The SPDR Bloomberg Emerging Markets Local Bond ETF (EBND) aims to replicate the price and yield performance of the Bloomberg EM Local Currency Government Diversified Index, before considering fees and expenses. This fund provides investors with exposure to fixed-rate government debt issued by developing nations, denominated in their respective local currencies. The underlying index includes sovereign bonds, also in local currencies, from both highly-rated and lower-rated emerging market countries globally (excluding the U.S.), as long as they have at least one year remaining until maturity. The index undergoes rebalancing on the final business day of every month.