JIVE: Leading International Value ETF Heavily Weighted In Financials (NASDAQ:JIVE)

Fast Facts About The JPMorgan International Value ETF

The JPMorgan International Value ETF (JIVE) is an actively managed ETF launched on September 13, 2023, with an objective of long-term capital appreciation. JIVE has a portfolio of 337 companies, a trailing 12-month yield of 2.67%, a 30-day SEC yield of 3.12%, and an expense ratio of 0.55%. Distributions are paid annually. It is quite a large and liquid ETF, with about $2 billion in assets under management (“AUM”) and an average daily dollar trading volume of $30 million. The fund’s sponsor, JP Morgan (JPM), is a leading global financial services firm with about $3.9 trillion of assets.

Strategy

As described in the prospectus by JP Morgan, the fund may invest in both developed (ex-U.S.) and emerging markets and intends to maintain geographic and sector exposures similar to those of the MSCI ACWI ex USA Value Index. Value companies are primarily identified based on price/sales, price/earnings, and price/net assets ratios. The investing process blends quantitative screens and in-depth fundamental analysis. The fund may also invest in ETFs and use derivatives for investing and hedging purposes. Exposure in certain currencies may be hedged with currency forwards from time to time, even though the fund is generally not currency-hedged.

The portfolio’s turnover rate was 46% in the most recent fiscal year. This article will use the iShares Core MSCI Total International Stock ETF (IXUS) as a benchmark. IXUS tracks the MSCI ACWI ex USA IMI Index.

The JIVE Portfolio

The portfolio is mostly invested in large- and mega-cap companies (about 75% of asset value), with notable exposure in Japan (15.3%) and the U.K. (10.7%). The geographical allocation is close to that of IXUS, although JIVE significantly downplays Canada and Taiwan.

The fund has a focus on financials (34.5% of asset value), in particular banks (22.5%). The second heaviest sector (energy) weighs only 12%. Compared to the benchmark, JIVE overweights financials and energy, while it mostly downplays technology and industrials.

The portfolio is well-diversified, with low company-specific risk. The top 10 issuers, listed in the next table, represent 15.4% of asset value, and the largest position weighs 2.65%.

Fundamentals

In accordance with the strategy description, JIVE has strong value characteristics. It is much cheaper than IXUS based on valuation ratios and has lower growth rates, as reported in the table below.

Data source: Fidelity

Portfolio composition and fundamental metrics are given as an example from April 7, 2026. They may have changed by the time you read this.

Performance

JIVE has greatly outperformed IXUS, by 9.7% annualized from its inception to the present, with similar risk measured by maximum drawdown and volatility.

Data: Portfolio123

JIVE is 18% ahead of IXUS just over the 12 months prior to April 7, 2026, again with similar risk metrics.

JIVE Vs. Competitors

The next table compares characteristics of JIVE and five international value ETFs without currency hedges:

• Schwab Fundamental International Equity ETF (FNDF).
• Dimensional International Value ETF (DFIV).
• iShares MSCI International Value Factor ETF (IVLU).
• Avantis International Large Cap Value ETF (AVIV).
• VictoryShares International Value Momentum ETF (UIVM).

This list is not intended to be exhaustive.

* Calculated with Portfolio123 from 9/20/2023.

JIVE has the highest expense ratio and is the best performer based on total return and Sharpe ratio (a measure of risk-adjusted return) since its inception.

Takeaway

JIVE holds over 300 international value stocks with a focus on large companies. The fund has low company-specific risk, moderate country risk, but high sector risk in financials. JIVE has greatly outperformed the ex-U.S. benchmark IXUS and its closest competitors since its inception, with similar volatility. JIVE is best suited for investors seeking exposure in international value as a long-term holding or for tactical allocation.

• Pros: low company and country risks, superior risk-adjusted return.
• Cons: financial sector risk, high expense ratio.

This article answers these three main questions about JIVE:

1. How is the JIVE portfolio structured?
2. How does JIVE compare to a benchmark and competitors?
3. What kind of strategy is JIVE best suited for?