WisdomTree Emerging Markets Local Debt Fund(AMEX:ELD)

ELD is an actively-managed fund that picks and chooses among all types of debtsovereign and corporateissued in over 10 different emerging markets. Thanks to its active structure, ELD's portfolio tilts are fluid: country and currency exposure will ebb and flow. The strategy aims to provide broad coverage of emerging debt markets, so country weightings are capped at 20%. The portfolio aims to have an effective duration of between 2 to 10 years, meaning longer-term debt is largely outside its purview. It's worth noting that the fund uses currency forwards to improve liquidity when trading illiquid securities. One word of caution: ELD owns derivatives, which opens investors up to potential counterparty risk.