JPMorgan Diversified Return Europe Equity
ALTAR
Score™
6.7% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
15.8x P/Sales
ratio
1.0x
P/BV
ratio
1.9x Div.
yield
3.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The JPMorgan Diversified Return Europe Equity ETF tracks an index of stocks from developed European countries screened for value, quality and momentum and weighted to distribute risk equally across economic sectors.

FUND BASICS
Category International Equities
Fund Sponsor JPMorgan
Website www.jpmorganfunds.com
Inception date Dec 18, 2015
Assets (mns) $17
Currency USD
Expense ratio 37 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 343
Wgt avg mkt cap (mns) $30,333
Large cap (>$10bn) 64.2%
Mid cap ($2-10bn) 35.0%
Small cap (<$2bn) 0.6%
Developed mkts 98.7%
Emerging mkts 1.3%

TOP TEN HOLDINGS
UPM-KYMMENE OYJ 0.5 %
ASML HOLDING NV 0.5 %
PORSCHE AUTOMOBIL HLDG-PFD 0.5 %
PEUGEOT SA 0.4 %
ORION OYJ CLASS B 0.4 %
NEXT PLC 0.4 %
SIEMENS HEALTHINEERS AG 0.4 %
CONVATEC GROUP PLC 0.4 %
OMV AG 0.4 %
BOLIDEN AB 0.4 %
Total 4.4 %

TOP COUNTRY EXPOSURE
BRITAIN 21.5 %
FRANCE 15.0 %
GERMANY 12.0 %
SWITZERLAND 8.8 %
SWEDEN 7.7 %
ITALY 6.0 %
SPAIN 4.9 %
NETHERLANDS 4.7 %
FINLAND 3.8 %
DENMARK 3.7 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
16.7% 10.7% -- -- 6.3%

Market Correlations
versus... Beta R-squared
S&P500 0.70 48%
MSCI EAFE 1.05 92%
MSCI Emg. Mkts. 0.71 68%

Technical Indicators
Recent close $57.99
30d moving avg. $56.39
Annualized volatility 12.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.11%
ADV underlying (mns) $19,024

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: JPEU Expense: 37 bp ALTAR Score™: 6.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JPEU
Ticker Fund
Name
Overlap1
vs JPEU
(%)
Expense
ratio
(bp)
Savings
vs JPEU
(bp)
ALTAR
Score™
(%)
ALTAR
vs JPEU
(%)
SCID Global X Scientific Beta Europe 56.5 38 -1 6.5 -0.2
GSEU Goldman Sachs ActiveBeta Europe Equity 50.6 25 12 6.5 -0.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 47.6 30 7 6.7 -0.0
FLEE Franklin FTSE Europe 47.5 9 28 6.9 +0.2
FLEH Franklin FTSE Europe Hedged 47.2 9 28 6.9 +0.2
DBEU Xtrackers Europe Hedged 45.7 45 -8 6.4 -0.2
BBEU JPMorgan BetaBuilders Europe 45.7 9 28 6.9 +0.2
IEV iShares S&P Europe 350 45.2 59 -22 6.4 -0.3
IEUR iShares Core MSCI Europe 45.0 9 28 6.9 +0.2
VGK Vanguard FTSE Europe 44.5 9 28 6.9 +0.3
FEU SPDR DJ Stoxx 50 44.3 9 28 6.9 +0.2
JPIN JPMorgan Diversified Rtn. Int'l Equity 39.5 38 -1 7.5 +0.8
JHMD John Hancock Multifactor Developed International 37.9 45 -8 7.2 +0.6
GSIE Goldman Sachs ActiveBeta Int'l Equity 37.1 25 12 6.7 +0.0
RBIN Nationwide Risk-Based International Equity 36.5 42 -5 7.3 +0.7
EUMV iShares MSCI Europe Min Volatility 35.6 25 12 5.3 -1.4
CIZ Compass EMP Dev. 500 Enhanced Vol. Wgt. 35.4 45 -8 6.9 +0.3
CIL Victory CEMP International Volatility Wtd 35.2 45 -8 6.9 +0.2
OEUR O'Shares FTSE Europe Quality Dividend 35.2 48 -11 6.4 -0.3
EFA iShares MSCI EAFE 35.1 31 6 7.0 +0.3

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 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 Return Europe Equity
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 12.7 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 37 bp
Equals: ALTAR Score 6.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.73 CATEGORY
AVERAGE
1.63
 
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.