IDEQ vs JIRE

IDEQBLazard International Dynamic Equity ETF

JIREAJPMorgan International Research Enhanced Equity ETF

In short

IDEQ An institutional quant strategy that finally opened its doors. Lazard's International Equity Advantage mutual fund, running since 2015, became this ETF in 2025: multi-factor stock picking outside the US, measured against MSCI ACWI ex USA, at 0.40% a year.

JIRE EAFE core with a stock-picker's fingerprints. JIRE holds sector and geographic risk close to the MSCI EAFE Index and expresses J.P. Morgan's global analyst calls as small over- and underweights, for 0.29% a year, below the typical active international fee.

Stated mandate

IDEQ The Portfolio seeks long-term capital appreciation. It normally invests at least 80% of its net assets, plus borrowings for investment purposes, in non-U.S. equity securities.

JIRE JIRE seeks long-term capital appreciation by investing primarily in foreign developed-market companies. It uses global fundamental research and seeks to outperform the MSCI EAFE Index while maintaining similar sector and geographic risk characteristics.

Why people hold it

• IDEQ Not a fresh idea in a new wrapper. Lazard's quantitative team has run this portfolio since 2015 as a mutual fund, converting it into an ETF in 2025.lazard.com
• 0.40% a year sits under the 0.60% typical of active international equity funds, one reason it ranks among the stronger implementations in that group.
• Four signals, not one. The proprietary model ranks stocks on value, growth, quality and momentum, then shapes risk exposures against MSCI ACWI ex USA.
• The prospectus commits at least 80% of net assets to non-US equities, so it stays a dedicated overseas sleeve rather than drifting back toward home.

• JIRE Index-like by design: sector and geographic risk stay close to MSCI EAFE, so stock-level tilts from J.P. Morgan's worldwide research bench do the work.jpmorgan.com
• 0.29% a year, below the median fee in its active international category, and no waiver is propping that up, so there is no expiry date to watch.
• Risk spread wide: roughly 200 stocks across developed markets outside North America, inside a multi-billion-dollar fund.
• Rates as one of the stronger implementations in the active international equity group.

Worth knowing

• IDEQ Cheap for active, not cheap outright: systematic rivals AVDE, DFIC and JIRE all price near a quarter of a percent.
• MSCI ACWI ex USA is the yardstick, not the blueprint. The model chooses and weights holdings itself, so the portfolio can sit far from the index.
• Lazard discloses that the strategy can hold a large share of assets in a single country, Japan being its own example, so one market's politics can carry weight.lazard.com

• JIRE Hugging the benchmark cuts both ways: differences from EAFE come in small slices from stock selection, not bold sector or country bets.
• Cheaper shelf-mates exist: DFIC at 0.22% and AVDE at 0.23%, plus TACN at 0.20% gross but 0% net of a waiver through January 30, 2027.
• Developed-market holdings are priced in foreign currencies, so moves in the dollar ride along with the stock results.jpmorgan.com

Full IDEQ profile⁠

Full JIRE profile⁠