ETF Research Center

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
Total	12.2 %
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 %

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%.

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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 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	%

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.