The iBoxx USD Liquid Emerging Markets Sovereigns & Sub-Sovereigns Interest Rate Hedged is designed to measure the performance of USD-denominated sovereign and sub-sovereign bonds issued by entities domiciled in emerging markets, with a minimum outstanding amount of USD 1 billion. Securities must have a remaining time to maturity of at least one year at rebalancing. The index takes a long position in the iBoxx USD Liquid Emerging Markets Sovereigns & Sub-Sovereigns Index and short positions in U.S. Treasury futures (2-Year T-Note, 5-Year T-Note, 10-Year T-Note, T-Bond and Ultra T-Bond futures) to achieve neutral duration.