The iShares J.P. Morgan $ EM Bond UCITS ETF (JPEA) is an Ireland-domiciled fixed-income ETF managed by BlackRock through its iShares platform. JPEA is the ticker for the fund's USD accumulating share class on the London Stock Exchange.

The fund seeks to track the J.P. Morgan Emerging Markets Bond Index Global Diversified Core, a benchmark comprising U.S. dollar-denominated bonds issued by governments and quasi-sovereign entities across emerging markets.

JPEA provides exposure to emerging-market external debt. The fund follows a passive investment strategy and uses physical replication through representative sampling, holding a selection of securities designed to closely replicate the characteristics and performance of its benchmark.

The strategy includes both investment-grade and high-yield bonds, providing exposure to issuers with different credit-risk profiles. Because the underlying securities are denominated in U.S. dollars, performance is also influenced by conditions in USD interest-rate and credit markets.

Composition / Exposure Profile

JPEA's portfolio primarily includes:

• Emerging-market sovereign bonds.

• Bonds issued by quasi-sovereign entities.

• U.S. dollar-denominated debt.

• Investment-grade and high-yield securities.

Geographic exposure is diversified across emerging markets in Latin America, Asia, the Middle East, Africa, and Europe. Countries such as Brazil, Mexico, Turkey, Saudi Arabia, Colombia, South Africa, and other emerging markets can be represented depending on the composition of the benchmark.

The benchmark's diversified methodology applies limits designed to reduce excessive concentration in individual countries. Portfolio allocations can nevertheless change according to the size and characteristics of eligible debt issuance.

Structure and Costs

The fund and share class have the U.S. dollar as their base currency. On the London Stock Exchange, the accumulating share class trades in USD under JPEA.

The ETF has a total expense ratio (TER) of 0.45% per year, uses physical replication through representative sampling, and is domiciled in Ireland. It operates as part of iShares II plc under the UCITS framework.

JPEA follows an accumulating income policy. Interest and other income generated by portfolio securities are therefore reinvested within the fund rather than periodically distributed to shareholders.

History and Evolution of the ETF

The iShares J.P. Morgan $ EM Bond UCITS ETF USD (Acc) (JPEA) share class was launched in 2017 to provide exposure to U.S. dollar-denominated sovereign and quasi-sovereign bonds issued across emerging markets.

Since its launch, the share class has maintained a passive strategy linked to the J.P. Morgan Emerging Markets Bond Index Global Diversified Core, using representative sampling to track its performance.

Throughout its history, JPEA's performance has reflected factors including changes in U.S. interest rates, movements in sovereign credit spreads, and shifts in economic, fiscal, and political conditions across the emerging markets represented in the benchmark.

Additional Information

iShares J.P. Morgan $ EM Bond UCITS ETF USD Acc (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $1.52 billion.

Over the past 12 months, iShares J.P. Morgan $ EM Bond UCITS ETF USD Acc recorded a return of 0.16%, with its price trading between $6.28 and $6.66 during the same period.

The ETF is traded under the ticker JPEA.