London Stock Exchange ETF segment · UCITS ETF
Invest in IEML ETF from India
Indian and foreign residents can buy iShares J.P. Morgan EM Local Govt Bond UCITS ETF (IEML) units directly through Paasa.
By Paasa · Updated
IEML at a glance
- Price
- $45.17+$0.23 (0.51%)
- Expense ratio
- 0.5%
- Day range
- $44.76 – $45.24
- Assets
- $4.8B
- Domicile
- Ireland
- Holdings
- 341
- Launched
- 2011
- Dividends
- Distributing
- 1 month
- -2.31%
- 6 months
- +0.27%
- YTD
- -5.20%
- 1 year
- -2.27%
- 5 years
- -15.63%
Price change, excluding dividends.
Top 10 holdings
- 1ISHARES BRAZIL LTN $ GOVT BO USDHA3.9%
- 2BRAZIL FEDERATIVE REPUBLIC OF (GOV 10.00% 01/01/2031 (BNTNF)1.4%
- 3INDIA (REPUBLIC OF) 7.10% 04/08/2034 (IGB)1.2%
- 4CHINA PEOPLES REPUBLIC OF (GOVERNM 1.43% 01/25/2030 (CGB)1.1%
- 5SOUTH AFRICA (REPUBLIC OF) 8.75% 02/28/2048 (SAGB)1.0%
- 6INDIA (REPUBLIC OF) 7.18% 08/14/2033 (IGB)0.9%
- 7CHINA PEOPLES REPUBLIC OF (GOVERNM 1.45% 04/25/2030 (CGB)0.9%
- 8INDIA (REPUBLIC OF) 5.77% 08/03/2030 (IGB)0.9%
- 9MEXICO (UNITED MEXICAN STATES) (GO 7.75% 05/29/2031 (MBONO)0.9%
- 10MEXICO (UNITED MEXICAN STATES) (GO 8.50% 03/01/2029 (MBONO)0.9%
IEML holds 341 securities in total. These 10 are 12.9% of the fund.
Where the money is invested
Countries
- China10.1%
- Mexico10.0%
- India10.0%
- Malaysia9.5%
- Indonesia9.3%
- Poland8.6%
Similar funds
| Fund | Expense ratio | Assets |
|---|---|---|
| EMGALSEiShares J.P. Morgan EM Local Govt Bond UCITS ETF | 0.5% | 553.1M |
Assets are shown in each fund's own reporting currency.
How to invest in IEML from India
Step 1
Open your Paasa account
KYC takes a few minutes: PAN, Aadhaar and address proof. Your brokerage account is opened in your own name with Interactive Brokers.
Step 2
Add funds from your Indian bank account
Remit up to $250,000 a year under the RBI's Liberalised Remittance Scheme. Your bank converts the rupees to US dollars at its rate on the day you remit.
Step 3
Search IEML and buy
Find the fund by its ticker, IEML, on the London Stock Exchange ETF segment, and place your order.
Why invest in IEML from India
What IEML holds
This ETF is designed to mirror the investment performance of an index comprising government debt instruments issued in the local currencies of various emerging market nations. A notable change occurred on July 12, 2017, when the fund's reference benchmark transitioned from the Bloomberg Barclays EM Local Currency Government Bond Index to the J.P.
Outside US estate tax
IEML is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
Hold a dollar asset
IEML is priced in US dollars, so a weaker rupee adds to what it's worth in rupees. The rupee depreciated over 85% against the dollar between 2010 and 2025.
Paasa handles the paperwork
Investing abroad brings paperwork with it: remittance filings, capital gains reporting, foreign asset disclosure. Paasa prepares all of it for you. Your India-ready tax reports arrive at year end, ready to file.
Why IEML's UCITS structure matters for Indian investors
IEML is domiciled in Ireland, not the US, so it is not a US-situs asset and US estate tax does not apply to it.
Capital gains are taxed in India the same way as on a US-listed ETF.
Frequently asked questions
Can I buy IEML from India?
Yes. Indian residents can buy iShares J.P. Morgan EM Local Govt Bond UCITS ETF (IEML) through Paasa. It is listed on the London Stock Exchange ETF segment and trades in US dollars. Your money leaves India under the RBI's Liberalised Remittance Scheme, and the units are held in your own name at Interactive Brokers.
What does IEML invest in?
iShares J.P. Morgan EM Local Govt Bond UCITS ETF holds 341 securities. Its largest holdings are ISHARES BRAZIL LTN $ GOVT BO USDHA (3.9%), BRAZIL FEDERATIVE REPUBLIC OF (GOV 10.00% 01/01/2031 (BNTNF) (1.4%) and INDIA (REPUBLIC OF) 7.10% 04/08/2034 (IGB) (1.2%). It is a distributing fund domiciled in Ireland.
What is the expense ratio of IEML?
iShares J.P. Morgan EM Local Govt Bond UCITS ETF has an expense ratio of 0.5% a year, taken from the fund's assets rather than billed to you. The fund manages about $4.8B.
Is IEML a UCITS ETF, and why does that matter for Indian investors?
Yes. iShares J.P. Morgan EM Local Govt Bond UCITS ETF is a UCITS fund domiciled in Ireland. Because it is domiciled outside the US, it is not a US-situs asset, so US estate tax does not apply to it.
How are IEML dividends taxed in India?
iShares J.P. Morgan EM Local Govt Bond UCITS ETF is a distributing fund. It pays the dividends from its holdings out to you in cash. Dividends are taxed at your slab rate in India. Paasa's dividend report lists the gross dividend and any tax withheld for each payment.
What tax do I pay in India when I sell IEML?
Gains are taxable in India. Debt-oriented funds can be taxed differently from equity funds, so confirm your rate before selling. The gain is worked out in rupees at the USD/INR rate on the day you bought and the day you sold, so the currency move is part of the gain. Paasa's capital-gains statement gives you the figures for your return.