Van Eck Global Friday launched the Market Vectors Emerging Markets Local Currency Bond ETF, trading on NYSE Arca under the ticker EMLC. The fund closed at $25.45 for the day.

It is the first ETF tied to an index that trades a basket of emerging markets bonds issued in local currencies. Its benchmark index is the J.P. Morgan Government Bond Index-Emerging Markets Global Core Index. Countries represented in the index include Brazil, Russia, Africa, South Africa, Colombia, Egypt and Turkey. However, each nation is market capped at no more than 10% of assets, in order to provide diversification.

"EMLC allows investors to participate in the dynamics of local emerging market economies," said Jan van Eck, principal at Van Eck Global, adding that the underlying J.P. Morgan index is "popular."

Joyce Chang, J.P. Morgan's head of global emerging markets and credit research, added: "Over the last few years, emerging markets have demonstrated resilience as much of the developed world has experienced massive fiscal deterioration and skyrocketing debt levels."

This is Van Eck's 26th ETF under the Market Vectors brand.

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