JPMorgan Diversified Return U.S. Small Cap Equity ETF
ALTAR
Score™		 4.3% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 34.8x P/Sales
ratio		 1.2x
P/BV
ratio		 2.1x Div.
yield		 1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The JPMorgan Diversified Return U.S. Small Cap Equity ETF tracks a multi-factor index comprised of US small-cap stocks. The index uses a combination of fundamental and technical factors for stock selection, and inverse volatility for weighting.

FUND BASICS
Category US Equities
Fund Sponsor JPMorgan
Website am.jpmorgan.com
Inception date Nov 15, 2016
Assets (mns) $187
Currency USD
Expense ratio 29 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 686
Wgt avg mkt cap (mns) $2,726
Large cap (>$10bn) 1.0%
Mid cap ($2-10bn) 57.0%
Small cap (<$2bn) 40.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PLUG POWER INC 0.6 %
MICROSTRATEGY INC-CL A 0.4 %
BUILDERS FIRSTSOURCE INC 0.4 %
PACIFIC BIOSCIENCES OF CALIF 0.4 %
TPI COMPOSITES, INC. 0.4 %
CNX RESOURCES CORPORATION 0.4 %
IRIDIUM COMMUNICATIONS INC. 0.4 %
SUNPOWER CORP 0.4 %
PENN NATIONAL GAMING INC 0.4 %
RENT-A-CENTER INC 0.4 %
Total 4.1 %

TOP COUNTRY EXPOSURE
UNITED STATES 88.8 %
BERMUDA 1.4 %
CANADA 0.6 %
PUERTO RICO 0.2 %
LUXEMBOURG 0.2 %
CAYMAN ISLANDS 0.2 %
BRITAIN 0.1 %
IRELAND 0.1 %



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.
12.4% 12.4% -- -- 10.1%

Market Correlations
versus... Beta R-squared
S&P500 1.24 86%
MSCI EAFE 1.21 80%
MSCI Emg. Mkts. 1.00 70%

Technical Indicators
Recent close $38.96
30d moving avg. $36.53
Annualized volatility 25.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 34
Turnover 0.7%
Bid/Ask (% of price) 0.23%
ADV underlying (mns) $16,934

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the JPMorgan Diversified Return U.S. Small Cap Equity ETF ETF based on the alternatives' overlap in portfolio holdings with JPSE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: JPSE Expense: 29 bp ALTAR Score™: 4.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JPSE
Ticker Fund
Name		 Overlap1
vs JPSE
(%)		 Expense
ratio
(bp)		 Savings
vs JPSE
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs JPSE
(%)
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 49.8 20 9 3.9 -0.4
VTWO Vanguard Russell 2000 Index Fund 49.2 10 19 2.7 -1.6
IWM iShares Russell 2000 ETF 46.6 19 10 2.5 -1.8
VIOO Vanguard S&P Small-Cap 600 ETF 40.7 10 19 5.6 +1.3
SLY SPDR S&P 600 Small Cap ETF 40.6 15 14 5.6 +1.4
SPSM SPDR Portfolio Small Cap ETF 40.5 5 24 5.7 +1.5
IJR iShares Core S&P Small Cap ETF 40.5 6 23 5.7 +1.4
BBSC JPMorgan BetaBuilders U.S. Small Cap Equity ETF 40.1 9 20 3.3 -1.0
STSB iShares Factors US Small Blend Style ETF 39.3 35 -6 3.0 -1.3
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 39.0 40 -11 5.2 +0.9
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 38.5 39 -10 4.0 -0.3
IWN iShares Russell 2000 Value ETF 38.1 24 5 5.1 +0.8
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 36.1 29 0 -0.3 -4.6
IWO iShares Russell 2000 Growth ETF 35.4 24 5 -0.1 -4.4
SCHA Schwab U.S. Small-Cap ETF 35.3 4 25 3.6 -0.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 35.2 39 -10 3.5 -0.8
VTWV Vanguard Russell 2000 Value Index Fund 34.7 15 14 5.2 +0.9
SSLY Syntax Stratified SmallCap ETF 33.9 30 -1 5.0 +0.7
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 33.9 35 -6 6.0 +1.7
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 33.8 35 -6 6.0 +1.7
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 33.6 35 -6 5.0 +0.7
VTWG Vanguard Russell 2000 Growth Index Fund 33.5 15 14 0.1 -4.2
FNDA Schwab Fundamental U.S. Small Co. Index ETF 33.5 25 4 4.8 +0.5
TPSC Timothy Plan US Small Cap Core ETF 32.8 52 -23 5.7 +1.4
RWJ Invesco S&P SmallCap 600 Revenue ETF 32.6 39 -10 5.5 +1.3
IUSS Invesco Strategic US Small Company ETF 32.6 23 6 3.7 -0.6
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 32.3 30 -1 6.1 +1.8
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 31.8 24 5 5.0 +0.7
AFSM First Trust Active Factor Small Cap ETF 30.7 77 -48 4.4 +0.1
VIOV Vanguard S&P Small-Cap 600 Value ETF 30.6 15 14 6.9 +2.7
CSML IQ Chaikin U.S. Small Cap ETF 30.3 35 -6 2.8 -1.5
IJS iShares S&P Small-cap 600 Value ETF 29.6 18 11 6.8 +2.5
SLYV SPDR S&P 600 Small Cap Value ETF 29.6 15 14 7.0 +2.7
PBSM Invesco PureBeta MSCI USA Small Cap ETF 29.5 6 23 4.1 -0.2
SLYG SPDR S&P 600 Small Cap Growth ETF 29.3 15 14 4.5 +0.2
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 29.2 17 12 4.1 -0.2
VIOG Vanguard S&P Small-Cap 600 Growth ETF 29.2 16 13 4.4 +0.1
FSMD Fidelity Small-Mid Factor ETF 28.9 29 0 5.3 +1.0
IJT iShares S&P Small-Cap 600 Growth ETF 28.8 18 11 4.4 +0.1
BKSE BNY Mellon US Small Cap Core Equity ETF 28.8 4 25 4.7 +0.4
FYX First Trust Small Cap Core AlphaDEX Fund 28.6 63 -34 5.5 +1.2
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 27.5 29 0 4.9 +0.6
AVUV Avantis U.S. Small Cap Value ETF 26.8 25 4 6.4 +2.1
ISMD Inspire Small/Mid Cap Impact ETF 26.5 60 -31 4.3 +0.1
RNSC Small Cap US Equity Select ETF 25.9 60 -31 6.0 +1.7
EES WisdomTree SmallCap Earnings Fund 24.6 38 -9 7.6 +3.3
EZM WisdomTree U.S. MidCap Earnings Fund 24.5 38 -9 7.6 +3.3
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 24.1 12 17 6.1 +1.8
ROSC Hartford Multifactor Small Cap ETF 24.0 34 -5 6.6 +2.3
PSC Principal U.S. Small Cap Index ETF 23.2 38 -9 4.6 +0.3
VBR Vanguard Small Cap Value Index Fund 22.1 7 22 6.4 +2.1
VB Vanguard Small-Cap ETF 21.9 5 24 4.5 +0.2
JHSC John Hancock Multifactor Small Cap ETF 21.3 42 -13 4.6 +0.3
NUSC Nuveen ESG Small-Cap ETF 21.2 40 -11 4.0 -0.3
DES WisdomTree U.S. SmallCap Dividend Fund 21.2 38 -9 6.7 +2.4
EWMC Invesco S&P MidCap 400 Equal Weight ETF 19.3 40 -11 5.7 +1.4
VFVA Vanguard U.S. Value Factor ETF 19.2 14 15 8.5 +4.2
VBK Vanguard Small-Cap Growth Index Fund 18.9 7 22 1.9 -2.4
VFQY Vanguard U.S. Quality Factor ETF 18.8 13 16 5.3 +1.0
FNX First Trust Mid Cap Core AlphaDEX Fund 18.6 61 -32 5.1 +0.8
VFMF Vanguard U.S. Multifactor ETF 18.4 19 10 6.2 +1.9
JKJ iShares Morningstar Small-Cap ETF 17.5 25 4 5.1 +0.8
FYT First Trust Small Cap Value AlphaDEX Fund 17.4 72 -43 8.0 +3.7
JKK iShares Morningstar Small-Cap Growth ETF 17.2 30 -1 0.6 -3.7
VXF Vanguard Extended Market Index Fund 17.1 6 23 2.5 -1.8
FYC First Trust Small Cap Growth AlphaDEX Fund 16.9 70 -41 1.8 -2.5
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 16.9 20 9 3.7 -0.6
MDY SPDR S&P Midcap 400 ETF Trust 16.6 23 6 5.2 +0.9
SPMD SPDR Portfolio Mid Cap ETF 16.6 5 24 5.4 +1.1
IJH iShares Core S&P Mid-Cap ETF 16.5 5 24 5.4 +1.1
SMDY Syntax Stratified MidCap ETF 16.5 30 -1 5.2 +0.9
SQLV Legg Mason Small-Cap Quality Value 16.5 62 -33 4.1 -0.2
FAD First Trust Multi Cap Growth AlphaDEX Fund 16.0 66 -37 1.8 -2.5
IVOO Vanguard S&P Mid-Cap 400 ETF 15.8 10 19 5.3 +1.0
BFOR Barron's 400 ETF 15.4 65 -36 5.6 +1.3
VFLQ Vanguard U.S. Liquidity Factor ETF 14.8 14 15 3.5 -0.8
RZG Invesco S&P Smallcap 600 Pure Growth ETF 14.7 35 -6 3.9 -0.4
XSMO Invesco S&P SmallCap Momentum ETF 14.6 39 -10 3.8 -0.5
FAB First Trust Multi Cap Value AlphaDEX Fund 14.5 71 -42 7.5 +3.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 14.3 70 -41 1.6 -2.7
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 14.3 20 9 7.1 +2.8
AFMC First Trust Active Factor Mid Cap ETF 13.9 65 -36 5.3 +1.0
DWAS Invesco DWA SmallCap Momentum ETF 13.8 60 -31 -1.3 -5.5
VFMO Vanguard U.S. Momentum Factor ETF 13.3 13 16 1.4 -2.9
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 13.0 7 22 3.9 -0.4
XSLV Invesco S&P SmallCap Low Volatility ETF 12.9 25 4 4.6 +0.4
RWK Invesco S&P MidCap 400 Revenue ETF 12.7 39 -10 6.4 +2.1
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 12.7 38 -9 7.0 +2.7
RNMC Mid Cap US Equity Select ETF 12.5 60 -31 6.1 +1.8
IJJ iShares S&P Mid-Cap 400 Value ETF 12.2 18 11 6.9 +2.6
MDYV SPDR S&P 400 Mid Cap Value ETF 12.2 15 14 6.9 +2.7
XSVM Invesco S&P SmallCap Value with Momentum ETF 12.1 39 -10 7.0 +2.7
DON WisdomTree U.S. MidCap Dividend Fund 11.9 38 -9 6.7 +2.4
RZV Invesco S&P Smallcap 600 Pure Value ETF 11.7 35 -6 6.9 +2.6
IVOV Vanguard S&P Mid-Cap 400 Value ETF 11.6 15 14 6.7 +2.4
SIXL 6 Meridian Low Beta Equity Strategy ETF 11.5 84 -55 4.2 -0.1
VUSE Vident Core US Equity Fund 11.5 48 -19 7.4 +3.1
TUSA First Trust Total US Market AlphaDEX ETF 11.5 70 -41 4.8 +0.5
MDYG SPDR S&P 400 Mid Cap Growth ETF 11.4 15 14 3.8 -0.5
IJK iShares S&P Mid-Cap 400 Growth ETF 11.4 17 12 3.8 -0.5

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

  2015 2016 2017 2018 2019 2020E 2021E
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

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VALUATION METRICS
  2019 2020E 2021E
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. Small Cap Equity ETF
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 9.0 %
Divided by: Fwd. P/BV 2.0 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.50 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.