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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
🇮🇹 Effective capital-gains rate: 26.00%details →

All Country Research Enhanced Index Equity Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE000A7N3IV0Ticker: JRAW (Borsa Italiana) · JRWA (Xetra) · JRAW (London SE) · JRAW (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
NDUEACWF
TER
0.26%
Transaction costs
0.11% (issuer estimate, from the KID)
Management
Active management (from the KID)
Replication
Gestione attiva (dal KID)
Income policy
SFDR
Article 8 — promotes environmental or social characteristics what does it mean?
Fund assets
372.4 mln EUR
Domicile
Ireland
Inception date
10 December 2024
Data as declared by JPMorgan in the issuer’s official files and endpoints · collected on 2 September 2026 (monthly refresh). Facts only, no recommendation.
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Description

All Country Research Enhanced Index Equity Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (NDUEACWF) is a comparison yardstick only. The declared annual cost (TER) is 0.26%, plus 0.11% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 372 million euro, was launched on 10 December 2024 and is domiciled in Ireland. In our registry it is the largest by assets among the 3 ETFs declaring the same index.

The fund’s objective — in the issuer’s words

Investment Objective: The objective of the Sub-Fund is to achieve a longterm return in excess of MSCI ACWI Index ("the Benchmark") by actively investing primarily in a portfolio of large and mid-capitalisation companies, globally.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues an actively-managed investment strategy. The Sub-Fund aims to invest at least 67% of its assets (excluding assets held for ancillary liquidity purposes) in equity securities of companies, globally. Companies issuing these securities may be located in any country, including developed and emerging markets. The Sub-Fund may also invest in small-capitalisation companies to a limited extent. The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased. Pursuant to the Investment Manager's ESG analysis, at least 51% of the Sub-Fund's Net Asset Value is invested in companies with positive environmental and/or social characteristics that follow good governance practices as measured through the Investment Manager's proprietary ESG scoring methodology and/or third party data. In addition to ESG Integration, as an SFDR Article 8 fund, the Sub-Fund promotes environmental and/or social characteristics. The Sub-Fund invests at least 20% of the Sub-Fund's Net Asset Value in Sustainable Investments, as defined under SFDR, contributing to environmental or social objectives. The Investment Manager evaluates and applies values and norms based screening to implement exclusions on certain industries and companies based on specific ESG criteria and/or minimum standards of business practice based on international norms. To support this screening, the Investment Manager relies on third party provider(s) who identify a company's participation in or the revenue which they derive from activities that are inconsistent with the values and norms based screens. The list of screens applied that may result in exclusions can be found on the Website (www.jpmorganassetmanagement.ie). The Sub-Fund will seek to outperform the Benchmark over the long term. The Benchmark consists of large and mid-capitalisation stocks issued by companies in developed markets and emerging markets globally ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The Sub-Fund will bear a close resemblance to its Benchmark.

From the KID’s “Objectives” section · 4 August 2026 · original document ↓
Text generated from the data the issuer declares in official product lists. No recommendation.

Quick reads

  • TER 0.26%: above the median of equity ETFs we track (0.22%).
Comparisons computed by Rebalix on the declared data in our census; they describe the past and are not indicative of future results.

Official documents

Key Information Document (KID)PDF in English, from the issuer’s site — always the latest filed versionProspectusPDF in English, from the issuer’s site — the fund’s full legal documentFactsheetPDF in Italian, from the issuer’s site — the fund’s monthly snapshot
The KID is the document the law requires you to read before investing: 3 pages covering risks, costs and scenarios. The link opens the issuer’s published PDF.

Fund performance

issuer-declared net asset value (NAV) · USD · from Dec 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+33.6%
Annualised
+18.2%
Volatility (ann.)
13.3%
Max drawdown
-15.69%
-17%-2%+12%+26%+40%Dec 2024May 2025Oct 2025Mar 2026Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+34%Dec 2024Sept 2026
Note — currency risk: the fund is denominated (or hedged) in USD and the chart is in USD. For a euro investor, returns also depend on the EUR/USD exchange rate, up or down.
Tip: drag across the chart to zoom into a period.

Drawdown — distance from previous peak

This isn’t the return: it shows how far the fund is below its previous peak. 0% = you’re at the peak; below zero = how much you’re down and haven’t recovered yet.
0%-5%-10%-15%-20%20252026−15.69% · 08 Apr 2025
Max drawdown
-15.69%
peak → trough
Trough
08 Apr 2025
from the 19 Feb 2025 peak
Recovery time
41 days
recovery only: trough to break-even
Underwater
89 days
decline + recovery: peak to break-even · ≈ 3 months · → recovered on 19 May 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
19 Feb 202508 Apr 2025-15.69%19 May 202589
25 Feb 202630 Mar 2026-9.28%15 Apr 202649
11 Dec 202413 Jan 2025-4.65%06 Feb 202557
29 Oct 202520 Nov 2025-4.46%11 Dec 202543
02 Jun 202610 Jun 2026-4.18%03 Aug 202662

Calendar-year returns

2024
-3.0%
2025
21.3%
2026
13.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20263.11.5-7.210.14.5-0.70.52.3-0.413.5
20253.1-0.4-4.00.55.64.51.12.43.32.20.21.221.3
From month-end NAVs, over the fund’s full history, on the series shown in the chart (dividends reinvested where declared). Deeper colour = larger move.
Source: JPMorgan. Issuer-declared historical series; inflation: Eurostat and national statistical institutes, latest available July 2026 — for later days the index stays at the last published value (institutes publish with a few weeks’ lag). The «adjusted for inflation» view expresses value in today’s purchasing power for the selected country; volatility always stays nominal, as elsewhere on the site (deflating it would add artificial swings caused by the monthly cadence of the price index). Past performance is not indicative of future results: these are facts, not a recommendation.

Risk indicators· EUR

Last yearFull history
Volatility (ann.)10.34%13.45%
Max drawdown-6.91%-19.66%
Sharpe1.800.71
Sortino2.650.97
Windows longer than the available price history cannot be computed and are not shown: they will appear on their own as time passes. Computed from the daily NAV series, always in nominal terms. Sharpe and Sortino use the ECB main refinancing rate averaged over the period (last year: 2.20%), weighted by days in force, as the risk-free rate. Same formulas as our public methodology: sample standard deviation annualised over 252 days; Sortino with downside deviation. Past performance is not indicative of future results. Figures in EUR — series converted day by day at ECB reference rates; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
995
996 total lines: 1 cash & derivatives
Top-10 weight
25.2%

Top 10 holdings

NVIDIA CORP · NVDA
5.07%
APPLE INC · AAPL
4.46%
MICROSOFT CORP · MSFT
3.71%
AMAZON.COM INC · AMZN
2.59%
TAIWAN SEMICONDUCTOR MAN /TWD/ · 2330
1.89%
ALPHABET INC-CL A · GOOGL
1.88%
BROADCOM INC · AVGO
1.66%
ALPHABET INC-CL C · GOOG
1.47%
META PLATFORMS INC-CLASS A · META
1.28%
MICRON TECHNOLOGY INC · MU
1.14%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 1.3%AustriaAzerbaijanBurundiBelgium: 0.2%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 0.5%BruneiBhutanBotswanaCentral African RepublicCanada: 2.9%Switzerland: 2%ChileChina: 1.2%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 2.2%DjiboutiDenmark: 0.5%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 0.8%EstoniaEthiopiaFinland: 0.1%FijiFalkland IslandsFrance: 2.4%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 0.1%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.1%Indonesia: 0.1%India: 1.4%Ireland: 2.3%IranIraqIcelandIsraelItaly: 0.5%JamaicaJordanJapan: 4.7%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 2.5%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.1%LatviaMoroccoMoldovaMadagascarMexico: 0.3%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 0.1%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.9%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPoland: 0.1%Puerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 0.5%SwazilandSyriaChadTogoThailand: 0.1%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 3.3%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 61.3%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 0.4%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States61.3%
Japan4.7%
United Kingdom3.5%
Taiwan3.3%
Canada2.9%
South Korea2.5%
France2.4%
⬇ Download the full portfolio — Excel, 996 rows
Full portfolio declared by JPMorgan, as of 1 September 2026: this is the summary. Percentages may not sum to 100 due to cash, derivatives and rounding.
Fund historyFund-assets (AUM) chart year by year and monthly basket snapshots.Open the history →

Share classes of the same fund

This page covers ISIN IE000A7N3IV0 (share class JPM - USD (acc)). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
JPM - EUR Hedged (acc)IE0001JABD69JRWEAccumulatingEUR
JPM - USD (acc) · this pageIE000A7N3IV0JRAWAccumulatingUSD
JPM - USD (dist)IE000JLILKH0JRWUDistributingUSD
Share classes declared by the issuer in official product lists (same fund = same issuer and same declared name). A dash “—” = not declared — not a zero.

ETFs declaring the same index

FundTERIncomeFund size
JGLE · JPMorgan · 3 classesactive
0.47%Acc.14 mln EUR
T3MP · JPMorganactive
0.58%Acc.65 mln EUR
3 ETFs in our census declare this index (including this fund). Funds declaring the exact same index, word for word, in official product lists. Differently-worded variants (or other index versions) are not shown: a short list beats a wrong match. Sorted by TER. A dash “—” = not declared by the issuer in the files we read — not a zero.

Italian taxation

Effective rate on capital gains
26.00%
White-list share
0.00%
From the government-bond («white list») share certified by the issuer every semester: 12.5% on that portion, 26% on the rest.
Deep-dive into this fund’s taxation →

Where it shows up commission-free in Italy

According to the official lists published by the brokers (downloaded and cross-checked by us), these share classes of the fund appear tradable with zero fees:

IE000T4LTZ00JREW(class: EUR (acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
Full terms, traps and method in the observatory: Free savings plans and zero-commission ETFs: the broker survey

Official lists verified on 3 September 2026. We record published terms — this is neither an invitation to open accounts nor a recommendation: lists change, the broker’s documents prevail. Trade Republic, Scalable Capital and Trading 212 publish no per-ISIN lists and don’t appear here.

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)JRAW17 Dec 2024
Börse DüsseldorfJRWA18 Dec 2024
Börse FrankfurtJRWA17 Dec 2024
Börse HamburgJRWA2 Sept 2025
Börse HannoverJRWA18 Mar 2025
Börse München / gettexJRWA17 Dec 2024
Börse StuttgartJRWA25 Mar 2025
Tradegate ExchangeJRWA18 Dec 2024
Xetra (Deutsche Börse)JRWA17 Dec 2024
+ 8 more trading venues (MTFs and professional platforms).
Trading venues from the official ESMA register (FIRDS); per-exchange tickers from the issuer’s tax documents and official listings. A dash “—” = that venue does not publish the item (ticker, currency or start date) in the sources we read. The same fund may trade in different currencies depending on the exchange: check the trading currency with your broker. Non-EU listings (e.g. UK, Mexico) not included.

Frequently asked questions

Which index does All Country Research Enhanced Index Equity Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: NDUEACWF.
How much does JRAW cost?
The issuer-declared TER is 0.26% per year; the transaction costs estimated in the KID are 0.11%.
How is JRAW taxed in Italy?
On sale, the capital gain is taxed at an effective 26.00% rate (white-list share 0.00%): 12.5% on the government-bond “white list” portion, 26% on the rest.
What is the fund size of JRAW?
The fund size declared by JPMorgan is about 372 million euro.
When was JRAW launched?
The fund was launched on 10 December 2024: it has 1 year of history.
Is JRAW actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (NDUEACWF) is a yardstick for comparison, not an index being tracked.
Does JRAW pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JRAW trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JRAW), Börse Düsseldorf (JRWA), Börse Frankfurt (JRWA), Börse Hamburg (JRWA), Börse Hannover (JRWA), Börse München / gettex (JRWA).
What was JRAW's worst fall?
Over the available history (since 2024), the maximum drawdown was -15.69%, reached in April 2025. Past performance is not indicative of future results.
How many securities does JRAW hold?
The declared portfolio holds 995 securities (plus 1 cash & derivative lines); the top 10 positions weigh 25.2%.
Transparency note
The data in this sheet is declared by JPMorgan in the issuer’s official files and endpoints, collected by Rebalix with a monthly refresh; taxation derives from the issuer’s tax documents (Italian Law Decree 138/2011). This is factual information for informational purposes only: it is not financial or tax advice, nor an investment recommendation. Read the fund’s KID and prospectus before investing.