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Global Equity Multi-Factor UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BJRCLL96Ticker: JPGL (Borsa Italiana) · JPGL (Xetra) · JPGL (London SE) · JPGL (SIX)Issuer: JPMorganClass: JPM - USD (acc)
Issuer-declared data
Declared index
JPGERANR
TER
0.19%
Transaction costs
0.02% (issuer estimate, from the KID)
Management
Passive (index-tracking) (from the KID)
Replication
Physical (from the KID)
Income policy
SFDR
Article 6 — does not promote specific ESG characteristics what does it mean?
Fund assets
257.8 mln EUR
Domicile
Ireland
Inception date
9 July 2019
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 Equity Multi-Factor UCITS ETF tracks the issuer-declared index: JPGERANR. The declared annual cost (TER) is 0.19%, plus 0.02% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 258 million euro, was launched on 9 July 2019 and is domiciled in Ireland.

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

Investment Objective: The Sub-Fund seeks to provide returns that correspond to those of its Index.

Keep reading the KID section ▾

Investment Policy:The Sub-Fund pursues a passively managed (indextracking) strategy. The Sub-Fund aims to track the performance of the Index as closely as possible, regardless of whether the Index level rises or falls, while seeking to minimise as far as possible the tracking error between the Sub-Fund's performance and that of the Index. The Index is comprised of large and mid-capitalisation equity securities issued in developed markets globally, is published by FTSE Russell and rebalances quarterly (as referred to under the "Index Tracking Risk" in the Prospectus). Further details on the Index, including its components and performance, are available at https://www.ftse.com/products/ indices/jpmorgan-factor. The Index is designed to capture the performance of stocks which display certain factor characteristics more strongly when compared to their peer group (i.e. other stocks in the same sector or region. Factors are characteristics that describe the risk and return profile of securities from which investors expect to achieve above average returns over time, through assuming a particular risk or taking advantage of a behavioural bias. The Index allocates regional weights according to the FTSE Developed Index and then uses a two-step rules-based approach that weights sectors equally based on volatility followed by a stock selection process that uses multiple factors referred to as "multi-factor". This process involves investing in stocks in the FTSE Developed Index according to an overall multi-factor score derived from equally weighting the three factors described below: B Value. The tendency of stocks trading at a lower price relative to their B Momentum. The tendency of stocks which have exhibited higher returns relative to their volatility to continue to exhibit more attractive returns. B Quality. The tendency of stocks of financially stable companies (based on measures of their solvency, their profitability, and the quality of their earnings) to generate more attractive returns relative to their volatility over the long term. The Sub-Fund may, for efficient portfolio management purposes, use financial derivative instruments. USD is the base currency of the Sub-Fund. It is currently anticipated that the tracking error of the Sub-Fund will be up to 100 bps under normal market conditions. The causes of tracking error can include but are not limited to the following: holdings/size of the Sub-Fund, cash flows, such as any delays in investing subscription proceeds into the Sub-Fund or realising investments to meet redemptions, fees and the frequency of rebalancing against the Index.

Redemption and Dealing:Shares of the Sub-Fund are traded on one or more stock exchanges. Certain market makers and brokers may subscribe and redeem Shares directly with JPMorgan ETFs (Ireland) ICAV, and are referred to as "Authorised Participants". Other investors who are not Authorised Participants can purchase and sell Shares daily on a recognised stock exchange or over-the-counter. Index: JP Morgan Diversified Factor Global Developed (Region Aware) Equity Index.

Distribution Policy:This Share Class will not pay dividends. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.jpmorganassetmanagement.ie. fundamental characteristics (such as their price-to-earnings or price-to-book ratios) to generate more attractive returns over the long term.

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.

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 Jul 2019 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+112.5%
Annualised
+11.1%
Volatility (ann.)
15.1%
Max drawdown
-36.03%
-33%+6%+45%+83%+122%Jul 2019Apr 2021Feb 2023Nov 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%)+112%Jul 2019Sept 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%2019202120232025−36.03% · 23 Mar 2020
Max drawdown
-36.03%
peak → trough
Trough
23 Mar 2020
from the 12 Feb 2020 peak
Recovery time
238 days
recovery only: trough to break-even · ≈ 8 months
Underwater
278 days
decline + recovery: peak to break-even · ≈ 9 months · → recovered on 16 Nov 2020

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
12 Feb 202023 Mar 2020-36.03%16 Nov 2020278
04 Jan 202212 Oct 2022-20.95%14 Dec 2023709
29 Nov 202408 Apr 2025-11.72%16 May 2025168
28 Feb 202620 Mar 2026-6.85%25 May 202686
24 Jul 201915 Aug 2019-5.57%13 Sept 201951

Calendar-year returns

2019
6.9%
2020
6.3%
2021
22.6%
2022
-10.3%
2023
13.4%
2024
10.5%
2025
17.5%
2026
15.5%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20264.45.6-5.64.51.71.02.11.3-0.015.5
20253.30.8-0.80.23.02.5-0.43.71.3-0.83.00.317.5
20240.32.64.1-3.23.2-0.84.43.41.7-3.13.4-5.510.5
20235.4-3.11.31.7-4.35.52.9-2.7-3.2-2.77.85.213.4
2022-3.8-0.83.2-4.91.3-9.05.6-3.8-9.38.07.4-2.6-10.3
2021-0.92.46.03.62.7-0.21.61.7-4.14.1-2.36.622.6
2020-1.3-8.8-15.29.64.50.84.24.2-1.9-2.211.93.66.3
2019-1.82.81.61.52.76.9
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.)8.31%10.59%12.30%15.32%
Max drawdown-5.27%-15.19%-15.19%-35.90%
Sharpe2.070.980.610.61
Sortino3.181.360.860.82
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
537
538 total lines: 1 cash & derivatives
Top-10 weight
3.7%

Top 10 holdings

MARATHON PETROLEUM CORP · MPC
0.42%
VALERO ENERGY CORP · VLO
0.41%
VIVMARK RESIDENTIAL · VMRK
0.40%
ILLUMINA INC · ILMN
0.37%
MERCK & CO. INC. · MRK
0.36%
ARISTA NETWORKS INC · ANET
0.35%
INCYTE CORP · INCY
0.35%
SOUTHERN COPPER CORP · SCCO
0.34%
CENOVUS ENERGY INC /CAD/ · CVE
0.34%
HSBC HOLDINGS PLC /GBP/ · HSBA
0.34%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustralia: 2%Austria: 0.2%AzerbaijanBurundiBelgium: 0.2%BeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanada: 11.1%Switzerland: 2.2%ChileChinaIvory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermany: 1.4%DjiboutiDenmark: 0.2%Dominican RepublicAlgeriaEcuadorEgyptEritreaSpain: 1.4%EstoniaEthiopiaFinland: 0.3%FijiFalkland IslandsFrance: 2.3%GabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIreland: 1.9%IranIraqIcelandIsraelItaly: 0.9%JamaicaJordanJapan: 7.2%KazakhstanKenyaKyrgyzstanCambodiaSouth Korea: 2.4%KosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourg: 0.2%LatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlands: 1.4%Norway: 0.7%NepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSweden: 1%SwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 56.5%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
United States56.5%
Canada11.1%
Japan7.2%
United Kingdom3.7%
South Korea2.4%
France2.3%
Switzerland2.2%
Download the full portfolio — Excel, 538 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 →

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:

IE00BJRCLL96JPGL(class: USD (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)JPGL16 Jul 2019
Börse DüsseldorfJPGL25 Jul 2019
Börse FrankfurtJPGL16 Jul 2019
Börse HamburgJPGL19 Feb 2020
Börse HannoverJPGL9 Dec 2024
Börse München / gettexJPGL28 Aug 2019
Börse StuttgartJPGL17 Jul 2019
Tradegate ExchangeJPGL7 Sept 2020
Xetra (Deutsche Börse)JPGL16 Jul 2019
+ 17 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 Equity Multi-Factor UCITS ETF track?
The issuer JPMorgan declares the benchmark: JPGERANR.
How much does JPGL cost?
The issuer-declared TER is 0.19% per year; the transaction costs estimated in the KID are 0.02%.
How is JPGL 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 JPGL?
The fund size declared by JPMorgan is about 258 million euro.
When was JPGL launched?
The fund was launched on 9 July 2019: it has 7 years of history.
How does JPGL replicate its index?
It is a passively managed ETF: it follows the declared index. Physical (declared in the KID objectives).
Does JPGL pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JPGL trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JPGL), Börse Düsseldorf (JPGL), Börse Frankfurt (JPGL), Börse Hamburg (JPGL), Börse Hannover (JPGL), Börse München / gettex (JPGL).
What was JPGL's worst fall?
Over the available history (since 2019), the maximum drawdown was -36.03%, reached in March 2020. Past performance is not indicative of future results.
How many securities does JPGL hold?
The declared portfolio holds 537 securities (plus 1 cash & derivative lines); the top 10 positions weigh 3.7%.
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.