EMBX vs FEMB: Grades, Fees and Holdings Compared

VanEck Emerging Markets Bond ETF

EMBXBNYSE Arca

First Trust Emerging Markets Local Currency Bond ETF

FEMBCNasdaq

Overlap

0.0%by weight

Expense ratio

EMBX −0.20pt a year

EMBX0.65%FEMB0.85%

Avg volume · 30D

FEMB 2.8×the volume

EMBX33.6KFEMB93.6K

EMBX vs FEMB Performance

Oct 31, 2025 – Oct 30, 2026

+3.9%EMBX+2.2%FEMB

Expense ratio: EMBX 0.65%, better; FEMB 0.85%
Fund size: EMBX $294M; FEMB $372M
1Y total return: EMBX +3.9%, better; FEMB +2.2%
Yield (12M): EMBX 5.82%; FEMB 7.04%, better
Holdings: EMBX 140; FEMB 63
Avg volume (30D): EMBX 33.6K sh; FEMB 93.6K sh, better
NAV per share: EMBX $49.48; FEMB $27.99
52W range

ETF.net Grade

Pillar letters and Scores for EMBX, FEMB, with each pillar’s weight
Pillar	EMBX	FEMB
Cost30% weight	D33Higher	F9
Mission25% weight	A96Higher	A81
Risk15% weight	B55Higher	D29
Tradability15% weight	B59Higher	C52
Holdings10% weight	B64Higher	D35
Durability5% weight	B63	B66Higher

Rank among Emerging Markets Bonds (Local Currency) funds

How we build Categories ›

Same Category. EMBX and FEMB are both graded against the same 7 Emerging Markets Bonds (Local Currency) funds, so their Grades compare head to head.

Emerging Markets Bonds (Local Currency)⁠

Category · 7 funds

See all 7 ›

EMBX ranks 3rd and FEMB 5th of 7 funds in the Emerging Markets Bonds (Local Currency) Category.

Rank 1AEMLCVanEck J.P. Morgan EM Local Currency Bond ETFScore 80
Rank 2ALEMBiShares J.P. Morgan EM Local Currency Bond ETFScore 75
Rank 3BEMBXVanEck Emerging Markets Bond ETFScore 60
Rank 4CELDWisdomTree Emerging Markets Local Debt FundScore 55
Rank 5CFEMBFirst Trust Emerging Markets Local Currency Bond ETFScore 41
Rank 6DGAEMSimplify Gamma Emerging Market Bond ETFScore 38

Our read on each fund

ETF.net Research

EMBXBVanEck Emerging Markets Bond ETF

FEMBCFirst Trust Emerging Markets Local Currency Bond ETF

In short

EMBX Nearly every EM bond ETF in this group tracks a J.P. Morgan index. EMBX doesn't: it's an active, index-agnostic fund roaming sovereign and corporate debt in both hard and local currency, run by the same team since 2012, for 0.65%.

FEMB Emerging-market debt bought in the borrower's own money, not dollars, and picked by a manager rather than an index. At least 80% of assets sit in local-currency bonds, so the currency move counts alongside the coupon. Pays monthly.

Stated mandate

EMBX The ETF seeks total return from income and capital appreciation through active investment in debt securities issued by emerging-market governments, quasi-government entities, and corporations.

FEMB The Fund seeks maximum total return and current income.

Why people hold it

EMBX Go-anywhere mandate: sovereigns and corporates, hard currency and local, no index to hug. Peers like EMLC and LEMB track local-currency government debt only.vaneck.com
Not a startup strategy. It ran as a mutual fund from 2012 and converted into this ETF on October 6, 2025, keeping the portfolio team and the performance history.vaneck.com
VanEck cut the fee in 2026, to 0.65% with no waiver propping it up, and the holdings line up closely with the broad mandate the fund advertises.vaneck.com
Roughly 130 bonds across emerging-market governments, quasi-sovereigns and companies, paid out monthly. Among the stronger implementations in a small peer group.

FEMB Actively managed, so the team chooses which countries, curves and currencies to own instead of inheriting an index weighting. First Trust has run it this way since 2014.ftportfolios.com
The mandate is specific: at least 80% of assets in bonds, notes and bills from emerging-market issuers, denominated in the issuer's local currency. The FX exposure is the point, not a side effect.ftportfolios.com
Stated goal is maximum total return and current income, and the fund distributes monthly rather than quarterly.
For a corner of the market this specialized, it holds up on the plumbing: hundreds of millions in assets and steady day-to-day trading.

Worth knowing

EMBX At 0.65% it costs more than the typical fund in this category: index peers EMLC (0.30% net of a waiver through May 1, 2027) and LEMB (0.30%) charge less.
Thinly traded next to the big index funds here, so the spread you cross matters more than it would in a mega-fund.
The hard-versus-local currency mix shifts with the manager's calls, so your FX exposure moves around. The ETF's own trading record starts in October 2025.vaneck.com

FEMB At 0.85% a year, it sits well above what a typical emerging-market ETF charges. Active management in local-currency debt is the reason, but the fee is a real headwind on income.
Currency cuts both ways here. Local-currency bonds mean dollar strength can offset coupon income and dollar weakness can add to returns. Nothing is hedged away.ftportfolios.com
Concentrated book of roughly 60 bonds, so individual country and currency calls carry weight, and there is no published index to measure the manager against.

Full EMBX profile⁠

Full FEMB profile⁠

EMBX vs FEMB Holdings

How EMBX and FEMB differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EMBX and 0.0% of FEMB.

Level by level

Holdings0 in both0.0%
Countryby domicile57.2%

Sector

No Sector split for EMBX and FEMB.

Country, concentration and asset class

Country by domicile

Country weights in EMBX and FEMB, widest gap first
Country	More in EMBXMore in FEMB	EMBX	FEMB
United Arab Emirates	EMBX +26.3 points	46.5%	20.2%
Indonesia	FEMB +10.3 points	3.9%	14.2%
Brazil	FEMB +9.6 points	0.0%	9.6%
Mexico	FEMB +6.6 points	2.1%	8.7%
United States	FEMB +6.1 points	0.0%	6.1%
China	EMBX +4.2 points	4.2%	0.0%
Thailand	FEMB +3.7 points	2.9%	6.6%
Luxembourg	EMBX +3.7 points	3.7%	0.0%
Other countries (12)	EMBX +2.1 points	36.7%	34.6%

Outside the US: EMBX 10% developed, 90% emerging. FEMB 1% developed, 99% emerging.

Concentration

Weight in the 10 largest Holdings

EMBX26.3%
FEMB41.6%

Securities held

EMBX84
FEMB57

Asset class

EMBX: Multi-Asset
FEMB: Fixed Income

Holdings

Only in EMBX84
In both0
Only in FEMB57

Only in EMBX

84 securities, 93.4% of EMBX by weight

Malaysia Government Bond5.94%
Republic Of Poland Government Bond4.02%
Abu Dhabi Government International Bond3.29%
China Government Bond3.17%
Export-Import Bank Of India3.10%
Republic Of South Africa Government Int3.08%
Peru Government Bond3.08%
Colombian Tes2.94%
Hungary Government Bond2.73%
Thailand Government Bond2.70%
Bolivian Government International Bond2.47%
Bonos De La Tesoreria De La Republica E2.34%
Congolese International Bond2.33%
Colombia Government International Bond2.22%
Czech Republic Government Bond2.04%
Eagle Funding Luxco Sarl2.02%
Romanian Government International Bond1.95%
Indonesia Treasury Bond1.78%
Oman Government International Bond1.77%
Ecuador Government International Bond1.67%
Angolan Government International Bond1.60%
Nigeria Government International Bond1.59%
Singapore Government Bond1.38%
Republic Of Poland Government Internati1.25%
Guatemala Government Bond1.24%
Dominican Republic International Bond1.24%
Siam Commercial Bank Pcl/Cayman Islands1.09%
Drc International Bond1.07%
Turkiye Government International Bond1.04%
Laos Government International Bond0.99%
Glp Pte Ltd0.94%
Zambia Government International Bond0.89%
Romania Government Bond0.88%
Alpek Sab De Cv0.88%
Ypf Sa0.86%
Aes Panama Generation Holdings Srl0.85%
Star Energy Geothermal Darajat Ii / Sta0.83%
Star Energy Geothermal Wayang Windu Ltd0.82%
Avianca Midco 2 Plc0.76%
Orbia Advance Corp Sab De Cv0.74%
Nwd Mtn Ltd0.74%
Serbia International Bond0.73%
We Soda Investments Holding Plc0.72%
Ghana Government International Bond0.71%
Costa Rica Government International Bon0.68%
Philippine Government International Bon0.66%
Uruguay Government International Bond0.65%
Longfor Group Holdings Ltd0.63%
Indofood Cbp Sukses Makmur Tbk Pt0.59%
Morocco Government International Bond0.59%

Only in FEMB

57 securities, 92.6% of FEMB by weight

THAILAND GOVERNMENT BOND N/C, 3.39%, due 06/17/20375.06%
INDIA GOVERNMENT BOND N/C, 7.18%, due 07/24/20374.54%
MEX BONOS DESARR FIX RT N/C, 7.50%, due 05/26/20334.51%
MALAYSIA GOVERNMENT N/C, 2.632%, due 04/15/20314.22%
INDONESIA GOVERNMENT N/C, 8.375%, due 03/15/20343.60%
BONOS DE TESORERIA N/C, 6.90%, due 08/12/20373.52%
INDONESIA GOVERNMENT N/C, 9%, due 03/15/20293.46%
INDONESIA GOVERNMENT N/C, 8.25%, due 05/15/20363.44%
INDONESIA GOVERNMENT N/C, 7%, due 09/15/20303.01%
TITULOS DE TESORERIA N/C, 7%, due 06/30/20323.00%
REPUBLIC OF SOUTH AFRICA N/C, 8.875%, due 02/28/20352.90%
POLAND GOVERNMENT BOND N/C, 6%, due 10/25/20332.78%
REPUBLIC OF SOUTH AFRICA N/C, 8.25%, due 03/31/20322.70%
INTL BK RECON & DEVELOP N/C, 6.71%, due 01/21/20352.65%
MEX BONOS DESARR FIX RT N/C, 8.50%, due 11/18/20382.42%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/20352.39%
INTER-AMERICAN DEVEL BK N/C, 7.35%, due 10/06/20302.21%
POLAND GOVERNMENT BOND N/C, 5.25%, due 04/25/20362.20%
REPUBLIC OF SOUTH AFRICA N/C, 8.75%, due 01/31/20442.08%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/20312.04%
BONOS TESORERIA PESOS N/C, 4.70%, due 09/01/20302.04%
HUNGARY GOVERNMENT BOND N/C, 7%, due 10/24/20351.98%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/20291.86%
MALAYSIA GOVERNMENT N/C, 4.642%, due 11/07/20331.85%
MALAYSIA GOVERNMENT N/C, 4.498%, due 04/15/20301.74%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/20331.73%
ROMANIA GOVERNMENT BOND N/C, 6.70%, due 02/25/20321.71%
ROMANIA GOVERNMENT BOND N/C, 8.75%, due 10/30/20281.48%
MEX BONOS DESARR FIX RT N/C, 7.75%, due 05/29/20311.38%
CZECH REPUBLIC N/C, 5%, due 09/30/20301.31%
REPUBLIC OF PHILIPPINES N/C, 6.25%, due 01/14/20361.29%
MALAYSIA GOVERNMENT N/C, 3.885%, due 08/15/20291.10%
CZECH REPUBLIC N/C, 3.50%, due 05/30/20350.91%
NOTA DO TESOURO NACIONAL N/C, 10%, due 01/01/20370.86%
TURKIYE GOVERNMENT BOND N/C, 26.20%, due 10/05/20330.83%
TITULOS DE TESORERIA N/C, 9.25%, due 05/28/20420.81%
TITULOS DE TESORERIA N/C, 7.25%, due 10/18/20340.80%
HUNGARY GOVERNMENT BOND N/C, 6.75%, due 10/22/20280.61%
EUROPEAN BK RECON & DEV N/C, 6.30%, due 10/26/20270.52%
TURKIYE GOVERNMENT BOND N/C, 31.08%, due 11/08/20280.47%
INDIA GOVERNMENT BOND N/C, 6.10%, due 07/12/20310.45%
INTER-AMERICAN DEVEL BK N/C, 7%, due 08/08/20330.45%
CZECH REPUBLIC N/C, 1.50%, due 04/24/20400.44%
REPUBLIC OF SOUTH AFRICA N/C, 10.50%, due 12/21/20270.43%
ROMANIA GOVERNMENT BOND N/C, 4.75%, due 10/11/20340.43%
REPUBLIC OF SOUTH AFRICA N/C, 10.50%, due 12/21/20260.42%
AFRICAN DEVELOPMENT BANK N/C, 0%, due 04/05/20460.32%
INTL FINANCE CORP 0%, due 02/22/20380.32%
BONOS TESORERIA PESOS N/C, 6%, due 04/01/20330.29%
BONOS TESORERIA PESOS N/C, 5%, due 03/01/20350.29%

Weight gaps

EMBX and FEMB share no securities.

All 134 EMBX holdings⁠All 55 FEMB holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

EMBX vs FEMB Cost

Overpaying FEMB vs EMBX

$3,482

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

EMBX 0.65%
$12,717
FEMB 0.85%
$16,199

Amount$10,000

Years30 years

Cost over time

EMBX 0.65%
FEMB 0.85%
Overpaying

Year by year

Year	EMBX	FEMB	Overpaying
10	$1,163	$1,508	$345
20	$4,440	$5,706	$1,266
30	$12,717	$16,199	$3,482

Expense ratio

0.65%EMBX, cheaper
0.85%FEMB

EMBX0.65%FEMB0.85%

0.30%0.85%

Middle half of Emerging Markets Bonds (Local Currency) funds
Median 0.55%

EMBX 5th cheapest of 7 funds

FEMB 7th cheapest of 7 funds

EMBX vs FEMB Dividends

Last 12 months to Oct 30, 2026

Yield (12M): EMBX 5.82%; FEMB 7.04%, better
Payout (12M): EMBX $2.88; FEMB $1.97
Last payment: EMBX $0.23; FEMB $0.20
Ex-dividend: EMBX Oct 1, 2026; FEMB Oct 21, 2026
Paid on: EMBX Oct 6, 2026; FEMB Oct 30, 2026
Frequency: EMBX Monthly; FEMB Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

EMBXMonthly · 15 paymentsAll EMBX payments⁠

FEMBMonthly · 46 paymentsAll FEMB payments⁠

EMBX vs FEMB Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: EMBX 6.5%since Oct 2025FEMB 9.0%
Return per unit of riskSharpe ratio, 3 years: EMBX 0.11since Oct 2025FEMB 0.41
Worst fallMax drawdown, 5 years: EMBX −5.2%since Sep 2025FEMB −21.3%
Market sensitivityBeta, 5 years: EMBX 1.06FEMB 1.27; Market = 1

EMBX and FEMB in the news

All news⁠

New ETFs
T. Rowe Price's 0.45% fund undercuts VanEck's full emerging-markets bond mix
Oct 5, 2026EMBX
News
Bolivia lifts diesel 83% a day after Congress clears $1.9 billion IMF loan
Sep 19, 2026EMBX

Popular comparisons

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EMBX vs FEMB

In short

Stated mandate

Why people hold it

Worth knowing

How EMBX and FEMB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EMBX

Only in FEMB

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

T. Rowe Price's 0.45% fund undercuts VanEck's full emerging-markets bond mix

Bolivia lifts diesel 83% a day after Congress clears $1.9 billion IMF loan

How EMBX and FEMB differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in EMBX

Only in FEMB

Weight gaps