JPMorgan Diversified Return U.S. Equity
ALTAR
Score™
6.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
17.4x P/Sales
ratio
1.6x
P/BV
ratio
2.5x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The JPMorgan Diversified Return U.S. Equity ETF tracks an index of large-cap US stocks selected from the Russell 1000 using relative value, momentum, quality factors and weighted inversely by volatility by sectors and within each sector.

FUND BASICS
Category US Equities
Fund Sponsor JPMorgan
Website www.jpmorganfunds.com
Inception date Sep 29, 2015
Assets (mns) $813
Currency USD
Expense ratio 19 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Volatility
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 420
Wgt avg mkt cap (mns) $62,507
Large cap (>$10bn) 78.5%
Mid cap ($2-10bn) 21.3%
Small cap (<$2bn) 0.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
GLOBAL PAYMENTS INC 0.5 %
CUMMINS INC 0.5 %
RELIANCE STEEL & ALUMINUM 0.5 %
INTERNATIONAL PAPER CO 0.5 %
GARMIN LTD 0.5 %
PPG INDUSTRIES INC 0.5 %
AES CORP 0.4 %
NUCOR CORP 0.4 %
CONOCOPHILLIPS 0.4 %
PULTE HOMES INC 0.4 %
Total 4.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.6 %
IRELAND 1.1 %
BRITAIN 1.0 %
SWITZERLAND 0.6 %
PUERTO RICO 0.1 %
CHINA 0.1 %





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.
19.6% 11.7% -- -- 12.2%

Market Correlations
versus... Beta R-squared
S&P500 0.92 96%
MSCI EAFE 0.82 65%
MSCI Emg. Mkts. 0.55 48%

Technical Indicators
Recent close $77.47
30d moving avg. $76.02
Annualized volatility 11.3%
Short interest (ETF) 0.0%
Short interest (Underlying) 3.6%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 68
Turnover 0.7%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $101,613

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: JPUS Expense: 19 bp ALTAR Score™: 6.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH JPUS
Ticker Fund
Name
Overlap1
vs JPUS
(%)
Expense
ratio
(bp)
Savings
vs JPUS
(bp)
ALTAR
Score™
(%)
ALTAR
vs JPUS
(%)
SCIU Global X Scientific Beta US 54.9 19 0 5.7 -0.6
RSP Invesco S&P 500 Equal Weight 53.5 20 -1 6.9 +0.5
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity 52.4 9 10 6.5 +0.2
JPME JPMorgan Diversified Return U.S. Mid Cap Equity 52.1 24 -5 6.1 -0.2
CFO Victory CEMP US 500 Enhanced Volatility Wtd 51.1 35 -16 6.1 -0.2
CFA Compass EMP US 500 Volatility Weighted 51.0 35 -16 6.1 -0.2
DEUS Xtrackers Russell 1000 Comprehensive Factor 50.7 17 2 6.4 +0.1
RBUS Nationwide Risk-Based U.S. Equity 50.4 30 -11 6.1 -0.2
JHML John Hancock Multifactor Large Cap 50.3 34 -15 6.0 -0.3
RNLC Large Cap US Equity Select 49.4 60 -41 6.4 +0.1
PQLC PGIM QMA Strategic Alpha Large-Cap Core 49.4 17 2 7.0 +0.7
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 48.7 9 10 6.4 +0.1
ONEO SPDR Russell 1000 Momentum Focus 48.2 20 -1 6.5 +0.2
SIZE iShares MSCI USA Size Factor 47.7 15 4 6.4 +0.1
JMIN JPMorgan U.S. Minimum Volatility 47.3 12 7 5.6 -0.7
EUSA iShares MSCI USA Equal Weight 47.2 15 4 6.6 +0.2
USEQ Invesco Russell 1000 Enhanced Equal Weight 46.8 29 -10 6.7 +0.4
DYNF BlackRock U.S. Equity Factor Rotation 45.9 30 -11 6.6 +0.3
USLB Invesco Russell 1000 Low Beta Equal Weight 45.6 35 -16 5.8 -0.5
PBP Invesco S&P 500 Buy/Write 43.8 49 -30 5.6 -0.8

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%.

Content on this tab for subscribers only**

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. 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 15.2 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 19 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.59 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.
 

 

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.