JPMorgan U.S. Quality Factor ETF ( NYSEARCA:JQUA) targets high-quality U.S. companies by screening the 1,000 largest stocks for profitability, financial strength, and low debt. The fund equal-weights holdings, capping its top position at just 2% while spreading exposure across hundreds of quality-screened names. Quality companies with high profit margins and low debt should theoretically provide downside protection during market stress while participating in upside during bull markets. But JQUA's recent track record reveals meaningful gaps between the quality promise and actual returns.