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JPEF vs USMV: Differences, Returns & Fees

JPEF and USMV hold 19% of their weight in the same names, and JPEF returned +12.4% over the year. Net assets on Oct 9, 2026: $2.1bn for JPMorgan Equity Focus ETF and $23.8bn for iShares MSCI USA Min Vol Factor ETF.

USMV costs 0.29 points a year less; their one-year returns differ by 4.9 points; USMV is 11.5 times larger.

JPEF vs USMV: Differences, Returns & Fees
JPEFUSMV
Expense ratio0.44%0.15%
Net assets$2.1bn$23.8bn
Total return, 1 year+12.4%+7.5%
What it tracksNo index, actively managedMSCI USA Minimum Volatility (USD) Index
Holdings in common19%
Top ten holdings, share of the fund45.6%15.1%

Holdings in common uses holdings dated Oct 9, 2026.

+12.4%
JPEF total return, 1 year
+7.5%
USMV total return, 1 year
0.44%
JPEF expense ratio
0.15%
USMV expense ratio

What they hold in common

By the books each fund has filed, JPEF and USMV hold 19% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Oct 9, 2026.

half

19% in common

Positions both hold, largest shared weight first
Holding JPEF USMV
MICROSOFT CORP COMMON 5.14% 1.66%
NVIDIA CORP COMMON STOCK 9.40% 1.59%
EXXONMOBIL HOLDINGS CORP 2.60% 1.49%
BERKSHIRE HATHAWAY INC 2.45% 1.46%
JOHNSON & JOHNSON 3.12% 1.44%
THE PROCTER & GAMBLE 2.15% 1.07%
APPLE INC COMMON STOCK 5.61% 0.96%
MCDONALD'S CORP COMMON 1.23% 0.94%
BROADCOM INC COMMON 2.82% 0.93%
GILEAD SCIENCES INC 2.53% 0.89%
ADVANCED MICRO DEVICES 2.66% 0.86%
MICRON TECHNOLOGY INC 2.31% 0.79%
Only in JPEF
MORGAN STANLEY DEAN 2.75%
UNITED RENTALS INC 2.73%
M&T BANK CORP COMMON 2.35%
CAPITAL ONE FINANCIAL 2.30%
AMERICAN TOWER CORP REIT 2.25%
ECOLAB INC COMMON STOCK 2.24%
QUANTA SERVICES INC 1.73%
CANADIAN PACIFIC KANSAS CITY LTD 1.70%
Only in USMV
AMPHENOL CORP CLASS A 1.68%
CHUBB 1.47%
CISCO SYSTEMS INC 1.47%
MERCK & CO INC 1.44%
WELLTOWER 1.44%
MCKESSON CORP 1.42%
MOTOROLA SOLUTIONS INC 1.39%
VERTEX PHARMACEUTICALS 1.35%

Check overlap with more funds →

On the same fields

JPEF
JPMorgan Equity Focus ETF
USMV
iShares MSCI USA Min Vol Factor ETF
Where it sits Stock ETF Stock ETF
Issuer JPMorgan iShares
What it is Actively managed Tracks the MSCI USA Min Vol Factor
Total return, 1 year +12.4% +7.5%
Its benchmark over the same days +17.3% (VOO) not published
Gap to its benchmark −4.9 pts vs VOO not available
Expense ratio 0.44% 0.15%
Already in the S&P 500 93.7% 93.0%
Holdings 40 176
Net assets $2.1bn $23.8bn

JPEF and USMV on the fields both publish, as of Oct 9, 2026. Source: ETFIQ.

About JPEF

JPEF is actively managed and tracks no index. Over the year to Oct 9, 2026 it returned +12.4% with distributions reinvested, against +17.3% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.44% a year. By its holdings published by its issuer for Oct 9, 2026, 94% of the fund by weight is stocks the S&P 500 also holds, across 40 positions, with the top ten at 45.6%.

About USMV

USMV tracks the MSCI USA Min Vol Factor. Over the year to Oct 9, 2026 it returned +7.5% with distributions reinvested. The prospectus expense ratio is 0.15% a year. By its holdings published by its issuer for Oct 9, 2026, 93% of the fund by weight is stocks the S&P 500 also holds, across 176 positions, with the top ten at 15.1%.

Questions people ask

Which returned more over the last year, JPEF or USMV?
In the year to Oct 9, 2026, with distributions reinvested, JPEF returned +12.4% and USMV +7.5%.
Which is cheaper, JPEF or USMV?
USMV is cheaper, by 0.29 percentage points a year. That is about $29 on $10,000 held for a year. Fees come from each fund's prospectus.
How much do JPEF and USMV overlap with the S&P 500?
By their latest filed holdings, 94% of JPEF and 93% of USMV by weight is stocks the S&P 500 already holds.
Other comparisons
JPEF vs SPMOJPEF vs OEFJPEF vs MTUMJPEF vs SPHQUSMV vs USPXCGCV vs USMVTMFC vs USMVTILT vs USMV
JPEF on its own →USMV on its own →Hold both: look the portfolio through →Rankings →Standards and sources →
Where these figures came from
JPEF filings on SEC EDGAR ↗JPEF prospectus with the expense ratio (SEC) ↗JPMorgan website ↗USMV filings on SEC EDGAR ↗USMV prospectus with the expense ratio (SEC) ↗iShares page for USMV ↗

ETFIQ links to the documents behind every figure; a link is not an endorsement. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Cite this pageCitation, APA and Markdown

ETFIQ, JPEF against USMV, data as of Oct 9, 2026. https://etfiq.com/compare/any/jpef-vs-usmv

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms.