ETF Research Center

JPMorgan BetaBuilders U.S. Equity ETF provides simple, affordable access to U.S. large and mid-cap equities. BBUS seeks investment results that closely correspond,before fees and expenses, to the performance of theMorningstar US Target Market Exposure Ind

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan
Website	am.jpmorgan.com
Inception date	Mar 12, 2019
Assets (mns)	$46
Currency	USD
Expense ratio	2 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	614
Wgt avg mkt cap (mns)	$248,964
Large cap (>$10bn)	96.3%
Mid cap ($2-10bn)	3.7%
Small cap (<$2bn)	0.0%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	20.9 %
MICROSOFT CORP	4.0 %
APPLE INC	3.9 %
AMAZON.COM INC	2.8 %
FACEBOOK	1.7 %
BERKSHIRE HATHAWAY INC-CL B	1.6 %
JPMORGAN CHASE & CO	1.5 %
ALPHABET INC. CLASS C	1.4 %
ALPHABET INC. CLASS A	1.4 %
JOHNSON & JOHNSON	1.3 %
VISA INC-CLASS A SHARES	1.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	1.8 %
	BRITAIN	1.0 %
	SWITZERLAND	0.5 %
	BERMUDA	0.2 %
	ARGENTINA	0.1 %
	SINGAPORE	0.0 %
	CAYMAN ISLANDS	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru September 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
6.0%	--	--	--	6.0%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$53.69
30d moving avg.	$53.45
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	11
Turnover	1.3%
Bid/Ask (% of price)	0.06%
ADV underlying (mns)	$157,993

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the JP Morgan Betabuilders U.S. Equity ETF based on the alternatives' overlap in portfolio holdings with BBUS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

BBUS

Expense:

2 bp

ALTAR Score™:

6.0%

ALTERNATIVE ETFs BASED ON OVERLAP WITH BBUS
Ticker	Fund Name	Overlap¹ vs BBUS (%)	Expense ratio (bp)	Savings vs BBUS (bp)	ALTAR Score™ (%)	ALTAR vs BBUS (%)
VV	Vanguard Large-Cap ETF	96.7	4	-2	6.0	+0.0
PBUS	Invesco PureBeta MSCI USA	96.2	4	-2	6.1	+0.1
SCHX	Schwab U.S. Large-Cap	95.2	3	-1	6.0	-0.0
SPY	S&P 500 SPDR	94.7	9	-7	6.1	+0.1
IVV	iShares Core S&P 500	94.7	4	-2	6.1	+0.1
HSPX	Global X S&P 500 Covered Call	94.6	65	-63	5.5	-0.5
VOO	Vanguard S&P 500 ETF	94.3	3	-1	6.1	+0.1
PBP	Invesco S&P 500 Buy/Write	94.3	49	-47	5.6	-0.4
IWB	iShares Russell 1000	92.7	15	-13	5.9	-0.1
VONE	Vanguard Russell 1000	92.6	12	-10	5.9	-0.1
SCHK	Schwab 1000 Index	92.5	5	-3	6.0	-0.0
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	91.3	20	-18	6.1	+0.1
IYY	iShares DJ US Total Market	90.7	20	-18	5.8	-0.2
SPLG	SPDR Portfolio Large Cap	90.6	3	-1	6.0	-0.0
SPXE	ProShares S&P 500 Ex-Energy	90.1	27	-25	6.0	-0.0
SCHB	Schwab U.S. Broad Market	86.8	3	-1	5.9	-0.1
VTHR	Vanguard Russell 3000	86.6	15	-13	5.8	-0.2
IWV	iShares Russell 3000	86.6	20	-18	5.7	-0.3
ITOT	iShares Core S&P Total US	86.5	3	-1	5.8	-0.2
VTI	Vanguard Total Market	86.4	3	-1	5.8	-0.2

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:	JP Morgan Betabuilders U.S. Equity
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	17.2	%
Divided by: Fwd. P/BV	2.9	x
Less: Expense ratio	2	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.48	CATEGORY AVERAGE	1.55

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.