EMB vs NEMD

EMBAiShares J.P. Morgan USD Emerging Markets Bond ETF

NEMDCNeuberger Berman Emerging Markets Debt Hard Currency ETF

In short

EMB Emerging markets without the currency guesswork: EMB owns dollar-denominated EM debt, tracking J.P. Morgan's index since 2007. Roughly 600 bonds, income paid monthly.

NEMD Neuberger Berman's active take on emerging-markets debt, issued in hard currency: credit calls drive the outcome instead of local-currency swings. A 2025 arrival holding roughly 300 positions and paying monthly.

Stated mandate

EMB The fund seeks to follow an index made up of U.S.-dollar-denominated bonds issued in emerging markets.

NEMD The Fund invests in emerging-markets debt and other fixed-income instruments, including sovereign debt and direct debt obligations. It may also transact in foreign currencies for hedging or investment purposes.

Why people hold it

• EMB Dollar-denominated by mandate. The bonds are issued in USD, so local currency moves don't pass straight through to what the fund collects.ishares.com
• About 600 bonds across emerging market borrowers, one of the broadest baskets in its peer group.
• A multi-billion-dollar fund running since 2007 and one of the most actively traded ways to get this exposure, which tends to show up as tighter spreads at retail size.
• Distributions land monthly rather than quarterly.

• NEMD Hard-currency mandate: the bonds are issued in major currencies, so the exposure is sovereign and corporate credit rather than a bet on the peso, rand or rupiah.
• Actively run, not index-shackled. The team can shift between sovereign debt and direct corporate obligations, and transact in foreign currencies to hedge or to add exposure.
• Spread across roughly 300 positions, with income paid out monthly.
• The portfolio lines up closely with the emerging-markets debt mandate on the label. Little drift between the pitch and the holdings.

Worth knowing

• EMB Costs 0.39% a year, above its cohort's 0.19% median and well above plain EM stock index funds like VWO and SCHE at 0.06%.
• It's a bond fund sitting in a mostly-stock peer group. What drives it is emerging market credit and interest rates, not company earnings.
• The USD-only screen skips local-currency emerging market government debt, so that slice of the market, and its currency swings, is left out.ishares.com

• NEMD At 0.85% a year, it is the priciest fund in its peer group. Index-tracking rivals JPMB and EMBD charge 0.39%.
• Launched in August 2025, so the record is short and the fund is still building trading volume. Thinner volume usually means wider bid/ask spreads.
• Hard currency strips out the local-FX swing, not the credit risk. These are still emerging-market borrowers, and sovereign stress shows up in prices.

Full EMB profile⁠

Full NEMD profile⁠