ETF Research Center

The JPMorgan BetaBuilders Developed Asia ex-Japan ETF tracks a market-cap-weighted index of large- and midcap stocks in developed-market Asian countries, excluding Japan.

FUND BASICS
Category	International Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Aug 07, 2018
Assets (mns)	$1,572
Currency	USD
Expense ratio	19 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	164
Wgt avg mkt cap (mns)	$45,739
Large cap (>$10bn)	77.0%
Mid cap ($2-10bn)	22.9%
Small cap (<$2bn)	0.1%
Developed mkts	98.8%
Emerging mkts	1.2%

TOP TEN HOLDINGS
Total	37.1 %
AIA GROUP LTD	7.3 %
COMMONWEALTH BANK OF AUSTRAL	5.5 %
CSL LIMITED	5.1 %
BHP BILLITON LTD	4.4 %
WESTPAC BANKING CORP	3.2 %
AUST AND NZ BANKING GROUP	2.7 %
NATIONAL AUSTRALIA BANK LTD	2.7 %
HONG KONG EXCHANGES & CLEAR	2.3 %
DBS GROUP HOLDINGS LTD	1.9 %
WESFARMERS LIMITED	1.9 %

TOP COUNTRY EXPOSURE
	AUSTRALIA	55.9 %
	HONG KONG	25.7 %
	SINGAPORE	11.7 %
	NEW ZEALAND	2.4 %
	MACAU	1.0 %
	IRELAND	0.5 %
	BERMUDA	0.3 %
	CAMBODIA	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
18.6%	18.6%	--	--	7.9%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	72%
MSCI EAFE	0.92	86%
MSCI Emg. Mkts.	0.74	85%

Technical Indicators
Recent close	$26.92
30d moving avg.	$25.92
Annualized volatility	14.3%
Short interest (ETF)	0.0%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	146
Turnover	0.3%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$4,437

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the JPMorgan BetaBuilders Developed Asia ex-Japan ETF based on the alternatives' overlap in portfolio holdings with BBAX. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBAX

Expense:

19 bp

ALTAR Score™:

6.2%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBAX
Ticker	Fund Name	Overlap¹ vs BBAX (%)	Expense ratio (bp)	Savings vs BBAX (bp)	ALTAR Score™ (%)	ALTAR vs BBAX (%)
EPP	iShares MSCI Pacific ex-Japan	93.3	48	-29	6.0	-0.2
FLAU	Franklin FTSE Australia	56.3	9	10	5.8	-0.4
EWA	iShares MSCI Australia	55.5	47	-28	5.4	-0.7
SCIX	Global X Scientific Beta Asia ex-Japan	39.4	38	-19	5.8	-0.4
AXJL	WisdomTree Asia Pacific Ex-Japan	33.8	48	-29	8.5	+2.3
FLHK	Franklin FTSE Hong Kong	26.8	9	10	6.9	+0.7
IPAC	iShares Core MSCI Pacific	26.4	9	10	7.2	+1.0
ZHOK	SPDR Solactive Hong Kong	26.4	14	5	6.5	+0.3
EWH	iShares MSCI Hong Kong	26.2	48	-29	6.5	+0.3
RFAP	First Trust Riverfront Dynamic Asia Pacific	24.2	83	-64	7.0	+0.8
VPL	Vanguard Pacific ETF	23.7	9	10	7.4	+1.3
2800-HK	Tracker Fund of Hong Kong	21.9	9	10	9.8	+3.7
FPA	First Trust Asia Pac Ex-Japan AlphaDEX	21.4	80	-61	8.2	+2.1
AIA	iShares S&P Asia 50	21.1	50	-31	8.5	+2.3
FAUS	First Trust Australia	18.4	80	-61	4.9	-1.3
DVYA	iShares Asia/Pacific Dividend 30	18.2	49	-30	8.0	+1.8
FHK	First Trust Hong Kong	17.3	80	-61	8.5	+2.4
DEEF	Xtrackers FTSE Dev ex-US Comprehensive Factor	17.2	24	-5	6.8	+0.6
IDHD	Invesco S&P Intl Developed High Div Low Volatility	17.1	30	-11	6.4	+0.2
JPIN	JPMorgan Diversified Rtn. Int'l Equity	16.4	38	-19	7.1	+1.0

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 BetaBuilders Developed Asia ex-Japan
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	10.6	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	6.2	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.76	CATEGORY AVERAGE	1.63

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.