JPMorgan Diversified Rtn Emg Mkt Equity
ALTAR
Score™
8.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
13.3x P/Sales
ratio
1.1x
P/BV
ratio
1.4x Div.
yield
3.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
JPMorgan Diversified Return Emerging Markets Equity ETF is a U.S. registered exchange-traded fund. The Fund seeks investment results of the FTSE Emerging Diversified Factor Index, which employs a unique risk framework to diversify risks across regions and super sectors, and a multi-factor stock ranking process to identify companies with strong fundamentals.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor JP Morgan Investment Managemen
Website www.jpmorganetfs.com
Inception date Jan 07, 2015
Assets (mns) $353
Currency USD
Expense ratio 45 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian JPMorgan Chase Bank
Weighting Tiered
Index replication Optimized
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 539
Wgt avg mkt cap (mns) $29,698
Large cap (>$10bn) 56.1%
Mid cap ($2-10bn) 37.3%
Small cap (<$2bn) 4.9%
Developed mkts 7.5%
Emerging mkts 90.4%

TOP TEN HOLDINGS
NASPERS LTD-N SHS 1.7 %
CHINA MOBILE LIMITED 1.6 %
VALE SA 1.4 %
TAIWAN SEMICONDUCTOR MANUFAC 1.3 %
RELIANCE INDUSTRIES LTD 1.2 %
PETROBRAS - PETROLEO BRAS-PR 1.2 %
ITAU UNIBANCO HOLDING SA 1.0 %
INFOSYS TECHNOLOGIES LTD 1.0 %
BANK CENTRAL ASIA PT 0.9 %
PING AN INSURANCE GROUP CO-H 0.9 %
Total 12.2 %

TOP COUNTRY EXPOSURE
BRAZIL 14.3 %
CHINA 14.1 %
TAIWAN 11.3 %
INDIA 9.0 %
SOUTH AFRICA 6.8 %
HONG KONG 6.0 %
MEXICO 4.4 %
INDONESIA 4.2 %
THAILAND 3.6 %
MALAYSIA 3.0 %

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.
8.4% 5.7% -- -- 3.6%

Market Correlations
versus... Beta R-squared
S&P500 0.65 42%
MSCI EAFE 0.86 61%
MSCI Emg. Mkts. 0.83 90%

Technical Indicators
Recent close $54.25
30d moving avg. $54.54
Annualized volatility 12.1%
Short interest (ETF) 0.3%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 23
Turnover 0.4%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $8,950

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the JPMorgan Diversified Rtn Emg Mkt Equity ETF based on the alternatives' overlap in portfolio holdings with JPEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: JPEM Expense: 45 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JPEM
Ticker Fund
Name
Overlap1
vs JPEM
(%)
Expense
ratio
(bp)
Savings
vs JPEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs JPEM
(%)
SCHE Schwab Emerging Markets Equity 42.3 13 32 8.6 -0.2
VWO Vanguard Emerging Markets 38.8 12 33 8.6 -0.3
JHEM John Hancock Multifactor Emerging Markets 38.4 55 -10 8.8 -0.1
EEM iShares MSCI Emerging Markets 37.8 67 -22 8.5 -0.4
PXH Invesco FTSE-RAFI Emerging Markets 37.4 50 -5 12.3 +3.5
PBEE Invesco PureBeta FTSE Emerging Markets 36.7 14 31 9.2 +0.4
QEMM SPDR MSCI Emerging Markets Quality Mix 35.9 30 15 9.0 +0.2
DBEM Xtrackers MSCI Emg. Mkts. Hedged 35.5 65 -20 8.4 -0.5
IEMG iShares Core MSCI Emerging Markets 35.1 14 31 8.6 -0.2
DVEM WisdomTree Emerging Markets Dividend 35.1 32 13 11.3 +2.5
KEMX KraneShares MSCI Emerging Markets EX China Index 35.1 49 -4 8.6 -0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 35.0 30 15 8.4 -0.4
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 35.0 45 0 9.0 +0.2
CEZ Victory CEMP Emerging Market Volatility Weighted 34.2 50 -5 9.2 +0.3
FNDE Schwab Fundamental Emg Mkt Large Cap 33.8 39 6 11.1 +2.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 31.6 20 25 8.0 -0.8
BKF iShares MSCI BRIC 31.5 67 -22 8.6 -0.2
EMXC iShares MSCI Emerging Markets ex China 31.4 49 -4 8.6 -0.2
SPEM SPDR Portfolio Emerging Markets 31.2 11 34 8.4 -0.4
RNEM First Trust Emerging Markets Equity Select 30.6 75 -30 9.6 +0.8

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

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

Content on this tab for subscribers only

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 Diversified Rtn Emg Mkt Equity
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 12.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.49
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.