ETF Research Center

The JPMorgan BetaBuilders Canada ETF tracks a market-cap-weighted index of large- and midcap Canadian equities.

FUND BASICS
Category	International Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Aug 07, 2018
Assets (mns)	$4,129
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	93
Wgt avg mkt cap (mns)	$43,702
Large cap (>$10bn)	84.9%
Mid cap ($2-10bn)	14.9%
Small cap (<$2bn)	0.1%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	44.2 %
ROYAL BANK OF CANADA	7.3 %
TORONTO-DOMINION BANK	6.5 %
ENBRIDGE INC	5.3 %
BANK OF NOVA SCOTIA	4.3 %
CANADIAN NATL RAILWAY CO	4.2 %
BROOKFIELD ASSET MANAGE-CL A	4.0 %
SHOPIFY, INC. CLASS A	3.4 %
TRANSCANADA CORP	3.3 %
BANK OF MONTREAL	3.1 %
SUNCOR ENERGY INC	2.9 %

TOP COUNTRY EXPOSURE
	CANADA	99.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-0.2%	13.5%	--	--	6.8%

Market Correlations
versus...	Beta	R-squared
S&P500	1.01	86%
MSCI EAFE	1.13	78%
MSCI Emg. Mkts.	0.77	59%

Technical Indicators
Recent close	$26.74
30d moving avg.	$26.34
Annualized volatility	17.9%
Short interest (ETF)	0.0%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	171
Turnover	0.1%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$3,633

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the JPMorgan BetaBuilders Canada ETF based on the alternatives' overlap in portfolio holdings with BBCA. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBCA

Expense:

19 bp

ALTAR Score™:

6.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBCA
Ticker	Fund Name	Overlap¹ vs BBCA (%)	Expense ratio (bp)	Savings vs BBCA (bp)	ALTAR Score™ (%)	ALTAR vs BBCA (%)
QCAN	SPDR MSCI Canada Quality Mix	94.9	14	5	6.7	-0.0
EWC	iShares MSCI Canada	93.2	47	-28	6.6	-0.2
FLCA	Franklin FTSE Canada	88.1	9	10	7.0	+0.3
PID	Invesco International Dividend Achievers	30.8	54	-35	6.9	+0.1
FCAN	First Trust Canada	25.5	80	-61	5.6	-1.2
IDLV	Invesco S&P Int'l Developed Low Volatility	19.5	25	-6	6.1	-0.7
IGRO	iShares International Dividend Growth	17.7	22	-3	7.3	+0.5
NANR	SPDR S&P N. American Nat. Resources	15.2	35	-16	4.6	-2.2
AIIQ	AI Powered International Equity	15.1	79	-60	4.9	-1.8
NFRA	FlexShares STOXX Global Broad Infrastructure	14.8	47	-28	6.0	-0.8
ISDX	Invesco Strategic Developed ex-US	14.2	23	-4	7.7	+0.9
IXC	iShares Global Energy	12.9	46	-27	5.8	-1.0
INTF	iShares FactorSelect MSCI International	12.6	30	-11	7.9	+1.1
TOLZ	ProShares Global Infrastructure	12.4	46	-27	4.7	-2.1
ABEQ	Absolute Core Strategy	12.2	85	-66	4.7	-2.1
INFR	Legg Mason Global Infrastructure	12.0	40	-21	5.2	-1.6
HDAW	Xtrackers MSCI All World ex US High Div Yield	11.7	20	-1	9.7	+2.9
DWX	SPDR S&P International Dividend ETF	11.3	45	-26	6.6	-0.2
GLIF	AGFiQ Global Infrastructure	11.2	45	-26	4.6	-2.1

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 Canada
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.4	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	19	bp
Equals: ALTAR Score	6.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.54	CATEGORY AVERAGE	1.64

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.