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.
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:
ANNUAL OPERATING EXPENSES
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.
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.
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.
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.