HYEM holds dollar-denominated high-yield debt issued in the US or Europe by corporations located in or serving emerging market economies. The fund holds bonds issued by firms from countries ranging from Brazil to the Philippines, and largely ignores bonds with more than 10 years in maturity. This makes for a portfolio with less interest-rate risk and a lower yield than longer-dated portfolios. Constituents of the underlying index are market-value-weighted, capped at 10% per country and 3% per issuer. HYEM uses a sampling method and only holds a subset of securities with approximately the same risk and return characteristics as the index. Rebalancing is done on a monthly basis.
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