JQUA vs XMHQ: Grades, Fees and Holdings Compared

JPMorgan U.S. Quality Factor ETF

JQUAANYSE Arca

Invesco S&P MidCap Quality ETF

XMHQBNYSE Arca

Overlap

5.6%by weight

Expense ratio

JQUA −0.13pt a year

JQUA0.12%XMHQ0.25%

Avg volume · 30D

JQUA 3.4×the volume

JQUA598KXMHQ177K

5Y return · a year

JQUA +3.1pt

JQUA+13.2%XMHQ+10.1%

JQUA vs XMHQ Performance

Oct 29, 2021 – Oct 30, 2026

+85.7%JQUA+61.7%XMHQ

Expense ratio: JQUA 0.12%, better; XMHQ 0.25%
Fund size: JQUA $9.55B; XMHQ $5.68B
1Y total return: JQUA +21.8%, better; XMHQ +15.4%
Yield (12M): JQUA 1.05%, better; XMHQ 0.56%
Holdings: JQUA 310; XMHQ 82
Avg volume (30D): JQUA 598K sh, better; XMHQ 177K sh
NAV per share: JQUA $75.49; XMHQ $117.81
52W range

ETF.net Grade

Pillar letters and Scores for JQUA, XMHQ, with each pillar’s weight
Pillar	JQUA	XMHQ
Cost30% weight	A100Higher	B62
Mission25% weight	A79	A84Higher
Risk15% weight	A80Higher	D37
Tradability15% weight	C54	A79Higher
Holdings10% weight	A83Higher	B64
Durability5% weight	A75	A83Higher

Rank among US Quality Index funds

How we build Categories ›

Same Category. JQUA and XMHQ 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 XMHQ 6th 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 5AVFQYVanguard U.S. Quality Factor ETFScore 70
Rank 6BXMHQInvesco S&P MidCap Quality ETFScore 67
Rank 7BSEIQSEI QiM U.S. Large Cap Quality Active ETFScore 65

Our read on each fund

ETF.net Research

JQUAAJPMorgan U.S. Quality Factor ETF

XMHQBInvesco S&P MidCap 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.

XMHQ Most quality ETFs hunt pristine balance sheets among mega caps. XMHQ runs the same screen one size down, ranking the S&P MidCap 400 on profitability and balance-sheet strength and keeping roughly 80 names.

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.

XMHQ The Fund tracks the S&P MidCap 400 Quality Index and invests at least 90% of its total assets in securities connected to 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.

XMHQ The screen is specific: return on equity, accruals ratio and financial leverage ratio, with scores refreshed at the June and December rebalances. Roughly 80 mid caps make the cut.spglobal.com spglobal.com 2
0.25% net of a waiver through August 31, 2028 (0.30% gross), below the median fee among the 26 quality funds in its category.
Live since 2006, now a multi-billion-dollar fund, and it has tracked its index tightly. One of the stronger implementations in the quality peer group.invesco.com

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.

XMHQ Mid caps plus a narrow 80-stock slice means a bumpier ride than most funds in the quality group.
Cheap for the category, not the cheapest: JQUA charges 0.12%, QUAL 0.15%, and the large-cap sibling SPHQ runs 0.15% net of a waiver through August 31, 2028.
Distributions land quarterly, and it trades moderately rather than at the volume of the biggest large-cap quality names.

Full JQUA profile⁠

Full XMHQ profile⁠

JQUA vs XMHQ Holdings

How JQUA and XMHQ differ

Overlap by weight

5.6%

Shared holdings make up 52.1% of XMHQ and 5.6% of JQUA.

Level by level

Holdings33 in both5.6%
Sector11 Sectors64.2%
Countryby domicile95.5%
Asset classEquity100%

Sector

Sector weights in JQUA and XMHQ, widest gap first
Sector	More in JQUAMore in XMHQ	JQUA	XMHQ
Technology	JQUA +23.9 points	41.6%	17.7%
Industrials	XMHQ +22.5 points	7.1%	29.6%
Health Care	XMHQ +5.5 points	9.0%	14.5%
Consumer Staples	JQUA +4.5 points	5.5%	1.0%
Communication	JQUA +4.1 points	5.5%	1.4%
Energy	XMHQ +3.6 points	4.1%	7.7%
Financials	XMHQ +3.1 points	13.1%	16.2%
Real Estate	JQUA +2.2 points	2.2%	0.0%
Consumer Discretionary	XMHQ +1.1 points	8.9%	10.0%
Utilities	JQUA +1.1 points	1.1%	0.0%
Materials	Same weight	1.9%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in JQUA and XMHQ, widest gap first
Country	More in JQUAMore in XMHQ	JQUA	XMHQ
United States	JQUA +4.0 points	99.5%	95.5%
United Kingdom	XMHQ +2.8 points	0.0%	2.8%
Sweden	XMHQ +1.0 points	0.0%	1.0%
India	XMHQ +0.7 points	0.0%	0.7%
Switzerland	JQUA +0.5 points	0.5%	0.0%

Concentration

Weight in the 10 largest Holdings

JQUA18.7%
XMHQ30.7%

Securities held

JQUA308
XMHQ79

Asset class

JQUA: Equity
XMHQ: Equity

Holdings

Only in JQUA275
In both33
Only in XMHQ46

Only in JQUA

275 securities, 94.4% 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 XMHQ

46 securities, 47.8% of XMHQ by weight

nVent Electric PLC2.81%
Curtiss-Wright Corp2.36%
Evercore Inc2.21%
Nextpower Inc1.93%
SharkNinja Inc1.76%
Neurocrine Biosciences Inc1.72%
Mueller Industries Inc1.70%
Carpenter Technology Corp1.66%
Booz Allen Hamilton Holding Corp1.59%
Range Resources Corp1.54%
Hecla Mining Co1.52%
Cognex Corp1.38%
Tetra Tech Inc1.33%
InterDigital Inc1.31%
Kinsale Capital Group Inc1.22%
Qualys Inc1.21%
Murphy USA Inc1.12%
Valmont Industries Inc1.03%
Autoliv Inc1.02%
Houlihan Lokey Inc1.00%
Chewy Inc0.95%
Aecom0.91%
Abercrombie & Fitch Co0.87%
Fluor Corp0.82%
Weatherford International PLC0.82%
Doximity Inc0.82%
UL Solutions Inc0.78%
Middleby Corp/The0.74%
Vicor Corp0.72%
Genpact Ltd0.71%
MGIC Investment Corp0.69%
Federated Hermes Inc0.68%
Morningstar Inc0.68%
Vontier Corp0.67%
Sonoco Products Co0.65%
CNX Resources Corp0.64%
Exponent Inc0.63%
LivaNova PLC0.60%
Hamilton Lane Inc0.59%
Sprouts Farmers Market Inc0.50%
Harley-Davidson Inc0.46%
First Financial Bankshares Inc0.45%
Maximus Inc0.42%
Greif Inc0.26%
Marzetti Company/The0.25%
Invesco Government & Agency Portfolio0.11%

Weight gaps

All 33 Holdings in both funds, largest gap first.

Holding weights in JQUA and XMHQ, widest gap first
Holding	More in JQUAMore in XMHQ	JQUA	XMHQ
Technipfmc PLC CommonFTI	XMHQ +3.93 points	0.20%	4.13%
Medpace Holdings IncMEDP	XMHQ +3.72 points	0.21%	3.93%
Manhattan Associates IncMANH	XMHQ +3.50 points	0.26%	3.76%
Exelixis Inc Common StockEXEL	XMHQ +3.45 points	0.15%	3.60%
United Therapeutics CorpUTHR	XMHQ +2.82 points	0.28%	3.10%
Carlisle Cos Inc CommonCSL	XMHQ +2.21 points	0.21%	2.42%
Docusign Inc CommonDOCU	XMHQ +2.06 points	0.28%	2.34%
Lincoln Electric HoldingsLECO	XMHQ +1.91 points	0.22%	2.13%
Renaissancere HoldingsRNR	XMHQ +1.88 points	0.14%	2.02%
Sei Investments Co CommonSEIC	XMHQ +1.41 points	0.21%	1.62%
Toro Co/The Common StockTTC	XMHQ +1.36 points	0.14%	1.50%
Texas Roadhouse IncTXRH	XMHQ +1.32 points	0.13%	1.45%
New York Times Co/TheNYT	XMHQ +1.32 points	0.16%	1.48%
Graco Inc Common StockGGG	XMHQ +1.30 points	0.13%	1.43%
Primerica Inc CommonPRI	XMHQ +1.12 points	0.18%	1.30%
American Financial GroupAFG	XMHQ +1.11 points	0.13%	1.24%
Maplebear Inc CommonCART	XMHQ +1.04 points	0.24%	1.28%
Donaldson Co Inc CommonDCI	XMHQ +1.03 points	0.14%	1.17%
Chemed Corp Common StockCHE	XMHQ +1.01 points	0.17%	1.18%
Hanover Insurance GroupTHG	XMHQ +0.90 points	0.12%	1.02%
Old RepublicORI	XMHQ +0.90 points	0.11%	1.01%
Boyd Gaming Corp CommonBYD	XMHQ +0.83 points	0.09%	0.92%
Exlservice Holdings IncEXLS	XMHQ +0.77 points	0.15%	0.92%
Antero Midstream CorpAM	XMHQ +0.72 points	0.04%	0.76%
Cirrus Logic Inc CommonCRUS	XMHQ +0.69 points	0.20%	0.90%
Appfolio Inc Common StockAPPF	XMHQ +0.66 points	0.21%	0.87%
Rli Corp Common StockRLI	XMHQ +0.63 points	0.13%	0.76%
Pegasystems Inc CommonPEGA	XMHQ +0.56 points	0.19%	0.75%
Kbr Inc Common Stock USDKBR	XMHQ +0.56 points	0.03%	0.59%
Msc Industrial Direct CoMSM	XMHQ +0.52 points	0.14%	0.66%
Landstar System IncLSTR	XMHQ +0.50 points	0.12%	0.62%
Bentley Systems IncBSY	XMHQ +0.50 points	0.26%	0.76%
Dolby Laboratories IncDLB	XMHQ +0.28 points	0.20%	0.48%

All 308 JQUA holdings⁠All 80 XMHQ 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 XMHQ Cost

Overpaying XMHQ vs JQUA

$2,639

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

JQUA 0.12%
$2,520
XMHQ 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

JQUA 0.12%
XMHQ 0.25%
Overpaying

Year by year

Year	JQUA	XMHQ	Overpaying
10	$220	$455	$235
20	$859	$1,769	$910
30	$2,520	$5,159	$2,639

Expense ratio

0.12%JQUA, cheaper
0.25%XMHQ

JQUA0.12%XMHQ0.25%

0.12%0.60%

Middle half of US Quality Index funds
Median 0.39%

JQUA cheapest of 26 funds

XMHQ 10th cheapest of 26 funds

JQUA vs XMHQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): JQUA 1.05%, better; XMHQ 0.56%
Payout (12M): JQUA $0.79; XMHQ $0.66
Last payment: JQUA $0.18; XMHQ $0.15
Ex-dividend: JQUA Sep 22, 2026; XMHQ Sep 21, 2026
Paid on: JQUA Sep 24, 2026; XMHQ Sep 25, 2026
Frequency: JQUA Quarterly; XMHQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

JQUAQuarterly · 37 paymentsAll JQUA payments⁠

XMHQQuarterly · 38 paymentsAll XMHQ payments⁠

JQUA vs XMHQ Risk

Fall from peak · 5 years

JQUA
XMHQ

Risk facts

VolatilityStd dev, 3 years: JQUA 11.6%, betterXMHQ 16.4%
Return per unit of riskSharpe ratio, 3 years: JQUA 1.47, betterXMHQ 0.82
Worst fallMax drawdown, 5 years: JQUA −22.5%, betterXMHQ −25.5%
Market sensitivityBeta, 5 years: JQUA 0.91XMHQ 0.98; Market = 1

JQUA and XMHQ in the news

All news⁠

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

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JQUA vs XMHQ

In short

Stated mandate

Why people hold it

Worth knowing

How JQUA and XMHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in XMHQ

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

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

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

How JQUA and XMHQ differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in JQUA

Only in XMHQ

Weight gaps