Karachi: The JS Momentum Factor ETF (JSMFETF), an open-end exchange-traded fund, demonstrated a moderate move in its performance for June 2026, as detailed in the Fund Manager's Report released on July 9, 2026. According to the report, JSMFETF is designed to mirror the performance of the JS Momentum Factor Index, an index maintained by the Pakistan Stock Exchange (PSX).
The fund's net assets were reported at 1.43 billion Pakistani Rupees, with a net asset value standing at 10.77 PKR. The investment strategy of JSMFETF involves tracking a specified set of equity securities, focusing on the momentum factor within the market. Launched on January 7, 2022, the fund is managed with a high-risk profile and is listed on the Pakistan Stock Exchange.
The fund's performance for the month of June 2026 showed a growth of 4.19%, which is categorized as a moderate move. This growth was slightly below its benchmark, the JS Momentum Factor Index, which reported a 4.51% increase. Over the one-year period, the fund achieved a 19.94% increase, trailing the benchmark's 24.21%. The three-year performance indicated a 369.11% growth in the fund, compared to 377.46% growth in the benchmark index.
According to information available from the Pakistan Stock Exchange (PSX), the JSMFETF is supported by the Central Depository Company of Pakistan Ltd. as its trustee, with A. F. Ferguson & Co. serving as the auditor. The fund operates without any front-end or back-end load and employs a market price pricing mechanism in line with PSX market hours.
The management of the fund incurs a fee of up to 0.75% per annum, with an actual fee reported at 0.70% per annum. The total expense ratio for the month was 0.28%, which includes a government levy and SECP fee of 0.04%. Year-to-date, the total expense ratio was stated at 2.83%, inclusive of a 0.43% government levy and SECP fee.
Despite the slight underperformance compared to its benchmark, the fund maintains a high management quality rating of AM1, awarded by PACRA on November 5, 2025, reflecting strong management capabilities and operational efficiency. The JSMFETF continues to offer investment opportunities with a high-risk profile for those looking to capitalize on market momentum.