JVAL Fees and Costs — JPMorgan U.S. Value Factor ETF
Data updated: 2026-09-28
The net expense ratio is 0.12%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $27K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 26%.
JVAL Fees and Expenses
Annual operating expenses and sales charges of JVAL. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.12% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 0.12% |
| Fee waiver | — |
| Net expense ratio | 0.12% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JVAL Costs Over Time
On $10,000 invested in JVAL, assuming 5% a year before costs, total costs come to $79 over 5 years, cutting the return by 0.13% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.12%) | $13 | $40 | $69 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $2 | $7 |
| Total costs | $13 | $43 | $79 |
| Value after costs | $10,487 | $11,533 | $12,684 |
| Impact on return, per year | 0.13% | 0.13% | 0.13% |
JVAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0044%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 26%
- Securities on loan, average value: $5.2M
- Net income from securities lending: $20K (0.003% of average net assets)
JVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $8K | 34.09% |
| Morgan Stanley & Co. LLC | $5K | 22.31% |
| Goldman Sachs & Co. LLC | $2K | 9.75% |
| UBS Securities LLC | $2K | 9.63% |
| Jefferies LLC | $2K | 7.52% |
| BNP Paribas Securities Corp. | $1K | 5.96% |
| BMO Capital Markets Corp. | $847 | 3.60% |
| Virtu Americas LLC | $598 | 2.54% |
| Barclays Capital, Inc. | $597 | 2.54% |
| ROBERT W. BAIRD & CO. INCORPORATED | $483 | 2.05% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.