Market Vectors Emerging Markets Local Currency Bond ETF ( EMLC) The Market Vectors Emerging Markets Local Currency Bond ETF owns over 150 emerging-market government bonds in about 15 countries. In addition, the ETF provides the added benefit of exposure to local emerging-market currencies, which stand to benefit from quickening economic growth. This ETF charges 49 basis points, a bargain for the exposure it delivers to hard-to-access local currency emerging-market bonds, says Magoon. "For a more aggressive-income investor, emerging-market government bonds may be appealing because emerging markets offer attractive growth-to-debt ratios in comparison to most developed-market bonds. In addition, emerging-market bonds generally deliver higher yields than developed bonds due to their greater risks," says Magoon.