ETF Research Center

JVAL tracks an index of large-cap US equities that are selected and weighted by four relative valuation factors: book yield, earnings yield, dividend yield and cash flow yield. lf

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Nov 08, 2017
Assets (mns)	$69
Currency	USD
Expense ratio	12 bp
Distributions	Annually

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	298
Wgt avg mkt cap (mns)	$124,303
Large cap (>$10bn)	72.3%
Mid cap ($2-10bn)	27.6%
Small cap (<$2bn)	0.2%
Developed mkts	99.8%
Emerging mkts	0.2%

TOP TEN HOLDINGS
Total	16.4 %
APPLE INC	2.3 %
MICROSOFT CORP	1.9 %
INTEL CORP	1.8 %
WELLS FARGO & CO	1.7 %
WALT DISNEY CO/THE	1.5 %
JOHNSON & JOHNSON	1.5 %
CISCO SYSTEMS INC	1.5 %
PFIZER INC	1.4 %
COMCAST CORP-CL A	1.4 %
CHEVRON CORP	1.4 %

TOP COUNTRY EXPOSURE
	UNITED STATES	94.3 %
	IRELAND	2.7 %
	BRITAIN	1.1 %
	BERMUDA	0.5 %
	SWITZERLAND	0.3 %
	PUERTO RICO	0.2 %
	PANAMA	0.2 %

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.
19.8%	10.0%	--	--	5.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.05	93%
MSCI EAFE	1.07	76%
MSCI Emg. Mkts.	0.80	65%

Technical Indicators
Recent close	$28.21
30d moving avg.	$27.07
Annualized volatility	16.0%
Short interest (ETF)	0.4%
Relative strength (RSI)	68

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.5%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$58,693

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

JVAL

Expense:

12 bp

ALTAR Score™:

8.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH JVAL
Ticker	Fund Name	Overlap¹ vs JVAL (%)	Expense ratio (bp)	Savings vs JVAL (bp)	ALTAR Score™ (%)	ALTAR vs JVAL (%)
OVLU	Invesco Russell 1000 Value Factor ETF	46.2	19	-7	7.9	-0.7
USDY	Pacific Global US Equity Income	45.9	29	-17	7.7	-0.9
FNDX	Schwab Fundamental Large Cap	45.5	25	-13	6.7	-1.9
VTV	Vanguard Value ETF	45.5	4	8	7.2	-1.3
SCHV	Schwab U.S. Large-Cap Value	44.9	4	8	7.0	-1.6
DIVB	iShares U.S. Dividend & Buyback	44.0	25	-13	6.7	-1.9
FNDB	Schwab Fundamental Broad Mkt	43.6	25	-13	6.6	-2.0
PRF	Invesco FTSE-RAFI U.S. 1000	43.5	39	-27	6.7	-1.9
VLU	SPDR S&P 1500 Value Tilt	43.3	12	0	7.5	-1.1
DLN	WisdomTree Large Cap Dividend	42.5	28	-16	6.5	-2.0
MGV	Vanguard Mega Cap 300 Value	42.5	7	5	7.1	-1.5
DTD	WisdomTree Total Dividend	42.5	28	-16	6.6	-2.0
IUS	Invesco Strategic US	42.4	19	-7	6.7	-1.9
OYLD	Invesco Russell 1000 Yield Factor ETF	42.3	19	-7	7.1	-1.5
IWD	iShares Russell 1000 Value	42.3	19	-7	7.0	-1.5
VONV	Vanguard Russell 1000 Value	42.2	12	0	7.1	-1.5
SPYV	SPDR Portfolio S&P 500 Value	41.5	4	8	7.2	-1.4
IVE	iShares S&P 500 Value	41.5	18	-6	7.0	-1.6
IUSV	iShares Core U.S. Value	41.4	4	8	7.2	-1.4
VOOV	Vanguard S&P 500 Value	41.3	15	-3	7.0	-1.5

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

	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

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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 U.S. Value Factor
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

SPECULATIVE

Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.0	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	8.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.