JCHI
JPMorgan Active China ETF
JCHI is actively managed to hold a narrow portfolio of Chinese equities and equity-related securities that are fundamentally assessed for sustainable growth and disciplined capital management. The fund also considers ESG factors during the investment process.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
65 bp
EXPENSES
$10.5 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | JPMorgan Chase |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 16, 2023 |
| Assets (mns) | $10 |
| Expense ratio | 65 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TENCENT HOLDINGS LTD | 13.2 % |
| ALIBABA GROUP HOLDING LTD. | 5.5 % |
| CHINA CONSTRUCTION BANK-H | 4.4 % |
| CHINA MERCHANTS BANK - H | 4.4 % |
| KWEICHOW MOUTAI CO LTD-A | 3.5 % |
| MEITUAN DIANPING | 3.4 % |
| HAIER SMART HOME CO., LTD. CLASS H | 3.1 % |
| FOXCONN INDUSTRIAL INTERNET CO., LTD. CL | 3.0 % |
| CHINA YANGTZE POWER CO LTD-A | 2.9 % |
| NETEASE, INC | 2.5 % |
Constituent Breakdown
| Number of holdings | 54 |
| Herfindahl-Hirschman Index | 388 |
| Wgt avg mkt cap (mns) | $120,811 |
| Large cap (>$10bn) | 78.4% |
| Mid cap ($2-10bn) | 21.0% |
| Small cap (<$2bn) | 0.6% |
| Developed mkts. | 5.8% |
| Emerging mkts. | 94.2% |
Country Exposure
 |
CHINA | 96.4 % |
 |
HONG KONG | 3.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 3.7% | -7.7% | -- | -- | -- | -- | -11.5% | Volatility | 22.3% | 22.5% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.56 | 13% |
| MSCI EAFE | 0.76 | 29% |
| MSCI Emg Mkts | 1.13 | 53% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.47% |
| ADV of underlying (mns) | $5,975 |
Technical Indicators
| Recent close | $40.28 |
| 30d moving avg. | $42.09 |
| Annualized volatility | 22.3% |
| Relative strength (RSI) | 52 |
| Short interest (ETF) | 0.2% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. JCHI |
Expenses vs. JCHI |
ALTAR Score™ vs. JCHI |
|---|---|---|---|---|
| MCH | Matthews China Active ETF | 40.9% | +14 bp | -2.1% |
| MCHI | iShares MSCI China ETF | 38.7% | -6 bp | +0.6% |
| FXI | iShares China Large-Cap ETF | 37.1% | +9 bp | +1.2% |
| FLCH | Franklin FTSE China ETF | 36.6% | -46 bp | +1.3% |
| KALL | KraneShares MSCI All China Index ETF | 35.2% | -16 bp | +1.2% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 34.6% | -33 bp | -1.7% |
| GXC | SPDR S&P China ETF | 32.5% | -6 bp | +0.6% |
| KWEB | KraneShares CSI China Internet ETF | 27.9% | +4 bp | -9.3% |
| KTEC | KraneShares Hang Seng TECH Index ETF | 27.8% | +4 bp | -12.5% |
| TCHI | iShares MSCI China Multisector Tech ETF | 25.2% | -6 bp | -6.3% |
Risk and Returns: JCHI vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
JCHI
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
JCHI
8.5%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.5% |
Recommendation
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.
Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. JCHI's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places JCHI in the 60th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
JCHI
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| JCHI (65 bp) Percentile rank | 59 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| JCHI | 65.0 | 47.1 | 112.1 |
| Peer Avg. | 77.3 | 32.0 | 109.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .