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 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
Key Documents and Links
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
-0.02%
Expense Reimbursement -
Net Expense Ratio/TER2
0.30%
2 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
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
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
- 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
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) | 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 HoldingsHolding 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 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
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 |
Maturity (%)
as of 04/30/23
Average Portfolio Maturity: 6.92 Years