EMHY ETF: What Is It? — Returns, Expense Ratio, Holdings, and Alternative ETFs Compared
The iShares J.P. Morgan EM High Yield Bond ETF is a passive product that invests in emerging market high-yield bonds, targeting high income and distributions. Credit risk, expense ratio, and currency exposure are the key factors to review, and comparing it with other emerging market and high-yield bond ETFs shapes the selection criteria. The trading ticker is EMHY.
SubscribeWhat Is the iShares J.P. Morgan EM High Yield Bond ETF?
A passive bond ETF that tracks an index composed of U.S. dollar-denominated emerging market sovereign and government-related bonds, as well as corporate bonds rated below investment grade. It pursues high income and is exposed to emerging market credit risk.
It is well-suited for income-oriented investors who want high income, understand emerging market credit risk, and seek diversified exposure.
This ETF is passively managed (index-tracking) by iShares.
How Does the iShares J.P. Morgan EM High Yield Bond ETF Work?
| Item | Details |
|---|---|
| Underlying Index | Emerging Market High Yield Bond Index |
| Management Style | Passive (Index Tracking) |
| Rebalancing Frequency | Periodic (Per Index Rules) |
| Distribution Frequency | Monthly |
| Total Expense Ratio | 0.50% |
It tracks an index composed of U.S. dollar-denominated emerging market sovereign and government-related bonds, as well as corporate bonds rated below investment grade. Because the bonds are dollar-denominated, currency risk on the bonds themselves is limited, but the fund is heavily exposed to the credit risk of emerging market sovereigns and corporates while pursuing high income.
- Diversified across emerging market high-yield sovereigns and corporates
- Pursues high income through U.S. dollar-denominated exposure
Size and Cost of the iShares J.P. Morgan EM High Yield Bond ETF (AUM & Expense Ratio)
Assets under management (AUM) stand at $564.4M, and the total expense ratio is 0.50% annually.
Unlike investment-grade emerging market bond ETFs, this fund holds bonds from lower-rated issuers, which lifts income but amplifies default risk and price swings during economic slowdowns or emerging market crises.
Performance and Flows of the iShares J.P. Morgan EM High Yield Bond ETF
1-Year Price Performance
Dividend & Yield
52-Week Price RangeEmerging market high-yield bonds are influenced by emerging market credit conditions, global risk appetite, dollar flows, and the interest-rate environment. The segment tends to outperform when risk appetite is strong and credit spreads tighten, but prices can swing sharply during risk-off episodes or emerging market crises.
Money tends to flow into emerging market high-yield ETFs when risk appetite and demand for high income rise, and can exit quickly when risk aversion intensifies or concerns over emerging market credit grow.
Strengths and Weaknesses of the iShares J.P. Morgan EM High Yield Bond ETF
The high income from emerging market high-yield bonds is the strength, while elevated credit risk, volatility, and dollar currency exposure are the weaknesses.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products for the iShares J.P. Morgan EM High Yield Bond ETF
The funds shown in the table such as IUSB, JCPB, and BINC are broad-maturity or actively managed bond ETFs without a concentrated emerging market high-yield focus. For greater emerging market bond exposure, investors can also compare emerging market sovereign ETFs such as EMB, local-currency emerging market sovereign EMLC, and emerging market sovereign VWOB. These products differ in credit quality, currency exposure, and expense ratios, so selection should match the investor's risk tolerance.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 BNDX | Vanguard Total International Bond ETF | $47.23 | +0.0% | $84.5B | 0.07% | 4.65% | -5.3% |
 IUSB | iShares Core Universal USD Bond ETF | $44.70 | -0.2% | $49.7B | 0.06% | 4.34% | -5.0% |
 BINC | iShares Flexible Income Active ETF | $50.66 | -0.1% | $16.7B | 0.40% | 5.76% | -4.8% |
 PYLD | PIMCO Multisector Bond Active ETF | $25.54 | -0.2% | $16.5B | 0.64% | 6.14% | -4.8% |
 JCPB | JPMorgan Core Plus Bond ETF | $45.33 | -0.2% | $16.3B | 0.37% | 5% | -5.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 GRO | Brazil Potash Corp | 0.02% | $1.78 | +0.0% | $110.3M | - | - |
 LTM | LATAM Airlines Group SA ADR | 0.00% | $46.27 | -2.0% | $13.3B | 8.7 | 2.28% |
| EC | Ecopetrol SA ADR | 0.01% | $17.80 | +4.6% | $36.6B | 10.4 | 6.3% |
 MLCO | Melco Resorts & Entertainment Ltd ADR | 0.00% | $3.73 | -5.8% | $1.4B | 6.2 | - |
 MSC | Studio City International Holdings Ltd ADR | 0.00% | $0.79 | -0.4% | $153.1M | - | - |
Investor Checklist for the iShares J.P. Morgan EM High Yield Bond ETF
Points to review before investing in EMHY. As an emerging market high-yield ETF, it is important to examine credit risk, volatility, currency exposure, and the expense ratio together.
| Checklist Item | What to Confirm | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the expense ratio of the emerging market high-yield ETF | Needs Review |
| 🏦 Credit Risk | Check default risk of emerging market issuers | Needs Review |
| 📉 Volatility | Check price swings during emerging market crises | Large |
| 💱 Currency | Check the impact of dollar exchange rate moves | No Currency Hedge |
Because the fund holds bonds from lower-rated emerging market issuers, default risk and price swings can be amplified during economic slowdowns or emerging market crises. Even with dollar-denominated bonds, won-based investors must factor in dollar exchange rate fluctuations.
It is a passive ETF well-suited to income-oriented investors who want high income, understand emerging market credit risk, and seek diversified exposure. For those seeking safer emerging market bonds, an investment-grade emerging market bond ETF is an alternative; for those targeting high-income emerging market high-yield exposure, EMHY is a candidate.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 5, 2026.
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