CBONVanEck China Bond ETF
Fund Description
The VanEck China Bond ETF (CBON®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index (CHQU01TR), which is comprised of fixed-rate, Renminbi ("RMB")-denominated bonds issued in the People's Republic of China by Chinese credit, governmental and quasi-governmental (e.g., policy banks) issuers.
-
Fund Ticker
CBON -
Exchange
NYSE Arca -
Inception Date
11/10/2014 -
ETF Structure
Physical -
Administrator
Van Eck Associates -
Index Ticker
CHQU01TR -
Index Rebalancing
Monthly
as of 03/27/23
-
30-Day SEC Yield1
2.45% -
Total Net Assets
$45.6M -
Number of Holdings
73 -
Options
No -
Gross Expense Ratio2
0.52% -
Net Expense Ratio/TER2
0.51% -
Distribution Frequency
Monthly -
Next Distribution Date
03/31/2023
Key Documents and Links
Fund Highlights
- Access to the world's second largest bond market
- High credit quality, including corporate issuers rated AAA by local rating agencies
- Low correlation to other asset classes*
* Source: FactSet and ICE Data Indices, LLC.
Yield as of 03/27/23
-
30-Day SEC Yield1
2.45% -
Distribution Yield1
2.00% -
12-Month Yield1
2.38%
Fees and Expenses2
-
Management Fee
0.40% -
Other Expenses
0.12% -
Acquired Fund Fees and Expenses
-- -
Gross Expense Ratio
0.52% -
Fee Waivers and
-0.01%
Expense Reimbursement -
Net Expense Ratio/TER2
0.51%
2 Expenses for CBON are capped contractually at 0.50% until September 1, 2023. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.
Trading Information
-
Fund Ticker
CBON -
Index Total Return Ticker
CHQU01TR -
NAV
CBONNV -
Intraday NAV (IIV)5
CBONIV -
Shares Outstanding
2,000,000 -
Estimated Cash
CBONEU -
Total Cash
CBONTC -
CUSIP
92189F379 -
ISIN
US92189F3799
Fundamentals4 as of 03/27/23
-
Yield to Maturity
2.97% -
Coupon
3.32% -
Modified Duration (yrs)
3.79 -
Years to Maturity
4.41
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 11/10/14 |
|
---|---|---|---|---|---|---|---|---|
CBON (NAV) | -2.57 | 2.39 | -0.01 | -7.08 | 3.14 | 2.06 | -- | 1.83 |
CBON (Share Price) | -3.04 | 2.37 | 0.27 | -8.89 | 2.56 | 1.82 | -- | 1.62 |
CHQU01TR(Index) | -2.42 | 2.60 | 0.13 | -6.57 | 3.43 | 2.97 | -- | 2.69 |
Performance Differential (NAV - Index) | -0.15 | -0.21 | -0.14 | -0.51 | -0.29 | -0.91 | -- | -0.86 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 11/10/14 |
|
---|---|---|---|---|---|---|---|---|
CBON (NAV) | 2.40 | 2.86 | -6.01 | -6.01 | 3.56 | 2.92 | -- | 1.87 |
CBON (Share Price) | 2.09 | 1.56 | -7.99 | -7.99 | 3.07 | 2.74 | -- | 1.62 |
CHQU01TR(Index) | 2.47 | 2.73 | -5.52 | -5.52 | 4.05 | 3.78 | -- | 2.73 |
Performance Differential (NAV - Index) | -0.07 | 0.13 | -0.49 | -0.49 | -0.49 | -0.86 | -- | -0.86 |
Top 10 Holdings (%) as of 02/28/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
China State Railway Group Co Ltd |
3.450
|
07/25/2024 |
China
|
CNY
|
4.69 |
China Cinda Asset Management Co Ltd |
4.750
|
04/14/2027 |
China
|
CNY
|
3.29 |
Yankuang Energy Group Co Ltd |
3.430
|
03/12/2025 |
China
|
CNY
|
3.15 |
Guangdong Guangxin Holdings Group Ltd |
3.370
|
03/11/2025 |
China
|
CNY
|
3.15 |
Shanghai Pudong Development Group Co Lt |
3.520
|
04/21/2026 |
China
|
CNY
|
3.15 |
Beijing Public Housing Center Co Ltd |
3.190
|
04/16/2040 |
China
|
CNY
|
3.13 |
Shandong Lucion Investment Holdings Gro |
3.850
|
01/07/2026 |
China
|
CNY
|
3.07 |
Zijin Mining Group Co Ltd |
3.510
|
02/21/2025 |
China
|
CNY
|
3.06 |
Beijing Haidian State-Owned Assets Oper |
3.700
|
10/24/2024 |
China
|
CNY
|
3.06 |
Nanjing Yangzi State-Owned Investment G |
3.630
|
10/21/2024 |
China
|
CNY
|
2.75 |
Top 10 Total (%) | 32.49 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%)
as of 02/28/23
Country | % of Net Assets |
---|---|
● China | 94.75 |
● Other/Cash | 5.25 |
Currency Exposure (%) as of 02/28/23
Chinese Renminbi | 94.75 |
Other/Cash | 5.25 |
Sector Weightings (%)
as of 02/28/23
Sector | % of Net Assets |
---|---|
● Financials | 42.28 |
● Government Activity | 18.64 |
● Industrials | 12.20 |
● Basic Materials | 7.46 |
● Utilities | 5.12 |
● Energy | 4.23 |
● Real Estate | 3.29 |
● Consumer Cyclicals | 1.53 |
● Other/Cash | 5.25 |
Maturity (%)
as of 02/28/23
Average Portfolio Maturity: 4.43 Years