At a glance
EMB charges 0.39% a year, above the 0.29% average of the 7 funds most like it (the 6th cheapest of 8). It has $14.61B in assets, the largest of that group; it paid 5.36% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.0% with distributions reinvested, 4th of those 8 funds; over three years it returned +9.0% a year. At its worst it fell 26.5% in the 2020 crash (S&P 500: 33.7%) and 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 32 months after the lows. Its ten largest positions make up 6.3% of the fund, out of 622 in all.
The short version
iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB) tracks the J.P. Morgan EMBI Global Core Index. It holds about 620 US dollar bonds, issued mostly by emerging-market governments and companies they own. With $14.6 billion in net assets as of July 31, 2026, it is the largest fund among its close peers, and it pays income monthly. Its 0.39% expense ratio is higher than the 0.15% charged by Vanguard's similar VWOB.
Price history
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EMB 0.0% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| EMB official prospectus, to Dec 31, 2025 | — | +13.45% | — | +1.26% | +3.95% | — |
| JP Morgan EMBI Global Diversified Index index, same period | — | +14.30% | — | +1.78% | +4.40% | — |
| EMB price data to Nov 2, 2026 | -0.8% | 0.0% | +9.0% | +1.5% | +2.6% | +4.4% |
- Over the year to Nov 2, 2026, EMB returned 0.0%, 4th of 8 among similar funds.
- Its 5-year annualized return was +1.5% and its 10-year +2.6%.
- In the 2020 COVID crash it fell 26.5% and regained its old high 5.5 months after the low.
- Its worst full calendar year was 2022 (-18.6%); its best was 2012 (+16.9%).
- The deepest fall in its price history was 34.7% (May 21, 2008 to Oct 28, 2008), recovered by Jul 21, 2009.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.8% | — |
| 2025 | +13.8% | +13.45% |
| 2024 | +5.5% | +6.11% |
| 2023 | +10.6% | +10.58% |
| 2022 | -18.6% | -18.03% |
| 2021 | -2.2% | -2.45% |
| 2020 | +5.4% | +5.48% |
| 2019 | +15.5% | +15.57% |
| 2018 | -5.5% | -5.67% |
| 2017 | +10.3% | +9.98% |
| 2016 | +9.3% | +9.41% |
| 2015 | +1.1% | — |
| 2014 | +6.1% | — |
| 2013 | -7.8% | — |
| 2012 | +16.9% | — |
| 2011 | +7.6% | — |
| 2010 | +10.8% | — |
| 2009 | +15.4% | — |
| 2008 | -2.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 21.4% over that stretch · deepest drop along the way 26.5%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.6% over that stretch · deepest drop along the way 24.9%, back to its old high 32.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.7470 | |
| 2025 | $4.7900 | -1.6% |
| 2024 | $4.8700 | +15.7% |
| 2023 | $4.2100 | -0.9% |
| 2022 | $4.2500 | -0.5% |
| 2021 | $4.2700 | -5.5% |
| 2020 | $4.5200 | -12.6% |
| 2019 | $5.1700 | -11.8% |
| 2018 | $5.8600 | +11.4% |
| 2017 | $5.2600 | -1.1% |
| 2016 | $5.3200 | +3.7% |
| 2015 | $5.1300 | +2.4% |
| 2014 | $5.0100 | -2.5% |
| 2013 | $5.1400 | +0.2% |
| 2012 | $5.1300 | -3.2% |
| 2011 | $5.3000 | -3.8% |
| 2010 | $5.5100 | -3.7% |
| 2009 | $5.7200 | +8.1% |
| 2008 | $5.2900 |
What's inside
As of Jul 31, 2026, the fund held 622 securities; the ten largest made up 6.33% of assets.
| Holding | Weight | |
|---|---|---|
| Argentina Republic Government International Bonds Bonds and notes | 1.21% | |
| Ecuador Government International Bonds Bonds and notes | 0.78% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.70% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.65% | |
| Argentina Republic Government International Bonds Bonds and notes | 0.57% | |
| Ghana Government International Bonds Bonds and notes | 0.55% | |
| Uruguay Government International Bonds Bonds and notes | 0.51% | |
| EAGLE FUNDING LUXCO SARL Bonds and notes | 0.50% | |
| Oman Government International Bonds Bonds and notes | 0.42% | |
| UKRAINE GOVERNMENT Bonds and notes | 0.42% | |
| REPUBLIC OF ECUADOR Bonds and notes | 0.39% | |
| Brazil Government International Bonds Bonds and notes | 0.37% | |
| Ecuador Government International Bonds Bonds and notes | 0.35% | |
| DOMINICAN REPUBLIC Bonds and notes | 0.35% | |
| Egypt Government International Bonds Bonds and notes | 0.34% |
By country
Mexico 5.59%Turkey 4.72%Indonesia 4.19%Brazil 3.78%Saudi Arabia 3.53%By issuer
Foreign governments 87.06%Companies 10.07%The bonds mature in 11 years on average (weighted by size), with an average coupon of 5.69%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $289.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.97%, +0.83%, -1.71%.
How it works
EMB is a BlackRock index fund that seeks to track the J.P. Morgan EMBI Global Core Index. The index holds bonds that pay in U.S. dollars, issued by emerging market governments and "quasi-sovereign" issuers (entities fully owned or guaranteed by a national government). A bond needs at least $1 billion outstanding and 2.5 years to maturity to join, and at least one year to maturity to stay. As of October 31, 2025, the index spanned 49 countries, led by Indonesia, Mexico, Saudi Arabia, Turkey and the United Arab Emirates. It mixes investment-grade bonds with lower-rated "junk" bonds, which carry more default risk.
Bonds are weighted by market value, so larger issues count for more. The index also trims countries with the most debt outstanding and gives the excess to countries with less. It rebalances monthly, on the last business day.
BlackRock uses "representative sampling": instead of buying every bond, it holds a mix chosen to match the index's yield, credit quality and duration (price sensitivity to interest rates). At least 80% of assets must be in index bonds. As of July 31, 2026, the fund had 622 holdings and no derivatives, and its top 10 made up just 6.33% of assets. It does not try to beat the index or move to cash in downturns.
What it really costs
- EMB charges 0.39% a year, versus an average of 0.29% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| EMB | $40 | $125 | $219 | $493 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
EMB pays steady monthly income, but its losses in 2008, 2020 and 2022 were closer to stock-market losses than to a typical bond fund's.
EMB could add higher-yielding bonds to a portfolio. Its trailing 12-month yield was 5.33% as of October 29, 2026, paid monthly. In bad markets, though, it has not behaved like a safe bond fund. In March 2020 it fell 26.5% in two weeks and took about 5.5 months to recover. From January to September 2022 it fell 24.9%, and it took about 32 months to get back to its old high. Its worst calendar year was 2022, when it lost 18.03%. Its deepest drop was 34.7% in 2008, and that one took 8.7 months to recover. Anyone who had to sell shares in those years would have locked in losses. The expense ratio is 0.39%, or about $40 in the first year on $10,000 under the SEC's standard example. That is above the 0.29% average for similar funds. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want monthly income from US dollar emerging-market government bonds; the trailing yield was 5.33% as of October 29, 2026.
- Those who want wide diversification: 622 holdings, with no single bond above about 1.2% of assets as of July 31, 2026.
- Investors who prefer a large, long-running fund: launched in December 2007, with $14.6 billion in net assets as of July 31, 2026.
Look elsewhere if
- Cost-focused investors: the 0.39% expense ratio ranks 6th of 8 among similar funds, compared with 0.15% for Vanguard's VWOB.
- Anyone who needs a stable bond cushion: it fell 24.9% in 2022 and took about 32 months to recover.
- Investors uneasy with junk-rated debt: its largest positions include government bonds from Argentina, Ecuador, Ghana and Ukraine.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| EMB this fund | 11 yrs | 0.39% | $14.61B | 0.0% | +9.0% |
| GEMD Goldman Sachs Access Emerging Markets USD B… | 11.2 yrs | 0.3% | $35.5M | -0.8% | +8.9% |
| EMHC SPDR Bloomberg Emerging Markets USD Bond ETF | 11.2 yrs | 0.23% | $271.8M | -0.6% | +9.2% |
| VWOB Vanguard Emerging Markets Government Bond E… | 11.2 yrs | 0.15% | $6.68B | -0.8% | +9.7% |
| JPMB JPMorgan USD Emerging Markets Sovereign Bon… | 10.9 yrs | 0.39% | $95.1M | -0.4% | +8.5% |
| EMBD Global X Emerging Markets Bond ETF | 9.2 yrs | 0.39% | $248.4M | +0.3% | +9.8% |
| EBND SPDR Bloomberg Emerging Markets Local Bond … | 8.8 yrs | 0.3% | $2.26B | +2.1% | +7.7% |
| LEMB iShares J.P. Morgan EM Local Currency Bond … | 7.5 yrs | 0.3% | $715.4M | +3.8% | +8.3% |
Questions investors ask
What does EMB invest in?
EMB holds US dollar bonds issued by emerging-market governments and entities they own. As of July 31, 2026, it had 622 holdings: 87.06% of assets in foreign government bonds and 10.07% in company bonds. Its largest country weights were Mexico, Turkey, Indonesia, Brazil, Saudi Arabia and Poland. Its largest single positions were Argentina government bonds, followed by bonds from Ecuador, Ghana, Uruguay, Oman and Ukraine. The fund holds both investment-grade and junk-rated debt.
Does EMB pay monthly dividends?
Yes. EMB pays distributions every month. Over the 12 months through October 29, 2026, it paid $4.917 per share, a trailing yield of 5.33%. The income comes from interest on its bonds, which had an average coupon (the bond's fixed interest rate) of 5.69% as of July 31, 2026. Monthly payments can vary. The higher yield also comes with higher risk, because part of the portfolio is junk-rated debt from less creditworthy governments.
What's the difference between EMB and VWOB?
The biggest difference is cost. Vanguard's VWOB charges 0.15% a year and EMB charges 0.39%. Both hold US dollar emerging-market government bonds with an average maturity of about 11 years, and they are a 96% match on maturity and issuer mix. EMB is larger, at $14.6 billion in net assets versus $6.7 billion for VWOB as of July 31, 2026. Over three years, EMB returned 10.1% a year through October 29, 2026, and VWOB returned 9.7% through October 27, 2026.
How much did EMB lose in 2022?
EMB lost 18.03% in 2022, its worst calendar year in its prospectus record. From its January 3, 2022 peak to its September 27 low, it fell 24.9%. It didn't get back to that peak until June 4, 2025. With an average maturity of about 11 years, the fund is sensitive to rising interest rates, which push bond prices down. Its calendar-year returns afterward were 10.58% in 2023, 6.11% in 2024 and 13.45% in 2025.
What is EMB's expense ratio?
EMB's expense ratio is 0.39%, according to its prospectus filed February 23, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, total costs would be about $40 after one year, $219 after five years and $493 after ten years. That is above the 0.29% average for similar funds and ranks 6th of 8 on cost. Vanguard's VWOB charges 0.15%, and SPDR's EMHC charges 0.23%.