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)	$114
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)	$67,182
Large cap (>$10bn)	79.7%
Mid cap ($2-10bn)	20.3%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	6.2 %
MICROSOFT CORP	0.6 %
NIKE INC -CL B	0.6 %
WEC ENERGY GROUP INC	0.6 %
SOUTHERN CO	0.6 %
ENTERGY CORP	0.6 %
OGE ENERGY CORP	0.6 %
NEXTERA ENERGY GROUP	0.6 %
THERMO FISHER SCIENTIFIC INC	0.6 %
ESTEE LAUDER COMPANIES-CL A	0.6 %
ALLIANT ENERGY CORP	0.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.0 %
	BERMUDA	1.5 %
	IRELAND	1.2 %
	SWITZERLAND	1.0 %
	BRITAIN	0.7 %
	NETHERLANDS	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
28.6%	28.6%	--	--	12.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	87%
MSCI EAFE	0.68	65%
MSCI Emg. Mkts.	0.45	48%

Technical Indicators
Recent close	$32.19
30d moving avg.	$31.38
Annualized volatility	10.7%
Short interest (ETF)	2.7%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	14
Turnover	0.4%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$46,722

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™:

5.3%

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	5.8	+0.5
JPUS	JPMorgan Diversified Return U.S. Equity	47.2	19	-7	6.0	+0.7
USMV	iShares MSCI USA Minimum Volatility	46.2	15	-3	4.9	-0.3
JDIV	JPMorgan U.S. Dividend	44.7	12	0	7.1	+1.8
LVUS	Hartford Multifactor Low Volatility US Equity	42.3	21	-9	5.6	+0.3
SCIU	Global X Scientific Beta US	41.2	19	-7	5.5	+0.3
FVD	First Trust Value Line Dividend	40.6	70	-58	5.6	+0.4
USLB	Invesco Russell 1000 Low Beta Equal Weight	40.4	35	-23	5.4	+0.1
ROUS	Lattice U.S. Equity Strategy ETF	39.5	19	-7	6.1	+0.9
LSLT	Salt Low truBeta US Market	38.7	0	12	6.4	+1.2
QUS	SPDR MSCI USA Quality Mix	38.0	15	-3	5.6	+0.3
OVOL	Invesco Russell 1000 Low Volatility Factor ETF	35.5	19	-7	5.3	+0.0
FLQL	Franklin LibertyQ U.S. Equity	35.5	15	-3	6.4	+1.1
FDLO	Fidelity Low Volatility Factor	35.4	29	-17	5.0	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	35.1	9	3	5.7	+0.5
SPLV	Invesco S&P 500 Low Volatility	35.1	25	-13	5.0	-0.2
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	34.9	17	-5	6.6	+1.4
SPXT	ProShares S&P 500 Ex-Technology	34.8	27	-15	5.6	+0.4
SPYV	SPDR Portfolio S&P 500 Value	34.3	4	8	6.9	+1.7
IVE	iShares S&P 500 Value	34.3	18	-6	6.8	+1.5

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	14.8	%
Divided by: Fwd. P/BV	2.8	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	CATEGORY AVERAGE	1.55

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.