At a glance
JEMA charges 0.33% a year, above the 0.25% average of the 8 funds most like it (the 7th cheapest of 9). It has $1.63B in assets, the 9th largest of that group; it paid 2.47% of its price in distributions over the past 12 months, annual. Over the past year it returned +19.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 9 funds; over three years it returned +23.6% a year. At its worst it fell 34.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 33 months after the low. Its ten largest positions make up 36.9% of the fund, out of 517 in all.
The short version
JPMorgan ActiveBuilders Emerging Markets Equity ETF (JEMA) is an actively managed fund that held 517 emerging-market stocks as of July 31, 2026, mostly in Taiwan, South Korea, China and India. Its goal is to beat the MSCI Emerging Markets Index. Its 0.33% expense ratio is less than half of EEM's 0.72%, but well above index funds like IEMG (0.09%) and VWO (0.07%). It also leans heavily on chipmakers: TSMC, Samsung and SK hynix made up about 26% of the fund.
Price history
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JEMA +19.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JEMA official prospectus, to Dec 31, 2025 | — | +35.76% | — | — | — | +3.15% |
| JEMA price data to Oct 27, 2026 | +18.0% | +19.0% | +23.6% | +6.2% | — | +5.2% |
- Over the year to Oct 27, 2026, JEMA returned +19.0%, 2nd of 9 among similar funds.
- Its 5-year annualized return was +6.2%.
- Its worst full calendar year was 2022 (-25.0%); its best was 2025 (+34.9%).
- The deepest fall in its price history was 39.5% (Jun 1, 2021 to Oct 24, 2022), recovered by Sep 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.0% | — |
| 2025 | +34.9% | +35.76% |
| 2024 | +5.7% | +5.75% |
| 2023 | +9.8% | +8.75% |
| 2022 | -25.0% | -24.29% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.7% over that stretch · deepest drop along the way 34%, back to its old high 33.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.4300 | +57.1% |
| 2024 | $0.9100 | -15.0% |
| 2023 | $1.0700 | +17.6% |
| 2022 | $0.9100 |
What's inside
As of Jul 31, 2026, the fund held 517 securities; the ten largest made up 36.9% of assets, and 2.7% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Taiwan Semiconductor Manufacturing Co. Ltd. | 13.82% | |
| Samsung Electronics Co. Ltd. | 7.77% | |
| SK hynix, Inc. | 4.81% | |
| Tencent Holdings Ltd. | 3.93% | |
| Alibaba Group Holding Ltd. | 1.66% | |
| MediaTek, Inc. | 1.08% | |
| Delta Electronics, Inc. | 1.05% | |
| NetEase, Inc. | 0.95% | |
| ASE Technology Holding Co. Ltd. | 0.94% | |
| Contemporary Amperex Technology Co. Ltd. | 0.89% | |
| Ping An Insurance Group Co. of China Ltd. | 0.81% | |
| Petroleo Brasileiro SA | 0.79% | |
| SK Square Co. Ltd. | 0.74% | |
| ICICI Bank Ltd. | 0.70% | |
| Kia Corp. | 0.69% |
By country
Taiwan 25.01%South Korea 20.04%China 11.25%Cayman Islands 10.88%India 9.41%By asset type
Stocks 97.56%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $3.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.88%, +1.38%, -6.91%.
How it works
JEMA does not track an index. JPMorgan's managers combine several of the firm's actively managed emerging-market strategies, organized by country, region and investing style. They choose the mix based on risk/return and relative-value analysis. The aim is to beat the MSCI Emerging Markets Index over time while keeping similar sector and country risks. So the fund will hold more or less of a given country or sector than the index does.
Stock picking combines top-down and bottom-up research. A proprietary multi-factor model ranks countries on several quantitative measures. Local research analysts then rank companies by expected performance. The managers also weigh environmental, social and governance (ESG) issues they see as financially material, but this does not exclude any company. At least 80% of assets go into emerging-market stocks and related instruments. Portfolio turnover was 42%, meaning roughly that share of the portfolio was replaced over the year.
A few mechanics matter. Some Chinese holdings use variable interest entity (VIE) structures. In a VIE, foreign investors own an offshore company tied to the Chinese business by contracts, not the business itself, and Chinese law does not formally recognize the setup. The fund may also use participation notes, currency forwards to hedge foreign currencies back to the dollar, and futures to manage cash. As of July 31, 2026, it held no derivatives and 2.7% in cash.
What it really costs
- JEMA charges 0.33% a year, versus an average of 0.25% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $34 in the first year and $418 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JEMA | $34 | $106 | $185 | $418 |
In a retirement portfolio
It is an actively managed emerging-markets stock fund with a heavy chipmaker tilt and a past drop of nearly 40%, so it fits better as a small slice than as a foundation.
JEMA could add exposure to emerging-market companies that a US-only portfolio lacks. But it launched in March 2021, so it has no record through the 2008 or 2020 crashes. In the 2022 bear market it fell 34%, and 2022 was its worst calendar year at -24.29%. Its deepest drop, 39.5% from June 2021 to October 2022, took about 35 months to recover, until September 2025. Anyone who had to sell in late 2022 would have locked in steep losses. Its trailing yield was 2.47% as of October 27, 2026, paid once a year, so it is not a steady income source. Costs come to $34 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an actively managed emerging-markets fund at 0.33% a year, less than half of EEM's 0.72% expense ratio.
- Those comfortable with a heavy chip tilt: TSMC, Samsung and SK hynix were about 26% of assets as of July 31, 2026.
- Long-term holders who can sit through drops like the 39.5% fall from 2021 to 2022, which took about 35 months to recover.
Look elsewhere if
- Cost-focused investors: index funds VWO and SPEM charge 0.07% and IEMG charges 0.09%, compared with JEMA's 0.33%.
- People who need regular income: JEMA pays once a year, with a 2.47% trailing yield as of October 27, 2026.
- Investors wary of China and VIE risks: Chinese and Cayman Islands-registered holdings like Tencent were about 22%. Worth comparing with EMXC, which excludes China.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JEMA this fund | — | 0.33% | $1.63B | +19.0% | +23.6% |
| EEM iShares MSCI Emerging Markets ETF | 61% | 0.72% | $31.21B | +12.7% | +20.3% |
| IEMG iShares Core MSCI Emerging Markets ETF | 57% | 0.09% | $160.90B | +11.7% | +19.8% |
| EMXC iShares MSCI Emerging Markets ex China ETF | 55% | 0.25% | $24.92B | +27.3% | +24.6% |
| ESGE iShares ESG Aware MSCI EM ETF | 54% | 0.26% | $6.91B | +15.2% | +23.2% |
| SCHE Schwab Emerging Markets Equity ETF | 48% | 0.11% | $13.00B | +4.4% | +16.7% |
| VWO Vanguard FTSE Emerging Markets ETF | 45% | 0.07% | $162.04B | +3.3% | +16.8% |
| DFEM Dimensional Emerging Markets Core Equity 2 … | 44% | 0.39% | $8.96B | +14.6% | +21.4% |
Questions investors ask
Is JEMA actively managed?
Yes. JEMA does not track an index. JPMorgan's managers mix several of the firm's emerging-market strategies and choose countries and stocks using a quantitative country-ranking model plus analyst research. The goal is to beat the MSCI Emerging Markets Index with similar risk. Portfolio turnover was 42%, according to the prospectus filed February 25, 2026. Active funds can also trail their benchmark. From its 2021 launch through 2025, JEMA averaged 3.15% a year.
What's the difference between JEMA and EEM?
JEMA is actively managed, and EEM, as its name suggests, follows an MSCI emerging-markets index. Their holdings overlapped by about 61%, based on the latest filings. JEMA is cheaper at 0.33% versus 0.72%, but far smaller: about $1.6 billion in net assets versus EEM's $31.2 billion. JEMA returned 19% over the year to October 27, 2026, and EEM returned 14.2% over the year to October 29. For a lower-cost index option, IEMG charges 0.09%.
Does JEMA pay a dividend?
Yes, once a year. As of October 27, 2026, JEMA's trailing 12-month yield was 2.47%, or about $1.43 per share. Payouts from emerging-market stocks can change from year to year with company profits and currency moves, so the amount is not fixed. Investors who rely on monthly or quarterly income would need to plan around one annual payment, which makes this fund an awkward fit as a main income source.
What is JEMA's expense ratio?
JEMA's expense ratio is 0.33%, according to its prospectus filed February 25, 2026, and all of it is the management fee. Under the SEC's standard example of $10,000 invested with a 5% annual return, total costs would be about $34 after one year, $185 after five and $418 after ten. That ranks 7th of 9 among similar funds, which average 0.25%. VWO and SPEM charge 0.07%, and EEM charges 0.72%.
How has JEMA performed since it launched?
Results have been uneven. The prospectus shows JEMA lost 24.29% in 2022, then gained 8.75% in 2023, 5.75% in 2024 and 35.76% in 2025. From its March 10, 2021 launch through December 31, 2025, it averaged 3.15% a year. Based on price, it was up 18% in 2026 through October 27 and averaged 23.6% a year over the three years to that date. Its worst quarter was -12.4%, in the quarter ending September 30, 2022.