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EMBX VanEck Emerging Markets Bond ETF Please read important disclosure Close important disclosure false

Notice

As of October 6th, 2025, the Fund was converted from a mutual fund into an exchange-traded fund (ETF) through the reorganization of the VanEck Emerging Markets Bond Fund into the VanEck Emerging Markets Bond ETF. Please refer to the press release and FAQ for more information. Please see below for details regarding the performance history of mutual fund as it relates to the ETF conversion.

EMBX
VanEck Emerging Markets Bond ETF

EMBX
VanEck Emerging Markets Bond ETF

  • NAV
    $50.59

    as of December 12, 2025
  • YTD RETURNS
    18.20%

    as of December 12, 2025
  • Total Net Assets
    $93.24M

    as of December 12, 2025
  • Total Expense Ratio
    0.76%
  • Inception Date
    07/09/2012
  • 30-Day SEC Yield
    5.87%

About EMBX

The VanEck Emerging Markets Bond ETF seeks total return, consisting of income and capital appreciation. The ETF is actively managed and can invest in debt securities that are issued by governments, quasi-government entities or corporations in emerging market countries.

Overview

Why EMBX

  • Broad Opportunity Set: Flexibility to invest across sovereigns, corporates, and both hard- and local-currency EM debt
  • Disciplined Process: Applied consistently across all countries, with a robust risk management overlay
  • Experienced & Active: Navigating market and policy shifts requires a high active share approach and established team

Yields  as of  12/12/2025


Distribution Frequency

Monthly


30-Day SEC Yield

5.87%


Distribution Yield

6.06%


12 Month Yield

7.01%

Yield information reflects temporary waivers of expenses and/or fees. Yields would have been reduced had these fees/expenses been included. In the absence of temporary expense waivers or reimbursements, the 30-Day SEC Yield for VanEck Emerging Markets Bond ETF would have been 5.87% on 12/12/25. Distributions may vary from time to time.

Performance

Prices as of 12/12/2025

NAV/
Market
Price
Volume
30-Day Avg./
Last Trading Day
Daily Change
NAV/
Last Price
YTD Change NAV/
Last Price
Premium/
Discount
30-Day
Median
Bid Ask
Spread
NAV
Chart
EMBX $50.59
$50.61
21,000
10,635
$-0.01 / -0.02%
$-0.03 / -0.05%
+18.20%
+18.23%
$0.01
0.03%
0.04%

Fees

Holdings

Daily Holdings (%) as of 12/11/2025

Download XLS Get holdings
Total Holdings: 125
Holding Name % of Net
Assets
Maturity
Identifier (FIGI)
Coupon Asset Class Market Value
Par Value/ Contracts
Country Currency Notional Value
Uae International Government Bond 3.14
10/19/2041
BBG012V391H3
2.875 Bond 2924056.67
3,788,000
United Arab Emirates USD --
Bonos De La Tesoreria De La Republica E 3.12
04/01/2033
BBG01G6YHY27
6.000 Bond 2912355.64
2,525,000,000
Chile CLP --
Mexican Bonos 3.06
11/13/2042
BBG002W625T1
7.750 Bond 2856765.34
59,980,000
Mexico MXN --
Mexican Bonos 2.98
11/07/2047
BBG00G530SR1
8.000 Bond 2776956.52
57,730,000
Mexico MXN --
Republic Of Poland Government Bond 2.52
10/25/2035
BBG01VGZRHS8
5.000 Bond 2345700.34
8,523,000
Poland PLN --
Export-Import Bank Of India 2.07
01/13/2035
BBG01RMFVLD6
5.500 Bond 1926479.79
1,801,000
India USD --
Brazilian Government International Bond 2.02
03/15/2035
BBG01SCFTQR2
6.625 Bond 1882198.02
1,796,000
Brazil USD --
Congolese International Bond 2.01
06/30/2029
BBG0000LKPD0
3.000 Bond 1877300.10
1,953,808
Congo USD --
Brazil Notas Do Tesouro Nacional Serie 1.99
01/01/2027
BBG00BTJ9QT4
9.762 Bond 1858370.33
9,934,000
Brazil BRL --
Peru Government Bond 1.98
08/12/2039
BBG01NCLK700
7.600 Bond 1850434.00
5,484,000
Peru PEN --
Bolivian Government International Bond 1.98
03/20/2028
BBG00G6RWJG4
4.500 Bond 1848267.66
1,977,000
Bolivia USD --
Colombian Tes 1.93
11/28/2040
BBG01TD34900
12.750 Bond 1804168.44
6,748,000,000
Colombia COP --
Indonesia Treasury Bond 1.74
07/15/2030
BBG01PB9SND6
6.500 Bond 1627019.26
25,505,000,000
Indonesia IDR --
Republic Of Poland Government Internati 1.71
02/12/2035
BBG01S51CWY8
5.375 Bond 1591234.69
1,502,000
Poland USD --
Saudi Government International Bond 1.65
02/02/2061
BBG00Z1G0XB0
3.450 Bond 1540813.31
2,313,000
Saudi Arabia USD --
Romanian Government International Bond 1.64
05/16/2036
BBG01VZVDK95
6.625 Bond 1531480.05
1,446,000
Romania USD --
Turkiye Government International Bond 1.62
05/11/2047
BBG00GNB5YK2
5.750 Bond 1513861.20
1,837,000
Turkey USD --
Republic Of South Africa Government Int 1.62
12/11/2055
BBG01YX0XNZ2
7.250 Bond 1508957.85
1,531,000
South Africa USD --
Philippine Government International Bon 1.61
01/14/2036
BBG001CYXLM2
6.250 Bond 1504990.06
86,789,000
Philippines PHP --
Malaysia Government Bond 1.60
07/05/2034
BBG00PMFY7N8
3.828 Bond 1488794.89
5,897,000
Malaysia MYR --
Petronas Capital Ltd 1.52
04/21/2050
BBG00T5WB757
4.550 Bond 1417705.68
1,595,000
Malaysia USD --
Malaysia Government Bond 1.44
05/15/2030
BBG01TXFX7R4
3.336 Bond 1347394.27
5,510,000
Malaysia MYR --
Czech Republic Government Bond 1.41
09/30/2030
BBG0193X6KV8
5.000 Bond 1316860.43
25,920,000
Czech Republic CZK --
Ksa Sukuk Ltd 1.38
05/22/2033
BBG01GN5XJM4
4.511 Bond 1283540.74
1,286,000
Cayman Islands USD --
Malaysia Government Bond 1.29
04/18/2039
BBG01MDKQFL6
4.054 Bond 1206827.25
4,789,000
Malaysia MYR --
Thailand Government Bond 1.29
04/17/2028
BBG01RQ25NB8
2.050 Bond 1202994.81
37,376,000
Thailand THB --
Republic Of South Africa Government Int 1.21
11/19/2036
BBG01QRX1SK4
7.100 Bond 1130734.93
1,053,000
South Africa USD --
Kuwait International Government Bond 1.20
10/09/2035
BBG01XMH3R10
4.652 Bond 1120494.31
1,115,000
Kuwait USD --
Peruvian Government International Bond 1.19
07/28/2121
BBG00YB0PGZ1
3.230 Bond 1106844.37
1,950,000
Peru USD --
Export-Import Bank Of India 1.18
02/01/2028
BBG00JRZLFZ6
3.875 Bond 1101073.06
1,094,000
India USD --
Siam Commercial Bank Pcl/Cayman Islands 1.09
02/11/2029
BBG00N6SYSV8
4.400 Bond 1013449.70
998,000
Thailand USD --
Romanian Government International Bond 1.08
01/17/2053
BBG01C81NF84
7.625 Bond 1008196.39
898,000
Romania USD --
Gabon Government International Bond 1.07
02/18/2029
BBG01S7LWC56
9.500 Bond 1002281.60
1,106,000
Gabon USD --
Oman Government International Bond 1.06
01/25/2031
BBG00YWSKW23
6.250 Bond 987245.82
899,000
Oman USD --
Nigeria Government International Bond 1.03
09/28/2051
BBG012NJ2VQ8
8.250 Bond 960510.57
964,000
Nigeria USD --
Egypt Government International Bond 1.01
05/29/2050
BBG00V0WG1Q2
8.875 Bond 940765.36
955,000
Egypt USD --
Hungary Government Bond 1.00
10/21/2026
BBG01C96YTS8
9.500 Bond 930955.17
291,170,000
Hungary HUF --
Zambia Government International Bond 1.00
06/30/2033
BBG01N7SRZS2
5.750 Bond 930261.98
928,370
Zambia USD --
Mexican Bonos 0.99
07/31/2053
BBG018KMB098
8.000 Bond 925788.14
19,000,000
Mexico MXN --
Turkiye Government International Bond 0.99
11/04/2036
BBG01Y5NTKB0
6.800 Bond 920723.07
909,000
Turkey USD --
Philippine Government International Bon 0.98
02/04/2050
BBG01RY0RDV9
5.900 Bond 916449.32
854,000
Philippines USD --
Republic Of Poland Government Internati 0.98
04/04/2053
BBG01G2BZ8H2
5.500 Bond 911111.90
935,000
Poland USD --
Thailand Government Bond 0.96
06/17/2045
BBG01Q5PPZF9
2.980 Bond 899605.08
25,571,000
Thailand THB --
Uae International Government Bond 0.95
10/19/2031
BBG012V39192
2.000 Bond 887134.16
981,000
United Arab Emirates USD --
Bonos De La Tesoreria De La Republica E 0.93
09/01/2030
BBG00L9H72P7
4.700 Bond 863066.61
790,000,000
Chile CLP --
Ecuador Government International Bond 0.90
07/31/2030
BBG00X0384N8
-- Bond 837000.00
992,000
Ecuador USD --
Geopark Ltd 0.87
01/31/2030
BBG01S198G93
8.750 Bond 809826.93
841,000
Colombia USD --
State Of Israel 0.86
01/15/2030
BBG00RB6TG16
2.500 Bond 804300.90
857,000
Israel USD --
Czech Republic Government Bond 0.85
04/14/2034
BBG01G6GHZV1
4.900 Bond 790961.23
15,490,000
Czech Republic CZK --
Korea Treasury Bond 0.75
06/10/2035
BBG01TPY51D1
2.625 Bond 702972.32
1,101,100,000
South Korea KRW --
Ghana Government International Bond 0.74
01/03/2030
BBG01Q54VRK1
-- Bond 690502.70
783,104
Ghana USD --
Korea Treasury Bond 0.74
03/10/2030
BBG01RYVP087
2.625 Bond 690123.36
1,036,900,000
South Korea KRW --
Ciudad Autonoma De Buenos Aires/Governm 0.72
11/26/2033
BBG01YLSXZ69
7.800 Bond 668945.67
665,000
Argentina USD --
Morocco Government International Bond 0.71
12/15/2050
BBG00YG9BTQ4
4.000 Bond 660238.71
884,000
Morocco USD --
Thailand Government Bond 0.69
12/17/2035
BBG00WHL3BX0
1.585 Bond 639539.37
20,352,000
Thailand THB --
Tunisian Republic 0.67
08/09/2027
BBG00004MR33
3.280 Bond 627450.82
100,000,000
Tunisia JPY --
Seplat Energy Plc 0.66
03/21/2030
BBG01SV550X9
9.125 Bond 613133.57
578,000
Nigeria USD --
Gabon Government International Bond 0.65
11/24/2031
BBG013KR7K26
7.000 Bond 602706.72
775,000
Gabon USD --
Gran Tierra Energy Inc 0.65
10/15/2029
BBG01JN970L1
9.500 Bond 601987.78
871,000
Colombia USD --
Guatemala Government Bond 0.64
08/15/2036
BBG01VYGKV51
6.250 Bond 600613.69
560,000
Guatemala USD --
Pertamina Persero Pt 0.60
07/30/2049
BBG00PSTJ526
4.700 Bond 559344.73
645,000
Indonesia USD --
Aes Panama Generation Holdings Srl 0.59
05/31/2030
BBG00WLL1YC0
4.375 Bond 554648.48
593,712
Panama USD --
Zorlu Enerji Elektrik Uretim As 0.57
04/23/2030
BBG01QB1G2Z6
11.000 Bond 532447.22
607,000
Turkey USD --
Thailand Government Bond 0.57
06/17/2034
BBG01KSDNFR7
2.800 Bond 530572.08
15,279,000
Thailand THB --
Argentine Republic Government Internati 0.57
07/09/2041
BBG00X362WX1
0.125 Bond 529988.33
780,000
Argentina USD --
Medco Maple Tree Pte Ltd 0.54
04/27/2029
BBG01JS8QFV3
8.960 Bond 506869.69
480,000
Singapore USD --
Sri Lanka Government International Bond 0.54
06/15/2035
BBG01R8V04H5
3.600 Bond 500802.38
648,000
Sri Lanka USD --
Korea Treasury Bond 0.53
12/10/2033
BBG01JGVNR60
4.125 Bond 498151.67
700,000,000
South Korea KRW --
Hungary Government Bond 0.51
10/24/2035
BBG01J5QZX03
7.000 Bond 471876.49
152,000,000
Hungary HUF --
Jamaica Government International Bond 0.48
07/28/2045
BBG009PK2F11
7.875 Bond 448687.35
361,000
Jamaica USD --
Hungary Government Bond 0.47
08/21/2030
BBG00N9YKBS8
3.000 Bond 442772.38
165,000,000
Hungary HUF --
Ecuador Government International Bond 0.47
07/31/2030
BBG00X035NZ6
6.000 Bond 441443.30
444,000
Ecuador USD --
Costa Rica Government International Bon 0.47
02/19/2031
BBG00QTYVWB9
6.125 Bond 440399.79
410,000
Costa Rica USD --
3r Lux Sarl 0.46
02/05/2031
BBG01L81WN41
9.750 Bond 424682.30
399,000
Luxembourg USD --
Province Of Santa Fe 0.45
12/11/2034
BBG01YX2KJP2
8.100 Bond 421027.88
428,000
Argentina USD --
Uruguay Government International Bond 0.45
03/15/2028
BBG00HNL7ZC2
8.500 Bond 420947.63
15,895,000
Uruguay UYU --
Laos Government International Bond 0.43
11/12/2030
BBG01YBF4WB1
11.250 Bond 399140.63
390,000
Laos USD --
Uruguay Government International Bond 0.41
07/20/2033
BBG01HDK71Q4
9.750 Bond 380584.18
12,920,000
Uruguay UYU --
Egypt Government International Bond 0.40
05/29/2050
BBG00V0WG1K8
8.875 Bond 377188.10
383,000
Egypt USD --
Bolivian Government International Bond 0.39
03/02/2030
BBG015LH8Q91
7.500 Bond 359055.27
378,000
Bolivia USD --
El Salvador Government International Bo 0.37
04/17/2030
BBG01MDDJ4H0
9.250 Bond 348254.17
318,000
El Salvador USD --
Malaysia Government Bond 0.37
04/15/2031
BBG00XTSXGM8
2.632 Bond 344355.93
1,460,000
Malaysia MYR --
Paraguay Government International Bond 0.37
02/09/2031
BBG01LBKJ4J6
7.900 Bond 342499.52
2,360,000,000
Paraguay PYG --
Trident Energy Finance Plc 0.35
11/30/2029
BBG01MV95YT5
12.500 Bond 326482.13
319,000
United Kingdom USD --
Jordan Government International Bond 0.34
11/12/2032
BBG01YBFYDD8
5.750 Bond 318635.00
322,000
Jordan USD --
Bonos De La Tesoreria De La Republica E 0.34
10/01/2028
BBG011N36X32
5.000 Bond 317158.59
285,000,000
Chile CLP --
Singapore Government Bond 0.33
03/01/2035
BBG01SJ84022
2.750 Bond 312141.86
382,000
Singapore SGD --
Dominican Republic International Bond 0.33
06/01/2036
BBG01NJ1B9X7
6.600 Bond 305152.50
290,000
Dominican Republic USD --
Sri Lanka Government International Bond 0.32
06/15/2035
BBG01R9LB6K5
3.600 Bond 302514.78
391,431
Sri Lanka USD --
Trinidad & Tobago Government Internatio 0.32
01/14/2031
BBG01J97CMF4
5.950 Bond 302339.11
287,000
Trinidad And Tobago USD --
Angolan Government International Bond 0.31
05/09/2028
BBG00KRBWZC5
8.250 Bond 287732.94
275,000
Angola USD --
Venezuela Government International Bond 0.28
09/15/2027
BBG00004SPH6
9.250 Bond 264748.65
799,000
Venezuela USD --
Irsa Inversiones Y Representaciones Sa 0.27
03/31/2035
BBG01T2HPB49
8.000 Bond 250535.28
250,000
Argentina USD --
China Government International Bond 0.27
11/13/2030
BBG01YBDGNG8
3.750 Bond 250524.62
247,000
China USD --
Dominican Republic International Bond 0.25
10/28/2035
BBG01Y38YYG4
5.875 Bond 229674.37
228,000
Dominican Republic USD --
Hungary Government Bond 0.24
06/22/2034
BBG00YTQC093
2.250 Bond 227903.75
103,000,000
Hungary HUF --
Republic Of Kenya Government Internatio 0.23
02/28/2048
BBG00K1XR8B2
8.250 Bond 213544.72
223,000
Kenya USD --
Gabon Government International Bond 0.22
02/06/2031
BBG00RLS58F6
6.625 Bond 208591.89
258,000
Gabon USD --
Uruguay Government International Bond 0.22
10/29/2035
BBG01Y38YSF8
8.000 Bond 206047.07
7,880,000
Uruguay UYU --
Singapore Government Bond 0.20
09/01/2033
BBG0055DSXZ3
3.375 Bond 183049.11
216,000
Singapore SGD --
Republic Of Uzbekistan International Bo 0.19
10/19/2031
BBG011RJC449
3.900 Bond 174813.52
189,000
Uzbekistan USD --
Secure International Finance Co Inc 0.17
06/03/2029
BBG01N3BY7M3
10.000 Bond 161837.25
160,588
Guyana USD --
Transportadora De Gas Del Sur Sa 0.16
11/20/2035
BBG01YJK50M9
7.750 Bond 151004.61
152,000
Argentina USD --
Republic Of Kenya Government Internatio 0.15
10/09/2038
BBG01XQ37C98
8.800 Bond 142746.49
142,000
Kenya USD --
Honduras Government International Bond 0.15
11/27/2034
BBG01QZDFQM6
8.625 Bond 142504.58
127,000
Honduras USD --
Asian Infrastructure Investment Bank/Th 0.15
01/27/2027
BBG014MCHXB6
4.250 Bond 139303.93
8,000,000
China PHP --
Barbados Government International Bond 0.15
06/26/2035
BBG01VR0KP57
8.000 Bond 136336.39
125,000
Barbados USD --
Nwd Finance Bvi Ltd 0.14
12/16/2072
BBG0180FM8C2
6.150 Bond 130115.89
249,000
China USD --
Bahamas Government International Bond 0.14
06/24/2036
BBG01VL7G4T4
8.250 Bond 129759.00
115,000
Bahamas USD --
Nigeria Government International Bond 0.14
01/13/2036
BBG01YCDD8B8
8.631 Bond 129390.30
120,000
Nigeria USD --
Star Energy Geothermal Wayang Windu Ltd 0.13
04/24/2033
BBG00KN7FXH7
6.750 Bond 116858.03
112,200
Indonesia USD --
Hta Group Ltd/Mauritius 0.12
06/04/2029
BBG01MZK6858
7.500 Bond 107856.09
104,000
United Kingdom USD --
Bahamas Government International Bond 0.11
05/15/2033
BBG00007Z503
6.625 Bond 99925.74
103,000
Bahamas USD --
Thailand Government Bond 0.10
06/17/2037
BBG019LRZYH5
3.390 Bond 89528.41
2,410,000
Thailand THB --
Czech Republic Government Bond 0.09
02/26/2026
BBG016DP5JS8
6.000 Bond 81786.43
1,600,000
Czech Republic CZK --
Digicel International Finance Ltd / Dif 0.09
08/01/2032
BBG01W9T70R8
8.625 Bond 80596.37
76,000
Bermuda USD --
Gabon Government International Bond 0.09
11/24/2031
BBG013KR7GR8
7.000 Bond 80102.94
103,000
Gabon USD --
Benin Government International Bond 0.04
02/13/2038
BBG01L9XMN96
7.960 Bond 40835.21
39,000
Benin USD --
Secure International Finance Co Inc 0.04
06/03/2029
BBG01N3BXZV2
10.000 Bond 40666.79
40,353
Guyana USD --
El Salvador Government International Bo 0.03
04/17/2030
BBG01MDGM755
0.250 Bond 28634.00
927,000
El Salvador USD --
Corp Geo Sab De Cv 0.00
06/30/2099
BBG000089JP3
9.250 Bond 558.60
380,000
Mexico USD --
2.33
--
--
-- Cash Bal 2169883.27
2,169,883
United States USD --
0.02
--
--
-- Cash Bal 19024.99
28,026,667
South Korea KRW --
0.00
--
--
-- Cash Bal 201.81
172
Europe EUR --
0.00
--
--
-- Cash Bal 0.00
0
Mexico MXN --
Other/Cash -1.89
--
--
-- Cash -1763809.51
0
-- USD --
← Scroll for more information →
Country of risk is defined using the International Organization for Standardization’s (ISO) country codes which take four factors into account (listed in order of importance): management location, country of primary listing, country of revenue and reporting currency of the issuer. Management location is defined by country of domicile unless location of such key players as the CEO, CFO, COO or General Counsel is otherwise.

Portfolio

Credit Quality (%) as of 11/30/2025

Composite % of Net Assets
Investment Grade AAA 0.69
AA 8.67
A 15.36
BBB 26.65
Non-Investment Grade BB 21.20
B 9.55
CCC 9.01
CC 0.82
C 0.55
Total Investment Grade -- 51.37
Total Non-Investment Grade -- 41.13
Not Rated -- 4.81
If more than one rating is available for an underlying security, the lower of the two ratings is used. If a bond issued by a national government, national government agency or supranational issuer is not rated, the issuer’s credit rating will be used. If two issuer ratings are available, the lower of the two is used. If only one rating is available in all scenarios, we will use the rating provided. If no rating is available, the security will be not rated. Not rated securities do not necessarily indicate lower credit quality. Ratings and portfolio credit quality may change over time.

Top 20 Country Weightings (%) as at 11/30/2025

  • Country

    % of Net Assets
  • Malaysia

    6.24
  • Brazil

    5.71
  • South Africa

    5.47
  • Thailand

    4.65
  • Chile

    4.09
  • Mexico

    3.84
  • United Arab Emirates

    3.74
  • India

    3.26
  • Colombia

    3.19
  • Peru

    3.19
  • Turkey

    3.19
  • Indonesia

    3.18
  • Romania

    2.73
  • Poland

    2.71
  • Philippines

    2.61
  • Bolivia

    2.36
  • Czech Republic

    2.33
  • Hungary

    2.20
  • South Korea

    2.07
  • Gabon

    1.99
  • Other/Cash

    31.23

Maturity (%) as at 11/30/2025

  • Years

    Maturity (%)
  • < 1

    1.10
  • 1 - 3

    9.00
  • 3 - 5

    19.00
  • 5 - 7

    6.50
  • 7 - 10

    23.60
  • 10 - 15

    11.70
  • 15 - 20

    7.80
  • 20 - 30

    15.40
  • 30 +

    3.30

Distributions

Distribution History

Anticipated Frequency: Monthly Dividend Income & Annual Capital Gains
Ex-date Record
Date
Payable date Dividend
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
Return of
Capital
Total
Distributions
11/28/2025 11/28/2025 12/03/2025 $ 0.2554 -- -- -- $ 0.26

On October 6, 2025, the VanEck Emerging Markets Bond Fund converted to the VanEck Emerging Markets Bond ETF. Distributions prior to that date reflect the institutional share class ("Class I") of the VanEck Emerging Markets Bond Fund. Please click here for more information.

All registered investment companies are obliged to distribute portfolio gains to shareholders at yearend regardless of performance. Trading VanEck ETFs will also generate tax consequences and transaction expenses. The information provided is not intended to be tax advice. Tax consequences of dividend distributions may vary by individual taxpayer. There is no guarantee that dividends will be paid. To receive a distribution, you must have been a registered shareholder of the relevant VanEck ETFs on the record date. Distributions are paid to shareholders on the payment date. Past distributions are not indicative of future distributions.

Certain distributions may constitute a return of capital, which will have the effect of reducing your cost basis in the Fund’s shares and thereby increasing the amount of capital gain, if any, or decreasing the amount of capital loss, if any, that you will realize when selling or exchanging Fund shares. The final determination of the tax characteristics cannot be determined until after each Fund’s yearend and are reported to shareholders on Form 1099-DIV. The form is mailed to shareholders shortly after calendar yearend specifying how the distributions paid by the Fund during the prior calendar year should be characterized for purposes of reporting the distribution on a shareholder’s tax return.

The tax treatment and characterization of the Fund’s distributions may vary significantly from time to time depending on whether the Fund has gains or losses on the securities in its portfolio. The Fund’s distributions will normally reflect past and projected net investment income, and may include income from dividends and interest, capital gains and/or a return of capital. The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time. The amount of distributions will vary, depending on a number of factors. As portfolio and market conditions change, the rate of dividends may change. There can be no assurance that the Fund will be able to declare a dividend distribution in each period. Past performance is no guarantee of future results.

Click here to access more detailed yearend tax information

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