Karachi: The JS Momentum Factor Exchange Traded Fund (JSMFETF), an open-end fund listed on the Pakistan Stock Exchange, experienced a significant decline in its July 2026 performance, according to its latest fund manager's report released on August 12, 2026. The report detailed a sharp drop of 9.09% in the fund's performance for the month, reflecting a very large or significant move in the fund's value. This decrease aligns closely with the benchmark JS Momentum Factor Index, which recorded a 9.03% decline over the same period.

The fund, which was launched on January 7, 2022, aims to track the performance of its benchmark index by investing in a designated basket of equity securities. As of the report date, the fund's net assets stood at 1,378.01 million PKR, maintaining this value even when excluding investments from JSIL Funds of Funds. The Net Asset Value (NAV) per unit was reported at 9.79 PKR.

According to information available from the Pakistan Stock Exchange (PSX), the fund operates with a high-risk profile under the management of the Central Depository Company of Pakistan Ltd. It relies on a market pricing mechanism aligned with PSX market hours, with no front-end or back-end load fees. The management fee is capped at 0.75% annually, which aligns with the actual fee imposed by the fund.

The JS Momentum Factor ETF's performance over various time frames shows mixed results. While the one-month performance marked a steep decline, the fund's one-year performance registered a growth of 9.67%, albeit underperforming its benchmark, which grew by 13.47%. Over three years, the fund achieved a return of 257.97%, slightly trailing the benchmark's 258.74%.

Despite the challenging market conditions in July, the fund's average annual return since inception has been reported at 31.87%, compared to the benchmark's 32.68%. However, the fund's statistical analysis reveals a high standard deviation of 33.1%, indicating significant volatility. The information ratio stands at 0.99, with a monthly portfolio turnover ratio of 72.3%.

The fund's management quality rating, as of November 5, 2025, is AM1 by PACRA, reflecting a high management standard. The auditor for the fund is A. F. Ferguson & Co. Despite the recent downturn, the ETF remains committed to tracking its benchmark effectively, as outlined in its investment philosophy.