US group VanEck Investments has broadened its exchange-traded fund (ETF) range with the launch of a dedicated emerging market local currency bond fund.

The VanEck JP Morgan EM Local Currency Bond Ucits ETF marks the company’s fourth offering for European investors, having launched two gold-focused funds and a smart beta product previously.

This new approach will track the JP Morgan GBI-EMG Core Index, which is designed to tap local currency bonds issued by emerging market governments.

VanEck said the strategy will tap a diverse array of countries and will provide high yield, while also exercising low levels of correlation to the US dollar. It is market-cap weighted with no individual exposure exceeding 10%.

It is initially listed on the London Stock Exchange, with listing on further European Stock Exchanges to follow in the short term.

Founded in 1955, VanEck is an investment management firm headquartered in New York. It oversees $38 billion in assets under management, as at the end of 2016.