UBS J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD dis
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- UBS (Lux) Fund Solutions – J.P. Morgan EM Multi-Factor Enhanced Local Currency Bond UCITS ETF USD dis (UEFE.DE) is a passively managed exchange-traded fund that tracks the J.P. Morgan Emerging Market Enhanced Multi-Factor Local Currency Bond Index (Total Return) using a stratified sampling strategy. The ETF provides exposure to local currency bonds issued by emerging market sovereign governments, enhanced with short-term (1-5 year) USD-denominated emerging market sovereign and quasi-sovereign bonds; it further exploits momentum and carry factors in emerging market foreign exchange currencies to generate incremental returns. It distributes net income semi-annually to maintain tracking accuracy, invests predominantly in bonds, transferable securities, money market instruments, and eligible derivatives without engaging in securities lending, and features an ongoing charges figure of 0.40%. Launched on September 5, 2018, the ETF is domiciled in Luxembourg as a sub-fund of UBS (Lux) Fund Solutions SICAV, a company with variable capital compliant with UCITS regulations; it is managed by UBS Fund Management (Luxembourg) S.A., a part of UBS AG, with State Street Bank International GmbH, Luxembourg Branch, serving as depositary and administrator. The fund targets investors seeking income and capital growth from emerging market debt, with operations listed on exchanges including Xetra (UEFE.DE), SIX Swiss Exchange (EMLOC), and the London Stock Exchange; shares are primarily traded on secondary markets via intermediaries, while authorized participants handle primary subscriptions and redemptions. The ETF maintains a fund size of approximately EUR 45 million and focuses on emerging market sovereign debt segments without systematic integration of sustainability risks, exposing investors to high volatility, credit risks from emerging market issuers, interest rate fluctuations, currency unhedged risks, illiquidity, and derivatives-related counterparty exposure. In May 2025, UBS Asset Management expanded its European ETF lineup with a new Core range covering key equity and fixed income indices, alongside the introduction of its first active ETFs, signaling broader strategic enhancements in ETF offerings though not directly altering this specific sub-fund. No further major acquisitions, partnerships, funding rounds, or product relaunches specific to this ETF have been reported in the last 1-2 years.