ATFV vs JUSA

ATFVCAlger 35 ETF

JUSAAJPMorgan U.S. Research Enhanced Large Cap ETF

In short

ATFV Alger's best-ideas book: roughly 35 high-conviction growth names, and one of the few ETFs that keeps its holdings confidential, pricing off a verified value published every second instead. The 35 is a memorial to colleagues lost on 9/11.

JUSA Active stock picking in index clothing: J.P. Morgan analysts tilt roughly 300 large caps while sector weights and risk stay close to the S&P 500, for 0.18% a year with no waiver attached.

Stated mandate

ATFV The fund seeks long-term capital appreciation through an actively managed portfolio of approximately 35 stocks selected as the manager’s best ideas in highly disrupted market segments.

JUSA The fund seeks capital appreciation through active, fundamental, bottom-up selection of large-cap U.S. equities. It targets companies with strong long-term earnings potential and attractive valuations relative to peers.

Why people hold it

• ATFV Real conviction, not closet indexing. About 40 holdings of any market cap, chosen as the firm's best ideas in the most disrupted segments of the market, with a documented tilt toward technology.alger.comsec.gov
• 0.56% net of a waiver through December 31, 2027 (0.77% gross), which lands near the category median. Modest pricing for a concentrated, non-transparent active mandate, and the fund has grown into the multi-billion-dollar tier.
• The confidential-account structure lets the manager build and exit positions without the market reading over its shoulder. SEC staff note most active ETFs disclose holdings daily; this one does not.sec.govsec.gov 2
• The 35-stock count is deliberate: Alger named the fund for the 35 colleagues the firm lost in the September 11 attacks.alger.com

• JUSA 0.18% a year with no waiver propping it up, below its category median. GUSE charges 0.30% and LRGC 0.39% for similar enhanced-index work; FELG ties it at 0.18%.
• Active where it counts, plain where it doesn't: bottom-up stock picks across roughly 300 large caps, with sector mix and risk profile kept close to the S&P 500.jpmorgan.com
• Stands among the strongest implementations in a 90-fund peer group of active large-cap funds, helped by a low fee and tightly managed risk.

Worth knowing

• ATFV No daily holdings list. You trade against a per-second indicative value, and Alger's own disclosure warns shares may carry wider bid/ask spreads than fully transparent ETFs, especially in volatile markets.alger.comsec.gov
• Non-diversified by design, so one position can move results far more than in a broad index fund, and the technology focus concentrates the ride further.sec.govsec.gov 2
• That 0.56% rate leans on a waiver through December 31, 2027; gross is 0.77%. Top-scoring peers such as JUSA and FELG charge 0.18%, so you are paying up for the stock picking.

• JUSA Launched in March 2025, so there is only a short live record on this ticker to judge.
• Moderately traded rather than a volume monster, so spreads can run wider than the giant index funds', especially in fast markets.
• Tracking the S&P 500's sector weights limits how far results can stray from the benchmark in either direction. This is a nudge on the index, not a different bet.jpmorgan.com

Full ATFV profile⁠

Full JUSA profile⁠