Emerging Markets Bonds

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Related Funds

EMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF

HYEM
VanEck Vectors Emerging Markets High Yield Bond ETF

EMBAX
Emerging Markets Bond Fund - Class A

GBFAX
Emerging Markets Fund - Class A

EMAG
VanEck Vectors Emerging Markets Aggregate Bond ETF

Fund Description

The VanEck Vectors^® Emerging Markets Aggregate Bond ETF (EMAG^®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS^® EM Aggregate Bond Index (MVEMAG), which is comprised of sovereign bonds and corporate bonds denominated in U.S. dollars, Euros or local emerging markets currencies, and includes both investment grade and below investment grade rated securities.

Fund Ticker
EMAG
Exchange
NYSE Arca
ETF Structure
Physical
Administrator
Van Eck Associates
Custodian
State Street Bank and Trust Company
Index Ticker
MVEMAG

^†Effective December 10, 2013, VanEck Vectors® LatAm Aggregate Bond ETF (BONO) changed its underlying index and changed its name to VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG). See details below.

as of 04/19/21

30-Day SEC Yield¹
3.41%
Total Net Assets
$15.7M
Number of Holdings
314
Options
Expected
Gross Expense Ratio²
1.49%
Net Expense Ratio/TER²
0.35%
Distribution Frequency
Monthly

Schedule a Call

Morningstar™ Ratings³
as of 03/31/2021

Category	Overall	3 Year	5 Year
Emerging Markets Bond	3 stars of 241 funds	3 stars of 241 funds	3 stars of 192 funds

Key Points

Single trade access to the comprehensive universe of emerging markets bonds

Diversified by currency, sector, country and credit quality

Blended strategy provides exposure to the higher yield potential of local rates, while limiting the volatility associated with emerging markets currencies

Yield
as of 04/19/21

30-Day SEC Yield¹
3.41%
Distribution Yield¹
4.46%
12-Month Yield¹
4.22%

¹ See Important Disclosure for definitions.

Fees & Expenses²

Management Fee
0.35%
Other Expenses
1.14%
Acquired Fund Fees and Expenses
--
Gross Expense Ratio
1.49%
Fee Waivers and
Expense Reimbursement
-1.14%
Net Expense Ratio/TER²
0.35%

²Expenses for EMAG are capped contractually at 0.35% until September 1, 2021. Cap excludes acquired fund fees and expenses, interest expense, trading expenses, taxes and extraordinary expenses.

Trading Information

Fund Ticker
EMAG
Index Total Return Ticker
MVEMAG
NAV
EMAGNV
Intraday NAV (IIV)⁵
EMAGIV
Shares Outstanding
750,000
Estimated Cash
EMAGEU
Total Cash
EMAGTC
CUSIP
92189F478
ISIN
US92189F4789

⁵See IIV Details. Source: Bloomberg

Fundamentals⁴
as of 04/19/21

Yield to Worst
3.56%
Yield to Maturity
3.60%
Effective Duration (yrs)
5.59
Years to Maturity
8.54
Modified Duration (yrs)
5.89
Coupon
5.49%

⁴ See Important Disclosure for definitions.

Investment Professionals

Francis G. Rodilosso, CFA

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

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

Associate Portfolio Manager for Fixed Income ETFs
Joined VanEck in 2016
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

Prices as of 04/19/21

	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
EMAG	$20.93 $20.86	1,365 9,779	$0.09 / +0.41% $0.01 / +0.02%	-2.81% -3.75%	$-0.07 -0.34%			2.19%

Premium/Discount History as of 04/19/21

		Calendar Year 2020	2Q 2020	3Q 2020	4Q 2020	1Q 2021
	Days closed at a premium	79	11	26	16	56
EMAG	Days closed at NAV	10	0	5	1	2
	Days closed at a discount	164	52	33	47	3

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

Month End as of 03/31/21
Quarter End as of 03/31/21

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/11/11**
EMAG (NAV)	-2.05	-4.64	-4.64	12.90	2.59	3.85	--	2.63
EMAG (Share Price)	-1.77	-4.82	-4.82	13.02	2.71	4.40	--	2.70
MVEMAG (Index)**	-2.00	-4.93	-4.93	15.02	3.59	5.04	--	3.86
Performance Differential (NAV - Index)	-0.05	0.29	0.29	-2.12	-1.00	-1.19	--	-1.23

	1 MO	3 MO	YTD	1 YR	3 YR	5 YR	10 YR	LIFE 05/11/11
EMAG (NAV)	-2.05	-4.64	-4.64	12.90	2.59	3.85	--	2.63
EMAG (Share Price)	-1.77	-4.82	-4.82	13.02	2.71	4.40	--	2.70
MVEMAG (Index)**	-2.00	-4.93	-4.93	15.02	3.59	5.04	--	3.86
Performance Differential (NAV - Index)	-0.05	0.29	0.29	-2.12	-1.00	-1.19	--	-1.23

*Returns less than one year are not annualized.

The Fund’s investment objective changed to seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS EM Aggregate Bond Index (MVEMAG), from seeking to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch Broad Latin America Bond Index (LATS). Performance data prior to December 10, 2013, reflects that of BONO and LATS. Performance data from December 10, 2013, and on, reflects that of EMAG and MVEMAG. Performance history which includes periods prior to December 10, 2013 reflects a blend of the performance of EMAG and BONO and MVEMAG and LATS and is not intended for third party use.

The "After Tax Held" represents total return after taxes on distributions and assumes shares have not been sold. "After Tax Sold" represents total return after taxes on distributions and the sale of Fund shares. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. After-tax returns are based on NAV.

Top 10 Holdings (%) as of 03/31/21 Daily Holdings

Total Holdings: 314

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full data

	Holding Name	Coupon	Maturity	Country^†	Currency	% of Net Assets
	HUARONG FINANCE II CO LTD	5.500	01/16/2025	China	USD	1.44
	SWIRE PACIFIC MTN FINANCING LTD	4.500	10/09/2023	United Kingdom	USD	1.43
	RELIANCE INDUSTRIES LTD	4.125	01/28/2025	India	USD	1.42
	SAUDI GOVERNMENT INTERNATIONAL BOND	3.250	10/26/2026	Saudi Arabia	USD	1.41
	AMERICA MOVIL SAB DE CV	6.125	03/30/2040	Mexico	USD	1.10
	INDONESIA GOVERNMENT INTERNATIONAL BOND	8.500	10/12/2035	Indonesia	USD	1.04
	MDGH - GMTN BV	3.700	11/07/2049	Uae	USD	1.01
	CK HUTCHISON CAPITAL SECURITIES 17 LTD	4.000	05/12/2169	United Kingdom	USD	1.00
	QATAR GOVERNMENT INTERNATIONAL BOND	6.400	01/20/2040	Qatar	USD	0.93
	PETROLEOS MEXICANOS	5.500	02/24/2025	Mexico	EUR	0.91
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. These are not recommendations to buy or to sell any security. Securities and holdings may vary.

Country Weightings (%) as of 03/31/21

Country
% of Net Assets
■
Mexico
9.75
■
Brazil
8.00
■
Indonesia
7.40
■
Russia
5.40
■
China
4.77
■
South Africa
4.76
■
Malaysia
4.61
■
Uae
4.21
■
Thailand
3.79
■
Israel
3.73
■
Turkey
3.33
■
Colombia
3.33
■
Chile
3.18
■
Saudi Arabia
3.00
■
Peru
2.98
■
Poland
2.86
■
India
2.50
■
United Kingdom
2.44
■
Romania
2.30
■
Qatar
1.93
■
Other/Cash
15.74

Currency Exposure (%)

as of 03/31/21

U.S. Dollar
55.85
Euro
6.00
Mexican Peso
3.90
Malaysian Ringgit
3.83
Brazilian Real
3.82
Thailand Baht
3.79
Indonesian Rupiah
3.72
South African Rand
3.17
Polish Zloty
2.86
Russian Ruble
2.50
Israeli Shekel
1.94
Colombian Peso
1.65
Peruvian New Sol
1.34
Czech Koruna
1.24
Hungarian Forint
1.19
Romanian Leu
1.07
Chilean Peso
0.72
Turkish Lira
0.54
Nigeria Naira
0.33
Uruguay Peso
0.10
Chinese Renminbi
0.10
Other/Cash
0.34

Sector Weightings (%) as of 03/31/21

Sector
% of Net Assets
■
Government Activity
62.3
■
Financials
13.8
■
Energy
8.0
■
Basic Materials
4.7
■
Utilities
3.2
■
Technology
2.9
■
Industrials
2.3
■
Real Estate
1.4
■
Healthcare
1.0
■
Other/Cash
0.3

Credit Quality (%) as of 03/31/21

Composite		% of Net Assets
Investment Grade	AA	6.08
	A	17.61
	BBB	48.53
Non-Investment Grade	BB	16.12
	B	6.78
	CCC	1.23
	CC	0.06
	D	0.33
Total Investment Grade	--	72.22
Total Non-Investment Grade	--	24.52
Not Rated	--	3.26

Source: Bloomberg. Rating is a proprietary composite of various rating agencies. A bond must be rated by two or more rating agencies to receive a composite rating; otherwise it is classified as Not Rated.

Maturity (%) as of 03/31/21

Average Portfolio Maturity: 8.51 Years