Then there is the ProShares Short Term USD Emerging Markets Bond ETF (BATS: EMSH). EMSH is just a month old, but it is obvious this is a fund short-duration fans should consider. EMSH, which allocates about 48% of its country weight to Ukraine, Russia, Turkey, Brazil and Venezuela, has a modified duration of 2.2 years, according to issuer data.

While not a pure emerging markets play, the Powershares Global Short Term High Yield Bond Portfolio (NYSEArca;: PGHY) features seven developing markets among its top-10 country weights and an effective duration of 1.4 years. The Market Vectors Emerging Markets High Yield Bond ETF (NYSEArca: HYEM) has a modified duration of just under 4.2 years, which compares favorably with the comparable U.S.-focused junk bond ETFs. [10 Bond ETFs With Yields Above 5%]

Market Vectors Emerging Markets Local Currency Bond ETF

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of EMB.