JIRE vs NISM

JIREAJPMorgan International Research Enhanced Equity ETF

NISMDNYLI International Small-Mid Cap Equity ETF

In short

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.

NISM Active stock-picking in a corner Wall Street barely covers: New York Life hands the keys to Ausbil's Global SmallCap team in Sydney, which builds a 50 to 100 name portfolio of non-US companies sized from roughly $500 million to $35 billion.

Stated mandate

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.

NISM The Fund seeks long-term capital growth.

Why people hold it

• 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.

• NISM Sub-advised by Ausbil, an Australian active-equity specialist in New York Life's boutique network, running a global small-cap strategy that predates this ETF wrapper.nylim.combusinesswire.com
• Concentrated by design: the mandate targets 50 to 100 non-US names, so each pick carries real weight instead of being diluted across a thousand-stock index.businesswire.com
• Spans small and mid caps (roughly $500 million to $35 billion), covering the size band pure small-cap funds stop short of and large-cap international funds skip.businesswire.com
• Fully active, with no index to hug: a macro read, then regional and sector tilts, then company-level research, then risk-aware portfolio construction.businesswire.com

Worth knowing

• 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

• NISM At 0.70% a year, it costs more than the typical fund in its active international peer group (median 0.59%) and well more than systematic peers like AVDE at 0.23% or AVDS at 0.30%.
• Launched in 2026 with a small asset base and light trading, so spreads can run wider than the category's giants and there is little live record to study.
• Distributions come once or twice a year at most. The stated goal is long-term capital growth, not an income stream.

Full JIRE profile⁠

Full NISM profile⁠