ETF Research Center

JQUA tracks an index of US large-cap equities that are selected and weighted by three quality factors: profitability, quality of earnings, and solvency. lf

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Nov 08, 2017
Assets (mns)	$365
Currency	USD
Expense ratio	12 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	237
Wgt avg mkt cap (mns)	$245,822
Large cap (>$10bn)	90.5%
Mid cap ($2-10bn)	9.1%
Small cap (<$2bn)	0.2%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	20.1 %
APPLE INC	2.6 %
FACEBOOK	2.2 %
MICROSOFT CORP	2.2 %
HOME DEPOT INC	2.0 %
ALPHABET INC. CLASS A	2.0 %
MASTERCARD INC-CLASS A	1.9 %
VISA INC-CLASS A SHARES	1.9 %
JOHNSON & JOHNSON	1.9 %
NVIDIA CORP	1.8 %
VERIZON COMMUNICATIONS INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	1.5 %
	BRITAIN	0.6 %
	SWITZERLAND	0.4 %
	BERMUDA	0.2 %
	PANAMA	0.1 %
	CANADA	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru July 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
2.3%	10.1%	--	--	10.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	98%
MSCI EAFE	0.91	82%
MSCI Emg. Mkts.	0.63	66%

Technical Indicators
Recent close	$32.61
30d moving avg.	$31.66
Annualized volatility	16.7%
Short interest (ETF)	0.2%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	57
Turnover	0.5%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$113,952

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the JPMorgan U.S. Quality Factor ETF ETF based on the alternatives' overlap in portfolio holdings with JQUA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JQUA

Expense:

12 bp

ALTAR Score™:

5.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JQUA
Ticker	Fund Name	Overlap¹ vs JQUA (%)	Expense ratio (bp)	Savings vs JQUA (bp)	ALTAR Score™ (%)	ALTAR vs JQUA (%)
FLQL	Franklin LibertyQ U.S. Equity ETF	58.3	15	-3	5.9	+0.7
FQAL	Fidelity Quality Factor ETF	55.3	29	-17	5.3	+0.2
QUS	SPDR MSCI USA StrategicFactors ETF	54.1	15	-3	5.6	+0.5
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	51.9	19	-7	5.8	+0.6
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	48.6	10	2	5.1	0.0
DSI	iShares MSCI KLD 400 Social ETF	48.6	25	-13	5.0	-0.2
SUSL	iShares ESG MSCI USA Leaders ETF	48.5	10	2	5.1	+0.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	47.7	9	3	5.3	+0.2
DYNF	BlackRock U.S. Equity Factor Rotation ETF	47.6	30	-18	6.2	+1.1
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	47.2	49	-37	3.8	-1.3
PBP	Invesco S&P 500 BuyWrite ETF	46.9	49	-37	4.7	-0.4
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	46.8	29	-17	5.8	+0.6
SPXN	ProShares S&P 500 Ex-Financials ETF	46.7	27	-15	4.7	-0.4
EPS	WisdomTree U.S. Earnings 500 Fund	46.6	8	4	6.2	+1.1
DIVB	iShares U.S. Dividend & Buyback ETF	46.4	25	-13	6.3	+1.2
BKLC	BNY Mellon US Large Cap Core Equity ETF	46.2	0	12	4.9	-0.2
OEF	iShares S&P 100 ETF	46.1	20	-8	4.6	-0.5
HSPX	Global X S&P 500 Covered Call ETF	46.0	65	-53	4.6	-0.6
IWL	iShares Russell Top 200 ETF	45.7	15	-3	4.7	-0.4
RECS	Columbia Research Enhanced Core ETF	45.6	15	-3	5.4	+0.3
MGC	Vanguard Mega Cap Index Fund	45.4	7	5	5.0	-0.2
ESGU	iShares MSCI USA ESG Optimized ETF	45.3	15	-3	4.9	-0.3
SPY	SPDR S&P 500 ETF Trust	45.3	9	3	5.1	-0.0
SPLG	SPDR Portfolio Large Cap ETF	45.3	3	9	5.2	+0.1
IVV	iShares Core S&P 500 ETF	45.2	4	8	5.2	+0.0
XOUT	GraniteShares XOUT U.S. Large Cap ETF	45.1	60	-48	3.9	-1.2
VOO	VANGUARD S&P 500 ETF	45.1	3	9	5.2	+0.1
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	44.7	20	-8	5.1	-0.0
IQSU	IQ Candriam ESG US Equity ETF	44.7	9	3	4.9	-0.3
AFLG	First Trust Active Factor Large Cap ETF	44.7	55	-43	5.3	+0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	44.7	27	-15	5.1	-0.1
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	44.5	20	-8	4.7	-0.4
SNPE	Xtrackers S&P 500 ESG ETF	44.3	11	1	4.9	-0.3
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	44.2	7	5	5.0	-0.1
DLN	WisdomTree U.S. LargeCap Dividend Fund	44.2	28	-16	6.2	+1.0
EXT	WisdomTree U.S. Total Earnings Fund	44.1	28	-16	5.0	-0.1
KRMA	Global X Conscious Companies ETF	44.0	43	-31	4.9	-0.2
PBUS	Invesco PureBeta MSCI USA ETF	43.9	4	8	5.0	-0.1
CATH	Global X S&P 500 Catholic Values Custom ETF	43.9	29	-17	5.0	-0.2
DGRO	iShares Core Dividend Growth ETF	43.9	8	4	6.4	+1.2
BBUS	JP Morgan Betabuilders U.S. Equity ETF	43.9	2	10	5.1	-0.1
VOOG	Vanguard S&P 500 Growth ETF	43.8	10	2	4.1	-1.0
SPYG	SPDR Portfolio S&P 500 Growth ETF	43.8	4	8	4.2	-1.0
IVW	iShares S&P 500 Growth ETF	43.7	18	-6	4.0	-1.1
SCHX	Schwab U.S. Large-Cap ETF	43.5	3	9	5.1	-0.1
SPXV	ProShares S&P 500 Ex-Health Care ETF	43.4	27	-15	4.7	-0.4
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	43.4	75	-63	3.9	-1.2
JMOM	JPMorgan U.S. Momentum Factor ETF	43.3	12	0	3.6	-1.6
JHML	John Hancock Multifactor Large Cap ETF	43.3	29	-17	5.3	+0.2
VV	Vanguard Large-Cap Index Fund	43.3	4	8	5.0	-0.1
IWF	iShares Russell 1000 Growth ETF	43.3	19	-7	3.6	-1.6
DTD	WisdomTree U.S.Total Dividend Fund	43.2	28	-16	6.4	+1.2
VONG	Vanguard Russell 1000 Growth Index Fund	43.1	8	4	3.7	-1.5
SPTM	SPDR Portfolio Total Stock Market ETF	43.1	3	9	5.3	+0.1
IUSG	iShares Core S&P US Growth ETF	43.1	4	8	4.2	-1.0
EQWL	Invesco Russell Top 200 Equal Weight ETF	42.9	25	-13	5.9	+0.8
FDLO	Fidelity Low Volatility Factor ETF	42.7	29	-17	4.9	-0.2
SCHK	Schwab 1000 Index ETF	42.6	5	7	5.0	-0.1
VONE	Vanguard Russell 1000 ETF	42.5	8	4	5.0	-0.2
IWB	iShares Russell 1000 ETF	42.5	15	-3	4.9	-0.2
QUAL	iShares MSCI Usa Quality Factor ETF	42.4	15	-3	5.2	+0.1
IYY	iShares Dow Jones U.S. ETF	42.2	20	-8	4.9	-0.2
IWY	iShares Russell Top 200 Growth ETF	42.1	20	-8	3.7	-1.4
XLG	Invesco S&P 500 Top 50 ETF	42.0	20	-8	4.3	-0.8
ESG	FlexShares STOXX US ESG Impact Index Fund	41.6	32	-20	4.8	-0.3
IUS	Invesco Strategic US ETF	41.3	19	-7	6.2	+1.1
MMTM	SPDR S&P 1500 Momentum Tilt ETF	40.9	12	0	4.5	-0.7
SCHB	Schwab U.S. Broad Market ETF	40.7	3	9	5.0	-0.1
ITOT	iShares Core S&P Total U.S. Stock Market ETF	40.6	3	9	4.9	-0.2
USMV	iShares Edge MSCI Min Vol USA ETF	40.6	15	-3	5.3	+0.2
IWV	iShares Russell 3000 ETF	40.5	20	-8	4.8	-0.4
VTHR	Vanguard Russell 3000 Index Fund	40.4	10	2	4.8	-0.3
AVUS	Avantis U.S. Equity ETF	40.4	15	-3	5.4	+0.3
QLC	FlexShares US Quality Large Cap Index Fund	40.4	32	-20	5.2	+0.0
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	40.2	15	-3	6.0	+0.9
NACP	Impact Shares NAACP Minority Empowerment ETF	40.0	75	-63	4.6	-0.5
OUSA	O'Shares FTSE US Quality Dividend ETF	39.9	48	-36	5.5	+0.4
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	39.8	25	-13	6.1	+1.0
VTI	Vanguard Total Stock Market Index Fund	39.6	3	9	4.9	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	39.5	12	0	4.9	-0.2
PFM	Invesco Dividend Achievers ETF	39.3	54	-42	5.2	+0.0
JPUS	JPMorgan Diversified Return U.S. Equity ETF	39.2	18	-6	5.9	+0.8
SPXT	ProShares S&P 500 Ex-Technology ETF	39.1	27	-15	5.4	+0.2
SCHV	Schwab U.S. Large-Cap Value ETF	39.0	4	8	6.9	+1.8
VEGN	US Vegan Climate ETF	39.0	60	-48	5.0	-0.2
ROUS	Hartford Multifactor US Equity ETF	38.9	19	-7	6.9	+1.8
SFY	SoFi Select 500 ETF	38.9	0	12	5.0	-0.1
QWLD	SPDR MSCI World StrategicFactors ETF	38.8	30	-18	6.0	+0.8
RAFE	PIMCO RAFI ESG U.S. ETF	38.5	29	-17	7.4	+2.3
USDY	Pacific Global US Equity Income ETF	38.3	29	-17	7.0	+1.8
VUG	Vanguard Growth Index Fund	38.2	4	8	3.8	-1.4
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	38.0	25	-13	6.1	+1.0
MGK	Vanguard Mega Cap Growth ETF	37.6	7	5	3.9	-1.2
PRF	Invesco FTSE RAFI US 1000 ETF	37.4	39	-27	6.5	+1.3
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	37.4	12	0	4.6	-0.5
SUSA	iShares MSCI USA ESG Select ETF	37.2	25	-13	4.6	-0.6
DGRW	WisdomTree U.S. Quality Dividend Growth Fund	37.0	28	-16	6.2	+1.1
FTCS	First Trust Capital Strength ETF	36.9	58	-46	4.5	-0.6
WOMN	Impact Shares YWCA Women's Empowerment ETF	36.7	75	-63	4.2	-1.0
ACIO	Aptus Collared Income Opportunity ETF	36.4	79	-67	4.0	-1.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	JPMorgan U.S. Quality Factor ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	25.4	%
Divided by: Fwd. P/BV	4.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.52

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.