J.P. Morgan Exchange-Traded Fund ETF (JUSA) Valuation
JUSA valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 25.0 trailing earnings
- Forward P/E
- 19.3 analyst estimates
- Price / sales
- 3.71
- Price / book
- 5.33
- EV / EBITDA
- 16.8
- Earnings yield
- 4.00% inverse of P/E
- Dividend yield
- 1.09% of the holdings
- Return on equity
- 21.4% combined
- Net margin
- 14.9% combined
- Beta
- 1.14 weighted, vs S&P 500
JUSA valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| JUSA | 25.0 | 19.3 | 3.71 | 5.33 | 1.09% | 21.4% | 14.9% | 1.1% |
| 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.
JUSA valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 38.1% | 31.2 | 22.8 | 8.96 | 12.55 | 0.56% | 40.2% |
| Financial Services | 11.9% | 16.5 | 14.4 | 3.63 | 2.37 | 1.43% | 14.3% |
| Healthcare | 9.7% | 31.9 | 17.1 | 1.66 | 4.92 | 1.49% | 15.4% |
| Consumer Cyclical | 9.6% | 25.0 | 21.9 | 2.65 | 7.25 | 0.61% | 29.1% |
| Communication Services | 9.1% | 17.9 | 19.1 | 5.11 | 4.92 | 0.73% | 27.5% |
| Industrials | 7.1% | 27.4 | 20.3 | 2.55 | 6.19 | 1.23% | 22.6% |
| Consumer Defensive | 4.1% | 26.7 | 19.2 | 2.03 | 6.21 | 2.77% | 23.3% |
| Energy | 3.7% | 18.3 | 12.2 | 2.30 | 2.26 | 2.25% | 12.3% |
| Utilities | 2.2% | 21.4 | 17.0 | 4.09 | 2.24 | 3.11% | 10.5% |
| Real Estate | 1.7% | 42.1 | 36.7 | 5.64 | 3.79 | 2.89% | 9.0% |
| Basic Materials | 1.5% | 26.4 | 16.7 | 2.70 | 3.42 | 1.33% | 12.9% |
JUSA 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 JUSA weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
JUSA largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 8.22% | 27.1 | 24.9 | 17.1 | 0.47% | 7.68% |
| AAPL | Apple Inc. | 7.38% | 39.4 | 35.2 | 10.7 | 0.31% | 4.74% |
| MSFT | Microsoft Corporation | 6.08% | 29.5 | 25.1 | 11.8 | 0.74% | 5.22% |
| AMZN | Amazon.com, Inc. | 3.91% | 20.1 | 23.6 | 3.5 | — | 4.92% |
| GOOGL | Alphabet Inc. | 2.86% | 17.1 | 22.8 | 9.3 | 0.26% | 4.24% |
| AVGO | Broadcom Inc. | 2.62% | 43.3 | 19.4 | 17.6 | 0.79% | 1.53% |
| META | Meta Platforms, Inc. | 2.35% | 26.7 | 22.1 | 7.9 | 0.30% | 2.22% |
| GOOG | Alphabet Inc. | 2.18% | 16.9 | 21.8 | 9.2 | 0.26% | 3.26% |
| MU | Micron Technology, Inc. | 1.51% | 11.8 | 7.0 | 7.5 | 0.07% | 3.24% |
| LLY | Eli Lilly and Company | 1.39% | 42.2 | 24.4 | 14.1 | 0.55% | 0.84% |
| XOM | Exxon Mobil Corporation | 1.39% | 23.0 | 14.8 | 2.0 | 2.30% | 1.52% |
| TSLA | Tesla, Inc. | 1.37% | 328.4 | 158.7 | 13.5 | — | 0.11% |
| BRK.B | Berkshire Hathaway Inc. | 1.33% | 13.4 | 22.7 | 3.0 | — | 2.52% |
| MA | Mastercard Incorporated | 1.30% | 34.0 | 24.2 | 15.4 | 0.56% | 0.97% |
| JNJ | Johnson & Johnson | 1.25% | 38.8 | 21.0 | 6.2 | 2.10% | 0.81% |
| V | Visa Inc. | 1.23% | 34.3 | 24.0 | 17.0 | 0.67% | 0.91% |
| AMD | Advanced Micro Devices, Inc. | 1.22% | 134.9 | 39.5 | 20.9 | — | 0.23% |
| ABBV | AbbVie Inc. | 1.15% | 80.6 | 16.4 | 7.8 | 2.42% | 0.36% |
| RTX | RTX Corporation | 0.87% | 34.1 | 24.6 | 2.8 | 1.51% | 0.65% |
| LRCX | Lam Research Corporation | 0.84% | 45.8 | 33.7 | 14.2 | 0.50% | 0.46% |
| WFC | Wells Fargo & Company | 0.79% | 11.8 | 10.2 | 3.0 | 2.38% | 1.69% |
| UNH | UnitedHealth Group Incorporated | 0.73% | 25.8 | 16.6 | 0.8 | 2.31% | 0.71% |
| C | Citigroup Inc. | 0.72% | 12.1 | 10.2 | 2.5 | 2.16% | 1.50% |
| PM | Philip Morris International Inc. | 0.71% | 29.5 | 20.9 | 7.5 | 3.12% | 0.61% |
| BAC | Bank of America Corporation | 0.66% | 12.2 | 10.8 | 3.1 | 2.50% | 1.37% |
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 JUSA valuation
Adding up its 260 holdings with company data, JUSA trades at 25.0 times trailing earnings and 19.3 times analysts' forward estimates, with a price-to-book ratio of 5.33 and a dividend yield of 1.09%. Its earnings yield of 4.00% is 1.32 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 38.5% of the fund and earn 37.9% of its combined profit. By sector, Real Estate is the most expensive at 42.1 times earnings and Financial Services the cheapest at 16.5. Companies that lost money over the past year are 1.1% 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 99.8% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: JUSA chart, JUSA performance, JUSA holdings, JUSA dividends.
JUSA valuation FAQ
What is the P/E ratio of JUSA?
Based on its holdings, JUSA has a trailing P/E of 25.0 and a forward P/E of 19.3 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of JUSA?
The trailing earnings yield is 4.00% (1 ÷ P/E) and the forward earnings yield 5.18%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is JUSA more expensive than the S&P 500?
JUSA trades at 25.0 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 19.3 and 19.9.
What is the price-to-book ratio of JUSA?
The holdings of JUSA trade at 5.33 times book value, with a combined return on equity of 21.4%.
Which sector in JUSA has the highest P/E?
Real Estate has the highest P/E at 42.1 and Financial Services the lowest at 16.5.