JS Momentum Factor ETF (JSMFETF) opened the new financial year with a sharp decline, falling 9.09 percent in July 2026.
Steepest July Loss In Recent History
The drop marked the fund’s weakest July performance in the available data. It compared with a 0.57 percent fall in July of the previous year and strong gains in earlier periods.
The benchmark JS Momentum Factor Index slipped 9.03 percent over the same month. The tracking difference stood at a narrow minus 0.06 percentage points.
Net asset value stood at Rs9.79 at the end of July, while net assets were recorded at Rs1.38 billion.
Heavy Sector Bets Amplified Pressure
Cement stocks dominated the portfolio at 46.38 percent of equity holdings. Oil and gas marketing companies accounted for another 23.68 percent.
Top positions included D.G. Khan Cement at 20.20 percent and Maple Leaf Cement at 19.26 percent. Sui Northern and Sui Southern Gas together made up nearly 24 percent.
Momentum strategies can struggle when market leadership rotates sharply. July’s broader market volatility, driven by geopolitical tensions, put additional pressure on high-momentum stocks and contributed to the ETF’s weak performance.
The fund, launched in January 2022, carries a high-risk profile. Its since-inception return remains strongly positive at more than 250 percent, although it has trailed the benchmark by roughly 10 percentage points.
Investors should note that past performance does not guarantee future results. The ETF continues to rebalance monthly based on price momentum scores.