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USD Emerging Markets Sovereign Bond UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BJ06C937Ticker: JMBA (Borsa Italiana) · JMBA (Xetra) · JMBA (London SE) · JMBA (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
TER
0.39%
Transaction costs
0.21% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
339.5 mln EUR
Domicile
Ireland
Inception date
3 December 2019
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 Emerging Markets Sovereign Bond UCITS ETF tracks the issuer-declared index: JPEIRWTR. The declared annual cost (TER) is 0.39%, plus 0.21% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 339 million euro, was launched on 3 December 2019 and is domiciled in Ireland.

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

Investment Objective: The Sub-Fund aims to provide an exposure to the performance of bonds issued by the governments or quasi-government entities of emerging markets countries globally which are denominated in US Dollars.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues a passively managed (indextracking) strategy. The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Sub-Fund will invest at least 80% of its assets (excluding assets held for ancillary liquidity purposes) in securities included in the Index. The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 75% of non-investment grade and emerging market sovereign and 90% of investment grade securities. Pursuant to the Investment Manager's ESG analysis, at least 51% of the Sub-Fund's Net Asset Value (including securities which are not included in the Index) are invested in issuers with positive 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 Index is comprised of debt securities issued by the governments or quasi-government entities of emerging markets countries, which are denominated in US Dollars and which may be rated investment grade or below by independent rating agencies (e.g. Fitch, Moody's, Standard & Poor's) or unrated. The components of the Index are selected from the components of the J.P. Morgan Emerging Market Bond Index Global Diversified (the "Parent Index") in accordance with the Index's rules-based methodology to represent a diversified set of factor characteristics. 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

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 0.39%: 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 Dec 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+14.0%
Annualised
+2.0%
Volatility (ann.)
7.8%
Max drawdown
-26.03%
-22%-12%-2%+8%+19%Dec 2019Aug 2021Apr 2023Dec 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+14%Dec 2019Sept 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%-5%-10%-15%-20%-25%-30%2019202120232025−26.03% · 21 Oct 2022
Max drawdown
-26.03%
peak → trough
Trough
21 Oct 2022
from the 04 Jan 2021 peak
Recovery time
1,050 days
recovery only: trough to break-even · ≈ 2 years and 10 months
Underwater
1,705 days
decline + recovery: peak to break-even · ≈ 4 years and 8 months · → recovered on 05 Sept 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
04 Jan 202121 Oct 2022-26.03%05 Sept 20251,705
21 Feb 202019 Mar 2020-22.84%27 Nov 2020280
25 Feb 202627 Mar 2026-4.04%02 Jun 202697
16 Jun 202630 Jul 2026-1.77%ongoing79
28 Oct 202505 Nov 2025-0.80%03 Dec 202536

Calendar-year returns

2019
2.6%
2020
5.4%
2021
-2.7%
2022
-15.7%
2023
9.6%
2024
2.1%
2025
13.2%
2026
1.4%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20260.11.3-3.52.80.90.8-1.71.0-0.21.4
20251.11.8-0.5-0.61.12.41.31.72.31.40.10.513.2
2024-1.5-0.11.3-2.42.00.71.92.41.7-2.50.6-1.82.1
20232.6-2.01.50.5-1.21.61.9-1.5-2.8-1.55.74.99.6
2022-2.8-6.50.1-5.30.1-6.33.9-0.8-6.10.86.80.2-15.7
2021-1.2-2.7-1.51.91.11.00.40.9-2.10.1-1.91.4-2.7
20201.8-1.5-14.42.25.53.32.71.0-1.90.94.92.35.4
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.
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 yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)5.29%7.17%8.29%9.23%
Max drawdown-3.90%-11.91%-13.71%-22.84%
Sharpe0.710.26-0.08-0.02
Sortino1.000.35-0.11-0.03
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
6.54years

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
0.06%
A
11.58%
BBB
24.31%
< BBB
63.88%
Cash and derivatives
0.23%

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
305
306 total lines: 1 cash & derivatives
Top-10 weight
12.6%

Top 10 holdings

ARAB REPUBLIC 5.875% 02/16/31 · EGYPT
1.82%
DOMINICAN REPU 5.875% 01/30/60 · DOMREP
1.39%
REPUBLIC OF SOU 5.75% 09/30/49 · SOAF
1.35%
FED REPUBLIC O 5.625% 02/21/47 · BRAZIL
1.30%
DOMINICAN REPU 4.875% 09/23/32 · DOMREP
1.25%
REPUBLIC OF SOUT 4.3% 10/12/28 · SOAF
1.19%
FED REPUBLIC O 4.625% 01/13/28 · BRAZIL
1.13%
KINGDOM OF BAHR 6.75% 09/20/29 · BHRAIN
1.10%
REPUBLIC OF GHAN S/UP 07/03/35 · GHANA
1.09%
UNITED MEXICAN 2.659% 05/24/31 · MEX
0.99%

Countries

AfghanistanAngola: 2.5%AlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijan: 0.1%BurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 6.7%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 2.5%China: 0.5%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 6.1%Costa RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican Republic: 6%AlgeriaEcuadorEgypt: 3.9%EritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhana: 1.7%GuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 2.4%Indonesia: 3.1%India: 0.5%IrelandIranIraqIcelandIsraelItalyJamaica: 1.3%Jordan: 0.9%JapanKazakhstan: 0.9%KenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri Lanka: 1.9%LesothoLithuaniaLuxembourg: 0.3%LatviaMorocco: 1.1%MoldovaMadagascarMexico: 4.3%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 1.3%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOman: 1.8%Pakistan: 1.1%Panama: 2.3%Peru: 2.1%Philippines: 2.3%Papua New GuineaPoland: 2.4%Puerto RicoNorth KoreaPortugalParaguayQatarRomania: 2.4%RussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguay: 1.5%United States of America: 0.8%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 5.1%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Turkey8.1%
Brazil6.7%
Colombia6.1%
Dominican Republic6%
South Africa5.1%
Mexico4.3%
Egypt3.9%
⬇ Download the full portfolio — Excel, 306 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 IE00BJ06C937 (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
EUR Hedged (acc) JPMorgan Asset Management (Europe) S.à r.l. – Société à responsabilité limitée – Adresse postale: L-2888 Luxembourg Téléphone (+352) 34 101 – Fax: (+352) 3410 8000 – www.jpmorgan.com – E-mail: fundinfo@jpmorgan.com Siège social European Bank & Business Center 6, route de Trèves L-2633 Senningerberg R.C. Luxembourg B27900 Capital social EUR 10.000.000 ISIN Divisa Percentuale Media Titoli Pubblici Italiani ed Esteri Data Ultimo Rendiconto Inizio Applicazione Fine Applicazione Descrizione ISINIE00BDDRDY39JMBEAccumulatingEUR
JPM - USD (dist)IE00BDFC6G93JPMBDistributingUSD
JPM - USD (acc) · this pageIE00BJ06C937JMBAAccumulatingUSD
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

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

Italian taxation

Effective rate on capital gains
16.49%
White-list share
70.44%
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:

IE00BDDRDY39JMBE(class: EUR Hedged (acc) JPMorgan Asset Management (Europe) S.à r.l. – Société à responsabilité limitée – Adresse postale: L-2888 Luxembourg Téléphone (+352) 34 101 – Fax: (+352) 3410 8000 – www.jpmorgan.com – E-mail: fundinfo@jpmorgan.com Siège social European Bank & Business Center 6, route de Trèves L-2633 Senningerberg R.C. Luxembourg B27900 Capital social EUR 10.000.000 ISIN Divisa Percentuale Media Titoli Pubblici Italiani ed Esteri Data Ultimo Rendiconto Inizio Applicazione Fine Applicazione Descrizione ISIN)
  • 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
Borsa Italiana (ETFplus)JMBA10 Dec 2019
Börse DüsseldorfJMBA19 Jun 2020
Börse FrankfurtJMBA10 Dec 2019
Börse HamburgJMBA19 Feb 2020
Börse HannoverJMBA9 Dec 2024
Börse München / gettexJMBA8 Dec 2022
Börse StuttgartJMBA17 Jan 2020
Tradegate ExchangeJMBA17 Aug 2020
Xetra (Deutsche Börse)JMBA10 Dec 2019
+ 6 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 Emerging Markets Sovereign Bond UCITS ETF track?
The issuer JPMorgan declares the benchmark: JPEIRWTR.
How much does JMBA cost?
The issuer-declared TER is 0.39% per year; the transaction costs estimated in the KID are 0.21%.
How is JMBA taxed in Italy?
On sale, the capital gain is taxed at an effective 16.49% rate (white-list share 70.44%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JMBA?
The fund size declared by JPMorgan is about 339 million euro.
When was JMBA launched?
The fund was launched on 3 December 2019: it has 6 years of history.
How does JMBA replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised).
Does JMBA pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JMBA trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JMBA), Börse Düsseldorf (JMBA), Börse Frankfurt (JMBA), Börse Hamburg (JMBA), Börse Hannover (JMBA), Börse München / gettex (JMBA).
What was JMBA's worst fall?
Over the available history (since 2019), the maximum drawdown was -26.03%, reached in October 2022. Past performance is not indicative of future results.
How many securities does JMBA hold?
The declared portfolio holds 305 securities (plus 1 cash & derivative lines); the top 10 positions weigh 12.6%.
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.