The fund tracks an index that targets the quality factor, taking into account criteria like earnings, growth, and debt-to-equity ratios to select its components. While investors remain primarily interested in equity ETFs, the funds currently represent a smaller proportion of year-to-date flows than they do of total assets. The significant assets flowing into QUAL and JEPI also suggest that investors may be taking a more conservative view of equity markets, given concerns around inflation and the possibility of recession.