ETF taxation · White-list share

JPM USD Emerging Markets Sovereign Bond UCITS ETFTax rate and white-list share

ISIN: IE00BJ06C937Ticker: JMBA (Borsa Italiana) · JMBA (Xetra) · JMBA (London SE) · JMBA (SIX)Issuer: JPMorganClass: USD (acc)

Effective rate on capital gains

16.49%

how much tax you pay when you sell at a profit

The share of «white-list» government bonds 70.44% is taxed at 12.5%, the rest at 26% → 12.5% × share + 26% × (1 − share) = 16.49%

White-list share: 70.44%

Validity semester

01 Jul 2026 – 31 Dec 2026

Source

JPMorgan official tax document (Italian Law Decree 138/2011)

Share classes of this fund

The white-list share is a property of the fund: it is identical across all its share classes (accumulating, distributing, currency-hedged). You are viewing the highlighted class.

IE00BDDRDY39JMBEEUR 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 IE00BDFC6G93JPMBUSD (dist)IE00BJ06C937JMBAUSD (acc)IE00BL2F2474JMBCCHF Hedged (acc)

How it works

JPM USD Emerging Markets Sovereign Bond UCITS ETF has a mixed composition: the 70.44% white-list share lowers the effective rate to 16.49%, versus the full 26% of a fund holding no government bonds. This is the typical profile of balanced and multi-asset funds: the larger the government component, the closer the rate gets to 12.5%.

In Italy, ETF capital gains are taxed at 26%. But the portion of the fund invested in Italian and «white-list» government bonds enjoys the reduced 12.5% rate. The effective rate is therefore a weighted average of the two, based on the share of government bonds the fund holds — a share each issuer certifies every semester as the average of the last two reports.

Worked example

Amounts are purely illustrative: the computation applies this fund's effective rate. The same share applies to capital gains and distributions.

You sell with a €1,000 capital gain

€704.40 on the white-list portion (12.5%) → €88.05

€295.60 on the rest (26%) → €76.86

Tax:€164.91without the white-list share it would be €260.00

you save €95.09

You receive €100 in distributions

€70.44 on the white-list portion (12.5%) → €8.81

€29.56 on the rest (26%) → €7.69

Net in your pocket:€83.51without the white-list share it would be €74.00

you save €9.51

Frequently asked questions

What is the tax rate for JPM USD Emerging Markets Sovereign Bond UCITS ETF?

The effective rate on capital gains is 16.49%, computed from the 70.44% white-list share (12.5% on government bonds, 26% on the rest).

What is the white-list share?

It is the percentage of the fund invested in Italian and cooperating-country («white-list») government bonds. On that portion the capital gain is taxed at 12.5% instead of 26%. The issuer certifies it every semester.

When does the share count?

The share of the semester in which the SALE happens counts, not the purchase. The broker applies the withholding based on the issuer document valid in that semester.

Transparency noticeData extracted from the official JPMorgan tax document (Italian Law Decree 138/2011), 01 Jul 2026 – 31 Dec 2026 semester. Rebalix recomputes the rate for information purposes only: this is not tax advice and ignores stamp duty and personal variables. The share of the semester in which the SALE occurs applies. Before filing, consult your broker, accountant or tax-assistance centre.

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