JPMorgan Diversified Return U.S. Small Cap Equity
ALTAR
Score™
4.1% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
43.6x P/Sales
ratio
0.9x
P/BV
ratio
1.9x Div.
yield
1.9%


  • 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) $161
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 825
Wgt avg mkt cap (mns) $2,287
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 53.4%
Small cap (<$2bn) 46.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
EL PASO ELECTRIC CO 0.8 %
ORMAT TECHNOLOGIES INC 0.7 %
AMERICAN STATES WATER CO 0.5 %
WINNEBAGO INDUSTRIES 0.4 %
AVISTA CORP 0.4 %
FOX FACTORY HOLDING CORP 0.4 %
LANCASTER COLONY CORP 0.4 %
CALIFORNIA WATER SERVICE GRP 0.4 %
ARROWHEAD PHARMACEUTICALS, INC. 0.4 %
ONE GAS INC 0.4 %
Total 4.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
BERMUDA 1.3 %
BRITAIN 0.4 %
PUERTO RICO 0.4 %
CANADA 0.3 %
LUXEMBOURG 0.2 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %
IRELAND 0.1 %
MONACO 0.1 %

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.
19.1% 6.3% -- -- 8.5%

Market Correlations
versus... Beta R-squared
S&P500 1.05 76%
MSCI EAFE 0.92 49%
MSCI Emg. Mkts. 0.57 30%

Technical Indicators
Recent close $31.58
30d moving avg. $31.33
Annualized volatility 14.5%
Short interest (ETF) 0.2%
Relative strength (RSI) 59

Liquidity measures
Avg. volume (thou.) 36
Turnover 0.7%
Bid/Ask (% of price) 0.19%
ADV underlying (mns) $14,161

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the JPMorgan Diversified Return U.S. Small Cap Equity 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™: 4.1%


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
(%)
IWM iShares Russell 2000 57.6 19 10 3.6 -0.6
VTWO Vanguard Russell 2000 56.5 15 14 3.6 -0.5
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity 54.4 20 9 5.3 +1.2
IJR iShares Core S&P Small-Cap 47.1 7 22 5.8 +1.6
SLY SPDR S&P 600 Small Cap 47.1 15 14 5.7 +1.6
VIOO Vanguard S&P Small-Cap 600 46.7 15 14 5.8 +1.6
SCHA Schwab U.S. Small-Cap 44.4 4 25 5.0 +0.8
ISMD Inspire Small/Mid Cap Impact 44.3 61 -32 4.6 +0.5
EWSC Invesco S&P Small Cap 600 Equal Weight 44.1 40 -11 3.0 -1.2
SPSM SPDR Portfolio Small Cap 44.1 5 24 4.8 +0.6
IWO iShares Russell 2000 Growth 43.9 24 5 0.9 -3.3
PRFZ Invesco FTSE-RAFI Small-Mid 1500 43.8 39 -10 4.6 +0.4
VTWG Vanguard Russell 2000 Growth 43.5 20 9 0.9 -3.3
IWN iShares Russell 2000 Value 43.3 24 5 6.2 +2.1
VTWV Vanguard Russell 2000 Value 43.0 20 9 6.3 +2.1
IUSS Invesco Strategic US Small Company 39.9 23 6 6.2 +2.1
FNDA Schwab Fundamental Small Cap 39.5 25 4 6.0 +1.9
FLQS Franklin LibertyQ U.S. Small Cap Equity 37.2 35 -6 6.2 +2.1
CSF Compass EMP US Discovery 500 Enhanced Vol. 37.0 35 -6 7.2 +3.0
CSA Victory CEMP US Small Cap Volatility Wtd 37.0 35 -6 7.1 +3.0

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 U.S. Small Cap 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 7.8 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 4.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.56
 
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.