JPMorgan Chase is striving to obtain approval to launch actively managed ETFs in China this year.

JPMorgan Chase is striving to obtain approval from the Chinese securities regulator to launch actively managed exchange-traded funds (ETFs) for the first time in China. George Gatch, CEO of JPMorgan Asset Management, said, "We expect to obtain the necessary licenses this year to start this business." Earlier this year, JPMorgan Asset Management surpassed Dimensional Fund Advisors to become the world's largest issuer of active ETFs, managing assets of around $257 billion. Active ETFs are a key growth area for the U.S. company globally. In China, issuers can offer "enhanced index" ETFs with deviations from the index of no more than 20%, but full active management is currently not allowed. Gatch said, "It is a very interesting market, quite different from most others." He mentioned that the Chinese Securities Regulatory Commission often approves multiple funds to launch related products simultaneously. JPMorgan has been operating in China since 1921 and announced in October 2025 that it plans to double its assets under management in the Asia-Pacific region within five years to reach $600 billion. According to its official website, the company operates a wholly-owned mutual fund business in China, serving over 69 million retail and institutional clients by the end of 2024. Gatch noted that global conditions may become more volatile in the future, but "in the long term, Chinese assets and Chinese investors will be a crucial part of our business." He emphasized the growing importance of non-U.S. markets for the company, such as leading the active ETF market in Europe with nearly a 25% market share. In Canada, the company's staff has grown from 5 employees three and a half years ago to nearly 40, serving institutional investors and financial advisors. Gatch said, "I expect the importance of non-U.S. investments to be far greater in the future. The U.S. dollar has been strong for the past decade, but uncertainty in U.S. policy will impact the dollar." He added that while the dollar will remain a reserve currency, a potential weakening in the future could benefit emerging markets, which are a significant part of their investment business. As of the end of December last year, JPMorgan Chase's global asset and wealth management business managed client assets totaling $48 trillion.