JQUA vs SPHQ: Grades, Fees and Holdings Compared

JPMorgan U.S. Quality Factor ETF

JQUAANYSE Arca

Invesco S&P 500 Quality ETF

SPHQANYSE Arca

Overlap

30.0%by weight

Expense ratio

JQUA −0.03pt a year

JQUA0.12%SPHQ0.15%

Avg volume · 30D

SPHQ 2.3×the volume

JQUA598KSPHQ1.35M

5Y return · a year

JQUA +1.7pt

JQUA+13.2%SPHQ+11.5%

JQUA vs SPHQ Performance

Oct 29, 2021 – Oct 30, 2026

+85.7%JQUA+72.5%SPHQ

Expense ratio: JQUA 0.12%, better; SPHQ 0.15%
Fund size: JQUA $9.55B; SPHQ $18.5B
1Y total return: JQUA +21.8%, better; SPHQ +13.2%
Yield (12M): JQUA 1.05%; SPHQ 1.05%
Holdings: JQUA 310; SPHQ 102
Avg volume (30D): JQUA 598K sh; SPHQ 1.35M sh, better
NAV per share: JQUA $75.49; SPHQ $82.92
52W range

ETF.net Grade

Pillar letters and Scores for JQUA, SPHQ, with each pillar’s weight
Pillar	JQUA	SPHQ
Cost30% weight	A100Higher	A84
Mission25% weight	A79Higher	B69
Risk15% weight	A80Higher	B62
Tradability15% weight	C54	A95Higher
Holdings10% weight	A83Higher	D38
Durability5% weight	A75	A91Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. JQUA and SPHQ are both graded against the same 26 US Quality Index funds, so their Grades compare head to head.

US Quality Index⁠

Category · 26 funds

See all 26 ›

JQUA ranks 1st and SPHQ 4th of 26 funds in the US Quality Index Category.

Rank 1AJQUAJPMorgan U.S. Quality Factor ETFScore 81
Rank 1AQUALiShares MSCI USA Quality Factor ETFScore 81
Rank 3AFQALFidelity Quality Factor ETFScore 75
Rank 4ASPHQInvesco S&P 500 Quality ETFScore 74
Rank 5AVFQYVanguard U.S. Quality Factor ETFScore 70

Our read on each fund

ETF.net Research

JQUAAJPMorgan U.S. Quality Factor ETF

SPHQAInvesco S&P 500 Quality ETF

In short

JQUA Quality investing without the quality price tag. JQUA screens U.S. companies for profitability and strong balance-sheet traits, and charges 0.12%, the lowest fee in the quality-factor group we track.

SPHQ Live since 2005, SPHQ is an elder statesman of quality investing: rank the S&P 500 on profitability, earnings quality and balance-sheet strength, hold the top 100, charge 0.15% net of a waiver through August 31, 2028.

Stated mandate

JQUA JQUA is designed to provide domestic equity exposure focused on companies with strong quality and profitability characteristics, using a rules-based approach intended to enhance returns.

SPHQ The fund seeks exposure to the S&P 500 Quality Index and normally invests at least 90% of assets in common stocks included in that index.

Why people hold it

JQUA 0.12% a year, against a roughly 0.29% median for quality-factor funds, and it undercuts the bigger badges QUAL and FQAL at 0.15%.
About 300 U.S. names selected on quality and profitability: a broad core-shaped sleeve, not a concentrated wager on a dozen balance sheets.
Live since 2017 and now a multi-billion-dollar, actively traded fund, so it has both a real track record and daily two-way flow.
One of the stronger implementations in its peer group: it stays close to the JP Morgan US Quality Factor Index it follows while keeping costs at the bottom of the group.

SPHQ 0.15% net of a waiver through August 31, 2028 (0.20% gross), below the median for quality factor funds and level with QUAL and FQAL at 0.15%.
The rules are published and mechanical: score the S&P 500 on return on equity, accruals ratio and financial leverage ratio, take the top 100, weight by quality score times market cap.spglobal.com
Universe discipline: candidates come only from the S&P 500, so every holding is an established large cap rather than a smaller name screened in from a broader pool.spglobal.com
A multi-billion-dollar fund that trades actively, pays quarterly, and has run since 2005. It sits in the stronger tier of quality factor ETFs.

Worth knowing

JQUA A quality screen is a tilt, not a shield. Owning profitable companies means owning less of everything else, and that gap cuts both ways.
Trades actively, though it is not the most heavily traded fund on the quality-factor shelf, which matters more for large orders than small ones.
Distributions land quarterly and fall out of what the screen owns. Income is a byproduct here, not the mandate.

SPHQ About 100 stocks, weighted by quality score times market cap, so the biggest high-scorers carry real weight. Narrower than owning the full S&P 500.spglobal.com
The index rebalances semiannually, so a company whose fundamentals slip mid-period stays in the portfolio until the next reshuffle.spglobal.com
Two peers undercut it on fee: JQUA at 0.12% and VFQY at 0.13%.

Full JQUA profile⁠

Full SPHQ profile⁠

JQUA vs SPHQ Holdings

How JQUA and SPHQ differ

Overlap by weight

30.0%

Shared holdings make up 85.9% of SPHQ and 31.1% of JQUA.

Level by level

Holdings78 in both30.0%
Sector11 Sectors82.8%
Asset classEquity100%
Countryby domicile99.5%

Sector

Sector weights in JQUA and SPHQ, widest gap first
Sector	More in JQUAMore in SPHQ	JQUA	SPHQ
Industrials	SPHQ +9.9 points	7.1%	17.0%
Health Care	JQUA +5.3 points	9.0%	3.7%
Financials	SPHQ +3.8 points	13.1%	16.9%
Consumer Discretionary	JQUA +3.4 points	8.9%	5.5%
Energy	JQUA +2.7 points	4.1%	1.4%
Consumer Staples	SPHQ +2.4 points	5.5%	7.9%
Real Estate	JQUA +2.2 points	2.2%	0.0%
Technology	JQUA +2.1 points	41.6%	39.5%
Materials	SPHQ +1.1 points	1.9%	3.0%
Utilities	JQUA +1.1 points	1.1%	0.0%
Communication	JQUA +0.3 points	5.5%	5.2%

Country, concentration and asset class

Country by domicile

Country weights in JQUA and SPHQ, widest gap first
Country	More in JQUAMore in SPHQ	JQUA	SPHQ
United States	SPHQ +0.5 points	99.5%	100.0%
Switzerland	JQUA +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

JQUA18.7%
SPHQ43.5%

Securities held

JQUA308
SPHQ99

Asset class

JQUA: Equity
SPHQ: Equity

Holdings

Only in JQUA230
In both78
Only in SPHQ21

Only in JQUA

230 securities, 68.8% of JQUA by weight

Microsoft Corp Common2.06%
Exxonmobil Holdings Corp2.01%
Advanced Micro Devices1.83%
Broadcom Inc Common1.80%
Meta Platforms Inc Common1.76%
NVIDIA Corp Common Stock1.75%
Berkshire Hathaway Inc1.73%
Micron Technology Inc1.72%
Johnson & Johnson Common1.61%
Alphabet Inc-Cl A -1.47%
AbbVie Inc Common Stock1.40%
Palantir Technologies Inc1.23%
Merck & Co Inc Common1.11%
Palo Alto Networks Inc0.95%
Home Depot Inc/The0.95%
Crowdstrike Holdings Inc0.86%
Chevron Corp Common Stock0.78%
Linde PLC Common Stock0.75%
Gilead Sciences Inc0.75%
Analog Devices Inc0.74%
Union Pacific Corp0.65%
BlackRock Inc Common0.63%
Salesforce.com Inc.0.63%
Mcdonald's Corp Common0.59%
Altria Group Inc Common0.55%
Philip Morris0.48%
Chubb Ltd Common Stock0.47%
Marsh & Mclennan Cos Inc0.46%
Conocophillips Common0.45%
Bristol-Myers Squibb Co0.45%
Snowflake Inc Common0.44%
Intuit Inc Common Stock0.43%
Cadence Design Systems0.43%
Starbucks Corp Common0.42%
Waste Management Inc0.41%
Datadog Inc Common Stock0.41%
S&P Global Inc Common0.41%
Servicenow Inc Common0.41%
Marriott International0.40%
Booking Holdings Inc0.37%
Monster Beverage Corp0.37%
Aon PLC Common Stock USD0.36%
Cme Group Inc Common0.36%
Hilton Worldwide Holdings0.35%
Regeneron Pharmaceuticals0.35%
Republic Services Inc0.34%
Spotify Technology SA0.33%
Intercontinental Exchange0.33%
Motorola Solutions Inc0.33%
Mettler-Toledo0.33%

Only in SPHQ

21 securities, 14.1% of SPHQ by weight

General Electric Co3.46%
Intuitive Surgical Inc1.57%
Seagate Technology Holdings PLC1.24%
Valero Energy Corp1.04%
Johnson Controls International plc1.04%
Parker-Hannifin Corp1.03%
Trane Technologies PLC0.88%
3M Co0.86%
Rockwell Automation Inc0.54%
Comfort Systems USA Inc0.48%
International Flavors & Fragrances Inc0.26%
DuPont de Nemours Inc0.25%
Fortive Corp0.25%
T Rowe Price Group Inc0.22%
Steris PLC0.20%
Lennar Corp0.19%
CH Robinson Worldwide Inc0.17%
Jacobs Solutions Inc0.16%
Solventum Corp0.13%
Erie Indemnity Co0.06%
Invesco Government & Agency Portfolio0.04%

Weight gaps

All 78 Holdings in both funds, largest gap first.

Holding weights in JQUA and SPHQ, widest gap first
Holding	More in JQUAMore in SPHQ	JQUA	SPHQ
Mastercard Inc CommonMA	SPHQ +4.94 points	1.50%	6.44%
Visa Inc Common Stock USDV	SPHQ +4.39 points	1.91%	6.30%
Apple Inc Common StockAAPL	SPHQ +3.81 points	2.12%	5.93%
Netflix Inc Common StockNFLX	SPHQ +3.15 points	0.08%	3.23%
Ge Vernova Inc CommonGEV	SPHQ +3.02 points	0.71%	3.73%
Costco Wholesale CorpCOST	SPHQ +2.94 points	1.27%	4.21%
Lam Research Corp CommonLRCX	SPHQ +2.67 points	0.80%	3.47%
Cisco Systems Inc CommonCSCO	SPHQ +2.35 points	1.17%	3.52%
The Procter & GamblePG	SPHQ +2.14 points	1.05%	3.19%
Sandisk Corp CommonSNDK	SPHQ +2.07 points	0.55%	2.62%
Qualcomm Inc Common StockQCOM	SPHQ +1.96 points	0.63%	2.59%
Western Digital CorpWDC	SPHQ +1.78 points	0.47%	2.25%
Texas Instruments IncTXN	SPHQ +1.62 points	0.91%	2.53%
Newmont Corp Common StockNEM	SPHQ +1.58 points	0.16%	1.74%
Kla Corp Common Stock USDKLAC	SPHQ +1.51 points	0.68%	2.19%
Applied Materials IncAMAT	SPHQ +1.41 points	0.79%	2.20%
Applovin Corp CommonAPP	SPHQ +1.06 points	0.28%	1.34%
Progressive Corp/ThePGR	SPHQ +1.05 points	0.41%	1.46%
Tjx Cos Inc/The CommonTJX	SPHQ +0.88 points	0.55%	1.43%
Fortinet Inc Common StockFTNT	SPHQ +0.87 points	0.38%	1.25%
Adobe Inc Common StockADBE	SPHQ +0.77 points	0.43%	1.20%
Accenture PLC CommonACN	SPHQ +0.73 points	0.59%	1.32%
Lockheed Martin CorpLMT	SPHQ +0.72 points	0.50%	1.22%
Automatic Data ProcessingADP	SPHQ +0.69 points	0.43%	1.12%
Moody's Corp CommonMCO	SPHQ +0.64 points	0.36%	1.00%
The Allstate CorporationALL	SPHQ +0.48 points	0.27%	0.75%
Airbnb Inc Common StockABNB	SPHQ +0.49 points	0.29%	0.78%
Fastenal Co Common StockFAST	SPHQ +0.46 points	0.09%	0.55%
Illinois Tool Works IncITW	SPHQ +0.45 points	0.36%	0.81%
Ameriprise Financial IncAMP	SPHQ +0.39 points	0.26%	0.65%
Travelers Cos Inc/TheTRV	SPHQ +0.37 points	0.41%	0.78%
Ross Stores Inc CommonROST	SPHQ +0.36 points	0.35%	0.71%
Idexx Laboratories IncIDXX	SPHQ +0.35 points	0.26%	0.61%
Cintas Corp Common StockCTAS	SPHQ +0.35 points	0.34%	0.69%
Skyworks Solutions IncSWKS	JQUA +0.29 points	0.41%	0.12%
Ebay Inc Common Stock USDEBAY	SPHQ +0.28 points	0.34%	0.62%
Netapp Inc Common StockNTAP	SPHQ +0.27 points	0.31%	0.58%
Colgate-Palmolive CompanyCL	SPHQ +0.27 points	0.40%	0.67%
Dexcom Inc Common StockDXCM	SPHQ +0.26 points	0.18%	0.44%
Chipotle Mexican GrillCMG	SPHQ +0.24 points	0.19%	0.43%
Ww Grainger Inc CommonGWW	SPHQ +0.21 points	0.32%	0.53%
Ciena Corp Common StockCIEN	SPHQ +0.20 points	0.29%	0.49%
Old Dominion FreightODFL	SPHQ +0.16 points	0.15%	0.31%
Gartner Inc Common StockIT	JQUA +0.15 points	0.28%	0.13%
Godaddy Inc Common StockGDDY	JQUA +0.14 points	0.27%	0.13%
Tyler Technologies IncTYL	JQUA +0.13 points	0.25%	0.12%
Ptc Inc Common Stock USDPTC	JQUA +0.14 points	0.33%	0.19%
Resmed Inc Common StockRMD	SPHQ +0.12 points	0.23%	0.35%
Hartford Insurance GroupHIG	SPHQ +0.13 points	0.21%	0.34%
Zoetis Inc Common StockZTS	SPHQ +0.12 points	0.20%	0.32%
Expedia Group Inc CommonEXPE	SPHQ +0.11 points	0.24%	0.35%
Kimberly-Clark CorpKMB	SPHQ +0.11 points	0.24%	0.35%
Apa Corp Common StockAPA	SPHQ +0.10 points	0.08%	0.18%
Cincinnati Financial CorpCINF	SPHQ +0.11 points	0.14%	0.25%
Autodesk Inc CommonADSK	SPHQ +0.09 points	0.36%	0.45%
Workday Inc Common StockWDAY	SPHQ +0.08 points	0.25%	0.33%
Arch Capital Group LtdACGL	SPHQ +0.08 points	0.26%	0.34%
F5 Inc Common Stock USD 0FFIV	JQUA +0.08 points	0.22%	0.14%
Jb Hunt TransportJBHT	SPHQ +0.07 points	0.11%	0.18%
Tapestry Inc Common StockTPR	SPHQ +0.07 points	0.24%	0.31%
Expand Energy Corp CommonEXE	SPHQ +0.07 points	0.14%	0.21%
Expeditors InternationalEXPD	SPHQ +0.06 points	0.23%	0.29%
Williams-Sonoma IncWSM	SPHQ +0.06 points	0.27%	0.33%
Dollar Tree Inc CommonDLTR	SPHQ +0.05 points	0.18%	0.23%
Ralph Lauren Corp CommonRL	JQUA +0.05 points	0.20%	0.15%
Cf Industries HoldingsCF	JQUA +0.05 points	0.23%	0.18%
Bio-Techne Corp CommonTECH	JQUA +0.04 points	0.15%	0.11%
Cboe Global Markets IncCBOE	SPHQ +0.04 points	0.30%	0.34%
Jack Henry & AssociatesJKHY	JQUA +0.03 points	0.16%	0.13%
Best Buy Co Inc CommonBBY	SPHQ +0.04 points	0.15%	0.19%
Broadridge FinancialBR	SPHQ +0.04 points	0.17%	0.21%
Factset Research SystemsFDS	JQUA +0.03 points	0.14%	0.11%
Deckers Outdoor CorpDECK	JQUA +0.03 points	0.17%	0.14%
A O Smith Corp CommonAOS	JQUA +0.02 points	0.09%	0.07%
Nordson Corp CommonNDSN	SPHQ +0.01 points	0.15%	0.16%
Incyte Corp Common StockINCY	SPHQ +0.01 points	0.15%	0.16%
Nvr Inc Common Stock USDNVR	SPHQ +0.02 points	0.13%	0.15%
On Semiconductor CorpON	SPHQ +0.01 points	0.26%	0.27%

All 308 JQUA holdings⁠All 100 SPHQ 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.

JQUA vs SPHQ Cost

Overpaying SPHQ vs JQUA

$617

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

JQUA 0.12%
$2,520
SPHQ 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

JQUA 0.12%
SPHQ 0.15%
Overpaying

Year by year

Year	JQUA	SPHQ	Overpaying
10	$220	$274	$54
20	$859	$1,071	$212
30	$2,520	$3,137	$617

Expense ratio

0.12%JQUA, cheaper
0.15%SPHQ

JQUA0.12%SPHQ0.15%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

JQUA cheapest of 26 funds

SPHQ 3rd cheapest of 26 funds

JQUA vs SPHQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JQUA 1.05%; SPHQ 1.05%
Payout (12M): JQUA $0.79; SPHQ $0.87
Last payment: JQUA $0.18; SPHQ $0.15
Ex-dividend: JQUA Sep 22, 2026; SPHQ Sep 21, 2026
Paid on: JQUA Sep 24, 2026; SPHQ Sep 25, 2026
Frequency: JQUA Quarterly; SPHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

JQUAQuarterly · 37 paymentsAll JQUA payments⁠

SPHQQuarterly · 39 paymentsAll SPHQ payments⁠

JQUA vs SPHQ Risk

Fall from peak · 5 years

JQUA
SPHQ

Risk facts

VolatilityStd dev, 3 years: JQUA 11.6%, betterSPHQ 12.5%
Return per unit of riskSharpe ratio, 3 years: JQUA 1.47, betterSPHQ 1.23
Worst fallMax drawdown, 5 years: JQUA −22.5%, betterSPHQ −25.1%
Market sensitivityBeta, 5 years: JQUA 0.91SPHQ 0.81; Market = 1

JQUA and SPHQ in the news

All news⁠

New ETFs
Jensen's first passive ETF charges 0.25% for a 10-year profit test
Oct 5, 2026JQUASPHQ
Category Review
Cash-flow quality returned 42% while QUAL returned 17%
Updated Sep 22, 2026JQUASPHQ

Popular comparisons

JQUAAvsQUALA
JPMorgan U.S. Quality Factor ETF · iShares MSCI USA Quality Factor ETF
Expense ratio
0.12% · 0.15%
Category
SPHQAvsQUALA
Invesco S&P 500 Quality ETF · iShares MSCI USA Quality Factor ETF
Expense ratio
0.15% · 0.15%
Category
JQUAAvsFQALA
JPMorgan U.S. Quality Factor ETF · Fidelity Quality Factor ETF
Expense ratio
0.12% · 0.15%
Category
SPHQAvsFQALA
Invesco S&P 500 Quality ETF · Fidelity Quality Factor ETF
Expense ratio
0.15% · 0.15%
Category
JQUAAvsVFQYA
JPMorgan U.S. Quality Factor ETF · Vanguard U.S. Quality Factor ETF
Expense ratio
0.12% · 0.13%
Category
SPHQAvsVFQYA
Invesco S&P 500 Quality ETF · Vanguard U.S. Quality Factor ETF
Expense ratio
0.15% · 0.13%
Category

JQUA vs SPHQ

In short

Stated mandate

Why people hold it

Worth knowing

How JQUA and SPHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in SPHQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Jensen's first passive ETF charges 0.25% for a 10-year profit test

Cash-flow quality returned 42% while QUAL returned 17%

How JQUA and SPHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in SPHQ

Weight gaps