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ETF sheet · Issuer-declared data
Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 14.37%details →

EUR Government Bond Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000JUREXG2Ticker: JEUG (Borsa Italiana) · JEUG (Xetra) · JEUG (London SE) · JEUG (SIX)Issuer: JPMorganClass: JPM - EUR (acc)
Issuer-declared data
Declared index
TER
0.15%
Transaction costs
0.19% (issuer estimate, from the KID)
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
315.1 mln EUR
Domicile
Ireland
Inception date
21 January 2025
Data as declared by JPMorgan in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

EUR Government Bond Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (LEATTREU) is a comparison yardstick only. The declared annual cost (TER) is 0.15%, plus 0.19% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 315 million euro, was launched on 21 January 2025 and is domiciled in Ireland.

The fund’s objective — in the issuer’s words

Investment Objective: The objective of the Sub-Fund is to achieve a longterm return in excess of Bloomberg Euro Aggregate Treasury Total Return Index ("the Benchmark") by actively investing primarily in a portfolio of EUR denominated government and government related debt securities.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues an actively-managed investment strategy. The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in investment grade debt securities issued or guaranteed by EU governments including agencies and local governments that are guaranteed by such governments, and/or those issued or guaranteed by EU supranational organisations, which are denominated in EUR. The Sub-Fund may also invest in EUR denominated government and/or government related debt securities which are unrated or from emerging markets. The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 75% of non-investment grade and emerging market sovereign securities and 90% of investment grade securities purchased. Pursuant to the Sub-Fund's ESG analysis, at least 51% of the Sub-Fund's Net Asset Value is invested in issuers with positive environmental and/or social characteristics that follow good governance practices, as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. In addition to ESG Integration, as an SFDR Article 8 fund, the Sub-Fund promotes environmental and/or social characteristics. The Sub-Fund invests at least 10% of its Net Asset Value in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives. The Investment Manager evaluates and applies values and norms based screening to implement exclusions on certain industries and issuers based on specific ESG criteria and/or minimum standards of business practice based on international norms. To support this screening, the Investment Manager relies on third party provider(s) who identify an issuer's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. The list of screens applied that may result in exclusions can be found on the Website (www. jpmorganassetmanagement.ie).

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · EUR · from Jan 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+0.4%
Annualised
+0.2%
Volatility (ann.)
4.3%
Max drawdown
-3.77%
-5%-2%+1%+4%+7%Jan 2025Jun 2025Nov 2025Apr 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+0%Jan 2025Sept 2026
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-1%-2%-3%-4%20252026−3.77% · 02 Sept 2026
Max drawdown
-3.77%
peak → trough
Trough
02 Sept 2026
from the 27 Feb 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
188 days
decline + recovery: peak to break-even · ≈ 6 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
28 Feb 202602 Sept 2026-3.77%ongoing187
05 Feb 202506 Mar 2025-2.91%24 Apr 202578
12 Jun 202502 Sept 2025-1.40%10 Oct 2025120
21 Oct 202522 Dec 2025-1.28%29 Jan 2026100
24 Apr 202514 May 2025-1.19%29 May 202535

Calendar-year returns

2025
1.8%
2026
-1.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.81.4-2.90.41.20.5-1.8-0.6-0.2-1.4
20250.8-1.81.90.2-0.1-0.1-0.40.41.00.0-0.61.8
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: JPMorgan. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last yearFull history
Volatility (ann.)4.17%4.27%
Max drawdown-3.77%-3.77%
Sharpe-0.58-0.46
Sortino-0.80-0.62
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. The max drawdown is identical across windows because the deepest fall is recent (peak 27 Feb 2026 → trough 2 Sept 2026): one episode dominates every look-back period. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR, the fund's currency; the table follows the currency selected in the chart.

Duration and maturities

Duration · average duration
7.15years

Price sensitivity to rates: the longer, the more the fund moves. What is duration →

Source: factsheet JPMorgan, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Credit rating

How the portfolio is spread by credit quality: from AAA (strongest) downwards. More weight in the top buckets = lower risk that an issuer fails to pay, usually with lower yields.

Rating breakdown (% of fund)
AAA
14.70%
AA
5.32%
A
55.27%
BBB
23.33%
Cash and derivatives
1.38%

Source: factsheet JPMorgan, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Ratings are those the issuer assigns to portfolio holdings under its own methodology (usually the median of S&P, Moody’s and Fitch); scale and buckets are those of the original document.

Portfolio holdings

Securities in portfolio
293
294 total lines: 1 cash & derivatives
Top-10 weight
21.8%

Top 10 holdings

FRANCE (GOV 2.4% 09/24/29/EUR/ · FRTR
7.25%
EUROPEAN UNIO 4% 10/12/46/EUR/ · EU
1.86%
FRANCE (GOV 3.5% 11/25/35/EUR/ · FRTR
1.81%
FRANCE (GOV 3.5% 11/25/33/EUR/ · FRTR
1.74%
BUNDESSCHAT 2.1% 03/15/28/EUR/ · BKO
1.69%
BUONI POLIE 0.5% 07/15/28/EUR/ · BTPS
1.62%
FRANCE (GOV 4.1% 05/25/46/EUR/ · FRTR
1.57%
DEXIA 2.75% 01/18/29/EUR/ · DEXGRP
1.57%
BONOS Y OBL 2.4% 05/31/28/EUR/ · SPGB
1.37%
BONOS Y OB 1.25% 10/31/30/EUR/ · SPGB
1.29%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustria: 2.4%AzerbaijanBurundiBelgium: 2.8%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech Republic: 0.5%Germany: 10.1%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 15.5%EstoniaEthiopiaFinland: 1.2%FijiFalkland IslandsFrance: 22.9%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.7%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatia: 0.4%HaitiHungary: 1%IndonesiaIndiaIreland: 1.2%IranIraqIcelandIsraelItaly: 19.4%JamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuania: 0.7%Luxembourg: 0.2%LatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.6%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 5.8%Puerto RicoNorth KoreaPortugal: 1.9%ParaguayQatarRomania: 0.8%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakia: 1.4%SloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of AmericaUzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
France22.9%
Italy19.4%
Spain15.5%
Germany10.1%
Poland5.8%
Belgium2.8%
Austria2.4%
⬇ Download the full portfolio — Excel, 294 rows
Full portfolio declared by JPMorgan, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Index tracked

LEATTREU
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
14.37%
White-list share
86.13%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)JEUG28 Jan 2025
Börse DüsseldorfJEUG28 Jan 2025
Börse FrankfurtJEUG28 Jan 2025
Börse HamburgJEUG2 Dec 2025
Börse HannoverJEUG18 Mar 2025
Börse München / gettexJEUG28 Jan 2025
Börse StuttgartJEUG21 Feb 2025
Tradegate ExchangeJEUG17 Oct 2025
Xetra (Deutsche Börse)JEUG14 Oct 2025
+ 11 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does EUR Government Bond Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: LEATTREU.
How much does JEUG cost?
The issuer-declared TER is 0.15% per year; the transaction costs estimated in the KID are 0.19%.
How is JEUG taxed in Italy?
On sale, the capital gain is taxed at an effective 14.37% rate (white-list share 86.13%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JEUG?
The fund size declared by JPMorgan is about 315 million euro.
When was JEUG launched?
The fund was launched on 21 January 2025: it has 1 year of history.
Is JEUG actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (LEATTREU) is a yardstick for comparison, not an index being tracked.
Does JEUG pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JEUG trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JEUG), Börse Düsseldorf (JEUG), Börse Frankfurt (JEUG), Börse Hamburg (JEUG), Börse Hannover (JEUG), Börse München / gettex (JEUG).
What was JEUG's worst fall?
Over the available history (since 2025), the maximum drawdown was -3.77%, reached in September 2026. Past performance is not indicative of future results.
How many securities does JEUG hold?
The declared portfolio holds 293 securities (plus 1 cash & derivative lines); the top 10 positions weigh 21.8%.
Transparency note
The data in this sheet is declared by JPMorgan in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.