VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF
US ˙ ARCA ˙ US92189H3003

SecurityEMLC / VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF
InstitutionNorthern Lights Variable Trust - TOPS Conservative ETF Portfolio Class 1 shares
Latest Disclosed Ownership33,182 shares
Latest Disclosed Value $ 841,163
Northern Lights Variable Trust - TOPS Conservative ETF Portfolio Class 1 shares reports 1.24% decrease in ownership of EMLC / VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF

On August 26, 2025 - Northern Lights Variable Trust - TOPS Conservative ETF Portfolio Class 1 shares filed a NPORT-P form disclosing ownership of 33,182 shares of VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF (US:EMLC) valued at $841,164 USD as of June 30, 2025. The entity filed a previous NPORT-P on May 30, 2025 disclosing 33,599 shares of VanEck ETF Trust - VanEck J.P. Morgan EM Local Currency Bond ETF. This represents a change in shares of -1.24% during the quarter. The current value of the position is $834,527 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2025-08-26 2025-06-30 NP V EC US92189H3003 33,182 -417 -1.24 841 4.99 2.0146
2025-05-30 2025-03-31 NP V EC US92189H3003 33,599 346 1.04 802 4.30 2.0010
2025-02-28 2024-12-31 NP V EC US92189H3003 33,253 2,904 9.57 768 -0.26 1.9887
2024-11-27 2024-09-30 NP V EC US92189H3003 30,349 725 2.45 771 9.38 2.0072
2024-08-29 2024-06-30 NP V EC US92189H3003 29,624 1,273 4.49 704 1.44 1.9980
2024-05-30 2024-03-31 NP V EC US92189H3003 28,351 2,184 8.35 695 4.68 1.9987
2024-02-27 2023-12-31 NP VANECK J. P. MOR EC US92189H3003 26,167 1,121 4.48 663 11.06 2.0008
2023-11-29 2023-09-30 NP VANECK J. P. MOR EC US92189H3003 25,046 2,019 8.77 598 1.53 1.9877
2023-08-29 2023-06-30 NP VANECK J. P. MOR EC US92189H3003 23,027 405 1.79 589 2.98 1.9934
2023-05-30 2023-03-31 NP VANECK J. P. MOR EC US92189H3003 22,622 22 0.10 571 4.39 2.0142
2023-02-28 2022-12-31 NP VANECK J. P. MOR EC US92189H3003 22,600 402 1.81 548 8.10 2.0157
2022-11-29 2022-09-30 NP VANECK J. P. MOR EC US92189H3003 22,198 1,164 5.53 506 -1.56 2.0044
2022-08-26 2022-06-30 NP VANECK J. P. MOR EC US92189H3003 21,034 -1,825 -7.98 515 -16.56 2.0102
2022-05-31 2022-03-31 NP VANECK J. P. MOR EC US92189H3003 22,859 2,126 10.25 617 4.05 2.0248
2022-02-25 2021-12-31 NP VANECK J. P. MOR EC US92189H3003 20,733 2,410 13.15 593 7.83 2.0072
2021-11-29 2021-09-30 NP VANECK J. P. MOR EC US92189H3003 18,323 1,583 9.46 549 4.57 2.0001
2021-08-26 2021-06-30 NP VANECK VECTORS J.P. MORGA EC US92189H3003 16,740 3,204 23.67 525 26.51 1.9873
2021-05-27 2021-03-31 NP VANECK VECTORS J.P. MORGA EC US92189H3003 13,536 2,287 20.33 415 10.96 2.0015
2021-02-26 2020-12-31 NP VANECK VECTORS J.P. MORGA EC US92189H3003 11,249 211 1.91 374 10.00 2.0071
2020-11-25 2020-09-30 NP VANECK VECTORS J.P. MORGA EC US92189H3003 11,038 765 7.45 340 7.94 2.0138
2020-08-27 2020-06-30 NP VANECK VECTORS J.P. MORGA EC US92189H3003 10,273 1,310 14.62 316 23.53 1.9309
2020-05-29 2020-03-31 NP VANECK VECTORS J.P. MORGA EC US92189H3003 8,963 449 5.27 255 -11.76 1.8273
2020-02-25 2019-12-31 NP VANECK VECTORS J.P. MORGA EC 92189H300 8,514 614 7.77 290 11.15 2.0054
2019-11-27 2019-09-30 NP VANECK VECTORS J.P. MORGA EC US92189H3003 7,900 7,900 261 1.9956
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.