At a glance
JPIN charges 0.37% a year, above the 0.13% average of the 7 funds most like it (the most expensive of 8). It has $367.7M in assets, the 8th largest of that group; it paid 4.23% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.1% with distributions reinvested (S&P 500: +11.5%), 6th of those 8 funds; over three years it returned +20.6% a year. At its worst it fell 27.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 16 months after the low. Its ten largest positions make up 4.5% of the fund, out of 463 in all.
The short version
PMXF Diversified Return Intl Ex-North America Equity (JPIN) is a JPMorgan index ETF. It holds 463 large- and mid-cap stocks from developed markets outside North America, picked for value, momentum and quality traits. Most international index funds give the biggest companies the most weight. This one balances risk across regions and sectors instead, so no stock topped 0.5% of assets as of July 31, 2026. That approach costs 0.37% a year, against a 0.13% average for similar funds.
Price history
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JPIN +14.1% 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 | |
|---|---|---|---|---|---|---|
| JPIN official prospectus, to Dec 31, 2025 | — | +33.41% | — | +8.02% | +7.07% | — |
| JPIN price data to Oct 27, 2026 | +11.4% | +14.1% | +20.6% | +8.8% | — | +10.9% |
- Over the year to Oct 27, 2026, JPIN returned +14.1%, 6th of 8 among similar funds.
- Its 5-year annualized return was +8.8%.
- Its worst full calendar year was 2022 (-14.1%); its best was 2025 (+33.2%).
- The deepest fall in its price history was 29.6% (Sep 3, 2021 to Oct 12, 2022), recovered by Mar 20, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.4% | — |
| 2025 | +33.2% | +33.41% |
| 2024 | +2.7% | +2.62% |
| 2023 | +17.4% | +17.05% |
| 2022 | -14.1% | -13.82% |
| 2021 | +6.8% | +6.50% |
| 2020 | — | +5.17% |
| 2019 | — | +15.70% |
| 2018 | — | -12.51% |
| 2017 | — | +25.25% |
| 2016 | — | +0.91% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.9% over that stretch · deepest drop along the way 27.6%, back to its old high 16.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.6000 | |
| 2025 | $3.0600 | +35.4% |
| 2024 | $2.2600 | -32.9% |
| 2023 | $3.3700 | +123.2% |
| 2022 | $1.5100 | -49.2% |
| 2021 | $2.9700 |
What's inside
As of Jul 31, 2026, the fund held 463 securities; the ten largest made up 4.54% of assets.
| Holding | Weight | |
|---|---|---|
| HSBC Holdings plc | 0.48% | |
| Oversea-Chinese Banking Corp. Ltd. | 0.48% | |
| Rolls-Royce Holdings plc | 0.47% | |
| Japan Tobacco, Inc. | 0.45% | |
| Standard Chartered plc | 0.45% | |
| Endesa SA | 0.44% | |
| Barclays plc | 0.44% | |
| Mitsubishi UFJ Financial Group, Inc. | 0.44% | |
| NatWest Group plc | 0.44% | |
| Sumitomo Mitsui Financial Group, Inc. | 0.44% | |
| UniCredit SpA | 0.43% | |
| Coca-Cola HBC AG | 0.42% | |
| Vodafone Group plc | 0.42% | |
| Shell plc | 0.42% | |
| Hana Financial Group, Inc. | 0.42% |
By country
Japan 26.32%United Kingdom 21.42%South Korea 8.45%Australia 7.6%France 4.85%By asset type
Stocks 99.56%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.92%, -2.81%, +3.65%.
How it works
JPIN tracks the JP Morgan Diversified Factor International Equity Index. JPMorgan, the fund's adviser, sponsors the index and designed its rules. FTSE International Limited calculates and governs it. Stocks come mainly from the FTSE Developed ex North America Index, a broad index of large and mid-sized companies in developed countries outside the US and Canada. Each stock is scored on three "factors" (traits linked to returns), and each factor gets an equal say. Value looks for stocks that are cheap against peers on book, earnings, dividend and cash-flow yields. Momentum looks for stronger risk-adjusted returns over the past 12 months. Quality looks at profitability, earnings quality and financial strength.
The index does not give the biggest companies the most room. Instead, it adjusts region and sector weights based on how volatile they have been. The goal is to spread risk evenly across the UK, Europe ex UK, Japan and Pacific ex Japan. As of July 31, 2026, the 10 largest of 463 holdings made up just 4.54% of assets. Japan (26%), the UK (21%) and South Korea (8%) led.
The fund is passive: it aims to hold the index's stocks in matching proportions and rebalances quarterly along with the index. It may use futures and currency forwards on up to 10% of assets to track the index, but not to hedge currency. So a stronger dollar reduces returns.
What it really costs
- JPIN charges 0.37% a year, versus an average of 0.13% for the similar funds below (8th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $38 in the first year and $468 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JPIN | $38 | $119 | $208 | $468 |
In a retirement portfolio
It adds developed-market stocks outside North America, chosen by factors and spread evenly by risk, to a portfolio that is often heavy in US companies.
JPIN could fill the international stock slice of a portfolio, adding companies in Japan, the UK, South Korea and Australia. It launched in 2014, so it has no record from the 2008 crisis. Its worst quarter was a 23.81% loss in early 2020, during the COVID crash. Its deepest drop was 29.6%, from September 2021 to October 2022. It took about 17 months to recover, finally doing so in March 2024. Its worst calendar year was 2022, at -13.82%. Anyone who had to sell shares during a stretch like that would lock in losses.
The trailing 12-month yield was 4.23% as of October 27, 2026, paid quarterly, though foreign dividends and exchange rates vary. At 0.37% a year, it costs more than broad funds such as VEA (0.03%). Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking developed-market stocks outside North America with risk spread widely; no single holding exceeded 0.5% as of July 31, 2026.
- Those who prefer a rules-based tilt toward value, momentum and quality stocks over a plain international index fund like VEA or IEFA.
- Holders who want quarterly income; the trailing yield was 4.23% as of October 27, 2026, though foreign dividends can vary.
Look elsewhere if
- Cost-focused investors: the 0.37% expense ratio is the highest in its comparison group of eight, while VEA and SPDW charge 0.03%.
- Anyone wanting currency-hedged exposure; the fund does not hedge currency, so a rising dollar lowers its returns.
- Those who prefer a large fund; at about $368 million in net assets as of July 31, 2026, it is the smallest in its comparison group.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JPIN this fund | — | 0.37% | $367.7M | +14.1% | +20.6% |
| EFA iShares MSCI EAFE ETF | 30% | 0.32% | $77.98B | +13.5% | +18.2% |
| EFV iShares MSCI EAFE Value ETF | 28% | 0.33% | $29.11B | +21.9% | +23.3% |
| IEFA iShares Core MSCI EAFE ETF | 27% | 0.07% | $190.11B | +13.7% | +18.5% |
| SCHF Schwab International Equity ETF | 25% | 0.06% | $69.68B | +17.7% | +20.4% |
| IDEV iShares Core MSCI International Developed M… | 24% | 0.04% | $31.64B | +14.6% | +19.2% |
| SPDW SPDR Portfolio Developed World ex-US ETF | 24% | 0.03% | $40.29B | +17.3% | +20.5% |
| VEA Vanguard FTSE Developed Markets ETF | 23% | 0.03% | $316.42B | +16.8% | +21.7% |
Questions investors ask
Does JPIN pay monthly dividends?
No. JPIN pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $3.14 per share, a trailing yield of 4.23%. The fund owns companies in Japan, the UK, Europe and Asia-Pacific, so payouts can change with those companies' dividend decisions. They also move with exchange rates, because a stronger dollar shrinks the value of dividends paid in other currencies.
What's the difference between JPIN and EFA?
Both hold developed-market stocks outside North America, and about 30% of their holdings overlap, but they are built differently. EFA, the iShares MSCI EAFE ETF, follows the broad MSCI EAFE index. JPIN picks stocks for value, momentum and quality and balances risk across regions and sectors. JPIN charges 0.37% a year and EFA charges 0.32%. JPIN's one-year return was 14.1% as of October 27, 2026. EFA's was 12.9% as of October 30, 2026.
How much does JPIN cost per year?
JPIN's expense ratio is 0.37%, according to its prospectus filed February 25, 2026. The SEC's standard example assumes $10,000 invested at a 5% yearly return. On that basis, costs would be about $38 in the first year, $208 over five years and $468 over ten. That is the highest in its comparison group. Similar funds average 0.13%, and VEA and SPDW charge 0.03%.
What are JPIN's top holdings?
As of July 31, 2026, JPIN's largest holdings were HSBC, Oversea-Chinese Banking Corp., Rolls-Royce, Japan Tobacco and Standard Chartered. Each was just under 0.5% of assets. The top 10 together made up only 4.54% of 463 holdings, because the index spreads risk widely. Banks are common near the top, including Barclays, Mitsubishi UFJ, NatWest and Sumitomo Mitsui. By country, Japan (26%) and the UK (21%) led.
Is JPIN good for retirement?
It may suit retirees as the international part of a diversified portfolio, but it has trade-offs. As of December 31, 2025, it returned 8.02% a year over five years and 7.07% a year over ten. It fell 29.6% from September 2021 to October 2022 and took about 17 months to recover. It pays income quarterly, but at 0.37% a year it costs more than broad international index funds such as VEA.