At a glance
BBAX charges 0.19% a year, below the 0.39% average of the 6 funds most like it (the 3rd cheapest of 7). It has $6.73B in assets, the 2nd largest of that group; it paid 3.76% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +14.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +17.7% a year. At its worst it fell 37.6% in the 2020 crash (S&P 500: 33.7%) and 22.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 22 months after the lows. Its ten largest positions make up 49.5% of the fund, out of 91 in all.
The short version
JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF (BBAX) is an index fund that holds large and mid-sized companies in Australia, Singapore, Hong Kong and New Zealand. As of July 31, 2026, Australia made up about 65% of the fund. Its expense ratio of 0.19% a year is well below the 0.48% charged by the iShares MSCI Pacific ex Japan ETF (EPP), which shares about 90% of its holdings.
Price history
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BBAX +14.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBAX official prospectus, to Dec 31, 2025 | — | +20.73% | — | +5.47% | — | +5.82% |
| BBAX price data to Oct 27, 2026 | +14.5% | +14.0% | +17.7% | +6.5% | — | +7.4% |
- Over the year to Oct 27, 2026, BBAX returned +14.0%, 6th of 7 among similar funds.
- Its 5-year annualized return was +6.5%.
- In the 2020 COVID crash it fell 37.6% and regained its old high 7.6 months after the low.
- Its worst full calendar year was 2022 (-4.8%); its best was 2019 (+20.5%).
- The deepest fall in its price history was 39.6% (Jan 16, 2020 to Mar 23, 2020), recovered by Nov 19, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | +20.2% | +20.73% |
| 2024 | +2.5% | +1.69% |
| 2023 | +5.6% | +5.60% |
| 2022 | -4.8% | -4.45% |
| 2021 | +6.3% | +5.36% |
| 2020 | +10.1% | +8.20% |
| 2019 | +20.5% | +18.44% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 37.6% over that stretch · deepest drop along the way 37.6%, back to its old high 7.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 22.5%, back to its old high 22.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.8000 | |
| 2025 | $2.1700 | +7.4% |
| 2024 | $2.0200 | -2.4% |
| 2023 | $2.0700 | -16.5% |
| 2022 | $2.4800 | -26.6% |
| 2021 | $3.3800 | +44.4% |
| 2020 | $2.3400 | -19.7% |
| 2019 | $2.9150 |
What's inside
As of Jul 31, 2026, the fund held 91 securities; the ten largest made up 49.51% of assets.
| Holding | Weight | |
|---|---|---|
| BHP Group Ltd. | 9.50% | |
| Commonwealth Bank of Australia | 9.31% | |
| DBS Group Holdings Ltd. | 5.23% | |
| AIA Group Ltd. | 4.69% | |
| Westpac Banking Corp. | 4.03% | |
| National Australia Bank Ltd. | 3.94% | |
| ANZ Group Holdings Ltd. | 3.49% | |
| Oversea-Chinese Banking Corp. Ltd. | 3.29% | |
| Wesfarmers Ltd. | 3.16% | |
| Macquarie Group Ltd. | 2.87% | |
| Hong Kong Exchanges & Clearing Ltd. | 2.77% | |
| United Overseas Bank Ltd. | 1.98% | |
| Woodside Energy Group Ltd. | 1.98% | |
| Rio Tinto Ltd. | 1.97% | |
| CSL Ltd. | 1.86% |
By country
Australia 64.52%Singapore 15.52%Hong Kong 13.62%Cayman Islands 3.95%New Zealand 1.13%By asset type
Stocks 99.55%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $148.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.10%, -2.45%, +6.46%.
How it works
BBAX tracks the Morningstar Developed Asia Pacific ex-Japan Target Market Exposure Index. The index covers Australia, Hong Kong, New Zealand and Singapore, and aims to capture about 85% of the market value of stocks on each country's main exchanges. That means it holds mostly large and mid-sized companies. It is weighted by free-float market capitalization: companies get bigger weights when the shares available to the public are worth more. As of January 30, 2026, the index held 95 stocks, with company values ranging from $1.2 billion to $175.2 billion.
JPMorgan aims to hold nearly all the stocks in the index in about the same proportions. If that isn't practical, it may hold a representative sample instead. Either way, at least 80% of assets must be in index securities. The fund rebalances each quarter when the index does. Portfolio turnover was 4%, which is low. The fund can put up to 10% of its assets in exchange-traded futures and currency forward contracts. As of July 31, 2026, it held just two small index futures positions.
Weighting by size concentrates the fund. BHP Group (9.5%) and Commonwealth Bank of Australia (9.3%) led the portfolio, and the top 10 holdings made up about 50%. Because the fund is passive, it won't sell a struggling company unless the index drops it.
What it really costs
- BBAX charges 0.19% a year, versus an average of 0.39% for the similar funds below (3rd of 7, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $19 in the first year and $243 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBAX | $19 | $61 | $107 | $243 |
In a retirement portfolio
It adds developed Asia-Pacific stocks outside Japan, led by Australia, alongside US-focused holdings, but its concentration in one region makes it a poor fit as a core position.
BBAX gives exposure to developed-market stocks outside the US and Japan. Its trailing 12-month yield was 3.76% as of October 27, 2026, and it pays quarterly. It costs 0.19% a year. Under the SEC's standard example, that is $19 on $10,000 in the first year. The fund launched in August 2018, so it has no record from 2008. In the 2020 COVID crash it fell 37.6% and took about 7.6 months to recover. In 2022 it dropped 22.5% between April and October, then needed about 22 months, until August 2024, to get back to its previous high. Its worst calendar year in the prospectus was 2022, at -4.45%.
After a slow recovery like 2022's, someone selling shares for income would spend nearly two years selling at lower prices. Heavy weights in Australian banks and miners, along with currency swings, add risk. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want low-cost exposure to Australia, Singapore, Hong Kong and New Zealand: 0.19% a year, against a 0.39% average among similar funds.
- Holders who value quarterly income. The trailing 12-month yield was 3.76% as of October 27, 2026, mostly from bank and mining dividends.
- People adding a passive regional slice next to US or broad international funds, with low 4% turnover and quarterly index rebalancing.
Look elsewhere if
- Anyone who wants a spread across many countries: Australia made up about 65% of the fund as of July 31, 2026.
- Investors uneasy with concentration: BHP and Commonwealth Bank of Australia together made up nearly 19% of assets, and banks fill much of the top 10.
- Investors who want Japan in one Pacific fund. BBAX excludes Japan, and cheaper Pacific funds such as VPL (0.07%) share only 18% of its holdings.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBAX this fund | — | 0.19% | $6.73B | +14.0% | +17.7% |
| EPP iShares MSCI Pacific ex Japan ETF | 90% | 0.48% | $2.32B | +10.7% | +17.8% |
| IPAC iShares Core MSCI Pacific ETF | 24% | 0.09% | $2.65B | +16.0% | +20.6% |
| VPL Vanguard FTSE Pacific ETF | 18% | 0.07% | $13.10B | +22.2% | +22.6% |
| FPA First Trust Asia Pacific ex-Japan AlphaDEX … | 8% | 0.8% | $123.8M | +18.3% | +28.5% |
| AAXJ iShares MSCI All Country Asia ex-Japan ETF | 7% | 0.72% | $3.72B | +15.1% | +23.3% |
| FLAX Franklin FTSE Asia ex Japan ETF | 5% | 0.19% | $51.2M | +15.2% | +23.2% |
Questions investors ask
Is BBAX good for retirement income?
It can provide some income, but it is a stock fund first. As of October 27, 2026, BBAX had a trailing 12-month yield of 3.76%, or $2.35 per share, paid quarterly. That income comes from dividends paid by companies such as Commonwealth Bank of Australia and BHP, so it can change with company profits and exchange rates. The share price can also fall sharply: the fund dropped 22.5% during 2022.
What's the difference between BBAX and EPP?
Mainly cost. The two funds shared about 90% of their holdings in their latest N-PORT reports, but BBAX charges 0.19% a year and the iShares MSCI Pacific ex Japan ETF (EPP) charges 0.48%. As of October 27, 2026, BBAX returned 14% over one year against 10.7% for EPP. Their three-year annualized returns were nearly identical, at 17.7% and 17.8%. BBAX is also bigger: $6.7 billion in net assets as of July 31, 2026, against $2.3 billion for EPP.
What countries and stocks does BBAX hold?
Mostly Australian companies. As of July 31, 2026, Australia made up about 65% of the fund, Singapore 16%, Hong Kong 14% and New Zealand about 1%. Smaller amounts went to companies registered in the Cayman Islands and Bermuda. The largest holdings were BHP Group (9.5%), Commonwealth Bank of Australia (9.3%), DBS Group (5.2%) and AIA Group (4.7%). The top 10 made up about half the portfolio, and Australian and Singaporean banks featured heavily.
What is BBAX's expense ratio?
BBAX's expense ratio is 0.19% a year, according to its prospectus filed February 25, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, an investor would pay about $19 over one year, $61 over three, $107 over five and $243 over ten. That is below the 0.39% average for similar funds. IPAC (0.09%) and VPL (0.07%) cost less, but they share far fewer holdings.
How risky is BBAX?
It carries stock market risk, plus risks from focusing on one region and from currency swings. Its deepest drop was 39.6%, from January 16 to March 23, 2020, and it recovered by November 2020. Its worst quarter in the prospectus was a 27.49% loss in early 2020. Volatility, a measure of how widely returns swing, was 15.9% for the year to October 27, 2026. For the five years to December 31, 2025, it returned an average of 5.47% a year.