For example, the Market Vectors Emerging Markets Local Currency Bond (EMLC) ETF is down 7.8% year-to-date.

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The Market Vectors Local Currency EM Bond (EMLC) fund is down 1.4% by comparison.

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The volume on that ETF is lower than the Market Vectors Emerging Markets Bond (EMLC) ETF, however.

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Year-to-date, the total return on EMLC is 5.46% versus IEI gains of 6.58%.

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The unique point about EMLC is that it holds bonds denominated in the local currency of all these countries.

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On July 23rd the firm introduced Market Vectors Emerging Markets Local Currency Bond ETF ( EMLC), a fund whose name describes exactly what it does.

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The iShares 3-7Yr UST (IEI) exchange traded fund is up 6.68% while the Market Vectors Emerging Markets Local Currency (EMLC) bond ETF is up just 1.62%.

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If the bet pans out, EMLC investors will enjoy capital gains from the currency appreciation as well as what appears to be a very attractive yield, presently around 6% after the 0.49% expense ratio is subtracted.

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Emerging market Central Banks and sovereign wealth funds from Saudi Arabia to China are all big buyers of U.S. Treasurys, driving up bond prices and helping IEI beat EMLC, GSDIX and OEMAX handedly over the last 12 months.

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