JPMorgan USD Emerging Markets Sovereign Bond ETF JPMB

JPMorgan USD Emerging Mkts Svr Bd ETF holds a quantitatively derived Neutral Morningstar Medalist Rating. The rating suggests the model does not express a clear expectation of outperformance or underperformance relative to peers over a full market cycle.

People: Average

Note: This share class' People Pillar rating and analysis are inherited from an analyst-covered share class under the same Strategy Provider Company (rolled up to Branding Name) and Morningstar Category Broad Group: JPMorgan BetaBuilders $ HY Corp Bnd ETF (SecID: F00000X4SK).

Process: Below Average

The Process rating is driven by the fund's gross-of-fee information ratio, a measure of risk-adjusted excess return. Over one, three, and five years, it ranks slightly below peers, below peers, and below peers, respectively. The parent firm's risk-adjusted success ratio, which measures the share of its fixed income funds that outperform peers, ranks above peer firms over 10 years.

Performance (in US Dollar)

Over the past 12 months, JPMorgan USD Emerging Mkts Svr Bd ETF share class returned 12.1%, outperforming its category index, the Bloomberg EM USD Aggregate TR USD Index (9.4%), but underperforming its Morningstar category peers (13.1%). Over five years, the fund returned 1.6% per year, underperforming both the index (2.1% per year) and its Morningstar Category average (2.9% per year).

Price

JPMorgan USD Emerging Mkts Svr Bd ETF's Prospectus Adjusted Expense Ratio is 0.39% per year. It places it in the cheapest quintile of the Morningstar US Fund Emerging Markets Bond Category, where the median fee is 0.86% per year. This cost positioning translates into a Medalist Rating Price Score of 2.26, which reflects its relative price positioning within the category. The Price Score ranges from -2.50 (most expensive) to +2.50 (cheapest), with higher scores indicating better cost competitiveness.

JPMorgan USD Emerging Mkts Svr Bd ETF is assigned a Below Average Process rating. Our evaluation of a strategies' Process Pillar focuses on the effectiveness of its investment approach. A well-structured process should be clearly defined and consistently applied. This assessment incorporates quantitative measures of risk-adjusted returns, success ratio, and benchmark sensitivity to gauge the fund's ability to execute its strategy effectively over time.

Fund Information Ratio

We assess the strategy's ability to generate risk-adjusted excess returns relative to its Morningstar Category Index using the gross-of-fee information ratio. This is evaluated over one-, three-, and five-year periods where available. Here, the category-relative information ratio ranks slightly below peers over one year, below peers over three years, and below peers over five years.

Brand/Asset Class Risk-Adjusted Success Ratio

The risk-adjusted success ratio gauges a firm's ability to deliver competitive results within each major asset class. It reflects the share of the firm's funds that both survived and outperformed the peer average over trailing three-, five-, and 10-year periods, where available. Based on the average performance of the group's fixed income fund offerings, the success ratio ranks slightly below peers, relative to the other firms in the strategy's asset class over three years, slightly above peers over five years, and above peers over 10 years.

Benchmark Sensitivity

We assess R-squared to measure the extent to which a fund's returns move in line with its benchmark. In our analysis, funds in the bottom decile for R-squared (that is, those least correlated from their benchmark) have historically underperformed the rest of the universe. As a result, Process Pillars for these funds are subject to a small penalty. No penalty is applied to the strategy.

JPMorgan is reorganizing and refining its fixed-income indexing capabilities, setting a positive outlook. But these developments are at an early stage and have caused high turnover among portfolio manager ranks, meriting an Average People Pillar rating.

Mark Willauer recently stepped into the role of global head of systematic portfolio management and implementation. He is tasked with building out the systematic fixed-income team and broadening its portfolio optimization techniques. Adding specialized index-tracking infrastructure and personnel should improve the team’s ability to replicate index performance. Its team-based approach reduces key-person risk, and tying compensation to tracking targets aligns the team’s incentives with investors.

Despite carving out a new niche, the team still benefits from the significant resources afforded to J.P. Morgan’s fixed-income unit. Custom tools, a global trade desk, and a deep bench of sector analysts back up its indexing capabilities.

Note: This share class' People Pillar rating and analysis are inherited from an analyst-covered share class under the same Strategy Provider Company (rolled up to Branding Name) and Morningstar Category Broad Group: JPMorgan BetaBuilders $ HY Corp Bnd ETF (SecID: F00000X4SK).

A strong choice for active management. Building on a solid foundation, J.P. Morgan Asset Management maintains an Above Average Parent rating.

J.P. Morgan is a well-resourced, diligent, and responsible steward of client assets. Investment teams are seasoned and stalwart, especially in equity and fixed income, the latter of which has successfully undergone substantial transformation in recent years. The firm offers competitive compensation that is aligned with fundholders and shows strong retention at senior levels of the organization. It demonstrates a culture of constant innovation and willingness to evolve. For example, J.P. Morgan recently expanded its investment committee process through which senior leaders review various teams and strategies, and it continues to develop proprietary portfolio management and risk oversight tools. Some funds still face high fee hurdles, but the firm has generally lowered expenses as it has grown.

The firm isn't without its complications. J.P. Morgan's product offering is extensive, and some areas need improvement. For instance, its multi-asset business has faced some challenges as a result of complex investment processes. The firm continues to build out its footprint in China, but its efforts there remain unproven. Although not every strategy is the best in its class, J.P. Morgan remains earnest in the pursuit of excellence, and investors are well-served.

Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, JPMorgan (Branding Name ID: BN0000095S), is covered by Morningstar Manager Research.

Performance is evaluated in US Dollar, measured to the end of April 2026.

Short-Term Performance

Over the past 12 months, JPMorgan USD Emerging Mkts Svr Bd ETF share class returned 12.1%, outperforming its category index, the Bloomberg EM USD Aggregate TR USD Index (9.4%), but underperforming its Morningstar category peers (13.1%). Over the three-year period, it returned 7.6% per year, trailing both the index (8.3% per year) and its Morningstar category peers (10% per year).

Long-Term Performance

Over five years, the fund returned 1.6% per year, underperforming the index (2.1% per year) and its Morningstar Category average (2.9% per year).

JPMorgan USD Emerging Mkts Svr Bd ETF's Prospectus Adjusted Expense Ratio is 0.39% per year. It places it in the cheapest quintile of the Morningstar US Fund Emerging Markets Bond Category, where the median fee is 0.86% per year. This cost positioning translates into a Medalist Rating Price Score of 2.26, which reflects its relative price positioning within the category. The Price Score ranges from -2.50 (most expensive) to +2.50 (cheapest), with higher scores indicating better cost competitiveness.