JPMorgan eclipses Dimensional as world’s biggest active ETF firm

[NEW YORK] JPMorgan Asset Management has a new superlative: The firm now hails as the world’s largest issuer of actively managed exchange-traded funds (ETFs).

The bank’s asset management arm currently controls nearly US$257 billion in active ETFs worldwide, according to data compiled by Bloomberg. That sum puts it narrowly ahead of Dimensional Fund Advisors, which commands roughly US$255 billion in the structure.

It is a feather in the cap of JPMorgan Asset Management, which is already behind both the biggest active equity and bond ETFs. While Dimensional got an early boost up the leaderboard with the conversion of billions of US dollars worth of mutual fund assets into ETFs, steady flows into JPMorgan’s derivatives-powered equity funds has fuelled the firm’s rise in the US$19 trillion global ETF industry. That demand only accelerated in 2025 as investors small and large ploughed money into active ETFs.

“The race is still close, and the change in leadership really boils down to 2025 flows. The advantage on that front was firmly in JPMorgan’s favour,” said Ben Johnson, head of client solutions at Morningstar. “If I had to put a bow on JPMorgan’s ascendance to the top of the global active ETF league table in 2025, I’d say it was driven largely by investors’ appetite for income and stability.”

That desire for income was evident across asset classes within JPMorgan’s lineup. The US$34 billion JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) – which tracks tech stocks while generating additional income from its option overlay strategy – absorbed more than US$10 billion. Meanwhile, the US$36 billion JPMorgan Ultra-Short Income ETF (JPST), which invests in short-duration bonds, attracted US$7.4 billion.

A Dimensional spokesperson declined to comment.

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Active management has been enjoying a revival in recent years, spurring a land grab among issuers in the fiercely competitive ETF arena. The share of actively managed ETFs in the nearly US$14 trillion US ETF market has doubled in less than a decade, Bloomberg Intelligence data show, fuelled by demand for derivatives-backed and leveraged funds.

While Dimensional still leads in the US when it comes to active ETF assets, JPMorgan likely has more of a presence globally, according to BI senior ETF analyst Eric Balchunas. Combined with the bank’s earlier start in the ETF industry, and sheer volume of funds, JPMorgan was bound to close the gap, he said. JPMorgan has nearly 160 funds compared with Dimensional’s fewer than 50.

“JPMorgan has three times the amount of ETFs, they came into the market earlier, and let’s face it, the JPMorgan brand is top-shelf,” said Balchunas. “Dimensional is no slouch, but they’re a little later and they don’t have quite as big of a brand globally.” BLOOMBERG