# Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF (XEMP) **Page:** https://fundology.uk/fund/xemp · ISIN LU2158769930 ## 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 13/11/2026, XEMP (Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF, ISIN LU2158769930) closed at £23.27 on the London Stock Exchange. Its ongoing charge is 0.25% a year (about £25 on £10,000). Over the three years to 13/11/2026 its total return was +11.8%, or +1.0% after UK CPIH inflation. ## Summary Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF is an exchange-traded fund (ETF) from Xtrackers, launched in 2023. It tracks the J.P. Morgan Government Bond Index-Emerging Markets Global Div 10% Cap 0.25% Floor Index - Benchmark TR Gross. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 0.25% a year — about £25 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. Latest close: **£23.27** (13/11/2026). ## Key facts | Fact | Value | |---|---| | Ticker (LSE) | XEMP | | ISIN | LU2158769930 | | Also listed as | XEML (London Stock Exchange, US dollars) | | Category | Government bonds | | Type | ETF | | Provider | Xtrackers | | Tracks | J.P. Morgan Government Bond Index-Emerging Markets Global Div 10% Cap 0.25% Floor Index - Benchmark TR Gross | | Income | Distributing | | Ongoing charge | 0.25% a year (£25 per £10,000) | | Fund size | £12.7m | | Launched | 2023 | | Domicile | Luxembourg | | UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 21/04/2023 | ## Past returns (periods to 13/11/2026) After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation. | Window | Return | After CPIH inflation | Measured as | |---|---|---|---| | 1 year | +0.95% | -2.63% | income reinvested | | 3 years | +11.82% | +1.02% | income reinvested | Returns: as reported (delayed data). Inflation: UK CPIH, latest month published. ## Calendar-year returns Calendar-year returns of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF in pounds (price only, income paid out not included): 2024 −6.2%, 2025 +4.5%; 2026 to 13/11/2026 −3.0%. Returns of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF in pounds (price only, income paid out not included) over the 12 months to 30/09/2026: −0.3%; to 30/09/2025: +1.4%; to 30/09/2024: −2.6%. | Year | Return | After CPIH inflation | Measured as | |---|---|---|---| | 2024 | -6.2% | -9.4% | Price | | 2025 | +4.5% | +0.9% | Price | | 2026 to 13/11/2026 | -3.0% | -6.1% | Price | ## Risk metrics | Window | Volatility | Max drawdown | |---|---|---| | 1 year | 6.34% | -6.28% | | 3 years | 6.40% | -9.54% | ## Largest fall Volatility of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF in pounds, annualised from weekly returns to 13/11/2026: 6.3% over 1 year, 6.4% over 3 years. Largest fall in the price of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF since May 2023, in pounds: −9.5% from 29/12/2023 to 18/04/2025. The lowest 12-month return of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF in pounds (price only, income paid out not included) since May 2023 was −6.7% (12 months to 27/12/2024); the highest was +8.0% (12 months to 17/04/2026). On 13/11/2026 the price of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF was 5.1% below its highest weekly close since May 2023 (13/02/2026), in pounds. ## Charges compared with similar funds Ongoing charge of Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once). ## Charges & eligibility - Ongoing charges figure (OCF): **0.25%** per year - Stocks and shares ISA eligible: usually (check with your platform) - SIPP eligible: usually (check with your provider) - ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify. ## What it holds As of 15/11/2026, XEMP holds 393 positions, according to its published holdings. The largest is Xtrackers India Government Bond UCITS ETF 1C at 10.23% of the fund; the ten largest make up 19.0%. ### Top holdings Largest positions (as of 15/11/2026), as a percentage of the whole fund: | # | Holding | Ticker | Weight | |---|---|---|---| | 1 | Xtrackers India Government Bond UCITS ETF 1C | — | 10.23% | | 2 | Brazil Federative Republic of (Gov (BRSTNCNTF204) | — | 1.39% | | 3 | South Africa (Republic Of) (ZAG000096173) | — | 1.02% | | 4 | Mexico (United Mexican States) (Go (MX0MGO0000P2) | — | 0.99% | | 5 | Brazil Federative Republic of (Gov (BRSTNCLTN806) | — | 0.98% | | 6 | Brazil Federative Republic of (Gov (BRSTNCLTN897) | — | 0.92% | | 7 | Mexico (United Mexican States) (Go (MX0MGO0001I5) | — | 0.92% | | 8 | Brazil Federative Republic of (Gov (BRSTNCLTN8K6) | — | 0.88% | | 9 | South Africa (Republic Of) (ZAG000125972) | — | 0.85% | | 10 | Mexico (United Mexican States) (Go (MX0MGO0000R8) | — | 0.82% | ## Where it invests Shares of the whole fund. Bonds, cash and positions without a classification are shown as they come, not guessed. ### By country Added up from the fund’s published holdings, as of 08/11/2026. | Country | Weight | |---|---| | India | 10.2% | | Mexico | 9.9% | | China | 9.9% | | Malaysia | 9.5% | | Indonesia | 8.7% | | Poland | 8.5% | | Thailand | 8.0% | | Brazil | 7.9% | | Other countries | 27.2% | | Not classified | 0.2% | ### By type of asset Added up from the fund’s published holdings, as of 08/11/2026. | Type of asset | Weight | |---|---| | Bonds | 99.8% | | Cash and money market | 0.2% | All 393 holdings: https://fundology.uk/fund/xemp/holdings ## Questions people ask **What is the ongoing charge of XEMP?** The ongoing charge of XEMP is 0.25% a year — about £25 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 Xtrackers II J.P. Morgan EM Local Government Bond UCITS ETF 0.25% a year. Compared on 14/11/2026, 30 of the 311 other government bond funds charge more, 16 the same and 265 less (share classes counted once). **What does XEMP track?** XEMP tracks the J.P. Morgan Government Bond Index-Emerging Markets Global Div 10% Cap 0.25% Floor Index - Benchmark TR Gross. **Is XEMP accumulating or distributing?** XEMP is distributing: income is paid out to holders as cash, usually a few times a year. It pays out quarterly. **What is the ISIN of XEMP?** The ISIN of XEMP is LU2158769930. An ISIN identifies one exact share class of a fund; XEMP is its ticker on the London Stock Exchange. The same share class is also listed as XEML (London Stock Exchange, US dollars). **What does XEMP hold?** As of 15/11/2026, XEMP holds 393 positions, according to its published holdings. The largest is Xtrackers India Government Bond UCITS ETF 1C at 10.23% of the fund; the ten largest make up 19.0%. Its ten largest holdings are Xtrackers India Government Bond UCITS ETF 1C (10.23%), Brazil Federative Republic of (Gov (BRSTNCNTF204) (1.39%), South Africa (Republic Of) (ZAG000096173) (1.02%), Mexico (United Mexican States) (Go (MX0MGO0000P2) (0.99%), Brazil Federative Republic of (Gov (BRSTNCLTN806) (0.98%), Brazil Federative Republic of (Gov (BRSTNCLTN897) (0.92%), Mexico (United Mexican States) (Go (MX0MGO0001I5) (0.92%), Brazil Federative Republic of (Gov (BRSTNCLTN8K6) (0.88%), South Africa (Republic Of) (ZAG000125972) (0.85%) and Mexico (United Mexican States) (Go (MX0MGO0000R8) (0.82%). **What were XEMP’s returns in each of the last five years?** Calendar-year returns of XEMP in pounds (price only, income paid out not included): 2024 −6.2%, 2025 +4.5%; 2026 to 13/11/2026 −3.0%. Past performance is not a guide to future returns. **How has XEMP done after inflation?** Over the three years to 13/11/2026 XEMP’s total return was +11.8%, or +1.0% after UK CPIH inflation. Past performance is not a guide to future returns. ## Fund documents - [Fund page at Xtrackers (DWS)](https://etf.dws.com/en-gb/LU2158769930-j-p-morgan-em-local-government-bond-ucits-etf-1d/) - Links checked 12/10/2026. --- 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.