JPMorgan Active China ETF Active China ETF

JPMorgan Active China ETF (JCHI) is an actively managed fund whose managers pick 40 to 70 Chinese stocks, led by Tencent and Alibaba, instead of tracking an index. It may appeal to investors who want a stock picker's view of China in one fund. The trade-offs are a 0.65% annual fee, above the 0.58% average of six similar China funds, and $15.3 million in assets as of July 31, 2026, the smallest of the group.

• Over the year to Oct 27, 2026, JCHI returned -17.3%, 2nd of 7 among similar funds.
• Its worst full calendar year was 2024 (+13.7%); its best was 2025 (+27.7%).
• The deepest fall in its price history was 29.6% (Mar 30, 2023 to Feb 2, 2024), recovered by Oct 1, 2024.

As of Jul 31, 2026, the fund held 50 securities; the ten largest made up 46.36% of assets.

• Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -0.70%, -3.71%, +4.80%.

JCHI does not track an index. Its sub-adviser, JPMorgan Asset Management (Asia Pacific) Limited, picks stocks one company at a time while weighing economic and policy trends in China. Local analysts rank companies on two measures: expected returns over five years, and longer-term growth and business quality. The managers favor what they see as attractively valued industry leaders with sustainable earnings.

At least 80% of assets go to stocks and similar instruments tied to China, including Hong Kong and Macau. That includes shares listed in Hong Kong and the US. It also includes mainland A-shares, which the fund buys through the Stock Connect trading links with the Shanghai and Shenzhen exchanges. As of July 31, 2026, the fund held 50 companies, with 46% of assets in the top 10 and 11.5% in Tencent alone. It is non-diversified, so it can put more in one company than a diversified fund can. A 67% turnover rate points to frequent trading.

The prospectus expects a significant portion of holdings to use variable interest entity (VIE) structures. In a VIE, foreign investors own an offshore company that controls the Chinese business through contracts rather than owning it outright. Chinese law does not formally recognize these setups. About 35% of assets was in companies registered in the Cayman Islands as of July 31, 2026. The fund may hedge some currency risk with forwards, which are contracts that lock in an exchange rate, but it held no derivatives on that date.

• JCHI charges 0.65% a year, versus an average of 0.58% for the similar funds below (5th of 7, cheapest first).
• Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).

It is a concentrated, non-diversified fund tied to one emerging market and fell 29.6% at its worst in about 3.6 years of history, so it lends itself to a small side position rather than the center of a portfolio.

JCHI offers a concentrated stake in Chinese companies such as Tencent, Alibaba and Ping An Insurance. Its record is short. It launched on March 16, 2023, after the 2008, 2020 and 2022 sell-offs. Its deepest drop was 29.6%, from March 30, 2023 to February 2, 2024, and it took eight months from that low to recover. The weaker of its two full calendar years, 2024, was still a 13.74% gain. Even so, it had lost 12% in 2026 as of October 27. Selling shares or drawing cash during a slump like that would lock in losses.

The trailing 12-month yield was 2.06% as of October 27, 2026, paid once a year, so the fund offers little steady income. It costs 0.65% a year. In the SEC's standard example, that comes to $66 in the first year and $810 over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.