At a glance
JOET charges 0.29% a year, above the 0.2% average of the 8 funds most like it (the 7th cheapest of 9). It has $243.5M in assets, the 9th largest of that group; it paid 0.59% of its price in distributions over the past 12 months, annual. Over the past year it returned +6.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +21.4% a year. At its worst it fell 25.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 20 months after the low. Its ten largest positions make up 8.9% of the fund, out of 125 in all.
The short version
Virtus Terranova U.S. Quality Momentum ETF (JOET) is an index fund that holds 125 large U.S. stocks. It first picks stocks for strong 12-month gains, then screens them for profitability, debt and sales growth, and gives each one the same weight. Its 0.29% expense ratio is above the 0.20% average of similar funds. It reshuffles its holdings every quarter, and its portfolio turnover was 117%.
Price history
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JOET +6.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JOET official prospectus, to Dec 31, 2024 | — | +24.00% | — | — | — | +11.61% |
| JOET price data to Oct 27, 2026 | +9.0% | +6.8% | +21.4% | +8.7% | — | +11.2% |
- Over the year to Oct 27, 2026, JOET returned +6.8%, 9th of 9 among similar funds.
- Its 5-year annualized return was +8.7%.
- Its worst full calendar year was 2022 (-18.1%); its best was 2024 (+24.0%).
- The deepest fall in its price history was 26.6% (Dec 27, 2021 to Jun 17, 2022), recovered by Feb 9, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.1% | — |
| 2025 | +11.9% | — |
| 2024 | +24.0% | +24.00% |
| 2023 | +16.4% | +16.12% |
| 2022 | -18.1% | -17.90% |
| 2021 | — | +26.73% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 24.3% over that stretch · deepest drop along the way 25.6%, back to its old high 19.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.2700 | 0.0% |
| 2024 | $0.2700 | -34.1% |
| 2023 | $0.4100 | +24.2% |
| 2022 | $0.3300 |
What's inside
As of Jul 31, 2026, the fund held 125 securities; the ten largest made up 8.91% of assets.
| Holding | Weight | |
|---|---|---|
| AMAZON.COM INC | 0.93% | |
| WESTERN DIGITAL CORP | 0.93% | |
| GARMIN LTD | 0.91% | |
| SEAGATE TECHNOLOGY HOLDINGS PLC | 0.90% | |
| QUANTA SERVICES INC | 0.89% | |
| AMPHENOL CORP | 0.88% | |
| MONOLITHIC POWER SYSTEMS INC | 0.88% | |
| CORNING INC | 0.87% | |
| REGENERON PHARMACEUTICALS INC | 0.87% | |
| LAM RESEARCH CORP | 0.86% | |
| FORTINET INC | 0.85% | |
| MARVELL TECHNOLOGY INC | 0.85% | |
| EATON CORP PLC | 0.85% | |
| DATADOG INC | 0.84% | |
| ALPHABET INC | 0.84% |
By country
United States 90.26%Ireland 4.76%Switzerland 1.67%Curaçao 0.78%Cayman Islands 0.77%By asset type
Stocks 98.99%By sector
Sectors of the companies held, for the 70.1% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $6.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.24%, +3.49%, -1.64%.
How it works
JOET tracks the Terranova U.S. Quality Momentum Index. The index is built by Indxx, a provider not affiliated with Virtus. It starts with the 500 largest U.S.-listed stocks by market value. Some foreign companies can qualify through American depositary receipts (ADRs), which are U.S.-traded certificates that stand for foreign shares. Indxx keeps the 250 stocks with the highest total return over the past 12 months. This is the momentum step: the idea that recent winners tend to keep winning for a while.
Next comes the quality screen. Each of the 250 stocks is ranked on three measures: return on equity (profit compared with shareholders' capital), debt to equity, and sales growth over three years. The 125 stocks with the strongest combined rank make the index. Each gets an equal weight. As of July 31, 2026, no single stock was more than about 0.93% of the fund. The 10 largest, led by Amazon, Western Digital and Garmin, made up 8.91% of assets.
The index is rebalanced and reconstituted every quarter, and the fund follows it. That churn shows up in portfolio turnover of 117%. The fund is passive and won't move to cash when markets fall. It invests at least 80% of assets in index stocks. It may concentrate in an industry when the index does. As of July 31, 2025, the index was concentrated in financials, technology and industrials.
What it really costs
- JOET charges 0.29% a year, versus an average of 0.2% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $368 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JOET | $30 | $93 | $163 | $368 |
In a retirement portfolio
It is a rules-based tilt toward recent winners with frequent turnover, so it fits better beside a broad core fund than in place of one.
JOET could add a tilt toward strong, rising large companies next to a broad core fund. It launched in November 2020, so it has no record from the 2008 or 2020 crashes. In the 2022 bear market, it fell 25.6% between January 3 and June 17, 2022. Its deepest drop was 26.6%, starting December 27, 2021. It didn't recover until February 9, 2024, about 20 months after the low. Its worst calendar year was 2022, at -17.9%. Anyone who had to sell shares during a stretch like that would have locked in losses. Income is small: the yield was 0.59% as of October 27, 2026, and the fund pays once a year. Under the SEC's standard example, costs on $10,000 come to $30 after one year and $368 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want momentum and quality screens applied by rule to 125 equally weighted large U.S. stocks, with no single holding near 1%.
- Those adding a factor tilt next to a low-cost core fund who accept a 0.29% expense ratio and quarterly reshuffling.
- People comfortable with full stock-market swings: a 26.6% drop in 2021–2022 took about 20 months to recover.
Look elsewhere if
- Income seekers: the yield was 0.59% as of October 27, 2026, and the fund pays only once a year.
- Cost-focused investors: Invesco S&P 500 Momentum ETF (SPMO) charges 0.13%, and Invesco S&P 500 Equal Weight ETF (RSP) charges 0.20%.
- Those who prefer large, long-running funds: JOET had $243 million in assets as of July 31, 2026, smallest of nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JOET this fund | — | 0.29% | $243.5M | +6.8% | +21.4% |
| VO Vanguard Mid-Cap ETF | 30% | 0.04% | $224.06B | +15.5% | +20.7% |
| USXF iShares ESG Advanced MSCI USA ETF | 28% | 0.1% | $1.48B | +14.9% | +27.7% |
| JHML John Hancock Multifactor Large Cap ETF | 28% | 0.29% | $1.17B | +14.6% | +22.9% |
| SPHB Invesco S&P 500® High Beta ETF | 27% | 0.25% | $909.8M | +23.7% | +31.8% |
| AFLG First Trust Active Factor Large Cap ETF | 26% | 0.55% | $761.1M | +14.8% | +24.7% |
| SPYM SPDR Portfolio S&P 500 ETF | 24% | 0.02% | $153.92B | +11.5% | +22.0% |
| RSP Invesco S&P 500® Equal Weight ETF | 23% | 0.2% | $96.47B | +18.9% | +18.3% |
Questions investors ask
What does JOET invest in?
JOET holds 125 large U.S.-listed stocks from the Terranova U.S. Quality Momentum Index. The index starts with the 500 largest stocks and keeps the 250 with the highest 12-month returns. It then picks the 125 that rank highest on return on equity, debt to equity and sales growth. Each stock gets an equal weight. As of July 31, 2026, the largest holdings included Amazon, Western Digital, Garmin, Seagate Technology and Quanta Services, each at about 0.9% of assets.
Does JOET pay a dividend?
Yes, but it's small and paid once a year. As of October 27, 2026, the trailing 12-month yield was 0.59%, or about $0.27 per share. Momentum stocks are often fast-growing companies that pay little or nothing to shareholders, so income is not the point of this fund. Retirees who need regular cash would need to sell shares or rely on other holdings.
JOET vs SPMO: what's the difference?
Both lean toward recent winners, but JOET adds a quality screen and gives its 125 stocks equal weight. Invesco S&P 500 Momentum ETF (SPMO) costs 0.13% a year, compared with JOET's 0.29%. The two funds share about 23% of their holdings. SPMO returned 12.8% over one year and 35.4% a year over three years as of October 30, 2026. JOET returned 6.8% and 21.4% a year as of October 27, 2026.
What is JOET's expense ratio?
JOET's expense ratio is 0.29%, according to the prospectus filed November 25, 2025. That's above the 0.20% average for similar funds and ranks 7th of 9 on cost. In the SEC's standard example ($10,000 invested, 5% yearly return), you would pay about $30 in the first year, $163 over five years and $368 over 10 years. Portfolio turnover of 117% also adds trading costs, which aren't included in the expense ratio.
How has JOET performed since launch?
Results have been mixed. As of December 31, 2024, JOET had returned 11.61% a year since its November 2020 launch, according to the prospectus. Calendar-year returns were 26.73% in 2021, -17.9% in 2022, 16.12% in 2023 and 24% in 2024. Based on share prices as of October 27, 2026, it returned 8.7% a year over five years. Its one-year return of 6.8% ranked last among nine similar funds.