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)	$133
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	233
Wgt avg mkt cap (mns)	$208,485
Large cap (>$10bn)	91.8%
Mid cap ($2-10bn)	8.0%
Small cap (<$2bn)	0.2%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	19.5 %
MICROSOFT CORP	2.2 %
APPLE INC	2.2 %
VISA INC-CLASS A SHARES	2.1 %
ALPHABET INC. CLASS A	2.1 %
JOHNSON & JOHNSON	2.1 %
MASTERCARD INC-CLASS A	2.0 %
FACEBOOK	1.9 %
HOME DEPOT INC	1.8 %
INTEL CORP	1.6 %
VERIZON COMMUNICATIONS INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.0 %
	IRELAND	1.2 %
	BRITAIN	0.8 %
	SWITZERLAND	0.4 %
	BERMUDA	0.3 %
	CANADA	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.2%	20.0%	--	--	11.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.86	97%
MSCI EAFE	0.83	70%
MSCI Emg. Mkts.	0.55	52%

Technical Indicators
Recent close	$29.23
30d moving avg.	$32.13
Annualized volatility	12.3%
Short interest (ETF)	1.1%
Relative strength (RSI)	40

Liquidity measures
Avg. volume (thou.)	71
Turnover	1.6%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$98,276

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

5.9%

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 (%)
OQAL	Invesco Russell 1000 Quality Factor ETF	61.4	19	-7	4.7	-1.1
FQAL	Fidelity Quality Factor ETF	55.2	29	-17	5.8	-0.1
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	54.8	19	-7	5.3	-0.6
QUS	SPDR MSCI USA StrategicFactors ETF	53.8	15	-3	6.2	+0.3
FLQL	Franklin LibertyQ U.S. Equity ETF	53.4	15	-3	6.9	+1.0
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	51.1	19	-7	6.5	+0.7
DSI	iShares MSCI KLD 400 Social ETF	49.3	25	-13	5.8	-0.0
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	49.3	10	2	5.9	+0.1
SUSL	iShares ESG MSCI USA Leaders ETF	49.2	10	2	5.9	+0.1
OEF	iShares S&P 100 ETF	48.6	20	-8	5.6	-0.2
IWL	iShares Russell Top 200 ETF	48.0	15	-3	5.8	-0.1
VONG	Vanguard Russell 1000 Growth Index Fund	47.8	8	4	5.0	-0.8
SPXN	ProShares S&P 500 Ex-Financials ETF	47.3	27	-15	5.9	+0.0
IQSU	IQ Candriam ESG US Equity ETF	47.2	9	3	5.8	-0.1
IWF	iShares Russell 1000 Growth ETF	47.2	19	-7	4.9	-1.0
MGC	Vanguard Mega Cap Index Fund	47.2	7	5	5.9	+0.1
RECS	Columbia Research Enhanced Core ETF	47.1	15	-3	6.3	+0.5
IWY	iShares Russell Top 200 Growth ETF	47.0	20	-8	4.9	-1.0
DIVB	iShares U.S. Dividend & Buyback ETF	46.3	25	-13	6.9	+1.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	45.9	9	3	6.2	+0.4

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	25.6	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.9	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.56

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.