JEMA
JPMorgan ActiveBuilders Emerging Markets Equity ETF
JEMA is an actively-managed fund utilizing emerging market equity strategies across countries, regions, styles, and market capitalizations.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
33 bp
EXPENSES
$1.0 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | JPMorgan Chase |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 10, 2021 |
| Assets (mns) | $1,037 |
| Expense ratio | 33 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 9.7 % |
| TENCENT HOLDINGS LTD | 5.3 % |
| SAMSUNG ELECTRONICS CO LTD | 4.6 % |
| ALIBABA GROUP HOLDING LTD. | 1.5 % |
| RELIANCE INDS-SPONS GDR 144A | 1.5 % |
| INFOSYS TECHNOLOGIES LTD | 1.3 % |
| TATA CONSULTANCY SVS LTD | 1.3 % |
| NETEASE, INC | 1.2 % |
| ICICI BANK LTD | 1.1 % |
| MAHINDRA & MAHINDRA LTD. | 1.1 % |
Constituent Breakdown
| Number of holdings | 546 |
| Herfindahl-Hirschman Index | 180 |
| Wgt avg mkt cap (mns) | $159,503 |
| Large cap (>$10bn) | 78.7% |
| Mid cap ($2-10bn) | 18.8% |
| Small cap (<$2bn) | 2.3% |
| Developed mkts. | 6.0% |
| Emerging mkts. | 94.0% |
Country Exposure
 |
CHINA | 24.6 % |
 |
TAIWAN | 20.1 % |
 |
INDIA | 16.8 % |
 |
SOUTH KOREA | 12.8 % |
 |
BRAZIL | 3.7 % |
 |
SOUTH AFRICA | 2.9 % |
 |
MEXICO | 2.7 % |
 |
HONG KONG | 2.5 % |
 |
SAUDI ARABIA | 2.4 % |
 |
INDONESIA | 1.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 3.2% | 5.7% | 4.0% | -7.8% | -- | -- | -6.4% | Volatility | 14.1% | 14.7% | 17.2% | 18.0% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.71 | 47% |
| MSCI EAFE | 0.87 | 65% |
| MSCI Emg Mkts | 1.05 | 97% |
Liquidity Measures
| Avg. volume (000) | 45 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.24% |
| ADV of underlying (mns) | $28,251 |
Technical Indicators
| Recent close | $37.32 |
| 30d moving avg. | $38.71 |
| Annualized volatility | 18.7% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. JEMA |
Expenses vs. JEMA |
ALTAR Score™ vs. JEMA |
|---|---|---|---|---|
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 54.9% | -3 bp | +0.3% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 53.3% | +33 bp | -0.3% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 52.4% | -22 bp | +0.4% |
| EEM | iShares MSCI Emerging Markets ETF | 52.4% | +36 bp | -0.2% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 50.9% | +16 bp | -0.5% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 50.9% | -18 bp | +0.2% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 50.6% | +3 bp | +0.0% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 50.3% | +12 bp | +0.8% |
| AAXJ | iShares MSCI All Country Asia ex Japan ETF | 49.9% | +37 bp | -0.8% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 49.4% | +16 bp | +1.0% |
Risk and Returns: JEMA vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
JEMA
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
JEMA
7.1%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.1% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. JEMA's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places JEMA in the 46th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
JEMA
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| JEMA (33 bp) Percentile rank | 10 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| JEMA | 33.0 | 24.2 | 57.2 |
| Peer Avg. | 63.4 | 34.5 | 98.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .