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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

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    GBIEMCOR

  • Index Rebalancing

    Monthly

  • 2021 NAIC Designation7

    3.A

 
as of 01/27/22

  • 30-Day SEC Yield1

    5.70%

  • Total Net Assets

    $3.5B

  • Number of Holdings

    350

  • Options

    Available

  • Gross Expense Ratio2

    0.31%

  • Net Expense Ratio/TER2

    0.30%

  • Distribution Frequency

    Monthly
1,2,7 See Important Disclosure. 
Schedule a Call
Why Invest?
How to Buy

Morningstar™ Ratings3
as of 12/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 73 funds
2 stars of 73 funds
2 stars of 69 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 01/27/22

  • 30-Day SEC Yield1

    5.70%

  • Distribution Yield1

    5.19%

  • 12-Month Yield1

    5.26%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.27%

  • Other Expenses

    0.04%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.31%

  • Fee Waivers and
    Expense Reimbursement

    -0.01%

  • 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

    121,322,682

  • Estimated Cash

    EMLCEU

  • Total Cash

    EMLCTC

  • CUSIP

    92189H300

  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 01/27/22

  • Yield to Worst

    6.45%

  • Yield to Maturity

    6.51%

  • Effective Duration (yrs)

    5.01

  • Years to Maturity

    7.14

  • Modified Duration (yrs)

    5.06

  • Coupon

    5.50%
 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
  • 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
  • Associate Portfolio Manager for Fixed Income ETFs
  • Joined VanEck in 2016
  • 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 01/27/22

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 $28.54
$28.43		 1,731,413
1,337,968		 -$0.10 / -0.34%
$0.02 / +0.07%		 -0.06%
-0.59%
 $-0.11
-0.38%		 0.03%

Premium/Discount History as of 01/27/22

Calendar Year 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 91 14 38 22 28
EMLC Days closed at NAV 6 3 2 5 2
Days closed at a discount 156 44 23 37 34


Performance History: Average Annual Total Returns* (%)
View All ETFs View All Indices

1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 1.10 -3.30 -9.33 -9.33 0.86 1.55 0.03 0.34
EMLC (Share Price) 1.21 -2.95 -9.37 -9.37 0.88 1.54 -0.02 0.36
GBIEMCOR (Index) 1.21 -3.19 -9.23 -9.23 1.13 2.00 0.61 1.03
Performance Differential (NAV - Index) -0.11 -0.11 -0.10 -0.10 -0.27 -0.45 -0.58 -0.69
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) 1.10 -3.30 -9.33 -9.33 0.86 1.55 0.03 0.34
EMLC (Share Price) 1.21 -2.95 -9.37 -9.37 0.88 1.54 -0.02 0.36
GBIEMCOR (Index) 1.21 -3.19 -9.23 -9.23 1.13 2.00 0.61 1.03
Performance Differential (NAV - Index) -0.11 -0.11 -0.10 -0.10 -0.27 -0.45 -0.58 -0.69

*Returns less than one year are not annualized.

The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the ETF incurred all expenses and fees, investment returns would have been reduced. Investment returns and ETF share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. ETF returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV.

The "Net Asset Value" (NAV) of a VanEck Exchange Traded Fund (ETF) is determined at the close of each business day, and represents the dollar 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. VanEck ETF investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 12/31/21 Daily Holdings

Total Holdings: 344
Swipe
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
 2.00
Brazil Letras Do Tesouro Nacional
0.000
 07/01/2023
Brazil
BRL
 1.29
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2023
Brazil
BRL
 1.28
Philippine Government International Bon
6.250
 01/14/2036
Philippines
PHP
 1.20
Uruguay Government International Bond
8.250
 05/21/2031
Uruguay
UYU
 1.13
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2025
Brazil
BRL
 0.99
Mexican Bonos
5.750
 03/05/2026
Mexico
MXN
 0.97
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2027
Brazil
BRL
 0.96
Republic Of South Africa Government Bon
8.000
 01/31/2030
South Africa
ZAR
 0.95
Republic Of South Africa Government Bon
8.750
 02/28/2048
South Africa
ZAR
 0.92
Top 10 Total (%) 11.69

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 12/31/21

  • Country

    % of Net Assets
  • ■

    China

    10.00
  • ■

    Indonesia

    9.63
  • ■

    Brazil

    8.02
  • ■

    Mexico

    6.80
  • ■

    South Africa

    6.77
  • ■

    Thailand

    6.74
  • ■

    Malaysia

    6.60
  • ■

    Russia

    4.87
  • ■

    Poland

    4.69
  • ■

    Czech Republic

    4.39
  • ■

    Colombia

    4.00
  • ■

    Supra-National

    3.79
  • ■

    Hungary

    3.70
  • ■

    Romania

    3.48
  • ■

    Chile

    3.02
  • ■

    Peru

    2.99
  • ■

    Turkey

    2.41
  • ■

    Serbia

    1.96
  • ■

    Uruguay

    1.85
  • ■

    Philippines

    1.85
  • ■

    Dominican Repb.

    1.79
  • ■

    United States

    0.27
  • ■

    United Kingdom

    0.04
  • ■

    Germany

    0.02
  • ■

    Other/Cash

    0.32

Currency Exposure (%)
as of 12/31/21

  • Chinese Renminbi

    10.00

  • Indonesian Rupiah

    9.99

  • Brazilian Real

    8.03

  • Mexican Peso

    7.82

  • South African Rand

    7.25

  • Thailand Baht

    6.74

  • Malaysian Ringgit

    6.60

  • Russian Ruble

    5.75

  • Polish Zloty

    5.74

  • Czech Koruna

    4.39

  • Colombian Peso

    4.00

  • Hungarian Forint

    3.70

  • Romanian Leu

    3.48

  • Chilean Peso

    3.02

  • Peruvian New Sol

    2.99

  • Turkish Lira

    2.78

  • Serbian Dinar

    1.96

  • Uruguay Peso

    1.85

  • Philippines Peso

    1.80

  • Dominican Rep. Peso

    1.79

  • Other/Cash

    0.32

Sector Weightings (%) as of 12/31/21

  • Sector

    % of Net Assets
  • ■

    Government Activity

    94.3
  • ■

    Financials

    5.0
  • ■

    Industrials

    0.2
  • ■

    Utilities

    0.2
  • ■

    Energy

    0.0
  • ■

    Other/Cash

    0.3

Credit Quality (%)† as of 12/31/21

Composite % of Net Assets
Investment Grade AAA 4.20
AA 4.03
A 24.40
BBB 43.67
Non-Investment Grade BB 18.59
B 2.42
CCC 0.08
Total Investment Grade -- 76.29
Total Non-Investment Grade -- 21.09
Not Rated -- 2.62
 

Maturity (%) as of 12/31/21

Average Portfolio Maturity: 7.22 Years