Karachi: JS Investments Limited has released its latest performance data for the JSMFETF, which is designed to track the JS Momentum Factor Index. The fund, categorized as an open-end exchange-traded fund and listed on the Pakistan Stock Exchange (PSX), reported a 5.59% return for January 2026, classified as a moderate move.
Initiated on January 7, 2022, the fund currently holds net assets valued at PKR 1,134.22 million. The JS Momentum Factor Index, the benchmark for this fund, is managed and updated by the Pakistan Stock Exchange. This ETF employs a market price mechanism for pricing and does not involve any leverage, maintaining a high-risk profile with an AM1 management quality rating by PACRA as of November 5, 2025.
According to information available from the Pakistan Stock Exchange (PSX), the fund’s total expense ratio for the year-to-date stands at 2.77%, incorporating a 0.42% government levy and SECP fee. The management fee is currently set at up to 0.75% per annum, with the actual fee reported at 0.65% per annum. The fund operates without front-end or back-end loads, and its dealings are processed Monday through Friday in alignment with PSX market hours.
In terms of asset allocation, as of January 2026, the fund has allocated 93.97% to equities, 5.79% to cash, and 0.24% to other receivables. The fund’s sector allocation shows a significant tilt towards commercial banks, oil and gas exploration companies, and technology and communication, accounting for 28.55%, 15.89%, and 17.83% of the total assets respectively.
Top equity holdings include Pakistan Petroleum Ltd. at 20.48% and the National Bank of Pakistan at 16.35% of the total assets. Other notable investments are in the Bank of Punjab Ltd., Maple Leaf Cement Factory Ltd., and Pakistan Telecommunication Co. Ltd.
The fund’s performance since its inception is evaluated using the Morning Star formula, which includes NAV to NAV return with dividend reinvestment. Despite a difference of -0.53% against the benchmark in January, the fund continues to track closely with the JS Momentum Factor Index.