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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 →

Global Emerging Markets Research Enhanced Index Equity Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BF4G6Z54Ticker: JREM (Borsa Italiana) · JREM (Xetra) · JREM (London SE) · JREM (SIX)Issuer: JPMorgan
Issuer-declared data
Declared index
NDUEEGF
TER
0.33%
Transaction costs
0.30% (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
2.3 bn EUR
Domicile
Ireland
Inception date
6 December 2018
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

Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (NDUEEGF) is a comparison yardstick only. The declared annual cost (TER) is 0.33%, plus 0.30% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 2.3 billion euro, was launched on 6 December 2018 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 MSCI Emerging Market Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of emerging market 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 of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, an emerging market country. 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 systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased. The Sub-Fund will seek to outperform the Benchmark over the long-term. The Benchmark consists of large and mid-capitalisation stocks issued by issuers in certain emerging market countries ("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. The Sub-Fund will not seek to track the performance of or replicate the Benchmark, rather the Sub-Fund will hold a portfolio of equity securities

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 0.33%: above the median of equity ETFs we track (0.22%).
  • Assets larger than 85% of equity ETFs we track.
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 2018 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+114.9%
Annualised
+10.4%
Volatility (ann.)
18.1%
Max drawdown
-40.97%
-20%+18%+57%+95%+133%Dec 2018Nov 2020Oct 2022Sept 2024Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+115%Dec 2018Sept 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%-10%-20%-30%-40%-50%20182020202220242026−40.97% · 24 Oct 2022
Max drawdown
-40.97%
peak → trough
Trough
24 Oct 2022
from the 17 Feb 2021 peak
Recovery time
1,058 days
recovery only: trough to break-even · ≈ 2 years and 11 months
Underwater
1,672 days
decline + recovery: peak to break-even · ≈ 4 years and 7 months · → recovered on 16 Sept 2025

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
17 Feb 202124 Oct 2022-40.97%16 Sept 20251,672
17 Jan 202023 Mar 2020-33.35%12 Oct 2020269
22 Jun 202629 Jul 2026-13.39%ongoing73
26 Feb 202631 Mar 2026-13.33%21 Apr 202654
17 Apr 201915 Aug 2019-10.34%04 Nov 2019201

Calendar-year returns

2018
-1.2%
2019
21.1%
2020
19.8%
2021
-2.6%
2022
-21.6%
2023
8.8%
2024
6.5%
2025
34.6%
2026
25.8%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20269.26.2-12.815.510.2-1.3-3.73.6-0.825.8
20252.10.60.80.84.45.91.91.97.14.0-2.33.234.6
2024-4.54.42.20.60.44.4-0.31.36.1-4.1-3.2-0.26.5
20238.6-6.32.7-1.5-2.04.36.1-6.4-2.6-3.97.33.78.8
2022-1.6-4.7-1.7-5.80.7-7.0-1.0-0.1-11.6-2.915.4-1.4-21.6
20213.50.6-1.52.52.10.1-6.92.5-3.61.2-4.62.1-2.6
2020-4.8-4.8-15.68.40.77.38.52.8-1.73.010.27.519.8
20199.10.20.92.4-7.06.2-0.9-4.42.34.00.27.421.1
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 yearLast 3 yearsLast 5 yearsFull history
Volatility (ann.)21.45%16.90%16.43%17.10%
Max drawdown-13.28%-17.32%-25.03%-31.41%
Sharpe1.570.940.400.54
Sortino2.301.330.570.75
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
392
393 total lines: 1 cash & derivatives
Top-10 weight
34.3%

Top 10 holdings

TAIWAN SEMICONDUCTOR MAN /TWD/ · 2330
9.85%
SAMSUNG ELECTRONICS CO L /KRW/ · 005930
8.29%
SK HYNIX INC /KRW/ · 000660
5.75%
TENCENT HOLDINGS LTD /HKD/ · 700
2.96%
ALIBABA GROUP HOLDING LT /HKD/ · 9988
1.93%
MEDIATEK INC /TWD/ · 2454
1.83%
CHINA CONSTRUCTION BANK- /HKD/ · 939
0.99%
DELTA ELECTRONICS INC /TWD/ · 2308
0.97%
PETROBRAS - PETROLEO BRA /BRL/ · PETR4
0.86%
HON HAI PRECISION INDUST /TWD/ · 2317
0.85%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazil: 3.9%BruneiBhutanBotswanaCentral African RepublicCanadaSwitzerland: 0.2%Chile: 0.2%China: 10.8%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombia: 0.1%Costa RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreece: 1.1%GreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungary: 0.6%Indonesia: 0.5%India: 10.9%IrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstan: 0.1%KenyaKyrgyzstanCambodiaSouth Korea: 20.9%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexico: 1.9%MacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysia: 0.4%NamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanama: 0.1%PeruPhilippinesPapua New GuineaPoland: 0.7%Puerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailand: 0.9%TajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwan: 26.4%United Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 0.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth Africa: 3.5%ZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
Taiwan26.4%
South Korea20.9%
India10.9%
Cayman Islands10.9%
China10.8%
Brazil3.9%
South Africa3.5%
Download the full portfolio — Excel, 393 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 IE00BF4G6Z54 (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 (acc)IE0006SEWKA2JEMEAccumulatingEUR
JPM - USD (acc) · this pageIE00BF4G6Z54JREMAccumulatingUSD
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:

IE00BF4G6Z54JREM(class: USD (acc))
  • XTBzero (up to €100,000 monthly volume, unreachable for a retail plan); fractions available in plans
IE0006SEWKA2JEME(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)JREM13 Dec 2018
Börse DüsseldorfJREM4 Apr 2019
Börse FrankfurtJREM13 Dec 2018
Börse HamburgJREM13 Feb 2019
Börse HannoverJREM9 Dec 2024
Börse München / gettexJREM20 Feb 2019
Börse StuttgartJREM13 Feb 2019
Tradegate ExchangeJREM7 Sept 2020
Xetra (Deutsche Börse)JREM13 Dec 2018
+ 11 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 Global Emerging Markets Research Enhanced Index Equity Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: NDUEEGF.
How much does JREM cost?
The issuer-declared TER is 0.33% per year; the transaction costs estimated in the KID are 0.30%.
How is JREM 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 JREM?
The fund size declared by JPMorgan is about 2.3 billion euro.
When was JREM launched?
The fund was launched on 6 December 2018: it has 7 years of history.
Is JREM actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (NDUEEGF) is a yardstick for comparison, not an index being tracked.
Does JREM pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JREM trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JREM), Börse Düsseldorf (JREM), Börse Frankfurt (JREM), Börse Hamburg (JREM), Börse Hannover (JREM), Börse München / gettex (JREM).
What was JREM's worst fall?
Over the available history (since 2018), the maximum drawdown was -40.97%, reached in October 2022. Past performance is not indicative of future results.
How many securities does JREM hold?
The declared portfolio holds 392 securities (plus 1 cash & derivative lines); the top 10 positions weigh 34.3%.
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.