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 02/03/23
-
30-Day SEC Yield1
6.77% -
Total Net Assets
$3.2B -
Number of Holdings
358 -
Options
Available -
Gross Expense Ratio2
0.32% -
Net Expense Ratio/TER2
0.30% -
Distribution Frequency
Monthly -
Next Distribution Date
02/28/2023
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 02/03/23
-
30-Day SEC Yield1
6.77% -
Distribution Yield1
5.73% -
12-Month Yield1
5.44%
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
125,622,682 -
Estimated Cash
EMLCEU -
Total Cash
EMLCTC -
CUSIP
92189H300 -
ISIN
US92189H3003
Fundamentals4 as of 02/03/23
-
Yield to Worst
7.28% -
Yield to Maturity
7.36% -
Effective Duration (yrs)
4.82 -
Years to Maturity
6.97 -
Modified Duration (yrs)
4.88 -
Coupon
5.32%
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) | 3.72 | 12.85 | 3.72 | -7.11 | -4.33 | -3.32 | -2.29 | -0.25 |
EMLC (Share Price) | 4.29 | 13.17 | 4.29 | -6.93 | -4.18 | -3.20 | -2.30 | -0.22 |
GBIEMCOR (Index) | 3.65 | 12.86 | 3.65 | -7.16 | -4.03 | -2.95 | -1.79 | 0.36 |
Performance Differential (NAV - Index) | 0.07 | -0.01 | 0.07 | 0.05 | -0.30 | -0.37 | -0.50 | -0.61 |
1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR |
LIFE 07/22/10 |
|
---|---|---|---|---|---|---|---|---|
EMLC (NAV) | 2.11 | 7.77 | -10.15 | -10.15 | -5.69 | -3.17 | -2.52 | -0.54 |
EMLC (Share Price) | 0.92 | 8.40 | -10.45 | -10.45 | -5.76 | -3.22 | -2.65 | -0.56 |
GBIEMCOR (Index) | 2.12 | 7.84 | -10.18 | -10.18 | -5.52 | -2.86 | -2.05 | 0.08 |
Performance Differential (NAV - Index) | -0.01 | -0.07 | 0.03 | 0.03 | -0.17 | -0.31 | -0.47 | -0.62 |
Top 10 Holdings (%) as of 01/31/23
Daily HoldingsHolding Name |
Coupon
|
Maturity |
Country‡
|
Currency
|
% of Net Assets |
---|---|---|---|---|---|
Brazil Letras Do Tesouro Nacional |
0.000
|
01/01/2024 |
Brazil
|
BRL
|
2.38 |
Brazil Letras Do Tesouro Nacional |
0.000
|
01/01/2026 |
Brazil
|
BRL
|
1.21 |
Philippine Government International Bon |
6.250
|
01/14/2036 |
Philippines
|
PHP
|
1.21 |
Mexican Bonos |
7.750
|
05/29/2031 |
Mexico
|
MXN
|
1.03 |
Brazil Notas Do Tesouro Nacional Serie |
10.000
|
01/01/2027 |
Brazil
|
BRL
|
0.98 |
Brazil Notas Do Tesouro Nacional Serie |
10.000
|
01/01/2025 |
Brazil
|
BRL
|
0.97 |
Republic Of South Africa Government Bon |
8.000
|
01/31/2030 |
South Africa
|
ZAR
|
0.96 |
Republic Of South Africa Government Bon |
8.750
|
02/28/2048 |
South Africa
|
ZAR
|
0.88 |
Bonos De La Tesoreria De La Republica E |
2.500
|
03/01/2025 |
Chile
|
CLP
|
0.80 |
Brazil Letras Do Tesouro Nacional |
0.000
|
07/01/2025 |
Brazil
|
BRL
|
0.79 |
Top 10 Total (%) | 11.20 |
These are not recommendations to buy or to sell any security. Securities and holdings may vary.
Country Weightings (%)
as of 01/31/23
Country | % of Net Assets |
---|---|
● China | 10.49 |
● Indonesia | 9.86 |
● Brazil | 8.25 |
● Malaysia | 7.79 |
● Thailand | 7.43 |
● South Africa | 6.49 |
● Mexico | 5.75 |
● Czech Republic | 5.09 |
● Poland | 5.03 |
● Colombia | 4.43 |
● Hungary | 4.13 |
● Romania | 4.11 |
● Chile | 3.66 |
● Peru | 3.46 |
● Supra-National | 3.05 |
● Turkey | 2.66 |
● Egypt | 2.03 |
● Uruguay | 1.30 |
● Serbia | 1.25 |
● Philippines | 1.21 |
● Dominican Republic | 1.18 |
● United States | 0.62 |
● United Kingdom | 0.40 |
● Other/Cash | 0.34 |
Currency Exposure (%) as of 01/31/23
Indonesian Rupiah | 10.14 |
Chinese Renminbi | 9.96 |
Mexican Peso | 8.75 |
Brazilian Real | 8.26 |
Malaysian Ringgit | 7.79 |
Thailand Baht | 7.43 |
South African Rand | 6.93 |
Polish Zloty | 5.72 |
Czech Koruna | 5.09 |
Colombian Peso | 4.43 |
Hungarian Forint | 4.13 |
Romanian Leu | 4.11 |
Chilean Peso | 3.66 |
Peruvian New Sol | 3.46 |
Turkish Lira | 2.83 |
Egyptian Pound | 2.03 |
Uruguay Peso | 1.30 |
Serbian Dinar | 1.25 |
Philippines Peso | 1.23 |
Dominican Rep. Peso | 1.18 |
Other/Cash | 0.34 |
Sector Weightings (%)
as of 01/31/23
Sector | % of Net Assets |
---|---|
● Government Activity | 95.24 |
● Financials | 4.15 |
● Utilities | 0.17 |
● Industrials | 0.05 |
● Energy | 0.05 |
● Other/Cash | 0.34 |
Credit Quality (%)† as of 01/31/23
Composite | % of Net Assets | |
---|---|---|
Investment Grade | AAA | 4.47 |
AA | 4.70 | |
A | 25.13 | |
BBB | 38.49 | |
Non-Investment Grade | BB | 18.52 |
B | 2.05 | |
CCC | 0.08 | |
Total Investment Grade | -- | 72.80 |
Total Non-Investment Grade | -- | 20.66 |
Not Rated | -- | 3.94 |
Maturity (%)
as of 01/31/23
Average Portfolio Maturity: 6.89 Years