JFLI vs MDIV: Grades, Fees and Holdings Compared

JPMorgan Flexible Income ETF

JFLICNYSE Arca

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

3.7%by weight

Expense ratio

JFLI −0.20pt a year

JFLI0.51%MDIV0.71%

Avg volume · 30D

MDIV 11.1×the volume

JFLI5.27KMDIV58.4K

JFLI vs MDIV Performance

Nov 7, 2025 – Nov 9, 2026

+10.8%JFLI+10.0%MDIV

Expense ratio: JFLI 0.51%, better; MDIV 0.71%
Fund size: JFLI $48M; MDIV $414M
1Y total return: JFLI +10.8%, better; MDIV +10.0%
Yield (12M): JFLI 8.33%, better; MDIV 7.52%
Holdings: JFLI 614; MDIV 124
Avg volume (30D): JFLI 5.27K sh; MDIV 58.4K sh, better
NAV per share: JFLI $50.38; MDIV $16.03
52W range

ETF.net Grade

Pillar letters and Scores for JFLI, MDIV, with each pillar’s weight
Pillar	JFLI	MDIV
Cost30% weight	B64Higher	C50
Mission25% weight	B55	A85Higher
Risk15% weight	D39	C53Higher
Tradability15% weight	D31	A79Higher
Holdings10% weight	C44	B67Higher
Durability5% weight	B55	A83Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. JFLI and MDIV are both graded against the same 14 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 14 funds

See all 14 ›

MDIV ranks 4th and JFLI 9th of 14 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 86
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 80
Rank 3AINKMState Street Income Allocation ETFScore 71
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 5BALTYGlobal X Alternative Income ETFScore 56
Rank 8CCVYInvesco Zacks Multi-Asset Income ETFScore 52
Rank 9CJFLIJPMorgan Flexible Income ETFScore 50
Rank 10CFTBIFirst Trust Balanced Income ETFScore 49

Our read on each fund

ETF.net Research

JFLICJPMorgan Flexible Income ETF

MDIVBMulti-Asset Diversified Income Index Fund

In short

JFLI J.P. Morgan's multi-asset team put its first active ETF on the tape in 2025: a go-anywhere income sleeve that routes much of its credit exposure through the firm's own funds and pays monthly, launched with a stated income target of about 6% a year.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

Stated mandate

JFLI The ETF seeks to maximize income while retaining potential for capital appreciation. It flexibly invests across income-producing debt and equity securities globally and actively allocates assets.

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

Why people hold it

JFLI One ticker, a managed blend: credit exposure comes mainly through other J.P. Morgan funds, layered with income-producing equity rather than a fixed 60/40 split.sec.gov
At 0.51% it sits below the median fee in multi-asset income, and under MDIV's 0.71% (net of a waiver through January 31, 2027).
Pays monthly and spreads across roughly 600 positions, global by design: developed and emerging markets, debt and equity alike.jpmorgan.com
Actively allocated by J.P. Morgan's Multi-Asset Solutions team, which can shift the mix as opportunities move rather than follow a fixed index.jpmorgan.com

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

Worth knowing

JFLI A small fund that trades thinly, so limit orders matter more here than with the category's heavyweights.
Launched February 2025, a short record next to peers like IYLD and INKM, with only about a year of risk data to read.
The income engine leans on high-yield credit, preferreds and equity-linked notes, which carry credit and counterparty risk; payouts move with markets.sec.gov

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full JFLI profile⁠

Full MDIV profile⁠

JFLI vs MDIV Holdings

How JFLI and MDIV differ

Overlap by weight

3.7%

Shared holdings make up 13.7% of MDIV and 3.7% of JFLI.

Level by level

Holdings27 in both3.7%
Sector13 Sectors42.3%
Countryby domicile79.9%

Sector

Sector weights in JFLI and MDIV, widest gap first
Sector	Gap	JFLI	MDIV
Real Estate	MDIV +23.9 points	3.0%	26.9%
Financials	JFLI +18.0 points	36.0%	18.0%
Technology	JFLI +17.7 points	17.7%	0.0%
Energy	MDIV +16.3 points	3.1%	19.4%
Corporate	MDIV +14.2 points	6.5%	20.7%
Consumer Discretionary	JFLI +7.5 points	7.5%	0.0%
Communication	JFLI +4.4 points	5.4%	1.0%
Industrials	JFLI +4.0 points	4.4%	0.4%
Health Care	JFLI +3.9 points	5.0%	1.1%
Utilities	MDIV +2.7 points	4.0%	6.7%
Materials	JFLI +2.0 points	2.0%	0.0%
Consumer Staples	MDIV +0.5 points	5.3%	5.8%
Government	JFLI +0.2 points	0.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in JFLI and MDIV, widest gap first
Country	Gap	JFLI	MDIV
United States	MDIV +20.1 points	79.1%	99.2%
United Kingdom	JFLI +3.0 points	3.0%	0.0%
Canada	JFLI +2.5 points	3.3%	0.8%
Japan	JFLI +2.1 points	2.1%	0.0%
France	JFLI +1.8 points	1.8%	0.0%
Netherlands	JFLI +1.5 points	1.5%	0.0%
Ireland	JFLI +1.3 points	1.3%	0.0%
Germany	JFLI +1.2 points	1.2%	0.0%
Other countries (24)	JFLI +6.7 points	6.7%	0.0%

Concentration

Weight in the 10 largest Holdings

JFLI62.2%
MDIV32.0%

Securities held

JFLI597
MDIV123

Asset class

JFLI: Multi-Asset
MDIV: Multi-Asset

Holdings

Only in JFLI570
In both27
Only in MDIV96

Only in JFLI

570 securities, 95.1% of JFLI by weight

JPMorgan Betabuilders USD25.50%
JPMorgan Nasdaq Equity19.35%
JPMorgan Active High6.24%
JPMorgan Equity Premium4.44%
JPMorgan Income Etf Etp1.42%
United 4.125% 01/271.39%
Microsoft Corp Common0.88%
NVIDIA Corp Common Stock0.45%
Lly Un Equity0.34%
AbbVie Inc Common Stock0.33%
Engie SA Common Stock0.30%
JPMorgan Prime Money0.29%
Alphabet Inc-Cl A -0.28%
Taiwan Semiconductor0.28%
Asml Holding NV Common0.27%
Amd Uw Equity0.27%
Nextera Energy Inc Common0.25%
Mastercard Inc Common0.23%
Roche Holding AG Common0.22%
Accenture PLC Common0.22%
Volvo Ab Common Stock Sek0.21%
Safran SA Common Stock0.21%
Gilead Sciences Inc0.20%
The Coca-Cola Company0.20%
Eog Resources Inc Common0.20%
Allianz SE Common Stock0.20%
Trane Technologies PLC0.20%
Medtronic PLC Common0.20%
Lam Research Corp Common0.19%
Broadcom Inc Common0.19%
Intc Uw Equity0.18%
Shell PLC0.18%
Johnson & Johnson Common0.18%
Rtx Corp0.18%
Totalenergies SE Common0.18%
Omnicom Group Inc Common0.17%
Ventas Inc Reit USD 0.250.17%
Novartis AG Common Stock0.17%
Morgan Stanley Dean0.16%
Cme Group Inc Common0.16%
Lowe's Cos Inc Common0.16%
Muenchener0.16%
Siemens AG Common Stock0.16%
Yum Brands Inc Common0.15%
Unicredit Spa Common0.15%
Nestle SA Common Stock0.15%
3M Co Common Stock USD0.15%
UnitedHealth Group Inc0.15%
Dbs Group Holdings Ltd0.15%
Rio Tinto PLC Common0.14%

Only in MDIV

96 securities, 85.8% of MDIV by weight

First Trust Tactical High Yield ETF20.56%
AGNC Investment Corp.1.37%
Annaly Capital Management, Inc.1.37%
Rithm Capital Corp.1.32%
ARMOUR Residential REIT, Inc.1.30%
Kimbell Royalty Partners LP1.25%
Rithm Capital Corp., Series B, Variable Rate1.24%
TXO Partners, L.P.1.20%
Icahn Enterprises, L.P.1.17%
Mach Natural Resources LP1.17%
Dorchester Minerals, L.P.1.09%
Alliance Resource Partners, L.P.1.03%
Citigroup Capital XIII, Variable Rate, due 10/30/20401.01%
CrossAmerica Partners LP0.98%
Apple Hospitality REIT, Inc.0.98%
Western Midstream Partners LP0.97%
Gaming and Leisure Properties, Inc.0.92%
Black Stone Minerals, L.P.0.91%
AGNC Investment Corp., Series C, 7.000%, Variable Rate0.91%
AGNC Investment Corp., Series E, 6.500% Variable Rate0.90%
Rithm Capital Corp., Series D, Variable Rate0.89%
Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate0.89%
AGNC Investment Corp., Series F, 6.125% Variable Rate0.88%
USA Compression Partners LP0.88%
Lincoln National Corporation, Series D, 9.000%0.86%
Delek Logistics Partners LP0.84%
EPR Properties0.84%
Annaly Capital Management, Inc., Series G, 6.500% Variable Rate0.84%
Four Corners Property Trust, Inc.0.82%
Mplx Lp0.82%
CubeSmart0.82%
Fifth Third Bancorp, Series I, 6.625%, Variable Rate0.80%
Omega Healthcare Investors, Inc.0.80%
Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/20790.80%
Jackson Financial Inc., 8.000%, Variable Rate0.79%
Synchrony Financial, Series B Variable Rate0.79%
Banc of California, Inc., Series F, 7.75% Variable Rate0.79%
CHS Inc., Series 1, 7.875%0.76%
Apollo Global Management, Inc., 7.625%, Variable Rate, Due 09/15/20530.75%
American National Group Inc., Series D, 7.375%0.75%
The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/20530.74%
Plains All American Pipeline, L.P.0.73%
CHS Inc., Series 4, 7.500%0.72%
Morgan Stanley, Series E, 7.125%, Variable Rate0.71%
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/20520.71%
Athene Holding Ltd., 7.250% Variable Rate, Due 03/30/20640.71%
Getty Realty Corp.0.70%
Energy Transfer LP0.69%
National Health Investors, Inc.0.68%
Morgan Stanley, Series F, 6.875%, Variable Rate0.67%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in JFLI and MDIV, widest gap first
Holding	Gap	JFLI	MDIV
Vici Properties Inc ReitVICI	MDIV +0.82 points	0.11%	0.93%
Pfizer Inc Common StockPFE	MDIV +0.58 points	0.12%	0.70%
Extra Space Storage IncEXR	MDIV +0.58 points	0.12%	0.70%
Altria Group Inc CommonMO	MDIV +0.55 points	0.13%	0.68%
Wp Carey Inc Reit USDWPC	MDIV +0.56 points	0.10%	0.66%
Kimco Realty Corp ReitKIM	MDIV +0.50 points	0.12%	0.62%
American Tower Corp ReitAMT	MDIV +0.49 points	0.12%	0.61%
Kraft Heinz Co/The CommonKHC	MDIV +0.49 points	0.11%	0.60%
General Mills Inc CommonGIS	MDIV +0.47 points	0.11%	0.58%
Public Storage Reit USDPSA	MDIV +0.45 points	0.13%	0.58%
Edison InternationalEIX	MDIV +0.40 points	0.11%	0.51%
Prudential Financial IncPRU	MDIV +0.34 points	0.12%	0.46%
Verizon CommunicationsVZ	MDIV +0.33 points	0.21%	0.54%
T Rowe Price Group IncTROW	MDIV +0.33 points	0.11%	0.44%
Eversource Energy CommonES	MDIV +0.31 points	0.11%	0.42%
Oneok Inc Common StockOKE	MDIV +0.30 points	0.11%	0.41%
Truist Financial CorpTFC	MDIV +0.29 points	0.11%	0.40%
Kimberly-Clark CorpKMB	MDIV +0.26 points	0.21%	0.47%
Tyson Foods Inc CommonTSN	MDIV +0.26 points	0.12%	0.38%
Exelon Corp Common StockEXC	MDIV +0.25 points	0.12%	0.37%
Keycorp Common Stock USDKEY	MDIV +0.25 points	0.10%	0.35%
Wec Energy Group IncWEC	MDIV +0.25 points	0.12%	0.37%
Duke Energy Corp CommonDUK	MDIV +0.24 points	0.12%	0.36%
Pepsico Inc Common StockPEP	MDIV +0.23 points	0.19%	0.42%
AT&T Inc Common Stock USDT	MDIV +0.19 points	0.21%	0.40%
Bristol-Myers Squibb CoBMY	MDIV +0.12 points	0.23%	0.35%
Chevron Corp Common StockCVX	MDIV +0.13 points	0.24%	0.37%

All 600 JFLI holdings⁠All 123 MDIV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

JFLI vs MDIV Cost

Overpaying MDIV vs JFLI

$3,617

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

JFLI 0.51%
$10,165
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

JFLI 0.51%
MDIV 0.71%
Overpaying

Year by year

Year	JFLI	MDIV	Overpaying
10	$918	$1,267	$349
20	$3,527	$4,824	$1,297
30	$10,165	$13,782	$3,617

Expense ratio

0.51%JFLI, cheaper
0.71%MDIV

JFLI0.51%MDIV0.71%

0.38%1.37%

Middle half of Multi-Asset Income funds
Median 0.82%

JFLI 5th cheapest of 14 funds

MDIV 7th cheapest of 14 funds

JFLI vs MDIV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): JFLI 8.33%, better; MDIV 7.52%
Payout (12M): JFLI $4.30; MDIV $1.21
Last payment: JFLI $0.34; MDIV $0.08
Ex-dividend: JFLI Nov 5, 2026; MDIV Oct 21, 2026
Paid on: JFLI Nov 9, 2026; MDIV Oct 30, 2026
Frequency: JFLI Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

JFLIMonthly · 21 paymentsAll JFLI payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

JFLI vs MDIV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JFLI 8.5%since Mar 2025MDIV 8.5%
Return per unit of riskSharpe ratio, 3 years: JFLI 0.86since Mar 2025MDIV 0.82
Worst fallMax drawdown, 5 years: JFLI −12.8%since Feb 2025MDIV −13.1%
Market sensitivityBeta, 5 years: JFLI 0.59MDIV 0.69; Market = 1

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