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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 13.68%details →

Emerging Markets Local Currency Bond Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000TGCBXG8Ticker: JLOC (Borsa Italiana) · JLOC (Xetra) · JLOC (London SE) · JLOC (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
TER
0.45%
Transaction costs
0.42% (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
139.3 mln EUR
Domicile
Ireland
Inception date
5 March 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

Emerging Markets Local Currency Bond Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (JGENVUUG) is a comparison yardstick only. The declared annual cost (TER) is 0.45%, plus 0.42% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 139 million euro, was launched on 5 March 2025 and is domiciled in Ireland. In our registry it is the largest by assets among the 2 ETFs declaring the same index.

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

Investment Objective: The objective of the Sub-Fund is to achieve a long-term return in excess of J.P. Morgan GBI-EM Global Diversified (Total Return Gross) ("the Benchmark") by actively investing primarily in emerging market local currency debt securities, using financial derivative instruments to gain exposure to underlying assets, where appropriate.

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 debt securities issued or guaranteed by emerging market governments or their agencies and by companies that are domiciled, or carrying out the main part of their economic activity, in an emerging market country, either directly or through the use of financial derivative instruments ("FDI"). Investments may be denominated in any currency however at least 67% will be denominated in an emerging market currency, and currency exposure in the Sub-Fund will be actively managed. 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 Investment Manager's ESG analysis, at least 51% of the SubFund'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. As an SFDR Article 8 fund, the Sub-Fund goes beyond ESG Integration and 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 Sub-Fund is actively managed and will seek to outperform the Benchmark over the long-term. The Benchmark consists of local currency denominated government bonds in global emerging markets ("Benchmark Securities"). The Benchmark has been included as a point of reference

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) · USD · from Mar 2025 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+17.7%
Annualised
+11.5%
Volatility (ann.)
7.2%
Max drawdown
-6.89%
-6%+1%+8%+15%+22%Mar 2025Jul 2025Dec 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%)+18%Mar 2025Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
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%-2%-4%-6%-8%-10%20252026−6.89% · 30 Mar 2026
Max drawdown
-6.89%
peak → trough
Trough
30 Mar 2026
from the 25 Feb 2026 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
190 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
25 Feb 202630 Mar 2026-6.89%ongoing190
03 Apr 202509 Apr 2025-3.69%22 Apr 202519
04 Jul 202531 Jul 2025-1.67%08 Aug 202535
17 Mar 202528 Mar 2025-1.39%03 Apr 202517
13 Nov 202521 Nov 2025-1.24%01 Dec 202518

Calendar-year returns

2025
13.7%
2026
3.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20262.71.2-6.33.00.90.50.11.10.63.5
20253.31.52.9-0.72.21.40.31.31.513.7
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.)5.59%6.11%
Max drawdown-4.45%-6.43%
Sharpe1.100.52
Sortino1.620.72
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 — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Duration and maturities

Duration · average duration
5.15years

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)
AA
5.63%
A
17.39%
BBB
40.72%
< BBB
30.57%
Cash and derivatives
5.69%

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
83
84 total lines: 1 cash & derivatives
Top-10 weight
34.1%

Top 10 holdings

MALAYSIA 3.582% 07/15/32/MYR/ · MGS
5.01%
POLAND GOVERN 4% 07/25/31/PLN/ · POLGB
4.56%
INDONESIA G 6.5% 02/15/31/IDR/ · INDOGB
3.87%
POLAND GOVERN 2% 08/25/36/PLN/ · POLGB
3.31%
NOTA DO TESO 10% 01/01/29/BRL/ · BNTNF
3.28%
NOTA DO TESO 10% 01/01/31/BRL/ · BNTNF
3.10%
MEX BONOS DES 8% 04/15/32/MXN/ · MBONO
3.04%
MEX BONOS D 8.5% 03/01/29/MXN/ · MBONO
2.73%
INDIA GOVER 7.1% 04/08/34/INR/ · IGB
2.67%
MEX BONOS DES 8% 02/21/36/MXN/ · MBONO
2.55%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 7.8%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChina: 5.1%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 7.9%Costa RicaCubaCyprusCzech Republic: 4.4%GermanyDjiboutiDenmarkDominican Republic: 0.1%AlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 3.6%Indonesia: 9.7%India: 7.4%IrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexico: 13.2%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 8.9%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeru: 1.4%Philippines: 1.6%Papua New GuineaPoland: 9.7%Puerto RicoNorth KoreaPortugalParaguayQatarRomania: 2.6%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailand: 2%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 4.1%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 8%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Mexico13.2%
Poland9.7%
Indonesia9.7%
Malaysia8.9%
South Africa8%
Colombia7.9%
Brazil7.8%
⬇ Download the full portfolio — Excel, 84 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 →

Share classes of the same fund

This page covers ISIN IE000TGCBXG8 (share class JPM - USD (acc)). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
JPM - EUR Hedged (acc)IE0008EMOWT3JLOEAccumulatingEUR
JPM - USD (acc) · this pageIE000TGCBXG8JLOCAccumulatingUSD
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.

Index tracked

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

ETFs declaring the same index

FundTERIncomeFund size
JLOE · JPMorganactive
0.45%Acc.139 mln EUR
2 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
13.68%
White-list share
91.23%
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)JLOC12 Mar 2025
Börse DüsseldorfJLOC13 May 2025
Börse FrankfurtJLOC12 Mar 2025
Börse HamburgJLOC2 Sept 2025
Börse HannoverJLOC12 Mar 2026
Börse München / gettexJLOC12 Mar 2025
Tradegate ExchangeJLOC8 Apr 2026
Xetra (Deutsche Börse)JLOC12 Mar 2025
+ 8 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 Emerging Markets Local Currency Bond Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: JGENVUUG.
How much does JLOC cost?
The issuer-declared TER is 0.45% per year; the transaction costs estimated in the KID are 0.42%.
How is JLOC taxed in Italy?
On sale, the capital gain is taxed at an effective 13.68% rate (white-list share 91.23%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JLOC?
The fund size declared by JPMorgan is about 139 million euro.
When was JLOC launched?
The fund was launched on 5 March 2025: it has 1 year of history.
Is JLOC actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (JGENVUUG) is a yardstick for comparison, not an index being tracked.
Does JLOC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JLOC trade?
Per the official ESMA register it trades on 8 main exchanges, including Borsa Italiana (ETFplus) (JLOC), Börse Düsseldorf (JLOC), Börse Frankfurt (JLOC), Börse Hamburg (JLOC), Börse Hannover (JLOC), Börse München / gettex (JLOC).
What was JLOC's worst fall?
Over the available history (since 2025), the maximum drawdown was -6.89%, reached in March 2026. Past performance is not indicative of future results.
How many securities does JLOC hold?
The declared portfolio holds 83 securities (plus 1 cash & derivative lines); the top 10 positions weigh 34.1%.
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.