ETF Research Center

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)	$867
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	403
Wgt avg mkt cap (mns)	$66,769
Large cap (>$10bn)	79.5%
Mid cap ($2-10bn)	20.4%
Small cap (<$2bn)	0.1%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	4.3 %
SAIC INC	0.4 %
NEWMONT MINING CORP	0.4 %
ESTEE LAUDER COMPANIES-CL A	0.4 %
NIKE INC -CL B	0.4 %
SCOTTS MIRACLE-GRO CO-CL A	0.4 %
MICROSOFT CORP	0.4 %
SOUTHERN COPPER CORP	0.4 %
LAM RESEARCH CORP	0.4 %
GLOBAL PAYMENTS INC	0.4 %
GENTEX CORP	0.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.5 %
	IRELAND	1.4 %
	BRITAIN	1.1 %
	SWITZERLAND	0.5 %
	BERMUDA	0.1 %
	PUERTO RICO	0.1 %
	CHINA	0.1 %
	PANAMA	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.
25.5%	25.5%	--	--	13.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.91	96%
MSCI EAFE	0.86	70%
MSCI Emg. Mkts.	0.57	53%

Technical Indicators
Recent close	$81.04
30d moving avg.	$79.46
Annualized volatility	11.3%
Short interest (ETF)	0.0%
Short interest (Underlying)	3.6%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	38
Turnover	0.4%
Bid/Ask (% of price)	0.04%
ADV underlying (mns)	$100,498

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™:

6.0%

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	53.7	19	0	5.5	-0.5
RSP	Invesco S&P 500 Equal Weight	52.9	20	-1	6.4	+0.4
JPME	JPMorgan Diversified Return U.S. Mid Cap Equity	52.9	24	-5	5.7	-0.3
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity	51.8	9	10	5.7	-0.3
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	51.7	35	-16	5.8	-0.2
CFA	Compass EMP US 500 Volatility Weighted	51.7	35	-16	5.8	-0.2
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	50.1	17	2	6.6	+0.6
RBUS	Nationwide Risk-Based U.S. Equity	50.0	30	-11	5.8	-0.2
JHML	John Hancock Multifactor Large Cap	49.7	34	-15	5.6	-0.4
RNLC	Large Cap US Equity Select	49.6	60	-41	6.0	0.0
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	48.8	9	10	5.7	-0.2
DEUS	Xtrackers Russell 1000 Comprehensive Factor	48.6	17	2	6.4	+0.5
JMIN	JPMorgan U.S. Minimum Volatility	47.2	12	7	5.3	-0.7
EUSA	iShares MSCI USA Equal Weight	46.7	15	4	5.8	-0.1
USLB	Invesco Russell 1000 Low Beta Equal Weight	46.1	35	-16	5.3	-0.6
SIZE	iShares MSCI USA Size Factor	46.1	15	4	5.9	-0.1
USEQ	Invesco Russell 1000 Enhanced Equal Weight	45.9	29	-10	6.3	+0.4
ONEO	SPDR Russell 1000 Momentum Focus	45.1	20	-1	6.6	+0.6
QUS	SPDR MSCI USA Quality Mix	44.7	15	4	5.6	-0.4
DYNF	BlackRock U.S. Equity Factor Rotation	43.6	30	-11	6.2	+0.2

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	**	**	**	**	**	**	**
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	15.1	%
Divided by: Fwd. P/BV	2.5	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	6.0	%

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.