At a glance
JPSV charges 0.55% a year, above the 0.26% average of the 6 funds most like it (the most expensive of 7). It has $26.9M in assets, the 5th largest of that group; it paid 1.2% of its price in distributions over the past 12 months, annual. Over the past year it returned +19.9% with distributions reinvested (S&P 500: +11.5%), 4th of those 7 funds; over three years it returned +15.4% a year. Its ten largest positions make up 17.2% of the fund, out of 106 in all.
The short version
JPMorgan Active Small Cap Value ETF (JPSV) is an actively managed fund: rather than tracking an index, its managers pick smaller, mostly US companies they judge to be high quality, financially sound and attractively priced. Its holdings overlap only about 13% with Russell 2000 Value index funds such as VTWV and IWN. It also costs more, with a 0.55% annual expense ratio against a 0.26% average for six similar funds.
Price history
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JPSV +19.9% 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 | |
|---|---|---|---|---|---|---|
| JPSV official prospectus, to Dec 31, 2025 | — | +0.51% | — | — | — | +6.75% |
| JPSV price data to Oct 27, 2026 | +18.3% | +19.9% | +15.4% | — | — | +12.2% |
- Over the year to Oct 27, 2026, JPSV returned +19.9%, 4th of 7 among similar funds.
- Its worst full calendar year was 2025 (+0.6%); its best was 2024 (+8.7%).
- The deepest fall in its price history was 22.8% (Nov 25, 2024 to Apr 8, 2025), recovered by Feb 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.3% | — |
| 2025 | +0.6% | +0.51% |
| 2024 | +8.7% | +8.82% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.8200 | +15.5% |
| 2024 | $0.7100 |
What's inside
As of Jun 30, 2026, the fund held 106 securities; the ten largest made up 17.23% of assets.
| Holding | Weight | |
|---|---|---|
| Insight Enterprises, Inc. | 2.08% | |
| MediaAlpha, Inc. | 2.06% | |
| Old National Bancorp | 1.79% | |
| Sanmina Corp. | 1.72% | |
| LivaNova plc | 1.72% | |
| Cars.com, Inc. | 1.68% | |
| ScanSource, Inc. | 1.61% | |
| Selective Insurance Group, Inc. | 1.54% | |
| Myers Industries, Inc. | 1.52% | |
| Stagwell, Inc. | 1.51% | |
| Enpro, Inc. | 1.49% | |
| Provident Financial Services, Inc. | 1.48% | |
| QCR Holdings, Inc. | 1.41% | |
| Columbia Banking System, Inc. | 1.34% | |
| Simmons First National Corp. | 1.32% |
By country
United States 94.48%United Kingdom 1.72%Ireland 1.39%Israel 0.65%Bermuda 0.55%By asset type
Stocks 98.8%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +7.29%, +2.17%, +6.84%.
How it works
JPSV is actively managed: it does not track an index. Normally at least 80% of assets go into small cap value companies. These are firms sized like those in the Russell 2000 Value Index (from $5.62 million to $24.23 billion in market value as of September 30, 2026) that the adviser judges undervalued relative to their sales, earnings, assets or invested capital. Holdings are mainly common stocks and real estate investment trusts (REITs), which own or finance property.
The adviser seeks quality at an attractive price. It favors durable businesses with high returns on capital, strong balance sheets (ample cash generation, reasonable debt) and management teams that have earned more than their cost of capital, the return lenders and shareholders expect, over time. It also weighs environmental, social and governance (ESG) issues it sees as financially material, but may still own companies those factors could hurt.
The prospectus describes no rebalancing schedule or weighting formula. The adviser may drop a stock if its fundamentals change, it no longer looks attractively valued or a better opportunity appears. Turnover, the share of holdings replaced in a year, was 49%. As of June 30, 2026, the fund held 106 stocks, led by Insight Enterprises and MediaAlpha at about 2.1% each, with the top 10 at 17.2% and no derivatives.
What it really costs
- JPSV charges 0.55% a year, versus an average of 0.26% for the similar funds below (7th of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $56 in the first year and $689 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JPSV | $56 | $176 | $307 | $689 |
In a retirement portfolio
It focuses on one corner of the market, smaller value-priced companies, through an active manager with a short record and above-average fees, which suits a supporting role better than a foundation.
JPSV could add a slice of smaller, value-priced companies that portfolios built on large-company funds may hold little of. Its record is short: launched March 8, 2023, it missed the 2008, 2020 and 2022 downturns, so it has not been tested by a severe crash. Its deepest drop was 22.8%, from November 25, 2024 to April 8, 2025, and recovery took 10 months, until February 6, 2026. Withdrawals during that stretch would have meant cashing out at lower prices. Its weakest full calendar year, 2025, still ended with a 0.51% gain.
Income is minor: the trailing yield was 1.2% as of October 27, 2026, paid once a year. Its 0.55% expense ratio is above the 0.26% average of six similar funds; the SEC's standard example puts 10-year costs on $10,000 at $689. 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 wanting a manager to pick small value stocks for quality—durable businesses, strong balance sheets, proven management—rather than owning a whole index.
- Large-company-heavy portfolios wanting a dose of smaller value companies, spread across 106 stocks with the top 10 at about 17% (June 30, 2026).
- Long-horizon investors who can sit through drops like its 22.8% fall from November 2024 to April 2025, followed by a 10-month recovery.
Look elsewhere if
- Cost-focused investors: its 0.55% expense ratio is the highest in a comparison group of seven funds, versus 0.10% for Vanguard's VTWV and VIOV.
- Those wanting a long record: launched March 2023, JPSV returned 15.4% a year over three years through October 27, 2026, versus 22.0% for VTWV.
- Retirees needing regular income: the trailing yield was 1.2% as of October 27, 2026, and distributions arrive only once a year.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JPSV this fund | — | 0.55% | $26.9M | +19.9% | +15.4% |
| SCDS JPMorgan Fundamental Data Science Small Cor… | 28% | 0.4% | $9.2M | +22.3% | — |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 17% | 0.4% | $719.0M | +13.9% | +14.6% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 13% | 0.29% | $12.0M | +16.0% | — |
| VTWV Vanguard Russell 2000 Value ETF | 13% | 0.1% | $1.45B | +20.6% | +22.0% |
| IWN iShares Russell 2000 Value ETF | 13% | 0.24% | $14.53B | +23.9% | +19.8% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 11% | 0.1% | $1.98B | +19.0% | +19.4% |
Questions investors ask
What does JPSV invest in?
JPSV invests at least 80% of its assets in small cap value stocks chosen by its managers, not copied from an index. As of June 30, 2026, it held 106 stocks, with about 94% of assets in US companies. The largest were Insight Enterprises (2.1%), MediaAlpha (2.1%), Old National Bancorp (1.8%), Sanmina (1.7%) and LivaNova (1.7%). Banks such as Provident Financial Services, QCR Holdings and Columbia Banking System also rank among the 15 largest holdings, and the prospectus flags financials sector risk.
What's the difference between JPSV and VTWV?
The main difference is that VTWV, Vanguard Russell 2000 Value ETF, tracks the Russell 2000 Value Index, while JPSV's managers pick their own stocks; the two share only about 13% of holdings. VTWV costs 0.10% a year versus JPSV's 0.55%. Over the three years through October 27, 2026, VTWV returned 22.0% a year against JPSV's 15.4%. VTWV is also much larger, with about $1.45 billion in net assets (August 31, 2026) versus $26.9 million for JPSV (June 30, 2026).
What is the JPSV expense ratio?
JPSV's expense ratio, the yearly fee taken from fund assets, is 0.55%, according to its prospectus filed October 19, 2026, and the whole amount is the management fee. In the SEC's standard example, $10,000 earning 5% a year and cashed out at the end of each period would incur about $56 in costs after one year, $176 after three, $307 after five and $689 after 10. The six similar funds compared here average 0.26%; Vanguard's VTWV and VIOV charge 0.10%.
Does JPSV pay dividends?
Yes, but only once a year, and the amount is small. Over the 12 months through October 27, 2026, JPSV paid about $0.82 per share, a trailing yield of 1.2%. The fund's stated goal is long-term capital appreciation, meaning growth in value rather than income. Dividends come from the stocks and REITs it owns, so payments can vary from year to year. A single annual payment can be harder to plan around for anyone who relies on regular cash from a portfolio.
How has JPSV performed since it launched?
JPSV's first two full calendar years were modest. According to its prospectus, it returned 8.82% in 2024 and 0.51% in 2025, or 6.75% a year from its March 8, 2023 launch through December 31, 2025. Based on market price, it gained 18.3% in 2026 through October 27 and averaged 15.4% a year over the three years to that date. Its deepest drop was 22.8%, from November 25, 2024 to April 8, 2025, and it recovered by February 6, 2026.