JIRE vs PIZ: Grades, Fees and Holdings Compared

JPMorgan International Research Enhanced Equity ETF

JIREANYSE Arca

Invesco Dorsey Wright Developed Markets Momentum ETF

PIZCNasdaq

Overlap

12.3%by weight

Expense ratio

JIRE −0.51pt a year

JIRE0.29%PIZ0.80%

Avg volume · 30D

JIRE 5.4×the volume

JIRE412KPIZ75.8K

3Y return · a year

PIZ +4.1pt

JIRE+18.8%PIZ+22.9%

JIRE vs PIZ Performance

Oct 31, 2025 – Oct 30, 2026

+13.0%JIRE+2.5%PIZ

Expense ratio: JIRE 0.29%, better; PIZ 0.80%
Fund size: JIRE $10.9B; PIZ $577M
1Y total return: JIRE +13.0%, better; PIZ +2.5%
Yield (12M): JIRE 2.75%, better; PIZ 1.91%
Holdings: JIRE 213; PIZ 110
Avg volume (30D): JIRE 412K sh, better; PIZ 75.8K sh
NAV per share: JIRE $81.40; PIZ $48.87
52W range

ETF.net Grade

Pillar letters and Scores for JIRE, PIZ, with each pillar’s weight
Pillar	JIRE	PIZ
Cost30% weight	A94Higher	F19
Mission25% weight	Not scored	Not scored
Risk15% weight	B58Higher	F22
Tradability15% weight	A73	A76Higher
Holdings10% weight	A71Higher	B57
Durability5% weight	A93Higher	A82

Rank among International Active Equity funds

How we build Categories ›

Same Category. JIRE and PIZ are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

JIRE ranks 3rd and PIZ 34th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 4AAVDSAvantis International Small Cap Equity ETFScore 78
Rank 34DIVSIApplied Finance IVS International Large ETFScore 40
Rank 34CPIZInvesco Dorsey Wright Developed Markets Momentum ETFScore 40
Rank 37DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 39

Our read on each fund

ETF.net Research

JIREAJPMorgan International Research Enhanced Equity ETF

PIZCInvesco Dorsey Wright Developed Markets Momentum 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.

PIZ Momentum with a passport. PIZ ranks non-US developed-market stocks on relative strength and rebuilds around 100 winners each quarter. Same rulebook since 2007, one of the longest-running international momentum sleeves.

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.

PIZ The Fund seeks developed-market equity exposure through the Dorsey Wright® Developed Markets Tech Leaders Index and generally invests at least 90% of assets in securities from developed economies.

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.

PIZ The screen is the whole product: roughly 100 developed-market large caps picked for relative strength, then rebalanced and reconstituted every quarter.nasdaq.com invesco.com
Genuinely ex-US by construction. The index leaves out US companies listed on US exchanges, so it doesn't quietly re-buy the megacaps most portfolios already hold.invesco.com
Trading since December 2007 on a published rulebook, with at least 90% of assets in developed-economy securities plus ADRs and GDRs, and distributions paid quarterly.invesco.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

PIZ At 0.80% a year it sits well above the typical fund in its international-equity group, where core builds like DFIC (0.22%) and AVDE (0.23%) anchor the cheap end.
About 100 names reshuffled four times a year means real turnover and whatever country and sector tilts the screen throws up. It can look nothing like a broad index.invesco.com
Relative strength buys what has already moved, and the roster resets only at quarter-end, so abrupt shifts in market leadership are the trade-off baked into the method.nasdaq.com invesco.com

Full JIRE profile⁠

Full PIZ profile⁠

JIRE vs PIZ Holdings

How JIRE and PIZ differ

Overlap by weight

12.3%

Shared holdings make up 27.2% of PIZ and 16.3% of JIRE.

Level by level

Holdings27 in both12.3%
Countryby domicile47.7%
Sector11 Sectors68.7%
Asset classEquity100%

Sector

Sector weights in JIRE and PIZ, widest gap first
Sector	More in JIREMore in PIZ	JIRE	PIZ
Financials	PIZ +18.8 points	27.2%	46.0%
Industrials	PIZ +9.7 points	17.7%	27.4%
Health Care	JIRE +9.6 points	9.6%	0.0%
Consumer Staples	JIRE +5.7 points	6.2%	0.5%
Communication	JIRE +5.0 points	5.0%	0.0%
Consumer Discretionary	JIRE +3.8 points	7.6%	3.8%
Technology	PIZ +2.9 points	13.4%	16.3%
Utilities	JIRE +2.4 points	4.0%	1.6%
Energy	JIRE +2.1 points	3.6%	1.5%
Materials	JIRE +2.0 points	5.0%	3.0%
Real Estate	JIRE +0.7 points	0.7%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in JIRE and PIZ, widest gap first
Country	More in JIREMore in PIZ	JIRE	PIZ
Canada	PIZ +14.6 points	0.0%	14.6%
Japan	JIRE +11.5 points	25.0%	13.5%
France	JIRE +9.9 points	10.8%	0.9%
Italy	PIZ +8.1 points	2.1%	10.2%
Germany	JIRE +7.6 points	10.7%	3.1%
Greece	PIZ +6.9 points	0.0%	6.9%
United Kingdom	JIRE +5.6 points	16.5%	10.9%
Netherlands	JIRE +5.4 points	6.2%	0.8%
Other countries (18)	PIZ +10.2 points	28.8%	39.0%

Outside the US: JIRE 100% developed, 0% emerging. PIZ 85% developed, 15% emerging.

Concentration

Weight in the 10 largest Holdings

JIRE16.8%
PIZ25.8%

Securities held

JIRE208
PIZ101

Asset class

JIRE: Equity
PIZ: Equity

Holdings

Only in JIRE181
In both27
Only in PIZ74

Only in JIRE

181 securities, 83.7% of JIRE by weight

Asml Holding NV Common3.41%
Astrazeneca PLC Common1.94%
Siemens AG Common Stock1.59%
Roche Holding AG Common1.54%
Shell PLC1.53%
Nestle SA Common Stock1.43%
Novartis AG Common Stock1.31%
Totalenergies SE Common1.19%
Toyota Motor Corp Common1.19%
Recruit Holdings Co Ltd1.18%
Air Liquide SA Common1.14%
Bhp Group Ltd Common1.13%
Safran SA Common Stock1.06%
Muenchener1.05%
Hitachi Ltd Common Stock1.04%
Sony Group Corp Common1.02%
Atlas Copco Ab Common0.96%
Barclays PLC Common Stock0.95%
Ubs Group AG Common Stock0.92%
Tokyo Electron Ltd0.89%
Relx PLC Common Stock Gbp0.86%
Tokio Marine Holdings0.86%
Lonza Group AG Common0.84%
Dbs Group Holdings Ltd0.84%
Sanofi SA Common Stock0.81%
Cie Financiere Richemont0.80%
Engie SA Common Stock0.79%
British American Tobacco0.79%
National Grid PLC Common0.79%
Keyence Corp Common0.76%
Rio Tinto Ltd Common0.75%
Commonwealth Bank of0.74%
Legrand SA Common Stock0.74%
Societe Generale SA0.73%
Takeda Pharmaceutical Co0.72%
Deutsche Telekom AG0.71%
London Stock Exchange0.71%
Infineon Technologies AG0.68%
Volvo Ab Common Stock Sek0.68%
Ferrari NV Common Stock0.67%
Aia Group Ltd Common0.67%
Mitsui & Co Ltd Common0.65%
Sse PLC Common Stock Gbp0.63%
Rwe AG Common Stock Eur0.62%
Dhl AG Common Stock Eur0.59%
Schneider Electric SE0.59%
Unilever PLC Common0.59%
Shin-Etsu Chemical Co0.59%
Hoya Corp Common Stock0.59%
Novo Nordisk A/S Common0.58%

Only in PIZ

74 securities, 72.7% of PIZ by weight

Bombardier Inc3.64%
Royal Bank of Canada3.11%
Investor AB2.70%
Lion Finance Group PLC2.61%
Swedbank AB2.42%
National Bank of Greece SA2.37%
Unipol Assicurazioni SpA2.06%
BPER Banca SPA1.99%
Piraeus Bank SA1.94%
Yangzijiang Shipbuilding Holdings Ltd1.90%
Bank of Ireland Group PLC1.79%
Banco Comercial Portugues SA1.68%
Swiss Life Holding AG1.54%
Harel Insurance Investments & Financial Services Ltd1.39%
Ringkjoebing Landbobank A/S1.32%
Motor Oil Hellas Corinth Refineries SA1.23%
Atlas Copco AB1.18%
Kingboard Laminates Holdings Ltd1.15%
AL Sydbank A/S1.08%
CaixaBank SA1.07%
77 Bank Ltd/The1.05%
Soitec0.94%
Diploma PLC0.93%
Fresnillo PLC0.91%
BAWAG Group AG0.90%
Exchange Income Corp0.85%
thyssenkrupp AG0.84%
Raiffeisen Bank International AG0.83%
SpareBank 1 Sor-Norge ASA0.81%
DPM Metals Inc0.80%
Kinross Gold Corp0.75%
Shiga Bank Ltd/The0.74%
OceanaGold Corp0.74%
Eurobank SA0.74%
SITC International Holdings Co Ltd0.71%
DBS Group Holdings Ltd0.71%
Samsung Electronics Co Ltd0.70%
Hachijuni Nagano Bank Ltd0.68%
DB Insurance Co Ltd0.66%
Sandfire Resources Ltd0.65%
Talanx AG0.64%
Mebuki Financial Group Inc0.63%
Food & Life Cos Ltd0.63%
Tamarack Valley Energy Ltd0.63%
SK Inc0.62%
Teva Pharmaceutical Industries Ltd0.62%
Eldorado Gold Corp0.61%
Hokuhoku Financial Group Inc0.61%
National Bank of Canada0.61%
Terna - Rete Elettrica Nazionale0.60%

Weight gaps

All 27 Holdings in both funds, largest gap first.

Holding weights in JIRE and PIZ, widest gap first
Holding	More in JIREMore in PIZ	JIRE	PIZ
Rolls-Royce Holdings PLCRR.L	PIZ +2.14 points	0.44%	2.58%
Oversea-Chinese Banking	PIZ +2.08 points	0.15%	2.23%
Intercontinental HotelsIHG.L	PIZ +1.69 points	0.41%	2.10%
Aib Group PLC Common	PIZ +1.27 points	0.32%	1.59%
Abb Ltd Common Stock Chf	PIZ +1.20 points	0.29%	1.49%
Jx Advanced Metals Corp	PIZ +1.14 points	0.05%	1.19%
Advantest Corp Common	PIZ +1.06 points	0.97%	2.03%
Allianz SE Common Stock	JIRE +0.91 points	1.55%	0.64%
3I Group PLC Common StockIII.L	PIZ +0.76 points	0.28%	1.04%
Hsbc Holdings PLC CommonHSBA.L	JIRE +0.74 points	1.29%	0.55%
Banco Santander SA Common	JIRE +0.65 points	1.21%	0.56%
Sumitomo Mitsui	JIRE +0.61 points	1.14%	0.53%
Iberdrola SA Common Stock	JIRE +0.59 points	1.19%	0.60%
Ing Groep NV Common Stock	PIZ +0.59 points	0.19%	0.78%
Banco Bilbao Vizcaya	PIZ +0.57 points	0.21%	0.78%
Toyota Tsusho Corp	PIZ +0.47 points	0.13%	0.60%
Unicredit Spa Common	PIZ +0.40 points	1.03%	1.43%
Lloyds Banking Group PLCLLOY.L	PIZ +0.38 points	0.13%	0.51%
Mizuho Financial Group	PIZ +0.38 points	0.25%	0.63%
Sap SE Common Stock Eur	JIRE +0.29 points	1.10%	0.81%
Natwest Group PLC CommonNWG.L	PIZ +0.25 points	0.76%	1.01%
Standard Chartered PLCSTAN.L	PIZ +0.19 points	0.34%	0.53%
Resona Holdings Inc	PIZ +0.15 points	0.40%	0.55%
Murata Manufacturing Co	PIZ +0.13 points	0.36%	0.49%
Danske Bank A/S Common	JIRE +0.11 points	0.64%	0.53%
Mitsubishi Ufj Financial	JIRE +0.08 points	0.70%	0.62%
Itochu Corp Common Stock	PIZ +0.07 points	0.73%	0.80%

All 212 JIRE holdings⁠All 101 PIZ 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.

JIRE vs PIZ Cost

Overpaying PIZ vs JIRE

$9,394

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

JIRE 0.29%
$5,952
PIZ 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

JIRE 0.29%
PIZ 0.80%
Overpaying

Year by year

Year	JIRE	PIZ	Overpaying
10	$527	$1,422	$895
20	$2,044	$5,393	$3,349
30	$5,952	$15,346	$9,394

Expense ratio

0.29%JIRE, cheaper
0.80%PIZ

JIRE0.29%PIZ0.80%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

JIRE 5th cheapest of 55 funds

PIZ 43rd cheapest of 55 funds

JIRE vs PIZ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JIRE 2.75%, better; PIZ 1.91%
Payout (12M): JIRE $2.24; PIZ $0.93
Last payment: JIRE $2.24; PIZ $0.13
Ex-dividend: JIRE Dec 16, 2025; PIZ Sep 21, 2026
Paid on: JIRE Dec 18, 2025; PIZ Sep 25, 2026
Frequency: JIRE Annual; PIZ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

JIREAnnual · 4 paymentsAll JIRE payments⁠

PIZQuarterly · 35 paymentsAll PIZ payments⁠

JIRE vs PIZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JIRE 11.8%, betterPIZ 17.5%
Return per unit of riskSharpe ratio, 3 years: JIRE 1.15, betterPIZ 1.02
Worst fallMax drawdown, 5 years: JIRE −16.1%since Jun 2022PIZ −40.0%
Market sensitivityBeta, 5 years: JIRE 0.81PIZ 1.14; Market = 1

JIRE and PIZ in the news

All news⁠

ETF Filings
Transamerica files TAVI, a Great Lakes EAFE ETF, as a $4.27 billion fund changes sub-adviser
Sep 22, 2026JIRE
ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026JIRE
ETF Filings
Franklin Templeton files two enhanced ETFs to absorb its international core funds
Sep 18, 2026JIRE
ETF Filings
Janus Henderson International Core Alpha ETF prospectus takes effect at 0.35%
Sep 14, 2026JIRE
New ETFs
PGIM lists two more Jennison core ETFs after a May launch that still holds $7 million
Sep 8, 2026JIRE
ETF Filings
JPMorgan All Country Research Enhanced Equity ETF sets 0.22% fee, ticker JALL
Sep 4, 2026JIRE

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