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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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USD High Yield Bond Active UCITS ETF EUR HedgedIndex, costs, backtest, listings and taxation

ISIN: IE000R7DCW45Ticker: JPYE (Borsa Italiana) · JPEY (Xetra) · JPYE (London SE) · JPYE (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
HUC0
TER
0.45%
Transaction costs
0.77% (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
345.4 mln EUR
Domicile
Ireland
Inception date
26 November 2024
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

USD High Yield Bond Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (HUC0) is a comparison yardstick only. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.45%, plus 0.77% in transaction costs estimated by the issuer in the KID. Income is distributed to investors. The fund has assets of about 345 million euro, was launched on 26 November 2024 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 the Benchmark by actively investing primarily in a portfolio of USD-denominated below investment grade corporate 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 USD-denominated below investment grade corporate debt securities from developed market issuers. The Sub-Fund may also invest in debt securities from emerging markets to a limited extent. The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 75% of non-investment grade securities and 90% of investment grade securities purchased. Pursuant to the Investment Manager'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 (i.e. issuers which are aligned with the environmental and/or social characteristics that the Sub-Fund promotes) 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 also 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). The Investment Manager aims to outperform the Benchmark over a typical credit cycle (typically 5-7 years) through bottom-up, fundamental security selection. The Benchmark consists of USD-denominated high yield corporate bonds from developed markets ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will resemble the

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.

Quick reads

  • TER 0.45%: above the median of bond ETFs we track (0.15%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

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 Nov 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+8.2%
Annualised
+4.6%
Volatility (ann.)
2.9%
Max drawdown
-3.62%
-5%-1%+3%+8%+12%Nov 2024May 2025Oct 2025Mar 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%)+8%Nov 2024Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
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%202420252026−3.62% · 07 Apr 2025
Max drawdown
-3.62%
peak → trough
Trough
07 Apr 2025
from the 26 Feb 2025 peak
Recovery time
35 days
recovery only: trough to break-even
Underwater
75 days
decline + recovery: peak to break-even · ≈ 2 months · → recovered on 12 May 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
26 Feb 202507 Apr 2025-3.62%12 May 202575
10 Feb 202627 Mar 2026-2.03%14 Apr 202663
06 Dec 202419 Dec 2024-1.42%27 Jan 202552
06 May 202619 May 2026-0.86%12 Jun 202637
06 Oct 202510 Oct 2025-0.86%24 Oct 202518

Calendar-year returns

2024
-0.4%
2025
7.1%
2026
1.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.30.2-1.11.50.30.1-0.40.8-0.11.5
20251.30.6-1.1-0.01.61.70.11.10.60.00.50.57.1
2024-0.7-0.4
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.
Issuer-declared series with dividends reinvested: the total performance, comparable with accumulating funds. Switch it off to see the price (NAV) alone, which drops at every dividend payment.
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.)4.16%4.54%
Max drawdown-4.60%-4.81%
Sharpe-0.94-0.63
Sortino-1.03-0.69
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. 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
2.78years

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)
BBB
3.50%
< BBB
91.43%
Cash and derivatives
5.01%

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
500
501 total lines: 1 cash & derivatives
Top-10 weight
8.5%

Top 10 holdings

CCO HLDGS LLC/C 4.75% 03/01/30 · CHTR
1.32%
CCO HLDGS LLC/CA 4.5% 08/15/30 · CHTR
1.02%
EMRLD BOR / EM 6.625% 12/15/30 · EMECLI
0.90%
CCO HLDGS LLC/C 4.25% 02/01/31 · CHTR
0.80%
IHEARTCOMMUNIC 9.125% 05/01/29 · IHRT
0.78%
ENTEGRIS INC 5.95% 06/15/30 · ENTG
0.76%
VISTRA OPERATIO 7.75% 10/15/31 · VST
0.73%
1261229 BC LTD 10% 04/15/32 · BHCCN
0.72%
MAUSER PACKAGI 7.875% 04/15/30 · BWY
0.71%
MEDLINE BORROWE 5.25% 10/01/29 · MEDIND
0.71%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 0.1%AustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 3.1%SwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 0.2%DjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 0.1%EstoniaEthiopiaFinlandFijiFalkland IslandsFrance: 0.7%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.1%IranIraqIcelandIsraelItalyJamaicaJordanJapan: 0.1%KazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.4%LatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.1%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 90.9%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States90.9%
Canada3.1%
France0.7%
United Kingdom0.6%
Jersey0.4%
Luxembourg0.4%
Germany0.2%
⬇ Download the full portfolio — Excel, 501 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 →

Dividends

Latest dividend
0.234 EUR
ex 9 Jul 2026 · paid 7 Aug 2026
Dividends, last 12 months
0.48 EUR
Dividend yield
5.15%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.48 EUR5.05 %
20250.37 EUR3.91 %

Dividend contribution to total return

-10%0%10%+3.23 %1 year+6.93 %2025
dividendsprice changeprice decline

Calendar per share (EUR)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.250.23
20250.060.31

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.234 EUR9 Jul 202610 Jul 20267 Aug 2026
0.2498 EUR15 Jan 202616 Jan 20266 Feb 2026
0.3088 EUR10 Jul 202511 Jul 20257 Aug 2025
0.0604 EUR16 Jan 202517 Jan 20257 Feb 2025
Per-share dividends as declared by the issuer, in EUR, since the first payment (16 Jan 2025). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE000R7DCW45 (share class JPM - EUR Hedged (dist)). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
JPM - EUR Hedged (acc)IE000CQMYME2JPRYAccumulatingEUR
JPM - USD (acc)IE000LZI2UH4JPHYAccumulatingUSD
JPM - EUR Hedged (dist) · this pageIE000R7DCW45JPEYDistributingEUR
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

Italian taxation

Effective rate on capital gains
25.92%
White-list share
0.62%
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)JPYE4 Dec 2024
Börse DüsseldorfJPEY28 Jan 2025
Börse FrankfurtJPEY4 Dec 2024
Börse HamburgJPEY2 Dec 2025
Börse HannoverJPEY18 Mar 2025
Börse München / gettexJPEY4 Dec 2024
Börse StuttgartJPEY17 Dec 2024
Tradegate ExchangeJPEY22 Jan 2025
Xetra (Deutsche Börse)JPEY4 Dec 2024
+ 12 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 USD High Yield Bond Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: HUC0.
How much does JPEY cost?
The issuer-declared TER is 0.45% per year; the transaction costs estimated in the KID are 0.77%.
How is JPEY taxed in Italy?
On sale, the capital gain is taxed at an effective 25.92% rate (white-list share 0.62%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JPEY?
The fund size declared by JPMorgan is about 345 million euro.
When was JPEY launched?
The fund was launched on 26 November 2024: it has 1 year of history.
Is JPEY actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (HUC0) is a yardstick for comparison, not an index being tracked.
Does JPEY pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distribution”).
Where does JPEY trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JPYE), Börse Düsseldorf (JPEY), Börse Frankfurt (JPEY), Börse Hamburg (JPEY), Börse Hannover (JPEY), Börse München / gettex (JPEY).
What was JPEY's worst fall?
Over the available history (since 2024), the maximum drawdown was -4.81%, reached in July 2026. Past performance is not indicative of future results.
How many securities does JPEY hold?
The declared portfolio holds 500 securities (plus 1 cash & derivative lines); the top 10 positions weigh 8.5%.
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.