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EMLC
VanEck 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 06/24/22

  • 30-Day SEC Yield1

    7.02%

  • Total Net Assets

    $3.0B

  • Number of Holdings

    340

  • Options

    Available

  • Gross Expense Ratio2

    0.31%

  • Net Expense Ratio/TER2

    0.30%

  • Distribution Frequency

    Monthly

  • Next Distribution Date

    06/30/2022
1,2,7See Important Disclosure.
Schedule a Call
Why Invest?
How to Buy

Morningstar™ Ratings3
as of 05/31/2022

Category Overall 3 Year 5 Year
Emerging-Markets Local-Currency Bond
3 stars of 74 funds
3 stars of 74 funds
3 stars of 70 funds

Key Points

    • 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 06/24/22

  • 30-Day SEC Yield1

    7.02%

  • Distribution Yield1

    5.28%

  • 12-Month Yield1

    5.75%
 1 See Important Disclosure for definitions.

Fees and Expenses2

  • Management Fee

    0.27%

  • Other Expenses

    0.04%

  • Acquired Fund Fees and Expenses

    --

  • Gross Expense Ratio

    0.31%

  • Fee Waivers and
    Expense Reimbursement

    -0.01%

  • Net Expense Ratio/TER2

    0.30%

2Expenses for EMLC are capped contractually at 0.30% until September 1, 2022. 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

    123,222,682

  • Estimated Cash

    EMLCEU

  • Total Cash

    EMLCTC

  • CUSIP

    92189H300

  • ISIN

    US92189H3003
5See IIV Details. Source: Bloomberg

Fundamentals4
as of 06/24/22

  • Yield to Worst

    7.95%

  • Yield to Maturity

    8.04%

  • Effective Duration (yrs)

    4.66

  • Years to Maturity

    6.88

  • Modified Duration (yrs)

    4.75

  • Coupon

    5.60%
 4See Important Disclosure for definitions.

Investment Professionals

  • 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
  • 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 06/24/22

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
EMLC $24.57
$24.66 		1,809,139
2,155,842 		$-0.02 / -0.10%
$0.07 / +0.28% 		-12.20%
-11.99% 		$0.09
0.38% 		0.04%

Premium/Discount History as of 06/24/22

Calendar Year 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 Premium/Discount Charts NAV & Prem/Discount History
Days closed at a premium 102 38 22 28 35
EMLC Days closed at NAV 12 2 5 2 2
Days closed at a discount 138 23 37 34 25

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
07/22/10
EMLC (NAV) 1.22 -6.13 -8.73 -15.34 -3.05 -2.15 -1.05 -0.44
EMLC (Share Price) 1.38 -4.50 -8.84 -15.43 -3.04 -2.15 -1.03 -0.44
GBIEMCOR (Index) 1.32 -5.70 -9.09 -15.63 -2.76 -1.76 -0.50 0.18
Performance Differential (NAV - Index) -0.10 -0.43 0.36 0.29 -0.29 -0.39 -0.55 -0.62
  1 MO 3 MO YTD 1 YR 3 YR 5 YR 10 YR LIFE
07/22/10
EMLC (NAV) -1.92 -4.64 -4.64 -7.64 -1.74 -0.70 -1.27 -0.07
EMLC (Share Price) -0.28 -4.82 -4.82 -7.52 -1.63 -0.73 -1.32 -0.07
GBIEMCOR (Index) -1.53 -5.07 -5.07 -7.78 -1.48 -0.30 -0.70 0.55
Performance Differential (NAV - Index) -0.39 0.43 0.43 0.14 -0.26 -0.40 -0.57 -0.62

*Returns less than one year are not annualized.

The performance data quoted represents past performance. Past performance is not a guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. Please call 800.826.2333 or visit vaneck.com for performance current to the most recent month ended.

The "Net Asset Value" (NAV) of a Fund 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. Investors should not expect to buy or sell shares at NAV.

Top 10 Holdings (%) as of 05/31/22 Daily Holdings

Total Holdings: 341
Swipe
to view
full data
Holding Name
Coupon
 Maturity
Country‡
Currency
 % of Net
Assets
Brazil Letras Do Tesouro Nacional
0.000
 01/01/2024
Brazil
BRL
 2.39
Brazil Letras Do Tesouro Nacional
0.000
 07/01/2023
Brazil
BRL
 1.77
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2023
Brazil
BRL
 1.36
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2025
Brazil
BRL
 1.29
Philippine Government International Bon
6.250
 01/14/2036
Philippines
PHP
 1.23
Brazil Notas Do Tesouro Nacional Serie
10.000
 01/01/2027
Brazil
BRL
 1.13
Republic Of South Africa Government Bon
8.000
 01/31/2030
South Africa
ZAR
 1.03
Republic Of South Africa Government Bon
8.750
 02/28/2048
South Africa
ZAR
 0.95
Mexican Bonos
5.750
 03/05/2026
Mexico
MXN
 0.86
Republic Of South Africa Government Bon
10.500
 12/21/2026
South Africa
ZAR
 0.82
Top 10 Total (%) 12.82

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

‡See Country of Risk disclosure.

Country Weightings (%) as of 05/31/22

  • Country

    % of Net Assets
  • ■

    Brazil

    10.23
  • ■

    China

    10.06
  • ■

    Indonesia

    9.37
  • ■

    South Africa

    7.32
  • ■

    Malaysia

    7.11
  • ■

    Thailand

    7.06
  • ■

    Mexico

    6.44
  • ■

    Poland

    4.64
  • ■

    Colombia

    4.55
  • ■

    Czech Republic

    4.36
  • ■

    Romania

    3.74
  • ■

    Hungary

    3.63
  • ■

    Peru

    3.51
  • ■

    Chile

    3.44
  • ■

    Supra-National

    3.10
  • ■

    Egypt

    2.92
  • ■

    Turkey

    2.50
  • ■

    Dominican Repb.

    1.23
  • ■

    Uruguay

    1.23
  • ■

    Philippines

    1.23
  • ■

    Serbia

    1.16
  • ■

    United States

    0.58
  • ■

    United Kingdom

    0.19
  • ■

    Germany

    0.00
  • ■

    Other/Cash

    0.42

Currency Exposure (%)
as of 05/31/22

  • Brazilian Real

    10.25

  • Indonesian Rupiah

    9.76

  • Chinese Renminbi

    9.73

  • Mexican Peso

    8.61

  • South African Rand

    7.81

  • Malaysian Ringgit

    7.11

  • Thailand Baht

    7.06

  • Polish Zloty

    5.61

  • Colombian Peso

    4.55

  • Czech Koruna

    4.36

  • Romanian Leu

    3.74

  • Hungarian Forint

    3.63

  • Peruvian New Sol

    3.51

  • Chilean Peso

    3.44

  • Egyptian Pound

    2.92

  • Turkish Lira

    2.64

  • Philippines Peso

    1.25

  • Dominican Rep. Peso

    1.23

  • Uruguay Peso

    1.23

  • Serbian Dinar

    1.16

  • Other/Cash

    0.42

Sector Weightings (%) as of 05/31/22

  • Sector

    % of Net Assets
  • ■

    Government Activity

    94.3
  • ■

    Financials

    4.8
  • ■

    Industrials

    0.2
  • ■

    Utilities

    0.2
  • ■

    Energy

    0.0
  • ■

    Other/Cash

    0.4

Credit Quality (%)† as of 05/31/22

Composite % of Net Assets
Investment Grade AAA 4.21
AA 4.30
A 24.93
BBB 38.22
Non-Investment Grade BB 21.17
B 5.44
CCC 0.08
Total Investment Grade -- 71.66
Total Non-Investment Grade -- 26.69
Not Rated -- 1.65

Maturity (%) as of 05/31/22

Average Portfolio Maturity: 6.91 Years