Based on its fund description, BNDX tracks the performance of the Bloomberg Global Aggregate ex-USD Float Adjusted RIC Capped Index. As mentioned, developed markets comprise the majority of the exposure, but EM bonds do get just over a 7% weighted exposure (as of October 31). Like the majority of Vanguard's full roster of fixed income ETFs, it features a low expense ratio of 0.07% or $7 per every $10,000 invested. Of course, those who don't mind the risk premium to get more yield should look at a fund that ...