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iShares J.P. Morgan $ EM Bond CHF Hedged UCITS ETF (Dist)Index, costs, backtest, listings and taxation

ISIN: IE00B9M04V95Ticker: 0Y3P (London SE) · EMBC (SIX)Issuer: iSharesCurrency hedging: CHF-hedged share class
Issuer-declared data
TER
0.50%
Transaction costs
0.03% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
323.8 mln EUR
NAV
2.87 CHF (31 August 2026)
Domicile
Ireland
Inception date
14 April 2015
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

iShares J.P. Morgan $ EM Bond CHF Hedged UCITS ETF (Dist) tracks the issuer-declared index: JPM EMBIG Div Core Index 100% CHF Hedged. Mind the share class: this is the version hedged to CHF — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.50%, plus 0.03% in transaction costs estimated by the issuer in the KID. Replication is optimised physical replication (the KID declares optimisation techniques to achieve a return similar to the index); income is distributed to investors. The fund has assets of about 324 million euro, was launched on 14 April 2015 and is domiciled in Ireland.

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

The Fund aims to achieve a return on your investment, through a combination of capital growth and income on the Funds’ investments, which reflects the return of the J.P. Morgan EMBI Global Core Index hedged to Swiss Francs, the Fund’s benchmark index (Index). The Fund is passively managed and aims to invest so far as possible and practicable in fixed income (FI) securities (such as bonds) that make up the Index and FX forward contracts. If the credit ratings of the FI securities are downgraded, the Fund may continue to hold these until they cease to form part of the Index and it is practicable to sell the position. The Index provides a return on the J.P. Morgan EMBI Global Core Index (Parent Index) which measures the performance of actively traded FI securities in emerging market countries. The Parent Index offers exposure to US Dollar denominated sovereign and quasi-sovereign entities from emerging markets countries. The FI securities include both investment grade (i.e. meet a specified level of creditworthiness) and subinvestment grade securities (i.e. have a relatively low credit rating credit or are unrated but deemed to be of comparable quality with sub-investment grade FI securities). The Index also uses a one month foreign exchange (FX) forward contract to hedge the entire market value of the Index, plus accruals, back to Swiss Francs. Hedging reduces the effect of fluctuations in the exchange rates between the currencies of the FI securities that make up the Index and Swiss Francs, the base currency of the Fund. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund. The Fund uses optimising techniques to achieve a similar return to its Index. These may include the strategic selection of certain securities that make up the Index or other FI securities which provide similar performance to certain constituent securities. These may also include the use of financial derivative instruments (FDIs) (i.e. investments the prices of which are based on one or more underlying assets). FDIs may be used for direct investment purposes.

Keep reading the KID section ▾

The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares VI plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be distributing shares (i.e. income will be paid on the shares monthly). The Fund’s base currency is Swiss Franc. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

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 0.50%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.45% p.a., against a declared TER of 0.50%.
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 English, 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) · CHF · from Apr 2015 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+0.4%
Annualised
+0.0%
Volatility (ann.)
6.7%
Max drawdown
-30.94%
-23%-12%-2%+8%+19%Apr 2015Feb 2018Dec 2020Oct 2023Aug 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%Apr 2015Aug 2026
Note — currency risk: the fund is denominated (or hedged) in CHF and the chart is in CHF. For a euro investor, returns also depend on the EUR/CHF exchange rate, up or down.
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%-10%-20%-30%-40%-50%201520172019202120232025−30.94% · 21 Oct 2022
Max drawdown
-30.94%
peak → trough
Trough
21 Oct 2022
from the 04 Jan 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
2,065 days
decline + recovery: peak to break-even · ≈ 5 years and 8 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
04 Jan 202121 Oct 2022-30.94%ongoing2,065
21 Feb 202019 Mar 2020-23.12%16 Dec 2020299
08 Sept 201727 Nov 2018-11.16%01 Jul 2019661
07 Sept 201614 Nov 2016-7.67%18 Aug 2017345
24 Apr 201520 Jan 2016-6.96%12 Apr 2016354

Calendar-year returns

2016
7.0%
2017
7.3%
2018
-8.8%
2019
11.6%
2020
3.2%
2021
-3.8%
2022
-20.7%
2023
5.2%
2024
1.4%
2025
8.5%
2026
-1.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.11.1-4.12.30.60.5-2.10.5-1.4
20251.01.2-1.2-0.40.62.00.81.11.31.7-0.00.28.5
2024-1.60.71.8-2.61.50.31.52.01.5-2.41.0-2.01.4
20232.9-2.90.70.1-1.21.71.5-2.1-3.4-1.75.44.45.2
2022-3.2-6.4-0.1-6.60.1-7.03.0-1.6-7.1-0.17.3-0.3-20.7
2021-1.5-3.1-1.22.21.00.80.31.0-2.4-0.1-2.01.4-3.8
20201.4-1.3-14.62.36.23.33.70.3-1.9-0.13.91.73.2
20194.50.71.2-0.20.13.31.00.5-0.90.0-0.71.811.6
2018-0.4-2.50.0-2.1-1.3-1.72.5-2.31.5-2.8-0.91.0-8.8
20171.21.90.11.40.6-0.50.71.6-0.30.1-0.20.57.3
2016-0.21.92.91.6-0.43.51.21.70.1-1.7-4.61.07.0
2015-0.7-2.00.3-1.2-1.42.8-0.1-1.7-4.5
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: iShares. 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.

Tracking difference — fund vs index

How much the fund returned above (+) or below (−) its index, year by year. It measures the actual deviation: the combined effect of costs (TER and transaction), securities-lending revenue and replication optimisations — which is why it can beat the TER. Tracking difference was positive in 1 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.45% /anno
Declared TER
0.50%
YearFundIndexDifference
2025+8.54%+9.03%-0.49%
2024+1.42%+1.71%-0.30%
2023+5.24%+5.82%-0.57%
2022-20.70%-20.95%+0.25%
2021-3.79%-3.32%-0.47%
2020+3.16%+3.80%-0.64%
2019+11.61%+12.21%-0.60%
2018-8.75%-8.24%-0.51%
2017+7.32%+7.89%-0.57%
2016+6.99%+7.61%-0.62%
Total-return figures from issuer-declared series (primary source); complete calendar years. TD is not comparable across sites using different methodologies or index variants. Past performance is not indicative of future results. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsLast 10 yearsFull history
Volatility (ann.)6.08%7.15%8.69%8.55%8.37%
Max drawdown-9.11%-9.58%-27.82%-38.17%-40.65%
Sharpe-1.33-0.51-0.84-0.60-0.57
Sortino-1.78-0.71-1.13-0.78-0.75
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: 2.21%), 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 · effective duration
6.40years

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

Maturity breakdown (% of fund)
0–1 years
0.61%
1–2 years
6.44%
2–3 years
8.20%
3–5 years
15.50%
5–7 years
14.65%
7–10 years
20.48%
10–15 years
8.59%
15–20 years
5.29%
20+ years
19.09%
Cash and derivatives
1.16%

Source: product page iShares, data as of 20 August 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)
A
17.40%
BBB
33.35%
BB
25.04%
B
19.02%
CCC
3.68%
D
0.35%
Cash and derivatives
1.16%

Source: product page iShares, data as of 20 August 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
608
637 total lines: 29 cash & derivatives
Top-10 weight
6.3%

Top 10 holdings

ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
1.18%
ECUADOR REPUBLIC OF (GOVERNMENT) RegS · ECUA
0.81%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.69%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.65%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.57%
GHANA (REPUBLIC OF) DISCO RegS · GHANA
0.56%
URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
0.51%
EAGLE FUNDING LUXCO SARL RegS · MEXPCP
0.49%
UKRAINE (REPUBLIC OF) C BONDS RegS · UKRAIN
0.42%
ECUADOR REPUBLIC OF (GOVERNMENT) RegS · ECUA
0.40%

Sectors

Sovereign
87.5%
Owned No Guarantee
10.9%
Government Guaranteed
1.4%
Cash and/or Derivatives
0.1%

Countries

AfghanistanAngola: 1.7%AlbaniaUnited Arab EmiratesArgentina: 3.3%ArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijan: 0.2%BurundiBelgiumBenin: 0.2%Burkina FasoBangladeshBulgaria: 0.2%The BahamasBosnia and HerzegovinaBelarusBelizeBolivia: 0.2%Brazil: 3.9%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 3.4%China: 3.3%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 3.4%Costa Rica: 1%CubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican Republic: 3.5%AlgeriaEcuador: 1.9%Egypt: 3.1%EritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhana: 0.9%GuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemala: 0.4%French GuianaGuyanaHondurasCroatiaHaitiHungary: 3.5%Indonesia: 4.3%India: 0.7%IrelandIranIraqIcelandIsraelItalyJamaica: 0.6%Jordan: 0.5%JapanKazakhstan: 1.1%Kenya: 1%KyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanon: 0.4%LiberiaLibyaSri Lanka: 0.9%LesothoLithuaniaLuxembourgLatvia: 0.2%Morocco: 0.7%MoldovaMadagascarMexico: 6.2%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 2%NamibiaNew CaledoniaNigerNigeria: 2.6%NicaraguaNetherlandsNorwayNepalNew ZealandOman: 2.8%Pakistan: 0.6%Panama: 3.2%Peru: 3%Philippines: 3.5%Papua New GuineaPoland: 3.6%Puerto RicoNorth KoreaPortugalParaguay: 0.3%QatarRomania: 3.3%RussiaRwandaWestern SaharaSaudi Arabia: 6.4%SudanSouth SudanSenegal: 0.2%Solomon IslandsSierra LeoneEl Salvador: 0.3%SomaliaRepublic of SerbiaSuriname: 0.2%SlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraine: 1.8%Uruguay: 2.2%United States of America: 0.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 3.3%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Saudi Arabia6.4%
Mexico6.2%
Turkey5%
Indonesia4.3%
Brazil3.9%
Poland3.6%
Hungary3.5%
⬇ Download the full portfolio — Excel, 637 rows
Full portfolio declared by iShares, as of 31 August 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
0.01 CHF
ex 20 Aug 2026 · paid 31 Aug 2026
Dividends, last 12 months
0.15 CHF
Dividend yield
5.24%
12-month sum over the NAV as of 8 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.15 CHF4.98 %
20250.15 CHF5.08 %
20240.14 CHF4.56 %
20230.16 CHF5.16 %
20220.16 CHF3.89 %
20210.14 CHF3.15 %

Dividend contribution to total return

-30%-20%-10%0%10%+0.06 %1 year+7.46 %2025+0.65 %2024+4.19 %2023−20.68 %2022−4.28 %2021
dividendsprice changeprice decline

Calendar per share (CHF)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.020.010.010.010.020.010.010.01
20250.010.020.010.010.010.010.010.020.010.010.020.01
20240.010.010.020.010.010.020.010.010.010.010.010.01
20230.010.010.010.020.010.010.020.010.020.010.010.02
20220.020.020.010.020.010.010.010.010.010.020.010.01
20210.020.010.010.020.010.010.010.010.010.010.010.01
20200.010.020.020.010.010.010.010.020.010.010.010.01
20190.020.020.020.020.020.020.020.020.020.020.020.02
20180.010.070.020.020.020.020.020.020.020.020.02
20170.020.020.020.020.010.010.020.020.020.010.010.01
20160.020.020.020.020.040.020.020.020.020.020.020.02
20150.030.020.020.020.020.020.02

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.01 CHF20 Aug 202621 Aug 202631 Aug 2026
0.01 CHF16 Jul 202617 Jul 202629 Jul 2026
0.01 CHF18 Jun 202619 Jun 202630 Jun 2026
0.02 CHF21 May 202622 May 202629 May 2026
0.01 CHF16 Apr 202617 Apr 202629 Apr 2026
0.01 CHF19 Mar 202620 Mar 202631 Mar 2026
0.01 CHF19 Feb 202620 Feb 202627 Feb 2026
0.02 CHF15 Jan 202616 Jan 202628 Jan 2026
Per-share dividends as declared by the issuer, in CHF, since the first payment (28 May 2015). Past dividends are not indicative of future ones.

Index tracked

JPM EMBIG Div Core Index 100% CHF Hedged
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
17.54%
White-list share
62.66%
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
Börse HamburgIS0B15 Feb 2021
Börse HannoverIS0B9 Dec 2024
Börse München / gettexIS0B16 Sept 2021
+ 2 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 iShares J.P. Morgan $ EM Bond CHF Hedged UCITS ETF (Dist) track?
The issuer iShares declares the benchmark: JPM EMBIG Div Core Index 100% CHF Hedged.
How much does EMBC cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.03%.
How is EMBC taxed in Italy?
On sale, the capital gain is taxed at an effective 17.54% rate (white-list share 62.66%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of EMBC?
The fund size declared by iShares is about 324 million euro.
When was EMBC launched?
The fund was launched on 14 April 2015: it has 11 years of history.
How does EMBC replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does EMBC pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does EMBC trade?
Per the official ESMA register it trades on 3 main exchanges, including Börse Hamburg (IS0B), Börse Hannover (IS0B), Börse München / gettex (IS0B).
What was EMBC's worst fall?
Over the available history (since 2015), the maximum drawdown was -44.97%, reached in October 2023. Past performance is not indicative of future results.
What is EMBC's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.45% per year versus its index (from issuer-declared series).
How many securities does EMBC hold?
The declared portfolio holds 608 securities (plus 29 cash & derivative lines); the top 10 positions weigh 6.3%.
Transparency note
The data in this sheet is declared by iShares 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.