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UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD accIndex, costs, backtest, listings and taxation

ISIN: LU1720938924Issuer: UBS

Issuer-declared data

Declared index

J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index

TER

0.40%

Transaction costs

0.00% (issuer estimate, from the KID)

Management

Passive (index-tracking) (from the KID)

Replication

Physical (mixed: optimised/sampled)

Income policy

Accumulating

SFDR

Article 6 — does not promote specific ESG characteristics what does it mean?

NAV

19.69 USD

Domicile

Luxembourg

Inception date

6 June 2019

Data as declared by UBS in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.

Fund historyThe fund-assets (AUM) chart year by year, from declared data.Open the history →

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Description

UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc tracks the issuer-declared index: J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index. The declared annual cost (TER) is 0.40%, plus 0.00% in transaction costs estimated by the issuer in the KID. The fund was launched on 6 June 2019 and is domiciled in Luxembourg.

The fund’s objective — in the issuer’s words(the issuer publishes the KID in Italian)

Il Fondo è gestito in modo passivo e assumerà un'esposizione proporzionale alle componenti del J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index attraverso un approccio stratificato (strategia di campionamento stratificato) che prevede l'investimento in un campione rappresentativo di titoli che compongono l'indice selezionati dal gestore di portafoglio mediante una tecnica di «ottimizzazione del portafoglio». L'esposizione proporzionale del Fondo alle componenti dell'indice sarà in gran parte ottenuta con l'investimento diretto o l'utilizzo di derivati oppure con una combinazione di entrambe le tecniche. Il Fondo può anche detenere titoli non compresi nel suo Indice di riferimento qualora il gestore di portafoglio lo ritenga appropriato in funzione dell'obiettivo e delle restrizioni d'investimento del Fondo o di altri fattori. Il Fondo investirà il suo patrimonio netto prevalentemente in obbligazioni, valori mobiliari, strumenti del mercato monetario, quote di organismi d'investimento collettivo, depositi presso istituti di credito, titoli strutturati quotati o negoziati su un mercato regolamentato e altre attività idonee ai sensi del prospetto informativo. Il Fondo non effettuerà operazioni di prestito titoli. I rischi di sostenibilità non sono sistematicamente integrati in quanto non sono considerati parte del processo di selezione dell'Indice. Il rendimento del Fondo dipende principalmente dalla performance dell'indice replicato. I proventi del Fondo non vengono versati, bensì reinvestiti.
Keep reading the KID section ▾
Investitore al dettagliocui si intende commercializzare il prodotto Questo fondo è destinato a investitori retail con conoscenze di base in materia finanziaria, che sono in grado di sostenere una possibile perdita sull'importo investito. Il fondo mira a generare una quota consistente di rendimento attraverso proventi ricorrenti, fornendo al contempo accesso giornaliero al capitale in condizioni di mercato normali. Mediante questo fondo, gli investitori possono soddisfare le loro necessità di investimento a medio termine. Questo fondo è indicato per essere acquistato dai segmenti di clientela target senza restrizioni a livello di canale o di piattaforma di distribuzione. Banca depositaria State Street Bank International GmbH, Succursale del Lussemburgo
Ulteriori informazioni Le informazioni su UBS J.P.

From the KID’s “Objectives” section · 2 September 2026 · original document ↓

Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

TER 0.40%: above the median of bond ETFs we track (0.15%).
Average tracking difference over the last 3 years: -0.18% p.a., against a declared TER of 0.40%.

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 Italian, from the issuer’s site — always the latest filed version

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 Jun 2019 to Sept 2026

Adjusted for inflationCompare with the index

Compare with another ETF

Only funds we hold a history for. Three at a time, at most.

Return

+23.9%

Annualised

+3.0%

Volatility (ann.)

9.1%

Max drawdown

-29.64%

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.

Max drawdown

-29.64%

peak → trough

Trough

24 Oct 2022

from the 04 Jan 2021 peak

Recovery time

981 days

recovery only: trough to break-even · ≈ 2 years and 8 months

Underwater

1,639 days

decline + recovery: peak to break-even · ≈ 4 years and 6 months · → recovered on 01 Jul 2025

The five worst falls in the period

From the peak of	Trough	Depth	Back to break-even	Days underwater
04 Jan 2021	24 Oct 2022	-29.64%	01 Jul 2025	1,639
10 Jan 2020	23 Mar 2020	-22.52%	04 Dec 2020	329
25 Feb 2026	30 Mar 2026	-6.23%	19 Aug 2026	175
19 Jul 2019	29 Aug 2019	-4.39%	28 Oct 2019	101
04 Nov 2019	28 Nov 2019	-2.83%	17 Dec 2019	43

Calendar-year returns

2019

8.9%

2020

2.0%

2021

-8.7%

2022

-14.0%

2023

15.5%

2024

-1.7%

2025

20.3%

2026

4.0%

Month-by-month returns

	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sept	Oct	Nov	Dec	Year
2026	2.4	1.3	-5.8	2.9	1.0	0.6	0.3	1.0	0.7				4.0
2025	2.0	0.9	1.3	2.9	1.6	3.0	-0.7	2.4	1.5	0.7	1.5	1.6	20.3
2024	-1.5	-0.6	-0.0	-2.1	1.8	-1.0	2.5	3.0	3.5	-4.7	-0.5	-1.8	-1.7
2023	4.7	-3.0	4.1	1.0	-1.2	3.7	3.0	-2.8	-3.5	-0.5	5.4	4.2	15.5
2022	-0.2	-5.9	-1.0	-6.6	1.6	-5.1	0.2	0.0	-5.5	-1.1	7.6	2.0	-14.0
2021	-1.1	-2.7	-3.0	2.2	2.7	-1.4	-0.4	0.8	-3.4	-1.1	-2.7	1.4	-8.7
2020	-1.5	-3.6	-13.6	4.4	6.1	0.7	3.4	-0.2	-2.2	0.4	5.9	3.8	2.0
2019							0.9	-3.3	1.0	2.8	-1.8	4.2	8.9

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: UBS. 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 6 calendar years: a past observation, not an indication of future outperformance.

Average TD (last 3 years)

-0.18% /anno

Declared TER

0.40%

Year	Fund	Index	Difference
2025	+20.26%	+20.25%	+0.01%
2024	-1.69%	-1.40%	-0.30%
2023	+15.50%	+15.75%	-0.26%
2022	-14.00%	-13.97%	-0.03%
2021	-8.65%	-7.93%	-0.72%
2020	+2.02%	+2.42%	-0.40%

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 year	Last 3 years	Last 5 years	Full history
Volatility (ann.)	5.24%	6.34%	7.67%	8.65%
Max drawdown	-3.78%	-7.87%	-12.32%	-21.27%
Sharpe	1.35	0.55	0.14	0.14
Sortino	2.03	0.78	0.18	0.18

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 · modified duration

5.49years

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

Source: product page UBS, data as of 31 July 2026. Values as declared by the issuer, not computed by us; updated with the monthly document.

Index tracked

J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index

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

Italian taxation

Effective rate on capital gains

14.13%

White-list share

87.96%

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

Exchange	Ticker	Trading since
Tradegate Exchange	C2Q0	16 Sept 2025

+ 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 UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc track?

The issuer UBS declares the benchmark: J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index.

How much does UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc cost?

The issuer-declared TER is 0.40% per year; the transaction costs estimated in the KID are 0.00%.

How is UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc taxed in Italy?

On sale, the capital gain is taxed at an effective 14.13% rate (white-list share 87.96%): 12.5% on the government-bond “white list” portion, 26% on the rest.

When was UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc launched?

The fund was launched on 6 June 2019: it has 7 years of history.

How does UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc replicate its index?

It is a passively managed ETF: it follows the declared index. Physical (mixed: optimised/sampled) (issuer wording: “Physical + Optimized (equities) / sampled (bonds)”).

Does UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc pay dividends?

Issuer-declared income policy: “No”.

What was UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc's worst fall?

Over the available history (since 2019), the maximum drawdown was -29.64%, reached in October 2022. Past performance is not indicative of future results.

What is UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD acc's tracking difference?

Over the last 3 complete calendar years the fund returned on average -0.18% per year versus its index (from issuer-declared series).

Transparency note

The data in this sheet is declared by UBS 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.