JPMorgan Diversified Return U.S. Small Cap Equity ETF
ALTAR
Score™
8.5% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
14.4x P/Sales
ratio
0.6x
P/BV
ratio
1.1x Div.
yield
3.2%


  • 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) $104
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 747
Wgt avg mkt cap (mns) $1,926
Large cap (>$10bn) 0.3%
Mid cap ($2-10bn) 42.3%
Small cap (<$2bn) 57.4%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
EL PASO ELECTRIC CO 1.1 %
ORMAT TECHNOLOGIES INC 0.6 %
QUIDEL CORP 0.5 %
WD-40 CO 0.5 %
LHC GROUP INC 0.5 %
SHENANDOAH TELECOMMUNICATIONS COMP 0.4 %
COGENT COMMUNICATIONS HOLDINGS INC 0.4 %
AMERICAN STATES WATER CO 0.4 %
AMEDISYS INC 0.4 %
INPHI CORP 0.4 %
Total 5.2 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.6 %
BERMUDA 1.0 %
CANADA 0.5 %
BRITAIN 0.4 %
PUERTO RICO 0.2 %
NETHERLANDS 0.2 %
CAYMAN ISLANDS 0.2 %
LUXEMBOURG 0.1 %
IRELAND 0.1 %
MONACO 0.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-33.6% -27.8% -- -- -3.9%

Market Correlations
versus... Beta R-squared
S&P500 1.26 84%
MSCI EAFE 1.19 73%
MSCI Emg. Mkts. 0.88 58%

Technical Indicators
Recent close $20.23
30d moving avg. $24.71
Annualized volatility 21.0%
Short interest (ETF) 0.6%
Relative strength (RSI) 29

Liquidity measures
Avg. volume (thou.) 137
Turnover 2.7%
Bid/Ask (% of price) 0.78%
ADV underlying (mns) $18,022

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™: 8.5%


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 ETF 55.4 19 10 5.7 -2.9
VTWO Vanguard Russell 2000 Index Fund 55.3 10 19 5.8 -2.7
GSSC Goldman Sachs Activebeta U.S. Small Cap Equity ETF 51.4 20 9 9.7 +1.2
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 47.9 39 -10 8.7 +0.2
SLY SPDR S&P 600 Small Cap ETF 44.7 15 14 9.5 +1.0
SPSM SPDR Portfolio Small Cap ETF 44.6 5 24 9.6 +1.1
IJR iShares Core S&P Small Cap ETF 44.6 7 22 9.6 +1.1
VIOO Vanguard S&P Small-Cap 600 ETF 44.3 10 19 9.6 +1.1
ISMD Inspire Small/Mid Cap Impact ETF 43.8 61 -32 7.6 -0.9
IWO iShares Russell 2000 Growth ETF 43.7 24 5 1.6 -6.9
VTWG Vanguard Russell 2000 Growth Index Fund 43.6 15 14 1.8 -6.7
SCHA Schwab U.S. Small-Cap ETF 43.2 4 25 7.5 -1.0
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 41.8 40 -11 8.7 +0.2
IWN iShares Russell 2000 Value ETF 40.1 24 5 10.3 +1.8
VTWV Vanguard Russell 2000 Value Index Fund 40.0 15 14 10.5 +2.0
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 39.1 39 -10 6.4 -2.1
FNDA Schwab Fundamental U.S. Small Co. Index ETF 37.3 25 4 9.6 +1.1
IUSS Invesco Strategic US Small Company ETF 37.3 23 6 9.0 +0.5
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 37.2 35 -6 9.1 +0.6
PBSM Invesco PureBeta MSCI USA Small Cap ETF 36.2 6 23 8.0 -0.5
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 35.5 29 0 0.0 -8.5
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 35.5 35 -6 11.6 +3.1
TPSC Timothy Plan US Small Cap Core ETF 34.1 52 -23 10.9 +2.4
IJT iShares S&P Small-Cap 600 Growth ETF 34.0 25 4 7.4 -1.1
SLYG SPDR S&P 600 Small Cap Growth ETF 34.0 15 14 7.5 -1.0
VIOG Vanguard S&P Small-Cap 600 Growth ETF 33.9 16 13 7.5 -1.0
FYX First Trust Small Cap Core AlphaDEX Fund 33.6 63 -34 9.1 +0.6
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 33.4 24 5 11.1 +2.6
JHSC John Hancock Multifactor Small Cap ETF 33.3 50 -21 8.6 +0.1
RWJ Invesco S&P SmallCap 600 Revenue ETF 33.0 39 -10 9.7 +1.2
PSC Principal U.S. Small Cap Index ETF 32.6 38 -9 11.1 +2.6
FSMD Fidelity Small-Mid Factor ETF 32.1 29 0 9.9 +1.4
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 31.6 17 12 7.3 -1.3
AFSM First Trust Active Factor Small Cap ETF 31.0 75 -46 10.6 +2.1
DES WisdomTree U.S. SmallCap Dividend Fund 30.6 38 -9 12.7 +4.2
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 30.3 30 -1 10.7 +2.2
VB Vanguard Small-Cap ETF 30.2 5 24 8.1 -0.4
SLYV SPDR S&P 600 Small Cap Value ETF 29.8 15 14 12.2 +3.7
IJS iShares S&P Small-cap 600 Value ETF 29.8 25 4 12.1 +3.6
VBR Vanguard Small Cap Value Index Fund 29.6 7 22 12.0 +3.5
VIOV Vanguard S&P Small-Cap 600 Value ETF 29.6 15 14 12.2 +3.7
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 29.6 12 17 10.6 +2.1
RNSC Small Cap US Equity Select ETF 27.4 60 -31 9.5 +1.0
EES WisdomTree SmallCap Earnings Fund 27.3 38 -9 19.2 +10.7
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 26.8 29 0 12.6 +4.1
NUSC Nuveen ESG Small-Cap ETF 26.2 40 -11 7.6 -0.9
JKK iShares Morningstar Small-Cap Growth ETF 24.7 30 -1 2.3 -6.2
JKJ iShares Morningstar Small-Cap ETF 24.6 25 4 9.0 +0.5
VXF Vanguard Extended Market Index Fund 24.4 7 22 5.9 -2.6
VBK Vanguard Small-Cap Growth Index Fund 23.4 7 22 3.9 -4.6
ROGS Hartford Multifactor Global Small Cap ETF 22.5 34 -5 11.7 +3.2
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 22.4 20 9 7.8 -0.7
AVUV Avantis U.S. Small Cap Value ETF 22.3 25 4 13.8 +5.3
EWMC Invesco S&P MidCap 400 Equal Weight ETF 21.6 40 -11 9.7 +1.2
EZM WisdomTree U.S. MidCap Earnings Fund 21.3 38 -9 13.8 +5.3
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 20.6 38 -9 13.4 +4.9
FNX First Trust Mid Cap Core AlphaDEX Fund 20.5 61 -32 10.1 +1.6
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 20.5 20 9 10.3 +1.8
FYT First Trust Small Cap Value AlphaDEX Fund 20.4 72 -43 13.6 +5.1
VFQY Vanguard U.S. Quality Factor ETF 19.4 13 16 8.5 +0.0
SCAP AdvisorShares Cornerstone Small Cap ETF 18.7 90 -61 8.1 -0.4
VFMF Vanguard U.S. Multifactor ETF 18.7 18 11 10.9 +2.4
MDY SPDR S&P Midcap 400 ETF Trust 18.2 23 6 8.9 +0.4
SMDY Syntax Stratified MidCap ETF 18.2 30 -1 9.1 +0.6
SPMD SPDR Portfolio Mid Cap ETF 18.1 5 24 9.1 +0.6
FYC First Trust Small Cap Growth AlphaDEX Fund 18.1 70 -41 3.7 -4.8
IJH iShares Core S&P Mid-Cap ETF 18.1 6 23 9.1 +0.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 18.1 66 -37 4.2 -4.3
IVOO Vanguard S&P Mid-Cap 400 ETF 18.1 10 19 9.0 +0.5
RNMC Mid Cap US Equity Select ETF 17.5 60 -31 10.0 +1.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 17.2 70 -41 4.5 -4.0
PXSG Invesco S&P SmallCap Momentum ETF 17.1 39 -10 7.4 -1.1
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 17.1 48 -19 8.8 +0.3
VFMO Vanguard U.S. Momentum Factor ETF 16.3 13 16 4.7 -3.8
RZG Invesco S&P Smallcap 600 Pure Growth ETF 16.2 35 -6 9.8 +1.3
VFLQ Vanguard U.S. Liquidity Factor ETF 15.7 13 16 5.5 -3.0
DWAS Invesco DWA SmallCap Momentum ETF 15.6 60 -31 1.1 -7.4
SQLV Legg Mason Small-Cap Quality Value 15.2 62 -33 12.2 +3.7
JKL iShares Morningstar Small Cap Value ETF 14.9 30 -1 14.8 +6.3
FAB First Trust Multi Cap Value AlphaDEX Fund 14.8 71 -42 13.3 +4.8
BFOR Barron's 400 ETF 14.7 66 -37 9.1 +0.6
AFMC First Trust Active Factor Mid Cap ETF 14.4 65 -36 9.7 +1.2
VFVA Vanguard U.S. Value Factor ETF 14.3 13 16 16.5 +8.0
TUSA First Trust Total US Market AlphaDEX ETF 14.0 70 -41 9.4 +0.9
XSHQ Invesco S&P SmallCap Quality ETF 13.8 29 0 8.0 -0.5
MDYV SPDR S&P 400 Mid Cap Value ETF 13.7 15 14 12.1 +3.6
IJJ iShares S&P Mid-Cap 400 Value ETF 13.6 25 4 12.0 +3.5
IVOV Vanguard S&P Mid-Cap 400 Value ETF 13.6 15 14 12.2 +3.7
RWK Invesco S&P MidCap 400 Revenue ETF 13.5 39 -10 11.7 +3.2
XSLV Invesco S&P SmallCap Low Volatility ETF 13.0 25 4 11.6 +3.1
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 12.7 15 14 6.7 -1.8
IJK iShares S&P Mid-Cap 400 Growth ETF 12.7 24 5 6.7 -1.9
MDYG SPDR S&P 400 Mid Cap Growth ETF 12.7 15 14 6.7 -1.8
CSF Victory CEMP US Discovery Enhanced Volatility Weighted Idx E 12.5 35 -6 10.9 +2.4
VUSE Vident Core US Equity Fund 12.4 48 -19 11.0 +2.5
CSML IQ Chaikin U.S. Small Cap ETF 12.2 35 -6 13.4 +4.9
IFRA iShares U.S. Infrastructure ETF 11.1 40 -11 7.6 -0.9
SMDV ProShares Russell 2000 Dividend Growers ETF 10.8 40 -11 8.4 -0.1
BUY USCF SummerHaven SHPEI Index Fund 10.7 80 -51 18.4 +9.9
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 10.1 35 -6 7.9 -0.6

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 9.6 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 29 bp
Equals: ALTAR Score 8.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.56 CATEGORY
AVERAGE
1.51
 
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.