iShares J.P. Morgan EM High Yield Bond ETF (0I84)
XBER 
Summary
0I84 Chart
EMHY Outperforms, But The Risk Premium Of HY Over EM Is Decreasing
iShares J.P. Morgan EM High Yield Bond ETF is a high-yield ETF, only sovereign + corporate, which over the last years has shown a certain outperformance compared to traditional EM and global HY. All this while maintaining relatively contained volatility, which has attracted the attention of many analysts and investors. What pushed the demand for EMHY higher was a favorable economic and monetary context, which pushed the risk premium to period lows.
EMHY: Emerging Markets Junk Bond ETF With Little Appeal
The iShares J.P. Morgan EM High Yield Bond ETF offers high yield and broad geographic diversification, focusing on sovereign debt and BB-rated junk bonds. EMHY outperforms other emerging market high-yield ETFs, but lags the U.S. high-yield benchmark HYG since inception. The fund has suffered significant erosion in share price and income, especially after adjusting for inflation, raising concerns for long-term investors.
EMHY: Structurally Sound In Terms Of Exposure
High-yielding emerging market bonds may seem doomed amid rising global economic tensions, and the beta effect that could have. Despite global-level and credit cycle concerns, the iShares J.P. Morgan EM High Yield Bond ETF seems promising given its structure and yield. Structurally, the vehicle is exposed to EMs with improving economies and debt repayment abilities. Moreover, its top constituents have manageable interest repayment abilities.
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iShares J.P. Morgan EM High Yield Bond ETF Profile
| XBER Exchange | US Country |
Overview
The fund mentioned operates as an investment vehicle, focusing primarily on generating returns through strategic investments in below investment-grade, U.S. dollar-denominated, emerging market fixed and floating-rate debt securities. These securities are issued by a diverse range of entities including corporate, sovereign, and quasi-sovereign entities. To ensure alignment with its investment objectives, the fund commits to investing a substantial portion of its assets in securities that constitute the underlying index. The underlying index serves as a benchmark, tracking the performance of the specified securities, thereby guiding the fund's investment strategy towards achieving its tracking goal.
Products and Services
The fund's investment strategy encompasses a range of products and services designed to cater to investors looking for exposure to emerging market debt securities. Each offering is carefully structured to meet the fund’s investment objectives:
- Component Securities Investments: A minimum of 80% of the fund's assets is invested directly in the component securities of the underlying index. This strategy ensures that the fund's investments are closely aligned with the index it aims to track, thereby mirroring its performance as closely as possible.
- Fixed Income Securities: To further adhere to its tracking objective, the fund invests at least 90% of its assets in fixed income securities that are of the same type as those included in the underlying index. These include a variety of debt instruments, such as bonds and notes, that are issued by entities from emerging markets and denominated in U.S. dollars, offering investors potential yield advantages and diversification benefits associated with emerging markets.
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