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Actively managed: it does not track an index — the declared benchmark is a yardstick for comparison
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US Growth Equity Active UCITS ETF EUR HedgedIndex, costs, backtest, listings and taxation

ISIN: IE000UZZ5SU2Ticker: JGEH (Borsa Italiana) · JPGH (Xetra) · JGEH (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
RU1GN30U
TER
0.49%
Transaction costs
0.01% (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
468.2 mln EUR
Domicile
Ireland
Inception date
18 January 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

US Growth Equity Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (RU1GN30U) is a comparison yardstick only. Mind the share class: this is the version hedged to EUR — returns reflect the index plus the effect (and cost) of hedging into that currency. The declared annual cost (TER) is 0.49%, plus 0.01% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 468 million euro, was launched on 18 January 2024 and is domiciled in Ireland.

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

Investment Objective: The Sub-Fund aims to achieve a long-term return in excess of Russell 1000 Growth Index (Net Total Return of 30% dividend withholding tax) ("the Benchmark") by actively investing primarily in a growth style-biased portfolio of US Companies.

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 issued primarily by companies that are domiciled in, or carrying out the main part of their economic activity in, the US. The Sub-Fund systematically includes environmental, social and governance ("ESG") analysis in its investment decisions on at least 90% of securities purchased. Pursuant to the Sub-Fund'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. The Sub-Fund invests at least 20% of its 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 issuers 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 an issuer'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 capitalisation stocks issued by U.S. companies ("Benchmark Securities"). The Benchmark has been included as a point of reference against which the performance of the Sub-Fund may be measured. The degree to which the Sub-Fund may resemble the composition and risk characteristics of the benchmark will vary over time and its performance may be meaningfully different.

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 0.49%: 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) · EUR · from Jan 2024 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+45.1%
Annualised
+15.2%
Volatility (ann.)
20.2%
Max drawdown
-22.92%
-3%+12%+28%+43%+58%Jan 2024Sept 2024May 2025Jan 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%)+45%Jan 2024Sept 2026
Currency-hedged share class: our figures are computed on the issuer’s NAV, where the hedge is applied at the daily fixing. Comparison sites using the exchange price may show returns and volatility that differ by 1–2 points: on hedged classes the price-vs-NAV gap is structurally wider and grows with the length of the window. Not a data error — a measurement convention. Details in the methodology.
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%-25%-30%202420252026−22.92% · 08 Apr 2025
Max drawdown
-22.92%
peak → trough
Trough
08 Apr 2025
from the 23 Jan 2025 peak
Recovery time
83 days
recovery only: trough to break-even · ≈ 3 months
Underwater
158 days
decline + recovery: peak to break-even · ≈ 5 months · → recovered on 30 Jun 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
23 Jan 202508 Apr 2025-22.92%30 Jun 2025158
29 Oct 202530 Mar 2026-17.59%02 Jun 2026216
10 Jul 202405 Aug 2024-13.07%11 Oct 202493
02 Jun 202629 Jul 2026-11.95%ongoing93
22 Mar 202419 Apr 2024-7.83%21 May 202460

Calendar-year returns

2024
29.3%
2025
12.4%
2026
-0.1%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
2026-2.1-3.0-5.110.65.4-0.3-7.62.80.3-0.1
20253.1-3.9-8.51.37.76.42.30.75.22.6-2.3-1.612.4
20248.52.1-5.25.36.7-2.72.52.4-0.35.70.029.3
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.)18.31%20.00%
Max drawdown-17.59%-22.92%
Sharpe0.160.64
Sortino0.220.93
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, the fund's currency; the table follows the currency selected in the chart.

Portfolio holdings

Securities in portfolio
129
130 total lines: 1 cash & derivatives
Top-10 weight
46.6%

Top 10 holdings

NVIDIA CORP · NVDA
9.62%
ALPHABET INC-CL C · GOOG
9.39%
APPLE INC · AAPL
6.15%
BROADCOM INC · AVGO
5.31%
MICROSOFT CORP · MSFT
3.72%
ADVANCED MICRO DEVICES · AMD
2.83%
MICRON TECHNOLOGY INC · MU
2.75%
ELI LILLY & CO · LLY
2.40%
META PLATFORMS INC-CLASS A · META
2.37%
PALO ALTO NETWORKS INC · PANW
2.02%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 0.6%IranIraqIcelandIsrael: 0.4%ItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 0.4%NorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 1.2%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 96.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States96.6%
Taiwan1.2%
Ireland0.6%
Israel0.4%
Netherlands0.4%
United Kingdom0.4%
Cayman Islands0.2%
⬇ Download the full portfolio — Excel, 130 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 IE000UZZ5SU2 (share class JPM - EUR Hedged (acc)). The other classes belong to the same fund but may differ in currency, income policy or currency hedging.
Share classISINTickerIncomeCurrency
JPM - USD (acc)IE0005CH3U28JGROAccumulatingUSD
JPM - EUR Hedged (acc) · this pageIE000UZZ5SU2JPGHAccumulatingEUR
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.

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:

IE000UZZ5SU2JGEH(class: EUR Hedged (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)JGEH25 Jan 2024
Börse DüsseldorfJPGH25 Jan 2024
Börse FrankfurtJPGH25 Jan 2024
Börse HamburgJPGH10 Jun 2024
Börse HannoverJPGH9 Dec 2024
Börse München / gettexJPGH25 Jan 2024
Börse StuttgartJPGH21 Feb 2025
Tradegate ExchangeJPGH30 Jan 2024
Xetra (Deutsche Börse)JPGH25 Jan 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 US Growth Equity Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: RU1GN30U.
How much does JPGH cost?
The issuer-declared TER is 0.49% per year; the transaction costs estimated in the KID are 0.01%.
How is JPGH 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 JPGH?
The fund size declared by JPMorgan is about 468 million euro.
When was JPGH launched?
The fund was launched on 18 January 2024: it has 2 years of history.
Is JPGH actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (RU1GN30U) is a yardstick for comparison, not an index being tracked.
Does JPGH pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JPGH trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JGEH), Börse Düsseldorf (JPGH), Börse Frankfurt (JPGH), Börse Hamburg (JPGH), Börse Hannover (JPGH), Börse München / gettex (JPGH).
What was JPGH's worst fall?
Over the available history (since 2024), the maximum drawdown was -22.92%, reached in April 2025. Past performance is not indicative of future results.
How many securities does JPGH hold?
The declared portfolio holds 129 securities (plus 1 cash & derivative lines); the top 10 positions weigh 46.6%.
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.