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EMLC
VanEck 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 05/26/23

  • 30-Day SEC Yield1

    6.81%
  • Total Net Assets

    $3.3B
  • Number of Holdings

    374
  • Options

    Available
  • Gross Expense Ratio2

    0.32%
  • Net Expense Ratio/TER2

    0.30%
  • Distribution Frequency

    Monthly
  • Next Distribution Date

    05/31/2023

Fund Highlights

    • 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 05/26/23

  • 30-Day SEC Yield1

    6.81%
  • Distribution Yield1

    5.90%
  • 12-Month Yield1

    5.67%

Fees and Expenses2

  • Management Fee

    0.27%
  • Other Expenses

    0.05%
  • Acquired Fund Fees and Expenses

    --
  • Gross Expense Ratio

    0.32%
  • Fee Waivers and
    Expense Reimbursement

    -0.02%
  • Net Expense Ratio/TER2

    0.30%

Expenses for EMLC are capped contractually at 0.30% until September 1, 2023. 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

    130,822,682
  • Estimated Cash

    EMLCEU
  • Total Cash

    EMLCTC
  • CUSIP

    92189H300
  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4 as of 05/26/23

  • Yield to Worst

    7.36
  • Yield to Maturity

    7.46
  • Effective Duration (yrs)

    4.75
  • Years to Maturity

    6.88
  • Modified Duration (yrs)

    4.80
  • Coupon

    5.49
 4See Important Disclosure for definitions.

Investment Professionals

  • 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
  • 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
  • Deputy Portfolio Manager for non-taxable Fixed Income ETFs
  • Oversees quantitative analysis and optimization processes for the fixed income ETFs
  • Joined VanEck in 2016
  • Prior to her current positions, served as quantitative analyst
  • CFA charter holder; member of CFA Society New York
  • MS, Financial Engineering, Baruch College; BBA, Finance, Baruch College
  • 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

Prices as of 05/26/23

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
EMLC $25.02
$25.08
1,584,605
1,174,548
$0.04 / +0.15%
$0.15 / +0.60%
+5.04%
+5.51%
$0.06
0.25%
0.04%

Premium/Discount History as of 05/26/23

Calendar Year 2022 2Q 2022 3Q 2022 4Q 2022 1Q 2023 Premium/Discount Charts NAV & Prem/Discount History
EMLC Days closed at a premium 116 31 18 32 43
Days closed at NAV 9 3 1 3 4
Days closed at a discount 126 28 45 28 15

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) 0.68 1.73 5.51 5.13 0.04 -2.39 -2.33 -0.11
EMLC (Share Price) 0.55 1.41 5.76 5.34 0.59 -2.32 -2.32 -0.11
GBIEMCOR (Index) 0.76 1.90 5.62 5.73 0.32 -2.01 -1.84 0.50
Performance Differential (NAV - Index) -0.08 -0.17 -0.11 -0.60 -0.28 -0.38 -0.49 -0.61
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 3.70 4.80 4.80 -1.26 0.91 -3.06 -2.11 -0.17
EMLC (Share Price) 3.82 5.18 5.18 -1.04 1.21 -3.12 -2.11 -0.15
GBIEMCOR (Index) 3.82 4.83 4.83 -0.82 1.29 -2.71 -1.60 0.45
Performance Differential (NAV - Index) -0.12 -0.03 -0.03 -0.44 -0.38 -0.35 -0.51 -0.62

Top 10 Holdings (%) as of 04/30/23

Daily Holdings
Total Holdings: 367
Holding Name
Coupon
Maturity
Country
Currency
% of Net
Assets
Brazil Letras Do Tesouro Nacional
0.000
01/01/2024
Brazil
BRL
2.30
Philippine Government International Bon
6.250
01/14/2036
Philippines
PHP
1.23
Brazil Letras Do Tesouro Nacional
0.000
01/01/2026
Brazil
BRL
1.20
Brazil Notas Do Tesouro Nacional Serie
9.762
01/01/2027
Brazil
BRL
1.04
Mexican Bonos
7.750
05/29/2031
Mexico
MXN
1.03
Brazil Notas Do Tesouro Nacional Serie
9.762
01/01/2025
Brazil
BRL
0.97
Republic Of South Africa Government Bon
8.000
01/31/2030
South Africa
ZAR
0.86
Brazil Letras Do Tesouro Nacional
0.000
07/01/2025
Brazil
BRL
0.82
Republic Of South Africa Government Bon
8.750
02/28/2048
South Africa
ZAR
0.79
Uruguay Government International Bond
8.250
05/21/2031
Uruguay
UYU
0.79
Top 10 Total (%) 11.03
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These are not recommendations to buy or to sell any security. Securities and holdings may vary.

‡See Country of Risk disclosure.

Country Weightings (%)
as of 04/30/23

Country % of Net Assets
China 10.52
Indonesia 9.83
Brazil 8.73
Malaysia 7.65
Thailand 7.28
South Africa 6.10
Mexico 5.69
Poland 5.07
Czech Republic 5.06
Colombia 4.24
Romania 4.21
Hungary 4.17
Peru 3.65
Chile 3.49
Supra-National 3.30
Turkey 2.46
Egypt 1.85
Serbia 1.30
Dominican Republic 1.29
Uruguay 1.29
Philippines 1.26
United States 0.57
United Kingdom 0.44
Luxembourg 0.11
Other/Cash 0.44

Currency Exposure (%) as of 04/30/23

Indonesian Rupiah 10.06
Chinese Renminbi 9.95
Mexican Peso 9.08
Brazilian Real 8.74
Malaysian Ringgit 7.65
Thailand Baht 7.28
South African Rand 6.50
Polish Zloty 5.77
Czech Koruna 5.06
Colombian Peso 4.24
Romanian Leu 4.21
Hungarian Forint 4.17
Peruvian New Sol 3.65
Chilean Peso 3.49
Turkish Lira 2.59
Egyptian Pound 1.94
Serbian Dinar 1.30
Dominican Rep. Peso 1.29
Uruguay Peso 1.29
Philippines Peso 1.28
Other/Cash 0.44

Sector Weightings (%)
as of 04/30/23

Sector % of Net Assets
Government Activity 94.82
Financials 4.49
Utilities 0.15
Industrials 0.05
Energy 0.04
Other/Cash 0.44

Credit Quality (%) as of 04/30/23

Composite % of Net Assets
Investment Grade AAA 4.92
AA 5.08
A 26.11
BBB 39.08
Non-Investment Grade BB 18.77
B 1.71
CCC 0.08
Total Investment Grade -- 75.19
Total Non-Investment Grade -- 20.56
Not Rated -- 4.25
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Maturity (%)
as of 04/30/23

Average Portfolio Maturity: 6.92 Years

Maturity (%)

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