Blackrock has announced it will make changes to the indices underlying two of its fixed income ETFs – the iShares Emerging Markets Corporate Bond ETF (Bats: CEMB) and the iShares Emerging Markets Local Currency Bond ETF (Bats: LEMB).

The two funds affected have a combined AUM of $397m.

Effective 1 June 2017, the ETFs will adopt JP Morgan indices, swapping from their current indices provided by Morningstar (CEMB) and Bloomberg Barclays (LEMB).

Reflecting the change in index provider, CEMB will be known as the iShares JP Morgan EM Corporate Bond ETF and will track the JP Morgan CEMBI Broad Diversified Core Index. LEMB will be known as the iShares JP Morgan EM Local Currency Bond ETF and will track the JP Morgan GBI-EM Global Diversified 15% Cap 4.5% Floor Index.

The investment objective and the ticker symbol of both ETFs will remain the same and current investors in the funds need not take any action.

CEMB was launched in April 2012 and currently has $71 million AUM with an expense ratio of 0.50%. The fund provides exposure to dollar-denominated bonds issued by corporates in emerging markets. LEMB was launched in October 2011 and has AUM of $326m with an expense ratio of 0.50%. LEMB provides exposure to locally-denominated bonds issued by emerging market corporates.