← Search another ETF⎙ Printable sheet (PDF)
ETF sheet · Issuer-declared data
🇮🇹 Effective capital-gains rate: 17.44%details →

iShares J.P. Morgan $ EM Bond UCITS ETF GBP HedgedIndex, costs, backtest, listings and taxation

ISIN: IE00BDFGJ734Ticker: EUNB (Xetra) · EMHG (London SE) · EMHG (Euronext AMS)Issuer: iShares
Issuer-declared data
TER
0.50%
Transaction costs
0.00% (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
205.6 mln EUR
NAV
3.79 GBP (1 September 2026)
Domicile
Ireland
Inception date
20 March 2018
Data as declared by iShares in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
📬 Follow the engine as we build it

One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.

Description

iShares J.P. Morgan $ EM Bond UCITS ETF tracks the issuer-declared index: J.P. Morgan Emerging Markets Bond Index Global Diversified Core. Mind the share class: this is the version hedged to GBP — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.50%, plus 0.00% 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 206 million euro, was launched on 20 March 2018 and is domiciled in Ireland.

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

The Share Class is a share class of a Fund which 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, the Fund’s benchmark index (Index). The Share Class, via 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. The Index measures the performance of actively traded US Dollar denominated FI securities in emerging market countries. The Index offers exposure to US Dollar denominated sovereign and quasi-sovereign entities from emerging markets countries. Quasi-sovereign entities are entities, the securities of which are either 100% owned by their respective governments or subject to a 100% guarantee that does not rise to the level constituting the full faith and credit by such governments. Only FI securities with a minimum remaining time to maturity (i.e. the time until they become due for repayment) of two and a half years and a minimum amount outstanding of USD 1 billion are included in the Index. The FI securities in the Index include investment grade (i.e. meet a specified level of creditworthiness), 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) or securities in default. 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. 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. Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.

Keep reading the KID section ▾

Your shares will be distributing shares (i.e. income will be paid on the shares monthly). The Fund’s base currency is US Dollar. Shares for this Share Class are denominated in Sterling. The performance of your shares may be affected by this currency difference. Your shares will be “hedged” with the aim of reducing the effect of exchange rate fluctuations between their denominated currency and the Fund’s underlying portfolio currencies. FDIs, including FX forward contracts, will be used for currency hedging purposes. The hedging strategy may not completely eliminate currency risk and, therefore, may affect the performance of your shares. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.

From the KID’s “Objectives” section · 7 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%).
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) · GBP · from Mar 2018 to Aug 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+16.7%
Annualised
+1.8%
Volatility (ann.)
7.3%
Max drawdown
-29.71%
-23%-12%-1%+10%+21%Mar 2018Apr 2020Jun 2022Jul 2024Aug 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+17%Mar 2018Aug 2026
Note — currency risk: the fund is denominated (or hedged) in GBP and the chart is in GBP. For a euro investor, returns also depend on the EUR/GBP 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%-5%-10%-15%-20%-25%-30%20182020202220242026−29.71% · 21 Oct 2022
Max drawdown
-29.71%
peak → trough
Trough
21 Oct 2022
from the 15 Sept 2021 peak
Recovery time
1,096 days
recovery only: trough to break-even · ≈ 3 years
Underwater
1,497 days
decline + recovery: peak to break-even · ≈ 4 years and 1 month · → recovered on 21 Oct 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
15 Sept 202121 Oct 2022-29.71%21 Oct 20251,497
21 Feb 202019 Mar 2020-23.06%14 Dec 2020297
06 Apr 201827 Nov 2018-7.38%15 Mar 2019343
04 Jan 202108 Mar 2021-6.27%31 Aug 2021239
26 Feb 202630 Mar 2026-4.08%12 Jun 2026106

Calendar-year returns

2018
-4.1%
2019
13.5%
2020
3.7%
2021
-2.8%
2022
-19.5%
2023
9.2%
2024
5.4%
2025
13.3%
2026
1.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.21.4-3.62.70.90.8-1.70.81.4
20251.51.5-0.8-0.21.02.41.21.41.72.10.30.613.3
2024-1.30.92.0-2.31.80.61.82.41.8-2.01.3-1.75.4
20233.1-2.61.00.4-0.92.01.8-1.7-3.1-1.45.74.99.2
2022-3.0-6.50.0-6.30.2-7.03.1-1.5-7.00.07.5-0.0-19.5
2021-1.4-2.9-1.12.31.10.90.41.0-2.4-0.0-1.91.4-2.8
20201.5-1.2-15.02.36.53.33.70.3-2.0-0.03.91.83.7
20194.50.81.3-0.00.23.51.10.7-0.80.1-0.52.013.5
2018-1.5-1.2-1.62.6-2.31.6-2.6-0.71.2-4.1
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 — issuer-declared

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 0 of the last 10 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.99% /anno
Declared TER
0.50%
YearFundIndexDifference
2025+13.28%+13.90%-0.62%
2024+5.44%+6.23%-0.78%
2023+9.23%+10.81%-1.58%
2022-19.53%-18.37%-1.16%
2021-2.85%-2.05%-0.80%
2020+3.68%+5.77%-2.10%
2019+13.55%+16.09%-2.55%
2018+0.00%+0.00%+0.00%
2017+0.00%+0.00%+0.00%
2016+0.00%+0.00%+0.00%
Figures declared by the issuer on the fund page (net fund and index returns per calendar year, as of 31 December 2025), not computed by us. Partial years excluded. What is tracking difference? →

Risk indicators· EUR

Last yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)6.04%7.40%9.03%10.33%
Max drawdown-4.73%-10.60%-35.45%-39.67%
Sharpe-0.12-0.08-0.79-0.39
Sortino-0.17-0.11-1.02-0.50
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 · effective duration
6.43years

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

Maturity breakdown (% of fund)
0–1 years
0.62%
1–2 years
6.99%
2–3 years
8.10%
3–5 years
15.53%
5–7 years
14.62%
7–10 years
20.28%
10–15 years
8.38%
15–20 years
5.31%
20+ years
19.52%
Cash and derivatives
0.64%

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
17.41%
BBB
33.65%
BB
25.14%
B
19.07%
CCC
3.74%
D
0.34%
Cash and derivatives
0.64%

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
615
621 total lines: 6 cash & derivatives
Top-10 weight
6.3%

Top 10 holdings

ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
1.17%
ECUADOR REPUBLIC OF (GOVERNMENT) RegS · ECUA
0.80%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.68%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.67%
GHANA (REPUBLIC OF) DISCO RegS · GHANA
0.57%
ARGENTINA REPUBLIC OF GOVERNMENT · ARGENT
0.56%
URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
0.52%
EAGLE FUNDING LUXCO SARL RegS · MEXPCP
0.51%
UKRAINE (REPUBLIC OF) C BONDS RegS · UKRAIN
0.42%
OMAN SULTANATE OF (GOVERNMENT) RegS · OMAN
0.42%

Sectors

Sovereign
87.2%
Owned No Guarantee
10.9%
Government Guaranteed
1.5%
Cash and/or Derivatives
0.4%

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: 3.4%AlgeriaEcuador: 1.9%Egypt: 3.1%EritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhana: 0.9%GuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemala: 0.4%French GuianaGuyanaHondurasCroatiaHaitiHungary: 3.4%Indonesia: 4.3%India: 0.7%Ireland: 0.7%IranIraqIcelandIsraelItalyJamaica: 0.5%Jordan: 0.5%JapanKazakhstan: 1.2%Kenya: 0.9%KyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanon: 0.4%LiberiaLibyaSri Lanka: 1%LesothoLithuaniaLuxembourgLatvia: 0.2%Morocco: 0.6%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: 3.7%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 AmericaUzbekistanVenezuelaVietnamVanuatuWest 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%
Turkey4.9%
Indonesia4.3%
Brazil3.9%
Poland3.7%
Philippines3.5%
⬇ Download the full portfolio — Excel, 621 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
0.02 GBP
ex 20 Aug 2026 · paid 31 Aug 2026
Dividends, last 12 months
0.24 GBP
Dividend yield
6.33%
12-month sum over the NAV as of 3 Sept 2026

Yield by year

PeriodDividendsDividend yield
1 year0.24 GBP6.35 %
20250.24 GBP6.58 %
20240.23 GBP6.28 %
20230.22 GBP6.20 %
20220.22 GBP4.72 %
20210.19 GBP3.82 %

Dividend contribution to total return

-30%-20%-10%0%10%20%+6.71 %1 year+13.15 %2025+6.01 %2024+9.30 %2023−19.10 %2022−2.61 %2021
dividendsprice changeprice decline

Calendar per share (GBP)

YearJanFebMarAprMayJunJulAugSepOctNovDec
20260.020.020.020.020.020.020.020.02
20250.020.020.020.020.020.020.020.020.020.020.020.02
20240.020.020.020.020.020.020.020.020.020.010.020.02
20230.020.010.020.020.020.010.020.020.020.020.020.02
20220.020.020.010.020.020.020.020.020.010.020.020.02
20210.020.010.010.020.010.010.020.020.020.020.010.02
20200.020.020.020.020.010.010.020.020.010.020.020.01
20190.020.020.020.020.020.020.020.020.020.020.020.02
20180.010.020.020.020.020.020.020.020.02

Latest dividends

Per shareEx-dividend dateRecord datePayment
0.02 GBP20 Aug 202621 Aug 202631 Aug 2026
0.02 GBP16 Jul 202617 Jul 202629 Jul 2026
0.02 GBP18 Jun 202619 Jun 202630 Jun 2026
0.02 GBP21 May 202622 May 202629 May 2026
0.02 GBP16 Apr 202617 Apr 202629 Apr 2026
0.02 GBP19 Mar 202620 Mar 202631 Mar 2026
0.02 GBP19 Feb 202620 Feb 202627 Feb 2026
0.02 GBP15 Jan 202616 Jan 202628 Jan 2026
Per-share dividends as declared by the issuer, in GBP, since the first payment (12 Apr 2018). Past dividends are not indicative of future ones.

Share classes of the same fund

This page covers ISIN IE00BDFGJ734 (share class Hedged). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
SGD Hedged (Dist)IE000X1JN6A2IEMBXDistributingSGD
USD (Dist)IE00B2NPKV68SEMBDistributingUSD
iShares J. P. Morgan $ EM Bond UCITS ETF MXN Hedged (Acc)IE00BDDRH417EMBMXXAccumulatingMXN
GBP Hedged (Dist) · this pageIE00BDFGJ734EMHGDistributingGBP
CHF Hedged (Acc)IE00BGQ0J979EMCHAccumulatingCHF
EUR Hedged (Acc)IE00BJ5JPH633SUDAccumulatingEUR
USD (Acc)IE00BYXYYK40JPEAAccumulatingUSD
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

J.P. Morgan Emerging Markets Bond Index Global Diversified Core
This fund belongs to the government bonds family: compare all census ETFs in this family →

Italian taxation

Effective rate on capital gains
17.44%
White-list share
63.42%
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 →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE00B2NPKV68IEMB(class: USD (Dist))
  • BG Saxozero within the savings plan (buys)
  • Directazero within the savings plan (buys)
  • Directazero on single buys from 2,500 €, agreement until 31 December 2026
  • Moneyfarmzero within the savings plan (buys), agreement until 31 March 2027
  • Moneyfarmzero on single buys from 1,000 €, agreement until 31 March 2027
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BJ5JPH633SUD(class: EUR Hedged (Acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE00BYXYYK40IS02(class: USD (Acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Börse HamburgEUNB15 Feb 2021
Börse München / gettexEUNB19 Jun 2018
+ 4 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 UCITS ETF track?
The issuer iShares declares the benchmark: J.P. Morgan Emerging Markets Bond Index Global Diversified Core.
How much does EMHG cost?
The issuer-declared TER is 0.50% per year; the transaction costs estimated in the KID are 0.00%.
How is EMHG taxed in Italy?
On sale, the capital gain is taxed at an effective 17.44% rate (white-list share 63.42%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of EMHG?
The fund size declared by iShares is about 206 million euro.
When was EMHG launched?
The fund was launched on 20 March 2018: it has 8 years of history.
How does EMHG replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does EMHG pay dividends?
Yes: it is a distributing share class — income is paid out periodically (issuer wording: “Distributing”).
Where does EMHG trade?
Per the official ESMA register it trades on 2 main exchanges, including Börse Hamburg (EUNB), Börse München / gettex (EUNB).
What was EMHG's worst fall?
Over the available history (since 2018), the maximum drawdown was -36.59%, reached in October 2022. Past performance is not indicative of future results.
How many securities does EMHG hold?
The declared portfolio holds 615 securities (plus 6 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.