JQUA vs SQLT: Grades, Fees and Holdings Compared

JPMorgan U.S. Quality Factor ETF

JQUAANYSE Arca

iShares MSCI USA Small-Cap Quality Factor ETF

SQLTBCboe

Overlap

8.2%by weight

Expense ratio

JQUA −0.08pt a year

JQUA0.12%SQLT0.20%

Avg volume · 30D

JQUA 2298.9×the volume

JQUA598KSQLT260

JQUA vs SQLT Performance

Jul 31, 2026 – Oct 30, 2026

+4.8%JQUA−1.2%SQLT

Expense ratio: JQUA 0.12%, better; SQLT 0.20%
Fund size: JQUA $9.55B; SQLT $7M
1Y total return: JQUA +21.8%; SQLT No data
Yield (12M): JQUA 1.05%; SQLT No data
Holdings: JQUA 310; SQLT 488
Avg volume (30D): JQUA 598K sh, better; SQLT 260 sh
NAV per share: JQUA $75.49; SQLT $28.26
52W range

ETF.net Grade

Pillar letters and Scores for JQUA, SQLT, with each pillar’s weight
Pillar	JQUA	SQLT
Cost30% weight	A100Higher	A70
Mission25% weight	A79	Not scored
Risk15% weight	A80	A81Higher
Tradability15% weight	C54Higher	F7
Holdings10% weight	A83	A92Higher
Durability5% weight	A75Higher	D33

Rank among US Quality Index funds

How we build Categories ›

Same Category. JQUA and SQLT 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 SQLT 10th 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 9BVFLOVictoryShares Free Cash Flow ETFScore 63
Rank 10BSQLTiShares MSCI USA Small-Cap Quality Factor ETFScore 60
Rank 11CAVUQAvantis U.S. Quality ETFScore 55

Our read on each fund

ETF.net Research

JQUAAJPMorgan U.S. Quality Factor ETF

SQLTBiShares MSCI USA Small-Cap Quality Factor 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.

SQLT No data

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.

SQLT No data

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.

SQLT No data

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.

SQLT No data

Full JQUA profile⁠

Full SQLT profile⁠

JQUA vs SQLT Holdings

How JQUA and SQLT differ

Overlap by weight

8.2%

Shared holdings make up 24.6% of SQLT and 8.3% of JQUA.

Level by level

Holdings59 in both8.2%
Countryby domicile99.2%
Asset classEquity100%

Sector

No Sector split for SQLT.

Country, concentration and asset class

Country by domicile

Country weights in JQUA and SQLT, widest gap first
Country	More in JQUAMore in SQLT	JQUA	SQLT
United States	JQUA +0.3 points	99.5%	99.2%
Switzerland	JQUA +0.5 points	0.5%	0.0%
Sweden	SQLT +0.3 points	0.0%	0.3%
India	SQLT +0.2 points	0.0%	0.2%
Brazil	SQLT +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

JQUA18.7%
SQLT8.9%

Securities held

JQUA308
SQLT486

Asset class

JQUA: Equity
SQLT: Equity

Holdings

Only in JQUA249
In both59
Only in SQLT427

Only in JQUA

249 securities, 91.7% of JQUA by weight

Apple Inc Common Stock2.12%
Microsoft Corp Common2.06%
Exxonmobil Holdings Corp2.01%
Visa Inc Common Stock USD1.91%
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%
Mastercard Inc Common1.50%
Alphabet Inc-Cl A -1.47%
AbbVie Inc Common Stock1.40%
Costco Wholesale Corp1.27%
Palantir Technologies Inc1.23%
Cisco Systems Inc Common1.17%
Merck & Co Inc Common1.11%
The Procter & Gamble1.05%
Palo Alto Networks Inc0.95%
Home Depot Inc/The0.95%
Texas Instruments Inc0.91%
Crowdstrike Holdings Inc0.86%
Lam Research Corp Common0.80%
Applied Materials Inc0.79%
Chevron Corp Common Stock0.78%
Linde PLC Common Stock0.75%
Gilead Sciences Inc0.75%
Analog Devices Inc0.74%
Ge Vernova Inc Common0.71%
Kla Corp Common Stock USD0.68%
Union Pacific Corp0.65%
BlackRock Inc Common0.63%
Salesforce.com Inc.0.63%
Qualcomm Inc Common Stock0.63%
Mcdonald's Corp Common0.59%
Accenture PLC Common0.59%
Altria Group Inc Common0.55%
Sandisk Corp Common0.55%
Tjx Cos Inc/The Common0.55%
Lockheed Martin Corp0.50%
Philip Morris0.48%
Chubb Ltd Common Stock0.47%
Western Digital Corp0.47%
Marsh & Mclennan Cos Inc0.46%
Conocophillips Common0.45%
Bristol-Myers Squibb Co0.45%
Snowflake Inc Common0.44%
Adobe Inc Common Stock0.43%
Intuit Inc Common Stock0.43%

Only in SQLT

427 securities, 75.1% of SQLT by weight

Royal Gold0.84%
East West Bancorp0.83%
Td Synnex0.83%
Zebra Technologies Corp Class A0.83%
Tenet Healthcare Corp0.80%
Bjs Wholesale Club Holdings0.78%
Woodward0.71%
Charles River Laboratories Interna0.67%
Itt Inc0.67%
Revvity0.67%
Permian Resources Class A0.67%
Ovintiv0.64%
Encompass Health0.59%
Qualys0.58%
Evercore Class A0.58%
Toll Brothers Inc0.58%
Akamai Technologies Inc0.57%
Jones Lang Lasalle0.57%
Otter Tail0.55%
Interdigital Inc0.55%
Onto Innovation0.52%
Mueller Industries Inc0.50%
Five Below0.49%
Arrow Electronics0.49%
Cognex0.48%
American States Water0.48%
Littelfuse0.46%
Align Technology0.46%
Sanmina0.46%
Popular0.45%
Kinsale Capital Group Inc0.45%
Biomarin Pharmaceutical0.45%
Applied Industrial Technologies0.45%
Solventum0.45%
Ensign Group0.43%
Range Resources0.43%
Sterling Infrastructure0.43%
Borgwarner0.42%
Dt Midstream0.41%
Molina Healthcare Inc0.40%
Mge Energy0.40%
Advanced Energy Industries0.40%
Houlihan Lokey Class A0.40%
Universal Health Services Class B0.40%
Bwx Technologies Inc0.40%
Glaukos0.40%
Globus Medical Class A0.39%
Tetra Tech0.39%
Aptargroup0.38%
Avantor0.38%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in JQUA and SQLT, widest gap first
Holding	More in JQUAMore in SQLT	JQUA	SQLT
National Fuel Gas CoNFG	SQLT +0.99 points	0.18%	1.17%
Manhattan Associates IncMANH	SQLT +0.84 points	0.26%	1.10%
Exelixis Inc Common StockEXEL	SQLT +0.73 points	0.15%	0.88%
Medpace Holdings IncMEDP	SQLT +0.66 points	0.21%	0.87%
New York Times Co/TheNYT	SQLT +0.58 points	0.16%	0.74%
Apa Corp Common StockAPA	SQLT +0.54 points	0.08%	0.62%
Factset Research SystemsFDS	SQLT +0.50 points	0.14%	0.64%
Jack Henry & AssociatesJKHY	SQLT +0.50 points	0.16%	0.66%
Globe Life Inc CommonGL	SQLT +0.49 points	0.10%	0.59%
Dynatrace IncDT	SQLT +0.46 points	0.26%	0.72%
Lincoln Electric HoldingsLECO	SQLT +0.44 points	0.22%	0.66%
Texas Roadhouse IncTXRH	SQLT +0.42 points	0.13%	0.55%
Sei Investments Co CommonSEIC	SQLT +0.40 points	0.21%	0.61%
American Financial GroupAFG	SQLT +0.37 points	0.13%	0.50%
Lattice SemiconductorLSCC	SQLT +0.35 points	0.19%	0.54%
Bio-Techne Corp CommonTECH	SQLT +0.35 points	0.15%	0.50%
Advanced DrainageWMS	SQLT +0.33 points	0.02%	0.35%
Allison TransmissionALSN	SQLT +0.31 points	0.05%	0.36%
Omega HealthcareOHI	SQLT +0.31 points	0.11%	0.42%
Toro Co/The Common StockTTC	SQLT +0.30 points	0.14%	0.44%
Ralph Lauren Corp CommonRL	SQLT +0.30 points	0.20%	0.50%
Primerica Inc CommonPRI	SQLT +0.29 points	0.18%	0.47%
Eagle Materials IncEXP	SQLT +0.28 points	<0.01%	0.29%
Old RepublicORI	SQLT +0.29 points	0.11%	0.40%
Donaldson Co Inc CommonDCI	SQLT +0.28 points	0.14%	0.42%
Cubesmart Reit USD 0.01CUBE	SQLT +0.26 points	0.03%	0.29%
Host Hotels & ResortsHST	SQLT +0.25 points	0.23%	0.48%
Equity LifestyleELS	SQLT +0.24 points	0.09%	0.33%
Armstrong WorldAWI	SQLT +0.24 points	0.10%	0.34%
Simpson Manufacturing CoSSD	SQLT +0.23 points	0.08%	0.31%
Formfactor Inc CommonFORM	SQLT +0.22 points	0.10%	0.32%
Ingredion Inc CommonINGR	SQLT +0.22 points	0.13%	0.35%
Rambus Inc Common StockRMBS	SQLT +0.22 points	0.22%	0.44%
Camden Property TrustCPT	SQLT +0.21 points	0.07%	0.28%
Trade Desk Inc/TheTTD	SQLT +0.21 points	0.10%	0.31%
A O Smith Corp CommonAOS	SQLT +0.22 points	0.09%	0.31%
Paycom Software IncPAYC	SQLT +0.21 points	0.25%	0.46%
Versant Media Group IncVSNT	SQLT +0.21 points	0.07%	0.28%
Chemed Corp Common StockCHE	SQLT +0.21 points	0.17%	0.38%
Pool Corp Common StockPOOL	SQLT +0.20 points	0.10%	0.30%
Antero Midstream CorpAM	SQLT +0.20 points	0.04%	0.24%
Acuity Inc Common StockAYI	SQLT +0.18 points	0.18%	0.36%
Gentex Corp Common StockGNTX	SQLT +0.17 points	0.02%	0.19%
Rli Corp Common StockRLI	SQLT +0.16 points	0.13%	0.29%
Crocs Inc Common StockCROX	SQLT +0.16 points	0.16%	0.32%
Epam Systems Inc CommonEPAM	SQLT +0.14 points	0.25%	0.39%
Cirrus Logic Inc CommonCRUS	SQLT +0.12 points	0.20%	0.33%
Exlservice Holdings IncEXLS	SQLT +0.12 points	0.15%	0.27%
Grand Canyon EducationLOPE	SQLT +0.10 points	0.12%	0.22%
Rayonier Inc Reit USD 0RYN	SQLT +0.09 points	0.06%	0.15%
Boyd Gaming Corp CommonBYD	SQLT +0.08 points	0.09%	0.17%
Bentley Systems IncBSY	SQLT +0.07 points	0.26%	0.33%
Landstar System IncLSTR	SQLT +0.07 points	0.12%	0.19%
Msc Industrial Direct CoMSM	SQLT +0.06 points	0.14%	0.20%
Universal Display CorpOLED	SQLT +0.04 points	0.17%	0.21%
Dillard's Inc CommonDDS	JQUA +0.05 points	0.14%	0.09%
Pegasystems Inc CommonPEGA	JQUA +0.04 points	0.19%	0.15%
Yeti Holdings Inc CommonYETI	SQLT +0.03 points	0.12%	0.15%
Dolby Laboratories IncDLB	Same weight	0.20%	0.20%

All 308 JQUA holdings⁠All 497 SQLT 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 SQLT Cost

Overpaying SQLT vs JQUA

$1,635

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

JQUA 0.12%
$2,520
SQLT 0.20%
$4,155

Amount$10,000

Years30 years

Cost over time

JQUA 0.12%
SQLT 0.20%
Overpaying

Year by year

Year	JQUA	SQLT	Overpaying
10	$220	$365	$145
20	$859	$1,421	$562
30	$2,520	$4,155	$1,635

Expense ratio

0.12%JQUA, cheaper
0.20%SQLT

JQUA0.12%SQLT0.20%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

JQUA cheapest of 26 funds

SQLT 8th cheapest of 26 funds

JQUA vs SQLT Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JQUA 1.05%; SQLT No data
Payout (12M): JQUA $0.79; SQLT No data
Last payment: JQUA $0.18; SQLT $0.08
Ex-dividend: JQUA Sep 22, 2026; SQLT Sep 15, 2026
Paid on: JQUA Sep 24, 2026; SQLT Sep 18, 2026
Frequency: JQUA Quarterly; SQLT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

JQUAQuarterly · 37 paymentsAll JQUA payments⁠

SQLTQuarterly · 2 paymentsAll SQLT payments⁠

JQUA vs SQLT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: JQUA 11.6%SQLT No data
Return per unit of riskSharpe ratio, 3 years: JQUA 1.47SQLT No data
Worst fallMax drawdown, 5 years: JQUA −22.5%SQLT No data
Market sensitivityBeta, 5 years: JQUA 0.91SQLT −0.34; Market = 1

JQUA and SQLT in the news

All news⁠

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

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JQUA vs SQLT

In short

Stated mandate

Why people hold it

Worth knowing

How JQUA and SQLT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in SQLT

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 SQLT differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in SQLT

Weight gaps