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

China A Research Enhanced Index Equity Active UCITS ETFIndex, costs, backtest, listings and taxation

ISIN: IE00BMDV7578Ticker: JREC (Borsa Italiana) · JREC (Xetra) · JREC (London SE) · JREC (SIX)Issuer: JPMorganClass: JPM - USD (acc)
Issuer-declared data
Declared index
NU718708
TER
0.40%
Transaction costs
0.08% (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
19.3 mln EUR
Domicile
Ireland
Inception date
15 February 2022
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

China A Research Enhanced Index Equity Active UCITS ETF is an actively managed ETF: it does not track an index — the declared index (NU718708) is a comparison yardstick only. The declared annual cost (TER) is 0.40%, plus 0.08% in transaction costs estimated by the issuer in the KID. Income is accumulated and reinvested in the fund. The fund has assets of about 19 million euro, was launched on 15 February 2022 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 China A Index (Total Return Net) (the "Benchmark") by actively investing primarily in a portfolio of Chinese 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 China A shares of companies (including smaller capitalisation companies) that are domiciled in, or carrying out the main part of their economic activity in, China. The Sub-Fund systematically includes ESG analysis in its investment decisions on at least 90% of securities purchased. Pursuant to the SubFund'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 promotes environmental and/or social characteristics. 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 and mid-cap stocks listed on the Shanghai and Shenzhen Exchanges, that are accessible through the China-Hong Kong Stock Connect Programme ("Benchmark 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 0.40%: 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 Feb 2022 to Sept 2026
Compare with another ETF
Only funds we hold a history for. Three at a time, at most.
Return
+4.7%
Annualised
+1.0%
Volatility (ann.)
19.7%
Max drawdown
-37.37%
-38%-25%-11%+3%+17%Feb 2022Apr 2023May 2024Jul 2025Sept 2026The break-even line: the value at the start of the period. Above it you are in gain, below in loss.break-even (0%)+5%Feb 2022Sept 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%20222023202420252026−37.37% · 02 Feb 2024
Max drawdown
-37.37%
peak → trough
Trough
02 Feb 2024
from the 18 Feb 2022 peak
Recovery time
704 days
recovery only: trough to break-even · ≈ 1 year and 11 months
Underwater
1,418 days
decline + recovery: peak to break-even · ≈ 3 years and 11 months · → recovered on 06 Jan 2026

The five worst falls in the period

From the peak ofTroughDepthBack to break-evenDays underwater
18 Feb 202202 Feb 2024-37.37%06 Jan 20261,418
22 Jun 202617 Jul 2026-10.47%ongoing73
26 Feb 202623 Mar 2026-8.02%16 Apr 202649
13 May 202608 Jun 2026-6.12%22 Jun 202640
29 Jan 202602 Feb 2026-3.37%12 Feb 202614

Calendar-year returns

2022
-19.5%
2023
-12.9%
2024
9.6%
2025
28.4%
2026
6.2%

Month-by-month returns

JanFebMarAprMayJunJulAugSeptOctNovDecYear
20263.61.9-6.69.13.02.9-7.52.6-1.86.2
2025-1.51.70.5-3.42.93.53.811.93.50.5-1.64.328.4
2024-7.99.5-0.23.4-1.2-3.60.2-1.221.5-5.7-1.9-0.69.6
20239.3-4.6-0.0-1.3-8.3-0.07.1-7.7-2.2-4.00.8-1.4-12.9
2022-9.2-8.62.29.5-7.6-3.5-9.2-9.614.13.1-19.5
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 yearsFull history
Volatility (ann.)18.22%18.38%19.07%
Max drawdown-10.68%-18.96%-35.84%
Sharpe0.720.34-0.02
Sortino1.010.50-0.03
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
329
330 total lines: 1 cash & derivatives
Top-10 weight
19.4%

Top 10 holdings

KWEICHOW MOUTAI CO LTD-A /CNY/ · 600519
3.35%
CONTEMPORARY AMPEREX TEC /CNH/ · 300750
3.31%
ZHONGJI INNOLIGHT CO LTD /CNH/ · 300308
2.04%
CHINA MERCHANTS BANK-A /CNY/ · 600036
1.92%
ZIJIN MINING GROUP CO LT /CNY/ · 601899
1.66%
CHINA YANGTZE POWER CO L /CNH/ · 600900
1.58%
FOXCONN INDUSTRIAL INTER /CNH/ · 601138
1.51%
PING AN INSURANCE GROUP /CNH/ · 601318
1.44%
CAMBRICON TEHNOLOGIES A /CNH/ · 688256
1.37%
EOPTOLINK TECHNOLOGY INC /CNH/ · 300502
1.24%

Countries

AfghanistanAngolaAlbaniaUnited Arab EmiratesArgentinaArmeniaFrench Southern and Antarctic LandsAustraliaAustriaAzerbaijanBurundiBelgiumBeninBurkina FasoBangladeshBulgariaThe BahamasBosnia and HerzegovinaBelarusBelizeBoliviaBrazilBruneiBhutanBotswanaCentral African RepublicCanadaSwitzerlandChileChina: 96.2%Ivory CoastCameroonDemocratic Republic of the CongoRepublic of the CongoColombiaCosta RicaCubaCyprusCzech RepublicGermanyDjiboutiDenmarkDominican RepublicAlgeriaEcuadorEgyptEritreaSpainEstoniaEthiopiaFinlandFijiFalkland IslandsFranceGabonUnited KingdomGeorgiaGhanaGuineaGambiaGuinea BissauEquatorial GuineaGreeceGreenlandGuatemalaFrench GuianaGuyanaHondurasCroatiaHaitiHungaryIndonesiaIndiaIrelandIranIraqIcelandIsraelItalyJamaicaJordanJapanKazakhstanKenyaKyrgyzstanCambodiaSouth KoreaKosovoKuwaitLaosLebanonLiberiaLibyaSri LankaLesothoLithuaniaLuxembourgLatviaMoroccoMoldovaMadagascarMexicoMacedoniaMaliMyanmarMontenegroMongoliaMozambiqueMauritaniaMalawiMalaysiaNamibiaNew CaledoniaNigerNigeriaNicaraguaNetherlandsNorwayNepalNew ZealandOmanPakistanPanamaPeruPhilippinesPapua New GuineaPolandPuerto RicoNorth KoreaPortugalParaguayQatarRomaniaRussiaRwandaWestern SaharaSaudi ArabiaSudanSouth SudanSenegalSolomon IslandsSierra LeoneEl SalvadorSomaliaRepublic of SerbiaSurinameSlovakiaSloveniaSwedenSwazilandSyriaChadTogoThailandTajikistanTurkmenistanEast TimorTrinidad and TobagoTunisiaTurkeyTaiwanUnited Republic of TanzaniaUgandaUkraineUruguayUnited States of America: 3.6%UzbekistanVenezuelaVietnamVanuatuWest BankYemenSouth AfricaZambiaZimbabwe
up to 1%1–5%5–15%15–30%over 30%
Hover a country for its percentage.
Top 7 countries
China96.2%
United States3.6%
Hong Kong0.2%
Cayman Islands0.1%
⬇ Download the full portfolio — Excel, 330 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 →

Stock exchange listings

ExchangeTickerTrading since
Borsa Italiana (ETFplus)JREC22 Feb 2022
Börse DüsseldorfJREC1 Mar 2022
Börse FrankfurtJREC21 Feb 2022
Börse HamburgJREC19 Oct 2022
Börse HannoverJREC9 Dec 2024
Börse München / gettexJREC21 Feb 2022
Börse StuttgartJREC25 Mar 2025
Tradegate ExchangeJREC10 Oct 2022
Xetra (Deutsche Börse)JREC21 Feb 2022
+ 6 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 China A Research Enhanced Index Equity Active UCITS ETF track?
The issuer JPMorgan declares the benchmark: NU718708.
How much does JREC cost?
The issuer-declared TER is 0.40% per year; the transaction costs estimated in the KID are 0.08%.
How is JREC 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 JREC?
The fund size declared by JPMorgan is about 19 million euro.
When was JREC launched?
The fund was launched on 15 February 2022: it has 4 years of history.
Is JREC actively or passively managed?
It is an ACTIVELY managed ETF: the manager picks the holdings, it does not replicate an index. The declared benchmark (NU718708) is a yardstick for comparison, not an index being tracked.
Does JREC pay dividends?
No: it is an accumulating share class — income stays in the fund and is reinvested automatically (issuer wording: “Accumulation”).
Where does JREC trade?
Per the official ESMA register it trades on 9 main exchanges, including Borsa Italiana (ETFplus) (JREC), Börse Düsseldorf (JREC), Börse Frankfurt (JREC), Börse Hamburg (JREC), Börse Hannover (JREC), Börse München / gettex (JREC).
What was JREC's worst fall?
Over the available history (since 2022), the maximum drawdown was -37.37%, reached in February 2024. Past performance is not indicative of future results.
How many securities does JREC hold?
The declared portfolio holds 329 securities (plus 1 cash & derivative lines); the top 10 positions weigh 19.4%.
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.