The fund aims to track the JPMorgan EMBI Plus Index, which contains government bonds from countries designated as emerging denominated in hard currencies such as USD, EUR and GBP. As a result of liquidity issues, the fund will not hold a fully replicated portfolio but will aim to track the index through optimisation techniques. We like the tracker as it gives us exposure to a diverse portfolio of liquid bonds in the EM debt universe and it has tracked the benchmark well historically. It is also relatively cheap with an ongoing charge of 0.29% as of January 2016.