JPMorgan U.S. Value Factor
ALTAR
Score™
8.6% info Recommen-
dation
SPECULATIVE
2019E    2020E
P/E
ratio
13.4x P/Sales
ratio
1.2x
P/BV
ratio
1.9x Div.
yield
3.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
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 %
Total 16.4 %

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%.

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 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 %
info 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.
 

 

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.