VWOB seeks to track the performance of a benchmark index that measures the investment return of U.S. dollar-denominated bonds issued by governments and government-related issuers in emerging market countries. Many overseas governments are taking swift action to stifle inflation, which bodes well for EM bonds and assets like the Vanguard Emerging Markets Government Bond Index Fund ETF Shares (VWOB). One country exhibiting considerable opportunity is Brazil, to which VWOB offers a 4.9% market allocation, as of 5/31/21.