Overview
Emerging-market government bonds in their own currencies — real, rand and rupiah yields plus the FX exposure that comes with them.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| BRL | Brazil local bonds | 9.8% |
| MXN | Mexico local bonds | 9.2% |
| IDR | Indonesia local bonds | 8.6% |
| MYR | Malaysia local bonds | 7.4% |
| ZAR | South Africa local bonds | 7.1% |
| PLN | Poland local bonds | 6.8% |
| THB | Thailand local bonds | 6.2% |
| CZK | Czech local bonds | 4.4% |
| COP | Colombia local bonds | 4.1% |
| HUF | Hungary local bonds | 3.8% |
Fund Details
Investment Thesis
Local-currency EM debt is two trades in one — high local yields plus a short-dollar position — and with the dollar softening through 2026, both engines fired: 6.3% monthly income and FX tailwinds behind it. It's the highest-carry corner of mainstream bond investing, and the one where a dollar surge can erase a year's coupons. Buy the yield, understand the currency bet.
Who It's For
Income investors explicitly willing to be short the dollar for the fattest sovereign carry available. The aggressive sibling of VWOB's currency-hedged approach.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $27.56 | -- |
| 2017 | $29.49 | +7.0% |
| 2018 | $26.25 | -11.0% |
| 2019 | $28.35 | +8.0% |
| 2020 | $27.50 | -3.0% |
| 2021 | $25.02 | -9.0% |
| 2022 | $22.27 | -11.0% |
| 2023 | $24.27 | +9.0% |
| 2024 | $23.30 | -4.0% |
| 2025 | $25.40 | +9.0% |
| Year | Yield |
|---|---|
| 2016 | 6.10% |
| 2017 | 5.80% |
| 2018 | 6.40% |
| 2019 | 6.00% |
| 2020 | 5.40% |
| 2021 | 5.50% |
| 2022 | 6.60% |
| 2023 | 6.40% |
| 2024 | 6.30% |
| 2025 | 6.30% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $2.5B | -- |
| 2017 | $4B | +60.0% |
| 2018 | $4.5B | +12.5% |
| 2019 | $5B | +11.1% |
| 2020 | $3.8B | -24.0% |
| 2021 | $3.5B | -7.9% |
| 2022 | $3B | -14.3% |
| 2023 | $3.5B | +16.7% |
| 2024 | $4B | +14.3% |
| 2025 | $4.5B | +12.5% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
Related Bonds & Treasuries ETFs
Markets. Intelligence. Daily.
Full briefs on 400+ ETFs, curated daily ETF news, and a free weekly deep-dive newsletter — all on ETFHub.
Get the Free Weekly Brief Explore the ETF Portal Official Fund Page →