DFEM vs JEMA: Grades, Fees and Holdings Compared

Dimensional Emerging Markets Core Equity 2 ETF

DFEMANYSE Arca

JPMorgan ActiveBuilders Emerging Markets Equity ETF

JEMAANasdaq

Overlap

28.4%by weight

Expense ratio

JEMA −0.06pt a year

DFEM0.39%JEMA0.33%

Avg volume · 30D

DFEM 6.4×the volume

DFEM943KJEMA147K

3Y return · a year

JEMA +2.1pt

DFEM+20.2%JEMA+22.3%

DFEM vs JEMA Performance

Oct 31, 2025 – Oct 30, 2026

+12.4%DFEM+16.5%JEMA

Expense ratio: DFEM 0.39%; JEMA 0.33%, better
Fund size: DFEM $8.93B; JEMA $1.59B
1Y total return: DFEM +12.4%; JEMA +16.5%, better
Yield (12M): DFEM 2.14%; JEMA 2.55%, better
Holdings: DFEM 6816; JEMA 486
Avg volume (30D): DFEM 943K sh, better; JEMA 147K sh
NAV per share: DFEM $36.65; JEMA $56.18
52W range

ETF.net Grade

Pillar letters and Scores for DFEM, JEMA, with each pillar’s weight
Pillar	DFEM	JEMA
Cost30% weight	A81	A94Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B64Higher	B58
Tradability15% weight	A81	A82Higher
Holdings10% weight	A88	Not scored
Durability5% weight	A92Higher	A89

Rank among Emerging Markets Active Equity funds

How we build Categories ›

Same Category. DFEM and JEMA are both graded against the same 27 Emerging Markets Active Equity funds, so their Grades compare head to head.

Emerging Markets Active Equity⁠

Category · 27 funds

See all 27 ›

JEMA ranks 2nd and DFEM 3rd of 27 funds in the Emerging Markets Active Equity Category.

Rank 1AAVEMAvantis Emerging Markets Equity ETFScore 86
Rank 2AJEMAJPMorgan ActiveBuilders Emerging Markets Equity ETFScore 82
Rank 3AAVSEAvantis Responsible Emerging Markets Equity ETFScore 79
Rank 3AAVXCAvantis Emerging Markets ex-China Equity ETFScore 79
Rank 3ADFEMDimensional Emerging Markets Core Equity 2 ETFScore 79
Rank 6BAVEEAvantis Emerging Markets Small Cap Equity ETFScore 69

Our read on each fund

ETF.net Research

DFEMADimensional Emerging Markets Core Equity 2 ETF

JEMAAJPMorgan ActiveBuilders Emerging Markets Equity ETF

In short

DFEM Dimensional casts one giant net over roughly 6,600 emerging-market stocks, then tilts the weights toward cheaper, more profitable, higher-momentum names. Index-like breadth, active hands, at a fee well under the typical active EM fund.

JEMA Active emerging-markets management priced like an index fund: J.P. Morgan blends its own country, region and style EM strategies into one roughly 500-stock portfolio built to keep the MSCI EM index's sector and country risk shape.

Stated mandate

DFEM The fund seeks long-term capital appreciation.

JEMA Seeks long-term capital appreciation through a portfolio of emerging-market equities.

Why people hold it

DFEM 0.39% a year, against a 0.65% median for its active emerging-markets peer group. Cheap for a fund making its own calls.
Roughly 6,600 holdings. No single stock, sector or country gets to dominate the outcome; breadth is the main risk control.
Systematically active: it targets value, profitability and momentum across the opportunity set rather than copying the MSCI Emerging Markets IMI Index name for name.
A multi-billion-dollar fund that trades actively, and one of the stronger implementations in the active EM group.

JEMA 0.33% a year, about half the 0.65% median for active EM funds and level with the cheapest names in the group (AVEM, AVXC, AVSE).
Not one manager's hunch: the portfolio stitches together a range of J.P. Morgan's actively managed EM strategies across countries, regions and styles.sec.gov
Active tilts, benchmark shape. It overweights and underweights countries and sectors versus the MSCI EM index while aiming to hold similar sector and geographic risk.sec.gov
A multi-billion-dollar fund that stands among the strongest implementations in the active EM group on cost and structure.

Worth knowing

DFEM Active means no index to hide behind. Returns come from Dimensional's tilts, which can drift away from a standard EM benchmark in either direction.
Not the cheapest seat in the room: AVEM, JEMA and AVXC run 0.33%, a touch under DFEM's 0.39%.
Income arrives quarterly, not monthly, and the mandate is long-term capital appreciation rather than yield.

JEMA Active means results ride on the adviser's calls, and the fund has only been trading since 2021, a short record for an EM strategy.sec.gov
Full-market EM exposure runs hot: volatility screens as the softer part of the picture next to peers, the trade-off for staying in the whole asset class.
Moderately traded rather than a tape giant, and cash comes back once or twice a year, not monthly.

Full DFEM profile⁠

Full JEMA profile⁠

DFEM vs JEMA Holdings

How DFEM and JEMA differ

Overlap by weight

28.4%

Shared holdings make up 57.8% of JEMA and 32.9% of DFEM.

Level by level

Holdings250 in both28.4%
Sector11 Sectors86.2%
Countryby domicile91.0%
Asset classEquity100%

Sector

Sector weights in DFEM and JEMA, widest gap first
Sector	More in DFEMMore in JEMA	DFEM	JEMA
Financials	JEMA +7.2 points	15.8%	23.0%
Technology	JEMA +5.6 points	37.8%	43.4%
Industrials	DFEM +4.4 points	10.5%	6.1%
Materials	DFEM +4.0 points	7.7%	3.7%
Health Care	DFEM +2.1 points	4.1%	2.0%
Consumer Staples	DFEM +1.4 points	3.5%	2.1%
Real Estate	DFEM +1.1 points	1.7%	0.6%
Communication	JEMA +0.7 points	5.0%	5.7%
Utilities	DFEM +0.4 points	1.9%	1.5%
Energy	DFEM +0.4 points	4.0%	3.6%
Consumer Discretionary	JEMA +0.3 points	8.0%	8.3%

Country, concentration and asset class

Country by domicile

Country weights in DFEM and JEMA, widest gap first
Country	More in DFEMMore in JEMA	DFEM	JEMA
South Korea	JEMA +2.9 points	18.2%	21.1%
India	DFEM +2.5 points	13.3%	10.8%
Taiwan	DFEM +2.3 points	30.7%	28.4%
Brazil	JEMA +2.3 points	3.8%	6.1%
Hong Kong	JEMA +0.9 points	0.6%	1.5%
United States	DFEM +0.9 points	1.7%	0.8%
Peru	JEMA +0.8 points	0.1%	0.9%
Thailand	DFEM +0.7 points	1.3%	0.6%
Other countries (17)	DFEM +0.4 points	30.2%	29.8%

Outside the US: DFEM 1% developed, 99% emerging. JEMA 2% developed, 98% emerging.

Concentration

Weight in the 10 largest Holdings

DFEM23.7%
JEMA40.5%

Securities held

DFEM6,778
JEMA477

Asset class

DFEM: Equity
JEMA: Equity

Holdings

Only in DFEM6,528
In both250
Only in JEMA227

Only in DFEM

6,528 securities, 66.5% of DFEM by weight

Samsung Electronics Co4.12%
Sk Hynix Inc4.06%
Samsung Electronics Co Lt0.51%
Unimicron Technology Corp0.51%
Samsung Electro-Mechanics0.44%
Bharti Airtel Ltd0.44%
Kinsus Interconnect Techn0.42%
Petroleo Brasileiro SA0.40%
Hdfc Bank Ltd0.38%
Taiwan Union Technology C0.28%
Fubon Financial Holding C0.26%
Nan Ya Plastics Corp0.26%
Hyundai Motor Co0.25%
Hana Financial Group Inc0.25%
Petroleo Brasileiro SA0.24%
Al Rajhi Bank0.24%
Reliance Industries Ltd0.23%
Ts Financial Holding Co0.23%
Mahindra & Mahindra Ltd0.23%
Gold Fields Ltd0.22%
Saudi Arabian Oil Co0.21%
Anglogold0.21%
Kb Financial Group Inc0.20%
Yageo Corp0.19%
Axis Bank Ltd0.19%
Iteq Corp0.18%
United Microelectronics C0.18%
Grupo Mexico Sab De Cv0.17%
Winbond Electronics Corp0.17%
Shinhan Financial Group0.17%
Kb Financial Group Inc0.17%
Petro Rio SA0.17%
Wistron Corp0.17%
Gold Circuit Electronics0.16%
Hyosung Heavy Industries0.16%
Kuwait Finance House Kscp0.16%
Lg Electronics Inc0.16%
Reliance Industries Ltd0.16%
Qatar National Bank Qpsc0.16%
Grupo Financiero Banorte0.16%
Woori Financial Group Inc0.16%
Nanya Technology Corp0.15%
China Resources Land Ltd0.15%
Saudi Telecom Co0.15%
Tata Consultancy Services0.15%
Netease Inc - Adr0.15%
Samsung Sdi Co Ltd0.15%
Cspc Pharmaceutical Group0.14%
Uni-President Enterprises0.14%
King Yuan Electronics Co0.14%

Only in JEMA

227 securities, 42.2% of JEMA by weight

Samsung Electronics Co8.50%
Sk Hynix Inc Common5.27%
JPMorgan Prime Money1.51%
Hdfc Bank Ltd Common1.15%
Petroleo Brasileiro SA -0.97%
Grupo Financiero Banorte0.78%
Bajaj Finance Ltd Common0.75%
Icici Bank Ltd Common0.73%
Aia Group Ltd Common0.63%
Kia Corp Common Stock0.57%
Kotak Mahindra Bank Ltd0.51%
Credicorp Ltd Common0.48%
Techtronic Industries Co0.47%
Grupo Mexico Sab De Cv0.47%
Banco Bilbao Vizcaya0.47%
Shinhan Financial Group0.47%
Hdfc Bank Ltd Adr USD0.47%
Al Rajhi Bank Common0.46%
Reliance Industries Ltd0.44%
Mercadolibre Inc Common0.41%
Hana Financial Group Inc0.41%
Bharti Airtel Ltd Common0.40%
Nu Holdings Ltd/Cayman0.36%
Mahindra & Ltd0.36%
Tata Consultancy0.34%
Hanwha Aerospace Co Ltd0.33%
Genpact Ltd Common Stock0.27%
Sk Square Co Ltd Common0.27%
Db Insurance Co Ltd0.25%
Cholamandalam Investment0.25%
Samsung Biologics Co Ltd0.24%
Samsung0.24%
Power Grid Corp of India0.24%
The Saudi National Bank0.24%
Samsung Fire & Marine0.24%
Millicom International0.23%
Dr Reddy's Laboratories0.23%
Kb Financial Group Inc0.23%
Life Insurance Corp of0.22%
Max Healthcare Institute0.21%
Embassy Office Parks0.20%
Trip.com Group Ltd0.20%
Hong Kong Exchanges &0.19%
Apr Corp/Korea Common0.19%
Vista Energy Sab De Cv0.18%
Abu Dhabi Islamic Bank0.18%
Arca Continental Sab De0.17%
Scb X Pcl Foreign Sh.0.17%
Anglogold Ashanti PLC0.17%
Samsung C&T Corp Common0.17%

Weight gaps

The 100 widest of 250 Holdings in both funds.

Holding weights in DFEM and JEMA, widest gap first
Holding	More in DFEMMore in JEMA	DFEM	JEMA
Taiwan Semiconductor Manu	JEMA +5.73 points	10.41%	16.14%
Tencent Holdings Ltd	JEMA +1.31 points	1.52%	2.83%
Mediatek Inc	JEMA +1.14 points	0.46%	1.60%
Netease Inc	JEMA +0.91 points	0.14%	1.05%
Alibaba Group Holding Ltd	JEMA +0.75 points	0.67%	1.42%
Midea Group Co Ltd	JEMA +0.65 points	0.02%	0.67%
Ase Technology Holding Co	JEMA +0.63 points	0.41%	1.04%
Fuyao Glass Industry Grou	JEMA +0.62 points	0.04%	0.66%
Itau Unibanco Holding SA	JEMA +0.61 points	0.09%	0.70%
Huazhu Group Ltd	JEMA +0.59 points	0.06%	0.65%
China Merchants Bank Co L	JEMA +0.54 points	0.23%	0.77%
Kweichow Moutai Co Ltd	JEMA +0.49 points	0.12%	0.61%
Contemporary Amperex Tech	JEMA +0.47 points	0.09%	0.56%
Banco Btg Pactual SA	JEMA +0.45 points	0.03%	0.48%
Zijin Mining Group Co Ltd	JEMA +0.42 points	0.20%	0.62%
Otp Bank Nyrt	JEMA +0.39 points	0.12%	0.51%
Accton Technology Corp	JEMA +0.37 points	0.16%	0.53%
China Construction Bank C	DFEM +0.36 points	0.82%	0.46%
Hon Hai Precision Industr	DFEM +0.35 points	0.47%	0.12%
Icici Bank LtdIBN	DFEM +0.34 points	0.43%	0.09%
Ping An Insurance Group C	JEMA +0.34 points	0.39%	0.73%
Capitec Limited	JEMA +0.34 points	0.06%	0.40%
National Bank of Greece’s	JEMA +0.33 points	0.06%	0.39%
Bank Central Asia Tbk Pt	JEMA +0.32 points	0.05%	0.37%
Industrial & Commercial B	DFEM +0.31 points	0.40%	0.09%
Piraeus Bank SA	JEMA +0.29 points	0.07%	0.36%
Axia Energia	JEMA +0.27 points	0.04%	0.31%
Gold Fields Ltd	JEMA +0.27 points	<0.01%	0.27%
Shoprite Holdings Ltd	JEMA +0.26 points	0.08%	0.34%
Advantech Co Ltd	JEMA +0.24 points	0.07%	0.31%
Credicorp LtdBAP	JEMA +0.23 points	0.08%	0.31%
Mpi Corp	DFEM +0.22 points	0.40%	0.18%
Eternal Ltd	JEMA +0.19 points	0.04%	0.23%
Quanta Computer Inc	JEMA +0.20 points	0.19%	0.39%
Pdd Holdings IncPDD	DFEM +0.20 points	0.24%	0.04%
Delta Electronics Inc	JEMA +0.19 points	0.32%	0.51%
B3 SA - Brasil Bolsa Balc	JEMA +0.19 points	0.04%	0.23%
Montage Technology Co Ltd	JEMA +0.19 points	<0.01%	0.19%
Ctbc Financial Holding Co	JEMA +0.18 points	0.31%	0.49%
Global Unichip Corp	JEMA +0.18 points	0.09%	0.27%
Anta Sports Products Ltd	JEMA +0.18 points	0.12%	0.30%
Wuxi Apptec Co Ltd	JEMA +0.17 points	0.07%	0.24%
Petroleo Brasileiro SAPBR	JEMA +0.18 points	0.12%	0.30%
Nu Holdings Ltd/Cayman IsNU	JEMA +0.17 points	0.16%	0.33%
Yum China HoldingsYUMC	JEMA +0.17 points	0.09%	0.26%
Bank Rakyat Indonesia Per	JEMA +0.17 points	0.03%	0.20%
Telkom Indonesia Persero	JEMA +0.17 points	0.01%	0.18%
Aspeed Technology Inc	JEMA +0.17 points	0.10%	0.27%
Weg SA	JEMA +0.17 points	0.05%	0.22%
Universal Microwave Techn	JEMA +0.16 points	0.01%	0.17%
Aselsan Elektronik Sanayi	JEMA +0.16 points	0.02%	0.18%
Zhongji Innolight Co Ltd	JEMA +0.16 points	0.03%	0.19%
Win Semiconductors Corp	JEMA +0.15 points	0.12%	0.27%
Asia Vital Components Co	DFEM +0.15 points	0.21%	0.06%
Bank of China Ltd	DFEM +0.15 points	0.35%	0.20%
Nedbank Group Ltd	JEMA +0.15 points	0.10%	0.25%
Xcmg Construction Machine	JEMA +0.15 points	0.01%	0.16%
Zhengzhou Yutong Bus Co L	JEMA +0.14 points	<0.01%	0.14%
Lotes Co Ltd	JEMA +0.13 points	0.06%	0.19%
Loncin Motor Co Ltd	JEMA +0.13 points	<0.01%	0.14%
Sbi Life Insurance Co Ltd	JEMA +0.14 points	0.03%	0.17%
Advanced Micro-Fabricatio	JEMA +0.13 points	<0.01%	0.13%
Porto Seguro SA	JEMA +0.13 points	0.02%	0.15%
Jiangsu Hengrui Medicine	JEMA +0.13 points	0.01%	0.14%
Powszechny Zaklad Ubezpie	JEMA +0.13 points	0.06%	0.19%
Hangzhou Tigermed Consult	JEMA +0.13 points	<0.01%	0.14%
Meituan	JEMA +0.12 points	0.08%	0.20%
Cia De Saneamento De Mina	JEMA +0.12 points	0.03%	0.15%
Yuanta Financial Holding	DFEM +0.12 points	0.18%	0.06%
Chipbond Technology Corp	JEMA +0.12 points	0.07%	0.19%
Byd Co Ltd	DFEM +0.11 points	0.19%	0.08%
Haidilao International Ho	JEMA +0.12 points	0.02%	0.14%
Largan Precision Co Ltd	JEMA +0.12 points	0.10%	0.22%
Wus Printed Circuit Kunsh	JEMA +0.11 points	0.01%	0.12%
Hdfc Life Insurance Co Lt	JEMA +0.11 points	<0.01%	0.12%
Elite Material Co Ltd	DFEM +0.11 points	0.33%	0.22%
Cia De Saneamento Basico	JEMA +0.11 points	0.01%	0.12%
All Ring Tech Co Ltd	JEMA +0.11 points	0.03%	0.14%
China Life Insurance Co L	DFEM +0.11 points	0.18%	0.07%
Naura Technology Group Co	JEMA +0.10 points	<0.01%	0.11%
Kuaishou Technology	DFEM +0.10 points	0.13%	0.03%
Hdfc Asset Management Co	JEMA +0.10 points	0.04%	0.14%
Zto Express Cayman Inc	DFEM +0.10 points	0.11%	0.01%
Kinik Co	JEMA +0.09 points	0.05%	0.14%
Shenzhen Inovance Technol	JEMA +0.10 points	<0.01%	0.10%
Sg Micro Corp	JEMA +0.09 points	<0.01%	0.09%
Hongfa Technology Co Ltd	JEMA +0.09 points	<0.01%	0.09%
Luxshare Precision Indust	JEMA +0.09 points	0.02%	0.11%
Focus Media Information T	JEMA +0.08 points	<0.01%	0.09%
China Mengniu Dairy Co Lt	DFEM +0.08 points	0.12%	0.04%
Metlen EnergyMTLN.L	JEMA +0.09 points	0.04%	0.13%
Sany Heavy Industry Co Lt	JEMA +0.08 points	0.01%	0.09%
Cia Paranaense De Energia	JEMA +0.08 points	0.03%	0.11%
Zhen Ding Technology Hold	DFEM +0.08 points	0.15%	0.07%
Wuxi Biologics	DFEM +0.08 points	0.18%	0.10%
Visual Photonics Epitaxy	JEMA +0.08 points	0.03%	0.11%
Wistron Neweb Corp	JEMA +0.07 points	0.06%	0.13%
Citic Securities Co Ltd	JEMA +0.08 points	0.02%	0.10%
E.sun Financial Holding C	DFEM +0.08 points	0.18%	0.10%
Grand Plastic Technology	JEMA +0.08 points	0.01%	0.09%

All 6,563 DFEM holdings⁠All 483 JEMA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DFEM vs JEMA Cost

Overpaying DFEM vs JEMA

$1,161

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DFEM 0.39%
$7,898
JEMA 0.33%
$6,737

Amount$10,000

Years30 years

Cost over time

DFEM 0.39%
JEMA 0.33%
Overpaying

Year by year

Year	DFEM	JEMA	Overpaying
10	$705	$598	$107
20	$2,725	$2,318	$407
30	$7,898	$6,737	$1,161

Expense ratio

0.39%DFEM
0.33%JEMA, cheaper

JEMA0.33%DFEM0.39%

0.33%0.85%

Middle half of Emerging Markets Active Equity funds
Median 0.65%

JEMA cheapest of 27 funds

DFEM 5th cheapest of 27 funds

DFEM vs JEMA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFEM 2.14%; JEMA 2.55%, better
Payout (12M): DFEM $0.78; JEMA $1.43
Last payment: DFEM $0.30; JEMA $1.43
Ex-dividend: DFEM Sep 22, 2026; JEMA Dec 16, 2025
Paid on: DFEM Sep 24, 2026; JEMA Dec 18, 2025
Frequency: DFEM Quarterly; JEMA Annual

Distribution history

Per share, 2021 to 2026, same scale for both

DFEMQuarterly · 18 paymentsAll DFEM payments⁠

JEMAAnnual · 7 paymentsAll JEMA payments⁠

DFEM vs JEMA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFEM 15.5%, betterJEMA 16.7%
Return per unit of riskSharpe ratio, 3 years: DFEM 0.98JEMA 1.03, better
Worst fallMax drawdown, 5 years: DFEM −20.8%since Apr 2022JEMA −36.5%
Market sensitivityBeta, 5 years: DFEM 1.06JEMA 1.05; Market = 1

DFEM and JEMA in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFEMJEMA
ETF Filings
Franklin Templeton files Templeton Emerging Markets Insights ETF at 0.64%
Oct 22, 2026JEMA
New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026JEMA
ETF Filings
JOHCM files to add emerging-markets and international ETFs at Advisors' Inner Circle Fund II
Sep 21, 2026JEMA
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026JEMA

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DFEM vs JEMA

In short

Stated mandate

Why people hold it