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SPDR Barclays Emerging Markets Local Bond UCITS ETF offers exposure to the market of local-currency-denominated emerging-markets government debt. This exchange-traded fund tracks a geographically diversified index that covers the most-liquid issuers. It uses the US dollar as its base currency but does not hedge its exposure. The fund distributes dividends on a semiannual basis. It is likely to work best as a satellite component in most investment portfolios.
Increasingly, investors are being advised not to treat emerging markets as a homogeneous asset class and instead discriminate between countries. On paper, this would seem to support an active approach to the asset class, not least considering the added exposure to currency risk from multiple countries.
However, compared with its Morningstar Category, which includes both active and passive funds, this ETF has consistently outperformed its peers during the past three and five trailing years, with risk-adjusted returns ranked in the upper area of the first quartile.
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