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Sunday, August 23, 2026The Morning Brief →Sign in
EMHCSPDR

SPDR Bloomberg Emerging Markets USD Bond ETF

$24.900.00% today
252652-WK

Normally, the fund generally invests substantially all, but at least 80%, of its total assets in the securities comprising the index and in securities that the Adviser and/or Sub-Adviser determines have economic characteristics that are substantially identical to the economic characteristics of the securities that comprise the index. It is non-diversified.

Price & daily flows
25.025.024.924.90DAILY NET FLOWJul 24Aug 4Aug 12Aug 21

SOURCE: MARKET TAPE & DAILY CREATION/REDEMPTION RECORDS · 1M SHOWN · NET +$15M OVER THIS RANGE

The desk’s read

Money keeps arriving — +$15M of net buying over the past month, about 5.1% of the fund's asset base, while the price has returned -2.1% so far this year. At 0.23% a year it is not the cheapest way in — IJH runs the same ground at 0.05%.

COMPOSED FROM THE FUND’S OWN DAILY RECORDS · UPDATED WITH EACH REFRESH

$296Massets under management
0.23%expense ratio · $23 per $10,000 a year
+$15Mnet flow, trailing month
38Kavg daily volume, 30 days
495holdings
2021listed April 5, 2021 · beta 0.28
The book at a glance
0.9%0.8%0.7%0.6%0.6%0.6%0.5%0.5%0.5%0.5%0.5%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.4%0.3%0.3%0.3%0.3%0.3%0.3%

CELL SIZE IS PORTFOLIO WEIGHT · COLOR IS TODAY’S MOVE · TOP 40 POSITIONS

HoldingsDownload CSV
#HoldingWeightPriceDay52-wk
1REPUBLIC OF ARGENTINA SR UNSECURED 01/38 VAR0.92%
2ARGENTINA REPUBLIC OF GOVERNMENT0.82%
3REPUBLIC OF ARGENTINA SR UNSECURED 07/41 VAR0.74%
4FED REPUBLIC OF BRAZIL SR UNSECURED 03/35 6.6250.65%
5REPUBLIC OF ECUADOR SR UNSECURED REGS 07/35 VAR0.59%
6GLOBAL SUKUK VENTURES SR UNSECURED REGS 11/35 4.250.58%
7KUWAIT INTL BOND SR UNSECURED REGS 10/35 4.6520.53%
8FED REPUBLIC OF BRAZIL SR UNSECURED 10/33 60.49%
9REPUBLIC OF INDONESIA SR UNSECURED REGS 01/46 5.950.48%
10STATE OF QATAR SR UNSECURED REGS 04/48 5.1030.47%
11REPUBLIC OF PANAMA SR UNSECURED 01/36 6.70.46%
12CODELCO INC SR UNSECURED REGS 09/53 6.30.45%
13REPUBLIC OF HUNGARY0.44%
14STATE OF QATAR SR UNSECURED REGS 03/49 4.8170.44%
15ARAB REPUBLIC OF EGYPT SR UNSECURED REGS 01/32 7.05290.42%

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Sector weights
Cash & Others100%
Financial Services100%
Other100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Country weights
United States100%
Other100%
PORTFOLIO COMPOSITION, LATEST DISCLOSURE
Performance
1 week-0.0%
1 month0.0%
3 months-0.7%
6 months-3.4%
YTD-2.1%
1 year-0.4%
3 years

PRICE RETURN, DISTRIBUTIONS NOT REINVESTED

Net flows
1 week
1 month+$15M
3 months+$38M
YTD+$70M
1 year+$83M

CREATION/REDEMPTION DOLLARS, DAILY RECORDS

Monthly net flows
SepOctNovDecJanFebMarAprMayJunJulAug
DAILY CREATION/REDEMPTION RECORDS, TRAILING TWELVE MONTHS
The risk read
5%realized volatility, 30 days (annualized)
6%realized volatility, 1 year
-4.8%deepest fall from a peak, 1 year
-3.5%where it sits vs. that peak today

The top holding is 1.7% of the book; the top ten carry 7%. Spread across 250+ names, it behaves like roughly 200 equally-weighted positions.

VOLATILITY & DRAWDOWN FROM THE DAILY TAPE · CONCENTRATION FROM THE LATEST DISCLOSED BOOK

The case against EMHC

Due diligence cuts both ways. These funds sit on the same shelf and beat EMHC on at least one dimension that matters — the fee, the asset base, or where the money is going.

FundFeeAssetsFlow, 1MThe case
STIP iShares 0-5 Year TIPS Bond ETF0.03%$16B+$288M-20bp on fee · 54× the assets · +$288M in over the monthHead-to-head
MBB iShares MBS ETF0.04%$39B+$26M-19bp on fee · 132× the assets · +$26M in over the monthHead-to-head
IJH iShares Core S&P Mid-Cap ETF0.05%$128.4B+$547M-18bp on fee · 434× the assets · +$547M in over the monthHead-to-head
IDEV iShares Core MSCI International Developed Markets ETF0.04%$32.7B+$104M-19bp on fee · 110× the assets · +$104M in over the monthHead-to-head
IGSB iShares 1-5 Year Investment Grade Corporate Bond ETF0.04%$23.4B+$520M-19bp on fee · 79× the assets · +$520M in over the monthHead-to-head
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InstrumentsHarvest substitutesTrade cost at $1MClient tearsheetStress this fund
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