ETF Research Center

JMOM tracks an index of US large-cap companies with strong momentum, weighted by a proprietary method.

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Nov 08, 2017
Assets (mns)	$60
Currency	USD
Expense ratio	12 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	277
Wgt avg mkt cap (mns)	$151,871
Large cap (>$10bn)	85.6%
Mid cap ($2-10bn)	14.3%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	17.6 %
APPLE INC	2.2 %
MICROSOFT CORP	2.1 %
VISA INC-CLASS A SHARES	2.0 %
MASTERCARD INC-CLASS A	1.9 %
AMAZON.COM INC	1.7 %
HOME DEPOT INC	1.7 %
PROCTER & GAMBLE CO/THE	1.6 %
VERIZON COMMUNICATIONS INC	1.6 %
MERCK & CO. INC.	1.6 %
ADOBE SYSTEMS INC	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.8 %
	BRITAIN	1.1 %
	BERMUDA	0.6 %
	IRELAND	0.4 %
	CHINA	0.3 %
	SWITZERLAND	0.3 %
	PUERTO RICO	0.0 %

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.
28.3%	28.3%	--	--	10.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.94	90%
MSCI EAFE	0.92	67%
MSCI Emg. Mkts.	0.59	46%

Technical Indicators
Recent close	$31.60
30d moving avg.	$30.43
Annualized volatility	14.1%
Short interest (ETF)	0.3%
Relative strength (RSI)	79

Liquidity measures
Avg. volume (thou.)	10
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$75,172

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JMOM

Expense:

12 bp

ALTAR Score™:

4.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JMOM
Ticker	Fund Name	Overlap¹ vs JMOM (%)	Expense ratio (bp)	Savings vs JMOM (bp)	ALTAR Score™ (%)	ALTAR vs JMOM (%)
JQUA	JPMorgan U.S. Quality Factor	44.7	12	0	5.5	+1.4
MMTM	SPDR S&P1500 Momentum Tilt	43.9	12	0	5.1	+1.0
VONG	Vanguard Russell 1000 Growth	42.6	12	0	4.7	+0.7
IWF	iShares Russell 1000 Growth	42.6	19	-7	4.6	+0.5
VUG	Vanguard Growth ETF	42.3	4	8	4.5	+0.4
VOOG	Vanguard S&P 500 Growth	41.2	15	-3	4.6	+0.6
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	41.1	9	3	5.8	+1.7
SCHG	Schwab U.S. Large-Cap Growth	41.0	4	8	4.5	+0.4
QUS	SPDR MSCI USA Quality Mix	40.8	15	-3	5.6	+1.6
FDMO	Fidelity Momentum Factor	40.7	29	-17	3.9	-0.2
IUSG	iShares Core U.S. Growth	40.5	4	8	4.7	+0.6
SPYG	SPDR Portfolio S&P 500 Growth	40.5	4	8	4.7	+0.6
OMOM	Invesco Russell 1000 Momentum Factor ETF	40.5	19	-7	5.0	+0.9
IVW	iShares S&P 500 Growth	40.5	18	-6	4.6	+0.5
QRFT	Qraft Ai-Enhanced U.S. Large Cap ETF	40.2	75	-63	4.1	+0.0
OQAL	Invesco Russell 1000 Quality Factor ETF	39.1	19	-7	4.9	+0.8
SPLG	SPDR Portfolio Large Cap	38.9	3	9	5.4	+1.3
PLC	Principal U.S. Large-Cap Multi-Factor Core Index	38.5	15	-3	5.3	+1.2
SPXN	ProShares S&P 500 Ex-Financials	37.5	27	-15	5.5	+1.4
MTUM	iShares MSCI USA Momentum Factor	37.4	15	-3	4.3	+0.2

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. Momentum Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	19.4	%
Divided by: Fwd. P/BV	4.6	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	4.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.47	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.