JPMorgan Equity Focus ETF

JPMorgan Equity Focus ETF (JPEF) is an actively managed fund holding a concentrated portfolio of generally no more than 40 U.S. stocks, mostly large companies, with a mix of growth and value picks. Its managers choose stocks rather than track an index, so results can differ noticeably from the broad market. That approach costs 0.44% a year. The average for similar large-company funds is 0.28%, and several of them charge 0.20% or less.

• Over the year to Oct 27, 2026, JPEF returned +8.6%, 6th of 9 among similar funds.
• Its worst full calendar year was 2025 (+12.1%); its best was 2024 (+28.2%).
• The deepest fall in its price history was 18.1% (Jan 23, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.

As of Jun 30, 2026, the fund held 39 securities; the ten largest made up 43.35% of assets.

By sector

• Over the three months to Jun 30, 2026, investors added a net $62.4M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +9.15%, +3.04%, -0.59%.

JPEF does not follow an index. JPMorgan's managers pick a limited number of U.S. stocks, generally no more than 40, typically worth $1 billion or more. They look for a durable franchise, a lasting edge over rivals, market leadership, strong management and a strong balance sheet. Growth stocks (companies expected to expand quickly) and value stocks (companies that look cheap for what they are worth) each make up 35% to 65% of the stock holdings. That keeps the fund near the middle rather than leaning hard either way.

For growth picks, the managers look for durable companies whose potential seems underappreciated. For value picks, they look for durable businesses that appear attractively priced and can grow their value per share. They also weigh environmental, social and governance (ESG) issues they judge financially material, but these do not automatically exclude any company. A stock may be dropped if its fundamentals change, it looks too expensive, or a stronger idea comes along. Portfolio turnover, the share of holdings replaced in a year, was 36%.

At least 80% of assets go into stocks. Up to 20% may go into foreign companies, including depositary receipts (foreign shares traded on U.S. exchanges). Up to 20% may sit in cash when ideas are scarce. The fund may use futures contracts to keep spare cash exposed to the stock market. As of June 30, 2026, it held 39 stocks, 1.9% cash and no derivatives.

• JPEF charges 0.44% a year, versus an average of 0.28% for the similar funds below (7th of 9, cheapest first).
• The fee includes a 0.11% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $45 in the first year and $679 over 10 years (assuming a 5% annual return).

The prospectus describes JPEF as a core portfolio balanced between growth and value U.S. stocks, though it holds only about 40 companies.

JPEF could anchor the U.S. stock part of a portfolio, but with about 40 stocks, a few names carry real weight. NVIDIA was 8.6% of the fund and the top 10 holdings were 43% as of June 30, 2026. The prospectus record starts in 2016, so it does not cover 2008. It shows a 21.3% drop in the first quarter of 2020 and a 17.4% loss in 2022, the worst calendar year on record. Since the ETF listed in July 2023, its deepest fall was 18.1%, from January 23 to April 8, 2025, and it recovered in about 2.7 months. Anyone withdrawing during a slide like that would be cashing out at low prices. The yield was 0.63% as of October 27, 2026, paid once a year, so this is not an income fund. The expense ratio is 0.44%, or about $45 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.