Market Vectors Emerging Markets Local Currency Bond ETF(NYSE Arca: EMLC), celebrated its third anniversary on July 22 nd, it was announced today. EMLC was the first U.S.-listed ETF to focus on local currency Emerging Markets (EM) bonds and is among the largest U.S. listed EM bond-focused ETFs with $1.2 billion assets under management as of July 25, 2013. “We believe EM bonds are important in building a well-diversified fixed income investment portfolio,” said Fran Rodilosso, fixed income portfolio manager at Market Vectors. “EM bonds and bond funds were among the most affected by the broad global sell-off that took place toward the end of the second quarter. We have recently seen some of these markets recover very quickly. I believe that many local currency-denominated EM bonds continue to deliver more attractive yields, even given the perceived risks, than traditional fixed income investments. Currency and credit fundamentals in many emerging markets also continue to compare very favorably versus developed markets,” Rodilosso noted. Rodilosso discussed EMLC and emerging market debt at greater length in an online interview, available here: EMLC Marks Third Anniversary, featuring Fran Rodilosso. EMLC is designed to provide investors with exposure to an index that tracks a basket of bonds issued in local currencies by EM governments. The Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of J.P. Morgan GBI-EMG Core Index. As of June 30, 2013, the Index tracked a selection of bonds issued in 16 different local currencies, including those of Brazil, Chile, Colombia, Hungary, Indonesia, Malaysia, Mexico, Nigeria, Philippines, Poland, Peru, Romania, Russia, South Africa, Thailand and Turkey. EMLC has a gross and net expense ratio of 0.47 percent, which is capped contractually until September 1, 2013. The cap excludes certain expenses, such as interest.