JUSA vs PGRO: Grades, Fees and Holdings Compared

JPMorgan U.S. Research Enhanced Large Cap ETF

JUSAANYSE Arca

Putnam Focused Large Cap Growth ETF

PGROBNYSE Arca

Overlap

44.7%by weight

Expense ratio

JUSA −0.31pt a year

JUSA0.18%PGRO0.49%

Avg volume · 30D

JUSA 2.0×the volume

JUSA98.8KPGRO50K

JUSA vs PGRO Performance

Oct 31, 2025 – Oct 30, 2026

+10.8%JUSA−0.9%PGRO

Expense ratio: JUSA 0.18%, better; PGRO 0.49%
Fund size: JUSA $745M; PGRO $210M
1Y total return: JUSA +10.8%, better; PGRO −0.9%
Yield (12M): JUSA 0.72%, better; PGRO 0.02%
Holdings: JUSA 263; PGRO 40
Avg volume (30D): JUSA 98.8K sh, better; PGRO 50K sh
NAV per share: JUSA $67.75; PGRO $45.50
52W range

ETF.net Grade

Pillar letters and Scores for JUSA, PGRO, with each pillar’s weight
Pillar	JUSA	PGRO
Cost30% weight	A99Higher	B62
Mission25% weight	A84	Not scored
Risk15% weight	A92Higher	C45
Tradability15% weight	B58	A75Higher
Holdings10% weight	A84Higher	C50
Durability5% weight	A76Higher	A74

Rank among US Active Growth funds

How we build Categories ›

Same Category. JUSA and PGRO are both graded against the same 90 US Active Growth funds, so their Grades compare head to head.

US Active Growth⁠

Category · 90 funds

See all 90 ›

JUSA ranks 1st and PGRO 24th of 90 funds in the US Active Growth Category.

Rank 1AJUSAJPMorgan U.S. Research Enhanced Large Cap ETFScore 86
Rank 2AGUSEGoldman Sachs Enhanced U.S. Equity ETFScore 84
Rank 24BLRGGNomura Focused Large Growth ETFScore 60
Rank 24BPGROPutnam Focused Large Cap Growth ETFScore 60
Rank 24BQDVOAmplify CWP Growth & Income ETFScore 60

Our read on each fund

ETF.net Research

JUSAAJPMorgan U.S. Research Enhanced Large Cap ETF

PGROBPutnam Focused Large Cap Growth ETF

In short

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.

PGRO One of Putnam's first four ETFs back in 2021, PGRO runs a deliberately concentrated book of US large-cap growth names against the Russell 1000 Growth. Stock picking, not factor renting.

Stated mandate

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.

PGRO The fund seeks capital appreciation by investing primarily in large U.S. common stocks selected for growth characteristics.

Why people hold it

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.

PGRO 0.49% net of a waiver through December 31, 2026 (0.50% gross), below the category median, though enhanced-index rivals FELG and JUSA charge 0.18%.
Conviction is the design: top-down themes paired with bottom-up research, built to carry stock-specific risk and dial down factor bets.franklintempleton.com
Live since May 2021 as part of Putnam's original ETF lineup, now on Franklin Templeton's platform, and it stands among the stronger builds in a crowded active large-growth field.etfexpress.com

Worth knowing

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

PGRO Non-diversified and tightly held: a few dozen names, with a handful of mega-caps carrying real weight, so one company's stumble lands harder than in a broad index fund.franklintempleton.com
A smaller fund that trades less actively than the index giants in large-cap growth, so bid-ask spreads can run wider at the screen.
Capital appreciation is the stated goal and payouts come only once or twice a year, so this is not built as an income sleeve.

Full JUSA profile⁠

Full PGRO profile⁠

JUSA vs PGRO Holdings

How JUSA and PGRO differ

Overlap by weight

44.7%

Shared holdings make up 91.4% of PGRO and 47.2% of JUSA.

Level by level

Holdings32 in both44.7%
Sector11 Sectors79.4%
Countryby domicile98.8%
Asset classEquity100%

Sector

Sector weights in JUSA and PGRO, widest gap first
Sector	More in JUSAMore in PGRO	JUSA	PGRO
Technology	PGRO +13.1 points	40.7%	53.8%
Communication	PGRO +7.5 points	10.0%	17.5%
Financials	JUSA +5.4 points	11.1%	5.7%
Energy	JUSA +3.3 points	3.3%	0.0%
Consumer Discretionary	JUSA +2.4 points	9.8%	7.4%
Consumer Staples	JUSA +2.2 points	3.6%	1.4%
Health Care	JUSA +2.0 points	9.0%	7.0%
Utilities	JUSA +1.9 points	1.9%	0.0%
Industrials	JUSA +1.8 points	7.3%	5.5%
Real Estate	JUSA +1.2 points	1.7%	0.5%
Materials	JUSA +0.4 points	1.6%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in JUSA and PGRO, widest gap first
Country	More in JUSAMore in PGRO	JUSA	PGRO
Canada	PGRO +1.2 points	0.0%	1.2%
United States	JUSA +1.1 points	99.9%	98.8%
Other countries (2)	JUSA +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

JUSA37.8%
PGRO58.6%

Securities held

JUSA261
PGRO39

Asset class

JUSA: Equity
PGRO: Equity

Holdings

Only in JUSA229
In both32
Only in PGRO7

Only in JUSA

229 securities, 52.8% of JUSA by weight

Alphabet Inc-Cl C -1.93%
Exxonmobil Holdings Corp1.45%
Berkshire Hathaway Inc1.35%
Johnson & Johnson Common1.32%
JPMorgan Prime Money0.95%
Rtx Corp0.93%
Wells Fargo & Co Common0.77%
Philip Morris0.75%
Citigroup Inc Common0.70%
Conocophillips Common0.69%
UnitedHealth Group Inc0.67%
Bank of America Corp0.66%
Lowe's Cos Inc Common0.65%
Nextera Energy Inc0.64%
Pepsico Inc Common Stock0.64%
3M Co Common Stock USD0.62%
Eog Resources Inc Common0.60%
Us Bancorp Common Stock0.59%
Trane Technologies PLC0.57%
Charles Schwab Corp/The0.56%
Amphenol Corp Common0.55%
The Southern Company0.55%
Walmart Inc Common Stock0.52%
Texas Instruments Inc0.50%
Bristol-Myers Squibb Co0.50%
Accenture PLC Common0.48%
AT&T Inc Common Stock USD0.48%
Mcdonald's Corp Common0.47%
Mondelez International0.47%
Howmet Aerospace Inc0.46%
Intel Corp Common Stock0.46%
Applied Materials Inc0.46%
Aon PLC Common Stock USD0.45%
Seagate Technology0.45%
Thermo Fisher Scientific0.45%
Regeneron Pharmaceuticals0.44%
Morgan Stanley Dean0.43%
Booking Holdings Inc0.42%
Equinix Inc Reit USD0.42%
The Walt Disney Company0.42%
Fifth Third Bancorp0.41%
Ecolab Inc Common Stock0.41%
Keurig Dr Pepper Inc0.41%
Arthur J Gallagher & Co0.40%
Western Digital Corp0.40%
Stryker Corp Common Stock0.39%
Eaton Corp PLC Common0.39%
Capital One Financial0.39%
Nxp Semiconductors NV0.38%
Vertex Pharmaceuticals0.36%

Only in PGRO

7 securities, 8.6% of PGRO by weight

Spotify Technology SA1.54%
Trane Technologies PLC1.52%
Live Nation Entertainment1.38%
Putnam Govt Mmkt Fnd-P1.15%
Shopify Inc - Class A1.13%
Starbucks Corp1.09%
Idexx Laboratories Inc0.80%

Weight gaps

All 32 Holdings in both funds, largest gap first.

Holding weights in JUSA and PGRO, widest gap first
Holding	More in JUSAMore in PGRO	JUSA	PGRO
Alphabet Inc-Cl A -GOOGL	PGRO +6.07 points	2.53%	8.60%
NVIDIA Corp Common StockNVDA	PGRO +5.38 points	7.86%	13.24%
Eli Lilly and CompanyLLY	PGRO +3.46 points	1.54%	5.00%
Mastercard Inc CommonMA	PGRO +2.36 points	1.27%	3.63%
Broadcom Inc CommonAVGO	PGRO +2.24 points	2.54%	4.78%
Visa Inc Common Stock USDV	PGRO +2.07 points	1.18%	3.25%
Meta Platforms Inc CommonMETA	PGRO +2.04 points	2.16%	4.20%
Tesla Inc Common StockTSLA	PGRO +1.98 points	1.42%	3.40%
Lam Research Corp CommonLRCX	PGRO +1.89 points	0.84%	2.73%
Snowflake Inc CommonSNOW	PGRO +1.79 points	0.14%	1.93%
Advanced Micro DevicesAMD	PGRO +1.61 points	1.22%	2.83%
Cadence Design SystemsCDNS	PGRO +1.56 points	0.18%	1.74%
Micron Technology IncMU	PGRO +1.44 points	1.57%	3.01%
Amazon.com Inc CommonAMZN	JUSA +1.33 points	3.95%	2.62%
Palo Alto Networks IncPANW	PGRO +1.29 points	0.31%	1.60%
Vulcan Materials CoVMC	PGRO +1.29 points	0.11%	1.40%
Palantir Technologies IncPLTR	PGRO +1.29 points	0.57%	1.86%
Ge Vernova Inc CommonGEV	PGRO +1.25 points	0.28%	1.53%
Intuitive Surgical IncISRG	PGRO +1.22 points	0.26%	1.48%
Costco Wholesale CorpCOST	PGRO +1.01 points	0.61%	1.62%
Hilton Worldwide HoldingsHLT	PGRO +0.95 points	0.21%	1.16%
Coherent Corp CommonCOHR	PGRO +0.92 points	0.04%	0.96%
Microsoft Corp CommonMSFT	JUSA +0.90 points	6.36%	5.46%
Caterpillar Inc CommonCAT	PGRO +0.81 points	0.16%	0.97%
Marvell Technology IncMRVL	PGRO +0.65 points	0.20%	0.85%
Cbre Group Inc CommonCBRE	PGRO +0.60 points	0.06%	0.66%
Lumentum Holdings IncLITE	PGRO +0.50 points	0.11%	0.61%
Oracle Corp Common StockORCL	PGRO +0.32 points	0.27%	0.59%
Apple Inc Common StockAAPL	JUSA +0.25 points	7.31%	7.06%
Sandisk Corp CommonSNDK	PGRO +0.16 points	0.22%	0.38%
Netflix Inc Common StockNFLX	PGRO +0.15 points	0.39%	0.54%
AbbVie Inc Common StockABBV	PGRO +0.09 points	1.15%	1.24%

All 261 JUSA holdings⁠All 33 PGRO 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.

JUSA vs PGRO Cost

Overpaying PGRO vs JUSA

$6,043

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

JUSA 0.18%
$3,749
PGRO 0.49%
$9,792

Amount$10,000

Years30 years

Cost over time

JUSA 0.18%
PGRO 0.49%
Overpaying

Year by year

Year	JUSA	PGRO	Overpaying
10	$328	$883	$555
20	$1,281	$3,394	$2,113
30	$3,749	$9,792	$6,043

Expense ratio

0.18%JUSA, cheaper
0.49%PGRO

JUSA0.18%PGRO0.49%

0.18%2.83%

Middle half of US Active Growth funds
Median 0.55%

JUSA cheapest of 90 funds

PGRO 30th cheapest of 90 funds

JUSA vs PGRO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JUSA 0.72%, better; PGRO 0.02%
Payout (12M): JUSA $0.49; PGRO $0.0094
Last payment: JUSA $0.13; PGRO $0.0094
Ex-dividend: JUSA Sep 22, 2026; PGRO Dec 19, 2025
Paid on: JUSA Sep 24, 2026; PGRO Dec 23, 2025
Frequency: JUSA Quarterly; PGRO Annual

Distribution history

Per share, 2022 to 2026, same scale for both

JUSAQuarterly · 6 paymentsAll JUSA payments⁠

PGROAnnual · 4 paymentsAll PGRO payments⁠

JUSA vs PGRO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JUSA 11.6%since Apr 2025PGRO 17.5%
Return per unit of riskSharpe ratio, 3 years: JUSA 1.41since Apr 2025PGRO 0.99
Worst fallMax drawdown, 5 years: JUSA −14.0%since Mar 2025PGRO −34.7%
Market sensitivityBeta, 5 years: JUSA 0.98PGRO 1.17; Market = 1

JUSA and PGRO in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026JUSA
ETF Filings
JPMorgan All Country Research Enhanced Equity ETF sets 0.22% fee, ticker JALL
Sep 4, 2026JUSA

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JUSA vs PGRO

In short

Stated mandate

Why people hold it

Worth knowing

How JUSA and PGRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JUSA

Only in PGRO

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

JPMorgan All Country Research Enhanced Equity ETF sets 0.22% fee, ticker JALL

How JUSA and PGRO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JUSA

Only in PGRO

Weight gaps