![]() Regarding interest rates in developed and emerging markets. The Fund’s net-negative position in the Japanese yen had a largely neutral effect on absolute return. Currency positions in Asia ex-Japan and Latin America detracted fromĪbsolute performance however, the Fund’s net-negative position in the euro contributed. Sovereign credit exposures contributed to absolute return while interest rate strategies had a largely neutral effect. Credit spreads widened across a vast majority of global credit markets duringĭetracted from the Fund’s absolute performance. Global bond yields and spread levels fluctuated, withĪn overall trend toward higher yields across the Americas and the eurozone but lower yields in specific peripheral European markets and much of East Asia, including Japan. dollar broadly strengthened against developed and emerging market currencies during the 12-month period. ![]() Japanese yen appreciated at times, acting as perceived safe havens. ![]() dollar due to heightened risk aversion, while the euro and the Several emerging market currencies depreciated sharply against the U.S. Volatility escalated at the end of June as economic concerns over China spread across global financial markets. Influenced by growth in the U.S., economic moderation in China, quantitative easing measures from the Bank of Japan and the European Central Bank, a sharp decline in oil prices, and a protracted depreciation of emerging market currencies. ![]() Links to a proprietary ETF Database rating for other ETFs in the International Government Bonds ETF Database Category is presented in the following table.During the period, global financial markets were broadly ![]() ETFs Tracking Other International Government Bonds ![]()
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