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iShares J.P. Morgan Advanced $ EM Investment Grade Bond UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BKPT2T41Ticker: IS3W (Xetra) · IGAE (Euronext AMS)Issuer: iShares
Issuer-declared data
TER
0.30%
Transaction costs
0.03% (issuer estimate, from the KID)
Management
Passive (index-tracking)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
367.5 mln EUR
NAV
4.88 USD (31 August 2026)
Domicile
Ireland
Inception date
25 March 2021
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 Advanced $ EM Investment Grade Bond UCITS ETF tracks the issuer-declared index: J.P. Morgan Screened, Tilted and Re-weighted EMBI Global Diversified Investment Grade Index. The declared annual cost (TER) is 0.30%, 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 accumulated and reinvested in the fund. The fund has assets of about 367 million euro, was launched on 25 March 2021 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 Fund’s assets, which reflects the return of the J.P. Morgan Screened, Tilted and Re-weighted EMBI Global Diversified Investment Grade 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 the fixed income (“FI”) securities (such as bonds) that make up the Index. The Index measures the performance of a sub-set of investment grade US Dollar denominated, fixed and/or floating rate emerging market bonds, issued by sovereign and quasi sovereign entities, which the index provider has determined are part of the J.P. Morgan EMBI Global Diversified Index (the “Parent Index”) and that meet the index provider’s socially responsible investing (“SRI”) and environmental, social and governance (“ESG”) requirements, based on a series of exclusionary screens and ratings based criteria applied as part of the Index’s methodology. The bonds will, at the time of inclusion in the Index, be investment grade (i.e. meet a specified level of creditworthiness). To be eligible for inclusion in the Index, the bonds must comply with the minimum amount outstanding and maturity requirements of the Index. The Index is comprised only of those countries that meet the index provider’s criteria for an emerging market and each country is capped at 10%. The Fund’s investments will, at the time of purchase, comply with the SRI and/or ESG rating requirements of the Index. Where securities no longer meet such requirements, the Fund may continue to hold them until they cease to form part of the Index and it is practicable to sell them. Further details regarding the Index (including its constituents) are available on the index provider’s website at http:// www.jpmorgan.com/pages/jpmorgan/investbk/solutions/research/indices/composition 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. The price of FI securities may be affected by changing interest rates which in turn may affect the value of your investment. FI securities prices move inversely to interest rates. Therefore, the market value of FI securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on FI 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?”).

Keep reading the KID section ▾

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 accumulating shares (i.e. income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. 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 0.30%: above the median of bond ETFs we track (0.15%).
  • Average tracking difference over the last 3 years: -0.28% p.a., against a declared TER of 0.30%.
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) · USD · from Mar 2021 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
-2.6%
Annualised
-0.5%
Volatility (ann.)
5.7%
Max drawdown
-26.59%
-26%-18%-10%-1%+7%Mar 2021Aug 2022Dec 2023Apr 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)-3%Mar 2021Sept 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%202120222023202420252026−26.59% · 21 Oct 2022
Max drawdown
-26.59%
peak → trough
Trough
21 Oct 2022
from the 15 Sept 2021 peak
Recovery time
not yet
recovery only: trough to break-even
Underwater
1,819 days
decline + recovery: peak to break-even · ≈ 4 years and 12 months · (ongoing)

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
15 Sept 202121 Oct 2022-26.59%ongoing1,819
19 Apr 202128 Apr 2021-0.79%07 May 202118
07 May 202113 May 2021-0.79%26 May 202119
05 Aug 202111 Aug 2021-0.77%19 Aug 202114
25 Mar 202130 Mar 2021-0.60%06 Apr 202112

Calendar-year returns

2021
2.6%
2022
-18.9%
2023
6.7%
2024
0.0%
2025
10.4%
2026
-0.6%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-0.22.0-3.21.70.40.6-2.20.6-0.2-0.6
20250.72.2-0.20.2-0.22.20.61.32.11.00.00.010.4
2024-1.4-0.71.4-2.92.11.11.82.71.1-3.20.4-2.20.0
20232.6-2.12.41.4-1.40.50.2-1.2-3.5-2.25.54.76.7
2022-3.7-6.7-1.3-5.70.5-3.23.4-1.9-6.4-1.36.40.0-18.9
20211.00.61.20.60.6-1.70.4-0.41.02.6
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: 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 4 calendar years: a past observation, not an indication of future outperformance.
Average TD (last 3 years)
-0.28% /anno
Declared TER
0.30%
YearFundIndexDifference
2025+10.42%+10.75%-0.33%
2024-0.08%+0.11%-0.19%
2023+6.76%+7.08%-0.32%
2022-18.89%-19.75%+0.86%
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 yearsFull history
Volatility (ann.)5.52%7.32%8.39%8.21%
Max drawdown-4.83%-10.87%-17.25%-17.25%
Sharpe0.03-0.08-0.35-0.26
Sortino0.04-0.11-0.48-0.36
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
6.99years

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

Maturity breakdown (% of fund)
0–1 years
2.78%
1–2 years
7.87%
2–3 years
5.13%
3–5 years
15.57%
5–7 years
10.57%
7–10 years
22.71%
10–15 years
5.66%
15–20 years
4.92%
20+ years
24.37%
Cash and derivatives
0.42%

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
28.65%
BBB
70.93%
Cash and derivatives
0.42%

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
471
475 total lines: 4 cash & derivatives
Top-10 weight
9.8%

Top 10 holdings

URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
1.53%
URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
1.00%
URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
1.00%
URUGUAY (ORIENTAL REPUBLIC OF) · URUGUA
0.97%
POLAND (REPUBLIC OF) · POLAND
0.96%
OMAN SULTANATE OF (GOVERNMENT) RegS · OMAN
0.92%
HUNGARY (GOVERNMENT) RegS · REPHUN
0.89%
POLAND (REPUBLIC OF) · POLAND
0.89%
HUNGARY (GOVERNMENT) RegS · REPHUN
0.84%
HUNGARY (GOVERNMENT) RegS · REPHUN
0.83%

Sectors

Government Related
99.8%
Cash and/or Derivatives
0.2%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijan: 0.5%BurundiBelgiumBeninBurkina FasoBangladeshBulgaria: 0.6%The BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChile: 7.4%China: 3.1%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 9.1%Indonesia: 6.3%India: 1.9%IrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstan: 5%KenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatvia: 0.5%MoroccoMoldovaMadagascarMexico: 4.9%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 4.6%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOman: 6.2%PakistanPanama: 6.3%Peru: 5.6%Philippines: 4.8%Papua New GuineaPoland: 10.1%Puerto RicoNorth KoreaPortugalParaguay: 2%QatarRomania: 6.7%RussiaRwandaWestern SaharaSaudi Arabia: 7%SudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguay: 7.3%United States of America: 0.2%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Poland10.1%
Hungary9.1%
Chile7.4%
Uruguay7.3%
Saudi Arabia7%
Romania6.7%
Panama6.3%
Download the full portfolio — Excel, 475 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 →

Index tracked

J.P. Morgan Screened, Tilted and Re-weighted EMBI Global Diversified Investment Grade Index
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
63.39%
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 HamburgIS3W20 Oct 2021
Börse HannoverIS3W16 Jan 2026
Börse München / gettexIS3W9 Oct 2025
Tradegate ExchangeIS3W17 Apr 2024
+ 9 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 Advanced $ EM Investment Grade Bond UCITS ETF track?
The issuer iShares declares the benchmark: J.P. Morgan Screened, Tilted and Re-weighted EMBI Global Diversified Investment Grade Index.
How much does IGAE cost?
The issuer-declared TER is 0.30% per year; the transaction costs estimated in the KID are 0.03%.
How is IGAE taxed in Italy?
On sale, the capital gain is taxed at an effective 17.44% rate (white-list share 63.39%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of IGAE?
The fund size declared by iShares is about 367 million euro.
When was IGAE launched?
The fund was launched on 25 March 2021: it has 5 years of history.
How does IGAE replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (optimised) (issuer wording: “Fisica - ottimizzazione (dal KID)”).
Does IGAE pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulating”).
Where does IGAE trade?
Per the official ESMA register it trades on 4 main exchanges, including Börse Hamburg (IS3W), Börse Hannover (IS3W), Börse München / gettex (IS3W), Tradegate Exchange (IS3W).
What was IGAE's worst fall?
Over the available history (since 2021), the maximum drawdown was -26.59%, reached in October 2022. Past performance is not indicative of future results.
What is IGAE's tracking difference?
Over the last 3 complete calendar years the fund returned on average -0.28% per year versus its index (from issuer-declared series).
How many securities does IGAE hold?
The declared portfolio holds 471 securities (plus 4 cash & derivative lines); the top 10 positions weigh 9.8%.
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.