At a glance
JUSA charges 0.12% a year, above the 0.07% average of the 8 funds most like it (the 7th cheapest of 9). It has $424.4M in assets, the 9th largest of that group; it paid 0.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.3% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds. Its ten largest positions make up 37.6% of the fund, out of 249 in all.
The short version
JPMorgan U.S. Research Enhanced Large Cap ETF (JUSA) is an actively managed fund that held 249 large U.S. stocks as of June 30, 2026, with sector weights kept close to the broad large-cap market. Within each sector, JPMorgan's analysts modestly favor stocks they consider undervalued. Its 0.12% expense ratio, after a fee waiver, is higher than S&P 500 index funds such as VOO at 0.03%. Its record is short and starts in March 2025.
Price history
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JUSA +12.3% 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 | |
|---|---|---|---|---|---|---|
| JUSA price data to Oct 27, 2026 | +12.3% | +12.3% | — | — | — | +21.2% |
- Over the year to Oct 27, 2026, JUSA returned +12.3%, 6th of 9 among similar funds.
- The deepest fall in its price history was 14% (Mar 25, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.3% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.3000 |
What's inside
As of Jun 30, 2026, the fund held 249 securities; the ten largest made up 37.65% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 7.86% | |
| Apple, Inc. | 6.59% | |
| Microsoft Corp. | 4.66% | |
| Amazon.com, Inc. | 3.95% | |
| Alphabet, Inc. Class A | 3.27% | |
| Broadcom, Inc. | 2.87% | |
| Alphabet, Inc. Class C | 2.53% | |
| Micron Technology, Inc. | 2.27% | |
| Meta Platforms, Inc. | 2.06% | |
| Tesla, Inc. | 1.59% | |
| Advanced Micro Devices, Inc. | 1.46% | |
| Lam Research Corp. | 1.36% | |
| Eli Lilly & Co. | 1.31% | |
| Berkshire Hathaway, Inc. | 1.26% | |
| Johnson & Johnson | 1.21% |
By country
United States 94.63%Ireland 3.35%Netherlands 0.42%Bermuda 0.38%Switzerland 0.25%By asset type
Stocks 99.06%Other 0%By sector
Sectors of the companies held, for the 89.9% 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 $386.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.52%, +4.47%, -1.14%.
How it works
JUSA does not track an index. It invests at least 80% of its assets in large U.S. companies, which it defines as companies about the size of those in the S&P 500. As of September 30, 2026, that meant market values from $6.20 billion to $5.50 trillion. It may also own some mid-size companies. The adviser keeps sector weights close to the U.S. large-cap market. Within each sector, it holds a bit more of stocks it sees as undervalued or fairly valued. It holds less of stocks that look overvalued, or skips them.
The process has three steps: research, valuation and stock selection. Analysts study each company's prospects up to five years out and rank companies within each sector by relative value. The adviser also weighs possible price catalysts, the effect on overall portfolio risk, and temporary mispricings after market overreactions. It reviews environmental, social and governance (ESG) issues for financial impact, but this does not automatically exclude any company. The prospectus describes no fixed rebalancing schedule. The adviser trades as its rankings change, and portfolio turnover was 25%.
The fund uses futures contracts, mainly S&P 500 E-mini contracts, to keep spare cash invested in the market. As of June 30, 2026, cash was 0.82% of the fund and derivatives about 0.01%. The fund is legally "non-diversified," which means it can put more money into a single company. NVIDIA was 7.9% of the fund, and the ten largest positions made up 37.65%.
What it really costs
- JUSA charges 0.12% a year, versus an average of 0.07% for the similar funds below (7th of 9, cheapest first).
- Of that, 0.18% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $224 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JUSA | $12 | $52 | $95 | $224 |
In a retirement portfolio
JUSA owns about 250 large U.S. companies with sector weights close to the market's, so it could serve as a broad U.S. stock position rather than a niche bet.
JUSA moves almost in step with the large-cap U.S. market. Its beta (how much it moves relative to the market) was 0.98, and its one-year volatility was 12.3%, as of October 27, 2026. The fund launched on March 13, 2025, so it has no record from the 2008, 2020 or 2022 downturns, and it has not yet had a full calendar year. Its deepest drop was 14%, from March 25 to April 8, 2025, and it recovered by May 12, 2025. Anyone who may need to sell shares in a bad year should expect declines like the broad market's, or possibly deeper.
JUSA is not built for income. The trailing yield was 0.74% as of October 27, 2026, paid quarterly. Costs come to $12 in the first year and $224 over ten years on $10,000, under the SEC's standard example. Past results don't predict the future, 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 S&P 500-like exposure with modest, research-driven stock tilts and accept a 0.12% expense ratio for JPMorgan's active approach.
- People comfortable with heavy big-tech exposure: NVIDIA, Apple and Microsoft were about 19% of the fund, and technology 34.5%, as of June 30, 2026.
- Long-term holders focused on growth rather than income, since the trailing yield was 0.74%, paid quarterly, as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: VOO and IVV charge 0.03% and SPYM 0.02%, against JUSA's 0.12%, which ranked 7th of 9 similar funds on cost.
- Investors who want a long track record: JUSA launched March 13, 2025, and has not been through a bear market like 2022.
- Retirees who want meaningful dividend income, or who want to limit concentration in a handful of large technology companies.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JUSA this fund | — | 0.12% | $424.4M | +12.3% | — |
| IWL iShares Russell Top 200 ETF | 75% | 0.15% | $2.19B | +12.5% | +25.5% |
| SPY SPDR S&P 500 ETF Trust | 75% | 0.0945% | $781.19B | +11.5% | +21.9% |
| SPYM SPDR Portfolio S&P 500 ETF | 75% | 0.02% | $153.92B | +11.5% | +22.0% |
| VOO Vanguard S&P 500 ETF | 75% | 0.03% | $1.67T | +12.4% | +23.6% |
| IVV iShares Core S&P 500 ETF | 75% | 0.03% | $888.13B | +11.5% | +22.0% |
| USPX Franklin U.S. Equity Index ETF | 74% | 0.03% | $1.98B | +12.9% | +24.9% |
| SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF | 74% | 0.2% | $2.74B | +12.6% | +24.8% |
Questions investors ask
Is JUSA an index fund?
No. JUSA is actively managed by JPMorgan. It uses the S&P 500 to define which companies count as large, but it does not copy that index. Analysts rank stocks within each sector by relative value. The fund then holds slightly more of stocks it considers undervalued and less of, or none of, those that look overvalued, while keeping sector weights near the market's. It held 249 stocks as of June 30, 2026.
What's the difference between JUSA and VOO?
VOO tracks the S&P 500 at a 0.03% expense ratio. JUSA is actively managed and charges 0.12%. About 75% of their holdings overlapped in the latest N-PORT reports, so they own many of the same companies. Over one year, JUSA returned 12.3% as of October 27, 2026, and VOO returned 12.4% as of October 30, 2026. VOO is also far larger: $1.67 trillion in net assets versus about $424 million for JUSA as of June 30, 2026.
Does JUSA pay dividends?
Yes. JUSA pays dividends quarterly. Over the trailing 12 months it paid $0.51 per share, a yield of 0.74% as of October 27, 2026. That low yield reflects its large holdings in companies such as NVIDIA, Apple and Microsoft, which pay little or nothing in dividends compared with their share prices. Investors who want steady income from stocks typically look at funds built around dividends instead.
What is JUSA's expense ratio?
JUSA's expense ratio is 0.12%, according to the prospectus filed October 19, 2026. That is a 0.18% management fee minus a 0.06% fee waiver. Under the SEC's standard example ($10,000 invested, 5% annual return), costs would be about $12 after one year, $52 after three, $95 after five and $224 after ten. The average for similar funds was 0.07%, and S&P 500 funds like VOO and IVV charge 0.03%.
How has JUSA performed since it launched?
JUSA returned 21.2% in total from its March 2025 launch through October 27, 2026, and 12.3% over the last year. That one-year return ranked 9th of 9 among similar large-cap funds, though the gap with S&P 500 funds was small. Its deepest drop was 14% in spring 2025, and it recovered in about a month. With only about 1.6 years of history, it is too early to judge whether its stock selection adds value.