JPMorgan USD Emerging Markets Sovereign Bond ETF

The JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) tracks the JPMorgan Emerging Markets Risk-Aware Bond Index. That index holds U.S. dollar bonds issued or fully backed by emerging-market governments. Rather than owning the whole market, the index screens out less liquid bonds and riskier countries, then spreads risk by credit rating. Its 0.39% expense ratio matches iShares' much larger EMB. Vanguard's VWOB charges less, at 0.15%.

• Over the year to Oct 27, 2026, JPMB returned -0.4%, 5th of 8 among similar funds.
• Its 5-year annualized return was +1.0%.
• In the 2020 COVID crash it fell 26.3% and regained its old high 8.2 months after the low.
• Its worst full calendar year was 2022 (-16.1%); its best was 2019 (+17.8%).
• The deepest fall in its price history was 26.3% (Feb 21, 2020 to Mar 19, 2020), recovered by Nov 24, 2020.

As of Aug 31, 2026, the fund held 212 securities; the ten largest made up 13.61% of assets.

The bonds mature in 10.9 years on average (weighted by size), with an average coupon of 6.14%.

• Over the three months to Aug 31, 2026, investors added a net $31.7M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +0.84%, -1.68%, +1.06%.

The index starts with the J.P. Morgan Emerging Market Bond Index Global Diversified, a broad index of dollar-denominated emerging-market debt. A rules-based method screens that universe for liquidity and country risk, then sets each bond's share of the index based on its credit rating. The index holds sovereign bonds and quasi-sovereign bonds, meaning debt from entities that a national government owns or guarantees 100%. Both fixed and floating rate bonds qualify. The adviser developed and owns the method. J.P. Morgan Securities calculates the index. Both are subsidiaries of JPMorgan Chase & Co.

The fund doesn't buy every bond in the index. It uses "stratified sampling," which groups bonds by rating, maturity, sector or country and picks bonds from each group to match the index's weights. It also uses "optimization," a set of mathematical models that balance tracking against trading costs. At least 80% of assets must be in index bonds. It held 212 bonds as of August 31, 2026. Holdings rebalance monthly within each country and twice a year across countries. Turnover was 48%.

The fund has no limit on junk bonds (bonds rated below investment grade) and no limit on duration. Average maturity was 10.9 years. It may put up to 20% in futures, credit default swaps or other ETFs. As a passive fund, it won't sell a struggling country's bonds unless they leave the index.

• JPMB charges 0.39% a year, versus an average of 0.37% for the similar funds below (5th 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).

It pays high monthly income, but its exposure to lower-rated emerging-market governments has produced stock-like drops and a slow recovery.

JPMB could add monthly income and exposure to borrowers whose fortunes differ from those of U.S. companies. Its trailing 12-month yield was 5.93% as of October 27, 2026. The trade-off is sharp losses. The fund launched in January 2018, so it has no 2008 record. In the 2020 COVID crash it fell 26.3% from February 21 to March 19, 2020, and it recovered in about eight months. The 2022 decline took longer to repair. The fund fell 22.6% through September 27, 2022, and needed about 33 months, until July 2025, to recover. Its worst calendar year was 2022, at −15.74%. Anyone forced to sell in those stretches would have locked in losses. In the SEC's standard example, costs are $40 on $10,000 in the first year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by bond funds with the closest average maturity and issuer mix (N-PORT).