ETF Research Center

JMIN holds lower-volatility US large-cap stocks from the Russell 1000 Index, weighted to emphasize lower-volatility sectors.

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Nov 08, 2017
Assets (mns)	$109
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	221
Wgt avg mkt cap (mns)	$66,629
Large cap (>$10bn)	79.9%
Mid cap ($2-10bn)	20.1%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.5 %
ANSYS INC	0.7 %
TARGET CORP	0.7 %
MICROSOFT CORP	0.7 %
ARCHER-DANIELS-MIDLAND CO	0.7 %
LAMB WESTON HOLDINGS, INC.	0.6 %
SOUTHERN CO	0.6 %
AT&T INC	0.6 %
THERMO FISHER SCIENTIFIC INC	0.6 %
DOMINION RESOURCES INC/VA	0.6 %
WALT DISNEY CO/THE	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.8 %
	BERMUDA	1.6 %
	SWITZERLAND	1.1 %
	BRITAIN	0.8 %
	IRELAND	0.6 %
	NETHERLANDS	0.4 %

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.
25.3%	16.5%	--	--	11.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	87%
MSCI EAFE	0.68	64%
MSCI Emg. Mkts.	0.48	48%

Technical Indicators
Recent close	$30.72
30d moving avg.	$30.38
Annualized volatility	10.8%
Short interest (ETF)	2.3%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	16
Turnover	0.5%
Bid/Ask (% of price)	0.09%
ADV underlying (mns)	$53,068

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JMIN

Expense:

12 bp

ALTAR Score™:

5.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JMIN
Ticker	Fund Name	Overlap¹ vs JMIN (%)	Expense ratio (bp)	Savings vs JMIN (bp)	ALTAR Score™ (%)	ALTAR vs JMIN (%)
RBUS	Nationwide Risk-Based U.S. Equity	55.2	30	-18	6.1	+0.5
JPUS	JPMorgan Diversified Return U.S. Equity	47.5	19	-7	6.3	+0.7
USMV	iShares MSCI USA Minimum Volatility	46.3	15	-3	5.2	-0.4
JDIV	JPMorgan U.S. Dividend	45.2	12	0	7.5	+1.9
SCIU	Global X Scientific Beta US	42.7	19	-7	5.7	+0.1
LVUS	Hartford Multifactor Low Volatility US Equity	41.0	21	-9	5.8	+0.2
FVD	First Trust Value Line Dividend	40.0	70	-58	5.8	+0.2
ROUS	Lattice U.S. Equity Strategy ETF	39.1	19	-7	6.4	+0.8
QUS	SPDR MSCI USA Quality Mix	38.2	15	-3	6.0	+0.4
USLB	Invesco Russell 1000 Low Beta Equal Weight	38.1	35	-23	5.8	+0.2
DYNF	BlackRock U.S. Equity Factor Rotation	37.7	30	-18	6.5	+0.9
LSLT	Salt Low truBeta US Market	37.4	0	12	6.7	+1.1
FLQL	Franklin LibertyQ U.S. Equity	36.6	15	-3	6.9	+1.3
FDLO	Fidelity Low Volatility Factor	36.4	29	-17	5.4	-0.2
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	36.2	19	-7	5.6	+0.1
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	36.1	17	-5	7.0	+1.4
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	36.0	9	3	6.1	+0.5
SPXT	ProShares S&P 500 Ex-Technology	35.4	27	-15	6.0	+0.4
SPLV	Invesco S&P 500 Low Volatility	35.1	25	-13	5.2	-0.4
LVHB	Elkhorn Lunt Low Vol/High Beta Tactical	35.1	52	-40	5.0	-0.6

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. Minimum Volatility
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.7	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.61	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.