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CBON
VanEck China Bond ETF

Market Updates*

  • The yield pickup provided by China onshore bonds versus U.S. bonds remains attractive relative to historical averages.
  • CNY has appreciated over the past year, driven by subdued monetary and fiscal policies relative to other global economies and the country’s impressive economic recovery.
  • Foreign interest in onshore bonds continues to increase, driven by their attractive yield and diversification potential, with inflows expected to continue as onshore bonds are gradually included in global bond indexes.

Source: Bloomberg

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

  • ETF Structure

    Physical

  • Administrator

    Van Eck Associates

  • Custodian

    State Street Bank and Trust Company

  • Index Ticker

    CHQU01TR

  • Index Rebalancing

    Monthly

 
as of 09/22/21

  • 30-Day SEC Yield1

    2.50%

  • Total Net Assets

    $119.3M

  • Number of Holdings

    88

  • Options

    Expected

  • Gross Expense Ratio2

    0.68%

  • Net Expense Ratio/TER2

    0.50%

  • Distribution Frequency

    Monthly
Schedule a Call
How to Buy

Morningstar™ Ratings3
as of 08/31/2021

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
5 stars of 73 funds
5 stars of 73 funds
5 stars of 69 funds

Key Points

  • Yield Premium
    Attractive yield pickup over developed markets bonds

  • Portfolio Diversifier
    RMB denominated bonds have historically exhibited low correlation to other asset classes*

  • Access to the world’s second largest bond market
    Broad exposure to bonds issued by the central government, policy banks and corporations
* Source: FactSet and ICE Data Indices, LLC.

Yields
as of 09/22/21

  • 30-Day SEC Yield1

    2.50%

  • Distribution Yield1

    2.90%

  • 12-Month Yield1

    2.65%
 1 See Important Disclosure for definitions.

Fees & Expenses2

  • Management Fee

    0.40%

  • Other Expenses

    0.28%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.68%

  • Fee Waivers and
    Expense Reimbursement

    -0.18%

  • Net Expense Ratio/TER2

    0.50%
2Van Eck Associates Corporation (the “Adviser”) will pay all expenses of the Fund, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, 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

    4,900,000

  • Estimated Cash

    CBONEU

  • Total Cash

    CBONTC

  • CUSIP

    92189F379

  • ISIN

    US92189F3799
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 09/22/21

  • Yield to Maturity

    3.12%

  • Coupon

    3.56%

  • Modified Duration (yrs)

    3.64

  • Years to Maturity

    6.45
 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 09/22/21

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
CBON $24.34
$24.28		 38,599
159,127		 $0.10 / +0.42%
$0.16 / +0.66%		 +3.62%
+3.13%
 $-0.06
-0.24%		 0.12%

Premium/Discount History as of 09/22/21

Calendar Year 2020 3Q 2020 4Q 2020 1Q 2021 2Q 2021 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 186 64 62 45 33
CBON Days closed at NAV 1 0 1 1 3
Days closed at a discount 66 0 1 15 27


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
11/10/14
CBON (NAV) 0.52 0.15 3.76 10.98 6.17 3.87 -- 2.80
CBON (Share Price) 0.62 -0.17 3.59 10.45 6.40 4.13 -- 2.82
CHQU01TR (Index) 0.51 0.44 4.52 11.60 7.02 4.56 -- 3.71
Performance Differential (NAV - Index) 0.01 -0.29 -0.76 -0.62 -0.85 -0.69 -- -0.91
1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
11/10/14
CBON (NAV) -1.26 2.62 2.30 12.67 5.08 3.68 -- 2.65
CBON (Share Price) -2.02 2.15 1.67 11.42 5.16 3.85 -- 2.60
CHQU01TR (Index) -1.23 2.91 2.79 12.63 5.85 4.44 -- 3.55
Performance Differential (NAV - Index) -0.03 -0.29 -0.49 0.04 -0.77 -0.76 -- -0.90

*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. As of October 31, 2018, index data for the ChinaBond China High Quality Bond Index (the “Index”) for all periods presented reflect the CHQU01TR stream of the Index which is denominated in USD and converted by the index provider using the “offshore” Renminbi (CNH) exchange rate. 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 08/31/21 Daily Holdings

Total Holdings: 88
Swipe
to view
full data
Holding Name
Coupon
Maturity
Country†
Currency
% of Net
Assets
CHINA GOVERNMENT BOND
3.400
04/17/2023
China
CNY
9.99
CHINA DEVELOPMENT BANK
3.870
08/01/2023
China
CNY
5.65
CHINA GOVERNMENT BOND
3.270
08/22/2046
China
CNY
4.41
BEIJING STATE-OWNED CAPITAL OPERATION A
3.850
01/14/2024
China
CNY
3.52
CHINA DEVELOPMENT BANK
4.590
08/01/2038
China
CNY
3.16
CHINA DEVELOPMENT BANK
3.390
02/03/2027
China
CNY
2.93
YANZHOU COAL MINING CO LTD
3.430
03/12/2025
China
CNY
2.74
SHANDONG HI-SPEED GROUP CO LTD
4.000
10/21/2024
China
CNY
2.43
SHENWAN HONGYUAN GROUP CO LTD
4.800
07/17/2023
China
CNY
2.11
GUANGZHOU ASSET MANAGEMENT CO LTD
3.790
01/22/2024
China
CNY
2.10
Top 10 Total (%) 39.04

These are not recommendations to buy or to sell any security. Securities and holdings may vary.

†See Country of Risk disclosure. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 08/31/21

  • Country

    % of Net Assets
  • ■

    China

    95.42
  • ■

    Other/Cash

    4.58

Currency Exposure (%)
as of 08/31/21

  • Chinese Renminbi

    95.42

  • Other/Cash

    4.58

Sector Weightings (%) as of 08/31/21

  • Sector

    % of Net Assets
  • ■

    Financials

    37.4
  • ■

    Government Activity

    17.2
  • ■

    Utilities

    9.8
  • ■

    Industrials

    9.3
  • ■

    Basic Materials

    8.7
  • ■

    Consumer Cyclicals

    5.2
  • ■

    Energy

    4.3
  • ■

    Real Estate

    2.7
  • ■

    Technology

    1.0
  • ■

    Other/Cash

    4.6

Maturity (%) as of 08/31/21

 Average Portfolio Maturity: 6.44 Years