How the Largest Active ETFs in the US Performed

Each month, we check in on the performance of the largest US active exchange-traded funds.

While passive ETFs have portfolios where holdings are designed to track the performance of an index, active ETFs are managed by portfolio managers who make the decisions about which investments to own. Like index-tracking ETFs, active ETFs trade on an exchange and are typically lower-cost and more tax-efficient than traditional actively managed mutual funds.

When evaluating ETFs, investors should focus on long-term returns across multiple years and market cycles. However, short-term returns can provide valuable information about biases within strategies.

Out of the 10 largest US active ETFs, the top performer last month was the $44.5 billion JPMorgan Nasdaq Equity Premium Income ETF JEPQ, which gained 2.91%. The bottom performer was the $30.7 billion Avantis US Small Cap Value ETF AVUV, which lost 5.45%.

Here’s more about the performance of the largest active ETFs.

Dimensional US Core Equity 2 ETF DFAC

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

The $49.1 billion Dimensional US Core Equity 2 ETF fell 1.85% in September. The loss on the fund was worse than the 1.19% loss on the average fund in the large blend category, underperforming 76% of its peers. The fund fell further than its benchmark, the Russell 3000 Index, by 1.01 percentage points.

Over the past year, the Dimensional fund rose 16.30%, while the average fund in its category rose 13.17%. The fund, launched in October 2007, has climbed 20.53% over the past three years annualized and 12.20% annualized over the past five.

JPMorgan Equity Premium Income ETF JEPI

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Derivative Income

The JPMorgan Equity Premium Income ETF lost 1.63% in September, underperforming the average fund in the derivative income category, which rose 0.22%. The fund underperformed 71% of its peers and fell further than its benchmark, the S&P 500 Index, by 1.28 percentage points.

The $45.3 billion fund has gained 6.62% over the past year, while the average fund in its category is up 9.93%. The JPMorgan fund, launched in May 2020, has climbed 10.04% over the past three years annualized and 7.78% annualized over the past five.

DFA US Core Equity 1 Portfolio DCOR

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Blend

The $45.2 billion DFA US Core Equity 1 Portfolio fell 1.76% in September. The loss on the fund was worse than the 1.19% loss on the average fund in the large blend category, underperforming 75% of its peers. The fund fell further than its benchmark, the Russell 3000 Index, by 0.92 percentage points.

Over the past year, the Dimensional fund rose 15.42%, while the average fund in its category rose 13.17%. The fund, launched in September 2026, has climbed 20.83% over the past three years annualized and 12.64% annualized over the past five.

JPMorgan Nasdaq Equity Premium Income ETF JEPQ

• Morningstar Medalist Rating
  : Silver
• Morningstar Category
  : Derivative Income

The $44.5 billion JPMorgan Nasdaq Equity Premium Income ETF rose 2.91% in September. The gain on the fund beat the 0.22% gain on the average fund in the derivative income category, outperforming 81% of its peers. The fund lagged its benchmark, the NASDAQ 100 Index, by 0.39 percentage points.

Over the past year, the JPMorgan fund rose 19.46%, while the average fund in its category rose 9.93%. The fund, launched in May 2022, has gained 21.85% over the past three years annualized.

iShares US Equity Factor Rotation Active ETF DYNF

• Morningstar Medalist Rating
  : Silver
• Morningstar Category
  : Large Blend

In September, the iShares US Equity Factor Rotation Active ETF fell 0.10%, while the average large blend fund lost 1.19%. The fund outperformed 82% of its peers and edged out its benchmark, the MSCI USA Index, by 0.29 percentage points.

The $42.4 billion fund has climbed 18.01% over the past year, outperforming the average fund in its category, which rose 13.17%. The iShares fund, launched in March 2019, has climbed 26.71% over the past three years annualized and 16.09% annualized over the past five.

JPMorgan Ultra-Short Income ETF JPST

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Ultrashort Bond

The JPMorgan Ultra-Short Income ETF gained 0.03% in September, underperforming the average fund in the ultrashort bond category, which rose 0.07%. The fund underperformed 65% of its peers and beat its benchmark, the Bloomberg US Aggregate Bond Index, by 2.65 percentage points.

The $42.3 billion fund has gained 3.44% over the past year, while the average fund in its category is up 3.62%. The JPMorgan fund, launched in May 2017, has climbed 4.92% over the past three years annualized and 3.77% annualized over the past five.

Capital Group Dividend Value ETF CGDV

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Large Value

The $38.7 billion Capital Group Dividend Value ETF fell 1.90% in September. The loss on the fund edged out the 3.82% loss on the average fund in the large value category, outperforming 92% of its peers. The fund fell further than its benchmark, the S&P 500 Index, by 1.55 percentage points.

Over the past year, the Capital Group fund rose 17.73%, while the average fund in its category rose 15.60%. The fund, launched in February 2022, has gained 24.50% over the past three years annualized.

Janus Henderson AAA CLO ETF JAAA

• Morningstar Medalist Rating
  : Bronze
• Morningstar Category
  : Securitized Bond - Focused

The Janus Henderson AAA CLO ETF gained 0.28% in September, outperforming the average fund in the securitized bond - focused category, which rose 0.03%. The fund underperformed 69% of its peers and beat its benchmark, the Bloomberg US Aggregate Bond Index, by 2.9 percentage points.

The $31.8 billion fund has gained 4.68% over the past year, while the average fund in its category is up 3.95%. The Janus Henderson fund, launched in October 2020, has climbed 6.12% over the past three years annualized and 5.02% annualized over the past five.

Avantis US Small Cap Value ETF AVUV

• Morningstar Medalist Rating
  : Gold
• Morningstar Category
  : Small Value

The $30.7 billion Avantis US Small Cap Value ETF fell 5.45% in September. The loss on the fund was roughly in line with the 5.40% loss on the average fund in the small value category, outperforming 53% of its peers. The fund fell further than its benchmark, the Russell 3000 Index, by 4.61 percentage points.

Over the past year, the American Century fund rose 19.91%, while the average fund in its category rose 15.48%. The fund, launched in September 2019, has climbed 16.61% over the past three years annualized and 11.17% annualized over the past five.

Avantis Emerging Markets Equity ETF AVEM

• Morningstar Medalist Rating
  : Silver
• Morningstar Category
  : Diversified Emerging Mkts

The $28.7 billion Avantis Emerging Markets Equity ETF fell 0.11% in September. The loss on the fund edged out the 0.94% loss on the average fund in the diversified emerging markets category, outperforming 73% of its peers. The fund edged out its benchmark, the MSCI EM IMI Index, by 0.61 percentage points.

Over the past year, the American Century fund rose 28.85%, while the average fund in its category rose 28.33%. The fund, launched in September 2019, has climbed 24.82% annualized over the past three years and 11.08% annualized over the past five.