ETF Research Center

The JPMorgan U.S. Dividend ETF tracks an index of US large-cap equities with higher dividend yields, weighted for greater exposure to sectors with high risk-adjusted dividend yields.

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Nov 08, 2017
Assets (mns)	$41
Currency	USD
Expense ratio	12 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	213
Wgt avg mkt cap (mns)	$50,453
Large cap (>$10bn)	58.8%
Mid cap ($2-10bn)	41.1%
Small cap (<$2bn)	0.2%
Developed mkts	99.5%
Emerging mkts	0.5%

TOP TEN HOLDINGS
Total	6.8 %
CENTURYTEL INC	0.7 %
RELIANCE STEEL & ALUMINUM	0.7 %
AES CORP	0.7 %
INTERNATIONAL PAPER CO	0.7 %
LYONDELLBASELL INDU-CL A	0.7 %
LIBERTY PROPERTY TRUST	0.7 %
EASTMAN CHEMICAL COMPANY	0.7 %
TARGET CORP	0.7 %
NUCOR CORP	0.7 %
INTEL CORP	0.7 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	1.3 %
	BRITAIN	1.0 %
	SWITZERLAND	0.7 %
	PANAMA	0.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
20.6%	10.5%	--	--	6.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.84	85%
MSCI EAFE	0.87	70%
MSCI Emg. Mkts.	0.63	57%

Technical Indicators
Recent close	$27.54
30d moving avg.	$27.34
Annualized volatility	13.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	54

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.2%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$44,135

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the JPMorgan U.S. Dividend ETF based on the alternatives' overlap in portfolio holdings with JDIV. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

JDIV

Expense:

12 bp

ALTAR Score™:

7.4%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JDIV
Ticker	Fund Name	Overlap¹ vs JDIV (%)	Expense ratio (bp)	Savings vs JDIV (bp)	ALTAR Score™ (%)	ALTAR vs JDIV (%)
JMIN	JPMorgan U.S. Minimum Volatility	45.3	12	0	5.6	-1.9
JPUS	JPMorgan Diversified Return U.S. Equity	40.6	19	-7	6.3	-1.2
DVY	iShares Select Dividend	39.1	39	-27	7.9	+0.5
ONEY	SPDR Russell 1000 Yield Focus	38.8	20	-8	8.2	+0.8
DTN	WisdomTree Dividend Ex-Financials	37.5	38	-26	7.8	+0.4
FVD	First Trust Value Line Dividend	37.0	70	-58	5.7	-1.7
OYLD	Invesco Russell 1000 Yield Factor ETF	36.2	19	-7	7.0	-0.4
DHS	WisdomTree Equity Income	35.5	38	-26	7.2	-0.3
USDY	Pacific Global US Equity Income	34.9	29	-17	7.4	-0.1
VYM	Vanguard High Dividend Yield ETF	34.6	6	6	7.2	-0.2
RBUS	Nationwide Risk-Based U.S. Equity	34.2	30	-18	6.0	-1.4
RNDV	US Equity Dividend Select	32.7	50	-38	7.7	+0.3
SCHV	Schwab U.S. Large-Cap Value	32.5	4	8	6.9	-0.5
FLQL	Franklin LibertyQ U.S. Equity	32.4	15	-3	6.8	-0.6
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	31.7	24	-12	6.0	-1.4
CDC	Victory CEMP US EQ Income Enhanced Volatility Wtd	31.7	35	-23	7.7	+0.3
CDL	Victory CEMP US Large Cap High Div Volatility Wtd	31.7	35	-23	7.7	+0.3
DTD	WisdomTree Total Dividend	31.7	28	-16	6.5	-0.9
JVAL	JPMorgan U.S. Value Factor	31.4	12	0	8.4	+1.0
JKI	iShares Morningstar Mid Cap Value	30.8	30	-18	8.5	+1.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	JPMorgan U.S. Dividend
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.7	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	7.4	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.67	CATEGORY AVERAGE	1.56

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.