Even some ETFs that hold bonds denominated in emerging markets currencies, previously a toxic asset class in its own right, have proven sturdy. Take the example of the WisdomTree Emerging Markets Local Debt Fund ( ELD ). The $908.8 million actively managed WisdomTree Emerging Markets Local Debt Fund is up 2.2% since Standard & Poor's lowered Brazil's credit rating to BBB-, the lowest investment grade. That is no small feat considering ELD allocates nearly 11.1% of its weight to real-denominated debt. [ Brazil ETFs Deal With S&P Downgrade ] ELD offers exposure to 16 countries, all of which carry investment-grade ratings from at least one major ratings agency. The ETF is also up nearly 1% over the past month, a period in which Russia saw its credit rating trimmed to BBB-. Russia accounts for 6.7% of ELD's weight.