The two nearest competitors, iShares JPMorgan USD Emerging Markets Bond ( EMB) and PowerShares Emerging Markets Sovereign Debt ( PCY) are both devoted to similar bonds that are issued in U.S. Dollar terms.
Meanwhile, higher yielding and therefore riskier emerging market debt is trading lower as measured by the iShares JP Morgan USD Emerging Markets Debt (EMB) ETF, a fund holding sovereign debt priced in dollars.