International Equity - Don't just buy the world, buy the best parts of the world. - J.P. Morgan Asset Management
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Don't just buy the world, buy the best parts

While international markets appear attractive, not all international investments are created equal. At J.P. Morgan, we can help you find the best opportunities for growth, while managing volatility.

TWO WAYS TO ACCESS THE BEST PARTS OF THE WORLD

IUESX

Harness a world of opportunity.

The International Unconstrained Equity Fund focuses on maximizing return potential by flexibly pursuing our best investment ideas across all regions and sectors of the international markets.


★★★★

Morningstar Rating  |  Foreign Large Blend category

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OUTPERFORMED THE INDEX AND PEERS
(Growth of $100,000)



Chart source: Morningstar, J.P. Morgan Asset Management; as of 6/30/18. Foreign Large Blend category. Shown for the I Share class. Other share classes may have higher expenses, which would result in lower returns. Since inception (11/30/11) with dividend and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. The $0 value for benchmark growth is the baseline for the over and under comparison. Past performance does not guarantee future results.

Source: Morningstar. I Shares. Three-year rating: 3 stars, 623 funds. Five-year rating: 4 stars, 533 funds. 10-year not rated. For overall rating, 623 funds were rated. Ratings reflect risk-adjusted performance. Different share classes may have different ratings. Ratings do not take sales loads into account. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

JPIN

Seeking a smoother ride in international equity markets.

The Diversified Return International Equity ETF tracks an index whose methodology is designed to capture market upside while providing less volatility in down markets compared to a market-cap weighted index.

★★★★

Morningstar Rating  |  Foreign Large Blend category

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MARKET PARTICIPATION ON THE UPSIDE, LOWER VOLATILITY ON THE DOWNSIDE1


1As measured by up/down capture, which measures performance of the manager relative to the index in up/down markets.
Source: Morningstar, J.P. Morgan Asset Management; based on monthly return data from 10/4/15 to 6/30/18. Cap-weighted index represented by FTSE Developed ex-North America Net Index. For illustrative purposes only. Past performance does not guarantee future results.

Source: Morningstar. Three-year rating: 4 stars, 623 funds. Five and 10 years: not rated. For overall rating, 623 funds were rated. Ratings reflect risk-adjusted performance. Different share classes may have different rankings. Rankings do not take sales loads into account. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics.

COMPLEMENTARY APPROACHES MAKE FOR A STRONG PAIRING

Disclaimer
Performance and Expenses as of Quarter Ending 6/30/18
JPMorgan International Unconstrained Equity Fund – I shares


JPMorgan Diversified Return International Equity ETF

The performance quoted is past performance and is not a guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end please call 1-844-4JPM-ETF.

Index returns and sector returns are for illustrative purposes only and do not represent actual Fund performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged.

A fund's NAV is the sum of all its assets less any liabilities, divided by the number of shares outstanding. The market price is the most recent price at which the fund was traded.

YTD returns are as of the last business day of the month.

ETFs have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
*Fund performance inception: 11/5/2014


This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation.

RISK SUMMARIES

International Unconstrained Equity Fund and Diversified Return International Equity ETF:

  • International investing involves a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can affect returns.
  • The prices of equity securities are sensitive to a wide range of factors, from economic to company-specific news, and can fluctuate rapidly and unpredictably, causing an investment to decrease in value.
  • Narrowly focused investments typically exhibit higher volatility
  • Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume.
  • The fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund.
  • There is no guarantee the funds will meet their investment objective.
  • Diversification may not protect against market loss.

Diversified Return International Equity ETF:

  • ETFs are bought and sold at market price (not NAV). Market price returns are based upon the midpoint of the bid/ask spread at 4:00 pm (when NAV is normally determined for most ETFs), and do not represent the returns an investor would receive if shares were traded at other times.
  • A fund may not track the return of its underlying index for a number of reasons, such operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund.
ANNUAL OPERATING EXPENSES

The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.75% of the average daily net assets for International Unconstrained Equity Fund I shares and 0.38% for JPMorgan Diversified Return International Equity ETF. Waivers are in effect through 10/31/19 for International Unconstrained Equity Fund and 2/28/2022 for JPIN, at which time the adviser and/or its affiliates will determine whether to renew or revise it.

INDEXES

Mutual funds have fees that reduce their performance; indexes do not. You cannot invest directly in an index.

The MSCI All Country World Index, ex-U.S. (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring equity market performance of developed and emerging markets, excluding the United States.

"FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. "Russell®" is a trade mark of Frank Russell Company ("FTSE Russell"). All rights in the JP Morgan Indexes (the "Index") vest in J.P. Morgan or its licensors. Neither FTSE Russell nor its licensors accept any liability for any errors or omissions in the Index or underlying data and no party may rely on any Index or underlying data contained in this communication. No use or distribution of the Index is permitted without J.P. Morgan's express written consent. FTSE Russell does not promote, sponsor or endorse the content of this communication.
The Underlying Index is comprised of equity securities from developed global markets (excluding North America)selected to represent a diversified set of factor characteristics, originally developed by the adviser. FTSE International Limited is the Index Provider. Holdings in the Underlying Index are selected from the constituents of the FTSE Developed ex North America Index, which is comprised of large- and mid-cap equity securities in developed markets outside of North America. The rules based proprietary multi-factor selection process utilizes the following characteristics: relative valuation, price momentum, low volatility, and specific market capitalization. The equity securities in the Underlying Index will be diversified across international regions and industries. These securities will be large- and mid-cap equity securities of companies from developed countries, including common stock, preferred stock and real estate investment trusts (REITs).
The FTSE Developed ex North America Index is part of a range of indices designed to help investors benchmark their international investments. The index comprises Large and Mid cap stocks providing coverage of Developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. The MSCI EAFE (Europe, Australia, Far East) Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring equity market performance of developed markets, excluding the U.S. and Canada.
The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD.
Holdings are subject to change.

ENTITIES

The Morningstar RatingTM for funds, or “star rating,” is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account.

J.P. Morgan Funds and ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services Inc. is a member of FINRA.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

©JPMorgan Chase & Co., February 2018.