International Equity - Don't just buy the world, buy the best parts of the world. - J.P. Morgan Asset Management
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INTERNATIONAL INVESTING OPPORTUNITIES?
Here are 3 reasons we find international investing so compelling.

1Source: MSCI. Data illustrates % global market capitalization (float adjusted) weightings of the MSCI All Country World Index.
2Source: FactSet, MSCI, Standard & Poor’s, J.P. Morgan Asset Management. Forward price to earnings ratio is a bottom-up calculation based on the most recent index price, divided by consensus estimates for earnings in the next 12 months (NTM), and is provided by FactSet Market Aggregates.
3Source: IMF, Openfolio, Strategic Insight Simfund, J.P. Morgan Asset Management. Global stock and bond markets data are as of 2013. U.S. investor allocation is the total value of investments in global or domestic equity mutual funds and ETFs as of 2017.
Data as of 9/30/18 unless stated otherwise. For illustrative purposes only. Past performance is no guarantee of future results.

"Our opportunity set is everywhere outside the U.S. International markets are still inefficient—across market cap and style. There are opportunities in that inefficiency."

- Tom Murray, Portfolio Manager

WE OFFER A VARIETY OF INTERNATIONAL EQUITY SOLUTIONS COVERING DIFFERENT PARTS OF THE WORLD

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.

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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 9/30/18. Cap-weighted index represented by FTSE Developed ex-North America Net Index. For illustrative purposes only. Past performance does not guarantee future results.

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.

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


Chart source: Morningstar, J.P. Morgan Asset Management; as of 9/30/18. 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. Past performance does not guarantee future results.

JEMSX

Your guide to the world’s most dynamic economies.

Leveraging our global research and local insights on the world’s fastest-growing markets, the Emerging Markets Equity Fund seeks to identify high-quality businesses that compound earnings sustainably over the long term.

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OUTPERFORMED THE INDEX AND PEERS
(Growth of $100,000 over 5 years)

Chart source: Morningstar, J.P. Morgan Asset Management; as of 9/30/18. Morningstar Diversified Emerging Markets category. Shown for the I Share class. Other share classes may have higher expenses, resulting in lower returns. Returns with dividend and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Past performance does not guarantee future results.

Disclaimer
Performance and Expenses as of Quarter Ending 9/30/18
JPMorgan International Unconstrained Equity Fund – I shares



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. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. This waiver is in effect through 10/31/2019, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.
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.


JPMorgan Emerging Markets Equity Fund – I shares



RISK SUMMARIES

International Unconstrained Equity Fund, Emerging Markets 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.

Emerging Markets Fund:

  • Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in "emerging markets."

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, 0.99% for Emerging Markets Funds and 0.38% for JPMorgan Diversified Return International Equity ETF. Waivers are in effect through 10/31/19 for International Unconstrained Equity Fund, 10/31/2019 for Emerging Markets 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.

The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization-weighted index measuring emerging market equity performance.

"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.

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., October 2018.