ETF Research Center

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

ALTAR
Score™

6.0%

Recommen-
dation

NEUTRAL

2022E 2023E
P/E ratio	19.5x	P/Sales ratio	2.9x
P/BV ratio	3.8x	Div. yield	1.4%

Description
Performance
Comps
Fundamentals
Valuation
Rating

JUSA actively selects US large-cap equities using a top-down and bottom-up approach in seeking to provide long-term capital appreciation.

FUND BASICS
Category	US Equities
Fund Sponsor	JPMorgan Chase
Website	am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-activebuilders-u-s-large-cap-equity-etf-etf-shares-
Inception date	Jul 07, 2021
Assets (mns)	$28
Currency	USD
Expense ratio	17 bp
Distributions	Annually

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	254
Wgt avg mkt cap (mns)	$629,481
Large cap (>$10bn)	99.4%
Mid cap ($2-10bn)	0.4%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	29.4 %
MICROSOFT CORP	6.9 %
APPLE INC	5.1 %
AMAZON.COM INC	3.4 %
NVIDIA CORP	3.0 %
META PLATFORMS INC	2.4 %
ALPHABET INC. CLASS C	1.9 %
ABBVIE INC	1.8 %
UNITEDHEALTH GROUP INC	1.7 %
LOWE'S COS INC	1.6 %
CONOCOPHILLIPS	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	93.6 %
	IRELAND	3.1 %
	NETHERLANDS	1.7 %
	ARGENTINA	0.3 %
	BRITAIN	0.3 %
	SWITZERLAND	0.2 %
	CANADA	0.2 %
	LUXEMBOURG	0.1 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru August 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
17.7%	15.3%	--	--	2.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.96	99%
MSCI EAFE	0.85	76%
MSCI Emg. Mkts.	0.58	37%

Technical Indicators
Recent close	$51.13
30d moving avg.	$50.92
Annualized volatility	18.8%
Short interest (ETF)	0.6%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.14%
ADV underlying (mns)	$203,142

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2017	2018	2019	2020	2021	2022E	2023E
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

	2021	2022E	2023E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	JPMorgan ActiveBuilders U.S. Large Cap Equity ETF
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	20.0	%
Divided by: Fwd. P/BV	3.2	x
Less: Expense ratio	17	bp
Equals: ALTAR Score	6.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.39	CATEGORY AVERAGE	1.50

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.