EMLCVanEck J.P. Morgan EM Local Currency Bond ETF
Fund Description
The VanEck 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 -
Inception Date
07/22/2010 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
GBIEMCOR -
Index Rebalancing
Monthly -
2022 Preliminary NAIC Designation7
3.A
as of 07/01/22
-
30-Day SEC Yield1
7.09% -
Total Net Assets
$3.0B -
Number of Holdings
347 -
Options
Available -
Gross Expense Ratio2
0.31% -
Net Expense Ratio/TER2
0.30% -
Distribution Frequency
Monthly -
Next Distribution Date
07/29/2022
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 07/01/22
-
30-Day SEC Yield1
7.09% -
Distribution Yield1
5.98% -
12-Month Yield1
6.34%
Fees and Expenses2
-
Management Fee
0.27% -
Other Expenses
0.04% -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.31% -
Fee Waivers and
-0.01%
Expense Reimbursement -
Net Expense Ratio/TER2
0.30%
2Expenses for EMLC are capped contractually at 0.30% until September 1, 2022. 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
123,222,682 -
Estimated Cash
EMLCEU -
Total Cash
EMLCTC -
CUSIP
92189H300 -
ISIN
US92189H3003
Fundamentals4 as of 07/01/22
-
Yield to Worst
7.84% -
Yield to Maturity
7.93% -
Effective Duration (yrs)
4.74 -
Years to Maturity
6.97 -
Modified Duration (yrs)
4.83 -
Coupon
5.49%
Investment Professionals
Fran Rodilosso
- Head of Fixed Income ETF Portfolio Management
- 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
Daniel Cho
- Associate Portfolio Manager 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
Stephanie Wang
- Associate Portfolio Manager for Fixed Income ETFs
- Joined VanEck in 2016
- MS, Financial Engineering, Baruch College
- BBA, Finance, Baruch College
Jared Model
- Senior Trader, Portfolio Analyst 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
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) | 1.22 | -6.13 | -8.73 | -15.34 | -3.05 | -2.15 | -1.05 | -0.44 |
EMLC (Share Price) | 1.38 | -4.50 | -8.84 | -15.43 | -3.04 | -2.15 | -1.03 | -0.44 |
GBIEMCOR (Index) | 1.32 | -5.70 | -9.09 | -15.63 | -2.76 | -1.76 | -0.50 | 0.18 |
Performance Differential (NAV - Index) | -0.10 | -0.43 | 0.36 | 0.29 | -0.29 | -0.39 | -0.55 | -0.62 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 07/22/10 |
|
---|---|---|---|---|---|---|---|---|
EMLC (NAV) | -1.92 | -4.64 | -4.64 | -7.64 | -1.74 | -0.70 | -1.27 | -0.07 |
EMLC (Share Price) | -0.28 | -4.82 | -4.82 | -7.52 | -1.63 | -0.73 | -1.32 | -0.07 |
GBIEMCOR (Index) | -1.53 | -5.07 | -5.07 | -7.78 | -1.48 | -0.30 | -0.70 | 0.55 |
Performance Differential (NAV - Index) | -0.39 | 0.43 | 0.43 | 0.14 | -0.26 | -0.40 | -0.57 | -0.62 |
Top 10 Holdings (%) as of 05/31/22 Daily Holdings
to view
full data
Holding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
Brazil Letras Do Tesouro Nacional |
0.000 |
01/01/2024 |
Brazil |
BRL |
2.39 |
Brazil Letras Do Tesouro Nacional |
0.000 |
07/01/2023 |
Brazil |
BRL |
1.77 |
Brazil Notas Do Tesouro Nacional Serie |
10.000 |
01/01/2023 |
Brazil |
BRL |
1.36 |
Brazil Notas Do Tesouro Nacional Serie |
10.000 |
01/01/2025 |
Brazil |
BRL |
1.29 |
Philippine Government International Bon |
6.250 |
01/14/2036 |
Philippines |
PHP |
1.23 |
Brazil Notas Do Tesouro Nacional Serie |
10.000 |
01/01/2027 |
Brazil |
BRL |
1.13 |
Republic Of South Africa Government Bon |
8.000 |
01/31/2030 |
South Africa |
ZAR |
1.03 |
Republic Of South Africa Government Bon |
8.750 |
02/28/2048 |
South Africa |
ZAR |
0.95 |
Mexican Bonos |
5.750 |
03/05/2026 |
Mexico |
MXN |
0.86 |
Republic Of South Africa Government Bon |
10.500 |
12/21/2026 |
South Africa |
ZAR |
0.82 |
Top 10 Total (%) | 12.82 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%) as of 05/31/22
-
Country
% of Net Assets -
■
Brazil
10.23 -
■
China
10.06 -
■
Indonesia
9.37 -
■
South Africa
7.32 -
■
Malaysia
7.11 -
■
Thailand
7.06 -
■
Mexico
6.44 -
■
Poland
4.64 -
■
Colombia
4.55 -
■
Czech Republic
4.36 -
■
Romania
3.74 -
■
Hungary
3.63 -
■
Peru
3.51 -
■
Chile
3.44 -
■
Supra-National
3.10 -
■
Egypt
2.92 -
■
Turkey
2.50 -
■
Dominican Repb.
1.23 -
■
Uruguay
1.23 -
■
Philippines
1.23 -
■
Serbia
1.16 -
■
United States
0.58 -
■
United Kingdom
0.19 -
■
Germany
0.00 -
■
Other/Cash
0.42
Currency Exposure (%)
as of 05/31/22
-
Brazilian Real
10.25 -
Indonesian Rupiah
9.76 -
Chinese Renminbi
9.73 -
Mexican Peso
8.61 -
South African Rand
7.81 -
Malaysian Ringgit
7.11 -
Thailand Baht
7.06 -
Polish Zloty
5.61 -
Colombian Peso
4.55 -
Czech Koruna
4.36 -
Romanian Leu
3.74 -
Hungarian Forint
3.63 -
Peruvian New Sol
3.51 -
Chilean Peso
3.44 -
Egyptian Pound
2.92 -
Turkish Lira
2.64 -
Philippines Peso
1.25 -
Dominican Rep. Peso
1.23 -
Uruguay Peso
1.23 -
Serbian Dinar
1.16 -
Other/Cash
0.42
Sector Weightings (%) as of 05/31/22
-
Sector
% of Net Assets -
■
Government Activity
94.3 -
■
Financials
4.8 -
■
Industrials
0.2 -
■
Utilities
0.2 -
■
Energy
0.0 -
■
Other/Cash
0.4
Credit Quality (%)† as of 05/31/22
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 4.21 |
AA | 4.30 | |
A | 24.93 | |
BBB | 38.22 | |
Non-Investment Grade | BB | 21.17 |
B | 5.44 | |
CCC | 0.08 | |
Total Investment Grade | -- | 71.66 |
Total Non-Investment Grade | -- | 26.69 |
Not Rated | -- | 1.65 |
Maturity (%) as of 05/31/22
Average Portfolio Maturity: 6.91 Years