UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-22903
J.P. Morgan Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
J.P. Morgan Investment Management Inc.
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
With copies to:
Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 | Jon S. Rand, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
Registrant’s telephone number, including area code: (800)480-4111
Date of fiscal year end: October 31
Date of reporting period: November 1, 2018 through April 30, 2019
FormN-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1).
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2019 (Unaudited)
JPMorgan BetaBuilders Canada ETF
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
JPMorgan BetaBuilders Europe ETF
JPMorgan BetaBuilders Japan ETF
JPMorgan BetaBuilders U.S. Equity ETF
JPMorgan Diversified Return Emerging Markets Equity ETF
JPMorgan Diversified Return Europe Equity ETF
JPMorgan Diversified Return Global Equity ETF
JPMorgan Diversified Return International Equity ETF
JPMorgan Diversified Return U.S. Equity ETF
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
JPMorgan Diversified Return U.S. Small Cap Equity ETF
JPMorgan U.S. Dividend ETF
JPMorgan U.S. Minimum Volatility ETF
JPMorgan U.S. Momentum Factor ETF
JPMorgan U.S. Quality Factor ETF
JPMorgan U.S. Value Factor ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).
Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).
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President’s Letter | 1 | |||
Market Overview | 2 | |||
3 | ||||
6 | ||||
9 | ||||
12 | ||||
15 | ||||
17 | ||||
20 | ||||
23 | ||||
26 | ||||
29 | ||||
32 | ||||
35 | ||||
38 | ||||
41 | ||||
44 | ||||
47 | ||||
50 | ||||
Schedules of Portfolio Investments | 53 | |||
Financial Statements | 164 | |||
Financial Highlights | 182 | |||
Notes to Financial Statements | 188 | |||
Schedule of Shareholder Expenses | 214 | |||
Board Approval of Initial Management Agreement | 216 | |||
Board Approval of Investment Advisory Agreements | 218 |
Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
JUNE 15, 2019 (Unaudited)
Dear Shareholders,
JPMorgan Exchange-Traded Funds entered 2019 after a year of tremendous growth in 2018, having been named “The industry’s fastest-growing ETF manager.”1 This success was recognized at the sixth annual ETF.com awards, where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year2” and “ETF of the Year2” for our JPMorgan BetaBuilders Japan ETF (BBJP). Building on the success of our BetaBuilders suite and in line with our mission to provide accessible portfolio solutions, we launched of two additional BetaBuilders ETFs in March, JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (BBSA) and JPMorgan BetaBuilders U.S. Equity ETF (BBUS), bringing our roster to 32 products and more than $25 billion in assets under management as of June 15, 2019.
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“We expanded our BetaBuilders suite to offer clients efficient access to portfolio building blocks. The exposures are simple, straightforward and priced for today’s market.” – Joanna M. Gallegos
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Despite signs of slowing growth in Europe and investor concerns about rising import tariffs, the U.S. economic expansion is poised to become the longest on record. Against this late-cycle backdrop, we believe J.P. Morgan’s broad line of equity and alternatives ETFs can help build portfolios designed to
weather market cycles and keep clients invested. For investors that are concerned about volatility, our Diversified Return Equity suite is designed to provide less downside while participating in up markets. This comprehensive suite seeks to provide investors a smoother ride across equity markets including: large, mid and small cap U.S. markets, international developed markets and emerging markets. Additionally, investors can access additional sources of diversification with our alternatives ETFs suite, which is designed to provide liquid,low-cost exposures to hedge fund strategies.
We are proud to bring a range of investment solutions to help you navigate a changing market landscape. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.
Sincerely,
Joanna M. Gallegos
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
1 | Ignites.com as of November 28, 2018. |
2 | ETF.com Award winners are selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Voting was completed by January 14, 2019, and results were announced March 28, 2019. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 1 |
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
Global equity prices generally declined in the final months of 2018, only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed those of other developed markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.
Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Euro Zone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The globalsell-off became particularly acute in December. In the U.S., the S&P 500 Index returned-9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.
In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the
European Union served to further erode business and investor confidence.
However, by the end of December, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.
Global equity and bond markets began to stabilize in January 2018 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.
Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.
2 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan BetaBuilders Canada ETF | ||||
Net Asset Value* | 10.94% | |||
Market Price** | 10.79% | |||
Morningstar® Canada Target Market Exposure IndexSM | 10.08% | |||
Net Assets as of 4/30/2019 | $ | 3,737,007,734 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market-capitalization weighted index consisting of stocks traded primarily on the Toronto Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of
operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s allocations to the financials and energy sectors were leading contributors to absolute performance, while their allocations to the real estate and telecommunications sectors were the smallest contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and energy sectors and their smallest allocations were in the real estate and health care sectors.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 3 |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY POSITIONS OF THE PORTFOLIO**** | ||||||||
1. | Royal Bank of Canada | 7.5 | % | |||||
2. | Toronto-Dominion Bank (The) | 6.8 | ||||||
3. | Enbridge, Inc. | 4.5 | ||||||
4. | Bank of Nova Scotia (The) | 4.4 | ||||||
5. | Canadian National Railway Co. | 4.4 | ||||||
6. | Suncor Energy, Inc. | 3.5 | ||||||
7. | Bank of Montreal | 3.3 | ||||||
8. | TransCanada Corp. | 3.0 | ||||||
9. | Brookfield Asset Management, Inc., Class A | 2.7 | ||||||
10. | Canadian Imperial Bank of Commerce, Class A | 2.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Financials | 36.2 | % | ||
Energy | 18.8 | |||
Industrials | 10.8 | |||
Materials | 8.5 | |||
Information Technology | 4.8 | |||
Investment of cash collateral from securities loaned | 4.5 | |||
Consumer Discretionary | 3.9 | |||
Consumer Staples | 3.9 | |||
Communication Services | 3.4 | |||
Utilities | 2.9 | |||
Health Care | 1.8 | |||
Real Estate | 0.5 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.73 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $24.73 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
4 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||
INCEPTION DATE | SIX MONTHS* | CUMULATIVE SINCE INCEPTION | ||||||||||
JPMorgan BetaBuilders Canada ETF | ||||||||||||
Net Asset Value | August 7, 2018 | 10.94% | 1.87% | |||||||||
Market Price | 10.79% | 1.87% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar® Canada Target Market Exposure IndexSM from August 7, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Canada Target Market Exposure IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Canada Target Market Exposure IndexSM is a free float adjusted market
capitalization weighted index which consists of stocks traded primarily on the Toronto Stock Exchange. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 5 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan BetaBuilders Developed Asia ex-Japan ETF | ||||
Net Asset Value* | 15.22% | |||
Market Price** | 15.39% | |||
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM | 15.33% | |||
Net Assets as of 4/30/2019 | $ | 1,285,022,228 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asia ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks from developed Asia Pacific countries other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of
operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and real estate sectors were leading contributors to absolute performance, while their exposures to the information technology and energy sectors were the smallest sector contributors to absolute performance. The Fund’s and the Underlying Index’s exposures to Hong Kong and Australia were leading contributors to absolute performance, while their exposures to New Zealand and Singapore were the smallest contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and real estate sectors and their smallest allocations were in the information technology and energy sectors. The Fund and the Underlying Index were mainly invested in four equity markets during the reporting period, with the largest allocation to Australia, followed by Hong Kong, Singapore and New Zealand.
6 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | AIA Group Ltd. (Hong Kong) | 7.0 | % | |||||
2. | Commonwealth Bank of Australia (Australia) | 5.2 | ||||||
3. | BHP Group Ltd. (Australia) | 4.4 | ||||||
4. | Westpac Banking Corp. (Australia) | 3.8 | ||||||
5. | CSL Ltd. (Australia) | 3.6 | ||||||
6. | Australia & New Zealand Banking Group Ltd. (Australia) | 3.1 | ||||||
7. | National Australia Bank Ltd. (Australia) | 2.8 | ||||||
8. | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 2.3 | ||||||
9. | DBS Group Holdings Ltd. (Singapore) | 2.1 | ||||||
10. | Oversea-Chinese Banking Corp. Ltd. (Singapore) | 2.0 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
Australia | 53.6 | % | ||
Hong Kong | 28.6 | |||
Singapore | 12.2 | |||
Macau | 2.3 | |||
New Zealand | 2.2 | |||
Others (each less than 1.0%) | 1.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $25.70 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $25.75 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 7 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||
INCEPTION DATE | SIX MONTHS* | CUMULATIVE SINCE INCEPTION | ||||||||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF |
| |||||||||||
Net Asset Value | August 7, 2018 | 15.22% | 3.73% | |||||||||
Market Price | 15.39% | 3.93% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia ex-Japan ETF and Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM from August 7, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM is a free float adjusted
market capitalization-weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including Australia, Hong Kong, New Zealand, and Singapore. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan BetaBuilders Europe ETF | ||||
Net Asset Value* | 9.03% | |||
Market Price** | 8.97% | |||
Morningstar® Developed Europe Target Market Exposure IndexSM | 8.58% | |||
Net Assets as of 4/30/2019 | $ | 4,325,127,726 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded on the primary exchanges in developed countries or regions across Europe. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and consumer staples sectors were the leading contributors to absolute performance, while their exposure to the energy sector was the sole sector detractor from absolute performance during the reporting period.
By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposure to Norway was the sole country detractor from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and consumer goods sectors and their smallest allocations were in the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were in the U.K. and France and their smallest country allocations were in Portugal and Austria.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 9 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Nestle SA (Registered) (Switzerland) | 3.0 | % | |||||
2. | Novartis AG (Registered) (Switzerland) | 2.1 | ||||||
3. | Roche Holding AG (Switzerland) | 2.0 | ||||||
4. | HSBC Holdings plc (United Kingdom) | 1.8 | ||||||
5. | BP plc (United Kingdom) | 1.5 | ||||||
6. | Royal Dutch Shell plc, Class A (Netherlands) | 1.5 | ||||||
7. | TOTAL SA (France) | 1.4 | ||||||
8. | SAP SE (Germany) | 1.4 | ||||||
9. | Royal Dutch Shell plc, Class B (Netherlands) | 1.2 | ||||||
10. | LVMH Moet Hennessy Louis Vuitton SE (France) | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
United Kingdom | 22.0 | % | ||
France | 15.8 | |||
Switzerland | 13.2 | |||
Germany | 12.8 | |||
Netherlands | 6.8 | |||
United States | 6.4 | |||
Spain | 4.3 | |||
Sweden | 4.2 | |||
Italy | 3.3 | |||
Denmark | 2.6 | |||
Finland | 1.9 | |||
Belgium | 1.8 | |||
Australia | 1.2 | |||
Norway | 1.1 | |||
Others (each less than 1.0%) | 2.6 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.41 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $24.45 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
10 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||
INCEPTION DATE | SIX MONTHS* | CUMULATIVE SINCE INCEPTION | ||||||||||
JPMorgan BetaBuilders Europe ETF |
| |||||||||||
Net Asset Value | June 15, 2018 | 9.03% | (0.51)% | |||||||||
Market Price | 8.97% | (0.34)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar® Developed Europe Target Market Exposure IndexSM from June 15, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Developed Europe Target Market Exposure IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Developed Europe Target Market Exposure IndexSM is a
free float adjusted market capitalization-weighted index which consists of equity securities from developed European countries or regions. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 11 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan BetaBuilders Japan ETF | ||||
Net Asset Value* | 2.23% | |||
Market Price** | 2.19% | |||
Morningstar® Japan Target Market Exposure IndexSM | 1.47% | |||
Net Assets as of 4/30/2019 | $ | 3,479,513,336 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market-cap weighted index consisting of stocks traded primarily on the Tokyo or Nagoya Stock Exchange. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund outperformed the Underlying Index, before considering the effects
of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and information technology sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors were leading detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the industrials and consumer discretionary sectors and their smallest allocations were in the energy and utilities sectors.
12 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Toyota Motor Corp. | 4.4 | % | |||||
2. | SoftBank Group Corp. | 2.4 | ||||||
3. | Mitsubishi UFJ Financial Group, Inc. | 1.7 | ||||||
4. | Sony Corp. | 1.7 | ||||||
5. | Keyence Corp. | 1.5 | ||||||
6. | Takeda Pharmaceutical Co. Ltd. | 1.5 | ||||||
7. | Sumitomo Mitsui Financial Group, Inc. | 1.3 | ||||||
8. | Honda Motor Co. Ltd. | 1.3 | ||||||
9. | Recruit Holdings Co. Ltd. | 1.3 | ||||||
10. | Central Japan Railway Co. | 1.2 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Industrials | 22.5 | % | ||
Consumer Discretionary | 18.6 | |||
Financials | 10.7 | |||
Information Technology | 10.5 | |||
Health Care | 8.7 | |||
Consumer Staples | 8.5 | |||
Communication Services | 7.3 | |||
Materials | 6.0 | |||
Real Estate | 4.4 | |||
Utilities | 1.8 | |||
Energy | 0.9 | |||
Investment of cash collateral from securities loaned | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $23.07 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $23.02 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 13 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||
INCEPTION DATE | SIX MONTHS* | CUMULATIVE SINCE INCEPTION | ||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||
Net Asset Value | June 15, 2018 | 2.23% | (6.31 | )% | ||||||||
Market Price | 2.19% | (6.51 | )% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar® Japan Target Market Exposure IndexSM from June 15, 2018 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Japan Target Market Exposure IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Japan Target Market Exposure IndexSM is a free float adjusted market capitalization weighted
index which consists of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over- seas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
14 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||
Net Asset Value* | 5.68% | |||
Market Price** | 5.70% | |||
Morningstar® US Target Market Exposure IndexSM | 5.72% | |||
Net Assets as of 4/30/2019 | $ | 31,796,923 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market-cap weighted index consisting of equity securities traded primarily in the U.S. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible before considering fees and expenses and invests at least 80% of its assets in securities included in the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from inception on March 12, 2019 to April 30, 2019, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposure to the health care sector was the sole sector detractor from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the information technology and health care sectors and their smallest allocations were in the materials and real estate sectors.
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 3.9 | % | |||||
2. | Apple, Inc. | 3.5 | ||||||
3. | Amazon.com, Inc. | 3.1 | ||||||
4. | Facebook, Inc., Class A | 1.8 | ||||||
5. | Berkshire Hathaway, Inc., Class B | 1.6 | ||||||
6. | JPMorgan Chase & Co. | 1.5 | ||||||
7. | Johnson & Johnson | 1.5 | ||||||
8. | Alphabet, Inc., Class C | 1.4 | ||||||
9. | Alphabet, Inc., Class A | 1.4 | ||||||
10. | Exxon Mobil Corp. | 1.3 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Information Technology | 22.0 | % | ||
Health Care | 13.4 | |||
Financials | 13.2 | |||
Consumer Discretionary | 10.5 | |||
Communication Services | 10.3 | |||
Industrials | 9.5 | |||
Consumer Staples | 7.0 | |||
Energy | 5.1 | |||
Utilities | 3.2 | |||
Real Estate | 2.9 | |||
Materials | 2.5 | |||
Short-Term Investments | 0.4 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.99 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. The midpoint price was $53.00 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 15 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
FOR THE PERIOD MARCH 12, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2019 (Unaudited) (continued)
TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||
Net Asset Value | March 12, 2019 | 5.68% | ||||||
Market Price | 5.70% |
LIFE OF FUND PERFORMANCE(3/12/19 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on March 12, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar® US Target Market Exposure IndexSM from March 12, 2019 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes
reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® US Target Market Exposure IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® US Target Market Exposure IndexSM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the US Stock Exchange. Investors cannot invest directly in an index.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
16 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||
Net Asset Value* | 9.10% | |||
Market Price** | 9.83% | |||
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes) | 9.29% | |||
FTSE Emerging Index (net of foreign withholding taxes) | 14.60% | |||
MSCI Emerging Markets Index (net of foreign withholding taxes) | 13.76% | |||
Net Assets as of 4/30/2019 | $ | 331,055,025 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which provides emerging markets equity exposure, diversified across emerging market regions and super-sectors. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: valuation, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Emerging Index and the MSCI Emerging Markets Index, which are more traditional market capitalization weighted indexes.
By sector, the Fund’s and the Underlying Index’s positions in the financials and consumer goods sectors were leading contributors to absolute performance, while their positions in the health care and basic materials sectors were leading detractors from absolute performance. By country, the Fund’s and the Underlying Index’s positions in China and India were leading contributors to absolute performance, while their positions in Malaysia and Turkey were leading detractors from absolute performance.
Relative to the FTSE Emerging Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and consumer services sectors were leading detractors from performance, while the Underlying Index’s security selection in the consumer goods sector was the sole sector contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the financials and oil & gas sectors, while its smallest allocations were in the health care and consumer services sectors. The Fund’s and the Underlying Index’s largest country allocations were in China and Taiwan and their smallest allocations were in Hong Kong and Pakistan.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 17 |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 3.2 | % | |||||
2. | China Mobile Ltd. (China) | 2.6 | ||||||
3. | Hon Hai Precision Industry Co. Ltd. (Taiwan) | 1.4 | ||||||
4. | Reliance Industries Ltd. (India) | 1.4 | ||||||
5. | China Construction Bank Corp., Class H (China) | 1.2 | ||||||
6. | LUKOIL PJSC (Russia) | 1.2 | ||||||
7. | Vale SA (Brazil) | 1.2 | ||||||
8. | PTT PCL (Thailand) | 1.1 | ||||||
9. | Infosys Ltd. (India) | 1.1 | ||||||
10. | Telekomunikasi Indonesia Persero Tbk. PT (Indonesia) | 1.0 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
China | 20.2 | % | ||
Taiwan | 16.0 | |||
Brazil | 10.7 | |||
India | 10.1 | |||
Thailand | 6.9 | |||
Russia | 6.2 | |||
Indonesia | 6.0 | |||
South Africa | 5.2 | |||
Malaysia | 5.0 | |||
Mexico | 2.9 | |||
Philippines | 2.0 | |||
Qatar | 1.5 | |||
United Arab Emirates | 1.3 | |||
Chile | 1.2 | |||
Turkey | 1.0 | |||
Kuwait | 1.0 | |||
Others (each less than 1.0%) | 2.8 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.18 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.46 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
18 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OFAPRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||||||||||||||
Net Asset Value | January 7, 2015 | 9.10% | (3.30)% | 4.58% | ||||||||||||
Market Price | 9.83% | (3.00)% | 4.71% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(1/07/15 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.
Fund commenced operations on January 7, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index from January 7, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Emerging Markets Equity Index, the FTSE Emerging Index and the MSCI Emerging Markets Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index. JP Morgan Diversified Factor Emerging Markets Equity Index is comprised of large- and mid-cap equity securities from emerging markets.
Holdings in this index are selected from the constituents of the FTSE Emerging Index. The FTSE Emerging Index is a market-capitalization weighted index and is part of the FTSE Global Equity Index Series. The series includes large- and mid-cap securities from advanced and secondary emerging markets, classified in accordance with FTSE’s transparent Country Classification Review Process. The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. The MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 19 |
JPMorgan Diversified Return Europe Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return Europe Equity ETF | ||||
Net Asset Value* | 8.08% | |||
Market Price** | 7.72% | |||
JP Morgan Diversified Factor Europe Equity Index (net of foreign withholding taxes) | 7.73% | |||
FTSE Developed Europe Index (net of foreign withholding taxes) | 8.38% | |||
MSCI Europe Index (net of foreign withholding taxes) | 8.48% | |||
Net Assets as of 4/30/2019 | $ | 17,222,507 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Europe Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of companies in developed Europe and is diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor security selection process that measures the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019, and performed in line with the Underlying Index, before considering the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund underperformed the FTSE Developed Europe Index and the MSCI Europe Index, both of which are more traditional market capitalization weighted indexes.
By sector, the Fund’s and the Underlying Index’s positions in the industrials and consumer goods sectors were leading contributors to absolute performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to absolute performance. By country, the Fund’s and the Underlying Index’s positions in the U.K. and France were leading contributors to absolute performance, while their positions in Norway and Austria were leading detractors from absolute performance.
Relative to the FTSE Developed Europe Index, the Underlying Index’s security selection in the consumer services and consumer goods sectors were leading detractors from performance, while its security selection in the oil & gas and financials sectors were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and health care sectors, while their smallest allocations were in the telecommunications and oil & gas sectors. The Fund’s and the Underlying Index’s largest country allocations were in the U.K. and France and their smallest allocations were in Ireland and Poland.
20 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | SAP SE (Germany) | 0.5 | % | |||||
2. | ASML Holding NV (Netherlands) | 0.4 | ||||||
3. | LVMH Moet Hennessy Louis Vuitton SE (France) | 0.4 | ||||||
4. | Unilever NV, CVA (United Kingdom) | 0.4 | ||||||
5. | Rightmove plc (United Kingdom) | 0.4 | ||||||
6. | Diageo plc (United Kingdom) | 0.4 | ||||||
7. | Nestle SA (Registered) (Switzerland) | 0.4 | ||||||
8. | Evraz plc (Russia) | 0.4 | ||||||
9. | Unilever plc (United Kingdom) | 0.4 | ||||||
10. | Iberdrola SA (Spain) | 0.4 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
United Kingdom | 20.0 | % | ||
France | 15.5 | |||
Germany | 12.1 | |||
Switzerland | 8.7 | |||
Sweden | 6.5 | |||
Spain | 5.4 | |||
Italy | 5.3 | |||
Netherlands | 4.8 | |||
Denmark | 4.6 | |||
Finland | 3.7 | |||
United States | 2.6 | |||
Norway | 2.4 | |||
Belgium | 1.8 | |||
Luxembourg | 1.0 | |||
Others (each less than 1.0%) | 5.6 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $57.41 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $57.35 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 21 |
JPMorgan Diversified Return Europe Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return Europe Equity ETF | ||||||||||||||||
Net Asset Value | December 18, 2015 | 8.08% | (3.18)% | 6.67% | ||||||||||||
Market Price | 7.72% | (3.49)% | 6.63% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(12/18/15 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on December 18, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Europe Equity ETF, the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index from December 18, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Europe Equity Index, the FTSE Developed Europe Index, and the MSCI Europe Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Europe Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Europe Equity Index. The JP Morgan Diversified Factor Europe Equity Index
includes large and mid-cap stocks providing coverage of developed European markets. Holdings in this index are selected from the constituents of the FTSE Developed Europe Index. The FTSE Developed Europe Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed European markets. The MSCI Europe Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over-seas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
22 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return Global Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return Global Equity ETF | ||||
Net Asset Value* | 7.57% | |||
Market Price** | 7.56% | |||
JP Morgan Diversified Factor Global Developed Equity Index (net of foreign withholding taxes) | 7.38% | |||
FTSE Developed Index (net of foreign withholding taxes) | 8.69% | |||
MSCI World Index (net of foreign withholding taxes) | 8.83% | |||
Net Assets as of 4/30/2019 | $ | 210,914,261 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Global Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Global Developed Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which provides exposure to large and mid cap equity securities in developed global markets, diversified across global regions, sectors and individual securities. The Underlying Index’s proprietary multi-factor selection process utilizes the following characteristics: value, quality and momentum. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund posted a positive absolute performance and performed in line with the Underlying Index, before consideration of specific trading limits, differences in valuations because of the timing of the local market closings and the net asset value calculations, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed Index (net of foreign withholding taxes) and the MSCI World Index (net of foreign withholding taxes), both of which are more traditional market capitalization weighted indexes.
By sector, the Fund’s and the Underlying Index’s positions in the consumer goods and technology sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.
By region, the Fund’s and the Underlying Index’s allocations to Asia Pacific, excluding Japan, and North America were leading contributors to absolute performance, while their allocation to Japan was the sole regional detractor from absolute performance.
Relative to the FTSE Developed Index, the Underlying Index’s security selection in the industrials and oil & gas sectors was a leading detractor from performance. The Underlying Index’s security selection in the health care and consumer goods sectors was a leading contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were in the consumer goods and consumer services sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. The Fund’s and the Underlying Index’s largest regional allocations were in North America and Asia Pacific, excluding Japan, with modestly smaller allocations to Japan and Europe.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 23 |
JPMorgan Diversified Return Global Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Idemitsu Kosan Co. Ltd. (Japan) | 0.4 | % | |||||
2. | Daiichi Sankyo Co. Ltd. (Japan) | 0.4 | ||||||
3. | Advantest Corp. (Japan) | 0.3 | ||||||
4. | Coca-Cola European Partners plc (United Kingdom) | 0.3 | ||||||
5. | WH Group Ltd. (Hong Kong) | 0.3 | ||||||
6. | VMware, Inc., Class A (United States) | 0.3 | ||||||
7. | Starbucks Corp. (United States) | 0.3 | ||||||
8. | Xylem, Inc. (United States) | 0.3 | ||||||
9. | Church & Dwight Co., Inc. (United States) | 0.3 | ||||||
10. | WR Berkley Corp. (United States) | 0.3 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
United States | 25.5 | % | ||
Japan | 21.2 | |||
Australia | 9.0 | |||
South Korea | 8.3 | |||
Hong Kong | 4.4 | |||
France | 4.0 | |||
United Kingdom | 3.6 | |||
Canada | 3.5 | |||
Germany | 2.4 | |||
Sweden | 2.3 | |||
Spain | 2.3 | |||
Singapore | 2.0 | |||
Switzerland | 1.9 | |||
Netherlands | 1.8 | |||
Italy | 1.0 | |||
Finland | 1.0 | |||
Norway | 1.0 | |||
Others (each less than 1.0%) | 4.8 | |||
Short-Term Investments | 0.0 | (a) |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $60.26 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $60.20 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
(a) | Amount rounds to less than 0.1% |
24 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return Global Equity ETF | ||||||||||||||||
Net Asset Value | June 16, 2014 | 7.57% | (0.88)% | 5.81% | ||||||||||||
Market Price | 7.56% | (0.91)% | 5.79% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(6/16/14 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on June 16, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Global Equity ETF, the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index, and the MSCI World Index from June 16, 2014 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Global Developed Equity Index, the FTSE Developed Index and the MSCI World Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Global Developed Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Global Developed Equity Index. JP Morgan Diversified Factor Global Developed Equity Index is comprised of large- and mid-cap equity securities from developed global
markets. Holdings in this index are selected from the constituents of the FTSE Developed Index. The FTSE Developed Index is a market-capitalization weighted index representing the performance of large- and mid-cap companies in developed markets. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some over-seas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 25 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return International Equity ETF | ||||
Net Asset Value* | 6.03% | |||
Market Price** | 6.33% | |||
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes) | 5.78% | |||
FTSE Developed ex North America Index (net of foreign withholding taxes) | 7.22% | |||
MSCI EAFE Index (net of foreign withholding taxes) | 7.45% | |||
Net Assets as of 4/30/2019 | $ | 1,728,099,358 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities in developed markets outside North America, diversified across sectors, international regions and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, quality and momentum. The Underlying Index methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019, and outperformed the Underlying Index, before considering differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed both the FTSE Developed ex North America Index and the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.
By sector, the Fund’s and the Underlying Index’s positions in the technology and consumer goods sectors were leading contributors to absolute performance, while their position in the oil & gas sector was the sole sector detractor from absolute performance.
By country, the Fund’s and the Underlying Index’s positions in the U.K. and Hong Kong were leading contributors to absolute performance, while their positions in Japan and Norway were leading detractors from absolute performance.
Relative to FTSE Developed ex North America Index, the Underlying Index’s security selection in the oil & gas sector and its security selection and overweight position in the utilities sector were leading detractors from performance, while the Underlying Index’s security selection in the technology and health care sectors was a leading contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer services and consumer goods sectors, while their smallest allocations were in the oil & gas and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were in Japan and the U.K. and their smallest allocations were in the U.S. and South Korea.
26 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Idemitsu Kosan Co. Ltd. (Japan) | 0.6 | % | |||||
2. | Halma plc (United Kingdom) | 0.4 | ||||||
3. | Experian plc (United Kingdom) | 0.4 | ||||||
4. | Capcom Co. Ltd. (Japan) | 0.4 | ||||||
5. | Diageo plc (United Kingdom) | 0.4 | ||||||
6. | Boliden AB (Sweden) | 0.4 | ||||||
7. | Sage Group plc (The) (United Kingdom) | 0.4 | ||||||
8. | Rentokil Initial plc (United Kingdom) | 0.4 | ||||||
9. | Nisshin Seifun Group, Inc. (Japan) | 0.4 | ||||||
10. | Sonova Holding AG (Registered) (Switzerland) | 0.4 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
Japan | 23.2 | % | ||
United Kingdom | 17.0 | |||
Australia | 9.9 | |||
South Korea | 8.3 | |||
Hong Kong | 5.9 | |||
France | 5.8 | |||
Sweden | 3.3 | |||
Germany | 3.3 | |||
Netherlands | 3.1 | |||
United States | 2.9 | |||
Singapore | 2.5 | |||
Switzerland | 2.4 | |||
Spain | 2.0 | |||
Finland | 1.8 | |||
Norway | 1.5 | |||
Italy | 1.3 | |||
Others (each less than 1.0%) | 5.8 | |||
Short-Term Investments | 0.0 | (a) |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.75 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $55.78 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
(a) | Amount rounds to less than 0.1%. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 27 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return International Equity ETF | ||||||||||||||||
Net Asset Value | November 5, 2014 | 6.03% | (4.94)% | 4.53% | ||||||||||||
Market Price | 6.33% | (5.08)% | 4.54% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/5/14 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 5, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index, and the MSCI EAFE Index from November 5, 2014 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index, the FTSE Developed ex North America Index and the MSCI EAFE Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index. JP Morgan Diversified Factor International Equity Index is comprised of large- and mid-cap equity securities from developed global markets (excluding North America). Holdings in this index are selected
from the constituents of the FTSE Developed ex North America Index. The FTSE Developed ex North America Index is a market-capitalization weighted index representing the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The MSCI EAFE Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
28 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return U.S. Equity ETF | ||||
Net Asset Value* | 8.46% | |||
Market Price** | 8.45% | |||
JP Morgan Diversified Factor US Equity Index | 8.53% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 682,905,362 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is composed of large cap and mid cap equity securities of U.S. companies. The Underlying Index uses a rules based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. During the reporting period, the Underlying Index security selection process gave equal input to each of these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index,
which is a more traditional market capitalization weighted index.
During the reporting period, the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services sector and the Fund’s and the Underlying Index’s underweight position in the technology sector were leading detractors from performance, while their overweight position in the utilities sector and their underweight position in the health care sector were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the consumer goods and financials sectors, while the smallest allocations were in the telecommunications and oil & gas sectors.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 29 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Walt Disney Co. (The) | 0.6 | % | |||||
2. | PulteGroup, Inc. | 0.4 | ||||||
3. | Microsoft Corp. | 0.4 | ||||||
4. | Church & Dwight Co., Inc. | 0.4 | ||||||
5. | Air Products & Chemicals, Inc. | 0.4 | ||||||
6. | Hershey Co. (The) | 0.4 | ||||||
7. | VeriSign, Inc. | 0.4 | ||||||
8. | Starbucks Corp. | 0.4 | ||||||
9. | FactSet Research Systems, Inc. | 0.4 | ||||||
10. | Kimberly-Clark Corp. | 0.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 14.7 | % | ||
Financials | 12.8 | |||
Consumer Services | 12.6 | |||
Industrials | 10.7 | |||
Health Care | 10.3 | |||
Utilities | 9.9 | |||
Technology | 9.1 | |||
Basic Materials | 8.3 | |||
Oil & Gas | 6.0 | |||
Investment of cash collateral from securities loaned | 3.5 | |||
Telecommunications | 2.0 | |||
Short-Term Investments | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $75.04 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $75.05 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
30 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Equity ETF | ||||||||||||||||
Net Asset Value | September 29, 2015 | 8.46% | 9.96% | 13.53% | ||||||||||||
Market Price | 8.45% | 9.93% | 13.53% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(9/29/15 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on September 29, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the
JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the constituents of the Russell 1000 Index. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 31 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||
Net Asset Value* | �� | 8.21% | ||
Market Price** | 8.21% | |||
JP Morgan Diversified Factor US Mid Cap Equity Index | 8.34% | |||
Russell Midcap Index | 11.65% | |||
Net Assets as of 4/30/2019 | $ | 167,021,038 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks mid cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index,
which is a more traditional market capitalization weighted index.
During the reporting period, the Fund’s and the Underlying Index’s positions in the industrials and technology sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications and oil & gas sectors detracted from absolute performance.
Relative to the Russell Midcap Index, the Underlying Index’s security selection and the Fund’s and the Underlying Index’s underweight positions in both the technology and industrials sectors were leading detractors from performance, while the Underlying Index’s security selection in the utilities sector was the sole sector contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were in the financials and consumer goods sectors and the smallest allocations were in the telecommunications and oil & gas sectors.
32 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Cadence Design Systems, Inc. | 0.5 | % | |||||
2. | Synopsys, Inc. | 0.5 | ||||||
3. | Lululemon Athletica, Inc. | 0.4 | ||||||
4. | PulteGroup, Inc. | 0.4 | ||||||
5. | Church & Dwight Co., Inc. | 0.4 | ||||||
6. | McCormick & Co., Inc. (Non-Voting) | 0.4 | ||||||
7. | Gentex Corp. | 0.4 | ||||||
8. | CDW Corp. | 0.4 | ||||||
9. | Hershey Co. (The) | 0.4 | ||||||
10. | Copart, Inc. | 0.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 14.9 | % | ||
Financials | 14.6 | |||
Consumer Services | 13.2 | |||
Industrials | 11.5 | |||
Health Care | 10.5 | |||
Technology | 9.6 | |||
Utilities | 8.4 | |||
Basic Materials | 8.2 | |||
Oil & Gas | 5.9 | |||
Investment of cash collateral from securities loaned | 1.8 | |||
Telecommunications | 1.2 | |||
Short-Term Investments | 0.2 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $66.81 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $66.82 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 33 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||||||||||||||
Net Asset Value | May 11, 2016 | 8.21% | 7.59% | 11.74% | ||||||||||||
Market Price | 8.21% | 7.59% | 11.74% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(5/11/16 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on May 11, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index, and the Russell Midcap Index from May 11, 2016 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of
the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell Midcap Index. The Russell Midcap Index is a market-capitalization weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
34 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||
Net Asset Value* | 6.65% | |||
Market Price** | 6.61% | |||
JP Morgan Diversified Factor US Small Cap Equity Index | 6.78% | |||
Russell 2000 Index | 6.06% | |||
Net Assets as of 4/30/2019 | $ | 174,106,929 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks small cap equity securities of U.S. companies. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: relative valuation, momentum and quality. The Underlying Index security selection process seeks to exclude the least attractive stocks based on these characteristics. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 2000 Index,
which is a more traditional market capitalization weighted index.
During the reporting period, the Fund’s and the Underlying Index’s positions in the technology and utilities sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s overweight position in the utilities sector and its underweight position in the health care sector were leading contributors to performance, while the Underlying Index’s security selection and overweight position in the technology sector and its overweight position in the consumer goods sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were in the consumer goods and consumer services sectors and its smallest allocations were in the telecommunications and oil & gas sectors.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 35 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Fox Factory Holding Corp. | 0.7 | % | |||||
2. | Pool Corp. | 0.7 | ||||||
3. | Iridium Communications, Inc. | 0.7 | ||||||
4. | West Pharmaceutical Services, Inc. | 0.7 | ||||||
5. | Avista Corp. | 0.7 | ||||||
6. | Steven Madden Ltd. | 0.7 | ||||||
7. | Black Hills Corp. | 0.7 | ||||||
8. | PNM Resources, Inc. | 0.6 | ||||||
9. | Ormat Technologies, Inc. | 0.6 | ||||||
10. | Spire, Inc. | 0.6 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 20.4 | % | ||
Consumer Services | 12.8 | |||
Utilities | 11.8 | |||
Industrials | 11.7 | |||
Technology | 10.6 | |||
Health Care | 8.9 | |||
Financials | 8.6 | |||
Basic Materials | 5.5 | |||
Investment of cash collateral from securities loaned | 4.5 | |||
Oil & Gas | 3.1 | |||
Telecommunications | 1.9 | |||
Short-Term Investments | 0.2 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $31.37 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $31.36 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
36 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||||||||||||||
Net Asset Value | November 15, 2016 | 6.65% | 7.99% | 10.63% | ||||||||||||
Market Price | 6.61% | 7.89% | 10.61% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/15/16 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 15, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index, and the Russell 2000 Index from November 15, 2016 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the
JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. large- and mid-cap equity securities. Holdings in this index are selected from the Russell 2000 Index. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 37 |
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan U.S. Dividend ETF | ||||
Net Asset Value* | 8.86% | |||
Market Price** | 8.94% | |||
JP Morgan US Dividend Index | 9.04% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 30,630,705 |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the
Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s allocations to the utilities and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s allocations to the telecommunications sector was the sole sector detractor from performance.
Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services sector and its overweight position in the consumer goods sector were leading detractors from performance, while the Underlying Index’s overweight position and security selection in the utilities sector and its underweight position in the health care sector were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were the financials and utilities sectors and their smallest allocations were the telecommunications and technology sectors.
38 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 0.7 | % | |||||
2. | Air Products & Chemicals, Inc. | 0.7 | ||||||
3. | Ford Motor Co. | 0.7 | ||||||
4. | KLA-Tencor Corp. | 0.7 | ||||||
5. | Procter & Gamble Co. (The) | 0.6 | ||||||
6. | Home Depot, Inc. (The) | 0.6 | ||||||
7. | Paychex, Inc. | 0.6 | ||||||
8. | Analog Devices, Inc. | 0.6 | ||||||
9. | QUALCOMM, Inc. | 0.6 | ||||||
10. | Sonoco Products Co. | 0.6 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Financials | 17.8 | % | ||
Utilities | 16.3 | |||
Consumer Goods | 15.4 | |||
Consumer Services | 10.5 | |||
Industrials | 9.5 | |||
Basic Materials | 9.3 | |||
Health Care | 6.7 | |||
Technology | 5.7 | |||
Oil & Gas | 5.3 | |||
Telecommunications | 3.4 | |||
Short-Term Investments | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.64 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.64 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 39 |
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Dividend ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | 8.86% | 11.21% | 8.13% | ||||||||||||
Market Price | 8.94% | 11.16% | 8.12% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Dividend ETF, the JP Morgan US Dividend Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Dividend Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Dividend Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark
administrator, administers, calculates and governs the JP Morgan US Dividend Index. The JP Morgan US Dividend Index contains U.S. large- and mid-cap equity securities from the Russell 1000 Index using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to diversify risk across sectors and securities while selecting constituents to deliver high dividend yield. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
40 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan U.S. Minimum Volatility ETF | ||||
Net Asset Value* | 10.07% | |||
Market Price** | 10.14% | |||
JP Morgan US Minimum Volatility Index | 10.20% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 41,258,938 |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Minimum Volatility ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities and is designed so that it targets lower volatility than the Russell 1000 Index. The Underlying Index is designed to distribute risk among sectors and stocks in order to seek to minimize the overall portfolio volatility based upon the parameters of the rule-based process. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying
Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted equity index.
In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the utilities and consumer goods sectors were leading contributors to performance, while their positions in the telecommunications and oil & gas sectors were the smallest contributors to performance.
Relative to the Russell 1000 Index, the Underlying Index’s security selection and overweight positions in the utilities sector and its security selection in the health care sector were leading contributors to performance. The Underlying Index’s underweight positions in the technology and industrials sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the health care and utilities sectors, while among their smallest allocations were the telecommunications and oil & gas sectors.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 41 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Walt Disney Co. (The) | 0.7 | % | |||||
2. | Synopsys, Inc. | 0.7 | ||||||
3. | Microsoft Corp. | 0.7 | ||||||
4. | Church & Dwight Co., Inc. | 0.7 | ||||||
5. | Hershey Co. (The) | 0.6 | ||||||
6. | PepsiCo, Inc. | 0.6 | ||||||
7. | American Tower Corp. | 0.6 | ||||||
8. | Colgate-Palmolive Co. | 0.6 | ||||||
9. | Yum! Brands, Inc. | 0.6 | ||||||
10. | AutoZone, Inc. | 0.6 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 18.5 | % | ||
Health Care | 18.4 | |||
Utilities | 16.5 | |||
Financials | 13.2 | |||
Consumer Services | 9.4 | |||
Technology | 5.4 | |||
Basic Materials | 5.2 | |||
Oil & Gas | 4.9 | |||
Industrials | 4.8 | |||
Telecommunications | 3.5 | |||
Short-Term Investments | 0.2 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.45 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.47 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
42 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Minimum Volatility ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | 10.07% | 15.17% | 11.52% | ||||||||||||
Market Price | 10.14% | 15.21% | 11.57% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Minimum Volatility ETF, the JP Morgan US Minimum Volatility Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Minimum Volatility Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Minimum Volatility Index and developed the proprietary factors on which the index is based.
FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Minimum Volatility Index. The JP Morgan US Minimum Volatility Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and seeks to minimize the overall portfolio volatility based upon the parameters of the rule based process. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 43 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan U.S. Momentum Factor ETF | ||||
Net Asset Value* | 9.96% | |||
Market Price** | 10.03% | |||
JP Morgan US Momentum Factor Index | 10.01% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 39,748,855 |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which is composed of U.S. large and mid cap securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify the companies that have had better recent performance compared with other companies. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees
and tax management of the Fund’s portfolio. The Fund underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the oil & gas and health care sectors were leading detractors from performance.
Relative to the Russell 1000 Index, Underlying Index’s security selection in the health care and consumer goods sectors was a leading detractor from relative performance, while the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, among the Fund’s and Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and basic materials sectors.
44 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY POSITIONS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 2.2 | % | |||||
2. | Visa, Inc., Class A | 2.1 | ||||||
3. | Berkshire Hathaway, Inc., Class B | 2.0 | ||||||
4. | Amazon.com, Inc. | 1.9 | ||||||
5. | Alphabet, Inc., Class A | 1.8 | ||||||
6. | Mastercard, Inc., Class A | 1.7 | ||||||
7. | Verizon Communications, Inc. | 1.7 | ||||||
8. | Apple, Inc. | 1.6 | ||||||
9. | Home Depot, Inc. (The) | 1.6 | ||||||
10. | Merck & Co., Inc. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 21.6 | % | ||
Financials | 18.9 | |||
Consumer Services | 13.6 | |||
Industrials | 13.1 | |||
Health Care | 12.1 | |||
Consumer Goods | 7.9 | |||
Oil & Gas | 5.0 | |||
Utilities | 3.0 | |||
Basic Materials | 2.3 | |||
Telecommunications | 1.9 | |||
Investment of cash collateral from securities loaned | 0.5 | |||
Short-Term Investments | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.39 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.42 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 45 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Momentum Factor ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | 9.96% | 10.45% | 10.36% | ||||||||||||
Market Price | 10.03% | 10.48% | 10.44% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information pleasecall 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Momentum Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and
governs the JP Morgan US Momentum Factor Index. The JP Morgan US Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
46 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan U.S. Quality Factor ETF | ||||
Net Asset Value* | 10.04% | |||
Market Price** | 10.08% | |||
JP Morgan US Quality Factor Index | 10.21% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 52,108,696 |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, quality of earnings and solvency. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and
the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and financials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the oil & gas was the sole sector detractor from performance.
Relative to the Russell 1000 Index, the Underlying Index’s security selection in the technology and financials sectors was a leading contributor to performance. The Underlying Index’s security selection in the industrials and consumer services sectors was a leading detractor from performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and materials sectors.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 47 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 2.2 | % | |||||
2. | Visa, Inc., Class A | 2.1 | ||||||
3. | Apple, Inc. | 2.1 | ||||||
4. | Johnson & Johnson | 1.9 | ||||||
5. | Cisco Systems, Inc. | 1.9 | ||||||
6. | Alphabet, Inc., Class A | 1.8 | ||||||
7. | Facebook, Inc., Class A | 1.8 | ||||||
8. | Home Depot, Inc. (The) | 1.7 | ||||||
9. | Mastercard, Inc., Class A | 1.7 | ||||||
10. | Pfizer, Inc. | 1.5 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 21.9 | % | ||
Financials | 18.8 | |||
Consumer Services | 13.7 | |||
Industrials | 12.7 | |||
Health Care | 12.0 | |||
Consumer Goods | 8.0 | |||
Oil & Gas | 4.9 | |||
Utilities | 3.1 | |||
Basic Materials | 2.4 | |||
Telecommunications | 1.9 | |||
Investment of cash collateral from securities loaned | 0.5 | |||
Short-Term Investments | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $28.95 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $28.96 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
48 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Quality Factor ETF |
| |||||||||||||||
Net Asset Value | November 8, 2017 | 10.04% | 15.25% | 12.54% | ||||||||||||
Market Price | 10.08% | 15.25% | 12.56% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and
governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 49 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan U.S. Value Factor ETF | ||||
Net Asset Value* | 8.17% | |||
Market Price** | 8.25% | |||
JP Morgan US Value Factor Index | 8.49% | |||
Russell 1000 Index | 10.00% | |||
Net Assets as of 4/30/2019 | $ | 56,620,137 |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large and mid cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a value factor to identify companies of higher relative value compared with their sector peers as measured by book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute return for the six months ended April 30, 2019 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying
Index underperformed the Russell 1000 Index, which is a more traditional market capitalization weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and industrials sectors were leading contributors to performance, while the Fund’s and the Underlying Index’s positions in the health care and telecommunications sectors were leading detractors from performance.
Relative to the Russell 1000 Index, the Underlying Index’s security selection in the consumer services and financials sectors was a leading detractor from performance. The Underlying Index’s security selection in the technology and consumer goods sectors was a leading contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, among the Fund’s and the Underlying Index’s largest allocations were the technology and financials sectors and among their smallest allocations were the telecommunications and basic materials sectors.
50 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 2.3 | % | |||||
2. | Apple, Inc. | 2.0 | ||||||
3. | Cisco Systems, Inc. | 1.9 | ||||||
4. | Procter & Gamble Co. (The) | 1.8 | ||||||
5. | Intel Corp. | 1.7 | ||||||
6. | Wells Fargo & Co. | 1.7 | ||||||
7. | Pfizer, Inc. | 1.7 | ||||||
8. | Johnson & Johnson | 1.7 | ||||||
9. | Exxon Mobil Corp. | 1.6 | ||||||
10. | Walt Disney Co. (The) | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 21.6 | % | ||
Financials | 18.4 | |||
Consumer Services | 13.5 | |||
Industrials | 13.2 | |||
Health Care | 12.4 | |||
Consumer Goods | 8.5 | |||
Oil & Gas | 5.1 | |||
Utilities | 3.1 | |||
Basic Materials | 2.1 | |||
Telecommunications | 1.9 | |||
Investment of cash collateral from securities loaned | 0.1 | |||
Short-Term Investments | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.96 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.98 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Percentages indicated are based on total investments as of April 30, 2019. The Fund’s composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 51 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Value Factor ETF |
| |||||||||||||||
Net Asset Value | November 8, 2017 | 8.17% | 9.06% | 7.69% | ||||||||||||
Market Price | 8.25% | 9.05% | 7.75% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, and the Russell 1000 Index from November 8, 2017 to April 30, 2019. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International
Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities chosen for their factor characteristics and selects securities utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Index is a market-capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
52 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.5% |
| |||||||
Aerospace & Defense — 0.7% |
| |||||||
Bombardier, Inc., Class B* | 5,397,029 | 9,225,346 | ||||||
CAE, Inc. | 673,023 | 15,653,801 | ||||||
|
| |||||||
24,879,147 | ||||||||
|
| |||||||
Airlines — 0.5% |
| |||||||
Air Canada* | 687,478 | 16,503,167 | ||||||
|
| |||||||
Auto Components — 1.2% |
| |||||||
Magna International, Inc. | 770,304 | 42,876,442 | ||||||
|
| |||||||
Banks — 26.5% |
| |||||||
Bank of Montreal (a) | 1,621,227 | 128,057,208 | ||||||
Bank of Nova Scotia (The) | 3,112,540 | 171,413,899 | ||||||
Canadian Imperial Bank of Commerce | 1,125,312 | 94,757,368 | ||||||
National Bank of Canada (a) | 852,062 | 40,590,130 | ||||||
Royal Bank of Canada | 3,645,469 | 290,532,750 | ||||||
Toronto-Dominion Bank (The) | 4,654,505 | 265,505,167 | ||||||
|
| |||||||
990,856,522 | ||||||||
|
| |||||||
Capital Markets — 3.4% |
| |||||||
Brookfield Asset Management, Inc., Class A | 2,219,575 | 107,010,786 | ||||||
CI Financial Corp. | 570,975 | 8,212,800 | ||||||
IGM Financial, Inc. | 214,132 | 5,913,924 | ||||||
TMX Group Ltd. | 90,676 | 5,784,258 | ||||||
|
| |||||||
126,921,768 | ||||||||
|
| |||||||
Chemicals — 2.5% |
| |||||||
Methanex Corp. | 196,212 | 10,755,997 | ||||||
Nutrien Ltd. | 1,533,280 | 83,159,009 | ||||||
|
| |||||||
93,915,006 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.9% |
| |||||||
Ritchie Bros Auctioneers, Inc. | 276,074 | 9,607,054 | ||||||
Waste Connections, Inc. | 668,568 | 62,051,015 | ||||||
|
| |||||||
71,658,069 | ||||||||
|
| |||||||
Construction & Engineering — 0.5% |
| |||||||
SNC-Lavalin Group, Inc. | 445,818 | 11,114,668 | ||||||
WSP Global, Inc. | 162,285 | 8,762,930 | ||||||
|
| |||||||
19,877,598 | ||||||||
|
| |||||||
Containers & Packaging — 0.4% |
| |||||||
CCL Industries, Inc., Class B | 366,587 | 15,638,163 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
Onex Corp. | 205,697 | 11,931,562 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.4% |
| |||||||
BCE, Inc. | 752,737 | 33,678,477 | ||||||
TELUS Corp. | 503,035 | 18,522,592 | ||||||
|
| |||||||
52,201,069 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Electric Utilities — 2.0% |
| |||||||
Emera, Inc. (a) | 591,618 | 22,217,139 | ||||||
Fortis, Inc. | 1,088,072 | 40,218,949 | ||||||
Hydro One Ltd. (b) | 771,757 | 12,489,133 | ||||||
|
| |||||||
74,925,221 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.5% |
| |||||||
Canadian Apartment Properties REIT | 188,973 | 6,760,824 | ||||||
H&R | 355,451 | 6,073,205 | ||||||
RioCan | 379,054 | 7,288,521 | ||||||
|
| |||||||
20,122,550 | ||||||||
|
| |||||||
Food & Staples Retailing — 3.6% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 1,110,782 | 65,492,775 | ||||||
Empire Co. Ltd., Class A | 405,671 | 9,023,659 | ||||||
George Weston Ltd. | 186,956 | 13,959,251 | ||||||
Loblaw Cos. Ltd. | 449,745 | 22,032,369 | ||||||
Metro, Inc. | 611,792 | 22,148,176 | ||||||
|
| |||||||
132,656,230 | ||||||||
|
| |||||||
Food Products — 0.5% |
| |||||||
Saputo, Inc. | 563,242 | 19,259,622 | ||||||
|
| |||||||
Gas Utilities — 0.3% |
| |||||||
AltaGas Ltd. (a) | 699,313 | 9,296,682 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.4% |
| |||||||
Restaurant Brands International, Inc. | 638,830 | 41,695,376 | ||||||
Stars Group, Inc. (The)* | 555,007 | 10,472,924 | ||||||
|
| |||||||
52,168,300 | ||||||||
|
| |||||||
Insurance — 7.4% |
| |||||||
Fairfax Financial Holdings Ltd. | 70,435 | 33,589,246 | ||||||
Great-West Lifeco, Inc. | 659,904 | 16,585,032 | ||||||
iA Financial Corp., Inc. | 273,544 | 10,891,123 | ||||||
Intact Financial Corp. | 353,471 | 28,919,875 | ||||||
Manulife Financial Corp. | 4,986,835 | 91,830,424 | ||||||
Power Corp. of Canada (a) | 841,615 | 19,311,223 | ||||||
Power Financial Corp. | 573,406 | 13,666,383 | ||||||
Sun Life Financial, Inc. | 1,519,796 | 63,142,379 | ||||||
|
| |||||||
277,935,685 | ||||||||
|
| |||||||
IT Services — 2.8% |
| |||||||
CGI, Inc.* | 622,990 | 44,842,073 | ||||||
Shopify, Inc., Class A* (a) | 248,914 | 60,523,801 | ||||||
|
| |||||||
105,365,874 | ||||||||
|
| |||||||
Media — 0.9% |
| |||||||
Quebecor, Inc., Class B | 453,567 | 11,311,244 | ||||||
Shaw Communications, Inc., Class B | 1,127,810 | 22,839,057 | ||||||
|
| |||||||
34,150,301 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 53 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Metals & Mining — 5.7% |
| |||||||
Agnico Eagle Mines Ltd. | 597,009 | 24,723,490 | ||||||
Barrick Gold Corp. | 4,447,977 | 56,541,799 | ||||||
First Quantum Minerals Ltd. | 1,750,714 | 18,491,157 | ||||||
Franco-Nevada Corp. | 475,030 | 34,036,075 | ||||||
Kinross Gold Corp.* | 3,174,951 | 10,095,761 | ||||||
Lundin Mining Corp. | 1,623,475 | 8,712,985 | ||||||
Teck Resources Ltd., Class B | 1,272,297 | 30,086,116 | ||||||
Wheaton Precious Metals Corp. | 1,128,394 | 24,409,090 | ||||||
Yamana Gold, Inc. | 2,410,844 | 5,290,648 | ||||||
|
| |||||||
212,387,121 | ||||||||
|
| |||||||
Multiline Retail — 1.0% |
| |||||||
Canadian Tire Corp. Ltd., Class A (a) | 151,103 | 16,631,819 | ||||||
Dollarama, Inc. | 735,424 | 22,089,619 | ||||||
|
| |||||||
38,721,438 | ||||||||
|
| |||||||
Multi-Utilities — 0.8% |
| |||||||
Algonquin Power & Utilities Corp. | 1,241,443 | 14,168,593 | ||||||
Atco Ltd., Class I | 190,753 | 6,542,584 | ||||||
Canadian Utilities Ltd., Class A | 303,773 | 8,373,768 | ||||||
|
| |||||||
29,084,945 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 19.6% |
| |||||||
ARC Resources Ltd. (a) | 898,757 | 5,709,056 | ||||||
Cameco Corp. | 1,005,112 | 11,088,718 | ||||||
Canadian Natural Resources Ltd. | 3,052,389 | 91,637,744 | ||||||
Cenovus Energy, Inc. | 2,589,832 | 25,672,142 | ||||||
Crescent Point Energy Corp. (a) | 1,397,117 | 5,381,148 | ||||||
Enbridge, Inc. | 4,705,362 | 173,821,277 | ||||||
Encana Corp. | 3,798,533 | 26,312,149 | ||||||
Husky Energy, Inc. | 765,755 | 8,310,874 | ||||||
Imperial Oil Ltd. | 593,504 | 17,242,051 | ||||||
Inter Pipeline Ltd. (a) | 1,225,006 | 19,951,952 | ||||||
Keyera Corp. | 536,240 | 12,392,319 | ||||||
Pembina Pipeline Corp. | 1,393,025 | 49,806,597 | ||||||
PrairieSky Royalty Ltd. (a) | 528,974 | 7,624,459 | ||||||
Seven Generations Energy Ltd., Class A* | 681,356 | 5,340,179 | ||||||
Suncor Energy, Inc. | 4,184,537 | 137,995,704 | ||||||
Tourmaline Oil Corp. | 642,483 | 9,605,833 | ||||||
TransCanada Corp. | 2,419,468 | 115,474,199 | ||||||
Vermilion Energy, Inc. (a) | 387,547 | 9,896,233 | ||||||
|
| |||||||
733,262,634 | ||||||||
|
| |||||||
Paper & Forest Products — 0.2% |
| |||||||
West Fraser Timber Co. Ltd. | 134,831 | 6,941,326 | ||||||
|
| |||||||
Pharmaceuticals — 1.8% |
| |||||||
Aurora Cannabis, Inc.* (a) | 2,535,928 | 23,036,683 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals — continued |
| |||||||
Bausch Health Cos., Inc.* | 781,618 | 18,051,251 | ||||||
Canopy Growth Corp.* (a) | 548,800 | 27,720,606 | ||||||
|
| |||||||
68,808,540 | ||||||||
|
| |||||||
Professional Services — 0.8% |
| |||||||
Thomson Reuters Corp. | 458,467 | 28,332,076 | ||||||
|
| |||||||
Road & Rail — 6.7% |
| |||||||
Canadian National Railway Co. | 1,843,784 | 171,262,582 | ||||||
Canadian Pacific Railway Ltd. | 357,011 | 79,991,037 | ||||||
|
| |||||||
251,253,619 | ||||||||
|
| |||||||
Software — 2.2% |
| |||||||
BlackBerry Ltd.* | 1,251,003 | 11,476,321 | ||||||
Constellation Software, Inc. | 50,048 | 44,159,319 | ||||||
Open Text Corp. | 682,543 | 26,237,937 | ||||||
|
| |||||||
81,873,577 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.5% |
| |||||||
Gildan Activewear, Inc. | 524,985 | 19,358,259 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.1% |
| |||||||
Genworth MI Canada, Inc. (a) | 95,643 | 2,972,022 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Finning International, Inc. | 417,960 | 7,503,126 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.2% |
| |||||||
Rogers Communications, Inc., Class B | 912,330 | 45,933,163 | ||||||
|
| |||||||
Total Common Stocks | 3,719,570,824 | |||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 4.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | 130,000,301 | 130,013,301 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 45,361,209 | 45,361,209 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 175,374,510 | |||||||
|
| |||||||
Total Investments — 104.2% | 3,894,945,334 | |||||||
Liabilities in Excess of Other | (157,937,600 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 3,737,007,734 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Abbreviations
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $167,876,062. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
S&P/TSX 60 Index | 110 | 06/2019 | CAD | 16,303,352 | 301,989 | |||||||||||||||
|
| |||||||||||||||||||
301,989 | ||||||||||||||||||||
|
|
Abbreviations
CAD | — Canadian Dollar | |
TSX | — Toronto Stock Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 55 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.3% |
| |||||||
Australia — 53.4% |
| |||||||
AGL Energy Ltd. | 477,677 | 7,493,962 | ||||||
Alumina Ltd. | 1,691,698 | 2,676,910 | ||||||
Amcor Ltd. | 840,779 | 9,504,038 | ||||||
AMP Ltd. | 2,125,106 | 3,406,407 | ||||||
APA Group | 856,561 | 5,814,484 | ||||||
Aristocrat Leisure Ltd. | 462,531 | 8,514,543 | ||||||
ASX Ltd. | 140,526 | 7,382,991 | ||||||
Aurizon Holdings Ltd. | 1,444,781 | 4,847,974 | ||||||
AusNet Services | 1,255,578 | 1,571,967 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,101,201 | 40,310,677 | ||||||
Bendigo & Adelaide Bank Ltd. | 350,007 | 2,542,209 | ||||||
BHP Group Ltd. | 2,136,790 | 56,544,464 | ||||||
BlueScope Steel Ltd. | 399,428 | 3,795,680 | ||||||
Boral Ltd. | 851,059 | 2,913,720 | ||||||
Brambles Ltd. | 1,152,987 | 9,797,731 | ||||||
Caltex Australia Ltd. | 189,335 | 3,630,551 | ||||||
Challenger Ltd. | 416,479 | 2,410,978 | ||||||
CIMIC Group Ltd. | 70,955 | 2,531,227 | ||||||
Coca-Cola Amatil Ltd. | 367,930 | 2,282,305 | ||||||
Cochlear Ltd. | 41,580 | 5,496,252 | ||||||
Commonwealth Bank of Australia | 1,277,595 | 67,144,292 | ||||||
Computershare Ltd. | 364,899 | 4,590,521 | ||||||
Crown Resorts Ltd. | 260,041 | 2,437,626 | ||||||
CSL Ltd. | 328,491 | 46,074,728 | ||||||
Dexus, REIT | 732,651 | 6,468,381 | ||||||
Domino’s Pizza Enterprises Ltd. | 45,313 | 1,373,589 | ||||||
Flight Centre Travel Group Ltd. | 41,897 | 1,134,953 | ||||||
Fortescue Metals Group Ltd. | 1,242,589 | 6,279,061 | ||||||
Goodman Group, REIT | 1,163,506 | 10,827,106 | ||||||
GPT Group (The), REIT | 1,302,994 | 5,270,683 | ||||||
Harvey Norman Holdings Ltd. (a) | 458,960 | 1,349,402 | ||||||
Healthscope Ltd. | 943,086 | 1,629,402 | ||||||
Iluka Resources Ltd. | 303,801 | 1,853,854 | ||||||
Incitec Pivot Ltd. | 1,216,463 | 2,890,808 | ||||||
Insurance Australia Group Ltd. | 1,677,512 | 9,321,027 | ||||||
Lendlease Group | 423,578 | 3,972,050 | ||||||
Macquarie Group Ltd. | 229,749 | 21,833,990 | ||||||
Medibank Pvt Ltd. | 1,999,331 | 4,029,381 | ||||||
Mirvac Group, REIT | 2,689,816 | 5,384,714 | ||||||
National Australia Bank Ltd. | 1,981,311 | 35,376,387 | ||||||
Newcrest Mining Ltd. | 554,171 | 9,789,557 | ||||||
Orica Ltd. | 272,195 | 3,568,827 | ||||||
Origin Energy Ltd. | 1,276,100 | 6,631,339 | ||||||
Qantas Airways Ltd. | 607,000 | 2,401,124 | ||||||
QBE Insurance Group Ltd. | 990,923 | 9,038,263 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Australia — continued |
| |||||||
Ramsay Health Care Ltd. | 93,900 | 4,324,276 | ||||||
REA Group Ltd. | 35,370 | 1,993,260 | ||||||
Reece Ltd. | 130,671 | 951,149 | ||||||
Rio Tinto Ltd. | 269,494 | 18,164,533 | ||||||
Santos Ltd. | 1,278,976 | 6,472,401 | ||||||
Scentre Group, REIT | 3,865,304 | 10,426,650 | ||||||
SEEK Ltd. | 254,562 | 3,269,603 | ||||||
Seven Group Holdings Ltd. | 83,315 | 1,152,063 | ||||||
Sonic Healthcare Ltd. | 330,572 | 5,978,020 | ||||||
South32 Ltd. | 3,730,501 | 8,810,772 | ||||||
Stockland, REIT | 1,767,355 | 4,704,926 | ||||||
Suncorp Group Ltd. | 940,868 | 8,804,884 | ||||||
Sydney Airport | 800,918 | 4,305,054 | ||||||
Tabcorp Holdings Ltd. | 1,459,269 | 4,927,497 | ||||||
Telstra Corp. Ltd. | 3,021,986 | 7,197,899 | ||||||
TPG Telecom Ltd. | 248,030 | 1,178,563 | ||||||
Transurban Group | 1,893,286 | 17,928,349 | ||||||
Treasury Wine Estates Ltd. | 521,734 | 6,328,476 | ||||||
Vicinity Centres, REIT | 2,332,865 | 4,183,610 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 84,900 | 1,377,000 | ||||||
Wesfarmers Ltd. | 823,149 | 20,893,405 | ||||||
Westpac Banking Corp. | 2,493,572 | 48,441,113 | ||||||
Woodside Petroleum Ltd. | 679,545 | 16,940,870 | ||||||
Woolworths Group Ltd. | 953,446 | 21,407,269 | ||||||
WorleyParsons Ltd. | 226,342 | 2,280,792 | ||||||
|
| |||||||
686,582,569 | ||||||||
|
| |||||||
China — 0.3% |
| |||||||
Evergrande Health Industry Group Ltd.* (a) | 1,545,000 | 2,152,511 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 1,660,500 | 1,919,858 | ||||||
|
| |||||||
4,072,369 | ||||||||
|
| |||||||
Hong Kong — 28.5% |
| |||||||
AIA Group Ltd. | 8,766,200 | 89,760,941 | ||||||
ASM Pacific Technology Ltd. | 185,100 | 2,146,980 | ||||||
Bank of East Asia Ltd. (The) | 1,072,200 | 3,384,407 | ||||||
Cathay Pacific Airways Ltd. | 713,000 | 1,200,704 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 801,600 | 857,951 | ||||||
CK Asset Holdings Ltd. | 1,926,000 | 15,486,079 | ||||||
CK Hutchison Holdings Ltd. | 2,014,500 | 21,180,289 | ||||||
CK Infrastructure Holdings Ltd. | 535,500 | 4,342,651 | ||||||
CLP Holdings Ltd. | 1,325,000 | 15,038,310 | ||||||
Dairy Farm International Holdings Ltd. | 216,800 | 1,698,327 | ||||||
Guoco Group Ltd. | 57,000 | 848,469 | ||||||
Hang Lung Group Ltd. | 611,000 | 1,822,251 | ||||||
Hang Lung Properties Ltd. | 1,442,000 | 3,394,074 |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Hong Kong — continued |
| |||||||
Hang Seng Bank Ltd. | 527,200 | 13,851,460 | ||||||
Henderson Land Development Co. Ltd. | 1,079,000 | 6,650,041 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (b) | 1,664,500 | 1,631,105 | ||||||
HKT Trust & HKT Ltd. | 2,627,000 | 4,072,038 | ||||||
Hong Kong & China Gas Co. Ltd. | 6,480,000 | 15,469,437 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 861,500 | 29,927,498 | ||||||
Hutchison Port Holdings Trust | 3,927,300 | 922,558 | ||||||
Hysan Development Co. Ltd. | 452,000 | 2,533,339 | ||||||
Jardine Matheson Holdings Ltd. | 229,600 | 15,114,587 | ||||||
Jardine Strategic Holdings Ltd. | 128,400 | 4,857,263 | ||||||
Kerry Properties Ltd. | 427,000 | 1,827,718 | ||||||
Kingston Financial Group Ltd. (a) | 2,298,000 | 530,995 | ||||||
Lifestyle International Holdings Ltd. | 341,000 | 594,307 | ||||||
Link REIT, REIT | 1,529,000 | 17,864,768 | ||||||
MTR Corp. Ltd. | 1,156,000 | 6,886,793 | ||||||
New World Development Co. Ltd. (a) | 4,159,000 | 6,890,259 | ||||||
NWS Holdings Ltd. | 1,169,000 | 2,430,968 | ||||||
Orient Overseas International Ltd.* (a) | 140,000 | 945,850 | ||||||
PCCW Ltd. | 3,199,000 | 1,928,932 | ||||||
Power Assets Holdings Ltd. | 949,500 | 6,622,927 | ||||||
Shangri-La Asia Ltd. | 944,000 | 1,338,388 | ||||||
Sino Land Co. Ltd. | 2,412,000 | 4,242,844 | ||||||
Sun Hung Kai Properties Ltd. | 1,115,500 | 19,251,685 | ||||||
Swire Pacific Ltd., Class A (a) | 356,500 | 4,514,526 | ||||||
Swire Pacific Ltd., Class B | 645,000 | 1,279,277 | ||||||
Swire Properties Ltd. | 763,200 | 3,105,701 | ||||||
Techtronic Industries Co. Ltd. | 1,056,000 | 7,641,744 | ||||||
WH Group Ltd. (b) | 6,813,000 | 8,061,237 | ||||||
Wharf Holdings Ltd. (The) | 833,000 | 2,394,016 | ||||||
Wharf Real Estate Investment Co. Ltd. | 831,000 | 6,369,020 | ||||||
Wheelock & Co. Ltd. | 560,000 | 3,990,793 | ||||||
Yue Yuen Industrial Holdings Ltd. | 504,500 | 1,629,525 | ||||||
|
| |||||||
366,533,032 | ||||||||
|
| |||||||
Ireland — 0.3% |
| |||||||
James Hardie Industries plc, CHDI | 321,842 | 4,378,756 | ||||||
|
| |||||||
Luxembourg — 0.1% |
| |||||||
L’Occitane International SA | 291,836 | 524,433 | ||||||
|
| |||||||
Macau — 2.3% |
| |||||||
Galaxy Entertainment Group Ltd. | 1,817,000 | 13,607,941 | ||||||
MGM China Holdings Ltd. (a) | 607,428 | 1,253,954 | ||||||
Sands China Ltd. | 1,762,979 | 9,703,721 | ||||||
SJM Holdings Ltd. | 1,557,000 | 1,882,718 | ||||||
Wynn Macau Ltd. | 1,059,916 | 3,049,560 | ||||||
|
| |||||||
29,497,894 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
New Zealand — 2.2% |
| |||||||
a2 Milk Co. Ltd.* | 533,516 | 5,997,577 | ||||||
Auckland International Airport Ltd. | 683,784 | 3,640,240 | ||||||
Contact Energy Ltd. | 520,305 | 2,335,876 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 416,463 | 4,405,701 | ||||||
Fletcher Building Ltd. | 619,508 | 2,134,405 | ||||||
Mercury NZ Ltd. | 455,692 | 1,126,820 | ||||||
Meridian Energy Ltd. | 911,732 | 2,476,612 | ||||||
Ryman Healthcare Ltd. | 301,277 | 2,446,621 | ||||||
Spark New Zealand Ltd. | 1,333,028 | 3,270,818 | ||||||
|
| |||||||
27,834,670 | ||||||||
|
| |||||||
Singapore — 12.1% |
| |||||||
Ascendas, REIT | 1,851,600 | 4,090,136 | ||||||
CapitaLand Commercial Trust, REIT | 2,010,700 | 2,872,681 | ||||||
CapitaLand Ltd. | 1,812,200 | 4,709,207 | ||||||
CapitaLand Mall Trust, REIT | 2,033,500 | 3,620,829 | ||||||
City Developments Ltd. | 447,900 | 2,948,158 | ||||||
ComfortDelGro Corp. Ltd. | 1,572,300 | 3,114,230 | ||||||
DBS Group Holdings Ltd. | 1,319,200 | 27,433,344 | ||||||
Frasers Property Ltd. | 273,700 | 374,298 | ||||||
Genting Singapore Ltd. | 4,114,900 | 2,983,788 | ||||||
Golden Agri-Resources Ltd. | 4,826,400 | 1,026,202 | ||||||
Great Eastern Holdings Ltd. | 41,800 | 797,824 | ||||||
Jardine Cycle & Carriage Ltd. | 72,000 | 1,881,387 | ||||||
Keppel, REIT | 1,302,700 | 1,168,806 | ||||||
Keppel Corp. Ltd. | 1,052,500 | 5,245,038 | ||||||
Mapletree North Asia Commercial Trust, REIT (b) | 1,544,300 | 1,542,959 | ||||||
Olam International Ltd. | 669,700 | 974,534 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 2,930,100 | 26,102,051 | ||||||
SATS Ltd. | 484,600 | 1,863,790 | ||||||
Sembcorp Industries Ltd. | 661,200 | 1,293,073 | ||||||
Sembcorp Marine Ltd.* | 592,700 | 745,094 | ||||||
SIA Engineering Co. Ltd. | 179,100 | 329,457 | ||||||
Singapore Airlines Ltd. | 377,800 | 2,691,950 | ||||||
Singapore Exchange Ltd. | 598,400 | 3,249,120 | ||||||
Singapore Press Holdings Ltd. | 1,158,600 | 2,141,321 | ||||||
Singapore Technologies Engineering Ltd. | 1,108,300 | 3,229,594 | ||||||
Singapore Telecommunications Ltd. | 5,690,900 | 13,275,981 | ||||||
StarHub Ltd. | 428,700 | 488,881 | ||||||
Suntec, REIT | 1,633,900 | 2,222,427 | ||||||
United Industrial Corp. Ltd. | 156,300 | 364,037 | ||||||
United Overseas Bank Ltd. | 1,027,600 | 21,043,685 | ||||||
UOL Group Ltd. | 392,200 | 2,188,969 | ||||||
Venture Corp. Ltd. | 194,700 | 2,441,765 | ||||||
Wilmar International Ltd. | 2,618,700 | 7,003,404 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 57 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Singapore — continued |
| |||||||
Yanlord Land Group Ltd. | 478,500 | 513,990 | ||||||
|
| |||||||
155,972,010 | ||||||||
|
| |||||||
Taiwan — 0.1% |
| |||||||
FIT Hon Teng Ltd. (b) | 1,121,000 | 585,302 | ||||||
|
| |||||||
Total Common Stocks |
| 1,275,981,035 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 0.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | 1,999,800 | 2,000,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 3,629,387 | 3,629,387 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 5,629,387 | |||||||
|
| |||||||
Total Investments — 99.7% | 1,281,610,422 | |||||||
Other Assets Less Liabilities — 0.3% | 3,411,806 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 1,285,022,228 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Banks | 22.2 | % | ||
Insurance | 9.5 | |||
Metals & Mining | 8.4 | |||
Real Estate Management & Development | 7.7 | |||
Equity Real Estate Investment Trusts (REITs) | 6.3 | |||
Capital Markets | 4.9 | |||
Hotels, Restaurants & Leisure | 4.1 | |||
Industrial Conglomerates | 4.0 | |||
Biotechnology | 3.6 | |||
Oil, Gas & Consumable Fuels | 2.7 | |||
Electric Utilities | 2.5 | |||
Diversified Telecommunication Services | 2.4 | |||
Transportation Infrastructure | 2.3 | |||
Food & Staples Retailing | 1.9 | |||
Multiline Retail | 1.8 | |||
Food Products | 1.7 | |||
Gas Utilities | 1.7 | |||
Health Care Providers & Services | 1.3 | |||
Road & Rail | 1.2 | |||
Others (each less than 1.0%) | 9.8 |
Abbreviations
CHDI | — Clearing House Electronic Subregister System (CHESS) Depository Interest | |
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $5,345,743. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Hang Seng Index | 14 | 05/2019 | HKD | 2,634,179 | 3,548 | |||||||||||||||
MSCI Singapore Index | 28 | 05/2019 | SGD | 780,031 | 7,389 | |||||||||||||||
SPI 200 Index | 2 | 05/2019 | AUD | 222,095 | (2,119 | ) | ||||||||||||||
SPI 200 Index | 43 | 06/2019 | AUD | 4,781,094 | 83,453 | |||||||||||||||
|
| |||||||||||||||||||
92,271 | ||||||||||||||||||||
|
|
Abbreviations
AUD | — Australian Dollar | |
HKD | — Hong Kong Dollar | |
MSCI | — Morgan Stanley Capital International | |
SGD | — Singapore Dollar | |
SPI | — Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 59 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.1% |
| |||||||
Australia — 1.2% |
| |||||||
BHP Group plc | 987,443 | 23,308,172 | ||||||
Rio Tinto plc | 519,131 | 30,285,619 | ||||||
|
| |||||||
53,593,791 | ||||||||
|
| |||||||
Austria — 0.5% |
| |||||||
ANDRITZ AG (a) | 33,129 | 1,582,109 | ||||||
BAWAG Group AG (b) | 17,980 | 874,542 | ||||||
Erste Group Bank AG* | 140,659 | 5,632,144 | ||||||
EVN AG | 15,867 | 236,692 | ||||||
IMMOFINANZ AG* | 42,528 | 1,090,718 | ||||||
Lenzing AG (a) | 6,168 | 693,378 | ||||||
Oesterreichische Post AG | 14,801 | 576,384 | ||||||
OMV AG | 66,651 | 3,575,100 | ||||||
Raiffeisen Bank International AG | 62,368 | 1,663,495 | ||||||
Strabag SE | 7,082 | 237,939 | ||||||
Telekom Austria AG* | 63,877 | 478,835 | ||||||
UNIQA Insurance Group AG | 54,002 | 575,402 | ||||||
Verbund AG* | 30,825 | 1,530,679 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 17,688 | 492,004 | ||||||
voestalpine AG | 52,142 | 1,677,619 | ||||||
|
| |||||||
20,917,040 | ||||||||
|
| |||||||
Belgium — 2.0% |
| |||||||
Ackermans & van Haaren NV | 10,458 | 1,685,023 | ||||||
Ageas | 89,395 | 4,724,117 | ||||||
Anheuser-Busch InBev SA/NV | 467,062 | 41,525,147 | ||||||
bpost SA | 45,125 | 543,262 | ||||||
Colruyt SA | 23,219 | 1,676,158 | ||||||
Elia System Operator SA/NV | 14,075 | 948,770 | ||||||
Groupe Bruxelles Lambert SA | 37,338 | 3,575,494 | ||||||
KBC Group NV | 159,852 | 11,866,752 | ||||||
Proximus SADP | 71,974 | 2,015,783 | ||||||
Sofina SA | 7,246 | 1,492,618 | ||||||
Solvay SA | 34,155 | 4,118,264 | ||||||
Telenet Group Holding NV | 26,902 | 1,428,839 | ||||||
UCB SA | 60,018 | 4,770,165 | ||||||
Umicore SA | 97,918 | 3,799,975 | ||||||
|
| |||||||
84,170,367 | ||||||||
|
| |||||||
Chile — 0.0%(c) |
| |||||||
Antofagasta plc | 159,773 | 1,899,344 | ||||||
|
| |||||||
Colombia — 0.0%(c) |
| |||||||
Millicom International Cellular SA, SDR | 27,824 | 1,627,481 | ||||||
|
| |||||||
Denmark — 2.7% |
| |||||||
AP Moller — Maersk A/S, Class A | 1,558 | 1,905,783 | ||||||
AP Moller — Maersk A/S, Class B | 3,057 | 3,940,761 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Denmark — continued |
| |||||||
Carlsberg A/S, Class B | 49,456 | 6,394,701 | ||||||
Chr Hansen Holding A/S | 45,202 | 4,618,790 | ||||||
Coloplast A/S, Class B | 54,616 | 5,899,702 | ||||||
Danske Bank A/S | 326,726 | 5,807,152 | ||||||
Demant A/S* (a) | 52,531 | 1,659,790 | ||||||
DSV A/S | 87,894 | 8,144,950 | ||||||
Genmab A/S* | 28,271 | 4,693,216 | ||||||
GN Store Nord A/S | 67,361 | 3,452,607 | ||||||
H Lundbeck A/S (a) | 28,318 | 1,193,843 | ||||||
ISS A/S (a) | 74,736 | 2,327,402 | ||||||
Jyske Bank A/S (Registered) | 31,364 | 1,265,051 | ||||||
Novo Nordisk A/S, Class B | 822,635 | 40,304,635 | ||||||
Novozymes A/S, Class B | 102,355 | 4,777,453 | ||||||
Orsted A/S (b) | 78,119 | 5,980,716 | ||||||
Pandora A/S | 50,858 | 2,133,250 | ||||||
Rockwool International A/S, Class A | 2,771 | 659,026 | ||||||
Rockwool International A/S, Class B | 3,352 | 896,823 | ||||||
Tryg A/S | 55,714 | 1,705,109 | ||||||
Vestas Wind Systems A/S | 96,168 | 8,701,654 | ||||||
|
| |||||||
116,462,414 | ||||||||
|
| |||||||
Finland — 2.0% |
| |||||||
Elisa OYJ | 69,289 | 2,939,941 | ||||||
Fortum OYJ | 201,772 | 4,279,687 | ||||||
Huhtamaki OYJ | 44,232 | 1,691,483 | ||||||
Kesko OYJ, Class A | 9,797 | 471,195 | ||||||
Kesko OYJ, Class B | 31,343 | 1,629,832 | ||||||
Kone OYJ, Class B | 189,007 | 10,385,599 | ||||||
Konecranes OYJ | 30,792 | 1,287,105 | ||||||
Metso OYJ | 59,251 | 2,217,009 | ||||||
Neste OYJ | 179,812 | 5,943,266 | ||||||
Nokia OYJ | 2,632,862 | 13,834,664 | ||||||
Nokian Renkaat OYJ | 57,570 | 1,929,734 | ||||||
Nordea Bank Abp | 1,491,194 | 11,731,752 | ||||||
Orion OYJ, Class A | 15,041 | 504,619 | ||||||
Orion OYJ, Class B | 48,146 | 1,605,403 | ||||||
Outokumpu OYJ (a) | 147,027 | 562,933 | ||||||
Sampo OYJ, Class A | 227,990 | 10,439,228 | ||||||
Stora Enso OYJ, Class A | 13,164 | 204,606 | ||||||
Stora Enso OYJ, Class R | 266,579 | 3,319,844 | ||||||
UPM-Kymmene OYJ | 248,792 | 7,024,597 | ||||||
Wartsila OYJ Abp | 210,857 | 3,376,341 | ||||||
|
| |||||||
85,378,838 | ||||||||
|
| |||||||
France — 16.7% |
| |||||||
Accor SA | 87,707 | 3,694,859 |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Adevinta ASA, Class A* | 924 | 9,320 | ||||||
Aeroports de Paris | 15,114 | 3,078,912 | ||||||
Air Liquide SA | 200,201 | 26,633,101 | ||||||
Airbus SE (a) | 267,322 | 36,604,305 | ||||||
Alstom SA | 73,882 | 3,250,599 | ||||||
Amundi SA (b) | 27,730 | 1,995,096 | ||||||
Arkema SA | 33,666 | 3,456,708 | ||||||
Atos SE | 43,883 | 4,524,807 | ||||||
AXA SA (a) | 918,885 | 24,503,479 | ||||||
BioMerieux | 19,679 | 1,562,988 | ||||||
BNP Paribas SA | 535,270 | 28,494,069 | ||||||
Bollore SA | 419,111 | 1,993,622 | ||||||
Bouygues SA (a) | 105,950 | 3,988,210 | ||||||
Bureau Veritas SA | 122,976 | 3,117,280 | ||||||
Capgemini SE | 74,303 | 9,016,989 | ||||||
Carrefour SA | 261,986 | 5,104,061 | ||||||
Casino Guichard Perrachon SA (a) | 24,769 | 1,014,003 | ||||||
Cie de Saint-Gobain | 255,419 | 10,472,162 | ||||||
Cie Generale des Etablissements Michelin SCA | 84,185 | 10,886,003 | ||||||
CNP Assurances (a) | 73,265 | 1,730,573 | ||||||
Covivio, REIT | 28,700 | 3,106,327 | ||||||
Credit Agricole SA | 572,167 | 7,857,022 | ||||||
Danone SA (a) | 301,063 | 24,339,415 | ||||||
Dassault Aviation SA | 1,080 | 1,634,081 | ||||||
Dassault Systemes SE | 63,012 | 9,978,763 | ||||||
Edenred | 111,862 | 5,274,042 | ||||||
Eiffage SA | 33,956 | 3,545,386 | ||||||
Electricite de France SA | 223,191 | 3,223,310 | ||||||
Engie SA | 856,984 | 12,719,788 | ||||||
EssilorLuxottica SA* | 121,569 | 14,811,790 | ||||||
Eutelsat Communications SA | 79,793 | 1,442,084 | ||||||
Faurecia SA | 34,485 | 1,754,648 | ||||||
Gecina SA, REIT | 25,481 | 3,807,214 | ||||||
Getlink SE | 214,152 | 3,446,977 | ||||||
Hermes International | 16,781 | 11,806,544 | ||||||
ICADE, REIT (a) | 20,987 | 1,793,673 | ||||||
Iliad SA (a) | 12,481 | 1,271,528 | ||||||
Imerys SA | 16,848 | 897,216 | ||||||
Ipsen SA | 16,996 | 1,984,961 | ||||||
JCDecaux SA | 35,323 | 1,156,854 | ||||||
Kering SA (a) | 34,788 | 20,585,958 | ||||||
Klepierre SA, REIT | 96,017 | 3,411,870 | ||||||
Lagardere SCA | 56,557 | 1,540,377 | ||||||
Legrand SA | 123,796 | 9,105,552 | ||||||
L’Oreal SA (a) | 114,908 | 31,605,730 |
INVESTMENTS | SHARES | VALUE($) | ||||||
France — continued |
| |||||||
LVMH Moet Hennessy Louis Vuitton SE (a) | 125,932 | 49,443,072 | ||||||
Natixis SA (a) | 423,352 | 2,494,703 | ||||||
Orange SA | 1,003,037 | 15,676,017 | ||||||
Pernod Ricard SA | 96,751 | 16,870,181 | ||||||
Peugeot SA (a) | 262,278 | 6,876,634 | ||||||
Publicis Groupe SA (a) | 102,263 | 6,078,135 | ||||||
Renault SA | 96,780 | 6,602,949 | ||||||
Rexel SA | 139,889 | 1,880,653 | ||||||
Safran SA | 153,017 | 22,303,929 | ||||||
Sanofi (a) | 535,995 | 46,765,187 | ||||||
Sartorius Stedim Biotech | 10,984 | 1,491,899 | ||||||
Schneider Electric SE (a) | 249,972 | 21,156,613 | ||||||
SEB SA (a) | 12,474 | 2,285,377 | ||||||
Societe Generale SA | 353,859 | 11,221,399 | ||||||
Sodexo SA | 41,363 | 4,743,657 | ||||||
Suez | 196,477 | 2,760,117 | ||||||
Teleperformance* | 26,770 | 5,146,281 | ||||||
Thales SA | 49,489 | 5,912,819 | ||||||
TOTAL SA | 1,180,772 | 65,639,996 | ||||||
Ubisoft Entertainment SA* | 31,381 | 2,998,084 | ||||||
Unibail-Rodamco-Westfield, REIT | 64,349 | 11,060,640 | ||||||
Valeo SA | 111,400 | 4,051,921 | ||||||
Veolia Environnement SA (a) | 262,889 | 6,217,971 | ||||||
Vinci SA | 239,329 | 24,171,329 | ||||||
Vivendi SA (a) | 357,503 | 10,376,824 | ||||||
|
| |||||||
721,458,643 | ||||||||
|
| |||||||
Germany — 13.5% |
| |||||||
1&1 Drillisch AG | 22,075 | 823,000 | ||||||
adidas AG | 81,518 | 20,998,053 | ||||||
Allianz SE (Registered) | 198,445 | 47,966,964 | ||||||
Aroundtown SA | 334,640 | 2,718,791 | ||||||
BASF SE | 429,410 | 35,057,444 | ||||||
Bayer AG (Registered) | 435,990 | 29,017,637 | ||||||
Bayerische Motoren Werke AG | 149,167 | 12,725,200 | ||||||
Bayerische Motoren Werke AG (Preference) | 25,642 | 1,895,987 | ||||||
Beiersdorf AG | 45,948 | 5,027,663 | ||||||
Brenntag AG | 71,632 | 3,861,258 | ||||||
Commerzbank AG* | 491,826 | 4,433,018 | ||||||
Continental AG | 50,494 | 8,376,484 | ||||||
Covestro AG (b) | 79,568 | 4,372,067 | ||||||
Daimler AG (Registered)* | 465,162 | 30,531,354 | ||||||
Delivery Hero SE* (b) | 53,347 | 2,458,579 | ||||||
Deutsche Bank AG (Registered) | 888,964 | 7,371,711 | ||||||
Deutsche Boerse AG | 88,829 | 11,869,539 | ||||||
Deutsche Lufthansa AG (Registered) | 109,771 | 2,655,769 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 61 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Germany — continued |
| |||||||
Deutsche Post AG (Registered)* | 454,006 | 15,781,444 | ||||||
Deutsche Telekom AG (Registered) | 1,513,744 | 25,362,633 | ||||||
Deutsche Wohnen SE | 165,811 | 7,469,031 | ||||||
E.ON SE | 1,029,066 | 11,064,234 | ||||||
Evonik Industries AG | 69,097 | 2,062,729 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 17,043 | 1,418,746 | ||||||
Fresenius Medical Care AG & Co. KGaA | 99,081 | 8,350,889 | ||||||
Fresenius SE & Co. KGaA | 191,467 | 10,887,744 | ||||||
GEA Group AG | 76,126 | 2,132,873 | ||||||
Hannover Rueck SE | 28,191 | 4,257,114 | ||||||
HeidelbergCement AG | 68,645 | 5,554,756 | ||||||
Henkel AG & Co. KGaA | 46,949 | 4,477,002 | ||||||
Henkel AG & Co. KGaA (Preference) | 83,295 | 8,430,552 | ||||||
HOCHTIEF AG | 9,087 | 1,358,586 | ||||||
HUGO BOSS AG | 29,327 | 2,049,199 | ||||||
Infineon Technologies AG | 527,244 | 12,498,626 | ||||||
Innogy SE* (b) | 59,245 | 2,750,332 | ||||||
K+S AG (Registered) | 88,662 | 1,805,369 | ||||||
KION Group AG | 31,142 | 2,142,340 | ||||||
LANXESS AG | 42,437 | 2,457,478 | ||||||
MAN SE (Preference) | 1,575 | 126,504 | ||||||
Merck KGaA | 60,424 | 6,440,626 | ||||||
MTU Aero Engines AG | 24,311 | 5,735,684 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered)* | 69,913 | 17,398,124 | ||||||
Porsche Automobil Holding SE (Preference) | 71,590 | 4,976,768 | ||||||
ProSiebenSat.1 Media SE | 107,992 | 1,707,197 | ||||||
RWE AG* | 253,024 | 6,490,073 | ||||||
RWE AG (Preference)(Non-Voting)* | 17,778 | 453,630 | ||||||
SAP SE | 505,432 | 65,154,349 | ||||||
Siemens AG (Registered) | 397,395 | 47,648,529 | ||||||
Siemens Healthineers AG (a) (b) | 64,819 | 2,774,528 | ||||||
Symrise AG | 59,516 | 5,720,744 | ||||||
Talanx AG | 18,594 | 744,136 | ||||||
Telefonica Deutschland Holding AG | 372,120 | 1,208,703 | ||||||
thyssenkrupp AG (a) | 187,045 | 2,637,078 | ||||||
TUI AG (a) | 206,532 | 2,308,037 | ||||||
Uniper SE | 89,770 | 2,723,928 | ||||||
United Internet AG (Registered) | 57,851 | 2,325,891 | ||||||
Volkswagen AG | 15,012 | 2,691,606 | ||||||
Volkswagen AG (Preference) | 85,801 | 14,981,034 | ||||||
Vonovia SE | 242,214 | 12,105,008 | ||||||
Wacker Chemie AG | 8,154 | 716,804 | ||||||
Wirecard AG | 53,693 | 8,111,259 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Germany — continued |
| |||||||
Zalando SE* (b) | 55,737 | 2,621,863 | ||||||
|
| |||||||
582,274,298 | ||||||||
|
| |||||||
Ghana — 0.0%(c) |
| |||||||
Tullow Oil plc | 640,767 | 1,878,807 | ||||||
|
| |||||||
Ireland — 0.9% |
| |||||||
AIB Group plc | 364,804 | 1,694,832 | ||||||
Bank of Ireland Group plc* | 429,669 | 2,746,665 | ||||||
CRH plc | 382,499 | 12,867,534 | ||||||
Glanbia plc | 93,172 | 1,712,783 | ||||||
Kerry Group plc, Class A | 70,686 | 7,912,285 | ||||||
Kingspan Group plc | 70,732 | 3,719,131 | ||||||
Paddy Power Betfair plc | 37,120 | 3,109,211 | ||||||
Ryanair Holdings plc, ADR* | 45,690 | 3,547,372 | ||||||
Smurfit Kappa Group plc | 110,487 | 3,239,958 | ||||||
|
| |||||||
40,549,771 | ||||||||
|
| |||||||
Italy — 3.5% |
| |||||||
A2A SpA | 725,755 | 1,214,649 | ||||||
Assicurazioni Generali SpA | 575,017 | 11,156,501 | ||||||
Atlantia SpA | 219,872 | 6,002,664 | ||||||
Banca Mediolanum SpA | 115,219 | 846,255 | ||||||
Banco BPM SpA* | 699,158 | 1,664,359 | ||||||
Brembo SpA | 70,766 | 930,869 | ||||||
BuzziUnicem SpA | 18,633 | 283,938 | ||||||
BuzziUnicem SpA | 32,738 | 729,914 | ||||||
Davide Campari-Milano SpA | 263,802 | 2,661,230 | ||||||
DiaSorin SpA | 11,225 | 1,097,320 | ||||||
Enel SpA | 3,608,842 | 22,851,775 | ||||||
Eni SpA | 1,189,347 | 20,267,831 | ||||||
Ferrari NV | 58,295 | 7,906,643 | ||||||
FinecoBank Banca Fineco SpA (a) | 182,578 | 2,404,904 | ||||||
Hera SpA | 341,972 | 1,217,335 | ||||||
Intesa Sanpaolo SpA | 7,366,288 | 19,299,792 | ||||||
Leonardo SpA | 182,249 | 2,107,675 | ||||||
Mediaset SpA* (a) | 162,919 | 542,373 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 289,854 | 3,072,252 | ||||||
Moncler SpA | 79,772 | 3,279,766 | ||||||
Pirelli & C SpA* (a) (b) | 170,034 | 1,243,011 | ||||||
Poste Italiane SpA (b) | 211,794 | 2,263,530 | ||||||
Prysmian SpA | 124,190 | 2,397,919 | ||||||
Recordati SpA | 47,241 | 1,908,901 | ||||||
Saipem SpA* | 264,801 | 1,343,198 | ||||||
Salvatore Ferragamo SpA | 22,235 | 504,464 | ||||||
Snam SpA | 1,047,443 | 5,332,412 | ||||||
Telecom Italia SpA | 2,792,040 | 1,457,928 |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Italy — continued |
| |||||||
Telecom Italia SpA* (a) | 5,346,266 | 2,992,711 | ||||||
Terna Rete Elettrica Nazionale SpA | 648,861 | 3,892,621 | ||||||
UniCredit SpA | 987,790 | 13,675,068 | ||||||
Unione di Banche Italiane SpA (a) | 471,951 | 1,473,376 | ||||||
UnipolSai Assicurazioni SpA | 350,825 | 961,334 | ||||||
|
| |||||||
148,984,518 | ||||||||
|
| |||||||
Jordan — 0.0%(c) |
| |||||||
Hikma Pharmaceuticals plc | 64,420 | 1,486,554 | ||||||
|
| |||||||
Luxembourg — 0.4% |
| |||||||
ArcelorMittal | 299,179 | 6,508,962 | ||||||
Eurofins Scientific SE (a) | 5,240 | 2,399,542 | ||||||
RTL Group SA | 17,876 | 1,007,279 | ||||||
SES SA, FDR (a) | 177,280 | �� | 3,016,361 | |||||
Tenaris SA | 218,807 | 3,033,065 | ||||||
|
| |||||||
15,965,209 | ||||||||
|
| |||||||
Mexico — 0.0%(c) |
| |||||||
Fresnillo plc | 85,280 | 835,256 | ||||||
|
| |||||||
Netherlands — 7.2% |
| |||||||
ABN AMRO Group NV, CVA (a) (b) | 193,368 | 4,554,258 | ||||||
Adyen NV* (b) | 10,738 | 8,751,450 | ||||||
Aegon NV | 650,503 | 3,395,722 | ||||||
Akzo Nobel NV (a) | 106,478 | 9,046,958 | ||||||
Altice Europe NV* | 246,450 | 782,097 | ||||||
ASML Holding NV (a) | 199,006 | 41,554,573 | ||||||
Boskalis Westminster (a) | 38,931 | 1,068,464 | ||||||
EXOR NV | 44,572 | 2,972,180 | ||||||
GrandVision NV (b) | 26,670 | 600,170 | ||||||
HAL Trust | 38,226 | 5,885,488 | ||||||
Heineken Holding NV (a) | 55,211 | 5,620,698 | ||||||
Heineken NV (a) | 110,411 | 11,936,240 | ||||||
ING Groep NV (a) | 1,803,532 | 23,013,118 | ||||||
Koninklijke Ahold Delhaize NV | 553,419 | 13,338,280 | ||||||
Koninklijke DSM NV | 84,820 | 9,701,000 | ||||||
Koninklijke KPN NV | 1,964,928 | 6,038,922 | ||||||
Koninklijke Philips NV | 433,018 | 18,595,407 | ||||||
Koninklijke Vopak NV (a) | 30,854 | 1,377,725 | ||||||
NN Group NV | 142,428 | 6,215,503 | ||||||
OCI NV* (a) | 29,170 | 847,210 | ||||||
Randstad NV | 57,631 | 3,295,987 | ||||||
Royal Dutch Shell plc, Class A | 2,071,730 | 66,008,260 | ||||||
Royal Dutch Shell plc, Class B | 1,751,103 | 56,513,978 | ||||||
Wolters Kluwer NV | 130,774 | 9,127,697 | ||||||
|
| |||||||
310,241,385 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Norway — 1.2% |
| |||||||
Aker ASA, Class A | 11,437 | 783,622 | ||||||
Aker BP ASA | 49,943 | 1,648,492 | ||||||
DNB ASA* | 435,046 | 8,365,591 | ||||||
Equinor ASA | 510,006 | 11,368,870 | ||||||
Gjensidige Forsikring ASA | 87,952 | 1,710,307 | ||||||
Kongsberg Gruppen ASA | 41,643 | 603,688 | ||||||
Leroy Seafood Group ASA | 128,496 | 930,362 | ||||||
Mowi ASA | 205,072 | 4,449,139 | ||||||
Norsk Hydro ASA | 631,770 | 2,721,087 | ||||||
Orkla ASA | 382,496 | 3,002,036 | ||||||
Salmar ASA | 25,098 | 1,141,577 | ||||||
Schibsted ASA, Class A | 37,078 | 974,055 | ||||||
Schibsted ASA, Class B | 47,160 | 1,128,239 | ||||||
Storebrand ASA | 216,836 | 1,832,549 | ||||||
Telenor ASA (a) | 309,574 | 6,223,015 | ||||||
TGS NOPEC Geophysical Co. ASA | 47,230 | 1,235,004 | ||||||
Yara International ASA | 81,557 | 3,687,521 | ||||||
|
| |||||||
51,805,154 | ||||||||
|
| |||||||
Portugal — 0.3% |
| |||||||
Banco Comercial Portugues SA, Class R* | 4,271,665 | 1,199,025 | ||||||
EDP — Energias de Portugal SA* | 1,130,305 | 4,289,129 | ||||||
Galp Energia SGPS SA | 210,828 | 3,534,798 | ||||||
Jeronimo Martins SGPS SA | 113,636 | 1,850,634 | ||||||
Navigator Co. SA (The) | 101,960 | 450,845 | ||||||
NOS SGPS SA | 113,541 | 763,092 | ||||||
Sonae SGPS SA | 431,503 | 481,417 | ||||||
|
| |||||||
12,568,940 | ||||||||
|
| |||||||
Russia — 0.1% |
| |||||||
Evraz plc | 152,319 | 1,250,776 | ||||||
Polymetal International plc | 117,313 | 1,236,828 | ||||||
|
| |||||||
2,487,604 | ||||||||
|
| |||||||
South Africa — 0.4% |
| |||||||
Anglo American plc | 657,088 | 17,051,246 | ||||||
|
| |||||||
Spain — 4.6% |
| |||||||
Acciona SA | 11,239 | 1,303,508 | ||||||
ACS Actividades de Construccion y Servicios SA | 127,989 | 5,885,728 | ||||||
Aena SME SA (b) | 34,363 | 6,380,099 | ||||||
Amadeus IT Group SA | 205,160 | 16,350,567 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 3,117,394 | 18,956,403 | ||||||
Banco de Sabadell SA | 2,598,677 | 3,025,728 | ||||||
Banco Santander SA | 7,590,979 | 38,481,509 | ||||||
Bankia SA | 557,416 | 1,543,854 | ||||||
CaixaBank SA | 1,677,878 | 5,348,228 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 63 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Spain — continued |
| |||||||
Codere SA* | 33,007 | 135,317 | ||||||
EDP Renovaveis SA* | 87,836 | 871,874 | ||||||
Enagas SA | 105,173 | 3,000,095 | ||||||
Endesa SA | 147,144 | 3,671,003 | ||||||
Ferrovial SA | 221,268 | 5,456,386 | ||||||
Grifols SA | 136,289 | 3,787,648 | ||||||
Grifols SA (Preference), Class B | 120,356 | 2,317,007 | ||||||
Iberdrola SA | 2,865,559 | 26,040,459 | ||||||
Industria de Diseno Textil SA | 495,416 | 15,000,498 | ||||||
Mapfre SA | 456,520 | 1,371,472 | ||||||
Naturgy Energy Group SA | 168,424 | 4,794,744 | ||||||
Red Electrica Corp. SA | 200,479 | 4,160,714 | ||||||
Repsol SA | 597,626 | 10,140,932 | ||||||
Siemens Gamesa Renewable Energy SA | 104,023 | 1,868,300 | ||||||
Telefonica SA | 2,136,150 | 17,809,826 | ||||||
|
| |||||||
197,701,899 | ||||||||
|
| |||||||
Sweden — 4.5% |
| |||||||
Alfa Laval AB (a) | 138,906 | 3,224,240 | ||||||
Assa Abloy AB, Class B | 463,665 | 9,912,030 | ||||||
Atlas Copco AB, Class A | 302,176 | 9,432,214 | ||||||
Atlas Copco AB, Class B | 182,437 | 5,196,203 | ||||||
Axfood AB | 48,649 | 892,981 | ||||||
Boliden AB* | 126,720 | 3,771,178 | ||||||
Castellum AB | 126,613 | 2,276,432 | ||||||
Electrolux AB, Series B | 119,516 | 2,929,137 | ||||||
Elekta AB, Class B | 170,043 | 2,016,877 | ||||||
Epiroc AB, Class A* | 289,987 | 2,997,770 | ||||||
Epiroc AB, Class B* | 180,788 | 1,789,036 | ||||||
Essity AB, Class A | 13,274 | 392,789 | ||||||
Essity AB, Class B | 283,210 | 8,397,436 | ||||||
Fabege AB | 125,712 | 1,746,100 | ||||||
Fastighets AB Balder, Class B* | 45,109 | 1,426,930 | ||||||
Getinge AB, Class B | 100,189 | 1,411,582 | ||||||
Hennes & Mauritz AB, Class B (a) | 382,423 | 6,672,879 | ||||||
Hexagon AB, Class B | 127,140 | 6,945,942 | ||||||
Hexpol AB | 117,879 | 920,757 | ||||||
Holmen AB, Class B | 46,064 | 968,727 | ||||||
Husqvarna AB, Class B | 190,707 | 1,741,229 | ||||||
ICA Gruppen AB | 35,331 | 1,277,878 | ||||||
Industrivarden AB, Class A | 70,913 | 1,641,930 | ||||||
Industrivarden AB, Class C | 77,310 | 1,739,835 | ||||||
Intrum AB (a) | 33,715 | 858,531 | ||||||
Investment AB Latour, Class B | 62,157 | 880,157 | ||||||
Investor AB, Class A | 62,079 | 2,948,818 | ||||||
Investor AB, Class B | 212,949 | 10,155,903 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Sweden — continued |
| |||||||
Kinnevik AB, Class A (a) | 2,724 | 80,268 | ||||||
Kinnevik AB, Class B | 111,971 | 3,262,987 | ||||||
L E Lundbergforetagen AB, Class B | 24,687 | 844,347 | ||||||
Lundin Petroleum AB | 82,110 | 2,674,013 | ||||||
NCC AB, Class B | 39,930 | 660,224 | ||||||
Nibe Industrier AB, Class B | 189,631 | 2,549,567 | ||||||
Saab AB, Class B | 38,070 | 1,253,260 | ||||||
Sandvik AB (a) | 516,503 | 9,564,801 | ||||||
Securitas AB, Class B (a) | 148,218 | 2,591,819 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 750,756 | 7,167,920 | ||||||
Skanska AB, Class B | 172,245 | 2,999,506 | ||||||
SKF AB, Class A (a) | 7,876 | 145,741 | ||||||
SKF AB, Class B (a) | 175,306 | 3,254,026 | ||||||
SSAB AB, Class A | 108,962 | 411,664 | ||||||
SSAB AB, Class B | 279,933 | 902,736 | ||||||
Svenska Cellulosa AB SCA, Class A (a) | 13,418 | 130,971 | ||||||
Svenska Cellulosa AB SCA, Class B | 280,722 | 2,450,662 | ||||||
Svenska Handelsbanken AB, Class A | 699,424 | 7,639,877 | ||||||
Svenska Handelsbanken AB, Class B | 16,022 | 174,181 | ||||||
Swedbank AB, Class A | 433,976 | 7,090,830 | ||||||
Swedish Match AB | 81,480 | 3,972,932 | ||||||
Swedish Orphan Biovitrum AB* | 82,629 | 1,507,706 | ||||||
Tele2 AB, Class B | 231,335 | 3,090,530 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 27,520 | 273,731 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 1,308,987 | 12,948,732 | ||||||
Telia Co. AB | 1,275,382 | 5,433,801 | ||||||
Trelleborg AB, Class B | 112,426 | 1,859,390 | ||||||
Volvo AB, Class A | 116,276 | 1,861,646 | ||||||
Volvo AB, Class B | 767,019 | 12,292,579 | ||||||
|
| |||||||
193,655,968 | ||||||||
|
| |||||||
Switzerland — 13.9% |
| |||||||
ABB Ltd. (Registered)* | 902,157 | 18,556,215 | ||||||
Adecco Group AG (Registered) | 77,878 | 4,474,325 | ||||||
Baloise Holding AG (Registered) | 22,815 | 3,911,433 | ||||||
Barry Callebaut AG (Registered) | 1,052 | 1,928,890 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 502 | 3,336,172 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 51 | 3,868,983 | ||||||
Cie Financiere Richemont SA (Registered) | 244,047 | 17,840,408 | ||||||
Coca-Cola HBC AG* | 93,025 | 3,331,717 | ||||||
Credit Suisse Group AG (Registered)* | 1,135,246 | 15,097,520 | ||||||
EMS-Chemie Holding AG (Registered) | 3,326 | 2,014,190 | ||||||
Geberit AG (Registered) | 17,318 | 7,261,591 | ||||||
Givaudan SA (Registered) | 3,713 | 9,614,091 | ||||||
Glencore plc* | 5,660,094 | 22,456,759 |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — continued |
| |||||||
Julius Baer Group Ltd.* | 104,636 | 5,054,432 | ||||||
Kuehne + Nagel International AG (Registered) (a) | 23,271 | 3,382,551 | ||||||
LafargeHolcim Ltd. (Registered)* | 224,158 | 11,507,700 | ||||||
Lonza Group AG (Registered)* | 34,816 | 10,752,201 | ||||||
Mediclinic International plc | 186,090 | 833,795 | ||||||
Nestle SA (Registered) | 1,432,024 | 137,871,908 | ||||||
Novartis AG (Registered) | 1,192,477 | 97,711,684 | ||||||
Pargesa Holding SA | 15,788 | 1,240,762 | ||||||
Partners Group Holding AG | 8,711 | 6,570,400 | ||||||
Roche Holding AG | 12,717 | 3,327,130 | ||||||
Roche Holding AG | 328,465 | 86,669,881 | ||||||
Schindler Holding AG | 19,036 | 4,114,156 | ||||||
Schindler Holding AG (Registered) | 8,974 | 1,907,908 | ||||||
SGS SA (Registered) | 2,462 | 6,496,112 | ||||||
Sika AG (Registered) | 59,657 | 9,140,768 | ||||||
Sonova Holding AG (Registered) | 24,619 | 4,972,601 | ||||||
STMicroelectronics NV | 310,685 | 5,705,643 | ||||||
Straumann Holding AG (Registered) | 5,083 | 4,107,932 | ||||||
Sulzer AG (Registered) | 5,613 | 592,315 | ||||||
Swatch Group AG (The) | 14,418 | 4,400,215 | ||||||
Swatch Group AG (The) (Registered) | 34,433 | 2,020,482 | ||||||
Swiss Life Holding AG (Registered)* | 16,000 | 7,522,054 | ||||||
Swiss Re AG | 142,481 | 13,717,767 | ||||||
Swisscom AG (Registered) (a) | 11,867 | 5,529,479 | ||||||
Temenos AG (Registered)* | 28,262 | 4,701,321 | ||||||
UBS Group AG (Registered)* | 1,790,985 | 24,016,155 | ||||||
Vifor Pharma AG(a) | 20,454 | 2,671,069 | ||||||
Zurich Insurance Group AG | 70,377 | 22,433,937 | ||||||
|
| |||||||
602,664,652 | ||||||||
|
| |||||||
United Arab Emirates — 0.0%(c) |
| |||||||
NMC Health plc | 39,599 | 1,462,307 | ||||||
|
| |||||||
United Kingdom — 23.1% |
| |||||||
3i Group plc | 454,074 | 6,353,597 | ||||||
Admiral Group plc | 119,747 | 3,449,227 | ||||||
Aggreko plc | 117,758 | 1,312,793 | ||||||
Ashtead Group plc | 235,317 | 6,534,102 | ||||||
ASOS plc* | 24,715 | 1,267,387 | ||||||
Associated British Foods plc | 166,557 | 5,563,400 | ||||||
AstraZeneca plc | 591,547 | 44,070,137 | ||||||
Auto Trader Group plc (b) | 434,991 | 3,215,611 | ||||||
Aviva plc | 1,840,402 | 10,335,934 | ||||||
Babcock International Group plc | 232,247 | 1,594,295 | ||||||
BAE Systems plc | 1,491,946 | 9,589,157 | ||||||
Barclays plc | 7,530,115 | 16,159,670 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Barratt Developments plc | 466,653 | 3,671,085 | ||||||
Berkeley Group Holdings plc | 64,873 | 3,182,451 | ||||||
BP plc | 9,458,682 | 68,780,733 | ||||||
British American Tobacco plc | 1,070,378 | 41,904,170 | ||||||
British Land Co. plc (The), REIT | 446,903 | 3,467,374 | ||||||
BT Group plc | 4,101,094 | 12,237,725 | ||||||
Bunzl plc | 156,905 | 4,732,425 | ||||||
Burberry Group plc | 192,327 | 5,069,165 | ||||||
Centrica plc | 2,653,858 | 3,689,309 | ||||||
CNH Industrial NV | 464,536 | 5,050,381 | ||||||
Coca-Cola European Partners plc | 109,088 | 5,846,026 | ||||||
Compass Group plc | 744,791 | 16,946,870 | ||||||
ConvaTec Group plc (b) | 343,679 | 622,469 | ||||||
Croda International plc | 61,192 | 4,145,055 | ||||||
DCC plc | 46,953 | 4,202,779 | ||||||
Derwent London plc, REIT | 51,356 | 2,125,517 | ||||||
Diageo plc | 1,130,845 | 47,673,839 | ||||||
Direct Line Insurance Group plc | 637,075 | 2,741,366 | ||||||
Dixons Carphone plc | 465,078 | 881,702 | ||||||
DS Smith plc | 633,635 | 2,959,491 | ||||||
easyJet plc | 120,853 | 1,831,156 | ||||||
Experian plc | 430,961 | 12,544,806 | ||||||
Fiat Chrysler Automobiles NV | 514,392 | 7,927,497 | ||||||
G4S plc | 718,818 | 2,031,605 | ||||||
GlaxoSmithKline plc | 2,308,744 | 47,429,044 | ||||||
GVC Holdings plc | 267,563 | 2,283,238 | ||||||
Halma plc | 175,174 | 4,121,788 | ||||||
Hammerson plc, REIT | 356,941 | 1,501,780 | ||||||
Hargreaves Lansdown plc | 125,181 | 3,697,707 | ||||||
Hiscox Ltd. | 135,743 | 2,969,064 | ||||||
HSBC Holdings plc | 9,519,472 | 82,942,805 | ||||||
Imperial Brands plc | 450,449 | 14,332,464 | ||||||
Informa plc | 585,153 | 5,949,858 | ||||||
InterContinental Hotels Group plc | 87,763 | 5,684,419 | ||||||
International Consolidated Airlines Group SA | 369,262 | 2,609,448 | ||||||
Intertek Group plc | 75,170 | 5,257,676 | ||||||
Intu Properties plc, REIT | 395,139 | 486,879 | ||||||
ITV plc | 1,678,703 | 2,997,551 | ||||||
J Sainsbury plc | 790,258 | 2,295,887 | ||||||
JD Sports Fashion plc | 192,219 | 1,580,077 | ||||||
John Wood Group plc | 313,908 | 1,924,493 | ||||||
Johnson Matthey plc | 92,114 | 4,018,421 | ||||||
Just Eat plc* | 271,984 | 2,486,483 | ||||||
Kingfisher plc | 986,148 | 3,400,424 | ||||||
Land Securities Group plc, REIT | 348,121 | 4,195,530 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 65 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Legal & General Group plc | 2,761,985 | 10,044,045 | ||||||
Lloyds Banking Group plc | 33,368,895 | 27,290,246 | ||||||
London Stock Exchange Group plc | 147,399 | 9,663,965 | ||||||
Marks & Spencer Group plc | 752,875 | 2,808,420 | ||||||
Melrose Industries plc | 2,271,348 | 6,009,871 | ||||||
Merlin Entertainments plc (b) | 328,772 | 1,572,218 | ||||||
Micro Focus International plc | 168,810 | 4,279,181 | ||||||
Mondi plc | 170,051 | 3,736,914 | ||||||
National Grid plc | 1,718,681 | 18,829,760 | ||||||
Next plc | 64,323 | 4,843,116 | ||||||
Ocado Group plc* | 270,549 | 4,816,410 | ||||||
Pearson plc | 361,649 | 3,917,704 | ||||||
Persimmon plc | 148,477 | 4,337,435 | ||||||
Phoenix Group Holdings plc | 267,379 | 2,527,387 | ||||||
Prudential plc | 1,208,943 | 27,468,856 | ||||||
Reckitt Benckiser Group plc | 344,347 | 27,859,887 | ||||||
RELX plc | 940,492 | 21,608,392 | ||||||
Rentokil Initial plc | 851,341 | 4,338,615 | ||||||
Rightmove plc | 421,673 | 2,981,693 | ||||||
Rolls-Royce Holdings plc* | 881,516 | 10,556,625 | ||||||
Royal Bank of Scotland Group plc | 2,125,199 | 6,654,711 | ||||||
Royal Mail plc | 407,692 | 1,345,218 | ||||||
RSA Insurance Group plc | 475,646 | 3,371,909 | ||||||
Sage Group plc (The) | 523,544 | 4,962,751 | ||||||
Schroders plc | 57,596 | 2,383,723 | ||||||
Schroders plc(Non-Voting) | 23,007 | 725,231 | ||||||
Segro plc, REIT | 502,459 | 4,452,080 | ||||||
Severn Trent plc | 111,373 | 2,964,582 | ||||||
Smith & Nephew plc | 416,560 | 8,053,141 | ||||||
Smiths Group plc | 181,879 | 3,621,129 | ||||||
Spirax-Sarco Engineering plc | 34,374 | 3,706,124 | ||||||
SSE plc | 483,572 | 7,235,507 | ||||||
St James’s Place plc | 245,209 | 3,598,524 | ||||||
Standard Chartered plc | 1,299,644 | 11,882,867 | ||||||
Standard Life Aberdeen plc | 1,155,390 | 4,209,689 | ||||||
Subsea 7 SA | 119,772 | 1,521,637 | ||||||
Tate & Lyle plc | 216,018 | 2,165,102 | ||||||
Taylor Wimpey plc | 1,515,709 | 3,593,456 | ||||||
TechnipFMC plc | 201,865 | 4,985,695 | ||||||
Tesco plc | 4,541,140 | 14,816,102 | ||||||
Travis Perkins plc | 115,849 | 2,113,865 | ||||||
Unilever NV, CVA (a) | 801,676 | 48,505,070 | ||||||
Unilever plc | 555,040 | 33,643,799 | ||||||
United Utilities Group plc | 316,035 | 3,428,356 | ||||||
Vodafone Group plc | 12,527,307 | 23,236,586 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Weir Group plc (The) | 120,342 | 2,615,619 | ||||||
Whitbread plc | 85,610 | 4,984,146 | ||||||
Wm Morrison Supermarkets plc | 1,090,696 | 3,074,260 | ||||||
WPP plc | 589,376 | 7,354,114 | ||||||
|
| |||||||
1,000,571,075 | ||||||||
|
| |||||||
United States — 0.4% |
| |||||||
Carnival plc | 96,139 | 5,096,772 | ||||||
Ferguson plc | 108,650 | 7,732,174 | ||||||
QIAGEN NV* (a) | 107,017 | 4,143,791 | ||||||
|
| |||||||
16,972,737 | ||||||||
|
| |||||||
Total Common Stocks | 4,284,665,298 | |||||||
|
| |||||||
Preferred Stocks — 0.0%(c) |
| |||||||
United Kingdom — 0.0% (c) |
| |||||||
Rolls-Royce Holdings plc (Preference)* | 62,587,636 | 81,615 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 6.3% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e) | 197,982,102 | 198,001,900 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | 75,944,790 | 75,944,790 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 273,946,690 | |||||||
|
| |||||||
Total Investments — 105.4% | 4,558,693,603 | |||||||
Liabilities in Excess of Other Assets — (5.4)% | (233,565,877 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 4,325,127,726 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 9.2 | % | ||
Banks | 8.9 | |||
Oil, Gas & Consumable Fuels | 7.2 | |||
Investment of cash collateral from securities loaned | 6.0 | |||
Insurance | 5.6 | |||
Food Products | 4.3 | |||
Textiles, Apparel & Luxury Goods | 3.4 | |||
Chemicals | 3.4 | |||
Beverages | 3.1 | |||
Personal Products | 2.6 | |||
Metals & Mining | 2.6 | |||
Diversified Telecommunication Services | 2.4 | |||
Capital Markets | 2.2 | |||
Automobiles | 2.1 | |||
Aerospace & Defense | 2.1 | |||
Machinery | 2.1 | |||
Electric Utilities | 2.0 | |||
Software | 1.9 | |||
Professional Services | 1.6 | |||
Multi-Utilities | 1.5 | |||
Electrical Equipment | 1.5 | |||
Tobacco | 1.3 | |||
Semiconductors & Semiconductor Equipment | 1.3 | |||
Industrial Conglomerates | 1.2 | |||
Health Care Equipment & Supplies | 1.2 | |||
Construction & Engineering | 1.1 |
INDUSTRY | PERCENTAGE | |||
Hotels, Restaurants & Leisure | 1.1 | % | ||
Household Products | 1.1 | |||
Food & Staples Retailing | 1.1 | |||
IT Services | 1.0 | |||
Diversified Financial Services | 1.0 | |||
Others (each less than 1.0%) | 12.9 |
Abbreviations
ADR | — American Depositary Receipt | |
CVA | — Dutch Certification | |
FDR | — Fiduciary Depositary Receipt | |
OYJ | — Public Limited Company | |
Preference | — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | — Real Estate Investment Trust | |
SCA | — Limited partnership with share capital | |
SDR | — Swedish Depositary Receipt | |
SGPS | — Holding company | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $256,352,424. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
(d) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
EURO STOXX 50 Index | 568 | 06/2019 | EUR | 22,023,886 | 1,002,817 | |||||||||||||||
FTSE 100 Index | 141 | 06/2019 | GBP | 13,569,998 | 329,521 | |||||||||||||||
|
| |||||||||||||||||||
1,332,338 | ||||||||||||||||||||
|
|
Abbreviations
EUR | — Euro | |
FTSE | — Financial Times and the London Stock Exchange | |
GBP | — British Pound |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 67 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 98.8% |
| |||||||
Air Freight & Logistics — 0.4% |
| |||||||
SG Holdings Co. Ltd. | 221,100 | 5,920,829 | ||||||
Yamato Holdings Co. Ltd. | 374,000 | 8,124,662 | ||||||
|
| |||||||
14,045,491 | ||||||||
|
| |||||||
Airlines — 0.2% |
| |||||||
ANA Holdings, Inc. | 104,200 | 3,646,661 | ||||||
Japan Airlines Co. Ltd. | 104,200 | 3,398,316 | ||||||
|
| |||||||
7,044,977 | ||||||||
|
| |||||||
Auto Components — 2.7% |
| |||||||
Aisin Seiki Co. Ltd. | 166,100 | 6,425,563 | ||||||
Bridgestone Corp. | 554,600 | 22,001,210 | ||||||
Denso Corp. | 472,700 | 20,654,642 | ||||||
Koito Manufacturing Co. Ltd. | 117,200 | 7,018,024 | ||||||
NGK Spark Plug Co. Ltd. | 162,100 | 3,160,631 | ||||||
NHK Spring Co. Ltd. (a) | 205,200 | 1,848,329 | ||||||
NOK Corp. | 110,000 | 1,767,015 | ||||||
Stanley Electric Co. Ltd. | 139,700 | 3,787,694 | ||||||
Sumitomo Electric Industries Ltd. | 722,700 | 9,616,024 | ||||||
Sumitomo Rubber Industries Ltd. | 163,400 | 2,009,222 | ||||||
Tokai Rika Co. Ltd. | 48,700 | 845,640 | ||||||
Toyoda Gosei Co. Ltd. | 66,900 | 1,392,672 | ||||||
Toyota Boshoku Corp. | 78,700 | 1,162,883 | ||||||
Toyota Industries Corp. | 186,600 | 10,577,190 | ||||||
Yokohama Rubber Co. Ltd. (The) | 122,300 | 2,304,470 | ||||||
|
| |||||||
94,571,209 | ||||||||
|
| |||||||
Automobiles — 7.8% |
| |||||||
Honda Motor Co. Ltd. | 1,648,700 | 46,003,595 | ||||||
Isuzu Motors Ltd. | 563,300 | 8,113,068 | ||||||
Mazda Motor Corp. | 547,100 | 6,474,906 | ||||||
Mitsubishi Motors Corp. | 624,700 | 3,508,029 | ||||||
Nissan Motor Co. Ltd. | 2,188,700 | 17,570,980 | ||||||
Subaru Corp. | 581,700 | 14,254,524 | ||||||
Suzuki Motor Corp. | 402,400 | 18,362,998 | ||||||
Toyota Motor Corp. | 2,436,100 | 150,820,060 | ||||||
Yamaha Motor Co. Ltd. | 285,500 | 5,887,586 | ||||||
|
| |||||||
270,995,746 | ||||||||
|
| |||||||
Banks — 5.9% |
| |||||||
77 Bank Ltd. (The) | 69,400 | 995,886 | ||||||
Aozora Bank Ltd. | 107,200 | 2,619,275 | ||||||
Bank of Kyoto Ltd. (The) | 68,600 | 2,972,749 | ||||||
Chiba Bank Ltd. (The) | 708,100 | 3,719,243 | ||||||
Chugoku Bank Ltd. (The) | 177,000 | 1,713,972 | ||||||
Concordia Financial Group Ltd. | 1,151,200 | 4,494,401 | ||||||
Fukuoka Financial Group, Inc. | 175,000 | 4,084,897 | ||||||
Gunma Bank Ltd. (The) | 388,900 | 1,542,243 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
Hachijuni Bank Ltd. (The) | 465,700 | 1,874,509 | ||||||
Hiroshima Bank Ltd. (The) | 285,500 | 1,540,026 | ||||||
Hokuhoku Financial Group, Inc. | 120,600 | 1,330,152 | ||||||
Iyo Bank Ltd. (The) | 294,100 | 1,635,862 | ||||||
Kansai Mirai Financial Group, Inc. | 95,600 | 667,957 | ||||||
Kyushu Financial Group, Inc. | 421,600 | 1,701,482 | ||||||
Mebuki Financial Group, Inc. | 964,500 | 2,459,080 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 11,816,100 | 58,625,889 | ||||||
Mizuho Financial Group, Inc. | 23,098,600 | 36,073,724 | ||||||
Resona Holdings, Inc. | 2,009,100 | 8,528,873 | ||||||
Seven Bank Ltd. | 672,100 | 1,828,400 | ||||||
Shinsei Bank Ltd. | 176,000 | 2,454,199 | ||||||
Shizuoka Bank Ltd. (The) | 514,000 | 3,949,503 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,273,700 | 46,294,198 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 355,000 | 12,386,364 | ||||||
Yamaguchi Financial Group, Inc. | 226,100 | 1,672,848 | ||||||
|
| |||||||
205,165,732 | ||||||||
|
| |||||||
Beverages — 1.3% |
| |||||||
Asahi Group Holdings Ltd. | 405,000 | 17,659,341 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 142,100 | 3,508,738 | ||||||
Kirin Holdings Co. Ltd. | 831,600 | 18,917,623 | ||||||
Sapporo Holdings Ltd. | 71,400 | 1,464,262 | ||||||
Suntory Beverage & Food Ltd. | 115,300 | 5,098,470 | ||||||
|
| |||||||
46,648,434 | ||||||||
|
| |||||||
Biotechnology — 0.1% |
| |||||||
PeptiDream, Inc.* | 85,900 | 4,653,199 | ||||||
|
| |||||||
Building Products — 1.5% |
| |||||||
AGC, Inc. | 206,700 | 7,052,154 | ||||||
Daikin Industries Ltd. | 266,800 | 33,968,836 | ||||||
LIXIL Group Corp. | 265,000 | 3,462,089 | ||||||
TOTO Ltd. | 144,600 | 6,129,278 | ||||||
|
| |||||||
50,612,357 | ||||||||
|
| |||||||
Capital Markets — 0.9% |
| |||||||
Daiwa Securities Group, Inc. | 1,468,600 | 6,836,091 | ||||||
Japan Exchange Group, Inc. | 487,700 | 7,963,948 | ||||||
Matsui Securities Co. Ltd. | 110,700 | 987,483 | ||||||
Nomura Holdings, Inc. | 2,956,400 | 11,193,578 | ||||||
SBI Holdings, Inc. | 214,600 | 4,601,324 | ||||||
|
| |||||||
31,582,424 | ||||||||
|
| |||||||
Chemicals — 4.3% |
| |||||||
Air Water, Inc. | 172,300 | 2,628,203 | ||||||
Asahi Kasei Corp. | 1,275,600 | 13,146,806 | ||||||
Daicel Corp. | 303,200 | 3,401,495 |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Chemicals — continued |
| |||||||
DIC Corp. | 81,800 | 2,402,754 | ||||||
Hitachi Chemical Co. Ltd. | 93,900 | 2,504,487 | ||||||
JSR Corp. | 184,900 | 2,821,301 | ||||||
Kaneka Corp. | 60,100 | 2,320,740 | ||||||
Kansai Paint Co. Ltd. | 236,100 | 4,501,571 | ||||||
Kuraray Co. Ltd. | 323,100 | 4,341,092 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,371,000 | 9,774,749 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 194,300 | 2,916,995 | ||||||
Mitsui Chemicals, Inc. | 185,800 | 4,567,320 | ||||||
Nippon Paint Holdings Co. Ltd. | 180,000 | 6,855,524 | ||||||
Nippon Shokubai Co. Ltd. | 31,600 | 2,198,318 | ||||||
Nissan Chemical Corp. | 135,800 | 6,050,097 | ||||||
Nitto Denko Corp. | 144,100 | 7,791,089 | ||||||
Shin-Etsu Chemical Co. Ltd. | 369,800 | 35,029,131 | ||||||
Showa Denko KK | 129,200 | 4,410,896 | ||||||
Sumitomo Chemical Co. Ltd. | 1,505,900 | 7,512,942 | ||||||
Taiyo Nippon Sanso Corp. | 193,400 | 3,222,371 | ||||||
Teijin Ltd. | 179,600 | 3,089,501 | ||||||
Toray Industries, Inc. | 1,485,000 | 10,161,967 | ||||||
Tosoh Corp. | 295,400 | 4,762,922 | ||||||
Ube Industries Ltd. | 95,700 | 2,047,569 | ||||||
|
| |||||||
148,459,840 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.0% |
| |||||||
Dai Nippon Printing Co. Ltd. | 275,000 | 6,527,962 | ||||||
Park24 Co. Ltd. | 105,000 | 2,209,148 | ||||||
Secom Co. Ltd. | 195,200 | 16,422,440 | ||||||
Sohgo Security Services Co. Ltd. | 79,100 | 3,534,280 | ||||||
Toppan Printing Co. Ltd. | 295,600 | 4,797,903 | ||||||
|
| |||||||
33,491,733 | ||||||||
|
| |||||||
Construction & Engineering — 1.0% |
| |||||||
JGC Corp. | 236,300 | 3,404,720 | ||||||
Kajima Corp. | 457,200 | 6,785,807 | ||||||
Kinden Corp. | 132,100 | 2,122,461 | ||||||
Obayashi Corp. | 657,300 | 6,461,655 | ||||||
Shimizu Corp. | 661,100 | 5,662,506 | ||||||
Taisei Corp. | 204,100 | 8,980,421 | ||||||
|
| |||||||
33,417,570 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Taiheiyo Cement Corp. | 115,900 | 3,737,637 | ||||||
|
| |||||||
Consumer Finance — 0.2% |
| |||||||
Acom Co. Ltd. | 421,400 | 1,480,840 | ||||||
AEON Financial Service Co. Ltd. | 104,100 | 2,161,275 | ||||||
Credit Saison Co. Ltd. | 148,300 | 1,897,436 | ||||||
Hitachi Capital Corp. | 47,100 | 1,096,764 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Consumer Finance — continued |
| |||||||
Orient Corp. (a) | 515,500 | 543,815 | ||||||
|
| |||||||
7,180,130 | ||||||||
|
| |||||||
Containers & Packaging — 0.1% |
| |||||||
Toyo Seikan Group Holdings Ltd. | 147,400 | 2,955,551 | ||||||
|
| |||||||
Distributors — 0.0% (b) |
| |||||||
Canon Marketing Japan, Inc. | 50,100 | 1,087,066 | ||||||
|
| |||||||
Diversified Consumer Services — 0.1% |
| |||||||
Benesse Holdings, Inc. | 74,600 | 2,062,530 | ||||||
|
| |||||||
Diversified Financial Services — 0.6% |
| |||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 488,900 | 2,492,865 | ||||||
ORIX Corp. | 1,205,000 | 17,069,828 | ||||||
Tokyo Century Corp. | 49,300 | 2,280,128 | ||||||
|
| |||||||
21,842,821 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.7% |
| |||||||
Nippon Telegraph & Telephone Corp. | 584,500 | 24,320,129 | ||||||
|
| |||||||
Electric Utilities — 1.1% |
| |||||||
Chubu Electric Power Co., Inc. | 656,000 | 9,539,248 | ||||||
Chugoku Electric Power Co., Inc. (The) | 284,200 | 3,393,237 | ||||||
Hokuriku Electric Power Co. | 181,300 | 1,348,142 | ||||||
Kansai Electric Power Co., Inc. (The) | 735,600 | 8,899,482 | ||||||
Kyushu Electric Power Co., Inc. | 432,300 | 4,186,483 | ||||||
Shikoku Electric Power Co., Inc. | 188,800 | 1,908,019 | ||||||
Tohoku Electric Power Co., Inc. | 457,700 | 5,239,463 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 731,900 | 4,134,049 | ||||||
|
| |||||||
38,648,123 | ||||||||
|
| |||||||
Electrical Equipment — 2.2% |
| |||||||
Fuji Electric Co. Ltd. | 136,100 | 4,824,883 | ||||||
Furukawa Electric Co. Ltd. | 63,700 | 1,681,359 | ||||||
GS Yuasa Corp. | 75,400 | 1,514,924 | ||||||
Mabuchi Motor Co. Ltd. | 54,100 | 2,006,461 | ||||||
Mitsubishi Electric Corp. | 1,952,900 | 27,945,868 | ||||||
Nidec Corp. | 249,800 | 35,681,103 | ||||||
Ushio, Inc. | 111,900 | 1,360,346 | ||||||
|
| |||||||
75,014,944 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 5.6% |
| |||||||
Alps Alpine Co. Ltd. | 181,700 | 3,842,732 | ||||||
Citizen Watch Co. Ltd. | 290,800 | 1,639,597 | ||||||
Hamamatsu Photonics KK | 131,900 | 5,368,521 | ||||||
Hirose Electric Co. Ltd. | 28,200 | 3,268,374 | ||||||
Hitachi High-Technologies Corp. | 60,400 | 2,692,148 | ||||||
Hitachi Ltd. | 880,200 | 29,273,913 | ||||||
Ibiden Co. Ltd. (a) | 122,100 | 2,190,638 | ||||||
Keyence Corp. | 85,100 | 53,169,952 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 69 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electronic Equipment, Instruments & Components — continued |
| |||||||
Kyocera Corp. | 326,600 | 21,223,926 | ||||||
Murata Manufacturing Co. Ltd. | 584,100 | 29,329,798 | ||||||
Nippon Electric Glass Co. Ltd. | 78,900 | 2,168,094 | ||||||
Omron Corp. | 195,100 | 10,479,617 | ||||||
Shimadzu Corp. | 249,700 | 6,697,776 | ||||||
TDK Corp. | 118,200 | 10,355,983 | ||||||
Yaskawa Electric Corp. | 243,600 | 9,068,692 | ||||||
Yokogawa Electric Corp. | 216,900 | 4,542,116 | ||||||
|
| |||||||
195,311,877 | ||||||||
|
| |||||||
Entertainment — 1.6% |
| |||||||
DeNA Co. Ltd. | 97,000 | 1,514,830 | ||||||
GungHo Online Entertainment, Inc. | 434,100 | 1,354,344 | ||||||
Konami Holdings Corp. | 93,800 | 4,271,249 | ||||||
Nexon Co. Ltd.* | 414,900 | 5,906,183 | ||||||
Nintendo Co. Ltd. | 102,000 | 35,130,409 | ||||||
Square Enix Holdings Co. Ltd. | 80,500 | 2,785,538 | ||||||
Toho Co. Ltd. | 128,800 | 5,408,868 | ||||||
|
| |||||||
56,371,421 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.5% |
| |||||||
Advance Residence Investment Corp. | 1,234 | 3,444,932 | ||||||
Daiwa House REIT Investment Corp. | 1,689 | 3,878,416 | ||||||
GLP J | 3,492 | 3,755,479 | ||||||
Japan Prime Realty Investment Corp. | 844 | 3,374,444 | ||||||
Japan Real Estate Investment Corp. | 1,259 | 6,978,840 | ||||||
Japan Retail Fund Investment Corp. | 2,388 | 4,563,064 | ||||||
Nippon Building Fund, Inc. | 1,283 | 8,261,761 | ||||||
Nippon Prologis REIT, Inc. | 1,996 | 4,286,360 | ||||||
Nomura Real Estate Master Fund, Inc. | 4,129 | 6,049,945 | ||||||
Orix JREIT, Inc. | 2,502 | 4,392,786 | ||||||
United Urban Investment Corp. | 2,788 | 4,451,172 | ||||||
|
| |||||||
53,437,199 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.7% |
| |||||||
Aeon Co. Ltd. | 793,300 | 14,665,394 | ||||||
Cosmos Pharmaceutical Corp. | 9,500 | 1,518,678 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 280,300 | 7,474,642 | ||||||
Lawson, Inc. | 45,500 | 2,124,400 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 79,800 | 2,642,234 | ||||||
Seven & i Holdings Co. Ltd. | 726,300 | 25,135,289 | ||||||
Sundrug Co. Ltd. | 55,200 | 1,479,941 | ||||||
Tsuruha Holdings, Inc. | 34,800 | 2,965,859 | ||||||
Welcia Holdings Co. Ltd. | 46,200 | 1,821,103 | ||||||
|
| |||||||
59,827,540 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Products — 1.9% |
| |||||||
Ajinomoto Co., Inc. | 500,200 | 8,092,995 | ||||||
Calbee, Inc. | 99,000 | 2,741,346 | ||||||
Ezaki Glico Co. Ltd. | 52,900 | 2,791,792 | ||||||
Kewpie Corp. | 108,900 | 2,522,515 | ||||||
Kikkoman Corp. | 161,000 | 7,496,992 | ||||||
MEIJI Holdings Co. Ltd. | 131,800 | 10,389,266 | ||||||
NH Foods Ltd. | 98,000 | 3,949,531 | ||||||
Nisshin Seifun Group, Inc. | 239,000 | 5,572,957 | ||||||
Nissin Foods Holdings Co. Ltd. | 72,000 | 4,765,070 | ||||||
Toyo Suisan Kaisha Ltd. | 92,600 | 3,535,871 | ||||||
Yakult Honsha Co. Ltd. | 146,400 | 9,995,547 | ||||||
Yamazaki Baking Co. Ltd. | 165,100 | 2,459,533 | ||||||
|
| |||||||
64,313,415 | ||||||||
|
| |||||||
Gas Utilities — 0.6% |
| |||||||
Osaka Gas Co. Ltd. | 379,300 | 7,016,643 | ||||||
Toho Gas Co. Ltd. | 90,800 | 3,743,663 | ||||||
Tokyo Gas Co. Ltd. | 361,700 | 9,202,429 | ||||||
|
| |||||||
19,962,735 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.0% |
| |||||||
Asahi Intecc Co. Ltd. | 112,200 | 5,683,935 | ||||||
Hoya Corp. | 347,500 | 24,543,105 | ||||||
Olympus Corp. | 1,182,100 | 13,267,426 | ||||||
Sysmex Corp. | 142,900 | 8,188,467 | ||||||
Terumo Corp. | 608,200 | 18,354,656 | ||||||
|
| |||||||
70,037,589 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.4% |
| |||||||
Alfresa Holdings Corp. | 197,100 | 5,499,864 | ||||||
Medipal Holdings Corp. | 184,300 | 4,144,231 | ||||||
Suzuken Co. Ltd. | 81,200 | 4,682,024 | ||||||
|
| |||||||
14,326,119 | ||||||||
|
| |||||||
Health Care Technology — 0.2% |
| |||||||
M3, Inc. | 370,900 | 6,621,190 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.7% |
| |||||||
McDonald’s Holdings Co. Japan Ltd. | 60,700 | 2,810,928 | ||||||
Oriental Land Co. Ltd. | 205,000 | 22,674,834 | ||||||
|
| |||||||
25,485,762 | ||||||||
|
| |||||||
Household Durables — 3.2% |
| |||||||
Casio Computer Co. Ltd. | 211,200 | 2,660,319 | ||||||
Haseko Corp. | 274,200 | 3,316,167 | ||||||
Iida Group Holdings Co. Ltd. | 169,800 | 2,877,339 | ||||||
Nikon Corp. | 364,000 | 5,076,268 | ||||||
Panasonic Corp. | 2,120,500 | 19,525,988 | ||||||
Rinnai Corp. | 37,600 | 2,536,647 |
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Household Durables — continued |
| |||||||
Sekisui Chemical Co. Ltd. | 398,600 | 6,398,926 | ||||||
Sekisui House Ltd. | 589,900 | 9,511,125 | ||||||
Sharp Corp.* | 170,700 | 1,904,243 | ||||||
Sony Corp. | 1,156,700 | 58,260,792 | ||||||
|
| |||||||
112,067,814 | ||||||||
|
| |||||||
Household Products — 0.7% |
| |||||||
Lion Corp. | 272,600 | 5,611,280 | ||||||
Pigeon Corp. | 110,500 | 4,731,130 | ||||||
Unicharm Corp. | 366,400 | 12,091,869 | ||||||
|
| |||||||
22,434,279 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
Electric Power Development Co. Ltd. | 158,600 | 3,686,726 | ||||||
|
| |||||||
Industrial Conglomerates — 0.6% |
| |||||||
Keihan Holdings Co. Ltd. | 98,100 | 4,177,692 | ||||||
Toshiba Corp. | 495,300 | 16,504,155 | ||||||
|
| |||||||
20,681,847 | ||||||||
|
| |||||||
Insurance — 2.9% |
| |||||||
Dai-ichi Life Holdings, Inc. | 1,089,700 | 15,729,626 | ||||||
Japan Post Holdings Co. Ltd., ADR | 1,350,600 | 15,126,249 | ||||||
Japan Post Insurance Co. Ltd. (a) | 59,200 | 1,197,757 | ||||||
MS&AD Insurance Group Holdings, Inc. | 459,100 | 14,270,525 | ||||||
Sompo Holdings, Inc. | 339,600 | 12,817,587 | ||||||
Sony Financial Holdings, Inc. | 146,100 | 3,003,970 | ||||||
T&D Holdings, Inc. | 566,000 | 6,130,401 | ||||||
Tokio Marine Holdings, Inc. | 655,500 | 33,211,116 | ||||||
|
| |||||||
101,487,231 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
Kakaku.com, Inc. | 121,100 | 2,494,965 | ||||||
LINE Corp.* | 59,300 | 1,986,814 | ||||||
Mixi, Inc. | 38,400 | 829,751 | ||||||
Yahoo Japan Corp. | 1,031,900 | 2,754,626 | ||||||
|
| |||||||
8,066,156 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.4% |
| |||||||
Mercari, Inc.* | 39,100 | 1,213,478 | ||||||
Rakuten, Inc. | 743,200 | 8,314,557 | ||||||
ZOZO, Inc. | 174,900 | 3,106,829 | ||||||
|
| |||||||
12,634,864 | ||||||||
|
| |||||||
IT Services — 1.2% |
| |||||||
Fujitsu Ltd. | 188,300 | 13,823,967 | ||||||
Itochu Techno-Solutions Corp. | 88,100 | 2,165,064 | ||||||
Nomura Research Institute Ltd. | 121,600 | 5,952,188 | ||||||
NTT Data Corp. | 587,100 | 6,846,174 |
INVESTMENTS | SHARES | VALUE($) | ||||||
IT Services — continued |
| |||||||
Obic Co. Ltd. | 60,900 | 7,070,211 | ||||||
Otsuka Corp. | 100,500 | 3,952,969 | ||||||
SCSK Corp. | 46,900 | 2,228,724 | ||||||
|
| |||||||
42,039,297 | ||||||||
|
| |||||||
Leisure Products — 0.9% |
| |||||||
Bandai Namco Holdings, Inc. | 201,900 | 9,679,261 | ||||||
Sankyo Co. Ltd. | 41,800 | 1,650,822 | ||||||
Sega Sammy Holdings, Inc. | 170,600 | 2,160,884 | ||||||
Shimano, Inc. | 77,800 | 11,435,308 | ||||||
Yamaha Corp. | 151,700 | 7,876,634 | ||||||
|
| |||||||
32,802,909 | ||||||||
|
| |||||||
Machinery — 5.3% |
| |||||||
Amada Holdings Co. Ltd. | 344,300 | 3,859,637 | ||||||
Daifuku Co. Ltd. | 115,400 | 7,099,487 | ||||||
FANUC Corp. | 176,600 | 33,178,825 | ||||||
Harmonic Drive Systems, Inc. (a) | 36,700 | 1,461,162 | ||||||
Hino Motors Ltd. | 261,100 | 2,475,354 | ||||||
Hitachi Construction Machinery Co. Ltd. | 97,000 | 2,604,796 | ||||||
Hoshizaki Corp. | 49,900 | 3,235,143 | ||||||
IHI Corp. | 140,000 | 3,342,280 | ||||||
JTEKT Corp. | 224,800 | 2,899,855 | ||||||
Kawasaki Heavy Industries Ltd. | 152,100 | 3,553,513 | ||||||
Komatsu Ltd. | 885,600 | 22,875,411 | ||||||
Kubota Corp. | 1,067,100 | 16,246,870 | ||||||
Kurita Water Industries Ltd. | 97,000 | 2,525,023 | ||||||
Makita Corp. | 254,100 | 9,270,442 | ||||||
MINEBEA MITSUMI, Inc. | 389,300 | 6,943,017 | ||||||
MISUMI Group, Inc. | 257,600 | 6,726,221 | ||||||
Mitsubishi Heavy Industries Ltd. | 307,300 | 12,806,750 | ||||||
Nabtesco Corp. | 113,800 | 3,489,552 | ||||||
NGK Insulators Ltd. | 255,800 | 3,799,602 | ||||||
NSK Ltd. | 432,200 | 4,492,139 | ||||||
SMC Corp. | 61,500 | 25,686,402 | ||||||
Sumitomo Heavy Industries Ltd. | 111,700 | 3,971,752 | ||||||
THK Co. Ltd. | 112,000 | 2,961,710 | ||||||
|
| |||||||
185,504,943 | ||||||||
|
| |||||||
Marine — 0.2% |
| |||||||
Mitsui OSK Lines Ltd. | 109,500 | 2,787,150 | ||||||
Nippon Yusen KK | 155,000 | 2,648,625 | ||||||
|
| |||||||
5,435,775 | ||||||||
|
| |||||||
Media — 0.6% |
| |||||||
CyberAgent, Inc. | 91,800 | 3,679,730 | ||||||
Dentsu, Inc. | 222,800 | 9,117,025 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 71 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Media — continued |
| |||||||
Fuji Media Holdings, Inc. | 42,900 | 577,335 | ||||||
Hakuhodo DY Holdings, Inc. | 276,700 | 4,678,423 | ||||||
Nippon Television Holdings, Inc. | 48,700 | 712,835 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 31,500 | 599,184 | ||||||
|
| |||||||
19,364,532 | ||||||||
|
| |||||||
Metals & Mining — 1.3% |
| |||||||
Daido Steel Co. Ltd. | 35,900 | 1,464,740 | ||||||
Hitachi Metals Ltd. | 183,100 | 2,116,421 | ||||||
JFE Holdings, Inc. | 525,200 | 9,037,564 | ||||||
Kobe Steel Ltd. | 331,000 | 2,534,790 | ||||||
Maruichi Steel Tube Ltd. | 72,600 | 2,007,159 | ||||||
Mitsubishi Materials Corp. | 120,000 | 3,121,099 | ||||||
Nippon Steel Corp. | 839,200 | 15,010,592 | ||||||
Sumitomo Metal Mining Co. Ltd. | 249,000 | 7,832,010 | ||||||
Yamato Kogyo Co. Ltd. | 44,000 | 1,221,659 | ||||||
|
| |||||||
44,346,034 | ||||||||
|
| |||||||
Multiline Retail — 0.8% |
| |||||||
Isetan Mitsukoshi Holdings Ltd. | 359,500 | 3,426,971 | ||||||
Izumi Co. Ltd. | 43,300 | 1,891,153 | ||||||
J Front Retailing Co. Ltd. | 247,800 | 3,027,840 | ||||||
Marui Group Co. Ltd. | 193,800 | 3,942,095 | ||||||
Pan Pacific International Holdings Corp. | 126,600 | 8,158,645 | ||||||
Ryohin Keikaku Co. Ltd. | 24,200 | 4,616,004 | ||||||
Seria Co. Ltd. | 40,900 | 1,216,505 | ||||||
Takashimaya Co. Ltd. | 162,300 | 1,824,933 | ||||||
|
| |||||||
28,104,146 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.9% |
| |||||||
Idemitsu Kosan Co. Ltd. | 228,252 | 7,416,367 | ||||||
Inpex Corp. | 984,600 | 9,578,993 | ||||||
JXTG Holdings, Inc. | 3,081,600 | 14,992,578 | ||||||
|
| |||||||
31,987,938 | ||||||||
|
| |||||||
Paper & Forest Products — 0.2% |
| |||||||
Oji Holdings Corp. | 923,900 | 5,543,834 | ||||||
|
| |||||||
Personal Products — 2.2% |
| |||||||
Kao Corp. | 444,900 | 34,345,140 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 50,600 | 4,035,311 | ||||||
Kose Corp. | 29,300 | 5,488,649 | ||||||
Pola Orbis Holdings, Inc. | 77,200 | 2,436,883 | ||||||
Shiseido Co. Ltd. | 364,200 | 28,647,246 | ||||||
|
| |||||||
74,953,229 | ||||||||
|
| |||||||
Pharmaceuticals — 5.8% |
| |||||||
Astellas Pharma, Inc. | 1,800,500 | 24,385,747 | ||||||
Chugai Pharmaceutical Co. Ltd. | 193,700 | 12,283,760 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals — continued |
| |||||||
Daiichi Sankyo Co. Ltd. | 555,100 | 27,446,606 | ||||||
Eisai Co. Ltd. | 270,200 | 15,733,938 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 76,200 | 3,241,165 | ||||||
Kyowa Hakko Kirin Co. Ltd. | 221,200 | 4,303,068 | ||||||
Mitsubishi Tanabe Pharma Corp. | 224,700 | 2,828,323 | ||||||
Nippon Shinyaku Co. Ltd. | 55,400 | 3,825,358 | ||||||
Ono Pharmaceutical Co. Ltd. | 470,600 | 8,840,327 | ||||||
Otsuka Holdings Co. Ltd. | 507,400 | 18,139,334 | ||||||
Santen Pharmaceutical Co. Ltd. | 370,000 | 5,652,014 | ||||||
Shionogi & Co. Ltd. | 262,400 | 15,327,573 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 156,000 | 3,446,524 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 49,900 | 4,615,760 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,381,700 | 50,987,114 | ||||||
Tsumura & Co. | 62,000 | 1,906,568 | ||||||
|
| |||||||
202,963,179 | ||||||||
|
| |||||||
Professional Services — 1.4% |
| |||||||
Nihon M&A Center, Inc. | 124,300 | 3,547,006 | ||||||
Persol Holdings Co. Ltd. | 172,400 | 3,249,640 | ||||||
Recruit Holdings Co. Ltd. | 1,435,000 | 43,213,402 | ||||||
|
| |||||||
50,010,048 | ||||||||
|
| |||||||
Real Estate Management & Development — 2.8% |
| |||||||
Aeon Mall Co. Ltd. | 94,200 | 1,446,247 | ||||||
Daito Trust Construction Co. Ltd. | 68,900 | 9,225,949 | ||||||
Daiwa House Industry Co. Ltd. | 606,300 | 16,994,294 | ||||||
Hulic Co. Ltd. | 445,900 | 3,846,852 | ||||||
Mitsubishi Estate Co. Ltd. | 1,265,700 | 21,402,924 | ||||||
Mitsui Fudosan Co. Ltd. | 901,700 | 20,885,117 | ||||||
Nomura Real Estate Holdings, Inc. | 111,800 | 2,377,456 | ||||||
Sumitomo Realty & Development Co. Ltd. | 433,000 | 16,008,050 | ||||||
Tokyo Tatemono Co. Ltd. | 198,000 | 2,234,942 | ||||||
Tokyu Fudosan Holdings Corp. | 523,700 | 2,954,635 | ||||||
|
| |||||||
97,376,466 | ||||||||
|
| |||||||
Road & Rail — 4.6% |
| |||||||
Central Japan Railway Co. | 187,500 | 40,319,893 | ||||||
East Japan Railway Co. | 347,400 | 32,739,634 | ||||||
Hankyu Hanshin Holdings, Inc. | 231,700 | 8,662,580 | ||||||
Keikyu Corp. | 250,100 | 4,273,181 | ||||||
Keio Corp. | 110,900 | 6,696,056 | ||||||
Keisei Electric Railway Co. Ltd. | 157,200 | 5,513,897 | ||||||
Kintetsu Group Holdings Co. Ltd. | 173,700 | 7,720,717 | ||||||
Kyushu Railway Co. | 145,300 | 4,734,488 | ||||||
Nagoya Railroad Co. Ltd. | 173,500 | 4,702,716 | ||||||
Nankai Electric Railway Co. Ltd. | 102,500 | 2,796,907 | ||||||
Nippon Express Co. Ltd. | 78,300 | 4,305,990 |
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Road & Rail — continued |
| |||||||
Odakyu Electric Railway Co. Ltd. | 308,900 | 7,276,141 | ||||||
Seibu Holdings, Inc. | 261,300 | 4,253,562 | ||||||
Tobu Railway Co. Ltd. | 193,500 | 5,479,191 | ||||||
Tokyu Corp. | 516,700 | 8,435,436 | ||||||
West Japan Railway Co. | 175,300 | 13,037,749 | ||||||
|
| |||||||
160,948,138 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.2% |
| |||||||
Advantest Corp. | 164,200 | 4,656,502 | ||||||
Disco Corp. | 27,000 | 4,672,264 | ||||||
Rohm Co. Ltd. | 86,900 | 6,408,035 | ||||||
SUMCO Corp. | 208,700 | 2,753,140 | ||||||
Tokyo Electron Ltd. | 150,300 | 23,857,640 | ||||||
|
| |||||||
42,347,581 | ||||||||
|
| |||||||
Software — 0.2% |
| |||||||
Oracle Corp. | 30,400 | 2,084,459 | ||||||
Trend Micro, Inc. | 109,500 | 5,474,112 | ||||||
|
| |||||||
7,558,571 | ||||||||
|
| |||||||
Specialty Retail — 1.7% |
| |||||||
ABC-Mart, Inc. | 28,700 | 1,783,702 | ||||||
Fast Retailing Co. Ltd. | 56,900 | 32,921,801 | ||||||
Hikari Tsushin, Inc. | 22,200 | 4,116,076 | ||||||
K’s Holdings Corp. | 199,900 | 1,783,121 | ||||||
Nitori Holdings Co. Ltd. | 80,100 | 9,556,143 | ||||||
Shimamura Co. Ltd. | 22,400 | 1,670,234 | ||||||
USS Co. Ltd. | 203,200 | 3,900,591 | ||||||
Yamada Denki Co. Ltd. | 686,200 | 3,252,883 | ||||||
|
| |||||||
58,984,551 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 2.1% |
| |||||||
Brother Industries Ltd. | 239,200 | 4,722,996 | ||||||
Canon, Inc. | 983,000 | 27,276,360 | ||||||
FUJIFILM Holdings Corp. | 393,200 | 18,368,850 | ||||||
Konica Minolta, Inc. | 457,500 | 4,594,049 | ||||||
NEC Corp. | 237,600 | 8,024,480 | ||||||
Ricoh Co. Ltd. | 677,600 | 6,855,252 | ||||||
Seiko Epson Corp. | 290,100 | 4,652,921 | ||||||
|
| |||||||
74,494,908 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.1% |
| |||||||
Asics Corp. | 172,300 | 2,122,698 | ||||||
|
| |||||||
Tobacco — 0.7% |
| |||||||
Japan Tobacco, Inc. | 1,019,000 | 23,546,668 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.8% |
| |||||||
ITOCHU Corp. | 1,341,100 | 24,198,077 | ||||||
Marubeni Corp. | 1,580,800 | 11,327,368 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Trading Companies & Distributors — continued |
| |||||||
Mitsubishi Corp. | 1,447,400 | 39,872,536 | ||||||
Mitsui & Co. Ltd. | 1,585,100 | 25,638,357 | ||||||
MonotaRO Co. Ltd. | 126,000 | 2,901,473 | ||||||
Sojitz Corp. | 1,024,800 | 3,528,131 | ||||||
Sumitomo Corp. | 1,138,300 | 16,315,055 | ||||||
Toyota Tsusho Corp. | 215,100 | 7,144,709 | ||||||
|
| |||||||
130,925,706 | ||||||||
|
| |||||||
Transportation Infrastructure — 0.2% |
| |||||||
Japan Airport Terminal Co. Ltd. | 65,500 | 2,769,895 | ||||||
Kamigumi Co. Ltd. | 109,800 | 2,622,972 | ||||||
Mitsubishi Logistics Corp. (a) | 75,300 | 2,015,310 | ||||||
|
| |||||||
7,408,177 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 4.1% |
| |||||||
KDDI Corp. | 1,589,600 | 36,636,381 | ||||||
NTT DOCOMO, Inc. | 971,400 | 21,094,520 | ||||||
SoftBank Group Corp. | 791,000 | 83,870,826 | ||||||
|
| |||||||
141,601,727 | ||||||||
|
| |||||||
Total Common Stocks | 3,434,662,462 | |||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 0.1% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | 3,003,900 | 3,004,200 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 1,934,949 | 1,934,949 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 4,939,149 | |||||||
|
| |||||||
Total Investments — 98.9% | 3,439,601,611 | |||||||
Other Assets Less Liabilities — 1.1% | 39,911,725 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 3,479,513,336 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 73 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
ADR | — American Depositary Receipt | |
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $4,734,944. | |
(b) | — Amount rounds to less than 0.1% of net assets. |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
TOPIX Index | 306 | 06/2019 | JPY | 44,597,244 | 452,088 | |||||||||||||||
|
| |||||||||||||||||||
452,088 | ||||||||||||||||||||
|
|
Abbreviations
JPY | — Japanese Yen | |
TOPIX | — Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.5% |
| |||||||
Aerospace & Defense — 2.5% |
| |||||||
Arconic, Inc. | 528 | 11,342 | ||||||
Boeing Co. (The) | 648 | 244,743 | ||||||
General Dynamics Corp. | 336 | 60,050 | ||||||
Harris Corp. | 144 | 24,264 | ||||||
HEICO Corp. | 48 | 5,065 | ||||||
HEICO Corp., Class A | 88 | 7,870 | ||||||
Huntington Ingalls Industries, Inc. | 51 | 11,352 | ||||||
L3 Technologies, Inc. | 98 | 21,421 | ||||||
Lockheed Martin Corp. | 303 | 100,999 | ||||||
Northrop Grumman Corp. | 209 | 60,591 | ||||||
Raytheon Co. | 348 | 61,801 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 132 | 11,471 | ||||||
Textron, Inc. | 289 | 15,317 | ||||||
TransDigm Group, Inc.* | 60 | 28,951 | ||||||
United Technologies Corp. | 1,000 | 142,610 | ||||||
|
| |||||||
807,847 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.6% |
| |||||||
CH Robinson Worldwide, Inc. | 168 | 13,608 | ||||||
Expeditors International of Washington, Inc. | 216 | 17,155 | ||||||
FedEx Corp. | 297 | 56,270 | ||||||
United Parcel Service, Inc., Class B | 860 | 91,349 | ||||||
XPO Logistics, Inc.* | 132 | 8,986 | ||||||
|
| |||||||
187,368 | ||||||||
|
| |||||||
Airlines — 0.4% |
| |||||||
Alaska Air Group, Inc. | 156 | 9,656 | ||||||
American Airlines Group, Inc. | 493 | 16,851 | ||||||
Delta Air Lines, Inc. | 768 | 44,767 | ||||||
Southwest Airlines Co. | 614 | 33,297 | ||||||
United Continental Holdings, Inc.* | 276 | 24,525 | ||||||
|
| |||||||
129,096 | ||||||||
|
| |||||||
Auto Components — 0.2% |
| |||||||
Aptiv plc | 324 | 27,767 | ||||||
Autoliv, Inc. (Sweden) | 108 | 8,477 | ||||||
BorgWarner, Inc. | 252 | 10,526 | ||||||
Goodyear Tire & Rubber Co. (The) | 288 | 5,532 | ||||||
Lear Corp. | 76 | 10,868 | ||||||
|
| |||||||
63,170 | ||||||||
|
| |||||||
Automobiles — 0.5% |
| |||||||
Ford Motor Co. | 4,800 | 50,160 | ||||||
General Motors Co. | 1,618 | 63,021 | ||||||
Harley-Davidson, Inc. | 204 | 7,595 | ||||||
Tesla, Inc.* | 168 | 40,100 | ||||||
|
| |||||||
160,876 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — 5.5% |
| |||||||
Bank of America Corp. | 11,088 | 339,071 | ||||||
BB&T Corp. | 948 | 48,538 | ||||||
CIT Group, Inc. | 124 | 6,606 | ||||||
Citigroup, Inc. | 2,903 | 205,242 | ||||||
Citizens Financial Group, Inc. | 576 | 20,851 | ||||||
Comerica, Inc. | 196 | 15,404 | ||||||
East West Bancorp, Inc. | 180 | 9,266 | ||||||
Fifth Third Bancorp | 956 | 27,552 | ||||||
First Republic Bank | 204 | 21,546 | ||||||
Huntington Bancshares, Inc. | 1,308 | 18,207 | ||||||
JPMorgan Chase & Co. (a) | 4,042 | 469,074 | ||||||
KeyCorp | 1,246 | 21,867 | ||||||
M&T Bank Corp. | 170 | 28,912 | ||||||
PNC Financial Services Group, Inc. (The) | 561 | 76,818 | ||||||
Regions Financial Corp. | 1,272 | 19,754 | ||||||
SunTrust Banks, Inc. | 548 | 35,883 | ||||||
SVB Financial Group* | 64 | 16,110 | ||||||
US Bancorp | 1,860 | 99,175 | ||||||
Wells Fargo & Co. | 5,054 | 244,664 | ||||||
Zions Bancorp NA | 229 | 11,297 | ||||||
|
| |||||||
1,735,837 | ||||||||
|
| |||||||
Beverages — 1.8% |
| |||||||
Brown-Forman Corp., Class A | 72 | 3,766 | ||||||
Brown-Forman Corp., Class B | 204 | 10,871 | ||||||
Coca-Cola Co. (The) | 4,750 | 233,035 | ||||||
Constellation Brands, Inc., Class A | 204 | 43,181 | ||||||
Keurig Dr Pepper, Inc. | 216 | 6,279 | ||||||
Molson Coors Brewing Co., Class B | 228 | 14,635 | ||||||
Monster Beverage Corp.* | 482 | 28,727 | ||||||
PepsiCo, Inc. | 1,733 | 221,911 | ||||||
|
| |||||||
562,405 | ||||||||
|
| |||||||
Biotechnology — 2.2% |
| |||||||
AbbVie, Inc. | 1,821 | 144,569 | ||||||
Alexion Pharmaceuticals, Inc.* | 276 | 37,572 | ||||||
Alkermes plc* | 192 | 5,821 | ||||||
Alnylam Pharmaceuticals, Inc.* | 117 | 10,453 | ||||||
Amgen, Inc. | 768 | 137,718 | ||||||
Biogen, Inc.* | 242 | 55,476 | ||||||
BioMarin Pharmaceutical, Inc.* | 219 | 18,731 | ||||||
Celgene Corp.* | 864 | 81,786 | ||||||
Gilead Sciences, Inc. | 1,574 | 102,373 | ||||||
Incyte Corp.* | 219 | 16,819 | ||||||
Neurocrine Biosciences, Inc.* | 111 | 8,019 | ||||||
Regeneron Pharmaceuticals, Inc.* | 97 | 33,284 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 75 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Biotechnology — continued |
| |||||||
Seattle Genetics, Inc.* | 132 | 8,947 | ||||||
Vertex Pharmaceuticals, Inc.* | 315 | 53,229 | ||||||
|
| |||||||
714,797 | ||||||||
|
| |||||||
Building Products — 0.2% |
| |||||||
Fortune Brands Home & Security, Inc. | 168 | 8,867 | ||||||
Johnson Controls International plc | 1,127 | 42,262 | ||||||
Masco Corp. | 363 | 14,179 | ||||||
Owens Corning | 132 | 6,768 | ||||||
|
| |||||||
72,076 | ||||||||
|
| |||||||
Capital Markets — 2.6% |
| |||||||
Affiliated Managers Group, Inc. | 64 | 7,099 | ||||||
Ameriprise Financial, Inc. | 168 | 24,657 | ||||||
Bank of New York Mellon Corp. (The) | 1,084 | 53,831 | ||||||
BlackRock, Inc. | 149 | 72,301 | ||||||
Charles Schwab Corp. (The) | 1,464 | 67,022 | ||||||
CME Group, Inc. | 442 | 79,074 | ||||||
E*TRADE Financial Corp. | 303 | 15,350 | ||||||
Franklin Resources, Inc. | 360 | 12,452 | ||||||
Goldman Sachs Group, Inc. (The) | 422 | 86,898 | ||||||
Intercontinental Exchange, Inc. | 701 | 57,026 | ||||||
Invesco Ltd. | 504 | 11,073 | ||||||
Moody’s Corp. | 204 | 40,111 | ||||||
Morgan Stanley | 1,608 | 77,586 | ||||||
MSCI, Inc. | 105 | 23,665 | ||||||
Nasdaq, Inc. | 144 | 13,277 | ||||||
Northern Trust Corp. | 269 | 26,510 | ||||||
Raymond James Financial, Inc. | 156 | 14,285 | ||||||
S&P Global, Inc. | 308 | 67,963 | ||||||
SEI Investments Co. | 156 | 8,494 | ||||||
State Street Corp. | 468 | 31,665 | ||||||
T. Rowe Price Group, Inc. | 291 | 31,283 | ||||||
TD Ameritrade Holding Corp. | 336 | 17,667 | ||||||
|
| |||||||
839,289 | ||||||||
|
| |||||||
Chemicals — 1.8% |
| |||||||
Air Products & Chemicals, Inc. | 272 | 55,975 | ||||||
Albemarle Corp. | 132 | 9,908 | ||||||
Ashland Global Holdings, Inc. | 76 | 6,120 | ||||||
Axalta Coating Systems Ltd.* | 264 | 7,123 | ||||||
Celanese Corp. | 158 | 17,047 | ||||||
CF Industries Holdings, Inc. | 275 | 12,314 | ||||||
Chemours Co. (The) | 206 | 7,418 | ||||||
DowDuPont, Inc. | 2,783 | 107,006 | ||||||
Eastman Chemical Co. | 172 | 13,567 | ||||||
Ecolab, Inc. | 312 | 57,433 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Chemicals — continued |
| |||||||
FMC Corp. | 168 | 13,282 | ||||||
International Flavors & Fragrances, Inc. | 124 | 17,086 | ||||||
Linde plc (United Kingdom) | 681 | 122,757 | ||||||
LyondellBasell Industries NV, Class A | 375 | 33,086 | ||||||
Mosaic Co. (The) | 432 | 11,280 | ||||||
PPG Industries, Inc. | 291 | 34,193 | ||||||
Sherwin-Williams Co. (The) | 100 | 45,483 | ||||||
Westlake Chemical Corp. | 48 | 3,348 | ||||||
WR Grace & Co. | 84 | 6,349 | ||||||
|
| |||||||
580,775 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.4% |
| |||||||
Cintas Corp. | 105 | 22,800 | ||||||
Copart, Inc.* | 252 | 16,965 | ||||||
Republic Services, Inc. | 264 | 21,864 | ||||||
Rollins, Inc. | 180 | 6,961 | ||||||
Stericycle, Inc.* | 108 | 6,306 | ||||||
Waste Management, Inc. | 480 | 51,523 | ||||||
|
| |||||||
126,419 | ||||||||
|
| |||||||
Communications Equipment — 1.2% |
| |||||||
Arista Networks, Inc.* | 64 | 19,987 | ||||||
Cisco Systems, Inc. | 5,434 | 304,032 | ||||||
F5 Networks, Inc.* | 72 | 11,297 | ||||||
Juniper Networks, Inc. | 420 | 11,663 | ||||||
Motorola Solutions, Inc. | 204 | 29,562 | ||||||
|
| |||||||
376,541 | ||||||||
|
| |||||||
Construction & Engineering — 0.1% |
| |||||||
Fluor Corp. | 168 | 6,675 | ||||||
Jacobs Engineering Group, Inc. | 144 | 11,223 | ||||||
Quanta Services, Inc. | 180 | 7,308 | ||||||
|
| |||||||
25,206 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 76 | 16,864 | ||||||
Vulcan Materials Co. | 164 | 20,682 | ||||||
|
| |||||||
37,546 | ||||||||
|
| |||||||
Consumer Finance — 0.7% |
| |||||||
Ally Financial, Inc. | 504 | 14,974 | ||||||
American Express Co. | 853 | 99,997 | ||||||
Capital One Financial Corp. | 576 | 53,470 | ||||||
Discover Financial Services | 408 | 33,248 | ||||||
Santander Consumer USA Holdings, Inc. | 144 | 3,074 | ||||||
Synchrony Financial | 806 | 27,944 | ||||||
|
| |||||||
232,707 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Containers & Packaging — 0.3% |
| |||||||
Avery Dennison Corp. | 104 | 11,508 | ||||||
Ball Corp. | 412 | 24,695 | ||||||
Crown Holdings, Inc.* | 168 | 9,766 | ||||||
International Paper Co. | 492 | 23,030 | ||||||
Packaging Corp. of America | 117 | 11,602 | ||||||
Sealed Air Corp. | 192 | 8,951 | ||||||
Westrock Co. | 312 | 11,975 | ||||||
|
| |||||||
101,527 | ||||||||
|
| |||||||
Distributors — 0.1% |
| |||||||
Genuine Parts Co. | 180 | 18,457 | ||||||
LKQ Corp.* | 396 | 11,920 | ||||||
|
| |||||||
30,377 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.0% (b) |
| |||||||
H&R Block, Inc. | 252 | 6,857 | ||||||
|
| |||||||
Diversified Financial Services — 1.7% |
| |||||||
AXA Equitable Holdings, Inc. | 260 | 5,899 | ||||||
Berkshire Hathaway, Inc., Class B* | 2,400 | 520,104 | ||||||
Jefferies Financial Group, Inc. | 324 | 6,665 | ||||||
Voya Financial, Inc. | 192 | 10,539 | ||||||
|
| |||||||
543,207 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.9% |
| |||||||
AT&T, Inc. | 8,991 | 278,361 | ||||||
CenturyLink, Inc. | 1,164 | 13,293 | ||||||
Verizon Communications, Inc. | 5,100 | 291,669 | ||||||
Zayo Group Holdings, Inc.* | 252 | 7,885 | ||||||
|
| |||||||
591,208 | ||||||||
|
| |||||||
Electric Utilities — 1.9% |
| |||||||
Alliant Energy Corp. | 288 | 13,602 | ||||||
American Electric Power Co., Inc. | 609 | 52,100 | ||||||
Avangrid, Inc. | 72 | 3,687 | ||||||
Duke Energy Corp. | 898 | 81,826 | ||||||
Edison International | 401 | 25,572 | ||||||
Entergy Corp. | 233 | 22,578 | ||||||
Evergy, Inc. | 314 | 18,155 | ||||||
Eversource Energy | 392 | 28,091 | ||||||
Exelon Corp. | 1,198 | 61,038 | ||||||
FirstEnergy Corp. | 622 | 26,143 | ||||||
NextEra Energy, Inc. | 590 | 114,719 | ||||||
OGE Energy Corp. | 240 | 10,162 | ||||||
Pinnacle West Capital Corp. | 137 | 13,052 | ||||||
PPL Corp. | 888 | 27,714 | ||||||
Southern Co. (The) | 1,276 | 67,909 | ||||||
Xcel Energy, Inc. | 636 | 35,934 | ||||||
|
| |||||||
602,282 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Electrical Equipment — 0.6% |
| |||||||
Acuity Brands, Inc. | 48 | 7,024 | ||||||
AMETEK, Inc. | 280 | 24,687 | ||||||
Eaton Corp. plc | 524 | 43,398 | ||||||
Emerson Electric Co. | 758 | 53,810 | ||||||
Hubbell, Inc. | 68 | 8,677 | ||||||
Rockwell Automation, Inc. | 147 | 26,564 | ||||||
Sensata Technologies Holding plc* | 204 | 10,188 | ||||||
|
| |||||||
174,348 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.6% |
| |||||||
Amphenol Corp., Class A | 369 | 36,738 | ||||||
CDW Corp. | 184 | 19,430 | ||||||
Cognex Corp. | 216 | 10,893 | ||||||
Corning, Inc. | 971 | 30,926 | ||||||
Flex Ltd.* | 660 | 7,286 | ||||||
IPG Photonics Corp.* | 45 | 7,863 | ||||||
Keysight Technologies, Inc.* | 231 | 20,104 | ||||||
TE Connectivity Ltd. | 420 | 40,173 | ||||||
Trimble, Inc.* | 312 | 12,736 | ||||||
|
| |||||||
186,149 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.5% |
| |||||||
Baker Hughes a GE Co. | 636 | 15,277 | ||||||
Core Laboratories NV | 56 | 3,550 | ||||||
Halliburton Co. | 1,080 | 30,596 | ||||||
Helmerich & Payne, Inc. | 132 | 7,725 | ||||||
National Oilwell Varco, Inc. | 468 | 12,233 | ||||||
Schlumberger Ltd. | 1,712 | 73,068 | ||||||
Transocean Ltd.* | 624 | 4,905 | ||||||
|
| |||||||
147,354 | ||||||||
|
| |||||||
Entertainment — 1.9% |
| |||||||
Activision Blizzard, Inc. | 944 | 45,510 | ||||||
Electronic Arts, Inc.* | 372 | 35,210 | ||||||
Live Nation Entertainment, Inc.* | 168 | 10,977 | ||||||
Netflix, Inc.* | 539 | 199,721 | ||||||
Take-Two Interactive Software, Inc.* | 140 | 13,556 | ||||||
Viacom, Inc., Class A | 12 | 416 | ||||||
Viacom, Inc., Class B | 432 | 12,489 | ||||||
Walt Disney Co. (The) | 2,156 | 295,308 | ||||||
|
| |||||||
613,187 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 2.8% |
| |||||||
Alexandria Real Estate Equities, Inc. | 140 | 19,935 | ||||||
American Tower Corp. | 544 | 106,243 | ||||||
AvalonBay Communities, Inc. | 170 | 34,158 | ||||||
Boston Properties, Inc. | 192 | 26,423 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 77 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Crown Castle International Corp. | 513 | 64,525 | ||||||
Digital Realty Trust, Inc. | 256 | 30,134 | ||||||
Duke Realty Corp. | 444 | 13,817 | ||||||
Equinix, Inc. | 104 | 47,289 | ||||||
Equity Residential | 456 | 34,848 | ||||||
Essex Property Trust, Inc. | 82 | 23,165 | ||||||
Extra Space Storage, Inc. | 156 | 16,176 | ||||||
Federal Realty Investment Trust | 92 | 12,314 | ||||||
HCP, Inc. | 588 | 17,511 | ||||||
Host Hotels & Resorts, Inc. | 912 | 17,547 | ||||||
Invitation Homes, Inc. | 411 | 10,217 | ||||||
Iron Mountain, Inc. | 348 | 11,303 | ||||||
Kimco Realty Corp. | 516 | 8,973 | ||||||
Macerich Co. (The) | 132 | 5,299 | ||||||
Mid-America Apartment Communities, Inc. | 141 | 15,427 | ||||||
Prologis, Inc. | 778 | 59,649 | ||||||
Public Storage | 184 | 40,697 | ||||||
Realty Income Corp. | 374 | 26,184 | ||||||
Regency Centers Corp. | 204 | 13,703 | ||||||
SBA Communications Corp.* | 140 | 28,522 | ||||||
Simon Property Group, Inc. | 382 | 66,353 | ||||||
SL Green Realty Corp. | 104 | 9,187 | ||||||
UDR, Inc. | 336 | 15,103 | ||||||
Ventas, Inc. | 440 | 26,888 | ||||||
VEREIT, Inc. | 1,188 | 9,813 | ||||||
VICI Properties, Inc. | 444 | 10,123 | ||||||
Vornado Realty Trust | 216 | 14,934 | ||||||
Welltower, Inc. | 477 | 35,551 | ||||||
Weyerhaeuser Co. | 924 | 24,763 | ||||||
|
| |||||||
896,774 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.4% |
| |||||||
Costco Wholesale Corp. | 543 | 133,323 | ||||||
Kroger Co. (The) | 984 | 25,367 | ||||||
Sysco Corp. | 584 | 41,096 | ||||||
Walgreens Boots Alliance, Inc. | 989 | 52,981 | ||||||
Walmart, Inc. | 1,756 | 180,587 | ||||||
|
| |||||||
433,354 | ||||||||
|
| |||||||
Food Products — 1.1% |
| |||||||
Archer-Daniels-Midland Co. | 692 | 30,863 | ||||||
Bunge Ltd. | 173 | 9,067 | ||||||
Campbell Soup Co. | 240 | 9,286 | ||||||
Conagra Brands, Inc. | 600 | 18,468 | ||||||
General Mills, Inc. | 732 | 37,676 | ||||||
Hershey Co. (The) | 171 | 21,349 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Products — continued |
| |||||||
Hormel Foods Corp. | 336 | 13,420 | ||||||
Ingredion, Inc. | 84 | 7,959 | ||||||
JM Smucker Co. (The) | 141 | 17,291 | ||||||
Kellogg Co. | 312 | 18,814 | ||||||
Kraft Heinz Co. (The) | 768 | 25,528 | ||||||
Lamb Weston Holdings, Inc. | 180 | 12,609 | ||||||
McCormick & Co., Inc.(Non-Voting) | 152 | 23,403 | ||||||
Mondelez International, Inc., Class A | 1,788 | 90,920 | ||||||
Tyson Foods, Inc., Class A | 364 | 27,304 | ||||||
|
| |||||||
363,957 | ||||||||
|
| |||||||
Gas Utilities — 0.1% |
| |||||||
Atmos Energy Corp. | 144 | 14,737 | ||||||
National Fuel Gas Co. | 108 | 6,395 | ||||||
UGI Corp. | 216 | 11,774 | ||||||
|
| |||||||
32,906 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.2% |
| |||||||
Abbott Laboratories | 2,169 | 172,566 | ||||||
ABIOMED, Inc.* | 56 | 15,535 | ||||||
Align Technology, Inc.* | 89 | 28,897 | ||||||
Baxter International, Inc. | 588 | 44,864 | ||||||
Becton Dickinson and Co. | 333 | 80,166 | ||||||
Boston Scientific Corp.* | 1,704 | 63,253 | ||||||
Cooper Cos., Inc. (The) | 61 | 17,685 | ||||||
Danaher Corp. | 776 | 102,773 | ||||||
Dentsply Sirona, Inc. | 276 | 14,112 | ||||||
DexCom, Inc.* | 108 | 13,076 | ||||||
Edwards Lifesciences Corp.* | 256 | 45,074 | ||||||
Hologic, Inc.* | 336 | 15,584 | ||||||
IDEXX Laboratories, Inc.* | 106 | 24,592 | ||||||
Intuitive Surgical, Inc.* | 142 | 72,509 | ||||||
Medtronic plc | 1,656 | 147,069 | ||||||
ResMed, Inc. | 177 | 18,498 | ||||||
STERIS plc | 105 | 13,753 | ||||||
Stryker Corp. | 382 | 72,164 | ||||||
Teleflex, Inc. | 57 | 16,312 | ||||||
Varian Medical Systems, Inc.* | 111 | 15,115 | ||||||
Zimmer Biomet Holdings, Inc. | 252 | 31,036 | ||||||
|
| |||||||
1,024,633 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.4% |
| |||||||
AmerisourceBergen Corp. | 192 | 14,354 | ||||||
Anthem, Inc. | 316 | 83,118 | ||||||
Cardinal Health, Inc. | 369 | 17,974 | ||||||
Centene Corp.* | 509 | 26,244 | ||||||
Cigna Corp. | 468 | 74,337 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — continued |
| |||||||
CVS Health Corp. | 1,600 | 87,008 | ||||||
DaVita, Inc.* | 156 | 8,617 | ||||||
HCA Healthcare, Inc. | 329 | 41,859 | ||||||
Henry Schein, Inc.* | 192 | 12,300 | ||||||
Humana, Inc. | 167 | 42,653 | ||||||
Laboratory Corp. of America Holdings* | 120 | 19,190 | ||||||
McKesson Corp. | 237 | 28,262 | ||||||
Quest Diagnostics, Inc. | 168 | 16,192 | ||||||
UnitedHealth Group, Inc. | 1,185 | 276,188 | ||||||
Universal Health Services, Inc., Class B | 104 | 13,195 | ||||||
WellCare Health Plans, Inc.* | 60 | 15,501 | ||||||
|
| |||||||
776,992 | ||||||||
|
| |||||||
Health Care Technology — 0.2% |
| |||||||
Cerner Corp.* | 400 | 26,580 | ||||||
Veeva Systems, Inc., Class A* | 155 | 21,680 | ||||||
|
| |||||||
48,260 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.0% |
| |||||||
Aramark | 300 | 9,324 | ||||||
Carnival Corp. | 492 | 26,991 | ||||||
Chipotle Mexican Grill, Inc.* | 29 | 19,953 | ||||||
Darden Restaurants, Inc. | 153 | 17,993 | ||||||
Domino’s Pizza, Inc. | 50 | 13,529 | ||||||
Hilton Worldwide Holdings, Inc. | 360 | 31,316 | ||||||
Las Vegas Sands Corp. | 456 | 30,575 | ||||||
Marriott International, Inc., Class A | 348 | 47,474 | ||||||
McDonald’s Corp. | 945 | 186,704 | ||||||
MGM Resorts International | 629 | 16,750 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 268 | 15,113 | ||||||
Royal Caribbean Cruises Ltd. | 212 | 25,639 | ||||||
Starbucks Corp. | 1,535 | 119,239 | ||||||
Vail Resorts, Inc. | 50 | 11,443 | ||||||
Wyndham Destinations, Inc. | 120 | 5,227 | ||||||
Wynn Resorts Ltd. | 120 | 17,334 | ||||||
Yum! Brands, Inc. | 377 | 39,355 | ||||||
|
| |||||||
633,959 | ||||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
DR Horton, Inc. | 420 | 18,610 | ||||||
Garmin Ltd. | 149 | 12,775 | ||||||
Lennar Corp., Class A | 352 | 18,315 | ||||||
Lennar Corp., Class B | 24 | 1,001 | ||||||
Mohawk Industries, Inc.* | 75 | 10,219 | ||||||
Newell Brands, Inc. | 480 | 6,902 | ||||||
NVR, Inc.* | 3 | 9,457 | ||||||
PulteGroup, Inc. | 312 | 9,816 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Durables — continued |
| |||||||
Whirlpool Corp. | 77 | 10,689 | ||||||
|
| |||||||
97,784 | ||||||||
|
| |||||||
Household Products — 1.6% |
| |||||||
Church & Dwight Co., Inc. | 300 | 22,485 | ||||||
Clorox Co. (The) | 158 | 25,237 | ||||||
Colgate-Palmolive Co. | 1,064 | 77,449 | ||||||
Kimberly-Clark Corp. | 424 | 54,433 | ||||||
Procter & Gamble Co. (The) | 3,087 | 328,704 | ||||||
|
| |||||||
508,308 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
AES Corp. | 816 | 13,970 | ||||||
NRG Energy, Inc. | 347 | 14,286 | ||||||
Vistra Energy Corp. | 480 | 13,080 | ||||||
|
| |||||||
41,336 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.4% |
| |||||||
3M Co. | 710 | 134,552 | ||||||
General Electric Co. | 10,744 | 109,267 | ||||||
Honeywell International, Inc. | 900 | 156,267 | ||||||
Roper Technologies, Inc. | 129 | 46,401 | ||||||
|
| |||||||
446,487 | ||||||||
|
| |||||||
Insurance — 2.6% |
| |||||||
Aflac, Inc. | 926 | 46,652 | ||||||
Alleghany Corp.* | 17 | 11,167 | ||||||
Allstate Corp. (The) | 409 | 40,516 | ||||||
American Financial Group, Inc. | 87 | 9,007 | ||||||
American International Group, Inc. | 1,072 | 50,995 | ||||||
Aon plc | 297 | 53,502 | ||||||
Arch Capital Group Ltd.* | 492 | 16,620 | ||||||
Arthur J Gallagher & Co. | 228 | 19,065 | ||||||
Brighthouse Financial, Inc.* | 144 | 6,018 | ||||||
Chubb Ltd. | 566 | 82,183 | ||||||
Cincinnati Financial Corp. | 188 | 18,082 | ||||||
Everest Re Group Ltd. | 50 | 11,775 | ||||||
Fidelity National Financial, Inc. | 336 | 13,423 | ||||||
Hartford Financial Services Group, Inc. (The) | 444 | 23,226 | ||||||
Lincoln National Corp. | 252 | 16,813 | ||||||
Loews Corp. | 336 | 17,233 | ||||||
Markel Corp.* | 16 | 17,144 | ||||||
Marsh & McLennan Cos., Inc. | 624 | 58,837 | ||||||
MetLife, Inc. | 1,181 | 54,479 | ||||||
Principal Financial Group, Inc. | 324 | 18,520 | ||||||
Progressive Corp. (The) | 720 | 56,268 | ||||||
Prudential Financial, Inc. | 504 | 53,278 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 79 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Insurance — continued |
| |||||||
Reinsurance Group of America, Inc. | 77 | 11,666 | ||||||
Torchmark Corp. | 124 | 10,870 | ||||||
Travelers Cos., Inc. (The) | 324 | 46,575 | ||||||
Unum Group | 264 | 9,747 | ||||||
Willis Towers Watson plc | 159 | 29,310 | ||||||
WR Berkley Corp. | 180 | 11,034 | ||||||
|
| |||||||
814,005 | ||||||||
|
| |||||||
Interactive Media & Services — 4.8% |
| |||||||
Alphabet, Inc., Class A* | 370 | 443,615 | ||||||
Alphabet, Inc., Class C* | 380 | 451,622 | ||||||
Facebook, Inc., Class A* | 2,944 | 569,370 | ||||||
IAC/InterActiveCorp* | 96 | 21,585 | ||||||
Snap, Inc., Class A* | 912 | 10,160 | ||||||
TripAdvisor, Inc.* | 128 | 6,813 | ||||||
Twitter, Inc.* | 899 | 35,879 | ||||||
|
| |||||||
1,539,044 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 3.7% |
| |||||||
Amazon.com, Inc.* | 508 | 978,672 | ||||||
Booking Holdings, Inc.* | 56 | 103,879 | ||||||
eBay, Inc. | 1,061 | 41,114 | ||||||
Expedia Group, Inc. | 144 | 18,697 | ||||||
MercadoLibre, Inc. (Argentina)* | 56 | 27,112 | ||||||
Qurate Retail, Inc.* | 516 | 8,798 | ||||||
|
| |||||||
1,178,272 | ||||||||
|
| |||||||
IT Services — 5.3% |
| |||||||
Accenture plc, Class A | 788 | 143,944 | ||||||
Akamai Technologies, Inc.* | 204 | 16,332 | ||||||
Alliance Data Systems Corp. | 57 | 9,126 | ||||||
Automatic Data Processing, Inc. | 538 | 88,442 | ||||||
Broadridge Financial Solutions, Inc. | 144 | 17,011 | ||||||
Cognizant Technology Solutions Corp., Class A | 708 | 51,656 | ||||||
DXC Technology Co. | 332 | 21,826 | ||||||
Fidelity National Information Services, Inc. | 398 | 46,140 | ||||||
First Data Corp., Class A* | 696 | 17,998 | ||||||
Fiserv, Inc.* | 483 | 42,137 | ||||||
FleetCor Technologies, Inc.* | 106 | 27,661 | ||||||
Gartner, Inc.* | 110 | 17,487 | ||||||
Global Payments, Inc. | 194 | 28,337 | ||||||
GoDaddy, Inc., Class A* | 208 | 16,952 | ||||||
International Business Machines Corp. | 1,097 | 153,876 | ||||||
Jack Henry & Associates, Inc. | 96 | 14,310 | ||||||
Leidos Holdings, Inc. | 180 | 13,226 | ||||||
Mastercard, Inc., Class A | 1,116 | 283,732 | ||||||
Paychex, Inc. | 396 | 33,387 |
INVESTMENTS | SHARES | VALUE($) | ||||||
IT Services — continued |
| |||||||
PayPal Holdings, Inc.* | 1,449 | 163,404 | ||||||
Sabre Corp. | 336 | 6,975 | ||||||
Square, Inc., Class A* | 384 | 27,963 | ||||||
Total System Services, Inc. | 201 | 20,550 | ||||||
VeriSign, Inc.* | 130 | 25,668 | ||||||
Visa, Inc., Class A | 2,160 | 355,169 | ||||||
Western Union Co. (The) | 540 | 10,498 | ||||||
Worldpay, Inc., Class A* | 372 | 43,602 | ||||||
|
| |||||||
1,697,409 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
Hasbro, Inc. | 144 | 14,668 | ||||||
Mattel, Inc.* | 420 | 5,119 | ||||||
Polaris Industries, Inc. | 72 | 6,941 | ||||||
|
| |||||||
26,728 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.0% |
| |||||||
Agilent Technologies, Inc. | 396 | 31,086 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 25 | 7,523 | ||||||
Illumina, Inc.* | 181 | 56,472 | ||||||
IQVIA Holdings, Inc.* | 195 | 27,086 | ||||||
Mettler-Toledo International, Inc.* | 32 | 23,848 | ||||||
PerkinElmer, Inc. | 136 | 13,034 | ||||||
Thermo Fisher Scientific, Inc. | 496 | 137,615 | ||||||
Waters Corp.* | 88 | 18,792 | ||||||
|
| |||||||
315,456 | ||||||||
|
| |||||||
Machinery — 1.6% |
| |||||||
Caterpillar, Inc. | 710 | 98,988 | ||||||
Colfax Corp.* | 120 | 3,621 | ||||||
Cummins, Inc. | 180 | 29,932 | ||||||
Deere & Co. | 394 | 65,258 | ||||||
Donaldson Co., Inc. | 156 | 8,352 | ||||||
Dover Corp. | 180 | 17,647 | ||||||
Flowserve Corp. | 156 | 7,649 | ||||||
Fortive Corp. | 360 | 31,082 | ||||||
IDEX Corp. | 94 | 14,726 | ||||||
Illinois Tool Works, Inc. | 372 | 57,894 | ||||||
Ingersoll-Rand plc | 300 | 36,783 | ||||||
PACCAR, Inc. | 432 | 30,962 | ||||||
Parker-Hannifin Corp. | 159 | 28,792 | ||||||
Pentair plc | 192 | 7,486 | ||||||
Snap-on, Inc. | 69 | 11,611 | ||||||
Stanley Black & Decker, Inc. | 188 | 27,561 | ||||||
Wabtec Corp. | 168 | 12,444 | ||||||
Xylem, Inc. | 221 | 18,431 | ||||||
|
| |||||||
509,219 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Media — 1.5% |
| |||||||
CBS Corp.(Non-Voting), Class B | 430 | 22,046 | ||||||
Charter Communications, Inc., Class A* | 214 | 79,435 | ||||||
Comcast Corp., Class A | 5,580 | 242,897 | ||||||
Discovery, Inc., Class A* | 194 | 5,995 | ||||||
Discovery, Inc., Class C* | 444 | 12,769 | ||||||
DISH Network Corp., Class A* | 276 | 9,693 | ||||||
Fox Corp., Class A* | 426 | 16,610 | ||||||
Fox Corp., Class B* | 195 | 7,507 | ||||||
Interpublic Group of Cos., Inc. (The) | 468 | 10,764 | ||||||
Liberty Broadband Corp., Class A* | 33 | 3,247 | ||||||
Liberty Broadband Corp., Class C* | 189 | 18,656 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C* | 192 | 7,711 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 108 | 4,314 | ||||||
News Corp., Class A | 468 | 5,813 | ||||||
News Corp., Class B | 156 | 1,948 | ||||||
Omnicom Group, Inc. | 276 | 22,088 | ||||||
Sirius XM Holdings, Inc. | 2,076 | 12,062 | ||||||
|
| |||||||
483,555 | ||||||||
|
| |||||||
Metals & Mining — 0.3% |
| |||||||
Freeport-McMoRan, Inc. | 1,776 | 21,863 | ||||||
Newmont Goldcorp Corp. | 1,011 | 31,402 | ||||||
Nucor Corp. | 376 | 21,458 | ||||||
Southern Copper Corp. (Peru) | 108 | 4,149 | ||||||
Steel Dynamics, Inc. | 276 | 8,744 | ||||||
|
| |||||||
87,616 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| |||||||
AGNC Investment Corp. | 648 | 11,528 | ||||||
Annaly Capital Management, Inc. | 1,704 | 17,193 | ||||||
|
| |||||||
28,721 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Dollar General Corp. | 324 | 40,853 | ||||||
Dollar Tree, Inc.* | 293 | 32,605 | ||||||
Kohl’s Corp. | 204 | 14,504 | ||||||
Macy’s, Inc. | 372 | 8,757 | ||||||
Nordstrom, Inc. | 144 | 5,907 | ||||||
Target Corp. | 645 | 49,936 | ||||||
|
| |||||||
152,562 | ||||||||
|
| |||||||
Multi-Utilities — 1.0% |
| |||||||
Ameren Corp. | 300 | 21,831 | ||||||
CenterPoint Energy, Inc. | 612 | 18,972 | ||||||
CMS Energy Corp. | 348 | 19,331 | ||||||
Consolidated Edison, Inc. | 396 | 34,119 | ||||||
Dominion Energy, Inc. | 986 | 76,780 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Multi-Utilities — continued |
| |||||||
DTE Energy Co. | 225 | 28,285 | ||||||
NiSource, Inc. | 459 | 12,751 | ||||||
Public Service Enterprise Group, Inc. | 624 | 37,222 | ||||||
Sempra Energy | 336 | 42,991 | ||||||
WEC Energy Group, Inc. | 388 | 30,431 | ||||||
|
| |||||||
322,713 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.6% |
| |||||||
Anadarko Petroleum Corp. | 616 | 44,876 | ||||||
Antero Resources Corp.* | 276 | 2,001 | ||||||
Apache Corp. | 468 | 15,402 | ||||||
Cabot Oil & Gas Corp. | 528 | 13,670 | ||||||
Cheniere Energy, Inc.* | 276 | 17,761 | ||||||
Chevron Corp. | 2,344 | 281,421 | ||||||
Cimarex Energy Co. | 124 | 8,514 | ||||||
Concho Resources, Inc. | 248 | 28,614 | ||||||
ConocoPhillips | 1,401 | 88,431 | ||||||
Continental Resources, Inc.* | 108 | 4,967 | ||||||
Devon Energy Corp. | 540 | 17,356 | ||||||
Diamondback Energy, Inc. | 192 | 20,427 | ||||||
EOG Resources, Inc. | 717 | 68,868 | ||||||
EQT Corp. | 312 | 6,380 | ||||||
Exxon Mobil Corp. | 5,230 | 419,864 | ||||||
Hess Corp. | 314 | 20,134 | ||||||
HollyFrontier Corp. | 192 | 9,164 | ||||||
Kinder Morgan, Inc. | 2,402 | 47,728 | ||||||
Marathon Oil Corp. | 1,020 | 17,381 | ||||||
Marathon Petroleum Corp. | 831 | 50,583 | ||||||
Murphy Oil Corp. | 204 | 5,557 | ||||||
Noble Energy, Inc. | 588 | 15,911 | ||||||
Occidental Petroleum Corp. | 924 | 54,405 | ||||||
ONEOK, Inc. | 504 | 34,237 | ||||||
Phillips 66 | 516 | 48,643 | ||||||
Pioneer Natural Resources Co. | 207 | 34,457 | ||||||
Targa Resources Corp. | 276 | 11,081 | ||||||
Valero Energy Corp. | 516 | 46,780 | ||||||
Williams Cos., Inc. (The) | 1,488 | 42,155 | ||||||
|
| |||||||
1,476,768 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A | 552 | 5,973 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 269 | 46,217 | ||||||
Herbalife Nutrition Ltd.* | 125 | 6,606 | ||||||
|
| |||||||
58,796 | ||||||||
|
| |||||||
Pharmaceuticals — 4.4% |
| |||||||
Allergan plc | 386 | 56,742 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 81 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Pharmaceuticals — continued |
| |||||||
Bristol-Myers Squibb Co. | 2,015 | 93,556 | ||||||
Elanco Animal Health, Inc.* | 454 | 14,301 | ||||||
Eli Lilly & Co. | 1,067 | 124,882 | ||||||
Jazz Pharmaceuticals plc* | 74 | 9,603 | ||||||
Johnson & Johnson | 3,288 | 464,266 | ||||||
Merck & Co., Inc. | 3,185 | 250,691 | ||||||
Mylan NV* | 636 | 17,166 | ||||||
Nektar Therapeutics* | 216 | 6,916 | ||||||
Perrigo Co. plc | 156 | 7,476 | ||||||
Pfizer, Inc. | 6,853 | 278,300 | ||||||
Tilray, Inc. (Canada)* | 12 | 616 | ||||||
Zoetis, Inc. | 588 | 59,882 | ||||||
|
| |||||||
1,384,397 | ||||||||
|
| |||||||
Professional Services — 0.4% |
| |||||||
CoStar Group, Inc.* | 45 | 22,331 | ||||||
Equifax, Inc. | 148 | 18,641 | ||||||
IHS Markit Ltd.* | 444 | 25,424 | ||||||
ManpowerGroup, Inc. | 72 | 6,915 | ||||||
Nielsen Holdings plc | 432 | 11,029 | ||||||
TransUnion | 228 | 15,880 | ||||||
Verisk Analytics, Inc. | 202 | 28,510 | ||||||
|
| |||||||
128,730 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 384 | 19,995 | ||||||
|
| |||||||
Road & Rail — 1.1% |
| |||||||
CSX Corp. | 957 | 76,206 | ||||||
JB Hunt Transport Services, Inc. | 108 | 10,204 | ||||||
Kansas City Southern | 124 | 15,269 | ||||||
Norfolk Southern Corp. | 329 | 67,122 | ||||||
Old Dominion Freight Line, Inc. | 81 | 12,092 | ||||||
Union Pacific Corp. | 892 | 157,920 | ||||||
|
| |||||||
338,813 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.9% |
| |||||||
Advanced Micro Devices, Inc.* | 1,080 | 29,840 | ||||||
Analog Devices, Inc. | 456 | 53,005 | ||||||
Applied Materials, Inc. | 1,173 | 51,694 | ||||||
Broadcom, Inc. | 489 | 155,698 | ||||||
Intel Corp. | 5,552 | 283,374 | ||||||
KLA-Tencor Corp. | 204 | 26,006 | ||||||
Lam Research Corp. | 189 | 39,204 | ||||||
Marvell Technology Group Ltd. | 732 | 18,315 | ||||||
Maxim Integrated Products, Inc. | 336 | 20,160 | ||||||
Microchip Technology, Inc. | 292 | 29,168 | ||||||
Micron Technology, Inc.* | 1,380 | 58,043 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
NVIDIA Corp. | 747 | 135,207 | ||||||
Qorvo, Inc.* | 152 | 11,493 | ||||||
QUALCOMM, Inc. | 1,493 | 128,592 | ||||||
Skyworks Solutions, Inc. | 216 | 19,047 | ||||||
Texas Instruments, Inc. | 1,157 | 136,329 | ||||||
Xilinx, Inc. | 312 | 37,484 | ||||||
|
| |||||||
1,232,659 | ||||||||
|
| |||||||
Software — 7.1% |
| |||||||
Adobe, Inc.* | 602 | 174,128 | ||||||
ANSYS, Inc.* | 104 | 20,363 | ||||||
Autodesk, Inc.* | 269 | 47,938 | ||||||
Cadence Design Systems, Inc.* | 348 | 24,144 | ||||||
CDK Global, Inc. | 156 | 9,410 | ||||||
Citrix Systems, Inc. | 156 | 15,750 | ||||||
Fortinet, Inc.* | 180 | 16,816 | ||||||
Intuit, Inc. | 320 | 80,339 | ||||||
Microsoft Corp. | 9,470 | 1,236,782 | ||||||
Oracle Corp. | 3,145 | 174,013 | ||||||
Palo Alto Networks, Inc.* | 118 | 29,362 | ||||||
PTC, Inc.* | 132 | 11,942 | ||||||
Red Hat, Inc.* | 218 | 39,792 | ||||||
salesforce.com, Inc.* | 945 | 156,256 | ||||||
ServiceNow, Inc.* | 220 | 59,732 | ||||||
Splunk, Inc.* | 180 | 24,847 | ||||||
SS&C Technologies Holdings, Inc. | 264 | 17,862 | ||||||
Symantec Corp. | 780 | 18,884 | ||||||
Synopsys, Inc.* | 184 | 22,279 | ||||||
Teradata Corp.* | 144 | 6,548 | ||||||
VMware, Inc., Class A | 94 | 19,188 | ||||||
Workday, Inc., Class A* | 185 | 38,042 | ||||||
|
| |||||||
2,244,417 | ||||||||
|
| |||||||
Specialty Retail — 2.3% |
| |||||||
Advance Auto Parts, Inc. | 88 | 14,636 | ||||||
AutoNation, Inc.* | 72 | 3,019 | ||||||
AutoZone, Inc.* | 32 | 32,906 | ||||||
Best Buy Co., Inc. | 288 | 21,430 | ||||||
Burlington Stores, Inc.* | 84 | 14,188 | ||||||
CarMax, Inc.* | 209 | 16,273 | ||||||
Foot Locker, Inc. | 144 | 8,238 | ||||||
Gap, Inc. (The) | 264 | 6,885 | ||||||
Home Depot, Inc. (The) | 1,394 | 283,958 | ||||||
L Brands, Inc. | 276 | 7,077 | ||||||
Lowe’s Cos., Inc. | 988 | 111,782 | ||||||
O’Reilly Automotive, Inc.* | 97 | 36,721 |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Specialty Retail — continued |
| |||||||
Ross Stores, Inc. | 456 | 44,533 | ||||||
Tiffany & Co. | 132 | 14,232 | ||||||
TJX Cos., Inc. (The) | 1,524 | 83,637 | ||||||
Tractor Supply Co. | 149 | 15,422 | ||||||
Ulta Beauty, Inc.* | 70 | 24,429 | ||||||
|
| |||||||
739,366 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 3.9% |
| |||||||
Apple, Inc. | 5,530 | 1,109,705 | ||||||
Dell Technologies, Inc., Class C* | 180 | 12,134 | ||||||
Hewlett Packard Enterprise Co. | 1,700 | 26,877 | ||||||
HP, Inc. | 1,893 | 37,765 | ||||||
NetApp, Inc. | 304 | 22,147 | ||||||
Seagate Technology plc | 316 | 15,269 | ||||||
Western Digital Corp. | 360 | 18,403 | ||||||
Xerox Corp. | 252 | 8,407 | ||||||
|
| |||||||
1,250,707 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
Capri Holdings Ltd.* | 189 | 8,331 | ||||||
Hanesbrands, Inc. | 444 | 8,023 | ||||||
Lululemon Athletica, Inc.* | 130 | 22,925 | ||||||
NIKE, Inc., Class B | 1,553 | 136,400 | ||||||
PVH Corp. | 96 | 12,383 | ||||||
Ralph Lauren Corp. | 64 | 8,421 | ||||||
Tapestry, Inc. | 360 | 11,617 | ||||||
Under Armour, Inc., Class A* | 228 | 5,265 | ||||||
Under Armour, Inc., Class C* | 240 | 4,973 | ||||||
VF Corp. | 400 | 37,764 | ||||||
|
| |||||||
256,102 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.0% (b) |
| |||||||
New York Community Bancorp, Inc. | 600 | 6,978 | ||||||
|
| |||||||
Tobacco — 0.9% |
| |||||||
Altria Group, Inc. | 2,314 | 125,719 | ||||||
Philip Morris International, Inc. | 1,919 | 166,109 | ||||||
|
| |||||||
291,828 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Fastenal Co. | 352 | 24,834 | ||||||
United Rentals, Inc.* | 96 | 13,528 | ||||||
Watsco, Inc. | 39 | 6,180 | ||||||
WW Grainger, Inc. | 56 | 15,792 | ||||||
|
| |||||||
60,334 | ||||||||
|
| |||||||
Water Utilities — 0.1% |
| |||||||
American Water Works Co., Inc. | 224 | 24,234 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Wireless Telecommunication Services — 0.1% |
| |||||||
Sprint Corp.* | 696 | 3,884 | ||||||
T-Mobile US, Inc.* | 388 | 28,320 | ||||||
|
| |||||||
32,204 | ||||||||
|
| |||||||
Total Common Stocks | 31,654,829 | |||||||
|
| |||||||
Short-Term Investments — 0.4% |
| |||||||
Investment Companies — 0.4% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) | 116,047 | 116,047 | ||||||
|
| |||||||
Total Investments — 99.9% | 31,770,876 | |||||||
Other Assets Less Liabilities — 0.1% | 26,047 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 31,796,923 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
MSCI | — Morgan Stanley Capital International | |
(a) | — Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests. | |
(b) | — Amount rounds to less than 0.1% of net assets. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 83 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.6% |
| |||||||
Bahrain — 0.1% |
| |||||||
Ahli United Bank BSC | 366,601 | 304,648 | ||||||
|
| |||||||
Brazil — 10.6% |
| |||||||
Atacadao SA* | 53,169 | 287,873 | ||||||
Azul SA (Preference)* | 31,420 | 272,043 | ||||||
B3 SA — Brasil Bolsa Balcao* | 136,644 | 1,204,012 | ||||||
Banco Bradesco SA* | 71,638 | 566,183 | ||||||
Banco Bradesco SA (Preference)* | 276,070 | 2,506,463 | ||||||
Banco BTG Pactual SA* | 14,161 | 149,010 | ||||||
Banco do Brasil SA* | 71,933 | 909,367 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B | 14,036 | 86,090 | ||||||
Banco Santander Brasil SA | 27,235 | 314,295 | ||||||
BB Seguridade Participacoes SA | 46,828 | 339,408 | ||||||
BR Malls Participacoes SA* | 53,890 | 169,871 | ||||||
Braskem SA (Preference), Class A | 16,943 | 206,802 | ||||||
BRF SA* | 90,545 | 715,613 | ||||||
CCR SA | 114,043 | 343,778 | ||||||
Centrais Eletricas Brasileiras SA | 58,580 | 490,022 | ||||||
Centrais Eletricas Brasileiras SA (Preference) | 41,836 | 368,843 | ||||||
Cia Brasileira de Distribuicao (Preference)* | 25,095 | 618,687 | ||||||
Cia de Gas de Sao Paulo — COMGAS (Preference) | 2,835 | 59,627 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 62,898 | 754,243 | ||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) | 34,601 | 185,928 | ||||||
Cia Energetica de Minas Gerais | 14,519 | 64,873 | ||||||
Cia Energetica de Minas Gerais (Preference) | 171,738 | 635,515 | ||||||
Cia Paranaense de Energia (Preference) | 18,721 | 195,799 | ||||||
Cia Siderurgica Nacional SA* | 54,053 | 200,023 | ||||||
Cosan SA | 14,601 | 173,934 | ||||||
CVC Brasil Operadora e Agencia de Viagens SA* | 19,310 | 280,212 | ||||||
EDP — Energias do Brasil SA | 54,614 | 245,555 | ||||||
Energisa SA | 34,885 | 370,994 | ||||||
Engie Brasil Energia SA | 32,098 | 364,930 | ||||||
Equatorial Energia SA* | 31,308 | 655,527 | ||||||
Estacio Participacoes SA | 39,996 | 279,996 | ||||||
Gerdau SA (Preference) | 92,543 | 335,138 | ||||||
Grendene SA | 41,437 | 77,250 | ||||||
Guararapes Confeccoes SA* | 1,278 | 46,448 | ||||||
Hypera SA* | 73,511 | 529,431 | ||||||
IRB Brasil Resseguros SA | 13,431 | 323,521 | ||||||
Itau Unibanco Holding SA (Preference) | 322,767 | 2,793,785 | ||||||
Itausa — Investimentos Itau SA (Preference) | 302,334 | 920,626 | ||||||
Kroton Educacional SA | 238,541 | 596,794 | ||||||
Localiza Rent a Car SA* | 87,490 | 814,187 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Brazil — continued |
| |||||||
Lojas Renner SA | 114,415 | 1,351,586 | ||||||
M Dias Branco SA* | 13,855 | 147,415 | ||||||
Magazine Luiza SA | 11,834 | 573,275 | ||||||
Natura Cosmeticos SA | 29,727 | 393,848 | ||||||
Notre Dame Intermedica Participacoes SA | 59,455 | 532,064 | ||||||
Odontoprev SA | 49,100 | 210,870 | ||||||
Petrobras Distribuidora SA | 30,156 | 180,578 | ||||||
Petroleo Brasileiro SA* | 264,397 | 2,023,553 | ||||||
Petroleo Brasileiro SA (Preference) | 353,717 | 2,446,458 | ||||||
Porto Seguro SA | 6,737 | 93,415 | ||||||
Sao Martinho SA | 25,435 | 123,377 | ||||||
Sul America SA | 15,330 | 122,449 | ||||||
Suzano SA | 51,964 | 542,023 | ||||||
Telefonica Brasil SA (Preference) | 76,825 | 912,825 | ||||||
Transmissora Alianca de Energia Eletrica SA | 40,493 | 272,735 | ||||||
Ultrapar Participacoes SA | 77,020 | 413,081 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A | 34,251 | 75,296 | ||||||
Vale SA | 311,785 | 3,994,817 | ||||||
WEG SA | 75,055 | 357,560 | ||||||
|
| |||||||
35,219,921 | ||||||||
|
| |||||||
Chile — 1.2% |
| |||||||
AES Gener SA | 517,623 | 140,613 | ||||||
Aguas Andinas SA, Class A | 507,999 | 292,506 | ||||||
Banco de Chile | 1,921,606 | 281,928 | ||||||
Banco Santander Chile | 4,287,707 | 301,336 | ||||||
Cencosud SA | 214,681 | 407,301 | ||||||
Cia Cervecerias Unidas SA | 23,539 | 325,299 | ||||||
Colbun SA | 1,293,435 | 289,128 | ||||||
Empresas CMPC SA | 100,097 | 336,928 | ||||||
Enel Americas SA | 5,092,617 | 893,633 | ||||||
Enel Chile SA | 5,048,257 | 508,702 | ||||||
Engie Energia Chile SA | 88,999 | 170,692 | ||||||
Parque Arauco SA* | 41,190 | 113,724 | ||||||
|
| |||||||
4,061,790 | ||||||||
|
| |||||||
China — 20.2% |
| |||||||
Agile Group Holdings Ltd. | 78,000 | 117,840 | ||||||
Agricultural Bank of China Ltd., Class H | 1,612,000 | 745,044 | ||||||
Air China Ltd., Class H | 270,000 | 322,024 | ||||||
Angang Steel Co. Ltd., Class H | 86,000 | 57,866 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 100,000 | 610,382 | ||||||
ANTA Sports Products Ltd. | 173,000 | 1,216,733 | ||||||
Autohome, Inc., ADR* | 4,697 | 542,457 | ||||||
AviChina Industry & Technology Co. Ltd., Class H | 220,000 | 129,459 |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
BAIC Motor Corp. Ltd., Class H (a) | 207,500 | 145,658 | ||||||
Bank of China Ltd., Class H | 3,988,000 | 1,904,291 | ||||||
Bank of Communications Co. Ltd., Class H | 409,000 | 344,961 | ||||||
BBMG Corp., Class H | 197,000 | 69,388 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 142,000 | 126,406 | ||||||
Beijing Enterprises Holdings Ltd. | 42,500 | 226,454 | ||||||
Beijing Enterprises Water Group Ltd.* | 858,000 | 532,384 | ||||||
Brilliance China Automotive Holdings Ltd. | 394,000 | 434,010 | ||||||
BYD Electronic International Co. Ltd. | 65,000 | 116,532 | ||||||
CGN Power Co. Ltd., Class H (a) | 1,876,000 | 494,954 | ||||||
China Agri-Industries Holdings Ltd. | 301,000 | 97,021 | ||||||
China Cinda Asset Management Co. Ltd., Class H | 494,000 | 131,745 | ||||||
China CITIC Bank Corp. Ltd., Class H | 432,000 | 277,199 | ||||||
China Coal Energy Co. Ltd., Class H | 150,000 | 66,219 | ||||||
China Communications Construction Co. Ltd., Class H | 375,000 | 361,193 | ||||||
China Communications Services Corp. Ltd., Class H | 216,000 | 174,212 | ||||||
China Conch Venture Holdings Ltd. | 118,500 | 400,559 | ||||||
China Construction Bank Corp., Class H | 4,684,000 | 4,129,254 | ||||||
China Eastern Airlines Corp. Ltd., Class H | 230,000 | 163,440 | ||||||
China Everbright Bank Co. Ltd., Class H | 164,000 | 81,003 | ||||||
China Everbright International Ltd. | 306,000 | 300,046 | ||||||
China Everbright Ltd. | 44,000 | 80,215 | ||||||
China Evergrande Group (b) | 114,000 | 365,594 | ||||||
China Galaxy Securities Co. Ltd., Class H | 192,500 | 126,135 | ||||||
China Huarong Asset Management Co. Ltd., Class H* (a) | 506,000 | 108,516 | ||||||
China International Capital Corp. Ltd., Class H (a) (b) | 49,600 | 106,683 | ||||||
China Jinmao Holdings Group Ltd. | 296,000 | 191,918 | ||||||
China Life Insurance Co. Ltd., Class H | 388,000 | 1,102,545 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 246,000 | 169,641 | ||||||
China Medical System Holdings Ltd. | 206,000 | 182,996 | ||||||
China Merchants Bank Co. Ltd., Class H | 199,500 | 987,327 | ||||||
China Merchants Port Holdings Co. Ltd. | 108,000 | 218,445 | ||||||
China Merchants Securities Co. Ltd., Class H (a) | 48,800 | 66,800 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 333,800 | 250,868 | ||||||
China Mobile Ltd. | 890,000 | 8,491,848 | ||||||
China Molybdenum Co. Ltd., Class H | 294,000 | 110,916 | ||||||
China National Building Material Co. Ltd., Class H | 334,250 | 311,092 | ||||||
China Overseas Land & Investment Ltd. | 204,000 | 764,318 |
INVESTMENTS | SHARES | VALUE($) | ||||||
China — continued |
| |||||||
China Pacific Insurance Group Co. Ltd., Class H | 135,000 | 554,025 | ||||||
China Petroleum & Chemical Corp., Class H | 1,856,000 | 1,426,725 | ||||||
China Power International Development Ltd. | 740,000 | 197,167 | ||||||
China Railway Construction Corp. Ltd., Class H | 159,500 | 188,468 | ||||||
China Railway Group Ltd., Class H | 323,000 | 254,774 | ||||||
China Railway Signal & Communication Corp. Ltd., Class H (a) | 137,000 | 100,601 | ||||||
China Reinsurance Group Corp., Class H | 364,000 | 74,271 | ||||||
China Resources Cement Holdings Ltd. | 180,000 | 180,479 | ||||||
China Resources Gas Group Ltd. | 134,000 | 621,988 | ||||||
China Resources Land Ltd. | 138,000 | 601,012 | ||||||
China Resources Pharmaceutical Group Ltd. (a) | 277,500 | 394,887 | ||||||
China Resources Power Holdings Co. Ltd. | 320,000 | 447,781 | ||||||
China Shenhua Energy Co. Ltd., Class H | 247,500 | 547,832 | ||||||
China South City Holdings Ltd. | 130,000 | 19,730 | ||||||
China Southern Airlines Co. Ltd., Class H | 248,000 | 215,607 | ||||||
China State Construction International Holdings Ltd. | 148,000 | 153,603 | ||||||
China Taiping Insurance Holdings Co. Ltd. | 75,800 | 230,517 | ||||||
China Telecom Corp. Ltd., Class H | 2,330,000 | 1,207,596 | ||||||
China Traditional Chinese Medicine Holdings Co. Ltd. | 406,000 | 230,458 | ||||||
China Unicom Hong Kong Ltd. | 992,000 | 1,177,875 | ||||||
China Vanke Co. Ltd., Class H | 68,700 | 265,814 | ||||||
Chongqing Changan Automobile Co. Ltd., Class B | 120,600 | 63,237 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H | 145,000 | 84,820 | ||||||
CIFI Holdings Group Co. Ltd. | 170,000 | 112,966 | ||||||
CIMC Enric Holdings Ltd. | 44,000 | 42,864 | ||||||
CITIC Ltd. | 419,000 | 610,170 | ||||||
CITIC Securities Co. Ltd., Class H | 119,500 | 259,020 | ||||||
CNOOC Ltd. | 1,158,000 | 2,103,315 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 110,000 | 71,121 | ||||||
COSCO SHIPPING Ports Ltd. | 148,000 | 147,613 | ||||||
Country Garden Holdings Co. Ltd. | 385,000 | 620,411 | ||||||
Country Garden Services Holdings Co. Ltd.* | 65,000 | 120,057 | ||||||
CRRC Corp. Ltd., Class H | 344,000 | 300,507 | ||||||
CSC Financial Co. Ltd., Class H (a) | 48,000 | 40,979 | ||||||
Dali Foods Group Co. Ltd. (a) | 296,000 | 210,224 | ||||||
Datang International Power Generation Co. Ltd., Class H | 476,000 | 123,235 | ||||||
Dongfeng Motor Group Co. Ltd., Class H | 406,000 | 394,436 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 85 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
ENN Energy Holdings Ltd. | 127,100 | 1,201,220 | ||||||
Everbright Securities Co. Ltd., Class H (a) (b) | 11,800 | 11,336 | ||||||
Far East Horizon Ltd. | 111,000 | 123,242 | ||||||
Fosun International Ltd. | 163,076 | 253,323 | ||||||
Future Land Development Holdings Ltd. | 90,000 | 107,330 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 72,800 | 256,061 | ||||||
GCL-Poly Energy Holdings Ltd.* (b) | 904,000 | 64,601 | ||||||
Geely Automobile Holdings Ltd. | 698,000 | 1,406,039 | ||||||
GF Securities Co. Ltd., Class H | 81,200 | 109,928 | ||||||
Great Wall Motor Co. Ltd., Class H (b) | 446,000 | 363,178 | ||||||
Greentown China Holdings Ltd. | 39,000 | 35,357 | ||||||
Guangdong Investment Ltd. | 490,000 | 916,628 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H | 449,200 | 483,801 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 38,000 | 197,219 | ||||||
Guangzhou R&F Properties Co. Ltd., Class H (b) | 53,600 | 106,631 | ||||||
Haitian International Holdings Ltd. (b) | 50,000 | 125,380 | ||||||
Haitong Securities Co. Ltd., Class H | 178,000 | 229,566 | ||||||
Health & Happiness H&H International Holdings Ltd.* (b) | 22,500 | 138,199 | ||||||
Huadian Power International Corp. Ltd., Class H | 268,000 | 114,504 | ||||||
Huaneng Renewables Corp. Ltd., Class H | 846,000 | 243,868 | ||||||
Huatai Securities Co. Ltd., Class H (a) | 89,600 | 168,862 | ||||||
Huaxin Cement Co. Ltd., Class B | 19,500 | 57,385 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 4,095,000 | 3,080,095 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 74,600 | 89,345 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 106,000 | 150,947 | ||||||
Jiangxi Copper Co. Ltd., Class H | 85,000 | 112,750 | ||||||
Jiayuan International Group Ltd. | 62,000 | 27,749 | ||||||
Kingboard Holdings Ltd. | 52,500 | 171,175 | ||||||
Kunlun Energy Co. Ltd. | 206,000 | 217,898 | ||||||
KWG Group Holdings Ltd. | 64,736 | 75,926 | ||||||
Legend Holdings Corp., Class H (a) | 34,300 | 93,559 | ||||||
Li Ning Co. Ltd.* | 230,000 | 417,845 | ||||||
Logan Property Holdings Co. Ltd. | 54,000 | 85,934 | ||||||
Longfor Group Holdings Ltd. | 86,000 | 317,987 | ||||||
Luye Pharma Group Ltd. (a) | 274,000 | 248,525 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H | 126,000 | 58,081 | ||||||
Momo, Inc., ADR | 8,413 | 295,044 | ||||||
New China Life Insurance Co. Ltd., Class H | 45,900 | 254,561 | ||||||
Orient Securities Co. Ltd., Class H (a) | 46,400 | 33,558 |
INVESTMENTS | SHARES | VALUE($) | ||||||
China — continued |
| |||||||
People’s Insurance Co. Group of China Ltd. (The), Class H* | 429,000 | 175,671 | ||||||
PetroChina Co. Ltd., Class H | 1,522,000 | 964,786 | ||||||
PICC Property & Casualty Co. Ltd., Class H | 354,000 | 397,730 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 262,500 | 3,177,475 | ||||||
Poly Property Group Co. Ltd. | 101,000 | 42,375 | ||||||
Postal Savings Bank of China Co. Ltd., Class H (a) | 490,000 | 298,180 | ||||||
Red Star Macalline Group Corp. Ltd., Class H (a) | 29,400 | 27,876 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 276,000 | 271,308 | ||||||
Shanghai Electric Group Co. Ltd., Class H | 240,000 | 93,682 | ||||||
Shanghai Industrial Holdings Ltd. | 40,000 | 94,082 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 140,800 | 294,865 | ||||||
Shanghai Shibei Hi-Tech Co. Ltd., Class B | 29,000 | 15,080 | ||||||
Shenzhen Expressway Co. Ltd., Class H | 58,000 | 70,645 | ||||||
Shenzhen International Holdings Ltd. | 73,544 | 158,973 | ||||||
Shenzhen Investment Ltd. | 168,829 | 67,181 | ||||||
Shenzhou International Group Holdings Ltd. | 103,200 | 1,387,093 | ||||||
Shimao Property Holdings Ltd. | 61,500 | 187,452 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 683,000 | 184,034 | ||||||
Sino-Ocean Group Holding Ltd. | 152,000 | 68,285 | ||||||
Sinopec Engineering Group Co. Ltd., Class H | 124,000 | 119,911 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 254,000 | 115,044 | ||||||
Sinopharm Group Co. Ltd., Class H | 186,000 | 731,036 | ||||||
Sinotrans Ltd., Class H | 174,000 | 71,493 | ||||||
Sinotruk Hong Kong Ltd. | 56,500 | 122,652 | ||||||
Sunac China Holdings Ltd. (b) | 116,000 | 597,818 | ||||||
Tianhe Chemicals Group Ltd.*‡ (a) | 20,000 | — | ||||||
Weichai Power Co. Ltd., Class H | 168,000 | 275,073 | ||||||
Wuxi Little Swan Co. Ltd., Class B | 13,700 | 92,165 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 43,240 | 47,226 | ||||||
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co., Class H (a) (b) | 16,000 | 39,544 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 180,600 | 208,808 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 140,000 | 149,466 | ||||||
Yuexiu Property Co. Ltd. | 328,000 | 76,136 | ||||||
YY, Inc., ADR* | 3,569 | 301,973 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 67,500 | 58,152 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 122,000 | 130,857 | ||||||
Zhongsheng Group Holdings Ltd. | 89,000 | 234,137 | ||||||
Zhuzhou CRRC Times Electric Co. Ltd., Class H | 42,900 | 217,940 |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
Zijin Mining Group Co. Ltd., Class H | 414,000 | 161,726 | ||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 111,400 | 65,387 | ||||||
ZTE Corp., Class H | 63,200 | 201,477 | ||||||
|
| |||||||
66,790,207 | ||||||||
|
| |||||||
Colombia — 0.3% |
| |||||||
Bancolombia SA | 19,031 | 231,909 | ||||||
Bancolombia SA (Preference) | 31,095 | 393,346 | ||||||
Ecopetrol SA | 425,278 | 392,625 | ||||||
Grupo Aval Acciones y Valores SA (Preference) | 281,451 | 108,376 | ||||||
|
| |||||||
1,126,256 | ||||||||
|
| |||||||
Czech Republic — 0.4% |
| |||||||
CEZ A/S | 30,484 | 710,053 | ||||||
Komercni banka A/S | 5,808 | 220,333 | ||||||
Moneta Money Bank A/S (a) | 39,679 | 127,184 | ||||||
O2 Czech Republic A/S | 9,295 | 101,064 | ||||||
|
| |||||||
1,158,634 | ||||||||
|
| |||||||
Egypt — 0.2% |
| |||||||
Commercial International Bank Egypt SAE | 102,285 | 454,586 | ||||||
ElSewedy Electric Co. | 82,942 | 75,455 | ||||||
Global Telecom Holding SAE* | 444,479 | 115,491 | ||||||
|
| |||||||
645,532 | ||||||||
|
| |||||||
Greece — 0.4% |
| |||||||
Eurobank Ergasias SA* | 140,037 | 117,327 | ||||||
Hellenic Telecommunications Organization SA | 47,445 | 658,959 | ||||||
JUMBO SA | 17,631 | 321,784 | ||||||
Motor Oil Hellas Corinth Refineries SA | 5,479 | 139,743 | ||||||
Mytilineos Holdings SA | 11,627 | 125,903 | ||||||
|
| |||||||
1,363,716 | ||||||||
|
| |||||||
Hong Kong — 0.4% |
| |||||||
Bosideng International Holdings Ltd. | 372,000 | 102,406 | ||||||
China Gas Holdings Ltd. | 117,600 | 379,345 | ||||||
Haier Electronics Group Co. Ltd. | 176,000 | 503,172 | ||||||
Kingboard Laminates Holdings Ltd. | 74,000 | 77,825 | ||||||
Lee & Man Paper Manufacturing Ltd. | 106,000 | 86,039 | ||||||
Nine Dragons Paper Holdings Ltd. | 115,000 | 106,437 | ||||||
|
| |||||||
1,255,224 | ||||||||
|
| |||||||
Hungary — 0.4% |
| |||||||
Magyar Telekom Telecommunications plc | 77,360 | 121,976 | ||||||
MOL Hungarian Oil & Gas plc | 41,520 | 478,131 | ||||||
OTP Bank Nyrt. | 17,697 | 787,003 | ||||||
|
| |||||||
1,387,110 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
India — 10.1% |
| |||||||
Adani Enterprises Ltd. | 19,265 | 35,185 | ||||||
Asian Paints Ltd. | 24,463 | 514,614 | ||||||
Aurobindo Pharma Ltd. | 44,573 | 525,010 | ||||||
Bajaj Auto Ltd. | 12,487 | 535,828 | ||||||
Bajaj Finance Ltd. | 9,089 | 404,680 | ||||||
Bajaj Holdings & Investment Ltd. | 1,407 | 62,427 | ||||||
Bank of Baroda* | 35,844 | 60,161 | ||||||
Bharat Electronics Ltd. | 49,635 | 62,225 | ||||||
Bharat Petroleum Corp. Ltd. | 72,830 | 398,849 | ||||||
Bharti Infratel Ltd. | 145,266 | 548,486 | ||||||
Canara Bank* | 7,901 | 29,596 | ||||||
Castrol India Ltd. | 35,376 | 77,643 | ||||||
Coal India Ltd. | 106,646 | 386,654 | ||||||
Colgate-Palmolive India Ltd. | 9,387 | 163,212 | ||||||
Cummins India Ltd. | 5,654 | 59,073 | ||||||
Dabur India Ltd. | 76,018 | 434,993 | ||||||
Divi’s Laboratories Ltd. | 13,391 | 336,352 | ||||||
Dr Reddy’s Laboratories Ltd. | 13,673 | 575,500 | ||||||
Federal Bank Ltd. | 78,022 | 104,081 | ||||||
GAIL India Ltd. | 39,500 | 202,322 | ||||||
GlaxoSmithKline Consumer Healthcare Ltd. | 1,451 | 151,943 | ||||||
Glenmark Pharmaceuticals Ltd. | 23,247 | 213,483 | ||||||
Havells India Ltd. | 20,392 | 227,073 | ||||||
HCL Technologies Ltd. | 45,908 | 781,336 | ||||||
Hindalco Industries Ltd. | 65,510 | 194,152 | ||||||
Hindustan Petroleum Corp. Ltd. | 44,485 | 187,028 | ||||||
Hindustan Unilever Ltd. | 101,878 | 2,573,208 | ||||||
Hindustan Zinc Ltd. | 17,086 | 68,004 | ||||||
Housing Development Finance Corp. Ltd. | 90,065 | 2,583,864 | ||||||
ICICI Lombard General Insurance Co. Ltd. (a) | 8,382 | 131,761 | ||||||
Indiabulls Housing Finance Ltd. | 17,113 | 171,160 | ||||||
Indian Oil Corp. Ltd. | 159,840 | 363,933 | ||||||
Infosys Ltd. | 323,087 | 3,479,962 | ||||||
ITC Ltd. | 421,335 | 1,826,215 | ||||||
JSW Steel Ltd. | 86,448 | 383,412 | ||||||
L&T Finance Holdings Ltd. | 25,110 | 47,341 | ||||||
Larsen & Toubro Infotech Ltd. (a) | 2,388 | 58,961 | ||||||
Larsen & Toubro Ltd. | 28,597 | 554,625 | ||||||
LIC Housing Finance Ltd. | 12,973 | 92,697 | ||||||
Mphasis Ltd. | 6,248 | 87,125 | ||||||
Muthoot Finance Ltd. | 5,066 | 43,491 | ||||||
Nestle India Ltd. | 3,326 | 521,090 | ||||||
NHPC Ltd. | 405,387 | 136,139 | ||||||
NMDC Ltd. | 55,422 | 80,078 | ||||||
NTPC Ltd. | 399,315 | 768,862 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 87 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
India — continued |
| |||||||
Oil & Natural Gas Corp. Ltd. | 224,797 | 546,981 | ||||||
Oil India Ltd. | 19,878 | 51,686 | ||||||
Petronet LNG Ltd. | 88,280 | 306,404 | ||||||
Piramal Enterprises Ltd. | 14,340 | 487,352 | ||||||
Power Finance Corp. Ltd.* | 33,224 | 55,241 | ||||||
Power Grid Corp. of India Ltd. | 129,170 | 346,420 | ||||||
REC Ltd. | 110,257 | 233,595 | ||||||
Reliance Industries Ltd. | 226,575 | 4,539,085 | ||||||
Reliance Power Ltd.* | 92,357 | 8,026 | ||||||
Shriram Transport Finance Co. Ltd. | 8,799 | 140,562 | ||||||
Steel Authority of India Ltd.* | 72,354 | 58,073 | ||||||
Tata Consultancy Services Ltd. | 76,556 | 2,488,413 | ||||||
Tata Power Co. Ltd. (The) | 159,187 | 155,144 | ||||||
Tata Steel Ltd. | 21,089 | 169,007 | ||||||
Tech Mahindra Ltd. | 39,981 | 480,897 | ||||||
Titan Co. Ltd. | 45,070 | 750,580 | ||||||
Torrent Power Ltd. | 19,395 | 70,510 | ||||||
Union Bank of India* | 12,295 | 14,766 | ||||||
United Breweries Ltd. | 9,579 | 195,417 | ||||||
UPL Ltd. | 26,097 | 363,752 | ||||||
Vedanta Ltd. | 122,088 | 293,113 | ||||||
Wipro Ltd. | 123,063 | 528,849 | ||||||
|
| |||||||
33,527,707 | ||||||||
|
| |||||||
Indonesia — 6.0% |
| |||||||
Adaro Energy Tbk. PT | 2,174,300 | 199,466 | ||||||
Astra International Tbk. PT | 4,895,200 | 2,620,493 | ||||||
Bank Central Asia Tbk. PT | 1,453,800 | 2,936,784 | ||||||
Bank Danamon Indonesia Tbk. PT | 466,800 | 289,907 | ||||||
Bank Mandiri Persero Tbk. PT* | 2,789,600 | 1,519,786 | ||||||
Bank Negara Indonesia Persero Tbk. PT* | 1,114,900 | 752,399 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT* | 7,972,400 | 2,451,157 | ||||||
Barito Pacific Tbk. PT | 739,300 | 209,217 | ||||||
Bukit Asam Tbk. PT* | 691,100 | 192,266 | ||||||
Bumi Serpong Damai Tbk. PT* | 1,141,600 | 115,077 | ||||||
Charoen Pokphand Indonesia Tbk. PT | 1,767,600 | 654,287 | ||||||
Gudang Garam Tbk. PT | 112,100 | 665,180 | ||||||
Hanjaya Mandala Sampoerna Tbk. PT | 2,114,200 | 519,794 | ||||||
Indah Kiat Pulp & Paper Corp. Tbk. PT | 450,400 | 234,140 | ||||||
Indofood CBP Sukses Makmur Tbk. PT | 548,700 | 374,912 | ||||||
Indofood Sukses Makmur Tbk. PT | 1,055,700 | 515,460 | ||||||
Jasa Marga Persero Tbk. PT* | 401,200 | 171,918 | ||||||
Kalbe Farma Tbk. PT | 4,998,500 | 542,310 | ||||||
Matahari Department Store Tbk. PT | 562,500 | 161,053 | ||||||
Media Nusantara Citra Tbk. PT | 1,198,800 | 79,142 | ||||||
Perusahaan Gas Negara Persero Tbk. | 2,781,900 | 453,416 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Indonesia — continued |
| |||||||
Semen Indonesia Persero Tbk. PT | 533,400 | 506,350 | ||||||
Telekomunikasi Indonesia Persero Tbk. PT | 12,352,800 | 3,289,394 | ||||||
United Tractors Tbk. PT | 277,200 | 529,350 | ||||||
|
| |||||||
19,983,258 | ||||||||
|
| |||||||
Kuwait — 1.0% |
| |||||||
Agility Public Warehousing Co. KSC | 100,030 | 240,189 | ||||||
Gulf Bank KSCP | 135,000 | 134,801 | ||||||
Humansoft Holding Co. KSC | 10,880 | 118,967 | ||||||
Kuwait Finance House KSCP | 280,750 | 613,233 | ||||||
Mobile Telecommunications Co. KSC | 405,339 | 615,098 | ||||||
National Bank of Kuwait SAKP | 471,810 | 1,441,233 | ||||||
|
| |||||||
3,163,521 | ||||||||
|
| |||||||
Malaysia — 5.0% |
| |||||||
AirAsia Group Bhd. | 364,600 | 240,857 | ||||||
AMMB Holdings Bhd. | 288,400 | 311,788 | ||||||
Astro Malaysia Holdings Bhd. | 378,100 | 132,676 | ||||||
CIMB Group Holdings Bhd. | 1,014,855 | 1,294,401 | ||||||
Gamuda Bhd. | 403,300 | 341,388 | ||||||
Hong Leong Bank Bhd. | 94,668 | 457,853 | ||||||
Hong Leong Financial Group Bhd. | 34,500 | 160,371 | ||||||
IJM Corp. Bhd. | 585,800 | 331,655 | ||||||
Malayan Banking Bhd. | 880,308 | 1,969,780 | ||||||
Malaysia Airports Holdings Bhd. | 162,500 | 300,114 | ||||||
Maxis Bhd. | 548,100 | 710,728 | ||||||
MISC Bhd. | 263,700 | 440,543 | ||||||
Nestle Malaysia Bhd. | 14,600 | 515,557 | ||||||
Petronas Chemicals Group Bhd. | 484,500 | 1,054,807 | ||||||
Petronas Dagangan Bhd. | 70,600 | 413,164 | ||||||
Petronas Gas Bhd. | 206,300 | 882,728 | ||||||
PPB Group Bhd. | 162,160 | 734,341 | ||||||
Public Bank Bhd. | 464,100 | 2,526,533 | ||||||
RHB Bank Bhd. | 168,600 | 243,217 | ||||||
Sime Darby Bhd. | 646,300 | 363,017 | ||||||
Tenaga Nasional Bhd. | 1,052,400 | 3,132,084 | ||||||
|
| |||||||
16,557,602 | ||||||||
|
| |||||||
Mexico — 2.9% | ||||||||
Alfa SAB de CV, Class A | 309,070 | 311,389 | ||||||
Alpek SAB de CV | 33,965 | 41,655 | ||||||
Banco del Bajio SA* (a) | 47,811 | 102,771 | ||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand | 117,622 | 197,487 | ||||||
Cemex SAB de CV* | 1,535,002 | 710,913 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 31,689 | 205,000 | ||||||
Fibra Uno Administracion SA de CV, REIT | 209,246 | 310,153 |
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Mexico — continued | ||||||||
Gruma SAB de CV, Class B | 32,581 | 325,677 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 32,709 | 201,436 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 35,877 | 363,544 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 20,622 | 338,650 | ||||||
Grupo Carso SAB de CV, Series A1 | 48,817 | 189,523 | ||||||
Grupo Elektra SAB de CV | 4,477 | 238,518 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 194,640 | 1,233,277 | ||||||
Grupo Financiero Inbursa SAB de CV, Class O | 155,686 | 237,909 | ||||||
Grupo Mexico SAB de CV, Series B | 321,589 | 944,016 | ||||||
Infraestructura Energetica Nova SAB de CV | 95,320 | 416,572 | ||||||
Megacable Holdings SAB de CV | 48,147 | 211,557 | ||||||
Mexichem SAB de CV | 92,628 | 215,132 | ||||||
Promotora y Operadora de Infraestructura SAB de CV | 21,795 | 221,206 | ||||||
Regional SAB de CV | 15,770 | 85,348 | ||||||
Wal-Mart de Mexico SAB de CV | 827,716 | 2,431,923 | ||||||
|
| |||||||
9,533,656 | ||||||||
|
| |||||||
Pakistan — 0.0% (c) |
| |||||||
Oil & Gas Development Co. Ltd. | 47,100 | 46,862 | ||||||
Pakistan Petroleum Ltd. | 41,600 | 49,882 | ||||||
|
| |||||||
96,744 | ||||||||
|
| |||||||
Philippines — 2.0% |
| |||||||
Alliance Global Group, Inc. | 741,700 | 212,956 | ||||||
Ayala Corp. | 37,135 | 644,139 | ||||||
Ayala Land, Inc. | 1,044,600 | 982,774 | ||||||
BDO Unibank, Inc. | 295,040 | 759,604 | ||||||
Bloomberry Resorts Corp. | 839,700 | 205,373 | ||||||
Globe Telecom, Inc. | 7,760 | 265,235 | ||||||
GT Capital Holdings, Inc. | 13,838 | 229,897 | ||||||
International Container Terminal Services, Inc. | 197,950 | 480,512 | ||||||
JG Summit Holdings, Inc. | 550,750 | 697,362 | ||||||
Jollibee Foods Corp. | 98,100 | 573,399 | ||||||
Manila Electric Co. | 70,010 | 517,954 | ||||||
Megaworld Corp. | 1,792,200 | 192,589 | ||||||
Metro Pacific Investments Corp. | 3,781,200 | 331,679 | ||||||
Metropolitan Bank & Trust Co. | 240,290 | 342,547 | ||||||
San Miguel Corp. | 88,720 | 307,494 | ||||||
|
| |||||||
6,743,514 | ||||||||
|
| |||||||
Qatar — 1.5% |
| |||||||
Barwa Real Estate Co. | 14,807 | 141,166 | ||||||
Commercial Bank PQSC (The) | 15,401 | 215,227 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Qatar — continued |
| |||||||
Industries Qatar QSC | 22,033 | 731,962 | ||||||
Masraf Al Rayan QSC | 28,539 | 284,503 | ||||||
Qatar Electricity & Water Co. QSC | 9,347 | 428,718 | ||||||
Qatar Fuel QSC | 8,425 | 465,746 | ||||||
Qatar Gas Transport Co. Ltd. | 29,925 | 175,917 | ||||||
Qatar International Islamic Bank QSC | 2,952 | 56,028 | ||||||
Qatar Islamic Bank SAQ | 8,992 | 412,184 | ||||||
Qatar National Bank QPSC | 34,479 | 1,854,578 | ||||||
United Development Co. QSC | 14,129 | 52,391 | ||||||
|
| |||||||
4,818,420 | ||||||||
|
| |||||||
Romania — 0.1% |
| |||||||
NEPI Rockcastle plc | 26,412 | 220,140 | ||||||
|
| |||||||
Russia — 6.2% |
| |||||||
Aeroflot PJSC | 87,761 | 130,740 | ||||||
Alrosa PJSC | 240,488 | 350,843 | ||||||
Federal Grid Co. Unified Energy System PJSC | 49,859,837 | 128,240 | ||||||
Gazprom PJSC | 1,032,030 | 2,622,625 | ||||||
Inter RAO UES PJSC | 6,812,031 | 413,531 | ||||||
LUKOIL PJSC | 48,171 | 4,110,793 | ||||||
Magnit PJSC | 12,218 | 704,223 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 172,288 | 117,937 | ||||||
MMC Norilsk Nickel PJSC | 4,506 | 1,001,304 | ||||||
Mobile TeleSystems PJSC | 185,265 | 731,905 | ||||||
Moscow Exchange MICEX-RTS PJSC | 110,457 | 155,708 | ||||||
Novatek PJSC | 105,133 | 1,960,908 | ||||||
Novolipetsk Steel PJSC | 85,105 | 225,529 | ||||||
Polyus PJSC | 2,148 | 167,502 | ||||||
Rosneft Oil Co. PJSC | 114,488 | 760,065 | ||||||
ROSSETI PJSC | 5,605,864 | 92,727 | ||||||
Rostelecom PJSC | 162,457 | 185,998 | ||||||
RusHydro PJSC | 22,028,098 | 184,177 | ||||||
Sberbank of Russia PJSC | 796,866 | 2,791,704 | ||||||
Severstal PJSC | 18,302 | 296,277 | ||||||
Sistema PJSFC | 539,235 | 73,645 | ||||||
Surgutneftegas PJSC | 701,693 | 266,671 | ||||||
Surgutneftegas PJSC (Preference) | 756,384 | 458,452 | ||||||
Tatneft PJSC | 146,813 | 1,720,177 | ||||||
Tatneft PJSC (Preference) | 14,484 | 142,201 | ||||||
Transneft PJSC (Preference) | 150 | 390,222 | ||||||
VTB Bank PJSC | 388,289,080 | 213,559 | ||||||
|
| |||||||
20,397,663 | ||||||||
|
| |||||||
Singapore — 0.0% (c) |
| |||||||
Yanlord Land Group Ltd. | 34,400 | 36,951 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 89 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
South Africa — 5.2% |
| |||||||
Absa Group Ltd. | 54,854 | 631,900 | ||||||
African Rainbow Minerals Ltd. | 10,156 | 120,977 | ||||||
Anglo American Platinum Ltd. | 5,928 | 299,882 | ||||||
AngloGold Ashanti Ltd. | 39,599 | 471,144 | ||||||
Barloworld Ltd. | 23,363 | 208,690 | ||||||
Bid Corp. Ltd. | 56,020 | 1,184,318 | ||||||
Bidvest Group Ltd. (The) | 36,997 | 562,728 | ||||||
Capitec Bank Holdings Ltd. | 4,117 | 384,701 | ||||||
Clicks Group Ltd. | 42,538 | 581,823 | ||||||
Exxaro Resources Ltd. | 24,639 | 281,949 | ||||||
FirstRand Ltd. | 246,545 | 1,173,317 | ||||||
Fortress REIT Ltd., Class A, REIT | 90,471 | 121,872 | ||||||
Fortress REIT Ltd., Class B, REIT | 65,368 | 49,806 | ||||||
Growthpoint Properties Ltd., REIT | 224,317 | 389,931 | ||||||
Harmony Gold Mining Co. Ltd.* | 45,129 | 77,319 | ||||||
Hyprop Investments Ltd., REIT | 19,488 | 95,362 | ||||||
Impala Platinum Holdings Ltd.* | 66,022 | 265,520 | ||||||
Imperial Logistics Ltd. | 18,400 | 80,263 | ||||||
Investec Ltd. | 23,351 | 149,422 | ||||||
JSE Ltd. | 6,621 | 64,192 | ||||||
KAP Industrial Holdings Ltd. | 213,582 | 110,032 | ||||||
Kumba Iron Ore Ltd. | 5,051 | 151,903 | ||||||
Liberty Holdings Ltd. | 9,113 | 65,935 | ||||||
MMI Holdings Ltd. | 78,375 | 97,798 | ||||||
Motus Holdings Ltd. | 30,148 | 187,473 | ||||||
Nedbank Group Ltd. | 30,641 | 571,568 | ||||||
Old Mutual Ltd. | 374,692 | 602,691 | ||||||
Redefine Properties Ltd., REIT | 433,702 | 298,634 | ||||||
Remgro Ltd. | 56,653 | 770,095 | ||||||
Resilient REIT Ltd., REIT | 22,124 | 87,815 | ||||||
RMB Holdings Ltd. | 58,098 | 339,567 | ||||||
Sanlam Ltd. | 134,910 | 722,387 | ||||||
Sappi Ltd. | 54,555 | 260,018 | ||||||
Sasol Ltd. | 54,595 | 1,811,268 | ||||||
Sibanye Gold Ltd.* | 174,578 | 164,362 | ||||||
SPAR Group Ltd. (The) | 32,539 | 441,798 | ||||||
Standard Bank Group Ltd. | 99,004 | 1,382,676 | ||||||
Super Group Ltd.* | 39,822 | 102,165 | ||||||
Telkom SA SOC Ltd. | 56,713 | 337,542 | ||||||
Truworths International Ltd. | 72,269 | 383,186 | ||||||
Tsogo Sun Holdings Ltd. | 91,265 | 137,296 | ||||||
Vodacom Group Ltd. | 122,570 | 989,135 | ||||||
Vukile Property Fund Ltd., REIT | 60,793 | 87,333 | ||||||
|
| |||||||
17,297,793 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Taiwan — 15.9% |
| |||||||
Advantech Co. Ltd. | 53,000 | 429,422 | ||||||
Asia Cement Corp. | 322,000 | 435,832 | ||||||
Catcher Technology Co. Ltd. | 104,000 | 824,547 | ||||||
Cathay Financial Holding Co. Ltd. | 843,000 | 1,220,720 | ||||||
Chailease Holding Co. Ltd. | 126,000 | 537,180 | ||||||
Chang Hwa Commercial Bank Ltd. | 655,600 | 392,729 | ||||||
Chicony Electronics Co. Ltd. | 79,551 | 196,104 | ||||||
China Life Insurance Co. Ltd. | 278,838 | 232,162 | ||||||
China Steel Corp. | 1,574,000 | 1,271,802 | ||||||
Compal Electronics, Inc. | 577,000 | 372,981 | ||||||
CTBC Financial Holding Co. Ltd. | 1,938,395 | 1,327,901 | ||||||
Delta Electronics, Inc. | 301,000 | 1,588,703 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,097,582 | 901,233 | ||||||
Eclat Textile Co. Ltd. | 41,000 | 586,117 | ||||||
Eva Airways Corp. | 439,850 | 215,715 | ||||||
Far Eastern New Century Corp. | 778,000 | 849,573 | ||||||
Feng TAY Enterprise Co. Ltd. | 66,000 | 535,164 | ||||||
First Financial Holding Co. Ltd. | 1,038,501 | 741,427 | ||||||
Formosa Chemicals & Fibre Corp. | 435,000 | 1,565,280 | ||||||
Formosa Petrochemical Corp. | 175,000 | 649,432 | ||||||
Formosa Plastics Corp. | 619,000 | 2,246,425 | ||||||
Formosa Taffeta Co. Ltd. | 200,000 | 241,218 | ||||||
Foxconn Technology Co. Ltd. | 156,533 | 351,185 | ||||||
Fubon Financial Holding Co. Ltd. | 785,000 | 1,160,065 | ||||||
Giant Manufacturing Co. Ltd. | 61,000 | 465,225 | ||||||
Globalwafers Co. Ltd. | 29,000 | 317,890 | ||||||
Hon Hai Precision Industry Co. Ltd. | 1,665,992 | 4,690,315 | ||||||
Hotai Motor Co. Ltd. | 65,000 | 983,713 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 917,951 | 600,300 | ||||||
Inventec Corp. | 422,000 | 339,054 | ||||||
Lite-On Technology Corp. | 297,000 | 419,054 | ||||||
Mega Financial Holding Co. Ltd. | 1,162,233 | 1,115,811 | ||||||
Nan Ya Plastics Corp. | 720,000 | 1,821,530 | ||||||
Nanya Technology Corp. | 114,737 | 243,672 | ||||||
Novatek Microelectronics Corp. | 78,000 | 510,249 | ||||||
Oriental Union Chemical Corp. | 90,000 | 75,798 | ||||||
Pegatron Corp. | 281,000 | 531,222 | ||||||
Pou Chen Corp. | 527,000 | 641,121 | ||||||
President Chain Store Corp. | 112,000 | 1,044,979 | ||||||
Quanta Computer, Inc. | 370,000 | 709,536 | ||||||
Realtek Semiconductor Corp. | 65,000 | 440,721 | ||||||
Shin Kong Financial Holding Co. Ltd. | 1,187,119 | 336,355 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,122,580 | 432,724 | ||||||
Synnex Technology International Corp. | 188,200 | 234,843 | ||||||
Taishin Financial Holding Co. Ltd. | 1,059,604 | 480,477 |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Taiwan — continued |
| |||||||
Taiwan Business Bank | 448,957 | 185,375 | ||||||
Taiwan Cement Corp. | 627,000 | 852,813 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 967,944 | 642,448 | ||||||
Taiwan Fertilizer Co. Ltd. | 96,000 | 139,795 | ||||||
Taiwan High Speed Rail Corp. | 291,000 | 354,371 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,254,000 | 10,528,624 | ||||||
Teco Electric and Machinery Co. Ltd. | 253,000 | 189,588 | ||||||
Unimicron Technology Corp. | 179,000 | 200,067 | ||||||
Uni-President Enterprises Corp. | 951,000 | 2,260,221 | ||||||
Vanguard International Semiconductor Corp. | 125,000 | 277,753 | ||||||
Walsin Lihwa Corp. | 426,000 | 239,396 | ||||||
Wistron Corp. | 385,523 | 320,050 | ||||||
Yageo Corp. | 56,000 | 555,509 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,197,665 | 694,656 | ||||||
|
| |||||||
52,748,172 | ||||||||
|
| |||||||
Thailand — 6.9% |
| |||||||
Advanced Info Service PCL | 300,300 | 1,788,573 | ||||||
Bangkok Bank PCL, NVDR | 28,800 | 183,238 | ||||||
Bangkok Bank PCL | 43,900 | 287,622 | ||||||
Bangkok Dusit Medical Services PCL | 2,349,700 | 1,876,816 | ||||||
Bangkok Expressway & Metro PCL | 1,458,600 | 498,076 | ||||||
Banpu PCL | 745,900 | 383,592 | ||||||
Bumrungrad Hospital PCL | 86,000 | 476,805 | ||||||
Charoen Pokphand Foods PCL | 882,300 | 739,280 | ||||||
Delta Electronics Thailand PCL | 50,700 | 118,692 | ||||||
Digital Telecommunications Infrastructure Fund, Class F | 870,300 | 433,446 | ||||||
Electricity Generating PCL | 71,200 | 660,212 | ||||||
Energy Absolute PCL | 442,400 | 772,786 | ||||||
Glow Energy PCL | 109,500 | 313,837 | ||||||
Gulf Energy Development PCL | 141,800 | 464,414 | ||||||
Home Product Center PCL | 1,361,100 | 669,758 | ||||||
Indorama Ventures PCL | 305,600 | 438,275 | ||||||
Intouch Holdings PCL, NVDR | 347,300 | 647,594 | ||||||
IRPC PCL | 1,750,400 | 309,770 | ||||||
Krung Thai Bank PCL | 931,100 | 551,538 | ||||||
Land & Houses PCL, NVDR | 991,900 | 348,264 | ||||||
Muangthai Capital PCL | 102,500 | 165,618 | ||||||
PTT Exploration & Production PCL | 238,400 | 996,071 | ||||||
PTT Global Chemical PCL | 350,900 | 756,531 | ||||||
PTT PCL | 2,462,600 | 3,759,792 | ||||||
Ratch Group PCL | 208,800 | 407,658 | ||||||
Siam Cement PCL (The) (Registered) | 154,300 | 2,222,120 | ||||||
Siam Commercial Bank PCL (The) | 364,600 | 1,481,019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Thailand — continued |
| |||||||
Thai Oil PCL | 174,900 | 379,413 | ||||||
Thai Union Group PCL, Class F | 678,100 | 401,549 | ||||||
TMB Bank PCL | 3,276,700 | 207,261 | ||||||
|
| |||||||
22,739,620 | ||||||||
|
| |||||||
Turkey — 1.0% |
| |||||||
Akbank T.A.S.* | 205,934 | 211,721 | ||||||
Arcelik A/S* | 29,454 | 90,662 | ||||||
BIM Birlesik Magazalar A/S | 37,573 | 522,958 | ||||||
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT | 144,880 | 36,722 | ||||||
Enerjisa Enerji A/S (a) | 45,676 | 41,220 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 132,780 | 204,157 | ||||||
Ford Otomotiv Sanayi A/S | 10,631 | 93,972 | ||||||
Haci Omer Sabanci Holding A/S | 69,016 | 89,222 | ||||||
Iskenderun Demir ve Celik A/S | 14,600 | 16,940 | ||||||
KOC Holding A/S | 83,535 | 226,796 | ||||||
Koza Altin Isletmeleri A/S* | 4,494 | 32,090 | ||||||
Petkim Petrokimya Holding A/S | 79,398 | 59,564 | ||||||
Soda Sanayii A/S | 38,624 | 50,231 | ||||||
TAV Havalimanlari Holding A/S | 19,033 | 80,792 | ||||||
Tekfen Holding A/S | 19,696 | 87,974 | ||||||
Tofas Turk Otomobil Fabrikasi A/S | 20,620 | 62,026 | ||||||
Tupras Turkiye Petrol Rafinerileri A/S | 12,049 | 249,208 | ||||||
Turk Hava Yollari AO* | 93,324 | 224,160 | ||||||
Turkcell Iletisim Hizmetleri A/S | 208,163 | 436,577 | ||||||
Turkiye Garanti Bankasi A/S* | 161,866 | 222,242 | ||||||
Turkiye Halk Bankasi A/S | 47,564 | 46,744 | ||||||
Turkiye Is Bankasi A/S, Class C* | 108,955 | 98,113 | ||||||
Turkiye Sise ve Cam Fabrikalari A/S | 66,666 | 68,211 | ||||||
Turkiye Vakiflar Bankasi TAO, Class D | 80,660 | 54,786 | ||||||
Ulker Biskuvi Sanayi A/S | 25,642 | 81,736 | ||||||
Yapi ve Kredi Bankasi A/S* | 119,382 | 41,500 | ||||||
|
| |||||||
3,430,324 | ||||||||
|
| |||||||
United Arab Emirates — 1.3% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 151,278 | 406,853 | ||||||
Abu Dhabi Islamic Bank PJSC | 54,134 | 70,476 | ||||||
Aldar Properties PJSC | 299,171 | 145,114 | ||||||
Arabtec Holding PJSC* | 81,016 | 45,679 | ||||||
DP World plc | 17,886 | 357,720 | ||||||
Dubai Islamic Bank PJSC | 127,663 | 179,572 | ||||||
Emaar Development PJSC | 62,120 | 66,295 | ||||||
Emaar Malls PJSC | 155,633 | 73,858 | ||||||
Emaar Properties PJSC | 272,425 | 356,978 | ||||||
Emirates Telecommunications Group Co. PJSC | 336,349 | 1,529,544 | ||||||
First Abu Dhabi Bank PJSC | 210,808 | 918,151 | ||||||
|
| |||||||
4,150,240 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 91 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — 0.1% |
| |||||||
Mondi Ltd. | 11,584 | 255,318 | ||||||
|
| |||||||
United States — 0.2% |
| |||||||
JBS SA | 158,622 | 793,697 | ||||||
|
| |||||||
Total Common Stocks | 329,807,378 | |||||||
|
| |||||||
NO. OF RIGHTS | ||||||||
Rights — 0.0%(c) |
| |||||||
China — 0.0%(c) |
| |||||||
Haitong Securities Co. Ltd., | 6,057 | — | ||||||
|
| |||||||
SHARES | ||||||||
Investment Of Cash Collateral From Securities Loaned — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | 746,461 | 746,461 | ||||||
|
| |||||||
Total Investments — 99.8% | 330,553,839 | |||||||
Other Assets Less Liabilities — 0.2% | 501,186 | |||||||
|
| |||||||
Net Assets — 100.0% | 331,055,025 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Banks | 19.6 | % | ||
Oil, Gas & Consumable Fuels | 12.1 | |||
Wireless Telecommunication Services | 4.5 | |||
Metals & Mining | 3.8 | |||
Semiconductors & Semiconductor Equipment | 3.7 | |||
Chemicals | 3.6 | |||
Insurance | 3.5 | |||
Electric Utilities | 3.3 | |||
Diversified Telecommunication Services | 3.1 | |||
Food Products | 2.9 | |||
Food & Staples Retailing | 2.5 | |||
Electronic Equipment, Instruments & Components | 2.4 | |||
Real Estate Management & Development | 2.4 | |||
IT Services | 2.4 | |||
Automobiles | 2.0 |
INDUSTRY | PERCENTAGE | |||
Independent Power and Renewable Electricity Producers | 1.9 | % | ||
Textiles, Apparel & Luxury Goods | 1.8 | |||
Construction Materials | 1.8 | |||
Industrial Conglomerates | 1.7 | |||
Transportation Infrastructure | 1.4 | |||
Diversified Financial Services | 1.4 | |||
Gas Utilities | 1.3 | |||
Pharmaceuticals | 1.3 | |||
Technology Hardware, Storage & Peripherals | 1.3 | |||
Health Care Providers & Services | 1.2 | |||
Capital Markets | 1.2 | |||
Others (each less than 1.0%) | 11.9 |
Abbreviations
ADR | — American Depositary Receipt | |
NVDR | — Non-voting depository receipt | |
PJSC | — Public Joint Stock Company | |
Preference | — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
PT | — Limited liability company | |
REIT | — Real Estate Investment Trust | |
(a) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $697,890. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
(d) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. | |
‡ | — Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI Emerging MarketsE-Mini Index | 15 | 06/2019 | USD | 809,475 | 30,614 | |||||||||||||||
|
| |||||||||||||||||||
�� | 30,614 | |||||||||||||||||||
|
|
Abbreviations
MSCI | — Morgan Stanley Capital International | |
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 93 |
JPMorgan Diversified Return Europe Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 97.8% |
| |||||||
Australia — 0.8% |
| |||||||
BHP Group plc | 2,852 | 67,320 | ||||||
Rio Tinto plc | 1,200 | 70,007 | ||||||
|
| |||||||
137,327 | ||||||||
|
| |||||||
Austria — 0.8% |
| |||||||
ANDRITZ AG | 17 | 812 | ||||||
OMV AG | 1,243 | 66,673 | ||||||
Verbund AG* | 1,301 | 64,604 | ||||||
voestalpine AG | 365 | 11,744 | ||||||
|
| |||||||
143,833 | ||||||||
|
| |||||||
Belgium — 1.8% |
| |||||||
Ageas | 1,076 | 56,862 | ||||||
Colruyt SA | 923 | 66,630 | ||||||
Groupe Bruxelles Lambert SA | 26 | 2,490 | ||||||
Proximus SADP | 2,267 | 63,492 | ||||||
Solvay SA | 588 | 70,898 | ||||||
UCB SA | 701 | 55,715 | ||||||
|
| |||||||
316,087 | ||||||||
|
| |||||||
Chile — 0.4% |
| |||||||
Antofagasta plc | 5,287 | 62,851 | ||||||
|
| |||||||
Denmark — 4.6% |
| |||||||
Ambu A/S, Class B | 1,274 | 36,655 | ||||||
Carlsberg A/S, Class B | 543 | 70,210 | ||||||
Chr Hansen Holding A/S | 647 | 66,111 | ||||||
Coloplast A/S, Class B | 660 | 71,294 | ||||||
Demant A/S* | 582 | 18,389 | ||||||
DSV A/S | 764 | 70,798 | ||||||
GN Store Nord A/S | 1,348 | 69,092 | ||||||
H Lundbeck A/S (a) | 1,439 | 60,666 | ||||||
ISS A/S | 353 | 10,993 | ||||||
Novo Nordisk A/S, Class B | 1,354 | 66,339 | ||||||
Novozymes A/S, Class B | 1,094 | 51,063 | ||||||
Orsted A/S (b) | 908 | 69,516 | ||||||
Rockwool International A/S, Class B | 38 | 10,167 | ||||||
Tryg A/S | 1,651 | 50,528 | ||||||
Vestas Wind Systems A/S | 727 | 65,782 | ||||||
|
| |||||||
787,603 | ||||||||
|
| |||||||
Finland — 3.6% |
| |||||||
Elisa OYJ | 1,511 | 64,112 | ||||||
Fortum OYJ | 2,812 | 59,644 | ||||||
Kesko OYJ, Class B | 923 | 47,996 | ||||||
Kone OYJ, Class B | 1,229 | 67,531 | ||||||
Neste OYJ | 2,058 | 68,022 | ||||||
Nokia OYJ | 10,045 | 52,783 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Finland — continued |
| |||||||
Orion OYJ, Class B | 1,842 | 61,421 | ||||||
Sampo OYJ, Class A | 1,371 | 62,776 | ||||||
Stora Enso OYJ, Class R | 3,696 | 46,028 | ||||||
UPM-Kymmene OYJ | 2,182 | 61,608 | ||||||
Wartsila OYJ Abp | 2,170 | 34,747 | ||||||
|
| |||||||
626,668 | ||||||||
|
| |||||||
France — 15.4% |
| |||||||
Aeroports de Paris | 193 | 39,317 | ||||||
Air Liquide SA | 527 | 70,108 | ||||||
Arkema SA | 509 | 52,262 | ||||||
Atos SE | 584 | 60,217 | ||||||
AXA SA | 1,041 | 27,760 | ||||||
BioMerieux | 333 | 26,448 | ||||||
Bouygues SA | 671 | 25,258 | ||||||
Bureau Veritas SA | 599 | 15,184 | ||||||
Capgemini SE | 552 | 66,988 | ||||||
Casino Guichard Perrachon SA | 1,199 | 49,085 | ||||||
Cie Generale des Etablissements Michelin SCA | 444 | 57,414 | ||||||
Cie Plastic Omnium SA | 512 | 15,512 | ||||||
CNP Assurances | 1,195 | 28,227 | ||||||
Covivio, REIT | 515 | 55,741 | ||||||
Danone SA | 689 | 55,702 | ||||||
Dassault Aviation SA | 22 | 33,287 | ||||||
Dassault Systemes SE | 396 | 62,712 | ||||||
Edenred | 1,079 | 50,872 | ||||||
Eiffage SA | 482 | 50,326 | ||||||
Electricite de France SA | 3,821 | 55,183 | ||||||
Engie SA | 3,787 | 56,209 | ||||||
EssilorLuxottica SA* | 425 | 51,781 | ||||||
Eurazeo SE* | 155 | 12,165 | ||||||
Eutelsat Communications SA | 2,980 | 53,857 | ||||||
Faurecia SA | 663 | 33,734 | ||||||
Gecina SA, REIT | 314 | 46,916 | ||||||
Hermes International | 79 | 55,582 | ||||||
Imerys SA | 448 | 23,858 | ||||||
Ingenico Group SA | 653 | 55,113 | ||||||
Ipsen SA | 365 | 42,628 | ||||||
Kering SA | 121 | 71,602 | ||||||
Klepierre SA, REIT | 471 | 16,737 | ||||||
Lagardere SCA | 1,557 | 42,406 | ||||||
Legrand SA | 671 | 49,354 | ||||||
L’Oreal SA | 248 | 68,213 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 194 | 76,168 | ||||||
Natixis SA | 1,706 | 10,053 | ||||||
Orange SA | 3,768 | 58,888 |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Orpea | 275 | 33,552 | ||||||
Pernod Ricard SA | 342 | 59,633 | ||||||
Peugeot SA (a) | 2,591 | 67,933 | ||||||
Publicis Groupe SA | 797 | 47,371 | ||||||
Rubis SCA | 185 | 10,147 | ||||||
Safran SA | 489 | 71,277 | ||||||
Sanofi | 787 | 68,665 | ||||||
Sartorius Stedim Biotech | 419 | 56,911 | ||||||
Schneider Electric SE | 670 | 56,706 | ||||||
SCOR SE | 578 | 23,597 | ||||||
SEB SA | 47 | 8,611 | ||||||
Societe BIC SA | 293 | 25,241 | ||||||
Sodexo SA | 599 | 68,695 | ||||||
Thales SA | 431 | 51,495 | ||||||
TOTAL SA | 1,176 | 65,375 | ||||||
Ubisoft Entertainment SA* | 503 | 48,056 | ||||||
Valeo SA | 1,040 | 37,828 | ||||||
Veolia Environnement SA | 2,581 | 61,047 | ||||||
Vinci SA | 451 | 45,549 | ||||||
Vivendi SA | 947 | 27,487 | ||||||
|
| |||||||
2,658,043 | ||||||||
|
| |||||||
Germany — 12.1% |
| |||||||
Allianz SE (Registered) | 167 | 40,366 | ||||||
Axel Springer SE | 740 | 41,913 | ||||||
BASF SE | 815 | 66,537 | ||||||
Bayer AG (Registered) | 707 | 47,055 | ||||||
Bayerische Motoren Werke AG | 572 | 48,796 | ||||||
Carl Zeiss Meditec AG | 641 | 63,049 | ||||||
Continental AG | 221 | 36,662 | ||||||
Covestro AG (b) | 868 | 47,695 | ||||||
Deutsche Boerse AG | 257 | 34,341 | ||||||
Deutsche Lufthansa AG (Registered) | 2,579 | 62,396 | ||||||
Deutsche Post AG (Registered)* | 974 | 33,857 | ||||||
Deutsche Telekom AG (Registered) | 3,660 | 61,323 | ||||||
Deutsche Wohnen SE | 1,178 | 53,064 | ||||||
E.ON SE | 3,968 | 42,663 | ||||||
Evonik Industries AG | 1,549 | 46,242 | ||||||
Fielmann AG | 311 | 22,112 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 245 | 20,395 | ||||||
Fresenius Medical Care AG & Co. KGaA | 707 | 59,588 | ||||||
Fresenius SE & Co. KGaA | 881 | 50,098 | ||||||
FUCHS PETROLUB SE (Preference) | 692 | 30,173 | ||||||
Hannover Rueck SE | 241 | 36,393 | ||||||
Hella GmbH & Co. KGaA | 380 | 20,729 | ||||||
Henkel AG & Co. KGaA (Preference) | 560 | 56,679 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Germany — continued |
| |||||||
HOCHTIEF AG | 128 | 19,137 | ||||||
HUGO BOSS AG | 605 | 42,274 | ||||||
Infineon Technologies AG | 2,711 | 64,266 | ||||||
Innogy SE* | 1,319 | 57,252 | ||||||
LEG Immobilien AG | 494 | 57,640 | ||||||
Merck KGaA | 511 | 54,468 | ||||||
MTU Aero Engines AG | 287 | 67,712 | ||||||
Porsche Automobil Holding SE (Preference) | 740 | 51,443 | ||||||
ProSiebenSat.1 Media SE | 1,853 | 29,293 | ||||||
Puma SE | 89 | 55,052 | ||||||
RWE AG* | 2,700 | 69,255 | ||||||
SAP SE | 623 | 80,310 | ||||||
Scout24 AG (b) | 713 | 36,706 | ||||||
Siemens AG (Registered) | 336 | 40,287 | ||||||
Siemens Healthineers AG (b) | 1,219 | 52,178 | ||||||
Symrise AG | 581 | 55,846 | ||||||
Talanx AG | 572 | 22,892 | ||||||
Telefonica Deutschland Holding AG | 15,039 | 48,849 | ||||||
Uniper SE | 1,121 | 34,015 | ||||||
United Internet AG (Registered) | 197 | 7,920 | ||||||
Volkswagen AG (Preference) | 206 | 35,968 | ||||||
Vonovia SE | 1,185 | 59,222 | ||||||
Wacker Chemie AG | 206 | 18,109 | ||||||
|
| |||||||
2,082,220 | ||||||||
|
| |||||||
Ireland — 0.5% |
| |||||||
Paddy Power Betfair plc | 451 | 38,173 | ||||||
Smurfit Kappa Group plc | 1,329 | 38,972 | ||||||
|
| |||||||
77,145 | ||||||||
|
| |||||||
Italy — 5.2% |
| |||||||
A2A SpA | 37,130 | 62,142 | ||||||
Assicurazioni Generali SpA | 3,275 | 63,542 | ||||||
Atlantia SpA | 1,901 | 51,899 | ||||||
DiaSorin SpA | 440 | 43,013 | ||||||
Enel SpA | 10,933 | 69,230 | ||||||
Eni SpA | 3,833 | 65,319 | ||||||
Intesa Sanpaolo SpA | 20,116 | 52,704 | ||||||
Italgas SpA | 10,862 | 67,849 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 2,117 | 22,439 | ||||||
Moncler SpA | 1,445 | 59,410 | ||||||
Poste Italiane SpA (b) | 6,272 | 67,031 | ||||||
Recordati SpA | 1,749 | 70,673 | ||||||
Saipem SpA* | 9,957 | 50,507 | ||||||
Snam SpA | 13,311 | 67,765 | ||||||
Terna Rete Elettrica Nazionale SpA | 10,590 | 63,531 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 95 |
JPMorgan Diversified Return Europe Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Italy — continued |
| |||||||
UnipolSai Assicurazioni SpA | 9,302 | 25,489 | ||||||
|
| |||||||
902,543 | ||||||||
|
| |||||||
Jordan — 0.4% |
| |||||||
Hikma Pharmaceuticals plc | 2,969 | 68,513 | ||||||
|
| |||||||
Kazakhstan — 0.3% |
| |||||||
KAZ Minerals plc | 6,688 | 56,710 | ||||||
|
| |||||||
Luxembourg — 1.0% |
| |||||||
ArcelorMittal | 2,083 | 45,318 | ||||||
RTL Group SA | 578 | 32,569 | ||||||
SES SA, FDR | 3,275 | 55,723 | ||||||
Tenaris SA | 3,045 | 42,209 | ||||||
|
| |||||||
175,819 | ||||||||
|
| |||||||
Netherlands — 4.7% |
| |||||||
Aalberts NV (a) | 485 | 19,082 | ||||||
ABN AMRO Group NV, CVA (b) | 728 | 17,146 | ||||||
Aegon NV | 8,784 | 45,854 | ||||||
Akzo Nobel NV | 725 | 61,600 | ||||||
ASML Holding NV | 369 | 77,051 | ||||||
ASR Nederland NV | 1,140 | 50,723 | ||||||
Heineken Holding NV | 383 | 38,991 | ||||||
Heineken NV(a) | 395 | 42,702 | ||||||
Koninklijke Ahold Delhaize NV | 2,552 | 61,507 | ||||||
Koninklijke DSM NV | 614 | 70,224 | ||||||
Koninklijke KPN NV | 20,912 | 64,270 | ||||||
Koninklijke Philips NV | 1,622 | 69,655 | ||||||
NN Group NV | 1,280 | 55,859 | ||||||
Randstad NV | 62 | 3,546 | ||||||
Royal Dutch Shell plc, Class B | 2,098 | 67,710 | ||||||
Wolters Kluwer NV | 1,000 | 69,798 | ||||||
|
| |||||||
815,718 | ||||||||
|
| |||||||
Norway — 2.4% |
| |||||||
Aker BP ASA | 1,941 | 64,067 | ||||||
DNB ASA* | 2,564 | 49,304 | ||||||
Equinor ASA | 2,927 | 65,247 | ||||||
Gjensidige Forsikring ASA | 1,268 | 24,657 | ||||||
Mowi ASA | 2,687 | 58,296 | ||||||
Norsk Hydro ASA | 10,004 | 43,088 | ||||||
Orkla ASA | 3,482 | 27,329 | ||||||
Salmar ASA | 352 | 16,011 | ||||||
Telenor ASA | 3,257 | 65,472 | ||||||
|
| |||||||
413,471 | ||||||||
|
| |||||||
Poland — 0.5% |
| |||||||
Grupa Lotos SA | 1,105 | 24,076 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Poland — continued |
| |||||||
Polski Koncern Naftowy ORLEN SA | 1,622 | 41,644 | ||||||
Polskie Gornictwo Naftowe i Gazownictwo SA | 12,450 | 18,932 | ||||||
|
| |||||||
84,652 | ||||||||
|
| |||||||
Portugal — 0.8% |
| |||||||
EDP — Energias de Portugal SA* | 17,955 | 68,133 | ||||||
Galp Energia SGPS SA | 3,505 | 58,766 | ||||||
Jeronimo Martins SGPS SA | 677 | 11,025 | ||||||
|
| |||||||
137,924 | ||||||||
|
| |||||||
Russia — 0.8% |
| |||||||
Evraz plc | 8,776 | 72,065 | ||||||
Polymetal International plc | 5,715 | 60,253 | ||||||
|
| |||||||
132,318 | ||||||||
|
| |||||||
South Africa — 0.4% |
| |||||||
Anglo American plc | 2,480 | 64,355 | ||||||
|
| |||||||
Spain — 5.3% |
| |||||||
Acciona SA | 305 | 35,374 | ||||||
Acerinox SA | 3,974 | 41,391 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,342 | 61,713 | ||||||
Aena SME SA (b) | 173 | 32,121 | ||||||
Amadeus IT Group SA | 798 | 63,598 | ||||||
Enagas SA | 2,306 | 65,779 | ||||||
Endesa SA | 2,615 | 65,240 | ||||||
Grifols SA | 2,240 | 62,253 | ||||||
Iberdrola SA | 7,915 | 71,927 | ||||||
Industria de Diseno Textil SA | 1,643 | 49,748 | ||||||
Merlin Properties Socimi SA, REIT | 3,887 | 53,020 | ||||||
Naturgy Energy Group SA | 2,426 | 69,064 | ||||||
Red Electrica Corp. SA | 3,045 | 63,196 | ||||||
Repsol SA | 3,825 | 64,905 | ||||||
Siemens Gamesa Renewable Energy SA | 3,338 | 59,952 | ||||||
Telefonica SA | 7,123 | 59,387 | ||||||
|
| |||||||
918,668 | ||||||||
|
| |||||||
Sweden — 6.4% |
| |||||||
Alfa Laval AB | 1,154 | 26,786 | ||||||
Atlas Copco AB, Class A | 1,552 | 48,445 | ||||||
Boliden AB* | 2,406 | 71,602 | ||||||
Castellum AB | 1,177 | 21,162 | ||||||
Elekta AB, Class B | 4,291 | 50,895 | ||||||
Hennes & Mauritz AB, Class B | 1,496 | 26,104 | ||||||
Hexagon AB, Class B | 1,203 | 65,723 | ||||||
ICA Gruppen AB | 1,713 | 61,957 | ||||||
Industrivarden AB, Class C | 830 | 18,679 | ||||||
Investor AB, Class B | 671 | 32,001 |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Sweden — continued |
| |||||||
Lundin Petroleum AB | 2,014 | 65,588 | ||||||
Sandvik AB(a) | 3,200 | 59,259 | ||||||
Securitas AB, Class B (a) | 2,246 | 39,275 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 2,126 | 20,298 | ||||||
Skanska AB, Class B | 1,762 | 30,684 | ||||||
SKF AB, Class B (a) | 1,370 | 25,430 | ||||||
Svenska Cellulosa AB SCA, Class B | 5,360 | 46,792 | ||||||
Swedbank AB, Class A | 2,711 | 44,296 | ||||||
Swedish Match AB | 1,406 | 68,556 | ||||||
Swedish Orphan Biovitrum AB* | 2,486 | 45,361 | ||||||
Tele2 AB, Class B | 5,003 | 66,838 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 6,419 | 63,498 | ||||||
Telia Co. AB | 13,658 | 58,190 | ||||||
Trelleborg AB, Class B | 1,484 | 24,543 | ||||||
Volvo AB, Class B | 1,667 | 26,716 | ||||||
|
| |||||||
1,108,678 | ||||||||
|
| |||||||
Switzerland — 8.7% |
| |||||||
ABB Ltd. (Registered)* | 1,546 | 31,799 | ||||||
Adecco Group AG (Registered) | 379 | 21,775 | ||||||
Alcon, Inc.* | 146 | 8,408 | ||||||
Baloise Holding AG (Registered) | 198 | 33,945 | ||||||
Banque Cantonale Vaudoise (Registered)* | 20 | 15,791 | ||||||
Barry Callebaut AG (Registered) | 1 | 1,834 | ||||||
Clariant AG (Registered)* | 1,008 | 20,739 | ||||||
EMS-Chemie Holding AG (Registered) | 95 | 57,531 | ||||||
Flughafen Zurich AG (Registered) | 68 | 11,210 | ||||||
Geberit AG (Registered) | 160 | 67,089 | ||||||
Georg Fischer AG (Registered) | 28 | 27,232 | ||||||
Givaudan SA (Registered) | 26 | 67,322 | ||||||
Glencore plc* | 16,294 | 64,647 | ||||||
Helvetia Holding AG (Registered)* | 33 | 20,971 | ||||||
Logitech International SA (Registered) | 1,401 | 54,900 | ||||||
Lonza Group AG (Registered)* | 200 | 61,766 | ||||||
Nestle SA (Registered) | 749 | 72,112 | ||||||
Novartis AG (Registered) | 734 | 60,144 | ||||||
OC Oerlikon Corp. AG (Registered) | 1,502 | 19,630 | ||||||
Pargesa Holding SA | 293 | 23,027 | ||||||
Partners Group Holding AG | 49 | 36,959 | ||||||
Roche Holding AG | 242 | 63,855 | ||||||
Schindler Holding AG | 237 | 51,222 | ||||||
SGS SA (Registered) | 22 | 58,048 | ||||||
Sika AG (Registered) | 353 | 54,087 | ||||||
Sonova Holding AG (Registered) | 352 | 71,098 | ||||||
STMicroelectronics NV | 2,100 | 38,566 | ||||||
Straumann Holding AG (Registered) | 83 | 67,078 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Switzerland — continued |
| |||||||
Swiss Life Holding AG (Registered)* | 151 | 70,989 | ||||||
Swiss Prime Site AG (Registered)* | 191 | 15,338 | ||||||
Swiss Re AG | 256 | 24,647 | ||||||
Swisscom AG (Registered) (a) | 131 | 61,040 | ||||||
Temenos AG (Registered)* | 392 | 65,208 | ||||||
Vifor Pharma AG | 349 | 45,576 | ||||||
Zurich Insurance Group AG | 89 | 28,370 | ||||||
|
| |||||||
1,493,953 | ||||||||
|
| |||||||
United Arab Emirates — 0.0%(c) |
| |||||||
NMC Health plc | 9 | 332 | ||||||
|
| |||||||
United Kingdom — 20.0% |
| |||||||
3i Group plc | 2,945 | 41,208 | ||||||
Admiral Group plc | 506 | 14,575 | ||||||
Ashtead Group plc | 1,775 | 49,287 | ||||||
AstraZeneca plc | 820 | 61,090 | ||||||
Auto Trader Group plc (b) | 7,283 | 53,839 | ||||||
AVEVA Group plc | 683 | 29,843 | ||||||
BAE Systems plc | 3,779 | 24,289 | ||||||
Barratt Developments plc | 8,268 | 65,043 | ||||||
Bellway plc | 1,239 | 50,313 | ||||||
Berkeley Group Holdings plc | 1,254 | 61,517 | ||||||
BP plc | 9,416 | 68,470 | ||||||
British American Tobacco plc | 1,587 | 62,129 | ||||||
British Land Co. plc (The), REIT | 4,898 | 38,002 | ||||||
BT Group plc | 19,363 | 57,779 | ||||||
Bunzl plc | 1,967 | 59,327 | ||||||
Burberry Group plc | 2,621 | 69,082 | ||||||
Compass Group plc | 3,012 | 68,535 | ||||||
ConvaTec Group plc (b) | 18,832 | 34,108 | ||||||
Croda International plc | 986 | 66,787 | ||||||
Diageo plc | 1,718 | 72,427 | ||||||
easyJet plc | 2,936 | 44,486 | ||||||
Experian plc | 2,272 | 66,135 | ||||||
Fiat Chrysler Automobiles NV | 2,464 | 37,974 | ||||||
GlaxoSmithKline plc | 3,308 | 67,957 | ||||||
IMI plc | 1,538 | 21,122 | ||||||
Imperial Brands plc | 1,063 | 33,823 | ||||||
Inchcape plc | 3,707 | 29,761 | ||||||
Informa plc | 5,339 | 54,287 | ||||||
International Consolidated Airlines Group SA | 6,406 | 45,269 | ||||||
Intertek Group plc | 654 | 45,743 | ||||||
ITV plc | 22,625 | 40,400 | ||||||
J Sainsbury plc | 16,106 | 46,792 | ||||||
Johnson Matthey plc | 1,154 | 50,343 | ||||||
Kingfisher plc | 12,584 | 43,392 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 97 |
JPMorgan Diversified Return Europe Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Legal & General Group plc | 15,504 | 56,381 | ||||||
Marks & Spencer Group plc | 11,873 | 44,289 | ||||||
Meggitt plc | 7,301 | 51,953 | ||||||
Micro Focus International plc | 2,198 | 55,728 | ||||||
Mondi plc | 2,444 | 53,708 | ||||||
National Grid plc | 5,867 | 64,278 | ||||||
Next plc | 938 | 70,625 | ||||||
Pearson plc | 5,855 | 63,427 | ||||||
Pennon Group plc | 2,534 | 24,736 | ||||||
Persimmon plc | 2,036 | �� | 59,477 | |||||
Reckitt Benckiser Group plc | 773 | 62,541 | ||||||
RELX plc | 2,879 | 66,147 | ||||||
Rentokil Initial plc | 12,139 | 61,863 | ||||||
Rightmove plc | 10,273 | 72,641 | ||||||
Royal Mail plc | 8,048 | 26,555 | ||||||
Sage Group plc (The) | 7,501 | 71,103 | ||||||
Segro plc, REIT | 6,356 | 56,318 | ||||||
Severn Trent plc | 731 | 19,458 | ||||||
Smith & Nephew plc | 3,455 | 66,794 | ||||||
Smiths Group plc | 1,649 | 32,831 | ||||||
SSE plc | 4,030 | 60,299 | ||||||
Tate & Lyle plc | 7,126 | 71,422 | ||||||
Taylor Wimpey plc | 27,302 | 64,728 | ||||||
Tesco plc | 17,702 | 57,755 | ||||||
Unilever NV, CVA (a) | 1,217 | 73,634 | ||||||
Unilever plc | 1,187 | 71,950 | ||||||
United Utilities Group plc | 5,900 | 64,003 | ||||||
Vodafone Group plc | 29,571 | 54,851 | ||||||
Whitbread plc | 1,022 | 59,500 | ||||||
Wm Morrison Supermarkets plc | 16,607 | 46,809 | ||||||
WPP plc | 4,290 | 53,530 | ||||||
|
| |||||||
3,434,468 | ||||||||
|
| |||||||
United States — 0.9% |
| |||||||
Carnival plc | 851 | 45,115 | ||||||
Ferguson plc | 708 | 50,386 | ||||||
QIAGEN NV* | 1,340 | 51,886 | ||||||
|
| |||||||
147,387 | ||||||||
|
| |||||||
Total Common Stocks | 16,847,286 | |||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Investment Of Cash Collateral From Securities Loaned — 1.7% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | 295,789 | 295,789 | ||||||
|
| |||||||
Total Investments — 99.5% | 17,143,075 | |||||||
Other Assets Less Liabilities — 0.5% | 79,432 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 17,222,507 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Chemicals | 6.0 | % | ||
Oil, Gas & Consumable Fuels | 5.5 | |||
Insurance | 5.4 | |||
Pharmaceuticals | 5.2 | |||
Health Care Equipment & Supplies | 4.4 | |||
Electric Utilities | 4.4 | |||
Metals & Mining | 4.3 | |||
Diversified Telecommunication Services | 3.9 | |||
Media | 3.0 | |||
Textiles, Apparel & Luxury Goods | 2.8 | |||
Machinery | 2.6 | |||
Food & Staples Retailing | 2.6 | |||
Multi-Utilities | 2.4 | |||
Software | 2.1 | |||
Professional Services | 2.0 | |||
Household Durables | 1.8 | |||
Food Products | 1.8 | |||
Aerospace & Defense | 1.8 | |||
Short-Term Investments | 1.7 | |||
Beverages | 1.7 | |||
Hotels, Restaurants & Leisure | 1.6 | |||
Equity Real Estate Investment Trusts (REITs) | 1.6 | |||
Electrical Equipment | 1.5 | |||
Automobiles | 1.4 | |||
Construction & Engineering | 1.4 | |||
Banks | 1.3 | |||
Personal Products | 1.2 | |||
Paper & Forest Products | 1.2 | |||
Real Estate Management & Development | 1.2 | |||
Auto Components | 1.2 | |||
IT Services | 1.1 |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INDUSTRY | PERCENTAGE | |||
Commercial Services & Supplies | 1.1 | % | ||
Semiconductors & Semiconductor Equipment | 1.0 | |||
Life Sciences Tools & Services | 1.0 | |||
Tobacco | 1.0 | |||
Interactive Media & Services | 1.0 | |||
Others (each less than 1.0%) | 14.8 |
Abbreviations
CVA | — Dutch Certification | |
FDR | — Fiduciary Depositary Receipt | |
OYJ | — Public Limited Company | |
Preference | — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | — Real Estate Investment Trust | |
SCA | — Limited partnership with share capital | |
SGPS | — Holding company | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $281,824. |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
(d) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
EURO STOXX 50 Index | 6 | 06/2019 | EUR | 232,647 | 14,859 | |||||||||||||||
FTSE 100 Index | 1 | 06/2019 | GBP | 96,241 | 3,028 | |||||||||||||||
|
| |||||||||||||||||||
17,887 | ||||||||||||||||||||
|
|
Abbreviations
EUR | — Euro | |
FTSE | — Financial Times and the London Stock Exchange | |
GBP | — British Pound |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 99 |
JPMorgan Diversified Return Global Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.5% |
| |||||||
Australia — 9.1% |
| |||||||
AGL Energy Ltd. | 29,790 | 467,356 | ||||||
Alumina Ltd. | 206,407 | 326,614 | ||||||
Amcor Ltd. | 12,256 | 138,540 | ||||||
Ansell Ltd. | 23,238 | 442,411 | ||||||
APA Group | 55,028 | 373,540 | ||||||
Aristocrat Leisure Ltd. | 15,378 | 283,087 | ||||||
ASX Ltd. | 10,573 | 555,487 | ||||||
Aurizon Holdings Ltd. | 70,470 | 236,463 | ||||||
BHP Group Ltd. | 24,028 | 635,837 | ||||||
BlueScope Steel Ltd. | 4,332 | 41,166 | ||||||
Boral Ltd. | 25,635 | 87,765 | ||||||
Brambles Ltd. | 41,004 | 348,439 | ||||||
Caltex Australia Ltd. | 19,467 | 373,285 | ||||||
CIMIC Group Ltd. | 8,745 | 311,966 | ||||||
Cochlear Ltd. | 4,715 | 623,252 | ||||||
Coles Group Ltd.* | 4,001 | 35,574 | ||||||
Computershare Ltd. | 12,659 | 159,253 | ||||||
Crown Resorts Ltd. | 29,843 | 279,748 | ||||||
CSL Ltd. | 4,598 | 644,924 | ||||||
CSR Ltd. | 78,890 | 198,180 | ||||||
Dexus, REIT | 69,636 | 614,798 | ||||||
Flight Centre Travel Group Ltd. | 8,387 | 227,197 | ||||||
Fortescue Metals Group Ltd. | 131,661 | 665,310 | ||||||
GPT Group (The), REIT | 149,566 | 605,003 | ||||||
Harvey Norman Holdings Ltd. | 91,898 | 270,192 | ||||||
Healthscope Ltd. | 227,669 | 393,352 | ||||||
Incitec Pivot Ltd. | 73,359 | 174,331 | ||||||
Insurance Australia Group Ltd. | 15,601 | 86,686 | ||||||
Macquarie Group Ltd. | 5,428 | 515,845 | ||||||
Mirvac Group, REIT | 340,288 | 681,219 | ||||||
Oil Search Ltd. | 39,350 | 215,498 | ||||||
Origin Energy Ltd. | 25,708 | 133,593 | ||||||
Qantas Airways Ltd. | 135,699 | 536,788 | ||||||
Ramsay Health Care Ltd. | 9,905 | 456,144 | ||||||
Rio Tinto Ltd. | 9,493 | 639,851 | ||||||
Rio Tinto plc | 7,332 | 427,742 | ||||||
Santos Ltd. | 71,381 | 361,232 | ||||||
Scentre Group, REIT | 153,849 | 415,007 | ||||||
SEEK Ltd. | 7,887 | 101,301 | ||||||
Sonic Healthcare Ltd. | 33,879 | 612,663 | ||||||
South32 Ltd. | 184,285 | 435,248 | ||||||
Star Entertainment Grp Ltd. (The) | 93,262 | 298,623 | ||||||
Suncorp Group Ltd. | 16,410 | 153,569 | ||||||
Sydney Airport | 81,571 | 438,456 | ||||||
Telstra Corp. Ltd. | 187,733 | 447,151 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Australia — continued |
| |||||||
Transurban Group | 54,870 | 519,588 | ||||||
Treasury Wine Estates Ltd. | 22,290 | 270,371 | ||||||
Wesfarmers Ltd. | 22,458 | 570,035 | ||||||
Woodside Petroleum Ltd. | 24,295 | 605,668 | ||||||
Woolworths Group Ltd. | 23,663 | 531,294 | ||||||
WorleyParsons Ltd. | 13,249 | 133,507 | ||||||
|
| |||||||
19,100,149 | ||||||||
|
| |||||||
Austria — 0.2% |
| |||||||
OMV AG | 8,606 | 461,618 | ||||||
|
| |||||||
Belgium — 0.9% |
| |||||||
Ageas | 6,045 | 319,450 | ||||||
Colruyt SA | 6,366 | 459,556 | ||||||
Groupe Bruxelles Lambert SA | 3,811 | 364,942 | ||||||
Proximus SADP | 13,505 | 378,236 | ||||||
Solvay SA | 1,869 | 225,356 | ||||||
UCB SA | 2,819 | 224,051 | ||||||
|
| |||||||
1,971,591 | ||||||||
|
| |||||||
Bermuda — 0.2% |
| |||||||
RenaissanceRe Holdings Ltd. | 3,301 | 512,843 | ||||||
|
| |||||||
Canada — 3.5% |
| |||||||
BCE, Inc. | 9,561 | 427,772 | ||||||
Canadian Imperial Bank of Commerce | 1,227 | 103,320 | ||||||
Canadian Tire Corp. Ltd., Class A (a) | 3,051 | 335,822 | ||||||
CGI, Inc.* | 4,119 | 296,481 | ||||||
Fortis, Inc. | 13,680 | 505,661 | ||||||
Husky Energy, Inc. | 32,265 | 350,178 | ||||||
Hydro One Ltd. (b) | 17,676 | 286,046 | ||||||
Imperial Oil Ltd. | 9,701 | 281,826 | ||||||
Inter Pipeline Ltd. (a) | 16,581 | 270,058 | ||||||
Loblaw Cos. Ltd. | 8,595 | 421,057 | ||||||
Metro, Inc. | 16,292 | 589,805 | ||||||
National Bank of Canada | 7,067 | 336,654 | ||||||
RioCan, REIT | 13,239 | 254,562 | ||||||
Rogers Communications, Inc., Class B | 11,281 | 567,965 | ||||||
Shaw Communications, Inc., Class B | 15,373 | 311,316 | ||||||
Suncor Energy, Inc. | 10,457 | 344,846 | ||||||
Teck Resources Ltd., Class B | 16,498 | 390,130 | ||||||
TELUS Corp. | 15,056 | 554,387 | ||||||
Thomson Reuters Corp. | 9,455 | 584,295 | ||||||
Toronto-Dominion Bank (The) | 2,864 | 163,370 | ||||||
|
| |||||||
7,375,551 | ||||||||
|
| |||||||
Chile — 0.0%(c) |
| |||||||
Antofagasta plc | 1,191 | 14,158 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — 0.7% |
| |||||||
China Mengniu Dairy Co. Ltd.* | 151,000 | 557,854 | ||||||
Lenovo Group Ltd. | 226,000 | 209,428 | ||||||
Semiconductor Manufacturing International Corp.* | 429,200 | 459,549 | ||||||
Xinyi Solar Holdings Ltd. | 544,000 | 310,214 | ||||||
|
| |||||||
1,537,045 | ||||||||
|
| |||||||
Denmark — 0.8% |
| |||||||
Carlsberg A/S, Class B | 3,718 | 480,740 | ||||||
Chr Hansen Holding A/S | 5,805 | 593,161 | ||||||
H Lundbeck A/S (a) | 3,588 | 151,265 | ||||||
Orsted A/S (b) | 5,334 | 408,366 | ||||||
|
| |||||||
1,633,532 | ||||||||
|
| |||||||
Finland — 1.0% |
| |||||||
Elisa OYJ | 10,105 | 428,756 | ||||||
Fortum OYJ | 16,924 | 358,967 | ||||||
Kesko OYJ, Class B | 2,012 | 104,624 | ||||||
Neste OYJ | 19,393 | 640,990 | ||||||
Sampo OYJ, Class A | 3,076 | 140,844 | ||||||
Stora Enso OYJ, Class R | 20,250 | 252,184 | ||||||
UPM-Kymmene OYJ | 5,746 | 162,237 | ||||||
|
| |||||||
2,088,602 | ||||||||
|
| |||||||
France — 4.0% |
| |||||||
Alstom SA | 4,120 | 181,268 | ||||||
Arkema SA | 3,955 | 406,086 | ||||||
Atos SE (a) | 2,621 | 270,253 | ||||||
Bouygues SA (a) | 5,161 | 194,272 | ||||||
Capgemini SE | 4,945 | 600,097 | ||||||
Casino Guichard Perrachon SA (a) | 6,152 | 251,853 | ||||||
Danone SA (a) | 4,875 | 394,119 | ||||||
Dassault Systemes SE | 3,988 | 631,551 | ||||||
Eiffage SA | 4,100 | 428,086 | ||||||
Eutelsat Communications SA | 14,239 | 257,339 | ||||||
Faurecia SA | 5,695 | 289,770 | ||||||
Lagardere SCA | 10,666 | 290,497 | ||||||
Orange SA | 26,904 | 420,471 | ||||||
Pernod Ricard SA | 2,819 | 491,541 | ||||||
Peugeot SA (a) | 22,514 | 590,292 | ||||||
Sanofi (a) | 4,920 | 429,266 | ||||||
SCOR SE (a) | 5,309 | 216,738 | ||||||
Sodexo SA | 3,645 | 418,022 | ||||||
Thales SA | 4,942 | 590,457 | ||||||
TOTAL SA | 8,085 | 449,451 | ||||||
Vinci SA (a) | 2,507 | 253,198 | ||||||
Vivendi SA | 14,760 | 428,421 | ||||||
|
| |||||||
8,483,048 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Germany — 2.4% |
| |||||||
Beiersdorf AG | 30 | 3,283 | ||||||
Covestro AG (b) | 3,793 | 208,416 | ||||||
Deutsche Lufthansa AG (Registered) | 16,500 | 399,196 | ||||||
Deutsche Telekom AG (Registered) | 26,774 | 448,596 | ||||||
Evonik Industries AG | 9,017 | 269,181 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 4,824 | 401,574 | ||||||
Fresenius Medical Care AG & Co. KGaA | 5,462 | 460,356 | ||||||
Fresenius SE & Co. KGaA | 7,091 | 403,229 | ||||||
Hannover Rueck SE | 4,175 | 630,466 | ||||||
Infineon Technologies AG | 23,749 | 562,984 | ||||||
Merck KGaA | 1,434 | 152,851 | ||||||
SAP SE | 5,119 | 659,881 | ||||||
Telefonica Deutschland Holding AG | 62,637 | 203,455 | ||||||
Uniper SE | 7,753 | 235,252 | ||||||
|
| |||||||
5,038,720 | ||||||||
|
| |||||||
Hong Kong — 4.5% |
| |||||||
ASM Pacific Technology Ltd. | 37,600 | 436,123 | ||||||
Cathay Pacific Airways Ltd. | 107,000 | 180,190 | ||||||
CK Hutchison Holdings Ltd. | 58,760 | 617,798 | ||||||
CK Infrastructure Holdings Ltd. | 39,000 | 316,271 | ||||||
CLP Holdings Ltd. | 52,500 | 595,858 | ||||||
Hang Seng Bank Ltd. | 24,500 | 643,704 | ||||||
Henderson Land Development Co. Ltd. | 21,000 | 129,426 | ||||||
Hong Kong & China Gas Co. Ltd. | 271,211 | 647,451 | ||||||
Hutchison Port Holdings Trust | 695,800 | 163,450 | ||||||
Jardine Matheson Holdings Ltd. | 7,000 | 460,811 | ||||||
Jardine Strategic Holdings Ltd. | 7,500 | 283,719 | ||||||
Johnson Electric Holdings Ltd. | 18,000 | 42,376 | ||||||
Link REIT, REIT | 55,500 | 648,459 | ||||||
MTR Corp. Ltd. | 108,500 | 646,382 | ||||||
New World Development Co. Ltd. | 370,000 | 612,983 | ||||||
PCCW Ltd. | 414,000 | 249,634 | ||||||
Power Assets Holdings Ltd. | 45,500 | 317,370 | ||||||
Sun Hung Kai Properties Ltd. | 21,000 | 362,425 | ||||||
Swire Pacific Ltd., Class A | 44,000 | 557,193 | ||||||
Techtronic Industries Co. Ltd. | 62,500 | 452,281 | ||||||
WH Group Ltd. (b) | 595,500 | 704,604 | ||||||
Xinyi Glass Holdings Ltd. | 362,000 | 414,029 | ||||||
|
| |||||||
9,482,537 | ||||||||
|
| |||||||
Israel — 0.3% |
| |||||||
Check Point Software Technologies Ltd.* | 5,090 | 614,668 | ||||||
|
| |||||||
Italy — 1.1% |
| |||||||
Buzzi Unicem SpA | 4,521 | 100,798 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 101 |
JPMorgan Diversified Return Global Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Italy — continued |
| |||||||
Enel SpA | 75,549 | 478,389 | ||||||
Eni SpA | 21,645 | 368,855 | ||||||
Italgas SpA | 68,809 | 429,816 | ||||||
Recordati SpA | 8,592 | 347,183 | ||||||
Terna Rete Elettrica Nazionale SpA | 83,599 | 501,524 | ||||||
|
| |||||||
2,226,565 | ||||||||
|
| |||||||
Japan — 21.4% |
| |||||||
Advantest Corp. | 26,200 | 742,999 | ||||||
Aisin Seiki Co. Ltd. | 6,800 | 263,057 | ||||||
ANA Holdings, Inc. | 11,800 | 412,962 | ||||||
Aozora Bank Ltd. | 15,700 | 383,607 | ||||||
Asahi Kasei Corp. | 28,700 | 295,793 | ||||||
Astellas Pharma, Inc. | 16,100 | 218,056 | ||||||
Bandai Namco Holdings, Inc. | 4,000 | 191,763 | ||||||
Brother Industries Ltd. | 26,000 | 513,369 | ||||||
Canon, Inc. | 18,100 | 502,240 | ||||||
Capcom Co. Ltd. | 23,300 | 525,734 | ||||||
Central Japan Railway Co. | 2,800 | 602,110 | ||||||
Chubu Electric Power Co., Inc. | 35,900 | 522,041 | ||||||
Chugoku Electric Power Co., Inc. (The) | 26,200 | 312,818 | ||||||
COMSYS Holdings Corp. | 9,200 | 242,046 | ||||||
Cosmo Energy Holdings Co. Ltd. | 15,100 | 311,825 | ||||||
Credit Saison Co. Ltd. | 12,300 | 157,373 | ||||||
Dai Nippon Printing Co. Ltd. | 5,600 | 132,933 | ||||||
Daiichi Sankyo Co. Ltd. | 15,900 | 786,167 | ||||||
Daito Trust Construction Co. Ltd. | 200 | 26,781 | ||||||
Daiwa Securities Group, Inc. | 28,600 | 133,128 | ||||||
DIC Corp. | 10,900 | 320,171 | ||||||
Dowa Holdings Co. Ltd. | 6,200 | 202,165 | ||||||
Ebara Corp. | 5,800 | 178,506 | ||||||
Electric Power Development Co. Ltd. | 11,900 | 276,621 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 18,900 | 503,998 | ||||||
Fast Retailing Co. Ltd. | 600 | 347,154 | ||||||
Fuji Electric Co. Ltd. | 8,200 | 290,698 | ||||||
FUJIFILM Holdings Corp. | 13,800 | 644,685 | ||||||
Fujikura Ltd. | 35,400 | 146,065 | ||||||
Fujitsu Ltd. | 1,100 | 80,756 | ||||||
Hankyu Hanshin Holdings, Inc. | 8,700 | 325,267 | ||||||
Hikari Tsushin, Inc. | 3,500 | 648,931 | ||||||
Hitachi High-Technologies Corp. | 10,300 | 459,091 | ||||||
Hokuriku Electric Power Co. | 16,800 | 124,924 | ||||||
Honda Motor Co. Ltd. | 13,600 | 379,480 | ||||||
Idemitsu Kosan Co. Ltd. | 28,192 | 916,015 | ||||||
ITOCHU Corp. | 34,200 | 617,086 | ||||||
Japan Airlines Co. Ltd. | 17,100 | 557,689 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Japan Petroleum Exploration Co. Ltd. | 6,400 | 138,938 | ||||||
Japan Post Holdings Co. Ltd., ADR | 40,500 | 453,586 | ||||||
Japan Tobacco, Inc. | 4,400 | 101,674 | ||||||
JXTG Holdings, Inc. | 123,700 | 601,824 | ||||||
Kaneka Corp. | 8,900 | 343,670 | ||||||
Kansai Electric Power Co., Inc. (The) | 30,100 | 364,158 | ||||||
Kawasaki Kisen Kaisha Ltd.* | 7,600 | 110,481 | ||||||
KDDI Corp. | 23,800 | 548,532 | ||||||
Keisei Electric Railway Co. Ltd. | 12,900 | 452,476 | ||||||
Kirin Holdings Co. Ltd. | 17,100 | 388,999 | ||||||
K’s Holdings Corp. | 19,100 | 170,373 | ||||||
Kuraray Co. Ltd. | 26,200 | 352,017 | ||||||
Kyushu Electric Power Co., Inc. | 19,700 | 190,779 | ||||||
Lawson, Inc. | 1,900 | 88,711 | ||||||
Marubeni Corp. | 81,200 | 581,846 | ||||||
Mitsubishi Corp. | 22,100 | 608,804 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 10,500 | 157,635 | ||||||
Mitsubishi Tanabe Pharma Corp. | 19,700 | 247,966 | ||||||
Mitsui & Co. Ltd. | 31,200 | 504,647 | ||||||
Mizuho Financial Group, Inc. | 367,400 | 573,779 | ||||||
Mochida Pharmaceutical Co. Ltd. | 11,600 | 538,764 | ||||||
MS&AD Insurance Group Holdings, Inc. | 5,700 | 177,177 | ||||||
NEC Corp. | 6,100 | 206,016 | ||||||
NH Foods Ltd. | 3,000 | 120,904 | ||||||
Nihon M&A Center, Inc. | 11,600 | 331,016 | ||||||
Nikon Corp. | 27,400 | 382,115 | ||||||
Nippon Express Co. Ltd. | 800 | 43,995 | ||||||
Nippon Kayaku Co. Ltd. | 23,800 | 279,685 | ||||||
Nippon Paper Industries Co. Ltd. | 20,500 | 406,260 | ||||||
Nippon Shokubai Co. Ltd. | 6,000 | 417,402 | ||||||
Nippon Telegraph & Telephone Corp. | 9,700 | 403,602 | ||||||
Nipro Corp. | 22,500 | 279,494 | ||||||
Nissan Motor Co. Ltd. | 52,100 | 418,261 | ||||||
Nissin Foods Holdings Co. Ltd. | 4,600 | 304,435 | ||||||
Nomura Real Estate Holdings, Inc. | 22,300 | 474,215 | ||||||
Nomura Research Institute Ltd. | 9,100 | 445,435 | ||||||
NTT Data Corp. | 34,500 | 402,305 | ||||||
NTT DOCOMO, Inc. | 24,800 | 538,547 | ||||||
Oji Holdings Corp. | 58,200 | 349,227 | ||||||
Oriental Land Co. Ltd. | 2,500 | 276,522 | ||||||
Osaka Gas Co. Ltd. | 20,200 | 373,678 | ||||||
Otsuka Corp. | 14,000 | 550,662 | ||||||
Resona Holdings, Inc. | 96,400 | 409,230 | ||||||
Ryohin Keikaku Co. Ltd. | 600 | 114,446 | ||||||
Sankyo Co. Ltd. | 10,400 | 410,731 |
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Sawai Pharmaceutical Co. Ltd. | 6,500 | 349,245 | ||||||
SBI Holdings, Inc. | 13,100 | 280,882 | ||||||
SCSK Corp. | 7,600 | 361,158 | ||||||
Sega Sammy Holdings, Inc. | 4,400 | 55,732 | ||||||
Sekisui Chemical Co. Ltd. | 30,000 | 481,605 | ||||||
Sekisui House Ltd. | 35,900 | 578,826 | ||||||
Shimamura Co. Ltd. | 2,600 | 193,867 | ||||||
Shimizu Corp. | 18,900 | 161,884 | ||||||
Shionogi & Co. Ltd. | 4,400 | 257,017 | ||||||
Showa Denko KK | 10,200 | 348,229 | ||||||
Skylark Holdings Co. Ltd. | 19,200 | 316,271 | ||||||
SoftBank Group Corp. | 1,400 | 148,444 | ||||||
Sojitz Corp. | 169,600 | 583,891 | ||||||
Sony Corp. | 10,300 | 518,792 | ||||||
Square Enix Holdings Co. Ltd. | 5,200 | 179,935 | ||||||
Sumitomo Chemical Co. Ltd. | 55,200 | 275,393 | ||||||
Sumitomo Corp. | 10,900 | 156,228 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 21,100 | 466,165 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 11,000 | 399,809 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 9,700 | 338,444 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 9,400 | 383,049 | ||||||
Suzuken Co. Ltd. | 9,900 | 570,838 | ||||||
Taisei Corp. | 7,200 | 316,801 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 3,500 | 323,751 | ||||||
Takashimaya Co. Ltd. | 4,000 | 44,977 | ||||||
Takeda Pharmaceutical Co. Ltd. | 4,200 | 154,987 | ||||||
Teijin Ltd. | 21,800 | 375,006 | ||||||
Terumo Corp. | 20,200 | 609,609 | ||||||
Tohoku Electric Power Co., Inc. | 23,500 | 269,013 | ||||||
Tokio Marine Holdings, Inc. | 3,500 | 177,329 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 20,500 | 389,945 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 97,300 | 549,587 | ||||||
Tokyo Gas Co. Ltd. | 15,100 | 384,177 | ||||||
Tokyo Tatemono Co. Ltd. | 15,100 | 170,443 | ||||||
Tokyu Corp. | 11,400 | 186,112 | ||||||
Tokyu Fudosan Holdings Corp. | 6,100 | 34,415 | ||||||
Toppan Printing Co. Ltd. | 23,300 | 378,184 | ||||||
Toyo Suisan Kaisha Ltd. | 12,000 | 458,212 | ||||||
Toyota Industries Corp. | 8,900 | 504,485 | ||||||
Toyota Motor Corp. | 10,300 | 637,678 | ||||||
Trend Micro, Inc. | 1,800 | 89,985 | ||||||
Tsumura & Co. | 12,500 | 384,389 | ||||||
Ube Industries Ltd. | 20,700 | 442,891 | ||||||
West Japan Railway Co. | 2,200 | 163,623 | ||||||
Yamada Denki Co. Ltd. | 82,400 | 390,611 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Yokohama Rubber Co. Ltd. (The) | 17,400 | 327,864 | ||||||
|
| |||||||
45,100,901 | ||||||||
|
| |||||||
Macau — 0.7% |
| |||||||
Galaxy Entertainment Group Ltd. | 54,000 | 404,418 | ||||||
Sands China Ltd. | 97,052 | 534,190 | ||||||
SJM Holdings Ltd. | 132,000 | 159,614 | ||||||
Wynn Macau Ltd. | 135,497 | 389,848 | ||||||
|
| |||||||
1,488,070 | ||||||||
|
| |||||||
Netherlands — 1.9% |
| |||||||
Aegon NV | 50,578 | 264,025 | ||||||
Heineken Holding NV (a) | 3,737 | 380,441 | ||||||
Koninklijke Ahold Delhaize NV | 20,346 | 490,371 | ||||||
Koninklijke DSM NV | 4,411 | 504,493 | ||||||
Koninklijke KPN NV | 160,029 | 491,826 | ||||||
Koninklijke Philips NV | 11,453 | 491,835 | ||||||
NN Group NV | 10,244 | 447,044 | ||||||
Royal Dutch Shell plc, Class A | 6,544 | 208,501 | ||||||
Wolters Kluwer NV | 9,428 | 658,051 | ||||||
|
| |||||||
3,936,587 | ||||||||
|
| |||||||
New Zealand — 0.3% |
| |||||||
Contact Energy Ltd. | 53,597 | 240,621 | ||||||
Spark New Zealand Ltd. | 191,986 | 471,071 | ||||||
|
| |||||||
711,692 | ||||||||
|
| |||||||
Norway — 1.0% |
| |||||||
Aker BP ASA | 3,717 | 122,689 | ||||||
Equinor ASA | 17,187 | 383,127 | ||||||
Mowi ASA | 25,931 | 562,586 | ||||||
Orkla ASA | 34,476 | 270,586 | ||||||
Telenor ASA | 24,465 | 491,792 | ||||||
Yara International ASA | 4,980 | 225,166 | ||||||
|
| |||||||
2,055,946 | ||||||||
|
| |||||||
Portugal — 0.4% |
| |||||||
EDP — Energias de Portugal SA* | 131,049 | 497,287 | ||||||
Galp Energia SGPS SA | 23,438 | 392,968 | ||||||
|
| |||||||
890,255 | ||||||||
|
| |||||||
Singapore — 2.0% |
| |||||||
CapitaLand Mall Trust, REIT | 282,600 | 503,195 | ||||||
ComfortDelGro Corp. Ltd. | 261,200 | 517,355 | ||||||
DBS Group Holdings Ltd. | 9,600 | 199,636 | ||||||
Genting Singapore Ltd. | 143,000 | 103,692 | ||||||
Golden Agri-Resources Ltd. | 749,100 | 159,276 | ||||||
Keppel Corp. Ltd. | 113,000 | 563,125 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 103 |
JPMorgan Diversified Return Global Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Singapore — continued |
| |||||||
Sembcorp Industries Ltd. | 117,400 | 229,593 | ||||||
Singapore Airlines Ltd. | 48,900 | 348,429 | ||||||
Singapore Press Holdings Ltd. | 151,200 | 279,447 | ||||||
Singapore Telecommunications Ltd. | 82,000 | 191,293 | ||||||
United Overseas Bank Ltd. | 13,600 | 278,507 | ||||||
Venture Corp. Ltd. | 26,700 | 334,849 | ||||||
Wilmar International Ltd. | 220,900 | 590,771 | ||||||
|
| |||||||
4,299,168 | ||||||||
|
| |||||||
South Africa — 0.3% |
| |||||||
Anglo American plc | 23,351 | 605,952 | ||||||
|
| |||||||
South Korea — 8.4% |
| |||||||
Celltrion Healthcare Co. Ltd.* | 5,943 | 385,653 | ||||||
Celltrion, Inc.* | 2,113 | 384,311 | ||||||
CJ CheilJedang Corp. | 1,227 | 331,016 | ||||||
Doosan Infracore Co. Ltd.* | 24,565 | 153,056 | ||||||
E-MART, Inc. | 1,205 | 177,716 | ||||||
GS Engineering & Construction Corp. | 11,358 | 395,182 | ||||||
GS Holdings Corp. | 7,279 | 324,387 | ||||||
Hankook Tire Co. Ltd. | 9,619 | 327,317 | ||||||
Hanmi Pharm Co. Ltd. | 203 | 75,646 | ||||||
Hanmi Science Co. Ltd. | 3,436 | 221,601 | ||||||
Hanon Systems | 19,059 | 204,939 | ||||||
Hanwha Aerospace Co. Ltd.* | 8,378 | 221,770 | ||||||
Hanwha Chemical Corp. | 17,505 | 309,359 | ||||||
Helixmith Co. Ltd.* | 578 | 128,922 | ||||||
Hotel Shilla Co. Ltd. | 182 | 17,957 | ||||||
Hyosung TNC Co. Ltd. | 257 | 36,564 | ||||||
Hyundai Construction Equipment Co. Ltd. | 1,120 | 47,052 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 11,620 | 522,823 | ||||||
Hyundai Mobis Co. Ltd. | 2,566 | 511,854 | ||||||
Hyundai Motor Co. | 4,316 | 512,312 | ||||||
Hyundai Steel Co. | 6,666 | 264,727 | ||||||
Industrial Bank of Korea | 27,729 | 336,246 | ||||||
Kakao Corp. | 5,836 | 600,891 | ||||||
Kia Motors Corp. | 15,165 | 587,855 | ||||||
Korea Electric Power Corp. | 4,801 | 116,225 | ||||||
Korea Gas Corp. | 5,467 | 215,905 | ||||||
Korea Zinc Co. Ltd. | 531 | 205,960 | ||||||
Korean Air Lines Co. Ltd. | 13,766 | 390,960 | ||||||
KT&G Corp. | 6,533 | 571,456 | ||||||
LG Corp. | 5,559 | 347,622 | ||||||
LG Display Co. Ltd. | 15,122 | 257,146 | ||||||
LG Electronics, Inc. | 2,928 | 190,238 | ||||||
LG Household & Health Care Ltd. | 398 | 484,974 | ||||||
LG Uplus Corp. | 38,248 | 468,506 |
INVESTMENTS | SHARES | VALUE($) | ||||||
South Korea — continued |
| |||||||
Lotte Chemical Corp. | 1,024 | 235,940 | ||||||
LOTTE Fine Chemical Co. Ltd. | 3,247 | 133,832 | ||||||
NAVER Corp. | 2,047 | 209,638 | ||||||
NCSoft Corp. | 1,089 | 490,417 | ||||||
Netmarble Corp.* (b) | 1,946 | 212,667 | ||||||
POSCO | 918 | 200,935 | ||||||
Samsung Biologics Co. Ltd.* (b) | 1,140 | 332,258 | ||||||
Samsung C&T Corp. | 1,156 | 101,609 | ||||||
Samsung Electro-Mechanics Co. Ltd. | 3,780 | 352,327 | ||||||
Samsung Electronics Co. Ltd. | 16,377 | 643,898 | ||||||
Samsung Engineering Co. Ltd.* | 19,909 | 290,837 | ||||||
Samsung SDS Co. Ltd. | 2,040 | 379,346 | ||||||
Shinsegae, Inc. | 1,125 | 327,825 | ||||||
SK Holdings Co. Ltd. | 2,413 | 530,646 | ||||||
SK Hynix, Inc. | 9,996 | 676,437 | ||||||
SK Innovation Co. Ltd. | 3,074 | 480,647 | ||||||
SK Telecom Co. Ltd. | 2,360 | 500,570 | ||||||
SKC Co. Ltd. | 6,284 | 192,411 | ||||||
S-Oil Corp. | 3,768 | 297,102 | ||||||
Woori Financial Group, Inc. | 42,289 | 501,393 | ||||||
Yuhan Corp. | 895 | 188,287 | ||||||
|
| |||||||
17,607,170 | ||||||||
|
| |||||||
Spain — 2.3% |
| |||||||
Acciona SA | 2,450 | 284,153 | ||||||
ACS Actividades de Construccion y Servicios SA | 7,549 | 347,150 | ||||||
Aena SME SA (b) | 2,709 | 502,974 | ||||||
Amadeus IT Group SA | 3,708 | 295,515 | ||||||
Enagas SA | 17,899 | 510,575 | ||||||
Grifols SA | 15,325 | 425,902 | ||||||
Iberdrola SA | 63,860 | 580,321 | ||||||
Naturgy Energy Group SA | 19,873 | 565,750 | ||||||
Red Electrica Corp. SA | 18,905 | 392,352 | ||||||
Repsol SA | 28,604 | 485,372 | ||||||
Telefonica SA | 49,252 | 410,631 | ||||||
|
| |||||||
4,800,695 | ||||||||
|
| |||||||
Sweden — 2.4% |
| |||||||
Autoliv, Inc. (a) | 1,532 | 120,247 | ||||||
Boliden AB* | 14,070 | 418,722 | ||||||
Hexagon AB, Class B | 10,180 | 556,156 | ||||||
Investor AB, Class B | 9,748 | 464,899 | ||||||
Kinnevik AB, Class B | 294 | 8,568 | ||||||
Lundin Petroleum AB | 8,351 | 271,961 | ||||||
Securitas AB, Class B (a) | 32,136 | 561,947 | ||||||
Skanska AB, Class B | 22,099 | 384,836 |
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Sweden — continued |
| |||||||
Svenska Cellulosa AB SCA, Class B | 7,868 | 68,686 | ||||||
Swedish Match AB | 13,272 | 647,137 | ||||||
Tele2 AB, Class B | 47,160 | 630,036 | ||||||
Telia Co. AB | 126,077 | 537,155 | ||||||
Trelleborg AB, Class B | 18,635 | 308,200 | ||||||
|
| |||||||
4,978,550 | ||||||||
|
| |||||||
Switzerland — 1.9% |
| |||||||
Alcon, Inc.* | 993 | 57,186 | ||||||
Baloise Holding AG (Registered) | 3,055 | 523,753 | ||||||
Barry Callebaut AG (Registered) | 121 | 221,859 | ||||||
Clariant AG (Registered)* | 10,868 | 223,603 | ||||||
Kuehne + Nagel International AG (Registered) | 341 | 49,566 | ||||||
Logitech International SA (Registered) | 6,090 | 238,643 | ||||||
Lonza Group AG (Registered)* | 266 | 82,149 | ||||||
Novartis AG (Registered) | 4,967 | 406,996 | ||||||
Roche Holding AG | 406 | 107,128 | ||||||
Sonova Holding AG (Registered) | 2,993 | 604,533 | ||||||
Straumann Holding AG (Registered) | 53 | 42,833 | ||||||
Swiss Life Holding AG (Registered)* | 1,269 | 596,593 | ||||||
Swiss Prime Site AG (Registered)* | 2,605 | 209,193 | ||||||
Swisscom AG (Registered) | 963 | 448,714 | ||||||
Vifor Pharma AG | 1,547 | 202,021 | ||||||
|
| |||||||
4,014,770 | ||||||||
|
| |||||||
United Kingdom — 3.6% |
| |||||||
Barratt Developments plc | 23,006 | 180,985 | ||||||
Bellway plc | 3,880 | 157,557 | ||||||
BP plc | 69,700 | 506,838 | ||||||
BT Group plc | 83,344 | 248,700 | ||||||
Bunzl plc | 3,037 | 91,599 | ||||||
Burberry Group plc | 7,020 | 185,026 | ||||||
Coca-Cola European Partners plc | 13,200 | 707,388 | ||||||
easyJet plc | 4,973 | 75,351 | ||||||
Hammerson plc, REIT | 14,435 | 60,733 | ||||||
International Consolidated Airlines Group SA | 34,338 | 242,655 | ||||||
Land Securities Group plc, REIT | 10,254 | 123,580 | ||||||
Linde plc | 3,593 | 647,674 | ||||||
Mondi plc | 9,707 | 213,314 | ||||||
Pearson plc | 35,372 | 383,181 | ||||||
Persimmon plc | 3,787 | 110,629 | ||||||
Rentokil Initial plc | 61,777 | 314,829 | ||||||
Royal Mail plc | 64,201 | 211,837 | ||||||
Sage Group plc (The) | 46,350 | 439,358 | ||||||
Segro plc, REIT | 44,129 | 391,009 | ||||||
Smith & Nephew plc | 25,874 | 500,209 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Tate & Lyle plc | 43,356 | 434,548 | ||||||
Taylor Wimpey plc | 109,672 | 260,011 | ||||||
United Utilities Group plc | 32,660 | 354,296 | ||||||
Vodafone Group plc | 230,533 | 427,610 | ||||||
Wm Morrison Supermarkets plc | 149,072 | 420,178 | ||||||
|
| |||||||
7,689,095 | ||||||||
|
| |||||||
United States — 24.2% |
| |||||||
AbbVie, Inc. | 2,003 | 159,018 | ||||||
AES Corp. | 19,569 | 335,021 | ||||||
AGNC Investment Corp., REIT | 22,357 | 397,731 | ||||||
Air Products & Chemicals, Inc. | 3,271 | 673,139 | ||||||
Alaska Air Group, Inc. | 4,713 | 291,735 | ||||||
Alleghany Corp.* | 868 | 570,172 | ||||||
Allstate Corp. (The) | 2,015 | 199,606 | ||||||
Amdocs Ltd. | 3,228 | 177,798 | ||||||
Ameren Corp. | 8,740 | 636,010 | ||||||
American Electric Power Co., Inc. | 5,953 | 509,279 | ||||||
American Water Works Co., Inc. | 286 | 30,942 | ||||||
Annaly Capital Management, Inc., REIT | 38,649 | 389,968 | ||||||
ANSYS, Inc.* | 3,393 | 664,349 | ||||||
Anthem, Inc. | 2,074 | 545,524 | ||||||
Ashland Global Holdings, Inc. | 6,264 | 504,440 | ||||||
Assurant, Inc. | 2,021 | 191,995 | ||||||
AT&T, Inc. | 18,204 | 563,596 | ||||||
Avangrid, Inc. | 6,643 | 340,188 | ||||||
Avery Dennison Corp. | 5,623 | 622,185 | ||||||
Avnet, Inc. | 8,651 | 420,525 | ||||||
Axis Capital Holdings Ltd. | 6,447 | 366,512 | ||||||
Baxter International, Inc. | 7,257 | 553,709 | ||||||
Becton Dickinson and Co. | 1,177 | 283,351 | ||||||
Broadridge Financial Solutions, Inc. | 4,798 | 566,788 | ||||||
Brown & Brown, Inc. | 7,354 | 233,490 | ||||||
Carnival Corp. | 7,089 | 388,903 | ||||||
Carnival plc | 2,282 | 120,979 | ||||||
Celanese Corp. | 5,545 | 598,250 | ||||||
CenterPoint Energy, Inc. | 16,506 | 511,686 | ||||||
CenturyLink, Inc. | 31,217 | 356,498 | ||||||
CF Industries Holdings, Inc. | 9,494 | 425,141 | ||||||
Chevron Corp. | 5,091 | 611,225 | ||||||
Church & Dwight Co., Inc. | 9,146 | 685,493 | ||||||
Cigna Corp. | 2,167 | 344,206 | ||||||
Cincinnati Financial Corp. | 5,967 | 573,906 | ||||||
Cintas Corp. | 3,014 | 654,460 | ||||||
Cisco Systems, Inc. | 5,959 | 333,406 | ||||||
CMS Energy Corp. | 9,143 | 507,894 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 105 |
JPMorgan Diversified Return Global Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United States — continued |
| |||||||
CNA Financial Corp. | 6,022 | 278,999 | ||||||
Commerce Bancshares, Inc. | 9,581 | 578,980 | ||||||
ConocoPhillips | 6,073 | 383,328 | ||||||
Consolidated Edison, Inc. | 3,422 | 294,840 | ||||||
Constellation Brands, Inc., Class A | 2,917 | 617,441 | ||||||
Covetrus, Inc.* (a) | 436 | 14,331 | ||||||
CSX Corp. | 2,982 | 237,457 | ||||||
Darden Restaurants, Inc. | 5,478 | 644,213 | ||||||
DTE Energy Co. | 5,040 | 633,578 | ||||||
Eastman Chemical Co. | 5,836 | 460,344 | ||||||
Everest Re Group Ltd. | 1,279 | 301,205 | ||||||
Eversource Energy | 8,863 | 635,123 | ||||||
Exelon Corp. | 4,706 | 239,771 | ||||||
Fidelity National Information Services, Inc. | 5,611 | 650,483 | ||||||
Foot Locker, Inc. | 9,478 | 542,236 | ||||||
Garmin Ltd. | 7,412 | 635,505 | ||||||
Gentex Corp. | 20,630 | 475,109 | ||||||
Genuine Parts Co. | 3,971 | 407,186 | ||||||
Harris Corp. | 3,775 | 636,087 | ||||||
Hasbro, Inc. | 6,041 | 615,336 | ||||||
HCP, Inc., REIT | 7,941 | 236,483 | ||||||
Henry Schein, Inc.* | 1,089 | 69,761 | ||||||
HollyFrontier Corp. | 8,362 | 399,118 | ||||||
Hormel Foods Corp. (a) | 13,453 | 537,313 | ||||||
IAC/InterActiveCorp* | 2,433 | 547,036 | ||||||
Ingredion, Inc. | 3,335 | 315,991 | ||||||
Intel Corp. | 11,752 | 599,822 | ||||||
International Paper Co. | 7,252 | 339,466 | ||||||
Interpublic Group of Cos., Inc. (The) | 9,751 | 224,273 | ||||||
Intuit, Inc. | 823 | 206,622 | ||||||
IQVIA Holdings, Inc.* | 4,443 | 617,133 | ||||||
JM Smucker Co. (The) | 4,233 | 519,093 | ||||||
Johnson & Johnson | 4,122 | 582,026 | ||||||
Kinder Morgan, Inc. | 21,490 | 427,006 | ||||||
Kohl’s Corp. | 2,391 | 170,000 | ||||||
L3 Technologies, Inc. | 2,941 | 642,844 | ||||||
Laboratory Corp. of America Holdings* | 3,608 | 576,991 | ||||||
Lam Research Corp. | 2,942 | 610,259 | ||||||
Leggett & Platt, Inc. | 6,046 | 237,971 | ||||||
LyondellBasell Industries NV, Class A | 2,035 | 179,548 | ||||||
ManpowerGroup, Inc. | 1,924 | 184,781 | ||||||
Marathon Petroleum Corp. | 2,233 | 135,923 | ||||||
McCormick & Co., Inc.(Non-Voting) | 4,035 | 621,269 | ||||||
MDU Resources Group, Inc. | 16,678 | 436,130 | ||||||
Merck & Co., Inc. | 4,189 | 329,716 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United States — continued |
| |||||||
Molson Coors Brewing Co., Class B | 5,851 | 375,576 | ||||||
NextEra Energy, Inc. | 1,061 | 206,301 | ||||||
NVR, Inc.* | 194 | 611,581 | ||||||
Old Republic International Corp. | 21,062 | 470,946 | ||||||
Pfizer, Inc. | 13,123 | 532,925 | ||||||
Phillips 66 | 3,004 | 283,187 | ||||||
Pinnacle West Capital Corp. | 6,642 | 632,783 | ||||||
Procter & Gamble Co. (The) | 4,425 | 471,174 | ||||||
Public Service Enterprise Group, Inc. | 4,280 | 255,302 | ||||||
PulteGroup, Inc. | 16,588 | 521,858 | ||||||
Quest Diagnostics, Inc. | 4,302 | 414,627 | ||||||
Raytheon Co. | 3,106 | 551,595 | ||||||
Republic Services, Inc. | 7,832 | 648,646 | ||||||
Southwest Airlines Co. | 10,349 | 561,226 | ||||||
Starbucks Corp. | 8,856 | 687,934 | ||||||
TJX Cos., Inc. (The) | 4,049 | 222,209 | ||||||
T-Mobile US, Inc.* | 2,278 | 166,271 | ||||||
Toll Brothers, Inc. | 8,102 | 308,686 | ||||||
Torchmark Corp. | 7,012 | 614,672 | ||||||
Tyson Foods, Inc., Class A | 825 | 61,883 | ||||||
United Continental Holdings, Inc.* | 758 | 67,356 | ||||||
UnitedHealth Group, Inc. | 1,979 | 461,246 | ||||||
Universal Health Services, Inc., Class B | 4,188 | 531,332 | ||||||
Valero Energy Corp. | 3,923 | 355,659 | ||||||
Verizon Communications, Inc. | 10,052 | 574,874 | ||||||
VMware, Inc., Class A | 3,382 | 690,368 | ||||||
Walmart, Inc. | 6,171 | 634,626 | ||||||
Walt Disney Co. (The) | 3,975 | 544,456 | ||||||
Waters Corp.* | 2,570 | 548,798 | ||||||
Westlake Chemical Corp. | 5,577 | 388,996 | ||||||
WR Berkley Corp. | 11,161 | 684,169 | ||||||
Xcel Energy, Inc. | 11,349 | 641,219 | ||||||
Xylem, Inc. | 8,238 | 687,050 | ||||||
Zimmer Biomet Holdings, Inc. | 2,041 | 251,370 | ||||||
|
| |||||||
51,028,146 | ||||||||
|
| |||||||
Total Common Stocks | 209,747,624 | |||||||
|
| |||||||
Short-Term Investments — 0.0%(c) |
| |||||||
Investment Companies — 0.0%(c) |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) | 52,770 | 52,770 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Investment Of Cash Collateral From Securities Loaned — 1.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e) | 1,999,800 | 2,000,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | 1,438,708 | 1,438,708 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 3,438,708 | |||||||
|
| |||||||
Total Investments — 101.1% | 213,239,102 | |||||||
Liabilities in Excess of | (2,324,841 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 210,914,261 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Oil, Gas & Consumable Fuels | 6.3 | % | ||
Electric Utilities | 5.4 | |||
Chemicals | 5.2 | |||
Diversified Telecommunication Services | 4.3 | |||
Insurance | 4.3 | |||
Pharmaceuticals | 3.6 | |||
Food Products | 3.4 | |||
Health Care Providers & Services | 2.9 | |||
Household Durables | 2.6 | |||
Hotels, Restaurants & Leisure | 2.6 | |||
Metals & Mining | 2.6 | |||
Banks | 2.5 | |||
IT Services | 2.5 | |||
Health Care Equipment & Supplies | 2.2 | |||
Food & Staples Retailing | 2.2 | |||
Equity Real Estate Investment Trusts (REITs) | 2.1 | |||
Semiconductors & Semiconductor Equipment | 2.1 | |||
Airlines | 1.9 | |||
Software | 1.9 | |||
Construction & Engineering | 1.8 | |||
Multi-Utilities | 1.8 | |||
Beverages | 1.7 | |||
Wireless Telecommunication Services | 1.7 | |||
Investment of cash collateral from securities loaned | 1.6 | |||
Auto Components | 1.6 |
INDUSTRY | PERCENTAGE | |||
Road & Rail | 1.6 | % | ||
Trading Companies & Distributors | 1.5 | |||
Industrial Conglomerates | 1.5 | |||
Automobiles | 1.5 | |||
Commercial Services & Supplies | 1.4 | |||
Gas Utilities | 1.4 | |||
Technology Hardware, Storage & Peripherals | 1.4 | |||
Aerospace & Defense | 1.2 | |||
Real Estate Management & Development | 1.2 | |||
Specialty Retail | 1.2 | |||
Entertainment | 1.1 | |||
Electronic Equipment, Instruments & Components | 1.1 | |||
Media | 1.0 | |||
Transportation Infrastructure | 1.0 | |||
Others (each less than 1.0%) | 11.1 | |||
Short-Term Investments | 0.0 | (f) |
Abbreviations
ADR | — American Depositary Receipt | |
OYJ | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
SCA | — Limited partnership with share capital | |
SGPS | — Holding company | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $3,277,393. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
(d) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | — The rate shown is the current yield as of April 30, 2019. | |
(f) | — Amount rounds to less than 0.1%. | |
* | — Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 107 |
JPMorgan Diversified Return Global Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI EAFEE-Mini Index | 7 | 06/2019 | USD | 670,565 | 32,081 | |||||||||||||||
S&P 500E-Mini Index | 1 | 06/2019 | USD | 147,475 | 10,610 | |||||||||||||||
|
| |||||||||||||||||||
42,691 | ||||||||||||||||||||
|
|
Abbreviations
EAFE | — Europe, Australasia, and Far East | |
MSCI | — Morgan Stanley Capital International | |
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.3% |
| |||||||
Australia — 10.1% |
| |||||||
AGL Energy Ltd. | 455,451 | 7,145,273 | ||||||
Alumina Ltd. | 3,199,528 | 5,062,872 | ||||||
Ansell Ltd. | 324,302 | 6,174,148 | ||||||
APA Group | 665,642 | 4,518,493 | ||||||
Atlas Arteria Ltd. | 263,608 | 1,301,715 | ||||||
BHP Group plc | 238,850 | 5,637,953 | ||||||
Brambles Ltd. | 269,399 | 2,289,270 | ||||||
Caltex Australia Ltd. | 87,528 | 1,678,374 | ||||||
CIMIC Group Ltd. | 32,179 | 1,147,944 | ||||||
Coca-Cola Amatil Ltd. | 445,823 | 2,765,482 | ||||||
Cochlear Ltd. | 46,033 | 6,084,872 | ||||||
Coles Group Ltd.* | 117,427 | 1,044,067 | ||||||
Computershare Ltd. | 266,925 | 3,357,983 | ||||||
Crown Resorts Ltd. | 165,837 | 1,554,557 | ||||||
CSL Ltd. | 43,700 | 6,129,439 | ||||||
CSR Ltd. | 717,951 | 1,803,565 | ||||||
Dexus, REIT | 803,645 | 7,095,168 | ||||||
Downer EDI Ltd. | 761,762 | 4,159,135 | ||||||
GPT Group (The), REIT | 1,641,117 | 6,638,409 | ||||||
Harvey Norman Holdings Ltd. (a) | 883,379 | 2,597,249 | ||||||
Healthscope Ltd. | 3,006,476 | 5,194,392 | ||||||
Incitec Pivot Ltd. | 359,902 | 855,273 | ||||||
Macquarie Group Ltd. | 38,058 | 3,616,808 | ||||||
Metcash Ltd. | 810,007 | 1,638,999 | ||||||
Mirvac Group, REIT | 1,509,669 | 3,022,190 | ||||||
Oil Search Ltd. | 788,959 | 4,320,679 | ||||||
Origin Energy Ltd. | 879,051 | 4,568,047 | ||||||
Orora Ltd. | 382,493 | 817,319 | ||||||
Qantas Airways Ltd. | 1,253,755 | 4,959,507 | ||||||
Ramsay Health Care Ltd. | 60,302 | 2,777,024 | ||||||
Rio Tinto Ltd. | 94,355 | 6,359,750 | ||||||
Rio Tinto plc | 103,830 | 6,057,345 | ||||||
Santos Ltd. | 1,256,439 | 6,358,350 | ||||||
Sonic Healthcare Ltd. | 378,038 | 6,836,388 | ||||||
Tabcorp Holdings Ltd. | 1,790,828 | 6,047,068 | ||||||
Telstra Corp. Ltd. | 1,937,986 | 4,615,980 | ||||||
TPG Telecom Ltd. | 531,984 | 2,527,825 | ||||||
Vicinity Centres, REIT | 2,927,602 | 5,250,173 | ||||||
Vocus Group Ltd.* | 909,805 | 2,506,332 | ||||||
Wesfarmers Ltd. | 216,625 | 5,498,438 | ||||||
Whitehaven Coal Ltd. | 1,678,236 | 4,977,370 | ||||||
Woodside Petroleum Ltd. | 256,880 | 6,403,948 | ||||||
WorleyParsons Ltd. | 81,125 | 817,477 | ||||||
|
| |||||||
174,212,650 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Austria — 0.3% |
| |||||||
OMV AG | 58,530 | 3,139,497 | ||||||
voestalpine AG | 54,523 | 1,754,225 | ||||||
|
| |||||||
4,893,722 | ||||||||
|
| |||||||
Belgium — 0.7% |
| |||||||
Colruyt SA | 96,205 | 6,944,950 | ||||||
Groupe Bruxelles Lambert SA | 26,898 | 2,575,758 | ||||||
Proximus SADP | 108,629 | 3,042,383 | ||||||
|
| |||||||
12,563,091 | ||||||||
|
| |||||||
Cambodia — 0.1% |
| |||||||
NagaCorp Ltd. | 956,000 | 1,227,648 | ||||||
|
| |||||||
Chile — 0.4% |
| |||||||
Antofagasta plc | 525,447 | 6,246,390 | ||||||
|
| |||||||
China — 0.8% |
| |||||||
China Mengniu Dairy Co. Ltd.* | 403,000 | 1,488,842 | ||||||
FIH Mobile Ltd.* (a) | 2,540,000 | 379,659 | ||||||
Nexteer Automotive Group Ltd. (a) | 1,084,760 | 1,700,953 | ||||||
Semiconductor Manufacturing International Corp.* | 697,300 | 746,606 | ||||||
Tingyi Cayman Islands Holding Corp. | 808,000 | 1,330,557 | ||||||
Uni-President China Holdings Ltd. | 1,827,000 | 1,673,055 | ||||||
Want Want China Holdings Ltd. | 2,968,000 | 2,356,395 | ||||||
Xinyi Solar Holdings Ltd. | 7,850,400 | 4,476,661 | ||||||
|
| |||||||
14,152,728 | ||||||||
|
| |||||||
Denmark — 0.7% |
| |||||||
Chr Hansen Holding A/S | 67,409 | 6,887,926 | ||||||
Demant A/S* (a) | 112,806 | 3,564,263 | ||||||
DSV A/S | 7,950 | 736,709 | ||||||
H Lundbeck A/S (a) | 28,831 | 1,215,471 | ||||||
ISS A/S (a) | 12,624 | 393,132 | ||||||
|
| |||||||
12,797,501 | ||||||||
|
| |||||||
Finland — 1.9% |
| |||||||
Elisa OYJ | 135,829 | 5,763,242 | ||||||
Fortum OYJ | 257,639 | 5,464,654 | ||||||
Kesko OYJ, Class B | 98,960 | 5,145,907 | ||||||
Neste OYJ | 214,224 | 7,080,675 | ||||||
Nokian Renkaat OYJ | 48,032 | 1,610,022 | ||||||
Orion OYJ, Class B | 21,402 | 713,639 | ||||||
UPM-Kymmene OYJ | 227,647 | 6,427,571 | ||||||
|
| |||||||
32,205,710 | ||||||||
|
| |||||||
France — 5.9% |
| |||||||
Air Liquide SA | 31,287 | 4,162,166 | ||||||
Arkema SA | 40,235 | 4,131,190 | ||||||
Atos SE (a) | 27,604 | 2,846,268 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 109 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Bouygues SA (a) | 23,142 | 871,120 | ||||||
Capgemini SE | 55,721 | 6,761,983 | ||||||
Casino Guichard Perrachon SA (a) | 33,379 | 1,366,483 | ||||||
Cie Plastic Omnium SA | 19,264 | 583,649 | ||||||
Covivio, REIT | 15,065 | 1,630,551 | ||||||
Dassault Aviation SA | 796 | 1,204,378 | ||||||
Dassault Systemes SE | 44,211 | 7,001,382 | ||||||
Eiffage SA | 58,201 | 6,076,834 | ||||||
Electricite de France SA | 238,809 | 3,448,865 | ||||||
Eutelsat Communications SA | 53,942 | 974,884 | ||||||
Faurecia SA | 44,982 | 2,288,751 | ||||||
Gecina SA, REIT | 18,056 | 2,697,816 | ||||||
Ipsen SA | 9,095 | 1,062,204 | ||||||
Lagardere SCA | 174,112 | 4,742,085 | ||||||
Orange SA | 326,164 | 5,097,471 | ||||||
Pernod Ricard SA | 32,618 | 5,687,503 | ||||||
Peugeot SA (a) | 269,894 | 7,076,317 | ||||||
Safran SA | 34,033 | 4,960,688 | ||||||
SCOR SE (a) | 117,526 | 4,797,950 | ||||||
Sodexo SA | 7,886 | 904,395 | ||||||
Thales SA | 33,083 | 3,952,672 | ||||||
TOTAL SA | 102,306 | 5,687,267 | ||||||
Vinci SA | 50,110 | 5,060,922 | ||||||
Vivendi SA | 207,958 | 6,036,155 | ||||||
|
| |||||||
101,111,949 | ||||||||
|
| |||||||
Germany — 3.3% |
| |||||||
Axel Springer SE | 60,443 | 3,423,465 | ||||||
Beiersdorf AG | 4,299 | 470,400 | ||||||
Deutsche Lufthansa AG (Registered) | 58,329 | 1,411,196 | ||||||
Deutsche Telekom AG (Registered) | 312,828 | 5,241,403 | ||||||
Evonik Industries AG | 153,703 | 4,588,442 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 68,189 | 5,676,398 | ||||||
Fresenius Medical Care AG & Co. KGaA | 70,768 | 5,964,571 | ||||||
Hannover Rueck SE | 46,079 | 6,958,376 | ||||||
Hella GmbH & Co. KGaA | 15,099 | 823,637 | ||||||
Infineon Technologies AG | 268,668 | 6,368,932 | ||||||
Merck KGaA | 14,854 | 1,583,295 | ||||||
SAP SE | 53,869 | 6,944,158 | ||||||
Telefonica Deutschland Holding AG | 1,306,267 | 4,242,955 | ||||||
Uniper SE | 116,558 | 3,536,767 | ||||||
|
| |||||||
57,233,995 | ||||||||
|
| |||||||
Hong Kong — 6.0% |
| |||||||
ASM Pacific Technology Ltd. | 421,400 | 4,887,831 | ||||||
Cathay Pacific Airways Ltd. | 1,350,000 | 2,273,423 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Hong Kong — continued |
| |||||||
CK Hutchison Holdings Ltd. | 623,042 | 6,550,613 | ||||||
CK Infrastructure Holdings Ltd. | 736,500 | 5,972,665 | ||||||
CLP Holdings Ltd. | 580,500 | 6,588,482 | ||||||
First Pacific Co. Ltd. | 1,234,000 | 511,790 | ||||||
Hong Kong & China Gas Co. Ltd. | 2,968,367 | 7,086,260 | ||||||
Hutchison Port Holdings Trust | 5,585,300 | 1,312,037 | ||||||
Jardine Matheson Holdings Ltd. | 51,000 | 3,357,334 | ||||||
Jardine Strategic Holdings Ltd. | 83,900 | 3,173,866 | ||||||
Link REIT, REIT | 608,000 | 7,103,845 | ||||||
Melco International Development Ltd. | 308,000 | 756,851 | ||||||
MTR Corp. Ltd. | 1,196,500 | 7,128,069 | ||||||
New World Development Co. Ltd. | 1,534,000 | 2,541,394 | ||||||
PCCW Ltd. | 9,946,000 | 5,997,236 | ||||||
Power Assets Holdings Ltd. | 925,000 | 6,452,035 | ||||||
Swire Pacific Ltd., Class A | 576,500 | 7,300,489 | ||||||
Swire Properties Ltd. | 245,200 | 997,796 | ||||||
Techtronic Industries Co. Ltd. | 958,000 | 6,932,567 | ||||||
WH Group Ltd. (b) | 3,504,000 | 4,145,982 | ||||||
Wheelock & Co. Ltd. | 310,000 | 2,209,189 | ||||||
Xinyi Glass Holdings Ltd. | 5,178,000 | 5,922,223 | ||||||
Yue Yuen Industrial Holdings Ltd. | 1,591,500 | 5,140,513 | ||||||
|
| |||||||
104,342,490 | ||||||||
|
| |||||||
Italy — 1.3% |
| |||||||
Davide Campari-Milano SpA | 719,832 | 7,261,654 | ||||||
Eni SpA | 236,536 | 4,030,843 | ||||||
Italgas SpA | 425,937 | 2,660,616 | ||||||
Recordati SpA | 55,487 | 2,242,103 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,001,529 | 6,008,333 | ||||||
|
| |||||||
22,203,549 | ||||||||
|
| |||||||
Japan — 23.6% |
| |||||||
Advantest Corp. | 171,300 | 4,857,849 | ||||||
Alfresa Holdings Corp. | 213,200 | 5,949,117 | ||||||
ANA Holdings, Inc. | 153,700 | 5,378,999 | ||||||
Aozora Bank Ltd. | 146,500 | 3,579,513 | ||||||
Asahi Kasei Corp. | 169,500 | 1,746,930 | ||||||
Astellas Pharma, Inc. | 68,500 | 927,755 | ||||||
Bandai Namco Holdings, Inc. | 61,300 | 2,938,775 | ||||||
Brother Industries Ltd. | 93,300 | 1,842,205 | ||||||
Canon Marketing Japan, Inc. | 159,000 | 3,449,969 | ||||||
Canon, Inc. | 171,400 | 4,756,020 | ||||||
Capcom Co. Ltd. | 337,900 | 7,624,270 | ||||||
Central Japan Railway Co. | 30,700 | 6,601,710 | ||||||
Chubu Electric Power Co., Inc. | 437,300 | 6,359,014 | ||||||
Chugoku Electric Power Co., Inc. (The) | 460,100 | 5,493,415 |
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
COMSYS Holdings Corp. | 256,400 | 6,745,724 | ||||||
Cosmo Energy Holdings Co. Ltd. | 228,600 | 4,720,738 | ||||||
Dai Nippon Printing Co. Ltd. | 79,400 | 1,884,801 | ||||||
Daicel Corp. | 145,400 | 1,631,192 | ||||||
Daiwa Securities Group, Inc. | 643,900 | 2,997,248 | ||||||
Denka Co. Ltd. | 62,700 | 1,893,249 | ||||||
DIC Corp. | 142,300 | 4,179,852 | ||||||
Electric Power Development Co. Ltd. | 198,000 | 4,602,596 | ||||||
FamilyMart UNY Holdings Co. Ltd. | 72,100 | 1,922,660 | ||||||
Fuji Media Holdings, Inc. | 100,300 | 1,349,807 | ||||||
FUJIFILM Holdings Corp. | 131,000 | 6,119,836 | ||||||
Fujikura Ltd. | 109,400 | 451,400 | ||||||
Gunma Bank Ltd. (The) | 428,600 | 1,699,679 | ||||||
Hachijuni Bank Ltd. (The) | 296,000 | 1,191,442 | ||||||
Hankyu Hanshin Holdings, Inc. | 168,900 | 6,314,673 | ||||||
Hikari Tsushin, Inc. | 35,400 | 6,563,473 | ||||||
Hitachi Capital Corp. | 24,700 | 575,161 | ||||||
Hitachi High-Technologies Corp. | 64,000 | 2,852,607 | ||||||
Hokuriku Electric Power Co. | 98,700 | 733,931 | ||||||
Idemitsu Kosan Co. Ltd. | 303,837 | 9,872,276 | ||||||
Iida Group Holdings Co. Ltd. | 68,500 | 1,160,764 | ||||||
Inpex Corp. | 55,400 | 538,976 | ||||||
Itochu Techno-Solutions Corp. | 292,200 | 7,180,836 | ||||||
Japan Airlines Co. Ltd. | 188,400 | 6,144,365 | ||||||
Japan Petroleum Exploration Co. Ltd. | 122,000 | 2,648,509 | ||||||
Japan Post Holdings Co. Ltd., ADR | 477,400 | 5,346,714 | ||||||
JXTG Holdings, Inc. | 1,469,300 | 7,148,428 | ||||||
Kajima Corp. | 41,200 | 611,494 | ||||||
Kaneka Corp. | 118,700 | 4,583,559 | ||||||
Kansai Electric Power Co., Inc. (The) | 248,700 | 3,008,838 | ||||||
KDDI Corp. | 274,300 | 6,321,942 | ||||||
Keisei Electric Railway Co. Ltd. | 44,700 | 1,567,883 | ||||||
Kirin Holdings Co. Ltd. | 114,000 | 2,593,325 | ||||||
K’s Holdings Corp. | 428,400 | 3,821,355 | ||||||
Kuraray Co. Ltd. | 152,200 | 2,044,922 | ||||||
Kyushu Electric Power Co., Inc. | 135,100 | 1,308,336 | ||||||
Lintec Corp. | 121,800 | 2,630,493 | ||||||
Marubeni Corp. | 887,000 | 6,355,880 | ||||||
Matsui Securities Co. Ltd. | 304,400 | 2,715,355 | ||||||
Mebuki Financial Group, Inc. | 364,700 | 929,836 | ||||||
Medipal Holdings Corp. | 225,500 | 5,070,668 | ||||||
Mitsubishi Corp. | 53,600 | 1,476,557 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 262,000 | 3,933,364 | ||||||
Mitsubishi Tanabe Pharma Corp. | 181,500 | 2,284,560 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 274,400 | 1,399,146 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Mitsui & Co. Ltd. | 199,900 | 3,233,302 | ||||||
Mochida Pharmaceutical Co. Ltd. | 150,900 | 7,008,571 | ||||||
Nagoya Railroad Co. Ltd. | 30,200 | 818,571 | ||||||
Nifco, Inc. | 48,400 | 1,366,286 | ||||||
Nikon Corp. | 217,500 | 3,033,210 | ||||||
Nippo Corp. | 219,400 | 4,460,661 | ||||||
Nippon Express Co. Ltd. | 29,500 | 1,622,308 | ||||||
Nippon Paper Industries Co. Ltd. | 235,500 | 4,667,031 | ||||||
Nippon Shokubai Co. Ltd. | 56,800 | 3,951,407 | ||||||
Nippon Telegraph & Telephone Corp. | 131,900 | 5,488,152 | ||||||
Nipro Corp. | 162,200 | 2,014,844 | ||||||
Nissan Motor Co. Ltd. | 129,300 | 1,038,026 | ||||||
Nisshin Seifun Group, Inc. | 314,700 | 7,338,115 | ||||||
Nissin Foods Holdings Co. Ltd. | 79,700 | 5,274,667 | ||||||
Nomura Real Estate Holdings, Inc. | 113,300 | 2,409,354 | ||||||
Nomura Research Institute Ltd. | 57,400 | 2,809,668 | ||||||
NTT DOCOMO, Inc. | 278,600 | 6,049,962 | ||||||
Oracle Corp. | 28,700 | 1,967,894 | ||||||
Osaka Gas Co. Ltd. | 331,500 | 6,132,395 | ||||||
Resona Holdings, Inc. | 1,059,100 | 4,496,008 | ||||||
Sankyo Co. Ltd. | 84,500 | 3,337,188 | ||||||
Sawai Pharmaceutical Co. Ltd. | 41,900 | 2,251,287 | ||||||
SBI Holdings, Inc. | 137,600 | 2,950,336 | ||||||
SCSK Corp. | 52,700 | 2,504,344 | ||||||
Sekisui Chemical Co. Ltd. | 228,800 | 3,673,041 | ||||||
Sekisui House Ltd. | 398,500 | 6,425,128 | ||||||
Shimachu Co. Ltd. | 147,700 | 3,571,548 | ||||||
Shionogi & Co. Ltd. | 14,000 | 817,782 | ||||||
SKY Perfect JSAT Holdings, Inc. | 288,400 | 1,153,847 | ||||||
Skylark Holdings Co. Ltd. | 200,500 | 3,302,724 | ||||||
SoftBank Group Corp. | 56,400 | 5,980,170 | ||||||
Sojitz Corp. | 1,870,200 | 6,438,633 | ||||||
Sony Corp. | 59,200 | 2,981,792 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 103,200 | 2,280,008 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 103,300 | 3,754,566 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 119,800 | 4,881,842 | ||||||
Suzuken Co. Ltd. | 109,300 | 6,302,281 | ||||||
Taisei Corp. | 131,700 | 5,794,813 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 36,500 | 3,376,257 | ||||||
Teijin Ltd. | 165,300 | 2,843,511 | ||||||
TIS, Inc. | 50,900 | 2,322,355 | ||||||
Tobu Railway Co. Ltd. | 77,300 | 2,188,845 | ||||||
Toho Co. Ltd. | 3,600 | 151,180 | ||||||
Toho Gas Co. Ltd. | 37,700 | 1,554,362 | ||||||
Tohoku Electric Power Co., Inc. | 390,500 | 4,470,199 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 111 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Tokuyama Corp. | 91,000 | 2,260,899 | ||||||
Tokyo Century Corp. | 16,600 | 767,751 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 315,300 | 1,780,934 | ||||||
Toyo Suisan Kaisha Ltd. | 120,100 | 4,585,941 | ||||||
Toyota Industries Corp. | 118,200 | 6,700,021 | ||||||
Tsumura & Co. | 150,400 | 4,624,965 | ||||||
Ube Industries Ltd. | 195,200 | 4,176,442 | ||||||
Yamada Denki Co. Ltd. | 421,200 | 1,996,669 | ||||||
Yamaguchi Financial Group, Inc. | 306,300 | 2,266,225 | ||||||
Yokohama Rubber Co. Ltd. (The) | 234,900 | 4,426,165 | ||||||
Zeon Corp. | 157,800 | 1,549,987 | ||||||
|
| |||||||
408,258,461 | ||||||||
|
| |||||||
Jordan — 0.4% |
| |||||||
Hikma Pharmaceuticals plc | 290,930 | 6,713,491 | ||||||
|
| |||||||
Luxembourg — 0.2% |
| |||||||
RTL Group SA | 52,300 | 2,947,008 | ||||||
|
| |||||||
Macau — 0.2% |
| |||||||
Sands China Ltd. | 697,912 | 3,841,420 | ||||||
|
| |||||||
Netherlands — 3.2% |
| |||||||
Aegon NV | 885,915 | 4,624,608 | ||||||
Akzo Nobel NV | 54,995 | 4,672,679 | ||||||
ASR Nederland NV | 54,283 | 2,415,270 | ||||||
Heineken Holding NV (a) | 69,455 | 7,070,793 | ||||||
Koninklijke Ahold Delhaize NV | 199,075 | 4,798,025 | ||||||
Koninklijke DSM NV | 14,901 | 1,704,251 | ||||||
Koninklijke KPN NV | 1,282,971 | 3,943,026 | ||||||
Koninklijke Philips NV | 111,128 | 4,772,250 | ||||||
NN Group NV | 145,359 | 6,343,411 | ||||||
Royal Dutch Shell plc, Class A | 218,842 | 6,972,617 | ||||||
Wolters Kluwer NV | 104,093 | 7,265,430 | ||||||
|
| |||||||
54,582,360 | ||||||||
|
| |||||||
New Zealand — 0.7% |
| |||||||
Fisher & Paykel Healthcare Corp. Ltd. | 232,660 | 2,461,276 | ||||||
Spark New Zealand Ltd. | 2,345,270 | 5,754,531 | ||||||
Xero Ltd.* | 114,377 | 4,399,232 | ||||||
|
| |||||||
12,615,039 | ||||||||
|
| |||||||
Norway — 1.5% |
| |||||||
Aker BP ASA | 83,341 | 2,750,875 | ||||||
Equinor ASA | 212,234 | 4,731,044 | ||||||
Mowi ASA | 282,850 | 6,136,572 | ||||||
Norsk Hydro ASA | 478,515 | 2,061,005 | ||||||
Orkla ASA | 361,540 | 2,837,562 | ||||||
Salmar ASA | 21,370 | 972,010 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Norway — continued |
| |||||||
Telenor ASA (a) | 341,648 | 6,867,762 | ||||||
|
| |||||||
26,356,830 | ||||||||
|
| |||||||
Portugal — 0.6% |
| |||||||
EDP — Energias de Portugal SA* | 1,455,712 | 5,523,940 | ||||||
Galp Energia SGPS SA | 331,457 | 5,557,296 | ||||||
|
| |||||||
11,081,236 | ||||||||
|
| |||||||
Russia — 0.3% |
| |||||||
Evraz plc | 683,919 | 5,616,041 | ||||||
|
| |||||||
Singapore — 2.5% |
| |||||||
Ascendas, REIT | 1,190,100 | 2,628,900 | ||||||
CapitaLand Commercial Trust, REIT | 773,300 | 1,104,812 | ||||||
CapitaLand Mall Trust, REIT | 3,290,900 | 5,859,743 | ||||||
ComfortDelGro Corp. Ltd. | 1,573,800 | 3,117,201 | ||||||
Golden Agri-Resources Ltd. | 11,682,800 | 2,484,027 | ||||||
Keppel Corp. Ltd. | 1,287,000 | 6,413,647 | ||||||
Sembcorp Industries Ltd. | 1,087,000 | 2,125,786 | ||||||
Singapore Press Holdings Ltd. | 1,692,400 | 3,127,889 | ||||||
Singapore Telecommunications Ltd. | 1,414,400 | 3,299,574 | ||||||
StarHub Ltd. | 210,400 | 239,936 | ||||||
Suntec, REIT | 1,303,800 | 1,773,426 | ||||||
Venture Corp. Ltd. | 405,700 | 5,087,951 | ||||||
Wilmar International Ltd. | 2,444,300 | 6,536,992 | ||||||
|
| |||||||
43,799,884 | ||||||||
|
| |||||||
South Africa — 0.4% |
| |||||||
Anglo American plc | 232,438 | 6,031,700 | ||||||
|
| |||||||
South Korea — 8.5% |
| |||||||
Celltrion Healthcare Co. Ltd.* | 546 | 35,398 | ||||||
Celltrion, Inc.* | 5,613 | 1,020,823 | ||||||
CJ CheilJedang Corp. | 5,440 | 1,467,585 | ||||||
Daelim Industrial Co. Ltd. | 41,275 | 3,424,784 | ||||||
E-MART, Inc. | 3,697 | 545,241 | ||||||
GS Engineering & Construction Corp. | 114,585 | 3,986,787 | ||||||
GS Holdings Corp. | 100,759 | 4,490,308 | ||||||
Hankook Tire Co. Ltd. | 19,251 | 655,076 | ||||||
Hanwha Chemical Corp. | 200,148 | 3,537,131 | ||||||
Hanwha Corp. | 54,508 | 1,382,991 | ||||||
Hyosung TNC Co. Ltd. | 317 | �� | 45,100 | |||||
Hyundai Department Store Co. Ltd. | 33,409 | 2,905,172 | ||||||
Hyundai Engineering & Construction Co. Ltd. | 23,916 | 1,076,061 | ||||||
Hyundai Mipo Dockyard Co. Ltd. | 25,100 | 1,210,654 | ||||||
Hyundai Mobis Co. Ltd. | 3,297 | 657,670 | ||||||
Hyundai Steel Co. | 78,760 | 3,127,797 | ||||||
Industrial Bank of Korea | 344,504 | 4,177,512 |
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
South Korea — continued |
| |||||||
Kakao Corp. | 57,854 | 5,956,811 | ||||||
Kangwon Land, Inc. | 121,350 | 3,535,022 | ||||||
KCC Corp. | 4,752 | 1,444,199 | ||||||
Korea Electric Power Corp. | 79,913 | 1,934,577 | ||||||
Korea Gas Corp. | 109,460 | 4,322,839 | ||||||
Korea Zinc Co. Ltd. | 4,783 | 1,855,191 | ||||||
Korean Air Lines Co. Ltd. | 88,011 | 2,499,549 | ||||||
KT&G Corp. | 62,775 | 5,491,070 | ||||||
LG Corp. | 89,127 | 5,573,393 | ||||||
LG Display Co. Ltd. | 268,845 | 4,571,649 | ||||||
LG Uplus Corp. | 420,055 | 5,145,326 | ||||||
NAVER Corp. | 25,447 | 2,606,092 | ||||||
NCSoft Corp. | 14,475 | 6,518,626 | ||||||
Orion Corp. | 10,495 | 870,641 | ||||||
POSCO | 23,836 | 5,217,311 | ||||||
Samsung Biologics Co. Ltd.*(b) | 7,802 | 2,273,924 | ||||||
Samsung Electronics Co. Ltd. | 171,419 | 6,739,720 | ||||||
Samsung SDS Co. Ltd. | 23,809 | 4,427,373 | ||||||
Shinsegae, Inc. | 8,582 | 2,500,795 | ||||||
SK Holdings Co. Ltd. | 26,330 | 5,790,264 | ||||||
SK Hynix, Inc. | 98,683 | 6,677,956 | ||||||
SK Innovation Co. Ltd. | 37,715 | 5,897,076 | ||||||
SK Networks Co. Ltd. | 161,270 | 809,228 | ||||||
SK Telecom Co. Ltd. | 25,523 | 5,413,578 | ||||||
SKC Co. Ltd. | 97,722 | 2,992,161 | ||||||
S-Oil Corp. | 16,449 | 1,296,983 | ||||||
Woori Financial Group, Inc. | 371,923 | 4,409,651 | ||||||
Yuhan Corp. | 25,666 | 5,399,532 | ||||||
|
| |||||||
145,916,627 | ||||||||
|
| |||||||
Spain — 2.1% |
| |||||||
Acciona SA | 19,652 | 2,279,255 | ||||||
Acerinox SA | 218,322 | 2,273,922 | ||||||
Amadeus IT Group SA | 45,603 | 3,634,407 | ||||||
Corp. Financiera Alba SA | 11,399 | 586,837 | ||||||
Enagas SA | 202,212 | 5,768,165 | ||||||
Endesa SA | 272,541 | 6,799,454 | ||||||
Ferrovial SA | 51,393 | 1,267,332 | ||||||
Naturgy Energy Group SA | 248,974 | 7,087,865 | ||||||
Repsol SA | 337,628 | 5,729,106 | ||||||
|
| |||||||
35,426,343 | ||||||||
|
| |||||||
Sweden — 3.4% |
| |||||||
Boliden AB* | 250,949 | 7,468,225 | ||||||
Castellum AB | 75,054 | 1,349,429 | ||||||
Hexagon AB, Class B | 120,775 | 6,598,208 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Sweden — continued |
| |||||||
ICA Gruppen AB | 112,292 | 4,061,461 | ||||||
Investor AB, Class B | 145,095 | 6,919,829 | ||||||
Securitas AB, Class B (a) | 365,686 | 6,394,581 | ||||||
Skanska AB, Class B | 231,430 | 4,030,164 | ||||||
Svenska Cellulosa AB SCA, Class B | 105,771 | 923,365 | ||||||
Swedish Match AB | 127,357 | 6,209,877 | ||||||
Tele2 AB, Class B | 427,592 | 5,712,434 | ||||||
Telia Co. AB | 1,264,882 | 5,389,066 | ||||||
Trelleborg AB, Class B | 203,139 | 3,359,673 | ||||||
|
| |||||||
58,416,312 | ||||||||
|
| |||||||
Switzerland — 2.4% |
| |||||||
Alcon, Inc.* | 12,128 | 698,436 | ||||||
Baloise Holding AG (Registered) | 29,420 | 5,043,803 | ||||||
Coca-Cola HBC AG* | 115,898 | 4,150,920 | ||||||
EMS-Chemie Holding AG (Registered) | 715 | 432,996 | ||||||
Flughafen Zurich AG (Registered) (a) | 4,577 | 754,511 | ||||||
Kuehne + Nagel International AG (Registered) (a) | 8,711 | 1,266,185 | ||||||
Lonza Group AG (Registered)* | 15,964 | 4,930,151 | ||||||
Mediclinic International plc | 439,790 | 1,970,524 | ||||||
Novartis AG (Registered) | 60,836 | 4,984,908 | ||||||
Roche Holding AG | 15,883 | 4,190,942 | ||||||
Sonova Holding AG (Registered) | 36,311 | 7,334,177 | ||||||
Swisscom AG (Registered) (a) | 12,362 | 5,760,126 | ||||||
Vifor Pharma AG | 4,350 | 568,063 | ||||||
|
| |||||||
42,085,742 | ||||||||
|
| |||||||
United Arab Emirates — 0.0%(c) |
| |||||||
NMC Health plc | 20,111 | 742,657 | ||||||
|
| |||||||
United Kingdom — 17.3% |
| |||||||
3i Group plc | 124,715 | 1,745,065 | ||||||
Admiral Group plc | 206,248 | 5,940,827 | ||||||
Ashtead Group plc | 161,641 | 4,488,324 | ||||||
AstraZeneca plc | 84,196 | 6,272,586 | ||||||
Auto Trader Group plc (b) | 444,295 | 3,284,389 | ||||||
Babcock International Group plc | 605,530 | 4,156,752 | ||||||
Barratt Developments plc | 856,904 | 6,741,128 | ||||||
Bellway plc | 126,743 | 5,146,710 | ||||||
Berkeley Group Holdings plc | 130,556 | 6,404,638 | ||||||
BP plc | 785,360 | 5,710,905 | ||||||
British Land Co. plc (The), REIT | 799,603 | 6,203,859 | ||||||
BT Group plc | 1,783,368 | 5,321,597 | ||||||
Bunzl plc | 133,618 | 4,030,064 | ||||||
Burberry Group plc | 219,063 | 5,773,846 | ||||||
Centrica plc | 3,767,177 | 5,237,010 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 113 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
ConvaTec Group plc (b) | 1,332,605 | 2,413,605 | ||||||
Croda International plc | 87,076 | 5,898,457 | ||||||
Derwent London plc, REIT | 95,071 | 3,934,789 | ||||||
Diageo plc | 177,340 | 7,476,249 | ||||||
Direct Line Insurance Group plc | 1,164,291 | 5,010,002 | ||||||
easyJet plc | 222,688 | 3,374,153 | ||||||
Experian plc | 263,119 | 7,659,108 | ||||||
GlaxoSmithKline plc | 345,099 | 7,089,446 | ||||||
Halma plc | 328,329 | 7,725,475 | ||||||
Hammerson plc, REIT | 867,294 | 3,649,019 | ||||||
HSBC Holdings plc | 301,920 | 2,630,618 | ||||||
IMI plc | 174,301 | 2,393,777 | ||||||
Imperial Brands plc | 46,211 | 1,470,350 | ||||||
Inchcape plc | 257,015 | 2,063,423 | ||||||
Informa plc | 398,654 | 4,053,529 | ||||||
InterContinental Hotels Group plc | 84,466 | 5,470,872 | ||||||
International Consolidated Airlines Group SA | 400,311 | 2,828,861 | ||||||
Intertek Group plc | 38,953 | 2,724,521 | ||||||
J Sainsbury plc | 1,054,883 | 3,064,686 | ||||||
John Wood Group plc | 439,111 | 2,692,082 | ||||||
Land Securities Group plc, REIT | 282,370 | 3,403,104 | ||||||
Legal & General Group plc | 1,638,288 | 5,957,685 | ||||||
Meggitt plc | 958,572 | 6,821,028 | ||||||
Merlin Entertainments plc (b) | 87,357 | 417,749 | ||||||
Micro Focus International plc | 211,386 | 5,358,440 | ||||||
Mondi plc | 258,206 | 5,674,143 | ||||||
National Grid plc | 609,575 | 6,678,465 | ||||||
Pearson plc | 610,838 | 6,617,141 | ||||||
Pennon Group plc | 585,463 | 5,715,140 | ||||||
Persimmon plc | 204,728 | 5,980,687 | ||||||
RELX plc | 298,905 | 6,867,529 | ||||||
Rentokil Initial plc | 1,451,974 | 7,399,569 | ||||||
Rolls-Royce Holdings plc* | 74,345 | 890,321 | ||||||
Royal Mail plc | 1,163,299 | 3,838,415 | ||||||
Sage Group plc (The) | 781,674 | 7,409,604 | ||||||
Segro plc, REIT | 781,823 | 6,927,408 | ||||||
Smith & Nephew plc | 359,743 | 6,954,727 | ||||||
Smiths Group plc | 315,052 | 6,272,543 | ||||||
SSE plc | 309,312 | 4,628,120 | ||||||
Tate & Lyle plc | 671,071 | 6,726,000 | ||||||
Taylor Wimpey plc | 1,551,097 | 3,677,355 | ||||||
Unilever NV, CVA (a) | 57,752 | 3,494,261 | ||||||
United Utilities Group plc | 541,468 | 5,873,859 | ||||||
Vodafone Group plc | 2,926,025 | 5,427,410 | ||||||
Whitbread plc | 83,811 | 4,879,410 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Wm Morrison Supermarkets plc | 1,780,024 | 5,017,215 | ||||||
|
| |||||||
298,988,050 | ||||||||
|
| |||||||
United States — 0.5% |
| |||||||
Carnival plc | 113,920 | 6,039,425 | ||||||
Ferguson plc | 34,404 | 2,448,391 | ||||||
|
| |||||||
8,487,816 | ||||||||
|
| |||||||
Total Common Stocks | 1,715,098,440 | |||||||
|
| |||||||
Preferred Stocks — 0.0%(c) |
| |||||||
United Kingdom — 0.0%(c) |
| |||||||
Rolls-Royce Holdings plc (Preference)* (Cost $6,806) | 5,278,495 | 6,883 | ||||||
|
| |||||||
Short-term Investments — 0.0%(c) |
| |||||||
Investment Companies — 0.0%(c) |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (d) (e) | 569,515 | 569,515 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 2.5% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (d) (e) | 27,997,200 | 28,000,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (d) (e) | 15,167,119 | 15,167,119 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 43,167,119 | |||||||
|
| |||||||
Total Investments — 101.8% | 1,758,841,957 | |||||||
Liabilities in Excess of | (30,742,599 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 1,728,099,358 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Summary of Investments by Industry, April 30, 2019
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Oil, Gas & Consumable Fuels | 6.9 | % | ||
Diversified Telecommunication Services | 4.9 | |||
Electric Utilities | 4.4 | |||
Chemicals | 4.5 | |||
Equity Real Estate Investment Trusts (REITs) | 3.9 | |||
Pharmaceuticals | 3.7 | |||
Metals & Mining | 3.7 | |||
Food Products | 3.2 | |||
Insurance | 3.0 | |||
Household Durables | 3.0 | |||
Construction & Engineering | 2.5 | |||
Investment of cash collateral from securities loaned | 2.5 | |||
Health Care Equipment & Supplies | 2.4 | |||
Health Care Providers & Services | 2.3 | |||
Industrial Conglomerates | 2.3 | |||
Hotels, Restaurants & Leisure | 2.2 | |||
Beverages | 2.1 | |||
IT Services | 2.0 | |||
Food & Staples Retailing | 2.0 | |||
Wireless Telecommunication Services | 2.0 | |||
Gas Utilities | 1.9 | |||
Software | 1.9 | |||
Road & Rail | 1.7 | |||
Trading Companies & Distributors | 1.7 | |||
Banks | 1.7 | |||
Airlines | 1.6 | |||
Media | 1.6 | |||
Semiconductors & Semiconductor Equipment | 1.6 | |||
Electronic Equipment, Instruments & Components | 1.5 |
INDUSTRY | PERCENTAGE | |||
Auto Components | 1.5 | % | ||
Commercial Services & Supplies | 1.5 | |||
Professional Services | 1.4 | |||
Entertainment | 1.2 | |||
Technology Hardware, Storage & Peripherals | 1.1 | |||
Multi-Utilities | 1.1 | |||
Aerospace & Defense | 1.0 | |||
Paper & Forest Products | 1.0 | |||
Real Estate Management & Development | 1.0 | |||
Others (each less than 1.0%) | 10.5 | |||
Short-Term Investments | 0.0 | (f) |
Abbreviations
ADR | — American Depositary Receipt | |
CVA | — Dutch Certification | |
OYJ | — Public Limited Company | |
Preference | — A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. | |
REIT | — Real Estate Investment Trust | |
SCA | — Limited partnership with share capital | |
SGPS | — Holding company | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $37,115,611. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
(d) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(e) | — The rate shown is the current yield as of April 30, 2019. | |
(f) | — Amount rounds to less than 0.1%. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI EAFEE-Mini Index | 105 | 06/2019 | USD | 10,058,475 | 300,098 | |||||||||||||||
|
| |||||||||||||||||||
300,098 | ||||||||||||||||||||
|
|
Abbreviations
EAFE | — Europe, Australasia, and Far East | |
MSCI | — Morgan Stanley Capital International | |
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 115 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 1.5% |
| |||||||
Boeing Co. (The) | 6,032 | 2,278,226 | ||||||
Curtiss-Wright Corp. | 8,598 | 979,656 | ||||||
FLIR Systems, Inc. | 25,102 | 1,328,900 | ||||||
L3 Technologies, Inc. | 4,905 | 1,072,135 | ||||||
Northrop Grumman Corp. | 3,218 | 932,930 | ||||||
Raytheon Co. | 9,413 | 1,671,655 | ||||||
Textron, Inc. | 11,992 | 635,576 | ||||||
United Technologies Corp. | 10,182 | 1,452,055 | ||||||
|
| |||||||
10,351,133 | ||||||||
|
| |||||||
Alternative Energy — 0.0% (a) |
| |||||||
Arcosa, Inc. | 3,617 | 112,597 | ||||||
|
| |||||||
Automobiles & Parts — 1.9% |
| |||||||
Aptiv plc | 19,142 | 1,640,470 | ||||||
Delphi Technologies plc | 49 | 1,084 | ||||||
Ford Motor Co. | 181,190 | 1,893,435 | ||||||
General Motors Co. | 28,986 | 1,129,005 | ||||||
Gentex Corp. | 97,626 | 2,248,327 | ||||||
Genuine Parts Co. | 24,385 | 2,500,438 | ||||||
Harley-Davidson, Inc. (b) | 46,365 | 1,726,169 | ||||||
Lear Corp. | 9,485 | 1,356,355 | ||||||
|
| |||||||
12,495,283 | ||||||||
|
| |||||||
Banks — 2.7% |
| |||||||
Bank of America Corp. | 22,619 | 691,689 | ||||||
Bank of Hawaii Corp. | 7,518 | 619,333 | ||||||
BB&T Corp. | 37,515 | 1,920,768 | ||||||
Citizens Financial Group, Inc. | 11,861 | 429,368 | ||||||
Comerica, Inc. | 6,750 | 530,482 | ||||||
Cullen/Frost Bankers, Inc. (b) | 3,227 | 328,154 | ||||||
Fifth Third Bancorp | 64,375 | 1,855,287 | ||||||
Huntington Bancshares, Inc. | 169,797 | 2,363,574 | ||||||
KeyCorp | 25,597 | 449,227 | ||||||
M&T Bank Corp. | 3,610 | 613,953 | ||||||
People’s United Financial, Inc. | 44,272 | 765,463 | ||||||
Popular, Inc. (Puerto Rico) | 13,187 | 761,022 | ||||||
Regions Financial Corp. | 29,226 | 453,880 | ||||||
SunTrust Banks, Inc. | 37,414 | 2,449,869 | ||||||
SVB Financial Group* | 1,661 | 418,107 | ||||||
TCF Financial Corp. | 48,164 | 1,065,869 | ||||||
Umpqua Holdings Corp. | 34,133 | 592,549 | ||||||
US Bancorp | 15,194 | 810,144 | ||||||
Wells Fargo & Co. | 14,243 | 689,504 | ||||||
Zions Bancorp NA (b) | 10,006 | 493,596 | ||||||
|
| |||||||
18,301,838 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Beverages — 2.0% |
| |||||||
Brown-Forman Corp., Class B (b) | 36,169 | 1,927,446 | ||||||
Coca-Cola Co. (The) | 51,797 | 2,541,161 | ||||||
Constellation Brands, Inc., Class A | 11,762 | 2,489,662 | ||||||
Keurig Dr Pepper, Inc. (b) | 51,366 | 1,493,210 | ||||||
Molson Coors Brewing Co., Class B | 29,799 | 1,912,798 | ||||||
Monster Beverage Corp.* | 7,317 | 436,093 | ||||||
PepsiCo, Inc. | 21,406 | 2,741,038 | ||||||
|
| |||||||
13,541,408 | ||||||||
|
| |||||||
Chemicals — 5.8% |
| |||||||
Air Products & Chemicals, Inc. | 14,640 | 3,012,766 | ||||||
Ashland Global Holdings, Inc. | 30,225 | 2,434,019 | ||||||
Avery Dennison Corp. | 17,025 | 1,883,816 | ||||||
Cabot Corp. | 13,604 | 617,350 | ||||||
Celanese Corp. | 25,953 | 2,800,069 | ||||||
CF Industries Holdings, Inc. | 62,907 | 2,816,976 | ||||||
Chemours Co. (The) | 40,120 | 1,444,721 | ||||||
Eastman Chemical Co. | 26,658 | 2,102,783 | ||||||
Ecolab, Inc. | 15,705 | 2,890,976 | ||||||
Huntsman Corp. | 90,300 | 2,008,272 | ||||||
Linde plc (United Kingdom) | 15,312 | 2,760,141 | ||||||
LyondellBasell Industries NV, Class A | 24,408 | 2,153,518 | ||||||
Mosaic Co. (The) | 54,313 | 1,418,113 | ||||||
Olin Corp. | 102,589 | 2,225,156 | ||||||
PPG Industries, Inc. | 19,490 | 2,290,075 | ||||||
RPM International, Inc. | 38,299 | 2,322,834 | ||||||
Scotts Miracle-Gro Co. (The) (b) | 2,559 | 217,566 | ||||||
Versum Materials, Inc. | 14,309 | 746,644 | ||||||
Westlake Chemical Corp. | 29,115 | 2,030,771 | ||||||
WR Grace & Co. | 20,409 | 1,542,512 | ||||||
|
| |||||||
39,719,078 | ||||||||
|
| |||||||
Construction & Materials — 0.2% |
| |||||||
Sherwin-Williams Co. (The) | 3,088 | 1,404,515 | ||||||
|
| |||||||
Electricity — 7.6% |
| |||||||
AES Corp. | 153,927 | 2,635,230 | ||||||
American Electric Power Co., Inc. | 32,683 | 2,796,031 | ||||||
Avangrid, Inc. (b) | 30,980 | 1,586,486 | ||||||
CMS Energy Corp. | 48,757 | 2,708,452 | ||||||
Consolidated Edison, Inc. | 25,701 | 2,214,398 | ||||||
Dominion Energy, Inc. | 35,798 | 2,787,590 | ||||||
DTE Energy Co. | 21,468 | 2,698,742 | ||||||
Entergy Corp. | 28,419 | 2,753,801 | ||||||
Evergy, Inc. | 43,906 | 2,538,645 | ||||||
Eversource Energy | 37,993 | 2,722,578 | ||||||
Exelon Corp. | 54,585 | 2,781,106 |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electricity — continued |
| |||||||
FirstEnergy Corp. | 65,088 | 2,735,648 | ||||||
NextEra Energy, Inc. | 14,130 | 2,747,437 | ||||||
NRG Energy, Inc. | 63,635 | 2,619,853 | ||||||
Pinnacle West Capital Corp. | 28,295 | 2,695,665 | ||||||
PPL Corp. | 82,451 | 2,573,296 | ||||||
Public Service Enterprise Group, Inc. | 45,102 | 2,690,334 | ||||||
Southern Co. (The) | 35,382 | 1,883,030 | ||||||
Vistra Energy Corp. | 101,861 | 2,775,712 | ||||||
Xcel Energy, Inc. | 48,346 | 2,731,549 | ||||||
|
| |||||||
51,675,583 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.4% |
| |||||||
Agilent Technologies, Inc. | 16,989 | 1,333,636 | ||||||
AMETEK, Inc. | 12,520 | 1,103,889 | ||||||
Amphenol Corp., Class A | 15,203 | 1,513,611 | ||||||
Emerson Electric Co. | 9,983 | 708,693 | ||||||
Hubbell, Inc. | 6,092 | 777,339 | ||||||
Roper Technologies, Inc. | 4,830 | 1,737,351 | ||||||
Waters Corp.* | 10,951 | 2,338,476 | ||||||
|
| |||||||
9,512,995 | ||||||||
|
| |||||||
Financial Services — 3.4% |
| |||||||
Ally Financial, Inc. | 76,652 | 2,277,331 | ||||||
American Express Co. | 9,230 | 1,082,033 | ||||||
Ameriprise Financial, Inc. | 3,947 | 579,301 | ||||||
Bank of New York Mellon Corp. (The) | 15,087 | 749,220 | ||||||
Capital One Financial Corp. | 8,170 | 758,421 | ||||||
CME Group, Inc. | 12,094 | 2,163,617 | ||||||
Discover Financial Services | 12,696 | 1,034,597 | ||||||
E*TRADE Financial Corp. | 10,228 | 518,150 | ||||||
Fidelity National Financial, Inc. | 16,028 | 640,319 | ||||||
Intercontinental Exchange, Inc. | 12,384 | 1,007,438 | ||||||
Invesco Ltd. | 15,779 | 346,665 | ||||||
Mastercard, Inc., Class A | 6,318 | 1,606,288 | ||||||
Moody’s Corp. | 2,919 | 573,934 | ||||||
Morgan Stanley | 8,902 | 429,521 | ||||||
Nasdaq, Inc. | 5,130 | 472,986 | ||||||
Raymond James Financial, Inc. | 6,088 | 557,478 | ||||||
S&P Global, Inc. | 5,067 | 1,118,084 | ||||||
Santander Consumer USA Holdings, Inc. | 74,371 | 1,587,821 | ||||||
SLM Corp. | 59,577 | 605,302 | ||||||
Synchrony Financial | 14,052 | 487,183 | ||||||
T. Rowe Price Group, Inc. | 16,219 | 1,743,543 | ||||||
TD Ameritrade Holding Corp. | 15,186 | 798,480 | ||||||
Visa, Inc., Class A | 8,074 | 1,327,608 | ||||||
Western Union Co. (The) | 37,514 | 729,272 | ||||||
|
| |||||||
23,194,592 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Fixed Line Telecommunications — 1.0% |
| |||||||
AT&T, Inc. | 83,550 | 2,586,709 | ||||||
CenturyLink, Inc. | 150,742 | 1,721,474 | ||||||
Verizon Communications, Inc. | 46,594 | 2,664,711 | ||||||
|
| |||||||
6,972,894 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.9% |
| |||||||
AmerisourceBergen Corp. | 13,800 | 1,031,688 | ||||||
Kroger Co. (The) | 23,436 | 604,180 | ||||||
McKesson Corp. | 6,292 | 750,321 | ||||||
Sysco Corp. | 31,457 | 2,213,629 | ||||||
Walgreens Boots Alliance, Inc. | 22,550 | 1,208,003 | ||||||
|
| |||||||
5,807,821 | ||||||||
|
| |||||||
Food Producers — 2.9% |
| |||||||
Archer-Daniels-Midland Co. | 49,702 | 2,216,709 | ||||||
Flowers Foods, Inc. (b) | 45,115 | 980,800 | ||||||
General Mills, Inc. | 38,576 | 1,985,507 | ||||||
Herbalife Nutrition Ltd.* (b) | 28,908 | 1,527,788 | ||||||
Hershey Co. (The) | 23,965 | 2,992,030 | ||||||
Hormel Foods Corp. (b) | 61,170 | 2,443,130 | ||||||
JM Smucker Co. (The) | 7,551 | 925,979 | ||||||
Kellogg Co. (b) | 30,799 | 1,857,180 | ||||||
Lamb Weston Holdings, Inc. | 3,903 | 273,405 | ||||||
McCormick & Co., Inc.(Non-Voting) (b) | 17,402 | 2,679,386 | ||||||
TreeHouse Foods, Inc.* | 15,856 | 1,062,035 | ||||||
Tyson Foods, Inc., Class A | 16,653 | 1,249,141 | ||||||
|
| |||||||
20,193,090 | ||||||||
|
| |||||||
Forestry & Paper — 0.7% |
| |||||||
Domtar Corp. | 52,106 | 2,547,983 | ||||||
International Paper Co. | 42,418 | 1,985,587 | ||||||
|
| |||||||
4,533,570 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 2.7% |
| |||||||
Ameren Corp. | 37,230 | 2,709,227 | ||||||
American Water Works Co., Inc. | 26,101 | 2,823,867 | ||||||
Atmos Energy Corp. | 10,980 | 1,123,693 | ||||||
CenterPoint Energy, Inc. | 88,084 | 2,730,604 | ||||||
Duke Energy Corp. | 29,469 | 2,685,215 | ||||||
National Fuel Gas Co. (b) | 24,134 | 1,428,974 | ||||||
UGI Corp. | 44,711 | 2,437,197 | ||||||
WEC Energy Group, Inc. | 34,771 | 2,727,090 | ||||||
|
| |||||||
18,665,867 | ||||||||
|
| |||||||
General Industrials — 1.5% |
| |||||||
3M Co. | 4,521 | 856,775 | ||||||
Ball Corp. | 1,393 | 83,496 | ||||||
Bemis Co., Inc. | 11,273 | 647,296 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 117 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Industrials — continued |
| |||||||
Danaher Corp. | 13,276 | 1,758,273 | ||||||
Eaton Corp. plc | 13,266 | 1,098,690 | ||||||
Fortive Corp.(b) | 11,434 | 987,212 | ||||||
Honeywell International, Inc. | 9,414 | 1,634,553 | ||||||
ITT, Inc. | 29,696 | 1,798,093 | ||||||
Parker-Hannifin Corp. | 5,056 | 915,540 | ||||||
Sonoco Products Co. (b) | 12,009 | 757,287 | ||||||
|
| |||||||
10,537,215 | ||||||||
|
| |||||||
General Retailers — 6.0% |
| |||||||
Amazon.com, Inc.* | 941 | 1,812,855 | ||||||
Best Buy Co., Inc. | 11,814 | 879,080 | ||||||
Burlington Stores, Inc.* | 2,069 | 349,475 | ||||||
Costco Wholesale Corp. | 8,487 | 2,083,813 | ||||||
Dick’s Sporting Goods, Inc. (b) | 54,947 | 2,033,039 | ||||||
Dollar General Corp. | 18,117 | 2,284,373 | ||||||
Dollar Tree, Inc.* (b) | 8,887 | 988,945 | ||||||
eBay, Inc. | 42,234 | 1,636,568 | ||||||
Foot Locker, Inc. | 39,609 | 2,266,031 | ||||||
Gap, Inc. (The) | 16,664 | 434,597 | ||||||
H&R Block, Inc. (b) | 83,903 | 2,283,001 | ||||||
Home Depot, Inc. (The) | 13,741 | 2,799,042 | ||||||
Kohl’s Corp. | 39,276 | 2,792,524 | ||||||
Lowe’s Cos., Inc. | 19,306 | 2,184,281 | ||||||
Macy’s, Inc. | 61,760 | 1,453,830 | ||||||
Nordstrom, Inc. (b) | 11,313 | 464,059 | ||||||
Ross Stores, Inc. | 14,493 | 1,415,386 | ||||||
Target Corp. | 27,002 | 2,090,495 | ||||||
Tiffany & Co. | 19,389 | 2,090,522 | ||||||
TJX Cos., Inc. (The) | 51,712 | 2,837,955 | ||||||
Tractor Supply Co. | 26,445 | 2,737,057 | ||||||
Urban Outfitters, Inc.* | 6,396 | 190,153 | ||||||
Walmart, Inc. | 22,590 | 2,323,156 | ||||||
Williams-Sonoma, Inc. (b) | 12,920 | 738,636 | ||||||
|
| |||||||
41,168,873 | ||||||||
|
| |||||||
Health Care Equipment & Services — 6.7% |
| |||||||
Anthem, Inc. | 8,823 | 2,320,714 | ||||||
Baxter International, Inc. | 35,491 | 2,707,963 | ||||||
Becton Dickinson and Co. | 7,113 | 1,712,384 | ||||||
Centene Corp.* | 27,223 | 1,403,618 | ||||||
Cigna Corp. | 15,211 | 2,416,115 | ||||||
DaVita, Inc.* | 7,960 | 439,710 | ||||||
Edwards Lifesciences Corp.* | 9,371 | 1,649,952 | ||||||
HCA Healthcare, Inc. | 16,678 | 2,121,942 | ||||||
Hill-Rom Holdings, Inc. | 25,013 | 2,536,818 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Services — continued |
| |||||||
Humana, Inc. | 7,221 | 1,844,315 | ||||||
IDEXX Laboratories, Inc.* | 8,611 | 1,997,752 | ||||||
Intuitive Surgical, Inc.* | 4,126 | 2,106,859 | ||||||
Laboratory Corp. of America Holdings* | 14,516 | 2,321,399 | ||||||
Medtronic plc | 26,767 | 2,377,177 | ||||||
Quest Diagnostics, Inc. | 24,602 | 2,371,141 | ||||||
STERIS plc | 7,852 | 1,028,455 | ||||||
Stryker Corp. | 14,072 | 2,658,342 | ||||||
Thermo Fisher Scientific, Inc. | 10,068 | 2,793,367 | ||||||
UnitedHealth Group, Inc. | 9,283 | 2,163,589 | ||||||
Universal Health Services, Inc., Class B | 18,918 | 2,400,127 | ||||||
Varian Medical Systems, Inc.* | 19,742 | 2,688,268 | ||||||
Zimmer Biomet Holdings, Inc. | 16,185 | 1,993,345 | ||||||
|
| |||||||
46,053,352 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.1% |
| |||||||
Church & Dwight Co., Inc. | 40,308 | 3,021,084 | ||||||
Clorox Co. (The) (b) | 15,762 | 2,517,664 | ||||||
DR Horton, Inc. | 34,628 | 1,534,367 | ||||||
Energizer Holdings, Inc. | 17,875 | 856,034 | ||||||
Fortune Brands Home & Security, Inc. | 12,792 | 675,162 | ||||||
Leggett & Platt, Inc. | 47,078 | 1,852,990 | ||||||
Lennar Corp., Class A | 32,272 | 1,679,112 | ||||||
NVR, Inc.* | 876 | 2,761,573 | ||||||
Procter & Gamble Co. (The) | 26,914 | 2,865,803 | ||||||
PulteGroup, Inc. | 98,230 | 3,090,316 | ||||||
|
| |||||||
20,854,105 | ||||||||
|
| |||||||
Industrial Engineering — 1.2% |
| |||||||
Caterpillar, Inc. | 5,994 | 835,684 | ||||||
Crane Co. | 1,989 | 169,164 | ||||||
Cummins, Inc. | 4,932 | 820,142 | ||||||
Dover Corp. | 11,062 | 1,084,518 | ||||||
IDEX Corp. | 6,135 | 961,109 | ||||||
Illinois Tool Works, Inc. | 6,649 | 1,034,784 | ||||||
Ingersoll-Rand plc | 10,628 | 1,303,099 | ||||||
PACCAR, Inc. | 9,958 | 713,690 | ||||||
Rockwell Automation, Inc. | 6,468 | 1,168,832 | ||||||
Trinity Industries, Inc. | 10,821 | 233,301 | ||||||
|
| |||||||
8,324,323 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.6% |
| |||||||
Freeport-McMoRan, Inc. | 177,117 | 2,180,310 | ||||||
Nucor Corp. | 43,797 | 2,499,495 | ||||||
Reliance Steel & Aluminum Co. | 29,721 | 2,733,143 | ||||||
Southern Copper Corp. (Peru) (b) | 47,680 | 1,831,866 | ||||||
Steel Dynamics, Inc. | 55,664 | 1,763,435 | ||||||
|
| |||||||
11,008,249 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Industrial Transportation — 0.7% |
| |||||||
CH Robinson Worldwide, Inc. | 11,284 | 914,004 | ||||||
CSX Corp. | 10,473 | 833,965 | ||||||
Kansas City Southern | 3,894 | 479,507 | ||||||
Norfolk Southern Corp. | 6,708 | 1,368,566 | ||||||
Union Pacific Corp. | 8,985 | 1,590,705 | ||||||
|
| |||||||
5,186,747 | ||||||||
|
| |||||||
Leisure Goods — 1.4% |
| |||||||
Activision Blizzard, Inc. | 20,850 | 1,005,178 | ||||||
Electronic Arts, Inc.* | 12,647 | 1,197,039 | ||||||
Garmin Ltd. | 31,587 | 2,708,269 | ||||||
Hasbro, Inc. | 27,715 | 2,823,050 | ||||||
Polaris Industries, Inc. | 7,468 | 719,915 | ||||||
Take-Two Interactive Software, Inc.* | 9,924 | 960,941 | ||||||
|
| |||||||
9,414,392 | ||||||||
|
| |||||||
Life Insurance — 1.0% |
| |||||||
Aflac, Inc. | 43,669 | 2,200,044 | ||||||
Assurant, Inc. | 9,328 | 886,160 | ||||||
Lincoln National Corp. | 5,765 | 384,641 | ||||||
MetLife, Inc. | 9,257 | 427,025 | ||||||
Principal Financial Group, Inc. | 11,582 | 662,027 | ||||||
Prudential Financial, Inc. | 5,007 | 529,290 | ||||||
Torchmark Corp. | 17,610 | 1,543,693 | ||||||
|
| |||||||
6,632,880 | ||||||||
|
| |||||||
Media — 2.3% |
| |||||||
Cable One, Inc. | 84 | 89,084 | ||||||
CBS Corp.(Non-Voting), Class B | 13,759 | 705,424 | ||||||
Comcast Corp., Class A | 43,163 | 1,878,885 | ||||||
DISH Network Corp., Class A* | 3,665 | 128,715 | ||||||
FactSet Research Systems, Inc. (b) | 10,595 | 2,922,843 | ||||||
Fox Corp., Class A* | 17,473 | 681,272 | ||||||
Graham Holdings Co., Class B | 84 | 62,448 | ||||||
Interpublic Group of Cos., Inc. (The) | 52,837 | 1,215,251 | ||||||
John Wiley & Sons, Inc., Class A | 6,877 | 317,580 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 8,980 | 358,661 | ||||||
Nielsen Holdings plc | 3,658 | 93,389 | ||||||
Omnicom Group, Inc. | 22,419 | 1,794,193 | ||||||
Sirius XM Holdings, Inc. (b) | 217,486 | 1,263,594 | ||||||
Viacom, Inc., Class B | 29,861 | 863,282 | ||||||
Walt Disney Co. (The) | 29,885 | 4,093,348 | ||||||
|
| |||||||
16,467,969 | ||||||||
|
| |||||||
Mining — 0.5% |
| |||||||
Newmont Goldcorp Corp. | 50,579 | 1,570,984 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Mining — continued |
| |||||||
Royal Gold, Inc. (b) | 23,477 | 2,043,908 | ||||||
|
| |||||||
3,614,892 | ||||||||
|
| |||||||
Mobile Telecommunications — 1.1% |
| |||||||
Sprint Corp.* (b) | 255,008 | 1,422,944 | ||||||
Telephone & Data Systems, Inc. | 75,199 | 2,397,344 | ||||||
T-Mobile US, Inc.* | 36,732 | 2,681,069 | ||||||
United States Cellular Corp.* | 16,399 | 788,792 | ||||||
|
| |||||||
7,290,149 | ||||||||
|
| |||||||
Nonlife Insurance — 1.9% |
| |||||||
Allstate Corp. (The) | 8,712 | 863,011 | ||||||
American Financial Group, Inc. | 4,549 | 470,958 | ||||||
Aon plc | 9,433 | 1,699,261 | ||||||
Chubb Ltd. | 7,187 | 1,043,552 | ||||||
Cincinnati Financial Corp. | 14,902 | 1,433,274 | ||||||
Hanover Insurance Group, Inc. (The) | 4,989 | 601,723 | ||||||
Marsh & McLennan Cos., Inc. | 13,772 | 1,298,562 | ||||||
Mercury General Corp. | 552 | 29,687 | ||||||
Old Republic International Corp. | 29,941 | 669,481 | ||||||
Progressive Corp. (The) | 31,686 | 2,476,261 | ||||||
Reinsurance Group of America, Inc. | 3,510 | 531,800 | ||||||
Travelers Cos., Inc. (The) | 6,745 | 969,594 | ||||||
WR Berkley Corp. | 19,365 | 1,187,074 | ||||||
|
| |||||||
13,274,238 | ||||||||
|
| |||||||
Oil & Gas Producers — 4.6% |
| |||||||
Apache Corp. (b) | 12,813 | 421,676 | ||||||
Cabot Oil & Gas Corp. | 80,850 | 2,093,206 | ||||||
Chesapeake Energy Corp.* (b) | 32,750 | 95,303 | ||||||
Chevron Corp. | 16,648 | 1,998,759 | ||||||
ConocoPhillips | 39,094 | 2,467,613 | ||||||
Continental Resources, Inc.* (b) | 6,822 | 313,744 | ||||||
Devon Energy Corp. | 61,400 | 1,973,396 | ||||||
Diamondback Energy, Inc. | 4,477 | 476,308 | ||||||
Exxon Mobil Corp. | 29,698 | 2,384,155 | ||||||
Hess Corp. | 13,657 | 875,687 | ||||||
HollyFrontier Corp. | 40,523 | 1,934,163 | ||||||
Marathon Oil Corp. | 119,928 | 2,043,573 | ||||||
Marathon Petroleum Corp. | 40,061 | 2,438,513 | ||||||
Murphy Oil Corp. | 61,451 | 1,673,925 | ||||||
Occidental Petroleum Corp. | 30,099 | 1,772,229 | ||||||
PBF Energy, Inc., Class A | 64,081 | 2,151,840 | ||||||
Phillips 66 | 20,949 | 1,974,862 | ||||||
Targa Resources Corp. (b) | 17,947 | 720,572 | ||||||
Valero Energy Corp. | 18,857 | 1,709,576 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 119 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil & Gas Producers — continued |
| |||||||
Whiting Petroleum Corp.* | 64,759 | 1,773,749 | ||||||
|
| |||||||
31,292,849 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.6% |
| |||||||
Apergy Corp.* | 5,495 | 218,097 | ||||||
Helmerich & Payne, Inc. (b) | 32,341 | 1,892,595 | ||||||
Kinder Morgan, Inc. | 103,893 | 2,064,354 | ||||||
National Oilwell Varco, Inc. | 17,134 | 447,883 | ||||||
OGE Energy Corp. | 47,077 | 1,993,240 | ||||||
ONEOK, Inc. | 31,878 | 2,165,473 | ||||||
Patterson-UTI Energy, Inc. | 17,069 | 231,968 | ||||||
Schlumberger Ltd. | 22,883 | 976,646 | ||||||
Williams Cos., Inc. (The) | 30,409 | 861,487 | ||||||
|
| |||||||
10,851,743 | ||||||||
|
| |||||||
Personal Goods — 3.5% |
| |||||||
Capri Holdings Ltd.* | 28,436 | 1,253,459 | ||||||
Carter’s, Inc. | 14,508 | 1,536,542 | ||||||
Columbia Sportswear Co. | 7,056 | 705,388 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 16,902 | 2,903,933 | ||||||
Hanesbrands, Inc. | 45,067 | 814,361 | ||||||
Kimberly-Clark Corp. | 22,702 | 2,914,483 | ||||||
Lululemon Athletica, Inc.* | 14,775 | 2,605,571 | ||||||
NIKE, Inc., Class B | 30,942 | 2,717,636 | ||||||
Nu Skin Enterprises, Inc., Class A | 18,422 | 937,127 | ||||||
PVH Corp. | 9,214 | 1,188,514 | ||||||
Ralph Lauren Corp. | 17,745 | 2,334,887 | ||||||
Tapestry, Inc. | 50,383 | 1,625,860 | ||||||
VF Corp. | 22,427 | 2,117,333 | ||||||
|
| |||||||
23,655,094 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 4.0% |
| |||||||
Abbott Laboratories | 34,171 | 2,718,645 | ||||||
AbbVie, Inc. | 14,614 | 1,160,205 | ||||||
Amgen, Inc. | 11,597 | 2,079,574 | ||||||
Biogen, Inc.* | 4,288 | 982,981 | ||||||
Bristol-Myers Squibb Co. | 36,639 | 1,701,149 | ||||||
Eli Lilly & Co. | 21,002 | 2,458,074 | ||||||
Gilead Sciences, Inc. | 24,518 | 1,594,651 | ||||||
Illumina, Inc.* | 4,675 | 1,458,600 | ||||||
IQVIA Holdings, Inc.* | 18,934 | 2,629,933 | ||||||
Johnson & Johnson | 17,771 | 2,509,265 | ||||||
Merck & Co., Inc. | 24,491 | 1,927,687 | ||||||
Pfizer, Inc. | 56,471 | 2,293,287 | ||||||
United Therapeutics Corp.* | 9,470 | 971,338 | ||||||
Vertex Pharmaceuticals, Inc.* | 661 | 111,696 | ||||||
Zoetis, Inc. | 26,641 | 2,713,119 | ||||||
|
| |||||||
27,310,204 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment & Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 7,164 | 373,030 | ||||||
Jones Lang LaSalle, Inc. | 492 | 76,048 | ||||||
|
| |||||||
449,078 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 4.2% |
| |||||||
Alexandria Real Estate Equities, Inc. | 6,332 | 901,613 | ||||||
American Tower Corp. | 6,319 | 1,234,101 | ||||||
Annaly Capital Management, Inc. | 73,966 | 746,317 | ||||||
AvalonBay Communities, Inc. | 5,478 | 1,100,695 | ||||||
Boston Properties, Inc. | 768 | 105,692 | ||||||
Camden Property Trust | 1,336 | 134,468 | ||||||
Chimera Investment Corp. (b) | 109,277 | 2,094,840 | ||||||
Crown Castle International Corp. | 6,680 | 840,210 | ||||||
Digital Realty Trust, Inc. | 5,160 | 607,384 | ||||||
Duke Realty Corp. | 3,388 | 105,435 | ||||||
EPR Properties | 11,380 | 897,427 | ||||||
Equity Residential | 13,874 | 1,060,251 | ||||||
Federal Realty Investment Trust | 917 | 122,740 | ||||||
HCP, Inc. | 75,804 | 2,257,443 | ||||||
Host Hotels & Resorts, Inc. | 27,657 | 532,121 | ||||||
Iron Mountain, Inc. | 5,823 | 189,131 | ||||||
Liberty Property Trust | 1,043 | 51,774 | ||||||
Medical Properties Trust, Inc. | 145,494 | 2,540,325 | ||||||
MFA Financial, Inc. | 52,008 | 390,580 | ||||||
New Residential Investment Corp. | 160,359 | 2,695,635 | ||||||
Park Hotels & Resorts, Inc. | 84,906 | 2,723,784 | ||||||
Prologis, Inc. | 10,829 | 830,259 | ||||||
Rayonier, Inc. | 19,968 | 634,783 | ||||||
Senior Housing Properties Trust | 8,759 | 70,335 | ||||||
Simon Property Group, Inc. | 4,158 | 722,245 | ||||||
Starwood Property Trust, Inc. (b) | 59,020 | 1,360,411 | ||||||
STORE Capital Corp. | 46,533 | 1,550,480 | ||||||
Vornado Realty Trust | 2,561 | 177,068 | ||||||
Weingarten Realty Investors | 8,378 | 242,459 | ||||||
WP Carey, Inc. | 22,868 | 1,813,890 | ||||||
|
| |||||||
28,733,896 | ||||||||
|
| |||||||
Software & Computer Services — 4.9% |
| |||||||
Adobe, Inc.* | 7,039 | 2,036,031 | ||||||
Alphabet, Inc., Class A* | 1,390 | 1,666,554 | ||||||
Cadence Design Systems, Inc.* | 30,677 | 2,128,370 | ||||||
Citrix Systems, Inc. | 21,322 | 2,152,669 | ||||||
Cognizant Technology Solutions Corp., Class A | 23,283 | 1,698,728 | ||||||
Dell Technologies, Inc., Class C* | 7,324 | 493,711 | ||||||
DXC Technology Co. | 13,860 | 911,156 |
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Software & Computer Services — continued |
| |||||||
Facebook, Inc., Class A* | 7,856 | 1,519,350 | ||||||
Hewlett Packard Enterprise Co. | 17,224 | 272,311 | ||||||
IAC/InterActiveCorp* | 12,452 | 2,799,708 | ||||||
International Business Machines Corp. | 9,859 | 1,382,922 | ||||||
Intuit, Inc. | 10,293 | 2,584,160 | ||||||
Leidos Holdings, Inc. (b) | 23,110 | 1,698,123 | ||||||
Microsoft Corp. | 23,538 | 3,074,063 | ||||||
Oracle Corp. | 26,987 | 1,493,191 | ||||||
Red Hat, Inc.* | 10,837 | 1,978,078 | ||||||
Teradata Corp.* (b) | 3,881 | 176,469 | ||||||
VeriSign, Inc.* | 14,900 | 2,942,005 | ||||||
VMware, Inc., Class A | 8,773 | 1,790,832 | ||||||
|
| |||||||
32,798,431 | ||||||||
|
| |||||||
Support Services — 4.2% |
| |||||||
Accenture plc, Class A | 12,668 | 2,314,064 | ||||||
Automatic Data Processing, Inc. | 7,255 | 1,192,650 | ||||||
Broadridge Financial Solutions, Inc. | 17,016 | 2,010,100 | ||||||
Cintas Corp. | 12,841 | 2,788,295 | ||||||
Fastenal Co. | 15,575 | 1,098,816 | ||||||
Fidelity National Information Services, Inc. | 16,096 | 1,866,009 | ||||||
Fiserv, Inc.* | 15,988 | 1,394,793 | ||||||
Global Payments, Inc. | 5,567 | 813,172 | ||||||
Paychex, Inc. | 17,617 | 1,485,289 | ||||||
PayPal Holdings, Inc.* | 9,364 | 1,055,978 | ||||||
Republic Services, Inc. | 29,498 | 2,443,024 | ||||||
Resideo Technologies, Inc.* | 1,553 | 35,253 | ||||||
Robert Half International, Inc. | 30,877 | 1,917,153 | ||||||
Total System Services, Inc. | 23,082 | 2,359,904 | ||||||
Verisk Analytics, Inc. | 2,241 | 316,294 | ||||||
Waste Management, Inc. | 23,783 | 2,552,867 | ||||||
Worldpay, Inc., Class A* | 13,339 | 1,563,464 | ||||||
WW Grainger, Inc. | 6,369 | 1,796,058 | ||||||
|
| |||||||
29,003,183 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.7% |
| |||||||
Analog Devices, Inc. | 17,335 | 2,015,020 | ||||||
Apple, Inc. | 8,528 | 1,711,314 | ||||||
Applied Materials, Inc. | 20,205 | 890,434 | ||||||
Broadcom, Inc. | 4,938 | 1,572,259 | ||||||
Cisco Systems, Inc. | 43,324 | 2,423,978 | ||||||
Cypress Semiconductor Corp. | 21,551 | 370,246 | ||||||
F5 Networks, Inc.* | 8,189 | 1,284,854 | ||||||
Harris Corp. (b) | 16,086 | 2,710,491 | ||||||
HP, Inc. | 73,021 | 1,456,769 | ||||||
Intel Corp. | 27,677 | 1,412,634 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Technology Hardware & Equipment — continued |
| |||||||
Juniper Networks, Inc. | 42,901 | 1,191,361 | ||||||
KLA-Tencor Corp. | 11,608 | 1,479,788 | ||||||
Lam Research Corp. | 4,803 | 996,286 | ||||||
Maxim Integrated Products, Inc. | 24,045 | 1,442,700 | ||||||
Micron Technology, Inc.* | 22,574 | 949,463 | ||||||
Motorola Solutions, Inc. | 13,975 | 2,025,117 | ||||||
NetApp, Inc. | 14,390 | 1,048,312 | ||||||
ON Semiconductor Corp.* | 44,067 | 1,016,185 | ||||||
Skyworks Solutions, Inc. | 8,951 | 789,299 | ||||||
Teradyne, Inc. | 21,462 | 1,051,638 | ||||||
Texas Instruments, Inc. | 13,509 | 1,591,766 | ||||||
Western Digital Corp. (b) | 8,551 | 437,127 | ||||||
Xilinx, Inc. | 17,615 | 2,116,266 | ||||||
|
| |||||||
31,983,307 | ||||||||
|
| |||||||
Tobacco — 0.6% |
| |||||||
Altria Group, Inc. | 33,660 | 1,828,748 | ||||||
Philip Morris International, Inc. | 22,641 | 1,959,805 | ||||||
|
| |||||||
3,788,553 | ||||||||
|
| |||||||
Travel & Leisure — 3.7% |
| |||||||
Alaska Air Group, Inc. | 2,940 | 181,986 | ||||||
Booking Holdings, Inc.* | 602 | 1,116,704 | ||||||
Carnival Corp. | 32,560 | 1,786,242 | ||||||
Darden Restaurants, Inc. | 23,658 | 2,782,181 | ||||||
Delta Air Lines, Inc. | 14,972 | 872,718 | ||||||
Dunkin’ Brands Group, Inc. (b) | 16,104 | 1,201,842 | ||||||
Hilton Worldwide Holdings, Inc. | 21,699 | 1,887,596 | ||||||
Las Vegas Sands Corp. | 24,365 | 1,633,673 | ||||||
Marriott International, Inc., Class A | 13,662 | 1,863,770 | ||||||
McDonald’s Corp. | 13,848 | 2,735,949 | ||||||
Royal Caribbean Cruises Ltd. | 8,510 | 1,029,199 | ||||||
Southwest Airlines Co. | 4,903 | 265,890 | ||||||
Starbucks Corp. | 37,750 | 2,932,420 | ||||||
United Continental Holdings, Inc.* | 2,805 | 249,252 | ||||||
Wyndham Destinations, Inc. | 27,703 | 1,206,743 | ||||||
Yum China Holdings, Inc. (China) | 15,399 | 732,068 | ||||||
Yum! Brands, Inc. | 27,444 | 2,864,879 | ||||||
|
| |||||||
25,343,112 | ||||||||
|
| |||||||
Total Common Stocks | 681,519,098 | |||||||
|
| |||||||
Short-Term Investments — 0.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) | 825,121 | 825,121 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 121 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Investment Of Cash Collateral From Securities Loaned — 3.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | 15,003,600 | 15,005,101 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 9,654,984 | 9,654,984 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 24,660,085 | |||||||
|
| |||||||
Total Investments — 103.5% | 707,004,304 | |||||||
Liabilities in Excess of | (24,098,942 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 682,905,362 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | — Amount rounds to less than 0.1% of net assets. | |
(b) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $24,018,945. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 11 | 06/2019 | USD | 1,622,225 | 65,403 | |||||||||||||||
|
| |||||||||||||||||||
65,403 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
FLIR Systems, Inc. | 5,030 | 266,288 | ||||||
Hexcel Corp. | 4,987 | 352,631 | ||||||
Huntington Ingalls Industries, Inc. | 845 | 188,080 | ||||||
L3 Technologies, Inc. | 1,243 | 271,695 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 2,337 | 203,085 | ||||||
Textron, Inc. | 3,777 | 200,181 | ||||||
|
| |||||||
1,481,960 | ||||||||
|
| |||||||
Alternative Energy — 0.1% |
| |||||||
Arcosa, Inc. | 6,131 | 190,858 | ||||||
|
| |||||||
Automobiles & Parts — 2.2% |
| |||||||
Adient plc | 3,416 | 78,910 | ||||||
Aptiv plc | 3,918 | 335,773 | ||||||
BorgWarner, Inc. | 5,628 | 235,081 | ||||||
Gentex Corp. | 31,913 | 734,956 | ||||||
Genuine Parts Co. | 5,943 | 609,395 | ||||||
Goodyear Tire & Rubber Co. (The) | 9,172 | 176,194 | ||||||
Harley-Davidson, Inc. | 11,467 | 426,916 | ||||||
Lear Corp. | 3,218 | 460,174 | ||||||
Valvoline, Inc. | 14,652 | 271,062 | ||||||
WABCO Holdings, Inc.* | 2,707 | 358,515 | ||||||
|
| |||||||
3,686,976 | ||||||||
|
| |||||||
Banks — 2.8% |
| |||||||
Associated Banc-Corp. | 2,502 | 56,770 | ||||||
Bank of Hawaii Corp. | 1,704 | 140,375 | ||||||
BankUnited, Inc. | 2,952 | 107,984 | ||||||
Citizens Financial Group, Inc. | 3,369 | 121,958 | ||||||
Comerica, Inc. | 1,858 | 146,020 | ||||||
Commerce Bancshares, Inc. | 4,293 | 259,426 | ||||||
Cullen/Frost Bankers, Inc. | 1,478 | 150,298 | ||||||
Fifth Third Bancorp | 6,223 | 179,347 | ||||||
First Horizon National Corp. | 6,519 | 98,372 | ||||||
First Republic Bank | 1,858 | 196,242 | ||||||
FNB Corp. | 7,686 | 93,231 | ||||||
Huntington Bancshares, Inc. | 42,823 | 596,096 | ||||||
KeyCorp | 7,342 | 128,852 | ||||||
M&T Bank Corp. | 1,072 | 182,315 | ||||||
PacWest Bancorp | 2,174 | 85,982 | ||||||
People’s United Financial, Inc. (a) | 10,946 | 189,256 | ||||||
Popular, Inc. (Puerto Rico) | 6,229 | 359,475 | ||||||
Prosperity Bancshares, Inc. | 1,423 | 104,790 | ||||||
Regions Financial Corp. | 9,496 | 147,473 | ||||||
SunTrust Banks, Inc. | 9,483 | 620,947 | ||||||
SVB Financial Group* | 676 | 170,163 | ||||||
TCF Financial Corp. | 13,676 | 302,650 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
Webster Financial Corp. | 2,349 | 124,802 | ||||||
Zions Bancorp NA | 2,766 | 136,447 | ||||||
|
| |||||||
4,699,271 | ||||||||
|
| |||||||
Beverages — 1.0% |
| |||||||
Brown-Forman Corp., Class B | 9,270 | 493,998 | ||||||
Keurig Dr Pepper, Inc. | 19,402 | 564,016 | ||||||
Molson Coors Brewing Co., Class B | 10,531 | 675,985 | ||||||
|
| |||||||
1,733,999 | ||||||||
|
| |||||||
Chemicals — 5.6% |
| |||||||
Ashland Global Holdings, Inc. | 6,465 | 520,627 | ||||||
Avery Dennison Corp. | 5,325 | 589,211 | ||||||
Cabot Corp. | 5,995 | 272,053 | ||||||
Celanese Corp. | 6,321 | 681,973 | ||||||
CF Industries Holdings, Inc. | 15,318 | 685,940 | ||||||
Chemours Co. (The) | 16,942 | 610,081 | ||||||
Eastman Chemical Co. | 6,126 | 483,219 | ||||||
FMC Corp. | 2,507 | 198,203 | ||||||
Huntsman Corp. | 26,076 | 579,930 | ||||||
International Flavors & Fragrances, Inc. (a) | 1,428 | 196,764 | ||||||
Mosaic Co. (The) | 18,978 | 495,516 | ||||||
NewMarket Corp. | 1,151 | 482,937 | ||||||
Olin Corp. | 24,997 | 542,185 | ||||||
RPM International, Inc. | 11,170 | 677,461 | ||||||
Scotts Miracle-Gro Co. (The) | 5,855 | 497,792 | ||||||
Versum Materials, Inc. | 13,251 | 691,437 | ||||||
Westlake Chemical Corp. | 6,656 | 464,256 | ||||||
WR Grace & Co. | 8,323 | 629,052 | ||||||
|
| |||||||
9,298,637 | ||||||||
|
| |||||||
Construction & Materials — 0.6% |
| |||||||
AO Smith Corp. | 4,768 | 250,654 | ||||||
Armstrong World Industries, Inc. | 1,188 | 102,964 | ||||||
Eagle Materials, Inc. | 1,344 | 122,183 | ||||||
Jacobs Engineering Group, Inc. | 759 | 59,156 | ||||||
Lennox International, Inc. | 1,217 | 330,355 | ||||||
MDU Resources Group, Inc. | 6,133 | 160,378 | ||||||
|
| |||||||
1,025,690 | ||||||||
|
| |||||||
Electricity — 5.8% |
| |||||||
AES Corp. | 37,522 | 642,377 | ||||||
Alliant Energy Corp. | 2,436 | 115,052 | ||||||
CMS Energy Corp. | 11,939 | 663,212 | ||||||
Consolidated Edison, Inc. | 7,843 | 675,753 | ||||||
DTE Energy Co. | 5,233 | 657,840 | ||||||
Edison International | 10,617 | 677,046 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 123 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electricity — continued |
| |||||||
Entergy Corp. | 6,927 | 671,226 | ||||||
Evergy, Inc. | 10,825 | 625,902 | ||||||
Eversource Energy | 9,262 | 663,715 | ||||||
FirstEnergy Corp. | 10,631 | 446,821 | ||||||
Hawaiian Electric Industries, Inc. | 10,067 | 417,579 | ||||||
NRG Energy, Inc. | 15,509 | 638,505 | ||||||
Pinnacle West Capital Corp. | 6,897 | 657,077 | ||||||
PPL Corp. | 20,099 | 627,290 | ||||||
Public Service Enterprise Group, Inc. | 10,996 | 655,911 | ||||||
Vistra Energy Corp. | 9,556 | 260,401 | ||||||
Xcel Energy, Inc. | 11,840 | 668,960 | ||||||
|
| |||||||
9,764,667 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 2.1% |
| |||||||
Agilent Technologies, Inc. | 4,183 | 328,365 | ||||||
AMETEK, Inc. | 4,611 | 406,552 | ||||||
Amphenol Corp., Class A | 4,640 | 461,959 | ||||||
Keysight Technologies, Inc.* | 5,300 | 461,259 | ||||||
National Instruments Corp. | 5,461 | 257,213 | ||||||
nVent Electric plc | 3,037 | 84,884 | ||||||
Regal Beloit Corp. | 1,088 | 92,567 | ||||||
Roper Technologies, Inc. | 1,168 | 420,130 | ||||||
Sensata Technologies Holding plc* | 3,508 | 175,190 | ||||||
Waters Corp.* | 2,670 | 570,152 | ||||||
|
| |||||||
3,258,271 | ||||||||
|
| |||||||
Financial Services — 2.7% |
| |||||||
Ally Financial, Inc. | 5,950 | 176,775 | ||||||
Ameriprise Financial, Inc. | 1,422 | 208,707 | ||||||
CIT Group, Inc. | 3,495 | 186,179 | ||||||
Credit Acceptance Corp.* | 427 | 211,886 | ||||||
Discover Financial Services | 3,119 | 254,167 | ||||||
E*TRADE Financial Corp. | 3,728 | 188,860 | ||||||
Element Solutions, Inc.* | 41,183 | 447,247 | ||||||
Fidelity National Financial, Inc. | 5,031 | 200,988 | ||||||
Invesco Ltd. | 2,969 | 65,229 | ||||||
Jefferies Financial Group, Inc. | 10,297 | 211,809 | ||||||
LPL Financial Holdings, Inc. | 2,540 | 188,189 | ||||||
Moody’s Corp. | 1,600 | 314,592 | ||||||
MSCI, Inc. | 1,596 | 359,706 | ||||||
Nasdaq, Inc. | 2,645 | 243,869 | ||||||
Navient Corp. | 6,497 | 87,774 | ||||||
Raymond James Financial, Inc. | 2,270 | 207,864 | ||||||
Santander Consumer USA Holdings, Inc. | 15,315 | 326,975 | ||||||
SLM Corp. | 11,787 | 119,756 | ||||||
Synchrony Financial | 3,476 | 120,513 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Financial Services — continued |
| |||||||
T. Rowe Price Group, Inc. | 1,745 | 187,588 | ||||||
Western Union Co. (The) | 5,571 | 108,300 | ||||||
|
| |||||||
4,416,973 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 0.5% |
| |||||||
CenturyLink, Inc. | 36,762 | 419,822 | ||||||
Zayo Group Holdings, Inc.* | 15,049 | 470,883 | ||||||
|
| |||||||
890,705 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.3% |
| |||||||
AmerisourceBergen Corp. | 3,488 | 260,763 | ||||||
Casey’s General Stores, Inc. | 2,325 | 307,714 | ||||||
|
| |||||||
568,477 | ||||||||
|
| |||||||
Food Producers — 4.2% |
| |||||||
Campbell Soup Co. | 9,218 | 356,644 | ||||||
Flowers Foods, Inc. | 26,180 | 569,153 | ||||||
Herbalife Nutrition Ltd.* | 11,523 | 608,990 | ||||||
Hershey Co. (The) | 5,841 | 729,249 | ||||||
Hormel Foods Corp. | 14,908 | 595,425 | ||||||
Ingredion, Inc. | 3,771 | 357,302 | ||||||
JM Smucker Co. (The) | 4,635 | 568,390 | ||||||
Kellogg Co. | 9,183 | 553,735 | ||||||
Lamb Weston Holdings, Inc. | 7,677 | 537,774 | ||||||
McCormick & Co., Inc.(Non-Voting) | 4,774 | 735,053 | ||||||
Post Holdings, Inc.* | 5,518 | 622,320 | ||||||
TreeHouse Foods, Inc.* | 5,773 | 386,676 | ||||||
Tyson Foods, Inc., Class A | 4,654 | 349,097 | ||||||
|
| |||||||
6,969,808 | ||||||||
|
| |||||||
Forestry & Paper — 0.7% |
| |||||||
Domtar Corp. | 12,698 | 620,932 | ||||||
International Paper Co. | 10,456 | 489,445 | ||||||
|
| |||||||
1,110,377 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 2.8% |
| |||||||
Ameren Corp. | 9,076 | 660,461 | ||||||
American Water Works Co., Inc. | 6,391 | 691,442 | ||||||
Aqua America, Inc. | 2,051 | 80,112 | ||||||
Atmos Energy Corp. | 6,541 | 669,406 | ||||||
CenterPoint Energy, Inc. | 21,451 | 664,981 | ||||||
National Fuel Gas Co. | 9,166 | 542,719 | ||||||
UGI Corp. | 11,775 | 641,855 | ||||||
WEC Energy Group, Inc. | 8,477 | 664,851 | ||||||
|
| |||||||
4,615,827 | ||||||||
|
| |||||||
General Industrials — 1.1% |
| |||||||
AptarGroup, Inc. | 2,626 | 292,116 |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Industrials — continued |
| |||||||
Bemis Co., Inc. | 3,482 | 199,937 | ||||||
Fortive Corp. | 4,296 | 370,917 | ||||||
ITT, Inc. | 2,032 | 123,038 | ||||||
Packaging Corp. of America | 2,344 | 232,431 | ||||||
Parker-Hannifin Corp. | 1,422 | 257,496 | ||||||
Silgan Holdings, Inc. | 2,707 | 81,048 | ||||||
Sonoco Products Co. (a) | 3,068 | 193,468 | ||||||
Westrock Co. | 2,671 | 102,513 | ||||||
|
| |||||||
1,852,964 | ||||||||
|
| |||||||
General Retailers — 6.8% |
| |||||||
AutoZone, Inc.* | 490 | 503,872 | ||||||
Best Buy Co., Inc. | 7,400 | 550,634 | ||||||
Burlington Stores, Inc.* | 319 | 53,882 | ||||||
Copart, Inc.* | 10,822 | 728,537 | ||||||
Dick’s Sporting Goods, Inc. | 16,549 | 612,313 | ||||||
Dollar General Corp. | 5,459 | 688,325 | ||||||
Dollar Tree, Inc.* | 3,828 | 425,980 | ||||||
Foot Locker, Inc. | 4,000 | 228,840 | ||||||
frontdoor, Inc.* | 4,387 | 154,598 | ||||||
Gap, Inc. (The) | 7,779 | 202,876 | ||||||
Grand Canyon Education, Inc.* | 2,349 | 272,226 | ||||||
H&R Block, Inc. (a) | 24,359 | 662,808 | ||||||
Henry Schein, Inc.* | 7,205 | 461,552 | ||||||
KAR Auction Services, Inc. | 10,403 | 587,561 | ||||||
Kohl’s Corp. | 9,614 | 683,555 | ||||||
Macy’s, Inc. | 14,411 | 339,235 | ||||||
Nordstrom, Inc. | 10,187 | 417,871 | ||||||
Penske Automotive Group, Inc. | 3,958 | 181,751 | ||||||
Ross Stores, Inc. | 4,776 | 466,424 | ||||||
Service Corp. International | 13,662 | 568,476 | ||||||
ServiceMaster Global Holdings, Inc.* | 8,791 | 431,023 | ||||||
Tiffany & Co. | 3,870 | 417,263 | ||||||
Tractor Supply Co. | 6,783 | 702,041 | ||||||
Urban Outfitters, Inc.* | 11,993 | 356,552 | ||||||
Williams-Sonoma, Inc. (a) | 9,026 | 516,017 | ||||||
|
| |||||||
11,214,212 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.3% |
| |||||||
ABIOMED, Inc.* | 1,712 | 474,926 | ||||||
Acadia Healthcare Co., Inc.* | 3,509 | 112,358 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 1,741 | 523,919 | ||||||
Bruker Corp. | 7,365 | 284,289 | ||||||
Centene Corp.* | 9,049 | 466,566 | ||||||
Chemed Corp. | 1,472 | 481,020 | ||||||
Cooper Cos., Inc. (The) | 2,271 | 658,408 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Services — continued |
| |||||||
DaVita, Inc.* | 7,632 | 421,592 | ||||||
Dentsply Sirona, Inc. | 5,206 | 266,183 | ||||||
Edwards Lifesciences Corp.* | 3,754 | 660,967 | ||||||
Encompass Health Corp. | 7,679 | 494,912 | ||||||
Hill-Rom Holdings, Inc. | 6,096 | 618,256 | ||||||
Hologic, Inc.* | 11,179 | 518,482 | ||||||
ICU Medical, Inc.* | 1,141 | 259,577 | ||||||
IDEXX Laboratories, Inc.* | 2,747 | 637,304 | ||||||
Laboratory Corp. of America Holdings* | 3,730 | 596,502 | ||||||
MEDNAX, Inc.* | 9,050 | 253,128 | ||||||
Molina Healthcare, Inc.* | 4,601 | 596,428 | ||||||
Quest Diagnostics, Inc. | 6,042 | 582,328 | ||||||
ResMed, Inc. | 5,754 | 601,351 | ||||||
STERIS plc | 5,345 | 700,088 | ||||||
Teleflex, Inc. | 2,241 | 641,329 | ||||||
Universal Health Services, Inc., Class B | 4,370 | 554,422 | ||||||
Varian Medical Systems, Inc.* | 4,834 | 658,246 | ||||||
WellCare Health Plans, Inc.* | 2,303 | 594,980 | ||||||
West Pharmaceutical Services, Inc. | 5,386 | 666,733 | ||||||
Zimmer Biomet Holdings, Inc. | 4,612 | 568,014 | ||||||
|
| |||||||
13,892,308 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.2% |
| |||||||
Church & Dwight Co., Inc. | 9,865 | 739,382 | ||||||
Clorox Co. (The) | 4,091 | 653,455 | ||||||
DR Horton, Inc. | 9,830 | 435,567 | ||||||
Energizer Holdings, Inc. | 8,201 | 392,746 | ||||||
Fortune Brands Home & Security, Inc. | 3,479 | 183,621 | ||||||
Leggett & Platt, Inc. | 14,232 | 560,172 | ||||||
Lennar Corp., Class A | 6,661 | 346,572 | ||||||
Middleby Corp. (The)* | 1,704 | 225,150 | ||||||
NVR, Inc.* | 169 | 532,769 | ||||||
PulteGroup, Inc. | 24,037 | 756,204 | ||||||
Toll Brothers, Inc. | 5,950 | 226,695 | ||||||
Whirlpool Corp. | 1,886 | 261,815 | ||||||
|
| |||||||
5,314,148 | ||||||||
|
| |||||||
Industrial Engineering — 3.1% |
| |||||||
Allison Transmission Holdings, Inc. | 5,294 | 248,077 | ||||||
Crane Co. | 1,883 | 160,149 | ||||||
Cummins, Inc. | 1,497 | 248,936 | ||||||
Dover Corp. | 2,819 | 276,375 | ||||||
Graco, Inc. | 9,309 | 477,086 | ||||||
IDEX Corp. | 2,937 | 460,110 | ||||||
Ingersoll-Rand plc | 3,131 | 383,892 | ||||||
Lincoln Electric Holdings, Inc. | 2,938 | 256,399 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 125 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Industrial Engineering — continued |
| |||||||
Nordson Corp. | 1,337 | 195,135 | ||||||
Oshkosh Corp. | 2,486 | 205,319 | ||||||
PACCAR, Inc. | 3,108 | 222,750 | ||||||
Pentair plc | 3,018 | 117,672 | ||||||
Rockwell Automation, Inc. | 1,827 | 330,157 | ||||||
Snap-on, Inc. | 3,633 | 611,361 | ||||||
Toro Co. (The) | 9,427 | 689,585 | ||||||
Trinity Industries, Inc. | 2,495 | 53,792 | ||||||
Xylem, Inc. | 2,547 | 212,420 | ||||||
|
| |||||||
5,149,215 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.5% |
| |||||||
Freeport-McMoRan, Inc. | 50,121 | 616,990 | ||||||
Nucor Corp. | 10,672 | 609,051 | ||||||
Reliance Steel & Aluminum Co. | 7,243 | 666,066 | ||||||
Steel Dynamics, Inc. | 17,321 | 548,729 | ||||||
|
| |||||||
2,440,836 | ||||||||
|
| |||||||
Industrial Transportation — 0.9% |
| |||||||
CH Robinson Worldwide, Inc. | 3,265 | 264,465 | ||||||
Expeditors International of Washington, Inc. | 3,644 | 289,406 | ||||||
Kansas City Southern | 1,835 | 225,962 | ||||||
Landstar System, Inc. | 3,650 | 397,704 | ||||||
Macquarie Infrastructure Corp. | 2,901 | 117,519 | ||||||
Old Dominion Freight Line, Inc. | 1,582 | 236,161 | ||||||
|
| |||||||
1,531,217 | ||||||||
|
| |||||||
Leisure Goods — 1.6% |
| |||||||
Brunswick Corp. | 6,481 | 331,892 | ||||||
Garmin Ltd. | 7,699 | 660,112 | ||||||
Hasbro, Inc. | 3,831 | 390,225 | ||||||
Polaris Industries, Inc. | 2,497 | 240,711 | ||||||
Pool Corp. | 3,213 | 590,357 | ||||||
Take-Two Interactive Software, Inc.* | 3,033 | 293,686 | ||||||
Thor Industries, Inc. | 2,703 | 178,047 | ||||||
|
| |||||||
2,685,030 | ||||||||
|
| |||||||
Life Insurance — 0.5% |
| |||||||
Assurant, Inc. | 2,516 | 239,020 | ||||||
Lincoln National Corp. | 1,631 | 108,820 | ||||||
Principal Financial Group, Inc. | 3,574 | 204,290 | ||||||
Torchmark Corp. | 4,349 | 381,233 | ||||||
|
| |||||||
933,363 | ||||||||
|
| |||||||
Media — 2.4% |
| |||||||
Discovery, Inc., Class A* (a) | 13,611 | 420,580 | ||||||
Dolby Laboratories, Inc., Class A | 3,802 | 245,951 | ||||||
FactSet Research Systems, Inc. | 2,438 | 672,571 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Media — continued |
| |||||||
Graham Holdings Co., Class B | 485 | 360,563 | ||||||
Interpublic Group of Cos., Inc. (The) | 13,261 | 305,003 | ||||||
John Wiley & Sons, Inc., Class A | 1,653 | 76,335 | ||||||
Liberty Media Corp-Liberty SiriusXM, Class A* | 3,285 | 131,203 | ||||||
Morningstar, Inc. | 1,383 | 198,391 | ||||||
Omnicom Group, Inc. | 5,423 | 434,003 | ||||||
Sirius XM Holdings, Inc. | 76,323 | 443,437 | ||||||
Tribune Media Co., Class A | 10,487 | 484,499 | ||||||
Viacom, Inc., Class B | 8,978 | 259,554 | ||||||
|
| |||||||
4,032,090 | ||||||||
|
| |||||||
Mining — 0.7% |
| |||||||
Newmont Goldcorp Corp. | 16,934 | 525,970 | ||||||
Royal Gold, Inc. | 7,311 | 636,496 | ||||||
|
| |||||||
1,162,466 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.8% |
| |||||||
Sprint Corp.* (a) | 76,350 | 426,033 | ||||||
Telephone & Data Systems, Inc. | 17,361 | 553,469 | ||||||
United States Cellular Corp.* | 6,123 | 294,516 | ||||||
|
| |||||||
1,274,018 | ||||||||
|
| |||||||
Nonlife Insurance — 2.6% |
| |||||||
Alleghany Corp.* | 434 | 285,086 | ||||||
American Financial Group, Inc. | 3,909 | 404,699 | ||||||
Arch Capital Group Ltd.* | 393 | 13,276 | ||||||
Arthur J Gallagher & Co. | 5,441 | 454,976 | ||||||
Assured Guaranty Ltd. | 3,403 | 162,323 | ||||||
Axis Capital Holdings Ltd. | 4,319 | 245,535 | ||||||
Brown & Brown, Inc. | 11,953 | 379,508 | ||||||
Cincinnati Financial Corp. | 3,404 | 327,397 | ||||||
CNA Financial Corp. | 218 | 10,100 | ||||||
Everest Re Group Ltd. | 843 | 198,527 | ||||||
First American Financial Corp. | 2,585 | 147,500 | ||||||
Hanover Insurance Group, Inc. (The) | 1,267 | 152,813 | ||||||
Loews Corp. | 5,484 | 281,274 | ||||||
Mercury General Corp. | 2,029 | 109,120 | ||||||
Old Republic International Corp. | 18,772 | 419,742 | ||||||
Reinsurance Group of America, Inc. | 1,687 | 255,597 | ||||||
WR Berkley Corp. | 6,423 | 393,730 | ||||||
|
| |||||||
4,241,203 | ||||||||
|
| |||||||
Oil & Gas Producers — 4.2% |
| |||||||
Apache Corp. | 14,615 | 480,980 | ||||||
Cabot Oil & Gas Corp. | 20,826 | 539,185 | ||||||
Cheniere Energy, Inc.* | 6,118 | 393,693 | ||||||
CNX Resources Corp.* | 34,822 | 312,005 |
SEE NOTES TO FINANCIAL STATEMENTS.
126 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil & Gas Producers — continued |
| |||||||
Continental Resources, Inc.* | 10,868 | 499,819 | ||||||
Devon Energy Corp. | 16,432 | 528,125 | ||||||
Diamondback Energy, Inc. | 3,208 | 341,299 | ||||||
Hess Corp. | 8,952 | 574,002 | ||||||
HollyFrontier Corp. | 12,625 | 602,591 | ||||||
Marathon Oil Corp. | 39,108 | 666,400 | ||||||
Murphy Oil Corp. | 16,777 | 457,006 | ||||||
PBF Energy, Inc., Class A | 15,605 | 524,016 | ||||||
SM Energy Co. | 128 | 2,039 | ||||||
Targa Resources Corp. | 10,808 | 433,941 | ||||||
Whiting Petroleum Corp.* | 19,895 | 544,924 | ||||||
|
| |||||||
6,900,025 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.7% |
| |||||||
Apergy Corp.* | 4,756 | 188,766 | ||||||
Helmerich & Payne, Inc. | 8,946 | 523,520 | ||||||
National Oilwell Varco, Inc. | 15,035 | 393,015 | ||||||
OGE Energy Corp. | 15,203 | 643,695 | ||||||
ONEOK, Inc. | 8,101 | 550,301 | ||||||
RPC, Inc. (a) | 11,377 | 117,069 | ||||||
Williams Cos., Inc. (The) | 17,883 | 506,626 | ||||||
|
| |||||||
2,922,992 | ||||||||
|
| |||||||
Personal Goods — 2.9% |
| |||||||
Capri Holdings Ltd.* | 8,741 | 385,303 | ||||||
Carter’s, Inc. | 4,922 | 521,289 | ||||||
Columbia Sportswear Co. | 5,285 | 528,341 | ||||||
Hanesbrands, Inc. | 9,937 | 179,562 | ||||||
Lululemon Athletica, Inc.* | 4,315 | 760,950 | ||||||
Nu Skin Enterprises, Inc., Class A | 6,549 | 333,148 | ||||||
PVH Corp. | 2,726 | 351,627 | ||||||
Ralph Lauren Corp. | 5,165 | 679,611 | ||||||
Tapestry, Inc. | 12,405 | 400,309 | ||||||
Under Armour, Inc., Class C* | 2,782 | 57,643 | ||||||
VF Corp. | 6,529 | 616,403 | ||||||
|
| |||||||
4,814,186 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 2.4% |
| |||||||
Bio-Techne Corp. | 3,340 | 683,331 | ||||||
Cardinal Health, Inc. | 5,233 | 254,899 | ||||||
Charles River Laboratories International, Inc.* | 4,547 | 638,717 | ||||||
Ionis Pharmaceuticals, Inc.* | 4,533 | 336,938 | ||||||
IQVIA Holdings, Inc.* | 4,616 | 641,162 | ||||||
Jazz Pharmaceuticals plc* | 2,974 | 385,936 | ||||||
Mylan NV* | 13,019 | 351,383 | ||||||
Perrigo Co. plc | 6,877 | 329,546 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
United Therapeutics Corp.* | 4,691 | 481,156 | ||||||
|
| |||||||
4,103,068 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.2% |
| |||||||
CBRE Group, Inc., Class A* | 3,565 | 185,630 | ||||||
Jones Lang LaSalle, Inc. | 809 | 125,047 | ||||||
|
| |||||||
310,677 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 6.0% |
| |||||||
AGNC Investment Corp. | 11,959 | 212,751 | ||||||
Alexandria Real Estate Equities, Inc. | 1,422 | 202,479 | ||||||
American Campus Communities, Inc. | 944 | 44,557 | ||||||
Annaly Capital Management, Inc. | 19,562 | 197,381 | ||||||
AvalonBay Communities, Inc. | 1,526 | 306,619 | ||||||
Brandywine Realty Trust | 6,562 | 100,989 | ||||||
Brixmor Property Group, Inc. | 4,065 | 72,682 | ||||||
Camden Property Trust | 1,847 | 185,901 | ||||||
Chimera Investment Corp. | 34,669 | 664,605 | ||||||
CoreSite Realty Corp. | 1,321 | 144,531 | ||||||
CubeSmart | 484 | 15,444 | ||||||
Digital Realty Trust, Inc. | 1,845 | 217,175 | ||||||
Douglas Emmett, Inc. | 5,385 | 221,808 | ||||||
Duke Realty Corp. | 7,659 | 238,348 | ||||||
EPR Properties | 1,470 | 115,924 | ||||||
Equity Commonwealth | 4,073 | 129,521 | ||||||
Equity LifeStyle Properties, Inc. | 1,987 | 231,883 | ||||||
Essex Property Trust, Inc. | 429 | 121,192 | ||||||
Extra Space Storage, Inc. | 2,046 | 212,150 | ||||||
Federal Realty Investment Trust | 276 | 36,943 | ||||||
Gaming and Leisure Properties, Inc. | 4,447 | 179,570 | ||||||
HCP, Inc. | 21,008 | 625,618 | ||||||
Highwoods Properties, Inc. | 2,541 | 113,278 | ||||||
Hospitality Properties Trust | 5,753 | 149,578 | ||||||
Host Hotels & Resorts, Inc. | 8,809 | 169,485 | ||||||
Hudson Pacific Properties, Inc. | 3,438 | 119,849 | ||||||
Iron Mountain, Inc. | 3,112 | 101,078 | ||||||
Kilroy Realty Corp. | 2,106 | 161,972 | ||||||
Lamar Advertising Co., Class A | 2,610 | 215,769 | ||||||
Liberty Property Trust | 4,600 | 228,344 | ||||||
Medical Properties Trust, Inc. | 35,462 | 619,167 | ||||||
MFA Financial, Inc. | 41,727 | 313,370 | ||||||
Mid-America Apartment Communities, Inc. | 1,296 | 141,795 | ||||||
National Retail Properties, Inc. | 1,637 | 86,139 | ||||||
New Residential Investment Corp. | 39,082 | 656,968 | ||||||
Omega Healthcare Investors, Inc. | 3,352 | 118,627 | ||||||
Outfront Media, Inc. | 4,963 | 118,268 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 127 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Investment Trusts — continued |
| |||||||
Park Hotels & Resorts, Inc. | 20,694 | 663,864 | ||||||
Retail Value, Inc. | 146 | 4,891 | ||||||
Senior Housing Properties Trust | 7,782 | 62,489 | ||||||
SITE Centers Corp. | 1,299 | 17,199 | ||||||
Starwood Property Trust, Inc. | 28,820 | 664,301 | ||||||
Sun Communities, Inc. | 1,443 | 177,604 | ||||||
Taubman Centers, Inc. | 1,884 | 92,881 | ||||||
Two Harbors Investment Corp. | 11,861 | 164,393 | ||||||
Vornado Realty Trust | 591 | 40,862 | ||||||
Weingarten Realty Investors | 3,398 | 98,338 | ||||||
Welltower, Inc. | 2,956 | 220,311 | ||||||
WP Carey, Inc. | 1,532 | 121,518 | ||||||
|
| |||||||
10,120,409 | ||||||||
|
| |||||||
Software & Computer Services — 5.7% |
| |||||||
Akamai Technologies, Inc.* | 602 | 48,196 | ||||||
Amdocs Ltd. | 9,904 | 545,512 | ||||||
ANSYS, Inc.* | 3,053 | 597,778 | ||||||
Cadence Design Systems, Inc.* | 11,174 | 775,252 | ||||||
CDW Corp. | 6,915 | 730,224 | ||||||
Cerner Corp.* | 5,519 | 366,737 | ||||||
Citrix Systems, Inc. | 6,127 | 618,582 | ||||||
Covetrus, Inc.* (a) | 2,955 | 97,131 | ||||||
Dell Technologies, Inc., Class C* | 3,183 | 214,566 | ||||||
DXC Technology Co. | 3,634 | 238,899 | ||||||
IAC/InterActiveCorp* | 2,307 | 518,706 | ||||||
Leidos Holdings, Inc. | 8,564 | 629,283 | ||||||
LogMeIn, Inc. | 2,730 | 224,952 | ||||||
Manhattan Associates, Inc.* | 4,853 | 327,335 | ||||||
PTC, Inc.* | 6,261 | 566,433 | ||||||
Red Hat, Inc.* | 3,429 | 625,895 | ||||||
SS&C Technologies Holdings, Inc. | 10,499 | 710,362 | ||||||
Synopsys, Inc.* | 6,384 | 772,975 | ||||||
Teradata Corp.* | 1,468 | 66,750 | ||||||
Ultimate Software Group, Inc. (The)* | 276 | 91,259 | ||||||
VeriSign, Inc.* | 3,647 | 720,100 | ||||||
|
| |||||||
9,486,927 | ||||||||
|
| |||||||
Support Services — 2.9% |
| |||||||
Booz Allen Hamilton Holding Corp. | 3,452 | 204,669 | ||||||
Broadridge Financial Solutions, Inc. (a) | 5,160 | 609,551 | ||||||
Cintas Corp. | 1,548 | 336,133 | ||||||
Fastenal Co. | 2,695 | 190,132 | ||||||
Fidelity National Information Services, Inc. | 3,186 | 369,353 | ||||||
First Data Corp., Class A* | 10,957 | 283,348 | ||||||
Fiserv, Inc.* | 4,449 | 388,131 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Support Services — continued |
| |||||||
Jack Henry & Associates, Inc. (a) | 3,049 | 454,484 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,793 | 149,985 | ||||||
Paychex, Inc. | 3,742 | 315,488 | ||||||
Republic Services, Inc. | 5,680 | 470,418 | ||||||
Robert Half International, Inc. | 4,073 | 252,893 | ||||||
Total System Services, Inc. | 3,131 | 320,114 | ||||||
TransUnion | 4,034 | 280,968 | ||||||
Worldpay, Inc., Class A* | 272 | 31,881 | ||||||
WW Grainger, Inc. | 641 | 180,762 | ||||||
|
| |||||||
4,838,310 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.3% |
| |||||||
Analog Devices, Inc. | 5,307 | 616,886 | ||||||
Cypress Semiconductor Corp. | 21,913 | 376,465 | ||||||
F5 Networks, Inc.* | 2,864 | 449,362 | ||||||
Harris Corp. | 3,436 | 578,966 | ||||||
Juniper Networks, Inc. | 16,297 | 452,568 | ||||||
KLA-Tencor Corp. | 3,718 | 473,971 | ||||||
Lam Research Corp. | 1,656 | 343,504 | ||||||
Marvell Technology Group Ltd. | 10,505 | 262,835 | ||||||
Maxim Integrated Products, Inc. | 7,642 | 458,520 | ||||||
Motorola Solutions, Inc. | 4,518 | 654,703 | ||||||
NetApp, Inc. | 4,833 | 352,084 | ||||||
ON Semiconductor Corp.* | 13,177 | 303,862 | ||||||
Qorvo, Inc.* | 4,515 | 341,379 | ||||||
Skyworks Solutions, Inc. | 3,193 | 281,559 | ||||||
Teradyne, Inc. | 8,054 | 394,646 | ||||||
Western Digital Corp. | 2,746 | 140,376 | ||||||
Xilinx, Inc. | 5,160 | 619,922 | ||||||
|
| |||||||
7,101,608 | ||||||||
|
| |||||||
Travel & Leisure — 3.9% |
| |||||||
Alaska Air Group, Inc. | 880 | 54,472 | ||||||
Choice Hotels International, Inc. | 5,921 | 491,680 | ||||||
Cinemark Holdings, Inc. | 10,104 | 424,873 | ||||||
Copa Holdings SA, Class A (Panama) | 3,403 | 283,334 | ||||||
Darden Restaurants, Inc. | 4,529 | 532,610 | ||||||
Dunkin’ Brands Group, Inc. | 6,237 | 465,467 | ||||||
Extended Stay America, Inc. | 23,125 | 414,169 | ||||||
Hilton Worldwide Holdings, Inc. | 5,952 | 517,764 | ||||||
Hyatt Hotels Corp., Class A | 6,106 | 468,513 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 4,763 | 268,586 | ||||||
Royal Caribbean Cruises Ltd. | 2,425 | 293,280 | ||||||
Sabre Corp. | 14,867 | 308,639 | ||||||
Six Flags Entertainment Corp. | 7,753 | 411,607 | ||||||
United Continental Holdings, Inc.* | 891 | 79,174 |
SEE NOTES TO FINANCIAL STATEMENTS.
128 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Travel & Leisure — continued |
| |||||||
Vail Resorts, Inc. | 1,936 | 443,055 | ||||||
Wendy’s Co. (The) | 22,868 | 425,573 | ||||||
Wyndham Destinations, Inc. | 7,825 | 340,857 | ||||||
Yum China Holdings, Inc. (China) | 8,127 | 386,358 | ||||||
|
| |||||||
6,610,011 | ||||||||
|
| |||||||
Total Common Stocks | 166,643,779 | |||||||
|
| |||||||
Short-Term Investments — 0.2% |
| |||||||
Investment Companies — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) | 328,616 | 328,616 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 1.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (b) (c) | 1,999,800 | 2,000,000 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) | 975,516 | 975,516 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 2,975,516 | |||||||
|
| |||||||
Total Investments — 101.8% | 169,947,911 | |||||||
Liabilities in Excess of | (2,926,873 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 167,021,038 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $2,875,507. | |
(b) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P Midcap 400E-Mini Index | 2 | 06/2019 | USD | 394,580 | 14,916 | |||||||||||||||
|
| |||||||||||||||||||
14,916 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 129 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
AAR Corp. | 3,101 | 104,721 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 4,217 | 142,788 | ||||||
Aerovironment, Inc.* | 2,123 | 145,553 | ||||||
Allegheny Technologies, Inc.* (a) | 4,758 | 118,569 | ||||||
Cubic Corp. | 2,078 | 117,989 | ||||||
ManTech International Corp., Class A | 1,333 | 82,633 | ||||||
Moog, Inc., Class A | 3,814 | 357,143 | ||||||
RBC Bearings, Inc.* | 2,228 | 306,461 | ||||||
|
| |||||||
1,375,857 | ||||||||
|
| |||||||
Alternative Energy — 0.5% |
| |||||||
Enphase Energy, Inc.* (a) | 13,079 | 131,313 | ||||||
Green Plains, Inc. | 11,901 | 206,720 | ||||||
Pacific Ethanol, Inc.* | 448 | 488 | ||||||
Renewable Energy Group, Inc.* | 6,091 | 146,915 | ||||||
REX American Resources Corp.* | 3,363 | 284,207 | ||||||
|
| |||||||
769,643 | ||||||||
|
| |||||||
Automobiles & Parts — 2.0% |
| |||||||
American Axle & Manufacturing Holdings, Inc.* | 17,206 | 253,789 | ||||||
Cooper Tire & Rubber Co. | 17,961 | 536,315 | ||||||
Cooper-Standard Holdings, Inc.* | 4,418 | 223,860 | ||||||
Dana, Inc. | 15,676 | 305,682 | ||||||
Dorman Products, Inc.* | 8,692 | 762,028 | ||||||
Gentherm, Inc.* | 9,650 | 408,774 | ||||||
Meritor, Inc.* | 17,072 | 414,167 | ||||||
Modine Manufacturing Co.* | 4,094 | 60,550 | ||||||
Stoneridge, Inc.* | 3,635 | 114,248 | ||||||
Superior Industries International, Inc. | 10,800 | 53,460 | ||||||
Tenneco, Inc., Class A | 10,135 | 222,159 | ||||||
Titan International, Inc. | 17,069 | 118,288 | ||||||
|
| |||||||
3,473,320 | ||||||||
|
| |||||||
Banks — 3.9% |
| |||||||
1st Source Corp. | 807 | 37,792 | ||||||
Ameris Bancorp | 2,320 | 84,587 | ||||||
AmeriServ Financial, Inc. | 2,988 | 12,340 | ||||||
Axos Financial, Inc.* | 3,444 | 112,688 | ||||||
BancFirst Corp. | 1,746 | 98,474 | ||||||
BancorpSouth Bank | 2,762 | 84,186 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 2,855 | 114,257 | ||||||
Banner Corp. | 1,925 | 102,063 | ||||||
Brookline Bancorp, Inc. | 5,530 | 83,226 | ||||||
Cadence BanCorp | 5,518 | 125,534 | ||||||
Capital City Bank Group, Inc. | 586 | 13,443 | ||||||
Capitol Federal Financial, Inc. | 10,013 | 138,179 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
Cathay General Bancorp | 2,312 | 85,058 | ||||||
CenterState Bank Corp. | 3,793 | 93,611 | ||||||
Chemical Financial Corp. | 540 | 23,722 | ||||||
Columbia Banking System, Inc. | 2,985 | 112,057 | ||||||
Community Bank System, Inc. (a) | 2,899 | 192,668 | ||||||
Community Trust Bancorp, Inc. | 1,970 | 83,233 | ||||||
CVB Financial Corp. | 2,416 | 52,427 | ||||||
Dime Community Bancshares, Inc. (a) | 6,750 | 136,012 | ||||||
First BanCorp (Puerto Rico) | 9,846 | 111,260 | ||||||
First Busey Corp. | 220 | 5,685 | ||||||
First Financial Bancorp | 2,025 | 50,828 | ||||||
First Financial Bankshares, Inc. | 1,870 | 115,042 | ||||||
First Financial Corp. | 539 | 22,191 | ||||||
First Merchants Corp. | 655 | 24,019 | ||||||
First Midwest Bancorp, Inc. | 2,361 | 50,691 | ||||||
Fulton Financial Corp. | 6,025 | 103,931 | ||||||
Glacier Bancorp, Inc. | 2,316 | 98,638 | ||||||
Great Western Bancorp, Inc. | 3,346 | 117,679 | ||||||
Hancock Whitney Corp. | 2,251 | 98,459 | ||||||
Home BancShares, Inc. | 5,076 | 97,408 | ||||||
Hope Bancorp, Inc. | 7,660 | 107,700 | ||||||
Houlihan Lokey, Inc. | 2,688 | 132,572 | ||||||
IBERIABANK Corp. | 1,411 | 112,175 | ||||||
Independent Bank Corp. | 2,603 | 208,839 | ||||||
Investors Bancorp, Inc. | 14,786 | 173,736 | ||||||
Kearny Financial Corp. | 8,304 | 116,256 | ||||||
NBT Bancorp, Inc. | 989 | 37,602 | ||||||
Northwest Bancshares, Inc. | 7,755 | 135,170 | ||||||
OceanFirst Financial Corp. | 6,471 | 162,940 | ||||||
OFG Bancorp (Puerto Rico) | 2,086 | 42,095 | ||||||
Old National Bancorp | 7,088 | 121,063 | ||||||
Oritani Financial Corp. | 6,133 | 106,407 | ||||||
Renasant Corp. | 1,094 | 39,668 | ||||||
Republic Bancorp, Inc., Class A | 1,536 | 72,591 | ||||||
S&T Bancorp, Inc. | 1,759 | 70,501 | ||||||
Sandy Spring Bancorp, Inc. | 667 | 23,272 | ||||||
Simmons First National Corp., Class A (a) | 3,916 | 99,427 | ||||||
TrustCo Bank Corp. | 6,792 | 54,336 | ||||||
Trustmark Corp. (a) | 4,027 | 144,811 | ||||||
UMB Financial Corp. | 1,638 | 114,431 | ||||||
Union Bankshares Corp. | 3,018 | 110,157 | ||||||
United Bankshares, Inc. (a) | 3,353 | 131,572 | ||||||
United Community Banks, Inc. | 5,128 | 143,994 | ||||||
Valley National Bancorp (a) | 14,521 | 152,180 | ||||||
Washington Federal, Inc. (a) | 5,190 | 171,997 | ||||||
Webster Financial Corp. | 18,838 | 1,000,863 |
SEE NOTES TO FINANCIAL STATEMENTS.
130 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Banks — continued |
| |||||||
WesBanco, Inc. (a) | 4,638 | 187,004 | ||||||
Westamerica Bancorp | 1,596 | 102,495 | ||||||
|
| |||||||
6,757,242 | ||||||||
|
| |||||||
Beverages — 1.2% |
| |||||||
Boston Beer Co., Inc. (The), Class A* | 3,457 | 1,071,705 | ||||||
Coca-Cola Consolidated, Inc. | 2,388 | 776,172 | ||||||
National Beverage Corp. (a) | 4,097 | 229,432 | ||||||
|
| |||||||
2,077,309 | ||||||||
|
| |||||||
Chemicals — 3.5% |
| |||||||
AdvanSix, Inc.* | 3,995 | 120,769 | ||||||
American Vanguard Corp. | 3,144 | 49,487 | ||||||
Balchem Corp. | 4,596 | 466,540 | ||||||
Ferro Corp.* | 15,338 | 274,090 | ||||||
GCP Applied Technologies, Inc.* | 2,480 | 71,399 | ||||||
HB Fuller Co. | 9,861 | 482,893 | ||||||
Ingevity Corp.* | 3,479 | 400,120 | ||||||
Innophos Holdings, Inc. | 2,989 | 96,216 | ||||||
Innospec, Inc. | 4,811 | 408,069 | ||||||
Koppers Holdings, Inc.* | 2,449 | 65,486 | ||||||
Kraton Corp.* | 7,220 | 236,960 | ||||||
Kronos Worldwide, Inc. | 5,033 | 68,449 | ||||||
LSB Industries, Inc.* | 2,998 | 17,538 | ||||||
Materion Corp. | 2,100 | 121,863 | ||||||
Minerals Technologies, Inc. | 13,687 | 859,133 | ||||||
PolyOne Corp. | 7,140 | 197,350 | ||||||
Quaker Chemical Corp. | 559 | 125,115 | ||||||
Rayonier Advanced Materials, Inc. | 8,851 | 131,349 | ||||||
Sensient Technologies Corp. (a) | 16,192 | 1,135,383 | ||||||
Stepan Co. | 3,517 | 325,463 | ||||||
Tredegar Corp. | 3,455 | 62,259 | ||||||
Trinseo SA | 4,375 | 196,656 | ||||||
Tronox Holdings plc, Class A | 7,111 | 100,550 | ||||||
|
| |||||||
6,013,137 | ||||||||
|
| |||||||
Construction & Materials — 2.2% |
| |||||||
Advanced Drainage Systems, Inc. | 4,095 | 114,865 | ||||||
Aegion Corp.* | 3,742 | 74,503 | ||||||
Apogee Enterprises, Inc. | 4,417 | 178,005 | ||||||
Argan, Inc. | 1,758 | 84,067 | ||||||
Boise Cascade Co. | 3,966 | 109,818 | ||||||
Builders FirstSource, Inc.* | 6,203 | 85,477 | ||||||
Dycom Industries, Inc.* | 1,664 | 82,518 | ||||||
EMCOR Group, Inc. | 2,635 | 221,709 | ||||||
Generac Holdings, Inc.* | 2,030 | 111,630 | ||||||
Gibraltar Industries, Inc.* | 2,408 | 95,525 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Construction & Materials — continued |
| |||||||
GMS, Inc.* | 3,570 | 62,903 | ||||||
Granite Construction, Inc. | 1,320 | 59,255 | ||||||
Griffon Corp. | 5,729 | 112,403 | ||||||
Installed Building Products, Inc.* | 2,094 | 100,575 | ||||||
JELD-WEN Holding, Inc.* | 4,059 | 80,165 | ||||||
KBR, Inc. | 6,562 | 145,808 | ||||||
LB Foster Co., Class A* | 875 | 18,804 | ||||||
Louisiana-Pacific Corp. | 6,074 | 152,154 | ||||||
Masonite International Corp.* | 1,983 | 102,105 | ||||||
MasTec, Inc.* (a) | 3,430 | 173,729 | ||||||
Mueller Water Products, Inc., Class A | 11,780 | 126,399 | ||||||
NCI Building Systems, Inc.* | 668 | 3,821 | ||||||
Patrick Industries, Inc.* | 2,543 | 126,819 | ||||||
PGT Innovations, Inc.* | 6,468 | 94,821 | ||||||
Quanex Building Products Corp. | 4,777 | 79,872 | ||||||
Simpson Manufacturing Co., Inc. | 3,528 | 224,663 | ||||||
TopBuild Corp.* | 3,861 | 275,019 | ||||||
Trex Co., Inc.* | 1,276 | 88,389 | ||||||
Tutor Perini Corp.* | 3,475 | 69,396 | ||||||
Universal Forest Products, Inc. | 8,224 | 303,877 | ||||||
US Concrete, Inc.* | 1,768 | 83,326 | ||||||
Watts Water Technologies, Inc., Class A | 2,774 | 237,427 | ||||||
|
| |||||||
3,879,847 | ||||||||
|
| |||||||
Electricity — 6.4% |
| |||||||
ALLETE, Inc. | 14,121 | 1,150,155 | ||||||
Atlantica Yield plc (Spain) | 2,363 | 48,418 | ||||||
Black Hills Corp. | 16,391 | 1,192,609 | ||||||
El Paso Electric Co. | 12,211 | 746,214 | ||||||
IDACORP, Inc. | 11,364 | 1,125,263 | ||||||
MGE Energy, Inc. | 6,521 | 442,059 | ||||||
NorthWestern Corp. | 15,248 | 1,065,073 | ||||||
Ormat Technologies, Inc. | 19,894 | 1,161,014 | ||||||
Pattern Energy Group, Inc., Class A | 28,986 | 670,156 | ||||||
PNM Resources, Inc. | 25,095 | 1,165,412 | ||||||
Portland General Electric Co. | 21,896 | 1,145,380 | ||||||
Sunrun, Inc.* (a) | 40,210 | 611,594 | ||||||
TerraForm Power, Inc., Class A | 39,268 | 532,474 | ||||||
|
| |||||||
11,055,821 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.9% |
| |||||||
Anixter International, Inc.* | 1,868 | 117,441 | ||||||
Atkore International Group, Inc.* | 5,238 | 129,693 | ||||||
AZZ, Inc. | 3,913 | 185,828 | ||||||
Badger Meter, Inc. | 4,117 | 228,411 | ||||||
Belden, Inc. | 1,817 | 100,934 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 131 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electronic & Electrical Equipment — continued |
| |||||||
Benchmark Electronics, Inc. | 2,643 | 71,440 | ||||||
Brady Corp., Class A | 2,477 | 120,853 | ||||||
CTS Corp. | 1,151 | 34,472 | ||||||
Daktronics, Inc. | 6,098 | 46,223 | ||||||
Encore Wire Corp. | 2,866 | 169,925 | ||||||
EnerSys | 2,187 | 151,319 | ||||||
ESCO Technologies, Inc. | 1,768 | 132,600 | ||||||
Fabrinet (Thailand)* | 3,307 | 200,140 | ||||||
II-VI, Inc.* | 1,991 | 79,321 | ||||||
Integer Holdings Corp.* | 4,545 | 314,014 | ||||||
LSI Industries, Inc. | 10,091 | 34,309 | ||||||
Methode Electronics, Inc. | 2,655 | 78,349 | ||||||
MTS Systems Corp. | 4,915 | 270,227 | ||||||
Novanta, Inc.* | 2,080 | 181,002 | ||||||
Park Electrochemical Corp. | 3,539 | 58,217 | ||||||
Plexus Corp.* | 3,127 | 188,183 | ||||||
TTM Technologies, Inc.* | 4,810 | 63,684 | ||||||
Veeco Instruments, Inc.* | 2,155 | 26,248 | ||||||
Vicor Corp.* | 1,463 | 54,877 | ||||||
Vishay Intertechnology, Inc. | 6,229 | 123,397 | ||||||
|
| |||||||
3,161,107 | ||||||||
|
| |||||||
Financial Services — 0.4% |
| |||||||
Clearway Energy, Inc., Class A | 4,303 | 66,137 | ||||||
Clearway Energy, Inc., Class C | 6,308 | 100,108 | ||||||
Encore Capital Group, Inc.* | 2,542 | 71,837 | ||||||
EZCORP, Inc., Class A* | 2,199 | 23,903 | ||||||
FirstCash, Inc. | 1,772 | 173,089 | ||||||
MGIC Investment Corp.* | 10,413 | 152,446 | ||||||
PRA Group, Inc.* (a) | 1,689 | 47,495 | ||||||
Stewart Information Services Corp. | 2,414 | 102,619 | ||||||
World Acceptance Corp.* | 759 | 98,662 | ||||||
|
| |||||||
836,296 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.0% |
| |||||||
8x8, Inc.* (a) | 19,553 | 467,708 | ||||||
Alaska Communications Systems Group, Inc.* | 10,010 | 17,417 | ||||||
IDT Corp., Class B* | 18,864 | 134,312 | ||||||
Vonage Holdings Corp.* | 105,916 | 1,029,504 | ||||||
|
| |||||||
1,648,941 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.5% |
| |||||||
Core-Mark Holding Co., Inc. | 3,328 | 120,973 | ||||||
Diplomat Pharmacy, Inc.* | 3,095 | 17,270 | ||||||
GNC Holdings, Inc., Class A* (a) | 5,082 | 11,282 | ||||||
Ingles Markets, Inc., Class A | 2,331 | 63,986 | ||||||
Performance Food Group Co.* | 4,975 | 203,726 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Food & Drug Retailers — continued |
| |||||||
PetMed Express, Inc. (a) | 8,873 | 193,875 | ||||||
Simply Good Foods Co. (The)* (a) | 5,852 | 131,436 | ||||||
SpartanNash Co. | 9,676 | 156,461 | ||||||
United Natural Foods, Inc.* | 2,482 | 32,067 | ||||||
|
| |||||||
931,076 | ||||||||
|
| |||||||
Food Producers — 4.6% |
| |||||||
Andersons, Inc. (The) | 10,292 | 336,548 | ||||||
B&G Foods, Inc. (a) | 11,137 | 289,562 | ||||||
Calavo Growers, Inc. (a) | 4,562 | 437,085 | ||||||
Cal-Maine Foods, Inc. | 8,258 | 339,486 | ||||||
Darling Ingredients, Inc.* | 22,093 | 481,848 | ||||||
Dean Foods Co. (a) | 21,070 | 35,819 | ||||||
Farmer Brothers Co.* | 872 | 17,580 | ||||||
Fresh Del Monte Produce, Inc. | 20,533 | 605,929 | ||||||
Hostess Brands, Inc.* | 26,432 | 354,189 | ||||||
J&J Snack Foods Corp. | 4,929 | 774,740 | ||||||
Lancaster Colony Corp. | 7,485 | 1,113,094 | ||||||
Medifast, Inc. | 5,255 | 770,856 | ||||||
MGP Ingredients, Inc. (a) | 4,550 | 399,808 | ||||||
Nature’s Sunshine Products, Inc.* | 1,095 | 9,855 | ||||||
Sanderson Farms, Inc. (a) | 3,586 | 543,745 | ||||||
Seaboard Corp. | 37 | 166,337 | ||||||
Tootsie Roll Industries, Inc. | 10,222 | 396,920 | ||||||
USANA Health Sciences, Inc.* | 11,358 | 947,939 | ||||||
|
| |||||||
8,021,340 | ||||||||
|
| |||||||
Forestry & Paper — 0.4% |
| |||||||
Clearwater Paper Corp.* | 3,498 | 70,555 | ||||||
PH Glatfelter Co. | 13,000 | 205,140 | ||||||
Schweitzer-Mauduit International, Inc. | 12,037 | 428,156 | ||||||
Verso Corp., Class A* | 4,333 | 96,713 | ||||||
|
| |||||||
800,564 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 6.1% |
| |||||||
American States Water Co. | 16,177 | 1,151,317 | ||||||
Avista Corp. | 27,708 | 1,195,323 | ||||||
California Water Service Group | 20,786 | 1,047,406 | ||||||
Connecticut Water Service, Inc. | 3,324 | 227,927 | ||||||
New Jersey Resources Corp. | 22,359 | 1,119,739 | ||||||
Northwest Natural Holding Co. | 10,029 | 670,840 | ||||||
ONE Gas, Inc. | 12,747 | 1,128,364 | ||||||
SJW Group (a) | 7,852 | 487,295 | ||||||
South Jersey Industries, Inc. | 34,771 | 1,116,844 | ||||||
Southwest Gas Holdings, Inc. | 12,279 | 1,021,490 | ||||||
Spark Energy, Inc., Class A (a) | 18,998 | 179,721 | ||||||
Spire, Inc. | 13,746 | 1,157,276 | ||||||
|
| |||||||
10,503,542 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
132 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Industrials — 0.7% |
| |||||||
Actuant Corp., Class A | 3,000 | 76,740 | ||||||
Greif, Inc., Class A | 3,307 | 130,692 | ||||||
Harsco Corp.* | 4,133 | 93,571 | ||||||
Multi-Color Corp. | 1,742 | 86,926 | ||||||
Myers Industries, Inc. | 3,230 | 57,785 | ||||||
NACCO Industries, Inc., Class A | 2,306 | 94,292 | ||||||
Otter Tail Corp. | 7,856 | 403,013 | ||||||
TriMas Corp.* | 3,555 | 109,956 | ||||||
|
| |||||||
1,052,975 | ||||||||
|
| |||||||
General Retailers — 6.6% |
| |||||||
Aaron’s, Inc. | 4,306 | 239,801 | ||||||
Abercrombie & Fitch Co., Class A | 4,299 | 128,497 | ||||||
Adtalem Global Education, Inc.* | 5,427 | 267,660 | ||||||
AMERCO | 2,811 | 1,048,981 | ||||||
American Eagle Outfitters, Inc. | 11,203 | 266,407 | ||||||
American Public Education, Inc.* | 4,448 | 142,336 | ||||||
Asbury Automotive Group, Inc.* | 2,717 | 217,849 | ||||||
At Home Group, Inc.* (a) | 3,672 | 86,255 | ||||||
Barnes & Noble, Inc. | 8,883 | 44,682 | ||||||
Bed Bath & Beyond, Inc. | 9,788 | 163,557 | ||||||
Big Lots, Inc. | 4,191 | 155,738 | ||||||
Boot Barn Holdings, Inc.* | 5,643 | 162,462 | ||||||
Buckle, Inc. (The) (a) | 9,300 | 171,864 | ||||||
Build-A-Bear Workshop, Inc.* | 8,010 | 44,856 | ||||||
Caleres, Inc. | 6,212 | 162,941 | ||||||
Cargurus, Inc.* | 4,548 | 185,286 | ||||||
Carriage Services, Inc. | 2,808 | 49,280 | ||||||
Cars.com, Inc.* | 8,311 | 172,952 | ||||||
Cato Corp. (The), Class A | 5,341 | 80,970 | ||||||
Chegg, Inc.* | 5,186 | 184,881 | ||||||
Chico’s FAS, Inc. | 13,193 | 46,176 | ||||||
Children’s Place, Inc. (The) (a) | 1,509 | 170,245 | ||||||
Citi Trends, Inc. | 4,673 | 86,497 | ||||||
Conn’s, Inc.* | 2,124 | 54,948 | ||||||
Designer Brands, Inc. | 6,310 | 140,398 | ||||||
Dillard’s, Inc., Class A | 1,772 | 121,293 | ||||||
Etsy, Inc.* | 2,012 | 135,890 | ||||||
Express, Inc.* | 27,079 | 99,651 | ||||||
Five Below, Inc.* | 2,088 | 305,662 | ||||||
Francesca’s Holdings Corp.* | 9,129 | 6,315 | ||||||
GameStop Corp., Class A (a) | 17,636 | 152,551 | ||||||
Genesco, Inc.* | 3,698 | 165,707 | ||||||
Group 1 Automotive, Inc. | 2,768 | 216,762 | ||||||
Guess?, Inc. | 8,425 | 171,617 | ||||||
Haverty Furniture Cos., Inc. | 4,865 | 115,884 |
INVESTMENTS | SHARES | VALUE($) | ||||||
General Retailers — continued |
| |||||||
Hibbett Sports, Inc.* | 4,428 | 91,660 | ||||||
Hillenbrand, Inc. | 9,396 | 404,216 | ||||||
Houghton Mifflin Harcourt Co.* | 1,097 | 7,822 | ||||||
K12, Inc.* | 664 | 20,000 | ||||||
Kirkland’s, Inc.* | 4,687 | 27,560 | ||||||
Lands’ End, Inc.* | 3,305 | 57,871 | ||||||
Laureate Education, Inc., Class A* | 7,018 | 110,463 | ||||||
Liquidity Services, Inc.* | 1,862 | 12,643 | ||||||
Lithia Motors, Inc., Class A | 1,643 | 186,513 | ||||||
Lumber Liquidators Holdings, Inc.* (a) | 1,569 | 20,742 | ||||||
Matthews International Corp., Class A | 4,129 | 165,408 | ||||||
Monro, Inc. | 7,709 | 646,245 | ||||||
Murphy USA, Inc.* | 3,745 | 320,085 | ||||||
Office Depot, Inc. | 23,081 | 55,394 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 2,823 | 269,992 | ||||||
Party City Holdco, Inc.* | 9,535 | 63,885 | ||||||
Pier 1 Imports, Inc.* (a) | 7,971 | 7,229 | ||||||
PriceSmart, Inc. | 2,213 | 132,360 | ||||||
RealNetworks, Inc.* | 7,210 | 18,746 | ||||||
Regis Corp.* | 7,095 | 132,818 | ||||||
Rent-A-Center, Inc.* | 4,979 | 124,126 | ||||||
RH* (a) | 895 | 95,505 | ||||||
Rollins, Inc. | 23,425 | 905,845 | ||||||
Shoe Carnival, Inc. (a) | 8,335 | 297,226 | ||||||
Shutterfly, Inc.* | 2,205 | 96,645 | ||||||
Signet Jewelers Ltd. | 3,540 | 82,057 | ||||||
Sonic Automotive, Inc., Class A | 4,346 | 87,920 | ||||||
Sotheby’s* (a) | 2,968 | 125,190 | ||||||
Stamps.com, Inc.* | 799 | 68,554 | ||||||
Strategic Education, Inc. | 1,203 | 172,450 | ||||||
Tailored Brands, Inc. | 3,541 | 28,859 | ||||||
Tile Shop Holdings, Inc. | 5,252 | 25,525 | ||||||
Titan Machinery, Inc.* | 5,531 | 95,133 | ||||||
Weight Watchers International, Inc.* | 2,345 | 47,885 | ||||||
Zovio, Inc.* | 2,288 | 13,774 | ||||||
Zumiez, Inc.* | 25,825 | 687,720 | ||||||
|
| |||||||
11,672,917 | ||||||||
|
| |||||||
Health Care Equipment & Services — 6.8% |
| |||||||
Accuray, Inc.* | 11,467 | 47,473 | ||||||
Amedisys, Inc.* | 1,100 | 140,602 | ||||||
Anika Therapeutics, Inc.* | 2,921 | 93,034 | ||||||
Avanos Medical, Inc.* | 3,696 | 155,047 | ||||||
Axogen, Inc.* (a) | 2,970 | 69,736 | ||||||
BioScrip, Inc.* | 2,657 | 5,101 | ||||||
BioTelemetry, Inc.* | 1,749 | 95,146 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 133 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Services — continued |
| |||||||
Brookdale Senior Living, Inc.* | 18,857 | 116,536 | ||||||
CONMED Corp. | 7,304 | 584,539 | ||||||
Ensign Group, Inc. (The) | 2,703 | 139,259 | ||||||
Fluidigm Corp.* | 2,095 | 28,785 | ||||||
Genesis Healthcare, Inc.* | 6,451 | 8,386 | ||||||
Globus Medical, Inc., Class A* | 3,779 | 170,395 | ||||||
Haemonetics Corp.* | 2,818 | 245,955 | ||||||
Healthcare Services Group, Inc. | 4,893 | 165,628 | ||||||
HealthEquity, Inc.* | 1,994 | 135,093 | ||||||
HMS Holdings Corp.* | 5,994 | 182,397 | ||||||
ICU Medical, Inc.* | 3,412 | 776,230 | ||||||
Inogen, Inc.* | 638 | 55,697 | ||||||
Intersect ENT, Inc.* | 3,095 | 100,557 | ||||||
Invacare Corp. | 12,558 | 92,929 | ||||||
iRhythm Technologies, Inc.* | 1,227 | 93,632 | ||||||
LHC Group, Inc.* | 5,240 | 582,216 | ||||||
LivaNova plc* | 1,899 | 130,822 | ||||||
Magellan Health, Inc.* | 4,470 | 312,900 | ||||||
Meridian Bioscience, Inc. | 8,254 | 95,004 | ||||||
Merit Medical Systems, Inc.* | 7,962 | 447,305 | ||||||
Natus Medical, Inc.* | 9,926 | 265,620 | ||||||
Neogen Corp.* | 5,430 | 329,384 | ||||||
NeoGenomics, Inc.* | 7,656 | 159,475 | ||||||
NuVasive, Inc.* | 3,792 | 229,795 | ||||||
Omnicell, Inc.* | 12,730 | 1,022,983 | ||||||
OraSure Technologies, Inc.* | 8,471 | 80,136 | ||||||
Orthofix Medical, Inc.* | 2,564 | 140,482 | ||||||
Owens & Minor, Inc. | 8,449 | 28,811 | ||||||
Patterson Cos., Inc. (a) | 5,589 | 122,064 | ||||||
Quidel Corp.* | 7,643 | 488,693 | ||||||
Repligen Corp.* | 3,887 | 261,906 | ||||||
Select Medical Holdings Corp.* | 8,467 | 121,671 | ||||||
STAAR Surgical Co.* | 2,669 | 86,689 | ||||||
Surmodics, Inc.* | 3,571 | 155,124 | ||||||
Tactile Systems Technology, Inc.* | 2,449 | 121,862 | ||||||
Teladoc Health, Inc.* (a) | 1,834 | 104,318 | ||||||
Tenet Healthcare Corp.* | 3,897 | 85,344 | ||||||
Tivity Health, Inc.* | 51,174 | 1,106,382 | ||||||
Varex Imaging Corp.* | 5,063 | 166,269 | ||||||
WageWorks, Inc.* | 3,663 | 178,718 | ||||||
West Pharmaceutical Services, Inc. | 10,011 | 1,239,262 | ||||||
Wright Medical Group NV* | 5,654 | 167,189 | ||||||
|
| |||||||
11,732,581 | ||||||||
|
| |||||||
Household Goods & Home Construction — 5.7% |
| |||||||
ACCO Brands Corp. | 33,636 | 307,433 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Goods & Home Construction — continued |
| |||||||
American Woodmark Corp.* | 3,212 | 288,855 | ||||||
Bassett Furniture Industries, Inc. | 4,096 | 72,745 | ||||||
Beazer Homes USA, Inc.* | 20,790 | 276,299 | ||||||
Central Garden & Pet Co.* | 7,679 | 207,179 | ||||||
Central Garden & Pet Co., Class A* | 14,080 | 344,678 | ||||||
CompX International, Inc. | 1,651 | 25,706 | ||||||
Ethan Allen Interiors, Inc. | 19,240 | 425,204 | ||||||
Hamilton Beach Brands Holding Co., Class A | 4,552 | 82,391 | ||||||
Herman Miller, Inc. | 15,224 | 590,996 | ||||||
HNI Corp. | 11,200 | 411,152 | ||||||
Interface, Inc. | 35,462 | 568,810 | ||||||
iRobot Corp.* (a) | 2,443 | 252,948 | ||||||
KB Home | 14,857 | 384,945 | ||||||
Kimball International, Inc., Class B | 4,971 | 77,846 | ||||||
Knoll, Inc. | 15,540 | 339,394 | ||||||
La-Z-Boy, Inc. | 19,852 | 651,146 | ||||||
LGI Homes, Inc.* | 8,311 | 576,035 | ||||||
LS Starrett Co. (The), Class A* | 1,702 | 12,271 | ||||||
M/I Homes, Inc.* | 15,515 | 437,058 | ||||||
MDC Holdings, Inc. | 21,557 | 658,782 | ||||||
Meritage Homes Corp.* | 9,912 | 506,999 | ||||||
National Presto Industries, Inc. | 1,603 | 170,719 | ||||||
Skyline Champion Corp. | 6,339 | 133,816 | ||||||
Sleep Number Corp.* | 7,957 | 276,904 | ||||||
Steelcase, Inc., Class A | 22,218 | 384,149 | ||||||
Taylor Morrison Home Corp., Class A* | 10,356 | 200,492 | ||||||
TRI Pointe Group, Inc.* | 28,503 | 371,964 | ||||||
Virco Manufacturing Corp. | 3,223 | 14,665 | ||||||
WD-40 Co. (a) | 5,562 | 935,807 | ||||||
William Lyon Homes, Class A* | 11,650 | 196,419 | ||||||
|
| |||||||
10,183,807 | ||||||||
|
| |||||||
Industrial Engineering — 1.9% |
| |||||||
Albany International Corp., Class A | 3,813 | 282,048 | ||||||
Astec Industries, Inc. | 1,257 | 42,374 | ||||||
Briggs & Stratton Corp. | 27,824 | 339,453 | ||||||
CIRCOR International, Inc.* | 1,574 | 53,075 | ||||||
Columbus McKinnon Corp. | 7,521 | 296,027 | ||||||
EnPro Industries, Inc. | 2,555 | 189,888 | ||||||
Federal Signal Corp. | 3,681 | 105,902 | ||||||
Franklin Electric Co., Inc. | 3,416 | 166,906 | ||||||
GATX Corp. (a) | 2,005 | 154,646 | ||||||
Greenbrier Cos., Inc. (The) | 1,560 | 55,427 | ||||||
John Bean Technologies Corp. | 1,039 | 114,072 | ||||||
Kennametal, Inc. | 3,098 | 126,089 | ||||||
Lindsay Corp. | 762 | 64,770 |
SEE NOTES TO FINANCIAL STATEMENTS.
134 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Industrial Engineering — continued |
| |||||||
Manitowoc Co., Inc. (The)* | 1,904 | 34,005 | ||||||
MSA Safety, Inc. | 2,319 | 254,881 | ||||||
Mueller Industries, Inc. | 5,296 | 154,484 | ||||||
Proto Labs, Inc.* | 1,412 | 155,024 | ||||||
Rexnord Corp.* | 5,526 | 158,044 | ||||||
Standex International Corp. | 1,263 | 83,446 | ||||||
Tennant Co. | 2,201 | 146,102 | ||||||
Wabash National Corp. | 7,426 | 111,984 | ||||||
Woodward, Inc. | 2,076 | 226,076 | ||||||
|
| |||||||
3,314,723 | ||||||||
|
| |||||||
Industrial Metals & Mining — 0.8% |
| |||||||
AK Steel Holding Corp.* (a) | 13,640 | 33,009 | ||||||
Carpenter Technology Corp. | 4,684 | 232,654 | ||||||
Century Aluminum Co.* | 7,695 | 64,715 | ||||||
Cleveland-Cliffs, Inc. (a) | 17,941 | 179,231 | ||||||
Commercial Metals Co. | 12,371 | 213,895 | ||||||
Haynes International, Inc. | 4,014 | 129,692 | ||||||
Kaiser Aluminum Corp. | 4,768 | 469,171 | ||||||
Olympic Steel, Inc. | 2,312 | 37,501 | ||||||
Worthington Industries, Inc. | 5,411 | 217,144 | ||||||
|
| |||||||
1,577,012 | ||||||||
|
| |||||||
Industrial Transportation — 1.2% |
| |||||||
Aircastle Ltd. | 7,332 | 146,053 | ||||||
ArcBest Corp. | 3,584 | 109,527 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,934 | 93,393 | ||||||
Covenant Transportation Group, Inc., Class A* | 4,578 | 89,408 | ||||||
DHT Holdings, Inc. | 14,550 | 77,552 | ||||||
Echo Global Logistics, Inc.* | 4,320 | 99,101 | ||||||
Forward Air Corp. | 2,788 | 176,536 | ||||||
Frontline Ltd. (Norway)* (a) | 2,241 | 18,354 | ||||||
GasLog Ltd. (Monaco) | 4,628 | 72,336 | ||||||
Heartland Express, Inc. | 5,985 | 117,785 | ||||||
Hub Group, Inc., Class A* | 3,128 | 130,031 | ||||||
Matson, Inc. | 2,703 | 107,066 | ||||||
Nordic American Tankers Ltd. | 2,119 | 4,535 | ||||||
Saia, Inc.* | 2,192 | 141,143 | ||||||
Scorpio Tankers, Inc. (Monaco) | 966 | 24,903 | ||||||
SEACOR Holdings, Inc.* | 6,002 | 267,329 | ||||||
Ship Finance International Ltd. (Norway) (a) | 12,847 | 163,928 | ||||||
Textainer Group Holdings Ltd. (China)* | 2,826 | 27,101 | ||||||
Triton International Ltd. (Bermuda) | 3,146 | 103,661 | ||||||
Werner Enterprises, Inc. | 5,961 | 199,693 | ||||||
World Fuel Services Corp. | 3,992 | 123,153 | ||||||
|
| |||||||
2,292,588 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Leisure Goods — 3.6% |
| |||||||
American Outdoor Brands Corp.* | 17,647 | 173,823 | ||||||
Callaway Golf Co. | 43,295 | 760,260 | ||||||
Camping World Holdings, Inc., Class A (a) | 9,131 | 136,235 | ||||||
Fox Factory Holding Corp.* | 16,996 | 1,318,890 | ||||||
Funko, Inc., Class A* (a) | 5,147 | 102,065 | ||||||
JAKKS Pacific, Inc.* | 9,440 | 10,195 | ||||||
LCI Industries | 8,468 | 743,914 | ||||||
Nautilus, Inc.* | 23,721 | 126,908 | ||||||
Pool Corp. | 7,035 | 1,292,611 | ||||||
Sturm Ruger & Co., Inc. | 8,097 | 453,351 | ||||||
Universal Electronics, Inc.* | 5,867 | 223,239 | ||||||
Winnebago Industries, Inc. | 14,996 | 530,409 | ||||||
ZAGG, Inc.* | 32,573 | 268,402 | ||||||
|
| |||||||
6,140,302 | ||||||||
|
| |||||||
Life Insurance — 0.3% |
| |||||||
Employers Holdings, Inc. | 3,328 | 142,838 | ||||||
FBL Financial Group, Inc., Class A | 1,651 | 103,138 | ||||||
National Western Life Group, Inc., Class A | 226 | 60,279 | ||||||
Primerica, Inc. | 904 | 117,782 | ||||||
|
| |||||||
424,037 | ||||||||
|
| |||||||
Media — 2.1% |
| |||||||
Entercom Communications Corp., Class A (a) | 11,182 | 76,932 | ||||||
EW Scripps Co. (The), Class A | 5,634 | 128,399 | ||||||
Gannett Co., Inc. | 13,962 | 130,265 | ||||||
Gray Television, Inc.* | 8,697 | 203,771 | ||||||
Liberty Media Corp-Liberty Formula One, Class A* | 13,964 | 527,281 | ||||||
LiveRamp Holdings, Inc.* | 4,221 | 246,211 | ||||||
MDC Partners, Inc., Class A* | 4,918 | 10,328 | ||||||
Meredith Corp. (a) | 3,814 | 225,026 | ||||||
MSG Networks, Inc., Class A* | 5,667 | 130,511 | ||||||
New York Times Co. (The), Class A | 9,746 | 323,080 | ||||||
Nexstar Media Group, Inc., Class A | 3,094 | 362,153 | ||||||
QuinStreet, Inc.* | 7,224 | 103,086 | ||||||
Scholastic Corp. | 4,832 | 192,700 | ||||||
Sinclair Broadcast Group, Inc., Class A | 4,158 | 190,395 | ||||||
TEGNA, Inc. | 19,546 | 311,172 | ||||||
Trade Desk, Inc. (The), Class A* | 816 | 180,728 | ||||||
Viad Corp. | 2,036 | 124,827 | ||||||
Yelp, Inc.* | 4,465 | 178,868 | ||||||
|
| |||||||
3,645,733 | ||||||||
|
| |||||||
Mining — 1.0% |
| |||||||
Arch Coal, Inc., Class A | 2,867 | 278,042 | ||||||
Coeur Mining, Inc.* | 5,030 | 18,158 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 135 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Mining — continued |
| |||||||
Compass Minerals International, Inc. | 6,539 | 375,273 | ||||||
CONSOL Energy, Inc.* | 3,330 | 112,887 | ||||||
Hecla Mining Co. | 38,612 | 81,085 | ||||||
Peabody Energy Corp. | 7,770 | 223,543 | ||||||
SunCoke Energy, Inc.* | 10,564 | 90,956 | ||||||
US Silica Holdings, Inc. | 9,736 | 154,023 | ||||||
Warrior Met Coal, Inc. | 7,007 | 217,217 | ||||||
|
| |||||||
1,551,184 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.9% |
| |||||||
Intelsat SA* | 20,983 | 424,696 | ||||||
Iridium Communications, Inc.* | 45,425 | 1,247,370 | ||||||
|
| |||||||
1,672,066 | ||||||||
|
| |||||||
Nonlife Insurance — 0.7% |
| |||||||
Horace Mann Educators Corp. | 2,701 | 104,204 | ||||||
Navigators Group, Inc. (The) | 3,039 | 212,548 | ||||||
Protective Insurance Corp., Class B | 547 | 8,889 | ||||||
RLI Corp. | 2,083 | 169,410 | ||||||
Safety Insurance Group, Inc. | 1,539 | 143,004 | ||||||
Selective Insurance Group, Inc. (a) | 6,438 | 459,094 | ||||||
State Auto Financial Corp. | 3,012 | 101,293 | ||||||
|
| |||||||
1,198,442 | ||||||||
|
| |||||||
Oil & Gas Producers — 1.0% |
| |||||||
Abraxas Petroleum Corp.* | 20,951 | 28,912 | ||||||
California Resources Corp.* | 2,869 | 60,479 | ||||||
Callon Petroleum Co.* | 11,300 | 84,863 | ||||||
Carrizo Oil & Gas, Inc.* | 5,826 | 74,689 | ||||||
CVR Energy, Inc. | 5,446 | 248,392 | ||||||
Delek US Holdings, Inc. | 4,456 | 165,139 | ||||||
Denbury Resources, Inc.* | 28,391 | 63,312 | ||||||
Gulfport Energy Corp.* (a) | 16,124 | 105,612 | ||||||
Halcon Resources Corp.* | 16,653 | 21,649 | ||||||
Laredo Petroleum, Inc.* | 19,766 | 59,693 | ||||||
Matador Resources Co.* | 8,465 | 166,676 | ||||||
Oasis Petroleum, Inc.* | 23,289 | 142,063 | ||||||
Penn Virginia Corp.* | 1,868 | 83,873 | ||||||
ProPetro Holding Corp.* | 12,866 | 284,725 | ||||||
Southwestern Energy Co.* | 36,276 | 143,290 | ||||||
SRC Energy, Inc.* | 17,039 | 104,790 | ||||||
Ultra Petroleum Corp.* | 15,649 | 6,579 | ||||||
W&T Offshore, Inc.* | 13,321 | 84,988 | ||||||
|
| |||||||
1,929,724 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.7% |
| |||||||
Archrock, Inc. | 20,337 | 205,607 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Oil Equipment, Services & Distribution — continued |
| |||||||
Bristow Group, Inc.* | 4,429 | 2,237 | ||||||
C&J Energy Services, Inc.* | 421 | 5,915 | ||||||
Cactus, Inc., Class A* | 6,307 | 228,944 | ||||||
CARBO Ceramics, Inc.* | 3,857 | 10,491 | ||||||
Chart Industries, Inc.* | 4,304 | 379,914 | ||||||
Covia Holdings Corp.* (a) | 5,527 | 26,585 | ||||||
Diamond Offshore Drilling, Inc.* (a) | 12,969 | 125,929 | ||||||
Flotek Industries, Inc.* | 322 | 1,150 | ||||||
Forum Energy Technologies, Inc.* | 5,917 | 35,384 | ||||||
Geospace Technologies Corp.* | 521 | 7,007 | ||||||
Golar LNG Ltd. (Bermuda) | 6,674 | 130,410 | ||||||
Gulf Island Fabrication, Inc.* | 6,103 | 52,486 | ||||||
Helix Energy Solutions Group, Inc.* | 24,126 | 188,665 | ||||||
Keane Group, Inc.* | 12,020 | 126,090 | ||||||
KLX Energy Services Holdings, Inc.* | 1,135 | 31,837 | ||||||
Liberty Oilfield Services, Inc., Class A (a) | 7,123 | 106,204 | ||||||
Matrix Service Co.* | 4,902 | 96,128 | ||||||
McDermott International, Inc.* | 8,223 | 66,524 | ||||||
MRC Global, Inc.* | 12,012 | 208,168 | ||||||
Newpark Resources, Inc.* (a) | 9,805 | 71,576 | ||||||
Noble Corp. plc* | 37,325 | 98,165 | ||||||
NOW, Inc.* | 13,687 | 200,104 | ||||||
Oceaneering International, Inc.* | 7,967 | 152,966 | ||||||
Oil States International, Inc.* | 9,183 | 177,416 | ||||||
Pioneer Energy Services Corp.* | 12,639 | 21,992 | ||||||
SemGroup Corp., Class A | 8,752 | 114,301 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)* | 19,222 | 20,952 | ||||||
TETRA Technologies, Inc.* | 8,124 | 19,335 | ||||||
Unit Corp.* | 7,034 | 95,381 | ||||||
|
| |||||||
3,007,863 | ||||||||
|
| |||||||
Personal Goods — 3.5% |
| |||||||
Columbia Sportswear Co. | 10,503 | 1,049,985 | ||||||
Crocs, Inc.* | 11,080 | 308,578 | ||||||
Deckers Outdoor Corp.* | 3,293 | 520,986 | ||||||
G-III Apparel Group Ltd.* | 7,522 | 324,574 | ||||||
Helen of Troy Ltd.* | 7,585 | 1,092,240 | ||||||
Movado Group, Inc. | 4,695 | 167,377 | ||||||
Oxford Industries, Inc. | 5,215 | 433,158 | ||||||
Steven Madden Ltd. | 32,839 | 1,193,698 | ||||||
Vera Bradley, Inc.* | 33,715 | 414,020 | ||||||
Wolverine World Wide, Inc. | 15,177 | 558,665 | ||||||
|
| |||||||
6,063,281 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 2.7% |
| |||||||
Acceleron Pharma, Inc.* | 3,188 | 129,847 |
SEE NOTES TO FINANCIAL STATEMENTS.
136 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
Achillion Pharmaceuticals, Inc.* | 11,791 | 34,901 | ||||||
Acorda Therapeutics, Inc.* | 4,936 | 51,581 | ||||||
AMAG Pharmaceuticals, Inc.* | 1,788 | 19,954 | ||||||
Amneal Pharmaceuticals, Inc.* | 3,658 | 47,079 | ||||||
ANI Pharmaceuticals, Inc.* | 1,907 | 135,359 | ||||||
Arena Pharmaceuticals, Inc.* | 1,080 | 49,410 | ||||||
Array BioPharma, Inc.* | 4,787 | 108,234 | ||||||
Assertio Therapeutics, Inc.* (a) | 3,085 | 12,865 | ||||||
Blueprint Medicines Corp.* (a) | 1,743 | 131,788 | ||||||
Cambrex Corp.* | 2,967 | 127,640 | ||||||
Chimerix, Inc.* | 2,418 | 6,529 | ||||||
Corcept Therapeutics, Inc.* (a) | 7,137 | 88,356 | ||||||
Cyclerion Therapeutics, Inc.* (a) | 918 | 13,981 | ||||||
Dynavax Technologies Corp.* (a) | 2,194 | 14,590 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,947 | 100,095 | ||||||
Emergent BioSolutions, Inc.* | 2,528 | 130,647 | ||||||
Enanta Pharmaceuticals, Inc.* | 1,844 | 160,778 | ||||||
FibroGen, Inc.* | 2,572 | 120,190 | ||||||
Five Prime Therapeutics, Inc.* | 1,979 | 21,927 | ||||||
Genomic Health, Inc.* | 2,304 | 148,216 | ||||||
Halozyme Therapeutics, Inc.* | 5,761 | 92,925 | ||||||
Heron Therapeutics, Inc.* | 4,016 | 87,067 | ||||||
Horizon Pharma plc* | 3,814 | 97,371 | ||||||
ImmunoGen, Inc.* | 3,209 | 7,670 | ||||||
Innoviva, Inc.* | 10,348 | 145,182 | ||||||
Inovio Pharmaceuticals, Inc.* (a) | 11,516 | 43,300 | ||||||
Insys Therapeutics, Inc.* (a) | 3,342 | 14,371 | ||||||
Ironwood Pharmaceuticals, Inc.* (a) | 8,337 | 99,127 | ||||||
Lannett Co., Inc.* (a) | 2,651 | 20,386 | ||||||
Lexicon Pharmaceuticals, Inc.* (a) | 7,215 | 41,847 | ||||||
Ligand Pharmaceuticals, Inc.* (a) | 1,043 | 131,262 | ||||||
Luminex Corp. | 9,757 | 222,557 | ||||||
Mallinckrodt plc* (a) | 2,999 | 46,365 | ||||||
Medpace Holdings, Inc.* | 2,452 | 137,729 | ||||||
Melinta Therapeutics, Inc.* | 126 | 552 | ||||||
Momenta Pharmaceuticals, Inc.* | 4,881 | 68,285 | ||||||
MyoKardia, Inc.* | 2,135 | 102,437 | ||||||
Myriad Genetics, Inc.* | 4,780 | 150,474 | ||||||
NewLink Genetics Corp.* | 2,680 | 4,583 | ||||||
Novavax, Inc.* (a) | 7,802 | 4,145 | ||||||
Novocure Ltd.* | 2,007 | 88,449 | ||||||
Pacira BioSciences, Inc.* | 1,122 | 44,678 | ||||||
Paratek Pharmaceuticals, Inc.* (a) | 3,442 | 18,965 | ||||||
PDL BioPharma, Inc.* | 25,770 | 84,268 | ||||||
PetIQ, Inc.* (a) | 3,648 | 100,211 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
Prestige Consumer Healthcare, Inc.* | 3,641 | 107,118 | ||||||
PTC Therapeutics, Inc.* | 3,467 | 129,735 | ||||||
Retrophin, Inc.* | 5,960 | 113,717 | ||||||
Sangamo Therapeutics, Inc.* | 2,921 | 34,146 | ||||||
Spark Therapeutics, Inc.* | 436 | 46,517 | ||||||
Spectrum Pharmaceuticals, Inc.* | 5,351 | 50,139 | ||||||
Supernus Pharmaceuticals, Inc.* | 2,693 | 98,914 | ||||||
Syneos Health, Inc.* | 2,693 | 126,383 | ||||||
Theravance Biopharma, Inc.* | 3,573 | 85,216 | ||||||
Vanda Pharmaceuticals, Inc.* | 7,733 | 125,971 | ||||||
Xencor, Inc.* | 2,880 | 88,445 | ||||||
Zogenix, Inc.* | 2,882 | 112,369 | ||||||
|
| |||||||
4,626,843 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.1% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 3,973 | 85,578 | ||||||
Rafael Holdings, Inc., Class B* | 5,099 | 82,604 | ||||||
|
| |||||||
168,182 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 3.6% |
| |||||||
Acadia Realty Trust | 4,589 | 129,593 | ||||||
AG Mortgage Investment Trust, Inc. | 3,337 | 57,096 | ||||||
Agree Realty Corp. | 2,236 | 146,391 | ||||||
American Assets Trust, Inc. | 4,412 | 203,790 | ||||||
Anworth Mortgage Asset Corp. | 19,229 | 80,569 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 14,239 | 266,839 | ||||||
Arbor Realty Trust, Inc. (a) | 10,867 | 148,443 | ||||||
ARMOUR Residential REIT, Inc. | 6,000 | 114,480 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 7,849 | 279,346 | ||||||
Capstead Mortgage Corp. | 20,734 | 178,105 | ||||||
CareTrust REIT, Inc. | 5,328 | 129,204 | ||||||
Chesapeake Lodging Trust | 781 | 22,259 | ||||||
CorePoint Lodging, Inc. | 2,236 | 27,950 | ||||||
Cousins Properties, Inc. | 9,435 | 90,293 | ||||||
DiamondRock Hospitality Co. | 5,095 | 55,332 | ||||||
EastGroup Properties, Inc. | 1,287 | 147,143 | ||||||
Exantas Capital Corp. | 3,789 | 41,490 | ||||||
First Industrial Realty Trust, Inc. | 5,575 | 196,630 | ||||||
Four Corners Property Trust, Inc. | 5,300 | 150,732 | ||||||
Franklin Street Properties Corp. | 5,985 | 47,042 | ||||||
GEO Group, Inc. (The) | 3,858 | 77,237 | ||||||
Global Net Lease, Inc. | 6,120 | 116,708 | ||||||
Healthcare Realty Trust, Inc. | 542 | 16,737 | ||||||
Invesco Mortgage Capital, Inc. | 5,633 | 91,931 | ||||||
Kite Realty Group Trust | 529 | 8,353 | ||||||
Ladder Capital Corp. | 7,765 | 135,111 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 137 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Investment Trusts — continued |
| |||||||
Lexington Realty Trust | 3,348 | 30,366 | ||||||
LTC Properties, Inc. | 7,071 | 318,619 | ||||||
Mack-Cali Realty Corp. | 1,451 | 33,779 | ||||||
National Health Investors, Inc. | 1,971 | 148,673 | ||||||
National Storage Affiliates Trust | 4,417 | 129,241 | ||||||
New York Mortgage Trust, Inc. | 16,450 | 103,635 | ||||||
Office Properties Income Trust | 1,864 | 50,589 | ||||||
Pebblebrook Hotel Trust | 3,201 | 104,225 | ||||||
Pennsylvania (a) | 2,662 | 16,025 | ||||||
PennyMac Mortgage Investment Trust | 4,913 | 103,173 | ||||||
Physicians Realty Trust | 7,342 | 132,597 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 7,799 | 162,375 | ||||||
PotlatchDeltic Corp. | 2,418 | 93,480 | ||||||
PS Business Parks, Inc. | 1,628 | 250,093 | ||||||
Redwood Trust, Inc. | 5,827 | 95,330 | ||||||
Retail Opportunity Investments Corp. | 8,133 | 142,734 | ||||||
Rexford Industrial Realty, Inc. | 5,247 | 198,809 | ||||||
RLJ Lodging Trust | 5,553 | 102,231 | ||||||
RPT Realty | 5,433 | 65,902 | ||||||
Ryman Hospitality Properties, Inc. | 1,545 | 122,982 | ||||||
Sabra Health Care REIT, Inc. | 4,512 | 88,255 | ||||||
Saul Centers, Inc. | 1,542 | 82,266 | ||||||
STAG Industrial, Inc. | 4,519 | 130,057 | ||||||
Summit Hotel Properties, Inc. | 6,116 | 71,007 | ||||||
Sunstone Hotel Investors, Inc. | 3,317 | 47,765 | ||||||
Tanger Factory Outlet Centers, Inc. (a) | 5,220 | 94,273 | ||||||
Terreno Realty Corp. | 2,872 | 128,235 | ||||||
Urban Edge Properties | 474 | 8,802 | ||||||
Washington | 3,784 | 106,860 | ||||||
Western Asset Mortgage Capital Corp. | 8,085 | 85,054 | ||||||
Xenia Hotels & Resorts, Inc. | 5,096 | 110,328 | ||||||
|
| |||||||
6,316,564 | ||||||||
|
| |||||||
Software & Computer Services — 6.1% |
| |||||||
ACI Worldwide, Inc.* | 16,397 | 582,421 | ||||||
Alarm.com Holdings, Inc.* | 2,915 | 206,615 | ||||||
Alteryx, Inc., Class A* (a) | 2,638 | 233,832 | ||||||
Appfolio, Inc., Class A* | 1,427 | 138,576 | ||||||
Avaya Holdings Corp.* | 11,546 | 220,298 | ||||||
Benefitfocus, Inc.* | 2,365 | 96,326 | ||||||
Blackbaud, Inc. | 2,420 | 191,882 | ||||||
Blackline, Inc.* | 3,460 | 176,737 | ||||||
Blucora, Inc.* | 4,248 | 148,680 | ||||||
Boingo Wireless, Inc.* | 4,324 | 98,328 | ||||||
Bottomline Technologies de, Inc.* | 3,408 | 172,343 | ||||||
CACI International, Inc., Class A* | 1,739 | 339,001 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Software & Computer Services — continued |
| |||||||
Carbonite, Inc.* | 4,300 | 105,479 | ||||||
Cogent Communications Holdings, Inc. | 5,955 | 328,895 | ||||||
CommVault Systems, Inc.* | 4,633 | 243,696 | ||||||
Computer Programs & Systems, Inc. | 2,214 | 67,284 | ||||||
Computer Task Group, Inc.* | 4,527 | 20,960 | ||||||
Coupa Software, Inc.* | 1,540 | 159,128 | ||||||
CSG Systems International, Inc. | 5,517 | 246,334 | ||||||
Diebold Nixdorf, Inc.* | 5,630 | 56,807 | ||||||
Ebix, Inc. (a) | 4,207 | 212,369 | ||||||
Envestnet, Inc.* | 2,870 | 203,741 | ||||||
Everbridge, Inc.* | 2,854 | 210,882 | ||||||
Five9, Inc.* | 2,897 | 153,744 | ||||||
Forrester Research, Inc. | 3,873 | 196,981 | ||||||
Globant SA (Argentina)* | 682 | 57,281 | ||||||
Gogo, Inc.* (a) | 10,796 | 56,787 | ||||||
HubSpot, Inc.* (a) | 1,489 | 274,706 | ||||||
j2 Global, Inc. | 2,894 | 253,572 | ||||||
LivePerson, Inc.* | 8,183 | 240,007 | ||||||
Medidata Solutions, Inc.* | 3,116 | 281,499 | ||||||
Meet Group, Inc. (The)* | 24,003 | 133,457 | ||||||
MicroStrategy, Inc., Class A* | 1,374 | 205,688 | ||||||
NetScout Systems, Inc.* | 3,853 | 113,278 | ||||||
New Relic, Inc.* | 1,601 | 168,489 | ||||||
NextGen Healthcare, Inc.* | 3,897 | 73,225 | ||||||
OneSpan, Inc.* | 5,650 | 104,751 | ||||||
Perficient, Inc.* | 4,696 | 138,250 | ||||||
Perspecta, Inc. | 11,126 | 256,788 | ||||||
Progress Software Corp. | 8,944 | 407,936 | ||||||
Q2 Holdings, Inc.* (a) | 2,978 | 224,601 | ||||||
Qualys, Inc.* | 6,815 | 615,122 | ||||||
Rosetta Stone, Inc.* | 6,001 | 151,345 | ||||||
SailPoint Technologies Holding, Inc.* | 4,798 | 135,591 | ||||||
Science Applications International Corp. | 3,373 | 252,806 | ||||||
Shutterstock, Inc. | 4,830 | 195,374 | ||||||
SPS Commerce, Inc.* | 1,531 | 158,826 | ||||||
Tabula Rasa HealthCare, Inc.* (a) | 2,190 | 116,639 | ||||||
TiVo Corp. | 6,670 | 62,498 | ||||||
Unisys Corp.* (a) | 12,914 | 144,766 | ||||||
Varonis Systems, Inc.* | 2,645 | 188,192 | ||||||
Verint Systems, Inc.* | 4,738 | 286,128 | ||||||
Virtusa Corp.* | 3,550 | 197,202 | ||||||
Workiva, Inc.* | 2,344 | 124,560 | ||||||
|
| |||||||
10,430,703 | ||||||||
|
| |||||||
Support Services — 3.6% |
| |||||||
ABM Industries, Inc. | 4,742 | 180,054 |
SEE NOTES TO FINANCIAL STATEMENTS.
138 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Support Services — continued |
| |||||||
Acacia Research Corp.* | 1,256 | 3,994 | ||||||
AMN Healthcare Services, Inc.* | 1,977 | 102,923 | ||||||
Applied Industrial Technologies, Inc. | 8,851 | 530,529 | ||||||
ASGN, Inc.* | 2,793 | 176,071 | ||||||
Barnes Group, Inc. | 2,681 | 149,117 | ||||||
Cimpress NV (Netherlands)* | 1,019 | 92,118 | ||||||
Comfort Systems USA, Inc. | 5,219 | 282,348 | ||||||
Covanta Holding Corp. (a) | 10,418 | 188,253 | ||||||
CRA International, Inc. | 2,532 | 131,867 | ||||||
Crawford & Co., Class B | 696 | 6,139 | ||||||
Deluxe Corp. | 2,317 | 103,616 | ||||||
DXP Enterprises, Inc.* | 1,026 | 44,005 | ||||||
EVERTEC, Inc. (Puerto Rico) | 5,222 | 163,501 | ||||||
ExlService Holdings, Inc.* | 2,104 | 124,977 | ||||||
Exponent, Inc. | 2,079 | 117,713 | ||||||
FTI Consulting, Inc.* | 2,742 | 233,015 | ||||||
Heidrick & Struggles International, Inc. | 1,244 | 44,510 | ||||||
Huron Consulting Group, Inc.* | 1,524 | 73,655 | ||||||
Insperity, Inc. | 1,412 | 168,819 | ||||||
Kaman Corp. | 4,203 | 260,208 | ||||||
Kelly Services, Inc., Class A | 1,988 | 44,253 | ||||||
Korn Ferry | 1,773 | 83,366 | ||||||
Lawson Products, Inc.* | 1,584 | 52,019 | ||||||
MAXIMUS, Inc. | 15,252 | 1,123,310 | ||||||
McGrath RentCorp | 2,746 | 170,252 | ||||||
Mobile Mini, Inc. | 746 | 26,871 | ||||||
Navigant Consulting, Inc. | 6,215 | 141,888 | ||||||
Paylocity Holding Corp.* | 1,410 | 136,136 | ||||||
Resources Connection, Inc. | 2,987 | 47,971 | ||||||
SiteOne Landscape Supply, Inc.* | 2,744 | 184,671 | ||||||
Sykes Enterprises, Inc.* | 1,681 | 46,648 | ||||||
Team, Inc.* | 2,036 | 34,408 | ||||||
Tetra Tech, Inc. | 4,653 | 301,142 | ||||||
TriNet Group, Inc.* | 2,859 | 178,230 | ||||||
TrueBlue, Inc.* | 1,091 | 26,359 | ||||||
TTEC Holdings, Inc. | 4,259 | 155,283 | ||||||
UniFirst Corp. | 2,196 | 347,253 | ||||||
Universal Technical Institute, Inc.* | 3,744 | 12,692 | ||||||
|
| |||||||
6,290,184 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.9% |
| |||||||
3D Systems Corp.* (a) | 7,883 | 83,875 | ||||||
Acacia Communications, Inc.* | 3,068 | 177,576 | ||||||
ADTRAN, Inc. | 11,730 | 201,052 | ||||||
Advanced Energy Industries, Inc.* | 2,894 | 167,157 | ||||||
Agilysys, Inc.* (a) | 3,570 | 68,294 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Technology Hardware & Equipment — continued |
| |||||||
Amkor Technology, Inc.* | 13,768 | 124,738 | ||||||
Applied Optoelectronics, Inc.* (a) | 2,111 | 26,430 | ||||||
Axcelis Technologies, Inc.* | 4,279 | 91,100 | ||||||
Brooks Automation, Inc. | 5,188 | 194,602 | ||||||
Cabot Microelectronics Corp. | 4,207 | 531,134 | ||||||
CalAmp Corp.* | 4,238 | 61,917 | ||||||
Casa Systems, Inc.* | 7,971 | 76,442 | ||||||
CEVA, Inc.* | 3,343 | 84,210 | ||||||
Ciena Corp.* | 5,719 | 219,381 | ||||||
Cirrus Logic, Inc.* | 2,248 | 106,960 | ||||||
Cohu, Inc. | 5,313 | 78,792 | ||||||
Comtech Telecommunications Corp. | 5,327 | 125,344 | ||||||
Cray, Inc.* | 4,120 | 108,191 | ||||||
Cree, Inc.* (a) | 4,898 | 323,709 | ||||||
Diodes, Inc.* | 5,323 | 193,864 | ||||||
DSP Group, Inc.* | 1,553 | 22,192 | ||||||
Electronics For Imaging, Inc.* | 3,617 | 134,516 | ||||||
Entegris, Inc. | 7,000 | 286,020 | ||||||
Finisar Corp.* | 4,808 | 115,921 | ||||||
Harmonic, Inc.* | 8,792 | 49,763 | ||||||
Ichor Holdings Ltd.* (a) | 4,889 | 123,105 | ||||||
Infinera Corp.* | 5,658 | 24,556 | ||||||
Inseego Corp.* (a) | 39,618 | 181,054 | ||||||
Insight Enterprises, Inc.* | 6,747 | 381,745 | ||||||
InterDigital, Inc. | 2,649 | 173,218 | ||||||
Lattice Semiconductor Corp.* | 18,880 | 244,496 | ||||||
Loral Space & Communications, Inc.* | 3,038 | 111,859 | ||||||
Lumentum Holdings, Inc.* | 1,868 | 115,760 | ||||||
MaxLinear, Inc.* | 3,100 | 83,421 | ||||||
Nanometrics, Inc.* | 6,966 | 207,517 | ||||||
NeoPhotonics Corp.* | 8,116 | 55,432 | ||||||
NETGEAR, Inc.* | 2,635 | 81,764 | ||||||
PC Connection, Inc. | 3,398 | 126,270 | ||||||
Photronics, Inc.* | 7,782 | 72,684 | ||||||
Pitney Bowes, Inc. | 20,633 | 146,701 | ||||||
Plantronics, Inc. | 3,428 | 176,473 | ||||||
Power Integrations, Inc. | 2,853 | 225,444 | ||||||
Rambus, Inc.* | 11,013 | 126,209 | ||||||
Ribbon Communications, Inc.* | 1,005 | 5,387 | ||||||
ScanSource, Inc.* | 3,224 | 121,384 | ||||||
Semtech Corp.* | 3,753 | 202,174 | ||||||
Silicon Laboratories, Inc.* | 2,410 | 259,461 | ||||||
SMART Global Holdings, Inc.* | 3,637 | 79,068 | ||||||
Stratasys Ltd.* | 6,660 | 154,845 | ||||||
Synaptics, Inc.* | 4,348 | 163,789 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 139 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware & Equipment — continued |
| |||||||
SYNNEX Corp. | 1,924 | 207,561 | ||||||
Systemax, Inc. | 1,800 | 40,878 | ||||||
Tech Data Corp.* | 1,990 | 212,154 | ||||||
Ultra Clean Holdings, Inc.* | 4,552 | 54,487 | ||||||
ViaSat, Inc.* | 3,380 | 306,971 | ||||||
Viavi Solutions, Inc.* | 18,689 | 248,564 | ||||||
Vocera Communications, Inc.* | 3,248 | 103,449 | ||||||
Xperi Corp. | 8,450 | 209,983 | ||||||
|
| |||||||
8,681,043 | ||||||||
|
| |||||||
Tobacco — 0.8% |
| |||||||
Pyxus International, Inc.* | 4,701 | 107,324 | ||||||
Universal Corp. | 10,750 | 578,995 | ||||||
Vector Group Ltd. | 82,936 | 790,380 | ||||||
|
| |||||||
1,476,699 | ||||||||
|
| |||||||
Travel & Leisure — 4.0% |
| |||||||
Allegiant Travel Co. | 947 | 139,095 | ||||||
AMC Entertainment Holdings, Inc., Class A (a) | 14,408 | 218,425 | ||||||
Avis Budget Group, Inc.* | 3,541 | 125,883 | ||||||
Biglari Holdings, Inc., Class A* | 197 | 145,189 | ||||||
Biglari Holdings, Inc., Class B* | 170 | 23,686 | ||||||
BJ’s Restaurants, Inc. | 3,419 | 170,642 | ||||||
Bloomin’ Brands, Inc. | 7,235 | 144,628 | ||||||
Boyd Gaming Corp. | 7,569 | 217,836 | ||||||
Brinker International, Inc. | 5,765 | 246,569 | ||||||
Cheesecake Factory, Inc. (The) | 6,202 | 307,743 | ||||||
Churchill Downs, Inc. | 3,554 | 358,421 | ||||||
Chuy’s Holdings, Inc.* | 3,089 | 61,440 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 1,760 | 296,982 | ||||||
Dave & Buster’s Entertainment, Inc. | 3,095 | 175,920 | ||||||
Dine Brands Global, Inc. | 2,306 | 204,450 | ||||||
Dover Motorsports, Inc. | 6,343 | 13,701 | ||||||
El Pollo Loco Holdings, Inc.* | 8,745 | 111,761 | ||||||
Eldorado Resorts, Inc.* | 3,749 | 185,088 | ||||||
Fiesta Restaurant Group, Inc.* | 2,440 | 30,890 | ||||||
Hawaiian Holdings, Inc. | 3,416 | 96,365 | ||||||
Hertz Global Holdings, Inc.* | 7,111 | 129,278 | ||||||
Luby’s, Inc.* | 8,019 | 11,628 | ||||||
Marcus Corp. (The) | 1,883 | 70,838 | ||||||
Marriott Vacations Worldwide Corp. | 2,604 | 275,061 | ||||||
Noodles & Co.* | 3,672 | 26,255 | ||||||
Penn National Gaming, Inc.* | 9,983 | 216,332 | ||||||
Planet Fitness, Inc., Class A* | 5,415 | 409,916 | ||||||
Red Robin Gourmet Burgers, Inc.* | 7,407 | 237,246 | ||||||
Red Rock Resorts, Inc., Class A | 6,468 | 174,507 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Travel & Leisure — continued |
| |||||||
Ruth’s Hospitality Group, Inc. (a) | 5,030 | 130,679 | ||||||
SeaWorld Entertainment, Inc.* | 7,588 | 201,993 | ||||||
Shake Shack, Inc., Class A* | 3,921 | 240,357 | ||||||
SkyWest, Inc. | 4,908 | 302,284 | ||||||
Spirit Airlines, Inc.* | 3,337 | 181,466 | ||||||
Texas Roadhouse, Inc. | 5,630 | 304,076 | ||||||
Travelport Worldwide Ltd. | 12,813 | 200,908 | ||||||
Travelzoo* | 693 | 12,176 | ||||||
Wingstop, Inc. | 4,187 | 315,155 | ||||||
World Wrestling Entertainment, Inc., Class A (a) | 2,782 | 233,271 | ||||||
|
| |||||||
6,948,140 | ||||||||
|
| |||||||
Total Common Stocks | 173,702,635 | |||||||
|
| |||||||
NO. OF RIGHTS | ||||||||
Rights — 0.0% (b) |
| |||||||
Chemicals — 0.0% (b) |
| |||||||
Schuman, Inc., CVR*‡ | 5,865 | — | ||||||
|
| |||||||
Media — 0.0%(b) |
| |||||||
Media General, Inc., CVR*‡ | 1,533 | |||||||
|
| |||||||
Total Rights | — | |||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 0.2% |
| |||||||
Investment Companies — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) | 388,121 | 388,121 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 4.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (c) (d) | 2,001,400 | 2,001,600 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 6,174,964 | 6,174,964 | ||||||
|
| |||||||
Total Investment Of Cash Collateral From Securities Loaned | 8,176,564 | |||||||
|
| |||||||
Total Investments — 104.7% | 182,267,320 | |||||||
Liabilities in Excess of | (8,160,391 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 174,106,929 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
140 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Abbreviations
CVR | — Contingent Value Rights | |
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $7,819,428. | |
(b) | — Amount rounds to less than 0.1% of net assets. |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. | |
‡ | — Value determined using significant unobservable inputs. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Russell 2000E-Mini Index | 4 | 06/2019 | USD | 318,680 | 5,167 | |||||||||||||||
|
| |||||||||||||||||||
5,167 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 141 |
JPMorgan U.S Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
Lockheed Martin Corp. | 544 | 181,331 | ||||||
|
| |||||||
Automobiles & Parts — 2.3% |
| |||||||
Ford Motor Co. | 19,386 | 202,584 | ||||||
General Motors Co. | 4,381 | 170,640 | ||||||
Genuine Parts Co. | 1,655 | 169,704 | ||||||
Harley-Davidson, Inc. | 3,632 | 135,219 | ||||||
|
| |||||||
678,147 | ||||||||
|
| |||||||
Banks — 1.1% |
| |||||||
New York Community Bancorp, Inc. | 14,385 | 167,298 | ||||||
PacWest Bancorp | 1,405 | 55,568 | ||||||
People’s United Financial, Inc. | 6,780 | 117,226 | ||||||
|
| |||||||
340,092 | ||||||||
|
| |||||||
Beverages — 1.9% |
| |||||||
Coca-Cola Co. (The) | 3,674 | 180,246 | ||||||
Keurig Dr Pepper, Inc. | 5,564 | 161,746 | ||||||
Molson Coors Brewing Co., Class B | 811 | 52,058 | ||||||
PepsiCo, Inc. | 1,515 | 193,996 | ||||||
|
| |||||||
588,046 | ||||||||
|
| |||||||
Chemicals — 6.5% |
| |||||||
Air Products & Chemicals, Inc. | 995 | 204,761 | ||||||
Cabot Corp. | 466 | 21,147 | ||||||
Celanese Corp. | 274 | 29,562 | ||||||
CF Industries Holdings, Inc. | 4,263 | 190,897 | ||||||
Chemours Co. (The) | 1,695 | 61,037 | ||||||
Dow, Inc.* | 942 | 53,440 | ||||||
DowDuPont, Inc. | 2,827 | 108,698 | ||||||
Eastman Chemical Co. | 2,110 | 166,437 | ||||||
Huntsman Corp. | 7,257 | 161,396 | ||||||
International Flavors & Fragrances, Inc. | 1,167 | 160,801 | ||||||
Linde plc (United Kingdom) | 1,047 | 188,732 | ||||||
LyondellBasell Industries NV, Class A | 1,953 | 172,313 | ||||||
Olin Corp. | 6,744 | 146,277 | ||||||
RPM International, Inc. | 2,389 | 144,893 | ||||||
Scotts Miracle-Gro Co. (The) | 2,196 | 186,704 | ||||||
|
| |||||||
1,997,095 | ||||||||
|
| |||||||
Construction & Materials — 0.6% |
| |||||||
MDU Resources Group, Inc. | 6,441 | 168,432 | ||||||
|
| |||||||
Electricity — 12.2% |
| |||||||
AES Corp. | 10,442 | 178,767 | ||||||
Alliant Energy Corp. | 3,922 | 185,236 | ||||||
American Electric Power Co., Inc. | 2,223 | 190,178 | ||||||
Avangrid, Inc. | 2,384 | 122,085 | ||||||
CMS Energy Corp. | 3,310 | 183,870 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Electricity — continued |
| |||||||
Consolidated Edison, Inc. | 2,185 | 188,260 | ||||||
Dominion Energy, Inc. | 2,365 | 184,162 | ||||||
DTE Energy Co. | 1,446 | 181,777 | ||||||
Edison International | 3,006 | 191,693 | ||||||
Entergy Corp. | 1,929 | 186,920 | ||||||
Evergy, Inc. | 3,212 | 185,718 | ||||||
Eversource Energy | 2,580 | 184,883 | ||||||
Exelon Corp. | 3,715 | 189,279 | ||||||
FirstEnergy Corp. | 4,419 | 185,731 | ||||||
Hawaiian Electric Industries, Inc. | 3,113 | 129,127 | ||||||
NextEra Energy, Inc. | 820 | 159,441 | ||||||
Pinnacle West Capital Corp. | 1,920 | 182,918 | ||||||
PPL Corp. | 5,600 | 174,776 | ||||||
Public Service Enterprise Group, Inc. | 3,065 | 182,827 | ||||||
Southern Co. (The) | 3,634 | 193,401 | ||||||
Xcel Energy, Inc. | 3,285 | 185,602 | ||||||
|
| |||||||
3,746,651 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.2% |
| |||||||
Emerson Electric Co. | 2,466 | 175,062 | ||||||
Hubbell, Inc. | 1,370 | 174,812 | ||||||
|
| |||||||
349,874 | ||||||||
|
| |||||||
Financial Services — 0.6% |
| |||||||
BGC Partners, Inc., Class A | 9,219 | 49,783 | ||||||
Invesco Ltd. | 4,507 | 99,019 | ||||||
Lazard Ltd., Class A | 1,012 | 39,346 | ||||||
|
| |||||||
188,148 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 2.1% |
| |||||||
AT&T, Inc. | 5,894 | 182,478 | ||||||
CenturyLink, Inc. | 13,640 | 155,769 | ||||||
Verizon Communications, Inc. | 3,135 | 179,291 | ||||||
Zayo Group Holdings, Inc.* | 4,128 | 129,165 | ||||||
|
| |||||||
646,703 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.6% |
| |||||||
Sysco Corp. | 2,502 | 176,066 | ||||||
|
| |||||||
Food Producers — 3.2% |
| |||||||
Archer-Daniels-Midland Co. | 1,208 | 53,877 | ||||||
Campbell Soup Co. | 4,471 | 172,983 | ||||||
Conagra Brands, Inc. | 4,484 | 138,017 | ||||||
Flowers Foods, Inc. | 7,813 | 169,855 | ||||||
General Mills, Inc. | 3,597 | 185,137 | ||||||
JM Smucker Co. (The) | 98 | 12,018 | ||||||
Kellogg Co. | 2,363 | 142,489 | ||||||
Kraft Heinz Co. (The) | 3,399 | 112,983 | ||||||
|
| |||||||
987,359 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
142 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Forestry & Paper — 1.2% |
| |||||||
Domtar Corp. | 3,532 | 172,715 | ||||||
International Paper Co. | 3,929 | 183,917 | ||||||
|
| |||||||
356,632 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 4.0% |
| |||||||
Ameren Corp. | 2,527 | 183,890 | ||||||
CenterPoint Energy, Inc. | 5,972 | 185,132 | ||||||
Duke Energy Corp. | 2,017 | 183,789 | ||||||
National Fuel Gas Co. | 2,654 | 157,143 | ||||||
NiSource, Inc. | 5,906 | 164,069 | ||||||
Sempra Energy | 1,497 | 191,541 | ||||||
WEC Energy Group, Inc. | 2,362 | 185,252 | ||||||
|
| |||||||
1,250,816 | ||||||||
|
| |||||||
General Industrials — 3.0% |
| |||||||
3M Co. | 849 | 160,894 | ||||||
Bemis Co., Inc. | 639 | 36,691 | ||||||
Eaton Corp. plc | 2,260 | 187,173 | ||||||
General Electric Co. | 12,232 | 124,399 | ||||||
Packaging Corp. of America | 1,498 | 148,542 | ||||||
Sonoco Products Co. | 3,105 | 195,801 | ||||||
Westrock Co. | 2,410 | 92,496 | ||||||
|
| |||||||
945,996 | ||||||||
|
| |||||||
General Retailers — 4.6% |
| |||||||
Foot Locker, Inc. | 3,022 | 172,888 | ||||||
Gap, Inc. (The) | 5,910 | 154,133 | ||||||
H&R Block, Inc. | 6,155 | 167,477 | ||||||
Home Depot, Inc. (The) | 971 | 197,793 | ||||||
Kohl’s Corp. | 2,378 | 169,076 | ||||||
L Brands, Inc. | 5,708 | 146,353 | ||||||
Macy’s, Inc. | 5,997 | 141,169 | ||||||
Nordstrom, Inc. | 2,335 | 95,782 | ||||||
Target Corp. | 2,162 | 167,382 | ||||||
|
| |||||||
1,412,053 | ||||||||
|
| |||||||
Health Care Equipment & Services — 1.5% |
| |||||||
Becton Dickinson and Co. | 8 | 1,926 | ||||||
Medtronic plc | 1,888 | 167,673 | ||||||
Quest Diagnostics, Inc. | 1,624 | 156,521 | ||||||
ResMed, Inc. | 1,398 | 146,105 | ||||||
|
| |||||||
472,225 | ||||||||
|
| |||||||
Household Goods & Home Construction — 2.9% |
| |||||||
Clorox Co. (The) | 1,100 | 175,703 | ||||||
Leggett & Platt, Inc. | 3,913 | 154,016 | ||||||
Newell Brands, Inc. | 7,151 | 102,831 | ||||||
Procter & Gamble Co. (The) | 1,864 | 198,479 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Goods & Home Construction — continued |
| |||||||
Stanley Black & Decker, Inc. | 489 | 71,688 | ||||||
Whirlpool Corp. | 1,192 | 165,473 | ||||||
|
| |||||||
868,190 | ||||||||
|
| |||||||
Industrial Engineering — 1.5% |
| |||||||
Caterpillar, Inc. | 1,238 | 172,602 | ||||||
Cummins, Inc. | 1,077 | 179,094 | ||||||
Rockwell Automation, Inc. | 192 | 34,696 | ||||||
Timken Co. (The) | 1,315 | 63,054 | ||||||
|
| |||||||
449,446 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.6% |
| |||||||
Nucor Corp. | 2,973 | 169,669 | ||||||
Reliance Steel & Aluminum Co. | 2,016 | 185,392 | ||||||
Southern Copper Corp. (Peru) | 3,236 | 124,327 | ||||||
|
| |||||||
479,388 | ||||||||
|
| |||||||
Industrial Transportation — 0.9% |
| |||||||
Macquarie Infrastructure Corp. | 3,600 | 145,836 | ||||||
United Parcel Service, Inc., Class B | 1,181 | 125,446 | ||||||
|
| |||||||
271,282 | ||||||||
|
| |||||||
Leisure Goods — 1.2% |
| |||||||
Garmin Ltd. | 2,143 | 183,741 | ||||||
Hasbro, Inc. | 1,684 | 171,532 | ||||||
|
| |||||||
355,273 | ||||||||
|
| |||||||
Media — 0.8% |
| |||||||
Nielsen Holdings plc | 5,974 | 152,516 | ||||||
Viacom, Inc., Class B | 2,938 | 84,938 | ||||||
|
| |||||||
237,454 | ||||||||
|
| |||||||
Mobile Telecommunications — 1.3% |
| |||||||
Sprint Corp.* | 10,505 | 58,618 | ||||||
Telephone & Data Systems, Inc. | 5,090 | 162,269 | ||||||
T-Mobile US, Inc.* | 2,495 | 182,110 | ||||||
|
| |||||||
402,997 | ||||||||
|
| |||||||
Nonlife Insurance — 0.6% |
| |||||||
Old Republic International Corp. | 8,061 | 180,244 | ||||||
|
| |||||||
Oil & Gas Producers — 2.4% |
| |||||||
Chevron Corp. | 1,534 | 184,172 | ||||||
Exxon Mobil Corp. | 1,521 | 122,106 | ||||||
Murphy Oil Corp. | 2,259 | 61,535 | ||||||
Occidental Petroleum Corp. | 2,280 | 134,246 | ||||||
PBF Energy, Inc., Class A | 3,186 | 106,986 | ||||||
Targa Resources Corp. | 3,695 | 148,354 | ||||||
|
| |||||||
757,399 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 143 |
JPMorgan U.S Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil Equipment, Services & Distribution — 2.9% |
| |||||||
Helmerich & Payne, Inc. | 2,767 | 161,925 | ||||||
Kinder Morgan, Inc. | 4,120 | 81,865 | ||||||
Nabors Industries Ltd. | 13,730 | 48,055 | ||||||
OGE Energy Corp. | 3,677 | 155,684 | ||||||
ONEOK, Inc. | 2,675 | 181,713 | ||||||
Schlumberger Ltd. | 1,262 | 53,862 | ||||||
Williams Cos., Inc. (The) | 6,104 | 172,926 | ||||||
|
| |||||||
856,030 | ||||||||
|
| |||||||
Personal Goods — 2.9% |
| |||||||
Coty, Inc., Class A | 15,856 | 171,562 | ||||||
Hanesbrands, Inc. | 9,526 | 172,135 | ||||||
Kimberly-Clark Corp. | 1,518 | 194,881 | ||||||
Nu Skin Enterprises, Inc., Class A | 812 | 41,306 | ||||||
Tapestry, Inc. | 3,862 | 124,627 | ||||||
VF Corp. | 2,047 | 193,257 | ||||||
|
| |||||||
897,768 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 5.2% |
| |||||||
Abbott Laboratories | 2,343 | 186,409 | ||||||
AbbVie, Inc. | 1,794 | 142,426 | ||||||
Amgen, Inc. | 884 | 158,519 | ||||||
Bristol-Myers Squibb Co. | 2,923 | 135,715 | ||||||
Cardinal Health, Inc. | 2,219 | 108,088 | ||||||
Eli Lilly & Co. | 1,427 | 167,016 | ||||||
Gilead Sciences, Inc. | 2,379 | 154,730 | ||||||
Johnson & Johnson | 1,285 | 181,442 | ||||||
Merck & Co., Inc. | 2,253 | 177,334 | ||||||
Pfizer, Inc. | 4,033 | 163,780 | ||||||
|
| |||||||
1,575,459 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 15.4% |
| |||||||
AGNC Investment Corp. | 9,859 | 175,392 | ||||||
Annaly Capital Management, Inc. | 14,978 | 151,128 | ||||||
Apple Hospitality REIT, Inc. | 5,853 | 96,282 | ||||||
Brandywine Realty Trust | 9,401 | 144,681 | ||||||
Brixmor Property Group, Inc. | 8,513 | 152,213 | ||||||
Chimera Investment Corp. | 7,400 | 141,858 | ||||||
Colony Capital, Inc. | 5,090 | 26,163 | ||||||
Corporate Office Properties Trust | 1,109 | 30,919 | ||||||
Digital Realty Trust, Inc. | 1,516 | 178,448 | ||||||
Duke Realty Corp. | 3,848 | 119,750 | ||||||
EPR Properties | 1,446 | 114,032 | ||||||
Gaming and Leisure Properties, Inc. | 4,403 | 177,793 | ||||||
HCP, Inc. | 4,673 | 139,162 | ||||||
Healthcare Trust of America, Inc., Class A | 848 | 23,388 | ||||||
Hospitality Properties Trust | 4,894 | 127,244 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
Iron Mountain, Inc. | 4,466 | 145,056 | ||||||
Kimco Realty Corp. | 9,270 | 161,205 | ||||||
Liberty Property Trust | 3,798 | 188,533 | ||||||
Macerich Co. (The) | 3,409 | 136,837 | ||||||
Medical Properties Trust, Inc. | 4,180 | 72,983 | ||||||
MFA Financial, Inc. | 18,737 | 140,715 | ||||||
National Retail Properties, Inc. | 2,647 | 139,285 | ||||||
New Residential Investment Corp. | 8,988 | 151,088 | ||||||
Omega Healthcare Investors, Inc. | 4,793 | 169,624 | ||||||
Outfront Media, Inc. | 4,422 | 105,376 | ||||||
Park Hotels & Resorts, Inc. | 4,237 | 135,923 | ||||||
Rayonier, Inc. | 3,347 | 106,401 | ||||||
Retail Value, Inc. | 386 | 12,931 | ||||||
Senior Housing Properties Trust | 8,139 | 65,356 | ||||||
SITE Centers Corp. | 6,440 | 85,266 | ||||||
Spirit Realty Capital, Inc. | 4,483 | 181,382 | ||||||
Starwood Property Trust, Inc. | 7,615 | 175,526 | ||||||
Two Harbors Investment Corp. | 10,841 | 150,256 | ||||||
Uniti Group, Inc. | 8,511 | 93,536 | ||||||
Ventas, Inc. | 834 | 50,966 | ||||||
VEREIT, Inc. | 20,032 | 165,464 | ||||||
Welltower, Inc. | 1,844 | 137,433 | ||||||
WP Carey, Inc. | 2,238 | 177,518 | ||||||
|
| |||||||
4,747,113 | ||||||||
|
| |||||||
Software & Computer Services — 1.2% |
| |||||||
International Business Machines Corp. | 1,099 | 154,157 | ||||||
Microsoft Corp. | 1,719 | 224,501 | ||||||
|
| |||||||
378,658 | ||||||||
|
| |||||||
Support Services — 1.6% |
| |||||||
Paychex, Inc. | 2,339 | 197,201 | ||||||
Waste Management, Inc. | 1,184 | 127,091 | ||||||
Xerox Corp. | 5,032 | 167,868 | ||||||
|
| |||||||
492,160 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.5% |
| |||||||
Analog Devices, Inc. | 1,687 | 196,097 | ||||||
Cypress Semiconductor Corp. | 10,264 | 176,335 | ||||||
HP, Inc. | 1,990 | 39,700 | ||||||
Intel Corp. | 3,465 | 176,854 | ||||||
KLA-Tencor Corp. | 1,559 | 198,741 | ||||||
Maxim Integrated Products, Inc. | 2,973 | 178,380 | ||||||
Microchip Technology, Inc. | 1,552 | 155,029 | ||||||
QUALCOMM, Inc. | 2,274 | 195,860 | ||||||
Xilinx, Inc. | 616 | 74,006 | ||||||
|
| |||||||
1,391,002 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
144 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Tobacco — 1.2% |
| |||||||
Altria Group, Inc. | 3,295 | 179,017 | ||||||
Philip Morris International, Inc. | 2,093 | 181,170 | ||||||
|
| |||||||
360,187 | ||||||||
|
| |||||||
Travel & Leisure — 4.5% |
| |||||||
Cinemark Holdings, Inc. | 3,685 | 154,954 | ||||||
Copa Holdings SA, Class A (Panama) | 1,575 | 131,134 | ||||||
Darden Restaurants, Inc. | 1,605 | 188,748 | ||||||
Extended Stay America, Inc. | 7,899 | 141,471 | ||||||
International Game Technology plc | 6,086 | 89,038 | ||||||
Las Vegas Sands Corp. | 2,446 | 164,004 | ||||||
McDonald’s Corp. | 951 | 187,889 | ||||||
Six Flags Entertainment Corp. | 2,674 | 141,963 | ||||||
Wendy’s Co. (The) | 5,695 | 105,984 | ||||||
Wyndham Destinations, Inc. | 2,007 | 87,425 | ||||||
|
| |||||||
1,392,610 | ||||||||
|
| |||||||
Total Common Stocks | 30,578,326 | |||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 0.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) | 33,272 | 33,272 | ||||||
|
| |||||||
Total Investments — 99.9% | 30,611,598 | |||||||
Other Assets Less Liabilities — 0.1% | 19,107 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 30,630,705 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(b) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Russell 1000E-Mini Index | 1 | 06/2019 | USD | 81,635 | 4,305 | |||||||||||||||
|
| |||||||||||||||||||
4,305 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 145 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
Lockheed Martin Corp. | 642 | 213,998 | ||||||
Raytheon Co. | 1,043 | 185,226 | ||||||
|
| |||||||
399,224 | ||||||||
|
| |||||||
Automobiles & Parts — 0.5% |
| |||||||
Genuine Parts Co. | 2,178 | 223,332 | ||||||
|
| |||||||
Banks — 0.7% |
| |||||||
TFS Financial Corp. | 3,838 | 63,864 | ||||||
US Bancorp | 3,743 | 199,577 | ||||||
|
| |||||||
263,441 | ||||||||
|
| |||||||
Beverages — 2.5% |
| |||||||
Brown-Forman Corp., Class B | 3,107 | 165,572 | ||||||
Coca-Cola Co. (The) | 5,227 | 256,437 | ||||||
Constellation Brands, Inc., Class A | 841 | 178,014 | ||||||
Molson Coors Brewing Co., Class B | 2,472 | 158,678 | ||||||
PepsiCo, Inc. | 2,051 | 262,630 | ||||||
|
| |||||||
1,021,331 | ||||||||
|
| |||||||
Chemicals — 5.2% |
| |||||||
Air Products & Chemicals, Inc. | 1,267 | 260,736 | ||||||
Ashland Global Holdings, Inc. | 2,870 | 231,121 | ||||||
Avery Dennison Corp. | 1,405 | 155,463 | ||||||
Dow, Inc.* | 127 | 7,205 | ||||||
DowDuPont, Inc. | 403 | 15,495 | ||||||
Ecolab, Inc. | 1,401 | 257,896 | ||||||
International Flavors & Fragrances, Inc. | 1,538 | 211,921 | ||||||
Linde plc (United Kingdom) | 1,367 | 246,415 | ||||||
NewMarket Corp. | 224 | 93,986 | ||||||
PPG Industries, Inc. | 1,938 | 227,715 | ||||||
RPM International, Inc. | 3,585 | 217,430 | ||||||
Scotts Miracle-Gro Co. (The) | 1,877 | 159,583 | ||||||
WR Grace & Co. | 879 | 66,435 | ||||||
|
| |||||||
2,151,401 | ||||||||
|
| |||||||
Electricity — 10.9% |
| |||||||
Alliant Energy Corp. | 5,167 | 244,037 | ||||||
American Electric Power Co., Inc. | 2,922 | 249,977 | ||||||
Avangrid, Inc. | 2,942 | 150,660 | ||||||
CMS Energy Corp. | 4,356 | 241,976 | ||||||
Consolidated Edison, Inc. | 2,874 | 247,624 | ||||||
Dominion Energy, Inc. | 3,197 | 248,950 | ||||||
DTE Energy Co. | 1,918 | 241,112 | ||||||
Entergy Corp. | 2,542 | 246,320 | ||||||
Evergy, Inc. | 4,012 | 231,974 | ||||||
Eversource Energy | 3,395 | 243,286 | ||||||
Exelon Corp. | 4,877 | 248,483 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Electricity — continued |
| |||||||
FirstEnergy Corp. | 5,248 | 220,573 | ||||||
Hawaiian Electric Industries, Inc. | 3,268 | 135,557 | ||||||
NextEra Energy, Inc. | 1,260 | 244,994 | ||||||
Pinnacle West Capital Corp. | 2,528 | 240,843 | ||||||
PPL Corp. | 6,900 | 215,349 | ||||||
Public Service Enterprise Group, Inc. | 4,031 | 240,449 | ||||||
Southern Co. (The) | 4,768 | 253,753 | ||||||
Vistra Energy Corp. | 4,372 | 119,137 | ||||||
Xcel Energy, Inc. | 4,321 | 244,137 | ||||||
|
| |||||||
4,509,191 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 0.6% |
| |||||||
Hubbell, Inc. | 1,038 | 132,449 | ||||||
Waters Corp.* | 493 | 105,275 | ||||||
|
| |||||||
237,724 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.9% |
| |||||||
AT&T, Inc. | 7,619 | 235,884 | ||||||
CenturyLink, Inc. | 6,178 | 70,553 | ||||||
Verizon Communications, Inc. | 4,167 | 238,311 | ||||||
Zayo Group Holdings, Inc.* | 7,967 | 249,287 | ||||||
|
| |||||||
794,035 | ||||||||
|
| |||||||
Food & Drug Retailers — 1.4% |
| |||||||
AmerisourceBergen Corp. | 2,372 | 177,331 | ||||||
CVS Health Corp. | 2,884 | 156,832 | ||||||
Sysco Corp. | 3,509 | 246,928 | ||||||
|
| |||||||
581,091 | ||||||||
|
| |||||||
Food Producers — 6.9% |
| |||||||
Archer-Daniels-Midland Co. | 5,511 | 245,791 | ||||||
Campbell Soup Co. | 3,603 | 139,400 | ||||||
Conagra Brands, Inc. | 7,343 | 226,018 | ||||||
General Mills, Inc. | 4,437 | 228,372 | ||||||
Hershey Co. (The) | 2,142 | 267,429 | ||||||
Hormel Foods Corp. | 5,286 | 211,123 | ||||||
Ingredion, Inc. | 2,138 | 202,576 | ||||||
JM Smucker Co. (The) | 1,690 | 207,245 | ||||||
Kellogg Co. | 3,511 | 211,713 | ||||||
Kraft Heinz Co. (The) | 3,260 | 108,362 | ||||||
Lamb Weston Holdings, Inc. | 2,849 | 199,572 | ||||||
McCormick & Co., Inc.(Non-Voting) | 1,593 | 245,274 | ||||||
Mondelez International, Inc., Class A | 5,025 | 255,521 | ||||||
Tyson Foods, Inc., Class A | 614 | 46,056 | ||||||
US Foods Holding Corp.* | 1,450 | 52,998 | ||||||
|
| |||||||
2,847,450 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
146 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Gas, Water & Multiutilities — 5.5% |
| |||||||
Ameren Corp. | 3,329 | 242,251 | ||||||
American Water Works Co., Inc. | 2,330 | 252,083 | ||||||
Aqua America, Inc. | 4,919 | 192,136 | ||||||
Atmos Energy Corp. | 2,400 | 245,616 | ||||||
CenterPoint Energy, Inc. | 7,251 | 224,781 | ||||||
Duke Energy Corp. | 2,643 | 240,830 | ||||||
NiSource, Inc. | 8,111 | 225,324 | ||||||
Sempra Energy | 1,546 | 197,811 | ||||||
UGI Corp. | 4,153 | 226,380 | ||||||
WEC Energy Group, Inc. | 3,107 | 243,682 | ||||||
|
| |||||||
2,290,894 | ||||||||
|
| |||||||
General Industrials — 0.5% |
| |||||||
3M Co. | 964 | 182,688 | ||||||
Bemis Co., Inc. | 839 | 48,176 | ||||||
|
| |||||||
230,864 | ||||||||
|
| |||||||
General Retailers — 5.7% |
| |||||||
AutoZone, Inc.* | 254 | 261,191 | ||||||
Bright Horizons Family Solutions, Inc.* | 697 | 89,320 | ||||||
Copart, Inc.* | 2,666 | 179,475 | ||||||
Costco Wholesale Corp. | 1,036 | 254,369 | ||||||
Dollar Tree, Inc.* | 1,066 | 118,625 | ||||||
Henry Schein, Inc.* | 2,431 | 155,730 | ||||||
Home Depot, Inc. (The) | 1,280 | 260,736 | ||||||
O’Reilly Automotive, Inc.* | 342 | 129,471 | ||||||
Rollins, Inc. | 1,830 | 70,766 | ||||||
Service Corp. International | 2,355 | 97,992 | ||||||
Target Corp. | 2,753 | 213,137 | ||||||
TJX Cos., Inc. (The) | 4,388 | 240,813 | ||||||
Walmart, Inc. | 2,397 | 246,507 | ||||||
|
| |||||||
2,318,132 | ||||||||
|
| |||||||
Health Care Equipment & Services — 12.6% |
| |||||||
Anthem, Inc. | 787 | 207,005 | ||||||
Baxter International, Inc. | 3,191 | 243,473 | ||||||
Becton Dickinson and Co. | 923 | 222,203 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 737 | 221,786 | ||||||
Cigna Corp. | 1,072 | 170,276 | ||||||
Cooper Cos., Inc. (The) | 814 | 235,995 | ||||||
DaVita, Inc.* | 3,134 | 173,122 | ||||||
Dentsply Sirona, Inc. | 3,360 | 171,797 | ||||||
Hill-Rom Holdings, Inc. | 2,235 | 226,674 | ||||||
Humana, Inc. | 512 | 130,770 | ||||||
IDEXX Laboratories, Inc.* | 950 | 220,400 | ||||||
Intuitive Surgical, Inc.* | 432 | 220,592 | ||||||
Laboratory Corp. of America Holdings* | 1,367 | 218,611 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Services — continued |
| |||||||
MEDNAX, Inc.* | 3,164 | 88,497 | ||||||
Medtronic plc | 2,358 | 209,414 | ||||||
Quest Diagnostics, Inc. | 2,284 | 220,132 | ||||||
ResMed, Inc. | 2,138 | 223,442 | ||||||
STERIS plc | 1,810 | 237,074 | ||||||
Stryker Corp. | 1,256 | 237,271 | ||||||
Teleflex, Inc. | 817 | 233,809 | ||||||
Thermo Fisher Scientific, Inc. | 911 | 252,757 | ||||||
UnitedHealth Group, Inc. | 862 | 200,906 | ||||||
Varian Medical Systems, Inc.* | 1,765 | 240,340 | ||||||
West Pharmaceutical Services, Inc. | 1,652 | 204,501 | ||||||
Zimmer Biomet Holdings, Inc. | 1,688 | 207,894 | ||||||
|
| |||||||
5,218,741 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.3% |
| |||||||
Church & Dwight Co., Inc. | 3,603 | 270,045 | ||||||
Clorox Co. (The) | 1,442 | 230,331 | ||||||
Leggett & Platt, Inc. | 4,561 | 179,521 | ||||||
Mohawk Industries, Inc.* | 469 | 63,901 | ||||||
NVR, Inc.* | 65 | 204,911 | ||||||
Procter & Gamble Co. (The) | 2,406 | 256,191 | ||||||
Spectrum Brands Holdings, Inc. | 298 | 18,348 | ||||||
Stanley Black & Decker, Inc. | 875 | 128,275 | ||||||
|
| |||||||
1,351,523 | ||||||||
|
| |||||||
Industrial Engineering — 0.1% |
| |||||||
Snap-on, Inc. | 156 | 26,252 | ||||||
|
| |||||||
Industrial Transportation — 0.4% |
| |||||||
United Parcel Service, Inc., Class B | 1,686 | 179,087 | ||||||
|
| |||||||
Leisure Goods — 1.4% |
| |||||||
Garmin Ltd. | 2,397 | 205,519 | ||||||
Hasbro, Inc. | 1,307 | 133,131 | ||||||
Pool Corp. | 1,250 | 229,675 | ||||||
|
| |||||||
568,325 | ||||||||
|
| |||||||
Life Insurance — 0.4% |
| |||||||
Aflac, Inc. | 3,082 | 155,271 | ||||||
|
| |||||||
Media — 1.1% |
| |||||||
Graham Holdings Co., Class B | 70 | 52,040 | ||||||
Omnicom Group, Inc. | 1,463 | 117,084 | ||||||
Walt Disney Co. (The) | 2,101 | 287,774 | ||||||
|
| |||||||
456,898 | ||||||||
|
| |||||||
Mobile Telecommunications — 1.6% |
| |||||||
Telephone & Data Systems, Inc. | 6,506 | 207,411 | ||||||
T-Mobile US, Inc.* | 3,282 | 239,553 | ||||||
United States Cellular Corp.* | 3,995 | 192,160 | ||||||
|
| |||||||
639,124 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 147 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Nonlife Insurance — 6.7% |
| |||||||
Allstate Corp. (The) | 2,239 | 221,795 | ||||||
American Financial Group, Inc. | 1,979 | 204,886 | ||||||
Aon plc | 288 | 51,880 | ||||||
Arch Capital Group Ltd.* | 6,722 | 227,069 | ||||||
Arthur J Gallagher & Co. | 1,241 | 103,772 | ||||||
Berkshire Hathaway, Inc., Class B* | 1,180 | 255,718 | ||||||
Brown & Brown, Inc. | 5,362 | 170,244 | ||||||
Chubb Ltd. | 1,385 | 201,102 | ||||||
Cincinnati Financial Corp. | 2,593 | 249,395 | ||||||
Everest Re Group Ltd. | 583 | 137,297 | ||||||
Markel Corp.* | 200 | 214,302 | ||||||
Marsh & McLennan Cos., Inc. | 2,549 | 240,345 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 1,453 | 225,738 | ||||||
White Mountains Insurance Group Ltd. | 109 | 102,355 | ||||||
WR Berkley Corp. | 2,532 | 155,212 | ||||||
|
| |||||||
2,761,110 | ||||||||
|
| |||||||
Oil & Gas Producers — 2.8% |
| |||||||
Chevron Corp. | 1,852 | 222,351 | ||||||
ConocoPhillips | 2,431 | 153,445 | ||||||
EOG Resources, Inc. | 367 | 35,250 | ||||||
Exxon Mobil Corp. | 2,575 | 206,721 | ||||||
Occidental Petroleum Corp. | 2,845 | 167,514 | ||||||
Phillips 66 | 2,136 | 201,361 | ||||||
Valero Energy Corp. | 1,858 | 168,446 | ||||||
|
| |||||||
1,155,088 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 2.1% |
| |||||||
Halliburton Co. | 3,485 | 98,730 | ||||||
Kinder Morgan, Inc. | 11,634 | 231,168 | ||||||
OGE Energy Corp. | 5,574 | 236,003 | ||||||
ONEOK, Inc. | 1,735 | 117,858 | ||||||
Schlumberger Ltd. | 4,431 | 189,115 | ||||||
|
| |||||||
872,874 | ||||||||
|
| |||||||
Personal Goods — 3.0% |
| |||||||
Colgate-Palmolive Co. | 3,598 | 261,898 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,513 | 259,948 | ||||||
Kimberly-Clark Corp. | 1,935 | 248,415 | ||||||
NIKE, Inc., Class B | 2,763 | 242,674 | ||||||
VF Corp. | 2,630 | 248,299 | ||||||
|
| |||||||
1,261,234 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 5.8% |
| |||||||
Abbott Laboratories | 3,052 | 242,817 | ||||||
Amgen, Inc. | 1,040 | 186,493 | ||||||
Bio-Techne Corp. | 1,222 | 250,009 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
Bristol-Myers Squibb Co. | 2,927 | 135,901 | ||||||
Cardinal Health, Inc. | 117 | 5,699 | ||||||
Eli Lilly & Co. | 1,885 | 220,620 | ||||||
IQVIA Holdings, Inc.* | 1,690 | 234,741 | ||||||
Johnson & Johnson | 1,658 | 234,110 | ||||||
Merck & Co., Inc. | 2,913 | 229,282 | ||||||
Pfizer, Inc. | 5,244 | 212,959 | ||||||
QIAGEN NV* | 4,066 | 158,411 | ||||||
Zoetis, Inc. | 2,517 | 256,331 | ||||||
|
| |||||||
2,367,373 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 5.5% |
| |||||||
AGNC Investment Corp. | 11,924 | 212,128 | ||||||
American Tower Corp. | 1,344 | 262,483 | ||||||
Annaly Capital Management, Inc. | 19,496 | 196,715 | ||||||
Apple Hospitality REIT, Inc. | 7,564 | 124,428 | ||||||
Camden Property Trust | 140 | 14,091 | ||||||
Chimera Investment Corp. | 1,577 | 30,231 | ||||||
Crown Castle International Corp. | 1,997 | 251,183 | ||||||
Equity Commonwealth | 3,049 | 96,958 | ||||||
Equity LifeStyle Properties, Inc. | 985 | 114,949 | ||||||
Federal Realty Investment Trust | 1,198 | 160,352 | ||||||
Gaming and Leisure Properties, Inc. | 4,660 | 188,171 | ||||||
MFA Financial, Inc. | 9,362 | 70,309 | ||||||
National Retail Properties, Inc. | 1,309 | 68,880 | ||||||
Regency Centers Corp. | 726 | 48,765 | ||||||
Starwood Property Trust, Inc. | 10,386 | 239,397 | ||||||
Two Harbors Investment Corp. | 14,240 | 197,366 | ||||||
|
| |||||||
2,276,406 | ||||||||
|
| |||||||
Software & Computer Services — 3.9% |
| |||||||
Amdocs Ltd. | 3,355 | 184,794 | ||||||
ANSYS, Inc.* | 1,299 | 254,344 | ||||||
CDK Global, Inc. | 3,278 | 197,729 | ||||||
Cognizant Technology Solutions Corp., Class A | 344 | 25,098 | ||||||
International Business Machines Corp. | 901 | 126,383 | ||||||
Intuit, Inc. | 959 | 240,767 | ||||||
Microsoft Corp. | 2,116 | 276,350 | ||||||
Synopsys, Inc.* | 2,329 | 281,995 | ||||||
|
| |||||||
1,587,460 | ||||||||
|
| |||||||
Support Services — 2.2% |
| |||||||
Automatic Data Processing, Inc. | 1,547 | 254,311 | ||||||
Jack Henry & Associates, Inc. | 668 | 99,572 | ||||||
Paychex, Inc. | 918 | 77,397 | ||||||
Republic Services, Inc. | 2,786 | 230,736 | ||||||
Waste Management, Inc. | 2,343 | 251,498 | ||||||
|
| |||||||
913,514 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
148 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware & Equipment — 1.5% |
| |||||||
Harris Corp. | 1,360 | 229,160 | ||||||
Motorola Solutions, Inc. | 1,508 | 218,524 | ||||||
Texas Instruments, Inc. | 1,238 | 145,873 | ||||||
|
| |||||||
593,557 | ||||||||
|
| |||||||
Tobacco — 0.9% |
| |||||||
Altria Group, Inc. | 3,450 | 187,439 | ||||||
Philip Morris International, Inc. | 2,188 | 189,393 | ||||||
|
| |||||||
376,832 | ||||||||
|
| |||||||
Travel & Leisure — 1.3% |
| |||||||
Choice Hotels International, Inc. | 484 | 40,191 | ||||||
McDonald’s Corp. | 1,287 | 254,273 | ||||||
Yum! Brands, Inc. | 2,506 | 261,602 | ||||||
|
| |||||||
556,066 | ||||||||
|
| |||||||
Total Common Stocks | 41,184,845 | |||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 0.2% |
| |||||||
Investment Companies — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) | 74,511 | 74,511 | ||||||
|
| |||||||
Total Investments — 100.0% | 41,259,356 | |||||||
Liabilities in Excess of | (418 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 41,258,938 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
REIT | — Real Estate Investment Trust | |
(a) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(b) | — The rate shown is the current yield as of April 30, 2019. | |
(c) | — Amount rounds to less than 0.1% of net assets. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Russell 1000E-Mini Index | 1 | 06/2019 | USD | 81,635 | 4,305 | |||||||||||||||
|
| |||||||||||||||||||
4,305 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 149 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.9% |
| |||||||
Aerospace & Defense — 2.9% |
| |||||||
Boeing Co. (The) | 1,587 | 599,394 | ||||||
FLIR Systems, Inc. | 1,630 | 86,292 | ||||||
HEICO Corp. | 910 | 96,032 | ||||||
L3 Technologies, Inc. | 508 | 111,039 | ||||||
Teledyne Technologies, Inc.* | 407 | 101,144 | ||||||
TransDigm Group, Inc.* | 302 | 145,721 | ||||||
|
| |||||||
1,139,622 | ||||||||
|
| |||||||
Alternative Energy — 0.1% |
| |||||||
First Solar, Inc.* | 466 | 28,673 | ||||||
|
| |||||||
Automobiles & Parts — 0.2% |
| |||||||
Gentex Corp. | 3,793 | 87,353 | ||||||
|
| |||||||
Banks — 1.7% |
| |||||||
Commerce Bancshares, Inc. | 616 | 37,225 | ||||||
First Republic Bank | 845 | 89,249 | ||||||
Popular, Inc. (Puerto Rico) | 1,037 | 59,845 | ||||||
SVB Financial Group* | 382 | 96,157 | ||||||
TCF Financial Corp. | 3,593 | 79,513 | ||||||
US Bancorp | 4,030 | 214,879 | ||||||
Zions Bancorp NA | 1,796 | 88,597 | ||||||
|
| |||||||
665,465 | ||||||||
|
| |||||||
Beverages — 0.7% |
| |||||||
Coca-Cola Co. (The) | 2,783 | 136,534 | ||||||
Monster Beverage Corp.* | 2,191 | 130,584 | ||||||
|
| |||||||
267,118 | ||||||||
|
| |||||||
Chemicals — 2.2% |
| |||||||
Air Products & Chemicals, Inc. | 487 | 100,220 | ||||||
Ashland Global Holdings, Inc. | 874 | 70,383 | ||||||
Avery Dennison Corp. | 826 | 91,397 | ||||||
CF Industries Holdings, Inc. | 2,336 | 104,606 | ||||||
Ecolab, Inc. | 1,123 | 206,722 | ||||||
FMC Corp. | 1,213 | 95,900 | ||||||
Mosaic Co. (The) | 2,945 | 76,894 | ||||||
RPM International, Inc. | 1,268 | 76,904 | ||||||
WR Grace & Co. | 885 | 66,888 | ||||||
|
| |||||||
889,914 | ||||||||
|
| |||||||
Construction & Materials — 0.1% |
| |||||||
Lennox International, Inc. | 118 | 32,031 | ||||||
|
| |||||||
Electricity — 2.6% |
| |||||||
AES Corp. | 6,136 | 105,048 | ||||||
American Electric Power Co., Inc. | 1,099 | 94,019 | ||||||
Avangrid, Inc. | 907 | 46,448 | ||||||
DTE Energy Co. | 824 | 103,585 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Electricity — continued | ||||||||
Exelon Corp. | 4,132 | 210,525 | ||||||
NextEra Energy, Inc. | 1,628 | 316,548 | ||||||
NRG Energy, Inc. | 2,579 | 106,178 | ||||||
Vistra Energy Corp. | 3,949 | 107,610 | ||||||
|
| |||||||
1,089,961 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 0.6% |
| |||||||
Keysight Technologies, Inc.* | 1,390 | 120,972 | ||||||
Zebra Technologies Corp., Class A* | 517 | 109,160 | ||||||
|
| |||||||
230,132 | ||||||||
|
| |||||||
Financial Services — 7.3% |
| |||||||
American Express Co. | 2,041 | 239,266 | ||||||
CME Group, Inc. | 1,296 | 231,854 | ||||||
Credit Acceptance Corp.* | 167 | 82,869 | ||||||
E*TRADE Financial Corp. | 1,858 | 94,126 | ||||||
Element Solutions, Inc.* | 3,337 | 36,240 | ||||||
Interactive Brokers Group, Inc., Class A | 712 | 38,619 | ||||||
LPL Financial Holdings, Inc. | 1,226 | 90,834 | ||||||
MarketAxess Holdings, Inc. | 182 | 50,656 | ||||||
Mastercard, Inc., Class A | 2,723 | 692,296 | ||||||
Moody’s Corp. | 854 | 167,914 | ||||||
MSCI, Inc. | 634 | 142,891 | ||||||
S&P Global, Inc. | 1,021 | 225,294 | ||||||
Visa, Inc., Class A | 5,033 | 827,576 | ||||||
|
| |||||||
2,920,435 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.7% |
| |||||||
Verizon Communications, Inc. | 11,762 | 672,669 | ||||||
|
| |||||||
Food & Drug Retailers — 0.4% |
| |||||||
Sysco Corp. | 2,302 | 161,992 | ||||||
|
| |||||||
Food Producers — 1.4% |
| |||||||
Archer-Daniels-Midland Co. | 3,036 | 135,405 | ||||||
Herbalife Nutrition Ltd.* | 1,152 | 60,883 | ||||||
Hormel Foods Corp. | 2,462 | 98,332 | ||||||
Lamb Weston Holdings, Inc. | 1,334 | 93,447 | ||||||
McCormick & Co., Inc.(Non-Voting) | 803 | 123,638 | ||||||
TreeHouse Foods, Inc.* | 904 | 60,550 | ||||||
|
| |||||||
572,255 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 0.4% |
| |||||||
Ameren Corp. | 412 | 29,981 | ||||||
Atmos Energy Corp. | 978 | 100,089 | ||||||
|
| |||||||
130,070 | ||||||||
|
| |||||||
General Industrials — 0.7% |
| |||||||
AptarGroup, Inc. | 386 | 42,938 | ||||||
Ball Corp. | 2,288 | 137,143 |
SEE NOTES TO FINANCIAL STATEMENTS.
150 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
General Industrials — continued |
| |||||||
Danaher Corp. | 601 | 79,596 | ||||||
|
| |||||||
259,677 | ||||||||
|
| |||||||
General Retailers — 8.4% |
| |||||||
Advance Auto Parts, Inc. | 593 | 98,628 | ||||||
Amazon.com, Inc.* | 394 | 759,049 | ||||||
Best Buy Co., Inc. | 1,634 | 121,586 | ||||||
Bright Horizons Family Solutions, Inc.* | 752 | 96,369 | ||||||
Burlington Stores, Inc.* | 615 | 103,880 | ||||||
Copart, Inc.* | 1,770 | 119,156 | ||||||
Costco Wholesale Corp. | 1,145 | 281,132 | ||||||
frontdoor, Inc.* | 471 | 16,598 | ||||||
Home Depot, Inc. (The) | 3,173 | 646,340 | ||||||
Kohl’s Corp. | 1,445 | 102,740 | ||||||
Netflix, Inc.* | 1,308 | 484,666 | ||||||
O’Reilly Automotive, Inc.* | 172 | 65,114 | ||||||
Rollins, Inc. | 2,107 | 81,478 | ||||||
Ross Stores, Inc. | 309 | 30,177 | ||||||
Service Corp. International | 859 | 35,743 | ||||||
ServiceMaster Global Holdings, Inc.* | 1,150 | 56,385 | ||||||
TJX Cos., Inc. (The) | 4,680 | 256,838 | ||||||
|
| |||||||
3,355,879 | ||||||||
|
| |||||||
Health Care Equipment & Services — 8.3% |
| |||||||
ABIOMED, Inc.* | 308 | 85,442 | ||||||
Anthem, Inc. | 905 | 238,042 | ||||||
Becton Dickinson and Co. | 971 | 233,759 | ||||||
Boston Scientific Corp.* | 5,560 | 206,387 | ||||||
Bruker Corp. | 620 | 23,932 | ||||||
Centene Corp.* | 2,081 | 107,296 | ||||||
Chemed Corp. | 272 | 88,884 | ||||||
DexCom, Inc.* | 763 | 92,376 | ||||||
Encompass Health Corp. | 1,229 | 79,209 | ||||||
HCA Healthcare, Inc. | 1,277 | 162,473 | ||||||
Hill-Rom Holdings, Inc. | 556 | 56,390 | ||||||
Humana, Inc. | 579 | 147,883 | ||||||
ICU Medical, Inc.* | 298 | 67,795 | ||||||
IDEXX Laboratories, Inc.* | 538 | 124,816 | ||||||
Insulet Corp.* | 526 | 45,367 | ||||||
Intuitive Surgical, Inc.* | 427 | 218,039 | ||||||
Masimo Corp.* | 490 | 63,773 | ||||||
Molina Healthcare, Inc.* | 726 | 94,111 | ||||||
Penumbra, Inc.* | 317 | 42,637 | ||||||
ResMed, Inc. | 1,019 | 106,496 | ||||||
STERIS plc | 846 | 110,809 | ||||||
Teleflex, Inc. | 370 | 105,887 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Services — continued |
| |||||||
UnitedHealth Group, Inc. | 2,601 | 606,215 | ||||||
WellCare Health Plans, Inc.* | 394 | 101,790 | ||||||
West Pharmaceutical Services, Inc. | 401 | 49,640 | ||||||
|
| |||||||
3,259,448 | ||||||||
|
| |||||||
Household Goods & Home Construction — 1.8% |
| |||||||
Church & Dwight Co., Inc. | 1,738 | 130,263 | ||||||
Procter & Gamble Co. (The) | 3,520 | 374,810 | ||||||
PulteGroup, Inc. | 2,761 | 86,861 | ||||||
Wayfair, Inc., Class A* (a) | 608 | 98,587 | ||||||
|
| |||||||
690,521 | ||||||||
|
| |||||||
Industrial Engineering — 0.2% |
| |||||||
Xylem, Inc. | 1,063 | 88,654 | ||||||
|
| |||||||
Industrial Transportation — 1.4% |
| |||||||
CSX Corp. | 3,109 | 247,570 | ||||||
Norfolk Southern Corp. | 1,130 | 230,542 | ||||||
Old Dominion Freight Line, Inc. | 646 | 96,435 | ||||||
|
| |||||||
574,547 | ||||||||
|
| |||||||
Leisure Goods — 1.0% |
| |||||||
Garmin Ltd. | 1,202 | 103,060 | ||||||
Hasbro, Inc. | 836 | 85,155 | ||||||
Pool Corp. | 554 | 101,792 | ||||||
Take-Two Interactive Software, Inc.* | 893 | 86,469 | ||||||
|
| |||||||
376,476 | ||||||||
|
| |||||||
Life Insurance — 0.0%(b) |
| |||||||
Torchmark Corp. | 115 | 10,081 | ||||||
|
| |||||||
Media — 0.5% |
| |||||||
Cable One, Inc. | 41 | 43,482 | ||||||
Dolby Laboratories, Inc., Class A | 673 | 43,536 | ||||||
FactSet Research Systems, Inc. | 145 | 40,001 | ||||||
Fox Corp., Class A* | 1,416 | 55,210 | ||||||
Graham Holdings Co., Class B | 36 | 26,763 | ||||||
|
| |||||||
208,992 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.2% |
| |||||||
Telephone & Data Systems, Inc. | 1,292 | 41,189 | ||||||
T-Mobile US, Inc.* | 548 | 39,998 | ||||||
|
| |||||||
81,187 | ||||||||
|
| |||||||
Nonlife Insurance — 5.1% |
| |||||||
American Financial Group, Inc. | 257 | 26,607 | ||||||
Aon plc | 1,063 | 191,489 | ||||||
Arthur J Gallagher & Co. | 1,419 | 118,657 | ||||||
Berkshire Hathaway, Inc., Class B* | 3,777 | 818,514 | ||||||
Brown & Brown, Inc. | 2,886 | 91,630 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 151 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Nonlife Insurance — continued |
| |||||||
CNA Financial Corp. | 311 | 14,409 | ||||||
First American Financial Corp. | 735 | 41,939 | ||||||
Hanover Insurance Group, Inc. (The) | 149 | 17,971 | ||||||
Marsh & McLennan Cos., Inc. | 1,984 | 187,071 | ||||||
Old Republic International Corp. | 1,684 | 37,654 | ||||||
Progressive Corp. (The) | 2,588 | 202,252 | ||||||
Reinsurance Group of America, Inc. | 572 | 86,664 | ||||||
Travelers Cos., Inc. (The) | 1,142 | 164,163 | ||||||
|
| |||||||
1,999,020 | ||||||||
|
| |||||||
Oil & Gas Producers — 4.3% |
| |||||||
Chevron Corp. | 3,298 | 395,958 | ||||||
ConocoPhillips | 1,339 | 84,518 | ||||||
Continental Resources, Inc.* | 1,334 | 61,351 | ||||||
Diamondback Energy, Inc. | 828 | 88,091 | ||||||
EOG Resources, Inc. | 1,719 | 165,110 | ||||||
HollyFrontier Corp. | 1,587 | 75,748 | ||||||
Marathon Petroleum Corp. | 2,852 | 173,601 | ||||||
Occidental Petroleum Corp. | 2,720 | 160,154 | ||||||
PBF Energy, Inc., Class A | 1,856 | 62,324 | ||||||
Phillips 66 | 1,729 | 162,993 | ||||||
Targa Resources Corp. | 1,802 | 72,350 | ||||||
Valero Energy Corp. | 1,805 | 163,641 | ||||||
WPX Energy, Inc.* | 5,119 | 71,103 | ||||||
|
| |||||||
1,736,942 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.7% |
| |||||||
Kinder Morgan, Inc. | 2,012 | 39,978 | ||||||
OGE Energy Corp. | 1,372 | 58,091 | ||||||
ONEOK, Inc. | 2,081 | 141,362 | ||||||
|
| |||||||
239,431 | ||||||||
|
| |||||||
Personal Goods — 3.0% |
| |||||||
Columbia Sportswear Co. | 815 | 81,475 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,055 | 181,260 | ||||||
Lululemon Athletica, Inc.* | 755 | 133,144 | ||||||
NIKE, Inc., Class B | 4,149 | 364,407 | ||||||
Nu Skin Enterprises, Inc., Class A | 1,029 | 52,345 | ||||||
Ralph Lauren Corp. | 685 | 90,132 | ||||||
Under Armour, Inc., Class A* | 3,555 | 82,085 | ||||||
Under Armour, Inc., Class C* | 3,780 | 78,322 | ||||||
VF Corp. | 1,175 | 110,932 | ||||||
|
| |||||||
1,174,102 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 3.9% |
| |||||||
Bio-Techne Corp. | 287 | 58,717 | ||||||
Eli Lilly & Co. | 3,091 | 361,771 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
Exact Sciences Corp.* | 886 | 87,439 | ||||||
Illumina, Inc.* | 256 | 79,872 | ||||||
IQVIA Holdings, Inc.* | 651 | 90,424 | ||||||
Merck & Co., Inc. | 7,835 | 616,693 | ||||||
Sarepta Therapeutics, Inc.* | 700 | 81,858 | ||||||
Zoetis, Inc. | 1,922 | 195,736 | ||||||
|
| |||||||
1,572,510 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 5.0% |
| |||||||
Alexandria Real Estate Equities, Inc. | 772 | 109,925 | ||||||
Apartment Investment & Management Co., Class A | 1,566 | 77,298 | ||||||
Chimera Investment Corp. | 3,392 | 65,025 | ||||||
CoreSite Realty Corp. | 331 | 36,215 | ||||||
CyrusOne, Inc. | 1,002 | 55,801 | ||||||
EPR Properties | 648 | 51,101 | ||||||
Equity LifeStyle Properties, Inc. | 922 | 107,597 | ||||||
Equity Residential | 1,993 | 152,305 | ||||||
HCP, Inc. | 3,720 | 110,782 | ||||||
Life Storage, Inc. | 533 | 50,790 | ||||||
Medical Properties Trust, Inc. | 5,124 | 89,465 | ||||||
National Retail Properties, Inc. | 1,870 | 98,399 | ||||||
Omega Healthcare Investors, Inc. | 2,630 | 93,076 | ||||||
Prologis, Inc. | 2,700 | 207,009 | ||||||
Realty Income Corp. | 1,894 | 132,599 | ||||||
STORE Capital Corp. | 2,836 | 94,496 | ||||||
Sun Communities, Inc. | 554 | 68,186 | ||||||
Two Harbors Investment Corp. | 989 | 13,707 | ||||||
UDR, Inc. | 2,209 | 99,295 | ||||||
Welltower, Inc. | 2,021 | 150,625 | ||||||
WP Carey, Inc. | 1,304 | 103,433 | ||||||
|
| |||||||
1,967,129 | ||||||||
|
| |||||||
Software & Computer Services — 15.5% |
| |||||||
2U, Inc.* | 191 | 11,556 | ||||||
Adobe, Inc.* | 1,552 | 448,916 | ||||||
Alphabet, Inc., Class A* | 598 | 716,978 | ||||||
ANSYS, Inc.* | 647 | 126,683 | ||||||
Arista Networks, Inc.* | 403 | 125,853 | ||||||
Aspen Technology, Inc.* | 651 | 79,363 | ||||||
Atlassian Corp. plc, Class A* | 996 | 109,709 | ||||||
Autodesk, Inc.* | 431 | 76,809 | ||||||
Cadence Design Systems, Inc.* | 2,081 | 144,380 | ||||||
CDW Corp. | 782 | 82,579 | ||||||
Citrix Systems, Inc. | 1,023 | 103,282 | ||||||
EPAM Systems, Inc.* | 603 | 108,154 | ||||||
Fortinet, Inc.* | 1,244 | 116,214 |
SEE NOTES TO FINANCIAL STATEMENTS.
152 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Software & Computer Services — continued |
| |||||||
GoDaddy, Inc., Class A* | 1,399 | 114,019 | ||||||
IAC/InterActiveCorp* | 552 | 124,112 | ||||||
Intuit, Inc. | 964 | 242,022 | ||||||
Leidos Holdings, Inc. | 194 | 14,255 | ||||||
Match Group, Inc. | 1,506 | 90,962 | ||||||
Microsoft Corp. | 6,589 | 860,523 | ||||||
Nutanix, Inc., Class A* | 1,702 | 73,509 | ||||||
Okta, Inc.* | 1,121 | 116,618 | ||||||
Palo Alto Networks, Inc.* | 547 | 136,110 | ||||||
Paycom Software, Inc.* | 543 | 109,974 | ||||||
PTC, Inc.* | 1,103 | 99,788 | ||||||
RealPage, Inc.* | 1,096 | 71,470 | ||||||
Red Hat, Inc.* | 867 | 158,254 | ||||||
RingCentral, Inc., Class A* | 899 | 104,617 | ||||||
salesforce.com, Inc.* | 2,357 | 389,730 | ||||||
ServiceNow, Inc.* | 792 | 215,036 | ||||||
SS&C Technologies Holdings, Inc. | 440 | 29,770 | ||||||
Synopsys, Inc.* | 1,132 | 137,063 | ||||||
Tableau Software, Inc., Class A* | 761 | 92,697 | ||||||
Twilio, Inc., Class A* | 854 | 117,118 | ||||||
Veeva Systems, Inc., Class A* | 971 | 135,814 | ||||||
VeriSign, Inc.* | 696 | 137,425 | ||||||
VMware, Inc., Class A | 631 | 128,806 | ||||||
Workday, Inc., Class A* | 746 | 153,400 | ||||||
Zendesk, Inc.* | 1,235 | 108,408 | ||||||
|
| |||||||
6,211,976 | ||||||||
|
| |||||||
Support Services — 7.3% |
| |||||||
Automatic Data Processing, Inc. | 1,651 | 271,408 | ||||||
Booz Allen Hamilton Holding Corp. | 1,791 | 106,188 | ||||||
Broadridge Financial Solutions, Inc. | 893 | 105,490 | ||||||
Cintas Corp. | 592 | 128,547 | ||||||
CoStar Group, Inc.* | 260 | 129,025 | ||||||
Euronet Worldwide, Inc.* | 478 | 71,647 | ||||||
Fair Isaac Corp.* | 381 | 106,585 | ||||||
Fidelity National Information Services, Inc. | 477 | 55,299 | ||||||
Fiserv, Inc.* | 1,955 | 170,554 | ||||||
Jack Henry & Associates, Inc. | 704 | 104,938 | ||||||
PayPal Holdings, Inc.* | 3,770 | 425,143 | ||||||
Republic Services, Inc. | 1,509 | 124,975 | ||||||
Robert Half International, Inc. | 1,319 | 81,897 | ||||||
Square, Inc., Class A* | 1,698 | 123,648 | ||||||
Total System Services, Inc. | 1,276 | 130,458 | ||||||
TransUnion | 973 | 67,769 | ||||||
Verisk Analytics, Inc. | 1,009 | 142,410 | ||||||
Waste Management, Inc. | 1,867 | 200,404 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Support Services — continued |
| |||||||
WEX, Inc.* | 529 | 111,249 | ||||||
Worldpay, Inc., Class A* | 1,166 | 136,667 | ||||||
WW Grainger, Inc. | 344 | 97,008 | ||||||
|
| |||||||
2,891,309 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.1% |
| |||||||
Advanced Micro Devices, Inc.* | 5,739 | 158,569 | ||||||
Apple, Inc. | 3,275 | 657,194 | ||||||
Cisco Systems, Inc. | 8,752 | 489,674 | ||||||
F5 Networks, Inc.* | 582 | 91,316 | ||||||
Harris Corp. | 764 | 128,734 | ||||||
KLA-Tencor Corp. | 623 | 79,420 | ||||||
Motorola Solutions, Inc. | 967 | 140,128 | ||||||
NetApp, Inc. | 1,605 | 116,924 | ||||||
Texas Instruments, Inc. | 2,838 | 334,401 | ||||||
Ubiquiti Networks, Inc. (a) | 516 | 87,952 | ||||||
Xilinx, Inc. | 1,286 | 154,500 | ||||||
|
| |||||||
2,438,812 | ||||||||
|
| |||||||
Travel & Leisure — 4.2% |
| |||||||
Chipotle Mexican Grill, Inc.* | 189 | 130,039 | ||||||
Choice Hotels International, Inc. | 530 | 44,011 | ||||||
Darden Restaurants, Inc. | 982 | 115,483 | ||||||
Domino’s Pizza, Inc. | 371 | 100,385 | ||||||
Hilton Worldwide Holdings, Inc. | 1,436 | 124,918 | ||||||
Hyatt Hotels Corp., Class A | 1,010 | 77,497 | ||||||
Live Nation Entertainment, Inc.* | 1,675 | 109,445 | ||||||
McDonald’s Corp. | 2,287 | 451,843 | ||||||
TripAdvisor, Inc.* | 1,416 | 75,374 | ||||||
United Continental Holdings, Inc.* | 1,091 | 96,946 | ||||||
Vail Resorts, Inc. | 366 | 83,759 | ||||||
Wendy’s Co. (The) | 4,178 | 77,753 | ||||||
Yum China Holdings, Inc. (China) | 2,734 | 129,974 | ||||||
Yum! Brands, Inc. | 599 | 62,530 | ||||||
|
| |||||||
1,679,957 | ||||||||
|
| |||||||
Total Common Stocks | 39,704,340 | |||||||
|
| |||||||
Short-Term Investments — 0.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (c) (d) | 58,474 | 58,474 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 153 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Investment Of Cash Collateral From Securities Loaned — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 183,685 | 183,685 | ||||||
|
| |||||||
Total Investments — 100.5% | 39,946,499 | |||||||
Liabilities in Excess of | (197,644 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 39,748,855 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $180,731. | |
(b) | — Amount rounds to less than 0.1% of net assets. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
Russell 1000E-Mini Index | 1 | 06/2019 | USD | 81,635 | 2,755 | |||||||||||||||
|
| |||||||||||||||||||
2,755 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
154 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.9% |
| |||||||
Aerospace & Defense — 2.0% |
| |||||||
Boeing Co. (The) | 2,022 | 763,689 | ||||||
Raytheon Co. | 1,435 | 254,842 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 49 | 4,258 | ||||||
|
| |||||||
1,022,789 | ||||||||
|
| |||||||
Banks — 1.2% |
| |||||||
Bank of Hawaii Corp. | 1,355 | 111,625 | ||||||
Commerce Bancshares, Inc. | 1,930 | 116,630 | ||||||
US Bancorp | 7,177 | 382,677 | ||||||
|
| |||||||
610,932 | ||||||||
|
| |||||||
Beverages — 2.6% |
| |||||||
Brown-Forman Corp., Class B | 1,839 | 98,000 | ||||||
Coca-Cola Co. (The) | 10,430 | 511,696 | ||||||
Monster Beverage Corp.* | 2,299 | 137,021 | ||||||
PepsiCo, Inc. | 4,707 | 602,731 | ||||||
|
| |||||||
1,349,448 | ||||||||
|
| |||||||
Chemicals — 2.0% |
| |||||||
Air Products & Chemicals, Inc. | 1,144 | 235,424 | ||||||
Linde plc (United Kingdom) | 2,482 | 447,405 | ||||||
LyondellBasell Industries NV, Class A | 1,851 | 163,314 | ||||||
NewMarket Corp. | 104 | 43,636 | ||||||
PPG Industries, Inc. | 1,443 | 169,553 | ||||||
Versum Materials, Inc. | 579 | 30,212 | ||||||
|
| |||||||
1,089,544 | ||||||||
|
| |||||||
Construction & Materials — 0.3% |
| |||||||
AO Smith Corp. | 1,018 | 53,516 | ||||||
Watsco, Inc. | 605 | 95,874 | ||||||
|
| |||||||
149,390 | ||||||||
|
| |||||||
Electricity — 1.7% |
| |||||||
Exelon Corp. | 4,040 | 205,838 | ||||||
NextEra Energy, Inc. | 1,663 | 323,354 | ||||||
NRG Energy, Inc. | 3,393 | 139,690 | ||||||
PG&E Corp.* | 3,398 | 76,523 | ||||||
Pinnacle West Capital Corp. | 1,448 | 137,951 | ||||||
|
| |||||||
883,356 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.5% |
| |||||||
Agilent Technologies, Inc. | 1,979 | 155,352 | ||||||
Allegion plc | 545 | 54,081 | ||||||
Emerson Electric Co. | 3,248 | 230,576 | ||||||
Mettler-Toledo International, Inc.* | 212 | 157,995 | ||||||
Waters Corp.* | 673 | 143,712 | ||||||
|
| |||||||
741,716 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Financial Services — 7.3% |
| |||||||
American Express Co. | 3,179 | 372,674 | ||||||
Cboe Global Markets, Inc. | 1,049 | 106,589 | ||||||
Eaton Vance Corp. | 2,770 | 115,149 | ||||||
Franklin Resources, Inc. | 2,273 | 78,623 | ||||||
Mastercard, Inc., Class A | 3,469 | 881,959 | ||||||
Moody’s Corp. | 1,153 | 226,703 | ||||||
MSCI, Inc. | 621 | 139,961 | ||||||
Nasdaq, Inc. | 1,487 | 137,101 | ||||||
S&P Global, Inc. | 1,366 | 301,422 | ||||||
SEI Investments Co. | 2,308 | 125,671 | ||||||
T. Rowe Price Group, Inc. | 1,297 | 139,427 | ||||||
Visa, Inc., Class A | 6,738 | 1,107,929 | ||||||
Western Union Co. (The) | 6,405 | 124,513 | ||||||
|
| |||||||
3,857,721 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.9% |
| |||||||
AT&T, Inc. | 12,889 | 399,043 | ||||||
Verizon Communications, Inc. | 10,287 | 588,314 | ||||||
|
| |||||||
987,357 | ||||||||
|
| |||||||
Food Producers — 0.4% |
| |||||||
Hershey Co. (The) | 1,032 | 128,845 | ||||||
Hormel Foods Corp. | 2,481 | 99,091 | ||||||
|
| |||||||
227,936 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 1.4% |
| |||||||
Ameren Corp. | 2,085 | 151,726 | ||||||
CenterPoint Energy, Inc. | 4,227 | 131,037 | ||||||
National Fuel Gas Co. | 1,937 | 114,690 | ||||||
UGI Corp. | 2,413 | 131,532 | ||||||
WEC Energy Group, Inc. | 2,401 | 188,310 | ||||||
|
| |||||||
717,295 | ||||||||
|
| |||||||
General Industrials — 1.8% |
| |||||||
3M Co. | 2,147 | 406,878 | ||||||
Honeywell International, Inc. | 2,930 | 508,736 | ||||||
|
| |||||||
915,614 | ||||||||
|
| |||||||
General Retailers — 7.3% |
| |||||||
Burlington Stores, Inc.* | 805 | 135,972 | ||||||
Copart, Inc.* | 2,208 | 148,642 | ||||||
Costco Wholesale Corp. | 1,805 | 443,182 | ||||||
eBay, Inc. | 5,667 | 219,596 | ||||||
Foot Locker, Inc. | 1,943 | 111,159 | ||||||
H&R Block, Inc. | 4,837 | 131,615 | ||||||
Home Depot, Inc. (The) | 4,352 | 886,502 | ||||||
Kohl’s Corp. | 501 | 35,621 | ||||||
Lowe’s Cos., Inc. | 3,749 | 424,162 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 155 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Retailers — continued |
| |||||||
Nordstrom, Inc. | 1,972 | 80,892 | ||||||
O’Reilly Automotive, Inc.* | 537 | 203,292 | ||||||
Ross Stores, Inc. | 2,316 | 226,180 | ||||||
Target Corp. | 2,884 | 223,279 | ||||||
Tiffany & Co. | 1,107 | 119,357 | ||||||
TJX Cos., Inc. (The) | 6,237 | 342,287 | ||||||
Tractor Supply Co. | 390 | 40,365 | ||||||
Williams-Sonoma, Inc. | 1,451 | 82,954 | ||||||
|
| |||||||
3,855,057 | ||||||||
|
| |||||||
Health Care Equipment & Services — 1.7% |
| |||||||
Edwards Lifesciences Corp.* | 1,305 | 229,771 | ||||||
IDEXX Laboratories, Inc.* | 675 | 156,600 | ||||||
Intuitive Surgical, Inc.* | 407 | 207,827 | ||||||
ResMed, Inc. | 1,252 | 130,847 | ||||||
Varian Medical Systems, Inc.* | 1,049 | 142,842 | ||||||
|
| |||||||
867,887 | ||||||||
|
| |||||||
Household Goods & Home Construction — 1.0% |
| |||||||
Church & Dwight Co., Inc. | 1,295 | 97,060 | ||||||
Clorox Co. (The) | 906 | 144,716 | ||||||
Leggett & Platt, Inc. | 1,349 | 53,097 | ||||||
Procter & Gamble Co. (The) | 2,065 | 219,881 | ||||||
|
| |||||||
514,754 | ||||||||
|
| |||||||
Industrial Engineering — 2.2% |
| |||||||
Allison Transmission Holdings, Inc. | 2,379 | 111,480 | ||||||
Donaldson Co., Inc. | 1,733 | 92,785 | ||||||
Graco, Inc. | 2,660 | 136,325 | ||||||
IDEX Corp. | 901 | 141,150 | ||||||
Illinois Tool Works, Inc. | 1,809 | 281,535 | ||||||
Lincoln Electric Holdings, Inc. | 1,122 | 97,917 | ||||||
Rockwell Automation, Inc. | 947 | 171,132 | ||||||
Toro Co. (The) | 1,759 | 128,671 | ||||||
|
| |||||||
1,160,995 | ||||||||
|
| |||||||
Industrial Metals & Mining — 0.1% |
| |||||||
Southern Copper Corp. (Peru) | 1,480 | 56,862 | ||||||
|
| |||||||
Industrial Transportation — 1.5% |
| |||||||
Landstar System, Inc. | 945 | 102,967 | ||||||
Union Pacific Corp. | 3,047 | 539,441 | ||||||
United Parcel Service, Inc., Class B | 1,383 | 146,902 | ||||||
|
| |||||||
789,310 | ||||||||
|
| |||||||
Leisure Goods — 0.1% |
| |||||||
Electronic Arts, Inc.* | 398 | 37,671 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Life Insurance — 0.7% |
| |||||||
Aflac, Inc. | 4,613 | 232,403 | ||||||
Torchmark Corp. | 1,564 | 137,100 | ||||||
|
| |||||||
369,503 | ||||||||
|
| |||||||
Media — 1.4% |
| |||||||
Cable One, Inc. | 53 | 56,208 | ||||||
Dolby Laboratories, Inc., Class A | 1,587 | 102,663 | ||||||
FactSet Research Systems, Inc. | 552 | 152,280 | ||||||
Omnicom Group, Inc. | 1,913 | 153,097 | ||||||
Sirius XM Holdings, Inc. (a) | 22,548 | 131,004 | ||||||
Walt Disney Co. (The) | 870 | 119,164 | ||||||
|
| |||||||
714,416 | ||||||||
|
| |||||||
Mining — 0.2% |
| |||||||
Newmont Goldcorp Corp. | 2,818 | 87,527 | ||||||
|
| |||||||
Nonlife Insurance — 4.7% |
| |||||||
Allstate Corp. (The) | 2,115 | 209,512 | ||||||
American Financial Group, Inc. | 1,249 | 129,309 | ||||||
Aon plc | 1,420 | 255,799 | ||||||
Arch Capital Group Ltd.* | 3,506 | 118,433 | ||||||
Arthur J Gallagher & Co. | 1,871 | 156,453 | ||||||
Brown & Brown, Inc. | 4,169 | 132,366 | ||||||
Chubb Ltd. | 1,559 | 226,367 | ||||||
Cincinnati Financial Corp. | 52 | 5,001 | ||||||
Erie Indemnity Co., Class A | 517 | 97,878 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,786 | 93,426 | ||||||
Marsh & McLennan Cos., Inc. | 2,836 | 267,406 | ||||||
Old Republic International Corp. | 2,825 | 63,167 | ||||||
Progressive Corp. (The) | 3,395 | 265,319 | ||||||
Reinsurance Group of America, Inc. | 441 | 66,816 | ||||||
Travelers Cos., Inc. (The) | 1,436 | 206,425 | ||||||
WR Berkley Corp. | 2,278 | 139,641 | ||||||
|
| |||||||
2,433,318 | ||||||||
|
| |||||||
Oil & Gas Producers — 4.3% |
| |||||||
Cabot Oil & Gas Corp. | 5,306 | 137,372 | ||||||
Chevron Corp. | 4,467 | 536,308 | ||||||
ConocoPhillips | 5,381 | 339,649 | ||||||
Exxon Mobil Corp. | 8,931 | 716,981 | ||||||
Marathon Petroleum Corp. | 2,635 | 160,392 | ||||||
Occidental Petroleum Corp. | 3,521 | 207,317 | ||||||
Phillips 66 | 1,724 | 162,521 | ||||||
|
| |||||||
2,260,540 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.6% |
| |||||||
Halliburton Co. | 1,226 | 34,732 | ||||||
RPC, Inc. (a) | 4,302 | 44,268 |
SEE NOTES TO FINANCIAL STATEMENTS.
156 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil Equipment, Services & Distribution — continued |
| |||||||
Schlumberger Ltd. | 5,073 | 216,516 | ||||||
|
| |||||||
295,516 | ||||||||
|
| |||||||
Personal Goods — 2.6% |
| |||||||
Capri Holdings Ltd.* | 1,270 | 55,982 | ||||||
Carter’s, Inc. | 578 | 61,216 | ||||||
Colgate-Palmolive Co. | 3,705 | 269,687 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 722 | 124,047 | ||||||
Kimberly-Clark Corp. | 1,692 | 217,219 | ||||||
NIKE, Inc., Class B | 5,328 | 467,958 | ||||||
Nu Skin Enterprises, Inc., Class A | 508 | 25,842 | ||||||
VF Corp. | 1,555 | 146,807 | ||||||
|
| |||||||
1,368,758 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 10.4% |
| |||||||
AbbVie, Inc. | 6,173 | 490,074 | ||||||
Amgen, Inc. | 2,718 | 487,392 | ||||||
Biogen, Inc.* | 970 | 222,363 | ||||||
Bio-Techne Corp. | 456 | 93,293 | ||||||
Bristol-Myers Squibb Co. | 6,166 | 286,287 | ||||||
Eli Lilly & Co. | 3,388 | 396,532 | ||||||
Gilead Sciences, Inc. | 4,826 | 313,883 | ||||||
Ionis Pharmaceuticals, Inc.* | 1,455 | 108,150 | ||||||
Johnson & Johnson | 6,995 | 987,694 | ||||||
Merck & Co., Inc. | 9,700 | 763,487 | ||||||
Nektar Therapeutics* | 765 | 24,495 | ||||||
Pfizer, Inc. | 19,975 | 811,185 | ||||||
Regeneron Pharmaceuticals, Inc.* | 363 | 124,560 | ||||||
United Therapeutics Corp.* | 721 | 73,953 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,397 | 236,065 | ||||||
Zoetis, Inc. | 243 | 24,747 | ||||||
|
| |||||||
5,444,160 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 4.9% |
| |||||||
AGNC Investment Corp. | 7,233 | 128,675 | ||||||
American Tower Corp. | 2,095 | 409,154 | ||||||
Annaly Capital Management, Inc. | 14,034 | 141,603 | ||||||
Brookfield Property REIT, Inc., Class A | 2,886 | 60,115 | ||||||
Camden Property Trust | 711 | 71,562 | ||||||
Chimera Investment Corp. | 6,035 | 115,691 | ||||||
Equity LifeStyle Properties, Inc. | 1,214 | 141,674 | ||||||
Equity Residential | 1,515 | 115,776 | ||||||
Federal Realty Investment Trust | 694 | 92,892 | ||||||
Gaming and Leisure Properties, Inc. | 3,436 | 138,746 | ||||||
Lamar Advertising Co., Class A | 1,286 | 106,314 | ||||||
Medical Properties Trust, Inc. | 6,598 | 115,201 | ||||||
MFA Financial, Inc. | 9,143 | 68,664 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
New Residential Investment Corp. | 7,418 | 124,697 | ||||||
Public Storage | 984 | 217,641 | ||||||
Simon Property Group, Inc. | 1,619 | 281,220 | ||||||
Starwood Property Trust, Inc. | 5,371 | 123,801 | ||||||
Two Harbors Investment Corp. | 7,571 | 104,934 | ||||||
Weingarten Realty Investors | 1,481 | 42,860 | ||||||
|
| |||||||
2,601,220 | ||||||||
|
| |||||||
Software & Computer Services — 12.2% |
| |||||||
Adobe, Inc.* | 1,988 | 575,029 | ||||||
Akamai Technologies, Inc.* | 1,176 | 94,150 | ||||||
Alphabet, Inc., Class A* | 805 | 965,163 | ||||||
Aspen Technology, Inc.* | 655 | 79,851 | ||||||
Atlassian Corp. plc, Class A* | 1,180 | 129,977 | ||||||
Cadence Design Systems, Inc.* | 2,707 | 187,812 | ||||||
Cerner Corp.* | 2,236 | 148,582 | ||||||
Citrix Systems, Inc. | 1,341 | 135,387 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,909 | 212,241 | ||||||
Facebook, Inc., Class A* | 4,791 | 926,579 | ||||||
International Business Machines Corp. | 2,871 | 402,715 | ||||||
Intuit, Inc. | 1,266 | 317,842 | ||||||
Manhattan Associates, Inc.* | 1,919 | 129,436 | ||||||
Match Group, Inc. | 506 | 30,562 | ||||||
Microsoft Corp. | 8,713 | 1,137,918 | ||||||
Palo Alto Networks, Inc.* | 720 | 179,158 | ||||||
Premier, Inc., Class A* | 930 | 30,904 | ||||||
Red Hat, Inc.* | 1,140 | 208,084 | ||||||
Teradata Corp.* | 1,731 | 78,709 | ||||||
VeriSign, Inc.* | 914 | 180,469 | ||||||
VMware, Inc., Class A | 822 | 167,795 | ||||||
|
| |||||||
6,318,363 | ||||||||
|
| |||||||
Support Services — 3.7% |
| |||||||
Accenture plc, Class A | 2,773 | 506,544 | ||||||
Automatic Data Processing, Inc. | 2,098 | 344,890 | ||||||
Broadridge Financial Solutions, Inc. | 1,110 | 131,124 | ||||||
Fiserv, Inc.* | 2,536 | 221,241 | ||||||
Jack Henry & Associates, Inc. | 877 | 130,726 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,112 | 93,019 | ||||||
Paychex, Inc. | 2,374 | 200,152 | ||||||
Robert Half International, Inc. | 1,665 | 103,380 | ||||||
Verisk Analytics, Inc. | 411 | 58,008 | ||||||
WW Grainger, Inc. | 431 | 121,542 | ||||||
|
| |||||||
1,910,626 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 157 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware & Equipment — 9.9% |
| |||||||
Apple, Inc. | 5,410 | 1,085,625 | ||||||
Cisco Systems, Inc. | 17,400 | 973,530 | ||||||
F5 Networks, Inc.* | 725 | 113,753 | ||||||
Intel Corp. | 14,181 | 723,798 | ||||||
Juniper Networks, Inc. | 4,322 | 120,022 | ||||||
KLA-Tencor Corp. | 1,427 | 181,914 | ||||||
Lam Research Corp. | 999 | 207,223 | ||||||
Maxim Integrated Products, Inc. | 2,547 | 152,820 | ||||||
NVIDIA Corp. | 2,265 | 409,965 | ||||||
NXP Semiconductors NV (Netherlands) | 1,623 | 171,421 | ||||||
Teradyne, Inc. | 3,026 | 148,274 | ||||||
Texas Instruments, Inc. | 4,237 | 499,246 | ||||||
Ubiquiti Networks, Inc. (a) | 743 | 126,644 | ||||||
Xilinx, Inc. | 1,679 | 201,715 | ||||||
|
| |||||||
5,115,950 | ||||||||
|
| |||||||
Tobacco — 1.2% |
| |||||||
Altria Group, Inc. | 6,821 | 370,585 | ||||||
Philip Morris International, Inc. | 3,184 | 275,607 | ||||||
|
| |||||||
646,192 | ||||||||
|
| |||||||
Travel & Leisure — 5.1% |
| |||||||
Booking Holdings, Inc.* | 219 | 406,243 | ||||||
Choice Hotels International, Inc. | 393 | 32,635 | ||||||
Hilton Worldwide Holdings, Inc. | 2,120 | 184,419 | ||||||
Las Vegas Sands Corp. | 2,859 | 191,696 | ||||||
Marriott International, Inc., Class A | 1,775 | 242,145 | ||||||
McDonald’s Corp. | 2,674 | 528,302 | ||||||
Six Flags Entertainment Corp. | 1,596 | 84,732 | ||||||
Southwest Airlines Co. | 3,558 | 192,950 | ||||||
Starbucks Corp. | 5,630 | 437,338 | ||||||
TripAdvisor, Inc.* | 2,234 | 118,916 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Travel & Leisure — continued |
| |||||||
Vail Resorts, Inc. | 296 | 67,740 | ||||||
Yum! Brands, Inc. | 1,520 | 158,673 | ||||||
|
| |||||||
2,645,789 | ||||||||
|
| |||||||
Total Common Stocks | 52,047,512 | |||||||
|
| |||||||
Short-Term Investments — 0.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) | 48,603 | 48,603 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) | 276,387 | 276,387 | ||||||
|
| |||||||
Total Investments — 100.5% | 52,372,502 | |||||||
Liabilities in Excess of | (263,806 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 52,108,696 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $268,181. | |
(b) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Russell 1000E-Mini Index | 1 | 06/2019 | USD | 81,635 | 4,305 | |||||||||||||||
|
| |||||||||||||||||||
4,305 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
158 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.9% |
| |||||||
Aerospace & Defense — 1.7% |
| |||||||
General Dynamics Corp. | 1,015 | 181,401 | ||||||
L3 Technologies, Inc. | 814 | 177,924 | ||||||
Textron, Inc. | 1,848 | 97,944 | ||||||
United Technologies Corp. | 3,468 | 494,571 | ||||||
|
| |||||||
951,840 | ||||||||
|
| |||||||
Alternative Energy — 0.1% |
| |||||||
Arcosa, Inc. | 745 | 23,192 | ||||||
|
| |||||||
Automobiles & Parts — 1.6% |
| |||||||
Ford Motor Co. | 27,398 | 286,309 | ||||||
Gentex Corp. | 5,611 | 129,221 | ||||||
Genuine Parts Co. | 1,545 | 158,424 | ||||||
Goodyear Tire & Rubber Co. (The) | 3,189 | 61,261 | ||||||
Harley-Davidson, Inc. | 3,552 | 132,241 | ||||||
Lear Corp. | 810 | 115,830 | ||||||
|
| |||||||
883,286 | ||||||||
|
| |||||||
Banks — 6.6% |
| |||||||
Associated Banc-Corp. | 4,271 | 96,909 | ||||||
Bank of America Corp. | 3,602 | 110,149 | ||||||
Bank OZK | 2,802 | 91,485 | ||||||
BB&T Corp. | 5,669 | 290,253 | ||||||
BOK Financial Corp. | 495 | 43,134 | ||||||
Citizens Financial Group, Inc. | 5,336 | 193,163 | ||||||
Fifth Third Bancorp | 6,857 | 197,619 | ||||||
FNB Corp. | 10,852 | 131,635 | ||||||
Huntington Bancshares, Inc. | 10,560 | 146,995 | ||||||
New York Community Bancorp, Inc. | 11,616 | 135,094 | ||||||
PacWest Bancorp | 3,469 | 137,199 | ||||||
People’s United Financial, Inc. | 7,237 | 125,128 | ||||||
PNC Financial Services Group, Inc. (The) | 2,876 | 393,811 | ||||||
Popular, Inc. (Puerto Rico) | 2,577 | 148,719 | ||||||
Regions Financial Corp. | 11,263 | 174,914 | ||||||
SunTrust Banks, Inc. | 3,752 | 245,681 | ||||||
Umpqua Holdings Corp. | 7,079 | 122,892 | ||||||
Wells Fargo & Co. | 19,979 | 967,183 | ||||||
|
| |||||||
3,751,963 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Keurig Dr Pepper, Inc. | 4,309 | 125,263 | ||||||
Molson Coors Brewing Co., Class B | 2,433 | 156,174 | ||||||
|
| |||||||
281,437 | ||||||||
|
| |||||||
Chemicals — 1.1% |
| |||||||
Chemours Co. (The) | 2,118 | 76,269 | ||||||
Eastman Chemical Co. | 1,694 | 133,623 | ||||||
Huntsman Corp. | 4,609 | 102,504 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Chemicals — continued |
| |||||||
LyondellBasell Industries NV, Class A | 2,256 | 199,047 | ||||||
Olin Corp. | 3,702 | 80,296 | ||||||
|
| |||||||
591,739 | ||||||||
|
| |||||||
Construction & Materials — 0.6% |
| |||||||
AECOM* | 3,745 | 126,955 | ||||||
Eagle Materials, Inc. | 916 | 83,274 | ||||||
Owens Corning | 2,518 | 129,098 | ||||||
|
| |||||||
339,327 | ||||||||
|
| |||||||
Electricity — 2.2% |
| |||||||
Avangrid, Inc. | 2,036 | 104,264 | ||||||
Consolidated Edison, Inc. | 2,450 | 211,092 | ||||||
Exelon Corp. | 5,932 | 302,235 | ||||||
Hawaiian Electric Industries, Inc. | 2,154 | 89,348 | ||||||
Pinnacle West Capital Corp. | 463 | 44,110 | ||||||
PPL Corp. | 6,124 | 191,130 | ||||||
Public Service Enterprise Group, Inc. | 2,210 | 131,826 | ||||||
Southern Co. (The) | 3,086 | 164,237 | ||||||
|
| |||||||
1,238,242 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.4% |
| |||||||
Arrow Electronics, Inc.* | 798 | 67,439 | ||||||
Emerson Electric Co. | 3,911 | 277,642 | ||||||
Hubbell, Inc. | 1,144 | 145,974 | ||||||
nVent Electric plc | 2,588 | 72,335 | ||||||
Regal Beloit Corp. | 1,483 | 126,174 | ||||||
WESCO International, Inc.* | 2,179 | 124,726 | ||||||
|
| |||||||
814,290 | ||||||||
|
| |||||||
Financial Services — 3.7% |
| |||||||
Ally Financial, Inc. | 4,160 | 123,594 | ||||||
Bank of New York Mellon Corp. (The) | 6,111 | 303,472 | ||||||
Capital One Financial Corp. | 3,449 | 320,171 | ||||||
Goldman Sachs Group, Inc. (The) | 2,015 | 414,929 | ||||||
Invesco Ltd. | 8,107 | 178,111 | ||||||
Jefferies Financial Group, Inc. | 5,064 | 104,166 | ||||||
Legg Mason, Inc. | 4,058 | 135,740 | ||||||
Morgan Stanley | 8,427 | 406,603 | ||||||
Navient Corp. | 10,938 | 147,772 | ||||||
|
| |||||||
2,134,558 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.9% |
| |||||||
AT&T, Inc. | 16,662 | 515,855 | ||||||
CenturyLink, Inc. | 5,374 | 61,371 | ||||||
Verizon Communications, Inc. | 8,593 | 491,434 | ||||||
|
| |||||||
1,068,660 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 159 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Food & Drug Retailers — 1.8% |
| |||||||
AmerisourceBergen Corp. | 1,189 | 88,889 | ||||||
CVS Health Corp. | 6,757 | 367,446 | ||||||
Kroger Co. (The) | 6,723 | 173,319 | ||||||
McKesson Corp. | 1,112 | 132,606 | ||||||
Walgreens Boots Alliance, Inc. | 4,613 | 247,118 | ||||||
|
| |||||||
1,009,378 | ||||||||
|
| |||||||
Food Producers — 2.0% |
| |||||||
Archer-Daniels-Midland Co. | 4,410 | 196,686 | ||||||
Flowers Foods, Inc. | 6,002 | 130,483 | ||||||
General Mills, Inc. | 4,590 | 236,247 | ||||||
Ingredion, Inc. | 618 | 58,556 | ||||||
JM Smucker Co. (The) | 1,457 | 178,672 | ||||||
Kraft Heinz Co. (The) | 2,605 | 86,590 | ||||||
Pilgrim’s Pride Corp.* | 570 | 15,339 | ||||||
Tyson Foods, Inc., Class A | 2,870 | 215,279 | ||||||
|
| |||||||
1,117,852 | ||||||||
|
| |||||||
Forestry & Paper — 0.4% |
| |||||||
Domtar Corp. | 2,377 | 116,235 | ||||||
International Paper Co. | 2,629 | 123,064 | ||||||
|
| |||||||
239,299 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 0.9% |
| |||||||
CenterPoint Energy, Inc. | 5,516 | 170,996 | ||||||
Duke Energy Corp. | 3,768 | 343,340 | ||||||
|
| |||||||
514,336 | ||||||||
|
| |||||||
General Industrials — 2.5% |
| |||||||
Bemis Co., Inc. | 2,403 | 137,980 | ||||||
Carlisle Cos., Inc. | 1,105 | 156,269 | ||||||
Eaton Corp. plc | 3,043 | 252,021 | ||||||
Graphic Packaging Holding Co. | 8,458 | 117,397 | ||||||
Packaging Corp. of America | 1,494 | 148,145 | ||||||
Parker-Hannifin Corp. | 1,087 | 196,834 | ||||||
Silgan Holdings, Inc. | 3,468 | 103,832 | ||||||
Sonoco Products Co. | 2,256 | 142,263 | ||||||
Westrock Co. | 3,295 | 126,462 | ||||||
|
| |||||||
1,381,203 | ||||||||
|
| |||||||
General Retailers — 3.3% |
| |||||||
AutoNation, Inc.* | 1,754 | 73,545 | ||||||
Best Buy Co., Inc. | 2,368 | 176,203 | ||||||
Dick’s Sporting Goods, Inc. | 3,058 | 113,146 | ||||||
Foot Locker, Inc. | 2,190 | 125,290 | ||||||
Gap, Inc. (The) | 5,108 | 133,217 | ||||||
H&R Block, Inc. | 5,291 | 143,968 | ||||||
KAR Auction Services, Inc. | 1,623 | 91,667 |
INVESTMENTS | SHARES | VALUE($) | ||||||
General Retailers — continued |
| |||||||
Kohl’s Corp. | 2,233 | 158,766 | ||||||
L Brands, Inc. | 2,989 | 76,638 | ||||||
Macy’s, Inc. | 5,555 | 130,765 | ||||||
Nordstrom, Inc. | 2,282 | 93,608 | ||||||
Penske Automotive Group, Inc. | 2,588 | 118,841 | ||||||
Target Corp. | 3,517 | 272,286 | ||||||
Williams-Sonoma, Inc. | 2,177 | 124,459 | ||||||
|
| |||||||
1,832,399 | ||||||||
|
| |||||||
Health Care Equipment & Services — 5.3% |
| |||||||
Anthem, Inc. | 1,356 | 356,669 | ||||||
Baxter International, Inc. | 3,194 | 243,702 | ||||||
Becton Dickinson and Co. | 1,224 | 294,666 | ||||||
Cigna Corp. | 1,971 | 313,074 | ||||||
Dentsply Sirona, Inc. | 397 | 20,299 | ||||||
Hill-Rom Holdings, Inc. | 1,089 | 110,446 | ||||||
MEDNAX, Inc.* | 1,959 | 54,793 | ||||||
Medtronic plc | 5,534 | 491,475 | ||||||
Quest Diagnostics, Inc. | 1,457 | 140,426 | ||||||
UnitedHealth Group, Inc. | 3,201 | 746,057 | ||||||
Universal Health Services, Inc., Class B | 1,103 | 139,937 | ||||||
Zimmer Biomet Holdings, Inc. | 1,222 | 150,501 | ||||||
|
| |||||||
3,062,045 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.1% |
| |||||||
Leggett & Platt, Inc. | 1,674 | 65,889 | ||||||
Lennar Corp., Class A | 2,960 | 154,009 | ||||||
Newell Brands, Inc. | 6,355 | 91,385 | ||||||
Procter & Gamble Co. (The) | 9,516 | 1,013,264 | ||||||
PulteGroup, Inc. | 4,825 | 151,795 | ||||||
Stanley Black & Decker, Inc. | 1,233 | 180,758 | ||||||
Toll Brothers, Inc. | 2,443 | 93,078 | ||||||
|
| |||||||
1,750,178 | ||||||||
|
| |||||||
Industrial Engineering — 3.2% |
| |||||||
AGCO Corp. | 1,710 | 121,034 | ||||||
Allison Transmission Holdings, Inc. | 2,627 | 123,101 | ||||||
Crane Co. | 1,412 | 120,091 | ||||||
Cummins, Inc. | 1,282 | 213,184 | ||||||
Dover Corp. | 1,709 | 167,550 | ||||||
Ingersoll-Rand plc | 1,976 | 242,277 | ||||||
Oshkosh Corp. | 1,667 | 137,678 | ||||||
PACCAR, Inc. | 2,911 | 208,631 | ||||||
Pentair plc | 3,155 | 123,013 | ||||||
Snap-on, Inc. | 876 | 147,413 | ||||||
Timken Co. (The) | 2,771 | 132,870 | ||||||
Trinity Industries, Inc. | 5,162 | 111,293 | ||||||
|
| |||||||
1,848,135 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
160 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Industrial Metals & Mining — 0.7% |
| |||||||
Nucor Corp. | 2,930 | 167,215 | ||||||
Reliance Steel & Aluminum Co. | 1,494 | 137,388 | ||||||
Steel Dynamics, Inc. | 3,086 | 97,765 | ||||||
|
| |||||||
402,368 | ||||||||
|
| |||||||
Industrial Transportation — 2.1% |
| |||||||
Genesee & Wyoming, Inc., Class A* | 988 | 87,586 | ||||||
Kansas City Southern | 1,396 | 171,903 | ||||||
Macquarie Infrastructure Corp. | 2,936 | 118,937 | ||||||
Norfolk Southern Corp. | 1,629 | 332,349 | ||||||
Ryder System, Inc. | 1,951 | 122,913 | ||||||
Schneider National, Inc., Class B | 1,343 | 28,069 | ||||||
Union Pacific Corp. | 1,766 | 312,653 | ||||||
|
| |||||||
1,174,410 | ||||||||
|
| |||||||
Leisure Goods — 0.3% |
| |||||||
Garmin Ltd. | 1,729 | 148,244 | ||||||
Thor Industries, Inc. | 986 | 64,948 | ||||||
|
| |||||||
213,192 | ||||||||
|
| |||||||
Life Insurance — 1.9% |
| |||||||
Lincoln National Corp. | 2,771 | 184,881 | ||||||
MetLife, Inc. | 6,178 | 284,991 | ||||||
Principal Financial Group, Inc. | 3,519 | 201,146 | ||||||
Prudential Financial, Inc. | 3,034 | 320,724 | ||||||
Unum Group | 3,100 | 114,452 | ||||||
|
| |||||||
1,106,194 | ||||||||
|
| |||||||
Media — 5.7% |
| |||||||
Comcast Corp., Class A | 19,930 | 867,553 | ||||||
Discovery, Inc., Class A* | 3,508 | 108,397 | ||||||
DISH Network Corp., Class A* | 4,193 | 147,258 | ||||||
Graham Holdings Co., Class B | 120 | 89,212 | ||||||
Interpublic Group of Cos., Inc. (The) | 5,560 | 127,880 | ||||||
John Wiley & Sons, Inc., Class A | 1,806 | 83,401 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C* | 3,270 | 131,323 | ||||||
Lions Gate Entertainment Corp., Class A | 3,697 | 53,939 | ||||||
Nielsen Holdings plc | 5,510 | 140,670 | ||||||
Omnicom Group, Inc. | 2,281 | 182,549 | ||||||
Qurate Retail, Inc.* | 7,623 | 129,972 | ||||||
Tribune Media Co., Class A | 2,689 | 124,232 | ||||||
Viacom, Inc., Class B | 5,065 | 146,429 | ||||||
Walt Disney Co. (The) | 6,645 | 910,166 | ||||||
|
| |||||||
3,242,981 | ||||||||
|
| |||||||
Nonlife Insurance — 1.9% |
| |||||||
Assured Guaranty Ltd. | 3,401 | 162,228 | ||||||
Axis Capital Holdings Ltd. | 954 | 54,235 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Nonlife Insurance — continued |
| |||||||
Everest Re Group Ltd. | 36 | 8,478 | ||||||
First American Financial Corp. | 2,646 | 150,981 | ||||||
Mercury General Corp. | 1,106 | 59,481 | ||||||
Old Republic International Corp. | 6,617 | 147,956 | ||||||
Reinsurance Group of America, Inc. | 1,024 | 155,146 | ||||||
Travelers Cos., Inc. (The) | 1,963 | 282,181 | ||||||
|
| |||||||
1,020,686 | ||||||||
|
| |||||||
Oil & Gas Producers — 4.4% |
| |||||||
Chevron Corp. | 6,883 | 826,373 | ||||||
ConocoPhillips | 839 | 52,958 | ||||||
Exxon Mobil Corp. | 11,440 | 918,403 | ||||||
HollyFrontier Corp. | 2,041 | 97,417 | ||||||
Marathon Petroleum Corp. | 4,288 | 261,010 | ||||||
PBF Energy, Inc., Class A | 2,672 | 89,726 | ||||||
Valero Energy Corp. | 2,579 | 233,812 | ||||||
|
| |||||||
2,479,699 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.7% |
| |||||||
Helmerich & Payne, Inc. | 1,332 | 77,949 | ||||||
Kinder Morgan, Inc. | 10,910 | 216,782 | ||||||
OGE Energy Corp. | 2,322 | 98,313 | ||||||
|
| |||||||
393,044 | ||||||||
|
| |||||||
Personal Goods — 0.9% |
| |||||||
Capri Holdings Ltd.* | 1,846 | 81,372 | ||||||
Hanesbrands, Inc. | 3,425 | 61,890 | ||||||
PVH Corp. | 989 | 127,571 | ||||||
Ralph Lauren Corp. | 1,037 | 136,448 | ||||||
Tapestry, Inc. | 3,294 | 106,297 | ||||||
|
| |||||||
513,578 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 7.0% |
| |||||||
Abbott Laboratories | 2,312 | 183,943 | ||||||
Allergan plc | 1,979 | 290,913 | ||||||
Amgen, Inc. | 1,819 | 326,183 | ||||||
Cardinal Health, Inc. | 2,424 | 118,073 | ||||||
Gilead Sciences, Inc. | 5,406 | 351,606 | ||||||
Johnson & Johnson | 6,698 | 945,758 | ||||||
Merck & Co., Inc. | 8,636 | 679,739 | ||||||
Perrigo Co. plc | 1,067 | 51,131 | ||||||
Pfizer, Inc. | 23,798 | 966,437 | ||||||
United Therapeutics Corp.* | 473 | 48,516 | ||||||
|
| |||||||
3,962,299 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.1% |
| |||||||
Realogy Holdings Corp. (a) | 5,898 | 76,792 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 161 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Investment Trusts — 4.2% |
| |||||||
AGNC Investment Corp. | 9,263 | 164,789 | ||||||
Annaly Capital Management, Inc. | 18,057 | 182,195 | ||||||
Apple Hospitality REIT, Inc. | 4,689 | 77,134 | ||||||
Brandywine Realty Trust | 5,444 | 83,783 | ||||||
Brixmor Property Group, Inc. | 4,551 | 81,372 | ||||||
Chimera Investment Corp. | 7,333 | 140,573 | ||||||
Colony Capital, Inc. | 657 | 3,377 | ||||||
Columbia Property Trust, Inc. | 2,274 | 51,643 | ||||||
EPR Properties | 1,325 | 104,489 | ||||||
Hospitality Properties Trust | 4,397 | 114,322 | ||||||
Kimco Realty Corp. | 8,216 | 142,876 | ||||||
Medical Properties Trust, Inc. | 8,364 | 146,035 | ||||||
MFA Financial, Inc. | 18,541 | 139,243 | ||||||
New Residential Investment Corp. | 9,196 | 154,585 | ||||||
Omega Healthcare Investors, Inc. | 4,140 | 146,515 | ||||||
Park Hotels & Resorts, Inc. | 4,819 | 154,594 | ||||||
Retail Properties of America, Inc., Class A | 6,029 | 74,096 | ||||||
Senior Housing Properties Trust | 10,342 | 83,046 | ||||||
Starwood Property Trust, Inc. | 6,662 | 153,559 | ||||||
Two Harbors Investment Corp. | 9,527 | 132,044 | ||||||
Weingarten Realty Investors | 1,158 | 33,513 | ||||||
|
| |||||||
2,363,783 | ||||||||
|
| |||||||
Software & Computer Services — 7.1% |
| |||||||
Akamai Technologies, Inc.* | 1,707 | 136,662 | ||||||
Amdocs Ltd. | 2,135 | 117,596 | ||||||
CDW Corp. | 1,189 | 125,559 | ||||||
Cerner Corp.* | 2,014 | 133,830 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,790 | 203,558 | ||||||
DXC Technology Co. | 2,678 | 176,052 | ||||||
Hewlett Packard Enterprise Co. | 11,955 | 189,008 | ||||||
International Business Machines Corp. | 4,289 | 601,618 | ||||||
Leidos Holdings, Inc. | 2,222 | 163,273 | ||||||
LogMeIn, Inc. | 1,560 | 128,544 | ||||||
Microsoft Corp. | 9,759 | 1,274,525 | ||||||
Oracle Corp. | 11,281 | 624,178 | ||||||
Symantec Corp. | 7,256 | 175,668 | ||||||
|
| |||||||
4,050,071 | ||||||||
|
| |||||||
Support Services — 1.8% |
| |||||||
ADT, Inc. | 7,631 | 50,288 | ||||||
Alliance Data Systems Corp. | 486 | 77,809 | ||||||
Johnson Controls International plc | 6,584 | 246,900 | ||||||
ManpowerGroup, Inc. | 1,528 | 146,749 | ||||||
MSC Industrial Direct Co., Inc., Class A | 1,410 | 117,946 | ||||||
Republic Services, Inc. | 2,214 | 183,364 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Support Services — continued |
| |||||||
Xerox Corp. | 4,289 | 143,081 | ||||||
|
| |||||||
966,137 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 14.6% |
| |||||||
Analog Devices, Inc. | 2,196 | 255,263 | ||||||
Apple, Inc. | 5,779 | 1,159,672 | ||||||
Applied Materials, Inc. | 6,495 | 286,235 | ||||||
Broadcom, Inc. | 1,942 | 618,333 | ||||||
Cisco Systems, Inc. | 19,376 | 1,084,087 | ||||||
CommScope Holding Co., Inc.* | 2,533 | 62,768 | ||||||
Corning, Inc. | 6,119 | 194,890 | ||||||
Cypress Semiconductor Corp. | 8,420 | 144,656 | ||||||
Harris Corp. | 1,118 | 188,383 | ||||||
HP, Inc. | 10,808 | 215,620 | ||||||
Intel Corp. | 19,203 | 980,121 | ||||||
Juniper Networks, Inc. | 5,344 | 148,403 | ||||||
KLA-Tencor Corp. | 1,561 | 198,996 | ||||||
Lam Research Corp. | 1,201 | 249,123 | ||||||
Marvell Technology Group Ltd. | 4,689 | 117,319 | ||||||
Maxim Integrated Products, Inc. | 2,921 | 175,260 | ||||||
Microchip Technology, Inc. | 1,487 | 148,536 | ||||||
Micron Technology, Inc.* | 6,946 | 292,149 | ||||||
MKS Instruments, Inc. | 1,518 | 138,153 | ||||||
NetApp, Inc. | 2,324 | 169,303 | ||||||
NXP Semiconductors NV (Netherlands) | 2,496 | 263,627 | ||||||
ON Semiconductor Corp.* | 4,409 | 101,672 | ||||||
Skyworks Solutions, Inc. | 2,011 | 177,330 | ||||||
Teradyne, Inc. | 3,145 | 154,105 | ||||||
Texas Instruments, Inc. | 4,691 | 552,741 | ||||||
Western Digital Corp. | 3,274 | 167,367 | ||||||
|
| |||||||
8,244,112 | ||||||||
|
| |||||||
Travel & Leisure — 2.6% |
| |||||||
Alaska Air Group, Inc. | 1,534 | 94,954 | ||||||
Aramark | 4,054 | 125,998 | ||||||
Carnival Corp. | 3,401 | 186,579 | ||||||
Cinemark Holdings, Inc. | 1,998 | 84,016 | ||||||
Copa Holdings SA, Class A (Panama) | 1,354 | 112,734 | ||||||
Delta Air Lines, Inc. | 4,623 | 269,475 | ||||||
Las Vegas Sands Corp. | 3,137 | 210,336 | ||||||
Royal Caribbean Cruises Ltd. | 1,194 | 144,402 | ||||||
Southwest Airlines Co. | 2,756 | 149,458 | ||||||
Wyndham Destinations, Inc. | 2,778 | 121,010 | ||||||
|
| |||||||
1,498,962 | ||||||||
|
| |||||||
Total Common Stocks | 56,541,667 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
162 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 0.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) | 74,332 | 74,332 | ||||||
|
| |||||||
Investment Of Cash Collateral From Securities Loaned — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (b) (c) | 79,891 | 79,891 | ||||||
|
| |||||||
Total Investments — 100.1% | 56,695,890 | |||||||
Liabilities in Excess of | (75,753 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 56,620,137 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
REIT | — Real Estate Investment Trust | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is $74,487. | |
(b) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Russell 1000E-Mini Index | 2 | 06/2019 | USD | 163,270 | 5,610 | |||||||||||||||
|
| |||||||||||||||||||
5,610 | ||||||||||||||||||||
|
|
Abbreviations
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 163 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited)
JPMorgan BetaBuilders Canada ETF | JPMorgan | JPMorgan Europe ETF | JPMorgan Japan ETF | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 3,719,570,824 | $ | 1,275,981,035 | $ | 4,284,746,913 | $ | 3,434,662,462 | ||||||||
Investments of cash collateral received from securities loaned, at value (Note 2.D.) | 175,374,510 | 5,629,387 | 273,946,690 | 4,939,149 | ||||||||||||
Restricted cash | 36,000 | 10,800 | 181,900 | 40,300 | ||||||||||||
Cash | — | 8,648 | 22,970 | 1,404,544 | ||||||||||||
Foreign currency, at value | 8,602,622 | 6,446,620 | 21,512,879 | 10,406,404 | ||||||||||||
Deposits at broker for futures contracts | 684,482 | 439,184 | 2,197,213 | 1,373,069 | ||||||||||||
Segregated cash balance with Authorized Participant for deposit securities | 114,993 | — | — | — | ||||||||||||
Deferred offering costs (Note 2.G.) | 4,589 | 4,234 | 1,751 | 1,715 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 9,846,341 | — | — | — | ||||||||||||
Fund shares sold | — | 103,111,295 | — | — | ||||||||||||
Dividends fromnon-affiliates | 7,588,659 | 1,107,513 | 13,234,527 | 30,641,125 | ||||||||||||
Tax reclaims | 676,656 | 3,954 | 3,189,954 | 940,667 | ||||||||||||
Securities lending income (Note 2.D.) | 293,379 | 29,075 | 166,827 | 17,551 | ||||||||||||
Variation margin on futures contracts | — | — | 140,660 | 357,126 | ||||||||||||
Due from Adviser | 185,833 | 201,189 | 317,640 | 7,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,922,978,888 | 1,392,972,934 | 4,599,659,924 | 3,484,791,882 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | 191,063 | — | — | — | ||||||||||||
Investment securities purchased | — | 102,075,823 | — | — | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | 175,374,510 | 5,629,387 | 273,946,690 | 4,939,149 | ||||||||||||
Fund shares redeemed | 9,892,807 | — | — | — | ||||||||||||
Variation margin on futures contracts | 26,547 | 24,221 | — | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Administration fees | 206,393 | 72,884 | 244,763 | 207,970 | ||||||||||||
Custodian, Accounting and Transfer Agent fees | 115,822 | 103,206 | 263,492 | 64,977 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 5,810 | 3,057 | 7,967 | 10,127 | ||||||||||||
Professional fees | 28,124 | 28,305 | 32,587 | 34,096 | ||||||||||||
Collateral upon return of deposit securities | 114,993 | — | — | — | ||||||||||||
Other | 15,085 | 13,823 | 36,699 | 22,227 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 185,971,154 | 107,950,706 | 274,532,198 | 5,278,546 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 3,737,007,734 | $ | 1,285,022,228 | $ | 4,325,127,726 | $ | 3,479,513,336 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 3,648,422,717 | $ | 1,204,221,305 | $ | 4,074,556,303 | $ | 3,491,510,144 | ||||||||
Total distributable earnings (loss) | 88,585,017 | 80,800,923 | 250,571,423 | (11,996,808 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 3,737,007,734 | $ | 1,285,022,228 | $ | 4,325,127,726 | $ | 3,479,513,336 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares |
| |||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 151,100,000 | 50,000,000 | 177,200,000 | 150,800,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 24.73 | $ | 25.70 | $ | 24.41 | $ | 23.07 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 3,625,591,611 | $ | 1,200,561,015 | $ | 4,075,286,279 | $ | 3,508,884,161 | ||||||||
Cost of foreign currency | 8,580,880 | 6,493,276 | 21,416,943 | 10,389,508 | ||||||||||||
Investment securities on loan, at value | 167,876,062 | 5,345,743 | 256,352,424 | 4,734,944 | ||||||||||||
Cost of investment of cash collateral | 175,374,510 | 5,629,387 | 273,946,690 | 4,939,149 |
SEE NOTES TO FINANCIAL STATEMENTS.
164 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders U.S. Equity ETF | JPMorgan | JPMorgan Diversified Return Europe Equity ETF | JPMorgan Diversified Return Global Equity ETF | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 31,185,755 | $ | 329,807,378 | $ | 16,847,286 | $ | 209,747,624 | ||||||||
Investments in affiliates, at value | 585,121 | — | — | 52,770 | ||||||||||||
Investments of cash collateral received from securities loaned, at value (Note 2.D.) | — | 746,461 | 295,789 | 3,438,708 | ||||||||||||
Restricted cash | — | 44,100 | 5,700 | 7,700 | ||||||||||||
Cash | — | 5,696,797 | 31,807 | 254,609 | ||||||||||||
Foreign currency, at value | — | 152,978 | 32,860 | 166,964 | ||||||||||||
Deposits at broker for futures contracts | — | 158,000 | 27,000 | 85,000 | ||||||||||||
Segregated cash balance with Authorized Participant for deposit securities | — | 1,458,914 | — | — | ||||||||||||
Prepaid expenses | — | — | — | 81 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | 2,788 | — | 264 | ||||||||||||
Fund shares sold | — | 16,554,793 | — | — | ||||||||||||
Dividends fromnon-affiliates | 26,415 | 409,923 | 58,973 | 738,942 | ||||||||||||
Dividends from affiliates | 191 | 594 | — | 182 | ||||||||||||
Tax reclaims | — | — | 323,013 | 118,846 | ||||||||||||
Securities lending income (Note 2.D.) | — | 898 | 427 | 2,886 | ||||||||||||
Variation margin on futures contracts | — | — | 1,543 | 50 | ||||||||||||
Due from Adviser | 2 | — | — | — | ||||||||||||
Due from Authorized Participant | — | 1,249,294 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 31,797,484 | 356,282,918 | 17,624,398 | 214,614,626 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: |
| |||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | 59 | — | — | — | ||||||||||||
Investment securities purchased | — | 22,409,540 | — | 71,642 | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | — | 746,461 | 295,789 | 3,438,708 | ||||||||||||
Variation margin on futures contracts | — | 1,800 | — | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | — | 34,635 | 19,350 | 33,516 | ||||||||||||
Management fees (Note 3.A.) | 502 | — | — | — | ||||||||||||
Administration fees | — | 18,740 | 1,069 | 12,990 | ||||||||||||
Custodian, Accounting and Transfer Agent fees | — | 125,642 | 37,923 | 51,614 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | 3,161 | 224 | 3,638 | ||||||||||||
Deferred foreign capital gains tax | — | 350,899 | — | — | ||||||||||||
Professional fees | — | 45,249 | 31,816 | 61,048 | ||||||||||||
Collateral upon return of deposit securities | — | 1,458,914 | — | — | ||||||||||||
Other | — | 32,852 | 15,720 | 27,209 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 561 | 25,227,893 | 401,891 | 3,700,365 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 31,796,923 | $ | 331,055,025 | $ | 17,222,507 | $ | 210,914,261 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 30,208,910 | $ | 322,662,869 | $ | 17,942,958 | $ | 201,622,879 | ||||||||
Total distributable earnings (loss) | 1,588,013 | 8,392,156 | (720,451 | ) | 9,291,382 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 31,796,923 | $ | 331,055,025 | $ | 17,222,507 | $ | 210,914,261 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares |
| |||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 600,000 | 6,000,000 | 300,000 | 3,500,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 52.99 | $ | 55.18 | $ | 57.41 | $ | 60.26 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 29,706,269 | $ | 306,166,023 | $ | 17,510,046 | $ | 198,961,006 | ||||||||
Cost of investments in affiliates | 537,281 | — | — | 52,770 | ||||||||||||
Cost of foreign currency | — | 152,955 | 32,863 | 167,133 | ||||||||||||
Investment securities on loan, at value | — | 697,890 | 281,824 | 3,277,393 | ||||||||||||
Cost of investment of cash collateral | — | 746,461 | 295,789 | 3,438,708 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 165 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited) (continued)
JPMorgan Diversified Return International Equity ETF | JPMorgan Diversified Return U.S. Equity ETF | JPMorgan | JPMorgan Diversified Return U.S. Small Cap Equity ETF | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 1,715,105,323 | $ | 681,519,098 | $ | 166,643,779 | $ | 173,702,635 | ||||||||
Investments in affiliates, at value | 569,515 | 825,121 | 328,616 | 388,121 | ||||||||||||
Investments of cash collateral received from securities loaned, at value (Note 2.D.) | 43,167,119 | 24,660,085 | 2,975,516 | 8,176,564 | ||||||||||||
Restricted cash | 43,200 | 15,950 | 4,500 | 18,900 | ||||||||||||
Cash | 1,343,873 | — | — | — | ||||||||||||
Foreign currency, at value | 344,993 | — | — | — | ||||||||||||
Deposits at broker for futures contracts | 629,000 | 198,000 | 37,000 | 63,000 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 1,112 | — | — | — | ||||||||||||
Dividends fromnon-affiliates | 9,912,640 | 607,367 | 104,869 | 42,831 | ||||||||||||
Dividends from affiliates | 2,490 | 1,309 | 450 | 452 | ||||||||||||
Tax reclaims | 1,545,165 | — | — | — | ||||||||||||
Securities lending income (Note 2.D.) | 63,262 | 3,727 | 201 | 3,931 | ||||||||||||
Variation margin on futures contracts | — | 3,630 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 1,772,727,692 | 707,834,287 | 170,094,931 | 182,396,434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: |
| |||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | — | 2,513 | — | — | ||||||||||||
Investment securities purchased | 455,608 | — | — | — | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | 43,167,119 | 24,660,085 | 2,975,516 | 8,176,564 | ||||||||||||
Variation margin on futures contracts | 2,798 | — | 739 | 1,760 | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 374,029 | 45,330 | 14,908 | 22,016 | ||||||||||||
Administration fees | 106,862 | 41,383 | 10,192 | 9,613 | ||||||||||||
Custodian, Accounting and Transfer Agent fees | 149,352 | 29,244 | 15,991 | 28,765 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 22,557 | 7,007 | 1,460 | 980 | ||||||||||||
Professional fees | 185,799 | 74,589 | 32,600 | 34,011 | ||||||||||||
Other | 164,210 | 68,774 | 22,487 | 15,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 44,628,334 | 24,928,925 | 3,073,893 | 8,289,505 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 1,728,099,358 | $ | 682,905,362 | $ | 167,021,038 | $ | 174,106,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 1,700,451,981 | $ | 603,995,895 | $ | 152,571,329 | $ | 164,343,730 | ||||||||
Total distributable earnings (loss) | 27,647,377 | 78,909,467 | 14,449,709 | 9,763,199 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 1,728,099,358 | $ | 682,905,362 | $ | 167,021,038 | $ | 174,106,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares | ||||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 31,000,000 | 9,100,000 | 2,500,000 | 5,550,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 55.75 | $ | 75.04 | $ | 66.81 | $ | 31.37 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 1,662,869,693 | $ | 606,269,219 | $ | 152,716,855 | $ | 167,837,752 | ||||||||
Cost of investments in affiliates | 569,515 | 825,121 | 328,616 | 388,121 | ||||||||||||
Cost of foreign currency | 343,672 | — | — | — | ||||||||||||
Investment securities on loan, at value | 37,115,611 | 24,018,945 | 2,875,507 | 7,819,428 | ||||||||||||
Cost of investment of cash collateral | 43,167,119 | 24,660,085 | 2,975,516 | 8,176,164 |
SEE NOTES TO FINANCIAL STATEMENTS.
166 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Dividend ETF | JPMorgan U.S. Minimum Volatility ETF | JPMorgan | JPMorgan U.S. Quality Factor ETF | JPMorgan U.S. Value Factor ETF | ||||||||||||||||
ASSETS: |
| |||||||||||||||||||
Investments innon-affiliates, at value | $ | 30,578,326 | $ | 41,184,845 | $ | 39,704,340 | $ | 52,047,512 | $ | 56,541,667 | ||||||||||
Investments in affiliates, at value | 33,272 | 74,511 | 58,474 | 48,603 | 74,332 | |||||||||||||||
Investments of cash collateral received from securities loaned, at value (Note 2.D.) | — | — | 183,685 | 276,387 | 79,891 | |||||||||||||||
Restricted cash | 1,800 | 2,400 | 800 | 1,200 | 4,200 | |||||||||||||||
Deposits at broker for futures contracts | 12,000 | 8,000 | 8,000 | 12,000 | 20,000 | |||||||||||||||
Prepaid expenses | 58 | — | — | — | — | |||||||||||||||
Receivables: | ||||||||||||||||||||
Dividends fromnon-affiliates | 49,518 | 34,281 | 24,020 | 43,788 | 65,779 | |||||||||||||||
Dividends from affiliates | 35 | 85 | 108 | 53 | 211 | |||||||||||||||
Securities lending income (Note 2.D.) | 19 | 5 | 20 | 15 | 22 | |||||||||||||||
Variation margin on futures contracts | 83 | 83 | 75 | 79 | 175 | |||||||||||||||
Due from Adviser | 5,032 | 5,275 | 5,023 | 5,103 | 5,183 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 30,680,143 | 41,309,485 | 39,984,545 | 52,434,740 | 56,791,460 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES: |
| |||||||||||||||||||
Payables: | ||||||||||||||||||||
Due to custodian | — | — | 2,743 | — | — | |||||||||||||||
Investment securities purchased | — | — | — | — | 38,813 | |||||||||||||||
Collateral received on securities loaned (Note 2.D.) | — | — | 183,685 | 276,387 | 79,891 | |||||||||||||||
Accrued liabilities: | ||||||||||||||||||||
Administration fees | 1,881 | 2,167 | 2,412 | 2,931 | 3,603 | |||||||||||||||
Custodian, Accounting and Transfer Agent fees | 10,171 | 10,564 | 9,046 | 8,796 | 11,020 | |||||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 390 | 415 | 379 | 424 | 331 | |||||||||||||||
Professional fees | 29,228 | 29,116 | 29,192 | 29,034 | 29,244 | |||||||||||||||
Other | 7,768 | 8,285 | 8,233 | 8,472 | 8,421 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 49,438 | 50,547 | 235,690 | 326,044 | 171,323 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 30,630,705 | $ | 41,258,938 | $ | 39,748,855 | $ | 52,108,696 | $ | 56,620,137 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS: |
| |||||||||||||||||||
Paid-in-Capital | $ | 28,895,019 | $ | 37,380,011 | $ | 35,185,111 | $ | 46,521,756 | $ | 51,247,817 | ||||||||||
Total distributable earnings (loss) | 1,735,686 | 3,878,927 | 4,563,744 | 5,586,940 | 5,372,320 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $ | 30,630,705 | $ | 41,258,938 | $ | 39,748,855 | $ | 52,108,696 | $ | 56,620,137 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding number of shares | ||||||||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 1,150,000 | 1,450,000 | 1,400,000 | 1,800,000 | 2,100,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, per share | $ | 26.64 | $ | 28.45 | $ | 28.39 | $ | 28.95 | $ | 26.96 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cost of investments innon-affiliates | $ | 28,921,461 | $ | 37,402,128 | $ | 33,568,609 | $ | 46,297,564 | $ | 52,328,455 | ||||||||||
Cost of investments in affiliates | 33,272 | 74,511 | 58,474 | 48,603 | 74,332 | |||||||||||||||
Investment securities on loan, at value | — | — | 180,731 | 268,181 | 74,487 | |||||||||||||||
Cost of investment of cash collateral | — | — | 183,685 | 276,387 | 79,891 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 167 |
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED APRIL 30, 2019 (Unaudited)
JPMorgan BetaBuilders Canada ETF | JPMorgan | JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders Japan ETF | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Dividend income fromnon-affiliates | $ | 38,396,011 | $ | 20,171,249 | $ | 62,215,051 | $ | 40,596,458 | ||||||||
Dividend income from affiliates | 3,731 | 5,141 | 4,568 | 3,955 | ||||||||||||
Interest income fromnon-affiliates | 4,294 | 17,212 | — | — | ||||||||||||
Interest income from affiliates | 12,647 | 7,113 | 534 | 10 | ||||||||||||
Non-cash dividend income fromnon-affiliates | 2,856,289 | — | — | — | ||||||||||||
Income from securities lending (net) | 1,058,591 | 124,049 | 421,992 | 240,374 | ||||||||||||
Foreign taxes withheld | (5,142,562 | ) | (203,097 | ) | (5,861,947 | ) | (4,143,613 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 37,189,001 | 20,121,667 | 56,780,198 | 36,697,184 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees (Note 3.A.) | 2,243,967 | 945,415 | 1,205,949 | 3,121,480 | ||||||||||||
Administration fees (Note 3.B.) | 921,612 | 384,826 | 1,031,256 | 1,278,078 | ||||||||||||
Interest expense tonon-affiliates | — | 476 | 3,969 | 1,439 | ||||||||||||
Interest expense to affiliates | — | 386 | 22,175 | 5,867 | ||||||||||||
Professional fees | 64,595 | 42,981 | 49,295 | 76,697 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 40,234 | 18,881 | 46,366 | 60,521 | ||||||||||||
Printing and mailing costs | 125,718 | 83,936 | 91,326 | 124,770 | ||||||||||||
Registration and filing fees | 86,578 | 13,786 | 35,768 | 77,668 | ||||||||||||
Custodian, Accounting and Transfer Agent fees (Note 3.C.) | 336,818 | 346,090 | 748,454 | 349,351 | ||||||||||||
Insurance expense | 25 | 25 | 53 | 26 | ||||||||||||
Offering costs (Note 2.G.) | 8,389 | 7,741 | 6,887 | 6,545 | ||||||||||||
Other | — | — | 26,697 | 404 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,827,936 | 1,844,543 | 3,268,195 | 5,102,846 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fee waived (Note 3.D) | (1,514,986 | ) | (759,069 | ) | (1,537,011 | ) | (1,813,728 | ) | ||||||||
Less expense reimbursements from affiliates (Note 3.D.) | (646 | ) | (1,119 | ) | — | — | ||||||||||
Less expense reimbursements fromnon-affiliates (Note 3.C.) | (60,000 | ) | (135,000 | ) | (492,200 | ) | (155,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 2,252,304 | 949,355 | 1,238,984 | 3,134,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 34,936,697 | 19,172,312 | 55,541,214 | 33,563,066 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments innon-affiliates | (15,872,841 | ) | (2,609,129 | ) | (3,144,856 | ) | (11,739,832 | ) | ||||||||
In-kind redemptions innon-affiliates | (1,687,309 | ) | 4,874,403 | 8,799,252 | 50,491,361 | |||||||||||
Futures contracts | 470,696 | 578,840 | 1,741,119 | (3,160,668 | ) | |||||||||||
Foreign currency transactions | (504,771 | ) | 178,884 | (289,033 | ) | 514,455 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (17,594,225 | ) | 3,022,998 | 7,106,482 | 36,105,316 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments innon-affiliates | 226,931,459 | 135,162,062 | 300,647,596 | 43,018,144 | ||||||||||||
Investments in affiliates | 199 | — | 800 | 200 | ||||||||||||
Futures contracts | 684,478 | 186,000 | 1,351,724 | 1,028,165 | ||||||||||||
Foreign currency translations | 119,232 | (65,066 | ) | 156,276 | (178,625 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 227,735,368 | 135,282,996 | 302,156,396 | 43,867,884 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 210,141,143 | 138,305,994 | 309,262,878 | 79,973,200 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 245,077,840 | $ | 157,478,306 | $ | 364,804,092 | $ | 113,536,266 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
168 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders U.S. Equity ETF (a) | JPMorgan | JPMorgan Diversified Return Europe Equity ETF | JPMorgan Diversified Return Global Equity ETF | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Dividend income fromnon-affiliates | $ | 56,809 | $ | 2,943,475 | $ | 475,688 | $ | 3,378,562 | ||||||||
Dividend income from affiliates | 3,177 | 1,410 | — | 3,884 | ||||||||||||
Interest income fromnon-affiliates | — | 1,091 | 267 | 819 | ||||||||||||
Interest income from affiliates | — | 2,026 | 1,014 | 872 | ||||||||||||
Income from securities lending (net) | — | 1,760 | 2,293 | 18,423 | ||||||||||||
Foreign taxes withheld | — | (194,539 | ) | (45,594 | ) | (248,994 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 59,986 | 2,755,223 | 433,668 | 3,153,566 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees (Note 3.A.) | — | 579,067 | 53,507 | 248,184 | ||||||||||||
Management fees (Note 3.A.) | 779 | — | — | — | ||||||||||||
Administration fees (Note 3.B.) | — | 102,471 | 14,418 | 80,979 | ||||||||||||
Interest expense tonon-affiliates | — | — | — | 1 | ||||||||||||
Interest expense to affiliates | — | 3,322 | 78 | 164 | ||||||||||||
Professional fees | — | 43,603 | 3,894 | 34,708 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | — | 4,089 | 75 | 3,164 | ||||||||||||
Printing and mailing costs | — | 11,373 | 552 | 10,482 | ||||||||||||
Registration and filing fees | — | 7,020 | 5,525 | 5,538 | ||||||||||||
Custodian, Accounting and Transfer Agent fees (Note 3.C.) | — | 389,237 | 89,166 | 90,468 | ||||||||||||
Insurance expense | — | 7,898 | 2,849 | 8,694 | ||||||||||||
Other | — | 7,790 | 5,066 | 7,016 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 779 | 1,155,870 | 175,130 | 489,398 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fee waived (Note 3.D.) | (2 | ) | (426,835 | ) | (67,926 | ) | (81,211 | ) | ||||||||
Less expense reimbursements from affiliates (Note 3.D.) | — | — | (5,752 | ) | — | |||||||||||
Less expense reimbursements fromnon-affiliates (Note 3.C.) | — | (132,300 | ) | (34,200 | ) | (15,400 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 777 | 596,735 | 67,252 | 392,787 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 59,209 | 2,158,488 | 366,416 | 2,760,779 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments innon-affiliates | 1,398 | (6,104,979 | )(b) | (551,555 | ) | (3,835,908 | ) | |||||||||
Investments in affiliates | 80 | — | — | — | ||||||||||||
In-kind redemptions innon-affiliates | — | — | 819,335 | 2,393,841 | ||||||||||||
Futures contracts | — | (10,065 | ) | 17,289 | (56,536 | ) | ||||||||||
Foreign currency transactions | — | 50,907 | (1,427 | ) | (5,540 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 1,478 | (6,064,137 | ) | 283,642 | (1,504,143 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributions of capital gains received from investment company affiliates | — | — | — | 834 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments innon-affiliates | 1,479,486 | 26,714,255 | (c) | (982,436 | ) | 14,183,559 | ||||||||||
Investments in affiliates | 47,840 | — | — | — | ||||||||||||
Futures contracts | — | 16,417 | 11,281 | 60,567 | ||||||||||||
Foreign currency translations | — | (9,825 | ) | (2,497 | ) | (2,403 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 1,527,326 | 26,720,847 | (973,652 | ) | 14,241,723 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 1,528,804 | 20,656,710 | (690,010 | ) | 12,738,414 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 1,588,013 | $ | 22,815,198 | $ | (323,594 | ) | $ | 15,499,193 | |||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was March 12, 2019. |
(b) | Net of foreign capital gains tax of approximately $15,344. |
(c) | Net change in foreign capital gains tax of approximately $(350,899). |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 169 |
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED APRIL 30, 2019 (Unaudited) (continued)
JPMorgan Diversified Return International Equity ETF | JPMorgan Diversified Return U.S. Equity ETF | JPMorgan | JPMorgan Diversified Return U.S. Small Cap Equity ETF | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Dividend income fromnon-affiliates | $ | 28,161,217 | $ | 7,326,948 | $ | 1,465,517 | $ | 886,896 | ||||||||
Dividend income from affiliates | 26,691 | 22,401 | 9,121 | 4,703 | ||||||||||||
Interest income fromnon-affiliates | 2,234 | 1,319 | 821 | 930 | ||||||||||||
Interest income from affiliates | 2,364 | 54 | 7 | 9 | ||||||||||||
Income from securities lending (net) | 167,286 | 45,044 | 6,838 | 26,906 | ||||||||||||
Foreign taxes withheld | (2,197,446 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 26,162,346 | 7,395,766 | 1,482,304 | 919,444 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees (Note 3.A.) | 1,817,015 | 692,513 | 168,189 | 165,369 | ||||||||||||
Administration fees (Note 3.B.) | 591,256 | 235,233 | 54,706 | 44,405 | ||||||||||||
Interest expense to affiliates | 365 | — | — | — | ||||||||||||
Professional fees | 133,878 | 56,103 | 26,457 | 21,815 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 24,672 | 10,842 | 2,518 | 2,126 | ||||||||||||
Printing and mailing costs | 70,318 | 26,241 | 6,009 | 4,769 | ||||||||||||
Registration and filing fees | 8,116 | 6,109 | 4,209 | 5,604 | ||||||||||||
Custodian, Accounting and Transfer Agent fees (Note 3.C.) | 285,933 | 50,076 | 32,542 | 53,745 | ||||||||||||
Insurance expense | 53,250 | 17,820 | 3,394 | 2,473 | ||||||||||||
Other | 41,478 | 14,692 | 4,470 | 3,645 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,026,281 | 1,109,629 | 302,494 | 303,951 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fee waived (Note 3.D.) | (77,498 | ) | (514,932 | ) | (121,507 | ) | (104,986 | ) | ||||||||
Less expense reimbursements fromnon-affiliates (Note 3.C.) | (72,000 | ) | (24,650 | ) | (13,500 | ) | (33,600 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 2,876,783 | 570,047 | 167,487 | 165,365 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 23,285,563 | 6,825,719 | 1,314,817 | 754,079 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments innon-affiliates | (30,422,278 | ) | (6,134,057 | ) | (1,415,106 | ) | (52,082 | ) | ||||||||
In-kind redemptions innon-affiliates | 5,167,485 | 10,690,226 | 2,221,747 | 4,417,586 | ||||||||||||
Futures contracts | 125,074 | (195,231 | ) | (150,606 | ) | (86,551 | ) | |||||||||
Foreign currency transactions | 12,901 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (25,116,818 | ) | 4,360,938 | 656,035 | 4,278,953 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments innon-affiliates | 91,509,491 | 42,009,415 | 8,919,179 | 4,310,690 | ||||||||||||
Investments in affiliates | — | — | — | 400 | ||||||||||||
Futures contracts | 386,177 | 84,851 | 34,746 | 33,753 | ||||||||||||
Foreign currency translations | (12,639 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 91,883,029 | 42,094,266 | 8,953,925 | 4,344,843 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 66,766,211 | 46,455,204 | 9,609,960 | 8,623,796 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 90,051,774 | $ | 53,280,923 | $ | 10,924,777 | $ | 9,377,875 | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
170 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Dividend ETF | JPMorgan | JPMorgan U.S. Momentum Factor ETF | JPMorgan U.S. Quality Factor ETF | JPMorgan U.S. Value Factor ETF | ||||||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||||||
Dividend income fromnon-affiliates | $ | 545,493 | $ | 374,889 | $ | 264,854 | $ | 445,974 | $ | 663,301 | ||||||||||
Dividend income from affiliates | 2,671 | 2,106 | 540 | 2,052 | 2,295 | |||||||||||||||
Interest income fromnon-affiliates | 79 | — | — | 227 | 182 | |||||||||||||||
Interest income from affiliates | — | — | — | — | 2 | |||||||||||||||
Income from securities lending (net) | 251 | 65 | 175 | 1,550 | 241 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 548,494 | 377,060 | 265,569 | 449,803 | 666,021 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES: | ||||||||||||||||||||
Investment advisory fees (Note 3.A.) | 32,073 | 35,706 | 39,031 | 45,275 | 53,189 | |||||||||||||||
Administration fees (Note 3.B.) | 10,912 | 12,138 | 13,222 | 15,324 | 17,863 | |||||||||||||||
Professional fees | 20,957 | 20,924 | 21,059 | 20,989 | 21,031 | |||||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 486 | 536 | 544 | 630 | 627 | |||||||||||||||
Printing and mailing costs | 1,604 | 1,665 | 1,647 | 1,734 | 1,696 | |||||||||||||||
Registration and filing fees | 5,793 | 5,894 | 5,897 | 6,240 | 6,231 | |||||||||||||||
Custodian, Accounting and Transfer Agent fees (Note 3.C.) | 19,182 | 20,109 | 18,337 | 18,440 | 23,579 | |||||||||||||||
Insurance expense | 963 | 965 | 1,012 | 999 | 992 | |||||||||||||||
Offering costs (Note 2.G.) | 90 | 126 | 90 | 90 | 89 | |||||||||||||||
Other | 1,082 | 1,223 | 1,266 | 1,202 | 1,243 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 93,142 | 99,286 | 102,105 | 110,923 | 126,540 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Less fee waived (Note 3.D.) | (42,985 | ) | (47,844 | ) | (52,253 | ) | (60,599 | ) | (71,052 | ) | ||||||||||
Less expense reimbursements from affiliates (Note 3.D.) | (30,756 | ) | (29,414 | ) | (27,905 | ) | (23,877 | ) | (20,212 | ) | ||||||||||
Less expense reimbursements fromnon-affiliates (Note 3.C.) | (3,000 | ) | (3,600 | ) | (1,600 | ) | (3,000 | ) | (7,700 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net expenses | 16,401 | 18,428 | 20,347 | 23,447 | 27,576 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 532,093 | 358,632 | 245,222 | 426,356 | 638,445 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||||||
Investments innon-affiliates | (44,831 | ) | 111,216 | (1,332,825 | ) | (154,355 | ) | (243,189 | ) | |||||||||||
In-kind redemptions innon-affiliates | 278,968 | — | — | — | 1,380,230 | |||||||||||||||
Futures contracts | (50,017 | ) | (13,636 | ) | (1,210 | ) | (31,315 | ) | (18,557 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 184,120 | 97,580 | (1,334,035 | ) | (185,670 | ) | 1,118,484 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||||||
Investments innon-affiliates | 1,623,063 | 2,575,517 | 4,813,673 | 4,120,697 | 3,917,925 | |||||||||||||||
Futures contracts | 22,346 | 8,553 | 2,755 | 14,987 | 13,200 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation/depreciation | 1,645,409 | 2,584,070 | 4,816,428 | 4,135,684 | 3,931,125 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized/unrealized gains (losses) | 1,829,529 | 2,681,650 | 3,482,393 | 3,950,014 | 5,049,609 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | 2,361,622 | $ | 3,040,282 | $ | 3,727,615 | $ | 4,376,370 | $ | 5,688,054 | ||||||||||
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 171 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
JPMorgan BetaBuilders Canada ETF | JPMorgan BetaBuilders Developed Asia ex-Japan ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 34,936,697 | $ | 8,081,911 | $ | 19,172,312 | $ | 4,897,239 | ||||||||
Net realized gain (loss) | (17,594,225 | ) | (1,239,799 | ) | 3,022,998 | (457,627 | ) | |||||||||
Change in net unrealized appreciation/depreciation | 227,735,368 | (133,423,165 | ) | 135,282,996 | (59,845,937 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 245,077,840 | (126,581,053 | ) | 157,478,306 | (55,406,325 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (27,328,404 | ) | (2,945,124 | ) | (17,111,294 | ) | (4,159,764 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,474,559,472 | 2,174,225,003 | 541,341,282 | 662,880,023 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 1,692,308,908 | 2,044,698,826 | 681,708,294 | 603,313,934 | ||||||||||||
Beginning of period | 2,044,698,826 | — | 603,313,934 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,737,007,734 | $ | 2,044,698,826 | $ | 1,285,022,228 | $ | 603,313,934 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 1,555,525,273 | $ | 2,219,440,596 | $ | 576,502,388 | $ | 662,880,023 | ||||||||
Redeemed | (80,965,801 | ) | (45,215,593 | ) | (35,161,106 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,474,559,472 | $ | 2,174,225,003 | $ | 541,341,282 | $ | 662,880,023 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 64,400,000 | 92,400,000 | 24,800,000 | 26,600,000 | ||||||||||||
Redeemed | (3,800,000 | ) | (1,900,000 | ) | (1,400,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 60,600,000 | 90,500,000 | 23,400,000 | 26,600,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was August 7, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
172 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders Japan ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 55,541,214 | $ | 4,429,007 | $ | 33,563,066 | $ | 14,466,776 | ||||||||
Net realized gain (loss) | 7,106,482 | (5,318 | ) | 36,105,316 | (2,096,213 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 302,156,396 | (91,293,111 | ) | 43,867,884 | (117,813,749 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 364,804,092 | (86,869,422 | ) | 113,536,266 | (105,443,186 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (25,471,736 | ) | (1,891,512 | ) | (20,089,888 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 2,670,865,078 | 1,403,691,226 | 1,049,979,291 | 2,441,530,853 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 3,010,197,434 | 1,314,930,292 | 1,143,425,669 | 2,336,087,667 | ||||||||||||
Beginning of period | 1,314,930,292 | — | 2,336,087,667 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 4,325,127,726 | $ | 1,314,930,292 | $ | 3,479,513,336 | $ | 2,336,087,667 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 2,732,980,811 | $ | 1,403,691,226 | $ | 1,661,894,796 | $ | 2,441,530,853 | ||||||||
Redeemed | (62,115,733 | ) | — | (611,915,505 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 2,670,865,078 | $ | 1,403,691,226 | $ | 1,049,979,291 | $ | 2,441,530,853 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 121,600,000 | 58,200,000 | 75,200,000 | 102,800,000 | ||||||||||||
Redeemed | (2,600,000 | ) | — | (27,200,000 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 119,000,000 | 58,200,000 | 48,000,000 | 102,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was June 15, 2018. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 173 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan BetaBuilders U.S. Equity ETF | JPMorgan Diversified Return Emerging Markets Equity ETF | |||||||||||
Period Ended April 30, 2019 (Unaudited) (a) | Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||
Net investment income (loss) | $ | 59,209 | $ | 2,158,488 | $ | 5,819,759 | ||||||
Net realized gain (loss) | 1,478 | (6,064,137 | ) | (4,278,249 | ) | |||||||
Change in net unrealized appreciation/depreciation | 1,527,326 | 26,720,847 | (22,751,387 | ) | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | 1,588,013 | 22,815,198 | (21,209,877 | ) | ||||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||
Total distributions to shareholders | — | (1,661,375 | ) | (8,601,176 | ) | |||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Change in net assets resulting from capital transactions | 30,208,910 | 96,096,950 | 77,874,259 | |||||||||
|
|
|
|
|
| |||||||
NET ASSETS: | ||||||||||||
Change in net assets | 31,796,923 | 117,250,773 | 48,063,206 | |||||||||
Beginning of period | — | 213,804,252 | 165,741,046 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 31,796,923 | $ | 331,055,025 | $ | 213,804,252 | ||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Proceeds from shares issued | $ | 30,208,910 | $ | 96,096,950 | $ | 77,874,259 | ||||||
|
|
|
|
|
| |||||||
Total change in net assets resulting from capital transactions | $ | 30,208,910 | $ | 96,096,950 | $ | 77,874,259 | ||||||
|
|
|
|
|
| |||||||
SHARE TRANSACTIONS: | ||||||||||||
Issued | 600,000 | 1,800,000 | 1,300,000 | |||||||||
|
|
|
|
|
| |||||||
Net increase in shares from share transactions | 600,000 | 1,800,000 | 1,300,000 | |||||||||
|
|
|
|
|
|
(a) | Commencement of operations was March 12, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
174 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return Europe Equity ETF | JPMorgan Diversified Return Global Equity ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 366,416 | $ | 2,214,736 | $ | 2,760,779 | $ | 4,574,724 | ||||||||
Net realized gain (loss) | 283,642 | 2,599,003 | (1,504,143 | ) | 1,039,948 | |||||||||||
Distributions of capital gains received from investment company affiliates | — | — | 834 | — | ||||||||||||
Change in net unrealized appreciation/depreciation | (973,652 | ) | (11,434,565 | ) | 14,241,723 | (17,420,873 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (323,594 | ) | (6,620,826 | ) | 15,499,193 | (11,806,201 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (251,433 | ) | (4,014,806 | ) | (1,769,442 | ) | (5,818,989 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (57,023,254 | ) | 5,964,063 | (6,272,754 | ) | 117,387,384 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (57,598,281 | ) | (4,671,569 | ) | 7,456,997 | 99,762,194 | ||||||||||
Beginning of period | 74,820,788 | 79,492,357 | 203,457,264 | 103,695,070 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 17,222,507 | $ | 74,820,788 | $ | 210,914,261 | $ | 203,457,264 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 10,124,234 | $ | 17,683,797 | $ | 5,628,705 | $ | 154,127,556 | ||||||||
Redeemed | (67,147,488 | ) | (11,719,734 | ) | (11,901,459 | ) | (36,740,172 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (57,023,254 | ) | $ | 5,964,063 | $ | (6,272,754 | ) | $ | 117,387,384 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 200,000 | 300,000 | 100,000 | 2,500,000 | ||||||||||||
Redeemed | (1,300,000 | ) | (200,000 | ) | (200,000 | ) | (600,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares from share transactions | (1,100,000 | ) | 100,000 | (100,000 | ) | 1,900,000 | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 175 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan Diversified Return International Equity ETF | JPMorgan Diversified Return U.S. Equity ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 23,285,563 | $ | 37,201,171 | $ | 6,825,719 | $ | 9,698,233 | ||||||||
Net realized gain (loss) | (25,116,818 | ) | 11,476,505 | 4,360,938 | 937,055 | |||||||||||
Change in net unrealized appreciation/depreciation | 91,883,029 | (167,979,171 | ) | 42,094,266 | 5,530,137 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 90,051,774 | (119,301,495 | ) | 53,280,923 | 16,165,425 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (14,058,298 | ) | (54,092,274 | ) | (5,943,452 | ) | (12,462,949 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 207,773,621 | 457,839,024 | 76,205,562 | 199,361,082 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 283,767,097 | 284,445,255 | 123,543,033 | 203,063,558 | ||||||||||||
Beginning of period | 1,444,332,261 | 1,159,887,006 | 559,362,329 | 356,298,771 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 1,728,099,358 | $ | 1,444,332,261 | $ | 682,905,362 | $ | 559,362,329 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 250,250,101 | $ | 530,366,203 | $ | 119,326,579 | $ | 206,369,804 | ||||||||
Redeemed | (42,476,480 | ) | (72,527,179 | ) | (43,121,017 | ) | (7,008,722 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 207,773,621 | $ | 457,839,024 | $ | 76,205,562 | $ | 199,361,082 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 4,600,000 | 8,900,000 | 1,700,000 | 2,900,000 | ||||||||||||
Redeemed | (800,000 | ) | (1,300,000 | ) | (600,000 | ) | (100,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 3,800,000 | 7,600,000 | 1,100,000 | 2,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
176 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | JPMorgan Diversified Return U.S. Small Cap Equity ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 1,314,817 | $ | 1,609,625 | $ | 754,079 | $ | 845,794 | ||||||||
Net realized gain (loss) | 656,035 | 1,365,158 | 4,278,953 | 3,032,826 | ||||||||||||
Change in net unrealized appreciation/depreciation | 8,953,925 | (1,296,856 | ) | 4,344,843 | (3,177,766 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 10,924,777 | 1,677,927 | 9,377,875 | 700,854 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (1,049,544 | ) | (2,149,261 | ) | (533,323 | ) | (1,058,143 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 45,117,625 | 50,436,264 | 69,127,123 | 41,481,438 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 54,992,858 | 49,964,930 | 77,971,675 | 41,124,149 | ||||||||||||
Beginning of period | 112,028,180 | 62,063,250 | 96,135,254 | 55,011,105 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 167,021,038 | $ | 112,028,180 | $ | 174,106,929 | $ | 96,135,254 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 57,162,819 | $ | 57,240,549 | $ | 87,411,506 | $ | 51,393,702 | ||||||||
Redeemed | (12,045,194 | ) | (6,804,285 | ) | (18,284,383 | ) | (9,912,264 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 45,117,625 | $ | 50,436,264 | $ | 69,127,123 | $ | 41,481,438 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 900,000 | 900,000 | 2,900,000 | 1,650,000 | ||||||||||||
Redeemed | (200,000 | ) | (100,000 | ) | (600,000 | ) | (300,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 700,000 | 800,000 | 2,300,000 | 1,350,000 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 177 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan U.S. Dividend ETF | JPMorgan U.S. Minimum Volatility ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 532,093 | $ | 1,000,159 | $ | 358,632 | $ | 612,463 | ||||||||
Net realized gain (loss) | 184,120 | (262,149 | ) | 97,580 | (98,636 | ) | ||||||||||
Change in net unrealized appreciation/depreciation | 1,645,409 | 15,761 | 2,584,070 | 1,202,952 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 2,361,622 | 753,771 | 3,040,282 | 1,716,779 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (470,712 | ) | (908,996 | ) | (328,581 | ) | (549,553 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,328,669 | 27,566,351 | 11,101,467 | 26,278,544 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 3,219,579 | 27,411,126 | 13,813,168 | 27,445,770 | ||||||||||||
Beginning of period | 27,411,126 | — | 27,445,770 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 30,630,705 | $ | 27,411,126 | $ | 41,258,938 | $ | 27,445,770 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 3,882,841 | $ | 27,566,351 | $ | 11,101,467 | $ | 26,278,544 | ||||||||
Redeemed | (2,554,172 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,328,669 | $ | 27,566,351 | $ | 11,101,467 | $ | 26,278,544 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 150,000 | 1,100,000 | 400,000 | 1,050,000 | ||||||||||||
Redeemed | (100,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 50,000 | 1,100,000 | 400,000 | 1,050,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was November 8, 2017. |
SEE NOTES TO FINANCIAL STATEMENTS.
178 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan U.S. Momentum Factor ETF | JPMorgan U.S. Quality Factor ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 245,222 | $ | 363,689 | $ | 426,356 | $ | 543,151 | ||||||||
Net realized gain (loss) | (1,334,035 | ) | (304,570 | ) | (185,670 | ) | (97,686 | ) | ||||||||
Change in net unrealized appreciation/depreciation | 4,816,428 | 1,322,058 | 4,135,684 | 1,618,569 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 3,727,615 | 1,381,177 | 4,376,370 | 2,064,034 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | (206,927 | ) | (338,121 | ) | (357,236 | ) | (496,228 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 7,652,797 | 27,532,314 | 18,874,295 | 27,647,461 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 11,173,485 | 28,575,370 | 22,893,429 | 29,215,267 | ||||||||||||
Beginning of period | 28,575,370 | — | 29,215,267 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 39,748,855 | $ | 28,575,370 | $ | 52,108,696 | $ | 29,215,267 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 7,652,797 | $ | 27,532,314 | $ | 18,874,295 | $ | 27,647,461 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 7,652,797 | $ | 27,532,314 | $ | 18,874,295 | $ | 27,647,461 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 300,000 | 1,100,000 | 700,000 | 1,100,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 300,000 | 1,100,000 | 700,000 | 1,100,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was November 8, 2017. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 179 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan U.S. Value Factor ETF | ||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 638,445 | $ | 674,149 | ||||
Net realized gain (loss) | 1,118,484 | (145,490 | ) | |||||
Change in net unrealized appreciation/depreciation | 3,931,125 | 287,697 | ||||||
|
|
|
| |||||
Change in net assets resulting from operations | 5,688,054 | 816,356 | ||||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions to shareholders | (515,761 | ) | (616,329 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | 22,461,335 | 28,786,482 | ||||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | 27,633,628 | 28,986,509 | ||||||
Beginning of period | 28,986,509 | — | ||||||
|
|
|
| |||||
End of period | $ | 56,620,137 | $ | 28,986,509 | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | $ | 30,402,146 | $ | 28,786,482 | ||||
Redeemed | (7,940,811 | ) | — | |||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | 22,461,335 | $ | 28,786,482 | ||||
|
|
|
| |||||
SHARE TRANSACTIONS: | ||||||||
Issued | 1,250,000 | 1,150,000 | ||||||
Redeemed | (300,000 | ) | — | |||||
|
|
|
| |||||
Net increase in shares from share transactions | 950,000 | 1,150,000 | ||||||
|
|
|
|
(a) | Commencement of operations was November 8, 2017. |
SEE NOTES TO FINANCIAL STATEMENTS.
180 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 181 |
FOR THE PERIODS INDICATED
Per share operating performance | ||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan BetaBuilders Canada ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | $ | 22.59 | $ | 0.34 | $ | 2.08 | $ | 2.42 | $ | (0.28 | ) | |||||||||
August 7, 2018 (g) through October 31, 2018 | 24.65 | 0.14 | (2.15 | ) | (2.01 | ) | (0.05 | ) | ||||||||||||
JPMorgan BetaBuilders Developed Asia ex-Japan ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 22.68 | 0.46 | 2.96 | 3.42 | (0.40 | ) | ||||||||||||||
August 7, 2018 (g) through October 31, 2018 | 25.36 | 0.22 | (2.73 | ) | (2.51 | ) | (0.17 | ) | ||||||||||||
JPMorgan BetaBuilders Europe ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 22.59 | 0.47 | 1.56 | 2.03 | (0.21 | ) | ||||||||||||||
June 15, 2018 (g) through October 31, 2018 | 24.79 | 0.13 | (2.30 | ) | (2.17 | ) | (0.03 | ) | ||||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 22.72 | 0.23 | 0.26 | 0.49 | (0.14 | ) | ||||||||||||||
June 15, 2018 (g) through October 31, 2018 | 24.79 | 0.24 | (2.31 | ) | (2.07 | ) | — | |||||||||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||||||||||||||
March 12, 2019 (g) through April 30, 2019 | 50.14 | 0.11 | 2.74 | 2.85 | — |
(a) | Annualized for periods less than one year, unless otherwise indicated. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. |
(f) | Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated. |
(g) | Commencement of operations. |
(h) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
SEE NOTES TO FINANCIAL STATEMENTS.
182 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
| Ratios/Supplemental data | |||||||||||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||||||||||
Net asset value, end of period | Market price, end of period | Total return (c)(d) | Market price total return (c)(e) | Net assets, end of period | Net expenses | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||||||||
$ | 24.73 | $ | 24.73 | 10.94 | % | 10.79 | % | $ | 3,737,007,734 | 0.19 | %(f) | 2.95 | % | 0.32 | %(f) | 5 | % | |||||||||||||||||
22.59 | 22.62 | (8.18 | ) | (8.05 | )(h) | 2,044,698,826 | 0.19 | (f) | 2.55 | 0.37 | (f) | 1 | ||||||||||||||||||||||
25.70 | 25.75 | 15.22 | 15.39 | 1,285,022,228 | 0.19 | (f) | 3.84 | 0.37 | (f) | 3 | ||||||||||||||||||||||||
22.68 | 22.69 | (9.97 | ) | (9.93 | )(h) | 603,313,934 | 0.19 | (f) | 3.94 | 0.45 | (f) | 2 | ||||||||||||||||||||||
24.41 | 24.45 | 9.03 | 8.97 | 4,325,127,726 | 0.09 | (f) | 4.12 | 0.24 | (f) | 3 | ||||||||||||||||||||||||
22.59 | 22.64 | (8.75 | ) | (8.55 | )(h) | 1,314,930,292 | 0.09 | (f) | 1.45 | 0.34 | (f) | 2 | ||||||||||||||||||||||
23.07 | 23.02 | 2.23 | 2.19 | 3,479,513,336 | 0.19 | (f) | 2.04 | 0.31 | (f) | 2 | ||||||||||||||||||||||||
22.72 | 22.68 | (8.35 | ) | (8.51 | )(h) | 2,336,087,667 | 0.19 | (f) | 2.63 | 0.37 | (f) | 5 | ||||||||||||||||||||||
52.99 | 53.00 | 5.68 | 5.70 | (h) | 31,796,923 | 0.02 | 1.49 | 0.02 | 1 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 183 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan Diversified Return Emerging Markets Equity ETF |
| |||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | $ | 50.91 | $ | 0.43 | $ | 4.18 | $ | 4.61 | $ | (0.34 | ) | |||||||||
Year Ended October 31, 2018 | 57.15 | 1.59 | (5.37 | ) | (3.78 | ) | (2.46 | ) | ||||||||||||
Year Ended October 31, 2017 | 48.68 | 1.50 | 7.56 | 9.06 | (0.59 | ) | ||||||||||||||
Year Ended October 31, 2016 | 45.23 | 1.04 | 3.72 | 4.76 | (1.31 | ) | ||||||||||||||
January 7, 2015 (f) through October 31, 2015 | 50.00 | 1.29 | (6.06 | ) | (4.77 | ) | — | |||||||||||||
JPMorgan Diversified Return Europe Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 53.44 | 0.55 | 3.75 | (j) | 4.30 | (0.33 | ) | |||||||||||||
Year Ended October 31, 2018 | 61.15 | 1.65 | (6.36 | ) | (4.71 | ) | (3.00 | ) | ||||||||||||
Year Ended October 31, 2017 | 49.88 | 1.57 | 10.82 | 12.39 | (1.12 | ) | ||||||||||||||
December 18, 2015 (f) through October 31, 2016 | 50.00 | 1.39 | (1.51 | ) | (0.12 | ) | — | (i) | ||||||||||||
JPMorgan Diversified Return Global Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 56.52 | 0.77 | 3.46 | 4.23 | (0.49 | ) | ||||||||||||||
Year Ended October 31, 2018 | 61.00 | 1.42 | (3.93 | ) | (2.51 | ) | (1.97 | ) | ||||||||||||
Year Ended October 31, 2017 | 51.70 | 1.15 | 9.28 | 10.43 | (1.13 | ) | ||||||||||||||
Year Ended October 31, 2016 | 50.53 | 1.14 | 0.99 | 2.13 | (0.96 | ) | ||||||||||||||
Year Ended October 31, 2015 | 49.69 | 1.08 | 0.08 | 1.16 | (0.32 | ) | ||||||||||||||
June 16, 2014 (f) through October 31, 2014 | 50.00 | 0.38 | (0.69 | ) | (0.31 | ) | — | |||||||||||||
JPMorgan Diversified Return International Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 53.10 | 0.82 | 2.34 | 3.16 | (0.51 | ) | ||||||||||||||
Year Ended October 31, 2018 | 59.18 | 1.51 | (5.29 | ) | (3.78 | ) | (2.30 | ) | ||||||||||||
Year Ended October 31, 2017 | 50.00 | 1.43 | 8.57 | 10.00 | (0.82 | ) | ||||||||||||||
Year Ended October 31, 2016 | 51.17 | 1.28 | (1.37 | )(j) | (0.09 | ) | (1.08 | ) | ||||||||||||
November 5, 2014 (f) through October 31, 2015 | 50.00 | 1.39 | (0.07 | ) | 1.32 | (0.15 | ) | |||||||||||||
JPMorgan Diversified Return U.S. Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 69.92 | 0.79 | 5.02 | 5.81 | (0.69 | ) | ||||||||||||||
Year Ended October 31, 2018 | 68.52 | 1.39 | 1.88 | 3.27 | (1.87 | ) | ||||||||||||||
Year Ended October 31, 2017 | 57.06 | 1.17 | 10.75 | 11.92 | (0.46 | ) | ||||||||||||||
Year Ended October 31, 2016 | 54.13 | 1.10 | 2.09 | (j) | 3.19 | (0.26 | ) | |||||||||||||
September 29, 2015 (f) through October 31, 2015 | 50.00 | �� | 0.06 | 4.07 | 4.13 | — | ||||||||||||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 62.24 | 0.59 | 4.44 | 5.03 | (0.46 | ) | ||||||||||||||
Year Ended October 31, 2018 | 62.06 | 1.06 | 0.59 | 1.65 | (1.47 | ) | ||||||||||||||
Year Ended October 31, 2017 | 51.65 | 0.89 | 10.02 | 10.91 | (0.50 | ) | ||||||||||||||
May 11, 2016 (f) through October 31, 2016 | 50.00 | 0.42 | 1.23 | 1.65 | — | |||||||||||||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 29.58 | 0.19 | 1.75 | 1.94 | (0.15 | ) | ||||||||||||||
Year Ended October 31, 2018 | 28.95 | 0.33 | 0.73 | 1.06 | (0.43 | ) | ||||||||||||||
November 15, 2016 (f) through October 31, 2017 | 25.00 | 0.28 | 3.71 | 3.99 | (0.04 | ) |
(a) | Annualized for periods less than one year, unless otherwise indicated. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc. |
(f) | Commencement of operations. |
(g) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
(h) | Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated. |
(i) | Amount rounds to less than $0.005. |
(j) | Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented on the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments. |
(k) | Amount rounds to less than 0.5%. |
SEE NOTES TO FINANCIAL STATEMENTS.
184 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
| Ratios/Supplemental data | |||||||||||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||||||||||
Net asset value, end of period | Market price, end of period | Total return (c)(d) | Market price total return (c)(e) | Net assets, end of period | Net expenses | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||||||||
$ | 55.18 | $ | 55.46 | 9.10 | % | 9.83 | % | $ | 331,055,025 | 0.45 | % | 1.64 | % | 0.88 | % | 19 | % | |||||||||||||||||
50.91 | 50.83 | (6.93 | ) | (7.43 | ) | 213,804,252 | 0.45 | 2.80 | 0.96 | 53 | ||||||||||||||||||||||||
57.15 | 57.36 | 18.95 | 18.65 | 165,741,046 | 0.45 | 2.85 | 1.06 | 60 | ||||||||||||||||||||||||||
48.68 | 48.98 | 11.02 | 11.63 | 43,809,461 | 0.45 | 2.33 | 1.91 | 44 | ||||||||||||||||||||||||||
45.23 | 45.27 | (9.54 | ) | (9.46 | )(g) | 36,185,674 | 0.45 | (h) | 3.18 | 2.07 | (h) | 46 | ||||||||||||||||||||||
57.41 | 57.35 | 8.08 | 7.72 | 17,222,507 | 0.38 | 2.07 | 0.99 | 9 | ||||||||||||||||||||||||||
53.44 | 53.56 | (8.11 | ) | (8.33 | ) | 74,820,788 | 0.40 | 2.77 | 0.70 | 51 | ||||||||||||||||||||||||
61.15 | 61.42 | 25.42 | 25.80 | 79,492,357 | 0.43 | 2.89 | 0.80 | 18 | ||||||||||||||||||||||||||
49.88 | 49.95 | (0.23 | ) | (0.09 | )(g) | 59,859,633 | 0.43 | (h) | 3.14 | 1.14 | (h) | 15 | ||||||||||||||||||||||
60.26 | 60.20 | 7.57 | 7.56 | 210,914,261 | 0.38 | 2.67 | 0.47 | 12 | ||||||||||||||||||||||||||
56.52 | 56.47 | (4.34 | ) | (4.65 | ) | 203,457,264 | 0.38 | 2.30 | 0.56 | 29 | ||||||||||||||||||||||||
61.00 | 61.14 | 20.61 | 20.40 | 103,695,070 | 0.38 | 2.06 | 0.80 | 26 | ||||||||||||||||||||||||||
51.70 | 51.91 | 4.31 | 4.44 | 77,556,933 | 0.38 | 2.26 | 0.93 | 22 | ||||||||||||||||||||||||||
50.53 | 50.67 | 2.36 | 1.82 | 50,530,034 | 0.38 | 2.16 | 1.52 | 18 | ||||||||||||||||||||||||||
49.69 | 50.09 | (0.62 | ) | 0.18 | (g) | 24,846,767 | 0.38 | (h) | 2.01 | 5.19 | (h) | 14 | ||||||||||||||||||||||
55.75 | 55.78 | 6.03 | 6.33 | 1,728,099,358 | 0.38 | 3.07 | 0.40 | 11 | ||||||||||||||||||||||||||
53.10 | 52.98 | (6.72 | ) | (7.22 | ) | 1,444,332,261 | 0.40 | 2.57 | 0.44 | 28 | ||||||||||||||||||||||||
59.18 | 59.36 | 20.35 | 20.30 | 1,159,887,006 | 0.43 | 2.63 | 0.51 | 29 | ||||||||||||||||||||||||||
50.00 | 50.17 | (0.15 | ) | 0.41 | 470,042,716 | 0.43 | 2.56 | 0.75 | 27 | |||||||||||||||||||||||||
51.17 | 51.05 | 2.65 | 2.40 | (g) | 92,113,607 | 0.43 | (h) | 2.72 | 1.33 | (h) | 20 | |||||||||||||||||||||||
75.04 | 75.05 | 8.46 | 8.45 | 682,905,362 | 0.19 | 2.26 | 0.37 | 12 | ||||||||||||||||||||||||||
69.92 | 69.93 | 4.74 | 4.70 | 559,362,329 | 0.19 | 1.95 | 0.41 | 32 | ||||||||||||||||||||||||||
68.52 | 68.55 | 20.99 | 21.02 | 356,298,771 | 0.21 | 1.83 | 0.47 | 27 | ||||||||||||||||||||||||||
57.06 | 57.08 | 5.92 | 5.90 | 125,538,258 | 0.29 | 1.95 | 0.90 | 22 | ||||||||||||||||||||||||||
54.13 | 54.16 | 8.26 | 8.32 | (g) | 10,826,623 | 0.29 | (h) | 1.20 | 5.75 | (h) | — | (k) | ||||||||||||||||||||||
66.81 | 66.82 | 8.21 | 8.21 | 167,021,038 | 0.24 | 1.87 | 0.43 | 12 | ||||||||||||||||||||||||||
62.24 | 62.25 | 2.59 | 2.57 | 112,028,180 | 0.24 | 1.64 | 0.50 | 35 | ||||||||||||||||||||||||||
62.06 | 62.08 | 21.25 | 21.31 | 62,063,250 | 0.26 | 1.54 | 0.62 | 31 | ||||||||||||||||||||||||||
51.65 | 51.64 | 3.30 | 3.28 | (g) | 36,153,888 | 0.34 | (h) | 1.69 | 1.02 | (h) | 15 | |||||||||||||||||||||||
31.37 | 31.36 | 6.65 | 6.61 | 174,106,929 | 0.29 | 1.32 | 0.53 | 9 | ||||||||||||||||||||||||||
29.58 | 29.58 | 3.61 | 3.43 | 96,135,254 | 0.29 | 1.08 | 0.61 | 30 | ||||||||||||||||||||||||||
28.95 | 29.00 | 15.96 | 16.16 | (g) | 55,011,105 | 0.31 | (h) | 1.08 | 0.97 | (h) | 24 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 185 |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
Per share operating performance | ||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | ||||||||||||||||
JPMorgan U.S. Dividend ETF |
| |||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | $ | 24.92 | $ | 0.48 | $ | 1.67 | $ | 2.15 | $ | (0.43 | ) | |||||||||
November 8, 2017 (g) through October 31, 2018 | 25.00 | 0.96 | (0.17 | ) | 0.79 | (0.87 | ) | |||||||||||||
JPMorgan U.S. Minimum Volatility ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 26.14 | 0.31 | 2.28 | 2.59 | (0.28 | ) | ||||||||||||||
November 8, 2017 (g) through October 31, 2018 | 25.00 | 0.59 | 1.08 | 1.67 | (0.53 | ) | ||||||||||||||
JPMorgan U.S. Momentum Factor ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 25.98 | 0.19 | 2.37 | 2.56 | (0.15 | ) | ||||||||||||||
November 8, 2017 (g) through October 31, 2018 | 25.00 | 0.35 | 0.95 | 1.30 | (0.32 | ) | ||||||||||||||
JPMorgan U.S. Quality Factor ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 26.56 | 0.29 | 2.34 | 2.63 | (0.24 | ) | ||||||||||||||
November 8, 2017 (g) through October 31, 2018 | 25.00 | 0.52 | 1.52 | 2.04 | (0.48 | ) | ||||||||||||||
JPMorgan U.S. Value Factor ETF | ||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 25.21 | 0.35 | 1.67 | 2.02 | (0.27 | ) | ||||||||||||||
November 8, 2017 (g) through October 31, 2018 | 25.00 | 0.64 | 0.16 | 0.80 | (0.59 | ) |
(a) | Annualized for periods less than one year, unless otherwise indicated. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc. |
(f) | Certain non-recurring expenses incurred by the Fund were not annualized for the periods indicated. |
(g) | Commencement of operations. |
(h) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
SEE NOTES TO FINANCIAL STATEMENTS.
186 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
| Ratios/Supplemental data | |||||||||||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||||||||||
Net asset value, end of period | Market price, end of period | Total return (c)(d) | Market price total return (c)(e) | Net assets, end of period | Net expenses | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||||||||
$ | 26.64 | $ | 26.64 | 8.86 | % | 8.94 | % | $ | 30,630,705 | 0.12 | %(f) | 3.81 | % | 0.67 | %(f) | 11 | % | |||||||||||||||||
24.92 | 24.90 | 3.08 | 2.99 | (h) | 27,411,126 | 0.12 | (f) | 3.81 | 0.76 | (f) | 24 | |||||||||||||||||||||||
28.45 | 28.47 | 10.07 | 10.14 | 41,258,938 | 0.12 | (f) | 2.30 | 0.64 | (f) | 10 | ||||||||||||||||||||||||
26.14 | 26.14 | 6.69 | 6.69 | (h) | 27,445,770 | 0.12 | (f) | 2.33 | 0.76 | (f) | 17 | |||||||||||||||||||||||
28.39 | 28.42 | 9.96 | 10.03 | 39,748,855 | 0.12 | (f) | 1.44 | 0.60 | (f) | 22 | ||||||||||||||||||||||||
25.98 | 25.99 | 5.17 | 5.21 | (h) | 28,575,370 | 0.12 | (f) | 1.32 | 0.74 | (f) | 44 | |||||||||||||||||||||||
28.95 | 28.96 | 10.04 | 10.08 | 52,108,696 | 0.12 | (f) | 2.16 | 0.56 | (f) | 10 | ||||||||||||||||||||||||
26.56 | 26.56 | 8.15 | 8.15 | (h) | 29,215,267 | 0.12 | (f) | 2.01 | 0.74 | (f) | 22 | |||||||||||||||||||||||
26.96 | 26.98 | 8.17 | 8.25 | 56,620,137 | 0.12 | (f) | 2.75 | 0.55 | (f) | 11 | ||||||||||||||||||||||||
25.21 | 25.21 | 3.12 | 3.12 | (h) | 28,986,509 | 0.12 | (f) | 2.52 | 0.75 | (f) | 26 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 187 |
AS OF APRIL 30, 2019 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.
The following are 17 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:
Diversified/Non-Diversified | ||
JPMorgan BetaBuilders Canada ETF | Diversified | |
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | Diversified | |
JPMorgan BetaBuilders Europe ETF | Diversified | |
JPMorgan BetaBuilders Japan ETF | Diversified | |
JPMorgan BetaBuilders U.S. Equity ETF | Diversified | |
JPMorgan Diversified Return Emerging Markets Equity ETF | Diversified | |
JPMorgan Diversified Return Europe Equity ETF | Diversified | |
JPMorgan Diversified Return Global Equity ETF | Diversified | |
JPMorgan Diversified Return International Equity ETF | Diversified | |
JPMorgan Diversified Return U.S. Equity ETF | Diversified | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | Diversified | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | Diversified | |
JPMorgan U.S. Dividend ETF | Diversified | |
JPMorgan U.S. Minimum Volatility ETF | Diversified | |
JPMorgan U.S. Momentum Factor ETF | Diversified | |
JPMorgan U.S. Quality Factor ETF | Diversified | |
JPMorgan U.S. Value Factor ETF | Diversified |
JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM.
JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “BetaBuilders Developed Asiaex-Japan ETF”) commenced operations on August 7, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asiaex-Japan Target Market Exposure IndexSM.
JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM.
JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) commenced operations on June 15, 2018. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM.
JPMorgan BetaBuilders U.S. Equity ETF (the “BetaBuilders U.S. Equity ETF”) commenced operations on March 12, 2019. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM.
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (the “Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.
The investment objective of JPMorgan Diversified Return Europe Equity ETF (the “Europe Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Europe Equity Index.
The investment objective of JPMorgan Diversified Return Global Equity ETF (the “Global Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Global Developed Equity Index.
The investment objective of JPMorgan Diversified Return International Equity ETF (the “International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Equity ETF (the “U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.
188 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.
JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.
JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.
JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.
JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.
JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) commenced operations on November 8, 2017. The investment objective of the Fund is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as the Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded on the NYSE Arca, Inc., except shares of BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF and BetaBuilders U.S. Equity ETF which are listed and traded on Cboe BZX Exchange, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units” as shown in the table below:
Shares per Creation Unit | ||||
BetaBuilders Canada ETF | 100,000 | |||
BetaBuilders Developed Asiaex-Japan ETF | 200,000 | |||
BetaBuilders Europe ETF | 200,000 | |||
BetaBuilders Japan ETF | 400,000 | |||
BetaBuilders U.S. Equity ETF | 50,000 | |||
Emerging Markets Equity ETF | 100,000 | |||
Europe Equity ETF | 100,000 | |||
Global Equity ETF | 100,000 | |||
International Equity ETF | 100,000 | |||
U.S. Equity ETF | 100,000 | |||
U.S. Mid Cap Equity ETF | 100,000 | |||
U.S. Small Cap Equity ETF | 50,000 | |||
U.S. Dividend ETF | 50,000 | |||
U.S. Minimum Volatility ETF | 50,000 | |||
U.S. Momentum Factor ETF | 50,000 | |||
U.S. Quality Factor ETF | 50,000 | |||
U.S. Value Factor ETF | 50,000 |
Creation Units are issued and redeemed principallyin-kind for a basket of securities. A cash amount may be substituted in Funds with sizeable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 189 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value, and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.
Investments inopen-end investment companies, excluding Exchange-Traded Funds (“ETFs”), (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”):
BetaBuilders Canada ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 3,894,945,334 | $ | — | $ | — | $ | 3,894,945,334 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 301,989 | $ | — | $ | — | $ | 301,989 | ||||||||
|
|
|
|
|
|
|
|
190 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
BetaBuilders Developed Asiaex-Japan ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia | $ | — | $ | 686,582,569 | $ | — | $ | 686,582,569 | ||||||||
China | — | 4,072,369 | — | 4,072,369 | ||||||||||||
Hong Kong | 5,017,888 | 361,515,144 | — | 366,533,032 | ||||||||||||
Ireland | — | 4,378,756 | — | 4,378,756 | ||||||||||||
Luxembourg | — | 524,433 | — | 524,433 | ||||||||||||
Macau | — | 29,497,894 | — | 29,497,894 | ||||||||||||
New Zealand | — | 27,834,670 | — | 27,834,670 | ||||||||||||
Singapore | 374,298 | 155,597,712 | — | 155,972,010 | ||||||||||||
Taiwan | — | 585,302 | — | 585,302 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 5,392,186 | 1,270,588,849 | — | 1,275,981,035 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investment of cash collateral from securities loaned | 5,629,387 | — | — | 5,629,387 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 11,021,573 | $ | 1,270,588,849 | $ | — | $ | 1,281,610,422 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 90,842 | $ | 3,548 | $ | — | $ | 94,390 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | (2,119 | ) | $ | — | $ | — | $ | (2,119 | ) | ||||||
|
|
|
|
|
|
|
|
BetaBuilders Europe ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 53,593,791 | $ | — | $ | 53,593,791 | ||||||||
Austria | 6,936,242 | 13,980,798 | — | 20,917,040 | ||||||||||||
Belgium | 948,770 | 83,221,597 | — | 84,170,367 | ||||||||||||
Chile | — | 1,899,344 | — | 1,899,344 | ||||||||||||
Colombia | — | 1,627,481 | — | 1,627,481 | ||||||||||||
Denmark | 12,807,182 | 103,655,232 | — | 116,462,414 | ||||||||||||
Finland | 2,939,941 | 82,438,897 | — | 85,378,838 | ||||||||||||
France | 82,470,836 | 638,987,807 | — | 721,458,643 | ||||||||||||
Germany | 57,346,298 | 524,928,000 | — | 582,274,298 | ||||||||||||
Ghana | — | 1,878,807 | — | 1,878,807 | ||||||||||||
Ireland | 20,000,782 | 20,548,989 | — | 40,549,771 | ||||||||||||
Italy | — | 148,984,518 | — | 148,984,518 | ||||||||||||
Jordan | — | 1,486,554 | — | 1,486,554 | ||||||||||||
Luxembourg | 3,016,361 | 12,948,848 | — | 15,965,209 | ||||||||||||
Mexico | — | 835,256 | — | 835,256 | ||||||||||||
Netherlands | — | 310,241,385 | — | 310,241,385 | ||||||||||||
Norway | 1,128,239 | 50,676,915 | — | 51,805,154 | ||||||||||||
Portugal | 1,850,634 | 10,718,306 | — | 12,568,940 | ||||||||||||
Russia | — | 2,487,604 | — | 2,487,604 | ||||||||||||
South Africa | — | 17,051,246 | — | 17,051,246 | ||||||||||||
Spain | 871,874 | 196,830,025 | — | 197,701,899 | ||||||||||||
Sweden | 1,408,849 | 192,247,119 | — | 193,655,968 | ||||||||||||
Switzerland | 3,868,983 | 598,795,669 | — | 602,664,652 | ||||||||||||
United Arab Emirates | — | 1,462,307 | — | 1,462,307 | ||||||||||||
United Kingdom | 5,846,026 | 994,725,049 | — | 1,000,571,075 | ||||||||||||
United States | — | 16,972,737 | — | 16,972,737 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 201,441,017 | 4,083,224,281 | — | 4,284,665,298 | ||||||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 191 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
BetaBuilders Europe ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Preferred Stocks | ||||||||||||||||
United Kingdom | $ | 81,615 | $ | — | $ | — | $ | 81,615 | ||||||||
Investment of cash collateral from securities loaned | 273,946,690 | — | — | 273,946,690 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 475,469,322 | $ | 4,083,224,281 | $ | — | $ | 4,558,693,603 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | — | $ | 1,332,338 | $ | — | $ | 1,332,338 | ||||||||
|
|
|
|
|
|
|
|
BetaBuilders Japan ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 3,755,479 | $ | 3,430,906,983 | $ | — | $ | 3,434,662,462 | ||||||||
Investment of cash collateral from securities loaned | 4,939,149 | — | — | 4,939,149 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 8,694,628 | $ | 3,430,906,983 | $ | — | $ | 3,439,601,611 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 452,088 | $ | — | $ | — | $ | 452,088 | ||||||||
|
|
|
|
|
|
|
|
BetaBuilders U.S. Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 31,770,876 | $ | — | $ | — | $ | 31,770,876 | ||||||||
|
|
|
|
|
|
|
|
Emerging Markets Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
China | $ | 1,262,716 | $ | 65,527,491 | $ | — | (b) | $ | 66,790,207 | |||||||
Czech Republic | 101,064 | 1,057,570 | — | 1,158,634 | ||||||||||||
Egypt | 75,455 | 570,077 | — | 645,532 | ||||||||||||
Greece | 139,743 | 1,223,973 | — | 1,363,716 | ||||||||||||
Hong Kong | — | 1,255,224 | — | 1,255,224 | ||||||||||||
Hungary | — | 1,387,110 | — | 1,387,110 | ||||||||||||
India | 194,188 | 33,333,519 | — | 33,527,707 | ||||||||||||
Indonesia | 289,907 | 19,693,351 | — | 19,983,258 | ||||||||||||
Kuwait | 2,923,332 | 240,189 | — | 3,163,521 | ||||||||||||
Malaysia | — | 16,557,602 | — | 16,557,602 | ||||||||||||
Pakistan | — | 96,744 | — | 96,744 | ||||||||||||
Philippines | 1,246,500 | 5,497,014 | — | 6,743,514 | ||||||||||||
Qatar | 678,303 | 4,140,117 | — | 4,818,420 | ||||||||||||
Singapore | — | 36,951 | — | 36,951 | ||||||||||||
South Africa | 2,465,207 | 14,832,586 | — | 17,297,793 | ||||||||||||
Taiwan | — | 52,748,172 | — | 52,748,172 | ||||||||||||
Thailand | 10,715,557 | 12,024,063 | — | 22,739,620 | ||||||||||||
Turkey | 881,721 | 2,548,603 | — | 3,430,324 | ||||||||||||
United Arab Emirates | 424,015 | 3,726,225 | — | 4,150,240 | ||||||||||||
Other Common Stocks | 71,913,089 | — | — | 71,913,089 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 93,310,797 | 236,496,581 | — | (b) | 329,807,378 | |||||||||||
|
|
|
|
|
|
|
|
192 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Emerging Markets Equity ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Rights | $ | — | $ | — | (b) | $ | — | $ | — | (b) | ||||||
Investment of cash collateral from securities loaned | 746,461 | — | — | 746,461 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 94,057,258 | $ | 236,496,581 | $ | — | (b) | $ | 330,553,839 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 30,614 | $ | — | $ | — | $ | 30,614 | ||||||||
|
|
|
|
|
|
|
|
Europe Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Australia | $ | — | $ | 137,327 | $ | — | $ | 137,327 | ||||||||
Austria | — | 143,833 | — | 143,833 | ||||||||||||
Belgium | — | 316,087 | — | 316,087 | ||||||||||||
Chile | — | 62,851 | — | 62,851 | ||||||||||||
Denmark | 69,516 | 718,087 | — | 787,603 | ||||||||||||
Finland | 64,112 | 562,556 | — | 626,668 | ||||||||||||
France | 343,074 | 2,314,969 | — | 2,658,043 | ||||||||||||
Germany | 357,439 | 1,724,781 | — | 2,082,220 | ||||||||||||
Ireland | — | 77,145 | — | 77,145 | ||||||||||||
Italy | — | 902,543 | — | 902,543 | ||||||||||||
Jordan | — | 68,513 | — | 68,513 | ||||||||||||
Kazakhstan | — | 56,710 | — | 56,710 | ||||||||||||
Luxembourg | 55,723 | 120,096 | — | 175,819 | ||||||||||||
Netherlands | — | 815,718 | — | 815,718 | ||||||||||||
Norway | — | 413,471 | — | 413,471 | ||||||||||||
Poland | — | 84,652 | — | 84,652 | ||||||||||||
Portugal | 11,025 | 126,899 | — | 137,924 | ||||||||||||
Russia | — | 132,318 | — | 132,318 | ||||||||||||
South Africa | — | 64,355 | — | 64,355 | ||||||||||||
Spain | — | 918,668 | — | 918,668 | ||||||||||||
Sweden | 61,957 | 1,046,721 | — | 1,108,678 | ||||||||||||
Switzerland | 8,408 | 1,485,545 | — | 1,493,953 | ||||||||||||
United Arab Emirates | — | 332 | — | 332 | ||||||||||||
United Kingdom | 24,736 | 3,409,732 | — | 3,434,468 | ||||||||||||
United States | — | 147,387 | — | 147,387 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 995,990 | 15,851,296 | — | 16,847,286 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investment of cash collateral from securities loaned | 295,789 | — | — | 295,789 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,291,779 | $ | 15,851,296 | $ | — | $ | 17,143,075 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | — | $ | 17,887 | $ | — | $ | 17,887 | ||||||||
|
|
|
|
|
|
|
|
Global Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 19,100,149 | $ | — | $ | 19,100,149 | ||||||||
Austria | — | 461,618 | — | 461,618 | ||||||||||||
Belgium | — | 1,971,591 | — | 1,971,591 |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 193 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Global Equity ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Chile | $ | — | $ | 14,158 | $ | — | $ | 14,158 | ||||||||
China | — | 1,537,045 | — | 1,537,045 | ||||||||||||
Denmark | 408,366 | 1,225,166 | — | 1,633,532 | ||||||||||||
Finland | 428,756 | 1,659,846 | — | 2,088,602 | ||||||||||||
France | 1,063,994 | 7,419,054 | — | 8,483,048 | ||||||||||||
Germany | 203,455 | 4,835,265 | — | 5,038,720 | ||||||||||||
Hong Kong | — | 9,482,537 | — | 9,482,537 | ||||||||||||
Italy | — | 2,226,565 | — | 2,226,565 | ||||||||||||
Japan | — | 45,100,901 | — | 45,100,901 | ||||||||||||
Macau | — | 1,488,070 | — | 1,488,070 | ||||||||||||
Netherlands | — | 3,936,587 | — | 3,936,587 | ||||||||||||
New Zealand | — | 711,692 | — | 711,692 | ||||||||||||
Norway | — | 2,055,946 | — | 2,055,946 | ||||||||||||
Portugal | — | 890,255 | — | 890,255 | ||||||||||||
Singapore | — | 4,299,168 | — | 4,299,168 | ||||||||||||
South Africa | — | 605,952 | — | 605,952 | ||||||||||||
South Korea | 828,710 | 16,778,460 | — | 17,607,170 | ||||||||||||
Spain | — | 4,800,695 | — | 4,800,695 | ||||||||||||
Sweden | 120,247 | 4,858,303 | — | 4,978,550 | ||||||||||||
Switzerland | 57,186 | 3,957,584 | — | 4,014,770 | ||||||||||||
United Kingdom | 1,355,062 | 6,334,033 | — | 7,689,095 | ||||||||||||
United States | 50,907,166 | 120,979 | — | 51,028,145 | ||||||||||||
Other Common Stocks | 8,503,063 | — | — | 8,503,063 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 63,876,005 | 145,871,619 | — | 209,747,624 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 52,770 | — | — | 52,770 | ||||||||||||
Investment of cash collateral from securities loaned | 3,438,708 | — | — | 3,438,708 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 67,367,483 | $ | 145,871,619 | $ | — | $ | 213,239,102 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 42,691 | $ | — | $ | — | $ | 42,691 | ||||||||
|
|
|
|
|
|
|
|
International Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Australia | $ | — | $ | 174,212,650 | $ | — | $ | 174,212,650 | ||||||||
Austria | — | 4,893,722 | — | 4,893,722 | ||||||||||||
Belgium | — | 12,563,091 | — | 12,563,091 | ||||||||||||
Cambodia | — | 1,227,648 | — | 1,227,648 | ||||||||||||
Chile | — | 6,246,390 | — | 6,246,390 | ||||||||||||
China | — | 14,152,728 | — | 14,152,728 | ||||||||||||
Denmark | — | 12,797,501 | — | 12,797,501 | ||||||||||||
Finland | 5,763,242 | 26,442,468 | — | 32,205,710 | ||||||||||||
France | 5,105,807 | 96,006,142 | — | 101,111,949 | ||||||||||||
Germany | 4,242,955 | 52,991,040 | — | 57,233,995 | ||||||||||||
Hong Kong | — | 104,342,490 | — | 104,342,490 | ||||||||||||
Italy | — | 22,203,549 | — | 22,203,549 | ||||||||||||
Japan | — | 408,258,461 | — | 408,258,461 | ||||||||||||
Jordan | — | 6,713,491 | — | 6,713,491 | ||||||||||||
Luxembourg | — | 2,947,008 | — | 2,947,008 |
194 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
International Equity ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Macau | $ | — | $ | 3,841,420 | $ | — | $ | 3,841,420 | ||||||||
Netherlands | — | 54,582,360 | — | 54,582,360 | ||||||||||||
New Zealand | — | 12,615,039 | — | 12,615,039 | ||||||||||||
Norway | — | 26,356,830 | — | 26,356,830 | ||||||||||||
Portugal | — | 11,081,236 | — | 11,081,236 | ||||||||||||
Russia | — | 5,616,041 | — | 5,616,041 | ||||||||||||
Singapore | — | 43,799,884 | — | 43,799,884 | ||||||||||||
South Africa | — | 6,031,700 | — | 6,031,700 | ||||||||||||
South Korea | 5,064,727 | 140,851,900 | — | 145,916,627 | ||||||||||||
Spain | 586,837 | 34,839,506 | — | 35,426,343 | ||||||||||||
Sweden | 4,061,461 | 54,354,851 | — | 58,416,312 | ||||||||||||
Switzerland | 698,436 | 41,387,306 | — | 42,085,742 | ||||||||||||
United Arab Emirates | — | 742,657 | — | 742,657 | ||||||||||||
United Kingdom | 5,715,140 | 293,272,910 | — | 298,988,050 | ||||||||||||
United States | — | 8,487,816 | — | 8,487,816 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 31,238,605 | 1,683,859,835 | — | 1,715,098,440 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Preferred Stocks | ||||||||||||||||
United Kingdom | 6,883 | — | — | 6,883 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 569,515 | — | — | 569,515 | ||||||||||||
Investment of cash collateral from securities loaned | 43,167,119 | — | — | 43,167,119 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 74,982,122 | $ | 1,683,859,835 | $ | — | $ | 1,758,841,957 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 300,098 | $ | — | $ | — | $ | 300,098 | ||||||||
|
|
|
|
|
|
|
|
U.S. Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 707,004,304 | $ | — | $ | — | $ | 707,004,304 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 65,403 | $ | — | $ | — | $ | 65,403 | ||||||||
|
|
|
|
|
|
|
|
U.S. Mid Cap Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 169,947,911 | $ | — | $ | — | $ | 169,947,911 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 14,916 | $ | — | $ | — | $ | 14,916 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 195 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
U.S. Small Cap Equity ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | $ | 173,702,635 | $ | — | $ | — | $ | 173,702,635 | ||||||||
Rights | ||||||||||||||||
Food Products | — | — | — | (b) | — | (b) | ||||||||||
Media | — | — | — | (b) | — | (b) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Rights | — | — | — | (b) | — | (b) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 388,121 | — | — | 388,121 | ||||||||||||
Investment of cash collateral from securities loaned | 8,176,564 | — | — | 8,176,564 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 182,267,320 | $ | — | $ | — | (b) | $ | 182,267,320 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 5,167 | $ | — | $ | — | $ | 5,167 | ||||||||
|
|
|
|
|
|
|
|
U.S. Dividend ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 30,611,598 | $ | — | $ | — | $ | 30,611,598 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 4,305 | $ | — | $ | — | $ | 4,305 | ||||||||
|
|
|
|
|
|
|
|
U.S. Minimum Volatility ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 41,259,356 | $ | — | $ | — | $ | 41,259,356 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 4,305 | $ | — | $ | — | $ | 4,305 | ||||||||
|
|
|
|
|
|
|
|
U.S. Momentum Factor ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 39,946,499 | $ | — | $ | — | $ | 39,946,499 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 2,755 | $ | — | $ | — | $ | 2,755 | ||||||||
|
|
|
|
|
|
|
|
U.S. Quality Factor ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 52,372,502 | $ | — | $ | — | $ | 52,372,502 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 4,305 | $ | — | $ | — | $ | 4,305 | ||||||||
|
|
|
|
|
|
|
|
196 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
U.S. Value Factor ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 56,695,890 | $ | — | $ | — | $ | 56,695,890 | ||||||||
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|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 5,610 | $ | — | $ | — | $ | 5,610 | ||||||||
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|
(a) | All portfolio holdings designated as level 1 are disclosed individually on the SOI. Please refer to the SOI for industry specifics of portfolio holdings. |
(b) | Value is zero. |
There were no transfers into and out of level 3 for the six months ended April 30, 2019.
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and Regulation S under the Securities Act.
C. Futures Contracts — All funds, except BetaBuilders U.S. Equity ETF, used index futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations (“SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the SOIs, while cash deposited, which is considered restricted, is recorded on the SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the SAL.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds’ futures contracts activity during the period ended April 30, 2019:
BetaBuilders Canada ETF | BetaBuilders Developed Asia ex-Japan ETF | BetaBuilders Europe ETF | BetaBuilders Japan ETF | Emerging Markets Equity ETF | Europe Equity ETF | Global Equity ETF | International Equity ETF | |||||||||||||||||||||||||
Futures Contracts — Equity: | ||||||||||||||||||||||||||||||||
Average Notional Balance Long | $ | 12,661,569 | $ | 7,235,322 | $ | 17,284,661 | $ | 22,038,555 | $ | 685,500 | $ | 255,406 | $ | 961,006 | $ | 7,291,481 | ||||||||||||||||
Ending Notional Balance Long | 16,303,352 | 8,417,399 | 35,593,884 | 44,597,244 | 809,475 | 328,888 | 818,040 | 10,058,475 |
U.S. Equity ETF | U.S. Mid Cap Equity ETF | U.S. Small Cap Equity ETF | U.S. Dividend ETF | U.S. Minimum Volatility ETF | U.S. Momentum Factor ETF | U.S. Quality Factor ETF | U.S. Value Factor ETF | |||||||||||||||||||||||||
Futures Contracts — Equity: | ||||||||||||||||||||||||||||||||
Average Notional Balance Long | $ | 2,033,664 | $ | 770,780 | $ | 384,020 | $ | 245,750 | $ | 148,609 | $ | 80,150 | (a) | $ | 207,033 | $ | 239,490 | |||||||||||||||
Ending Notional Balance Long | 1,622,225 | 394,580 | 318,680 | 81,635 | 81,635 | 81,635 | 81,635 | 163,270 |
(a) | For the period March 1, 2019 through April 30, 2019. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 197 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
D. Securities Lending—The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the IM Shares of JPMorgan U.S. Government Money Market Fund and the Agency SL Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certaindeminimis amounts.
The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. At April 30, 2019, the value of outstanding securities on loan and the value of Collateral Investments were as follows:
Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
BetaBuilders Canada ETF | $ | 167,876,062 | $ | 175,374,510 | $ | 175,374,510 | ||||||
BetaBuilders Developed Asiaex-Japan ETF | 5,345,743 | 5,629,387 | 5,629,387 | |||||||||
BetaBuilders Europe ETF | 256,352,424 | 273,946,690 | 273,946,690 | |||||||||
BetaBuilders Japan ETF | 4,734,944 | 4,939,149 | 4,939,149 | |||||||||
Emerging Markets Equity ETF | 697,890 | 746,461 | 746,461 | |||||||||
Europe Equity ETF | 281,824 | 295,789 | 295,789 | |||||||||
Global Equity ETF | 3,277,393 | 3,438,708 | 3,438,708 | |||||||||
International Equity ETF | 37,115,611 | 43,167,119 | 43,167,119 | |||||||||
U.S. Equity ETF | 24,018,945 | 24,660,085 | 24,660,085 | |||||||||
U.S. Mid Cap Equity ETF | 2,875,507 | 2,975,516 | 2,975,516 | |||||||||
U.S. Small Cap Equity ETF | 7,819,428 | 8,176,564 | 8,176,564 | |||||||||
U.S. Momentum Factor ETF | 180,731 | 183,685 | 183,685 | |||||||||
U.S. Quality Factor ETF | 268,181 | 276,387 | 276,387 | |||||||||
U.S. Value Factor ETF | 74,487 | 79,891 | 79,891 |
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
198 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2019.
Investment Securities on Loan, at Value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
BetaBuilders Canada ETF | $ | 167,876,062 | $ | (167,876,062 | ) | $ | — | |||||
BetaBuilders Developed Asiaex-Japan ETF | 5,345,743 | (5,345,743 | ) | — | ||||||||
BetaBuilders Europe ETF | 256,352,424 | (256,352,424 | ) | — | ||||||||
BetaBuilders Japan ETF | 4,734,944 | (4,734,944 | ) | — | ||||||||
Emerging Markets Equity ETF | 697,890 | (697,890 | ) | — | ||||||||
Europe Equity ETF | 281,824 | (281,824 | ) | — | ||||||||
Global Equity ETF | 3,277,393 | (3,277,393 | ) | — | ||||||||
International Equity ETF | 37,115,611 | (37,115,611 | ) | — | ||||||||
U.S. Equity ETF | 24,018,945 | (24,018,945 | ) | — | ||||||||
U.S. Mid Cap Equity ETF | 2,875,507 | (2,875,507 | ) | — | ||||||||
U.S. Small Cap Equity ETF | 7,819,428 | (7,819,428 | ) | — | ||||||||
U.S. Momentum Factor ETF | 180,731 | (180,731 | ) | — | ||||||||
U.S. Quality Factor ETF | 268,181 | (268,181 | ) | — | ||||||||
U.S. Value Factor ETF | 74,487 | (74,487 | ) | — |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows:
BetaBuilders Canada ETF | $ | 6,950 | ||
BetaBuilders Developed Asiaex-Japan ETF | 1,439 | |||
BetaBuilders Europe ETF | 4,284 | |||
BetaBuilders Japan ETF | 4,999 | |||
Emerging Markets Equity ETF | 50 | |||
Europe Equity ETF | 68 | |||
Global Equity ETF | 709 | |||
International Equity ETF | 2,168 | |||
U.S. Equity ETF | 3,239 | |||
U.S. Mid Cap Equity ETF | 580 | |||
U.S. Small Cap Equity ETF | 1,915 | |||
U.S. Dividend ETF | 79 | |||
U.S. Minimum Volatility ETF | 23 | |||
U.S. Momentum Factor ETF | 59 | |||
U.S. Quality Factor ETF | 62 | |||
U.S. Value Factor ETF | 57 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included in the SOP as Income from securities lending (net).
BetaBuilders U.S. Equity ETF did not lend out any securities during the period ended April 30, 2019.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 199 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser or its affiliates. An issuer who is under common control with the Funds may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.
BetaBuilders Canada ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares (a) | $ | 1,992,902 | $ | — | $ | 1,992,902 | $ | (199 | ) | $ | 199 | $ | — | — | $ | — | $ | — | ||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | 49,999,700 | 1,086,000,000 | 1,006,000,000 | 13,601 | * | — | 130,013,301 | 130,000,301 | 776,455 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 19,883,026 | 762,883,617 | 737,405,434 | — | — | 45,361,209 | 45,361,209 | 268,626 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 190,063 | 8,147,244 | 8,337,307 | — | — | — | — | 3,731 | — | |||||||||||||||||||||||||||
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Total | $ | 72,065,691 | $ | 1,857,030,861 | $ | 1,753,735,643 | $ | 13,402 | $ | 199 | $ | 175,374,510 | $ | 1,048,812 | $ | — | ||||||||||||||||||||
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BetaBuilders Developed Asiaex-Japan ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 15,000,000 | $ | 13,000,000 | $ | — | $ | — | $ | 2,000,000 | 1,999,800 | $ | 9,551 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | — | 15,221,432 | 11,592,045 | — | — | 3,629,387 | 3,629,387 | 45,066 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 254,772 | 48,388,688 | 48,643,460 | — | — | — | — | 5,141 | — | |||||||||||||||||||||||||||
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Total | $ | 254,772 | $ | 78,610,120 | $ | 73,235,505 | $ | — | $ | — | $ | 5,629,387 | $ | 59,758 | $ | — | ||||||||||||||||||||
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200 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
BetaBuilders Europe ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares (a) | $ | 2,999,300 | $ | — | $ | 2,999,300 | $ | (300 | )* | $ | 300 | * | $ | — | — | $ | — | $ | — | |||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | 17,999,500 | 326,000,000 | 146,000,000 | 1,900 | * | 500 | * | 198,001,900 | 197,982,102 | 511,293 | * | — | ||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 5,502,935 | 202,992,372 | 132,550,517 | — | — | 75,944,790 | 75,944,790 | 182,935 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 296,502 | 17,282,282 | 17,578,784 | — | — | — | — | 4,568 | — | |||||||||||||||||||||||||||
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Total | $ | 26,798,237 | $ | 546,274,654 | $ | 299,128,601 | $ | 1,600 | $ | 800 | $ | 273,946,690 | $ | 698,796 | $ | — | ||||||||||||||||||||
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BetaBuilders Japan ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | 12,999,800 | $ | 308,000,000 | $ | 318,000,000 | $ | 4,200 | * | $ | 200 | * | $ | 3,004,200 | 3,003,900 | $ | 501,273 | * | $ | — | ||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 6,499,769 | 166,619,774 | 171,184,594 | — | — | 1,934,949 | 1,934,949 | 144,493 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 288,800 | 16,223,341 | 16,512,141 | — | — | — | — | 3,955 | — | |||||||||||||||||||||||||||
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Total | $ | 19,788,369 | $ | 490,843,115 | $ | 505,696,735 | $ | 4,200 | $ | 200 | $ | 4,939,149 | $ | 649,721 | $ | — | ||||||||||||||||||||
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BetaBuilders U.S. Equity ETF
For the period ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at March 12, 2019 (c) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Chase & Co. Shares (d) | $ | — | $ | 424,563 | $ | 3,409 | $ | 80 | $ | 47,840 | $ | 469,074 | 4,042 | $ | 2,964 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | — | 134,145 | 18,098 | — | — | 116,047 | 116,047 | 213 | — | |||||||||||||||||||||||||||
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Total | $ | — | $ | 558,708 | $ | 21,507 | $ | 80 | $ | 47,840 | $ | 585,121 | $ | 3,177 | $ | — | ||||||||||||||||||||
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APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 201 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Emerging Markets Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | $ | — | $ | 2,101,227 | $ | 1,354,766 | $ | — | $ | — | $ | 746,461 | 746,461 | $ | 2,480 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 753,648 | 1,045,125 | 1,798,773 | — | — | — | — | 1,410 | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 753,648 | $ | 3,146,352 | $ | 3,153,539 | $ | — | $ | — | $ | 746,461 | $ | 3,890 | $ | — | ||||||||||||||||||||
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Europe Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | $ | — | $ | 2,207,995 | $ | 1,912,206 | $ | — | $ | — | $ | 295,789 | 295,789 | $ | 2,605 | * | $ | — | ||||||||||||||||||
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Global Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 3,000,000 | $ | 1,000,000 | $ | — | $ | — | $ | 2,000,000 | 1,999,800 | $ | 13,207 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 924,151 | 22,481,893 | 21,967,336 | — | — | 1,438,708 | 1,438,708 | 23,794 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 627,017 | 2,564,559 | 3,138,806 | — | — | 52,770 | 52,770 | 3,884 | 834 | |||||||||||||||||||||||||||
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| |||||||||||||||||||||
Total | $ | 1,551,168 | $ | 28,046,452 | $ | 26,106,142 | $ | — | $ | — | $ | 3,491,478 | $ | 40,885 | $ | 834 | ||||||||||||||||||||
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202 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
International Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 82,000,000 | $ | 54,000,000 | $ | — | $ | — | $ | 28,000,000 | 27,997,200 | $ | 130,365 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | — | 75,041,151 | 59,874,032 | — | — | 15,167,119 | 15,167,119 | 81,722 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 6,618,219 | 29,759,755 | 35,808,459 | — | — | 569,515 | 569,515 | 26,691 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 6,618,219 | $ | 186,800,906 | $ | 149,682,491 | $ | — | $ | — | $ | 43,736,634 | $ | 238,778 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 103,000,000 | $ | 88,000,000 | $ | 5,101 | * | $ | — | $ | 15,005,101 | 15,003,600 | $ | 258,088 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 4,709,887 | 138,139,988 | 133,194,891 | — | — | 9,654,984 | 9,654,984 | 100,430 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 6,889,863 | 16,566,472 | 22,631,214 | — | — | 825,121 | 825,121 | 22,401 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 11,599,750 | $ | 257,706,460 | $ | 243,826,105 | $ | 5,101 | $ | — | $ | 25,485,206 | $ | 380,919 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Mid Cap Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 3,000,000 | $ | 1,000,000 | $ | — | $ | — | $ | 2,000,000 | 1,999,800 | $ | 1,191 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 643,332 | 18,834,328 | 18,502,144 | — | — | 975,516 | 975,516 | 17,357 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 3,620,915 | 4,842,302 | 8,134,601 | — | — | 328,616 | 328,616 | 9,121 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 4,264,247 | $ | 26,676,630 | $ | 27,636,745 | $ | — | $ | — | $ | 3,304,132 | $ | 27,669 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 203 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
U.S. Small Cap Equity ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 2.57% (a)(b) | $ | — | $ | 18,000,000 | $ | 16,000,000 | $ | 1,200 | * | $ | 400 | * | $ | 2,001,600 | 2,001,400 | $ | 56,143 | * | $ | — | ||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | 2,431,125 | 48,229,357 | 44,485,518 | — | — | 6,174,964 | 6,174,964 | 61,784 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 1,505,075 | 4,333,743 | 5,450,697 | — | — | 388,121 | 388,121 | 4,703 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 3,936,200 | $ | 70,563,100 | $ | 65,936,215 | $ | 1,200 | $ | 400 | $ | 8,564,685 | $ | 122,630 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dividend ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | $ | 148,580 | $ | 2,698,160 | $ | 2,846,740 | $ | — | $ | — | $ | — | — | $ | 2,345 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 1,248,859 | 1,255,395 | 2,470,982 | — | — | 33,272 | 33,272 | 2,671 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 1,397,439 | $ | 3,953,555 | $ | 5,317,722 | $ | — | $ | — | $ | 33,272 | $ | 5,016 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Minimum Volatility ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | $ | 93,840 | $ | 1,679,330 | $ | 1,773,170 | $ | — | $ | — | $ | — | — | $ | 702 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 760,666 | 1,194,696 | 1,880,851 | — | — | 74,511 | 74,511 | 2,106 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 854,506 | $ | 2,874,026 | $ | 3,654,021 | $ | — | $ | — | $ | 74,511 | $ | 2,808 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Momentum Factor ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | $ | 66,300 | $ | 3,353,706 | $ | 3,236,321 | $ | — | $ | — | $ | 183,685 | 183,685 | $ | 1,861 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 63,323 | 732,841 | 737,690 | — | — | 58,474 | 58,474 | 540 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 129,623 | $ | 4,086,547 | $ | 3,974,011 | $ | — | $ | — | $ | 242,159 | $ | 2,401 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
U.S. Quality Factor ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | $ | 58,800 | $ | 2,495,576 | $ | 2,277,989 | $ | — | $ | — | $ | 276,387 | 276,387 | $ | 1,887 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 836,372 | 1,604,930 | 2,392,699 | — | — | 48,603 | 48,603 | 2,052 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 895,172 | $ | 4,100,506 | $ | 4,670,688 | $ | — | $ | — | $ | 324,990 | $ | 3,939 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Value Factor ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a)(b) | $ | 57,600 | $ | 2,351,525 | $ | 2,329,234 | $ | — | $ | — | $ | 79,891 | 79,891 | $ | 1,672 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a)(b) | 692,762 | 1,758,303 | 2,376,733 | — | — | 74,332 | 74,332 | 2,295 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 750,362 | $ | 4,109,828 | $ | 4,705,967 | $ | — | $ | — | $ | 154,223 | $ | 3,967 | $ | — | ||||||||||||||||||||
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|
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|
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|
|
|
|
(a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2019. |
(c) | Commencement of operations. |
(d) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, invests. |
* | Amount is included on the SOP as income from securities lending (net) (after payments of rebates and Citibank’s fee). |
F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the SOP.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the SOP.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 205 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations. For the period ended April 30, 2019, total offering costs incurred were:
BetaBuilders Canada ETF | $ | 16,918 | ||
BetaBuilders Developed Asiaex-Japan ETF | 15,610 | |||
BetaBuilders Europe ETF | 13,889 | |||
BetaBuilders Japan ETF | 13,250 | |||
U.S. Dividend ETF | 4,068 | |||
U.S. Minimum Volatility ETF | 5,756 | |||
U.S. Momentum Factor ETF | 4,071 | |||
U.S. Quality Factor ETF | 4,061 | |||
U.S. Value Factor ETF | 4,073 |
Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as part of Professional fees on the SOP. For the period ended April 30, 2019, total offering costs amortized were:
BetaBuilders Canada ETF | $ | 8,389 | ||
BetaBuilders Developed Asiaex-Japan ETF | 7,741 | |||
BetaBuilders Europe ETF | 6,887 | |||
BetaBuilders Japan ETF | 6,545 | |||
U.S. Dividend ETF | 90 | |||
U.S. Minimum Volatility ETF | 126 | |||
U.S. Momentum Factor ETF | 90 | |||
U.S. Quality Factor ETF | 90 | |||
U.S. Value Factor ETF | 89 |
H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on theex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
I. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.
J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly for all Funds, except the BetaBuilders Japan ETF, which generally declares and pays any net investment income annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-basis treatment.
206 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee and Management Fee — Pursuant to Investment Advisory Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, and a Management Agreement for the BetaBuilders U.S. Equity ETF, the Adviser supervises the investments of each Fund. For such services, the Adviser is paid a fee which is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
BetaBuilders Canada ETF | 0.19 | % | ||
BetaBuilders Developed Asiaex-Japan ETF | 0.19 | % | ||
BetaBuilders Europe ETF | 0.09 | % | ||
BetaBuilders Japan ETF | 0.19 | % | ||
BetaBuilders U.S. Equity ETF | 0.02 | % | ||
Emerging Markets Equity ETF | 0.44 | % | ||
Europe Equity ETF | 0.30 | % | ||
Global Equity ETF | 0.24 | % | ||
International Equity ETF | 0.24 | % | ||
U.S. Equity ETF | 0.23 | % | ||
U.S. Mid Cap Equity ETF | 0.24 | % | ||
U.S. Small Cap Equity ETF | 0.29 | % | ||
U.S. Dividend ETF | 0.23 | % | ||
U.S. Minimum Volatility ETF | 0.23 | % | ||
U.S. Momentum Factor ETF | 0.23 | % | ||
U.S. Quality Factor ETF | 0.23 | % | ||
U.S. Value Factor ETF | 0.23 | % |
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.
Under the Management Agreement, JPMIM is responsible for substantially all expenses of the BetaBuilders U.S. Equity ETF, except for the management fees, payments under the BetaBuilders U.S. Equity ETF’s12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of the BetaBuilders U.S. Equity ETF’s business. Additionally, the BetaBuilders U.S. Equity ETF shall be responsible for itsnon-operating expenses, including brokerage commissions and fees and expenses associated with the Fund’s securities lending program, if applicable.
B. Administration Fee — Pursuant to an Administration Agreement for all Funds, except the BetaBuilders U.S. Equity ETF, the Administrator provides certain administration services to the Funds. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. The Administrator also provides administration services to the BetaBuilders U.S. Equity ETF pursuant to the Management Agreement for that Fund; the Administrator is compensated as described in Note 3.A.
The Administrator waived Administration fees as outlined in Note 3.D.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds, except the BetaBuilders U.S. Equity ETF, which is paid as described in Note 3.A, for custody services are included in the Custodian, Accounting and Transfer Agent fees on the SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 207 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
For the period ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants to the Funds that were used to reimburse Custodian and Transfer Agent fees were as follows:
BetaBuilders Canada ETF | $ | 60,000 | ||
BetaBuilders Developed Asiaex-Japan ETF | 135,000 | |||
BetaBuilders Europe ETF | 492,200 | |||
BetaBuilders Japan ETF | 155,000 | |||
Emerging Markets Equity ETF | 132,300 | |||
Europe Equity ETF | 34,200 | |||
Global Equity ETF | 15,400 | |||
International Equity ETF | 72,000 | |||
U.S. Equity ETF | 24,650 | |||
U.S. Mid Cap Equity ETF | 13,500 | |||
U.S. Small Cap Equity ETF | 33,600 | |||
U.S. Dividend ETF | 3,000 | |||
U.S. Minimum Volatility ETF | 3,600 | |||
U.S. Momentum Factor ETF | 1,600 | |||
U.S. Quality Factor ETF | 3,000 | |||
U.S. Value Factor ETF | 7,700 |
Such amounts are included in expense reimbursements from non-affiliates in the SOP.
Restricted cash on the SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the SOP.
D. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:
Expense Cap | ||||
BetaBuilders Canada ETF | 0.19 | % | ||
BetaBuilders Developed Asiaex-Japan ETF | 0.19 | % | ||
BetaBuilders Europe ETF | 0.09 | % | ||
BetaBuilders Japan ETF | 0.19 | % | ||
Emerging Markets Equity ETF | 0.45 | % | ||
Europe Equity ETF | 0.38 | % | ||
Global Equity ETF | 0.38 | % | ||
International Equity ETF | 0.38 | % | ||
U.S. Equity ETF | 0.19 | % | ||
U.S. Mid Cap Equity ETF | 0.24 | % | ||
U.S. Small Cap Equity ETF | 0.29 | % | ||
U.S. Dividend ETF | 0.12 | % | ||
U.S. Minimum Volatility ETF | 0.12 | % | ||
U.S. Momentum Factor ETF | 0.12 | % | ||
U.S. Quality Factor ETF | 0.12 | % | ||
U.S. Value Factor ETF | 0.12 | % |
The expense limitation agreements were in effect for the period ended April 30, 2019 and are in place until at least February 28, 2022.
208 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
For the period ended April 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers | ||||||||||||||||
Investment Advisory Fees | Administration Fees | Total | Contractual Reimbursements | |||||||||||||
BetaBuilders Canada ETF | $ | 908,748 | $ | 605,832 | $ | 1,514,580 | $ | 646 | ||||||||
BetaBuilders Developed Asiaex-Japan ETF | 455,139 | 303,426 | 758,565 | 1,119 | ||||||||||||
BetaBuilders Europe ETF | 921,929 | 614,620 | 1,536,549 | — | ||||||||||||
BetaBuilders Japan ETF | 1,087,871 | 725,248 | 1,813,119 | — | ||||||||||||
Emerging Markets Equity ETF | 324,108 | 102,471 | 426,579 | — | ||||||||||||
Europe Equity ETF | 53,507 | 14,418 | 67,925 | 5,752 | ||||||||||||
Global Equity ETF | 48,479 | 32,319 | 80,798 | — | ||||||||||||
International Equity ETF | 44,395 | 29,596 | 73,991 | — | ||||||||||||
U.S. Equity ETF | 307,366 | 204,911 | 512,277 | — | ||||||||||||
U.S. Mid Cap Equity ETF | 72,266 | 48,178 | 120,444 | — | ||||||||||||
U.S. Small Cap Equity ETF | 62,615 | 41,744 | 104,359 | — | ||||||||||||
U.S. Dividend ETF | 31,730 | 10,911 | 42,641 | 30,756 | ||||||||||||
U.S. Minimum Volatility ETF | 35,460 | 12,138 | 47,598 | 29,414 | ||||||||||||
U.S. Momentum Factor ETF | 38,978 | 13,222 | 52,200 | 27,905 | ||||||||||||
U.S. Quality Factor ETF | 45,026 | 15,324 | 60,350 | 23,877 | ||||||||||||
U.S. Value Factor ETF | 52,923 | 17,863 | 70,786 | 20,212 |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). For each Fund, except the BetaBuilders U.S. Equity ETF, the Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses incurred by each Fund from the applicable Fund’s investment in such affiliated money market funds, except for investments of securities lending collateral. For BetaBuilders U.S. Equity ETF, these waivers are covered under the Management Agreement as described in Note 3.A.
The amounts of these waivers resulting from investments in these money market funds for the period ended April 30, 2019, were as follows:
BetaBuilders Canada ETF | $ | 406 | ||
BetaBuilders Developed Asiaex-Japan ETF | 504 | |||
BetaBuilders Europe ETF | 462 | |||
BetaBuilders Japan ETF | 609 | |||
BetaBuilders U.S. Equity ETF | 2 | |||
Emerging Markets Equity ETF | 256 | |||
Europe Equity ETF | 1 | |||
Global Equity ETF | 413 | |||
International Equity ETF | 3,507 | |||
U.S. Equity ETF | 2,655 | |||
U.S. Mid Cap Equity ETF | 1,063 | |||
U.S. Small Cap Equity ETF | 627 | |||
U.S. Dividend ETF | 344 | |||
U.S. Minimum Volatility ETF | 246 | |||
U.S. Momentum Factor ETF | 53 | |||
U.S. Quality Factor ETF | 249 | |||
U.S. Value Factor ETF | 266 |
E. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and the JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, excluding the BetaBuilders U.S. Equity ETF, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the SOP.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 209 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the period ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
BetaBuilders Canada ETF | $ | 195,633,782 | $ | 117,914,966 | ||||
BetaBuilders Developed Asiaex-Japan ETF | 135,303,909 | 30,316,361 | ||||||
BetaBuilders Europe ETF | 104,921,526 | 72,137,806 | ||||||
BetaBuilders Japan ETF | 72,508,725 | 67,359,440 | ||||||
BetaBuilders U.S. Equity ETF | 225,644 | 244,808 | ||||||
Emerging Markets Equity ETF | 112,697,137 | 51,044,424 | ||||||
Europe Equity ETF | 3,440,276 | 3,621,936 | ||||||
Global Equity ETF | 25,878,572 | 24,089,684 | ||||||
International Equity ETF | 216,144,058 | 171,343,083 | ||||||
U.S. Equity ETF | 82,142,305 | 73,457,512 | ||||||
U.S. Mid Cap Equity ETF | 22,192,930 | 17,010,031 | ||||||
U.S. Small Cap Equity ETF | 12,893,056 | 10,264,093 | ||||||
U.S. Dividend ETF | 4,008,473 | 3,144,989 | ||||||
U.S. Minimum Volatility ETF | 4,126,668 | 3,173,489 | ||||||
U.S. Momentum Factor ETF | 7,691,918 | 7,547,858 | ||||||
U.S. Quality Factor ETF | 6,001,494 | 4,205,710 | ||||||
U.S. Value Factor ETF | 6,343,919 | 5,220,111 |
During the period ended April 30, 2019, there were no purchases or sales of U.S. Government securities.
For the period ended April 30, 2019,in-kind transactions associated with creations and redemptions were:
In-Kind Creations | In-Kind Redemptions | |||||||
BetaBuilders Canada ETF | $ | 1,479,200,133 | $ | 73,579,797 | ||||
BetaBuilders Developed Asiaex-Japan ETF | 468,379,199 | 34,707,308 | ||||||
BetaBuilders Europe ETF | 2,701,100,975 | 61,038,875 | ||||||
BetaBuilders Japan ETF | 1,638,376,138 | 606,864,991 | ||||||
BetaBuilders U.S. Equity ETF | 30,145,265 | — | ||||||
Emerging Markets Equity ETF | 34,635,163 | — | ||||||
Europe Equity ETF | 10,046,848 | 66,469,954 | ||||||
Global Equity ETF | 4,795,720 | 10,686,974 | ||||||
International Equity ETF | 211,120,357 | 37,757,391 | ||||||
U.S. Equity ETF | 117,261,347 | 42,533,742 | ||||||
U.S. Mid Cap Equity ETF | 55,189,879 | 11,612,031 | ||||||
U.S. Small Cap Equity ETF | 85,991,652 | 18,054,329 | ||||||
U.S. Dividend ETF | 3,795,369 | 2,004,161 | ||||||
U.S. Minimum Volatility ETF | 10,882,814 | — | ||||||
U.S. Momentum Factor ETF | 7,541,893 | — | ||||||
U.S. Quality Factor ETF | 18,072,296 | — | ||||||
U.S. Value Factor ETF | 29,838,508 | 7,666,552 |
210 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2019 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
BetaBuilders Canada ETF | $ | 3,800,966,121 | $ | 167,237,245 | $ | 72,956,043 | $ | 94,281,202 | ||||||||
BetaBuilders Developed Asiaex-Japan ETF | 1,206,190,402 | 95,092,295 | 19,580,004 | 75,512,291 | ||||||||||||
BetaBuilders Europe ETF | 4,349,232,969 | 265,114,885 | 54,321,913 | 210,792,972 | ||||||||||||
BetaBuilders Japan ETF | 3,513,823,310 | 142,041,911 | 215,811,522 | (73,769,611 | ) | |||||||||||
BetaBuilders U.S. Equity ETF | 30,243,550 | 1,814,018 | 286,692 | 1,527,326 | ||||||||||||
Emerging Markets Equity ETF | 306,912,484 | 34,690,333 | 11,018,364 | 23,671,969 | ||||||||||||
Europe Equity ETF | 17,805,835 | 684,408 | 1,329,281 | (644,873 | ) | |||||||||||
Global Equity ETF | 202,452,484 | 20,990,659 | 10,161,350 | 10,829,309 | ||||||||||||
International Equity ETF | 1,706,606,327 | 143,344,399 | 90,808,671 | 52,535,728 | ||||||||||||
U.S. Equity ETF | 631,754,425 | 92,101,350 | 16,786,068 | 75,315,282 | ||||||||||||
U.S. Mid Cap Equity ETF | 156,020,987 | 18,239,193 | 4,297,353 | 13,941,840 | ||||||||||||
U.S. Small Cap Equity ETF | 176,402,037 | 13,961,533 | 8,091,083 | 5,870,450 | ||||||||||||
U.S. Dividend ETF | 28,954,733 | 2,726,066 | 1,064,896 | 1,661,170 | ||||||||||||
U.S. Minimum Volatility ETF | 37,476,639 | 4,508,637 | 721,615 | 3,787,022 | ||||||||||||
U.S. Momentum Factor ETF | 33,810,768 | 6,492,989 | 354,503 | 6,138,486 | ||||||||||||
U.S. Quality Factor ETF | 46,622,554 | 6,495,297 | 741,044 | 5,754,253 | ||||||||||||
U.S. Value Factor ETF | 52,482,678 | 5,206,699 | 987,877 | 4,218,822 |
As of October 31, 2018, the following Funds had net capital loss carryforwards as follows:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
BetaBuilders Canada ETF | $ | (772,844 | ) | $ | — | |||
BetaBuilders Developed Asiaex-Japan ETF | (149,273 | ) | — | |||||
BetaBuilders Japan ETF | (917,863 | ) | — | |||||
Emerging Markets Equity ETF | (8,430,347 | ) | (143,376 | ) | ||||
Europe Equity ETF | (149,231 | ) | — | |||||
Global Equity ETF | (404,849 | ) | ||||||
International Equity ETF | (3,014,624 | ) | — | |||||
U.S. Equity ETF | (1,607,722 | ) | — | |||||
U.S. Mid Cap Equity ETF | (475,898 | ) | — | |||||
U.S. Small Cap Equity ETF | (348,136 | ) | — | |||||
U.S. Dividend ETF | (265,350 | ) | — | |||||
U.S. Minimum Volatility ETF | (91,144 | ) | (1,769 | ) | ||||
U.S. Momentum Factor ETF | (304,497 | ) | — | |||||
U.S. Quality Factor ETF | (108,318 | ) | — | |||||
U.S. Value Factor ETF | (104,119 | ) | — |
During the year ended October 31, 2018, the following Funds utilized capital loss carryforwards as follows:
Short-Term | Long-Term | |||||||
Emerging Markets Equity ETF | $ | 1,583,336 | $ | 469,956 | ||||
Europe Equity ETF | 84,108 | — | ||||||
Global Equity ETF | 428,239 | 351,978 | ||||||
International Equity ETF | — | 4,472,246 | ||||||
U.S. Equity ETF | — | 243,462 |
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 211 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105%, for BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF, and plus at least 110% for Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:
% of Ownership | ||||
U.S. Dividend ETF | 86 | % | ||
U.S. Minimum Volatility ETF | 69 | |||
U.S. Momentum Factor ETF | 71 | |||
U.S. Quality Factor ETF | 55 | |||
U.S. Value Factor ETF | 48 |
Significant shareholder transactions by the Adviser may impact the Funds’ performance.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The BetaBuilders Canada ETF, BetaBuilders Developed Asiaex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, Europe Equity ETF, Global Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the period depending on the Funds. Such concentrations may subject each Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
As of April 30, 2019, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments as follows:
Fund Name | Australia | Brazil | Canada | China | France | Germany | Hong Kong | India | Japan | Singapore | Switzerland | Taiwan | United Kingdom | |||||||||||||||||||||||||||||||||||||||
BetaBuilders Canada ETF | — | % | — | % | 92.6 | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||||
BetaBuilders Developed Asiaex-Japan ETF | 53.6 | — | — | — | — | — | 28.6 | — | — | 12.2 | — | — | — | |||||||||||||||||||||||||||||||||||||||
BetaBuilders Europe ETF | — | — | — | — | 15.8 | 12.8 | — | — | — | — | 13.2 | — | 22.0 | |||||||||||||||||||||||||||||||||||||||
BetaBuilders Japan ETF | — | — | — | — | — | — | — | — | 99.9 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Emerging Markets Equity ETF | — | 10.7 | — | 20.2 | — | — | — | 10.1 | — | — | — | 16.0 | — | |||||||||||||||||||||||||||||||||||||||
Europe Equity ETF | — | — | — | — | 15.5 | 12.1 | — | — | — | — | — | — | 20.0 | |||||||||||||||||||||||||||||||||||||||
Global Equity ETF | — | — | — | — | — | — | — | — | 21.2 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
International Equity ETF | — | — | — | — | — | — | — | — | 23.2 | — | — | — | 17.0 |
As of April 30, 2019, a significant portion of each Fund’s net assets noted in the table above consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.
212 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve its investment objective. For example, each Fund incurs a number of operating expenses not applicable to its underlying index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the underlying index. In addition, a Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return differs from the return of the underlying index.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”)2018-13 (“ASU2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Funds’ net assets or results of operation.
9. Subsequent Event
At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds (except for BetaBuilders U.S. Equity ETF), contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.
During the period April 30, 2019 through June 18, 2019, Global Equity ETF had net redemptions of $64,388,685. The amount represented approximately 31% of the Fund’s net assets as of April 30, 2019.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 213 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur ongoing costs, investment advisory fees, administration fees and other Fund expenses, in addition to brokerage commissions on your purchases and sales of Fund shares. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period November 1, 2018 and continued to hold your shares at the end of the reporting period, April 30, 2019.
Actual Expenses
For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then
multiply the result by the number under the heading entitled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested.
Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period | |||||||||||||
JPMorgan BetaBuilders Canada ETF | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 1,109.40 | 0.19 | % | $ | 0.99 | ||||||||
Hypothetical (1) | 1,000.00 | 1,023.85 | 0.19 | 0.95 | ||||||||||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,152.20 | 0.19 | 1.01 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.85 | 0.19 | 0.95 | ||||||||||||
JPMorgan BetaBuilders Europe ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,090.30 | 0.09 | 0.47 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.35 | 0.09 | 0.45 | ||||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,022.30 | 0.19 | 0.95 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.85 | 0.19 | 0.95 | ||||||||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||||||||||
Actual (2) | 1,000.00 | 1,056.80 | 0.02 | 0.03 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.70 | 0.02 | 0.10 | ||||||||||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,091.00 | 0.45 | 2.33 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,022.56 | 0.45 | 2.26 | ||||||||||||
JPMorgan Diversified Return Europe Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,080.80 | 0.38 | 1.96 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,022.91 | 0.38 | 1.91 | ||||||||||||
JPMorgan Diversified Return Global Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,075.70 | 0.38 | 1.96 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,022.91 | 0.38 | 1.91 | ||||||||||||
JPMorgan Diversified Return International Equity ETF | ||||||||||||||||
ETF Shares | ||||||||||||||||
Actual (1) | 1,000.00 | 1,060.30 | 0.38 | 1.94 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,022.91 | 0.38 | 1.91 |
214 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period | |||||||||||||
JPMorgan Diversified Return U.S. Equity ETF | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 1,084.60 | 0.19 | % | $ | 0.98 | ||||||||
Hypothetical (1) | 1,000.00 | 1,023.85 | 0.19 | 0.95 | ||||||||||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,082.10 | 0.24 | 1.24 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.60 | 0.24 | 1.20 | ||||||||||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,066.50 | 0.29 | 1.49 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.36 | 0.29 | 1.45 | ||||||||||||
JPMorgan U.S. Dividend ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,088.60 | 0.12 | 0.62 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.20 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Minimum Volatility ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,100.70 | 0.12 | 0.63 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.20 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Momentum Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,099.60 | 0.12 | 0.62 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.20 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Quality Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,100.40 | 0.12 | 0.62 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.20 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Value Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 1,081.70 | 0.12 | 0.62 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.20 | 0.12 | 0.60 |
(1) | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period |
(2) | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 50/365 (to reflect the actual period). The Fund commenced operations on March 12, 2019. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 215 |
BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited)
JPMorgan BetaBuilders U.S. Equity ETF
On March5-6, 2019, the Board of Trustees heldin-person meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”). The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement in executive session with independent legal counsel at which no representatives of the Adviser were present.
Set forth below is a summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under the Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of the Fund. The Trustees also considered the investment strategy for the Fund, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategy of the
Fund, how it fits within the Trust’s other fund offerings, and how it will be positioned against peer funds, as identified by management and/or Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data. The Trustees also considered the administration services to be provided by the Adviser under the Management Agreement.
The Trustees also considered their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry generally. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to provide high quality service to the Fund, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential“fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that anyfall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s roles as custodian, fund accountant and transfer agent for the Fund.
Economies of Scale
The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Fund was new and not achieving economies of scale. The Trustees also considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that they would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds, and concluded that the prospects for competitive future performance were acceptable.
216 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Management Fees and Expense Ratios
The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared the rate to information prepared by Broadridge, providing management fee rates paid by other funds in the same Broadridge category as the Fund. The Trustees also compared the management fee for the Fund to fees charged to mutual funds with similar
investment objectives or in similar asset classes managed by the Adviser. The Trustees also considered the fees paid to JPMorgan Chase Bank, N.A., an affiliate of the Adviser, for custody, transfer agency and other related services for the Fund.
The Trustees noted that the Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 217 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF
The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 4, 2018, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for JPMorgan Diversified Return Emerging Markets Equity ETF, JPMorgan Diversified Return Europe Equity ETF, JPMorgan Diversified Return Global Equity ETF, JPMorgan Diversified Return International Equity EFT, JPMorgan Diversified Return U.S Equity ETF, JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JPMorgan Diversified Return U.S. Small Cap Equity ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”). In advance of the December 4, 2018 meeting, the Trustees met on November 8, 2018 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements.
The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered each Fund’s investment strategy, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by the Adviser in its role as administrator to the Funds.
The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to continue to provide high quality service to the Funds, their overall confidence in the Adviser’s
218 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees that the Adviser earned from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.
Economies of Scale
The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contain breakpoints, but that fees are competitive with their peer funds. They concluded that the current fee structure was
reasonable in light of the Fee Caps that the Adviser has in place which serve to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds would have to pay if they were not part of the J.P. Morgan fund complex.
Fees Relative to Adviser’s Other Clients
The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as each Fund. The Trustees also noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to such other clients were reasonable.
Investment Performance
The Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net advisory fee rate after taking into account such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 219 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
are included in the fees paid by other funds. The Trustees’ determination as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and second quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return Europe Equity ETF’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return Global Equity ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return International Equity EFT’s net advisory fee was in the second quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and four quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Equity EFT’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon the Universe. After considering the factors identified above, in
light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity EFT’s net advisory fee was in the first and second quintiles based upon the Peer Group and Universe, respectively; and that the actual total expenses were in the second and third quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan U.S. Dividend EFT’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the third and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan U.S. Minimum Volatility ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net advisory fee and actual total expenses were in the first quintile based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net advisory fee and actual total expenses were in the first quintile based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan U.S. Value Factor EFT’s net advisory fee was in the first quintile based upon both the Peer Group and Universe; and that the actual total expenses were in the second and first quintiles based upon the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
220 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on FormN-PORT. Prior to March 31, 2019, each Fund filed a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Form N-PORT and Form N-Q are available on the SEC’s website at http://www.sec.gov. Each Fund’s quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. April 2019. | SAN-ETF-419 |
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2019 (Unaudited)
JPMorgan Diversified Alternatives ETF
JPMorgan Event Driven ETF
JPMorgan Long/Short ETF
JPMorgan Managed Futures Strategy ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.
You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan).
Alternatively, you may elect to receive paper copies of all future reports free of charge by contacting your financial intermediary. Your election to receive paper reports will apply to all funds held within your account(s).
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President’s Letter | 1 | |||
Market Overview | 2 | |||
Fund Commentaries: | ||||
3 | ||||
6 | ||||
9 | ||||
12 | ||||
Schedules of Portfolio Investments | 14 | |||
Financial Statements | 120 | |||
Financial Highlights | 124 | |||
Notes to Financial Statements | 126 | |||
Schedule of Shareholder Expenses | 145 | |||
Board Approval of Investment Advisory Agreements | 146 |
Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of a Fund.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Fund’s investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
JUNE 15, 2019 (Unaudited)
Dear Shareholders,
JPMorgan Exchange-Traded Funds entered 2019 after a year of tremendous growth in 2018, having been named “The industry’s fastest-growing ETF manager.”1 This success was recognized at the sixth annual ETF.com awards, where J.P. Morgan Asset Management won four accolades, including “ETF Issuer of the Year2” and “ETF of the Year2” for our JPMorgan BetaBuilders Japan ETF (BBJP). Building on the success of our BetaBuilders suite and in line with our mission to provide accessible portfolio solutions, we launched of two additional BetaBuilders ETFs in March, JPMorgan BetaBuilders1-5 Year U.S. Aggregate Bond ETF (BBSA) and JPMorgan
BetaBuilders U.S. Equity ETF (BBUS), bringing our roster to 32 products and more than $25 billion in assets under management as of June 15, 2019.
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“We expanded our BetaBuilders suite to offer clients efficient access to portfolio building blocks. The exposures are simple, straightforward and priced for today’s market.” – Joanna M. Gallegos
|
Despite signs of slowing growth in Europe and investor concerns about rising import tariffs, the U.S. economic expansion is poised to become the longest on record. Against this late-cycle backdrop, we believe J.P. Morgan’s broad line of equity and alternatives ETFs can help build portfolios designed to
weather market cycles and keep clients invested. For investors that are concerned about volatility, our Diversified Return Equity suite is designed to provide less downside while participating in up markets. This comprehensive suite seeks to provide investors a smoother ride across equity markets including: large, mid and small cap U.S. markets, international developed markets and emerging markets. Additionally, investors can access additional sources of diversification with our alternatives ETFs suite, which is designed to provide liquid,low-cost exposures to hedge fund strategies.
We are proud to bring a range of investment solutions to help you navigate a changing market landscape. We are committed to building solutions that address your needs and help you build stronger portfolios. Thank you for your belief in our Firm and our process.
Sincerely,
Joanna M. Gallegos
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
1 | Ignites.com as of November 28, 2018. |
2 | ETF.com Award winners are selected by a majority vote of the ETF.com Awards Selection Committee, a group of independent ETF experts. Voting was completed by January 14, 2019, and results were announced March 28, 2019. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 1 |
J.P. Morgan Exchange-Traded Funds
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
Global equity prices generally declined in the final months of 2018, only to rebound in the first months of 2019, pushing leading U.S. equity indexes to record highs in the final week of April. While U.S. equity markets outperformed those of other developed markets, the largest returns for the six month reporting period came from emerging markets equity and emerging markets debt.
Investor expectations of rising U.S. interest rates, signs of slowing economic growth in both China and the Euro Zone and unresolved U.S.-China trade tensions combined to drive market volatility higher and equity prices lower in late 2018. The global sell-off became particularly acute in December. In the U.S., the S&P 500 Index returned -9.18% for the month, its worst single-month performance since February 2009 and its worst December performance since 1931.
In Europe, a sharp decline in manufacturing exports as well as political uncertainty in Italy and France led to weakening business sentiment. In the U.K., Prime Minister Theresa May’s inability to win Parliament’s approval for a plan to exit the European Union served to further erode business and investor confidence.
However, by the end of December, the U.S. Federal Reserve had moved to a neutral policy stance and the European Central Bank — while ending its quantitative easing program in the face of broad-based wage growth — reiterated its intention to hold interest rates at current levels through the end of 2019. The Bank of England also held U.K. interest rates steady.
Global equity and bond markets began to stabilize in January 2018 and asset prices generally advanced over the next three months as signs of inflationary pressure receded and corporate earnings showed surprising strength. Notably, global oil prices fell in December 2018 to $42 per barrel of West Texas Intermediate crude and then rose to $63 per barrel by the end of April 2019.
Among equity markets, the MSCI Emerging Markets Index returned 13.90%, the MSCI EAFE Index returned 7.73% and the S&P 500 Index returned 9.76% for the six months ended April 30, 2019.
2 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Alternatives ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Diversified Alternatives ETF | ||||
Net Asset Value* | 2.76% | |||
Market Price** | 2.59% | |||
ICE BofAML3-Month US Treasury Bill Index | 1.18% | |||
Net Assets as of 4/30/2019 | $ | 173,437,214 |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Alternatives ETF (the “Fund”) seeks to provide long-term total return.
INVESTMENT APPROACH
The Fund seeks to achieve its investment objective by allocating assets across a variety of strategies commonly employed by hedge funds, including equity long/short, event driven and macro/managed futures strategies. The Fund seeks to achieve the efficiency of rules-based investing with the diversification benefits of alternative strategies without replicating an index.
The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2019, the Fund posted a positive absolute performance and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).
The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund
is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.
On an absolute basis, the Fund’s event driven strategy, which seeks to benefit from pricing inefficiencies associated with corporate changes through the use of both long equity investments and derivative instruments, was a leading contributor to absolute performance. From a return perspective, the merger arbitrage factor within this strategy was the best performing factor during the reporting period and continued to deliver steady returns. Merger arbitrage involves exploiting the difference between the share price of a target company in a merger relative to the share price announced in the merger agreement.
The Fund’s relative value fixed income-based factors within the macro/managed futures strategy, which seek to balance long and short positions so that there is no aggregate exposure to the asset(s), contributed to absolute performance.
The Fund’s allocations to the equity momentum and equity value factors within the equity long-short strategy, which were implemented primarily through the use of equity securities and total return swaps contracts, detracted from absolute performance during the reporting period.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s largest allocation was to the event driven strategy, while the smallest allocation was to the macro/managed futures strategy.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 3 |
RISK ALLOCATION AS OF APRIL 30, 2019 | ||||
Strategy | % of Risk Allocation**** | |||
Equity Long/Short (1) | 34 | % | ||
Event Driven (2) | 40 | |||
Macro/Managed Futures (3) | 26 |
TOP TEN LONG HOLDINGS OF THE PORTFOLIO (a) | ||||||||
1. | Anadarko Petroleum Corp. | 1.6 | % | |||||
2. | Worldpay, Inc., Class A | 1.6 | ||||||
3. | First Data Corp. | 1.6 | ||||||
4. | Finisar Corp. | 1.6 | ||||||
5. | Tribune Media Co., Class A | 1.5 | ||||||
6. | Ultimate Software Group, Inc. (The) | 1.4 | ||||||
7. | WABCO Holdings, Inc. | 1.4 | ||||||
8. | Red Hat, Inc. | 1.4 | ||||||
9. | RPC Group plc | 1.4 | ||||||
10. | WellCare Health Plans, Inc. | 1.3 |
TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a) | ||||||||
1. | Fiserv, Inc. | 1.6 | % | |||||
2. | Fidelity National Information Services, Inc. | 1.5 | ||||||
3. | Chevron Corp. | 1.0 | ||||||
4. | Centene Corp. | 0.9 | ||||||
5. | BB&T Corp. | 0.7 | ||||||
6. | II-VI, Inc. | 0.5 | ||||||
7. | Jones Lang LaSalle, Inc. | 0.4 | ||||||
8. | Bristol-Myers Squibb Co. | 0.2 | ||||||
9. | Australian Pharmaceutical Industries Ltd. | 0.2 | ||||||
10. | Fidelity National Financial, Inc. | 0.2 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.96 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.96 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
**** | Risk allocations are calculated as the standard deviation (volatility of an asset class) divided by the overall volatility of the Fund. Risk, as measured by standard deviation, shows how widely a set of values varies from the mean. It is a historical measure of the volatility of returns earned by the Fund. The percentages above represent the current risk allocation based on the Fund’s holdings as of April 30, 2019 and are not representative of the targeted equal risk allocation across asset classes over the long term. Holdings and allocations may vary over time. |
(1) | Equity Long/Short strategies involve simultaneously investing in equities (i.e., investing long) that the adviser believes are attractive based on relevant return factors and take short positions in equity securities that the adviser believes are unattractive based on the relevant return factors. |
(2) | Event Driven strategies seek to profit from investing in securities of companies that the Fund’s adviser believes will be impacted by pending or anticipated corporate or special situation events. In executing this investment strategy, the Fund seeks to capture the price difference between a security’s market price and the anticipated value post-event, based on the assumption that an event or catalyst will affect future pricing. For example, merger arbitrage strategies seek to capitalize on price discrepancies and returns generated by a corporate transaction. |
(3) | Macro/Managed Futures strategies aim to exploit macro-economic imbalances across the globe. The macro based strategies may be implemented through a broad range of asset classes including, but not limited to, equities, fixed income, currency and commodities based on a systematic assessment of their attractiveness. |
(a) | Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
4 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Diversified Alternatives ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Alternatives ETF | ||||||||||||||||
Net Asset Value | September 12, 2016 | 2.76% | (1.54 | )% | 0.26% | |||||||||||
Market Price | 2.59% | (1.81 | )% | 0.26% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(09/12/16 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.
Fund commenced operations on September 12, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Alternatives ETF and the ICE BofAML 3-Month US Treasury Bill Index from September 12, 2016 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of
the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.
The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 5 |
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Event Driven ETF | ||||
Net Asset Value* | 8.69% | |||
Market Price** | 8.59% | |||
ICE BofAML 3-Month US Treasury Bill Index | 1.18% | |||
Net Assets as of 4/30/2019 | $ | 27,546,693 |
INVESTMENT OBJECTIVE***
The JPMorgan Event Driven ETF (the “Fund”) seeks to provide long-term total return.
INVESTMENT APPROACH
The Fund employs a rules-based, bottom-up approach to building a diversified portfolio that seeks to capture returns by primarily investing in companies that the Fund’s adviser believes will be positively impacted by corporate or special situation events. The Fund seeks to profit by exploiting pricing inefficiencies associated with corporate change, through long and short equity positions across developed markets, achieved through the use of equities and derivative instruments.
The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed the ICE BofAML 3-Month US Treasury Bill Index (the “Index”).
Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance. References to the Index are for
informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.
In absolute terms, the Fund’s exposure to the share buybacks and merger arbitrage factors contributed to absolute performance. The share buybacks factor seeks to benefit from the relative outperformance by companies that repurchased a significant portion of their outstanding shares. Merger arbitrage involves exploiting the differences between the share price of a target company in a merger relative to the share price announced in the merger agreement. The Fund’s exposure to the index arbitrage and post-reorganization equity factors detracted from performance. The index arbitrage factor seeks to benefit from the relative outperformance of stocks that are being added to equity indexes and the relative underperformance of stocks that are being removed from equity indexes. The post-reorganization equity factor seeks to benefit from the relative outperformance of companies emerging from bankruptcy.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s largest allocation in notional exposure terms was to the share buybacks factor. From a sector perspective, the Fund’s largest positions were the information technology and consumer discretionary sectors and its smallest positions were the real estate and communications sectors.
6 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
TOP TEN LONG HOLDINGS OF THE PORTFOLIO(a) | ||||||||
1. | U.S. Treasury Bills, 2.52%, 1/30/2020 | 4.0 | % | |||||
2. | U.S. Treasury Bills, 2.45%, 6/20/2019 | 2.7 | ||||||
3. | U.S. Treasury Bills, 2.52%, 7/18/2019 | 2.7 | ||||||
4. | U.S. Treasury Bills, 2.39%, 3/26/2020 | 2.6 | ||||||
5. | First Data Corp., Class A | 1.3 | ||||||
6. | Anadarko Petroleum Corp. | 1.3 | ||||||
7. | Finisar Corp.. | 1.2 | ||||||
8. | Worldpay, Inc., Class A. | 1.2 | ||||||
9. | Tribune Media Co., Class A | 1.1 | ||||||
10. | Red Hat, Inc. | 1.1 |
TOP TEN SHORT HOLDINGS OF THE PORTFOLIO (a) | ||||||||
1. | Fiserv, Inc. | 1.3 | % | |||||
2. | Fidelity National Information Services, Inc. | 1.1 | ||||||
3. | Chevron Corp. | 0.8 | ||||||
4. | Centene Corp. | 0.7 | ||||||
5. | BB&T Corp. | 0.5 | ||||||
6. | II-VI, Inc. | 0.4 | ||||||
7. | Jones Lang LaSalle, Inc. | 0.3 | ||||||
8. | Bristol-Myers Squibb Co. | 0.2 | ||||||
9. | Fidelity National Financial, Inc. | 0.1 | ||||||
10. | Australian Pharmaceutical Industries Ltd. | 0.1 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $26.23 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $26.33 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
(a) | Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 7 |
JPMorgan Event Driven ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Event Driven ETF | ||||||||||||||||
Net Asset Value | November 29, 2017 | 8.69% | 9.83% | 6.19% | ||||||||||||
Market Price | 8.59% | 9.94% | 6.45% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/29/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.
Fund commenced operations on November 29, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Event Driven ETF and the ICE BofAML3-Month US Treasury Bill Index from November 29, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a
full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.
The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
8 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Long/Short ETF Net Asset Value* | (3.18)% | |||
Market Price** | (4.04)% | |||
ICE BofAML3-Month US Treasury Bill Index | 1.18% | |||
Net Assets as of 4/30/2019 | $ | 23,791,580 |
INVESTMENT OBJECTIVE***
The JPMorgan Long/Short ETF (the “Fund”) seeks to provide long-term total return.
INVESTMENT APPROACH
The Fund seeks to achieve its investment objective by taking advantage of pricing inefficiencies between equity securities by maintaining long and short exposures to equity factors such as value, quality, momentum and size. The Fund utilizes an equity long/short strategy, which involves simultaneously investing in equities (investing long) that the portfolio managers believe are attractive and holding short positions in equities that they believe are unattractive.
The Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, in addition to its exposure through direct investments. The Fund uses derivatives, including swaps, futures and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments.
Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy. in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired strategy.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30 2019 and underperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).
Relative to the Index, the Fund’s allocation to alternative investment strategies, which are not represented in the Index, detracted from performance. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.
In terms of absolute performance, the Fund’s allocations to the value, momentum and size factors, which were implemented primarily through the use of equity securities and total return swaps contracts, were leading detractors from performance. From a return perspective, the momentum factor was the worst performing factor over the period and suffered from a series of reversals. Specifically, the Fund’s allocation to the time-series momentum factor, which relies on a security’s recent past performance as an indicator of near future performance and which was implemented through the use of futures contracts, also detracted from absolute performance during the reporting period.
The Fund’s quality factor, which seeks to hold higher quality equity securities and sell lower quality securities, was a positive contributor to absolute performance.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s exposures were balanced across equity value, momentum and quality factors. In addition, the Fund had a slightly long overall exposure to developed market equities on an aggregate basis.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 9 |
TOP TEN LONG POSITIONS OF THE PORTFOLIO (a) | ||||||||
1. | U.S. Treasury Bills, 2.38%, 7/18/2019. | 11.6 | % | |||||
2. | Japan Government Two Year Bond (Japan), 0.10%, 7/15/2019 | 1.4 | ||||||
3. | Helen of Troy Ltd. | 0.6 | ||||||
4. | Abercrombie & Fitch Co., Class A | 0.5 | ||||||
5. | Koninklijke Philips NV. | 0.5 | ||||||
6. | Navigant Consulting, Inc. | 0.5 | ||||||
7. | Greencore Group plc | 0.5 | ||||||
8. | Hershey Co. (The) | 0.5 | ||||||
9. | Lam Research Corp. | 0.5 | ||||||
10. | Akamai Technologies, Inc. | 0.4 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO (a) | ||||||||
1. | Medicines Co. (The). | 0.4 | % | |||||
2. | HubSpot, Inc. | 0.4 | ||||||
3. | Varonis Systems, Inc | 0.4 | ||||||
4. | ams AG | 0.4 | ||||||
5. | Mitsubishi Electric Corp. | 0.4 | ||||||
6. | Keikyu Corp.. | 0.4 | ||||||
7. | Martin Marietta Materials, Inc. | 0.4 | ||||||
8. | Jeronimo Martins SGPS SA | 0.4 | ||||||
9. | Beazley plc. | 0.4 | ||||||
10. | Sika AG (Registered). | 0.4 |
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $21.63 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $21.59 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
(a) | Percentages indicated are based upon total investments plus the current value of the total net long and short positions within each Total Return Basket Swap as of April 30, 2019. The Fund’s portfolio composition is subject to change. |
10 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Long/Short ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Long/Short ETF | ||||||||||||||||
Net Asset Value | January 23, 2018 | (3.18 | )% | (8.39 | )% | (10.81 | )% | |||||||||
Market Price | (4.04 | )% | (8.94 | )% | (10.94 | )% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(1/23/18 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.
Fund commenced operations on January 23, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Long/Short ETF and the ICE BofAML3-Month US Treasury Bill Index from January 23, 2018 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a
full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.
The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 11 |
JPMorgan Managed Futures Strategy ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
REPORTING PERIOD RETURN: | ||||
JPMorgan Managed Futures Strategy ETF | ||||
Net Asset Value* | 2.91% | |||
Market Price** | 2.52% | |||
ICE BofAML3-Month US Treasury Bill Index | 1.18% | |||
Net Assets as of 4/30/2019 | $ | 51,907,881 |
INVESTMENT OBJECTIVE***
The JPMorgan Managed Futures Strategy ETF (the “Fund”) seeks to provide long-term total return.
INVESTMENT APPROACH
The Fund seeks to achieve its investment objective by investing globally to take advantage of opportunities across a broad range of asset classes, including equities, fixed income, currency and commodities based on the portfolio managers’ assessment of their relative attractiveness. The Fund’s portfolio managers seek to identify a set of investment return sources with distinct risk and return profiles that have a low correlation to one another and to traditional markets (each a “return factor”).
The Fund uses derivatives, including swaps, futures, options and forward contracts, in implementing its strategies, and under normal market conditions, the Fund’s managers seek to obtain a significant portion of the Fund’s exposure through the use of derivatives, in addition to its exposure through direct investments. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, are primarily used as an efficient means of implementing a particular strategy in order to gain exposure to a desired return factor.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2019 and outperformed its broad-based market benchmark, the ICE BofAML3-Month US Treasury Bill Index (the “Index”).
The Fund’s allocation to alternative investment strategies, which are not represented in the Index, contributed to performance relative to the Index. References to the Index are for informational purposes and are not an indication of how the Fund is managed. The use of the Index does not imply the Fund
is being managed like the Index and does not imply low risk or low volatility, but rather is disclosed to allow for comparison of the Fund’s performance to that of a well-known and widely recognized index.
On an absolute basis, leading contributors to Fund performance included the Fund’s allocations to relative value fixed income and commodity-based return factors, which seek to balance out long and short positions so that exposure to the asset(s) is neutral. The Fund’s allocation to currency factors, implemented through currency forward contracts, was a detractor from absolute performance. The Fund’s interest rate directional fixed income-based, commodity-based and equity-based return factors, which seek to benefit from positive or negative exposure to an asset primarily through the use of futures contracts, also detracted from performance.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, among the Fund’s largest allocations were directional fixed income-based, commodity-based and equity-based return factors.
* | The return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $24.14 as of April 30, 2019. |
** | Market price return is calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on the NYSE Arca. The midpoint price was $24.15 as of April 30, 2019. |
*** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
12 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Managed Futures Strategy ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2019 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2019 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Managed Futures Strategy ETF | ||||||||||||||||
Net Asset Value | December 5, 2017 | 2.91% | (1.03 | )% | (1.94 | )% | ||||||||||
Market Price | 2.52% | (1.55 | )% | (1.94 | )% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(12/5/17 TO 4/30/19)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Forup-to-date,month-end performance information please call1-844-457-6383.
Fund commenced operations on December 5, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Managed Futures Strategy ETF and the ICE BofAML3-Month US Treasury Bill Index from December 5, 2017 to April 30, 2019. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the ICE BofAML3-Month US Treasury Bill Index does not reflect the deduction of expenses and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The ICE BofAML3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of
the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index. The Fund is not an index fund. The Fund is actively managed and does not seek to replicate the performance of a specified index.
The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 13 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 56.8% |
| |||||||
Aerospace & Defense — 0.3% |
| |||||||
KeyW Holding Corp. (The)* | 39,200 | 444,528 | ||||||
|
| |||||||
Airlines — 0.3% | ||||||||
Alaska Air Group, Inc. | 4,666 | 288,825 | ||||||
United Continental Holdings, Inc.* | 2,932 | 260,538 | ||||||
|
| |||||||
549,363 | ||||||||
|
| |||||||
Auto Components — 0.2% |
| |||||||
Gentex Corp. | 11,671 | 268,783 | ||||||
|
| |||||||
Banks — 2.6% |
| |||||||
CIT Group, Inc. | 8,000 | 426,160 | ||||||
Citigroup, Inc. | 6,300 | 445,410 | ||||||
Comerica, Inc. | 5,700 | 447,963 | ||||||
Fidelity Southern Corp. | 9,000 | 261,990 | ||||||
Investors Bancorp, Inc. | 32,500 | 381,875 | ||||||
OFG Bancorp (Puerto Rico) | 14,134 | 285,224 | ||||||
Popular, Inc. (Puerto Rico) | 12,023 | 693,847 | ||||||
SunTrust Banks, Inc. | 22,550 | 1,476,574 | ||||||
|
| |||||||
4,419,043 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Coca-Cola European Partners plc (United Kingdom) | 5,431 | 291,048 | ||||||
Molson Coors Brewing Co., Class B | 4,643 | 298,034 | ||||||
|
| |||||||
589,082 | ||||||||
|
| |||||||
Biotechnology — 1.4% |
| |||||||
Spark Therapeutics, Inc.* | 22,489 | 2,399,351 | ||||||
|
| |||||||
Building Products — 0.4% |
| |||||||
Armstrong World Industries, Inc. | 5,100 | 442,017 | ||||||
Continental Building Products, Inc.* | 10,358 | 265,683 | ||||||
|
| |||||||
707,700 | ||||||||
|
| |||||||
Capital Markets — 0.2% |
| |||||||
BrightSphere Investment Group plc | 24,827 | 363,964 | ||||||
|
| |||||||
Chemicals — 2.3% |
| |||||||
Celanese Corp. | 4,000 | 431,560 | ||||||
CF Industries Holdings, Inc. | 6,192 | 277,278 | ||||||
Chemours Co. (The) | 10,800 | 388,908 | ||||||
DuluxGroup Ltd. (Australia) | 163,157 | 1,121,658 | ||||||
Eastman Chemical Co. | 3,095 | 244,134 | ||||||
Ecolab, Inc. | 3,400 | 625,872 | ||||||
Element Solutions, Inc.* | 39,100 | 424,626 | ||||||
Huntsman Corp. | 10,659 | 237,056 | ||||||
Kraton Corp.* | 7,053 | 231,479 | ||||||
|
| |||||||
3,982,571 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Commercial Services & Supplies — 2.0% |
| |||||||
ABM Industries, Inc. | 6,800 | 258,196 | ||||||
Brady Corp., Class A | 5,290 | 258,099 | ||||||
Deluxe Corp. | 14,690 | 656,937 | ||||||
Herman Miller, Inc. | 6,809 | 264,325 | ||||||
KAR Auction Services, Inc. | 4,591 | 259,300 | ||||||
Multi-Color Corp. | 22,548 | 1,125,145 | ||||||
Steelcase, Inc., Class A | 17,212 | 297,595 | ||||||
Tetra Tech, Inc. | 4,048 | 261,987 | ||||||
|
| |||||||
3,381,584 | ||||||||
|
| |||||||
Communications Equipment — 0.8% |
| |||||||
Cisco Systems, Inc. | 5,188 | 290,269 | ||||||
InterDigital, Inc. | 5,900 | 385,801 | ||||||
Juniper Networks, Inc. | 9,675 | 268,675 | ||||||
NetScout Systems, Inc.* | 8,595 | 252,693 | ||||||
Plantronics, Inc. | 4,886 | 251,531 | ||||||
|
| |||||||
1,448,969 | ||||||||
|
| |||||||
Construction & Engineering — 0.0% (a) |
| |||||||
NRW Holdings Ltd. (Australia) | 36,220 | 75,068 | ||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Eagle Materials, Inc. | 1,500 | 136,365 | ||||||
|
| |||||||
Consumer Finance — 0.5% |
| |||||||
Ally Financial, Inc. | 8,667 | 257,497 | ||||||
Navient Corp. | 11,600 | 156,716 | ||||||
Santander Consumer USA Holdings, Inc. | 11,677 | 249,304 | ||||||
SLM Corp. | 14,000 | 142,240 | ||||||
|
| |||||||
805,757 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% |
| |||||||
Owens-Illinois, Inc. | 8,800 | 173,888 | ||||||
Sonoco Products Co. | 4,208 | 265,357 | ||||||
|
| |||||||
439,245 | ||||||||
|
| |||||||
Distributors — 0.1% |
| |||||||
Core-Mark Holding Co., Inc. | 6,981 | 253,759 | ||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
Adtalem Global Education, Inc.* | 5,269 | 259,867 | ||||||
H&R Block, Inc. | 9,804 | 266,767 | ||||||
Navitas Ltd. (Australia) | 144,791 | 590,586 | ||||||
|
| |||||||
1,117,220 | ||||||||
|
| |||||||
Diversified Financial Services — 0.5% |
| |||||||
AXA Equitable Holdings, Inc. | 19,200 | 435,648 | ||||||
Jefferies Financial Group, Inc. | 20,500 | 421,685 | ||||||
|
| |||||||
857,333 | ||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
14 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Diversified Telecommunication Services — 0.2% |
| |||||||
Verizon Communications, Inc. | 4,555 | 260,500 | ||||||
|
| |||||||
Electric Utilities — 0.7% |
| |||||||
Evergy, Inc. | 6,600 | 381,612 | ||||||
Exelon Corp. | 5,450 | 277,677 | ||||||
IDACORP, Inc. | 2,740 | 271,315 | ||||||
OGE Energy Corp. | 6,326 | 267,843 | ||||||
|
| |||||||
1,198,447 | ||||||||
|
| |||||||
Electrical Equipment — 1.3% |
| |||||||
Atkore International Group, Inc.* | 10,215 | 252,923 | ||||||
Eaton Corp. plc | 10,414 | 862,487 | ||||||
EnerSys | 3,648 | 252,405 | ||||||
Generac Holdings, Inc.* | 4,647 | 255,539 | ||||||
nVent Electric plc | 9,147 | 255,659 | ||||||
Regal Beloit Corp. | 3,496 | 297,440 | ||||||
|
| |||||||
2,176,453 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 1.5% |
| |||||||
Avnet, Inc. | 9,000 | 437,490 | ||||||
Benchmark Electronics, Inc. | 14,700 | 397,341 | ||||||
CDW Corp. | 2,431 | 256,714 | ||||||
Dolby Laboratories, Inc., Class A | 4,579 | 296,215 | ||||||
Fabrinet (Thailand)* | 4,213 | 254,971 | ||||||
FLIR Systems, Inc. | 5,093 | 269,623 | ||||||
Insight Enterprises, Inc.* | 4,970 | 281,203 | ||||||
Tech Data Corp.* | 2,402 | 256,077 | ||||||
Zebra Technologies Corp., Class A* | 1,105 | 233,310 | ||||||
|
| |||||||
2,682,944 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
ProPetro Holding Corp.* | 10,515 | 232,697 | ||||||
Seadrill Ltd. (United Kingdom)* | 6,500 | 52,845 | ||||||
|
| |||||||
285,542 | ||||||||
|
| |||||||
Entertainment — 0.7% |
| |||||||
Madison Square Garden Co. (The), Class A* | 2,300 | 718,612 | ||||||
Marcus Corp. (The) | 6,936 | 260,932 | ||||||
Viacom, Inc., Class B | 9,049 | 261,607 | ||||||
|
| |||||||
1,241,151 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.7% |
| |||||||
Smart & Final Stores, Inc.* | 61,268 | 400,080 | ||||||
Sysco Corp. | 4,167 | 293,232 | ||||||
Walgreens Boots Alliance, Inc. | 4,178 | 223,815 | ||||||
Walmart, Inc. | 2,503 | 257,409 | ||||||
|
| |||||||
1,174,536 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Products — 2.0% |
| |||||||
B&G Foods, Inc. | 11,222 | 291,772 | ||||||
Cal-Maine Foods, Inc. | 7,001 | 287,811 | ||||||
GrainCorp Ltd., Class A (Australia) | 119,279 | 756,433 | ||||||
Hershey Co. (The) | 2,207 | 275,544 | ||||||
Ingredion, Inc. | 6,857 | 649,701 | ||||||
Lancaster Colony Corp. | 1,840 | 273,626 | ||||||
TreeHouse Foods, Inc.* | 4,314 | 288,952 | ||||||
Wessanen (Netherlands) | 45,657 | 591,975 | ||||||
|
| |||||||
3,415,814 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 1.4% |
| |||||||
Atrion Corp. | 313 | 275,440 | ||||||
Baxter International, Inc. | 3,505 | 267,432 | ||||||
Danaher Corp. | 8,407 | 1,113,423 | ||||||
Hill-Rom Holdings, Inc. | 2,952 | 299,392 | ||||||
Integer Holdings Corp.* | 3,583 | 247,549 | ||||||
STERIS plc | 2,241 | 293,526 | ||||||
|
| |||||||
2,496,762 | ||||||||
|
| |||||||
Health Care Providers & Services — 1.2% |
| |||||||
Chemed Corp. | 859 | 280,704 | ||||||
Encompass Health Corp. | 4,223 | 272,172 | ||||||
Ensign Group, Inc. (The) | 5,624 | 289,749 | ||||||
Humana, Inc. | 928 | 237,020 | ||||||
Magellan Health, Inc.* | 2,000 | 140,000 | ||||||
Premier, Inc., Class A* | 7,105 | 236,099 | ||||||
Sigma Healthcare Ltd. (Australia) | 1,065,280 | 393,992 | ||||||
UnitedHealth Group, Inc. | 1,109 | 258,475 | ||||||
|
| |||||||
2,108,211 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.5% |
| |||||||
Brinker International, Inc. | 15,087 | 645,271 | ||||||
Cracker Barrel Old Country Store, Inc. | 800 | 134,992 | ||||||
Dine Brands Global, Inc. | 2,882 | 255,518 | ||||||
International Speedway Corp., Class A | 20,271 | 894,356 | ||||||
Jack in the Box, Inc. | 4,900 | 377,790 | ||||||
Wyndham Destinations, Inc. | 5,921 | 257,919 | ||||||
|
| |||||||
2,565,846 | ||||||||
|
| |||||||
Household Durables — 0.7% |
| |||||||
Electrolux AB, Series B (Sweden) | 23,074 | 565,505 | ||||||
Helen of Troy Ltd.* | 2,111 | 303,984 | ||||||
PulteGroup, Inc. | 9,120 | 286,915 | ||||||
|
| |||||||
1,156,404 | ||||||||
|
| |||||||
Household Products — 0.5% |
| |||||||
Church & Dwight Co., Inc. | 4,016 | 300,999 | ||||||
Kimberly-Clark Corp. | 2,244 | 288,085 |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 15 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Household Products — continued |
| |||||||
Procter & Gamble Co. (The) | 2,681 | 285,473 | ||||||
|
| |||||||
874,557 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.5% |
| |||||||
AES Corp. | 15,002 | 256,834 | ||||||
Clearway Energy, Inc., Class C | 16,367 | 259,745 | ||||||
NRG Energy, Inc. | 6,695 | 275,633 | ||||||
|
| |||||||
792,212 | ||||||||
|
| |||||||
Insurance — 1.0% |
| |||||||
Aflac, Inc. | 5,896 | 297,040 | ||||||
American Equity Investment Life Holding Co. | 10,180 | 299,394 | ||||||
Athene Holding Ltd., Class A* | 5,872 | 265,180 | ||||||
Navigators Group, Inc. (The) | 9,040 | 632,258 | ||||||
Stewart Information Services Corp. | 401 | 17,046 | ||||||
Universal Insurance Holdings, Inc. | 7,964 | 237,248 | ||||||
|
| |||||||
1,748,166 | ||||||||
|
| |||||||
Interactive Media & Services — 0.2% |
| |||||||
Cars.com, Inc.* | 6,000 | 124,860 | ||||||
TripAdvisor, Inc.* | 5,424 | 288,720 | ||||||
|
| |||||||
413,580 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.4% |
| |||||||
Booking Holdings, Inc.* | 200 | 370,998 | ||||||
eBay, Inc. | 10,400 | 403,000 | ||||||
|
| |||||||
773,998 | ||||||||
|
| |||||||
IT Services — 4.0% |
| |||||||
Accenture plc, Class A | 1,429 | 261,035 | ||||||
Akamai Technologies, Inc.* | 3,321 | 265,879 | ||||||
Automatic Data Processing, Inc. | 1,768 | 290,642 | ||||||
Broadridge Financial Solutions, Inc. | 2,242 | 264,847 | ||||||
CACI International, Inc., Class A* | 1,355 | 264,144 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,541 | 258,351 | ||||||
CSG Systems International, Inc. | 5,734 | 256,023 | ||||||
Euronet Worldwide, Inc.* | 1,982 | 297,082 | ||||||
EVERTEC, Inc. (Puerto Rico) | 8,465 | 265,039 | ||||||
ManTech International Corp., Class A | 5,126 | 317,761 | ||||||
Mastercard, Inc., Class A | 1,059 | 269,240 | ||||||
MAXIMUS, Inc. | 3,603 | 265,361 | ||||||
Total System Services, Inc. | 2,523 | 257,952 | ||||||
Visa, Inc., Class A | 1,778 | 292,357 | ||||||
Worldpay, Inc., Class A* | 27,003 | 3,165,022 | ||||||
|
| |||||||
6,990,735 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.6% |
| |||||||
Agilent Technologies, Inc. | 3,925 | 308,112 | ||||||
Charles River Laboratories International, Inc.* | 1,929 | 270,967 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Life Sciences Tools & Services — continued |
| |||||||
ICON plc (Ireland)* | 2,108 | 287,911 | ||||||
Medpace Holdings, Inc.* | 4,172 | 234,341 | ||||||
|
| |||||||
1,101,331 | ||||||||
|
| |||||||
Machinery — 1.2% |
| |||||||
AGCO Corp. | 4,067 | 287,862 | ||||||
Allison Transmission Holdings, Inc. | 5,374 | 251,826 | ||||||
Cummins, Inc. | 1,767 | 293,834 | ||||||
Global Brass & Copper Holdings, Inc. | 9,274 | 402,399 | ||||||
Hillenbrand, Inc. | 5,996 | 257,948 | ||||||
ITT, Inc. | 4,136 | 250,435 | ||||||
Watts Water Technologies, Inc., Class A | 3,021 | 258,567 | ||||||
|
| |||||||
2,002,871 | ||||||||
|
| |||||||
Media — 2.8% |
| |||||||
AMC Networks, Inc., Class A* | 4,845 | 282,996 | ||||||
Discovery, Inc., Class A* | 8,753 | 270,468 | ||||||
Gray Television, Inc.* | 12,565 | 294,398 | ||||||
John Wiley & Sons, Inc., Class A | 6,232 | 287,794 | ||||||
Omnicom Group, Inc. | 3,202 | 256,256 | ||||||
Sinclair Broadcast Group, Inc., Class A | 5,809 | 265,994 | ||||||
TEGNA, Inc. | 16,513 | 262,887 | ||||||
Tribune Media Co., Class A | 64,812 | 2,994,314 | ||||||
|
| |||||||
4,915,107 | ||||||||
|
| |||||||
Metals & Mining — 0.5% |
| |||||||
Sandstorm Gold Ltd. (Canada)* | 18,700 | 100,640 | ||||||
Schnitzer Steel Industries, Inc., Class A | 10,228 | 242,608 | ||||||
Steel Dynamics, Inc. | 8,503 | 269,375 | ||||||
Warrior Met Coal, Inc. | 8,119 | 251,689 | ||||||
|
| |||||||
864,312 | ||||||||
|
| |||||||
Multiline Retail — 0.4% |
| |||||||
Kohl’s Corp. | 3,417 | 242,949 | ||||||
Nordstrom, Inc. | 6,316 | 259,082 | ||||||
Target Corp. | 3,139 | 243,021 | ||||||
|
| |||||||
745,052 | ||||||||
|
| |||||||
Multi-Utilities — 1.1% |
| |||||||
Innogy SE (Germany)* | 37,559 | 1,630,283 | ||||||
NorthWestern Corp. | 3,874 | 270,599 | ||||||
|
| |||||||
1,900,882 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 4.0% |
| |||||||
Anadarko Petroleum Corp. | 44,689 | 3,255,594 | ||||||
Cabot Oil & Gas Corp. | 9,849 | 254,990 | ||||||
ConocoPhillips | 4,210 | 265,735 | ||||||
CONSOL Energy, Inc.* | 7,509 | 254,555 | ||||||
CVR Energy, Inc. | 6,598 | 300,935 |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
16 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||
Delek US Holdings, Inc. | 10,300 | 381,718 | ||||||
Devon Energy Corp. | 12,200 | 392,108 | ||||||
Gulfport Energy Corp.* | 48,600 | 318,330 | ||||||
HollyFrontier Corp. | 5,257 | 250,917 | ||||||
Kinder Morgan, Inc. | 12,846 | 255,250 | ||||||
PDC Energy, Inc.* | 3,500 | 152,215 | ||||||
Peabody Energy Corp. | 12,411 | 357,064 | ||||||
Phillips 66 | 2,648 | 249,627 | ||||||
Renewable Energy Group, Inc.* | 12,156 | 293,203 | ||||||
|
| |||||||
6,982,241 | ||||||||
|
| |||||||
Paper & Forest Products — 0.5% |
| |||||||
Domtar Corp. | 5,665 | 277,018 | ||||||
Louisiana-Pacific Corp. | 10,957 | 274,473 | ||||||
Verso Corp., Class A * | 12,712 | 283,732 | ||||||
|
| |||||||
835,223 | ||||||||
|
| |||||||
Personal Products — 0.4% |
| |||||||
Herbalife Nutrition Ltd.* | 4,479 | 236,715 | ||||||
Medifast, Inc. | 1,687 | 247,466 | ||||||
USANA Health Sciences, Inc.* | 3,186 | 265,904 | ||||||
|
| |||||||
750,085 | ||||||||
|
| |||||||
Pharmaceuticals — 1.0% |
| |||||||
Horizon Pharma plc* | 10,352 | 264,286 | ||||||
Jazz Pharmaceuticals plc* | 2,023 | 262,525 | ||||||
Johnson & Johnson | 2,035 | 287,342 | ||||||
Mallinckrodt plc* | 30,100 | 465,346 | ||||||
Pfizer, Inc. | 6,678 | 271,194 | ||||||
Taro Pharmaceutical Industries Ltd. | 2,442 | 262,295 | ||||||
|
| |||||||
1,812,988 | ||||||||
|
| |||||||
Professional Services — 0.7% |
| |||||||
FTI Consulting, Inc.* | 3,265 | 277,460 | ||||||
Korn Ferry | 5,494 | 258,328 | ||||||
Navigant Consulting, Inc. | 12,491 | 285,170 | ||||||
Nielsen Holdings plc | 6,100 | 155,733 | ||||||
Robert Half International, Inc. | 3,750 | 232,837 | ||||||
|
| |||||||
1,209,528 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.9% |
| |||||||
HFF, Inc., Class A | 32,858 | 1,563,712 | ||||||
|
| |||||||
Road & Rail — 0.8% |
| |||||||
ArcBest Corp. | 7,998 | 244,419 | ||||||
CSX Corp. | 8,464 | 673,988 | ||||||
Genesee & Wyoming, Inc., Class A* | 4,500 | 398,925 | ||||||
|
| |||||||
1,317,332 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Semiconductors & Semiconductor Equipment — 2.5% |
| |||||||
Cabot Microelectronics Corp. | 2,029 | 256,161 | ||||||
Diodes, Inc.* | 7,862 | 286,334 | ||||||
Intel Corp. | 4,388 | 223,964 | ||||||
KLA-Tencor Corp. | 2,301 | 293,331 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 10,806 | 251,456 | ||||||
Lam Research Corp. | 1,324 | 274,637 | ||||||
Mellanox Technologies Ltd.* | 6,178 | 743,213 | ||||||
MKS Instruments, Inc. | 2,561 | 233,077 | ||||||
ON Semiconductor Corp.* | 11,413 | 263,184 | ||||||
Qorvo, Inc.* | 3,367 | 254,579 | ||||||
Teradyne, Inc. | 5,785 | 283,465 | ||||||
Versum Materials, Inc. | 15,061 | 785,883 | ||||||
Xperi Corp. | 10,351 | 257,222 | ||||||
|
| |||||||
4,406,506 | ||||||||
|
| |||||||
Software — 1.6% |
| |||||||
Check Point Software Technologies Ltd. (Israel)* | 2,444 | 295,138 | ||||||
Citrix Systems, Inc. | 2,479 | 250,280 | ||||||
Intuit, Inc. | 1,079 | 270,894 | ||||||
LogMeIn, Inc. | 3,372 | 277,853 | ||||||
Microsoft Corp. | 2,342 | 305,865 | ||||||
Nuance Communications, Inc.* | 41,000 | 690,030 | ||||||
Oracle Corp. | 4,695 | 259,774 | ||||||
Progress Software Corp. | 5,617 | 256,191 | ||||||
Red Hat, Inc.* | 1,334 | 243,495 | ||||||
|
| |||||||
2,849,520 | ||||||||
|
| |||||||
Specialty Retail — 2.8% |
| |||||||
Abercrombie & Fitch Co., Class A | 9,258 | 276,722 | ||||||
American Eagle Outfitters, Inc. | 12,167 | 289,331 | ||||||
Best Buy Co., Inc. | 3,878 | 288,562 | ||||||
Designer Brands, Inc. | 12,588 | 280,083 | ||||||
Dick’s Sporting Goods, Inc. | 6,686 | 247,382 | ||||||
Foot Locker, Inc. | 4,264 | 243,943 | ||||||
Gap, Inc. (The) | 23,400 | 610,272 | ||||||
Genesco, Inc.* | 6,417 | 287,546 | ||||||
Group 1 Automotive, Inc. | 6,100 | 477,691 | ||||||
Michaels Cos., Inc. (The)* | 31,800 | 357,432 | ||||||
Office Depot, Inc. | 108,377 | 260,105 | ||||||
Rent-A-Center, Inc.* | 11,051 | 275,501 | ||||||
Shoe Carnival, Inc. | 7,153 | 255,076 | ||||||
Signet Jewelers Ltd. | 9,543 | 221,207 | ||||||
Williams-Sonoma, Inc. | 4,560 | 260,695 | ||||||
Zumiez, Inc.* | 9,621 | 256,207 | ||||||
|
| |||||||
4,887,755 | ||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 17 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware, Storage & Peripherals — 0.7% |
| |||||||
Apple, Inc. | 1,243 | 249,433 | ||||||
Dell Technologies, Inc., Class C* | 6,700 | 451,647 | ||||||
HP, Inc. | 13,915 | 277,604 | ||||||
NetApp, Inc. | 3,366 | 245,213 | ||||||
|
| |||||||
1,223,897 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.4% |
| |||||||
Columbia Sportswear Co. | 2,457 | 245,626 | ||||||
Deckers Outdoor Corp.* | 1,783 | 282,088 | ||||||
Fossil Group, Inc.* | 19,368 | 253,140 | ||||||
Movado Group, Inc. | 8,553 | 304,914 | ||||||
Oxford Industries, Inc. | 3,163 | 262,719 | ||||||
Ralph Lauren Corp. | 2,127 | 279,871 | ||||||
VF Corp. | 7,600 | 717,516 | ||||||
|
| |||||||
2,345,874 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.3% |
| |||||||
New York Community Bancorp, Inc. | 22,786 | 265,001 | ||||||
Radian Group, Inc. | 11,254 | 263,569 | ||||||
|
| |||||||
528,570 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
HD Supply Holdings, Inc.* | 15,712 | 717,881 | ||||||
WESCO International, Inc.* | 2,500 | 143,100 | ||||||
WW Grainger, Inc. | 999 | 281,718 | ||||||
|
| |||||||
1,142,699 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Wireless Telecommunication Services — 0.3% |
| |||||||
Shenandoah Telecommunications Co. | 6,400 | 264,512 | ||||||
United States Cellular Corp.* | 5,824 | 280,134 | ||||||
|
| |||||||
544,646 | ||||||||
|
| |||||||
Total Common Stocks |
| 98,525,674 | ||||||
|
| |||||||
Short-Term Investments — 34.1% |
| |||||||
Investment Companies — 34.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (b) (c) | 59,203,306 | 59,203,306 | ||||||
|
| |||||||
Total Investment Companies | 59,203,306 | |||||||
|
| |||||||
Total Investments — 90.9% | 157,728,980 | |||||||
Other Assets Less Liabilities — 9.1% | 15,708,234 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 173,437,214 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | — Amount rounds to less than 0.1% of net assets. | |
(b) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(c) | — The rate shown is the current yield as of April 30, 2019. | |
* | — Non-income producing security. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
CAC 40 10 Euro Index | 4 | 05/2019 | EUR | 249,108 | 3,750 | |||||||||||||||
Hang Seng Index | 3 | 05/2019 | HKD | 564,467 | 2,916 | |||||||||||||||
IBEX 35 Index | 2 | 05/2019 | EUR | 214,709 | 2,631 | |||||||||||||||
LME Aluminum Base Metal | 63 | 05/2019 | USD | 2,792,475 | (196,122 | ) | ||||||||||||||
LME Nickel Base Metal | 15 | 05/2019 | USD | 1,093,275 | (118,614 | ) | ||||||||||||||
LME Zinc Base Metal | 23 | 05/2019 | USD | 1,676,125 | 56,656 | |||||||||||||||
100 oz Gold | 9 | 06/2019 | USD | 1,157,040 | (13,574 | ) | ||||||||||||||
Australia 10 Year Bond | 70 | 06/2019 | AUD | 6,823,631 | 112,568 | |||||||||||||||
Australia 3 Year Bond | 238 | 06/2019 | AUD | 19,114,542 | 144,813 | |||||||||||||||
Canada 10 Year Bond | 53 | 06/2019 | CAD | 5,470,508 | 84,224 | |||||||||||||||
EURO STOXX 50 Index | 6 | 06/2019 | EUR | 232,647 | 4,245 | |||||||||||||||
Euro-Bobl | 96 | 06/2019 | EUR | 14,313,051 | 98,614 | |||||||||||||||
Euro-Bund | 36 | 06/2019 | EUR | 6,674,821 | 101,032 | |||||||||||||||
Euro-Buxl | 13 | 06/2019 | EUR | 2,751,980 | 100,938 |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
18 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts — continued | ||||||||||||||||||||
FTSE 100 Index | 3 | 06/2019 | GBP | 288,723 | (1,458 | ) | ||||||||||||||
FTSE MIB Index | 2 | 06/2019 | EUR | 240,801 | 704 | |||||||||||||||
Japan 10 Year Bond | 15 | 06/2019 | JPY | 20,578,123 | 37,160 | |||||||||||||||
Lean Hogs | 3 | 06/2019 | USD | 105,870 | (12,049 | ) | ||||||||||||||
Live Cattle | 118 | 06/2019 | USD | 5,392,600 | (210,468 | ) | ||||||||||||||
LME Aluminum Base Metal | 3 | 06/2019 | USD | 133,950 | (5,096 | ) | ||||||||||||||
LME Zinc Base Metal | 29 | 06/2019 | USD | 2,081,475 | 2,816 | |||||||||||||||
Long Gilt | 29 | 06/2019 | GBP | 4,814,733 | 2,985 | |||||||||||||||
S&P 500 E-Mini Index | 5 | 06/2019 | USD | 737,375 | 22,002 | |||||||||||||||
SPI 200 Index | 10 | 06/2019 | AUD | 1,111,882 | 18,040 | |||||||||||||||
Sugar No. 11 | 28 | 06/2019 | USD | 386,982 | (7,185 | ) | ||||||||||||||
U.S. Treasury 2 Year Note | 98 | 06/2019 | USD | 20,875,531 | 61,252 | |||||||||||||||
U.S. Treasury 5 Year Note | 86 | 06/2019 | USD | 9,945,766 | 71,718 | |||||||||||||||
U.S. Treasury 10 Year Note | 136 | 06/2019 | USD | 16,821,500 | 194,107 | |||||||||||||||
U.S. Treasury Long Bond | 25 | 06/2019 | USD | 3,688,281 | 48,162 | |||||||||||||||
WTI Crude Oil | 18 | 06/2019 | USD | 1,151,640 | (9,448 | ) | ||||||||||||||
Cocoa | 60 | 07/2019 | USD | 1,415,400 | (12,011 | ) | ||||||||||||||
Copper | 5 | 07/2019 | USD | 363,188 | (5,176 | ) | ||||||||||||||
LME Nickel Base Metal | 8 | 07/2019 | USD | 585,168 | (17,961 | ) | ||||||||||||||
LME Zinc Base Metal | 11 | 07/2019 | USD | 781,550 | 5,007 | |||||||||||||||
WTI Crude Oil | 9 | 07/2019 | USD | 575,730 | (4,514 | ) | ||||||||||||||
Live Cattle | 23 | 08/2019 | USD | 1,028,330 | (38,398 | ) | ||||||||||||||
Cotton No. 2 | 15 | 12/2019 | USD | 567,675 | 370 | |||||||||||||||
|
| |||||||||||||||||||
524,636 | ||||||||||||||||||||
|
| |||||||||||||||||||
Short Contracts |
| |||||||||||||||||||
LME Aluminum Base Metal | (63 | ) | 05/2019 | USD | (2,792,475 | ) | 111,371 | |||||||||||||
LME Nickel Base Metal | (15 | ) | 05/2019 | USD | (1,093,275 | ) | 93,588 | |||||||||||||
LME Zinc Base Metal | (23 | ) | 05/2019 | USD | (1,676,125 | ) | (16,822 | ) | ||||||||||||
Natural Gas | (4 | ) | 05/2019 | USD | (103,080 | ) | 12,199 | |||||||||||||
WTI Crude Oil | (2 | ) | 05/2019 | USD | (127,780 | ) | (385 | ) | ||||||||||||
Canada 10 Year Bond | (5 | ) | 06/2019 | CAD | (516,086 | ) | 24 | |||||||||||||
Euro-Bund | (37 | ) | 06/2019 | EUR | (6,860,232 | ) | (106,960 | ) | ||||||||||||
Euro-Schatz | (6 | ) | 06/2019 | EUR | (753,177 | ) | 29 | |||||||||||||
Lean Hogs | (4 | ) | 06/2019 | USD | (141,160 | ) | (4,762 | ) | ||||||||||||
LME Aluminum Base Metal | (23 | ) | 06/2019 | USD | (1,026,950 | ) | 79,856 | |||||||||||||
LME Zinc Base Metal | (1 | ) | 06/2019 | USD | (71,775 | ) | (2,384 | ) | ||||||||||||
Long Gilt | (8 | ) | 06/2019 | GBP | (1,328,202 | ) | 4,241 | |||||||||||||
S&P 500 E-Mini Index | (225 | ) | 06/2019 | USD | (33,181,875 | ) | (1,704,797 | ) | ||||||||||||
Sugar No. 11 | (25 | ) | 06/2019 | USD | (345,520 | ) | 10,386 | |||||||||||||
TOPIX Index | (1 | ) | 06/2019 | JPY | (145,743 | ) | (2,226 | ) | ||||||||||||
Cocoa | (18 | ) | 07/2019 | USD | (424,620 | ) | 6,176 | |||||||||||||
Coffee ‘C’ | (54 | ) | 07/2019 | USD | (1,886,287 | ) | 242,369 | |||||||||||||
Corn | (271 | ) | 07/2019 | USD | (4,911,875 | ) | 265,463 | |||||||||||||
Cotton No. 2 | (15 | ) | 07/2019 | USD | (575,850 | ) | 10,030 | |||||||||||||
Lean Hogs | (12 | ) | 07/2019 | USD | (443,400 | ) | 5,055 |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 19 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Short Contracts — continued | ||||||||||||||||||||
Natural Gas | (19 | ) | 07/2019 | USD | (501,790 | ) | 6,799 | |||||||||||||
Silver | (5 | ) | 07/2019 | USD | (374,375 | ) | (513 | ) | ||||||||||||
Soybean | (47 | ) | 07/2019 | USD | (2,006,900 | ) | 135,474 | |||||||||||||
Wheat | (120 | ) | 07/2019 | USD | (2,572,500 | ) | 151,733 | |||||||||||||
Feeder Cattle | (30 | ) | 08/2019 | USD | (2,237,250 | ) | 152,424 | |||||||||||||
Coffee ‘C’ | (31 | ) | 09/2019 | USD | (1,109,606 | ) | 27,675 | |||||||||||||
Corn | (71 | ) | 09/2019 | USD | (1,315,275 | ) | 15,078 | |||||||||||||
|
| |||||||||||||||||||
(508,879 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
15,757 | ||||||||||||||||||||
|
|
Abbreviations
AUD | — Australian Dollar | |
CAC | — Continuous Assisted Quotation | |
CAD | — Canadian Dollar | |
EUR | — Euro | |
FTSE | — Financial Times and the London Stock Exchange | |
GBP | — British Pound | |
HKD | — Hong Kong Dollar | |
IBEX | — International Business Exchange |
JPY | — Japanese Yen | |
LME | — London Metal Exchange | |
MIB | — Milan, Italian Stock Exchange | |
SPI | — Australian Securities Exchange | |
TOPIX | — Tokyo Stock Price Index | |
USD | — United States Dollar | |
WTI | — West Texas Intermediate |
Forward foreign currency exchange contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||||||||||||||||
JPY | 62,339,464 | CAD | 741,378 | Royal Bank of Canada | 5/10/2019 | 6,491 | ||||||||||||||
USD | 1,191,391 | AUD | 1,662,938 | Barclays Bank plc | 5/10/2019 | 18,881 | ||||||||||||||
USD | 2,382,442 | AUD | 3,351,275 | TD Bank Financial Group | 5/10/2019 | 19,512 | ||||||||||||||
USD | 1,401,237 | CHF | 1,397,012 | TD Bank Financial Group | 5/10/2019 | 29,124 | ||||||||||||||
USD | 3,243,839 | EUR | 2,879,394 | BNP Paribas | 5/10/2019 | 12,047 | ||||||||||||||
USD | 544,295 | SEK | 5,042,221 | Merrill Lynch International | 5/10/2019 | 13,020 | ||||||||||||||
EUR | 249,815 | CAD | 375,562 | Merrill Lynch International | 5/15/2019 | 84 | ||||||||||||||
EUR | 173,877 | CAD | 261,341 | State Street Corp. | 5/15/2019 | 102 | ||||||||||||||
EUR | 189,667 | USD | 211,413 | Goldman Sachs International | 5/15/2019 | 1,562 | ||||||||||||||
IDR | 28,904,619,059 | USD | 2,029,534 | Goldman Sachs International ** | 5/15/2019 | 1,449 | ||||||||||||||
INR | 138,854,103 | USD | 1,989,314 | Merrill Lynch International ** | 5/15/2019 | 2,556 | ||||||||||||||
JPY | 20,619,103 | NZD | 275,581 | Barclays Bank plc | 5/15/2019 | 1,202 | ||||||||||||||
MXN | 38,023,965 | USD | 1,997,386 | HSBC Bank, NA | 5/15/2019 | 4,036 | ||||||||||||||
NOK | 1,821,332 | USD | 209,805 | Barclays Bank plc | 5/15/2019 | 1,421 | ||||||||||||||
NZD | 417,400 | USD | 275,957 | Standard Chartered Bank | 5/15/2019 | 2,890 | ||||||||||||||
RUB | 129,431,971 | USD | 1,990,220 | Goldman Sachs International ** | 5/15/2019 | 8,656 | ||||||||||||||
USD | 697,058 | CHF | 694,592 | Citibank, NA | 5/15/2019 | 14,499 | ||||||||||||||
USD | 2,051,258 | CZK | 46,558,025 | Citibank, NA | 5/15/2019 | 13,348 | ||||||||||||||
USD | 14,110,453 | EUR | 12,477,790 | State Street Corp. | 5/15/2019 | 99,249 | ||||||||||||||
USD | 2,779,442 | GBP | 2,121,207 | BNP Paribas | 5/15/2019 | 11,395 | ||||||||||||||
USD | 2,037,977 | HUF | 579,733,524 | Merrill Lynch International | 5/15/2019 | 28,730 | ||||||||||||||
USD | 1,998,025 | ILS | 7,134,536 | BNP Paribas | 5/15/2019 | 13,273 | ||||||||||||||
USD | 14,015,884 | JPY | 1,556,221,452 | State Street Corp. | 5/15/2019 | 30,021 |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
20 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||||||||||||||||
USD | 2,029,182 | KRW | 2,311,826,777 | Goldman Sachs International** | 5/15/2019 | 43,133 | ||||||||||||||
USD | 8,429,027 | NOK | 71,760,964 | TD Bank Financial Group | 5/15/2019 | 106,658 | ||||||||||||||
USD | 1,969,527 | PLN | 7,479,002 | BNP Paribas | 5/15/2019 | 11,629 | ||||||||||||||
USD | 3,148,367 | SEK | 29,018,148 | Citibank, NA | 5/15/2019 | 89,568 | ||||||||||||||
USD | 459,065 | EUR | 407,791 | BNP Paribas | 6/12/2019 | 19 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | 584,555 | |||||||||||||||||||
|
| |||||||||||||||||||
CHF | 89,084 | USD | 88,235 | Citibank, NA | 5/10/2019 | (739 | ) | |||||||||||||
CHF | 582,810 | USD | 577,713 | Deutsche Bank AG | 5/10/2019 | (5,291 | ) | |||||||||||||
CHF | 725,118 | USD | 726,307 | Goldman Sachs International | 5/10/2019 | (14,112 | ) | |||||||||||||
EUR | 1,182,321 | USD | 1,328,614 | Standard Chartered Bank | 5/10/2019 | (1,593 | ) | |||||||||||||
USD | 668,122 | JPY | 74,606,814 | Merrill Lynch International | 5/10/2019 | (2,076 | ) | |||||||||||||
AUD | 181,764 | USD | 129,927 | Merrill Lynch International | 5/15/2019 | (1,751 | ) | |||||||||||||
CAD | 16,290,682 | USD | 12,264,577 | Merrill Lynch International | 5/15/2019 | (100,357 | ) | |||||||||||||
JPY | 55,921,416 | NZD | 757,771 | Barclays Bank plc | 5/15/2019 | (3,664 | ) | |||||||||||||
NOK | 1,839,767 | USD | 216,768 | State Street Corp. | 5/15/2019 | (3,403 | ) | |||||||||||||
NZD | 27,578,370 | USD | 18,611,897 | Merrill Lynch International | 5/15/2019 | (188,007 | ) | |||||||||||||
USD | 241,796 | NZD | 362,565 | Deutsche Bank AG | 5/15/2019 | (418 | ) | |||||||||||||
ZAR | 28,023,257 | USD | 1,989,788 | BNP Paribas | 5/15/2019 | (33,876 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | (355,287 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | 229,268 | |||||||||||||||||||
|
|
** | Non-deliverable forward. |
Abbreviations
AUD | — Australian Dollar | |
CAD | — Canadian Dollar | |
CHF | — Swiss Franc | |
CZK | — Czech Republic Koruna | |
EUR | — Euro | |
GBP | — British Pound | |
HUF | — Hungarian Forint | |
IDR | — Indonesian Rupiah | |
ILS | — Israeli Shekel | |
INR | — India Rupee |
JPY | — Japanese Yen | |
KRW | — Korean Republic Won | |
MXN | — Mexican Peso | |
NOK | — Norwegian Krone | |
NZD | — New Zealand Dollar | |
PLN | — Polish Zloty | |
RUB | — Russian Ruble | |
SEK | — Swedish Krona | |
USD | — United States Dollar | |
ZAR | — South African Rand |
Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019 | ||||||||||||||||||||
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 10/30/2020 | $ | 2,237,652 | $ | (99,525 | ) | $ | 23,116 | $ | (76,409 | ) | ||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 21 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Meggitt plc | 2,371 | 16,872 | 824 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics |
| |||||||||||||||
Royal Mail plc | 78,263 | 258,236 | (6,012 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
3i Group plc | 18,353 | 256,803 | (1,663 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributors |
| |||||||||||||||
Inchcape plc | 19,544 | 156,907 | (5,127 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
Petrofac Ltd. | 42,191 | 243,571 | (13,462 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Real Estate Investment Trusts (REITs) |
| |||||||||||||||
UNITE Group plc (The) | 2,063 | 25,356 | 494 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
J Sainsbury plc | 14,308 | 41,568 | (900 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Greencore Group plc | 88,820 | 266,389 | 4,068 | 0.0 | (a) | |||||||||||
Tate & Lyle plc | 2,295 | 23,002 | 1,037 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
91,115 | 289,391 | 5,105 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Carnival plc | 2,837 | 150,403 | 1,078 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Barratt Developments plc | 34,808 | 273,829 | (5,389 | ) | (0.0 | )(a) | ||||||||||
Berkeley Group Holdings plc | 1,899 | 93,158 | (2,168 | ) | (0.0 | )(a) | ||||||||||
Bovis Homes Group plc | 18,762 | 272,026 | (1,477 | ) | (0.0 | )(a) | ||||||||||
Redrow plc | 9,088 | 73,152 | (1,494 | ) | (0.0 | )(a) | ||||||||||
Taylor Wimpey plc | 11,977 | 28,395 | (1,275 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
76,534 | 740,560 | (11,803 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Independent Power and Renewable Electricity Producers |
| |||||||||||||||
Drax Group plc | 56,022 | 249,509 | (6,564 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Vesuvius plc | 6,418 | 51,780 | (68 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Pearson plc | 25,120 | 272,122 | (4,132 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Anglo American plc | 9,462 | 245,536 | (21,943 | ) | (0.0 | )(a) | ||||||||||
BHP Group plc | 10,774 | 254,316 | (8,265 | ) | (0.0 | )(a) | ||||||||||
Rio Tinto plc | 2,595 | 151,390 | (4,240 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
22,831 | 651,242 | (34,448 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities |
| |||||||||||||||
Centrica plc | 69,689 | 96,879 | 786 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Royal Dutch Shell plc | 584 | 18,848 | (66 | ) | (0.0 | )(a) | ||||||||||
Tullow Oil plc | 40,201 | 117,874 | (8,881 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
40,785 | 136,722 | (8,947 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Personal Products |
| |||||||||||||||
Unilever plc | 4,826 | 292,528 | 9,063 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
22 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Pharmaceuticals |
| |||||||||||||||
Hikma Pharmaceuticals plc | 5,850 | 134,994 | 8,515 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services |
| |||||||||||||||
Experian plc | 8,929 | 259,914 | 6 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Software |
| |||||||||||||||
Avast plc* (b) | 66,461 | 263,118 | 6,270 | 0.0 | (a) | |||||||||||
Micro Focus International plc | 8,615 | 218,382 | (39,458 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
75,076 | 481,500 | (33,188 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Burberry Group plc | 11,039 | 290,955 | 1,042 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Tobacco |
| |||||||||||||||
Imperial Brands plc | 8,200 | 260,909 | (5,378 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services |
| |||||||||||||||
Vodafone Group plc | 148,711 | 275,840 | (624 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 831,075 | 5,634,561 | (105,403 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
BAE Systems plc | (24,581 | ) | (157,989 | ) | 257 | 0.0 | (a) | |||||||||
Rolls-Royce Holdings plc* | (1,042,351 | ) | (1,359 | ) | (1,344 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,066,932 | ) | (159,348 | ) | (1,087 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
Metro Bank plc* | (2,239 | ) | (21,960 | ) | 1,889 | 0.0 | (a) | |||||||||
Standard Chartered plc | (18,281 | ) | (167,146 | ) | (6,967 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(20,520 | ) | (189,106 | ) | (5,078 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets | ||||||||||||||||
Quilter plc (b) | (79,668 | ) | (153,651 | ) | 7,554 | 0.0 | (a) | |||||||||
Schroders plc | (3,787 | ) | (156,732 | ) | 1,102 | 0.0 | (a) | |||||||||
St James’s Place plc | (10,716 | ) | (157,261 | ) | (1,639 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(94,171 | ) | (467,644 | ) | 7,017 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Johnson Matthey plc | (3,583 | ) | (156,306 | ) | 4,207 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging | ||||||||||||||||
DS Smith plc | (33,479 | ) | (156,369 | ) | (756 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Standard Life Aberdeen plc | (43,097 | ) | (157,025 | ) | 1,149 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Melrose Industries plc | (21,668 | ) | (57,332 | ) | (1,763 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Associated British Foods plc | (5,546 | ) | (185,250 | ) | (3,546 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
NMC Health plc | (1,100 | ) | (40,621 | ) | (4,456 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Merlin Entertainments plc | (34,349 | ) | (164,260 | ) | (2,952 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 23 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Hotels, Restaurants & Leisure — continued | ||||||||||||||||
TUI AG | (14,170 | ) | (157,789 | ) | (1,185 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(48,519 | ) | (322,049 | ) | (4,137 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Industrial Conglomerates | ||||||||||||||||
DCC plc | (2,020 | ) | (180,811 | ) | 770 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Beazley plc | (21,301 | ) | (160,506 | ) | (4,086 | ) | (0.0 | )(a) | ||||||||
RSA Insurance Group plc | (22,187 | ) | (157,286 | ) | 505 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(43,488 | ) | (317,792 | ) | (3,581 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
Just Eat plc* | (16,271 | ) | (148,750 | ) | 3,172 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Weir Group plc (The) | (6,701 | ) | (145,645 | ) | 9,404 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
ITV plc | (87,181 | ) | (155,673 | ) | 3,815 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Fresnillo plc | (16,001 | ) | (156,718 | ) | 5,630 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail | ||||||||||||||||
B&M European Value Retail SA | (30,672 | ) | (158,123 | ) | 258 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Dechra Pharmaceuticals plc | (4,580 | ) | (159,180 | ) | (4,116 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services | ||||||||||||||||
Capita plc | (18,074 | ) | (30,130 | ) | (640 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
Capital & Counties Properties plc | (7,618 | ) | (24,089 | ) | (67 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Kingfisher plc | (8,395 | ) | (28,948 | ) | (317 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (1,579,616 | ) | (3,396,909 | ) | 5,878 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (748,541 | ) | 2,237,652 | (99,525 | ) | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE(1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps. | 11/18/2019 - 4/20/2020 | $ | (13,606,635 | ) | $ | (104,012 | ) | $ | (9,215 | ) | $ | (113,227 | ) | ||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
24 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
BWX Technologies, Inc. | (2,976 | ) | (152,074 | ) | 2,351 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics |
| |||||||||||||||
FedEx Corp. | (804 | ) | (152,326 | ) | 6,987 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components |
| |||||||||||||||
Veoneer, Inc.* | (899 | ) | (19,841 | ) | 6,455 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
Charles Schwab Corp. (The) | (3,443 | ) | (157,621 | ) | (792 | ) | (0.0 | )(a) | ||||||||
Northern Trust Corp. | (1,635 | ) | (161,129 | ) | (10,922 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,078 | ) | (318,750 | ) | (11,714 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Dow, Inc.* | (2,721 | ) | (154,362 | ) | (3,648 | ) | (0.0 | )(a) | ||||||||
DowDuPont, Inc. | (645 | ) | (24,800 | ) | (461 | ) | (0.0 | )(a) | ||||||||
Sensient Technologies Corp. | (2,239 | ) | (156,999 | ) | (3,806 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,605 | ) | (336,161 | ) | (7,915 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies |
| |||||||||||||||
Covanta Holding Corp. | (9,856 | ) | (178,098 | ) | (4,830 | ) | (0.0 | )(a) | ||||||||
Stericycle, Inc.* | (2,744 | ) | (160,222 | ) | (6,448 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(12,600 | ) | (338,320 | ) | (11,278 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment |
| |||||||||||||||
Infinera Corp.* | (27,781 | ) | (120,569 | ) | 13,891 | 0.0 | (a) | |||||||||
NETGEAR, Inc.* | (4,459 | ) | (138,363 | ) | 13,466 | 0.0 | (a) | |||||||||
ViaSat, Inc.* | (1,771 | ) | (160,842 | ) | (4,640 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(34,011 | ) | (419,774 | ) | 22,717 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
Dycom Industries, Inc.* | (3,186 | ) | (157,994 | ) | (3,568 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
US Concrete, Inc.* | (3,408 | ) | (160,619 | ) | (7,293 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance | ||||||||||||||||
LendingClub Corp.* | (40,899 | ) | (130,059 | ) | 818 | 0.0 | (a) | |||||||||
PRA Group, Inc.* | (6,443 | ) | (181,177 | ) | (5,477 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(47,342 | ) | (311,236 | ) | (4,659 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging | ||||||||||||||||
AptarGroup, Inc. | (1,425 | ) | (158,517 | ) | (2,278 | ) | (0.0 | )(a) | ||||||||
Crown Holdings, Inc.* | (2,647 | ) | (153,870 | ) | (4,500 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,072 | ) | (312,387 | ) | (6,778 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities | ||||||||||||||||
Alliant Energy Corp. | (3,631 | ) | (171,492 | ) | (4,539 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
GrafTech International Ltd. | (12,589 | ) | (144,144 | ) | 3,412 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
Itron, Inc.* | (3,052 | ) | (163,771 | ) | (10,804 | ) | (0.0 | )(a) | ||||||||
Rogers Corp.* | (916 | ) | (153,448 | ) | (275 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,968 | ) | (317,219 | ) | (11,079 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
McDermott International, Inc.* | (15,258 | ) | (123,437 | ) | 27,922 | 0.0 | (a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 25 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Energy Equipment & Services — continued | ||||||||||||||||
Oceaneering International, Inc.* | (8,753 | ) | (168,058 | ) | (17,068 | ) | (0.0 | )(a) | ||||||||
Oil States International, Inc.* | (8,085 | ) | (156,202 | ) | (10,996 | ) | (0.0 | )(a) | ||||||||
Weatherford International plc* | (218,139 | ) | (120,696 | ) | 6,981 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(250,235 | ) | (568,393 | ) | 6,839 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Entertainment | ||||||||||||||||
Netflix, Inc.* | (411 | ) | (152,292 | ) | (4,188 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Casey’s General Stores, Inc. | (1,180 | ) | (156,173 | ) | 1,817 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Kraft Heinz Co. (The) | (1,128 | ) | (37,495 | ) | (316 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities | ||||||||||||||||
Northwest Natural Holding Co. | (2,620 | ) | (175,252 | ) | (5,371 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies | ||||||||||||||||
Insulet Corp.* | (1,796 | ) | (154,905 | ) | (7,399 | ) | (0.0 | )(a) | ||||||||
Nevro Corp.* | (2,775 | ) | (171,245 | ) | 10,739 | 0.0 | (a) | |||||||||
Wright Medical Group NV* | (3,097 | ) | (91,579 | ) | (5,482 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(7,668 | ) | (417,729 | ) | (2,142 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
Guardant Health, Inc.* | (2,351 | ) | (154,014 | ) | (443 | ) | (0.0 | )(a) | ||||||||
R1 RCM, Inc.* | (15,082 | ) | (157,909 | ) | (6,485 | ) | (0.0 | )(a) | ||||||||
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(17,433 | ) | (311,923 | ) | (6,928 | ) | (0.0 | )(a) | |||||||||
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| |||||||||
Health Care Technology | ||||||||||||||||
Evolent Health, Inc.* | (4,224 | ) | (57,235 | ) | (1,352 | ) | (0.0 | )(a) | ||||||||
Teladoc Health, Inc.* | (540 | ) | (30,715 | ) | (2,851 | ) | (0.0 | )(a) | ||||||||
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(4,764 | ) | (87,950 | ) | (4,203 | ) | (0.0 | )(a) | |||||||||
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Hotels, Restaurants & Leisure | ||||||||||||||||
Hilton Grand Vacations, Inc.* | (4,729 | ) | (151,517 | ) | 2,979 | 0.0 | (a) | |||||||||
Red Rock Resorts, Inc. | (5,626 | ) | (151,790 | ) | 3,965 | 0.0 | (a) | |||||||||
Shake Shack, Inc.* | (2,596 | ) | (159,135 | ) | (257 | ) | (0.0 | )(a) | ||||||||
Wynn Resorts Ltd. | (1,098 | ) | (158,606 | ) | (2,207 | ) | (0.0 | )(a) | ||||||||
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(14,049 | ) | (621,048 | ) | 4,480 | 0.0 | (a) | ||||||||||
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Household Durables | ||||||||||||||||
iRobot Corp.* | (1,262 | ) | (130,667 | ) | 31,903 | 0.0 | (a) | |||||||||
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Interactive Media & Services | ||||||||||||||||
Snap, Inc.* | (13,082 | ) | (145,734 | ) | 6,934 | 0.0 | (a) | |||||||||
Zillow Group, Inc.* | (4,986 | ) | (165,585 | ) | 11,966 | 0.0 | (a) | |||||||||
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(18,068 | ) | (311,319 | ) | 18,900 | 0.0 | (a) | ||||||||||
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Internet & Direct Marketing Retail |
| |||||||||||||||
Farfetch Ltd.* | (6,356 | ) | (157,502 | ) | �� | 2,214 | 0.0 | (a) | ||||||||
Groupon, Inc.* | (9,143 | ) | (32,183 | ) | (274 | ) | (0.0 | )(a) | ||||||||
GrubHub, Inc.* | (634 | ) | (42,345 | ) | (1,724 | ) | (0.0 | )(a) | ||||||||
Wayfair, Inc.* | (1,038 | ) | (168,312 | ) | (17,584 | ) | (0.0 | )(a) | ||||||||
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(17,171 | ) | (400,342 | ) | (17,368 | ) | (0.0 | )(a) | |||||||||
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| |||||||||
Leisure Products | ||||||||||||||||
Polaris Industries, Inc. | (385 | ) | (37,114 | ) | 920 | 0.0 | (a) | |||||||||
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|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
26 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Machinery | ||||||||||||||||
Alamo Group, Inc. | (1,510 | ) | (156,496 | ) | (2,854 | )�� | (0.0 | )(a) | ||||||||
Welbilt, Inc.* | (9,125 | ) | (153,574 | ) | 3,468 | 0.0 | (a) | |||||||||
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(10,635 | ) | (310,070 | ) | 614 | 0.0 | (a) | ||||||||||
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Marine | ||||||||||||||||
Kirby Corp.* | (1,939 | ) | (158,455 | ) | (2,716 | ) | (0.0 | )(a) | ||||||||
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Media | ||||||||||||||||
Liberty Broadband Corp.* | (1,634 | ) | (161,292 | ) | (4,559 | ) | (0.0 | )(a) | ||||||||
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Metals & Mining | ||||||||||||||||
Alcoa Corp.* | (6,309 | ) | (168,324 | ) | (126 | ) | (0.0 | )(a) | ||||||||
Coeur Mining, Inc.* | (37,856 | ) | (136,660 | ) | 2,650 | 0.0 | (a) | |||||||||
Compass Minerals International, Inc. | (2,697 | ) | (154,781 | ) | 269 | 0.0 | (a) | |||||||||
United States Steel Corp. | (9,712 | ) | (151,507 | ) | 715 | 0.0 | (a) | |||||||||
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(56,574 | ) | (611,272 | ) | 3,508 | 0.0 | (a) | ||||||||||
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Multi-Utilities | ||||||||||||||||
NiSource, Inc. | (6,539 | ) | (181,653 | ) | (1,438 | ) | (0.0 | )(a) | ||||||||
Sempra Energy | (1,385 | ) | (177,211 | ) | (748 | ) | (0.0 | )(a) | ||||||||
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(7,924 | ) | (358,864 | ) | (2,186 | ) | (0.0 | )(a) | |||||||||
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Oil, Gas & Consumable Fuels | ||||||||||||||||
California Resources Corp.* | (5,675 | ) | (119,629 | ) | 32,291 | 0.0 | (a) | |||||||||
Centennial Resource Development, Inc.* | (5,579 | ) | (58,747 | ) | (1,227 | ) | (0.0 | )(a) | ||||||||
Cheniere Energy, Inc.* | (2,340 | ) | (150,579 | ) | 1,521 | 0.0 | (a) | |||||||||
Extraction Oil & Gas, Inc.* | (28,623 | ) | (134,528 | ) | 10,304 | 0.0 | (a) | |||||||||
Kosmos Energy Ltd. | (22,865 | ) | (152,967 | ) | 3,201 | 0.0 | (a) | |||||||||
Oasis Petroleum, Inc.* | (22,634 | ) | (138,068 | ) | 11,317 | 0.0 | (a) | |||||||||
Parsley Energy, Inc.* | (6,916 | ) | (138,043 | ) | 9,267 | 0.0 | (a) | |||||||||
Targa Resources Corp. | (4,240 | ) | (170,236 | ) | (3,434 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(98,872 | ) | (1,062,797 | ) | 63,240 | 0.0 | (a) | ||||||||||
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| |||||||||
Pharmaceuticals | ||||||||||||||||
Aerie Pharmaceuticals, Inc.* | (2,955 | ) | (112,733 | ) | 3,014 | 0.0 | (a) | |||||||||
Intersect ENT, Inc.* | (5,196 | ) | (168,818 | ) | (13,590 | ) | (0.0 | )(a) | ||||||||
Medicines Co. (The)* | (3,356 | ) | (107,224 | ) | (13,189 | ) | (0.0 | )(a) | ||||||||
MyoKardia, Inc.* | (3,335 | ) | (160,013 | ) | (2,068 | ) | (0.0 | )(a) | ||||||||
TherapeuticsMD, Inc.* | (33,153 | ) | (142,558 | ) | (2,321 | ) | (0.0 | )(a) | ||||||||
WaVe Life Sciences Ltd.* | (2,061 | ) | (54,679 | ) | 870 | 0.0 | (a) | |||||||||
|
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| |||||||||
(50,056 | ) | (746,025 | ) | (27,284 | ) | (0.0 | )(a) | |||||||||
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| |||||||||
Road & Rail | ||||||||||||||||
AMERCO | (419 | ) | (156,358 | ) | (2,158 | ) | (0.0 | )(a) | ||||||||
Avis Budget Group, Inc.* | (4,334 | ) | (154,074 | ) | (737 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(4,753 | ) | (310,432 | ) | (2,895 | ) | (0.0 | )(a) | |||||||||
|
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| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Advanced Micro Devices, Inc.* | (5,608 | ) | (154,949 | ) | 280 | 0.0 | (a) | |||||||||
MACOM Technology Solutions Holdings, Inc.* | (9,369 | ) | (130,135 | ) | 23,610 | 0.0 | (a) | |||||||||
Marvell Technology Group Ltd. | (6,244 | ) | (156,225 | ) | 2,063 | 0.0 | (a) | |||||||||
NVIDIA Corp. | (823 | ) | (148,963 | ) | 5,216 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(22,044 | ) | (590,272 | ) | 31,169 | 0.0 | (a) | ||||||||||
|
|
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|
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|
|
| |||||||||
Software |
| |||||||||||||||
Appian Corp.* | (4,807 | ) | (173,485 | ) | (16,392 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 27 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Software — continued |
| |||||||||||||||
Autodesk, Inc.* | (895 | ) | (159,498 | ) | (8,064 | ) | (0.0 | )(a) | ||||||||
Avalara, Inc.* | (2,773 | ) | (163,246 | ) | (8,632 | ) | (0.0 | )(a) | ||||||||
Benefitfocus, Inc.* | (381 | ) | (15,518 | ) | (857 | ) | (0.0 | )(a) | ||||||||
Box, Inc.* | (1,431 | ) | (29,507 | ) | (2,547 | ) | (0.0 | )(a) | ||||||||
HubSpot, Inc.* | (944 | ) | (174,159 | ) | (23,090 | ) | (0.0 | )(a) | ||||||||
Nutanix, Inc.* | (3,784 | ) | (163,431 | ) | (1,324 | ) | (0.0 | )(a) | ||||||||
PROS Holdings, Inc.* | (3,505 | ) | (179,596 | ) | (29,267 | ) | (0.1 | ) | ||||||||
Q2 Holdings, Inc.* | (2,171 | ) | (163,737 | ) | (14,828 | ) | (0.0 | )(a) | ||||||||
Varonis Systems, Inc.* | (2,442 | ) | (173,748 | ) | (27,253 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(23,133 | ) | (1,395,925 | ) | (132,254 | ) | (0.1 | ) | |||||||||
|
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|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
CarMax, Inc.* | (2,028 | ) | (157,900 | ) | (1,744 | ) | (0.0 | )(a) | ||||||||
Carvana Co.* | (2,356 | ) | (168,595 | ) | (20,215 | ) | (0.0 | )(a) | ||||||||
National Vision Holdings, Inc.* | (1,352 | ) | (36,504 | ) | 1,866 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,736 | ) | (362,999 | ) | (20,093 | ) | (0.0 | )(a) | |||||||||
|
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|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
3D Systems Corp.* | (16,133 | ) | (171,655 | ) | 4,033 | 0.0 | (a) | |||||||||
Pure Storage, Inc.* | (6,758 | ) | (154,488 | ) | (540 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(22,891 | ) | (326,143 | ) | 3,493 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors | ||||||||||||||||
SiteOne Landscape Supply, Inc.* | (2,326 | ) | (156,540 | ) | (5,071 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Water Utilities | ||||||||||||||||
American Water Works Co., Inc. | (1,621 | ) | (175,376 | ) | (5,657 | ) | (0.0 | )(a) | ||||||||
California Water Service Group | (3,178 | ) | (160,139 | ) | (763 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,799 | ) | (335,515 | ) | (6,420 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (789,859 | ) | (13,606,635 | ) | (104,012 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE(1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 11/18/2019 – 4/20/2020 | $ | (2,063,663 | ) | $ | 63,960 | $ | 10,304 | $ | 74,264 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Trading Companies & Distributors |
| |||||||||||||||
Toromont Industries Ltd. | 4,955 | 257,681 | (2,034 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
28 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense | ||||||||||||||||
Bombardier, Inc.* | (74,284 | ) | (126,976 | ) | 24,807 | 0.0 | (a) | |||||||||
|
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|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
SNC-Lavalin Group, Inc. | (2,999 | ) | (74,768 | ) | 1,941 | 0.0 | (a) | |||||||||
|
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| |||||||||
Containers & Packaging | ||||||||||||||||
CCL Industries, Inc. | (4,188 | ) | (178,655 | ) | (3,223 | ) | (0.0 | )(a) | ||||||||
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|
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|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Onex Corp. | (293 | ) | (16,996 | ) | 478 | 0.0 | (a) | |||||||||
|
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| |||||||||
Food Products |
| |||||||||||||||
Premium Brands Holdings Corp. | (2,776 | ) | (166,867 | ) | (11,458 | ) | (0.0 | )(a) | ||||||||
|
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|
|
|
|
| |||||||||
Gas Utilities | ||||||||||||||||
AltaGas Ltd. | (6,055 | ) | (80,495 | ) | 443 | 0.0 | (a) | |||||||||
|
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|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Agnico Eagle Mines Ltd. | (4,350 | ) | (180,143 | ) | (4,567 | ) | (0.0 | )(a) | ||||||||
First Quantum Minerals Ltd. | (13,541 | ) | (143,021 | ) | 17,940 | 0.0 | (a) | |||||||||
Franco-Nevada Corp. | (2,459 | ) | (176,188 | ) | (1,415 | ) | (0.0 | )(a) | ||||||||
IAMGOLD Corp.* | (46,871 | ) | (140,995 | ) | 2,151 | 0.0 | (a) | |||||||||
Kinross Gold Corp.* | (17,230 | ) | (54,788 | ) | 912 | 0.0 | (a) | |||||||||
Lundin Mining Corp. | (28,167 | ) | (151,169 | ) | 10,706 | 0.0 | (a) | |||||||||
Yamana Gold, Inc. | (11,474 | ) | (25,180 | ) | 349 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(124,092 | ) | (871,484 | ) | 26,076 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail | ||||||||||||||||
Dollarama, Inc. | (5,065 | ) | (152,135 | ) | 5,273 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Inter Pipeline Ltd. | (10,593 | ) | (172,531 | ) | 4,106 | 0.0 | (a) | |||||||||
Keyera Corp. | (7,386 | ) | (170,688 | ) | 7,360 | 0.0 | (a) | |||||||||
Vermilion Energy, Inc. | (5,755 | ) | (146,957 | ) | 4,749 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(23,734 | ) | (490,176 | ) | 16,215 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Software | ||||||||||||||||
Kinaxis, Inc.* | (2,979 | ) | (162,792 | ) | 5,442 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (246,465 | ) | (2,321,344 | ) | 65,994 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (241,510 | ) | (2,063,663 | ) | 63,960 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps. | 5/29/2020 – 10/30/2020 | $ | (2,730,112 | ) | $ | 14,589 | $ | 58,225 | $ | 72,814 | |||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 29 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Automobiles |
| |||||||||||||||
Peugeot SA | 3,716 | 97,429 | (6,022 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Covestro AG (b) | 1,071 | 58,849 | (4,855 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Societe BIC SA | 3,138 | 270,328 | (16,902 | ) | (0.0 | )(a) | ||||||||||
SPIE SA | 13,971 | 269,715 | 12,717 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
17,109 | 540,043 | (4,185 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
Koninklijke BAM Groep NV | 54,345 | 265,390 | 2,755 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Koninklijke KPN NV | 84,844 | 260,756 | 4,218 | 0.0 | (a) | |||||||||||
Telefonica SA | 30,130 | 251,204 | (2,538 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
114,974 | 511,960 | 1,680 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Iberdrola SA | 31,554 | 286,744 | 11,421 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
SBM Offshore NV | 13,507 | 250,641 | (1,180 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
METRO AG | 16,825 | 285,882 | 4,915 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Danone SA | 3,248 | 262,584 | 2,672 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
AXA SA | 9,760 | 260,265 | 440 | 0.0 | (a) | |||||||||||
Unipol Gruppo SpA | 56,224 | 286,413 | (3,014 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
65,984 | 546,678 | (2,574 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Amadeus IT Group SA | 782 | 62,323 | 1,927 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Eutelsat Communications SA | 5,018 | 90,689 | (767 | ) | (0.0 | )(a) | ||||||||||
ProSiebenSat.1 Media SE | 2,664 | 42,114 | (1,881 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
7,682 | 132,803 | (2,648 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Eni SpA | 3,542 | 60,360 | (932 | ) | (0.0 | )(a) | ||||||||||
TOTAL SA | 880 | 48,920 | (713 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
4,422 | 109,280 | (1,645 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Paper & Forest Products | ||||||||||||||||
Ence Energia y Celulosa SA | 23,721 | 127,816 | (14,236 | ) | (0.0 | )(a) | ||||||||||
UPM-Kymmene OYJ | 2,049 | 57,853 | (568 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
25,770 | 185,669 | (14,804 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
Aroundtown SA | 30,305 | 246,214 | 3,553 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Dialog Semiconductor plc* | 7,039 | 273,846 | 13,535 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||
adidas AG | 992 | 255,527 | (2,754 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 399,325 | 4,371,862 | 1,791 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
30 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | ||||||||||||||||
Airbus SE | (1,140 | ) | (156,100 | ) | (2,364 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics | ||||||||||||||||
PostNL NV | (61,102 | ) | (158,496 | ) | 3,924 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles | ||||||||||||||||
Bayerische Motoren Werke AG | (1,826 | ) | (155,773 | ) | 3,442 | 0.0 | (a) | |||||||||
Daimler AG (Registered) | (2,721 | ) | (178,595 | ) | 2,394 | 0.0 | (a) | |||||||||
Renault SA | (2,332 | ) | (159,104 | ) | 7,929 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(6,879 | ) | (493,472 | ) | 13,765 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Banks | ||||||||||||||||
AIB Group plc | (33,603 | ) | (156,115 | ) | 4,043 | 0.0 | (a) | |||||||||
Bankia SA | (59,950 | ) | (166,041 | ) | (3,836 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(93,553 | ) | (322,156 | ) | 207 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products | ||||||||||||||||
Cie de Saint-Gobain | (3,858 | ) | (158,178 | ) | 1,361 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
BASF SE | (1,897 | ) | (154,873 | ) | 2,892 | 0.0 | (a) | |||||||||
K+S AG (Registered) | (1,568 | ) | (31,928 | ) | 612 | 0.0 | (a) | |||||||||
Umicore SA | (864 | ) | (33,530 | ) | 8,574 | 0.0 | (a) | |||||||||
Wacker Chemie AG | (1,671 | ) | (146,895 | ) | 13,447 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(6,000 | ) | (367,226 | ) | 25,525 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment | ||||||||||||||||
Nokia OYJ | (29,917 | ) | (157,202 | ) | 15,075 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
Bouygues SA | (4,028 | ) | (151,624 | ) | 6,515 | 0.0 | (a) | |||||||||
Ferrovial SA | (7,447 | ) | (183,640 | ) | (8,282 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(11,475 | ) | (335,264 | ) | (1,767 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
Huhtamaki OYJ | (4,606 | ) | (176,139 | ) | (9,797 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Groupe Bruxelles Lambert SA | (1,801 | ) | (172,464 | ) | 7,704 | 0.0 | (a) | |||||||||
Wendel SA | (97 | ) | (13,435 | ) | (358 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,898 | ) | (185,899 | ) | 7,346 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Cellnex Telecom SA (b) | (508 | ) | (15,648 | ) | (787 | ) | (0.0 | )(a) | ||||||||
Iliad SA | (1,645 | ) | (167,588 | ) | 11,754 | 0.0 | (a) | |||||||||
Masmovil Ibercom SA* | (8,575 | ) | (187,930 | ) | (17,824 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(10,728 | ) | (371,166 | ) | (6,857 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Nexans SA | (2,169 | ) | (76,077 | ) | 1,085 | 0.0 | (a) | |||||||||
Prysmian SpA | (8,434 | ) | (162,848 | ) | (7,014 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(10,603 | ) | (238,925 | ) | (5,929 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
Tenaris SA | (10,419 | ) | (144,426 | ) | 7,878 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Jeronimo Martins SGPS SA | (10,121 | ) | (164,827 | ) | (5,506 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities | ||||||||||||||||
Rubis SCA | (2,889 | ) | (158,462 | ) | (1,710 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 31 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Health Care Providers & Services | ||||||||||||||||
Orpea | (320 | ) | (39,043 | ) | (2,107 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Accor SA | (3,672 | ) | (154,691 | ) | (95 | ) | (0.0 | )(a) | ||||||||
Autogrill SpA | (18,162 | ) | (176,497 | ) | (1,805 | ) | (0.0 | )(a) | ||||||||
Elior Group SA (b) | (9,985 | ) | (138,198 | ) | (568 | ) | (0.0 | )(a) | ||||||||
Paddy Power Betfair plc | (1,840 | ) | (154,120 | ) | 4,117 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(33,659 | ) | (623,506 | ) | 1,649 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Industrial Conglomerates | ||||||||||||||||
Rheinmetall AG | (1,370 | ) | (157,862 | ) | (1,358 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
Delivery Hero SE* (b) | (591 | ) | (27,237 | ) | (3,682 | ) | (0.0 | )(a) | ||||||||
Zalando SE* (b) | (3,297 | ) | (155,091 | ) | (1,088 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,888 | ) | (182,328 | ) | (4,770 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Life Sciences Tools & Services | ||||||||||||||||
Eurofins Scientific SE | (360 | ) | (164,854 | ) | (15,449 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Alstom SA* | (3,491 | ) | (153,594 | ) | 5,505 | 0.0 | (a) | |||||||||
ANDRITZ AG | (3,233 | ) | (154,395 | ) | 4,199 | 0.0 | (a) | |||||||||
GEA Group AG | (5,453 | ) | (152,781 | ) | 5,485 | 0.0 | (a) | |||||||||
Konecranes OYJ | (3,803 | ) | (158,965 | ) | (561 | ) | (0.0 | )(a) | ||||||||
Outotec OYJ* | (22,033 | ) | (116,394 | ) | (4,293 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(38,013 | ) | (736,129 | ) | 10,335 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Altice Europe NV* | (55,306 | ) | (175,511 | ) | (19,850 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
AMG Advanced Metallurgical Group NV | (5,026 | ) | (152,806 | ) | 964 | 0.0 | (a) | |||||||||
ArcelorMittal | (6,886 | ) | (149,812 | ) | 438 | 0.0 | (a) | |||||||||
thyssenkrupp AG | (10,747 | ) | (151,518 | ) | 12,639 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(22,659 | ) | (454,136 | ) | 14,041 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Personal Products | ||||||||||||||||
Beiersdorf AG | (1,673 | ) | (183,061 | ) | (8,321 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Infineon Technologies AG | (6,572 | ) | (155,793 | ) | 2,494 | 0.0 | (a) | |||||||||
SOITEC* | (1,386 | ) | (140,380 | ) | 2,845 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(7,958 | ) | (296,173 | ) | 5,339 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
S&T AG | (5,597 | ) | (151,222 | ) | (1,957 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||
Puma SE | (290 | ) | (179,383 | ) | (2,241 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Aeroports de Paris | (55 | ) | (11,204 | ) | (143 | ) | (0.0 | )(a) | ||||||||
Getlink SE | (9,917 | ) | (159,624 | ) | (3,521 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(9,972 | ) | (170,828 | ) | (3,664 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (446,253 | ) | (7,101,974 | ) | 12,798 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (46,928 | ) | (2,730,112 | ) | 14,589 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
32 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps. | 10/30/2020 | $ | 521,275 | $ | (37,633 | ) | $ | (2,698 | ) | $ | (40,331 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Sunrise Communications Group AG (b) | 2,447 | 162,486 | (2,699 | ) | (0.0 | )(a) | ||||||||||
Swisscom AG (Registered) | 557 | 259,536 | 968 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
3,004 | 422,022 | (1,731 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies | ||||||||||||||||
Sonova Holding AG (Registered) | 344 | 69,482 | 1,860 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Zurich Insurance Group AG | 809 | 257,883 | 4 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
OC Oerlikon Corp. AG (Registered) | 22,131 | 289,233 | (4,410 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Galenica AG (b) | 5,420 | 276,533 | 18,557 | 0.0 | (a) | |||||||||||
Roche Holding AG | 92 | 24,070 | 414 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
5,512 | 300,603 | 18,971 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
PSP Swiss Property AG (Registered) | 184 | 18,775 | 49 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 31,984 | 1,357,998 | 14,743 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Capital Markets | ||||||||||||||||
Julius Baer Group Ltd. | (3,189 | ) | (154,044 | ) | (3,752 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Givaudan SA (Registered) | (61 | ) | (157,948 | ) | (2,134 | ) | (0.0 | )(a) | ||||||||
Sika AG (Registered) | (1,043 | ) | (159,810 | ) | (4,583 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,104 | ) | (317,758 | ) | (6,717 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
VAT Group AG (b) | (1,285 | ) | (159,712 | ) | (6,165 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Marine | ||||||||||||||||
Kuehne + Nagel International AG (Registered) | (100 | ) | (14,536 | ) | (270 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
ams AG* | (4,517 | ) | (190,673 | ) | (35,472 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (10,195 | ) | (836,723 | ) | (52,376 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 21,789 | 521,275 | (37,633 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 33 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.75)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps. | 11/19/2019 | $ | (7,744,276 | ) | $ | 3,574 | $ | (36,777 | ) | $ | (33,203 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Chemicals |
| |||||||||||||||
Mitsubishi Chemical Holdings Corp. | 10,900 | 77,713 | 4 | 0.0 | (a) | |||||||||||
Mitsubishi Gas Chemical Co., Inc. | 4,100 | 61,553 | 1,591 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
15,000 | 139,266 | 1,595 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
Taisei Corp. | 2,200 | 96,800 | 2,496 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Nippon Telegraph & Telephone Corp. | 600 | 24,965 | (186 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services | ||||||||||||||||
Mixi, Inc. | 2,800 | 60,503 | (1,598 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
JXTG Holdings, Inc. | 14,700 | 71,518 | (1,116 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Astellas Pharma, Inc. | 8,800 | 119,186 | (532 | ) | (0.0 | )(a) | ||||||||||
Shionogi & Co. Ltd. | 2,700 | 157,715 | 2,042 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
11,500 | 276,901 | 1,510 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services | ||||||||||||||||
NTT DOCOMO, Inc. | 5,200 | 112,921 | 2,009 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 52,000 | 782,874 | 4,710 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | ||||||||||||||||
Nifco, Inc. | (5,500 | ) | (155,260 | ) | 3,461 | 0.0 | (a) | |||||||||
Sumitomo Rubber Industries Ltd. | (12,500 | ) | (153,704 | ) | 6,052 | 0.0 | (a) | |||||||||
Toyo Tire Corp. | (6,900 | ) | (80,719 | ) | 1,528 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(24,900 | ) | (389,683 | ) | 11,041 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles | ||||||||||||||||
Nissan Motor Co. Ltd. | (20,700 | ) | (166,180 | ) | 12,285 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Banks | ||||||||||||||||
Bank of Kyoto Ltd. (The) | (3,700 | ) | (160,338 | ) | (1,243 | ) | (0.0 | )(a) | ||||||||
Japan Post Bank Co. Ltd. | (15,800 | ) | (173,963 | ) | 621 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(19,500 | ) | (334,301 | ) | (622 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
34 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Building Products | ||||||||||||||||
TOTO Ltd. | (1,000 | ) | (42,388 | ) | (332 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Air Water, Inc. | (10,400 | ) | (158,638 | ) | 1,644 | 0.0 | (a) | |||||||||
Kansai Paint Co. Ltd. | (8,800 | ) | (167,784 | ) | 1,422 | 0.0 | (a) | |||||||||
Toray Industries, Inc. | (24,900 | ) | (170,393 | ) | 6,376 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(44,100 | ) | (496,815 | ) | 9,442 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
JGC Corp. | (10,700 | ) | (154,171 | ) | 10,699 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
Sumitomo Osaka Cement Co. Ltd. | (3,800 | ) | (154,850 | ) | 2,740 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance | ||||||||||||||||
Aiful Corp.* | (67,200 | ) | (157,667 | ) | 981 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Fujikura Ltd. | (37,800 | ) | (155,968 | ) | 7,218 | 0.0 | (a) | |||||||||
GS Yuasa Corp. | (2,000 | ) | (40,184 | ) | 748 | 0.0 | (a) | |||||||||
Mitsubishi Electric Corp. | (11,600 | ) | (165,995 | ) | (7,962 | ) | (0.0 | )(a) | ||||||||
Nidec Corp. | (1,100 | ) | (157,123 | ) | (1,539 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(52,500 | ) | (519,270 | ) | (1,535 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
Hirose Electric Co. Ltd. | (400 | ) | (46,360 | ) | (289 | ) | (0.0 | )(a) | ||||||||
Hitachi High-Technologies Corp. | (4,100 | ) | (182,745 | ) | (9,183 | ) | (0.0 | )(a) | ||||||||
Murata Manufacturing Co. Ltd. | (2,900 | ) | (145,620 | ) | 8,661 | 0.0 | (a) | |||||||||
TDK Corp. | (1,800 | ) | (157,705 | ) | 801 | 0.0 | (a) | |||||||||
Yaskawa Electric Corp. | (4,300 | ) | (160,079 | ) | 3,370 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(13,500 | ) | (692,509 | ) | 3,360 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Aeon Co. Ltd. | (9,100 | ) | (168,228 | ) | (3,291 | ) | (0.0 | )(a) | ||||||||
Cosmos Pharmaceutical Corp. | (100 | ) | (15,986 | ) | (365 | ) | (0.0 | )(a) | ||||||||
Tsuruha Holdings, Inc. | (2,000 | ) | (170,451 | ) | (10,095 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(11,200 | ) | (354,665 | ) | (13,751 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Calbee, Inc. | (1,100 | ) | (30,459 | ) | (440 | ) | (0.0 | )(a) | ||||||||
Nissin Foods Holdings Co. Ltd. | (2,300 | ) | (152,218 | ) | 5,515 | 0.0 | (a) | |||||||||
Yamazaki Baking Co. Ltd. | (10,000 | ) | (148,972 | ) | 4,250 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(13,400 | ) | (331,649 | ) | 9,325 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
Japan Lifeline Co. Ltd. | (10,400 | ) | (164,948 | ) | (6,586 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
HIS Co. Ltd. | (4,100 | ) | (130,958 | ) | 6,481 | 0.0 | (a) | |||||||||
Kyoritsu Maintenance Co. Ltd. | (3,200 | ) | (164,435 | ) | (4,411 | ) | (0.0 | )(a) | ||||||||
Resorttrust, Inc. | (1,900 | ) | (26,597 | ) | (107 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(9,200 | ) | (321,990 | ) | 1,963 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables | ||||||||||||||||
Panasonic Corp. | (6,100 | ) | (56,170 | ) | (288 | ) | (0.0 | )(a) | ||||||||
Sharp Corp.* | (15,500 | ) | (172,910 | ) | 4,482 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(21,600 | ) | (229,080 | ) | 4,194 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 35 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Industrial Conglomerates | ||||||||||||||||
Toshiba Corp. | (5,400 | ) | (179,936 | ) | (2,749 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services | ||||||||||||||||
LINE Corp.* | (4,400 | ) | (147,420 | ) | 3,661 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
ZOZO, Inc. | (8,100 | ) | (143,884 | ) | 337 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
GMO internet, Inc. | (9,700 | ) | (150,558 | ) | 8,243 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
CKD Corp. | (13,400 | ) | (155,854 | ) | (4,351 | ) | (0.0 | )(a) | ||||||||
Daifuku Co. Ltd. | (800 | ) | (49,217 | ) | (954 | ) | (0.0 | )(a) | ||||||||
FANUC Corp. | (800 | ) | (150,300 | ) | 5,119 | 0.0 | (a) | |||||||||
Kawasaki Heavy Industries Ltd. | (1,300 | ) | (30,372 | ) | 1,272 | 0.0 | (a) | |||||||||
Komatsu Ltd. | (6,200 | ) | (160,148 | ) | (3,472 | ) | (0.0 | )(a) | ||||||||
Makita Corp. | (4,300 | ) | (156,879 | ) | 1,954 | 0.0 | (a) | |||||||||
MISUMI Group, Inc. | (2,300 | ) | (60,056 | ) | 151 | 0.0 | (a) | |||||||||
Mitsui E&S Holdings Co. Ltd.* | (9,700 | ) | (95,851 | ) | 7,992 | 0.0 | (a) | |||||||||
Miura Co. Ltd. | (2,200 | ) | (56,321 | ) | (1,473 | ) | (0.0 | )(a) | ||||||||
Nabtesco Corp. | (5,200 | ) | (159,452 | ) | 2,050 | 0.0 | (a) | |||||||||
NGK Insulators Ltd. | (2,400 | ) | (35,649 | ) | 350 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(48,600 | ) | (1,110,099 | ) | 8,638 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Marine | ||||||||||||||||
Kawasaki Kisen Kaisha Ltd. | (11,500 | ) | (167,175 | ) | (11,467 | ) | (0.0 | )(a) | ||||||||
Nippon Yusen KK | (9,400 | ) | (160,626 | ) | (8,274 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(20,900 | ) | (327,801 | ) | (19,741 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Dowa Holdings Co. Ltd. | (4,700 | ) | (153,254 | ) | 3,894 | 0.0 | (a) | |||||||||
Hitachi Metals Ltd. | (1,300 | ) | (15,027 | ) | 364 | 0.0 | (a) | |||||||||
Mitsubishi Materials Corp. | (700 | ) | (18,206 | ) | 1,113 | 0.0 | (a) | |||||||||
Sumitomo Metal Mining Co. Ltd. | (4,900 | ) | (154,124 | ) | 4,784 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,600 | ) | (340,611 | ) | 10,155 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail | ||||||||||||||||
Marui Group Co. Ltd. | (7,700 | ) | (156,626 | ) | (3,790 | ) | (0.0 | )(a) | ||||||||
Pan Pacific International Holdings Corp. | (600 | ) | (38,666 | ) | (745 | ) | (0.0 | )(a) | ||||||||
Takashimaya Co. Ltd. | (2,800 | ) | (31,484 | ) | 685 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,100 | ) | (226,776 | ) | (3,850 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Personal Products | ||||||||||||||||
Shiseido Co. Ltd. | (2,100 | ) | (165,182 | ) | (4,129 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Nippon Shinyaku Co. Ltd. | (1,100 | ) | (75,955 | ) | (6,312 | ) | (0.0 | )(a) | ||||||||
Ono Pharmaceutical Co. Ltd. | (1,900 | ) | (35,692 | ) | (1,176 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,000 | ) | (111,647 | ) | (7,488 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services | ||||||||||||||||
Outsourcing, Inc. | (12,100 | ) | (159,088 | ) | (3,997 | ) | (0.0 | )(a) | ||||||||
Persol Holdings Co. Ltd. | (2,500 | ) | (47,124 | ) | (2,542 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(14,600 | ) | (206,212 | ) | (6,539 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
36 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Road & Rail | ||||||||||||||||
Keio Corp. | (2,700 | ) | (163,024 | ) | (7,880 | ) | (0.0 | )(a) | ||||||||
Tobu Railway Co. Ltd. | (5,700 | ) | (161,402 | ) | (5,326 | ) | (0.0 | )(a) | ||||||||
Tokyu Corp. | (11,000 | ) | (179,582 | ) | (6,554 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(19,400 | ) | (504,008 | ) | (19,760 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Rohm Co. Ltd. | (300 | ) | (22,122 | ) | 309 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Nitori Holdings Co. Ltd. | (400 | ) | (47,721 | ) | (177 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||
Asics Corp. | (13,300 | ) | (163,853 | ) | (4,603 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure | ||||||||||||||||
Japan Airport Terminal Co. Ltd. | (4,000 | ) | (169,154 | ) | (6,647 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (500,600 | ) | (8,527,150 | ) | (1,136 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (448,600 | ) | (7,744,276 | ) | 3,574 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.35)% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 11/18/2019 | $ | 970,914 | $ | (31,943 | ) | $ | (7,322 | ) | $ | (39,265 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Airlines |
| |||||||||||||||
Qantas Airways Ltd. | 14,050 | 55,578 | (885 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
CIMIC Group Ltd. | 7,825 | 279,147 | 9,025 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Metcash Ltd. | 57,993 | 117,345 | 5,347 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Computershare Ltd. | 5,218 | 65,644 | 168 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Alumina Ltd. | 45,948 | 72,707 | (3,723 | ) | (0.0 | )(a) | ||||||||||
BHP Group Ltd. | 9,587 | 253,694 | (2,999 | ) | (0.0 | )(a) | ||||||||||
Iluka Resources Ltd. | 9,031 | 55,109 | (3,505 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 37 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Metals & Mining — continued | ||||||||||||||||
Rio Tinto Ltd. | 3,722 | 250,872 | (7,235 | ) | (0.0 | )(a) | ||||||||||
Sandfire Resources NL | 52,940 | 263,325 | (9,764 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
121,228 | 895,707 | (27,226 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Beach Energy Ltd. | 164,970 | 247,381 | (1,362 | ) | (0.0 | )(a) | ||||||||||
Santos Ltd. | 56,481 | 285,828 | (1,539 | ) | (0.0 | )(a) | ||||||||||
Whitehaven Coal Ltd. | 55,185 | 163,670 | (9,812 | ) | (0.0 | )(a) | ||||||||||
Woodside Petroleum Ltd. | 2,171 | 54,122 | (424 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
278,807 | 751,001 | (13,137 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 485,121 | 2,164,422 | (26,708 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Beverages | ||||||||||||||||
Treasury Wine Estates Ltd. | (12,873 | ) | (156,146 | ) | (4,143 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products | ||||||||||||||||
Reliance Worldwide Corp. Ltd. | (44,542 | ) | (153,267 | ) | (993 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Nufarm Ltd. | (43,336 | ) | (154,839 | ) | 11,980 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Challenger Ltd. | (11,945 | ) | (69,149 | ) | (3,550 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Domino’s Pizza Enterprises Ltd. | (3,517 | ) | (106,612 | ) | 315 | 0.0 | (a) | |||||||||
Star Entertainment Grp Ltd. (The) | (21,060 | ) | (67,434 | ) | 553 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(24,577 | ) | (174,046 | ) | 868 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
NEXTDC Ltd.* | (35,128 | ) | (158,310 | ) | (6,268 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Oil Search Ltd. | (31,031 | ) | (169,939 | ) | 6,329 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Software | ||||||||||||||||
Xero Ltd.* | (4,103 | ) | (157,812 | ) | (9,458 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (207,535 | ) | (1,193,508 | ) | (5,235 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 277,586 | 970,914 | (31,943 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 10/30/2020 | $ | 836,512 | $ | 1,356 | $ | (331 | ) | $ | 1,025 | |||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
38 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Capital Markets |
| |||||||||||||||
Sole Realisation Co. plc* ‡ | 153 | — | (139 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
BTG plc* | 76,780 | 836,512 | 1,495 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 76,933 | 836,512 | 1,356 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps. | 11/18/2019 – 4/20/2020 | $ | (2,878,078 | ) | $ | (125,522 | ) | $ | 1,573 | $ | (123,949 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Rights |
| |||||||||||||||
Media |
| |||||||||||||||
Media General, Inc. CVR‡ | 1,329 | — | (399 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
IT Services | ||||||||||||||||
Fidelity National Information Services, Inc. | (24,826 | ) | (2,878,078 | ) | (125,123 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (23,497 | ) | (2,878,078 | ) | (125,522 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio and pays or receives the net of one month LIBOR, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps. | 10/30/2020 | $ | — | $ | — | $ | 12 | $ | 12 | ||||||||||
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 39 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 11/18/2019 | $ | 2,184,018 | $ | (8,212 | ) | $ | (907 | ) | $ | (9,119 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Health Care Providers & Services |
| |||||||||||||||
Healthscope Ltd. | 1,264,094 | 2,184,018 | (8,212 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBID and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 1,513,610 | $ | (27,516 | ) | $ | (26,478 | ) | $ | (53,994 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | ||||||||||||||||
Meggitt plc | 40,225 | 286,234 | 13,980 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributors | ||||||||||||||||
Inchcape plc | 12,317 | 98,886 | (3,231 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
Petrofac Ltd. | 969 | 5,594 | (309 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||
UNITE Group plc (The) | 21,014 | 258,281 | 5,027 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
J Sainsbury plc | 69,528 | 201,995 | (4,373 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Tate & Lyle plc | 27,605 | 276,679 | 12,473 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Carnival plc | 2,633 | 139,588 | 1,000 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Berkeley Group Holdings plc | 3,230 | 158,453 | (3,688 | ) | (0.0 | )(a) | ||||||||||
Redrow plc | 22,060 | 177,566 | (3,627 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
40 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Household Durables — continued |
| |||||||||||||||
Taylor Wimpey plc | 99,541 | 235,993 | (10,599 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
124,831 | 572,012 | (17,914 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Vesuvius plc | 25,830 | 208,393 | (275 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Rio Tinto plc | 1,742 | 101,627 | (2,846 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities | ||||||||||||||||
Centrica plc | 104,139 | 144,771 | 1,175 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Royal Dutch Shell plc | 8,233 | 265,706 | (934 | ) | (0.0 | )(a) | ||||||||||
Tullow Oil plc | 41,211 | 120,836 | (9,104 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
49,444 | 386,542 | (10,038 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Hikma Pharmaceuticals plc | 7,294 | 168,316 | 10,617 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 487,571 | 2,848,918 | 5,286 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Banks | ||||||||||||||||
Metro Bank plc* | (8,730 | ) | (85,621 | ) | 7,366 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance | ||||||||||||||||
Provident Financial plc | (11,899 | ) | (82,609 | ) | (3,595 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Melrose Industries plc | (39,568 | ) | (104,695 | ) | (3,220 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
NMC Health plc | (3,440 | ) | (127,032 | ) | (13,934 | ) | (0.0 | )(a) | ||||||||
Spire Healthcare Group plc (b) | (104,365 | ) | (182,227 | ) | (3,655 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(107,805 | ) | (309,259 | ) | (17,589 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities | ||||||||||||||||
National Grid plc | (15,017 | ) | (164,525 | ) | (4,175 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services | ||||||||||||||||
Capita plc | (88,061 | ) | (146,801 | ) | (3,116 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
Capital & Counties Properties plc | (42,546 | ) | (134,533 | ) | (371 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Kingfisher plc | (41,680 | ) | (143,721 | ) | (1,572 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Water Utilities | ||||||||||||||||
Severn Trent plc | (6,144 | ) | (163,544 | ) | (6,530 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (361,450 | ) | (1,335,308 | ) | (32,802 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 126,121 | 1,513,610 | (27,516 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 41 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio short equity positions and pays or receives the net of one month LIBOR on short positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | (17,622,432 | ) | $ | (184,600 | ) | $ | 562,988 | $ | 378,388 | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | ||||||||||||||||
Cubic Corp. | (3,143 | ) | (178,459 | ) | (7,732 | ) | (0.0 | )(a) | ||||||||
Kratos Defense & Security Solutions, Inc.* | (11,051 | ) | (175,490 | ) | (13,151 | ) | (0.0 | )(a) | ||||||||
Mercury Systems, Inc.* | (2,181 | ) | (159,257 | ) | (12,584 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(16,375 | ) | (513,206 | ) | (33,467 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics | ||||||||||||||||
Air Transport Services Group, Inc.* | (6,703 | ) | (157,722 | ) | 1,341 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Airlines | ||||||||||||||||
American Airlines Group, Inc. | (4,617 | ) | (157,809 | ) | 877 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components | ||||||||||||||||
Veoneer, Inc.* | (4,561 | ) | (100,661 | ) | 32,748 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Beverages | ||||||||||||||||
Brown-Forman Corp. | (2,967 | ) | (158,111 | ) | (1,305 | ) | (0.0 | )(a) | ||||||||
Constellation Brands, Inc. | (756 | ) | (160,023 | ) | (9,730 | ) | (0.0 | )(a) | ||||||||
MGP Ingredients, Inc. | (1,781 | ) | (156,496 | ) | (1,015 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,504 | ) | (474,630 | ) | (12,050 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets | ||||||||||||||||
BlackRock, Inc. | (331 | ) | (160,614 | ) | (6,471 | ) | (0.0 | )(a) | ||||||||
Cboe Global Markets, Inc. | (1,551 | ) | (157,597 | ) | (543 | ) | (0.0 | )(a) | ||||||||
Interactive Brokers Group, Inc. | (2,852 | ) | (154,693 | ) | 1,825 | 0.0 | (a) | |||||||||
SEI Investments Co. | (2,729 | ) | (148,594 | ) | 10,616 | 0.0 | (a) | |||||||||
WisdomTree Investments, Inc. | (20,135 | ) | (144,972 | ) | 13,289 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(27,598 | ) | (766,470 | ) | 18,716 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Albemarle Corp. | (2,144 | ) | (160,929 | ) | 16,101 | 0.0 | (a) | |||||||||
Axalta Coating Systems Ltd.* | (5,669 | ) | (152,950 | ) | 5,839 | 0.0 | (a) | |||||||||
DowDuPont, Inc. | (3,453 | ) | (132,768 | ) | 1,899 | 0.0 | (a) | |||||||||
GCP Applied Technologies, Inc.* | (5,975 | ) | (172,020 | ) | (478 | ) | (0.0 | )(a) | ||||||||
International Flavors & Fragrances, Inc. | (1,150 | ) | (158,458 | ) | (2,058 | ) | (0.0 | )(a) | ||||||||
RPM International, Inc. | (2,553 | ) | (154,839 | ) | 2,042 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(20,944 | ) | (931,964 | ) | 23,345 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Brink’s Co. (The) | (1,935 | ) | (154,664 | ) | 271 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment | ||||||||||||||||
Extreme Networks, Inc.* | (19,681 | ) | (157,448 | ) | (4,920 | ) | (0.0 | )(a) | ||||||||
Infinera Corp.* | (9,757 | ) | (42,345 | ) | 4,878 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(29,438 | ) | (199,793 | ) | (42 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
42 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Construction & Engineering | ||||||||||||||||
WillScot Corp.* | (12,103 | ) | (163,027 | ) | (12,829 | ) | (0.0 | )(a) | ||||||||
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Construction Materials | ||||||||||||||||
Martin Marietta Materials, Inc. | (739 | ) | (163,984 | ) | (7,634 | ) | (0.0 | )(a) | ||||||||
Summit Materials, Inc.* | (9,518 | ) | (166,756 | ) | (13,706 | ) | (0.0 | )(a) | ||||||||
Vulcan Materials Co. | (1,274 | ) | (160,664 | ) | (4,217 | ) | (0.0 | )(a) | ||||||||
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(11,531 | ) | (491,404 | ) | (25,557 | ) | (0.0 | )(a) | |||||||||
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Consumer Finance | ||||||||||||||||
LendingClub Corp.* | (11,718 | ) | (37,263 | ) | 234 | 0.0 | (a) | |||||||||
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Containers & Packaging | ||||||||||||||||
Graphic Packaging Holding Co. | (11,342 | ) | (157,427 | ) | (10,775 | ) | (0.0 | )(a) | ||||||||
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Diversified Telecommunication Services | ||||||||||||||||
Iridium Communications, Inc.* | (6,390 | ) | (175,469 | ) | (6,582 | ) | (0.0 | )(a) | ||||||||
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Electronic Equipment, Instruments & Components | ||||||||||||||||
II-VI, Inc.* | (5,750 | ) | (229,080 | ) | 7,130 | 0.0 | (a) | |||||||||
nLight, Inc.* | (6,259 | ) | (163,548 | ) | (10,390 | ) | (0.0 | )(a) | ||||||||
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(12,009 | ) | (392,628 | ) | (3,260 | ) | (0.0 | )(a) | |||||||||
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Energy Equipment & Services |
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Forum Energy Technologies, Inc.* | (28,424 | ) | (169,975 | ) | (19,613 | ) | (0.0 | )(a) | ||||||||
Nabors Industries Ltd. | (39,116 | ) | (136,906 | ) | 11,735 | 0.0 | (a) | |||||||||
Superior Energy Services, Inc.* | (31,624 | ) | (113,530 | ) | 37,949 | 0.0 | (a) | |||||||||
US Silica Holdings, Inc. | (8,685 | ) | (137,397 | ) | 16,588 | 0.0 | (a) | |||||||||
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(107,849 | ) | (557,808 | ) | 46,659 | 0.0 | (a) | ||||||||||
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Entertainment | ||||||||||||||||
Spotify Technology SA* | (1,261 | ) | �� | (171,206 | ) | 4,893 | 0.0 | (a) | ||||||||
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Equity Real Estate Investment Trusts (REITs) | ||||||||||||||||
Alexander & Baldwin, Inc. | (7,553 | ) | (178,402 | ) | 529 | 0.0 | (a) | |||||||||
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Food & Staples Retailing | ||||||||||||||||
PriceSmart, Inc. | (3,043 | ) | (182,002 | ) | 1,248 | 0.0 | (a) | |||||||||
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Food Products | ||||||||||||||||
Hain Celestial Group, Inc. (The)* | (7,322 | ) | (159,766 | ) | 4,100 | 0.0 | (a) | |||||||||
Kraft Heinz Co. (The) | (4,153 | ) | (138,046 | ) | (1,163 | ) | (0.0 | )(a) | ||||||||
Sanderson Farms, Inc. | (1,092 | ) | (165,580 | ) | (10,974 | ) | (0.0 | )(a) | ||||||||
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(12,567 | ) | (463,392 | ) | (8,037 | ) | (0.0 | )(a) | |||||||||
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Gas Utilities | ||||||||||||||||
South Jersey Industries, Inc. | (5,423 | ) | (174,187 | ) | (4,013 | ) | (0.0 | )(a) | ||||||||
Southwest Gas Holdings, Inc. | (2,080 | ) | (173,035 | ) | (1,955 | ) | (0.0 | )(a) | ||||||||
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(7,503 | ) | (347,222 | ) | (5,968 | ) | (0.0 | )(a) | |||||||||
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Health Care Equipment & Supplies | ||||||||||||||||
Axogen, Inc.* | (8,074 | ) | (189,578 | ) | (21,315 | ) | (0.0 | )(a) | ||||||||
Heska Corp.* | (1,991 | ) | (154,621 | ) | (6,411 | ) | (0.0 | )(a) | ||||||||
iRhythm Technologies, Inc.* | (1,997 | ) | (152,391 | ) | (14,758 | ) | (0.0 | )(a) | ||||||||
Penumbra, Inc.* | (1,204 | ) | (161,938 | ) | (6,658 | ) | (0.0 | )(a) | ||||||||
ViewRay, Inc.* | (21,747 | ) | (151,359 | ) | 1,087 | 0.0 | (a) | |||||||||
Wright Medical Group NV* | (2,391 | ) | (70,702 | ) | (4,232 | ) | (0.0 | )(a) | ||||||||
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(37,404 | ) | (880,589 | ) | (52,287 | ) | (0.0 | )(a) | |||||||||
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SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 43 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Health Care Technology | ||||||||||||||||
Evolent Health, Inc.* | (7,234 | ) | (98,021 | ) | (2,315 | ) | (0.0 | )(a) | ||||||||
Medidata Solutions, Inc.* | (1,789 | ) | (161,618 | ) | (20,520 | ) | (0.0 | )(a) | ||||||||
Teladoc Health, Inc.* | (2,770 | ) | (157,558 | ) | (14,625 | ) | (0.0 | )(a) | ||||||||
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(11,793 | ) | (417,197 | ) | (37,460 | ) | (0.0 | )(a) | |||||||||
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Household Durables | ||||||||||||||||
Installed Building Products, Inc.* | (3,357 | ) | (161,237 | ) | 13,965 | 0.0 | (a) | |||||||||
LGI Homes, Inc.* | (2,495 | ) | (172,928 | ) | 649 | 0.0 | (a) | |||||||||
Mohawk Industries, Inc.* | (1,190 | ) | (162,138 | ) | (5,331 | ) | (0.0 | )(a) | ||||||||
Roku, Inc.* | (2,702 | ) | (171,820 | ) | (18,671 | ) | (0.0 | )(a) | ||||||||
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(9,744 | ) | (668,123 | ) | (9,388 | ) | (0.0 | )(a) | |||||||||
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Independent Power and Renewable Electricity Producers | ||||||||||||||||
Ormat Technologies, Inc. | (2,705 | ) | (157,864 | ) | (1,839 | ) | (0.0 | )(a) | ||||||||
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Insurance | ||||||||||||||||
Markel Corp.* | (153 | ) | (163,941 | ) | (8,674 | ) | (0.0 | )(a) | ||||||||
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Interactive Media & Services | ||||||||||||||||
TrueCar, Inc.* | (24,327 | ) | (156,666 | ) | (4,622 | ) | (0.0 | )(a) | ||||||||
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Internet & Direct Marketing Retail | ||||||||||||||||
Groupon, Inc.* | (41,663 | ) | (146,654 | ) | (1,250 | ) | (0.0 | )(a) | ||||||||
GrubHub, Inc.* | (1,950 | ) | (130,240 | ) | (5,304 | ) | (0.0 | )(a) | ||||||||
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(43,613 | ) | (276,894 | ) | (6,554 | ) | (0.0 | )(a) | |||||||||
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IT Services | ||||||||||||||||
InterXion Holding NV* | (2,667 | ) | (184,530 | ) | (7,388 | ) | (0.0 | )(a) | ||||||||
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Leisure Products |
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Mattel, Inc.* | (12,957 | ) | (157,946 | ) | 3,887 | 0.0 | (a) | |||||||||
Polaris Industries, Inc. | (1,220 | ) | (117,608 | ) | 2,916 | 0.0 | (a) | |||||||||
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(14,177 | ) | (275,554 | ) | 6,803 | 0.0 | (a) | ||||||||||
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Machinery |
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Deere & Co. | (935 | ) | (154,864 | ) | 3,198 | 0.0 | (a) | |||||||||
Evoqua Water Technologies Corp.* | (11,424 | ) | (155,595 | ) | 114 | 0.0 | (a) | |||||||||
REV Group, Inc. | (12,732 | ) | (161,569 | ) | (6,366 | ) | (0.0 | )(a) | ||||||||
Wabtec Corp. | (2,044 | ) | (151,399 | ) | 7,890 | 0.0 | (a) | |||||||||
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(27,135 | ) | (623,427 | ) | 4,836 | 0.0 | (a) | ||||||||||
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Media | ||||||||||||||||
Altice USA, Inc. | (6,761 | ) | (159,289 | ) | (2,704 | ) | (0.0 | )(a) | ||||||||
GCI Liberty, Inc.* | (2,679 | ) | (159,722 | ) | (2,920 | ) | (0.0 | )(a) | ||||||||
Liberty Global plc* | (5,752 | ) | (155,362 | ) | 3,279 | 0.0 | (a) | |||||||||
New York Times Co. (The) | (4,750 | ) | (157,462 | ) | 2,327 | 0.0 | (a) | |||||||||
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(19,942 | ) | (631,835 | ) | (18 | ) | (0.0 | )(a) | |||||||||
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Metals & Mining | ||||||||||||||||
Century Aluminum Co.* | (17,926 | ) | (150,758 | ) | 3,585 | 0.0 | (a) | |||||||||
Constellium NV* | (16,669 | ) | (155,688 | ) | 1,000 | 0.0 | (a) | |||||||||
Hecla Mining Co. | (69,634 | ) | (146,231 | ) | 3,482 | 0.0 | (a) | |||||||||
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(104,229 | ) | (452,677 | ) | 8,067 | 0.0 | (a) | ||||||||||
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Oil, Gas & Consumable Fuels | ||||||||||||||||
Callon Petroleum Co.* | (18,830 | ) | (141,413 | ) | 11,298 | 0.0 | (a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
44 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Oil, Gas & Consumable Fuels — continued | ||||||||||||||||
Carrizo Oil & Gas, Inc.* | (11,483 | ) | (147,212 | ) | (10,335 | ) | (0.0 | )(a) | ||||||||
Centennial Resource Development, Inc.* | (8,864 | ) | (93,338 | ) | (1,950 | ) | (0.0 | )(a) | ||||||||
Concho Resources, Inc. | (1,280 | ) | (147,686 | ) | 2,022 | 0.0 | (a) | |||||||||
Golar LNG Ltd. | (7,884 | ) | (154,053 | ) | 8,909 | 0.0 | (a) | |||||||||
Matador Resources Co.* | (7,195 | ) | (141,670 | ) | 8,130 | 0.0 | (a) | |||||||||
Noble Energy, Inc. | (5,630 | ) | (152,348 | ) | 282 | 0.0 | (a) | |||||||||
Parsley Energy, Inc.* | (329 | ) | (6,567 | ) | 441 | 0.0 | (a) | |||||||||
Pioneer Natural Resources Co. | (893 | ) | (148,649 | ) | 7,680 | 0.0 | (a) | |||||||||
WPX Energy, Inc.* | (10,395 | ) | (144,387 | ) | 8,836 | 0.0 | (a) | |||||||||
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(72,783 | ) | (1,277,323 | ) | 35,313 | 0.0 | (a) | ||||||||||
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Pharmaceuticals | ||||||||||||||||
Aerie Pharmaceuticals, Inc.* | (925 | ) | (35,289 | ) | 943 | 0.0 | (a) | |||||||||
Cymabay Therapeutics, Inc.* | (13,901 | ) | (178,072 | ) | (10,287 | ) | (0.0 | )(a) | ||||||||
Intra-Cellular Therapies, Inc.* | (12,131 | ) | (159,765 | ) | (11,039 | ) | (0.0 | )(a) | ||||||||
Medicines Co. (The)* | (1,985 | ) | (63,421 | ) | (7,801 | ) | (0.0 | )(a) | ||||||||
Revance Therapeutics, Inc.* | (11,082 | ) | (146,725 | ) | 2,771 | 0.0 | (a) | |||||||||
Theravance Biopharma, Inc.* | (7,279 | ) | (173,604 | ) | (7,643 | ) | (0.0 | )(a) | ||||||||
WaVe Life Sciences Ltd.* | (3,764 | ) | (99,859 | ) | (3,576 | ) | (0.0 | )(a) | ||||||||
Zogenix, Inc.* | (4,195 | ) | (163,563 | ) | (9,718 | ) | (0.0 | )(a) | ||||||||
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(55,262 | ) | (1,020,298 | ) | (46,350 | ) | (0.0 | )(a) | |||||||||
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Professional Services | ||||||||||||||||
TransUnion | (2,282 | ) | (158,941 | ) | 3,172 | 0.0 | (a) | |||||||||
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Road & Rail | ||||||||||||||||
Hertz Global Holdings, Inc.* | (8,704 | ) | (158,239 | ) | (7,486 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Cree, Inc.* | (2,290 | ) | (151,346 | ) | 2,473 | 0.0 | (a) | |||||||||
First Solar, Inc.* | (2,546 | ) | (156,655 | ) | (734 | ) | (0.0 | )(a) | ||||||||
MACOM Technology Solutions Holdings, Inc.* | (393 | ) | (5,459 | ) | 990 | 0.0 | (a) | |||||||||
Silicon Laboratories, Inc.* | (1,676 | ) | (180,438 | ) | (24,989 | ) | (0.0 | )(a) | ||||||||
Veeco Instruments, Inc.* | (12,508 | ) | (152,348 | ) | 5,879 | 0.0 | (a) | |||||||||
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(19,413 | ) | (646,246 | ) | (16,381 | ) | (0.0 | )(a) | |||||||||
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Software |
| |||||||||||||||
2U, Inc.* | (2,729 | ) | (165,105 | ) | (136 | ) | (0.0 | )(a) | ||||||||
Benefitfocus, Inc.* | (3,278 | ) | (133,513 | ) | (7,376 | ) | (0.0 | )(a) | ||||||||
Box, Inc.* | (6,311 | ) | (130,133 | ) | (11,234 | ) | (0.0 | )(a) | ||||||||
Cloudera, Inc.* | (15,482 | ) | (172,315 | ) | (5,109 | ) | (0.0 | )(a) | ||||||||
FireEye, Inc.* | (10,430 | ) | (167,089 | ) | (6,362 | ) | (0.0 | )(a) | ||||||||
ForeScout Technologies, Inc.* | (3,907 | ) | (164,250 | ) | (15,276 | ) | (0.0 | )(a) | ||||||||
Instructure, Inc.* | (3,791 | ) | (163,316 | ) | 11,942 | 0.0 | (a) | |||||||||
RingCentral, Inc.* | (1,409 | ) | (163,965 | ) | (15,316 | ) | (0.1 | ) | ||||||||
Yext, Inc.* | (8,208 | ) | (179,837 | ) | (13,297 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(55,545 | ) | (1,439,523 | ) | (62,164 | ) | (0.1 | ) | |||||||||
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| |||||||||
Specialty Retail |
| |||||||||||||||
At Home Group, Inc.* | (7,314 | ) | (171,806 | ) | (2,852 | ) | (0.0 | )(a) | ||||||||
Floor & Decor Holdings, Inc.* | (3,311 | ) | (158,994 | ) | (5,298 | ) | (0.0 | )(a) | ||||||||
National Vision Holdings, Inc.* | (4,430 | ) | (119,610 | ) | 6,113 | 0.0 | (a) | |||||||||
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(15,055 | ) | (450,410 | ) | (2,037 | ) | (0.0 | )(a) | |||||||||
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|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 45 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Tobacco | ||||||||||||||||
Vector Group Ltd. | (15,767 | ) | (150,259 | ) | 16,555 | 0.0 | (a) | |||||||||
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| |||||||||
Trading Companies & Distributors | ||||||||||||||||
Herc Holdings, Inc.* | (3,314 | ) | (159,602 | ) | (6,297 | ) | (0.0 | )(a) | ||||||||
MRC Global, Inc.* | (8,374 | ) | (145,122 | ) | 8,039 | 0.0 | (a) | |||||||||
SiteOne Landscape Supply, Inc.* | (40 | ) | (2,692 | ) | (87 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(11,728 | ) | (307,416 | ) | 1,655 | 0.0 | (a) | ||||||||||
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| |||||||||
Water Utilities | ||||||||||||||||
Aqua America, Inc. | (4,631 | ) | (180,887 | ) | (8,845 | ) | (0.0 | )(a) | ||||||||
SJW Group | (2,730 | ) | (169,424 | ) | (1,802 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(7,361 | ) | (350,311 | ) | (10,647 | ) | (0.0 | )(a) | |||||||||
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|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (884,333 | ) | (17,622,432 | ) | (184,600 | ) | (0.1 | ) | ||||||||
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|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month CDOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 2,460,188 | $ | (9,596 | ) | $ | (11,906 | ) | $ | (21,502 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Banks |
| |||||||||||||||
Canadian Imperial Bank of Commerce | 3,355 | 282,509 | 4,532 | 0.0 | (a) | |||||||||||
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| |||||||||
Chemicals | ||||||||||||||||
Methanex Corp. | 4,373 | 239,720 | (14,559 | ) | (0.0 | )(a) | ||||||||||
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| |||||||||
Food & Staples Retailing | ||||||||||||||||
Empire Co. Ltd. | 12,121 | 269,617 | 629 | 0.0 | (a) | |||||||||||
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| |||||||||
Insurance | ||||||||||||||||
iA Financial Corp., Inc. | 6,486 | 258,239 | (3,230 | ) | (0.0 | )(a) | ||||||||||
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| |||||||||
IT Services | ||||||||||||||||
CGI, Inc.* | 3,614 | 260,131 | 3,823 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Quebecor, Inc. | 11,538 | 287,740 | 2,732 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Teck Resources Ltd. | 10,510 | 248,531 | (12,179 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Imperial Oil Ltd. | 8,585 | 249,405 | (2,909 | ) | (0.0 | )(a) | ||||||||||
Parex Resources, Inc.* | 14,845 | 252,865 | 5,786 | 0.0 | (a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
46 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Oil, Gas & Consumable Fuels — continued | ||||||||||||||||
Suncor Energy, Inc. | 8,647 | 285,157 | (1,864 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
32,077 | 787,427 | 1,013 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||
Gildan Activewear, Inc. | 6,780 | 250,005 | (1,976 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Thrifts & Mortgage Finance |
| |||||||||||||||
Genworth MI Canada, Inc. | 9,427 | 292,936 | (1,483 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 100,281 | 3,176,855 | (20,698 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Construction & Engineering | ||||||||||||||||
SNC-Lavalin Group, Inc. | (3,206 | ) | (79,929 | ) | 2,075 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Onex Corp. | (2,350 | ) | (136,313 | ) | 3,836 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities | ||||||||||||||||
AltaGas Ltd. | (6,966 | ) | (92,606 | ) | 509 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Kinross Gold Corp.* | (36,944 | ) | (117,475 | ) | 1,956 | 0.0 | (a) | |||||||||
Yamana Gold, Inc. | (52,000 | ) | (114,115 | ) | 1,583 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(88,944 | ) | (231,590 | ) | 3,539 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities | ||||||||||||||||
Canadian Utilities Ltd. | (6,393 | ) | (176,229 | ) | 1,143 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (107,859 | ) | (716,667 | ) | 11,102 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (7,578 | ) | 2,460,188 | (9,596 | ) | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 10,206,152 | $ | (25,455 | ) | $ | (30,139 | ) | $ | (55,594 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Dassault Aviation SA | 174 | 263,269 | 10,110 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 47 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Airlines | ||||||||||||||||
Air France-KLM* | 25,131 | 290,000 | (23,444 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles | ||||||||||||||||
Peugeot SA | 5,664 | 148,504 | (9,179 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Covestro AG (b) | 3,413 | 187,536 | (15,471 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
ACS Actividades de Construccion y Servicios SA | 6,264 | 288,058 | 1,599 | 0.0 | (a) | |||||||||||
HOCHTIEF AG | 1,911 | 285,711 | 2,365 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
8,175 | 573,769 | 3,964 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Deutsche Telekom AG (Registered) | 15,799 | 264,711 | 896 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Endesa SA | 10,723 | 267,521 | 3,861 | 0.0 | (a) | |||||||||||
Enel SpA | 43,159 | 273,290 | 5,824 | 0.0 | (a) | |||||||||||
Red Electrica Corp. SA | 13,520 | 280,592 | 2,863 | 0.0 | (a) | |||||||||||
Terna Rete Elettrica Nazionale SpA | 44,155 | 264,893 | 236 | 0.0 | (a) | |||||||||||
Verbund AG | 5,884 | 292,182 | 2,237 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
117,441 | 1,378,478 | 15,021 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Signify NV (b) | 8,628 | 258,671 | (4,747 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Koninklijke Ahold Delhaize NV | 11,811 | 284,664 | (7,247 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities | ||||||||||||||||
Italgas SpA | 41,760 | 260,854 | 2,033 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies | ||||||||||||||||
Koninklijke Philips NV | 6,413 | 275,398 | 21,255 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Ageas | 4,939 | 261,003 | 2,972 | 0.0 | (a) | |||||||||||
ASR Nederland NV | 5,879 | 261,580 | (1,604 | ) | (0.0 | )(a) | ||||||||||
NN Group NV | 6,305 | 275,148 | 4,277 | 0.0 | (a) | |||||||||||
UnipolSai Assicurazioni SpA | 95,278 | 261,082 | (102 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
112,401 | 1,058,813 | 5,543 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Amadeus IT Group SA | 2,454 | 195,576 | 6,046 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Valmet OYJ | 10,470 | 288,417 | 16,370 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Eutelsat Communications SA | 10,320 | 186,511 | (1,578 | ) | (0.0 | )(a) | ||||||||||
Mediaset Espana Comunicacion SA | 34,570 | 268,094 | 4,421 | 0.0 | (a) | |||||||||||
ProSiebenSat.1 Media SE | 14,525 | 229,619 | (10,256 | ) | (0.0 | )(a) | ||||||||||
Publicis Groupe SA | 4,874 | 289,693 | 7,671 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
64,289 | 973,917 | 258 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities | ||||||||||||||||
A2A SpA | 169,001 | 282,846 | 1,466 | 0.0 | (a) | |||||||||||
Engie SA | 17,866 | 265,176 | (2,016 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
48 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Multi-Utilities — continued | ||||||||||||||||
Hera SpA | 82,762 | 294,612 | 923 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
269,629 | 842,634 | 373 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Enagas SA | 9,297 | 265,200 | 5,013 | 0.0 | (a) | |||||||||||
Eni SpA | 12,776 | 217,718 | (3,363 | ) | (0.0 | )(a) | ||||||||||
Galp Energia SGPS SA | 16,444 | 275,704 | 9,944 | 0.0 | (a) | |||||||||||
Neste OYJ | 7,650 | 252,853 | (23,406 | ) | (0.0 | )(a) | ||||||||||
OMV AG | 5,107 | 273,935 | (9,329 | ) | (0.0 | )(a) | ||||||||||
Repsol SA | 16,037 | 272,127 | 1,197 | 0.0 | (a) | |||||||||||
Saras SpA | 130,205 | 232,624 | (10,020 | ) | (0.0 | )(a) | ||||||||||
TOTAL SA | 3,678 | 204,463 | (2,980 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
201,194 | 1,994,624 | (32,944 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Paper & Forest Products | ||||||||||||||||
Ence Energia y Celulosa SA | 26,857 | 144,714 | (16,117 | ) | (0.0 | )(a) | ||||||||||
UPM-Kymmene OYJ | 6,794 | 191,827 | (1,885 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
33,651 | 336,541 | (18,002 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Merck KGaA | 2,588 | 275,856 | 3,656 | 0.0 | (a) | |||||||||||
Sanofi | 3,166 | 276,232 | 17,423 | 0.0 | (a) | |||||||||||
UCB SA | 3,314 | 263,393 | 2,128 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
9,068 | 815,481 | 23,207 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
Aroundtown SA | 5,113 | 41,541 | 599 | 0.0 | (a) | |||||||||||
LEG Immobilien AG | 2,168 | 252,961 | 483 | 0.0 | (a) | |||||||||||
Nexity SA | 5,877 | 274,892 | (4,644 | ) | (0.0 | )(a) | ||||||||||
TAG Immobilien AG | 11,043 | 248,688 | (2,443 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
24,201 | 818,082 | (6,005 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Siltronic AG | 2,739 | 268,375 | (7,102 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods | ||||||||||||||||
Christian Dior SE | 539 | 266,904 | (284 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 975,044 | 12,045,218 | (19,349 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Chemicals | ||||||||||||||||
K+S AG (Registered) | (6,112 | ) | (124,455 | ) | 2,384 | 0.0 | (a) | |||||||||
Umicore SA | (3,520 | ) | (136,603 | ) | 34,930 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(9,632 | ) | (261,058 | ) | 37,314 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Wendel SA | (1,053 | ) | (145,851 | ) | (3,892 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Cellnex Telecom SA (b) | (4,897 | ) | (150,847 | ) | (7,586 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
OSRAM Licht AG | (4,150 | ) | (142,739 | ) | 2,008 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 49 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Food Products | ||||||||||||||||
Kerry Group plc | (1,435 | ) | (160,628 | ) | (4,584 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
Orpea | (1,000 | ) | (122,009 | ) | (6,586 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Elior Group SA (b) | (938 | ) | (12,982 | ) | (53 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
Delivery Hero SE* (b) | (3,367 | ) | (155,174 | ) | (20,978 | ) | (0.0 | )(a) | ||||||||
Rocket Internet SE* (b) | (6,410 | ) | (169,356 | ) | (3,971 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(9,777 | ) | (324,530 | ) | (24,949 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Outotec OYJ* | (8,405 | ) | (44,401 | ) | (1,638 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Outokumpu OYJ | (39,161 | ) | (149,939 | ) | 12,130 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
AIXTRON SE* | (14,142 | ) | (163,734 | ) | (6,671 | ) | (0.0 | )(a) | ||||||||
SOITEC* | (133 | ) | (13,471 | ) | 273 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(14,275 | ) | (177,205 | ) | (6,398 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure | ||||||||||||||||
Aeroports de Paris | (721 | ) | (146,877 | ) | (1,872 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (95,444 | ) | (1,839,066 | ) | (6,106 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 879,600 | 10,206,152 | (25,455 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in JPY based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 13,953,903 | $ | 155,151 | $ | (52,552 | ) | $ | 102,599 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Auto Components |
| |||||||||||||||
Showa Corp. | 17,400 | 255,574 | 1,119 | 0.0 | (a) | |||||||||||
TS Tech Co. Ltd. | 8,000 | 240,261 | (8,532 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
25,400 | 495,835 | (7,413 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles | ||||||||||||||||
Isuzu Motors Ltd. | 18,400 | 265,011 | 5,149 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
50 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Chemicals | ||||||||||||||||
Asahi Kasei Corp. | 25,600 | 263,843 | 4,265 | 0.0 | (a) | |||||||||||
Daicel Corp. | 23,000 | 258,029 | 962 | 0.0 | (a) | |||||||||||
Mitsubishi Chemical Holdings Corp. | 25,900 | 184,658 | 11 | 0.0 | (a) | |||||||||||
Mitsubishi Gas Chemical Co., Inc. | 12,900 | 193,666 | 5,006 | 0.0 | (a) | |||||||||||
Showa Denko KK | 7,500 | 256,050 | 1,716 | 0.0 | (a) | |||||||||||
Sumitomo Chemical Co. Ltd. | 57,200 | 285,371 | 5,528 | 0.0 | (a) | |||||||||||
Tokai Carbon Co. Ltd. | 22,100 | 255,732 | 863 | 0.0 | (a) | |||||||||||
Tokuyama Corp. | 10,800 | 268,327 | (9,246 | ) | (0.0 | )(a) | ||||||||||
Tosoh Corp. | 17,700 | 285,388 | (1,864 | ) | (0.0 | )(a) | ||||||||||
Ube Industries Ltd. | 13,100 | 280,284 | (7,780 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
215,800 | 2,531,348 | (539 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
Hazama Ando Corp. | 41,200 | 277,050 | 9,252 | 0.0 | (a) | |||||||||||
Kyowa Exeo Corp. | 10,200 | 278,994 | 645 | 0.0 | (a) | |||||||||||
Kyudenko Corp. | 7,900 | 225,455 | 7,014 | 0.0 | (a) | |||||||||||
Maeda Corp. | 30,300 | 301,753 | 8,797 | 0.0 | (a) | |||||||||||
Sumitomo Mitsui Construction Co. Ltd. | 39,300 | 256,484 | 738 | 0.0 | (a) | |||||||||||
Taisei Corp. | 3,600 | 158,401 | 4,084 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
132,500 | 1,498,137 | 30,530 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials | ||||||||||||||||
Taiheiyo Cement Corp. | 8,200 | 264,440 | (13,001 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services | ||||||||||||||||
Nippon Telegraph & Telephone Corp. | 5,900 | 245,490 | (1,833 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities | ||||||||||||||||
Chubu Electric Power Co., Inc. | 19,200 | 279,197 | 3,030 | 0.0 | (a) | |||||||||||
Kansai Electric Power Co., Inc. (The) | 17,900 | 216,559 | (37,385 | ) | (0.0 | )(a) | ||||||||||
Tokyo Electric Power Co. Holdings, Inc.* | 42,500 | 240,056 | 2,403 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
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| |||||||||
79,600 | 735,812 | (31,952 | ) | (0.0 | )(a) | |||||||||||
|
|
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|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
Nippon Carbon Co. Ltd. | 6,200 | 273,600 | (19,062 | ) | (0.0 | )(a) | ||||||||||
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|
|
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|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
Japan Aviation Electronics Industry Ltd. | 19,300 | 312,265 | 23,898 | 0.0 | (a) | |||||||||||
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|
|
|
|
|
| |||||||||
Entertainment | ||||||||||||||||
Capcom Co. Ltd. | 11,600 | 261,739 | 9,685 | 0.0 | (a) | |||||||||||
DeNA Co. Ltd. | 19,300 | 301,404 | 10,807 | 0.0 | (a) | |||||||||||
GungHo Online Entertainment, Inc. | 71,700 | 223,696 | (5,432 | ) | (0.0 | )(a) | ||||||||||
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|
|
|
|
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| |||||||||
102,600 | 786,839 | 15,060 | 0.0 | (a) | ||||||||||||
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|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Lawson, Inc. | 4,900 | 228,781 | (3,428 | ) | (0.0 | )(a) | ||||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 8,300 | 274,819 | 11,025 | 0.0 | (a) | |||||||||||
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| |||||||||
13,200 | 503,600 | 7,597 | 0.0 | (a) | ||||||||||||
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|
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| |||||||||
Food Products | ||||||||||||||||
Fuji Oil Holdings, Inc. | 9,300 | 298,729 | 11,916 | 0.0 | (a) | |||||||||||
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|
|
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|
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| |||||||||
Health Care Providers & Services | ||||||||||||||||
Alfresa Holdings Corp. | 10,700 | 298,572 | 17,180 | 0.0 | (a) | |||||||||||
Medipal Holdings Corp. | 12,900 | 290,074 | 4,271 | 0.0 | (a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 51 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Health Care Providers & Services — continued | ||||||||||||||||
Suzuken Co. Ltd. | 5,100 | 294,068 | 4,722 | 0.0 | (a) | |||||||||||
|
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|
|
|
|
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| |||||||||
28,700 | 882,714 | 26,173 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Round One Corp. | 18,400 | 247,944 | 10,698 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Casio Computer Co. Ltd. | 19,300 | 243,107 | (490 | ) | (0.0 | )(a) | ||||||||||
Nikon Corp. | 19,700 | 274,732 | (242 | ) | (0.0 | )(a) | ||||||||||
Sony Corp. | 6,400 | 322,356 | 17,920 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
45,400 | 840,195 | 17,188 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Japan Post Holdings Co. Ltd. | 23,700 | 265,432 | 1,531 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services | ||||||||||||||||
Mixi, Inc. | 10,300 | 222,563 | (5,877 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
NET One Systems Co. Ltd. | 10,400 | 270,024 | 19,470 | 0.1 | ||||||||||||
Nihon Unisys Ltd. | 11,200 | 287,127 | 11,896 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
21,600 | 557,151 | 31,366 | 0.1 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
DMG Mori Co. Ltd. | 17,900 | 258,121 | (9,375 | ) | (0.0 | )(a) | ||||||||||
IHI Corp. | 10,100 | 241,122 | 1,581 | 0.0 | (a) | |||||||||||
Japan Steel Works Ltd. (The) | 14,800 | 286,043 | 805 | 0.0 | (a) | |||||||||||
Mitsubishi Heavy Industries Ltd. | 6,600 | 275,056 | 1,524 | 0.0 | (a) | |||||||||||
OKUMA Corp. | 4,400 | 259,202 | 3,247 | 0.0 | (a) | |||||||||||
Takeuchi Manufacturing Co. Ltd. | 13,800 | 261,695 | 9,458 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
67,600 | 1,581,239 | 7,240 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Tokyo Steel Manufacturing Co. Ltd. | 31,600 | 270,617 | 24,254 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Cosmo Energy Holdings Co. Ltd. | 13,400 | 276,719 | 4,228 | 0.0 | (a) | |||||||||||
JXTG Holdings, Inc. | 38,800 | 188,769 | (2,946 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
52,200 | 465,488 | 1,282 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Astellas Pharma, Inc. | 9,100 | 123,249 | (550 | ) | (0.0 | )(a) | ||||||||||
Kaken Pharmaceutical Co. Ltd. | 5,700 | 244,167 | 4,679 | 0.0 | (a) | |||||||||||
Shionogi & Co. Ltd. | 1,800 | 105,143 | 1,362 | 0.0 | (a) | |||||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 12,000 | 265,117 | 8,712 | 0.0 | (a) | |||||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 2,600 | 240,501 | 8,238 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
31,200 | 978,177 | 22,441 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail | ||||||||||||||||
Central Japan Railway Co. | 1,300 | 279,551 | 1,034 | 0.0 | (a) | |||||||||||
Seino Holdings Co. Ltd. | 20,700 | 281,801 | 840 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
22,000 | 561,352 | 1,874 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Advantest Corp. | 8,600 | 243,885 | (3,957 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Aoyama Trading Co. Ltd. | 12,000 | 263,580 | 195 | 0.0 | (a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
52 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Specialty Retail — continued | ||||||||||||||||
Shimachu Co. Ltd. | 10,400 | 251,483 | 11,322 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
22,400 | 515,063 | 11,517 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
Brother Industries Ltd. | 13,200 | 260,633 | (164 | ) | (0.0 | )(a) | ||||||||||
NEC Corp. | 7,800 | 263,430 | 2,724 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
21,000 | 524,063 | 2,560 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors |
| |||||||||||||||
ITOCHU Corp. | 15,500 | 279,674 | 1,325 | 0.0 | (a) | |||||||||||
Kanamoto Co. Ltd. | 10,000 | 237,382 | (7,376 | ) | (0.0 | )(a) | ||||||||||
Marubeni Corp. | 35,400 | 253,662 | 1,865 | 0.0 | (a) | |||||||||||
Mitsubishi Corp. | 10,200 | 280,987 | 6,779 | 0.0 | (a) | |||||||||||
Mitsui & Co. Ltd. | 17,400 | 281,438 | 3,408 | 0.0 | (a) | |||||||||||
Sojitz Corp. | 74,300 | 255,796 | (311 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
162,800 | 1,588,939 | 5,690 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Kamigumi Co. Ltd. | 11,700 | 279,497 | 2,637 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services |
| |||||||||||||||
KDDI Corp. | 10,900 | 251,218 | 8,247 | 0.0 | (a) | |||||||||||
NTT DOCOMO, Inc. | 6,500 | 141,152 | 2,511 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
17,400 | 392,370 | 10,758 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 1,233,000 | 18,627,795 | 187,725 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Auto Components | ||||||||||||||||
Toyo Tire Corp. | (7,900 | ) | (92,418 | ) | 1,749 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products | ||||||||||||||||
TOTO Ltd. | (3,100 | ) | (131,402 | ) | (1,029 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Sohgo Security Services Co. Ltd. | (3,800 | ) | (169,788 | ) | (5,007 | ) | (0.0 | )(a) | ||||||||
Toppan Printing Co. Ltd. | (10,000 | ) | (162,311 | ) | (2,437 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(13,800 | ) | (332,099 | ) | (7,444 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Chiyoda Corp.* | (50,300 | ) | (159,387 | ) | (5,394 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance | ||||||||||||||||
Aiful Corp.* | (4,100 | ) | (9,620 | ) | 60 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging | ||||||||||||||||
FP Corp. | (2,700 | ) | (164,506 | ) | (4,285 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment | ||||||||||||||||
GS Yuasa Corp. | (6,200 | ) | (124,569 | ) | 2,318 | 0.0 | (a) | |||||||||
Mabuchi Motor Co. Ltd. | (4,200 | ) | (155,770 | ) | 1,442 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(10,400 | ) | (280,339 | ) | 3,760 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
Hirose Electric Co. Ltd. | (1,000 | ) | (115,900 | ) | (722 | ) | (0.0 | )(a) | ||||||||
Omron Corp. | (2,900 | ) | (155,771 | ) | (1,120 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,900 | ) | (271,671 | ) | (1,842 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 53 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Food & Staples Retailing | ||||||||||||||||
Cosmos Pharmaceutical Corp. | (900 | ) | (143,875 | ) | (3,284 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products | ||||||||||||||||
Calbee, Inc. | (5,500 | ) | (152,297 | ) | (2,199 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Resorttrust, Inc. | (8,600 | ) | (120,387 | ) | (487 | ) | (0.0 | )(a) | ||||||||
Saizeriya Co. Ltd. | (7,100 | ) | (159,735 | ) | (2,744 | ) | (0.0 | )(a) | ||||||||
Toridoll Holdings Corp. | (7,400 | ) | (165,739 | ) | (4,827 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(23,100 | ) | (445,861 | ) | (8,058 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables | ||||||||||||||||
Panasonic Corp. | (13,700 | ) | (126,152 | ) | (647 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
GMO Payment Gateway, Inc. | (2,000 | ) | (159,483 | ) | (3,981 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Daifuku Co. Ltd. | (1,800 | ) | (110,737 | ) | (2,147 | ) | (0.0 | )(a) | ||||||||
Kawasaki Heavy Industries Ltd. | (6,000 | ) | (140,178 | ) | 5,873 | 0.0 | (a) | |||||||||
MISUMI Group, Inc. | (3,700 | ) | (96,611 | ) | 242 | 0.0 | (a) | |||||||||
Mitsui E&S Holdings Co. Ltd.* | (6,000 | ) | (59,290 | ) | 4,944 | 0.0 | (a) | |||||||||
Miura Co. Ltd. | (4,100 | ) | (104,961 | ) | (2,746 | ) | (0.0 | )(a) | ||||||||
NGK Insulators Ltd. | (8,100 | ) | (120,316 | ) | 1,181 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(29,700 | ) | (632,093 | ) | 7,347 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Vector, Inc.* | (13,500 | ) | (160,730 | ) | 4,417 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Hitachi Metals Ltd. | (13,300 | ) | (153,732 | ) | 3,727 | 0.0 | (a) | |||||||||
Mitsubishi Materials Corp. | (5,800 | ) | (150,853 | ) | 9,216 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(19,100 | ) | (304,585 | ) | 12,943 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail | ||||||||||||||||
Pan Pacific International Holdings Corp. | (1,800 | ) | (116,000 | ) | (2,234 | ) | (0.0 | )(a) | ||||||||
Takashimaya Co. Ltd. | (10,000 | ) | (112,442 | ) | 2,446 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,800 | ) | (228,442 | ) | 212 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Nippon Shinyaku Co. Ltd. | (1,300 | ) | (89,765 | ) | (7,460 | ) | (0.0 | )(a) | ||||||||
Ono Pharmaceutical Co. Ltd. | (6,200 | ) | (116,468 | ) | (3,837 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(7,500 | ) | (206,233 | ) | (11,297 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services | ||||||||||||||||
Persol Holdings Co. Ltd. | (6,000 | ) | (113,096 | ) | (6,101 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail | ||||||||||||||||
Keikyu Corp. | (9,500 | ) | (162,316 | ) | (7,937 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
Rohm Co. Ltd. | (1,800 | ) | (132,733 | ) | 1,855 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Nitori Holdings Co. Ltd. | (900 | ) | (107,372 | ) | (399 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
Seiko Epson Corp. | (9,800 | ) | (157,182 | ) | (1,020 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (251,000 | ) | (4,673,892 | ) | (32,574 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 982,000 | 13,953,903 | 155,151 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
54 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 816,792 | $ | (28,630 | ) | $ | (1,585 | ) | $ | (30,215 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Airlines |
| |||||||||||||||
Qantas Airways Ltd. | 49,900 | 197,391 | (3,142 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing | ||||||||||||||||
Metcash Ltd. | 69,614 | 140,860 | 6,418 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Computershare Ltd. | 16,828 | 211,700 | 543 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Alumina Ltd. | 116,520 | 184,379 | (9,440 | ) | (0.0 | )(a) | ||||||||||
Iluka Resources Ltd. | 32,119 | 195,997 | (12,467 | ) | (0.1 | ) | ||||||||||
Sandfire Resources NL | 231 | 1,149 | (43 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
148,870 | 381,525 | (21,950 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Whitehaven Coal Ltd. | 29,681 | 88,029 | (5,277 | ) | (0.0 | )(a) | ||||||||||
Woodside Petroleum Ltd. | 7,795 | 194,327 | (1,522 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
37,476 | 282,356 | (6,799 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 322,688 | 1,213,832 | (24,930 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Diversified Financial Services | ||||||||||||||||
Challenger Ltd. | (18,724 | ) | (108,392 | ) | (5,565 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Domino’s Pizza Enterprises Ltd. | (1,491 | ) | (45,197 | ) | 133 | 0.0 | (a) | |||||||||
Star Entertainment Grp Ltd. (The) | (27,145 | ) | (86,918 | ) | 713 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(28,636 | ) | (132,115 | ) | 846 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure | ||||||||||||||||
Qube Holdings Ltd. | (78,419 | ) | (156,533 | ) | 1,019 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (125,779 | ) | (397,040 | ) | (3,700 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 196,909 | 816,792 | (28,630 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 55 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in CHF based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 662,408 | $ | 5,584 | $ | 3,580 | $ | 9,164 | ||||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Sunrise Communications Group AG (b) | 1,427 | 94,756 | (2,432 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies | ||||||||||||||||
Sonova Holding AG (Registered) | 1,062 | 214,505 | 5,744 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Roche Holding AG | 964 | 252,210 | 4,340 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
PSP Swiss Property AG (Registered) | 2,418 | 246,728 | 643 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 5,871 | 808,199 | 8,295 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Marine | ||||||||||||||||
Kuehne + Nagel International AG (Registered) | (1,003 | ) | (145,791 | ) | (2,711 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 4,868 | 662,408 | 5,584 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 9/12/2019 - 11/15/2021 | $ | 4,118,527 | $ | (12,680 | ) | $ | (729 | ) | $ | (13,409 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Capital Markets |
| |||||||||||||||
Sole Realisation Co. plc* ‡ | 698 | — | (634 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
RPC Group plc | 261,905 | 2,699,421 | 11,579 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
56 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Industrial Conglomerates |
| |||||||||||||||
Smiths Group plc | 35,354 | 703,882 | (8,346 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Prudential plc | 31,478 | 715,224 | (15,279 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 329,435 | 4,118,527 | (12,680 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps. | 9/12/2019 - 9/16/2021 | $ | 42,518,594 | $ | (164,364 | ) | $ | (3,330 | ) | $ | (167,694 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Air Freight & Logistics |
| |||||||||||||||
XPO Logistics, Inc.* | 7,500 | 510,600 | 15,375 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components |
| |||||||||||||||
Gentherm, Inc.* | 10,500 | 444,780 | (5,565 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Fiat Chrysler Automobiles NV | 26,400 | 406,824 | (28,248 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
Regions Financial Corp. | 29,000 | 450,370 | 8,120 | 0.0 | (a) | |||||||||||
Sterling Bancorp | 20,900 | 447,678 | 24,453 | 0.0 | (a) | |||||||||||
Wells Fargo & Co. | 7,900 | 382,439 | 6,557 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
57,800 | 1,280,487 | 39,130 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Biotechnology |
| |||||||||||||||
Celgene Corp.* | 8,644 | 818,241 | 7,780 | 0.0 | (a) | |||||||||||
Spark Therapeutics, Inc.* | 3,200 | 341,408 | (12,576 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
11,844 | 1,159,649 | (4,796 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products |
| |||||||||||||||
Apogee Enterprises, Inc. | 3,500 | 141,050 | 3,955 | 0.0 | (a) | |||||||||||
Masonite International Corp.* | 7,600 | 391,324 | 2,204 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
11,100 | 532,374 | 6,159 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
MSCI, Inc. | 2,000 | 450,760 | 8,060 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies |
| |||||||||||||||
Advanced Disposal Services, Inc.* | 55,211 | 1,785,524 | (27,053 | ) | (0.0 | )(a) |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 57 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Commercial Services & Supplies — continued |
| |||||||||||||||
KAR Auction Services, Inc. | 11,900 | 672,112 | (357 | ) | (0.0 | )(a) | ||||||||||
LSC Communications, Inc. | 37,372 | 261,230 | (374 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
104,483 | 2,718,866 | (27,784 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment |
| |||||||||||||||
Finisar Corp.* | 128,358 | 3,094,711 | (25,672 | ) | (0.0 | )(a) | ||||||||||
Quantenna Communications, Inc.* | 39,826 | 969,763 | 2,788 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
168,184 | 4,064,474 | (22,884 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Arcosa, Inc. | 4,700 | 146,311 | 5,734 | 0.0 | (a) | |||||||||||
MasTec, Inc.* | 8,300 | 420,395 | (10,126 | ) | (0.0 | )(a) | ||||||||||
Quanta Services, Inc. | 10,400 | 422,240 | 6,136 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
23,400 | 988,946 | 1,744 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance |
| |||||||||||||||
Navient Corp. | 32,900 | 444,479 | 43,428 | 0.0 | (a) | |||||||||||
Santander Consumer USA Holdings, Inc. | 18,400 | 392,840 | (21,712 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
51,300 | 837,319 | 21,716 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Consumer Services |
| |||||||||||||||
Sotheby’s* | 10,500 | 442,890 | (18,900 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Voya Financial, Inc. | 7,700 | 422,653 | 1,771 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components |
| |||||||||||||||
Jabil, Inc. | 14,500 | 438,045 | (13,485 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
Basic Energy Services, Inc.* | 2,131 | 5,370 | (1,364 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services |
| |||||||||||||||
MEDNAX, Inc.* | 14,200 | 397,174 | 28,542 | 0.0 | (a) | |||||||||||
WellCare Health Plans, Inc.* | 10,189 | 2,632,328 | 61,745 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
24,389 | 3,029,502 | 90,287 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Starbucks Corp. | 5,300 | 411,704 | 8,586 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables | ||||||||||||||||
Meritage Homes Corp.* | 8,300 | 424,545 | 14,691 | 0.0 | (a) | |||||||||||
Newell Brands, Inc. | 25,000 | 359,500 | (19,250 | ) | (0.0 | )(a) | ||||||||||
TRI Pointe Group, Inc.* | 29,000 | 378,450 | (34,220 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
62,300 | 1,162,495 | (38,779 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Products | ||||||||||||||||
Spectrum Brands Holdings, Inc. | 7,000 | 430,990 | (2,520 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Independent Power and Renewable Electricity Producers | ||||||||||||||||
Vistra Energy Corp. | 14,800 | 403,300 | 18,352 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Lincoln National Corp. | 6,600 | 440,352 | 3,498 | 0.0 | (a) | |||||||||||
Stewart Information Services Corp. | 13,923 | 591,867 | (18,378 | ) | (0.0 | )(a) | ||||||||||
Third Point Reinsurance Ltd.* | 37,100 | 430,731 | 25,599 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
57,623 | 1,462,950 | 10,719 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
58 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
Qurate Retail, Inc.* | 23,700 | 404,085 | 6,399 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
First Data Corp.* | 121,781 | 3,149,257 | 90,118 | 0.0 | (a) | |||||||||||
LiveRamp Holdings, Inc.* | 7,200 | 419,976 | 17,280 | 0.0 | (a) | |||||||||||
Luxoft Holding, Inc.* | 23,846 | 1,393,083 | (8,823 | ) | (0.0 | )(a) | ||||||||||
Perficient, Inc.* | 8,603 | 253,273 | 10,324 | 0.0 | (a) | |||||||||||
Travelport Worldwide Ltd. | 146,593 | 2,298,578 | (4,398 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
308,023 | 7,514,167 | 104,501 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Leisure Products | ||||||||||||||||
Brunswick Corp. | 12,200 | 624,762 | (24,278 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Life Sciences Tools & Services | ||||||||||||||||
Pacific Biosciences of California, Inc.* | 86,609 | 640,041 | — | 0.0 | (a) | |||||||||||
Waters Corp.* | 1,600 | 341,663 | (41,664 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
88,209 | 981,704 | (41,664 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Wabash National Corp. | 14,759 | 222,566 | 1,771 | 0.0 | (a) | |||||||||||
WABCO Holdings, Inc.* | 21,156 | 2,801,900 | (11,847 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
35,915 | 3,024,466 | (10,076 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Gannett Co., Inc. | 63,550 | 592,921 | (31,139 | ) | (0.0 | )(a) | ||||||||||
Sinclair Broadcast Group, Inc. | 10,000 | 457,900 | 12,800 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
73,550 | 1,050,821 | (18,339 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Reliance Steel & Aluminum Co. | 4,300 | 395,428 | 8,428 | 0.0 | (a) | |||||||||||
Worthington Industries, Inc. | 10,600 | 425,378 | (2,862 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
14,900 | 820,806 | 5,566 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail | ||||||||||||||||
Nordstrom, Inc. | 8,600 | 352,772 | (24,424 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
QEP Resources, Inc.* | 83,813 | 630,274 | (42,745 | ) | (0.0 | )(a) | ||||||||||
Roan Resources, Inc.* | 8,500 | 48,195 | 10,540 | 0.0 | (a) | |||||||||||
Ship Finance International Ltd. | 31,300 | 399,388 | 1,252 | 0.0 | (a) | |||||||||||
Southwestern Energy Co.* | 84,400 | 333,380 | (16,880 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
208,013 | 1,411,237 | (47,833 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Paper & Forest Products | ||||||||||||||||
Louisiana-Pacific Corp. | 15,900 | 398,295 | 5,247 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Jazz Pharmaceuticals plc* | 2,800 | 363,356 | 3,724 | 0.0 | (a) | |||||||||||
Pfizer, Inc. | 9,200 | 373,612 | 11,316 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
12,000 | 736,968 | 15,040 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services | ||||||||||||||||
ManpowerGroup, Inc. | 4,800 | 460,992 | (4,800 | ) | (0.0 | )(a) | ||||||||||
Navigant Consulting, Inc. | 19,700 | 449,751 | 45,310 | 0.0 | (a) | |||||||||||
WageWorks, Inc.* | 13,282 | 648,029 | (4,415 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
37,782 | 1,558,772 | 36,095 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 59 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Real Estate Management & Development | ||||||||||||||||
Realogy Holdings Corp. | 32,700 | 425,754 | 4,251 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment | ||||||||||||||||
QUALCOMM, Inc. | 6,700 | 577,071 | 41,808 | 0.0 | (a) | |||||||||||
Teradyne, Inc. | 9,800 | 480,200 | 41,062 | 0.0 | (a) | |||||||||||
Versum Materials, Inc. | 38,831 | 2,026,202 | 6,990 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
55,331 | 3,083,473 | 89,860 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Software | ||||||||||||||||
Oracle Corp. | 7,300 | 403,909 | 5,913 | 0.0 | (a) | |||||||||||
Red Hat, Inc.* | 15,009 | 2,739,593 | 8,855 | 0.0 | (a) | |||||||||||
Ultimate Software Group, Inc. (The)* | 8,667 | 2,865,743 | 2,080 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
30,976 | 6,009,245 | 16,848 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Asbury Automotive Group, Inc.* | 1,800 | 144,324 | 8,154 | 0.0 | (a) | |||||||||||
Sleep Number Corp.* | 8,000 | 278,400 | (34,880 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
9,800 | 422,724 | (26,726 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
Electronics For Imaging, Inc.* | 46,377 | 1,724,761 | (14,841 | ) | (0.0 | )(a) | ||||||||||
Hewlett Packard Enterprise Co. | 25,000 | 395,250 | (21,250 | ) | (0.0 | )(a) | ||||||||||
Stratasys Ltd.* | 25,100 | 583,575 | (14,056 | ) | (0.0 | )(a) | ||||||||||
Xerox Corp. | 12,100 | 403,656 | (14,520 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
108,577 | 3,107,242 | (64,667 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors | ||||||||||||||||
Rush Enterprises, Inc. | 9,300 | 394,413 | (16,833 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 1,766,230 | 53,926,684 | 66,541 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Banks |
| |||||||||||||||
Ameris Bancorp | (7,128 | ) | (259,887 | ) | (9,195 | ) | (0.0 | )(a) | ||||||||
BB&T Corp. | (28,910 | ) | (1,480,192 | ) | (53,484 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(36,038 | ) | (1,740,079 | ) | (62,679 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Quad/Graphics, Inc. | (23,123 | ) | (282,332 | ) | 9,943 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
II-VI, Inc.* | (22,434 | ) | (893,770 | ) | 27,818 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
Key Energy Services, Inc.* | (1,610 | ) | (6,730 | ) | (515 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
Centene Corp.* | (34,094 | ) | (1,757,887 | ) | (114,556 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Fidelity National Financial, Inc. | (8,291 | ) | (331,225 | ) | (8,540 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Fiserv, Inc.* | (36,530 | ) | (3,186,877 | ) | (79,635 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Chevron Corp. | (17,117 | ) | (2,055,067 | ) | (3,423 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
60 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Pharmaceuticals | ||||||||||||||||
Bristol-Myers Squibb Co. | (8,558 | ) | (397,348 | ) | (7,788 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
Jones Lang LaSalle, Inc. | (4,896 | ) | (756,775 | ) | 8,470 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (192,691 | ) | (11,408,090 | ) | (230,905 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 1,573,539 | 42,518,594 | (164,364 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio and pays or receives the net of one day CORRA and one month CDOR, plus or minus a specified spread (rates range from 0.00% to 0.15%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | — | $ | — | $ | 111 | $ | 111 | ||||||||||
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in EUR based on the local currencies of the positions within the swaps. | 9/12/2019 | $ | 3,920,996 | $ | (39,931 | ) | $ | (103 | ) | $ | (40,034 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Electric Utilities |
| |||||||||||||||
EDP—Energias de Portugal SA* | 513,195 | 1,947,403 | (34,772 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
Scout24 AG (b) | 38,336 | 1,973,593 | (5,159 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 551,531 | 3,920,996 | (39,931 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 61 |
JPMorgan Diversified Alternatives ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
UBS | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBSW on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.25%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 9/12/2019 - 4/6/2021 | $ | 244,526 | $ | (23,031 | ) | $ | (5,770 | ) | $ | (28,801 | ) | |||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Metals & Mining |
| |||||||||||||||
South32 Ltd. | 244,151 | 576,641 | (23,972 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Health Care Providers & Services |
| |||||||||||||||
Australian Pharmaceutical Industries Ltd. | (326,934 | ) | (332,115 | ) | 941 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (82,783 | ) | 244,526 | (23,031 | ) | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
The following reference rates, and their values as of period-end, are used for security descriptions:
VALUE | ||||||
BA | 1.98 | % | ||||
BBR | 1.60 | % | ||||
BBSW | 1.60 | % | ||||
CDOR | 1.98 | % | ||||
CHF LIBOR | (0.79 | )% | ||||
CORRA | 1.78 | % | ||||
EUR LIBOR | (0.41 | )% | ||||
EURIBOR | (0.37 | )% | ||||
GBP LIBOR | 0.73 | % | ||||
JPY LIBOR | (0.11 | )% | ||||
USD LIBOR | 2.48 | % |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
62 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Summary of total swap contracts outstanding as of April 30, 2019:
NET UPFRONT PAYMENTS (RECEIPTS)($) | VALUE($) | |||||||
Assets |
| |||||||
Total return basket swaps contracts outstanding | — | 638,377 | ||||||
|
|
|
| |||||
Liabilities |
| |||||||
Total return basket swaps contracts outstanding | — | (846,746 | ) | |||||
|
|
|
|
Abbreviations
AUD | — Australian Dollar | |
BA | — Banker’s Acceptance Rate | |
BBR | — Bank Base Rate | |
BBSW | — ASX Australia Bank Bill Short Term Rates | |
CAD | — Canadian Dollar | |
CDOR | — Canadian Dollar Offered Rate | |
CHF | — Swiss Franc | |
CORRA | — Canadian Overnight Repo Rate Average | |
CVR | — Contingent Value Rights | |
EUR | — Euro | |
EURIBOR | — Euro Interbank Offered Rate | |
GBP | — British Pound | |
JPY | — Japanese Yen | |
LIBID | — London Interbank Bid Rate | |
LIBOR | — London Interbank Offered Rate | |
OYJ | — Public Limited Company |
SCA | — Limited partnership with share capital | |
SGPS | — Holding company | |
USD | — United States Dollar | |
(a) | — Amounts rounds to less than 0.1% of net assets. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. | |
* | — Non-income producing security. | |
‡ | — Value determined using significant unobservable inputs. | |
(1) | — Notional value represents market value, as of April 30, 2019,of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded. | |
(2) | — Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset. |
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 63 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 68.8% | ||||||||
Aerospace & Defense — 0.2% |
| |||||||
KeyW Holding Corp. (The)* | 5,846 | 66,294 | ||||||
|
| |||||||
Banks — 3.3% |
| |||||||
CIT Group, Inc. | 3,400 | 181,118 | ||||||
Commonwealth Bank of Australia (Australia) | 3,006 | 157,981 | ||||||
Fidelity Southern Corp. | 1,117 | 32,516 | ||||||
Investors Bancorp, Inc. | 13,700 | 160,975 | ||||||
Regions Financial Corp. | 11,600 | 180,148 | ||||||
SunTrust Banks, Inc. | 3,074 | 201,285 | ||||||
|
| |||||||
914,023 | ||||||||
|
| |||||||
Biotechnology — 1.4% |
| |||||||
Spark Therapeutics, Inc.* | 3,517 | 375,229 | ||||||
|
| |||||||
Building Products — 1.1% |
| |||||||
Apogee Enterprises, Inc. | 3,800 | 153,140 | ||||||
Masonite International Corp.* | 3,200 | 164,768 | ||||||
|
| |||||||
317,908 | ||||||||
|
| |||||||
Capital Markets — 0.7% |
| |||||||
E*TRADE Financial Corp. | 3,600 | 182,376 | ||||||
|
| |||||||
Chemicals — 1.9% |
| |||||||
DuluxGroup Ltd. (Australia) | 24,201 | 166,375 | ||||||
Ecolab, Inc. | 900 | 165,672 | ||||||
Element Solutions, Inc.* | 16,500 | 179,190 | ||||||
|
| |||||||
511,237 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.6% |
| |||||||
Multi-Color Corp. | 3,087 | 154,041 | ||||||
|
| |||||||
Communications Equipment — 1.1% |
| |||||||
InterDigital, Inc. | 2,500 | 163,475 | ||||||
Quantenna Communications, Inc.* | 5,686 | 138,454 | ||||||
|
| |||||||
301,929 | ||||||||
|
| |||||||
Construction & Engineering — 0.6% |
| |||||||
Arcosa, Inc. | 5,200 | 161,876 | ||||||
NRW Holdings Ltd. (Australia) | 8,860 | 18,363 | ||||||
|
| |||||||
180,239 | ||||||||
|
| |||||||
Construction Materials — 0.6% |
| |||||||
Eagle Materials, Inc. | 1,900 | 172,729 | ||||||
|
| |||||||
Consumer Finance — 1.9% |
| |||||||
Navient Corp. | 26,600 | 359,366 | ||||||
SLM Corp. | 15,300 | 155,448 | ||||||
|
| |||||||
514,814 | ||||||||
|
| |||||||
Containers & Packaging — 2.0% |
| |||||||
Owens-Illinois, Inc. | 9,700 | 191,672 | ||||||
RPC Group plc (United Kingdom) | 35,462 | 365,502 | ||||||
|
| |||||||
557,174 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Diversified Consumer Services — 0.9% |
| |||||||
Navitas Ltd. (Australia) | 18,142 | 73,999 | ||||||
Sotheby’s* | 4,300 | 181,374 | ||||||
|
| |||||||
255,373 | ||||||||
|
| |||||||
Diversified Financial Services — 1.3% | ||||||||
AXA Equitable Holdings, Inc. | 8,100 | 183,789 | ||||||
Jefferies Financial Group, Inc. | 8,600 | 176,902 | ||||||
|
| |||||||
360,691 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.8% |
| |||||||
Zayo Group Holdings, Inc.* | 6,900 | 215,901 | ||||||
|
| |||||||
Electric Utilities — 0.6% |
| |||||||
Evergy, Inc. | 2,800 | 161,896 | ||||||
|
| |||||||
Electrical Equipment — 0.6% |
| |||||||
Eaton Corp. plc | 2,000 | 165,640 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.7% |
| |||||||
Jabil, Inc. | 6,200 | 187,302 | ||||||
|
| |||||||
Energy Equipment & Services — 0.1% |
| |||||||
Seadrill Ltd. (United Kingdom)* | 2,400 | 19,512 | ||||||
|
| |||||||
Entertainment — 0.6% |
| |||||||
Madison Square Garden Co. (The), Class A* | 500 | 156,220 | ||||||
|
| |||||||
Food & Staples Retailing — 0.2% |
| |||||||
Smart & Final Stores, Inc.* | 9,088 | 59,345 | ||||||
|
| |||||||
Food Products — 1.2% |
| |||||||
GrainCorp Ltd., Class A (Australia) | 15,161 | 96,147 | ||||||
Ingredion, Inc. | 1,700 | 161,075 | ||||||
Wessanen (Netherlands) | 6,293 | 81,593 | ||||||
|
| |||||||
338,815 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 0.8% |
| |||||||
Danaher Corp. | 1,600 | 211,904 | ||||||
|
| |||||||
Health Care Providers & Services — 1.4% |
| |||||||
Magellan Health, Inc.* | 2,300 | 161,000 | ||||||
MEDNAX, Inc.* | 6,000 | 167,820 | ||||||
Sigma Healthcare Ltd. (Australia) | 133,180 | 49,256 | ||||||
|
| |||||||
378,076 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 4.5% |
| |||||||
Caesars Entertainment Corp.* | 17,900 | 167,544 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,100 | 185,614 | ||||||
Hyatt Hotels Corp., Class A | 2,300 | 176,479 | ||||||
International Speedway Corp., Class A | 2,520 | 111,182 | ||||||
Jack in the Box, Inc. | 3,700 | 285,270 | ||||||
Papa John’s International, Inc. (a) | 2,900 | 148,364 | ||||||
Starbucks Corp. | 2,200 | 170,896 | ||||||
|
| |||||||
1,245,349 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Household Durables — 1.7% |
| |||||||
Electrolux AB, Series B (Sweden) | 6,237 | 152,859 | ||||||
Installed Building Products, Inc.* | 3,300 | 158,499 | ||||||
TRI Pointe Group, Inc.* | 12,400 | 161,820 | ||||||
|
| |||||||
473,178 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.6% |
| |||||||
Smiths Group plc (United Kingdom) | 8,763 | 174,467 | ||||||
|
| |||||||
Insurance — 1.7% |
| |||||||
Lincoln National Corp. | 2,800 | 186,816 | ||||||
Navigators Group, Inc. (The) | 1,211 | 84,697 | ||||||
Stewart Information Services Corp. | 100 | 4,251 | ||||||
Third Point Reinsurance Ltd. (Bermuda)* | 15,500 | 179,955 | ||||||
|
| |||||||
455,719 | ||||||||
|
| |||||||
Interactive Media & Services — 1.5% |
| |||||||
Cars.com, Inc.* | 6,500 | 135,265 | ||||||
Scout24 AG (Germany) (b) | 5,218 | 268,630 | ||||||
|
| |||||||
403,895 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.6% |
| |||||||
eBay, Inc. | 4,400 | 170,500 | ||||||
|
| |||||||
IT Services — 5.7% |
| |||||||
First Data Corp., Class A* | 18,596 | 480,893 | ||||||
Luxoft Holding, Inc.* | 3,069 | 179,291 | ||||||
Perficient, Inc.* | 4,400 | 129,536 | ||||||
Travelport Worldwide Ltd. | 21,911 | 343,564 | ||||||
Worldpay, Inc., Class A* | 3,710 | 434,849 | ||||||
|
| |||||||
1,568,133 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 0.3% |
| |||||||
Pacific Biosciences of California, Inc.* | 11,156 | 82,443 | ||||||
|
| |||||||
Machinery — 2.5% |
| |||||||
Global Brass & Copper Holdings, Inc. | 1,354 | 58,750 | ||||||
Tennant Co. | 2,400 | 159,312 | ||||||
Wabash National Corp. | 5,200 | 78,416 | ||||||
WABCO Holdings, Inc.* | 3,054 | 404,472 | ||||||
|
| |||||||
700,950 | ||||||||
|
| |||||||
Media — 2.2% |
| |||||||
Sinclair Broadcast Group, Inc., Class A | 4,200 | 192,318 | ||||||
Tribune Media Co., Class A | 9,089 | 419,912 | ||||||
|
| |||||||
612,230 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Nordstrom, Inc. | 3,600 | 147,672 | ||||||
|
| |||||||
Multi-Utilities — 0.7% |
| |||||||
Innogy SE (Germany)* | 4,786 | 207,741 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Oil, Gas & Consumable Fuels — 4.7% |
| |||||||
Anadarko Petroleum Corp. | 6,553 | 477,386 | ||||||
Gulfport Energy Corp.* | 38,700 | 253,485 | ||||||
Kosmos Energy Ltd. (Ghana) | 27,200 | 181,968 | ||||||
PDC Energy, Inc.* | 4,100 | 178,309 | ||||||
Peabody Energy Corp. | 3,800 | 109,326 | ||||||
QEP Resources, Inc.* | 10,861 | 81,675 | ||||||
|
| |||||||
1,282,149 | ||||||||
|
| |||||||
Paper & Forest Products — 0.6% |
| |||||||
Louisiana-Pacific Corp. | 6,700 | 167,835 | ||||||
|
| |||||||
Pharmaceuticals — 1.5% | ||||||||
Jazz Pharmaceuticals plc* | 1,200 | 155,724 | ||||||
Mallinckrodt plc* | 7,500 | 115,950 | ||||||
Pacira BioSciences, Inc.* | 3,400 | 135,388 | ||||||
|
| |||||||
407,062 | ||||||||
|
| |||||||
Professional Services — 2.4% |
| |||||||
ManpowerGroup, Inc. | 2,000 | 192,080 | ||||||
Navigant Consulting, Inc. | 8,300 | 189,489 | ||||||
Nielsen Holdings plc | 6,600 | 168,498 | ||||||
WageWorks, Inc.* | 2,111 | 102,996 | ||||||
|
| |||||||
653,063 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.6% |
| |||||||
Realogy Holdings Corp. | 13,800 | 179,676 | ||||||
|
| |||||||
Road & Rail — 0.6% |
| |||||||
Genesee & Wyoming, Inc., Class A* | 1,900 | 168,435 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.5% |
| |||||||
Mellanox Technologies Ltd.* | 840 | 101,052 | ||||||
QUALCOMM, Inc. | 2,800 | 241,164 | ||||||
Teradyne, Inc. | 4,100 | 200,900 | ||||||
Versum Materials, Inc. | 7,919 | 413,213 | ||||||
|
| |||||||
956,329 | ||||||||
|
| |||||||
Software — 4.2% |
| |||||||
Nuance Communications, Inc.* | 10,000 | 168,300 | ||||||
Oracle Corp. | 3,100 | 171,523 | ||||||
Red Hat, Inc.* | 2,284 | 416,899 | ||||||
Ultimate Software Group, Inc. (The)* | 1,176 | 388,845 | ||||||
|
| |||||||
1,145,567 | ||||||||
|
| |||||||
Specialty Retail — 1.8% |
| |||||||
Asbury Automotive Group, Inc.* | 2,300 | 184,414 | ||||||
Gap, Inc. (The) | 6,300 | 164,304 | ||||||
Michaels Cos., Inc. (The)* | 13,400 | 150,616 | ||||||
|
| |||||||
499,334 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 65 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Textiles, Apparel & Luxury Goods — 0.6% |
| |||||||
VF Corp. | 1,700 | 160,497 | ||||||
|
| |||||||
Trading Companies & Distributors — 1.2% |
| |||||||
HD Supply Holdings, Inc.* | 3,800 | 173,622 | ||||||
WESCO International, Inc.* | 2,800 | 160,272 | ||||||
|
| |||||||
333,894 | ||||||||
|
| |||||||
Total Common Stocks | 18,954,786 | |||||||
|
| |||||||
PRINCIPAL AMOUNT($) | ||||||||
Foreign Government Securities — 1.0% |
| |||||||
Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 | JPY 30,900,000 | 277,541 | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 30.2% |
| |||||||
Investment Companies — 14.0% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (c)(d) | 3,853,204 | 3,854,360 | ||||||
|
| |||||||
PRINCIPAL AMOUNT($) | ||||||||
U.S. Treasury Obligations — 16.2% |
| |||||||
U.S. Treasury Bills | ||||||||
2.45%, 6/20/2019 (e) | 1,000,000 | 996,694 | ||||||
2.52%, 7/18/2019 (e) | 1,000,000 | 994,859 | ||||||
2.52%, 1/30/2020 (e) | 1,500,000 | 1,473,485 | ||||||
2.39%, 3/26/2020 (e) | 1,000,000 | 978,894 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 4,443,932 | |||||||
|
| |||||||
Total Short-Term Investments | 8,298,292 | |||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Investment of Cash Collateral from Securities Loaned — 0.5% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (c) (d) | 148,400 | 148,400 | ||||||
|
| |||||||
Total Investments — 100.5% | 27,679,019 | |||||||
Liabilities in Excess of | (132,326 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | 27,546,693 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations | ||
JPY | — Japanese Yen | |
(a) | — The security or a portion of this security is on loan at April 30, 2019. The total value of securities on loan at April 30, 2019 is approximately $143,248. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(d) | — The rate shown is the current yield as of April 30, 2019. | |
(e) | — The rate shown is the effective yield as of April 30, 2019. | |
* | — Non-income producing security. |
Forward foreign currency exchange contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION)($) | ||||||||||||||||
USD | 181,861 | AUD | 253,702 | Citibank, NA | 5/10/2019 | 2,980 | ||||||||||||||
USD | 573,483 | AUD | 806,693 | TD Bank Financial Group | 5/10/2019 | 4,697 | ||||||||||||||
USD | 143,792 | CAD | 191,162 | Merrill Lynch International | 5/10/2019 | 1,071 | ||||||||||||||
USD | 368,609 | CHF | 367,498 | TD Bank Financial Group | 5/10/2019 | 7,661 | ||||||||||||||
USD | 723,763 | EUR | 642,448 | BNP Paribas | 5/10/2019 | 2,688 | ||||||||||||||
USD | 542,684 | GBP | 414,941 | Standard Chartered Bank | 5/10/2019 | 1,366 | ||||||||||||||
USD | 132,557 | SEK | 1,227,975 | Merrill Lynch International | 5/10/2019 | 3,171 | ||||||||||||||
USD | 281,812 | JPY | 30,900,000 | State Street Corp. | 7/16/2019 | 2,698 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | 26,332 | |||||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION)($) | ||||||||||||||||
CAD | 185,904 | USD | 139,152 | BNP Paribas | 5/10/2019 | (356 | ) | |||||||||||||
CAD | 5,258 | USD | 3,932 | Merrill Lynch International | 5/10/2019 | (7 | ) | |||||||||||||
CHF | 55,373 | USD | 54,845 | Citibank, NA | 5/10/2019 | (460 | ) | |||||||||||||
CHF | 312,125 | USD | 312,420 | State Street Corp. | 5/10/2019 | (5,857 | ) | |||||||||||||
EUR | 169,552 | USD | 191,726 | BNP Paribas | 5/10/2019 | (1,423 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | (8,103 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | 18,229 | |||||||||||||||||||
|
|
Abbreviations
AUD | — Australian Dollar | |
CAD | — Canadian Dollar | |
CHF | — Swiss Franc | |
EUR | — Euro |
GBP | — British Pound | |
JPY | — Japanese Yen | |
SEK | — Swedish Krona | |
USD | — United States Dollar |
Over–the–Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019 | ||||||||||||||||||||
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month LIBOR on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 5/31/2019 - 5/29/2020 | $ | 235,919 | $ | 7,280 | $ | 2,378 | $ | 9,658 | ||||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Insurance | ||||||||||||||||
Prudential plc | 5,790 | 131,557 | 7,094 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
BTG plc* | 9,579 | 104,362 | 186 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 15,369 | 235,919 | 7,280 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 67 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in USD based on the local currencies of the positions within the swaps. | 2/10/2020 | $ | 7,082,402 | $ | 16,530 | $ | (1,405 | ) | $ | 15,125 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Air Freight & Logistics | ||||||||||||||||
XPO Logistics, Inc.* | 3,200 | 217,856 | 22,016 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components | ||||||||||||||||
Gentherm, Inc.* | 4,400 | 186,384 | 8,492 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles | ||||||||||||||||
Fiat Chrysler Automobiles NV | 7,000 | 107,870 | (2,030 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Banks | ||||||||||||||||
BankUnited, Inc. | 4,900 | 179,242 | 7,301 | 0.0 | (a) | |||||||||||
Citigroup, Inc. | 2,700 | 190,890 | 13,986 | 0.1 | ||||||||||||
Comerica, Inc. | 2,200 | 172,898 | 2,464 | 0.0 | (a) | |||||||||||
Popular, Inc. | 3,100 | 178,901 | 14,446 | 0.1 | ||||||||||||
Sterling Bancorp | 8,800 | 188,496 | 13,552 | 0.0 | (a) | |||||||||||
Wells Fargo & Co. | 3,300 | 159,753 | 2,046 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
25,000 | 1,070,180 | 53,795 | 0.2 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products | ||||||||||||||||
Armstrong World Industries, Inc. | 2,100 | 182,007 | 4,956 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets | ||||||||||||||||
BrightSphere Investment Group plc | 12,400 | 181,784 | 4,216 | 0.0 | (a) | |||||||||||
MSCI, Inc. | 800 | 180,304 | 8,616 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
13,200 | 362,088 | 12,832 | 0.1 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals | ||||||||||||||||
Celanese Corp. | 1,700 | 183,413 | 10,336 | 0.0 | (a) | |||||||||||
Chemours Co. (The) | 4,500 | 162,045 | (11,565 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
6,200 | 345,458 | (1,229 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Deluxe Corp. | 3,800 | 169,936 | (5,282 | ) | (0.0 | )(a) | ||||||||||
KAR Auction Services, Inc. | 2,900 | 163,792 | 11,774 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
6,700 | 333,728 | 6,492 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering | ||||||||||||||||
MasTec, Inc.* | 3,500 | 177,275 | 735 | 0.0 | (a) | |||||||||||
Quanta Services, Inc. | 4,400 | 178,640 | 5,632 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
7,900 | 355,915 | 6,367 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance | ||||||||||||||||
Santander Consumer USA Holdings, Inc. | 7,800 | 166,530 | (5,616 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
Avnet, Inc. | 3,800 | 184,718 | 8,740 | 0.0 | (a) | |||||||||||
Benchmark Electronics, Inc. | 6,200 | 167,586 | (10,788 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
10,000 | 352,304 | (2,048 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
US Silica Holdings, Inc. | 9,700 | 153,454 | (16,393 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure | ||||||||||||||||
Brinker International, Inc. | 3,600 | 153,972 | (1,224 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables | ||||||||||||||||
Meritage Homes Corp.* | 3,500 | 179,025 | 9,205 | 0.0 | (a) | |||||||||||
Newell Brands, Inc. | 10,600 | 152,428 | (11,660 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
14,100 | 331,453 | (2,455 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Products | ||||||||||||||||
Spectrum Brands Holdings, Inc. | 2,900 | 178,553 | 11,020 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Independent Power and Renewable Electricity Producers | ||||||||||||||||
Vistra Energy Corp. | 6,200 | 168,950 | 8,370 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail | ||||||||||||||||
Booking Holdings, Inc.* | 100 | 185,499 | 4,899 | 0.0 | (a) | |||||||||||
Qurate Retail, Inc.* | 10,000 | 170,500 | (400 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
10,100 | 355,999 | 4,499 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
LiveRamp Holdings, Inc.* | 3,000 | 174,990 | 7,680 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Leisure Products | ||||||||||||||||
Brunswick Corp. | 2,500 | 128,025 | (2,175 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Life Sciences Tools & Services | ||||||||||||||||
Waters Corp.* | 700 | 149,478 | (25,998 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery | ||||||||||||||||
Trinity Industries, Inc. | 7,500 | 161,700 | (9,000 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining | ||||||||||||||||
Reliance Steel & Aluminum Co. | 1,800 | 165,528 | 1,080 | 0.0 | (a) | |||||||||||
Worthington Industries, Inc. | 4,500 | 180,585 | 3,285 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
6,300 | 346,113 | 4,365 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Delek US Holdings, Inc. | 4,400 | 163,064 | (3,520 | ) | (0.0 | )(a) | ||||||||||
Devon Energy Corp. | 5,100 | 163,914 | 3,774 | 0.0 | (a) | |||||||||||
Ship Finance International Ltd. | 13,200 | 168,432 | (396 | ) | (0.0 | )(a) | ||||||||||
Southwestern Energy Co.* | 35,700 | 141,015 | (27,846 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
58,400 | 636,425 | (27,988 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Pfizer, Inc. | 3,900 | 158,379 | (8,268 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail | ||||||||||||||||
CSX Corp. | 2,200 | 175,186 | 10,032 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Software | ||||||||||||||||
MicroStrategy, Inc.* | 1,100 | 164,670 | 2,156 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail | ||||||||||||||||
Group 1 Automotive, Inc. | 2,600 | 203,606 | 23,062 | 0.1 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 69 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Specialty Retail — continued | ||||||||||||||||
Sleep Number Corp.* | 3,400 | 118,320 | (47,804 | ) | (0.2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
6,000 | 321,926 | (24,742 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
Dell Technologies, Inc.* | 2,800 | 188,748 | 11,536 | 0.0 | (a) | |||||||||||
Hewlett Packard Enterprise Co. | 10,900 | 172,329 | (5,014 | ) | (0.0 | )(a) | ||||||||||
Stratasys Ltd.* | 6,600 | 153,450 | (8,316 | ) | (0.0 | )(a) | ||||||||||
Xerox Corp. | 5,100 | 170,136 | (2,448 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
25,400 | 684,663 | (4,242 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors | ||||||||||||||||
MRC Global, Inc.* | 9,400 | 162,902 | (10,152 | ) | (0.0 | )(a) | ||||||||||
Rush Enterprises, Inc. | 3,900 | 165,399 | (3,276 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
13,300 | 328,301 | (13,428 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 270,400 | 8,452,557 | 16,236 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Banks | ||||||||||||||||
Ameris Bancorp | (884 | ) | (32,231 | ) | (1,211 | ) | (0.0 | )(a) | ||||||||
BB&T Corp. | (3,940 | ) | (201,728 | ) | (12,175 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,824 | ) | (233,959 | ) | (13,386 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
Centene Corp.* | (4,915 | ) | (253,417 | ) | 28,163 | 0.1 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Fidelity National Information Services, Inc. | (3,411 | ) | (395,437 | ) | (12,109 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Chevron Corp. | (2,510 | ) | (301,351 | ) | (1,332 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals | ||||||||||||||||
Bristol-Myers Squibb Co. | (1,782 | ) | (82,738 | ) | (962 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
Jones Lang LaSalle, Inc. | (668 | ) | (103,253 | ) | (80 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (18,110 | ) | (1,370,155 | ) | 294 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 252,290 | 7,082,402 | 16,530 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BA on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 11/26/2019 | $ | 29,062 | $ | (1,257 | ) | $ | (34 | ) | $ | (1,291 | ) | |||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Metals & Mining | ||||||||||||||||
Sandstorm Gold Ltd.* | 5,400 | 29,062 | (1,257 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one month BBR on long positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.35%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 2/10/2020 | $ | 142,333 | $ | (14,957 | ) | $ | (74 | ) | $ | (15,031 | ) | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Metals & Mining | ||||||||||||||||
South32 Ltd. | 60,264 | 142,333 | (14,957 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day FEDEF and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.20)% to 0.25%), which is denominated in USD based on the local currencies of the positions within the swaps. | 6/1/2028 – 4/18/2029 | $ | 1,434,473 | $ | (47,976 | ) | $ | 21,751 | $ | (26,225 | ) | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Biotechnology | ||||||||||||||||
Celgene Corp.* | 1,800 | 170,388 | 594 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies | ||||||||||||||||
Advanced Disposal Services, Inc.* | 8,168 | 264,153 | 573 | 0.0 | (a) |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 71 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Commercial Services & Supplies — continued | ||||||||||||||||
LSC Communications, Inc. | 4,814 | 33,650 | 337 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
12,982 | 297,803 | 910 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment | ||||||||||||||||
Finisar Corp.* | 19,019 | 458,548 | (1,141 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services | ||||||||||||||||
Voya Financial, Inc. | 3,300 | 181,137 | 6,996 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
Basic Energy Services, Inc.* | 822 | 2,071 | (715 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services | ||||||||||||||||
WellCare Health Plans, Inc.* | 1,469 | 379,516 | (37,856 | ) | (0.2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Stewart Information Services Corp. | 1,884 | 80,089 | (2,656 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Media | ||||||||||||||||
Gannett Co., Inc. | 8,506 | 79,361 | (7,315 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels | ||||||||||||||||
Roan Resources, Inc.* | 9,600 | 54,432 | (288 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development | ||||||||||||||||
HFF, Inc. | 4,490 | 213,679 | 628 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals | ||||||||||||||||
Electronics For Imaging, Inc.* | 6,861 | 255,161 | (4,170 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 70,733 | 2,172,185 | (45,013 | ) | (0.2 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Commercial Services & Supplies | ||||||||||||||||
Quad/Graphics, Inc. | (2,978 | ) | (36,361 | ) | 417 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components | ||||||||||||||||
II-VI, Inc.* | (4,176 | ) | (166,372 | ) | 1,420 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services | ||||||||||||||||
Key Energy Services, Inc.* | (596 | ) | (2,491 | ) | (161 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance | ||||||||||||||||
Fidelity National Financial, Inc. | (1,148 | ) | (45,863 | ) | (1,906 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services | ||||||||||||||||
Fiserv, Inc.* | (5,578 | ) | (486,625 | ) | (2,733 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (14,476 | ) | (737,712 | ) | (2,963 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 56,257 | 1,434,473 | (47,976 | ) | (0.2 | ) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio and pays or receives the net of one day SONIA and one month LIBOR, plus or minus a specified spread (rates range from (0.25)% to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 3/2/2029 | $ | — | $ | — | $ | (4,895 | ) | $ | (4,895 | ) | ||||||||||
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long equity positions and pays or receives the net of one day EONIA on long positions respectively, plus or minus a specified spread of 0.30%, which is denominated in EUR based on the local currencies of the positions within the swaps. | 5/17/2028 | $ | 252,220 | $ | (6,465 | ) | $ | 8 | $ | (6,457 | ) | ||||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Electric Utilities | ||||||||||||||||
EDP — Energias de Portugal SA* | 66,467 | 252,220 | (6,465 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio and pays or receives the net of one month CDOR, plus or minus a specified spread of 0.25%, which is denominated in CAD based on the local currencies of the positions within the swaps. | 1/17/2029 | $ | — | $ | — | $ | (18,523 | ) | $ | (18,523 | ) | ||||||||||
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day OIS-RBA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.30)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps. | | 5/3/2028 – 12/21/2028 |
| $ | 252,603 | $ | 4,362 | $ | (2,952 | ) | $ | 1,410 | |||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 73 |
JPMorgan Event Driven ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Health Care Providers & Services | ||||||||||||||||
Healthscope Ltd. | 170,236 | 294,123 | 1,336 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Health Care Providers & Services | ||||||||||||||||
Australian Pharmaceutical Industries Ltd. | (40,872 | ) | (41,520 | ) | 3,026 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 129,364 | 252,603 | 4,362 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
The following reference rates, and their values as of period-end, are used for security descriptions:
VALUE | ||||||
BA | 1.98 | % | ||||
BBR | 1.60 | % | ||||
CDOR | 1.98 | % | ||||
EONIA | (0.36 | )% | ||||
FEDEF | 2.45 | % | ||||
GBP LIBOR | 0.73 | % | ||||
OIS-RBA | 1.50 | % | ||||
SONIA | 0.71 | % | ||||
USD LIBOR | 2.48 | % |
Summary of total swap contracts outstanding as of January 31, 2019:
NET UPFRONT PAYMENTS (RECEIPTS)($) | VALUE($) | |||||||
Assets |
| |||||||
Total return basket swaps contracts outstanding | — | 26,193 | ||||||
|
|
|
| |||||
Liabilities |
| |||||||
Total return basket swaps contracts outstanding | — | (72,422 | ) | |||||
�� |
|
|
|
|
Abbreviations
AUD | — Australian Dollar | |
BA | — Banker’s Acceptance Rate | |
BBR | — Bank Base Rate | |
CAD | — Canadian Dollar | |
CDOR | — Canadian Dollar Offered Rate | |
EONIA | — Euro Over Night Index Average | |
EUR | — Euro | |
FEDEF | — US Federal Fund Effective Rate (Continuous Series) | |
GBP | — British Pound | |
LIBOR | — London Interbank Offered Rate |
OIS-RBA | — Overnight Indexed Swap-Reserve Bank of Australia | |
SONIA | — Sterling Overnight Index Average | |
USD | — United States Dollar | |
(1) | — Notional value represents market value, as of April 30, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded. | |
(2) | — Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset. | |
(a) | — Amount rounds to less than 0.1% of net assets. | |
* | — Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
(Amounts in U.S. Dollars, unless otherwise noted)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 65.7% |
| |||||||
Airlines — 0.8% |
| |||||||
Alaska Air Group, Inc. | 1,458 | 90,250 | ||||||
United Continental Holdings, Inc.* | 1,014 | 90,104 | ||||||
|
| |||||||
180,354 | ||||||||
|
| |||||||
Auto Components — 0.4% | ||||||||
Gentex Corp. | 3,891 | 89,610 | ||||||
|
| |||||||
Banks — 0.7% | ||||||||
OFG Bancorp (Puerto Rico) | 4,292 | 86,613 | ||||||
Popular, Inc. (Puerto Rico) | 1,434 | 82,756 | ||||||
|
| |||||||
169,369 | ||||||||
|
| |||||||
Beverages — 0.7% | ||||||||
Coca-Cola European Partners plc (United Kingdom) | 1,478 | 79,206 | ||||||
Molson Coors Brewing Co., Class B | 1,321 | 84,795 | ||||||
|
| |||||||
164,001 | ||||||||
|
| |||||||
Building Products — 0.4% | ||||||||
Continental Building Products, Inc.* | 3,325 | 85,286 | ||||||
|
| |||||||
Chemicals — 1.3% | ||||||||
CF Industries Holdings, Inc. | 1,778 | 79,619 | ||||||
Eastman Chemical Co. | 1,008 | 79,511 | ||||||
Huntsman Corp. | 3,412 | 75,883 | ||||||
Kraton Corp.* | 2,163 | 70,989 | ||||||
|
| |||||||
306,002 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.5% | ||||||||
ABM Industries, Inc. | 2,254 | 85,584 | ||||||
Brady Corp., Class A | 1,747 | 85,236 | ||||||
Deluxe Corp. | 1,894 | 84,700 | ||||||
Herman Miller, Inc. | 2,341 | 90,878 | ||||||
KAR Auction Services, Inc. | 1,460 | 82,461 | ||||||
Steelcase, Inc., Class A | 4,749 | 82,110 | ||||||
Tetra Tech, Inc. | 1,348 | 87,242 | ||||||
|
| |||||||
598,211 | ||||||||
|
| |||||||
Communications Equipment — 1.4% | ||||||||
Cisco Systems, Inc. | 1,371 | 76,707 | ||||||
Juniper Networks, Inc. | 3,131 | 86,948 | ||||||
NetScout Systems, Inc.* | 2,887 | 84,878 | ||||||
Plantronics, Inc. | 1,640 | 84,427 | ||||||
|
| |||||||
332,960 | ||||||||
|
| |||||||
Consumer Finance — 0.7% | ||||||||
Ally Financial, Inc. | 2,960 | 87,942 | ||||||
Santander Consumer USA Holdings, Inc. | 3,544 | 75,664 | ||||||
|
| |||||||
163,606 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Containers & Packaging — 0.3% | ||||||||
Sonoco Products Co. | 1,263 | 79,645 | ||||||
|
| |||||||
Distributors — 0.3% | ||||||||
Core-Mark Holding Co., Inc. | 2,110 | 76,698 | ||||||
|
| |||||||
Diversified Consumer Services — 0.7% | ||||||||
Adtalem Global Education, Inc.* | 1,599 | 78,863 | ||||||
H&R Block, Inc. | 3,236 | 88,051 | ||||||
|
| |||||||
166,914 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.3% |
| |||||||
Verizon Communications, Inc. | 1,296 | 74,118 | ||||||
|
| |||||||
Electric Utilities — 1.0% | ||||||||
Exelon Corp. | 1,551 | 79,023 | ||||||
IDACORP, Inc. | 780 | 77,236 | ||||||
OGE Energy Corp. | 1,800 | 76,212 | ||||||
|
| |||||||
232,471 | ||||||||
|
| |||||||
Electrical Equipment — 2.0% | ||||||||
Atkore International Group, Inc.* | 3,314 | 82,055 | ||||||
Eaton Corp. plc | 1,019 | 84,394 | ||||||
EnerSys | 1,233 | 85,311 | ||||||
Generac Holdings, Inc.* | 1,398 | 76,876 | ||||||
nVent Electric plc | 2,751 | 76,890 | ||||||
Regal Beloit Corp. | 921 | 78,359 | ||||||
|
| |||||||
483,885 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.4% |
| |||||||
CDW Corp. | 843 | 89,021 | ||||||
Dolby Laboratories, Inc., Class A | 1,378 | 89,143 | ||||||
Fabrinet (Thailand)* | 1,284 | 77,708 | ||||||
FLIR Systems, Inc. | 1,524 | 80,680 | ||||||
Insight Enterprises, Inc.* | 1,414 | 80,004 | ||||||
Tech Data Corp.* | 722 | 76,972 | ||||||
Zebra Technologies Corp., Class A* | 376 | 79,389 | ||||||
|
| |||||||
572,917 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% | ||||||||
ProPetro Holding Corp.* | 2,611 | 57,781 | ||||||
|
| |||||||
Entertainment — 0.7% | ||||||||
Marcus Corp. (The) | 1,974 | 74,262 | ||||||
Viacom, Inc., Class B | 2,970 | 85,863 | ||||||
|
| |||||||
160,125 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.1% | ||||||||
Sysco Corp. | 1,269 | 89,300 | ||||||
Walgreens Boots Alliance, Inc. | 1,456 | 77,998 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 75 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Food & Staples Retailing — continued | ||||||||
Walmart, Inc. | 816 | 83,917 | ||||||
|
| |||||||
251,215 | ||||||||
|
| |||||||
Food Products — 2.1% | ||||||||
B&G Foods, Inc. | 3,194 | 83,044 | ||||||
Cal-Maine Foods, Inc. | 1,837 | 75,519 | ||||||
Hershey Co. (The) | 734 | 91,640 | ||||||
Ingredion, Inc. | 899 | 85,180 | ||||||
Lancaster Colony Corp. | 499 | 74,206 | ||||||
TreeHouse Foods, Inc.* | 1,228 | 82,252 | ||||||
|
| |||||||
491,841 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.0% | ||||||||
Atrion Corp. | 100 | 88,000 | ||||||
Baxter International, Inc. | 997 | 76,071 | ||||||
Danaher Corp. | 600 | 79,464 | ||||||
Hill-Rom Holdings, Inc. | 764 | 77,485 | ||||||
Integer Holdings Corp.* | 1,119 | 77,312 | ||||||
STERIS plc | 646 | 84,613 | ||||||
|
| |||||||
482,945 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.0% | ||||||||
Chemed Corp. | 253 | 82,675 | ||||||
Encompass Health Corp. | 1,335 | 86,041 | ||||||
Ensign Group, Inc. (The) | 1,514 | 78,001 | ||||||
Humana, Inc. | 299 | 76,368 | ||||||
Premier, Inc., Class A* | 2,377 | 78,988 | ||||||
UnitedHealth Group, Inc. | 336 | 78,311 | ||||||
|
| |||||||
480,384 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.0% | ||||||||
Brinker International, Inc. | 1,761 | 75,318 | ||||||
Dine Brands Global, Inc. | 848 | 75,184 | ||||||
Wyndham Destinations, Inc. | 1,967 | 85,682 | ||||||
|
| |||||||
236,184 | ||||||||
|
| |||||||
Household Durables — 0.8% | ||||||||
Helen of Troy Ltd.* | 683 | 98,352 | ||||||
PulteGroup, Inc. | 2,871 | 90,322 | ||||||
|
| |||||||
188,674 | ||||||||
|
| |||||||
Household Products — 1.1% | ||||||||
Church & Dwight Co., Inc. | 1,143 | 85,668 | ||||||
Kimberly-Clark Corp. | 639 | 82,035 | ||||||
Procter & Gamble Co. (The) | 763 | 81,244 | ||||||
|
| |||||||
248,947 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Independent Power and Renewable Electricity Producers — 1.0% |
| |||||||
AES Corp. | 4,269 | 73,085 | ||||||
Clearway Energy, Inc., Class C | 5,665 | 89,903 | ||||||
NRG Energy, Inc. | 1,874 | 77,153 | ||||||
|
| |||||||
240,141 | ||||||||
|
| |||||||
Insurance — 1.4% |
| |||||||
Aflac, Inc. | 1,678 | 84,538 | ||||||
American Equity Investment Life Holding Co. | 2,897 | 85,201 | ||||||
Athene Holding Ltd., Class A* | 1,880 | 84,901 | ||||||
Universal Insurance Holdings, Inc. | 2,545 | 75,815 | ||||||
|
| |||||||
330,455 | ||||||||
|
| |||||||
Interactive Media & Services — 0.4% |
| |||||||
TripAdvisor, Inc.* | 1,544 | 82,187 | ||||||
|
| |||||||
IT Services — 4.9% |
| |||||||
Accenture plc, Class A | 432 | 78,914 | ||||||
Akamai Technologies, Inc.* | 1,137 | 91,028 | ||||||
Automatic Data Processing, Inc. | 503 | 82,688 | ||||||
Broadridge Financial Solutions, Inc. | 669 | 79,029 | ||||||
CACI International, Inc., Class A* | 440 | 85,774 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,090 | 79,526 | ||||||
CSG Systems International, Inc. | 1,931 | 86,219 | ||||||
Euronet Worldwide, Inc.* | 564 | 84,538 | ||||||
EVERTEC, Inc. (Puerto Rico) | 2,555 | 79,997 | ||||||
ManTech International Corp., Class A | 1,373 | 85,112 | ||||||
Mastercard, Inc., Class A | 337 | 85,679 | ||||||
MAXIMUS, Inc. | 1,087 | 80,058 | ||||||
Total System Services, Inc. | 864 | 88,335 | ||||||
Visa, Inc., Class A | 506 | 83,202 | ||||||
|
| |||||||
1,170,099 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.3% |
| |||||||
Agilent Technologies, Inc. | 1,023 | 80,305 | ||||||
Charles River Laboratories International, Inc.* | 570 | 80,068 | ||||||
ICON plc (Ireland)* | 550 | 75,119 | ||||||
Medpace Holdings, Inc.* | 1,363 | 76,560 | ||||||
|
| |||||||
312,052 | ||||||||
|
| |||||||
Machinery — 2.0% |
| |||||||
AGCO Corp. | 1,158 | 81,963 | ||||||
Allison Transmission Holdings, Inc. | 1,634 | 76,569 | ||||||
Cummins, Inc. | 468 | 77,824 | ||||||
Hillenbrand, Inc. | 1,786 | 76,834 | ||||||
ITT, Inc. | 1,382 | 83,680 | ||||||
Watts Water Technologies, Inc., Class A | 913 | 78,144 | ||||||
|
| |||||||
475,014 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Media — 2.4% |
| |||||||
AMC Networks, Inc., Class A* | 1,379 | 80,547 | ||||||
Discovery, Inc., Class A* | 2,742 | 84,728 | ||||||
Gray Television, Inc.* | 3,576 | 83,786 | ||||||
John Wiley & Sons, Inc., Class A | 1,715 | 79,199 | ||||||
Omnicom Group, Inc. | 972 | 77,789 | ||||||
Sinclair Broadcast Group, Inc., Class A | 1,753 | 80,270 | ||||||
TEGNA, Inc. | 5,571 | 88,690 | ||||||
|
| |||||||
575,009 | ||||||||
|
| |||||||
Metals & Mining — 1.0% |
| |||||||
Schnitzer Steel Industries, Inc., Class A | 3,379 | 80,150 | ||||||
Steel Dynamics, Inc. | 2,278 | 72,167 | ||||||
Warrior Met Coal, Inc. | 2,739 | 84,909 | ||||||
|
| |||||||
237,226 | ||||||||
|
| |||||||
Multiline Retail — 1.0% |
| |||||||
Kohl’s Corp. | 1,141 | 81,125 | ||||||
Nordstrom, Inc. | 1,797 | 73,713 | ||||||
Target Corp. | 904 | 69,988 | ||||||
|
| |||||||
224,826 | ||||||||
|
| |||||||
Multi-Utilities — 0.3% |
| |||||||
NorthWestern Corp. | 1,102 | 76,975 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.4% |
| |||||||
Cabot Oil & Gas Corp. | 2,402 | 62,188 | ||||||
ConocoPhillips | 957 | 60,406 | ||||||
CONSOL Energy, Inc.* | 1,836 | 62,241 | ||||||
CVR Energy, Inc. | 1,499 | 68,369 | ||||||
HollyFrontier Corp. | 1,392 | 66,440 | ||||||
Kinder Morgan, Inc. | 3,121 | 62,014 | ||||||
Peabody Energy Corp. | 2,132 | 61,338 | ||||||
Phillips 66 | 647 | 60,993 | ||||||
Renewable Energy Group, Inc.* | 2,728 | 65,799 | ||||||
|
| |||||||
569,788 | ||||||||
|
| |||||||
Paper & Forest Products — 1.0% |
| |||||||
Domtar Corp. | 1,765 | 86,309 | ||||||
Louisiana-Pacific Corp. | 3,024 | 75,751 | ||||||
Verso Corp., Class A* | 3,494 | 77,986 | ||||||
|
| |||||||
240,046 | ||||||||
|
| |||||||
Personal Products — 0.9% |
| |||||||
Herbalife Nutrition Ltd.* | 1,339 | 70,766 | ||||||
Medifast, Inc. | 506 | 74,225 | ||||||
USANA Health Sciences, Inc.* | 907 | 75,698 | ||||||
|
| |||||||
220,689 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals — 1.7% |
| |||||||
Horizon Pharma plc* | 2,946 | 75,211 | ||||||
Jazz Pharmaceuticals plc* | 618 | 80,198 | ||||||
Johnson & Johnson | 618 | 87,262 | ||||||
Pfizer, Inc. | 2,032 | 82,519 | ||||||
Taro Pharmaceutical Industries Ltd. | 732 | 78,624 | ||||||
|
| |||||||
403,814 | ||||||||
|
| |||||||
Professional Services — 1.4% |
| |||||||
FTI Consulting, Inc.* | 1,038 | 88,209 | ||||||
Korn Ferry | 1,641 | 77,160 | ||||||
Navigant Consulting, Inc. | 4,096 | 93,512 | ||||||
Robert Half International, Inc. | 1,249 | 77,550 | ||||||
|
| |||||||
336,431 | ||||||||
|
| |||||||
Road & Rail — 0.7% |
| |||||||
ArcBest Corp. | 2,513 | 76,797 | ||||||
CSX Corp. | 1,103 | 87,832 | ||||||
|
| |||||||
164,629 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.3% |
| |||||||
Cabot Microelectronics Corp. | 606 | 76,508 | ||||||
Diodes, Inc.* | 2,237 | 81,472 | ||||||
Intel Corp. | 1,322 | 67,475 | ||||||
KLA-Tencor Corp. | 655 | 83,499 | ||||||
Kulicke & Soffa Industries, Inc. (Singapore) | 3,179 | 73,975 | ||||||
Lam Research Corp. | 440 | 91,269 | ||||||
MKS Instruments, Inc. | 760 | 69,168 | ||||||
ON Semiconductor Corp.* | 3,373 | 77,781 | ||||||
Qorvo, Inc.* | 1,006 | 76,064 | ||||||
Xperi Corp. | 3,504 | 87,074 | ||||||
|
| |||||||
784,285 | ||||||||
|
| |||||||
Software — 2.3% |
| |||||||
Check Point Software Technologies Ltd. (Israel)* | 624 | 75,354 | ||||||
Citrix Systems, Inc. | 821 | 82,888 | ||||||
Intuit, Inc. | 294 | 73,812 | ||||||
LogMeIn, Inc. | 894 | 73,665 | ||||||
Microsoft Corp. | 667 | 87,110 | ||||||
Oracle Corp. | 1,533 | 84,821 | ||||||
Progress Software Corp. | 1,693 | 77,218 | ||||||
|
| |||||||
554,868 | ||||||||
|
| |||||||
Specialty Retail — 4.4% |
| |||||||
Abercrombie & Fitch Co., Class A | 3,166 | 94,632 | ||||||
American Eagle Outfitters, Inc. | 3,671 | 87,296 | ||||||
Best Buy Co., Inc. | 1,100 | 81,851 | ||||||
Designer Brands, Inc. | 3,583 | 79,722 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 77 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued | ||||||||
Specialty Retail — continued |
| |||||||
Dick’s Sporting Goods, Inc. | 2,202 | 81,474 | ||||||
Foot Locker, Inc. | 1,350 | 77,234 | ||||||
Genesco, Inc.* | 1,826 | 81,823 | ||||||
Office Depot, Inc. | 32,225 | 77,340 | ||||||
Rent-A-Center, Inc.* | 3,252 | 81,072 | ||||||
Shoe Carnival, Inc. | 2,081 | 74,208 | ||||||
Signet Jewelers Ltd. | 3,363 | 77,954 | ||||||
Williams-Sonoma, Inc. | 1,210 | 69,176 | ||||||
Zumiez, Inc.* | 2,938 | 78,239 | ||||||
|
| |||||||
1,042,021 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.0% |
| |||||||
Apple, Inc. | 376 | 75,452 | ||||||
HP, Inc. | 4,109 | 81,975 | ||||||
NetApp, Inc. | 1,039 | 75,691 | ||||||
|
| |||||||
233,118 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 2.0% |
| |||||||
Columbia Sportswear Co. | 764 | 76,377 | ||||||
Deckers Outdoor Corp.* | 548 | 86,699 | ||||||
Fossil Group, Inc.* | 5,512 | 72,042 | ||||||
Movado Group, Inc. | 2,434 | 86,772 | ||||||
Oxford Industries, Inc. | 1,050 | 87,213 | ||||||
Ralph Lauren Corp. | 581 | 76,448 | ||||||
|
| |||||||
485,551 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.7% |
| |||||||
New York Community Bancorp, Inc. | 7,004 | 81,457 | ||||||
Radian Group, Inc. | 3,834 | 89,792 | ||||||
|
| |||||||
171,249 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.7% |
| |||||||
HD Supply Holdings, Inc.* | 1,982 | 90,558 | ||||||
WW Grainger, Inc. | 265 | 74,730 | ||||||
|
| |||||||
165,288 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 0.6% |
| |||||||
Shenandoah Telecommunications Co. | 1,672 | 69,104 | ||||||
United States Cellular Corp.* | 1,658 | 79,750 | ||||||
|
| |||||||
148,854 | ||||||||
|
| |||||||
Total Common Stocks | 15,618,758 | |||||||
|
|
PRINCIPAL AMOUNT($) | VALUE($) | |||||||
Foreign Government Securities — 1.0% |
| |||||||
Japan Government Two Year Bond (Japan) 0.10%, 7/15/2019 | JPY 26,200,000 | 235,326 | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 33.1% | ||||||||
Investment Companies — 24.8% | ||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) | 5,893,185 | 5,894,953 | ||||||
|
| |||||||
PRINCIPAL AMOUNT($) | ||||||||
U.S. Treasury Obligations — 8.3% | ||||||||
U.S. Treasury Bills 2.38%, 7/18/2019 (c) | 2,000,000 | 1,989,719 | ||||||
|
| |||||||
Total Short-Term Investments | 7,884,672 | |||||||
|
| |||||||
Total Investments — 99.8% | 23,738,756 | |||||||
Other Assets Less Liabilities — 0.2% | 52,824 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 23,791,580 | |||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
JPY | — Japanese Yen | |
(a) | — Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(b) | — The rate shown is the current yield as of April 30, 2019. | |
(c) | — The rate shown is the effective yield as of April 30, 2019. | |
* | — Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
CAC 40 10 Euro Index | 2 | 05/2019 | EUR | 124,554 | 1,872 | |||||||||||||||
Hang Seng Index | 1 | 05/2019 | HKD | 188,156 | 978 | |||||||||||||||
IBEX 35 Index | 1 | 05/2019 | EUR | 107,355 | 1,310 | |||||||||||||||
EURO STOXX 50 Index | 2 | 06/2019 | EUR | 77,549 | 1,415 | |||||||||||||||
FTSE 100 Index | 1 | 06/2019 | GBP | 96,241 | (486 | ) | ||||||||||||||
FTSE MIB Index | 1 | 06/2019 | EUR | 120,400 | 366 | |||||||||||||||
S&P 500E-Mini Index | 2 | 06/2019 | USD | 294,950 | 8,246 | |||||||||||||||
SPI 200 Index | 4 | 06/2019 | AUD | 444,753 | 7,331 | |||||||||||||||
|
| |||||||||||||||||||
21,032 | ||||||||||||||||||||
|
|
Abbreviations
AUD | — Australian Dollar | |
CAC | — Continuous Assisted Quotation | |
EUR | — Euro | |
FTSE | — Financial Times and the London Stock Exchange | |
GBP | — British Pound |
HKD | — Hong Kong Dollar | |
IBEX | — International Business Exchange | |
MIB | — Milan, Italian Stock Exchange | |
SPI | — Australian Securities Exchange | |
USD | — United States Dollar |
Forward foreign currency exchange contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION)($) | ||||||||||||||||
JPY | 1,993,327 | USD | 17,836 | Goldman Sachs International | 5/10/2019 | 70 | ||||||||||||||
USD | 120,169 | EUR | 106,110 | TD Bank Financial Group | 5/10/2019 | 1,073 | ||||||||||||||
USD | 238,948 | JPY | 26,200,000 | State Street Corp. | 7/16/2019 | 2,288 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | 3,431 | |||||||||||||||||||
|
| |||||||||||||||||||
EUR | 131,312 | USD | 148,978 | Barclays Bank plc | 5/10/2019 | (1,596 | ) | |||||||||||||
JPY | 17,148,618 | USD | 154,557 | Merrill Lynch International | 5/10/2019 | (509 | ) | |||||||||||||
USD | 171,459 | JPY | 19,141,945 | Standard Chartered Bank | 5/10/2019 | (494 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | (2,599 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | 832 | |||||||||||||||||||
|
|
Abbreviations
EUR | — Euro | |
JPY | — Japanese Yen | |
USD | — United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 79 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
Over-the-Counter (“OTC”) Total Return Basket Swaps Outstanding at April 30, 2019 | ||||||||||||||||||||
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20% ), which is denominated in GBP based on the local currencies of the positions within the swaps. | 7/31/2019 – 4/30/2020 | $ | 1,054,875 | $ | (42,034 | ) | $ | 7,108 | $ | (34,926 | ) | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions | ||||||||||||||||
Common Stocks | ||||||||||||||||
Aerospace & Defense | ||||||||||||||||
Meggitt plc | 2,688 | 19,127 | 1,174 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics |
| |||||||||||||||
Royal Mail plc | 13,908 | 45,891 | (30 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
3i Group plc | 6,204 | 86,809 | 3,368 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributors |
| |||||||||||||||
Inchcape plc | 6,911 | 55,484 | 2,831 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
Petrofac Ltd. | 9,946 | 57,419 | (9,836 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Real Estate Investment Trusts (REITs) |
| |||||||||||||||
UNITE Group plc (The) | 6,905 | 84,869 | (422 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
J Sainsbury plc | 10,097 | 29,334 | (429 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Greencore Group plc | 30,797 | 92,366 | 7,720 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Carnival plc | 1,352 | 71,676 | 3,203 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Barratt Developments plc | 9,900 | 77,882 | (110 | ) | (0.0 | )(a) | ||||||||||
Berkeley Group Holdings plc | 1,575 | 77,264 | 1,411 | 0.0 | (a) | |||||||||||
Bovis Homes Group plc | 4,818 | 69,855 | 2,645 | 0.0 | (a) | |||||||||||
Redrow plc | 9,568 | 77,015 | 680 | 0.0 | (a) | |||||||||||
Taylor Wimpey plc | 33,503 | 79,429 | (352 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
59,364 | 381,445 | 4,274 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Independent Power and Renewable Electricity Producers |
| |||||||||||||||
Drax Group plc | 15,961 | 71,087 | (6,851 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Vesuvius plc | 622 | 5,018 | 76 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Pearson plc | 7,366 | 79,795 | 842 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Anglo American plc | 3,118 | 80,911 | (9,538 | ) | (0.1 | ) |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued | ||||||||||||||||
Common Stocks — continued | ||||||||||||||||
Metals & Mining — continued |
| |||||||||||||||
BHP Group plc | 3,320 | 78,367 | (5,756 | ) | (0.0 | )(a) | ||||||||||
Rio Tinto plc | 1,291 | 75,316 | (4,842 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
7,729 | 234,594 | (20,136 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities |
| |||||||||||||||
Centrica plc | 56,912 | 79,117 | (2,247 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Personal Products |
| |||||||||||||||
Unilever plc | 1,375 | 83,346 | 4,534 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Hikma Pharmaceuticals plc | 803 | 18,530 | (208 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services |
| |||||||||||||||
Experian plc | 2,704 | 78,711 | 2 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Software |
| |||||||||||||||
Avast plc* (b) | 20,183 | 79,904 | 1,904 | 0.0 | (a) | |||||||||||
Micro Focus International plc | 2,449 | 62,080 | (12,701 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
22,632 | 141,984 | (10,797 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Burberry Group plc | 3,145 | 82,893 | 3,430 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Tobacco |
| |||||||||||||||
Imperial Brands plc | 2,337 | 74,359 | (3,253 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services |
| |||||||||||||||
Vodafone Group plc | 42,341 | 78,537 | 1,335 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 312,099 | 1,952,391 | (21,420 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Rolls-Royce Holdings plc* | (345,699 | ) | (451 | ) | (446 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
Metro Bank plc* | (1,186 | ) | (11,632 | ) | 964 | 0.0 | (a) | |||||||||
Standard Chartered plc | (6,401 | ) | (58,525 | ) | (4,465 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(7,587 | ) | (70,157 | ) | (3,501 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
Quilter plc (b) | (31,063 | ) | (59,909 | ) | 1,417 | 0.0 | (a) | |||||||||
Schroders plc | (1,314 | ) | (54,383 | ) | (4,114 | ) | (0.1 | ) | ||||||||
St James’s Place plc | (3,733 | ) | (54,783 | ) | (3,764 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(36,110 | ) | (169,075 | ) | (6,461 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Johnson Matthey plc | (1,380 | ) | (60,202 | ) | (256 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Melrose Industries plc | (6,437 | ) | (17,032 | ) | (1,560 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Associated British Foods plc | (1,649 | ) | (55,080 | ) | (1,013 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services |
| |||||||||||||||
NMC Health plc | (612 | ) | (22,600 | ) | (3,360 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 81 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Merlin Entertainments plc | (11,516 | ) | (55,071 | ) | (3,397 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Industrial Conglomerates |
| |||||||||||||||
DCC plc | (673 | ) | (60,240 | ) | (60 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Beazley plc | (8,544 | ) | (64,380 | ) | (6,100 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Weir Group plc (The) | (2,366 | ) | (51,425 | ) | 1,549 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
ITV plc | (30,266 | ) | (54,044 | ) | (606 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Fresnillo plc | (5,372 | ) | (52,615 | ) | 7,663 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail |
| |||||||||||||||
B&M European Value Retail SA | (11,956 | ) | (61,636 | ) | (839 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Dechra Pharmaceuticals plc | (1,666 | ) | (57,903 | ) | (114 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services |
| |||||||||||||||
Capita plc | (9,813 | ) | (16,359 | ) | (765 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
Capital & Counties Properties plc | (2,222 | ) | (7,026 | ) | (86 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail |
| |||||||||||||||
Kingfisher plc | (6,444 | ) | (22,220 | ) | (1,262 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (490,312 | ) | (897,516 | ) | (20,614 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (178,213 | ) | 1,054,875 | (42,034 | ) | (0.2 | ) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one month LIBOR on short positions, which is denominated in USD based on the local currencies of the positions within the swaps. | 5/11/2020 | $ | (7,685,719 | ) | $ | (57,082 | ) | $ | (47,648 | ) | $ | (104,730 | ) | ||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
BWX Technologies, Inc. | (1,179 | ) | (60,247 | ) | (448 | ) | (0.0 | )(a) | ||||||||
Cubic Corp. | (163 | ) | (9,255 | ) | (126 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,342 | ) | (69,502 | ) | (574 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Air Freight & Logistics |
| |||||||||||||||
Air Transport Services Group, Inc.* | (426 | ) | (10,024 | ) | (264 | ) | (0.0 | )(a) | ||||||||
FedEx Corp. | (278 | ) | (52,670 | ) | 428 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(704 | ) | (62,694 | ) | 164 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Airlines |
| |||||||||||||||
American Airlines Group, Inc. | (767 | ) | (26,216 | ) | (123 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components |
| |||||||||||||||
Veoneer, Inc.* | (936 | ) | (20,658 | ) | 4,137 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Beverages |
| |||||||||||||||
Constellation Brands, Inc. | (262 | ) | (55,458 | ) | (5,651 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
BlackRock, Inc. | (114 | ) | (55,317 | ) | (4,843 | ) | (0.0 | )(a) | ||||||||
Cboe Global Markets, Inc. | (116 | ) | (11,787 | ) | (635 | ) | (0.0 | )(a) | ||||||||
Charles Schwab Corp. (The) | (1,352 | ) | (61,895 | ) | (2,041 | ) | (0.0 | )(a) | ||||||||
Interactive Brokers Group, Inc. | (1,118 | ) | (60,640 | ) | (1,386 | ) | (0.0 | )(a) | ||||||||
Northern Trust Corp. | (643 | ) | (63,368 | ) | (3,311 | ) | (0.0 | )(a) | ||||||||
SEI Investments Co. | (959 | ) | (52,217 | ) | 1,544 | 0.0 | (a) | |||||||||
WisdomTree Investments, Inc. | (1,623 | ) | (11,686 | ) | 584 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,925 | ) | (316,910 | ) | (10,088 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Albemarle Corp. | (288 | ) | (21,617 | ) | 3,021 | 0.0 | (a) | |||||||||
Axalta Coating Systems Ltd.* | (2,019 | ) | (54,473 | ) | (162 | ) | (0.0 | )(a) | ||||||||
DowDuPont, Inc. | (1,115 | ) | (42,872 | ) | 56 | 0.0 | (a) | |||||||||
RPM International, Inc. | (999 | ) | (60,589 | ) | 70 | 0.0 | (a) | |||||||||
Sensient Technologies Corp. | (859 | ) | (60,233 | ) | (1,649 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,280 | ) | (239,784 | ) | 1,336 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies |
| |||||||||||||||
Brink’s Co. (The) | (767 | ) | (61,306 | ) | (736 | ) | (0.0 | )(a) | ||||||||
Covanta Holding Corp. | (3,262 | ) | (58,944 | ) | (1,566 | ) | (0.0 | )(a) | ||||||||
Stericycle, Inc.* | (1,089 | ) | (63,587 | ) | (1,514 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,118 | ) | (183,837 | ) | (3,816 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment |
| |||||||||||||||
Infinera Corp.* | (11,403 | ) | (49,489 | ) | 4,675 | 0.0 | (a) | |||||||||
NETGEAR, Inc.* | (1,737 | ) | (53,899 | ) | 5,420 | 0.0 | (a) | |||||||||
ViaSat, Inc.* | (607 | ) | (55,128 | ) | (3,982 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(13,747 | ) | (158,516 | ) | 6,113 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Dycom Industries, Inc.* | (1,248 | ) | (61,888 | ) | (2,983 | ) | (0.0 | )(a) | ||||||||
WillScot Corp.* | (4,193 | ) | (56,480 | ) | (6,876 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,441 | ) | (118,368 | ) | (9,859 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
Martin Marietta Materials, Inc. | (292 | ) | (64,795 | ) | (4,981 | ) | (0.0 | )(a) | ||||||||
Summit Materials, Inc.* | (2,159 | ) | (37,826 | ) | (5,549 | ) | (0.1 | ) | ||||||||
US Concrete, Inc.* | (1,154 | ) | (54,388 | ) | (3,739 | ) | (0.0 | )(a) | ||||||||
Vulcan Materials Co. | (438 | ) | (55,236 | ) | (2,781 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,043 | ) | (212,245 | ) | (17,050 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 83 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Consumer Finance |
| |||||||||||||||
LendingClub Corp.* | (16,390 | ) | (52,120 | ) | 1,967 | 0.0 | (a) | |||||||||
PRA Group, Inc.* | (2,132 | ) | (59,952 | ) | (2,921 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(18,522 | ) | (112,072 | ) | (954 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
Crown Holdings, Inc.* | (1,057 | ) | (61,443 | ) | (1,966 | ) | (0.0 | )(a) | ||||||||
Graphic Packaging Holding Co. | (3,926 | ) | (54,493 | ) | (4,358 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,983 | ) | (115,936 | ) | (6,324 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Iridium Communications, Inc.* | (2,115 | ) | (58,078 | ) | 761 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Alliant Energy Corp. | (1,202 | ) | (56,770 | ) | (1,130 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components |
| |||||||||||||||
Itron, Inc.* | (1,048 | ) | (56,236 | ) | (6,246 | ) | (0.0 | )(a) | ||||||||
nLight, Inc.* | (2,169 | ) | (56,676 | ) | (4,533 | ) | (0.0 | )(a) | ||||||||
Rogers Corp.* | (314 | ) | (52,601 | ) | 609 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(3,531 | ) | (165,513 | ) | (10,170 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
Forum Energy Technologies, Inc.* | (7,769 | ) | (46,458 | ) | (1,243 | ) | (0.0 | )(a) | ||||||||
McDermott International, Inc.* | (4,336 | ) | (35,078 | ) | 2,255 | 0.0 | (a) | |||||||||
Nabors Industries Ltd. | (11,086 | ) | (38,801 | ) | 4,989 | 0.0 | (a) | |||||||||
Oceaneering International, Inc.* | (2,475 | ) | (47,520 | ) | (5,569 | ) | (0.0 | )(a) | ||||||||
Oil States International, Inc.* | (2,297 | ) | (44,378 | ) | (2,113 | ) | (0.0 | )(a) | ||||||||
Superior Energy Services, Inc.* | (9,703 | ) | (34,834 | ) | 13,875 | 0.1 | ||||||||||
Weatherford International plc* | (74,395 | ) | (41,163 | ) | 3,578 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(112,061 | ) | (288,232 | ) | 15,772 | 0.1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Entertainment |
| |||||||||||||||
Netflix, Inc.* | (144 | ) | (53,358 | ) | (953 | ) | (0.0 | )(a) | ||||||||
Spotify Technology SA* | (409 | ) | (55,530 | ) | 3,190 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(553 | ) | (108,888 | ) | 2,237 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Casey’s General Stores, Inc. | (409 | ) | (54,131 | ) | (888 | ) | (0.0 | )(a) | ||||||||
PriceSmart, Inc. | (975 | ) | (58,315 | ) | 4,056 | 0.0 | (a) | |||||||||
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(1,384 | ) | (112,446 | ) | 3,168 | 0.0 | (a) | ||||||||||
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Food Products |
| |||||||||||||||
Hain Celestial Group, Inc. (The)* | (2,424 | ) | (52,892 | ) | 824 | 0.0 | (a) | |||||||||
Kraft Heinz Co. (The) | (742 | ) | (24,664 | ) | (193 | ) | (0.0 | )(a) | ||||||||
Sanderson Farms, Inc. | (373 | ) | (56,558 | ) | (6,967 | ) | (0.0 | )(a) | ||||||||
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(3,539 | ) | (134,114 | ) | (6,336 | ) | (0.0 | )(a) | |||||||||
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Gas Utilities |
| |||||||||||||||
Northwest Natural Holding Co. | (867 | ) | (57,994 | ) | (1,673 | ) | (0.0 | )(a) | ||||||||
South Jersey Industries, Inc. | (1,795 | ) | (57,655 | ) | (1,849 | ) | (0.0 | )(a) | ||||||||
Southwest Gas Holdings, Inc. | (29 | ) | �� | (2,413 | ) | (20 | ) | (0.0 | )(a) | |||||||
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| |||||||||
(2,691 | ) | (118,062 | ) | (3,542 | ) | (0.0 | )(a) | |||||||||
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Health Care Equipment & Supplies |
| |||||||||||||||
Axogen, Inc.* | (2,673 | ) | (62,762 | ) | (4,410 | ) | (0.0 | )(a) | ||||||||
Heska Corp.* | (655 | ) | (50,867 | ) | 1,127 | 0.0 | (a) |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Health Care Equipment & Supplies — continued |
| |||||||||||||||
Insulet Corp.* | (594 | ) | (51,232 | ) | 4,461 | 0.0 | (a) | |||||||||
Nevro Corp.* | (918 | ) | (56,650 | ) | 3,378 | 0.0 | (a) | |||||||||
Penumbra, Inc.* | (30 | ) | (4,035 | ) | 273 | 0.0 | (a) | |||||||||
ViewRay, Inc.* | (27 | ) | (188 | ) | 26 | 0.0 | (a) | |||||||||
Wright Medical Group NV* | (1,898 | ) | (56,124 | ) | 1,670 | 0.0 | (a) | |||||||||
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(6,795 | ) | (281,858 | ) | 6,525 | 0.0 | (a) | ||||||||||
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Health Care Providers & Services |
| |||||||||||||||
Guardant Health, Inc.* | (817 | ) | (53,522 | ) | (154 | ) | (0.0 | )(a) | ||||||||
R1 RCM, Inc.* | (5,997 | ) | (62,788 | ) | 600 | 0.0 | (a) | |||||||||
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(6,814 | ) | (116,310 | ) | 446 | 0.0 | (a) | ||||||||||
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Health Care Technology |
| |||||||||||||||
Evolent Health, Inc.* | (1,568 | ) | (21,246 | ) | (1,349 | ) | (0.0 | )(a) | ||||||||
Teladoc Health, Inc.* | (168 | ) | (9,556 | ) | (52 | ) | (0.0 | )(a) | ||||||||
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(1,736 | ) | (30,802 | ) | (1,401 | ) | (0.0 | )(a) | |||||||||
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Hotels, Restaurants & Leisure |
| |||||||||||||||
Hilton Grand Vacations, Inc.* | (1,874 | ) | (60,043 | ) | 956 | 0.0 | (a) | |||||||||
Wynn Resorts Ltd. | (378 | ) | (54,602 | ) | (1,304 | ) | (0.0 | )(a) | ||||||||
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(2,252 | ) | (114,645 | ) | (348 | ) | (0.0 | )(a) | |||||||||
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Household Durables |
| |||||||||||||||
Installed Building Products, Inc.* | (620 | ) | (29,778 | ) | 2,492 | 0.0 | (a) | |||||||||
iRobot Corp.* | (406 | ) | (42,037 | ) | 9,119 | 0.0 | (a) | |||||||||
LGI Homes, Inc.* | (767 | ) | (53,161 | ) | (1,680 | ) | (0.0 | )(a) | ||||||||
Mohawk Industries, Inc.* | (279 | ) | (38,014 | ) | (1,409 | ) | (0.0 | )(a) | ||||||||
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(2,072 | ) | (162,990 | ) | 8,522 | 0.0 | (a) | ||||||||||
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Independent Power and Renewable Electricity Producers |
| |||||||||||||||
Ormat Technologies, Inc. | (935 | ) | (54,567 | ) | (2,347 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
Interactive Media & Services |
| |||||||||||||||
Snap, Inc.* | (4,904 | ) | (54,631 | ) | 4,316 | 0.0 | (a) | |||||||||
TrueCar, Inc.* | (5,179 | ) | (33,353 | ) | 466 | 0.0 | (a) | |||||||||
Zillow Group, Inc.* | (1,650 | ) | (54,796 | ) | 5,313 | 0.0 | (a) | |||||||||
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| |||||||||
(11,733 | ) | (142,780 | ) | 10,095 | 0.0 | (a) | ||||||||||
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| |||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
Groupon, Inc.* | (16,817 | ) | (59,196 | ) | 673 | 0.0 | (a) | |||||||||
GrubHub, Inc.* | (855 | ) | (57,105 | ) | 2,984 | 0.0 | (a) | |||||||||
Wayfair, Inc.* | (393 | ) | (63,725 | ) | (5,978 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(18,065 | ) | (180,026 | ) | (2,321 | ) | (0.0 | )(a) | |||||||||
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| |||||||||
Leisure Products |
| |||||||||||||||
Mattel, Inc.* | (3,595 | ) | (43,823 | ) | 4,710 | 0.0 | (a) | |||||||||
Polaris Industries, Inc. | (562 | ) | (54,177 | ) | (950 | ) | (0.0 | )(a) | ||||||||
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| |||||||||
(4,157 | ) | (98,000 | ) | 3,760 | 0.0 | (a) | ||||||||||
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| |||||||||
Machinery |
| |||||||||||||||
Alamo Group, Inc. | (588 | ) | (60,940 | ) | (3,222 | ) | (0.0 | )(a) | ||||||||
Deere & Co. | (326 | ) | (53,995 | ) | (2,282 | ) | (0.0 | )(a) | ||||||||
Evoqua Water Technologies Corp.* | (1,846 | ) | (25,143 | ) | (1,274 | ) | (0.0 | )(a) | ||||||||
Wabtec Corp. | (708 | ) | (52,442 | ) | 206 | 0.0 | (a) | |||||||||
Welbilt, Inc.* | (3,592 | ) | (60,453 | ) | (970 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(7,060 | ) | (252,973 | ) | (7,542 | ) | (0.0 | )(a) | |||||||||
|
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|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 85 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Media |
| |||||||||||||||
Altice USA, Inc. | (200 | ) | (4,712 | ) | (142 | ) | (0.0 | )(a) | ||||||||
GCI Liberty, Inc.* | (931 | ) | (55,506 | ) | (1,937 | ) | (0.0 | )(a) | ||||||||
Liberty Broadband Corp.* | (566 | ) | (55,870 | ) | (2,524 | ) | (0.0 | )(a) | ||||||||
Liberty Global plc* | (803 | ) | (21,689 | ) | 297 | 0.0 | (a) | |||||||||
New York Times Co. (The) | (1,881 | ) | (62,355 | ) | 1,223 | 0.0 | (a) | |||||||||
|
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| |||||||||
(4,381 | ) | (200,132 | ) | (3,083 | ) | (0.0 | )(a) | |||||||||
|
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| |||||||||
Metals & Mining |
| |||||||||||||||
Alcoa Corp.* | (2,088 | ) | (55,708 | ) | �� | 5,157 | 0.0 | (a) | ||||||||
Century Aluminum Co.* | (6,223 | ) | (52,335 | ) | 4,543 | 0.0 | (a) | |||||||||
Coeur Mining, Inc.* | (12,530 | ) | (45,233 | ) | 7,017 | 0.1 | ||||||||||
Compass Minerals International, Inc. | (940 | ) | (53,947 | ) | 1,053 | 0.0 | (a) | |||||||||
Constellium NV* | (2,161 | ) | (20,184 | ) | (1,145 | ) | (0.0 | )(a) | ||||||||
Hecla Mining Co. | (19,239 | ) | (40,402 | ) | 5,194 | 0.0 | (a) | |||||||||
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| |||||||||
(43,181 | ) | (267,809 | ) | 21,819 | 0.1 | |||||||||||
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| |||||||||
Multi-Utilities |
| |||||||||||||||
NiSource, Inc. | (1,996 | ) | (55,449 | ) | 179 | 0.0 | (a) | |||||||||
Sempra Energy | (458 | ) | (58,601 | ) | (238 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(2,454 | ) | (114,050 | ) | (59 | ) | (0.0 | )(a) | |||||||||
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| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
California Resources Corp.* | (1,656 | ) | (34,909 | ) | 13,745 | 0.0 | (a) | |||||||||
Callon Petroleum Co.* | (5,315 | ) | (39,916 | ) | 2,604 | 0.0 | (a) | |||||||||
Carrizo Oil & Gas, Inc.* | (3,288 | ) | (42,152 | ) | 1,216 | 0.0 | (a) | |||||||||
Centennial Resource Development, Inc.* | (4,079 | ) | (42,952 | ) | (4,446 | ) | (0.0 | )(a) | ||||||||
Cheniere Energy, Inc.* | (658 | ) | (42,342 | ) | 1,777 | 0.0 | (a) | |||||||||
Concho Resources, Inc. | (360 | ) | (41,537 | ) | (2,750 | ) | (0.0 | )(a) | ||||||||
Extraction Oil & Gas, Inc.* | (6,586 | ) | (30,954 | ) | 2,503 | 0.0 | (a) | |||||||||
Golar LNG Ltd. | (315 | ) | (6,155 | ) | 482 | 0.0 | (a) | |||||||||
Kosmos Energy Ltd. | (6,551 | ) | (43,826 | ) | (1,572 | ) | (0.0 | )(a) | ||||||||
Noble Energy, Inc. | (1,567 | ) | (42,403 | ) | (2,868 | ) | (0.0 | )(a) | ||||||||
Oasis Petroleum, Inc.* | (6,546 | ) | (39,931 | ) | 3,862 | 0.0 | (a) | |||||||||
Parsley Energy, Inc.* | (2,044 | ) | (40,798 | ) | (2,882 | ) | (0.0 | )(a) | ||||||||
Pioneer Natural Resources Co. | (250 | ) | (41,615 | ) | (3,993 | ) | (0.0 | )(a) | ||||||||
Targa Resources Corp. | (1,081 | ) | (43,402 | ) | (919 | ) | (0.0 | )(a) | ||||||||
WPX Energy, Inc.* | (2,934 | ) | (40,753 | ) | (1,203 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(43,230 | ) | (573,645 | ) | 5,556 | 0.0 | (a) | ||||||||||
|
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| |||||||||
Pharmaceuticals |
| |||||||||||||||
Aerie Pharmaceuticals, Inc.* | (1,450 | ) | (55,317 | ) | 9,715 | 0.1 | ||||||||||
Cymabay Therapeutics, Inc.* | (4,601 | ) | (58,939 | ) | 1,518 | 0.0 | (a) | |||||||||
Intra-Cellular Therapies, Inc.* | (1,121 | ) | (14,764 | ) | (336 | ) | (0.0 | )(a) | ||||||||
Medicines Co. (The)* | (2,125 | ) | (67,894 | ) | (6,035 | ) | (0.0 | )(a) | ||||||||
MyoKardia, Inc.* | (1,104 | ) | (52,970 | ) | 4,869 | 0.0 | (a) | |||||||||
Revance Therapeutics, Inc.* | (1,335 | ) | (17,675 | ) | 1,589 | 0.0 | (a) | |||||||||
TherapeuticsMD, Inc.* | (10,294 | ) | (44,264 | ) | 3,912 | 0.0 | (a) | |||||||||
WaVe Life Sciences Ltd.* | (795 | ) | (21,091 | ) | 2,246 | 0.0 | (a) | |||||||||
Zogenix, Inc.* | (942 | ) | (36,729 | ) | 951 | 0.0 | (a) | |||||||||
|
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| |||||||||
(23,767 | ) | (369,643 | ) | 18,429 | 0.1 | |||||||||||
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| |||||||||
Professional Services |
| |||||||||||||||
TransUnion | (786 | ) | (54,745 | ) | (998 | ) | (0.0 | )(a) | ||||||||
|
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|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Road & Rail |
| |||||||||||||||
AMERCO | (159 | ) | (59,334 | ) | (428 | ) | (0.0 | )(a) | ||||||||
Avis Budget Group, Inc.* | (1,692 | ) | (60,151 | ) | (1,303 | ) | (0.0 | )(a) | ||||||||
Hertz Global Holdings, Inc.* | (3,383 | ) | (61,503 | ) | (2,063 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(5,234 | ) | (180,988 | ) | (3,794 | ) | (0.0 | )(a) | |||||||||
|
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|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Advanced Micro Devices, Inc.* | (1,902 | ) | (52,552 | ) | 381 | 0.0 | (a) | |||||||||
MACOM Technology Solutions Holdings, Inc.* | (1,900 | ) | (26,391 | ) | 8,227 | 0.0 | (a) | |||||||||
Silicon Laboratories, Inc.* | (510 | ) | (54,907 | ) | (9,996 | ) | (0.0 | )(a) | ||||||||
Veeco Instruments, Inc.* | (4,284 | ) | (52,179 | ) | (557 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(8,596 | ) | (186,029 | ) | (1,945 | ) | (0.0 | )(a) | |||||||||
|
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|
|
| |||||||||
Software |
| |||||||||||||||
2U, Inc.* | (877 | ) | (53,059 | ) | 5,508 | 0.0 | (a) | |||||||||
Appian Corp.* | (1,550 | ) | (55,940 | ) | (6,371 | ) | (0.0 | )(a) | ||||||||
Autodesk, Inc.* | (310 | ) | (55,245 | ) | (2,402 | ) | (0.0 | )(a) | ||||||||
Benefitfocus, Inc.* | (1,202 | ) | (48,957 | ) | 1,334 | 0.0 | (a) | |||||||||
Box, Inc.* | (2,994 | ) | (61,736 | ) | (2,575 | ) | (0.0 | )(a) | ||||||||
Cloudera, Inc.* | (4,987 | ) | (55,505 | ) | 2,494 | 0.0 | (a) | |||||||||
FireEye, Inc.* | (7 | ) | (112 | ) | 1 | 0.0 | (a) | |||||||||
ForeScout Technologies, Inc.* | (1,293 | ) | (54,358 | ) | (776 | ) | (0.0 | )(a) | ||||||||
HubSpot, Inc.* | (361 | ) | (66,601 | ) | (6,993 | ) | (0.0 | )(a) | ||||||||
Instructure, Inc.* | (1,255 | ) | (54,065 | ) | 3,125 | 0.0 | (a) | |||||||||
Nutanix, Inc.* | (1,257 | ) | (54,290 | ) | (4,626 | ) | (0.0 | )(a) | ||||||||
PROS Holdings, Inc.* | (1,206 | ) | (61,795 | ) | (9,539 | ) | (0.1 | ) | ||||||||
Q2 Holdings, Inc.* | (826 | ) | (62,297 | ) | (6,038 | ) | (0.0 | )(a) | ||||||||
RingCentral, Inc.* | (484 | ) | (56,323 | ) | (6,331 | ) | (0.0 | )(a) | ||||||||
Varonis Systems, Inc.* | (935 | ) | (66,525 | ) | (8,920 | ) | (0.1 | ) | ||||||||
Yext, Inc.* | (2,717 | ) | (59,530 | ) | (190 | ) | (0.0 | )(a) | ||||||||
|
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|
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| |||||||||
(22,261 | ) | (866,338 | ) | (42,299 | ) | (0.2 | ) | |||||||||
|
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|
|
| |||||||||
Specialty Retail |
| |||||||||||||||
At Home Group, Inc.* | (2,517 | ) | (59,124 | ) | (5,764 | ) | (0.0 | )(a) | ||||||||
CarMax, Inc.* | (701 | ) | (54,580 | ) | (2,488 | ) | (0.0 | )(a) | ||||||||
Carvana Co.* | (829 | ) | (59,323 | ) | (7,138 | ) | (0.1 | ) | ||||||||
Floor & Decor Holdings, Inc.* | (744 | ) | (35,727 | ) | (2,061 | ) | (0.0 | )(a) | ||||||||
National Vision Holdings, Inc.* | (1,091 | ) | (29,457 | ) | 2,815 | 0.0 | (a) | |||||||||
|
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|
| |||||||||
(5,882 | ) | (238,211 | ) | (14,636 | ) | (0.1 | ) | |||||||||
|
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|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
3D Systems Corp.* | (5,340 | ) | (56,818 | ) | 1,442 | 0.0 | (a) | |||||||||
Pure Storage, Inc.* | (2,355 | ) | (53,835 | ) | 1,012 | 0.0 | (a) | |||||||||
|
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|
| |||||||||
(7,695 | ) | (110,653 | ) | 2,454 | 0.0 | (a) | ||||||||||
|
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|
|
| |||||||||
Tobacco |
| |||||||||||||||
Vector Group Ltd. | (1,300 | ) | (12,389 | ) | 1,222 | 0.0 | (a) | |||||||||
|
|
|
|
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|
| |||||||||
Trading Companies & Distributors |
| |||||||||||||||
Herc Holdings, Inc.* | (1,146 | ) | (55,191 | ) | (8,836 | ) | (0.1 | ) | ||||||||
MRC Global, Inc.* | (3,332 | ) | (57,744 | ) | 3,599 | 0.0 | (a) | |||||||||
SiteOne Landscape Supply, Inc.* | (808 | ) | (54,378 | ) | (6,383 | ) | (0.0 | )(a) | ||||||||
|
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| |||||||||
(5,286 | ) | (167,313 | ) | (11,620 | ) | (0.1 | ) | |||||||||
|
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|
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|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 87 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Water Utilities |
| |||||||||||||||
American Water Works Co., Inc. | (537 | ) | (58,098 | ) | (2,234 | ) | (0.0 | )(a) | ||||||||
Aqua America, Inc. | (35 | ) | (1,367 | ) | (84 | ) | (0.0 | )(a) | ||||||||
California Water Service Group | (1,170 | ) | (58,957 | ) | 866 | 0.0 | (a) | |||||||||
SJW Group | (904 | ) | (56,102 | ) | (136 | ) | (0.0 | )(a) | ||||||||
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|
| |||||||||
(2,646 | ) | (174,524 | ) | (1,588 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (432,464 | ) | (7,685,719 | ) | (57,082 | ) | (0.2 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.50%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 5/11/2020 | $ | (233,494 | ) | $ | 18,848 | (457 | ) | $ | 18,391 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Chemicals |
| |||||||||||||||
Methanex Corp. | 1,034 | 56,682 | (3,428 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
CGI, Inc.* | 852 | 61,326 | 2,738 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Parex Resources, Inc.* | 497 | 8,466 | 335 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Thrifts & Mortgage Finance |
| |||||||||||||||
Genworth MI Canada, Inc. | 1,807 | 56,151 | 1,768 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 4,190 | 182,625 | 1,413 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Bombardier, Inc.* | (25,554 | ) | (43,681 | ) | 8,154 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
SNC-Lavalin Group, Inc. | (864 | ) | (21,540 | ) | 546 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
CCL Industries, Inc. | (1,377 | ) | (58,741 | ) | (1,863 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Onex Corp. | (73 | ) | (4,234 | ) | 2 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Food Products |
| |||||||||||||||
Premium Brands Holdings Corp. | (1,036 | ) | (62,275 | ) | (1,745 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
AltaGas Ltd. | (1,609 | ) | (21,390 | ) | 672 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Agnico Eagle Mines Ltd. | (1,364 | ) | (56,486 | ) | 1,980 | 0.0 | (a) | |||||||||
First Quantum Minerals Ltd. | (4,694 | ) | (49,579 | ) | 5,232 | 0.1 | ||||||||||
Franco-Nevada Corp. | (772 | ) | (55,314 | ) | 2,164 | 0.0 | (a) | |||||||||
Yamana Gold, Inc. | (47 | ) | (103 | ) | 19 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(6,877 | ) | (161,482 | ) | 9,395 | 0.1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Keyera Corp. | (1,851 | ) | (42,776 | ) | 2,274 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (39,241 | ) | (416,119 | ) | 17,435 | 0.1 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (35,051 | ) | (233,494 | ) | 18,848 | 0.1 | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in EUR based on the local currencies of the positions within the swaps. | 7/31/2019 - 4/30/2020 | $ | 2,661,500 | $ | (11,100 | ) | $ | 21,650 | $ | 10,550 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Dassault Aviation SA | 52 | 78,678 | 2,845 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Airlines |
| |||||||||||||||
AirFrance-KLM* | 6,323 | 72,964 | (2,298 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Peugeot SA | 2,906 | 76,192 | 1,583 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Covestro AG (b) | 1,401 | 76,982 | (5,249 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies |
| |||||||||||||||
Societe BIC SA | 893 | 76,929 | (1,983 | ) | (0.0 | )(a) | ||||||||||
SPIE SA | 4,244 | 81,932 | 3,863 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
5,137 | 158,861 | 1,880 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 89 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Construction & Engineering |
| |||||||||||||||
ACS Actividades de Construccion y Servicios SA | 657 | 30,213 | 1,136 | 0.0 | (a) | |||||||||||
HOCHTIEF AG | 146 | 21,828 | 708 | 0.0 | (a) | |||||||||||
Koninklijke BAM Groep NV | 17,964 | 87,726 | 5,300 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
18,767 | 139,767 | 7,144 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Deutsche Telekom AG (Registered) | 4,496 | 75,330 | 60 | 0.0 | (a) | |||||||||||
Koninklijke KPN NV | 25,790 | 79,262 | 1,282 | 0.0 | (a) | |||||||||||
Telefonica SA | 9,009 | 75,111 | 402 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
39,295 | 229,703 | 1,744 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Endesa SA | 3,051 | 76,118 | (2,036 | ) | (0.0 | )(a) | ||||||||||
Enel SpA | 13,611 | 86,187 | (481 | ) | (0.0 | )(a) | ||||||||||
Iberdrola SA | 8,970 | 81,514 | 1,528 | 0.0 | (a) | |||||||||||
Red Electrica Corp. SA | 421 | 8,737 | (151 | ) | (0.0 | )(a) | ||||||||||
Verbund AG | 1,607 | 79,799 | (1,604 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
27,660 | 332,355 | (2,744 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Signify NV (b) | 2,628 | 78,788 | 2,855 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
SBM Offshore NV | 3,292 | 61,088 | (287 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Koninklijke Ahold Delhaize NV | 534 | 12,870 | (1,096 | ) | (0.0 | )(a) | ||||||||||
METRO AG | 4,789 | 81,373 | 2,885 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
5,323 | 94,243 | 1,789 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Danone SA | 985 | 79,632 | 810 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
Italgas SpA | 1,849 | 11,550 | (82 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies |
| |||||||||||||||
Koninklijke Philips NV | 2,184 | 93,789 | 7,350 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Ageas | 1,636 | 86,455 | 4,012 | 0.0 | (a) | |||||||||||
ASR Nederland NV | 1,862 | 82,848 | 2,893 | 0.0 | (a) | |||||||||||
AXA SA | 3,390 | 90,399 | 2,297 | 0.0 | (a) | |||||||||||
NN Group NV | 310 | 13,528 | 687 | 0.0 | (a) | |||||||||||
Unipol Gruppo SpA | 15,997 | 81,491 | 1,543 | 0.0 | (a) | |||||||||||
UnipolSai Assicurazioni SpA | 7,296 | 19,993 | 272 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
30,491 | 374,714 | 11,704 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
Amadeus IT Group SA | 1,068 | 85,116 | 412 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Valmet OYJ | 2,983 | 82,173 | (132 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Eutelsat Communications SA | 4,365 | 78,888 | 5,146 | 0.1 | ||||||||||||
Mediaset Espana Comunicacion SA | 6,239 | 48,384 | 2,480 | 0.0 | (a) | |||||||||||
ProSiebenSat.1 Media SE | 5,290 | 83,627 | 388 | 0.0 | (a) |
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Media — continued |
| |||||||||||||||
Publicis Groupe SA | 605 | 35,959 | 4,399 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
16,499 | 246,858 | 12,413 | 0.1 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities |
| |||||||||||||||
A2A SpA | 44,632 | 74,698 | (1,098 | ) | (0.0 | )(a) | ||||||||||
Engie SA | 5,689 | 84,439 | (2,374 | ) | (0.0 | )(a) | ||||||||||
Hera SpA | 21,752 | 77,431 | (2,018 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
72,073 | 236,568 | (5,490 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Enagas SA | 2,239 | 63,868 | (1,039 | ) | (0.0 | )(a) | ||||||||||
Eni SpA | 3,598 | 61,314 | (3,011 | ) | (0.0 | )(a) | ||||||||||
Galp Energia SGPS SA | 628 | 10,529 | 238 | 0.0 | (a) | |||||||||||
Neste OYJ | 1,732 | 57,247 | (6,475 | ) | (0.1 | ) | ||||||||||
OMV AG | 904 | 48,490 | (384 | ) | (0.0 | )(a) | ||||||||||
Repsol SA | 3,767 | 63,921 | (696 | ) | (0.0 | )(a) | ||||||||||
Saras SpA | 3,979 | 7,109 | (359 | ) | (0.0 | )(a) | ||||||||||
TOTAL SA | 1,118 | 62,151 | (994 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
17,965 | 374,629 | (12,720 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Paper & Forest Products |
| |||||||||||||||
Ence Energia y Celulosa SA | 14,346 | 77,301 | (5,378 | ) | (0.0 | )(a) | ||||||||||
UPM-Kymmene OYJ | 2,702 | 76,290 | (4,202 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
17,048 | 153,591 | (9,580 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Merck KGaA | 772 | 82,288 | (4,065 | ) | (0.0 | )(a) | ||||||||||
Sanofi | 217 | 18,933 | (53 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
989 | 101,221 | (4,118 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
Aroundtown SA | 9,310 | 75,639 | 525 | 0.0 | (a) | |||||||||||
LEG Immobilien AG | 704 | 82,142 | (2,032 | ) | (0.0 | )(a) | ||||||||||
Nexity SA | 343 | 16,044 | (362 | ) | (0.0 | )(a) | ||||||||||
TAG Immobilien AG | 3,257 | 73,348 | (2,564 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
13,614 | 247,173 | (4,433 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Dialog Semiconductor plc* | 2,114 | 82,243 | 10,318 | 0.1 | ||||||||||||
Siltronic AG | 765 | 74,957 | 3,720 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
2,879 | 157,200 | 14,038 | 0.1 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
adidas AG | 325 | 83,716 | 1,239 | 0.0 | (a) | |||||||||||
Christian Dior SE | 55 | 27,235 | 1,124 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
380 | 110,951 | 2,363 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 293,791 | 3,754,786 | 21,797 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Airbus SE | (398 | ) | (54,498 | ) | (2,503 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Daimler AG (Registered) | (889 | ) | (58,350 | ) | (3,478 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 91 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Banks |
| |||||||||||||||
Bankia SA | (20,532 | ) | (56,867 | ) | (4,584 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
K+S AG (Registered) | (2,695 | ) | (54,877 | ) | (2,706 | ) | (0.0 | )(a) | ||||||||
Umicore SA | (333 | ) | (12,923 | ) | 2,458 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(3,028 | ) | (67,800 | ) | (248 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Bouygues SA | (112 | ) | (4,216 | ) | 18 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
Huhtamaki OYJ | (1,647 | ) | (62,983 | ) | (1,025 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Iliad SA | (375 | ) | (38,204 | ) | 1,031 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Nexans SA | (420 | ) | (14,731 | ) | (688 | ) | (0.0 | )(a) | ||||||||
OSRAM Licht AG | (1,322 | ) | (45,470 | ) | 1,851 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(1,742 | ) | (60,201 | ) | 1,163 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Jeronimo Martins SGPS SA | (3,972 | ) | (64,687 | ) | (3,059 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Kerry Group plc | (28 | ) | (3,134 | ) | (30 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
Rubis SCA | (1,078 | ) | (59,128 | ) | 1,068 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Elior Group SA (b) | (2,906 | ) | (40,221 | ) | (1,728 | ) | (0.0 | )(a) | ||||||||
Paddy Power Betfair plc | (95 | ) | (7,957 | ) | (511 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,001 | ) | (48,178 | ) | (2,239 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
Zalando SE* (b) | (420 | ) | (19,757 | ) | (2,664 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Life Sciences Tools & Services |
| |||||||||||||||
Eurofins Scientific SE | (105 | ) | (48,082 | ) | (5,669 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Alstom SA* | (1,333 | ) | (58,648 | ) | 777 | 0.0 | (a) | |||||||||
ANDRITZ AG | (1,124 | ) | (53,678 | ) | (1,655 | ) | (0.0 | )(a) | ||||||||
GEA Group AG | (986 | ) | (27,626 | ) | (465 | ) | (0.0 | )(a) | ||||||||
Outotec OYJ* | (9,318 | ) | (49,224 | ) | (3,649 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(12,761 | ) | (189,176 | ) | (4,992 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Altice Europe NV* | (14,321 | ) | (45,447 | ) | (5,958 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Outokumpu OYJ | (15,125 | ) | (57,910 | ) | 4,149 | 0.0 | (a) | |||||||||
thyssenkrupp AG | (2,761 | ) | (38,926 | ) | 766 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(17,886 | ) | (96,836 | ) | 4,915 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Infineon Technologies AG | (2,286 | ) | (54,191 | ) | (2,986 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Transportation Infrastructure |
| |||||||||||||||
Getlink SE | (3,824 | ) | (61,551 | ) | (1,657 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (88,405 | ) | (1,093,286 | ) | (32,897 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 205,386 | 2,661,500 | (11,100 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from 0.00% to 0.20%), which is denominated in CHF based on the local currencies of the positions within the swaps. | 7/31/2019 – 6/30/2020 | $ | 255,713 | $ | (18,565 | ) | $ | 8,378 | $ | (10,187 | ) | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Sunrise Communications Group AG (b) | 1,005 | 66,734 | (5,964 | ) | (0.0 | )(a) | ||||||||||
Swisscom AG (Registered) | 169 | 78,747 | 294 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
1,174 | 145,481 | (5,670 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies |
| |||||||||||||||
Sonova Holding AG (Registered) | 150 | 30,297 | 699 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Zurich Insurance Group AG | 246 | 78,417 | 1 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
OC Oerlikon Corp. AG (Registered) | 6,300 | 82,336 | (1,279 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Galenica AG (b) | 1,606 | 81,939 | 5,121 | 0.0 | (a) | |||||||||||
Roche Holding AG | 41 | 10,727 | (304 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
1,647 | 92,666 | 4,817 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 9,517 | 429,197 | (1,432 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Capital Markets |
| |||||||||||||||
Julius Baer Group Ltd. | (1,116 | ) | (53,908 | ) | (6,248 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Sika AG (Registered) | (417 | ) | (63,894 | ) | (4,547 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 93 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Machinery |
| |||||||||||||||
VAT Group AG (b) | (448 | ) | (55,682 | ) | (6,338 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (1,981 | ) | (173,484 | ) | (17,133 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 7,536 | 255,713 | (18,565 | ) | (0.1 | ) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (3.48)% to 0.35%), which is denominated in JPY based on the local currencies of the positions within the swaps. | 5/10/2019 – 4/13/2020 | $ | (94,019 | ) | $ | 9,352 | $ | 2,142 | $ | 11,494 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Auto Components |
| |||||||||||||||
TS Tech Co. Ltd. | 1,300 | 39,042 | (635 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Mitsubishi Chemical Holdings Corp. | 9,500 | 67,732 | (975 | ) | (0.0 | )(a) | ||||||||||
Mitsubishi Gas Chemical Co., Inc. | 2,900 | 43,537 | 400 | 0.0 | (a) | |||||||||||
Tosoh Corp. | 4,500 | 72,556 | (594 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
16,900 | 183,825 | (1,169 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Taisei Corp. | 1,700 | 74,800 | 2,386 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Nippon Telegraph & Telephone Corp. | 1,500 | 62,413 | 983 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 1,800 | 59,599 | 2,554 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
Mixi, Inc. | 1,900 | 41,055 | (1,376 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
JXTG Holdings, Inc. | 7,900 | 38,435 | 71 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Astellas Pharma, Inc. | 2,900 | 39,277 | (2,791 | ) | (0.0 | )(a) | ||||||||||
Shionogi & Co. Ltd. | 1,100 | 64,255 | 568 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
4,000 | 103,532 | (2,223 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
Brother Industries Ltd. | 3,600 | 71,082 | 1,659 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Trading Companies & Distributors |
| |||||||||||||||
ITOCHU Corp. | 4,400 | 79,391 | 218 | 0.0 | (a) | |||||||||||
Marubeni Corp. | 7,500 | 53,742 | 627 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
11,900 | 133,133 | 845 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services |
| |||||||||||||||
NTT DOCOMO, Inc. | 3,200 | 69,490 | 4,195 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 55,700 | 876,406 | 7,290 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Auto Components |
| |||||||||||||||
Sumitomo Rubber Industries Ltd. | (700 | ) | (8,607 | ) | 89 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Kansai Paint Co. Ltd. | (2,400 | ) | (45,759 | ) | 1,480 | 0.0 | (a) | |||||||||
Toray Industries, Inc. | (8,700 | ) | (59,535 | ) | 326 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,100 | ) | (105,294 | ) | 1,806 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
JGC Corp. | (3,000 | ) | (43,225 | ) | 2,839 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance |
| |||||||||||||||
Aiful Corp.* | (18,200 | ) | (42,702 | ) | (709 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
GS Yuasa Corp. | (1,700 | ) | (34,156 | ) | 1,167 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components |
| |||||||||||||||
Murata Manufacturing Co. Ltd. | (700 | ) | (35,150 | ) | 1,882 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Aeon Co. Ltd. | (2,500 | ) | (46,216 | ) | 872 | 0.0 | (a) | |||||||||
Tsuruha Holdings, Inc. | (600 | ) | (51,136 | ) | (3,459 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,100 | ) | (97,352 | ) | (2,587 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Nissin Foods Holdings Co. Ltd. | (900 | ) | (59,563 | ) | 1,192 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
HIS Co. Ltd. | (1,400 | ) | (44,717 | ) | 4,902 | 0.0 | (a) | |||||||||
Kyoritsu Maintenance Co. Ltd. | (200 | ) | (10,277 | ) | (776 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,600 | ) | (54,994 | ) | 4,126 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Sharp Corp.* | (4,800 | ) | (53,546 | ) | 1,475 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Industrial Conglomerates |
| |||||||||||||||
Toshiba Corp. | (1,800 | ) | (59,979 | ) | 211 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
LINE Corp.* | (900 | ) | (30,154 | ) | 590 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
GMO internet, Inc. | (1,500 | ) | (23,282 | ) | 1,596 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
FANUC Corp. | (300 | ) | (56,363 | ) | 971 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Marine |
| |||||||||||||||
Kawasaki Kisen Kaisha Ltd. | (1,900 | ) | (27,620 | ) | (4,218 | ) | (0.0 | )(a) |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 95 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Marine — continued |
| |||||||||||||||
Nippon Yusen KK | (2,600 | ) | (44,429 | ) | (4,077 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,500 | ) | (72,049 | ) | (8,295 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail |
| |||||||||||||||
Marui Group Co. Ltd. | (2,000 | ) | (40,682 | ) | (787 | ) | (0.0 | )(a) | ||||||||
Pan Pacific International Holdings Corp. | (700 | ) | (45,111 | ) | (1,503 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(2,700 | ) | (85,793 | ) | (2,290 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail |
| |||||||||||||||
Keio Corp. | (900 | ) | (54,341 | ) | (858 | ) | (0.0 | )(a) | ||||||||
Tokyu Corp. | (3,300 | ) | (53,875 | ) | (1,143 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,200 | ) | (108,216 | ) | (2,001 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (61,700 | ) | (970,425 | ) | 2,062 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (6,000 | ) | (94,019 | ) | 9,352 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Bank of America | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.60)% to 0.35% ), which is denominated in AUD based on the local currencies of the positions within the swaps. | 4/14/2020 | $ | (221,036 | ) | $ | (14,384 | ) | $ | (3,429 | ) | $ | (17,813 | ) | ||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Food & Staples Retailing |
| |||||||||||||||
Metcash Ltd. | 37,412 | 75,701 | 6,401 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Sandfire Resources NL | 7,580 | 37,703 | (2,482 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Beach Energy Ltd. | 559 | 838 | (1 | ) | (0.0 | )(a) | ||||||||||
Whitehaven Coal Ltd. | 12,598 | 37,364 | 2,088 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
13,157 | 38,202 | 2,087 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 58,149 | 151,606 | 6,006 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Beverages |
| |||||||||||||||
Treasury Wine Estates Ltd. | (4,488 | ) | (54,438 | ) | (7,130 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Building Products |
| |||||||||||||||
Reliance Worldwide Corp. Ltd. | (17,079 | ) | (58,768 | ) | (4,544 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Nufarm Ltd. | (14,432 | ) | (51,566 | ) | (1,284 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Challenger Ltd. | (2,240 | ) | (12,967 | ) | (891 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Domino’s Pizza Enterprises Ltd. | (568 | ) | (17,218 | ) | 285 | 0.0 | (a) | |||||||||
Star Entertainment Grp Ltd. (The) | (6,464 | ) | (20,698 | ) | �� | (663 | ) | (0.0 | )(a) | |||||||
|
|
|
|
|
|
|
| |||||||||
(7,032 | ) | (37,916 | ) | (378 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
NEXTDC Ltd.* | (13,402 | ) | (60,398 | ) | (4,505 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Oil Search Ltd. | (7,594 | ) | (41,588 | ) | 1,548 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Software |
| |||||||||||||||
Xero Ltd.* | (1,430 | ) | (55,001 | ) | (3,206 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (67,697 | ) | (372,642 | ) | (20,390 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (9,548 | ) | (221,036 | ) | (14,384 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day SONIA and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (9.00)% to 0.30%), which is denominated in GBP based on the local currencies of the positions within the swaps. | 5/16/2019 – 5/2/2029 | $ | (222,290 | ) | $ | (26,896 | ) | $ | (14,649 | ) | $ | (41,545 | ) | ||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Meggitt plc | 9,404 | 66,917 | 4,106 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics |
| |||||||||||||||
Royal Mail plc | 11,644 | 38,420 | (25 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Distributors |
| |||||||||||||||
Inchcape plc | 3,516 | 28,228 | 1,441 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
J Sainsbury plc | 16,378 | 47,582 | (2,378 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 97 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Food Products |
| |||||||||||||||
Tate & Lyle plc | 8,409 | 84,282 | 3,891 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Carnival plc | 205 | 10,868 | 486 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Vesuvius plc | 9,673 | 78,040 | 1,177 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Rio Tinto plc | 99 | 5,776 | (371 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Royal Dutch Shell plc | 1,940 | 62,610 | (912 | ) | (0.0 | )(a) | ||||||||||
Tullow Oil plc | 20,081 | 58,880 | (4,618 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
22,021 | 121,490 | (5,530 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Hikma Pharmaceuticals plc | 2,630 | 60,690 | (680 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 83,979 | 542,293 | 2,117 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
BAE Systems plc | (8,564 | ) | (55,043 | ) | 90 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
Metro Bank plc* | (2,295 | ) | (22,509 | ) | 1,866 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance |
| |||||||||||||||
Provident Financial plc | (721 | ) | (5,006 | ) | (245 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
DS Smith plc | (13,333 | ) | (62,274 | ) | (2,811 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Standard Life Aberdeen plc | (14,988 | ) | (54,609 | ) | 400 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Melrose Industries plc | (17,490 | ) | (46,278 | ) | (4,240 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services |
| |||||||||||||||
NMC Health plc | (1,198 | ) | (44,240 | ) | (6,576 | ) | (0.0 | )(a) | ||||||||
Spire Healthcare Group plc (b) | (32,671 | ) | (57,045 | ) | 1,019 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(33,869 | ) | (101,285 | ) | (5,557 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
TUI AG | (5,540 | ) | (61,690 | ) | (9,956 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
RSA Insurance Group plc | (8,598 | ) | (60,952 | ) | (2,431 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
Just Eat plc* | (5,678 | ) | (51,908 | ) | 1,107 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities |
| |||||||||||||||
National Grid plc | (4,974 | ) | (54,495 | ) | (389 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services |
| |||||||||||||||
Capita plc | (25,486 | ) | (42,486 | ) | (1,988 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
Capital & Counties Properties plc | (15,868 | ) | (50,176 | ) | (615 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Specialty Retail |
| |||||||||||||||
Kingfisher plc | (11,060 | ) | (38,137 | ) | (2,165 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Water Utilities |
| |||||||||||||||
Severn Trent plc | (2,169 | ) | (57,735 | ) | (2,079 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (170,633 | ) | (764,583 | ) | (29,013 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (86,654 | ) | (222,290 | ) | (26,896 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of short equity positions and pays or receives the net of one day FEDEF on short positions, plus or minus a specified spread (rates range from (2.57)% to (0.20)%), which is denominated in USD based on the local currencies of the positions within the swaps. | 5/25/2028 – 4/27/2029 | $ | (2,938,390 | ) | $ | (14,458 | ) | $ | (8,498 | ) | $ | (22,956 | ) | ||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Aerospace & Defense |
| |||||||||||||||
Cubic Corp. | (865 | ) | (49,115 | ) | (666 | ) | (0.0 | )(a) | ||||||||
Kratos Defense & Security Solutions, Inc.* | (3,418 | ) | (54,278 | ) | (2,735 | ) | (0.0 | )(a) | ||||||||
Mercury Systems, Inc.* | (747 | ) | (54,546 | ) | (5,169 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,030 | ) | (157,939 | ) | (8,570 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Air Freight & Logistics |
| |||||||||||||||
Air Transport Services Group, Inc.* | (2,229 | ) | (52,448 | ) | (1,382 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Airlines |
| |||||||||||||||
American Airlines Group, Inc. | (820 | ) | (28,028 | ) | (132 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Auto Components |
| |||||||||||||||
Veoneer, Inc.* | (1,031 | ) | (22,754 | ) | 4,557 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Beverages |
| |||||||||||||||
Brown-Forman Corp. | (1,091 | ) | (58,139 | ) | (306 | ) | (0.0 | )(a) | ||||||||
MGP Ingredients, Inc. | (619 | ) | (54,392 | ) | (6,301 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,710 | ) | (112,531 | ) | (6,607 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Capital Markets |
| |||||||||||||||
Cboe Global Markets, Inc. | (422 | ) | (42,879 | ) | (2,308 | ) | (0.0 | )(a) | ||||||||
WisdomTree Investments, Inc. | (6,343 | ) | (45,670 | ) | 2,283 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(6,765 | ) | (88,549 | ) | (25 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Albemarle Corp. | (422 | ) | (31,675 | ) | 4,427 | 0.0 | (a) | |||||||||
Dow, Inc.* | (950 | ) | (53,894 | ) | (1,283 | ) | (0.0 | )(a) |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 99 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Chemicals — continued |
| |||||||||||||||
DowDuPont, Inc. | (305 | ) | (11,727 | ) | (215 | ) | (0.0 | )(a) | ||||||||
GCP Applied Technologies, Inc.* | (1,978 | ) | (56,947 | ) | 1,266 | 0.0 | (a) | |||||||||
International Flavors & Fragrances, Inc. | (399 | ) | (54,978 | ) | (2,912 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,054 | ) | (209,221 | ) | 1,283 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment |
| |||||||||||||||
Extreme Networks, Inc.* | (7,521 | ) | (60,168 | ) | (3,159 | ) | (0.0 | )(a) | ||||||||
Infinera Corp.* | (493 | ) | (2,140 | ) | 202 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(8,014 | ) | (62,308 | ) | (2,957 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
Summit Materials, Inc.* | (1,466 | ) | (25,684 | ) | (3,767 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
AptarGroup, Inc. | (494 | ) | (54,953 | ) | (684 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
GrafTech International Ltd. | (4,423 | ) | (50,643 | ) | 1,226 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
US Silica Holdings, Inc. | (2,511 | ) | (39,724 | ) | 4,244 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Equity Real Estate Investment Trusts (REITs) |
| |||||||||||||||
Alexander & Baldwin, Inc. | (2,404 | ) | (56,782 | ) | 1,010 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Kraft Heinz Co. (The) | (1,006 | ) | (33,439 | ) | (261 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
Southwest Gas Holdings, Inc. | (660 | ) | (54,905 | ) | (455 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Equipment & Supplies |
| |||||||||||||||
iRhythm Technologies, Inc.* | (753 | ) | (57,462 | ) | (2,036 | ) | (0.0 | )(a) | ||||||||
Penumbra, Inc.* | (360 | ) | (48,420 | ) | 3,280 | 0.0 | (a) | |||||||||
ViewRay, Inc.* | (7,171 | ) | (49,910 | ) | 6,884 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(8,284 | ) | (155,792 | ) | 8,128 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Technology |
| |||||||||||||||
Evolent Health, Inc.* | (2,410 | ) | (32,655 | ) | (2,072 | ) | (0.0 | )(a) | ||||||||
Medidata Solutions, Inc.* | (608 | ) | (54,927 | ) | (8,761 | ) | (0.1 | ) | ||||||||
Teladoc Health, Inc.* | (927 | ) | (52,728 | ) | (288 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,945 | ) | (140,310 | ) | (11,121 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Red Rock Resorts, Inc. | (1,949 | ) | (52,584 | ) | 1,569 | 0.0 | (a) | |||||||||
Shake Shack, Inc.* | (894 | ) | (54,802 | ) | (101 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(2,843 | ) | (107,386 | ) | 1,468 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Installed Building Products, Inc.* | (608 | ) | (29,202 | ) | 2,444 | 0.0 | (a) | |||||||||
iRobot Corp.* | (68 | ) | (7,041 | ) | 1,527 | 0.0 | (a) | |||||||||
Mohawk Industries, Inc.* | (180 | ) | (24,525 | ) | (909 | ) | (0.0 | )(a) | ||||||||
Roku, Inc.* | (894 | ) | (56,849 | ) | (4,487 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,750 | ) | (117,617 | ) | (1,425 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Markel Corp.* | (53 | ) | (56,790 | ) | (4,868 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
TrueCar, Inc.* | (3,793 | ) | (24,427 | ) | 341 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
Farfetch Ltd.* | (2,248 | ) | (55,705 | ) | 788 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
InterXion Holding NV* | (922 | ) | (63,793 | ) | (839 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Leisure Products |
| |||||||||||||||
Mattel, Inc.* | (694 | ) | (8,460 | ) | 909 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
Evoqua Water Technologies Corp.* | (2,082 | ) | (28,357 | ) | (1,437 | ) | (0.0 | )(a) | ||||||||
REV Group, Inc. | (4,352 | ) | (55,227 | ) | (6,006 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(6,434 | ) | (83,584 | ) | (7,443 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Marine |
| |||||||||||||||
Kirby Corp.* | (666 | ) | (54,426 | ) | (943 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Altice USA, Inc. | (2,143 | ) | (50,489 | ) | (1,521 | ) | (0.0 | )(a) | ||||||||
Liberty Global plc* | (1,224 | ) | (33,060 | ) | 453 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(3,367 | ) | (83,549 | ) | (1,068 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Coeur Mining, Inc.* | (2,779 | ) | (10,032 | ) | (168 | ) | (0.0 | )(a) | ||||||||
Constellium NV* | (4,369 | ) | (40,806 | ) | (2,315 | ) | (0.0 | )(a) | ||||||||
Hecla Mining Co. | (6,566 | ) | (13,789 | ) | 215 | 0.0 | (a) | |||||||||
United States Steel Corp. | (3,413 | ) | (53,243 | ) | 262 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(17,127 | ) | (117,870 | ) | (2,006 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Extraction Oil & Gas, Inc.* | (1,477 | ) | (6,942 | ) | 561 | 0.0 | (a) | |||||||||
Golar LNG Ltd. | (1,763 | ) | (34,449 | ) | 2,697 | 0.0 | (a) | |||||||||
Matador Resources Co.* | (2,024 | ) | (39,852 | ) | 1,195 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,264 | ) | (81,243 | ) | 4,453 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Intersect ENT, Inc.* | (1,797 | ) | (58,385 | ) | (4,899 | ) | (0.0 | )(a) | ||||||||
Intra-Cellular Therapies, Inc.* | (3,378 | ) | (44,488 | ) | (1,013 | ) | (0.0 | )(a) | ||||||||
Revance Therapeutics, Inc.* | (2,476 | ) | (32,782 | ) | 2,947 | 0.0 | (a) | |||||||||
TherapeuticsMD, Inc.* | (2,779 | ) | (11,950 | ) | (520 | ) | (0.0 | )(a) | ||||||||
Theravance Biopharma, Inc.* | (2,400 | ) | (57,240 | ) | 24 | 0.0 | (a) | |||||||||
WaVe Life Sciences Ltd.* | (1,277 | ) | (33,879 | ) | 9,424 | 0.0 | (a) | |||||||||
Zogenix, Inc.* | (494 | ) | (19,261 | ) | (148 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(14,601 | ) | (257,985 | ) | 5,815 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Cree, Inc.* | (791 | ) | (52,277 | ) | (1,914 | ) | (0.0 | )(a) | ||||||||
First Solar, Inc.* | (874 | ) | (53,777 | ) | (254 | ) | (0.0 | )(a) | ||||||||
MACOM Technology Solutions Holdings, Inc.* | (1,549 | ) | (21,516 | ) | 6,708 | 0.0 | (a) | |||||||||
Marvell Technology Group Ltd. | (2,124 | ) | (53,143 | ) | 692 | 0.0 | (a) | |||||||||
NVIDIA Corp. | (285 | ) | (51,585 | ) | 1,814 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,623 | ) | (232,298 | ) | 7,046 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Software |
| |||||||||||||||
Avalara, Inc.* | (954 | ) | (56,162 | ) | (2,907 | ) | (0.0 | )(a) | ||||||||
FireEye, Inc.* | (3,445 | ) | (55,189 | ) | 723 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(4,399 | ) | (111,351 | ) | (2,184 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 101 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Specialty Retail |
| |||||||||||||||
Floor & Decor Holdings, Inc.* | (394 | ) | (18,920 | ) | (1,091 | ) | (0.0 | )(a) | ||||||||
National Vision Holdings, Inc.* | (823 | ) | (22,221 | ) | 2,123 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(1,217 | ) | (41,141 | ) | 1,032 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Tobacco |
| |||||||||||||||
Vector Group Ltd. | (3,803 | ) | (36,243 | ) | 3,574 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Water Utilities |
| |||||||||||||||
Aqua America, Inc. | (1,498 | ) | (58,512 | ) | (3,595 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (131,148 | ) | (2,938,390 | ) | (14,458 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day CORRA and one month BA on long positions and short positions respectively, plus or minus a specified spread (rates range from (0.25)% to 0.25%), which is denominated in CAD based on the local currencies of the positions within the swaps. | 5/25/2028 – 4/27/2029 | $ | 248,858 | $ | 34,389 | $ | (162 | ) | $ | 34,227 | |||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Banks |
| |||||||||||||||
Canadian Imperial Bank of Commerce | 937 | 78,900 | 2,557 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Methanex Corp. | 387 | 21,215 | (1,283 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Empire Co. Ltd. | 3,862 | 85,906 | (408 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
iA Financial Corp., Inc. | 2,185 | 86,996 | 3,066 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
CGI, Inc.* | 315 | 22,673 | 1,012 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Quebecor, Inc. | 3,508 | 87,484 | 2,407 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Teck Resources Ltd. | 3,425 | 80,991 | (2,575 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Imperial Oil Ltd. | 2,103 | 61,095 | 421 | 0.0 | (a) | |||||||||||
Parex Resources, Inc.* | 3,133 | 53,366 | 2,112 | 0.0 | (a) |
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Oil, Gas & Consumable Fuels — continued |
| |||||||||||||||
Suncor Energy, Inc. | 1,876 | 61,866 | 243 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
7,112 | 176,327 | 2,776 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Gildan Activewear, Inc. | 2,174 | 80,164 | 473 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Thrifts & Mortgage Finance |
| |||||||||||||||
Genworth MI Canada, Inc. | 809 | 25,139 | 792 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors |
| |||||||||||||||
Toromont Industries Ltd. | 1,543 | 80,242 | 1,158 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 26,257 | 826,037 | 9,975 | 0.1 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Construction & Engineering |
| |||||||||||||||
SNC-Lavalin Group, Inc. | (1,465 | ) | (36,524 | ) | 925 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Onex Corp. | (855 | ) | (49,595 | ) | 21 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
AltaGas Ltd. | (2,703 | ) | (35,934 | ) | 1,128 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
IAMGOLD Corp.* | (17,776 | ) | (53,473 | ) | 6,959 | 0.0 | (a) | |||||||||
Kinross Gold Corp.* | (16,507 | ) | (52,489 | ) | 5,569 | 0.0 | (a) | |||||||||
Lundin Mining Corp. | (9,800 | ) | (52,595 | ) | (4,495 | ) | (0.0 | )(a) | ||||||||
Yamana Gold, Inc. | (21,573 | ) | (47,342 | ) | 8,888 | 0.1 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
(65,656 | ) | (205,899 | ) | 16,921 | 0.1 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail |
| |||||||||||||||
Dollarama, Inc. | (1,752 | ) | (52,624 | ) | 1,822 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Multi-Utilities |
| |||||||||||||||
Canadian Utilities Ltd. | (2,117 | ) | (58,357 | ) | (1 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Inter Pipeline Ltd. | (2,618 | ) | (42,640 | ) | 506 | 0.0 | (a) | |||||||||
Vermilion Energy, Inc. | (1,634 | ) | (41,725 | ) | (295 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,252 | ) | (84,365 | ) | 211 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Software |
| |||||||||||||||
Kinaxis, Inc.* | (986 | ) | (53,881 | ) | 3,387 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (79,786 | ) | (577,179 | ) | 24,414 | 0.1 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (53,529 | ) | 248,858 | 34,389 | 0.2 | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 103 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day EONIA and one month EURIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (4.75)% to 0.30%), which is denominated in EUR based on the local currencies of the positions within the swaps. | 5/10/2019 – 4/30/2029 | $ | (1,078,468 | ) | $ | (66,703 | ) | $ | (14,533 | ) | $ | (81,236 | ) | ||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Construction & Engineering |
| |||||||||||||||
ACS Actividades de Construccion y Servicios SA | 1,289 | 59,276 | 2,229 | 0.0 | (a) | |||||||||||
HOCHTIEF AG | 402 | 60,103 | 1,948 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
1,691 | 119,379 | 4,177 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Red Electrica Corp. SA | 3,120 | 64,752 | (1,117 | ) | (0.0 | )(a) | ||||||||||
Terna Rete Elettrica Nazionale SpA | 13,136 | 78,805 | (4,139 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
16,256 | 143,557 | (5,256 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Koninklijke Ahold Delhaize NV | 2,480 | 59,772 | (5,089 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Gas Utilities |
| |||||||||||||||
Italgas SpA | 11,590 | 72,397 | (512 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
NN Group NV | 1,564 | 68,252 | 3,465 | 0.0 | (a) | |||||||||||
UnipolSai Assicurazioni SpA | 24,432 | 66,949 | 913 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
25,996 | 135,201 | 4,378 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Mediaset Espana Comunicacion SA | 4,163 | 32,284 | 1,655 | 0.0 | (a) | |||||||||||
Publicis Groupe SA | 698 | 41,487 | 5,076 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
4,861 | 73,771 | 6,731 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Galp Energia SGPS SA | 3,103 | 52,026 | 1,177 | 0.0 | (a) | |||||||||||
OMV AG | 215 | 11,532 | (91 | ) | (0.0 | )(a) | ||||||||||
Saras SpA | 29,267 | 52,289 | (2,642 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
32,585 | 115,847 | (1,556 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Sanofi | 735 | 64,128 | (180 | ) | (0.0 | )(a) | ||||||||||
UCB SA | 992 | 78,843 | (5,612 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
1,727 | 142,971 | (5,792 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
Nexity SA | 1,307 | 61,134 | (1,382 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Siltronic AG | 111 | 10,876 | 540 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Christian Dior SE | 102 | 50,509 | 2,084 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 98,706 | 985,414 | (1,677 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Air Freight & Logistics |
| |||||||||||||||
PostNL NV | (23,061 | ) | (59,819 | ) | 2,559 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Bayerische Motoren Werke AG | (638 | ) | (54,427 | ) | (2,081 | ) | (0.0 | )(a) | ||||||||
Renault SA | (875 | ) | (59,698 | ) | (26 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
| �� |
|
| ||||||||
(1,513 | ) | (114,125 | ) | (2,107 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
AIB Group plc | (11,803 | ) | (54,835 | ) | (1,269 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products |
| |||||||||||||||
Cie de Saint-Gobain | (1,346 | ) | (55,186 | ) | (2,365 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
BASF SE | (666 | ) | (54,373 | ) | (2,993 | ) | (0.0 | )(a) | ||||||||
Umicore SA | (951 | ) | (36,906 | ) | 7,020 | 0.0 | (a) | |||||||||
Wacker Chemie AG | (660 | ) | (58,019 | ) | 162 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(2,277 | ) | (149,298 | ) | 4,189 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Communications Equipment |
| |||||||||||||||
Nokia OYJ | (9,916 | ) | (52,105 | ) | 5,349 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Bouygues SA | (1,499 | ) | (56,426 | ) | 241 | 0.0 | (a) | |||||||||
Ferrovial SA | (2,463 | ) | (60,737 | ) | (3,684 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,962 | ) | (117,163 | ) | (3,443 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Financial Services |
| |||||||||||||||
Groupe Bruxelles Lambert SA | (596 | ) | (57,073 | ) | 1,825 | 0.0 | (a) | |||||||||
Wendel SA | (454 | ) | (62,883 | ) | (3,929 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(1,050 | ) | (119,956 | ) | (2,104 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Cellnex Telecom SA (b) | (1,889 | ) | (58,189 | ) | (2,611 | ) | (0.0 | )(a) | ||||||||
Iliad SA | (152 | ) | (15,485 | ) | 418 | 0.0 | (a) | |||||||||
Masmovil Ibercom SA* | (2,836 | ) | (62,154 | ) | (2,951 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,877 | ) | (135,828 | ) | (5,144 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Nexans SA | (185 | ) | (6,489 | ) | (303 | ) | (0.0 | )(a) | ||||||||
OSRAM Licht AG | (268 | ) | (9,218 | ) | (108 | ) | (0.0 | )(a) | ||||||||
Prysmian SpA | (2,939 | ) | (56,747 | ) | (2,444 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,392 | ) | (72,454 | ) | (2,855 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Energy Equipment & Services |
| |||||||||||||||
Tenaris SA | (2,947 | ) | (40,851 | ) | 479 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Kerry Group plc | (504 | ) | (56,416 | ) | (533 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 105 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Health Care Providers & Services |
| |||||||||||||||
Orpea | (463 | ) | (56,490 | ) | (1,012 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Accor SA | (1,280 | ) | (53,923 | ) | (33 | ) | (0.0 | )(a) | ||||||||
Autogrill SpA | (6,016 | ) | (58,463 | ) | (2,191 | ) | (0.0 | )(a) | ||||||||
Elior Group SA (b) | (1,374 | ) | (19,017 | ) | (408 | ) | (0.0 | )(a) | ||||||||
Paddy Power Betfair plc | (629 | ) | (52,685 | ) | (3,381 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(9,299 | ) | (184,088 | ) | (6,013 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Industrial Conglomerates |
| |||||||||||||||
Rheinmetall AG | (542 | ) | (62,453 | ) | (4,849 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
Delivery Hero SE* (b) | (1,338 | ) | (61,664 | ) | (9,029 | ) | (0.1 | ) | ||||||||
Rocket Internet SE* (b) | (2,060 | ) | (54,427 | ) | (3,005 | ) | (0.0 | )(a) | ||||||||
Zalando SE* (b) | (734 | ) | (34,527 | ) | (4,656 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,132 | ) | (150,618 | ) | (16,690 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Life Sciences Tools & Services |
| |||||||||||||||
Eurofins Scientific SE | (19 | ) | (8,701 | ) | (1,026 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
GEA Group AG | (920 | ) | (25,776 | ) | (434 | ) | (0.0 | )(a) | ||||||||
Konecranes OYJ | (1,326 | ) | (55,427 | ) | (4,369 | ) | (0.0 | )(a) | ||||||||
Outotec OYJ* | (1,410 | ) | (7,449 | ) | (553 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,656 | ) | (88,652 | ) | (5,356 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Altice Europe NV* | (4,939 | ) | (15,674 | ) | (2,055 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
AMG Advanced Metallurgical Group NV | (1,757 | ) | (53,418 | ) | 337 | 0.0 | (a) | |||||||||
ArcelorMittal | (2,419 | ) | (52,628 | ) | 154 | 0.0 | (a) | |||||||||
thyssenkrupp AG | (1,448 | ) | (20,415 | ) | 402 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,624 | ) | (126,461 | ) | 893 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Personal Products |
| |||||||||||||||
Beiersdorf AG | (554 | ) | (60,619 | ) | (1,704 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
AIXTRON SE* | (4,914 | ) | (56,894 | ) | (7,369 | ) | (0.1 | ) | ||||||||
SOITEC* | (530 | ) | (53,680 | ) | (6,573 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,444 | ) | (110,574 | ) | (13,942 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
S&T AG | (1,995 | ) | (53,902 | ) | (1,960 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Puma SE | (92 | ) | (56,908 | ) | (2,323 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Aeroports de Paris | (298 | ) | (60,706 | ) | (1,745 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (103,705 | ) | (2,063,882 | ) | (65,026 | ) | (0.3 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (4,999 | ) | (1,078,468 | ) | (66,703 | ) | (0.3 | ) | ||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day BOJ TONAR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (4.00)% to 0.60%), which is denominated in JPY based on the local currencies of the positions within the swaps. | 5/26/2028 – 5/2/2029 | $ | 1,084,624 | $ | (61,449 | ) | $ | 9,608 | $ | (51,841 | ) | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Auto Components |
| |||||||||||||||
TS Tech Co. Ltd. | 1,300 | 39,042 | (635 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Isuzu Motors Ltd. | 5,600 | 80,655 | 1,567 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Asahi Kasei Corp. | 7,200 | 74,206 | (1,018 | ) | (0.0 | )(a) | ||||||||||
Daicel Corp. | 7,800 | 87,505 | (304 | ) | (0.0 | )(a) | ||||||||||
Mitsubishi Gas Chemical Co., Inc. | 2,000 | 30,026 | 276 | 0.0 | (a) | |||||||||||
Showa Denko KK | 2,300 | 78,522 | 527 | 0.0 | (a) | |||||||||||
Sumitomo Chemical Co. Ltd. | 15,200 | 75,833 | 3,233 | 0.0 | (a) | |||||||||||
Tokai Carbon Co. Ltd. | 6,700 | 77,530 | 262 | 0.0 | (a) | |||||||||||
Tokuyama Corp. | 3,400 | 84,473 | (2,185 | ) | (0.0 | )(a) | ||||||||||
Tosoh Corp. | 500 | 8,062 | (66 | ) | (0.0 | )(a) | ||||||||||
Ube Industries Ltd. | 3,700 | 79,164 | (2,761 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
48,800 | 595,321 | (2,036 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Hazama Ando Corp. | 12,100 | 81,366 | 4,990 | 0.1 | ||||||||||||
Kyowa Exeo Corp. | 2,900 | 79,322 | (332 | ) | (0.0 | )(a) | ||||||||||
Kyudenko Corp. | 2,400 | 68,493 | 2,554 | 0.0 | (a) | |||||||||||
Maeda Corp. | 7,800 | 77,679 | 1,914 | 0.0 | (a) | |||||||||||
Sumitomo Mitsui Construction Co. Ltd. | 11,200 | 73,095 | 1,708 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
36,400 | 379,955 | 10,834 | 0.1 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
Taiheiyo Cement Corp. | 2,300 | 74,172 | (6,318 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Diversified Telecommunication Services |
| |||||||||||||||
Nippon Telegraph & Telephone Corp. | 300 | 12,483 | 197 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Electric Utilities |
| |||||||||||||||
Chubu Electric Power Co., Inc. | 4,800 | 69,800 | (829 | ) | (0.0 | )(a) | ||||||||||
Kansai Electric Power Co., Inc. (The) | 5,600 | 67,750 | (11,519 | ) | (0.1 | ) | ||||||||||
Tokyo Electric Power Co. Holdings, Inc.* | 12,900 | 72,864 | (2,266 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
23,300 | 210,414 | (14,614 | ) | (0.1 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Nippon Carbon Co. Ltd. | 1,800 | 79,432 | (5,699 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 107 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Electronic Equipment, Instruments & Components |
| |||||||||||||||
Japan Aviation Electronics Industry Ltd. | 5,500 | 88,987 | 10,295 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Entertainment |
| |||||||||||||||
Capcom Co. Ltd. | 3,500 | 78,973 | 3,516 | 0.0 | (a) | |||||||||||
DeNA Co. Ltd. | 5,200 | 81,208 | 4,816 | 0.0 | (a) | |||||||||||
GungHo Online Entertainment, Inc. | 24,800 | 77,373 | (5,483 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
33,500 | 237,554 | 2,849 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Lawson, Inc. | 1,700 | 79,373 | (8,055 | ) | (0.0 | )(a) | ||||||||||
Matsumotokiyoshi Holdings Co. Ltd. | 400 | 13,244 | 568 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
2,100 | 92,617 | (7,487 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Fuji Oil Holdings, Inc. | 2,500 | 80,304 | (1,260 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Health Care Providers & Services |
| |||||||||||||||
Alfresa Holdings Corp. | 2,700 | 75,341 | 1,662 | 0.0 | (a) | |||||||||||
Medipal Holdings Corp. | 3,300 | 74,205 | (1,766 | ) | (0.0 | )(a) | ||||||||||
Suzuken Co. Ltd. | 1,500 | 86,490 | 588 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
7,500 | 236,036 | 484 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Round One Corp. | 6,000 | 80,851 | 4,880 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Casio Computer Co. Ltd. | 5,900 | 74,318 | 60 | 0.0 | (a) | |||||||||||
Nikon Corp. | 5,600 | 78,096 | (1,922 | ) | (0.0 | )(a) | ||||||||||
Sony Corp. | 1,800 | 90,663 | 7,903 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
13,300 | 243,077 | 6,041 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Insurance |
| |||||||||||||||
Japan Post Holdings Co. Ltd. | 7,200 | 80,638 | 465 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
Mixi, Inc. | 1,600 | 34,573 | (1,159 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
NET One Systems Co. Ltd. | 3,400 | 88,277 | 1,267 | 0.0 | (a) | |||||||||||
Nihon Unisys Ltd. | 3,000 | 76,909 | 1,073 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
6,400 | 165,186 | 2,340 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
DMG Mori Co. Ltd. | 5,400 | 77,869 | 2,812 | 0.0 | (a) | |||||||||||
IHI Corp. | 3,200 | 76,395 | (387 | ) | (0.0 | )(a) | ||||||||||
Japan Steel Works Ltd. (The) | 4,300 | 83,107 | 3,340 | 0.0 | (a) | |||||||||||
Mitsubishi Heavy Industries Ltd. | 1,900 | 79,183 | (311 | ) | (0.0 | )(a) | ||||||||||
OKUMA Corp. | 1,300 | 76,582 | 3,047 | 0.0 | (a) | |||||||||||
Takeuchi Manufacturing Co. Ltd. | 4,600 | 87,232 | 1,502 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
20,700 | 480,368 | 10,003 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Tokyo Steel Manufacturing Co. Ltd. | 10,100 | 86,495 | 5,494 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Cosmo Energy Holdings Co. Ltd. | 3,000 | 61,952 | (1,947 | ) | (0.0 | )(a) | ||||||||||
JXTG Holdings, Inc. | 5,000 | 24,326 | 45 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
8,000 | 86,278 | (1,902 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Pharmaceuticals |
| |||||||||||||||
Astellas Pharma, Inc. | 2,300 | 31,151 | (2,214 | ) | (0.0 | )(a) | ||||||||||
Kaken Pharmaceutical Co. Ltd. | 1,800 | 77,105 | (1,653 | ) | (0.0 | )(a) | ||||||||||
Shionogi & Co. Ltd. | 200 | 11,683 | 103 | 0.0 | (a) | |||||||||||
Sumitomo Dainippon Pharma Co. Ltd. | 3,300 | 72,907 | (4,150 | ) | (0.0 | )(a) | ||||||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 800 | 74,000 | 179 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
8,400 | 266,846 | (7,735 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail |
| |||||||||||||||
Central Japan Railway Co. | 400 | 86,016 | (1,448 | ) | (0.0 | )(a) | ||||||||||
Seino Holdings Co. Ltd. | 5,800 | 78,958 | 596 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
6,200 | 164,974 | (852 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Advantest Corp. | 2,600 | 73,733 | 1,467 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail |
| |||||||||||||||
Aoyama Trading Co. Ltd. | 3,400 | 74,681 | 541 | 0.0 | (a) | |||||||||||
Shimachu Co. Ltd. | 3,000 | 72,543 | (3,380 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
6,400 | 147,224 | (2,839 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
Brother Industries Ltd. | 500 | 9,873 | 231 | 0.0 | (a) | |||||||||||
NEC Corp. | 2,400 | 81,055 | 838 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
2,900 | 90,928 | 1,069 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Trading Companies & Distributors |
| |||||||||||||||
Kanamoto Co. Ltd. | 3,000 | 71,215 | (1,945 | ) | (0.0 | )(a) | ||||||||||
Marubeni Corp. | 4,400 | 31,529 | 368 | 0.0 | (a) | |||||||||||
Mitsubishi Corp. | 2,800 | 77,134 | 47 | 0.0 | (a) | |||||||||||
Mitsui & Co. Ltd. | 4,900 | 79,255 | 2,205 | 0.0 | (a) | |||||||||||
Sojitz Corp. | 23,000 | 79,183 | 1,136 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
38,100 | 338,316 | 1,811 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Kamigumi Co. Ltd. | 3,300 | 78,832 | 1,422 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Wireless Telecommunication Services |
| |||||||||||||||
KDDI Corp. | 3,200 | 73,752 | 5,253 | 0.0 | (a) | |||||||||||
NTT DOCOMO, Inc. | 200 | 4,343 | 262 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
3,400 | 78,095 | 5,515 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 315,500 | 4,703,386 | 14,197 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Auto Components |
| |||||||||||||||
Nifco, Inc. | (2,200 | ) | (62,104 | ) | (1,857 | ) | (0.0 | )(a) | ||||||||
Sumitomo Rubber Industries Ltd. | (3,900 | ) | (47,956 | ) | 496 | 0.0 | (a) | |||||||||
Toyo Tire Corp. | (4,900 | ) | (57,322 | ) | 515 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(11,000 | ) | (167,382 | ) | (846 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Automobiles |
| |||||||||||||||
Nissan Motor Co. Ltd. | (6,900 | ) | (55,393 | ) | 1,952 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Banks |
| |||||||||||||||
Bank of Kyoto Ltd. (The) | (1,300 | ) | (56,335 | ) | (1,015 | ) | (0.0 | )(a) |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 109 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Banks — continued |
| |||||||||||||||
Japan Post Bank Co. Ltd. | (5,600 | ) | (61,658 | ) | 21 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(6,900 | ) | (117,993 | ) | (994 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Building Products |
| |||||||||||||||
TOTO Ltd. | (1,400 | ) | (59,343 | ) | (1,905 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Chemicals |
| |||||||||||||||
Air Water, Inc. | (3,900 | ) | (59,489 | ) | 130 | 0.0 | (a) | |||||||||
Kansai Paint Co. Ltd. | (500 | ) | (9,533 | ) | 308 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(4,400 | ) | (69,022 | ) | 438 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Commercial Services & Supplies |
| |||||||||||||||
Sohgo Security Services Co. Ltd. | (1,400 | ) | (62,553 | ) | (1,470 | ) | (0.0 | )(a) | ||||||||
Toppan Printing Co. Ltd. | (3,500 | ) | (56,809 | ) | (2,448 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(4,900 | ) | (119,362 | ) | (3,918 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
Chiyoda Corp.* | (8,600 | ) | (27,251 | ) | (4,608 | ) | (0.0 | )(a) | ||||||||
JGC Corp. | (1,200 | ) | (17,290 | ) | 1,135 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(9,800 | ) | (44,541 | ) | (3,473 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Construction Materials |
| |||||||||||||||
Sumitomo Osaka Cement Co. Ltd. | (1,500 | ) | (61,125 | ) | (325 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Consumer Finance |
| |||||||||||||||
Aiful Corp.* | (3,700 | ) | (8,681 | ) | (144 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Containers & Packaging |
| |||||||||||||||
FP Corp. | (900 | ) | (54,835 | ) | (1,511 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Electrical Equipment |
| |||||||||||||||
Fujikura Ltd. | (15,100 | ) | (62,305 | ) | (620 | ) | (0.0 | )(a) | ||||||||
GS Yuasa Corp. | (1,200 | ) | (24,110 | ) | 824 | 0.0 | (a) | |||||||||
Mabuchi Motor Co. Ltd. | (1,500 | ) | (55,632 | ) | (1,759 | ) | (0.0 | )(a) | ||||||||
Mitsubishi Electric Corp. | (4,600 | ) | (65,826 | ) | (2,910 | ) | (0.0 | )(a) | ||||||||
Nidec Corp. | (400 | ) | (57,135 | ) | (3,010 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(22,800 | ) | (265,008 | ) | (7,475 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Electronic Equipment, Instruments & Components |
| |||||||||||||||
Hirose Electric Co. Ltd. | (500 | ) | (57,950 | ) | (2,548 | ) | (0.0 | )(a) | ||||||||
Hitachi High-Technologies Corp. | (1,300 | ) | (57,943 | ) | (2,911 | ) | (0.1 | ) | ||||||||
Murata Manufacturing Co. Ltd. | (300 | ) | (15,064 | ) | 807 | 0.0 | (a) | |||||||||
Omron Corp. | (1,000 | ) | (53,714 | ) | (2,349 | ) | (0.0 | )(a) | ||||||||
TDK Corp. | (700 | ) | (61,330 | ) | (1,182 | ) | (0.0 | )(a) | ||||||||
Yaskawa Electric Corp. | (1,500 | ) | (55,842 | ) | (1,967 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,300 | ) | (301,843 | ) | (10,150 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Aeon Co. Ltd. | (300 | ) | (5,546 | ) | 105 | 0.0 | (a) | |||||||||
Cosmos Pharmaceutical Corp. | (300 | ) | (47,958 | ) | 940 | 0.0 | (a) | |||||||||
Tsuruha Holdings, Inc. | (100 | ) | (8,523 | ) | (577 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(700 | ) | (62,027 | ) | 468 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Food Products |
| |||||||||||||||
Calbee, Inc. | (2,000 | ) | (55,381 | ) | (2,749 | ) | (0.0 | )(a) | ||||||||
Yamazaki Baking Co. Ltd. | (3,500 | ) | (52,140 | ) | 1,830 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,500 | ) | (107,521 | ) | (919 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Health Care Providers & Services |
| |||||||||||||||
Japan Lifeline Co. Ltd. | (3,400 | ) | (53,925 | ) | (303 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
HIS Co. Ltd. | (300 | ) | (9,582 | ) | 69 | 0.0 | (a) | |||||||||
Kyoritsu Maintenance Co. Ltd. | (900 | ) | (46,248 | ) | (3,493 | ) | (0.0 | )(a) | ||||||||
Resorttrust, Inc. | (3,500 | ) | (48,995 | ) | (700 | ) | (0.0 | )(a) | ||||||||
Saizeriya Co. Ltd. | (2,700 | ) | (60,744 | ) | (10,781 | ) | (0.1 | ) | ||||||||
Toridoll Holdings Corp. | (2,800 | ) | (62,712 | ) | (3,226 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(10,200 | ) | (228,281 | ) | (18,131 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Household Durables |
| |||||||||||||||
Panasonic Corp. | (6,600 | ) | (60,774 | ) | (2,089 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Interactive Media & Services |
| |||||||||||||||
LINE Corp.* | (600 | ) | (20,103 | ) | 393 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Internet & Direct Marketing Retail |
| |||||||||||||||
ZOZO, Inc. | (2,800 | ) | (49,738 | ) | (2,081 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
GMO internet, Inc. | (2,200 | ) | (34,147 | ) | 2,341 | 0.0 | (a) | |||||||||
GMO Payment Gateway, Inc. | (700 | ) | (55,819 | ) | (4,080 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(2,900 | ) | (89,966 | ) | (1,739 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Machinery |
| |||||||||||||||
CKD Corp. | (4,600 | ) | (53,502 | ) | (1,493 | ) | (0.0 | )(a) | ||||||||
Daifuku Co. Ltd. | (900 | ) | (55,369 | ) | (4,285 | ) | (0.0 | )(a) | ||||||||
Kawasaki Heavy Industries Ltd. | (2,300 | ) | (53,735 | ) | 2,581 | 0.0 | (a) | |||||||||
Komatsu Ltd. | (2,100 | ) | (54,244 | ) | (1,624 | ) | (0.0 | )(a) | ||||||||
Makita Corp. | (1,500 | ) | (54,725 | ) | (50 | ) | (0.0 | )(a) | ||||||||
MISUMI Group, Inc. | (2,400 | ) | (62,667 | ) | (1,881 | ) | (0.0 | )(a) | ||||||||
Mitsui E&S Holdings Co. Ltd.* | (6,000 | ) | (59,289 | ) | 5,319 | 0.0 | (a) | |||||||||
Miura Co. Ltd. | (2,200 | ) | (56,321 | ) | (4,637 | ) | (0.0 | )(a) | ||||||||
Nabtesco Corp. | (1,800 | ) | (55,195 | ) | (897 | ) | (0.0 | )(a) | ||||||||
NGK Insulators Ltd. | (3,700 | ) | (54,959 | ) | 1,565 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(27,500 | ) | (560,006 | ) | (5,402 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Marine |
| |||||||||||||||
Kawasaki Kisen Kaisha Ltd. | (2,100 | ) | (30,528 | ) | (4,662 | ) | (0.0 | )(a) | ||||||||
Nippon Yusen KK | (700 | ) | (11,961 | ) | (1,098 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(2,800 | ) | (42,489 | ) | (5,760 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Media |
| |||||||||||||||
Vector, Inc.* | (4,500 | ) | (53,577 | ) | 2,842 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Metals & Mining |
| |||||||||||||||
Dowa Holdings Co. Ltd. | (1,700 | ) | (55,433 | ) | 1,863 | 0.0 | (a) | |||||||||
Hitachi Metals Ltd. | (4,800 | ) | (55,482 | ) | 790 | 0.0 | (a) | |||||||||
Mitsubishi Materials Corp. | (2,300 | ) | (59,821 | ) | 3,246 | 0.0 | (a) | |||||||||
Sumitomo Metal Mining Co. Ltd. | (1,900 | ) | (59,762 | ) | 331 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(10,700 | ) | (230,498 | ) | 6,230 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Multiline Retail |
| |||||||||||||||
Marui Group Co. Ltd. | (500 | ) | (10,171 | ) | (197 | ) | (0.0 | )(a) | ||||||||
Pan Pacific International Holdings Corp. | (100 | ) | (6,444 | ) | (215 | ) | (0.0 | )(a) | ||||||||
Takashimaya Co. Ltd. | (4,900 | ) | (55,097 | ) | 2,872 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
(5,500 | ) | (71,712 | ) | 2,460 | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 111 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Short Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Personal Products |
| |||||||||||||||
Shiseido Co. Ltd. | (700 | ) | (55,061 | ) | (1,376 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Nippon Shinyaku Co. Ltd. | (800 | ) | (55,240 | ) | (1,379 | ) | (0.0 | )(a) | ||||||||
Ono Pharmaceutical Co. Ltd. | (3,000 | ) | (56,355 | ) | (1,442 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(3,800 | ) | (111,595 | ) | (2,821 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Professional Services |
| |||||||||||||||
Outsourcing, Inc. | (4,200 | ) | (55,221 | ) | (1,387 | ) | (0.0 | )(a) | ||||||||
Persol Holdings Co. Ltd. | (2,900 | ) | (54,663 | ) | (4,866 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(7,100 | ) | (109,884 | ) | (6,253 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Road & Rail |
| |||||||||||||||
Keikyu Corp. | (3,800 | ) | (64,926 | ) | (4,500 | ) | (0.0 | )(a) | ||||||||
Tobu Railway Co. Ltd. | (2,000 | ) | (56,633 | ) | (2,316 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(5,800 | ) | (121,559 | ) | (6,816 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
Rohm Co. Ltd. | (700 | ) | (51,618 | ) | (2,711 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Specialty Retail |
| |||||||||||||||
Nitori Holdings Co. Ltd. | (400 | ) | (47,721 | ) | 1,305 | 0.0 | (a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Technology Hardware, Storage & Peripherals |
| |||||||||||||||
Seiko Epson Corp. | (3,400 | ) | (54,533 | ) | (960 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Textiles, Apparel & Luxury Goods |
| |||||||||||||||
Asics Corp. | (4,600 | ) | (56,671 | ) | (1,592 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Japan Airport Terminal Co. Ltd. | (1,300 | ) | (54,975 | ) | (2,040 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (191,000 | ) | (3,618,762 | ) | (75,646 | ) | (0.3 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 124,500 | 1,084,624 | (61,449 | ) | (0.3 | ) | ||||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one day LIBOR and one month LIBOR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.75)% to 0.30%), which is denominated in CHF based on the local currencies of the positions within the swaps. | 5/26/2028 – 4/30/2029 | $ | 29,764 | $ | (20,158 | ) | $ | (3,957 | ) | $ | (24,115 | ) | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Health Care Equipment & Supplies |
| |||||||||||||||
Sonova Holding AG (Registered) | 283 | 57,161 | 1,319 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Pharmaceuticals |
| |||||||||||||||
Roche Holding AG | 267 | 69,855 | (1,982 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Real Estate Management & Development |
| |||||||||||||||
PSP Swiss Property AG (Registered) | 781 | 79,691 | 832 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 1,331 | 206,707 | 169 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Chemicals |
| |||||||||||||||
Givaudan SA (Registered) | (21 | ) | (54,375 | ) | (735 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Marine |
| |||||||||||||||
Kuehne + Nagel International AG (Registered) | (387 | ) | (56,252 | ) | (2,027 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Semiconductors & Semiconductor Equipment |
| |||||||||||||||
ams AG* | (1,571 | ) | (66,316 | ) | (17,565 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (1,979 | ) | (176,943 | ) | (20,327 | ) | (0.1 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | (648 | ) | 29,764 | (20,158 | ) | (0.1 | ) | |||||||||
|
|
|
|
|
|
|
|
COUNTERPARTY | DESCRIPTION | TERMINATION DATE | NOTIONAL VALUE (1) | NET UNREALIZED APPRECIATION (DEPRECIATION) (2) | NET CASH AND OTHER RECEIVABLES (PAYABLES) | VALUE | ||||||||||||||
Goldman Sachs | The Fund receives the total return on a portfolio of long and short equity positions and pays or receives the net of one dayOIS-RBA and one month BBR on long positions and short positions respectively, plus or minus a specified spread (rates range from (1.00)% to 0.30%), which is denominated in AUD based on the local currencies of the positions within the swaps. | 7/27/2028 – 4/30/2029 | $ | 618,659 | $ | (13,243 | ) | $ | 1,032 | $ | (12,211 | ) | ||||||||
|
|
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Airlines |
| |||||||||||||||
Qantas Airways Ltd. | 18,215 | 72,054 | (1,663 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Construction & Engineering |
| |||||||||||||||
CIMIC Group Ltd. | 2,513 | 89,648 | 3,121 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Food & Staples Retailing |
| |||||||||||||||
Metcash Ltd. | 5,796 | 11,728 | 992 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
IT Services |
| |||||||||||||||
Computershare Ltd. | 6,789 | 85,407 | 1,589 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 113 |
JPMorgan Long/Short ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(Amounts in U.S. Dollars, unless otherwise noted)
REFERENCE ENTITY | SHARES | NOTIONAL VALUE($) (1) | NET UNREALIZED APPRECIATION (DEPRECIATION)($) (2) | PERCENTAGE OF NET ASSETS (%) | ||||||||||||
Long Positions — continued |
| |||||||||||||||
Common Stocks — continued |
| |||||||||||||||
Metals & Mining |
| |||||||||||||||
Alumina Ltd. | 41,748 | 66,061 | (7,259 | ) | (0.0 | )(a) | ||||||||||
BHP Group Ltd. | 2,916 | 77,164 | (912 | ) | (0.0 | )(a) | ||||||||||
Iluka Resources Ltd. | 11,771 | 71,829 | (4,487 | ) | (0.0 | )(a) | ||||||||||
Rio Tinto Ltd. | 1,132 | 76,300 | (2,201 | ) | (0.0 | )(a) | ||||||||||
Sandfire Resources NL | 6,784 | 33,744 | (2,222 | ) | (0.0 | )(a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
64,351 | 325,098 | (17,081 | ) | (0.0 | )(a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Oil, Gas & Consumable Fuels |
| |||||||||||||||
Beach Energy Ltd. | 39,587 | 59,363 | (50 | ) | (0.0 | )(a) | ||||||||||
Santos Ltd. | 12,011 | 60,783 | 1,647 | 0.0 | (a) | |||||||||||
Whitehaven Coal Ltd. | 10,854 | 32,191 | 1,799 | 0.0 | (a) | |||||||||||
Woodside Petroleum Ltd. | 2,425 | 60,454 | 390 | 0.0 | (a) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
64,877 | 212,791 | 3,786 | 0.0 | (a) | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Long Positions of Total Return Basket Swaps | 162,541 | 796,726 | (9,256 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Short Positions |
| |||||||||||||||
Common Stocks |
| |||||||||||||||
Diversified Financial Services |
| |||||||||||||||
Challenger Ltd. | (7,924 | ) | (45,871 | ) | (3,152 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Hotels, Restaurants & Leisure |
| |||||||||||||||
Domino’s Pizza Enterprises Ltd. | (1,355 | ) | (41,075 | ) | 679 | 0.0 | (a) | |||||||||
Star Entertainment Grp Ltd. (The) | (10,343 | ) | (33,118 | ) | (1,060 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
(11,698 | ) | (74,193 | ) | (381 | ) | (0.0 | )(a) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Transportation Infrastructure |
| |||||||||||||||
Qube Holdings Ltd. | (29,058 | ) | (58,003 | ) | (454 | ) | (0.0 | )(a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short Positions of Total Return Basket Swaps | (48,680 | ) | (178,067 | ) | (3,987 | ) | 0.0 | (a) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total of Long and Short Positions of Total Return Basket Swaps | 113,861 | 618,659 | (13,243 | ) | 0.0 | (a) | ||||||||||
|
|
|
|
|
|
|
|
The following reference rates, and their values as ofperiod-end, are used for security descriptions:
VALUE | ||||||
1 day CHF LIBOR | (0.79 | )% | ||||
1 month CHF LIBOR | (0.79 | )% | ||||
BA | 1.98 | % | ||||
BBR | 1.60 | % | ||||
BOJ TONAR | (0.10 | )% | ||||
CORRA | 1.78 | % | ||||
EONIA | (0.36 | )% | ||||
EURIBOR | (0.37 | )% | ||||
FEDEF | 2.45 | % | ||||
GBP LIBOR | 0.73 | % | ||||
JPY LIBOR | (0.11 | )% | ||||
OIS-RBA | 1.50 | % | ||||
SONIA | 0.71 | % | ||||
USD LIBOR | 2.48 | % |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Summary of total OTC swap contracts outstanding as of April 30, 2018: | ||||||||
NET UPFRONT PAYMENTS (RECEIPTS)($) | VALUE($) | |||||||
Assets |
| |||||||
Total return basket swaps contracts outstanding | — | 74,662 | ||||||
|
|
|
| |||||
Liabilities |
| |||||||
Total return basket swaps contracts outstanding | — | (401,559 | ) | |||||
|
|
|
|
Abbreviations
AUD | — Australian Dollar | |
BA | — Banker’s Acceptance Rate | |
BBR | — Bank Base Rate | |
BOJ | — Bank of Japan | |
CAD | — Canadian Dollar | |
CHF | — Swiss Franc | |
CORRA | — Canadian Overnight Repo Rate Average | |
EONIA | — Euro Over Night Index Average | |
EUR | — Euro | |
EURIBOR | — Euro Interbank Offered Rate | |
FEDEF | — US Federal Fund Effective Rate (Continuous Series) | |
GBP | — British Pound | |
JPY | — Japanese Yen | |
LIBOR | — London Interbank Offered Rate | |
OIS-RBA | — Overnight Indexed Swap-Reserve Bank of Australia | |
OYJ | — Public Limited Company | |
SCA | — Limited partnership with share capital |
SGPS | — Holding company | |
SONIA TONAR USD | — Sterling Overnight Index Average | |
— Tokyo Overnight Average Rate | ||
— United States Dollar | ||
(a) | — Amount rounds to less than 0.1% of net assets. | |
(b) | — Security exempt from registration pursuant to Regulation S under the Securities Act of 1933. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. | |
* | — Non-income producing security. | |
(1) | — Notional value represents market value, as of April 30, 2019, of these positions based on the securities’ last sale or closing price on the principal exchange on which the securities are traded. | |
(2) | — Unrealized appreciation (depreciation) represents the unrealized gain(loss) of the positions subsequent to the swap reset. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 115 |
JPMorgan Managed Futures Strategy ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 85.6% |
| |||||||
Investment Companies — 85.6% | ||||||||
JPMorgan Prime Money Market | 44,405,942 | 44,419,264 | ||||||
|
| |||||||
Total Investments — 85.6% | 44,419,264 | |||||||
Other Assets Less Liabilities — 14.4% | 7,488,617 | |||||||
|
| |||||||
Net Assets — 100.0% | 51,907,881 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Investmentin affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. | |
(b) | Therate shown is the current yield as of April 30, 2019. |
Futures contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
CAC 40 10 Euro Index | 3 | 05/2019 | EUR | 186,831 | 2,811 | |||||||||||||||
Hang Seng Index | 3 | 05/2019 | HKD | 564,467 | 2,909 | |||||||||||||||
IBEX 35 Index | 2 | 05/2019 | EUR | 214,709 | 2,631 | |||||||||||||||
LME Aluminum Base Metal | 43 | 05/2019 | USD | 1,905,975 | (136,505 | ) | ||||||||||||||
LME Nickel Base Metal | 10 | 05/2019 | USD | 728,850 | (77,442 | ) | ||||||||||||||
LME Zinc Base Metal | 14 | 05/2019 | USD | 1,020,250 | 35,358 | |||||||||||||||
100 oz Gold | 7 | 06/2019 | USD | 899,920 | (10,779 | ) | ||||||||||||||
Australia 10 Year Bond | 55 | 06/2019 | AUD | 5,361,425 | 88,447 | |||||||||||||||
Australia 3 Year Bond | 198 | 06/2019 | AUD | 15,902,014 | 119,281 | |||||||||||||||
Canada 10 Year Bond | 43 | 06/2019 | CAD | 4,438,337 | 67,807 | |||||||||||||||
EURO STOXX 50 Index | 5 | 06/2019 | EUR | 193,872 | 3,538 | |||||||||||||||
Euro-Bobl | 80 | 06/2019 | EUR | 11,927,542 | 77,270 | |||||||||||||||
Euro-Bund | 30 | 06/2019 | EUR | 5,562,351 | 78,284 | |||||||||||||||
Euro-Buxl | 11 | 06/2019 | EUR | 2,328,598 | 85,388 | |||||||||||||||
FTSE 100 Index | 2 | 06/2019 | GBP | 192,482 | (998 | ) | ||||||||||||||
FTSE MIB Index | 2 | 06/2019 | EUR | 240,801 | 705 | |||||||||||||||
Japan 10 Year Bond | 12 | 06/2019 | JPY | 16,462,498 | 29,188 | |||||||||||||||
Lean Hogs | 3 | 06/2019 | USD | 105,870 | (11,949 | ) | ||||||||||||||
Live Cattle | 75 | 06/2019 | USD | 3,427,500 | (137,991 | ) | ||||||||||||||
LME Aluminum Base Metal | 1 | 06/2019 | USD | 44,650 | (1,556 | ) | ||||||||||||||
LME Zinc Base Metal | 20 | 06/2019 | USD | 1,435,500 | 3,410 | |||||||||||||||
Long Gilt | 25 | 06/2019 | GBP | 4,150,632 | (2,107 | ) | ||||||||||||||
S&P 500 E-Mini Index | 4 | 06/2019 | USD | 589,900 | 15,467 | |||||||||||||||
SPI 200 Index | 9 | 06/2019 | AUD | 1,000,694 | 15,779 | |||||||||||||||
U.S. Treasury 2 Year Note | 81 | 06/2019 | USD | 17,254,266 | 49,982 |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
U.S. Treasury 5 Year Note | 71 | 06/2019 | USD | 8,211,039 | 59,015 | |||||||||||||||
U.S. Treasury 10 Year Note | 95 | 06/2019 | USD | 11,750,313 | 130,268 | |||||||||||||||
U.S. Treasury Long Bond | 20 | 06/2019 | USD | 2,950,625 | 39,392 | |||||||||||||||
WTI Crude Oil | 12 | 06/2019 | USD | 767,760 | (6,302 | ) | ||||||||||||||
Cocoa | 39 | 07/2019 | USD | 920,010 | (5,097 | ) | ||||||||||||||
Copper | 4 | 07/2019 | USD | 290,550 | (4,136 | ) | ||||||||||||||
LME Nickel Base Metal | 6 | 07/2019 | USD | 438,876 | (15,152 | ) | ||||||||||||||
LME Zinc Base Metal | 7 | 07/2019 | USD | 497,350 | 3,187 | |||||||||||||||
WTI Crude Oil | 6 | 07/2019 | USD | 383,820 | (3,006 | ) | ||||||||||||||
Live Cattle | 15 | 08/2019 | USD | 670,650 | (25,414 | ) | ||||||||||||||
Cotton No. 2 | 10 | 12/2019 | USD | 378,450 | 245 | |||||||||||||||
|
| |||||||||||||||||||
471,928 | ||||||||||||||||||||
|
| |||||||||||||||||||
Short Contracts | ||||||||||||||||||||
LME Aluminum Base Metal | (43 | ) | 05/2019 | USD | (1,905,975 | ) | 82,152 | |||||||||||||
LME Nickel Base Metal | (10 | ) | 05/2019 | USD | (728,850 | ) | 60,816 | |||||||||||||
LME Zinc Base Metal | (14 | ) | 05/2019 | USD | (1,020,250 | ) | (8,514 | ) | ||||||||||||
Natural Gas | (3 | ) | 05/2019 | USD | (77,310 | ) | 9,112 | |||||||||||||
WTI Crude Oil | (2 | ) | 05/2019 | USD | (127,780 | ) | (385 | ) | ||||||||||||
Canada 10 Year Bond | (3 | ) | 06/2019 | CAD | (309,651 | ) | 14 | |||||||||||||
Euro-Bund | (22 | ) | 06/2019 | EUR | (4,079,057 | ) | (63,418 | ) | ||||||||||||
Euro-Schatz | (5 | ) | 06/2019 | EUR | (627,647 | ) | 63 | |||||||||||||
Lean Hogs | (7 | ) | 06/2019 | USD | (247,030 | ) | (17,371 | ) | ||||||||||||
LME Aluminum Base Metal | (19 | ) | 06/2019 | USD | (848,350 | ) | 65,968 | |||||||||||||
Long Gilt | (5 | ) | 06/2019 | GBP | (830,126 | ) | 3,594 | |||||||||||||
Sugar No. 11 | (27 | ) | 06/2019 | USD | (373,162 | ) | 10,559 | |||||||||||||
TOPIX Index | (1 | ) | 06/2019 | JPY | (145,743 | ) | (2,226 | ) | ||||||||||||
Cocoa | (15 | ) | 07/2019 | USD | (353,850 | ) | 5,195 | |||||||||||||
Coffee ‘C’ | (30 | ) | 07/2019 | USD | (1,047,937 | ) | 135,997 | |||||||||||||
Corn | (173 | ) | 07/2019 | USD | (3,135,625 | ) | 159,215 | |||||||||||||
Cotton No. 2 | (13 | ) | 07/2019 | USD | (499,070 | ) | 8,616 | |||||||||||||
Lean Hogs | (8 | ) | 07/2019 | USD | (295,600 | ) | 3,366 | |||||||||||||
Natural Gas | (13 | ) | 07/2019 | USD | (343,330 | ) | 4,655 | |||||||||||||
Silver | (4 | ) | 07/2019 | USD | (299,500 | ) | (411 | ) | ||||||||||||
Soybean | (23 | ) | 07/2019 | USD | (982,100 | ) | 63,370 | |||||||||||||
Wheat | (75 | ) | 07/2019 | USD | (1,607,813 | ) | 110,366 | |||||||||||||
Feeder Cattle | (33 | ) | 08/2019 | USD | (2,460,975 | ) | 142,140 | |||||||||||||
Coffee ‘C’ | (20 | ) | 09/2019 | USD | (715,875 | ) | 17,415 | |||||||||||||
Corn | (46 | ) | 09/2019 | USD | (852,150 | ) | 9,614 | |||||||||||||
|
| |||||||||||||||||||
799,902 | ||||||||||||||||||||
|
| |||||||||||||||||||
1,271,830 | ||||||||||||||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 117 |
JPMorgan Managed Futures Strategy ETF
CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Abbreviations
AUD | — Australian Dollar | |
CAC | — Continuous Assisted Quotation | |
CAD | — Canadian Dollar | |
EUR | — Euro | |
FTSE | — Financial Times and the London Stock Exchange | |
GBP | — British Pound | |
HKD | — Hong Kong Dollar | |
IBEX | — International Business Exchange |
JPY | — Japanese Yen | |
LME | — London Metal Exchange | |
MIB | — Milan, Italian Stock Exchange | |
SPI | — Australian Securities Exchange | |
TOPIX | — Tokyo Stock Price Index | |
USD | — United States Dollar | |
WTI | — West Texas Intermediate |
Forward foreign currency exchange contracts outstanding as of April 30, 2019: | ||||||||||||||||||||
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION)($) | ||||||||||||||||
USD | 1,565,611 | AUD | 2,202,276 | TD Bank Financial Group | 5/10/2019 | 12,822 | ||||||||||||||
USD | 359,724 | EUR | 319,309 | BNP Paribas | 5/10/2019 | 1,336 | ||||||||||||||
USD | 281,313 | JPY | 31,276,238 | TD Bank Financial Group | 5/10/2019 | 356 | ||||||||||||||
CAD | 109,013 | USD | 80,827 | Merrill Lynch International | 5/15/2019 | 573 | ||||||||||||||
IDR | 4,128,077,527 | USD | 289,852 | Goldman Sachs International** | 5/15/2019 | 207 | ||||||||||||||
INR | 19,977,438 | USD | 286,210 | Merrill Lynch International** | 5/15/2019 | 368 | ||||||||||||||
MXN | 5,927,646 | USD | 311,377 | HSBC Bank, NA | 5/15/2019 | 629 | ||||||||||||||
NZD | 125,779 | NOK | 721,236 | Credit Suisse International | 5/15/2019 | 383 | ||||||||||||||
NZD | 151,325 | USD | 100,795 | Barclays Bank plc | 5/15/2019 | 298 | ||||||||||||||
RUB | 20,170,984 | USD | 310,161 | Goldman Sachs International** | 5/15/2019 | 1,349 | ||||||||||||||
USD | 311,856 | CZK | 7,078,281 | Citibank, NA | 5/15/2019 | 2,029 | ||||||||||||||
USD | 5,651,051 | EUR | 4,997,191 | State Street Corp. | 5/15/2019 | 39,748 | ||||||||||||||
USD | 692,698 | GBP | 528,651 | BNP Paribas | 5/15/2019 | 2,840 | ||||||||||||||
USD | 309,866 | HUF | 88,146,196 | Merrill Lynch International | 5/15/2019 | 4,368 | ||||||||||||||
USD | 311,816 | ILS | 1,113,430 | BNP Paribas | 5/15/2019 | 2,071 | ||||||||||||||
USD | 4,455,173 | JPY | 494,669,889 | State Street Corp. | 5/15/2019 | 9,543 | ||||||||||||||
USD | 308,538 | KRW | 351,514,676 | Goldman Sachs International** | 5/15/2019 | 6,558 | ||||||||||||||
USD | 4,420,811 | NOK | 37,636,813 | TD Bank Financial Group | 5/15/2019 | 55,940 | ||||||||||||||
USD | 310,836 | PLN | 1,180,355 | BNP Paribas | 5/15/2019 | 1,835 | ||||||||||||||
USD | 59,081 | SEK | 560,401 | Barclays Bank plc | 5/15/2019 | 9 | ||||||||||||||
USD | 2,011,726 | SEK | 18,541,856 | Citibank, NA | 5/15/2019 | 57,232 | ||||||||||||||
USD | 533,984 | JPY | 58,550,000 | State Street Corp. | 7/16/2019 | 5,113 | ||||||||||||||
|
| |||||||||||||||||||
Total unrealized appreciation | 205,607 | |||||||||||||||||||
|
| |||||||||||||||||||
AUD | 1,450,300 | USD | 1,038,599 | Merrill Lynch International | 5/10/2019 | (16,016 | ) | |||||||||||||
AUD | 897,555 | USD | 641,584 | Merrill Lynch International | 5/15/2019 | (8,649 | ) | |||||||||||||
CAD | 5,621,921 | USD | 4,232,510 | Merrill Lynch International | 5/15/2019 | (34,633 | ) | |||||||||||||
CHF | 1,028,939 | USD | 1,032,591 | Citibank, NA | 5/15/2019 | (21,478 | ) | |||||||||||||
EUR | 50,295 | USD | 57,027 | HSBC Bank, NA | 5/15/2019 | (551 | ) | |||||||||||||
NOK | 486,836 | NZD | 84,813 | Goldman Sachs International | 5/15/2019 | (199 | ) | |||||||||||||
NZD | 85,589 | USD | 57,839 | HSBC Bank, NA | 5/15/2019 | (661 | ) | |||||||||||||
NZD | 10,586,757 | USD | 7,144,717 | Merrill Lynch International | 5/15/2019 | (72,172 | ) | |||||||||||||
USD | 58,432 | EUR | 52,413 | Citibank, NA | 5/15/2019 | (422 | ) | |||||||||||||
USD | 66,893 | EUR | 59,661 | Merrill Lynch International | 5/15/2019 | (100 | ) | |||||||||||||
ZAR | 4,375,591 | USD | 310,688 | BNP Paribas | 5/15/2019 | (5,289 | ) | |||||||||||||
JPY | 58,668,118 | USD | 541,210 | Australia & New Zealand Banking Group Ltd. | 7/16/2019 | (11,272 | ) | |||||||||||||
|
| |||||||||||||||||||
Total unrealized depreciation | (171,442 | ) | ||||||||||||||||||
|
| |||||||||||||||||||
Net unrealized appreciation | 34,165 | |||||||||||||||||||
|
|
** | — Non-deliverable forward. |
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Abbreviations
AUD | — Australian Dollar | |
CAD | — Canadian Dollar | |
CHF | — Swiss Franc | |
CZK | — Czech Republic Koruna | |
EUR | — Euro | |
GBP | — British Pound | |
HUF | — Hungarian Forint | |
IDR | — Indonesian Rupiah | |
ILS | — Israeli Shekel | |
INR | — India Rupee |
JPY | — Japanese Yen | |
KRW | — Korean Republic Won | |
MXN | — Mexican Peso | |
NOK | — Norwegian Krone | |
NZD | — New Zealand Dollar | |
PLN | — Polish Zloty | |
RUB | — Russian Ruble | |
SEK | — Swedish Krona | |
USD | — United States Dollar | |
ZAR | — South African Rand |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 119 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2019 (Unaudited)
JPMorgan Diversified Alternatives ETF (1) | JPMorgan Event Driven ETF | JPMorgan Long/Short ETF | JPMorgan Managed Futures Strategy ETF (1) | |||||||||||||
ASSETS: | ||||||||||||||||
Investments in non-affiliates, at value | $ | 98,525,674 | $ | 23,676,259 | $ | 17,843,803 | $ | — | ||||||||
Investments in affiliates, at value | 59,203,306 | 3,854,360 | 5,894,953 | 44,419,264 | ||||||||||||
Investments of cash collateral received from securities loaned, at value (Note 2.D.) | — | 148,400 | — | — | ||||||||||||
Restricted cash | 400 | — | — | — | ||||||||||||
Restricted cash for OTC derivatives | 6,368,685 | — | 280,000 | — | ||||||||||||
Cash | 4,240,637 | 3,168 | 4,345 | 3,388,865 | ||||||||||||
Foreign currency, at value | 1,471,333 | 114,987 | 70,228 | 1,313,630 | ||||||||||||
Deposits at broker for futures contracts | 4,997,000 | — | 95,000 | 2,796,000 | ||||||||||||
Prepaid Expenses | 15,528 | 17,916 | 17,680 | 8,585 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 360,978 | 150,872 | — | — | ||||||||||||
Fund shares sold | 1,875 | — | — | — | ||||||||||||
Interest from non-affiliates | 37,339 | 4,243 | 7,587 | — | ||||||||||||
Dividends from affiliates | 128,149 | 3,155 | 6,761 | 86,530 | ||||||||||||
Tax reclaims | 13,590 | 2,058 | 119 | — | ||||||||||||
Securities lending income (Note 2.D.) | — | 690 | — | — | ||||||||||||
Variation margin on futures contracts | — | — | 595 | 44,756 | ||||||||||||
Unrealized appreciation on forward foreign currency exchange contracts | 584,555 | 26,332 | 3,431 | 205,607 | ||||||||||||
Outstanding swap contracts, at value | 638,377 | 26,193 | 74,662 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 176,587,426 | 28,028,633 | 24,299,164 | 52,263,237 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: | ||||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | 345,310 | 138,949 | — | — | ||||||||||||
Collateral received on securities loaned (Note 2.D.) | — | 148,400 | — | — | ||||||||||||
Fund shares redeemed | 1,250,002 | — | — | — | ||||||||||||
Variation margin on futures contracts | 59,504 | — | — | — | ||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | 355,287 | 8,103 | 2,599 | 171,442 | ||||||||||||
Outstanding swap contracts, at value | 846,746 | 72,422 | 401,559 | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Investment advisory fees | 68,998 | 16,328 | 10,718 | 2,481 | ||||||||||||
Administration fees | 12,868 | 1,687 | 1,472 | 3,558 | ||||||||||||
Custodian, Accounting and Transfer Agent fees | 34,547 | 10,524 | 12,222 | 15,891 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 3,045 | 388 | 380 | 770 | ||||||||||||
Professional fees | 115,133 | 70,544 | 65,968 | 142,332 | ||||||||||||
Other | 58,772 | 14,595 | 12,666 | 18,882 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 3,150,212 | 481,940 | 507,584 | 355,356 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 173,437,214 | $ | 27,546,693 | $ | 23,791,580 | $ | 51,907,881 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Paid-in-Capital | $ | 172,651,846 | $ | 26,295,466 | $ | 26,565,042 | $ | 52,555,573 | ||||||||
Total distributable earnings (loss) | 785,368 | 1,251,227 | (2,773,462 | ) | (647,692 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 173,437,214 | $ | 27,546,693 | $ | 23,791,580 | $ | 51,907,881 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares | 6,950,000 | 1,050,000 | 1,100,000 | 2,150,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 24.96 | $ | 26.23 | $ | 21.63 | $ | 24.14 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments in non-affiliates | $ | 93,706,694 | $ | 22,851,158 | $ | 16,980,119 | $ | — | ||||||||
Cost of investments in affiliates | 59,203,306 | 3,854,360 | 5,894,953 | 44,419,264 | ||||||||||||
Cost of foreign currency | 1,469,543 | 114,725 | 70,400 | 1,308,312 | ||||||||||||
Investment securities on loan, at value | — | 143,248 | — | — | ||||||||||||
Cost of investment of cash collateral | — | 148,400 | — | — |
(1) | Consolidated Statement of Assets and Liabilities. |
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
STATEMENTS OF OPERATIONS
FOX THE SIX MONTHS ENDED APRIL 30, 2019 (Unaudited)
JPMorgan Diversified Alternatives ETF (1) | JPMorgan Event Driven ETF | JPMorgan Long/Short ETF | JPMorgan Managed Futures Strategy ETF (1) | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Dividend income from non-affiliates | $ | 1,023,057 | $ | 115,192 | $ | 168,201 | $ | 15,802 | ||||||||
Dividend income from affiliates | 750,833 | 39,486 | 65,650 | 471,344 | ||||||||||||
Interest income from non-affiliates | 43,780 | 54,932 | 26,666 | 28,952 | ||||||||||||
Interest income from affiliates | 7,575 | 92 | 46 | 2,789 | ||||||||||||
Non-cash dividend income from non-affiliates | — | 17,206 | — | — | ||||||||||||
Income from securities lending (net) | — | 1,024 | 35 | — | ||||||||||||
Foreign taxes withheld | (7,606 | ) | (1,891 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 1,817,639 | 226,041 | 260,598 | 518,887 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: | ||||||||||||||||
Investment advisory fees (Note 3.A.) | 634,792 | 97,726 | 73,467 | 136,562 | ||||||||||||
Administration fees (Note 3.B.) | 85,119 | 10,208 | 9,587 | 21,868 | ||||||||||||
Interest expense to non-affiliates | 6,567 | — | 484 | 4,404 | ||||||||||||
Interest expense to affiliates | 2,230 | 128 | 389 | 1,247 | ||||||||||||
Professional fees | 79,438 | 71,286 | 68,272 | 17,661 | ||||||||||||
Trustees’ and Chief Compliance Officer’s fees | 15,125 | 463 | 394 | 19,278 | ||||||||||||
Printing and mailing costs | 11,765 | 2,821 | 767 | 2,859 | ||||||||||||
Registration and filing fees | 8,700 | 8,904 | 8,509 | 9,812 | ||||||||||||
Custodian, Accounting and Transfer Agent fees (Note 3.C.) | 60,905 | 26,272 | 25,992 | 33,992 | ||||||||||||
Insurance expense | 6,808 | 956 | 910 | 1,879 | ||||||||||||
Offering costs (Note 2.G.) | — | 1,133 | 8,227 | 3,567 | ||||||||||||
Other | 26,384 | 1,185 | 1,386 | 5,008 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 937,833 | 221,082 | 198,384 | 258,137 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Less fee waived (Note 3.D.) | (182,732 | ) | (107,934 | ) | (83,054 | ) | (145,502 | ) | ||||||||
Less expense reimbursements from affiliates (Note 3.D.) | — | (6,847 | ) | (35,488 | ) | (2,728 | ) | |||||||||
Less expense reimbursements from non-affiliates (Note 3.C.) | (2,600 | ) | — | (800 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 752,501 | 106,301 | 79,042 | 109,907 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 1,065,138 | 119,740 | 181,556 | 408,980 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||
Investments in non-affiliates | (845,561 | ) | (106,802 | ) | (720,333 | ) | — | |||||||||
Futures contracts | (1,291,308 | ) | 26,981 | (259,906 | ) | (1,069,828 | ) | |||||||||
Foreign currency transactions | (53,034 | ) | 8,000 | (3,714 | ) | 4,325 | ||||||||||
Forward foreign currency exchange contracts | 351,416 | 21,819 | 11,565 | (149,119 | ) | |||||||||||
Swaps | 36,886 | 292,579 | (291,629 | ) | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (1,801,601 | ) | 242,577 | (1,264,017 | ) | (1,214,622 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||
Investments in non-affiliates | 6,353,828 | 1,588,943 | 1,630,404 | — | ||||||||||||
Futures contracts | 603,120 | (18,000 | ) | 24,573 | 2,326,792 | |||||||||||
Foreign currency translations | 15,431 | 371 | 159 | 7,974 | ||||||||||||
Forward foreign currency exchange contracts | (364,081 | ) | 1,787 | (3,422 | ) | (65,904 | ) | |||||||||
Swaps | (1,060,547 | ) | 198,055 | (1,362,048 | ) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | 5,547,751 | 1,771,156 | 289,666 | 2,268,862 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | 3,746,150 | 2,013,733 | (974,351 | ) | 1,054,240 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | 4,811,288 | $ | 2,133,473 | $ | (792,795 | ) | $ | 1,463,220 | |||||||
|
|
|
|
|
|
|
|
(1) | Consolidated Statement of Operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 121 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
JPMorgan Diversified Alternatives ETF(1) | JPMorgan Event Driven ETF | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Year Ended October 31, 2018 | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 1,065,138 | $ | 1,300,771 | $ | 119,740 | $ | 155,470 | ||||||||
Net realized gain (loss) | (1,801,601 | ) | (11,210,432 | ) | 242,577 | 821,046 | ||||||||||
Change in net unrealized appreciation/depreciation | 5,547,751 | (3,747,495 | ) | 1,771,156 | (973,655 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 4,811,288 | (13,657,156 | ) | 2,133,473 | 2,861 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | — | (868 | ) | (871,185 | ) | (13,930 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | (33,002,636 | ) | 61,503,845 | — | 26,295,474 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | (28,191,348 | ) | 47,845,821 | 1,262,288 | 26,284,405 | |||||||||||
Beginning of period | 201,628,562 | 153,782,741 | 26,284,405 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 173,437,214 | $ | 201,628,562 | $ | 27,546,693 | $ | 26,284,405 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 9,822,635 | $ | 80,126,851 | $ | — | $ | 26,295,474 | ||||||||
Redeemed | (42,825,271 | ) | (18,623,006 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (33,002,636 | ) | $ | 61,503,845 | $ | — | $ | 26,295,474 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 400,000 | 3,150,000 | — | 1,050,000 | ||||||||||||
Redeemed | (1,750,000 | ) | (750,000 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | (1,350,000 | ) | 2,400,000 | — | 1,050,000 | |||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was November 29, 2017. |
(1) | Consolidated Statement of Changes in Net Assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan Long/Short ETF | JPMorgan Managed Futures Strategy ETF (1) | |||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (a) | Six Months Ended April 30, 2019 (Unaudited) | Period Ended October 31, 2018 (b) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 181,556 | $ | 208,114 | $ | 408,980 | $ | 407,053 | ||||||||
Net realized gain (loss) | (1,264,017 | ) | (3,293,298 | ) | (1,214,622 | ) | (2,347,424 | ) | ||||||||
Change in net unrealized appreciation/depreciation | 289,666 | 268,758 | 2,268,862 | (955,575 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (792,795 | ) | (2,816,426 | ) | 1,463,220 | (2,895,946 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||||||||||
Total distributions to shareholders | — | — | (353,288 | ) | (14,260 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Change in net assets resulting from capital transactions | 1,128,103 | 26,272,698 | — | 53,708,155 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: | ||||||||||||||||
Change in net assets | 335,308 | 23,456,272 | 1,109,932 | 50,797,949 | ||||||||||||
Beginning of period | 23,456,272 | — | 50,797,949 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 23,791,580 | $ | 23,456,272 | $ | 51,907,881 | $ | 50,797,949 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 5,599,472 | $ | 26,272,698 | $ | — | $ | 53,708,155 | ||||||||
Redeemed | (4,471,369 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 1,128,103 | $ | 26,272,698 | $ | — | $ | 53,708,155 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: | ||||||||||||||||
Issued | 250,000 | 1,050,000 | — | 2,150,000 | ||||||||||||
Redeemed | (200,000 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 50,000 | 1,050,000 | — | 2,150,000 | ||||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was January 23, 2018. |
(b) | Commencement of operations was December 5, 2017. |
(1) | Consolidated Statement of Changes in Net Assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 123 |
FOR THE PERIODS INDICATED
Per share operating performance | ||||||||||||||||||||||||||||
Investment Operations | Distributions | |||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | ||||||||||||||||||||||
JPMorgan Diversified Alternatives ETF(1) | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | $ | 24.29 | $ | 0.13 | $ | 0.54 | $ | 0.67 | $ | — | $ | — | $ | — | ||||||||||||||
Year Ended October 31, 2018 | 26.06 | 0.17 | (1.94 | ) | (1.77 | ) | — | (f) | — | — | (f) | |||||||||||||||||
Year Ended October 31, 2017 | 25.35 | 0.07 | 0.86 | 0.93 | (0.21 | ) | (0.01 | ) | (0.22 | ) | ||||||||||||||||||
September 12, 2016 (g) through October 31, 2016 | 25.00 | (0.02 | ) | 0.37 | 0.35 | — | — | — | ||||||||||||||||||||
JPMorgan Event Driven ETF | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 25.03 | 0.11 | 1.92 | 2.03 | (0.83 | ) | — | (0.83 | ) | |||||||||||||||||||
November 29, 2017 (g) through October 31, 2018 | 25.00 | 0.15 | (0.11 | ) | 0.04 | (0.01 | ) | — | (0.01 | ) | ||||||||||||||||||
JPMorgan Long/Short ETF | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 22.34 | 0.16 | (0.87 | ) | (0.71 | ) | — | — | — | |||||||||||||||||||
January 23, 2018 (g) through October 31, 2018 | 25.00 | 0.20 | (2.86 | ) | (2.66 | ) | — | — | — | |||||||||||||||||||
JPMorgan Managed Futures Strategy ETF(1) | ||||||||||||||||||||||||||||
Six Months Ended April 30, 2019 (Unaudited) | 23.63 | 0.19 | 0.48 | 0.67 | (0.16 | ) | — | (0.16 | ) | |||||||||||||||||||
December 5, 2017 (g) through October 31, 2018 | 25.00 | 0.19 | (1.55 | ) | (1.36 | ) | (0.01 | ) | — | (0.01 | ) |
(a) | Annualized for periods less than one year, unless otherwise indicated. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Market price total return is calculated assuming an initial investment made at the beginning of the period market price, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The market price presented to calculate the market price total return is the mid-point of the bid/ask spread at the close of business on the NYSE Arca, Inc. |
(f) | Amount rounds to less than $0.01. |
(g) | Commencement of operations. |
(h) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
(i) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(j) | Portfolio turnover is calculated by dividing the lesser of total purchases or sales of portfolio securities for the reporting period by the monthly average of portfolio securities owned during the reporting period. Excluded from both the numerator and denominator are amounts relating to derivatives and securities whose maturities or expiration dates at the time of acquisition were one year or less. |
(1) | Consolidated Financial Highlights. |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
| Ratios/Supplemental data | |||||||||||||||||||||||||||||||||
Ratios to average net assets(a) | ||||||||||||||||||||||||||||||||||
Net asset value, end of period | Market | Total return (c)(d) | Market price total return (c)(e) | Net assets, end of period | Net expenses | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate (c) | ||||||||||||||||||||||||||
$ | 24.96 | $ | 24.96 | 2.76 | % | 2.59 | % | $ | 173,437,214 | 0.78 | % | 1.11 | % | 0.97 | % | 75 | % | |||||||||||||||||
24.29 | 24.33 | (6.79 | ) | (6.75 | ) | 201,628,562 | 0.79 | 0.69 | 1.08 | 145 | ||||||||||||||||||||||||
26.06 | 26.09 | 3.68 | 3.51 | 153,782,741 | 0.76 | 0.25 | 1.31 | 107 | ||||||||||||||||||||||||||
25.35 | 25.42 | 1.44 | 1.68 | (h) | 51,977,433 | 0.85 | (i) | 0.47 | 6.65 | (i) | 5 | |||||||||||||||||||||||
26.23 | 26.33 | 8.65 | 8.59 | 27,546,693 | 0.82 | 0.92 | 1.69 | 108 | ||||||||||||||||||||||||||
25.03 | 25.14 | 0.18 | 0.62 | (h) | 26,284,405 | 0.74 | (i) | 0.64 | 1.85 | (i) | 141 | |||||||||||||||||||||||
21.63 | 21.59 | (3.18 | ) | (4.04 | ) | 23,791,580 | 0.65 | 1.48 | 1.58 | 75 | ||||||||||||||||||||||||
22.34 | 22.50 | (10.64 | ) | (10.00 | )(h) | 23,456,272 | 0.60 | (i) | 1.15 | 1.95 | (i) | 99 | ||||||||||||||||||||||
24.14 | 24.15 | 2.87 | 2.52 | 51,907,881 | 0.44 | 1.63 | 1.02 | — | (j) | |||||||||||||||||||||||||
23.63 | 23.72 | (5.45 | ) | (5.09 | )(h) | 50,797,949 | 0.45 | (i) | 0.88 | 1.35 | (i) | — | (j) |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 125 |
AS OF APRIL 30, 2019 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as anopen-end management investment company.
The following are 4 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:
Diversified/Non-Diversified | ||
JPMorgan Diversified Alternatives ETF | Diversified | |
JPMorgan Event Driven ETF | Diversified | |
JPMorgan Long/Short ETF | Diversified | |
JPMorgan Managed Futures Strategy ETF | Non-Diversified |
The investment objective of the JPMorgan Diversified Alternatives ETF (the “Diversified Alternatives ETF”) is to seek to provide long-term total return.
JPMorgan Event Driven ETF (the “Event Driven ETF”) commenced operations on November 29, 2017. The investment objective of the Fund is to seek to provide long-term total return.
JPMorgan Long/Short ETF (the “Long/Short ETF”) commenced operations on January 23, 2018. The investment objective of the Fund is to seek to provide long-term total return.
JPMorgan Managed Futures Strategy ETF (the “Managed Futures Strategy ETF”) commenced operations on December 5, 2017. The investment objective of the Fund is to seek to provide long-term total return.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
Shares of the Funds are listed and traded on the NYSE Arca, Inc. Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, typically 50,000 shares referred to as “Creation Units.” Creation Units are issued and redeemed principally in cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
Basis for Consolidation
Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. (each, a “Subsidiary;” collectively, the “Subsidiaries”), are Cayman Islands exempted companies, incorporated on August 17, 2015 and August 17, 2017, respectively, are currently wholly-owned subsidiaries of the Diversified Alternatives ETF and Managed Futures Strategy ETF, respectively. Each Subsidiary acts as an investment vehicle for its respective Fund in order to effect certain investments on behalf of such Fund consistent with the Fund’s investment objectives and policies as described in the Fund’s prospectus. The consolidated financial statements for these Funds include the accounts of the Funds and the Subsidiaries. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and the Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their consolidated financial statements/financial statements. The Funds are investment companies and, thus, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946 —Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — The valuation of investments is in accordance with GAAP and the Funds’ valuation policies set forth by and under the supervision and responsibility of the Board of Trustees (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value, and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis with the AVC and the Board.
126 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
A market-based approach is primarily used to value the Funds’ investments. Investments for which market quotations are not readily available are fair valued by approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment to determine the fair value of the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used, had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instruments are traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Investments inopen-end investment companies, excluding Exchange-Traded Funds (“ETFs”) (the “Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts, swaps and other derivatives are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds’ investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds’ assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Consolidated Schedules of Portfolio Investments/Schedules of Portfolio Investments (“CSOIs/SOIs”):
Diversified Alternatives ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Chemicals | $ | 2,860,913 | $ | 1,121,658 | $ | — | $ | 3,982,571 | ||||||||
Construction & Engineering | — | 75,068 | — | 75,068 | ||||||||||||
Diversified Consumer Services | 526,634 | 590,586 | — | 1,117,220 | ||||||||||||
Food Products | 2,659,381 | 756,433 | — | 3,415,814 | ||||||||||||
Health Care Providers & Services | 1,714,219 | 393,992 | — | 2,108,211 | ||||||||||||
Household Durables | 590,899 | 565,505 | — | 1,156,404 | ||||||||||||
Other Common Stocks | 86,670,386 | — | — | 86,670,386 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 95,022,432 | 3,503,242 | — | 98,525,674 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 59,203,306 | — | — | 59,203,306 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 154,225,738 | $ | 3,503,242 | $ | — | $ | 157,728,980 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 127 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Diversified Alternatives ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 584,555 | $ | — | $ | 584,555 | ||||||||
Futures Contracts | 2,492,434 | 14,246 | — | 2,506,680 | ||||||||||||
Swaps | — | 244,353 | — | 244,353 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | 2,492,434 | $ | 843,154 | $ | — | $ | 3,335,588 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (355,287 | ) | $ | — | $ | (355,287 | ) | ||||||
Futures Contracts | (2,489,465 | ) | (1,458 | ) | — | (2,490,923 | ) | |||||||||
Swaps | — | (921,617 | ) | (1,172 | ) | (922,789 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | (2,489,465 | ) | $ | (1,278,362 | ) | $ | (1,172 | ) | $ | (3,768,999 | ) | ||||
|
|
|
|
|
|
|
|
Event Driven ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks | ||||||||||||||||
Banks | $ | 756,042 | $ | 157,981 | $ | — | $ | 914,023 | ||||||||
Chemicals | 344,862 | 166,375 | — | 511,237 | ||||||||||||
Construction & Engineering | 161,876 | 18,363 | — | 180,239 | ||||||||||||
Containers & Packaging | 191,672 | 365,502 | — | 557,174 | ||||||||||||
Diversified Consumer Services | 181,374 | 73,999 | — | 255,373 | ||||||||||||
Food Products | 242,668 | 96,147 | — | 338,815 | ||||||||||||
Health Care Providers & Services | 328,820 | 49,256 | — | 378,076 | ||||||||||||
Household Durables | 320,319 | 152,859 | — | 473,178 | ||||||||||||
Industrial Conglomerates | — | 174,467 | — | 174,467 | ||||||||||||
Other Common Stocks | 15,172,204 | — | — | 15,172,204 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 17,699,837 | 1,254,949 | — | 18,954,786 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Debt Securities |
| |||||||||||||||
Foreign Government Securities | — | 277,541 | — | 277,541 | ||||||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 3,854,360 | — | — | 3,854,360 | ||||||||||||
U.S. Treasury Obligations | — | 4,443,932 | — | 4,443,932 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 3,854,360 | 4,443,932 | — | 8,298,292 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Investment of cash collateral from securities loaned | 148,400 | — | — | 148,400 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 21,702,597 | $ | 5,976,422 | $ | — | $ | 27,679,019 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 26,332 | $ | — | $ | 26,332 | ||||||||
Swaps | — | 28,172 | — | 28,172 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | — | $ | 54,504 | $ | — | $ | 54,504 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (8,103 | ) | $ | — | $ | (8,103 | ) | ||||||
Swaps | — | (70,655 | ) | — | (70,655 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | — | $ | (78,758 | ) | $ | — | $ | (78,758 | ) | ||||||
|
|
|
|
|
|
|
|
128 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Long/Short ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities | ||||||||||||||||
Common Stocks (a) | $ | 15,618,758 | $ | — | $ | — | $ | 15,618,758 | ||||||||
Debt Securities |
| |||||||||||||||
Foreign Government Securities | — | 235,326 | — | 235,326 | ||||||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 5,894,953 | — | — | 5,894,953 | ||||||||||||
U.S. Treasury Obligations | — | 1,989,719 | — | 1,989,719 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 5,894,953 | 1,989,719 | — | 7,884,672 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 21,513,711 | $ | 2,225,045 | $ | — | $ | 23,738,756 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | �� | |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 3,431 | $ | — | $ | 3,431 | ||||||||
Futures Contracts | 15,577 | 5,941 | — | 21,518 | ||||||||||||
Swaps | — | 62,589 | — | 62,589 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | 15,577 | $ | 71,961 | $ | — | $ | 87,538 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments | ||||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (2,599 | ) | $ | — | $ | (2,599 | ) | ||||||
Futures Contracts | — | (486 | ) | — | (486 | ) | ||||||||||
Swaps | — | (346,072 | ) | — | (346,072 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | — | $ | (349,157 | ) | $ | — | $ | (349,157 | ) | ||||||
|
|
|
|
|
|
|
|
Managed Futures Strategy ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities | $ | 44,419,264 | $ | — | $ | — | $ | 44,419,264 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | 205,607 | $ | — | $ | 205,607 | ||||||||
Futures Contracts | 1,789,995 | 12,594 | — | 1,802,589 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Appreciation in Other Financial Instruments | $ | 1,789,995 | $ | 218,201 | $ | — | $ | 2,008,196 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Depreciation in Other Financial Instruments |
| |||||||||||||||
Forward Foreign Currency Exchange Contracts | $ | — | $ | (171,442 | ) | $ | — | $ | (171,442 | ) | ||||||
Futures Contracts | (529,761 | ) | (998 | ) | — | (530,759 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total Depreciation in Other Financial Instruments | $ | (529,761 | ) | $ | (172,440 | ) | $ | — | $ | (702,201 | ) | |||||
|
|
|
|
|
|
|
|
(a) | All portfolio holdings designated as level 1 are disclosed individually on the SOIs. Please refer to the SOIs for industry specifics of portfolio holdings. |
There were no transfers into and out of level 3 for the six months ended April 30, 2019.
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2019, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Derivatives — The Funds used derivative instruments including futures, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategies. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.
The Funds may be subject to various risks from the use of derivatives including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the lack of a liquid market for these contracts allowing a Fund to close out its position(s); and documentation risk
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 129 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Consolidated Statements of Assets and Liabilities/Statements of Assets and Liabilities (CSAL/SAL).
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by apre-determined percentage or fall below apre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable with collateral posted to a segregated account by one party to the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts collateral for mark to market gains to the Funds.
Notes C(1) — C(3) below describe the various derivatives used by the Funds.
(1). Futures Contracts —The Funds used index, commodities and treasury futures contracts to obtain long and short exposure to the underlying commodities markets, to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Consolidated Statement of Operations/Statement of Operations (“CSOP/SOP”). Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the CSOP/SOP at the closing or expiration of the futures contract. Securities deposited as initial margin are designated in the CSOI/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the CSAL/SAL.
The use of futures contracts exposes the Funds to interest rate risk, commodities risk and equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the CSAL/SAL, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds’ futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2). Forward Foreign Currency Exchange Contracts — The Funds may be exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into.Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty upon settlement.
These Funds’ forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Funds may be required to post or receive collateral fornon-deliverable forward foreign currency exchange contracts.
(3). Swaps — The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF engaged in various swap transactions, including total return basket swaps, to manage credit and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct
130 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
investments. Swap transactions are negotiated contracts over the counter (“OTC swaps”) between a fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received are recorded as assets or liabilities, respectively, on the CSAL/SAL and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the CSAL/SAL at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the CSOIs/SOIs, while cash deposited, which is considered restricted, is recorded on the CSAL/SAL. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the CSAL/SAL. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on the CSOP/SOP. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted or received by the Funds is reported on the CSAL/SAL as Restricted cash for OTC derivatives.
The Funds’ swap contracts (excluding centrally cleared swaps) are subject to master netting arrangements.
Total Return Basket Swaps
The Diversified Alternatives ETF, Event Driven ETF and Long/Short ETF entered into total return basket swap agreements to obtain exposure to a portfolio of long and short securities. This is a highly specialized activity and a significant aspect of each Fund’s investment strategy.
Under the terms of the agreements, each swap is designed to function as a portfolio of direct investments in long and short equity positions. This means that a Fund has the ability to trade in and out of long and short positions within each swap and will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in each swap value. Each swap value also includes interest charges and credits related to the notional values of the long and short positions and cash balances within each swap. These interest charges and credits are based on defined market rates based on the local currencies of the positions in the portfolio plus or minus a specified spread and are referred to herein as “financing costs” and net dividends. Positions within each swap, accrued financing costs and net dividends, are part of the periodic reset. During a reset, any unrealized gains (losses) on positions, accrued financing costs, and net dividends become available for cash settlement between the Fund and the swap counterparty are recorded as Due from/to counterparty for swap contracts on the CSAL/SAL and as Net realized gain (loss) on transactions from swaps on the CSOP/SOP.
Each swap involves additional risks than if a Fund had invested in the underlying positions directly including: the risk that changes in the value of each swap may not correlate perfectly with the underlying long and short securities; counterparty risk related to the counterparty’s failure to perform under contract terms; liquidity risk related to the lack of a liquid market for each swap contract, which may limit the ability of a Fund to close out its positions; and, documentation risk relating to disagreement over contract terms. The total return basket swaps consist of securities that are denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities. The Funds’ activities in each total return basket swap are concentrated with a single counterparty. Investing in swaps results in a form of leverage (i.e., a Fund’s risk of loss associated with these instruments may exceed their value as recorded on the CSAL/SAL).
The value of each swap is derived from a combination of (i) the net value of the underlying positions, which are valued daily using the last sale or closing prices on the principal exchange on which the underlying securities are traded; (ii) financing costs; (iii) the value of dividends; (iv) cash balances within the swap; and (v) other factors, as applicable. The value of each swap is reflected on the CSAL/SAL as Outstanding swap contracts, at value. Changes in the value of each swap are recognized as Change in net unrealized appreciation/depreciation of swaps on the CSOP/SOP.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 131 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
(4). Summary of Derivatives Information
The following tables present the value of derivatives held as of April 30, 2019, by their primary underlying risk exposure and respective location on the CSAL/SAL:
Diversified Alternatives ETF
Derivative Contract | CSAL Location | |||||||||||||||||
Gross Assets: | Futures Contracts (a) | Forward Foreign Currency Exchange Contracts | OTC Swaps | Total | ||||||||||||||
Commodity contracts | Receivables, Net assets — Unrealized Appreciation | $ | 1,390,525 | $ | — | $ | — | $ | 1,390,525 | |||||||||
Equity contracts | Receivables, Net assets — Unrealized Appreciation | 54,288 | — | 638,377 | 692,665 | |||||||||||||
Foreign exchange contracts | Receivables | — | 584,555 | — | 584,555 | |||||||||||||
Interest rate contracts | Receivables, Net assets — Unrealized Appreciation | 1,061,867 | — | — | 1,061,867 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 2,506,680 | $ | 584,555 | $ | 638,377 | $ | 3,729,612 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Gross Liabilities: | ||||||||||||||||||
Commodity contracts | Payables, Net assets — Unrealized Depreciation | $ | (675,482 | ) | $ | — | $ | — | $ | (675,482 | ) | |||||||
Equity contracts | Payables, Net assets — Unrealized Depreciation | (1,708,481 | ) | — | (846,746 | ) | (2,555,227 | ) | ||||||||||
Foreign exchange contracts | Payables | — | (355,287 | ) | — | (355,287 | ) | |||||||||||
Interest rate contracts | Payables, Net assets — Unrealized Depreciation | (106,960 | ) | — | — | (106,960 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (2,490,923 | ) | $ | (355,287 | ) | $ | (846,746 | ) | $ | (3,692,956 | ) | ||||||
|
|
|
|
|
|
|
|
Event Driven ETF
Derivative Contract | SAL Location | |||||||||||||
Gross Assets: | Forward Foreign Currency Exchange Contracts | OTC Swaps | Total | |||||||||||
Equity contracts | Receivables | $ | — | $ | 26,193 | $ | 26,193 | |||||||
Foreign exchange contracts | Receivables | 26,332 | — | 26,332 | ||||||||||
|
|
|
|
|
| |||||||||
Total | $ | 26,332 | $ | 26,193 | $ | 52,525 | ||||||||
|
|
|
|
|
| |||||||||
Gross Liabilities: | ||||||||||||||
Equity contracts | Payables | $ | — | $ | (72,422 | ) | $ | (72,422 | ) | |||||
Foreign exchange contracts | Payables | (8,103 | ) | — | (8,103 | ) | ||||||||
|
|
|
|
|
| |||||||||
Total | $ | (8,103 | ) | $ | (72,422 | ) | $ | (80,525 | ) | |||||
|
|
|
|
|
|
Long/Short ETF
Derivative Contract | SAL Location | |||||||||||||||||
Gross Assets: | Futures Contracts (a) | Forward Foreign Currency Exchange Contracts | OTC Swaps | Total | ||||||||||||||
Equity contracts | Receivables, Net assets — Unrealized Appreciation | $ | 21,518 | $ | — | $ | 74,662 | $ | 96,180 | |||||||||
Foreign exchange contracts | Receivables | — | 3,431 | — | 3,431 | |||||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $ | 21,518 | $ | 3,431 | $ | 74,662 | $ | 99,611 | ||||||||||
|
|
|
|
|
|
|
| |||||||||||
Gross Liabilities: | ||||||||||||||||||
Equity contracts | Payables, Net assets — Unrealized Depreciation | $ | (486 | ) | $ | — | $ | (401,559 | ) | $ | (402,045 | ) | ||||||
Foreign exchange contracts | Payables | — | (2,599 | ) | — | (2,599 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||||
Total | $ | (486 | ) | $ | (2,599 | ) | $ | (401,559 | ) | $ | (404,644 | ) | ||||||
|
|
|
|
|
|
|
|
132 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Managed Futures Strategy ETF
Derivative Contract | CSAL Location | |||||||||||||
Gross Assets: | Futures Contracts (a) | Forward Foreign Currency Exchange Contracts | Total | |||||||||||
Commodity contracts | Receivables, Net assets — Unrealized Appreciation | $ | 930,756 | $ | — | $ | 930,756 | |||||||
Equity contracts | Receivables, Net assets — Unrealized Appreciation | 43,840 | — | 43,840 | ||||||||||
Foreign exchange contracts | Receivables | — | 205,607 | 205,607 | ||||||||||
Interest rate contracts | Receivables, Net assets — Unrealized Appreciation | 827,993 | — | 827,993 | ||||||||||
|
|
|
|
|
| |||||||||
Total | $ | 1,802,589 | $ | 205,607 | $ | 2,008,196 | ||||||||
|
|
|
|
|
| |||||||||
Gross Liabilities: | ||||||||||||||
Commodity contracts | Payables, Net assets — Unrealized Depreciation | $ | (462,010 | ) | $ | — | $ | (462,010 | ) | |||||
Equity contracts | Payables, Net assets — Unrealized Depreciation | (3,224 | ) | — | (3,224 | ) | ||||||||
Foreign exchange contracts | Payables | — | (171,442 | ) | (171,442 | ) | ||||||||
Interest rate contracts | Payables, Net assets — Unrealized Depreciation | (65,525 | ) | — | (65,525 | ) | ||||||||
|
|
|
|
|
| |||||||||
Total | $ | (530,759 | ) | $ | (171,442 | ) | $ | (702,201 | ) | |||||
|
|
|
|
|
|
(a) | This amount represents the cumulative appreciation/depreciation of futures contracts as reported on the CSOI/SOI. The CSAL/SAL only reflects the current day variation margin receivable/payable from/to brokers. |
The following tables present each Fund’s gross derivative assets and liabilities by counterparty net of amounts available for offset under netting arrangements and any related collateral received or posted by the Fund as of April 30, 2019.
Diversified Alternatives ETF
Counterparty | Gross Amount of Derivative Assets Subject to Netting Arrangements Presented on the CSAL (a) | Derivatives Available for offset | Collateral Received | Net Amount Due from Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 148,115 | $ | (148,115 | ) | $ | — | $ | — | |||||||
Barclays Bank plc | 21,504 | (3,664 | ) | — | 17,840 | |||||||||||
BNP Paribas | 48,363 | (33,876 | ) | — | 14,487 | |||||||||||
Citibank, NA | 117,415 | (739 | ) | — | 116,676 | |||||||||||
Goldman Sachs International | 54,800 | (14,112 | ) | — | 40,688 | |||||||||||
HSBC Bank, NA | 4,036 | — | — | 4,036 | ||||||||||||
Merrill Lynch International | 44,390 | (44,390 | ) | — | — | |||||||||||
Royal Bank of Canada | 6,491 | — | — | 6,491 | ||||||||||||
Standard Chartered Bank | 2,890 | (1,593 | ) | — | 1,297 | |||||||||||
State Street Corp. | 129,372 | (3,403 | ) | — | 125,969 | |||||||||||
TD Bank Financial Group | 155,294 | — | — | 155,294 | ||||||||||||
Union Bank of Switzerland AG | 490,262 | (411,243 | ) | (79,019 | )(b) | — | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,222,932 | $ | (661,135 | ) | $ | (79,019 | ) | $ | 482,778 | ||||||
|
|
|
|
|
|
|
| |||||||||
Counterparty | Gross Amount of Derivative Liabilities Subject to Netting Arrangements Presented on the CSAL (a) | Derivatives Available for Offset | Collateral Posted | Net Amount Due to Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 435,503 | $ | (148,115 | ) | $ | (287,388 | )(b) | $ | — | ||||||
Barclays Bank plc | 3,664 | (3,664 | ) | — | — | |||||||||||
BNP Paribas | 33,876 | (33,876 | ) | — | — | |||||||||||
Citibank, NA | 739 | (739 | ) | — | — | |||||||||||
Deutsche Bank AG | 5,709 | — | — | 5,709 | ||||||||||||
Goldman Sachs International | 14,112 | (14,112 | ) | — | — | |||||||||||
Merrill Lynch International | 292,191 | (44,390 | ) | — | 247,801 | |||||||||||
Standard Chartered Bank | 1,593 | (1,593 | ) | — | — | |||||||||||
State Street Corp. | 3,403 | (3,403 | ) | — | — | |||||||||||
Union Bank of Switzerland AG | 411,243 | (411,243 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,202,033 | $ | (661,135 | ) | $ | (287,388 | ) | $ | 253,510 | ||||||
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 133 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Event Driven ETF
Counterparty | Gross Amount of | Derivatives Available for offset | Collateral Received | Net Amount Due from Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 24,783 | $ | (16,322 | ) | $ | (8,461 | )(b) | $ | — | ||||||
BNP Paribas | 2,688 | (1,779 | ) | — | 909 | |||||||||||
Citibank, NA | 2,980 | (460 | ) | — | 2,520 | |||||||||||
Goldman Sachs | 1,410 | — | — | 1,410 | ||||||||||||
Merrill Lynch International | 4,242 | (7 | ) | — | 4,235 | |||||||||||
Standard Chartered Bank | 1,366 | — | — | 1,366 | ||||||||||||
State Street Corp. | 2,698 | (2,698 | ) | — | — | |||||||||||
TD Bank Financial Group | 12,358 | — | — | 12,358 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 52,525 | $ | (21,266 | ) | $ | (8,461 | ) | $ | 22,798 | ||||||
|
|
|
|
|
|
|
| |||||||||
Counterparty | Gross Amount of | Derivatives Available for Offset | Collateral Posted | Net Amount Due to Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 16,322 | $ | (16,322 | ) | $ | — | $ | — | |||||||
BNP Paribas | 1,779 | (1,779 | ) | — | — | |||||||||||
Citibank, NA | 460 | (460 | ) | — | — | |||||||||||
Goldman Sachs | 56,100 | — | — | 56,100 | ||||||||||||
Merrill Lynch International | 7 | (7 | ) | — | — | |||||||||||
State Street Corp. | 5,857 | (2,698 | ) | — | 3,159 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 80,525 | $ | (21,266 | ) | $ | — | $ | 59,259 | |||||||
|
|
|
|
|
|
|
|
Long/Short ETF
Counterparty | Gross Amount of | Derivatives Available for offset | Collateral Received | Net Amount Due from Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 40,435 | $ | (40,435 | ) | $ | — | $ | — | |||||||
Goldman Sachs International | 34,297 | (34,297 | ) | — | — | |||||||||||
State Street Corp. | 2,288 | — | — | 2,288 | ||||||||||||
TD Bank Financial Group | 1,073 | — | — | 1,073 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 78,093 | $ | (74,732 | ) | $ | — | $ | 3,361 | |||||||
|
|
|
|
|
|
|
| |||||||||
Counterparty | Gross Amount of | Derivatives Available for Offset | Collateral Posted | Net Amount Due to Counterparty (not less than zero) | ||||||||||||
Bank of America | $ | 167,656 | $ | (40,435 | ) | $ | (127,221 | )(b) | $ | — | ||||||
Barclays Bank plc | 1,596 | — | — | 1,596 | ||||||||||||
Goldman Sachs International | 233,903 | (34,297 | ) | — | 199,606 | |||||||||||
Merrill Lynch International | 509 | — | — | 509 | ||||||||||||
Standard Chartered Bank | 494 | — | — | 494 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 404,158 | $ | (74,732 | ) | $ | (127,221 | ) | $ | 202,205 | ||||||
|
|
|
|
|
|
|
|
134 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Managed Futures Strategy ETF
Counterparty | Gross Amount of | Derivatives Available for offset | Collateral Received | Net Amount Due from Counterparty (not less than zero) | ||||||||||||
Barclays Bank plc | $ | 307 | $ | — | $ | — | $ | 307 | ||||||||
BNP Paribas | 8,082 | (5,289 | ) | — | 2,793 | |||||||||||
Citibank, NA | 59,261 | (21,900 | ) | — | 37,361 | |||||||||||
Credit Suisse International | 383 | — | — | 383 | ||||||||||||
Goldman Sachs International | 8,114 | (199 | ) | — | 7,915 | |||||||||||
HSBC Bank, NA | 629 | (629 | ) | — | — | |||||||||||
Merrill Lynch International | 5,309 | (5,309 | ) | — | — | |||||||||||
State Street Corp. | 54,404 | — | — | 54,404 | ||||||||||||
TD Bank Financial Group | 69,118 | — | — | 69,118 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 205,607 | $ | (33,326 | ) | $ | — | $ | 172,281 | |||||||
|
|
|
|
|
|
|
| |||||||||
Counterparty | Gross Amount of | Derivatives Available for Offset | Collateral Posted | Net Amount Due to Counterparty (not less than zero) | ||||||||||||
Australia & New Zealand Banking Group Ltd. | $ | 11,272 | $ | — | $ | — | $ | 11,272 | ||||||||
BNP Paribas | 5,289 | (5,289 | ) | — | — | |||||||||||
Citibank, NA | 21,900 | (21,900 | ) | — | — | |||||||||||
Goldman Sachs International | 199 | (199 | ) | — | — | |||||||||||
HSBC Bank, NA | 1,212 | (629 | ) | — | 583 | |||||||||||
Merrill Lynch International | 131,570 | (5,309 | ) | — | 126,261 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 171,442 | $ | (33,326 | ) | $ | — | $ | 138,116 | |||||||
|
|
|
|
|
|
|
|
(a) | For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities subject to master netting arrangements on the Statements of Assets and Liabilities. |
(b) | Collateral received or posted is limited to the net derivative asset or net derivative liability amounts. |
The following tables present the effect of derivatives on the CSOP/SOP for the six months ended April 30, 2019, by primary underlying risk exposure:
Diversified Alternatives ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP | ||||||||||||||||||||
Derivative Contract | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Commodity contracts | $ | (1,923,147 | ) | $ | — | $ | — | $ | (1,923,147 | ) | ||||||||||
Equity contracts | (297,586 | ) | — | 36,886 | (260,700 | ) | ||||||||||||||
Foreign exchange contracts | — | 351,416 | — | 351,416 | ||||||||||||||||
Interest rate contracts | 929,425 | — | — | 929,425 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (1,291,308 | ) | $ | 351,416 | $ | 36,886 | $ | (903,006 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP | ||||||||||||||||||||
Derivative Contract | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Commodity contracts | $ | 2,241,803 | $ | — | $ | — | $ | 2,241,803 | ||||||||||||
Equity contracts | (3,082,819 | ) | — | (1,060,547 | ) | (4,143,366 | ) | |||||||||||||
Foreign exchange contracts | — | (364,081 | ) | — | (364,081 | ) | ||||||||||||||
Interest rate contracts | 1,444,136 | — | — | 1,444,136 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 603,120 | $ | (364,081 | ) | $ | (1,060,547 | ) | $ | (821,508 | ) | |||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 135 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
Event Driven ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP | ||||||||||||||||||||
Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Equity contracts | $ | 26,981 | $ | — | $ | 292,579 | $ | 319,560 | ||||||||||||
Foreign exchange contracts | — | 21,819 | — | 21,819 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 26,981 | $ | 21,819 | $ | 292,579 | $ | 341,379 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP | ||||||||||||||||||||
Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Equity contracts | $ | (18,000 | ) | $ | — | $ | 198,055 | $ | 180,055 | |||||||||||
Foreign exchange contracts | — | 1,787 | — | 1,787 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (18,000 | ) | $ | 1,787 | $ | 198,055 | $ | 181,842 | |||||||||||
|
|
|
|
|
|
|
|
Long/Short ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the SOP | ||||||||||||||||||||
Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Equity contracts | $ | (259,906 | ) | $ | — | $ | (291,629 | ) | $ | (551,535 | ) | |||||||||
Foreign exchange contracts | — | 11,565 | — | 11,565 | ||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | (259,906 | ) | $ | 11,565 | $ | (291,629 | ) | $ | (539,970 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||||||
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the SOP | ||||||||||||||||||||
Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Swaps | Total | ||||||||||||||||
Equity contracts | $ | 24,573 | $ | — | $ | (1,362,048 | ) | $ | (1,337,475 | ) | ||||||||||
Foreign exchange contracts | — | (3,422 | ) | — | (3,422 | ) | ||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 24,573 | $ | (3,422 | ) | $ | (1,362,048 | ) | $ | (1,340,897 | ) | |||||||||
|
|
|
|
|
|
|
|
Managed Futures Strategy ETF
Amount of Realized Gain (Loss) on Derivatives Recognized on the CSOP | ||||||||||||||||
Derivative Contract | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||||||
Commodity contracts | $ | (774,798 | ) | $ | — | $ | (774,798 | ) | ||||||||
Equity contracts | (634,805 | ) | — | (634,805 | ) | |||||||||||
Foreign exchange contracts | — | (149,119 | ) | (149,119 | ) | |||||||||||
Interest rate contracts | 339,775 | — | 339,775 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total | $ | (1,069,828 | ) | $ | (149,119 | ) | $ | (1,218,947 | ) | |||||||
|
|
|
|
|
| |||||||||||
Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the CSOP | ||||||||||||||||
Derivative Contracts | Futures Contracts | Forward Foreign Currency Exchange Contracts | Total | |||||||||||||
Commodity contracts | $ | 1,230,227 | $ | — | $ | 1,230,227 | ||||||||||
Equity contracts | 78,455 | — | 78,455 | |||||||||||||
Foreign exchange contracts | — | (65,904 | ) | (65,904 | ) | |||||||||||
Interest rate contracts | 1,018,110 | — | 1,018,110 | |||||||||||||
|
|
|
|
|
| |||||||||||
Total | $ | 2,326,792 | $ | (65,904 | ) | $ | 2,260,888 | |||||||||
|
|
|
|
|
|
136 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Derivatives Volume
The table below discloses the volume of the Funds’ futures contracts and forward foreign currency exchange contracts activity for the six months ended April 30, 2019. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity.
Diversified Alternatives ETF | Event Driven ETF | Long/Short ETF | Managed Futures Strategy ETF | |||||||||||||
Futures Contracts — Equity: | ||||||||||||||||
Average Notional Balance Long | $ | 1,554,459 | $ | — | $ | 501,061 | $ | 1,264,465 | ||||||||
Average Notional Balance Short | 34,424,032 | — | 3,191,137 | (b) | 7,128,378 | |||||||||||
Ending Notional Balance Long | 3,639,712 | — | 1,453,958 | 3,183,756 | ||||||||||||
Ending Notional Balance Short | 33,327,618 | — | — | 145,743 | ||||||||||||
Futures Contracts — Interest Rate: | ||||||||||||||||
Average Notional Balance Long | 140,128,181 | — | — | 101,239,148 | ||||||||||||
Average Notional Balance Short | 73,732,744 | 310,392 | (a) | — | 48,839,106 | |||||||||||
Ending Notional Balance Long | 131,872,467 | — | — | 106,299,640 | ||||||||||||
Ending Notional Balance Short | 9,457,697 | — | — | 5,846,481 | ||||||||||||
Futures Contracts — Commodities: | ||||||||||||||||
Average Notional Balance Long | 23,699,579 | — | — | 14,178,372 | ||||||||||||
Average Notional Balance Short | 28,605,554 | — | — | 18,236,498 | ||||||||||||
Ending Notional Balance Long | 21,288,473 | — | — | 13,915,981 | ||||||||||||
Ending Notional Balance Short | 25,737,868 | — | — | 17,922,532 | ||||||||||||
Forward Foreign Currency Exchange Contracts: | ||||||||||||||||
Average Settlement Value Purchased | 41,708,550 | 267,710 | 231,481 | 13,432,419 | ||||||||||||
Average Settlement Value Sold | 66,077,198 | 2,394,935 | 675,589 | 20,639,845 | ||||||||||||
Ending Settlement Value Purchased | 46,356,876 | 702,075 | 321,371 | 16,576,292 | ||||||||||||
Ending Settlement Value Sold | 63,398,387 | 2,948,561 | 530,576 | 21,709,409 | ||||||||||||
Total Return Basket Swaps: | ||||||||||||||||
Average Notional Balance Long | 122,815,920 | 10,028,092 | 16,166,642 | — | ||||||||||||
Average Notional Balance Short | 93,939,477 | 2,865,203 | 25,063,140 | — | ||||||||||||
Ending Notional Balance Long | 118,853,593 | 11,578,399 | 15,407,574 | — | ||||||||||||
Ending Notional Balance Short | 78,332,722 | 2,149,387 | 21,926,997 | — |
(a) | For the period November 1, 2018 through November 30, 2018. |
(b) | For the period November 1, 2018 through March 31, 2019. |
The Funds’ derivatives contracts held at April 30, 2019 are not accounted for as hedging instruments under GAAP.
D. Securities Lending — The Event Driven ETF and Long/Short ETF are authorized to engage in securities lending in order to generate additional income. Event Driven ETF and Long/Short ETF are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for both of these funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the SOP as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the SOP.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans ofnon-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans ofnon-U.S. securities), subject to certainde minimis amounts.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 137 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
The value of securities out on loan is recorded as an asset on the SAL. The value of the cash collateral received is recorded as a liability on the SAL and details of Collateral Investments are disclosed in the SOIs. As of April 30, 2019, the value of outstanding securities on loan and the value of Collateral investments were as follows:
Value of Securities on Loan | Cash Collateral Posted by Borrower | Total value of Collateral Investments | ||||||||||
Event Driven ETF | $ | 143,248 | $ | 148,400 | $ | 148,400 |
The Funds bear the risk of loss associated with the Collateral Investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the Collateral Investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the Collateral Investments to fund the payment of this liability.
The following table presents the Funds’ value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2019.
Investment Securities On Loan, at Value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | ||||||||||
Event Driven ETF | $ | 143,248 | $ | (143,248 | ) | $ | — |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the investment in the JPMorgan U.S. Government Money Market Fund from 0.16% to 0.06%. JPMIM waived fees associated with the Funds’ investment in JPMorgan U.S. Government Money Market Fund as follows:
Event Driven ETF | $ | 26 | ||
Long/Short ETF | 13 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the SOP as Income from securities lending (net).
E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below.
Diversified Alternatives ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.39% (a) (b) | $ | 70,832,553 | $ | 63,600,381 | $ | 75,229,628 | $ | — | $ | — | $ | 59,203,306 | 59,203,306 | $ | 750,833 | $ | — | |||||||||||||||||||
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|
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|
|
|
|
|
|
|
|
|
|
|
138 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
Event Driven ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) | $ | — | $ | 4,082,502 | $ | 228,142 | $ | — | $ | — | $ | 3,854,360 | 3,853,204 | $ | 3,437 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.45% (a) (b) | — | 1,401,494 | 1,253,094 | — | — | 148,400 | 148,400 | 1,224 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 5,600,338 | 9,826,229 | 15,426,567 | — | — | — | — | 36,049 | — | |||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 5,600,338 | $ | 15,310,225 | $ | 16,907,803 | $ | — | $ | — | $ | 4,002,760 | $ | 40,710 | $ | — | ||||||||||||||||||||
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|
|
|
|
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|
|
|
|
|
|
Long/Short ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) | $ | — | $ | 6,726,684 | $ | 831,731 | $ | — | $ | — | $ | 5,894,953 | 5,893,185 | $ | 5,652 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a) | — | 321,301 | 321,301 | — | — | — | — | 337 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 5,057,344 | 13,790,376 | 18,847,720 | — | — | — | — | 59,998 | — | |||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 5,057,344 | $ | 20,838,361 | $ | 20,000,752 | $ | — | $ | — | $ | 5,894,953 | $ | 65,987 | $ | — | ||||||||||||||||||||
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|
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|
|
Managed Futures Strategy ETF
For the six months ended April 30, 2019 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2018 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at 2019 | Shares at April 30, 2019 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 2.54% (a) (b) | $ | — | $ | 44,517,241 | $ | 97,977 | $ | — | $ | — | $ | 44,419,264 | 44,405,942 | $ | 42,833 | $ | — | |||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 42,503,224 | 5,827,447 | 48,330,671 | — | — | — | — | 428,511 | — | |||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 42,503,224 | $ | 50,344,688 | $ | 48,428,648 | $ | — | $ | — | $ | 44,419,264 | $ | 471,344 | $ | — | ||||||||||||||||||||
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|
(a) | Investment in affiliate. Fund is registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2019. |
* | Amount is included on the Statements of Operations as income from securities lending (net) (after payments of rebates and Citibank’s fee). |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 139 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
F. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices of securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the CSOP/SOP.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the CSOP/SOP. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/ depreciation on foreign currency translations on the CSOP/SOP.
G. Offering and Organizational Costs — Total offering costs incurred in connection with the offering of shares of the Funds are amortized on a straight line basis over 12 months from the date the Funds commenced operations.
Costs paid in connection with the organization of the Funds, if any, were recorded as an expense at the time the Funds commenced operations and are included as offering costs on the CSOP/SOP. For the six months ended April 30, 2019, total offering costs amortized were:
Event Driven ETF (a) | $ | 1,133 | ||
Long/Short ETF (b) | 8,227 | |||
Managed Futures Strategy ETF (c) | 3,567 |
(a) | Commencement of operations was November 29, 2017. |
(b) | Commencement of operations was January 23, 2018. |
(c) | Commencement of operations was December 5, 2017. |
H. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, and dividend expense on securities sold short, are recorded on theex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary once the issuers provide information about the actual composition of the distributions.
I. Allocation of Expenses — Expenses directly attributable to a fund are charged directly to that fund, while the expenses attributable to more than one fund of the Trust are allocated among the respective funds.
J. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”), applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of April 30, 2019, no liability for income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each of the Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. The Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of each Fund’s taxable income. Net losses of the Subsidiary are not deductible by each Fund either in the current period or carried forward to future periods.
K. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
140 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
L. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federaltax-basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser supervises the investments of each Fund and Subsidiary and for such services is paid a fee. The fee is accrued daily and paid monthly based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:
Diversified Alternatives ETF | 0.60 | % | ||
Event Driven ETF | 0.75 | % | ||
Long/Short ETF | 0.60 | % | ||
Managed Futures Strategy ETF | 0.50 | % |
Each Subsidiary has entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiary. The fee for services to the Subsidiary is accrued daily and paid monthly at an annual rate of 0.60% for the Diversified Alternatives ETF and 0.50% for the Managed Futures Strategy ETF of the Subsidiary’s average daily net assets. The Adviser has agreed to waive the advisory fee that it receives from the Fund in an amount equal to the advisory fee paid to the Adviser by the Subsidiary. This waiver will continue in effect so long as the Fund invests in the Subsidiary and may not be terminated without approval by the Fund’s Board.
The Adviser waived Investment Advisory fees and/or reimbursed expenses as outlined in Note 3.D.
B. Administration Fee —Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Funds and the Subsidiaries. In consideration of these services, effective January 1, 2019, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of each Fund’s respective average daily net assets. Prior to January 1, 2019, the Administrator received a fee accrued daily and paid monthly at an annual rate of 0.085% each Fund’s respective average daily net assets. In consideration for services rendered to each Subsidiary, the Administrator receives a fee accrued daily and paid monthly at an annualized rate of 0.10% of the average daily net assets of the Subsidiary.
The Administrator waived Administration fees as outlined in Note 3.D.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds’sub-administrator (the“Sub-administrator”). For its services asSub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. The amounts paid directly to JPMCB by the Funds for custody services are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the CSOP/SOP. Prior to March 1, 2018, payments to the custodian were reduced by credits earned by the Fund, based on uninvested cash balances held by the custodian. Such earnings credits, if any, are included in the Custodian, Accounting and Transfer Agent fees on the CSOP/SOP. With respect to the transfer agency services provided by JPMCB for each creation or redemption transaction, the Authorized Participant will generally be responsible for such associated expenses; during the period, the Funds paid no transfer agency fees to JPMCB.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.
For the six months ended April 30, 2019, the amount of transaction fees paid by the Authorized Participants that were used to reimburse Custodian and Transfer Agent fees were as follows:
Diversified Alternatives ETF | $ | 2,600 | ||
Long/Short ETF | 800 |
Such amounts are included in expense reimbursements fromnon-affiliates in the CSOP/SOP.
Restricted cash on the CSAL/SAL is cash received from Authorized Participants for the reimbursement of creation and/or redemption of Fund shares.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the CSOP/SOP.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 141 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
D. Waivers and Reimbursements — The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses, inclusive of each Subsidiary (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses), exceed the percentages of the Funds’ respective average daily net assets as shown in the below table:
Expense Cap | ||||
Diversified Alternatives ETF | 0.85 | % | ||
Event Driven ETF | 0.85 | % | ||
Long/Short ETF | 0.69 | % | ||
Managed Futures Strategy ETF | 0.59 | % |
The expense limitation agreements were in effect for the six months ended April 30, 2019 and are in place until at least February 28, 2022.
For the six months ended Aril 30, 2019, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
Contractual Waivers | ||||||||||||||||
Investment Advisory Fees | Administration Fees | Total | Contractual Reimbursements | |||||||||||||
Diversified Alternatives ETF | $ | 66,505 | $ | 44,336 | $ | 110,841 | $ | — | ||||||||
Event Driven ETF | 93,112 | 10,208 | 103,320 | 6,847 | ||||||||||||
Long/Short ETF | 67,144 | 9,587 | 76,731 | 35,488 | ||||||||||||
Managed Futures Strategy ETF | 79,177 | 21,868 | 101,045 | 2,728 |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser or its affiliates (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective fees and expenses of the affiliated money market funds incurred by each Fund because of each Fund’s investment in such money market funds, except for investments of securities lending collateral.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2019 were as follows:
Diversified Alternatives ETF | $ | 71,891 | ||
Event Driven ETF | 4,614 | |||
Long/Short ETF | 6,323 | |||
Managed Futures Strategy ETF | 44,457 |
The Diversified Alternatives ETF and Managed Futures Strategy ETF invest in Subsidiaries and, as a result, bear a portion of the expenses incurred by these Subsidiaries. These expenses are reflected in the fees waived shown on the CSOP and are included in the ratios to average net assets shown in the Financial Highlights.
The amounts of these waivers resulting from investments in Subsidiaries for the six months ended April 30, 2019 were as follows:
Diversified Alternatives ETF | $ | 110,841 | ||
Managed Futures Strategy ETF | 48,919 |
E. Distribution Services— The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under their respective distribution agreements with the Trust (the “Distribution Agreements”). Although the Trust does not pay any fees under the Distribution Agreements, JPMIM pays JPMDS for certain distribution related services.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board has designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on apro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the CSOP/SOP.
The Funds may use related party broker-dealers. For the six months ended April 30, 2019, the Funds did not incur any brokerage commissions with broker dealers affiliated with the Adviser.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.
142 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
4. Investment Transactions
During the six months ended April 30, 2019, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |||||||
Diversified Alternatives ETF | $ | 96,673,319 | $ | 120,786,870 | ||||
Event Driven ETF | 21,332,529 | 18,925,949 | ||||||
Long/Short ETF | 11,779,532 | 11,805,760 |
During the six months ended April 30, 2019, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investment securities, including each Subsidiary, held at April 30, 2019 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||||||||||||
Diversified Alternatives ETF | $ | 152,910,000 | $ | 11,665,930 | $ | (6,810,294 | ) | $ | 4,855,636 | |||||||
Event Driven ETF | 26,853,918 | 1,413,128 | (616,027 | ) | 797,101 | |||||||||||
Long/Short ETF | 22,875,072 | 1,452,080 | (893,429 | ) | 558,651 | |||||||||||
Managed Futures Strategy ETF | 44,419,264 | 2,008,196 | (702,201 | ) | 1,305,995 |
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, mark to market of forward foreign currency contracts, investment in Subsidiary, investments in swap contracts and wash sale loss deferrals.
The Federal income tax unrealized appreciation (depreciation) in value of investment securities includes unrealized appreciation of the Diversified Alternatives ETF’s investment in its Subsidiary of $715,042 and Managed Futures Strategy ETF’s investment in its Subsidiary of $468,745, when if realized is not deductible for income tax purposes.
During the year ended October 31, 2018 the Diversified Alternatives Fund CS Ltd. and Managed Futures Fund CS Ltd. had approximately $ 2,284,794 and $1,152,519 of losses for tax purposes. The Subsidiaries’ loss for the current year are not available to offset their future taxable income.
As of October 31, 2018, the Funds had net capital loss carryforwards, with no expiration dates, as follows:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
Diversified Alternatives ETF | $ | (1,134,347 | ) | $ | (621,876 | ) | ||
Event Driven ETF | — | (120,780 | ) | |||||
Long/Short ETF | (1,005,692 | ) | (205,479 | ) | ||||
Managed Futures Strategy ETF | (695,169 | ) | (873,417 | ) |
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
Authorized Participants transacting in Creation Units for cash may also pay a variable fee to compensate the relevant fund for market impact expenses relating to investing in portfolio securities. Such variable fees, if any, are included in “Proceeds from shares issued” in the Statements of Changes in Net Assets.
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 143 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2019 (Unaudited) (continued)
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2019, the Adviser owns shares representing more than 10% of net assets of following Funds:
% Ownership | ||||
Diversified Alternatives ETF | 33 | % | ||
Event Driven ETF | 95 | |||
Long/Short ETF | 91 | |||
Managed Futures Strategy ETF | 90 |
Significant shareholder transactions by the Adviser may impact the Funds’ performance.
By investing in each Subsidiary, the Diversified Alternatives ETF and Managed Futures Strategy ETF are indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund.
The Funds will employ various alternative investment strategies that involve the use of complicated investment techniques. There is no guarantee that these strategies will succeed and their use may subject the Funds to greater volatility and loss.
Derivatives, including swap agreements, commodity options, forwards, futures and options on futures, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing a Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Funds to counterparty risk and to the credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting ability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with a Fund such as swap and option contracts, credit linked notes, exchange-traded notes and forward foreign currency exchange contracts.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund’s holdings. During such periods, investors may incur significant losses if shares are sold.
Since the Managed Futures Strategy ETF isnon-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities.
8. New Accounting Pronouncements
In August 2018, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”)2018-13 (“ASU2018-13”), Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, which adds, removes, and modifies certain aspects of the fair value disclosure. ASU2018-13 amendments are the result of a broader disclosure project, FASB Concepts Statement Conceptual Framework for Financial Reporting — Chapter 8: Notes to Financial Statements, to improve the effectiveness of the fair value disclosure requirements. ASU2018-13 is effective for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect to the Fund’s net assets or results of operation.
9. Subsequent Event
At its June 11-12, 2019 meeting, the Board of Trustees approved a new management agreement for each of the Funds, contingent on approval by each Fund’s shareholders. This approval will be sought at a shareholder meeting expected to be held on August 22, 2019. If approved by shareholders of a Fund, the new agreement would become effective on November 1, 2019, and would result in the implementation of a single management fee in lieu of the fee structure currently in place for that Fund. In addition, if approved, this agreement would replace each Fund’s current investment advisory agreement, as well as its current administration and expense limitation agreements. This proposal will not result in an increase in a Fund’s current net expense ratio or change the level of services provided by JPMIM under the current investment advisory and administration agreements.
144 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur ongoing costs, including investment advisory fees, administration fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2018 and continued to hold your shares at the end of the reporting period, April 30, 2019.
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled
“Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
Beginning Account Value November 1, 2018 | Ending Account Value April 30, 2019 | Annualized Expense Ratio | Expenses Paid During the Period | |||||||||||||
JPMorgan Diversified Alternatives ETF | ||||||||||||||||
ETF Shares | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 1,027.60 | 0.78 | % | $ | 3.92 | ||||||||
Hypothetical (1) | 1,000.00 | 1,020.93 | 0.78 | 3.91 | ||||||||||||
JPMorgan Event Driven ETF | ||||||||||||||||
ETF Shares | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 1,086.50 | 0.82 | % | $ | 4.24 | ||||||||
Hypothetical (1) | 1,000.00 | 1,020.73 | 0.82 | 4.11 | ||||||||||||
JPMorgan Long/Short ETF | ||||||||||||||||
ETF Shares | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 968.20 | 0.65 | % | $ | 3.17 | ||||||||
Hypothetical (1) | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||||||||||
JPMorgan Managed Futures Strategy ETF | ||||||||||||||||
ETF Shares | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 1,028.70 | 0.44 | % | $ | 2.21 | ||||||||
Hypothetical (1) | 1,000.00 | 1,022.61 | 0.44 | 2.21 |
(1) | Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the actual period). |
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 145 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited)
JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF
The Board of Trustees meets regularly throughout the year and considers factors that are relevant to their annual consideration of investment advisory agreements at each meeting. The Board also meets specifically to consider investment advisory agreement annual renewals. The Board of Trustees held a meeting in person December 4, 2018, at which the Trustees considered the continuation of investment advisory agreements (each an “Advisory Agreement” and collectively, the “Advisory Agreements”) for JPMorgan Diversified Alternatives ETF, JPMorgan Event Driven ETF, JPMorgan Long/Short ETF and JPMorgan Managed Futures Strategy ETF (the “Funds”). In advance of the December 4, 2018 meeting, the Trustees met on November 8, 2018 to discuss certain information in connection with its consideration of the Advisory Agreements. At the December meeting, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Advisory Agreements or any of their affiliates, approved the continuation of each Advisory Agreement.
As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge.Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. From year to year, the Trustees consider and place emphasis on relevant
information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Advisory Agreement was fair and reasonable and that the continuance of the Advisory Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. The Trustees considered the background and experience of the Adviser’s senior management and investment personnel. In addition, the Trustees reviewed the qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund. The Trustees also considered each Fund’s investment strategy, and the infrastructure supporting the portfolio management teams. In addition, the Trustees considered information about the structure and distribution strategies of the Funds, how they fit within the Trust’s fund offerings, and how each Fund is positioned against peer funds, as identified by management. The Trustees reviewed information relating to the Adviser’s risk governance model and reports showing the Adviser’s compliance structure and ongoing compliance processes. The Trustees also considered the quality of administrative services provided by the Adviser in its role as administrator to the Funds.
The Trustees also considered their knowledge of the nature and quality of services provided by the Adviser and its affiliates gained from their experience as Trustees of the Trust and in the financial industry. In addition, they considered the overall reputation and capabilities of the Adviser and its affiliates, the commitment of the Adviser to continue to provide high quality service to the Funds, their overall confidence in the Adviser’s integrity and the Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services provided to each Fund by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received and considered information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees reviewed and discussed this information. The Trustees recognized that this information is
146 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered the fees that the Adviser earned from the Funds for providing administrative services. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the fees paid to J.P. Morgan Chase Bank, N.A. (“JPMCB”), also an affiliate of the Adviser, for custody, transfer agency and other related services for each Fund.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds.
Economies of Scale
The Trustees considered the extent to which each Fund may benefit from economies of scale. The Trustees noted that the Adviser has implemented fee waivers and expense limitations (“Fee Caps”), which allow the Fund’s shareholders to share potential economies of scale from the Fund’s inception. The Trustees noted that neither the investment advisory fee schedule nor the administration agreement for the Funds contain breakpoints, but that fees are competitive with their peer funds. They concluded that the current fee structure was reasonable in light of the Fee Caps that the Adviser has in place which serve to limit the overall net expense ratio of each Fund to competitive levels. With respect to fees for administrative services, the Trustees also considered the fact that the Funds benefit from the economies of scale present in the broader J.P. Morgan fund complex, as the Funds were able to negotiate an administration fee at level consistent with the lower effective rate currently paid by the J.P. Morgan mutual funds, which includes breakpoints. The Trustees also took into consideration management’s belief that because of such economies of scale, the Funds’ administration fees are lower than what the Funds would have to pay if they were not part of the J.P. Morgan fund complex.
Fees Relative to Adviser’s Other Clients
The Trustees requested and received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies advised by the Adviser in the same asset class as each Fund. The Trustees also noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to such other clients were reasonable.
Investment Performance
The Trustees received and considered absolute and relative performance information for Funds with at least one-year of performance history in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe made up of funds with the same Broadridge investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one- and three-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting mutual funds in each Fund’s Peer Group and Universe. The Trustees also considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund’s performance are summarized below:
The Trustees noted that the JPMorgan Diversified Alternatives ETF’s performance was in the fifth quintile based upon the Universe for the one-year period ended September 30, 2018. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted the performance of the JPMorgan Event Driven ETF since its inception on November 29, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted the performance of the JPMorgan Long/Short ETF since its inception on January 23, 2018. The Trustees discussed the performance and investment strategy of the
APRIL 30, 2019 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 147 |
BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS
(Unaudited) (continued)
Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
The Trustees noted the performance of the JPMorgan Managed Futures Strategy ETF since its inception on December 5, 2017. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was satisfactory.
Advisory Fees and Expense Ratios
The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds in the same Broadridge category as each Fund. The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable. The Trustees recognized that Broadridge reported each Fund’s management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees considered the Fee Caps currently in place for each Fund and considered the net advisory fee rate after taking into account such Fee Caps. The Trustees recognized that it is difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees’
determination as a result of the review of each Fund’s advisory fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan Diversified Alternatives ETF’s net advisory fee and actual total expenses were in the second and first quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Event Driven ETF’s net advisory fee and actual total expenses were in the first and third quintiles, respectively, based upon the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Long/Short ETF’s net advisory fee and actual total expenses were in the first and second quintiles, respectively, based upon both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
The Trustees noted that the JPMorgan Managed Futures Strategy ETF’s net advisory fee and actual total expenses were below the median of the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was reasonable.
148 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2019 |
J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at http://www.sec.gov. Shareholders may request the Form N-Q without charge by calling 1-844-457-6383 or by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund’s policies and procedures with respect to the disclosure of each Fund’s holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds’ website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds’ voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds’ website at www.jpmorganfunds.com no later than August 31 of each year. The Funds’ proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2019. All rights reserved. April 2019. | SAN-DAETF-419 |
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) | Has at least one audit committee financial expert serving on its audit committee; or |
(ii) | Does not have an audit committee financial expert serving on its audit committee. |
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) | Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or |
(ii) | Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C.80a-2(a)(19)). |
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15
U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable to a semi-annual report.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
J.P. Morgan Exchange-Traded Fund Trust | ||
By: | /s/ Joanna M. Gallegos | |
Joanna M. Gallegos | ||
President and Principal Executive Officer | ||
July 2, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Joanna M. Gallegos | |
President and Principal Executive Officer | ||
July 2, 2019 |
By: | /s/ Lauren A. Paino | |
Lauren A. Paino | ||
Treasurer and Principal Financial Officer | ||
July 2, 2019 |