Consequently, if the U.S. dollar continues to strengthen against global currencies, investors may want to look to USD-denominated emerging market debt as opposed to local currency-denominated EM securities. For instance, the iShares J.P. Morgan USD Emerging Markets Bond ETF (NYSEArca: EMB) tracks U.S. dollar-denominated emerging market government bonds across more than thirty countries, including 6.7% Mexico, 5.6% Russia, 5.4% Turkey, 5.3% Indonesia and 5.1% Philippines, among others. EMB has a 6.91 year duration and a 5.64% 30-day SEC yield.

The PowerShares Emerging Markets Sovereign Debt Portfolio (NYSEArca: PCY) also includes a group of USD-denominated emerging market government bonds. Top country allocations include Ukraine 6.9%, Russia 4.0%, Latvia 3.8%, Pakistan 3.7% and Romania 3.7%. PCY has a 7.78 year duration and a 6.18% 30-day SEC yield.

The Vanguard Emerging Markets Government Bond ETF (NasdaqGM: VWOB) tracks USD-denominated emerging market debt, with top countries including China 13.0%, Mexico 8.4%, Brazil 7.7%, Russia 7.3% and Indonesia 5.8%. VWOB has a 6.3 year duration and a 5.39% 30-day SEC yield.

Max Chen contributed to this article.