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 $28.1 billion Avantis Emerging Markets Equity ETF AVEM, which gained 5.34%. The bottom performer was the $31 billion Avantis US Small Cap Value ETF AVUV, which lost 0.23%.Here’s more about the performance of the largest active ETFs.Dimensional US Core Equity 2 ETF DFACMorningstar Medalist Rating: GoldMorningstar Category: Large BlendThe $48.8 billion Dimensional US Core Equity 2 ETF rose 2.05% in August. The gain on the fund was shy of the 2.39% gain on the average fund in the large blend category, underperforming 67% of its peers. The fund lagged its benchmark, the Russell 3000 Index, by 0.69 percentage points.Over the past 12 months, the Dimensional fund rose 21.40%, while the average fund in its category rose 18.00%. The fund, launched in October 2007, has climbed 19.4% over the past three years annualized and 11.7% annualized over the past five.JPMorgan Equity Premium Income ETF JEPIMorningstar Medalist Rating: GoldMorningstar Category: Derivative IncomeThe JPMorgan Equity Premium Income ETF gained 0.80% in August, underperforming the average fund in the derivative income category, which rose 4.27%. The fund underperformed 82% of its peers and lagged its benchmark, the S&P 500 Index, by 1.93 percentage points.The $45.8 billion fund has gained 9.04% over the past 12 months, while the average fund in its category is up 14.82%. The JPMorgan fund, launched in May 2020, has climbed 9.50% over the past three years annualized and 7.22% annualized over the past five.JPMorgan Nasdaq Equity Premium Income ETF JEPQMorningstar Medalist Rating: SilverMorningstar Category: Derivative IncomeIn August, the JPMorgan Nasdaq Equity Premium Income ETF rose 4.65%, while the average derivative income fund gained 4.27%. The fund outperformed 77% of its peers and beat its benchmark, the NASDAQ 100 Index, by 0.41 percentage points.The $41.6 billion fund has climbed 20.90% over the past 12 months, outperforming the average fund in its category, which rose 14.82%. The JPMorgan fund, launched in May 2022, has gained 19.34% over the past three years annualized.iShares US Equity Factor Rotation Active ETF DYNFMorningstar Medalist Rating: SilverMorningstar Category: Large BlendThe $41.2 billion iShares US Equity Factor Rotation Active ETF rose 2.99% in August. The gain on the fund beat the 2.39% gain on the average fund in the large blend category, outperforming 80% of its peers. The fund beat its benchmark, the MSCI USA Index, by 0.27 percentage points.Over the past 12 months, the iShares fund rose 22.44%, while the average fund in its category rose 18.00%. The fund, launched in March 2019, has climbed 24.77% over the past three years annualized and 14.99% annualized over the past five.JPMorgan Ultra-Short Income ETF JPSTMorningstar Medalist Rating: GoldMorningstar Category: Ultrashort BondThe JPMorgan Ultra-Short Income ETF gained 0.33% in August, performing roughly in line with the average fund in the ultrashort bond category, which rose 0.33%. The fund outperformed 57% of its peers and lagged its benchmark, the Bloomberg US Aggregate Bond Index, by 0.06 percentage points.The $41 billion fund has gained 3.86% over the past 12 months, while the average fund in its category is up 3.98%. The JPMorgan fund, launched in May 2017, has climbed 5.03% over the past three years annualized and 3.77% annualized over the past five.Capital Group Dividend Value ETF CGDVMorningstar Medalist Rating: GoldMorningstar Category: Large ValueThe $38.4 billion Capital Group Dividend Value ETF rose 0.81% in August. The gain on the fund was shy of the 1.82% gain on the average fund in the large value category, underperforming 79% of its peers. The fund lagged its benchmark, the S&P 500 Index, by 1.92 percentage points.Over the past 12 months, the Capital Group fund rose 22.06%, while the average fund in its category rose 21.74%. The fund, launched in February 2022, has gained 23.73% over the past three years annualized.Avantis US Small Cap Value ETF AVUVMorningstar Medalist Rating: GoldMorningstar Category: Small ValueIn August, the Avantis US Small Cap Value ETF fell 0.23%, while the average small value fund was unchanged. The fund underperformed 53% of its peers and lagged its benchmark, the Russell 3000 Index, by 2.97 percentage points.The $31 billion fund has climbed 27.05% over the past 12 months, outperforming the average fund in its category, which rose 21.96%. The American Century fund, launched in September 2019, has climbed 17.36% over the past three years annualized and 12.48% annualized over the past five.Janus Henderson AAA CLO ETF JAAAMorningstar Medalist Rating: BronzeMorningstar Category: Securitized Bond – FocusedThe $30.3 billion Janus Henderson AAA CLO ETF rose 0.45% in August. The gain on the fund was shy of the 0.55% gain on the average fund in the securitized bond – focused category, underperforming 60% of its peers. The fund beat its benchmark, the Bloomberg US Aggregate Bond Index, by 0.06 percentage points.Over the past 12 months, the Janus Henderson fund rose 4.83%, while the average fund in its category rose 4.62%. The fund, launched in October 2020, has climbed 6.22% over the past three years annualized and 4.98% annualized over the past five.Avantis Emerging Markets Equity ETF AVEMMorningstar Medalist Rating: SilverMorningstar Category: Diversified Emerging MktsIn August, the Avantis Emerging Markets Equity ETF rose 5.34%, while the average diversified emerging mkts fund gained 4.11%. The fund outperformed 75% of its peers and beat its benchmark, the MSCI EM IMI Index, by 1.26 percentage points.The $28.1 billion fund has climbed 36.17% over the past 12 months, performing roughly in line with the average fund in its category, which rose 36.54%. The American Century fund, launched in September 2019, has climbed 23.96% over the past three years annualized and 10.26% annualized over the past five.Fidelity Total Bond ETF FBNDMorningstar Medalist Rating: GoldMorningstar Category: Intermediate Core-Plus BondIn August, the Fidelity Total Bond ETF rose 0.40%, while the average intermediate core-plus bond fund gained 0.40%. The fund underperformed 51% of its peers and performed roughly in line with its benchmark, the Bloomberg US Aggregate Bond Index.The $28.1 billion fund has climbed 2.16% over the past 12 months, performing roughly in line with the average fund in its category, which rose 2.07%. The Fidelity fund, launched in October 2014, has climbed 4.73% over the past three years annualized and 0.41% annualized over the past five.