At a glance
JVAL charges 0.12% a year, below the 0.19% average of the 8 funds most like it (the cheapest of 9). It has $833.5M in assets, the 7th largest of that group; it paid 1.59% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +23.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +24.3% a year. At its worst it fell 39.9% in the 2020 crash (S&P 500: 33.7%) and 22.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 14 months after the lows. Its ten largest positions make up 17.1% of the fund, out of 394 in all.
The short version
JPMorgan U.S. Value Factor ETF (JVAL) is an index fund that tracks the JP Morgan US Value Factor Index. The index picks large and mid-sized U.S. stocks that look cheap compared with others in their sector. Its 0.12% expense ratio was the lowest of the nine similar funds compared. Because it measures value within each sector, its largest holdings as of July 31, 2026 included Microsoft, Apple and Alphabet.
Price history
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JVAL +23.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| JVAL official prospectus, to Dec 31, 2025 | — | +16.12% | — | +13.04% | — | +11.37% |
| JVAL price data to Oct 27, 2026 | +21.8% | +23.0% | +24.3% | +12.5% | — | +12.8% |
- Over the year to Oct 27, 2026, JVAL returned +23.0%, 4th of 9 among similar funds.
- Its 5-year annualized return was +12.5%.
- In the 2020 COVID crash it fell 39.9% and regained its old high 7.8 months after the low.
- Its worst full calendar year was 2022 (-11.6%); its best was 2021 (+31.3%).
- The deepest fall in its price history was 40.4% (Jan 17, 2020 to Mar 23, 2020), recovered by Nov 24, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +21.8% | — |
| 2025 | +16.1% | +16.12% |
| 2024 | +14.5% | +14.44% |
| 2023 | +19.5% | +19.51% |
| 2022 | -11.6% | -11.59% |
| 2021 | +31.3% | +31.48% |
| 2020 | +6.3% | +6.09% |
| 2019 | +28.4% | +28.42% |
| 2018 | -8.9% | -8.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 39.9% over that stretch · deepest drop along the way 39.9%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.8% over that stretch · deepest drop along the way 22.4%, back to its old high 14.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6200 | |
| 2025 | $1.0100 | +5.2% |
| 2024 | $0.9600 | +2.1% |
| 2023 | $0.9400 | +13.3% |
| 2022 | $0.8300 | +13.7% |
| 2021 | $0.7300 | -3.9% |
| 2020 | $0.7600 | 0.0% |
| 2019 | $0.7600 | +24.6% |
| 2018 | $0.6100 |
What's inside
As of Jul 31, 2026, the fund held 394 securities; the ten largest made up 17.09% of assets.
| Holding | Weight | |
|---|---|---|
| Microsoft Corp. | 2.10% | |
| Apple, Inc. | 2.06% | |
| Alphabet, Inc. | 2.00% | |
| Broadcom, Inc. | 1.91% | |
| Meta Platforms, Inc. | 1.73% | |
| NVIDIA Corp. | 1.73% | |
| Micron Technology, Inc. | 1.69% | |
| Johnson & Johnson | 1.62% | |
| Intel Corp. | 1.20% | |
| Applied Materials, Inc. | 1.07% | |
| Lam Research Corp. | 1.04% | |
| Merck & Co., Inc. | 0.95% | |
| Cisco Systems, Inc. | 0.90% | |
| Texas Instruments, Inc. | 0.85% | |
| Chevron Corp. | 0.73% |
By country
United States 93.68%Ireland 1.8%Bermuda 1.22%Netherlands 0.59%United Kingdom 0.53%By asset type
Stocks 99.71%By sector
Sectors of the companies held, for the 56.2% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $48.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.68%, +2.37%, -1.60%.
How it works
JVAL tracks the JP Morgan US Value Factor Index. The fund's adviser sponsors the index and designed its rules. FTSE International Limited calculates and administers it. Stocks come mainly from the Russell 1000 Index, which covers large and mid-sized U.S. companies. Each company is compared with others in its own sector on four 'yields': book value, earnings, dividends and cash flow, each measured against the share price. As of January 30, 2026, the index held 378 companies, ranging in size from $1.1 billion to $4.7 trillion.
Weighting happens in two steps. First, each sector is weighted by market capitalization (the total stock-market value of its companies), so the sector mix looks like the broad market. Then, within each sector, stocks are weighted to keep the fund diversified. That is why technology and consumer discretionary made up a significant portion of the index as of January 30, 2026. The index and the fund rebalance quarterly.
The fund is passively managed. It aims to hold every stock in the index in about the same proportions. It may use a representative sample instead, but it must keep at least 80% of its assets in index securities. It can put up to 10% in exchange-traded futures. As of July 31, 2026, its S&P 500 E-mini futures position was tiny. The fund does not move into defensive positions when markets fall.
What it really costs
- JVAL charges 0.12% a year, versus an average of 0.19% for the similar funds below (1st of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $154 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| JVAL | $12 | $39 | $68 | $154 |
In a retirement portfolio
It holds a broad, low-cost basket of 394 large and mid-sized U.S. stocks with market-like sector weights, and its one-year beta was 1 as of October 27, 2026, meaning it moved about in line with the market.
With 394 large and mid-sized U.S. stocks as of July 31, 2026 and a 0.12% expense ratio, JVAL could anchor the stock side of a portfolio that leans toward value. In the SEC's standard $10,000 example, costs total $154 over 10 years. The fund launched in November 2017, so it has no 2008 record. It fell 39.9% in the 2020 COVID crash and took about eight months to recover. In the 2022 bear market it dropped 22.4% and took about 14 months to recover. Its worst calendar year was 2022, at -11.6%. Anyone who sold shares for spending money during those drops would have locked in losses. The yield was 1.59% as of October 27, 2026, paid quarterly, so the income is modest. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors who want a value-tilted U.S. stock fund. Its 0.12% expense ratio was the lowest of nine similar funds compared.
- Investors who want value measured within each sector, so sector weights stay close to the broad market instead of piling into banks and energy.
- Long-term holders who can ride out big drops, such as the 40.4% fall in early 2020, which took about eight months to recover.
Look elsewhere if
- Investors looking for a classic deep-value fund. Its top holdings as of July 31, 2026 were Microsoft, Apple, Alphabet, Broadcom and Meta.
- Retirees who need meaningful income from their stocks. The trailing yield was 1.59% as of October 27, 2026, paid quarterly.
- Anyone trying to reduce exposure to big tech. Technology and consumer discretionary made up a significant portion of the index as of January 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| JVAL this fund | — | 0.12% | $833.5M | +23.0% | +24.3% |
| JMOM JPMorgan U.S. Momentum Factor ETF | 46% | 0.12% | $2.50B | +18.7% | +28.7% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 44% | 0.25% | $27.57B | +25.0% | +22.7% |
| JQUA JPMorgan U.S. Quality Factor ETF | 44% | 0.12% | $8.22B | +21.6% | +24.2% |
| FNDB Schwab Fundamental U.S. Broad Market ETF | 42% | 0.25% | $1.49B | +22.5% | +24.0% |
| IUS Invesco RAFI Strategic US ETF | 42% | 0.19% | $983.2M | +25.6% | +24.6% |
| DFVE DoubleLine Fortune 500 Equal Weight ETF | 38% | 0.2% | $32.3M | +15.7% | — |
| JPUS JPMorgan Diversified Return Use Equity | 37% | 0.18% | $457.6M | +16.3% | +19.0% |
Questions investors ask
Is JVAL good for retirement?
JVAL may suit retirement savers who want a low-cost U.S. stock fund that leans toward value, but it carries full stock-market risk. It fell 39.9% in the 2020 COVID crash and 22.4% in the 2022 bear market. The 2022 loss took about 14 months to recover. Its prospectus shows an average annual return of 13.04% for the five years to December 31, 2025. The 1.59% yield as of October 27, 2026 provides limited income. Past results don't predict future ones.
Why does JVAL hold Microsoft and Apple if it's a value fund?
The index judges value within each sector, not across the whole market. It compares companies with their sector peers on book, earnings, dividend and cash flow yield, and it weights sectors by market size. That keeps technology large. As of July 31, 2026, its biggest holdings included Microsoft (2.1%), Apple (2.1%), Alphabet (2.0%), Broadcom (1.9%) and NVIDIA (1.7%). Investors expecting mostly banks and energy stocks may be surprised.
How often does JVAL pay dividends?
JVAL pays dividends quarterly. In the 12 months to October 27, 2026, it paid about $0.94 per share, a trailing yield of 1.59%. That is modest income. Dividend yield is only one of the four valuation measures the index uses to choose stocks. Payments rise and fall with the dividends the fund's holdings pay, so the amount can change from quarter to quarter.
JVAL vs FNDX: what's the difference?
Both are U.S. large-company stock index funds, and about 44% of their holdings overlap, but they follow different indexes. JVAL costs 0.12% a year. The Schwab Fundamental U.S. Large Company ETF (FNDX) costs 0.25%. FNDX is much larger, with about $27.6 billion in net assets as of August 31, 2026, against JVAL's $833 million as of July 31, 2026. One-year returns were 23% for JVAL (through October 27, 2026) and 25.3% for FNDX (through October 30, 2026). Three-year annualized returns were both about 24%.
What is JVAL's expense ratio?
JVAL's expense ratio is 0.12% a year, all of it management fee, according to its prospectus filed February 25, 2026. That was the lowest among the similar funds compared, which averaged 0.19%. In the SEC's standard example, a $10,000 investment that earns 5% a year would pay about $12 in costs after one year, $68 after five years and $154 after ten years.