“The Initial Fund will offer a simple and efficient way to gain exposure to a diversified basket of emerging market debt instruments while preserving the opportunity to outperform the relevant benchmark index,” according to the filing.

The ProShares fund will likely compete with existing emerging market debt funds like the WisdomTree Asia Local Debt Fund (NYSEArca: ALD) and WisdomTree Emerging Market Local Debt Fund (NYSEArca: ELD), which are both denominated in foreign currencies.

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Max Chen contributed to this article.