At a glance
EMTL charges 0.65% a year, above the 0.17% average of the 7 funds most like it (the most expensive of 8). It has $77.1M in assets, the 8th largest of that group; it paid 3.66% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +1.2% with distributions reinvested, 4th of those 8 funds; over three years it returned +7.7% a year. At its worst it fell 14.0% in the 2020 crash (S&P 500: 33.7%) and 19.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months and 22 months after the lows. Its ten largest positions make up 21.4% of the fund, out of 107 in all.
The short version
SPDR DoubleLine Emerging Markets Fixed Income ETF (EMTL) is an actively managed bond fund. Its sub-adviser, DoubleLine Capital, picks bonds without following an index, mostly from companies in emerging markets such as Peru, Mexico and Chile. DoubleLine aims to keep junk-rated or unrated bonds at 20% or less. The trade-off is cost: its 0.65% expense ratio is the highest among similar funds, which average 0.17%.
Price history
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EMTL +1.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EMTL official prospectus, to Dec 31, 2024 | — | +6.36% | — | +0.81% | — | +3.00% |
| EMTL price data to Oct 27, 2026 | +0.7% | +1.2% | +7.7% | +1.7% | +2.7% | +3.3% |
- Over the year to Oct 27, 2026, EMTL returned +1.2%, 4th of 8 among similar funds.
- Its 5-year annualized return was +1.7% and its 10-year +2.7%.
- In the 2020 COVID crash it fell 14% and regained its old high 8.7 months after the low.
- Its worst full calendar year was 2022 (-14.3%); its best was 2019 (+11.9%).
- The deepest fall in its price history was 22.9% (Sep 15, 2021 to Oct 21, 2022), recovered by Feb 25, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.7% | — |
| 2025 | +8.3% | — |
| 2024 | +5.9% | +6.36% |
| 2023 | +9.6% | +9.11% |
| 2022 | -14.3% | -14.13% |
| 2021 | +0.6% | +0.88% |
| 2020 | +3.5% | +3.55% |
| 2019 | +11.9% | +11.30% |
| 2018 | -2.4% | -1.94% |
| 2017 | +7.6% | +7.60% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13.7% over that stretch · deepest drop along the way 14%, back to its old high 8.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.5% over that stretch · deepest drop along the way 19.5%, back to its old high 22.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.0300 | |
| 2025 | $2.2000 | -2.7% |
| 2024 | $2.2600 | +12.4% |
| 2023 | $2.0100 | +19.6% |
| 2022 | $1.6800 | -36.6% |
| 2021 | $2.6500 | +58.7% |
| 2020 | $1.6700 | -16.9% |
| 2019 | $2.0100 | +25.6% |
| 2018 | $1.6000 | -24.2% |
| 2017 | $2.1100 |
What's inside
As of Jun 30, 2026, the fund held 107 securities; the ten largest made up 21.45% of assets, and 5.33% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| OVERSEA-CHINESE BANKING Bonds and notes | 2.53% | |
| MISC CAPITAL TWO LABUAN Bonds and notes | 2.32% | |
| CHILE ELECTRICITY LUX Bonds and notes | 2.31% | |
| BANCO INTERNAC DEL PERU Bonds and notes | 2.27% | |
| MINSUR SA Bonds and notes | 2.10% | |
| BPRL INTERNATIONAL SINGA Bonds and notes | 2.07% | |
| CHILE ELECTRICITY LUX Bonds and notes | 2.07% | |
| MV24 CAPITAL BV Bonds and notes | 2.00% | |
| BANCO SANTANDER CHILE Bonds and notes | 1.92% | |
| BANCO DE CREDITO DEL PER Bonds and notes | 1.87% | |
| INRETAIL CONSUMER Bonds and notes | 1.87% | |
| GUARA NORTE SARL Bonds and notes | 1.86% | |
| UNITED OVERSEAS BANK LTD Bonds and notes | 1.80% | |
| RUTAS 2 & 7 FINANCE LTD Bonds and notes | 1.80% | |
| MEXICO GENERADORA DE ENE Bonds and notes | 1.64% |
By country
Peru 12.36%Mexico 11.88%Luxembourg 9.33%Singapore 7.7%Cayman Islands 7.67%By issuer
Companies 86.63%Foreign governments 8.24%The bonds mature in 7.6 years on average (weighted by size), with an average coupon of 4.99%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $12.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.49%, +0.13%, +0.36%.
How it works
EMTL does not track an index. DoubleLine Capital LP, the sub-adviser, picks the bonds. It must keep at least 80% of net assets in emerging market fixed income, such as corporate and government bonds, bank loans and preferred securities. Holdings must span at least five emerging market countries, with no more than 20% in any one. DoubleLine ranks countries on public finances, monetary policy and exchange rate stability. It may sell a bond when the issuer's credit weakens. Portfolio turnover, a measure of trading, was 56%.
DoubleLine aims to keep no more than 20% in unrated or junk bonds (below investment grade, rated BB+ or lower) at the time of purchase. It targets an effective duration of two to eight years. Duration measures how much bond prices move when interest rates change. The fund may use currency forwards, plus derivatives that trade on an exchange or are centrally cleared, to hedge or add exposure. The June 30, 2026 report showed no derivatives.
As of June 30, 2026, the fund held 107 securities: 86.6% company debt, 8.2% foreign government debt and 5.3% cash. The top ten made up 21.5%, led by Oversea-Chinese Banking (2.5%), MISC Capital Two Labuan (2.3%) and Chile Electricity Lux (2.3%). Peru (12.4%) and Mexico (11.9%) led the country mix. Luxembourg (9.3%) appears because some issuers, such as Chile Electricity Lux, are registered there but earn their revenue in emerging markets. Average maturity was 7.6 years.
What it really costs
- EMTL charges 0.65% a year, versus an average of 0.17% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMTL | $66 | $208 | $362 | $810 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It adds emerging market corporate credit that differs from US bond funds, but its deep losses in 2020 and 2022 and its high cost point to a supporting role rather than a core one.
EMTL could add emerging market corporate bonds to a bond mix built mostly on US bonds. Its income over the past 12 months equaled a 3.66% yield as of October 27, 2026, and it pays quarterly. It has not cushioned downturns. It fell 14% in the 2020 COVID crash and recovered in about nine months. It fell 19.5% in the 2022 bear market and took about 22 months to recover. Its worst calendar year was 2022, at -14.13%. Its deepest drop, 22.9% from September 2021 to October 2022, took about 28 months to recover. Anyone selling shares for spending money during that stretch would have sold at a loss. The fund launched in 2016, so it has no 2008 record. Its 0.65% expense ratio ($66 in year one on the SEC's $10,000 example) is well above the 0.17% peer average. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting actively picked, mostly investment-grade emerging market corporate bonds, from issuers like Oversea-Chinese Banking and Banco de Credito del Peru.
- Income seekers fine with quarterly payouts; income over the past 12 months equaled a 3.66% yield as of October 27, 2026.
- Those who value DoubleLine's country-by-country research and accept paying 0.65% a year for it.
Look elsewhere if
- Cost-focused investors: US corporate bond ETFs such as VCIT and IGIB charge 0.03% to 0.04%, versus EMTL's 0.65%.
- Anyone who may need to sell in a downturn; it fell 22.9% from 2021 to 2022 and took about 28 months to recover.
- Investors who prefer large funds; at $77.1 million in net assets as of June 30, 2026, it is the smallest in its peer group.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMTL this fund | 7.6 yrs | 0.65% | $77.1M | +1.2% | +7.7% |
| EMCB WisdomTree Emerging Markets Corporate Bond … | 7.2 yrs | 0.6% | $98.5M | +0.2% | +7.6% |
| VCIT Vanguard Intermediate-Term Corporate Bond E… | 8.2 yrs | 0.03% | $72.04B | -0.6% | +7.1% |
| IGIB iShares 5-10 Year Investment Grade Corporat… | 8.3 yrs | 0.04% | $18.72B | -1.0% | +6.4% |
| HYEM VanEck Emerging Markets High Yield Bond ETF | 6.1 yrs | 0.4% | $521.5M | +3.1% | +10.5% |
| BIV Vanguard Intermediate-Term Bond ETF | 7.5 yrs | 0.03% | $52.45B | -0.7% | +5.1% |
| IGSB iShares 1-5 Year Investment Grade Corporate… | 3.7 yrs | 0.04% | $23.46B | +1.5% | +5.4% |
| VCSH Vanguard Short-Term Corporate Bond ETF | 3.5 yrs | 0.03% | $51.74B | +1.9% | +5.7% |
Questions investors ask
Is EMTL a junk bond fund?
Mostly no. The prospectus says DoubleLine aims to keep no more than 20% of the fund, at the time of purchase, in unrated bonds or bonds rated BB+ or lower. Those are below investment grade, often called junk. The rest aims for investment-grade emerging market debt. Even so, these bonds carry emerging market risks, including political instability and currency swings. The fund lost 14.13% in 2022.
Does EMTL pay monthly dividends?
No. EMTL pays income quarterly. Over the 12 months to October 27, 2026, its payouts totaled $1.56 per share, a yield of 3.66%. The payouts come mainly from interest on its bonds. Those bonds had an average coupon (the interest rate they pay) of 4.99% as of June 30, 2026. Amounts can vary from one quarter to the next.
What's the difference between EMTL and EMCB?
They are similar. Both hold mainly emerging market corporate bonds, with average maturities of 7.6 years for EMTL and 7.2 years for the WisdomTree Emerging Markets Corporate Bond Fund (EMCB). EMCB charges 0.60%, versus 0.65% for EMTL. As of October 27, 2026, EMCB returned 0.2% over one year and 7.6% a year over three years. EMTL returned 1.2% and 7.7%. EMCB had $98.5 million in net assets as of August 31, 2026.
Is EMTL good for retirement income?
It provides some income, but its price can swing a lot. Its income over the past 12 months equaled a 3.66% yield as of October 27, 2026, paid quarterly. It lost 19.5% in the 2022 bear market and took about 22 months to recover. Its 0.65% expense ratio also takes a bigger bite of that income than the 0.17% average among similar funds. It may suit investors who want a small emerging market slice within a broader bond mix.
What is EMTL's expense ratio?
EMTL's expense ratio is 0.65% a year, according to its prospectus filed October 24, 2025. All of it is a management fee, with no fee waiver. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $66 after one year, $208 after three years, $362 after five and $810 after ten. That is the highest cost of the eight funds in its comparison group, where the seven peers average 0.17%.