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)	$261
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	235
Wgt avg mkt cap (mns)	$210,822
Large cap (>$10bn)	90.4%
Mid cap ($2-10bn)	9.2%
Small cap (<$2bn)	0.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	20.4 %
FACEBOOK	2.3 %
APPLE INC	2.3 %
MICROSOFT CORP	2.2 %
JOHNSON & JOHNSON	2.1 %
ALPHABET INC. CLASS A	2.1 %
VISA INC-CLASS A SHARES	2.1 %
HOME DEPOT INC	2.0 %
MASTERCARD INC-CLASS A	1.9 %
INTEL CORP	1.7 %
VERIZON COMMUNICATIONS INC	1.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	97.1 %
	IRELAND	1.2 %
	BRITAIN	0.7 %
	SWITZERLAND	0.4 %
	BERMUDA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-2.8%	13.3%	--	--	8.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	98%
MSCI EAFE	0.92	84%
MSCI Emg. Mkts.	0.68	69%

Technical Indicators
Recent close	$30.33
30d moving avg.	$28.52
Annualized volatility	17.1%
Short interest (ETF)	1.1%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	157
Turnover	1.8%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$116,263

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™:

5.3%

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 (%)
FQAL	Fidelity Quality Factor ETF	56.1	29	-17	5.5	+0.2
QUS	SPDR MSCI USA StrategicFactors ETF	54.6	15	-3	5.9	+0.6
FLQL	Franklin LibertyQ U.S. Equity ETF	54.1	15	-3	6.4	+1.1
SPUS	SP Funds S&P 500 Sharia Industry Exclusions ETF	50.6	49	-37	4.2	-1.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	50.1	19	-7	5.8	+0.5
DSI	iShares MSCI KLD 400 Social ETF	50.1	25	-13	5.3	+0.0
USSG	Xtrackers MSCI USA ESG Leaders Equity ETF	49.3	10	2	5.5	+0.2
SUSL	iShares ESG MSCI USA Leaders ETF	49.3	10	2	5.5	+0.2
RECS	Columbia Research Enhanced Core ETF	48.9	15	-3	5.8	+0.5
IWL	iShares Russell Top 200 ETF	48.5	15	-3	5.2	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	48.4	49	-37	5.3	-0.0
OEF	iShares S&P 100 ETF	48.1	20	-8	5.0	-0.3
SPXN	ProShares S&P 500 Ex-Financials ETF	47.9	27	-15	5.2	-0.1
OMFL	Oppenheimer Russell 1000 Dynamic Multifactor ETF	47.8	29	-17	4.4	-0.9
DYNF	BlackRock U.S. Equity Factor Rotation ETF	47.8	30	-18	6.9	+1.6
HSPX	Global X S&P 500 Covered Call ETF	47.8	65	-53	5.1	-0.2
MGC	Vanguard Mega Cap Index Fund	47.4	7	5	5.4	+0.1
EPS	WisdomTree U.S. Earnings 500 Fund	47.4	8	4	6.6	+1.3
ESGU	iShares MSCI USA ESG Optimized ETF	47.2	15	-3	5.3	-0.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	47.0	9	3	5.7	+0.4
IWY	iShares Russell Top 200 Growth ETF	47.0	20	-8	4.3	-1.0
IQSU	IQ Candriam ESG US Equity ETF	46.5	9	3	5.3	+0.0
DIVB	iShares U.S. Dividend & Buyback ETF	46.4	25	-13	6.7	+1.4
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	46.3	20	-8	5.2	-0.1
SPLG	SPDR Portfolio Large Cap ETF	46.3	3	9	5.6	+0.3
VONG	Vanguard Russell 1000 Growth Index Fund	46.2	8	4	4.5	-0.8
SPY	SPDR S&P 500 ETF Trust	46.2	9	3	5.5	+0.3
IVV	iShares Core S&P 500 ETF	46.2	4	8	5.6	+0.3
IWF	iShares Russell 1000 Growth ETF	46.2	19	-7	4.4	-0.9
SNPE	Xtrackers S&P 500 ESG ETF	46.0	11	1	5.3	-0.0
VOO	VANGUARD S&P 500 ETF	46.0	3	9	5.6	+0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	45.7	20	-8	5.6	+0.3
SPXE	ProShares S&P 500 Ex-Energy ETF	45.4	27	-15	5.5	+0.2
VV	Vanguard Large-Cap Index Fund	45.2	4	8	5.5	+0.2
CATH	Global X S&P 500 Catholic Values Custom ETF	45.1	29	-17	5.4	+0.1
VOOG	Vanguard S&P 500 Growth ETF	45.1	10	2	4.5	-0.8
SPYG	SPDR Portfolio S&P 500 Growth ETF	45.1	4	8	4.5	-0.8
PBUS	Invesco PureBeta MSCI USA ETF	45.0	4	8	5.6	+0.3
IVW	iShares S&P 500 Growth ETF	45.0	18	-6	4.4	-0.9
EXT	WisdomTree U.S. Total Earnings Fund	45.0	28	-16	5.9	+0.6
IUS	Invesco Strategic US ETF	44.7	19	-7	6.4	+1.1
XOUT	GraniteShares XOUT U.S. Large Cap ETF	44.7	60	-48	4.6	-0.7
BBUS	JP Morgan Betabuilders U.S. Equity ETF	44.6	2	10	5.6	+0.3
SCHX	Schwab U.S. Large-Cap ETF	44.4	3	9	5.5	+0.2
DLN	WisdomTree U.S. LargeCap Dividend Fund	44.3	28	-16	6.5	+1.2
SPXV	ProShares S&P 500 Ex-Health Care ETF	44.3	27	-15	5.3	-0.0
IUSG	iShares Core S&P US Growth ETF	44.2	4	8	4.5	-0.8
DGRO	iShares Core Dividend Growth ETF	44.2	8	4	6.6	+1.3
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	44.1	29	-17	6.3	+1.0
AFLG	First Trust Active Factor Large Cap ETF	44.0	55	-43	6.0	+0.7
FDLO	Fidelity Low Volatility Factor ETF	43.9	29	-17	5.3	0.0
SPTM	SPDR Portfolio Total Stock Market ETF	43.8	3	9	5.7	+0.4
IWB	iShares Russell 1000 ETF	43.8	15	-3	5.4	+0.1
KRMA	Global X Conscious Companies ETF	43.7	43	-31	5.4	+0.1
QUAL	iShares MSCI Usa Quality Factor ETF	43.6	15	-3	5.5	+0.2
EQWL	Invesco Russell Top 200 Equal Weight ETF	43.5	25	-13	6.2	+0.9
VONE	Vanguard Russell 1000 ETF	43.5	8	4	5.5	+0.2
JMOM	JPMorgan U.S. Momentum Factor ETF	43.5	12	0	4.0	-1.3
DTD	WisdomTree U.S.Total Dividend Fund	43.5	28	-16	6.7	+1.4
SCHK	Schwab 1000 Index ETF	43.3	5	7	5.5	+0.2
IYY	iShares Dow Jones U.S. ETF	43.0	20	-8	5.4	+0.1
JHML	John Hancock Multifactor Large Cap ETF	42.9	34	-22	5.7	+0.4
QLC	FlexShares US Quality Large Cap Index Fund	42.3	32	-20	5.6	+0.3
MMTM	SPDR S&P 1500 Momentum Tilt ETF	41.8	12	0	5.1	-0.2
OUSA	O'Shares FTSE US Quality Dividend ETF	41.8	48	-36	5.7	+0.5
IWV	iShares Russell 3000 ETF	41.6	20	-8	5.3	-0.0
NACP	Impact Shares NAACP Minority Empowerment ETF	41.6	75	-63	4.7	-0.6
VTI	Vanguard Total Stock Market Index Fund	41.6	3	9	5.4	+0.1
SCHB	Schwab U.S. Broad Market ETF	41.5	3	9	5.5	+0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	41.4	3	9	5.4	+0.1
VTHR	Vanguard Russell 3000 Index Fund	41.3	10	2	5.4	+0.1
XLG	Invesco S&P 500 Top 50 ETF	41.2	20	-8	4.7	-0.6
ESGV	Vanguard ESG U.S. Stock ETF	41.2	12	0	5.4	+0.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	41.1	15	-3	6.5	+1.2
AVUS	Avantis U.S. Equity ETF	40.8	15	-3	6.0	+0.7
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	40.7	25	-13	6.8	+1.5
SPXT	ProShares S&P 500 Ex-Technology ETF	40.5	27	-15	5.8	+0.5
SCHV	Schwab U.S. Large-Cap Value ETF	40.3	4	8	7.3	+2.0
QWLD	SPDR MSCI World StrategicFactors ETF	40.1	30	-18	6.2	+0.9
VUG	Vanguard Growth Index Fund	39.5	4	8	4.3	-1.0
WOMN	Impact Shares YWCA Women's Empowerment ETF	39.4	75	-63	4.7	-0.6
PFM	Invesco Dividend Achievers ETF	39.3	54	-42	5.4	+0.1
SFY	SoFi Select 500 ETF	39.3	0	12	5.4	+0.1
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	39.3	75	-63	3.8	-1.5
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	39.1	25	-13	6.8	+1.5
VEGN	US Vegan Climate ETF	39.0	60	-48	5.3	+0.1
MGK	Vanguard Mega Cap Growth ETF	38.6	7	5	4.4	-0.9
ESG	FlexShares STOXX US ESG Impact Index Fund	38.6	32	-20	5.3	-0.0
RAFE	PIMCO RAFI ESG U.S. ETF	38.4	29	-17	7.9	+2.6
USMC	Principal U.S. Mega-Cap Multi-Factor Index ETF	38.4	12	0	4.9	-0.4
FLLV	Franklin Liberty U.S. Low Volatility ETF	38.4	29	-17	5.7	+0.4
USMV	iShares Edge MSCI Min Vol USA ETF	38.1	15	-3	5.7	+0.5
PRF	Invesco FTSE RAFI US 1000 ETF	37.6	39	-27	7.0	+1.8
ROUS	Hartford Multifactor US Equity ETF	37.5	19	-7	7.4	+2.1
JPUS	JPMorgan Diversified Return U.S. Equity ETF	37.2	19	-7	6.4	+1.1
PSET	Principal Price Setters Index ETF	36.9	29	-17	4.7	-0.6
RFFC	RiverFront Dynamic US Flex-Cap ETF	36.8	52	-40	5.7	+0.4
SPHQ	Invesco S&P 500 Quality ETF	36.8	15	-3	5.2	-0.1
TMFC	Motley Fool 100 Index ETF	36.7	50	-38	4.0	-1.3
USDY	Pacific Global US Equity Income ETF	36.6	29	-17	8.1	+2.8

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	24.3	%
Divided by: Fwd. P/BV	4.5	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.3	%

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.