At a glance
JTEK charges 0.65% a year, above the 0.47% average of the 8 funds most like it (the 7th cheapest of 9). It has $4.63B in assets, the 7th largest of that group. Over the past year it returned +5.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds; over three years it returned +29.2% a year. Its ten largest positions make up 38.1% of the fund, out of 61 in all.
The short version
JPMorgan U.S. Tech Leaders ETF (JTEK) is an actively managed fund. Its managers pick about 61 U.S. technology and technology-enabled stocks whose growth they think the market underrates, instead of tracking an index. Its 0.65% expense ratio is higher than the 0.47% average for similar funds. As of June 30, 2026, its largest positions were the chip companies Intel and Lam Research.
Price history
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JTEK +5.0% 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 | |
|---|---|---|---|---|---|---|
| JTEK official prospectus, to Dec 31, 2025 | — | +19.07% | — | — | — | +30.01% |
| JTEK price data to Oct 27, 2026 | +12.3% | +5.0% | +29.2% | — | — | +26.1% |
- Over the year to Oct 27, 2026, JTEK returned +5.0%, 9th of 9 among similar funds.
- Its worst full calendar year was 2025 (+19.0%); its best was 2024 (+28.7%).
- The deepest fall in its price history was 30.6% (Feb 18, 2025 to Apr 8, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +12.3% | — |
| 2025 | +19.0% | +19.07% |
| 2024 | +28.7% | +28.58% |
| 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 |
What's inside
As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 38.1% of assets, and 2.72% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Intel Corp. | 5.21% | |
| Lam Research Corp. | 5.07% | |
| Alphabet, Inc. | 3.95% | |
| Advanced Micro Devices, Inc. | 3.67% | |
| Palo Alto Networks, Inc. | 3.62% | |
| Take-Two Interactive Software, Inc. | 3.48% | |
| Broadcom, Inc. | 3.40% | |
| NVIDIA Corp. | 3.26% | |
| Sandisk Corp. | 3.25% | |
| ASML Holding NV | 3.19% | |
| Tesla, Inc. | 3.08% | |
| Micron Technology, Inc. | 2.64% | |
| Crowdstrike Holdings, Inc. | 2.59% | |
| Corning, Inc. | 2.55% | |
| Ciena Corp. | 2.13% |
By country
United States 90.36%Netherlands 3.19%Cayman Islands 3.01%Taiwan 1.88%Canada 1.07%By asset type
Stocks 99.52%By sector
Sectors of the companies held, for the 62.3% 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 Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $288.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +19.01%, +14.09%, +3.23%.
How it works
JTEK is an actively managed JPMorgan fund that tracks no index. Normally at least 80% of assets go into U.S. technology or “technology-enabled” companies the adviser considers leaders. Technology-enabled firms, in industries from retail to insurance, use new technology to improve their business. A leader must beat the median of its peers on at least one measure, such as revenue growth, earnings growth or free cash flow (cash left after expenses and investment).
The adviser also looks for a disruptive business model, a lasting competitive edge, a large potential market and proven management. It then asks whether the market is underestimating how much or how long a company can grow. The adviser sets position sizes; there is no index rebalancing schedule. It sells a stock when its view changes or a better idea appears. Turnover, the share of the portfolio replaced in a year, was 72%.
As of June 30, 2026, the fund held 61 stocks, led by Intel (5.2%) and Lam Research (5.1%). By policy, at least 25% of assets sit in six related industries combined: internet, semiconductors, software, computers, alternative energy and auto manufacturing. The fund may use futures (contracts to buy an asset later at a set price) to invest spare cash, but held none on that date.
What it really costs
- JTEK charges 0.65% a year, versus an average of 0.47% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $810 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JTEK | $66 | $208 | $362 | $810 |
In a retirement portfolio
JTEK is a concentrated, actively managed tech portfolio that has moved about twice as much as the market, so it fits better as a small add-on than as a foundation.
JTEK launched in October 2023, so it has no record from the 2008, 2020 or 2022 downturns. Both of its full calendar years were positive: 28.58% in 2024 and 19.07% in 2025. Its deepest drop was 30.6%, from February 18 to April 8, 2025, and it recovered by July 17, 2025, about 3.3 months later. Its beta, a measure of how much it moves with the market, was 2.04 over the year to October 27, 2026. Someone who needs to sell shares in a sharp tech sell-off could lock in large losses. The fund has recorded no distributions, so any cash must come from selling shares. Costs on a $10,000 investment come to $66 in year one and $810 over 10 years, under the SEC's standard example. Past results don't predict future returns, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a manager picking U.S. tech and tech-enabled stocks on growth and profit measures, rather than owning a whole index.
- Long-term holders comfortable with heavy semiconductor exposure, including Intel, Lam Research, AMD, Broadcom and NVIDIA among the top 10 holdings as of June 30, 2026.
- Portfolios that already have broad stock funds and want a small, higher-risk tech position next to them.
Look elsewhere if
- Cost-focused investors, since JTEK's 0.65% expense ratio is well above the 0.15% for QQQM and the 0.41% for IGM.
- Anyone who needs regular income from a fund, because JTEK has recorded no distributions.
- Investors who can't tolerate big swings: JTEK fell 30.6% in early 2025 and had a one-year beta of 2.04.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JTEK this fund | — | 0.65% | $4.63B | +5.0% | +29.2% |
| WUGI AXS Esoterica NextG Economy ETF | 42% | 0.76% | $36.1M | +8.6% | +35.5% |
| IGM iShares Expanded Tech Sector ETF | 38% | 0.41% | $10.71B | +21.3% | +38.6% |
| QQQ Invesco QQQ Trust Series I | 37% | 0.2% | $490.10B | +8.8% | +24.0% |
| BAI iShares A.I. Innovation and Tech Active ETF | 36% | 0.55% | $12.96B | +8.0% | — |
| TEK iShares Technology Opportunities Active ETF | 35% | 0.75% | $39.3M | +16.7% | — |
| IYW iShares U.S. Technology ETF | 35% | 0.39% | $23.58B | +13.9% | +30.4% |
| QQQM Invesco NASDAQ 100 ETF | 34% | 0.15% | $104.38B | +8.8% | +24.1% |
Questions investors ask
Does JTEK pay dividends?
No distributions have been recorded for JTEK. The fund aims for long-term growth, not income. It mostly owns growth-focused tech companies such as Intel, Lam Research, Alphabet and AMD, which return little or no cash to the fund. Investors who want income from this holding would have to sell shares. Over time, that means selling more often when prices are low.
Is JTEK actively managed or an index fund?
JTEK is actively managed. No index sets its holdings. JPMorgan's adviser picks U.S. technology and technology-enabled companies that it thinks are leaders and whose growth the market underrates. It judges them on traits such as a disruptive business model, a lasting competitive edge and a proven management team. The portfolio held 61 stocks as of June 30, 2026, and turnover was 72%.
What's the difference between JTEK and IGM?
IGM, the iShares Expanded Tech Sector ETF, tracks an index of tech stocks. JTEK is actively managed. The two funds' holdings overlap by about 38%. IGM costs 0.41% a year, compared with JTEK's 0.65%. As of October 27, 2026, IGM returned 21.3% over one year and averaged 38.6% a year over three years. JTEK returned 5% and 29.2% over the same periods. IGM is also much larger, with $10.7 billion in net assets as of June 30, 2026.
What is JTEK's expense ratio?
JTEK's expense ratio is 0.65%, according to the prospectus filed October 19, 2026. That is above the 0.47% average for similar funds and ranks 7th of 9 on cost. Under the SEC's standard example ($10,000 invested, 5% yearly return), costs would total $66 after one year, $362 after five years and $810 after ten years.
How volatile is JTEK?
JTEK has been more volatile than the broad market. Its one-year volatility was 30.9%, and its beta was 2.04 as of October 27, 2026, meaning it tended to move about twice as much as the market. Its deepest drop was 30.6% between February and April 2025. It recovered by July 2025. Its worst quarter was a loss of 11.2% in early 2025.