQKN

Trading Currency	CHF
Last Traded Price	52.19
Day's Move	0.03
Volume	0
30 Day Volume	89
VWAP Volume	14

Borsa
Italiana
EUR

Exchange Ticker	EMLC
ISIN	IE00BDS67326
SEDOL	--
Bloomberg	EMLC IM

Reuters (RIC)	--
Valor	36453832
Bloomberg iNAV	EMLCUEIV
Reuters iNAV	EMLCEURINAV=SOLA
WKN	A2DQKN

Trading Currency	EUR
Last Traded Price	51.17
Day's Move	0.49
Volume	0
30 Day Volume	102
VWAP Volume	0

NAVs as of 27 May 2022

	Base Currency	NAV	Daily Change NAV	YTD Change NAV	NAV Price History	Total Expense Ratio
EMLC	USD	$54.72	$0.34 / +0.62%	-8.90%		0.30

Performance History* (%)

View All ETFs View All Indices

Month End as of 30 Apr 2022
Quarter End as of 31 Mar 2022
Calendar Year as of 31 Dec 2021

Month End as of 30 Apr 2022	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	ETF INCEPTION
ETF (NAV)	-5.45	-10.21	-9.99	-14.67	-3.80	-2.30	--	-2.04
GBIEMCOR (Index)	-5.48	-10.52	-10.28	-14.70	-3.23	-1.65	-1.36	-1.37
Performance Differential (NAV - Index)	0.03	0.31	0.29	0.03	-0.57	-0.65	--	-0.67

Quarter End as of 31 Mar 2022	1 MO*	3 MO*	YTD*	1 YR	3 YR	5 YR	10 YR	ETF INCEPTION
ETF (NAV)	-1.94	-4.80	-4.80	-7.76	-1.97	--	--	-0.96
GBIEMCOR (Index)	-1.53	-5.07	-5.07	-7.78	-1.48	-0.30	-0.70	-0.27
Performance Differential (NAV - Index)	-0.41	0.27	0.27	0.02	-0.49	--	--	-0.69

Calendar Year as of 31 Dec 2021	2017	2018	2019	2020	2021
ETF (NAV)	--	-7.85	9.27	2.66	-9.68
GBIEMCOR (Index)	14.66	-6.90	10.14	3.46	-9.23

ETF returns not available if there is less than one year’s performance data.

*Periods greater than one year are annualised.

Performance quoted represents past performance. Current performance may be lower or higher than average annual returns shown. Discrete performance shows 12 month performance to the most recent Quarter end for each of the last 5yrs where available. E.g. '1st year' shows the most recent of these 12-month periods and '2nd year' shows the previous 12 month period and so on.

Performance data for VanEck ETFs is displayed on a Net Asset Value basis, in Base Currency terms, with net income reinvested, net of fees. Brokerage or transaction fees will apply.

Market Makers

Société Générale S.A.

Authorised Participants

Registered Countries

Top 10 Holdings (%) as of 30 Apr 2022 View All Holdings »

Total Holdings: 311

Holding Name	Coupon	Maturity	Composite Rating	Country	Currency	% of Net Assets
BRAZIL LETRAS DO TESOURO NACIONAL	0.000	01 Jan 2024	BB-	Brazil	BRL	2.3395
BRAZIL LETRAS DO TESOURO NACIONAL	0.000	01 Jul 2023	BB-	Brazil	BRL	1.7092
REPUBLIC OF SOUTH AFRICA GOVERNMENT BON	10.500	21 Dec 2026	BB	South Africa	ZAR	1.4438
BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01 Jan 2023	BB-	Brazil	BRL	1.3115
BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01 Jan 2025	BB-	Brazil	BRL	1.2303
PHILIPPINE GOVERNMENT INTERNATIONAL BON	6.250	14 Jan 2036	BBB	Philippines	PHP	1.1901
BRAZIL NOTAS DO TESOURO NACIONAL SERIE	10.000	01 Jan 2027	BB-	Brazil	BRL	1.1008
REPUBLIC OF SOUTH AFRICA GOVERNMENT BON	8.000	31 Jan 2030	BB	South Africa	ZAR	1.0250
MEXICAN BONOS	5.750	05 Mar 2026	BBB	Mexico	MXN	1.0037
URUGUAY GOVERNMENT INTERNATIONAL BOND	8.250	21 May 2031	BBB	Uruguay	UYU	0.9758
Top 10 Total (%)						13.32

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

Country Weightings (%) as of 30 Apr 2022

Country
% of Net Assets
■
China
9.85
■
Brazil
9.80
■
Indonesia
9.69
■
Mexico
8.25
■
South Africa
7.77
■
Thailand
6.82
■
Malaysia
6.66
■
Poland
5.06
■
Colombia
4.40
■
Other/Cash
31.70

Currency Exposure (%)

as of 30 Apr 2022

Chinese Renminbi
9.85
Brazilian Real
9.80
Indonesian Rupiah
9.69
Mexican Peso
8.25
South African Rand
7.77
Thailand Baht
6.82
Malaysian Ringgit
6.66
Polish Zloty
5.06
Colombian Peso
4.40
Czech Koruna
4.16
Romanian Leu
3.53
Hungarian Forint
3.42
Turkish Lira
3.36
Peruvian New Sol
3.31
Egyptian Pound
3.03
Chilean Peso
2.96
Dominican Rep. Peso
1.62
Uruguay Peso
1.59
Serbian Dinar
1.55
Philippines Peso
1.53
Russian Ruble
0.15
Other/Cash
1.48

Sector Weightings (%) as of 30 Apr 2022

Sector
% of Net Assets
■
Government Activity
97.8
■
Financials
0.8
■
Other/Cash
1.5

Credit Quality (%)^† as of 30 Apr 2022

Composite		% of Net Assets
Investment Grade	AA	3.83
	A	24.85
	BBB	40.74
Non-Investment Grade	BB	21.98
	B	6.47
Total Investment Grade	--	69.42
Total Non-Investment Grade	--	28.46
Not Rated	--	1.96

Maturity (%) as of 30 Apr 2022

Average Maturity: 6.93 Years

Emerging Markets

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EMLCVanEck J.P. Morgan EM Local Currency Bond UCITS ETF