# iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (EMBE) **Source:** https://fundology.uk/fund/embe · ISIN IE00B9M6RS56 · Data: TradingView (LSE closes and returns, delayed), issuer documents and holdings (iShares), ONS CPIH, FCA FIRDS ## At a glance > Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise. As of 01/10/2026, EMBE (iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist), ISIN IE00B9M6RS56) closed at €63.68 on the London Stock Exchange. Its ongoing charge is 0.50% a year (about £50 on £10,000). Over the five years to 01/10/2026 its total return was −5.5%, or −26.1% after UK CPIH inflation. ## Summary iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) is an exchange-traded fund (ETF) from iShares, launched in 2013. It tracks the J.P. Morgan EMBI Global Core Index. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.5% a year — about £50 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is paid out to holders as cash, usually a few times a year. It is currency-hedged: it aims to remove most of the effect of exchange-rate moves against the pound. Latest close: **€63.68** (01/10/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | EMBE | | ISIN | IE00B9M6RS56 | | Category | Corporate & other bonds | | Type | ETF | | Provider | iShares | | Tracks | J.P. Morgan EMBI Global Core Index | | Income | Distributing | | Ongoing charge | 0.50% a year (£50 per £10,000) | | Fund size | £1.3bn | | Launched | 2013 | | Domicile | Ireland | ## Past returns (periods to 01/10/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after ONS CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | -3.08% | -6.13% | income reinvested | | 3 years | +21.09% | +9.27% | income reinvested | | 5 years | -5.46% | -26.09% | income reinvested | Returns: TradingView (delayed data). Inflation: ONS CPIH, latest month published. ## Calendar-year returns Calendar-year returns of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) in pounds (price only, income paid out not included): 2022 −20.5%, 2023 −0.4%, 2024 −6.2%, 2025 +10.5%; 2026 to 01/10/2026 −10.4%. Returns of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −8.8%; to 30/09/2025: +4.7%; to 30/09/2024: +6.1%; to 30/09/2023: −1.8%; to 30/09/2022: −28.1%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2022 | -20.5% | -27.3% | Price | | 2023 | -0.4% | -4.3% | Price | | 2024 | -6.2% | -9.4% | Price | | 2025 | +10.5% | +6.7% | Price | | 2026 to 01/10/2026 | -10.4% | -12.9% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.91% | -11.66% | | 3 years | 7.06% | -11.66% | | 5 years | 10.10% | -30.77% | ## Largest fall Volatility of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) in pounds, annualised from weekly returns to 01/10/2026: 6.9% over 1 year, 7.1% over 3 years, 10.1% over 5 years. Largest fall in the price of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) since October 2021, in pounds: −30.8% from 05/11/2021 to 20/10/2023. The lowest 12-month return of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) in pounds (price only, income paid out not included) since January 2021 was −29.0% (12 months to 14/10/2022); the highest was +10.7% (12 months to 19/12/2025). On 01/10/2026 the price of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) was 29.0% below its highest weekly close since October 2021 (05/11/2021), in pounds. ## Charges compared with similar funds Ongoing charge of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) 0.50% a year, as of 02/10/2026: 52 of the 392 other corporate and other bond funds charge more, 16 the same and 324 less (share classes counted once). ## Funds tracking the same index 6 funds track J.P. Morgan EMBI Global Core Index, this one included and share classes counted once; their ongoing charges range from 0.30% to 0.50% a year (01/10/2026). | Fund | Ongoing charge | 1 year | 3 years | 5 years | |---|---|---|---|---| | iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) (this fund) | 0.50% | -3.1% | +21.1% | -5.5% | | iShares J.P. Morgan USD EM Bond UCITS ETF | 0.45% | +2.2% | +18.6% | +7.7% | | iShares J.P. Morgan USD EM Bond UCITS ETF | 0.50% | — | — | — | | iShares J.P. Morgan USD EM Bond UCITS ETF | 0.50% | +0.6% | +28.5% | +1.8% | | iShares J.P. Morgan USD EM Bond UCITS ETF Acc | 0.45% | +2.6% | +20.6% | +8.8% | | VanEck J.P. Morgan EM Local Currency Bond UCITS ETF Accum A USD | 0.30% | +5.2% | +14.3% | +12.3% | Returns are the data vendor’s, in pounds, income reinvested unless marked "(price)". ## Charges & eligibility - Ongoing charges figure (OCF): **0.50%** per year - ISA eligible: yes - SIPP eligible: yes ## What it holds As of 30/09/2026, EMBE holds 613 positions, according to the holdings iShares publishes. The largest is USD Cash at 2.40% of the fund; the ten largest make up 8.2%. ### Top holdings Largest positions (as of 30/09/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | USD Cash | — | 2.40% | | 2 | Argentina Republic of Government 4.13% 09/07/2035 | — | 1.14% | | 3 | ECUADOR REPUBLIC OF (GOVERNMENT) RegS 6.90% 31/07/2035 | — | 0.77% | | 4 | Argentina Republic of Government 0.75% 09/07/2030 | — | 0.68% | | 5 | Argentina Republic of Government 5.00% 09/01/2038 | — | 0.67% | | 6 | GHANA (REPUBLIC OF) DISCO RegS 5.00% 03/07/2035 | — | 0.56% | | 7 | Argentina Republic of Government 3.50% 09/07/2041 | — | 0.54% | | 8 | Uruguay (Oriental Republic Of) 5.10% 18/06/2050 | — | 0.52% | | 9 | EAGLE FUNDING LUXCO SARL RegS 5.50% 17/08/2030 | — | 0.51% | | 10 | UKRAINE (REPUBLIC OF) C BONDS RegS 4.00% 01/02/2032 | — | 0.42% | Source: iShares, holdings as published, as of 30/09/2026. ## Where it invests Shares of the whole fund. Bonds, cash and positions the source does not classify are shown as they come, not guessed. ### By sector As published by iShares, as of 30/09/2026. | Sector | Weight | |---|---| | Sovereign | 87.4% | | Owned No Guarantee | 10.8% | | Government Guaranteed | 1.6% | | Cash and derivatives | 0.2% | ### By country As published by iShares, as of 30/09/2026. | Country | Weight | |---|---| | Saudi Arabia | 6.5% | | Mexico | 6.2% | | Turkey | 4.9% | | Indonesia | 4.3% | | Brazil | 3.9% | | Poland | 3.7% | | Dominican Republic | 3.5% | | Philippines | 3.5% | | Other countries | 63.5% | ### By type of asset Added up from the holdings iShares publishes, as of 30/09/2026. | Type of asset | Weight | |---|---| | Bonds | 99.8% | | Cash and money market | 2.6% | All 618 holdings: https://fundology.uk/fund/embe/holdings ## Questions people ask **What is the ongoing charge of EMBE?** The ongoing charge of EMBE is 0.50% a year — about £50 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of iShares J.P. Morgan USD EM Bond EUR Hedged UCITS ETF (Dist) 0.50% a year, as of 02/10/2026: 52 of the 392 other corporate and other bond funds charge more, 16 the same and 324 less (share classes counted once). **What does EMBE track?** EMBE tracks the J.P. Morgan EMBI Global Core Index. **Is EMBE accumulating or distributing?** EMBE is distributing: income is paid out to holders as cash, usually a few times a year. It pays out monthly. **What is the ISIN of EMBE?** The ISIN of EMBE is IE00B9M6RS56. An ISIN identifies one exact share class of a fund; EMBE is its ticker on the London Stock Exchange. **What does EMBE hold?** As of 30/09/2026, EMBE holds 613 positions, according to the holdings iShares publishes. The largest is USD Cash at 2.40% of the fund; the ten largest make up 8.2%. Its ten largest holdings are USD Cash (2.40%), Argentina Republic of Government 4.13% 09/07/2035 (1.14%), ECUADOR REPUBLIC OF (GOVERNMENT) RegS 6.90% 31/07/2035 (0.77%), Argentina Republic of Government 0.75% 09/07/2030 (0.68%), Argentina Republic of Government 5.00% 09/01/2038 (0.67%), GHANA (REPUBLIC OF) DISCO RegS 5.00% 03/07/2035 (0.56%), Argentina Republic of Government 3.50% 09/07/2041 (0.54%), Uruguay (Oriental Republic Of) 5.10% 18/06/2050 (0.52%), EAGLE FUNDING LUXCO SARL RegS 5.50% 17/08/2030 (0.51%) and UKRAINE (REPUBLIC OF) C BONDS RegS 4.00% 01/02/2032 (0.42%). **What were EMBE’s returns in each of the last five years?** Calendar-year returns of EMBE in pounds (price only, income paid out not included): 2022 −20.5%, 2023 −0.4%, 2024 −6.2%, 2025 +10.5%; 2026 to 01/10/2026 −10.4%. Past performance is not a guide to future returns. **How has EMBE done after inflation?** Over the five years to 01/10/2026 EMBE’s total return was −5.5%, or −26.1% after UK CPIH inflation. Past performance is not a guide to future returns. --- We show information. We are not financial advisers, not authorised by the FCA, and never recommend specific investments. Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.