JPMorgan Global High Yield Corporate Bond Multi-Factor Active UCITS ETF
Fixed Income · Global · High Yield Bonds
Figures refer to the share class ISIN IE00BKKCKJ46, currency USD.
Recent performance
The USD class returned +1.93% over one year to 2026-09-30. The WSP comparator (Global high yield (tracker proxy) USD) returned -1.43%, a difference of +3.36 percentage points. Over the final three months, the fund returned -1.99%.
Key facts
- Associated firm
- JPMorgan Asset Management (Europe) S.à r.l.
- Asset class
- Fixed Income
- Geography
- Global
- Strategy
- High Yield Bonds
- Share class currency
- USD
- Share class inception
- 04.02.2020
- Fund size
- 474 million (as at 14.09.2026)
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- Yes
Performance in context
Growth from the same starting value
Fund · WSP comparator: Global high yield (tracker proxy) USD
Exact chart values
| Month | Fund | WSP comparator: Global high yield (tracker proxy) USD |
|---|---|---|
| 2023-10 | 100.00 | 100.00 |
| 2023-11 | 105.26 | 108.44 |
| 2023-12 | 108.89 | 112.34 |
| 2024-01 | 108.88 | 111.80 |
| 2024-02 | 108.94 | 111.63 |
| 2024-03 | 110.17 | 112.06 |
| 2024-04 | 109.14 | 110.41 |
| 2024-05 | 110.69 | 113.78 |
| 2024-06 | 111.20 | 113.41 |
| 2024-07 | 113.50 | 116.83 |
| 2024-08 | 115.70 | 121.37 |
| 2024-09 | 117.59 | 125.14 |
| 2024-10 | 116.30 | 120.59 |
| 2024-11 | 116.77 | 119.71 |
| 2024-12 | 115.91 | 118.41 |
| 2025-01 | 117.16 | 118.68 |
| 2025-02 | 118.12 | 121.14 |
| 2025-03 | 117.89 | 122.96 |
| 2025-04 | 119.13 | 127.66 |
| 2025-05 | 120.84 | 130.94 |
| 2025-06 | 123.66 | 134.39 |
| 2025-07 | 123.78 | 130.66 |
| 2025-08 | 125.84 | 134.45 |
| 2025-09 | 127.03 | 134.80 |
| 2025-10 | 127.08 | 132.68 |
| 2025-11 | 128.11 | 133.57 |
| 2025-12 | 129.34 | 136.91 |
| 2026-01 | 130.65 | 139.09 |
| 2026-02 | 130.77 | 136.32 |
| 2026-03 | 127.79 | 130.46 |
| 2026-04 | 131.35 | 137.04 |
| 2026-05 | 131.88 | 136.76 |
| 2026-06 | 132.11 | 134.77 |
| 2026-07 | 132.16 | 136.99 |
| 2026-08 | 133.49 | 139.45 |
| 2026-09 | 129.49 | 132.86 |
Growth of 100 · USD total returns. Monthly observations, income reinvested.
Fund valuations: 2023-10-31 to 2026-09-30. Comparison valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN IE00BKKCKJ46, currency USD | -3.00 | -1.99 | 1.33 | 0.11 | 11.59 | 6.44 | 11.13 | 1.93 | 8.58 | 3.37 | 5.17 | 0.74 | -3.00 |
| BenchmarkGlobal high yield (tracker proxy) USD | -4.72 | -1.42 | 1.85 | -2.96 | 15.62 | 5.40 | 17.87 | -1.43 | 9.54 | 2.46 | 9.51 | 0.54 | -6.21 |
| Differencefund minus benchmark, in percentage points | 1.73 | -0.57 | -0.51 | 3.07 | -4.03 | 1.04 | -6.74 | 3.36 | -0.96 | 0.91 | – | – | – |
Reporting dates by figure
- IE00BKKCKJ46 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
Has the advantage depended on the entry date?
The fund finished ahead in 11 of 24 overlapping one-year windows ending 2024-10 to 2026-09. These windows overlap; this is historical frequency, not a forecast probability.
Rolling one-year relative wealth
Exact chart values
| Month | Rolling one-year relative wealth |
|---|---|
| 2024-10 | -3.56 |
| 2024-11 | 0.49 |
| 2024-12 | 0.99 |
| 2025-01 | 1.37 |
| 2025-02 | -0.09 |
| 2025-03 | -2.49 |
| 2025-04 | -5.60 |
| 2025-05 | -5.14 |
| 2025-06 | -6.15 |
| 2025-07 | -2.48 |
| 2025-08 | -1.81 |
| 2025-09 | 0.30 |
| 2025-10 | -0.69 |
| 2025-11 | -1.67 |
| 2025-12 | -3.49 |
| 2026-01 | -4.85 |
| 2026-02 | -1.62 |
| 2026-03 | 2.17 |
| 2026-04 | 2.71 |
| 2026-05 | 4.50 |
| 2026-06 | 6.53 |
| 2026-07 | 1.83 |
| 2026-08 | 2.27 |
| 2026-09 | 3.41 |
Relative wealth = (1 + fund return) ÷ (1 + benchmark return) − 1. It differs from subtracting percentage returns.
Behaviour in rising and falling markets
Up-market capture was 59.8% across 21 rising benchmark months; down-market capture was 25.6% across 14 falling months. Window: 2023-10-31 to 2026-09-30. Capture compares geometric monthly returns; it is not a measure of maximum loss.
The dashed mark is 100%: the same geometric monthly move as the benchmark.
How far below its previous high?
Fund · WSP comparator: Global high yield (tracker proxy) USD
Exact chart values
| Month | Fund | WSP comparator: Global high yield (tracker proxy) USD |
|---|---|---|
| 2023-10 | 0.00 | 0.00 |
| 2023-11 | 0.00 | 0.00 |
| 2023-12 | 0.00 | 0.00 |
| 2024-01 | -0.01 | -0.48 |
| 2024-02 | 0.00 | -0.63 |
| 2024-03 | 0.00 | -0.25 |
| 2024-04 | -0.93 | -1.72 |
| 2024-05 | 0.00 | 0.00 |
| 2024-06 | 0.00 | -0.32 |
| 2024-07 | 0.00 | 0.00 |
| 2024-08 | 0.00 | 0.00 |
| 2024-09 | 0.00 | 0.00 |
| 2024-10 | -1.10 | -3.64 |
| 2024-11 | -0.70 | -4.34 |
| 2024-12 | -1.43 | -5.38 |
| 2025-01 | -0.36 | -5.16 |
| 2025-02 | 0.00 | -3.19 |
| 2025-03 | -0.20 | -1.74 |
| 2025-04 | 0.00 | 0.00 |
| 2025-05 | 0.00 | 0.00 |
| 2025-06 | 0.00 | 0.00 |
| 2025-07 | 0.00 | -2.77 |
| 2025-08 | 0.00 | 0.00 |
| 2025-09 | 0.00 | 0.00 |
| 2025-10 | 0.00 | -1.57 |
| 2025-11 | 0.00 | -0.91 |
| 2025-12 | 0.00 | 0.00 |
| 2026-01 | 0.00 | 0.00 |
| 2026-02 | 0.00 | -1.99 |
| 2026-03 | -2.28 | -6.21 |
| 2026-04 | 0.00 | -1.47 |
| 2026-05 | 0.00 | -1.67 |
| 2026-06 | 0.00 | -3.10 |
| 2026-07 | 0.00 | -1.51 |
| 2026-08 | 0.00 | 0.00 |
| 2026-09 | -3.00 | -4.72 |
Deepest month-end decline for this class: -3.00%.
2023-10-31 to 2026-09-30 · USD total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | +5.26 | +3.46 |
| 2024 | -0.01 | +0.06 | +1.13 | -0.93 | +1.41 | +0.46 | +2.07 | +1.94 | +1.63 | -1.10 | +0.40 | -0.74 |
| 2025 | +1.09 | +0.82 | -0.20 | +1.06 | +1.43 | +2.33 | +0.10 | +1.67 | +0.95 | +0.04 | +0.81 | +0.96 |
| 2026 | +1.01 | +0.09 | -2.28 | +2.79 | +0.41 | +0.17 | +0.04 | +1.00 | -3.00 | — | — | — |
Benchmark return · % in USD
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | +8.44 | +3.60 |
| 2024 | -0.48 | -0.15 | +0.38 | -1.47 | +3.05 | -0.32 | +3.02 | +3.89 | +3.10 | -3.64 | -0.73 | -1.09 |
| 2025 | +0.23 | +2.07 | +1.50 | +3.82 | +2.57 | +2.63 | -2.77 | +2.90 | +0.26 | -1.57 | +0.67 | +2.50 |
| 2026 | +1.59 | -1.99 | -4.30 | +5.04 | -0.20 | -1.45 | +1.65 | +1.79 | -4.72 | — | — | — |
Fund minus benchmark · percentage points
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | — | -3.18 | -0.15 |
| 2024 | +0.47 | +0.21 | +0.75 | +0.54 | -1.64 | +0.78 | -0.95 | -1.95 | -1.47 | +2.54 | +1.13 | +0.35 |
| 2025 | +0.85 | -1.25 | -1.70 | -2.76 | -1.14 | -0.30 | +2.87 | -1.23 | +0.69 | +1.60 | +0.14 | -1.54 |
| 2026 | -0.58 | +2.08 | +2.02 | -2.26 | +0.61 | +1.63 | -1.61 | -0.79 | +1.73 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund valuations: 2023-10-31 to 2026-09-30. Comparison valuations: 2023-10-31 to 2026-09-30. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Active ETFs
Compared with the fixed income funds on OpenList — Active ETFs (11 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 1.93 | 0.17 | 2 of 11 |
| Return 3Y p.a. | 8.58 | 3.98 | 1 of 10 |
| 3Y p.a. over its own benchmark | -0.96 | -0.06 | 10 of 10 |
| Volatility 3Y | 5.17 | 3.49 | 8 of 11 |
| Sharpe ratio 3Y | 0.74 | 0.34 | 2 of 11 |
| Max drawdown 3Y | -3.00 | -2.61 | 8 of 10 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund rebased to 100 at 30.10.2023; benchmark rebased to 100 at 31.10.2023.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 31.10.2025 | 102.1 | 31.10.2025 | 101.0 |
| Since 2023 | 30.10.2023 | 130.0 | 31.10.2023 | 134.0 |
Total return: distributions reinvested.
In USD, the currency of the share class shown.
Comparison: Global high yield (tracker proxy) USD.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Fund documents
Check the share class and reporting date in each document.
Factsheet (PDF, 31.08.2026)KID (PDF, 28.04.2026)Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Active ETFs
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
This fund is designed to provide exposure to the global below investment grade corporate bond market through an active multi-factor strategy, with the objective of achieving a long-term return in excess of the ICE BofA Global High Yield Index. It is intended for investors who plan to stay invested for at least 5 years and who are prepared to accept the risks and volatility associated with global high yield bonds. The fund has a risk indicator of 2 out of 7. The portfolio is predominantly invested in sub-investment-grade corporate debt, making it a distinct way to access high yield through a rules-based factor process combined with ESG characteristics. Its focus on below investment grade corporate bonds globally, including emerging markets, and its Article 8 ESG promotion framework make it a differentiated portfolio allocation rather than a broad all-asset holding.
2026-08-31
How the strategy works
The objective is to achieve a long-term return in excess of the ICE BofA Global High Yield Index by actively investing primarily in a portfolio of below investment grade corporate debt securities globally. The fund aims to invest at least 67% of its assets, excluding assets held for ancillary liquidity purposes, in below investment grade corporate debt securities, and issuers may be located in any country including emerging markets. As of 31 August 2026, the portfolio held 97.26% in corporate bonds and 2.56% in cash, with average duration of 3.30 years, average maturity of 4.28 years, yield to maturity of 7.07%, average coupon of 6.49%, and 96.43% of holdings rated below BBB. The benchmark is used as a reference point against which performance may be measured; the fund will not seek to track or replicate it, although currency exposure may be managed by reference to the benchmark. The fund may use financial derivative instruments for efficient portfolio management purposes, does not pay dividends because income is retained in NAV, and has a recommended holding period of 5 years.
2026-08-31
Investment philosophy
• The investment universe is global below investment grade corporate debt securities, including issuers in emerging markets, with at least 67% of assets invested in below investment grade corporate debt securities excluding ancillary liquidity assets.
• Security selection is active and quantitative, using an equally weighted multi-factor score built from Value, Momentum and Quality, comparing bonds against peers in the same market sector, currency and creditworthiness group.
• ESG is systematically integrated: at least 75% of non-investment grade and emerging market securities purchased are subject to ESG analysis, at least 51% of NAV is invested in issuers with positive environmental and/or social characteristics and good governance practices, and at least 10% of NAV is invested in Sustainable Investments under SFDR.
• Values- and norms-based screening is applied to exclude certain industries and issuers based on specific ESG criteria and minimum standards of business practice, using third-party providers to identify issuer involvement or revenue exposure.
• As of 31 August 2026 the portfolio held 417 securities, with largest positions including Endeavour Mining, ACEK Group and D'Ieteren at 1.0% each; it was positioned 65.4% in North America and 19.0% in Europe, and 78.2% in Industrials and 14.5% in Finance, with 97.26% in corporate bonds and 2.56% in cash.
2026-08-31
Management team
The portfolio managers are Russ Taylor, Edward Gibbons and John Lux. The fund and the USD (acc) share class both launched on 4 February 2020.
2026-08-31
Distinctive features
The fund combines active high yield investing with a systematic multi-factor process built on Value, Momentum and Quality, rather than seeking to replicate its benchmark. It also embeds ESG characteristics through Article 8 classification, issuer screening, minimum ESG coverage for purchased non-investment grade and emerging market securities, a requirement that at least 51% of NAV be in issuers with positive environmental and/or social characteristics and good governance practices, and a minimum 10% allocation to Sustainable Investments. At 31 August 2026, the portfolio was diversified across 417 holdings and listed on multiple exchanges and trading currencies, including London Stock Exchange, Borsa Italiana, Deutsche Börse, SIX Swiss Exchange and Bolsa Mexicana de Valores. The ongoing charge is 0.35%, the annual total expense ratio is capped at 0.35%, and the ETF publicly discloses its complete holdings on a daily basis. It combines management and advisory fees with ordinary operating expenses.
2026-08-31
Risks
The value of debt securities may change significantly with economic conditions, interest rates and issuer creditworthiness, and issuers may fail to meet payment obligations or suffer downgrades. These risks are typically increased because the fund invests primarily in below investment grade debt securities, which may also have higher volatility and lower liquidity than investment grade debt, and the portfolio was 96.43% below BBB as of 31 August 2026. The fund may also be affected by currency fluctuations and exchange control regulations because it can invest in securities denominated in currencies other than the base currency, and it may invest in emerging markets, which can involve increased political, regulatory and economic instability, weaker custody and settlement practices, poor transparency and greater financial risks. The fund may use derivatives for efficient portfolio management, may underperform its benchmark despite seeking to exceed it, and ESG exclusions may cause it to perform differently from similar funds without such policies. The fund has a summary risk indicator of 2 out of 7, and risk may be significantly higher if held for less than the recommended 5-year holding period.
2026-08-31
Asset manager
The management company is JPMorgan Asset Management (Europe) S.à r.l., a member of JPMorgan Chase & Co. and part of the asset management businesses marketed as J.P. Morgan Asset Management. The management company is located at 6, route de Trèves, L-2633 Senningerberg, Luxembourg, and has corporate capital of EUR 10,000,000. The fund is a sub-fund of JPMorgan ETFs (Ireland) ICAV, authorised in Ireland and regulated by the Central Bank of Ireland.
2026-08-31