ETF Research Center

The JPMorgan Diversified Return U.S. Mid Cap Equity ETF track an index of midcap US stocks selected using relative value, momentum and quality factors, and weighted inversely by volatility by sectors and within each sector.

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	May 11, 2016
Assets (mns)	$220
Currency	USD
Expense ratio	24 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	421
Wgt avg mkt cap (mns)	$13,948
Large cap (>$10bn)	57.4%
Mid cap ($2-10bn)	42.5%
Small cap (<$2bn)	0.2%
Developed mkts	99.6%
Emerging mkts	0.4%

TOP TEN HOLDINGS
Total	4.4 %
NEWMONT MINING CORP	0.4 %
TERADYNE INC	0.4 %
LAM RESEARCH CORP	0.4 %
CITRIX SYSTEMS INC	0.4 %
TOLL BROTHERS INC	0.4 %
WESTAR ENERGY INC	0.4 %
COPART INC	0.4 %
ENTERGY CORP	0.4 %
COOPER COS INC/THE	0.4 %
AMERICAN WATER WORKS CO INC	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.9 %
	IRELAND	1.3 %
	BERMUDA	0.6 %
	BRITAIN	0.6 %
	SWITZERLAND	0.4 %
	PANAMA	0.4 %
	CHINA	0.3 %
	PUERTO RICO	0.2 %

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.
25.9%	25.9%	--	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.97	92%
MSCI EAFE	0.90	65%
MSCI Emg. Mkts.	0.59	49%

Technical Indicators
Recent close	$70.92
30d moving avg.	$70.56
Annualized volatility	12.2%
Short interest (ETF)	0.2%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	7
Turnover	0.2%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$34,857

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JPME

Expense:

24 bp

ALTAR Score™:

5.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JPME
Ticker	Fund Name	Overlap¹ vs JPME (%)	Expense ratio (bp)	Savings vs JPME (bp)	ALTAR Score™ (%)	ALTAR vs JPME (%)
IWR	iShares Russell Midcap	52.9	19	5	5.5	-0.2
JPUS	JPMorgan Diversified Return U.S. Equity	52.8	19	5	6.0	+0.3
JHMM	John Hancock Multifactor Mid Cap	52.7	44	-20	5.6	-0.1
ONEV	SPDR Russell 1000 Low Volatility Focus	50.9	20	4	6.7	+1.0
IWS	iShares Russell Midcap Value	47.7	24	0	6.6	+0.9
DEUS	Xtrackers Russell 1000 Comprehensive Factor	45.9	17	7	6.5	+0.8
VO	Vanguard Mid-Cap ETF	45.3	4	20	5.5	-0.3
ONEO	SPDR Russell 1000 Momentum Focus	45.3	20	4	6.7	+1.0
OSIZ	Invesco Russell 1000 Size Factor ETF	44.7	19	5	6.0	+0.3
USEQ	Invesco Russell 1000 Enhanced Equal Weight	43.9	29	-5	6.4	+0.7
EQAL	Invesco Russel 1000 Equal Weight	41.9	20	4	5.6	-0.1
CFA	Compass EMP US 500 Volatility Weighted	40.9	35	-11	5.8	+0.1
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	40.7	35	-11	5.8	+0.1
TPLC	Timothy Plan US Large Cap Core	40.6	52	-28	5.3	-0.5
RVRS	Reverse Cap Weighted US Large Cap	40.1	29	-5	7.3	+1.6
USLB	Invesco Russell 1000 Low Beta Equal Weight	39.9	35	-11	5.4	-0.3
SIZE	iShares MSCI USA Size Factor	38.5	15	9	5.9	+0.2
EUSA	iShares MSCI USA Equal Weight	38.0	15	9	5.9	+0.2
SCHM	Schwab US Mid Cap	37.9	4	20	6.0	+0.3
RSP	Invesco S&P 500 Equal Weight	37.3	20	4	6.4	+0.7

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 Return U.S. Mid Cap 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	13.3	%
Divided by: Fwd. P/BV	2.2	x
Less: Expense ratio	24	bp
Equals: ALTAR Score	5.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.63	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.