JPMorgan Equity Focus ETF (JPEF) Valuation
JPEF valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 24.8 trailing earnings
- Forward P/E
- 19.7 analyst estimates
- Price / sales
- 4.48
- Price / book
- 4.82
- EV / EBITDA
- 17.8
- Earnings yield
- 4.04% inverse of P/E
- Dividend yield
- 1.06% of the holdings
- Return on equity
- 19.5% combined
- Net margin
- 18.1% combined
- Beta
- 1.14 weighted, vs S&P 500
JPEF valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JPEF | 24.8 | 19.7 | 4.48 | 4.82 | 1.06% | 19.5% | 18.1% | 5.0% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
JPEF valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 34.5% | 34.0 | 23.8 | 11.44 | 13.14 | 0.55% | 38.6% |
| Financial Services | 13.1% | 13.1 | 12.5 | 2.34 | 1.41 | 1.45% | 10.8% |
| Healthcare | 10.3% | 39.1 | 16.9 | 3.14 | 10.31 | 1.43% | 26.4% |
| Industrials | 9.9% | 33.4 | 23.3 | 3.47 | 6.68 | 0.74% | 20.0% |
| Communication Services | 8.5% | 20.4 | 22.2 | 8.53 | 6.93 | 0.25% | 34.0% |
| Consumer Cyclical | 7.6% | 21.2 | 21.4 | 2.78 | 6.85 | 0.52% | 32.3% |
| Energy | 4.3% | 22.7 | 16.2 | 2.48 | 2.42 | 2.70% | 10.7% |
| Consumer Defensive | 2.6% | 24.1 | 21.2 | 4.26 | 6.46 | 2.73% | 26.8% |
| Utilities | 2.4% | 17.9 | 17.7 | 5.80 | 2.81 | 3.12% | 15.7% |
| Basic Materials | 2.4% | 38.8 | 29.7 | 4.81 | 7.71 | 1.01% | 19.9% |
| Real Estate | 2.4% | 25.5 | 24.6 | 7.89 | 21.39 | 3.86% | 83.9% |
JPEF earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How JPEF weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JPEF largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.31% | 27.1 | 24.9 | 17.1 | 0.47% | 7.90% |
| AAPL | Apple Inc. | 6.26% | 39.4 | 35.2 | 10.7 | 0.31% | 4.09% |
| GOOG | Alphabet Inc. | 5.90% | 16.9 | 21.8 | 9.2 | 0.26% | 8.98% |
| MSFT | Microsoft Corporation | 4.91% | 29.5 | 25.1 | 11.8 | 0.74% | 4.29% |
| AMZN | Amazon.com, Inc. | 4.74% | 20.1 | 23.6 | 3.5 | — | 6.06% |
| JNJ | Johnson & Johnson | 3.20% | 38.8 | 21.0 | 6.2 | 2.10% | 2.12% |
| URI | United Rentals, Inc. | 3.10% | 24.8 | 18.5 | 3.8 | 0.77% | 3.22% |
| ADI | Analog Devices, Inc. | 3.05% | 47.0 | 23.2 | 13.8 | 1.11% | 1.67% |
| MS | Morgan Stanley | 2.88% | 14.3 | 14.9 | 3.6 | 2.55% | 5.18% |
| GILD | Gilead Sciences, Inc. | 2.83% | — | 15.6 | 6.4 | 2.10% | −1.23% |
| XOM | Exxon Mobil Corporation | 2.81% | 23.0 | 14.8 | 2.0 | 2.30% | 3.14% |
| L | Loews Corporation | 2.66% | 13.5 | 12.2 | 1.2 | 0.23% | 5.06% |
| AVGO | Broadcom Inc. | 2.65% | 43.3 | 19.4 | 17.6 | 0.79% | 1.57% |
| BRK.B | Berkshire Hathaway Inc. | 2.62% | 13.4 | 22.7 | 3.0 | — | 5.03% |
| MTB | M&T Bank Corporation | 2.60% | 11.4 | 10.6 | 3.3 | 2.79% | 5.87% |
| PG | The Procter & Gamble Company | 2.57% | 24.1 | 21.2 | 4.3 | 2.73% | 2.74% |
| HCA | HCA Healthcare, Inc. | 2.56% | 15.4 | 13.9 | 1.3 | 0.68% | 4.29% |
| NEE | NextEra Energy, Inc. | 2.45% | 17.9 | 17.7 | 5.8 | 3.12% | 3.51% |
| ECL | Ecolab Inc. | 2.42% | 38.8 | 29.7 | 4.8 | 1.01% | 1.60% |
| AMT | American Tower Corporation | 2.39% | 25.5 | 24.6 | 7.9 | 3.86% | 2.42% |
| COF | Capital One Financial Corporation | 2.36% | 13.0 | 8.5 | 2.6 | 1.59% | 4.68% |
| AMD | Advanced Micro Devices, Inc. | 2.27% | 134.9 | 39.5 | 20.9 | — | 0.43% |
| PANW | Palo Alto Networks, Inc. | 2.08% | 855.0 | 94.3 | 24.4 | — | 0.06% |
| RTX | RTX Corporation | 2.07% | 34.1 | 24.6 | 2.8 | 1.51% | 1.56% |
| META | Meta Platforms, Inc. | 2.03% | 26.7 | 22.1 | 7.9 | 0.30% | 1.95% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About JPEF valuation
Adding up its 40 holdings with company data, JPEF trades at 24.8 times trailing earnings and 19.7 times analysts' forward estimates, with a price-to-book ratio of 4.82 and a dividend yield of 1.06%. Its earnings yield of 4.04% is 1.29 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 45.2% of the fund and earn 42.3% of its combined profit. By sector, Healthcare is the most expensive at 39.1 times earnings and Financial Services the cheapest at 13.1. Companies that lost money over the past year are 5.0% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 98.1% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JPEF chart, JPEF performance, JPEF holdings, JPEF dividends.
JPEF valuation FAQ
What is the P/E ratio of JPEF?
Based on its holdings, JPEF has a trailing P/E of 24.8 and a forward P/E of 19.7 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JPEF?
The trailing earnings yield is 4.04% (1 ÷ P/E) and the forward earnings yield 5.09%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JPEF more expensive than the S&P 500?
JPEF trades at 24.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.7 and 19.9.
What is the price-to-book ratio of JPEF?
The holdings of JPEF trade at 4.82 times book value, with a combined return on equity of 19.5%.
Which sector in JPEF has the highest P/E?
Healthcare has the highest P/E at 39.1 and Financial Services the lowest at 13.1.