Overview
Dollar-denominated emerging-market government debt — around 944 sovereign and quasi-sovereign bonds paying 6% without currency risk.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| SAU | Saudi Arabia sovereigns | 5.8% |
| MEX | Mexico sovereigns | 5.2% |
| IDN | Indonesia sovereigns | 4.9% |
| UAE | UAE sovereigns | 4.4% |
| QAT | Qatar sovereigns | 3.9% |
| TUR | Turkey sovereigns | 3.6% |
| BRA | Brazil sovereigns | 3.4% |
| PHL | Philippines sovereigns | 3.1% |
| COL | Colombia sovereigns | 2.8% |
| OMN | Oman sovereigns | 2.4% |
Fund Details
Investment Thesis
EM governments borrowing in dollars pay a spread for their postcode, not their currency — VWOB collects 6% monthly from sovereigns whose balance sheets often look better than developed peers, with zero FX exposure. At 0.15% it's the cost leader against EMB, and the EM revival year pushed spreads tighter while the coupon kept flowing.
Who It's For
Yield investors adding the sovereign-credit spread without currency risk. Pairs with (or replaces) EMB on fee; EMLC next door is the local-currency version of the same idea.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $58.40 | -- |
| 2017 | $62.49 | +7.0% |
| 2018 | $58.74 | -6.0% |
| 2019 | $66.37 | +13.0% |
| 2020 | $69.03 | +4.0% |
| 2021 | $67.65 | -2.0% |
| 2022 | $54.79 | -19.0% |
| 2023 | $59.18 | +8.0% |
| 2024 | $60.95 | +3.0% |
| 2025 | $64.00 | +5.0% |
| Year | Yield |
|---|---|
| 2016 | 4.60% |
| 2017 | 4.40% |
| 2018 | 4.90% |
| 2019 | 4.60% |
| 2020 | 4.10% |
| 2021 | 3.90% |
| 2022 | 5.60% |
| 2023 | 6.20% |
| 2024 | 6.00% |
| 2025 | 6.00% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1B | -- |
| 2017 | $1.5B | +50.0% |
| 2018 | $1.8B | +20.0% |
| 2019 | $2.5B | +38.9% |
| 2020 | $3B | +20.0% |
| 2021 | $3.5B | +16.7% |
| 2022 | $3B | -14.3% |
| 2023 | $4B | +33.3% |
| 2024 | $5B | +25.0% |
| 2025 | $5.8B | +16.0% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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