ETF Research Center

JPMorgan Diversified Return International Equity ETF is a U.S. registered ETF. The Fund seeks investment results that closely correspond to the performance of the FTSE Developed ex North America Diversified Factor Index.

FUND BASICS
Category	International Equities
Fund Sponsor	JP Morgan Investment Managemen
Website	www.jpmorganetfs.com
Inception date	Nov 07, 2014
Assets (mns)	$1,272
Currency	USD
Expense ratio	38 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	443
Wgt avg mkt cap (mns)	$23,679
Large cap (>$10bn)	50.0%
Mid cap ($2-10bn)	46.7%
Small cap (<$2bn)	3.1%
Developed mkts	91.6%
Emerging mkts	8.4%

TOP TEN HOLDINGS
Total	4.4 %
SAMSUNG ELECTRONICS CO LTD	0.5 %
ADVANTEST CORP	0.4 %
UPM-KYMMENE OYJ	0.4 %
SEKISUI HOUSE LTD	0.4 %
DAUM COMMUNICATIONS CORP	0.4 %
CSL LIMITED	0.4 %
TECHTRONIC INDUSTRIES CO	0.4 %
BERKELEY GROUP HOLDINGS	0.4 %
HANNOVER RUECKVERSICHERU-REG	0.4 %
HYNIX SEMICONDUCTOR INC	0.4 %

TOP COUNTRY EXPOSURE
	JAPAN	23.8 %
	BRITAIN	21.3 %
	AUSTRALIA	9.6 %
	SOUTH KOREA	7.2 %
	HONG KONG	5.5 %
	FRANCE	5.3 %
	SWEDEN	3.5 %
	NETHERLANDS	2.8 %
	GERMANY	2.7 %
	SINGAPORE	2.5 %

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.
10.8%	7.2%	--	--	4.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.69	57%
MSCI EAFE	0.95	91%
MSCI Emg. Mkts.	0.70	80%

Technical Indicators
Recent close	$55.31
30d moving avg.	$54.42
Annualized volatility	11.1%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	247
Turnover	1.1%
Bid/Ask (% of price)	0.08%
ADV underlying (mns)	$19,184

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JPIN

Expense:

38 bp

ALTAR Score™:

7.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JPIN
Ticker	Fund Name	Overlap¹ vs JPIN (%)	Expense ratio (bp)	Savings vs JPIN (bp)	ALTAR Score™ (%)	ALTAR vs JPIN (%)
JPGE	JPM Diversified Return Global Equity	49.2	29	9	6.9	-0.6
JPEU	JPMorgan Diversified Return Europe Equity	39.5	37	1	6.7	-0.8
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	36.2	24	14	7.1	-0.4
PQIN	PGIM QMA Strategic Alpha International Equity	34.7	29	9	7.4	-0.1
SCID	Global X Scientific Beta Europe	33.3	38	0	6.5	-1.0
CIZ	Compass EMP Dev. 500 Enhanced Vol. Wgt.	32.4	45	-7	6.9	-0.6
JHMD	John Hancock Multifactor Developed International	32.4	45	-7	7.3	-0.3
CIL	Victory CEMP International Volatility Wtd	32.3	45	-7	6.9	-0.6
RODM	Lattice Developed Markets (Ex-US) Strategy	31.7	29	9	7.8	+0.2
QEFA	SPDR MSCI EAFE Quality Mix	30.6	30	8	6.6	-0.9
GSIE	Goldman Sachs ActiveBeta Int'l Equity	30.4	25	13	6.7	-0.8
HFXI	IQ 50 Percent Hedged FTSE Int'l	29.7	20	18	7.3	-0.3
PBDM	Invesco PureBeta FTSE Developed ex-North America	29.3	7	31	7.6	+0.0
DIM	WisdomTree Intl M/C Dividend	29.1	58	-20	7.6	+0.0
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity	28.9	39	-1	6.3	-1.3
UIVM	USAA MSCI International Value Momentum Blend Index	28.5	35	3	8.2	+0.7
IDLB	Invesco FTSE Int'l Low Beta Equal Weight	28.1	45	-7	7.0	-0.5
EFA	iShares MSCI EAFE	28.1	31	7	7.0	-0.5
ESGD	iShares MSCI EAFE ESG Optimized	28.0	20	18	6.9	-0.6
RBIN	Nationwide Risk-Based International Equity	27.9	42	-4	7.4	-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 Diversified Rtn. Int'l 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	10.0	%
Divided by: Fwd. P/BV	1.3	x
Less: Expense ratio	38	bp
Equals: ALTAR Score	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	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.