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. | Jon S. Rand, Esq. | |||
JPMorgan Chase & Co. | Dechert LLP | |||
1111 Polaris Parkway | 1095 Avenue of the Americas | |||
Columbus, OH 43240 | 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, 2019 through April 30, 2020
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, 2020 (Unaudited)
JPMorgan BetaBuilders Canada ETF
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
JPMorgan BetaBuilders Europe ETF
JPMorgan BetaBuilders International Equity ETF
JPMorgan BetaBuilders Japan ETF
JPMorgan BetaBuilders U.S. Equity ETF
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
JPMorgan Diversified Return Emerging Markets 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).
![]() |
President’s Letter | 1 | |||
Market Overview | 2 | |||
3 | ||||
6 | ||||
9 | ||||
12 | ||||
15 | ||||
18 | ||||
21 | ||||
24 | ||||
27 | ||||
30 | ||||
33 | ||||
36 | ||||
39 | ||||
42 | ||||
45 | ||||
48 | ||||
51 | ||||
Schedules of Portfolio Investments | 54 | |||
Financial Statements | 169 | |||
Financial Highlights | 186 | |||
Notes to Financial Statements | 192 | |||
Schedule of Shareholder Expenses | 215 | |||
Liquidity Risk Management Program | 217 | |||
Tax Letter | 218 | |||
Board Approval of Initial Management Agreements | 219 |
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 17, 2020
Dear Shareholder,
Amid this year’s unprecedented uncertainty and significant changes in our personal and professional lives, I want to assure you that we believe that J.P. Morgan Exchange-Traded Funds is resilient and well-prepared for adverse events. We remain committed to providing our shareholders with the service and solutions to help investors build stronger portfolios.
![]() |
“Regardless of the economic or civil environment, we believe our broad platform of ETF solutions can provide fund shareholders with valuable tools to navigate the changes and challenges ahead.” – Joanna M. Gallegos |
Regardless of the economic or civil environment, we believe our broad platform of ETF solutions can provide fund shareholders with valuable tools to navigate the changes and challenges ahead. While the global response to theCOVID-19 pandemic has deeply impacted financial markets, leading central banks have taken swift action to ensure those markets
maintain liquidity and continue to function. Thus we believe investors should have confidence that the fundamental investment principles of diversification and a long-term outlook will continue to serve them well in these uncertain times.
We are proud to bring a range of investment solutions to help you navigate changing market landscapes. 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
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 1 |
J.P. Morgan Exchange-Traded Funds
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
While developed equity markets generally rallied in the final months of 2019, the global response to theCOVID-19 pandemic led to a dramatic increase in financial market volatility and drove asset prices sharply lower in February and March of 2020 before equity prices posted a small rebound in April 2020.
Global equity markets, led by the U.S. and Europe, largely recorded gains for the final two months of 2019 on the back of accommodative policies from leading central banks and investor expectations of a reduction in trade tensions. Even as economic data showed slowing or flat growth in China, Europe and the U.S. in the final quarter of 2019, there were no indicators that the longest recorded economic expansion in the U.S. would necessarily end. In the second half of December 2019, the U.S. and China reached a “Phase One” agreement that reduced trade tariffs and headed off the implementation of new tariffs. Combined with less aggressive U.S. trade rhetoric toward Mexico and toward European and Japanese auto industries, the U.S.-China trade agreement fueled price gains in developed markets equity.
In the U.K., the Conservative Party won a large majority in national elections in December 2019, which appeared to remove investor concerns about the possibility of anon-negotiated “hard Brexit” departure from the EU. Equity prices in the U.K. and the British pound briefly rallied on the election results.
Early January 2020 saw continued investor support for global equity that weathered a brief flare up in military tension between the U.S. and Iran. However, investor sentiment began to turn as the outbreak ofCOVID-19 began to impact large parts of China’s economy. Emerging markets equity led a slump in global equity markets. Notably, prices for benchmark Brent crude oil plummeted 11.9% in January amid shrinking demand from China and other economies hit by the pandemic.
U.S. equity prices found support in early February 2020 as companies began to report better-than-expected earnings from the final quarter of 2019. By the end of the month, global equity prices had fallen significantly and global demand for
petroleum had declined for the first time since the 2009 financial crisis. China’s central bank responded to the impact ofCOVID-19 by cutting the prime lending rate and regional authorities across China enacted a range of actions to counter the sharp drop in economic activity. By the end of February, yields on benchmark10-year U.S. Treasury bonds had fallen to a record low 1.1% as investors sought the perceived safety of government-backed bonds.
The month of March 2020 proved to be worse for global equity and a range of other asset classes asCOVID-19 was declared a pandemic and national, regional and municipal governments implementedat-home quarantines and a range of other actions designed to prevent hospitals and health care systems from being overwhelmed. The U.S. Federal Reserve slashed interest rates, restarted its quantitative easing or asset purchasing program, and unleashed an array of programs to maintain liquidity and functioning in financial markets. The European Central Bank also stepped in to shore up economic activity via negative interest rates and a commitment to continue purchasing assets until no longer necessary. Statements of broad support from both central banks, along with fiscal stimulus and/or wage protection policies from national governments across the globe, helped to reduce record high volatility in financial markets. However, leading equity indexes lost 20% or more of their value during the first quarter of 2020. Corporate bond prices generally fell and the prices of Brent crude oil ended the first quarter down by 60%. Only developed market sovereign bonds and commodity gold experienced price appreciation in March 2020.
Global equity markets rebounded slightly in April 2020 and fixed income markets rallied somewhat as investors reacted positively to the actions of central banks and national governments to mitigate the economic impact of the pandemic. Price gains were seen in large cap technology stocks and pharmaceutical sector stocks.
For the six months ended April 30, 2020, the S&P 500 Index returned-3.16%, the MSCI EAFE Index returned-14.00% and the MSCI Emerging Markets Index returned-10.39%.
2 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Canada ETF
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders Canada ETF | ||||
Net Asset Value* | (14.02)% | |||
Market Price** | (13.81)% | |||
Morningstar® Canada Target Market Exposure IndexSM | (14.17)% | |||
Net Assets as of 4/30/2020 | $ | 3,201,159,920 |
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 in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2020, 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 detractors from absolute performance, while their allocations to the information technology and materials sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the real estate and health care sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 3 |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Royal Bank of Canada | 6.5 | % | |||||
2. | Toronto-Dominion Bank (The) | 5.6 | ||||||
3. | Shopify, Inc., Class A | 4.9 | ||||||
4. | Enbridge, Inc. | 4.6 | ||||||
5. | Canadian National Railway Co. | 4.4 | ||||||
6. | Bank of Nova Scotia (The) | 3.6 | ||||||
7. | Brookfield Asset Management, Inc., Class A | 3.5 | ||||||
8. | Barrick Gold Corp. | 3.4 | ||||||
9. | TC Energy Corp. | 3.2 | ||||||
10. | Bank of Montreal | 2.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Financials | 31.7 | % | ||
Energy | 14.0 | |||
Materials | 11.9 | |||
Industrials | 11.0 | |||
Information Technology | 8.3 | |||
Consumer Staples | 4.4 | |||
Utilities | 3.6 | |||
Consumer Discretionary | 3.6 | |||
Communication Services | 3.3 | |||
Others (each less than 1.0%) | 1.0 | |||
Short-Term Investments | 7.2 |
* | 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 $21.09 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.15. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
4 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan BetaBuilders Canada ETF | ||||||||||||||||
Net Asset Value | August 7, 2018 | (14.02)% | (12.36)% | (6.35)% | ||||||||||||
Market Price | (13.81)% | (12.12)% | (6.20)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/20)
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, 2020. 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, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 5 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | ||||
Net Asset Value* | (17.54)% | |||
Market Price** | (17.83)% | |||
Morningstar® Developed Asia Pacificex-Japan Target Market Exposure IndexSM | (16.62)% | |||
Net Assets as of 4/30/2020 | $ | 1,116,845,966 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacificex-Japan Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjustedmarket-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 in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2020, 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 detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading detractors from absolute performance, while their exposure to New Zealand was the sole country contributor to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and real estate sectors and their smallest allocations were to 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 allocations to Australia, followed by Hong Kong, Singapore and New Zealand.
6 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | AIA Group Ltd. (Hong Kong) | 7.8 | % | |||||
2. | CSL Ltd. (Australia) | 6.3 | ||||||
3. | Commonwealth Bank of Australia (Australia) | 5.0 | ||||||
4. | BHP Group Ltd. (Australia) | 4.2 | ||||||
5. | Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 2.7 | ||||||
6. | Westpac Banking Corp. (Australia) | 2.5 | ||||||
7. | National Australia Bank Ltd. (Australia) | 2.2 | ||||||
8. | Australia & New Zealand Banking Group Ltd. (Australia) | 2.2 | ||||||
9. | Woolworths Group Ltd. (Australia) | 2.1 | ||||||
10. | Wesfarmers Ltd. (Australia) | 1.9 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
Australia | 53.9 | % | ||
Hong Kong | 27.1 | |||
Singapore | 11.4 | |||
New Zealand | 2.8 | |||
Macau | 2.2 | |||
United Kingdom | 1.4 | |||
Others (each less than 1.0%) | 0.8 | |||
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 $20.46 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $20.36. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 7 |
JPMorgan BetaBuilders Developed Asia ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | ||||||||||||||||
Net Asset Value | August 7, 2018 | (17.54)% | (16.86)% | (8.20)% | ||||||||||||
Market Price | (17.83)% | (17.44)% | (8.47)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(8/7/18 TO 4/30/20)
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, 2020. 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, 2020 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders Europe ETF | ||||
Net Asset Value* | (15.58)% | |||
Market Price** | (16.10)% | |||
Morningstar® Developed Europe Target Market Exposure IndexSM | (15.35)% | |||
Net Assets as of 4/30/2020 | $ | 2,335,081,253 |
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 adjustedmarket-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 in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2020, 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 exposure to the financials and industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading detractors from absolute performance, while their exposure to Denmark was the sole country contributor to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and health care sectors and their smallest allocations were to the real estate and communications services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and their smallest country allocations were to Portugal and Austria.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 9 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Nestle SA (Registered) (Switzerland) | 3.9 | % | |||||
2. | Roche Holding AG (Switzerland) | 3.0 | ||||||
3. | Novartis AG (Registered) (Switzerland) | 2.7 | ||||||
4. | AstraZeneca plc (United Kingdom) | 1.7 | ||||||
5. | SAP SE (Germany) | 1.6 | ||||||
6. | ASML Holding NV (Netherlands) | 1.5 | ||||||
7. | Sanofi (France) | 1.4 | ||||||
8. | HSBC Holdings plc (United Kingdom) | 1.3 | ||||||
9. | Novo Nordisk A/S, Class B (Denmark) | 1.3 | ||||||
10. | GlaxoSmithKline plc (United Kingdom) | 1.3 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
United Kingdom | 20.6 | % | ||
Switzerland | 16.4 | |||
France | 15.2 | |||
Germany | 12.4 | |||
Netherlands | 6.3 | |||
Sweden | 4.6 | |||
Spain | 3.7 | |||
Denmark | 3.4 | |||
Italy | 3.1 | |||
Finland | 2.0 | |||
Belgium | 1.6 | |||
Australia | 1.0 | |||
Norway | 1.0 | |||
Others (each less than 1.0%) | 3.1 | |||
Short-Term Investments | 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 $20.27 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $20.17. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
10 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan BetaBuilders Europe ETF | ||||||||||||||||
Net Asset Value | June 15, 2018 | (15.58)% | (13.73)% | (7.83)% | ||||||||||||
Market Price | (16.10)% | (14.29)% | (8.07)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/20)
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, 2020. 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, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 11 |
JPMorgan BetaBuilders International Equity ETF
FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders International Equity ETF | ||||
Net Asset Value* | (14.74)% | |||
Market Price** | (14.66)% | |||
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM | (14.42)% | |||
Net Assets as of 4/30/2020 | $ | 42,324,929 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjustedmarket-cap weighted index consisting of stocks from developed countries outside the U.S. and Canada. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from inception on December 3, 2019 to April 30, 2020, 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 industrials sectors were leading detractors from absolute performance, while their exposure to the health care sector was the sole sector contributor to absolute performance. The Fund’s and the Underlying Index’s exposures to the U.K. and Japan were leading detractors from absolute performance, while their exposures to Denmark and Switzerland were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s large sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K., while their smallest allocations were to Portugal and Austria.
12 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Nestle SA (Registered) (Switzerland) | 2.4 | % | |||||
2. | Roche Holding AG (Switzerland) | 1.9 | ||||||
3. | Novartis AG (Registered) (Switzerland) | 1.7 | ||||||
4. | Toyota Motor Corp. (Japan) | 1.2 | ||||||
5. | AstraZeneca plc (United Kingdom) | 1.1 | ||||||
6. | SAP SE (Germany) | 1.0 | ||||||
7. | ASML Holding NV (Netherlands) | 1.0 | ||||||
8. | Sanofi (France) | 0.9 | ||||||
9. | AIA Group Ltd. (Hong Kong) | 0.9 | ||||||
10. | HSBC Holdings plc (United Kingdom) | 0.8 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
Japan | 27.0 | % | ||
United Kingdom | 13.1 | |||
Switzerland | 10.3 | |||
France | 9.6 | |||
Germany | 7.8 | |||
Australia | 6.6 | |||
Netherlands | 3.9 | |||
Hong Kong | 3.0 | |||
Sweden | 2.9 | |||
Spain | 2.3 | |||
Denmark | 2.1 | |||
Italy | 2.0 | |||
Singapore | 1.3 | |||
Finland | 1.3 | |||
Belgium | 1.0 | |||
Others (each less than 1.0%) | 3.5 | |||
Short-Term Investments | 2.3 |
* | 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 $42.33 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $42.37. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 13 |
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
FOR THE PERIOD DECEMBER 3, 2019 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited) (continued)
TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |||||||
JPMorgan BetaBuilders International Equity ETF | ||||||||
Net Asset Value | December 3, 2019 | (14.74)% | ||||||
Market Price | (14.66)% |
LIFE OF FUND PERFORMANCE12/3/19 TO 4/30/20
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 3, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM from December 3, 2019 to April 30, 2020. 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 Markets ex-North America 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 Markets ex-North America Target Market Exposure IndexSM is a free float adjusted market capitalization weighted index which consists of stocks traded primarily on the Developed Markets ex-North America equity market. Investors cannot invest directly in an index.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses. 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.
14 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders Japan ETF | ||||
Net Asset Value* | (10.76)% | |||
Market Price** | (10.95)% | |||
Morningstar® Japan Target Market Exposure IndexSM | (10.35)% | |||
Net Assets as of 4/30/2020 | $ | 2,671,273,104 |
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 adjustedmarket-cap weighted index consisting of stocks traded primarily on the Tokyo or Nagoya stock exchanges. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2020, 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 discretionary sectors were leading detractors from absolute performance, while their exposures to the communication services and health care sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 15 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Toyota Motor Corp. | 4.6 | % | |||||
2. | Sony Corp. | 2.3 | ||||||
3. | SoftBank Group Corp. | 2.0 | ||||||
4. | Keyence Corp. | 1.9 | ||||||
5. | Takeda Pharmaceutical Co. Ltd. | 1.6 | ||||||
6. | Mitsubishi UFJ Financial Group, Inc. | 1.5 | ||||||
7. | Nintendo Co. Ltd. | 1.4 | ||||||
8. | Recruit Holdings Co. Ltd. | 1.3 | ||||||
9. | KDDI Corp. | 1.3 | ||||||
10. | Honda Motor Co. Ltd. | 1.3 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Industrials | 20.9 | % | ||
Consumer Discretionary | 18.3 | |||
Information Technology | 11.7 | |||
Health Care | 10.8 | |||
Financials | 9.3 | |||
Communication Services | 8.7 | |||
Consumer Staples | 8.5 | |||
Materials | 5.1 | |||
Real Estate | 4.1 | |||
Utilities | 1.7 | |||
Energy | 0.7 | |||
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 $21.41 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.39. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
16 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||||||
Net Asset Value | June 15, 2018 | (10.76)% | (5.07)% | (6.06)% | ||||||||||||
Market Price | (10.95)% | (4.96)% | (6.11)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(6/15/18 TO 4/30/20)
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, 2020. 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 17 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||
Net Asset Value* | (3.01)% | |||
Market Price** | (3.11)% | |||
Morningstar® US Target Market Exposure IndexSM | (2.99)% | |||
Net Assets as of 4/30/2020 | $ | 128,587,716 |
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® U.S. Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjustedmarket-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 in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2020, 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 energy and financial services sectors were leading detractors from absolute performance, while their exposures to the information technology and health care sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors and their smallest allocations were to the materials and real estate sectors.
18 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 5.3 | % | |||||
2. | Apple, Inc. | 4.8 | ||||||
3. | Amazon.com, Inc. | 4.0 | ||||||
4. | Facebook, Inc., Class A | 1.9 | ||||||
5. | Alphabet, Inc., Class A | 1.6 | ||||||
6. | Alphabet, Inc., Class C | 1.6 | ||||||
7. | Johnson & Johnson | 1.5 | ||||||
8. | Berkshire Hathaway, Inc., Class B | 1.4 | ||||||
9. | Visa, Inc., Class A | 1.2 | ||||||
10. | JPMorgan Chase & Co. | 1.2 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Information Technology | 25.2 | % | ||
Health Care | 15.1 | |||
Consumer Discretionary | 10.8 | |||
Financials | 10.6 | |||
Communication Services | 10.6 | |||
Industrials | 7.8 | |||
Consumer Staples | 7.0 | |||
Utilities | 3.2 | |||
Real Estate | 3.0 | |||
Energy | 2.9 | |||
Materials | 2.5 | |||
Short-Term Investments | 1.3 |
* | 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 $52.48 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the Cboe BZX Exchange, Inc. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $52.44. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 19 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||||||||||
Net Asset Value | March 12, 2019 | (3.01)% | 0.90% | 5.83% | ||||||||||||
Market Price | (3.11)% | 0.80% | 5.76% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(3/12/19 TO 4/30/20)
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, 2020. 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.
Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses. 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.
20 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
FOR THE PERIOD APRIL 14, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | ||||
Net Asset Value* | 5.67% | |||
Market Price** | 5.99% | |||
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM | 5.68% | |||
Net Assets as of 4/30/2020 | $ | 5,365,707 |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjustedmarket-cap weighted index consisting of equity securities traded primarily in the U.S. and targets securities ofmid-capitalization companies. Using a “passive” investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the period from inception on April 14, 2020 to April 30, 2020, the Fund had a positive absolute return and 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 health care and information technology sectors were leading contributors to absolute performance, while their exposures to the utilities and real estate 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 to the information technology and health care sectors and their smallest allocations were to the energy and consumer staples sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 21 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
FOR THE PERIOD APRIL 14, 2020 (INCEPTION DATE) THROUGH APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | West Pharmaceutical Services, Inc. | 0.8 | % | |||||
2. | Tyler Technologies, Inc. | 0.7 | ||||||
3. | Insulet Corp. | 0.7 | ||||||
4. | EPAM Systems, Inc. | 0.7 | ||||||
5. | Teladoc Health, Inc. | 0.6 | ||||||
6. | Trade Desk, Inc. (The), Class A | 0.6 | ||||||
7. | Coupa Software, Inc. | 0.6 | ||||||
8. | Catalent, Inc. | 0.6 | ||||||
9. | Black Knight, Inc. | 0.6 | ||||||
10. | Masimo Corp. | 0.6 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Information Technology | 21.4 | % | ||
Health Care | 14.8 | |||
Financials | 13.8 | |||
Industrials | 13.2 | |||
Real Estate | 10.9 | |||
Consumer Discretionary | 10.1 | |||
Materials | 4.8 | |||
Communication Services | 3.2 | |||
Consumer Staples | 3.2 | |||
Utilities | 3.2 | |||
Energy | 1.0 | |||
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 $53.66 as of April 30, 2020. |
** | Market price return was 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 was the closing price on the NYSE Arca. As of April 30, 2020, the closing price was $53.82. |
*** | 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, 2020. The Fund’s portfolio composition is subject to change. |
22 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |||||||
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | ||||||||
Net Asset Value | April 14, 2020 | 5.67% | ||||||
Market Price | 5.99% |
LIFE OF FUND PERFORMANCE(4/14/20 TO 4/30/20)
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 April 14, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM from April 14, 2020 to April 30, 2020. 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 Mid Cap Target Market Exposure Extended 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® US Mid Cap Target Market Exposure Extended IndexSM is a free float adjusted market capitalization-weighted index that consists of mid cap U.S. equity securities. 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 23 |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||
Net Asset Value* | (18.65)% | |||
Market Price** | (20.24)% | |||
JP Morgan Diversified Factor Emerging Markets Equity Index (net of foreign withholding taxes) | (18.07)% | |||
FTSE Emerging Index (net of foreign withholding taxes) | (11.20)% | |||
MSCI Emerging Markets Index (net of foreign withholding taxes) | (10.50)% | |||
Net Assets as of 4/30/2020 | $ | 261,320,344 |
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, super-sectors and individual securities. The Underlying Index uses a proprietary multi-factor stock selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute return for the six months ended April 30, 2020, 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 financial services and consumer services sectors were leading detractors from absolute performance, while their positions in the technology sector were the sole contributor to absolute performance.
By country, the Fund’s and the Underlying Index’s positions in Brazil and South Africa were leading detractors from absolute performance, while their position in China was the leading contributor to absolute performance.
Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s security selection in Brazil and their underweight position and security selection in China were leading detractors from performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in India were leading contributors to relative performance. The Fund’s and the Underlying Index’s underweight allocation and security selection in the technology and consumer services sectors were leading detractors from relative performance, while the Fund’s and the Underlying Index’s security selection in the financials sector and their overweight allocation and security selection in the telecommunications 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 sector allocations were to the financial services and consumer goods sectors, while their smallest allocations were to the health care and technology sectors. The Fund’s and the Underlying Index’s largest country allocations were to China and Brazil and their smallest allocations were to Singapore and Peru.
24 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Naspers Ltd., Class N (South Africa) | 2.3 | % | |||||
2. | China Mobile Ltd. (China) | 1.9 | ||||||
3. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 1.6 | ||||||
4. | LUKOIL PJSC (Russia) | 1.3 | ||||||
5. | Vale SA (Brazil) | 1.2 | ||||||
6. | Gazprom PJSC (Russia) | 1.2 | ||||||
7. | Reliance Industries Ltd. (India) | 1.2 | ||||||
8. | Infosys Ltd. (India) | 1.2 | ||||||
9. | Hindustan Unilever Ltd. (India) | 1.1 | ||||||
10. | Industrial & Commercial Bank of China Ltd., Class H (China) | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
China | 23.7 | % | ||
Taiwan | 14.1 | |||
Brazil | 10.6 | |||
India | 9.2 | |||
Russia | 7.5 | |||
South Africa | 5.6 | |||
Mexico | 4.0 | |||
Thailand | 4.0 | |||
Indonesia | 3.7 | |||
Malaysia | 3.2 | |||
Turkey | 2.1 | |||
Saudi Arabia | 2.0 | |||
Qatar | 1.6 | |||
Kuwait | 1.4 | |||
Chile | 1.4 | |||
United Arab Emirates | 1.3 | |||
Philippines | 1.0 | |||
Greece | 1.0 | |||
Others (each less than 1.0%) | 2.3 | |||
Short-Term Investments | 0.3 |
* | 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 $43.55 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $42.75. |
*** | 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, 2020. The Fund’s composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 25 |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||||||||||||||||||
Net Asset Value | January 7, 2015 | (18.65)% | (17.98)% | (1.99)% | (0.10)% | |||||||||||||||
Market Price | (20.24)% | (19.89)% | (2.47)% | (0.44)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(1/07/15 TO 4/30/20)
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, 2020. 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.
26 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan Diversified Return International Equity ETF | ||||
Net Asset Value* | (14.13)% | |||
Market Price** | (14.49)% | |||
JP Morgan Diversified Factor International Equity Index (net of foreign withholding taxes) | (13.55)% | |||
FTSE Developed ex North America Index (net of foreign withholding taxes) | (13.85)% | |||
MSCI EAFE Index (net of foreign withholding taxes) | (14.21)% | |||
Net Assets as of 4/30/2020 | $ | 919,607,610 |
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 negative absolute performance for the six months ended April 30, 2020, and performed in line with 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 underperformed the FTSE Developed ex North America Index and the Fund and the Underlying Index outperformed the MSCI EAFE Index, which are more traditional market capitalization weighted indexes.
By sector, the Fund’s and the Underlying Index’s position in the health care sector was the leading contributor to absolute performance, while their positions in the financials and consumer services sectors were leading detractors from absolute performance.
By country, the Fund’s and the Underlying Index’s positions in New Zealand was the leading contributors to absolute performance, while their positions in the U.K. and Australia were leading detractors from absolute performance.
Relative to FTSE Developedex-North America Index, the Fund’s and the Underlying Index’s underweight allocation and security selection in the health care sector was the leading detractor from performance, while the Fund’s and the Underlying Index’s underweight allocation and security selection in the financials sector was the 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 to the consumer goods and consumer services sectors, while their smallest allocations were to the oil & gas and telecommunications sectors. By country, the Fund’s and the Underlying Index’s largest allocations were to Japan and the U.K. and their smallest allocations were to Poland and Ireland.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 27 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Hikma Pharmaceuticals plc (Jordan) | 0.5 | % | |||||
2. | Fortescue Metals Group Ltd. (Australia) | 0.5 | ||||||
3. | Capcom Co. Ltd. (Japan) | 0.5 | ||||||
4. | Chugai Pharmaceutical Co. Ltd. (Japan) | 0.5 | ||||||
5. | NTT DOCOMO, Inc. (Japan) | 0.5 | ||||||
6. | Roche Holding AG (Switzerland) | 0.5 | ||||||
7. | Galapagos NV (Belgium) | 0.5 | ||||||
8. | Kakao Corp. (South Korea) | 0.5 | ||||||
9. | Swedish Match AB (Sweden) | 0.5 | ||||||
10. | Advantest Corp. (Japan) | 0.5 |
PORTFOLIO COMPOSITION BY COUNTRY**** | ||||
Japan | 26.4 | % | ||
United Kingdom | 17.3 | |||
Australia | 10.1 | |||
South Korea | 5.9 | |||
Hong Kong | 5.0 | |||
France | 4.5 | |||
Sweden | 3.9 | |||
Singapore | 2.8 | |||
Germany | 2.7 | |||
Netherlands | 2.6 | |||
Finland | 2.2 | |||
Switzerland | 2.0 | |||
Italy | 2.0 | |||
Spain | 1.7 | |||
Norway | 1.3 | |||
Belgium | 1.2 | |||
New Zealand | 1.1 | |||
Others (each less than 1.0%) | 4.8 | |||
Short-Term Investments | 2.5 |
* | 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 $46.68 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $46.45.. |
*** | 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, 2020. The Fund’s composition is subject to change. |
28 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | 5 YEAR | SINCE INCEPTION | ||||||||||||||||
JPMorgan Diversified Return International Equity ETF | ||||||||||||||||||||
Net Asset Value | November 5, 2014 | (14.13)% | (13.31)% | (0.31)% | 1.03% | |||||||||||||||
Market Price | (14.49)% | (13.78)% | (0.46)% | 0.93% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/5/14 TO 4/30/20)
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, 2020. 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 29 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan Diversified Return U.S. Equity ETF | ||||
Net Asset Value* . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (12.26)% | |||
Market Price** . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (12.33)% | |||
JP Morgan Diversified Factor US Equity Index . . . . . . . . . . . . . . . . . . . . . . . . . . . | (12.28)% | |||
Russell 1000 Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | (3.56)% | |||
Net Assets as of 4/30/2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | $ | 582,315,755 |
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, diversified across sectors and securities. The Underlying Index uses a rules based 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 negative absolute performance for the six months ended April 30, 2020, 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 technology and health care sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the financials and consumer services sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight allocation and security selection in the technology sector and their underweight allocation in the consumer services sector were leading detractors from performance, while their underweight position in the industrials sector was the 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 to the consumer goods and financials sectors, while the smallest allocations were to the telecommunications and oil & gas sectors.
30 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Newmont Corp. | 0.6 | % | |||||
2. | T-Mobile US, Inc. | 0.5 | ||||||
3. | Royal Gold, Inc. | 0.5 | ||||||
4. | Eli Lilly & Co. | 0.5 | ||||||
5. | General Mills, Inc. | 0.5 | ||||||
6. | Citrix Systems, Inc. | 0.5 | ||||||
7. | ScottsMiracle-Gro Co. (The) | 0.5 | ||||||
8. | Dollar General Corp. | 0.5 | ||||||
9. | Thermo Fisher Scientific, Inc. | 0.5 | ||||||
10. | Clorox Co. (The) | 0.5 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 13.7 | % | ||
Health Care | 11.9 | |||
Consumer Services | 11.6 | |||
Financials | 11.1 | |||
Industrials | 11.0 | |||
Utilities | 10.8 | |||
Technology | 9.4 | |||
Basic Materials | 9.1 | |||
Oil & Gas | 5.5 | |||
Telecommunications | 2.1 | |||
Short-Term Investments | 3.8 |
* | 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 $66.17 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $66.13. |
*** | 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, 2020. The Fund’s composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 31 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Equity ETF | ||||||||||||||||
Net Asset Value | September 29, 2015 | (12.26)% | (9.68)% | 8.00% | ||||||||||||
Market Price | (12.33)% | (9.74)% | 7.99% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(9/29/15 TO 4/30/20)
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, 2020. 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.
32 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||
Net Asset Value* | (14.45)% | |||
Market Price** | (14.37)% | |||
JP Morgan Diversified Factor US Mid Cap Equity Index | (14.36)% | |||
Russell Midcap Index | (11.64)% | |||
Net Assets as of 4/30/2020 | $ | 204,561,792 |
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, diversified across sectors and securities. 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 negative absolute performance for the six months ended April 30, 2020, 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 financials and consumer services sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the technology and health care sectors were leading contributors to absolute performance.
Relative to the Russell Midcap Index, the Fund and the Underlying Index’s security selection in the technology sector and the oil & gas sector was a leading detractor from performance, while the Fund’s and Underlying Index’s overweight allocation in the telecommunications sector was the 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 to the financials and consumer goods sectors and their smallest allocations were to the telecommunications and oil & gas sector.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 33 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Citrix Systems, Inc. | 0.6 | % | |||||
2. | Cabot Oil & Gas Corp. | 0.6 | ||||||
3. | Newmont Corp. | 0.6 | ||||||
4. | Centene Corp. | 0.5 | ||||||
5. | West Pharmaceutical Services, Inc. | 0.5 | ||||||
6. | Molina Healthcare, Inc. | 0.5 | ||||||
7. | Cadence Design Systems, Inc. | 0.5 | ||||||
8. | Veeva Systems, Inc., Class A | 0.5 | ||||||
9. | Dollar General Corp. | 0.5 | ||||||
10. | Clorox Co. (The) | 0.5 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 13.5 | % | ||
Financials | 12.5 | |||
Industrials | 11.9 | |||
Consumer Services | 11.7 | |||
Health Care | 11.6 | |||
Technology | 10.2 | |||
Utilities | 9.3 | |||
Basic Materials | 8.8 | |||
Oil & Gas | 5.2 | |||
Telecommunications | 0.8 | |||
Short-Term Investments | 4.5 |
* | 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 $56.82 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $56.91. |
*** | 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, 2020. The Fund’s composition is subject to change. |
34 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||||||||||||||
Net Asset Value | May 11, 2016 | (14.45)% | (13.25)% | 4.83% | ||||||||||||
Market Price | (14.37)% | (13.13)% | 4.87% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(5/11/16 TO 4/30/20)
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, 2020. 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. 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 35 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||
Net Asset Value* | (18.97)% | |||
Market Price** | (19.24)% | |||
JP Morgan Diversified Factor US Small Cap Equity Index | (18.99)% | |||
Russell 2000 Index | (15.47)% | |||
Net Assets as of 4/30/2020 | $ | 121,450,812 |
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, diversified across sectors and securities. 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 negative absolute performance for the six months ended April 30, 2020, 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 2000 Index, which is a more traditional market capitalization weighted index.
During the reporting period, the Fund’s and the Underlying Index’s allocations to the financials and consumer services sectors were leading detractors from absolute performance, while their allocations to the health care and technology sectors were leading contributors to absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s underweight allocation and security selection in the health care sector and their security selection in the oil & gas sector were leading detractors from performance, while their security selection in the financials sector and their overweight allocation in the technology sector were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the telecommunications and oil & gas sectors.
36 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | El Paso Electric Co. | 0.8 | % | |||||
2. | Quidel Corp. | 0.5 | ||||||
3. | USANA Health Sciences, Inc. | 0.4 | ||||||
4. | Ormat Technologies, Inc. | 0.4 | ||||||
5. | Inphi Corp. | 0.4 | ||||||
6. | Qualys, Inc. | 0.4 | ||||||
7. | Lattice Semiconductor Corp. | 0.4 | ||||||
8. | Shenandoah Telecommunications Co. | 0.4 | ||||||
9. | Novagold Resources, Inc. (Canada) | 0.4 | ||||||
10. | Repligen Corp. | 0.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Financials | 12.6 | % | ||
Consumer Goods | 11.8 | |||
Technology | 11.2 | |||
Industrials | 10.9 | |||
Consumer Services | 10.2 | |||
Health Care | 9.7 | |||
Basic Materials | 7.4 | |||
Utilities | 6.1 | |||
Oil & Gas | 5.0 | |||
Telecommunications | 1.4 | |||
Short-Term Investments | 13.7 |
* | 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 $24.79 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $24.73. |
*** | 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, 2020. The Fund’s composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 37 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||||||||||||||
Net Asset Value | November 15, 2016 | (18.97)% | (19.73)% | 0.82% | ||||||||||||
Market Price | (19.24)% | (19.90)% | 0.75% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/15/16 TO 4/30/20)
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, 2020. 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.
38 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan U.S. Dividend ETF | ||||
Net Asset Value* | (18.99)% | |||
Market Price** | (19.01)% | |||
JP Morgan US Dividend Index | (19.14)% | |||
Russell 1000 Index | (3.56)% | |||
Net Assets as of 4/30/2020 | $ | 32,203,757 |
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 negative absolute performance for the six months ended April 30, 2020 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 financials and consumer services sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the health care and technology sectors were leading contributors to absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financials and consumer services sectors was a leading detractor from performance, while the Fund’s and the Underlying Index’s underweight position in the industrials sector and their security selection in the telecommunications 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 to the financials and utilities sectors and their smallest allocations were to the telecommunications and technology sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 39 |
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | T-Mobile US, Inc. | 1.1 | % | |||||
2. | Eli Lilly & Co. | 0.8 | ||||||
3. | Digital Realty Trust, Inc. | 0.8 | ||||||
4. | Gilead Sciences, Inc. | 0.8 | ||||||
5. | Amgen, Inc. | 0.8 | ||||||
6. | Johnson & Johnson | 0.8 | ||||||
7. | General Mills, Inc. | 0.8 | ||||||
8. | Clorox Co. (The) | 0.8 | ||||||
9. | Intel Corp. | 0.7 | ||||||
10. | Verizon Communications, Inc. | 0.7 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Utilities | 17.3 | % | ||
Consumer Goods | 14.3 | |||
Financials | 13.6 | |||
Basic Materials | 9.2 | |||
Industrials | 9.0 | |||
Health Care | 7.6 | |||
Consumer Services | 7.2 | |||
Oil & Gas | 6.6 | |||
Technology | 5.4 | |||
Telecommunications | 3.4 | |||
Short-Term Investments | 6.4 |
* | 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 $21.47 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $21.47. |
*** | 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, 2020. The Fund’s composition is subject to change. |
40 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Dividend ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | (18.99)% | (16.23)% | (2.47)% | ||||||||||||
Market Price | (19.01)% | (16.23)% | (2.47)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)
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, 2020. 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. The Underlying Index is designed to provide exposure to the highest dividend yielding sectors on a risk adjusted basis, meaning that the index will establish sector weights by considering both the yield of the sector and the relative volatility of sector returns. 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, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 41 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan U.S. Minimum Volatility ETF | ||||
Net Asset Value* | (9.19)% | |||
Market Price** | (9.38)% | |||
JP Morgan US Minimum Volatility Index | (9.24)% | |||
Russell 1000 Index | (3.56)% | |||
Net Assets as of 4/30/2020 | $ | 94,821,854 |
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 negative absolute return for the six months ended April 30, 2020 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 equity index.
In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the financials and utilities sectors were leading detractors from performance, while their positions in the health care and technology sectors were leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the technology and utilities sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s security selection in the industrials sector was the sole sector contributor to contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer goods and utilities sectors and their smallest allocations were to the telecommunications and basic materials sectors.
42 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 0.8 | % | |||||
2. | West Pharmaceutical Services, Inc. | 0.8 | ||||||
3. | Eli Lilly & Co. | 0.7 | ||||||
4. | Thermo Fisher Scientific, Inc. | 0.7 | ||||||
5. | Abbott Laboratories | 0.7 | ||||||
6. | Synopsys, Inc. | 0.7 | ||||||
7. | Crown Castle International Corp. | 0.7 | ||||||
8. | Hormel Foods Corp. | 0.7 | ||||||
9. | Clorox Co. (The) | 0.7 | ||||||
10. | Walmart, Inc. | 0.7 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Consumer Goods | 19.9 | % | ||
Utilities | 16.7 | |||
Health Care | 15.5 | |||
Financials | 12.0 | |||
Consumer Services | 9.9 | |||
Technology | 5.5 | |||
Industrials | 5.3 | |||
Basic Materials | 5.3 | |||
Oil & Gas | 4.4 | |||
Telecommunications | 2.9 | |||
Short-Term Investments | 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 $27.09 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $27.05. |
*** | 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, 2020. The Fund’s composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 43 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Minimum Volatility ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | (9.19)% | (2.79)% | 5.50% | ||||||||||||
Market Price | (9.38)% | (3.00)% | 5.43% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)
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, 2020. 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. 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 rules-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.
44 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan U.S. Momentum Factor ETF | ||||
Net Asset Value* | (2.12)% | |||
Market Price** | (1.98)% | |||
JP Morgan US Momentum Factor Index | (2.04)% | |||
Russell 1000 Index | (3.56)% | |||
Net Assets as of 4/30/2020 | $ | 86,074,407 |
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 negative absolute performance for the six months ended April 30, 2020 and performed in line with the Underlying Index, before considering operating expenses, fees
and tax management of the Fund’s portfolio. The Fund 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 allocations to the financials and industrials sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the technology and health care sectors were leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financials and technology sectors was a leading contributor to performance, while the Fund’s and Underlying Index’s security selection in the health care and consumer services sectors was a leading detractor from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and financials sectors and their smallest allocations were to the basic materials and telecommunications sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 45 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Amazon.com, Inc. | 2.5 | % | |||||
2. | Microsoft Corp. | 2.2 | ||||||
3. | Apple, Inc. | 2.1 | ||||||
4. | Visa, Inc., Class A | 2.0 | ||||||
5. | Mastercard, Inc., Class A | 1.8 | ||||||
6. | Home Depot, Inc. (The) | 1.8 | ||||||
7. | Procter & Gamble Co. (The) | 1.7 | ||||||
8. | Merck & Co., Inc. | 1.5 | ||||||
9. | AT&T, Inc. | 1.5 | ||||||
10. | NVIDIA Corp. | 1.4 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 24.9 | % | ||
Financials | 16.7 | |||
Consumer Services | 14.0 | |||
Health Care | 14.0 | |||
Industrials | 11.3 | |||
Consumer Goods | 8.0 | |||
Utilities | 3.1 | |||
Oil & Gas | 2.8 | |||
Telecommunications | 1.7 | |||
Basic Materials | 1.7 | |||
Short-Term Investments | 1.8 |
* | 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 $28.22 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $28.27. |
*** | 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, 2020. The Fund’s composition is subject to change. |
46 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Momentum Factor ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | (2.12)% | 0.65% | 6.33% | ||||||||||||
Market Price | (1.98)% | 0.72% | 6.40% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)
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, 2020. 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 selected 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 47 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan U.S. Quality Factor ETF | ||||
Net Asset Value* | (3.04)% | |||
Market Price** | (2.90)% | |||
JP Morgan US Quality Factor Index | (3.00)% | |||
Russell 1000 Index | (3.56)% | |||
Net Assets as of 4/30/2020 | $ | 227,240,555 |
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 negative absolute performance for the six months ended April 30, 2020 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 allocations to the financials and consumer services sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the technology and health care sectors were the leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the financials and industrials sectors was a leading contributor to performance. The Fund’s and the Underlying Index’s security selection in the consumer services and technology sectors was a leading detractor from performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and financials sectors and their smallest allocations were to the telecommunications and basic materials sectors.
48 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Johnson & Johnson | 2.2 | % | |||||
2. | Microsoft Corp. | 2.2 | ||||||
3. | Apple, Inc. | 2.2 | ||||||
4. | Facebook, Inc., Class A | 2.1 | ||||||
5. | Alphabet, Inc., Class A | 2.0 | ||||||
6. | Visa, Inc., Class A | 2.0 | ||||||
7. | Mastercard, Inc., Class A | 1.8 | ||||||
8. | Home Depot, Inc. (The) | 1.8 | ||||||
9. | Verizon Communications, Inc. | 1.8 | ||||||
10. | Intel Corp. | 1.7 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 25.3 | % | ||
Financials | 16.1 | |||
Health Care | 14.5 | |||
Consumer Services | 13.0 | |||
Industrials | 11.8 | |||
Consumer Goods | 7.9 | |||
Oil & Gas | 3.2 | |||
Utilities | 3.1 | |||
Telecommunications | 2.1 | |||
Basic Materials | 1.9 | |||
Short-Term Investments | 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 $28.58 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $28.64. |
*** | 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, 2020. The Fund’s composition is subject to change. |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 49 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Quality Factor ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | (3.04)% | 0.54% | 7.52% | ||||||||||||
Market Price | (2.90)% | 0.72% | 7.61% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)
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, 2020. 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 selected 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.
50 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
Reporting Period Return: | ||||
JPMorgan U.S. Value Factor ETF | ||||
Net Asset Value* | (14.07)% | |||
Market Price** | (13.84)% | |||
JP Morgan US Value Factor Index | (13.89)% | |||
Russell 1000 Index | (3.56)% | |||
Net Assets as of 4/30/2020 | $ | 54,018,315 |
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 attractive prices relative to their sector peers based on fundamental characteristics of 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 negative absolute return for the six months ended April 30, 2020 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 financials and consumer services were leading detractors from performance, while the Fund’s and the Underlying Index’s allocations to the technology and health care sectors were leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selection in the consumer services and financials sectors was a leading detractor from performance. The Fund’s and the Underlying Index’s security selection in the oil & gas 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 to the consumer services and financials sectors and their smallest allocations were to the oil & gas and telecommunications sectors.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 51 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO**** | ||||||||
1. | Microsoft Corp. | 2.3 | % | |||||
2. | Apple, Inc. | 2.3 | ||||||
3. | Intel Corp. | 2.0 | ||||||
4. | Johnson & Johnson | 2.0 | ||||||
5. | UnitedHealth Group, Inc. | 1.9 | ||||||
6. | Pfizer, Inc. | 1.7 | ||||||
7. | Cisco Systems, Inc. | 1.5 | ||||||
8. | Comcast Corp., Class A | 1.4 | ||||||
9. | Merck & Co., Inc. | 1.4 | ||||||
10. | Chevron Corp. | 1.2 |
PORTFOLIO COMPOSITION BY SECTOR**** | ||||
Technology | 25.2 | % | ||
Health Care | 15.0 | |||
Financials | 14.6 | |||
Consumer Services | 11.5 | |||
Industrials | 11.0 | |||
Consumer Goods | 7.8 | |||
Oil & Gas | 3.2 | |||
Utilities | 3.2 | |||
Telecommunications | 1.9 | |||
Basic Materials | 1.8 | |||
Short-Term Investments | 4.8 |
* | 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 $22.99 as of April 30, 2020. |
** | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the NYSE Arca. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. As of April 30, 2020, the closing price was $23.06. |
*** | 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, 2020. The Fund’s composition is subject to change. |
52 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
AVERAGE ANNUAL TOTAL RETURNSAS OF APRIL 30, 2020 (Unaudited) | ||||||||||||||||
INCEPTION DATE | SIX MONTHS* | 1 YEAR | SINCE INCEPTION | |||||||||||||
JPMorgan U.S. Value Factor ETF | ||||||||||||||||
Net Asset Value | November 8, 2017 | (14.07)% | (11.81)% | (0.66)% | ||||||||||||
Market Price | (13.84)% | (11.61)% | (0.54)% |
* | Not annualized. |
LIFE OF FUND PERFORMANCE(11/8/17 TO 4/30/20)
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, 2020. 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 selected 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 53 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.1% |
| |||||||
Aerospace & Defense — 0.4% |
| |||||||
Bombardier, Inc., Class B* (a) | 5,371,995 | 1,891,072 | ||||||
CAE, Inc. | 671,591 | 11,097,089 | ||||||
|
| |||||||
12,988,161 | ||||||||
|
| |||||||
Airlines — 0.3% |
| |||||||
Air Canada* | 670,702 | 9,752,512 | ||||||
|
| |||||||
Auto Components — 0.9% |
| |||||||
Magna International, Inc. | 718,562 | 28,000,146 | ||||||
|
| |||||||
Banks — 22.5% |
| |||||||
Bank of Montreal (a) | 1,614,372 | 82,078,456 | ||||||
Bank of Nova Scotia (The) | 3,071,310 | 123,121,590 | ||||||
Canadian Imperial Bank of Commerce (a) | 1,125,355 | 66,682,913 | ||||||
National Bank of Canada | 844,106 | 34,044,406 | ||||||
Royal Bank of Canada (a) | 3,613,527 | 222,297,006 | ||||||
Toronto-Dominion Bank (The) | 4,596,446 | 192,053,809 | ||||||
|
| |||||||
720,278,180 | ||||||||
|
| |||||||
Capital Markets — 4.4% |
| |||||||
Brookfield Asset Management, Inc., Class A | 3,533,277 | 119,404,684 | ||||||
CI Financial Corp. | 532,493 | 5,657,941 | ||||||
IGM Financial, Inc. | 204,613 | 4,333,483 | ||||||
TMX Group Ltd. | 127,762 | 11,068,515 | ||||||
|
| |||||||
140,464,623 | ||||||||
|
| |||||||
Chemicals — 1.7% |
| |||||||
Methanex Corp. | 192,450 | 3,059,678 | ||||||
Nutrien Ltd. | 1,446,999 | 51,675,937 | ||||||
|
| |||||||
54,735,615 | ||||||||
|
| |||||||
Commercial Services & Supplies — 2.2% |
| |||||||
Ritchie Bros Auctioneers, Inc. | 273,311 | 11,763,398 | ||||||
Waste Connections, Inc. | 666,031 | 57,303,691 | ||||||
|
| |||||||
69,067,089 | ||||||||
|
| |||||||
Construction & Engineering — 0.6% |
| |||||||
SNC-Lavalin Group, Inc. | 443,405 | 8,177,166 | ||||||
WSP Global, Inc. | 163,198 | 10,951,777 | ||||||
|
| |||||||
19,128,943 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% |
| |||||||
CCL Industries, Inc., Class B | 365,851 | 11,435,883 | ||||||
|
| |||||||
Diversified Financial Services — 0.3% |
| |||||||
Onex Corp. | 214,767 | 9,899,386 | ||||||
|
| |||||||
Diversified Telecommunication Services — 1.5% |
| |||||||
BCE, Inc. | 753,181 | 30,458,392 | ||||||
TELUS Corp. | 1,060,180 | 17,327,558 | ||||||
|
| |||||||
47,785,950 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Electric Utilities — 2.6% |
| |||||||
Emera, Inc. (a) | 607,473 | 24,181,960 | ||||||
Fortis, Inc. | 1,166,086 | 45,187,455 | ||||||
Hydro One Ltd. (b) | 768,506 | 13,935,193 | ||||||
|
| |||||||
83,304,608 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 0.4% |
| |||||||
Canadian Apartment Properties | 209,625 | 7,213,648 | ||||||
H&R (a) | 354,022 | 2,507,746 | ||||||
RioCan (a) | 392,538 | 4,483,893 | ||||||
|
| |||||||
14,205,287 | ||||||||
|
| |||||||
Food & Staples Retailing — 4.2% |
| |||||||
Alimentation Couche-Tard, Inc., Class B | 2,266,422 | 63,240,655 | ||||||
Empire Co. Ltd., Class A | 437,714 | 9,663,387 | ||||||
George Weston Ltd. | 178,796 | 12,683,155 | ||||||
Loblaw Cos. Ltd. | 441,286 | 21,716,363 | ||||||
Metro, Inc. | 642,145 | 26,420,233 | ||||||
|
| |||||||
133,723,793 | ||||||||
|
| |||||||
Food Products — 0.5% |
| |||||||
Saputo, Inc. | 597,564 | 15,025,497 | ||||||
|
| |||||||
Gas Utilities — 0.3% |
| |||||||
AltaGas Ltd. (a) | 702,922 | 8,403,048 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.7% |
| |||||||
Restaurant Brands International, Inc. | 753,941 | 36,777,610 | ||||||
Stars Group, Inc. (The)* | 588,637 | 16,420,686 | ||||||
|
| |||||||
53,198,296 | ||||||||
|
| |||||||
Insurance — 6.5% |
| |||||||
Fairfax Financial Holdings Ltd. | 69,375 | 18,810,670 | ||||||
Great-West Lifeco, Inc. | 679,762 | 11,193,035 | ||||||
iA Financial Corp., Inc. | 269,980 | 8,764,967 | ||||||
Intact Financial Corp. | 361,229 | 34,377,676 | ||||||
Manulife Financial Corp. | 4,922,315 | 61,990,863 | ||||||
Power Corp. of Canada | 1,460,236 | 23,352,027 | ||||||
Sun Life Financial, Inc. | 1,484,167 | 50,870,798 | ||||||
|
| |||||||
209,360,036 | ||||||||
|
| |||||||
IT Services — 6.4% |
| |||||||
CGI, Inc.* | 605,777 | 38,632,727 | ||||||
Shopify, Inc., Class A* | 261,886 | 166,089,100 | ||||||
|
| |||||||
204,721,827 | ||||||||
|
| |||||||
Media — 0.9% |
| |||||||
Quebecor, Inc., Class B | 448,723 | 9,771,036 | ||||||
Shaw Communications, Inc., Class B | 1,152,289 | 18,799,873 | ||||||
|
| |||||||
28,570,909 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
54 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Metals & Mining — 10.5% |
| |||||||
Agnico Eagle Mines Ltd. | 605,561 | 35,382,216 | ||||||
Barrick Gold Corp. | 4,490,219 | 115,582,131 | ||||||
First Quantum Minerals Ltd. | 1,741,224 | 10,632,856 | ||||||
Franco-Nevada Corp. | 476,305 | 63,016,868 | ||||||
Kinross Gold Corp.* | 3,165,759 | 20,901,128 | ||||||
Kirkland Lake Gold Ltd. | 673,955 | 27,859,744 | ||||||
Lundin Mining Corp. | 1,614,977 | 7,912,743 | ||||||
Teck Resources Ltd., Class B | 1,228,155 | 10,826,152 | ||||||
Wheaton Precious Metals Corp. | 1,129,533 | 42,918,927 | ||||||
|
| |||||||
335,032,765 | ||||||||
|
| |||||||
Multiline Retail — 1.0% |
| |||||||
Canadian Tire Corp. Ltd., Class A (a) | 146,938 | 10,310,309 | ||||||
Dollarama, Inc. | 738,397 | 23,160,611 | ||||||
|
| |||||||
33,470,920 | ||||||||
|
| |||||||
Multi-Utilities — 1.0% |
| |||||||
Algonquin Power & Utilities Corp. (a) | 1,323,937 | 18,356,970 | ||||||
Atco Ltd., Class I | 187,242 | 5,258,299 | ||||||
Canadian Utilities Ltd., Class A | 302,349 | 7,376,538 | ||||||
|
| |||||||
30,991,807 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 14.9% |
| |||||||
Cameco Corp. | 999,680 | 9,939,704 | ||||||
Canadian Natural Resources Ltd. | 2,991,375 | 50,094,437 | ||||||
Cenovus Energy, Inc. | 2,575,882 | 9,345,310 | ||||||
Enbridge, Inc. | 5,111,884 | 156,630,520 | ||||||
Husky Energy, Inc. (a) | 761,601 | 2,445,746 | ||||||
Imperial Oil Ltd. | 586,854 | 9,481,911 | ||||||
Inter Pipeline Ltd. | 1,055,698 | 8,828,137 | ||||||
Keyera Corp. | 543,743 | 8,066,592 | ||||||
Ovintiv, Inc. (a) | 656,201 | 4,101,404 | ||||||
Pembina Pipeline Corp. | 1,313,589 | 30,123,037 | ||||||
PrairieSky Royalty Ltd. | 524,376 | 3,835,014 | ||||||
Suncor Energy, Inc. | 3,896,052 | 69,470,894 | ||||||
TC Energy Corp. | 2,360,038 | 108,613,121 | ||||||
Tourmaline Oil Corp. | 632,161 | 6,267,338 | ||||||
|
| |||||||
477,243,165 | ||||||||
|
| |||||||
Paper & Forest Products — 0.1% |
| |||||||
West Fraser Timber Co. Ltd. | 127,420 | 3,546,285 | ||||||
|
| |||||||
Pharmaceuticals — 0.8% |
| |||||||
Aurora Cannabis, Inc.* (a) | 2,950,544 | 2,162,114 | ||||||
Bausch Health Cos., Inc.* | 786,222 | 14,205,599 | ||||||
Canopy Growth Corp.* (a) | 563,243 | 8,983,077 | ||||||
|
| |||||||
25,350,790 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Professional Services — 0.9% |
| |||||||
Thomson Reuters Corp. (a) | 429,262 | 30,243,704 | ||||||
|
| |||||||
Road & Rail — 7.1% |
| |||||||
Canadian National Railway Co. | 1,812,305 | 149,872,071 | ||||||
Canadian Pacific Railway Ltd. | 347,293 | 78,932,155 | ||||||
|
| |||||||
228,804,226 | ||||||||
|
| |||||||
Software — 2.5% |
| |||||||
BlackBerry Ltd.* (a) | 1,246,966 | 5,321,296 | ||||||
Constellation Software, Inc. | 49,777 | 47,866,667 | ||||||
Open Text Corp. | 682,427 | 25,788,039 | ||||||
|
| |||||||
78,976,002 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.2% |
| |||||||
Gildan Activewear, Inc. | 514,478 | 7,177,817 | ||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.1% |
| |||||||
Genworth MI Canada, Inc. (a) | 97,856 | 2,412,743 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Finning International, Inc. | 412,477 | 5,236,157 | ||||||
|
| |||||||
Wireless Telecommunication Services — 1.2% |
| |||||||
Rogers Communications, Inc., Class B | 897,923 | 37,608,327 | ||||||
|
| |||||||
Total Common Stocks |
| 3,170,144,497 | ||||||
|
| |||||||
Short-Term Investments — 7.6% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 7.6% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d) | 90,706,451 | 90,724,593 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) | 153,473,690 | 153,473,690 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned |
| 244,198,283 | ||||||
|
| |||||||
Total Investments — 106.7% |
| 3,414,342,780 | ||||||
Liabilities in Excess of Other Assets — (6.7)% |
| (213,182,860 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 3,201,159,920 | ||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 55 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
(a) | The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $223,612,348. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
S&P/TSX 60 Index | 236 | 06/2020 | CAD | 30,094,472 | 2,563,538 | |||||||||||||||
|
|
Abbreviations
CAD | Canadian Dollar | |
TSX | Toronto Stock Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
56 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.4% |
| |||||||
Australia — 53.8% |
| |||||||
Afterpay Ltd.* | 161,534 | 3,212,211 | ||||||
AGL Energy Ltd. | 512,952 | 5,629,657 | ||||||
Alumina Ltd. | 1,805,514 | 2,002,769 | ||||||
AMP Ltd.* | 2,582,864 | 2,383,102 | ||||||
APA Group | 919,831 | 6,499,403 | ||||||
Aristocrat Leisure Ltd. | 496,694 | 8,145,677 | ||||||
ASX Ltd. | 150,908 | 7,956,699 | ||||||
Aurizon Holdings Ltd. | 1,552,625 | 4,716,646 | ||||||
AusNet Services | 1,340,063 | 1,634,374 | ||||||
Australia & New Zealand Banking Group Ltd. | 2,256,392 | 24,509,980 | ||||||
Bendigo & Adelaide Bank Ltd. | 396,726 | 1,678,606 | ||||||
BHP Group Ltd. | 2,294,618 | 46,843,045 | ||||||
BlueScope Steel Ltd. | 407,205 | 2,657,773 | ||||||
Boral Ltd. | 908,323 | 1,765,311 | ||||||
Brambles Ltd. | 1,238,144 | 8,849,715 | ||||||
Caltex Australia Ltd. | 203,329 | 3,273,575 | ||||||
Challenger Ltd. | 397,211 | 1,265,054 | ||||||
CIMIC Group Ltd. | 76,192 | 1,212,854 | ||||||
Coca-Cola Amatil Ltd. | 392,677 | 2,186,267 | ||||||
Cochlear Ltd. | 49,557 | 5,892,201 | ||||||
Coles Group Ltd. | 935,934 | 9,385,382 | ||||||
Commonwealth Bank of Australia | 1,371,965 | 55,422,574 | ||||||
Computershare Ltd. | 389,438 | 3,063,971 | ||||||
Crown Resorts Ltd. | 281,022 | 1,798,989 | ||||||
CSL Ltd. | 352,752 | 70,313,131 | ||||||
Dexus, REIT | 844,741 | 5,014,659 | ||||||
Domino’s Pizza Enterprises Ltd. | 48,286 | 1,806,741 | ||||||
Evolution Mining Ltd. | 1,309,513 | 4,264,481 | ||||||
Flight Centre Travel Group Ltd.‡ | 98,086 | 695,131 | ||||||
Fortescue Metals Group Ltd. | 1,334,375 | 10,197,627 | ||||||
Goodman Group, REIT | 1,249,444 | 10,641,808 | ||||||
GPT Group (The), REIT | 1,501,982 | 4,127,853 | ||||||
Harvey Norman Holdings Ltd. (a) | 513,681 | 921,656 | ||||||
Iluka Resources Ltd. | 324,247 | 1,608,278 | ||||||
Incitec Pivot Ltd. | 1,298,305 | 2,007,973 | ||||||
Insurance Australia Group Ltd. | 1,801,417 | 6,730,642 | ||||||
LendLease Group | 454,871 | 3,623,431 | ||||||
Macquarie Group Ltd. | 247,140 | 16,371,293 | ||||||
Magellan Financial Group Ltd. | 114,971 | 3,766,064 | ||||||
Medibank Pvt Ltd. | 2,147,009 | 3,761,170 | ||||||
Mirvac Group, REIT | 3,085,363 | 4,483,323 | ||||||
National Australia Bank Ltd. | 2,247,583 | 24,627,847 | ||||||
Newcrest Mining Ltd. | 595,097 | 10,785,191 | ||||||
Orica Ltd. | 312,318 | 3,619,359 | ||||||
Origin Energy Ltd. | 1,370,365 | 4,928,787 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Australia — continued |
| |||||||
Qantas Airways Ltd. | 578,476 | 1,436,736 | ||||||
QBE Insurance Group Ltd. | 1,177,500 | 6,375,996 | ||||||
Ramsay Health Care Ltd. | 141,140 | 5,731,916 | ||||||
REA Group Ltd. | 37,759 | 2,160,533 | ||||||
Reece Ltd. | 184,243 | 1,052,954 | ||||||
Rio Tinto Ltd. | 289,399 | 16,310,871 | ||||||
Santos Ltd. | 1,373,441 | 4,367,267 | ||||||
Scentre Group, REIT | 4,150,801 | 6,235,530 | ||||||
SEEK Ltd. | 275,208 | 3,072,499 | ||||||
Seven Group Holdings Ltd. | 102,549 | 1,008,414 | ||||||
Sonic Healthcare Ltd. | 355,851 | 6,284,417 | ||||||
South32 Ltd. | 4,019,413 | 5,055,030 | ||||||
Stockland, REIT | 1,897,903 | 3,524,229 | ||||||
Suncorp Group Ltd. | 981,072 | 5,832,333 | ||||||
Sydney Airport | 854,796 | 3,481,917 | ||||||
Tabcorp Holdings Ltd. | 1,577,851 | 3,289,622 | ||||||
Telstra Corp. Ltd. | 3,245,190 | 6,383,990 | ||||||
TPG Telecom Ltd. | 264,283 | 1,261,082 | ||||||
Transurban Group | 2,033,127 | 18,124,860 | ||||||
Treasury Wine Estates Ltd. | 560,266 | 3,685,073 | ||||||
Vicinity Centres, REIT | 2,489,831 | 2,383,601 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 91,600 | 1,101,642 | ||||||
Wesfarmers Ltd. | 884,720 | 21,489,366 | ||||||
Westpac Banking Corp. | 2,677,757 | 27,859,768 | ||||||
WiseTech Global Ltd. | 114,806 | 1,367,126 | ||||||
Woodside Petroleum Ltd. | 729,887 | 10,451,427 | ||||||
Woolworths Group Ltd. | 1,023,861 | 23,694,121 | ||||||
Worley Ltd. | 248,220 | 1,438,744 | ||||||
|
| |||||||
600,743,344 | ||||||||
|
| |||||||
Cambodia — 0.2% |
| |||||||
NagaCorp Ltd. | 2,020,000 | 2,384,089 | ||||||
|
| |||||||
China — 0.1% | ||||||||
Evergrande Health Industry Group Ltd.* (a) | 1,670,000 | 1,283,795 | ||||||
|
| |||||||
Hong Kong — 27.0% |
| |||||||
AIA Group Ltd. | 9,424,600 | 86,496,805 | ||||||
ASM Pacific Technology Ltd. | 213,300 | 2,155,334 | ||||||
Bank of East Asia Ltd. (The) | 1,215,800 | 2,575,558 | ||||||
Cathay Pacific Airways Ltd. (a) | 770,000 | 912,777 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 857,800 | 725,726 | ||||||
CK Asset Holdings Ltd. | 1,995,000 | 12,605,898 | ||||||
CK Infrastructure Holdings Ltd. | 578,000 | 3,433,329 | ||||||
CLP Holdings Ltd. | 1,359,500 | 14,552,260 | ||||||
Dairy Farm International Holdings Ltd. | 180,500 | 864,996 | ||||||
Guoco Group Ltd. | 65,000 | 916,926 | ||||||
Hang Lung Group Ltd. | 663,000 | 1,514,336 | ||||||
Hang Lung Properties Ltd. | 1,462,000 | 3,127,520 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 57 |
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Hong Kong — continued |
| |||||||
Hang Seng Bank Ltd. | 568,300 | 9,939,598 | ||||||
Henderson Land Development Co. Ltd. | 1,284,700 | 5,235,935 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (b) | 1,780,000 | 1,841,610 | ||||||
HKT Trust & HKT Ltd. | 2,831,000 | 4,568,444 | ||||||
Hong Kong & China Gas Co. Ltd. | 7,655,600 | 13,720,366 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 924,600 | 29,644,678 | ||||||
Hysan Development Co. Ltd. | 479,000 | 1,598,020 | ||||||
Jardine Matheson Holdings Ltd. | 241,200 | 10,564,839 | ||||||
Jardine Strategic Holdings Ltd. | 138,200 | 2,970,873 | ||||||
Kerry Properties Ltd. | 462,000 | 1,276,032 | ||||||
Link, REIT | 1,634,600 | 14,571,231 | ||||||
MTR Corp. Ltd. | 1,208,000 | 6,692,717 | ||||||
New World Development Co. Ltd. | 4,465,000 | 5,275,148 | ||||||
NWS Holdings Ltd. | 1,121,000 | 1,168,271 | ||||||
PCCW Ltd. | 3,407,000 | 2,087,076 | ||||||
Power Assets Holdings Ltd. | 1,065,500 | 7,139,140 | ||||||
Shangri-La Asia Ltd. | 1,028,000 | 848,895 | ||||||
Sino Land Co. Ltd. | 2,322,000 | 3,245,066 | ||||||
Sun Hung Kai Properties Ltd. | 1,151,000 | 15,738,578 | ||||||
Swire Pacific Ltd., Class A | 379,000 | 2,464,702 | ||||||
Swire Pacific Ltd., Class B | 692,500 | 757,056 | ||||||
Swire Properties Ltd. | 816,000 | 2,288,690 | ||||||
Techtronic Industries Co. Ltd. | 1,342,000 | 10,175,729 | ||||||
WH Group Ltd. (b) | 7,343,500 | 7,003,887 | ||||||
Wharf Holdings Ltd. (The) | 860,000 | 1,629,085 | ||||||
Wharf Real Estate Investment Co. Ltd. (a) | 893,000 | 3,780,491 | ||||||
Wheelock & Co. Ltd. | 606,000 | 4,441,367 | ||||||
Yue Yuen Industrial Holdings Ltd. | 611,000 | 974,642 | ||||||
|
| |||||||
301,523,631 | ||||||||
|
| |||||||
Macau — 2.3% |
| |||||||
Galaxy Entertainment Group Ltd. | 2,026,000 | 13,030,230 | ||||||
MGM China Holdings Ltd. | 647,828 | 800,013 | ||||||
Sands China Ltd. | 1,890,579 | 7,654,004 | ||||||
SJM Holdings Ltd. | 1,667,000 | 1,645,900 | ||||||
Wynn Macau Ltd. | 1,127,116 | 1,946,389 | ||||||
|
| |||||||
25,076,536 | ||||||||
|
| |||||||
New Zealand — 2.8% |
| |||||||
a2 Milk Co. Ltd.* | 573,688 | 6,827,998 | ||||||
Auckland International Airport Ltd. | 898,231 | 3,316,978 | ||||||
Contact Energy Ltd. | 556,165 | 2,121,082 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 447,789 | 7,481,096 | ||||||
Fletcher Building Ltd. | 644,104 | 1,443,115 | ||||||
Mercury NZ Ltd. | 500,186 | 1,390,491 | ||||||
Meridian Energy Ltd. | 973,071 | 2,651,330 |
INVESTMENTS | SHARES | VALUE($) | ||||||
New Zealand — continued |
| |||||||
Ryman Healthcare Ltd. | 323,532 | 2,360,121 | ||||||
Spark New Zealand Ltd. | 1,441,842 | 3,902,079 | ||||||
|
| |||||||
31,494,290 | ||||||||
|
| |||||||
Singapore — 11.4% |
| |||||||
Ascendas, REIT | 2,322,128 | 4,856,222 | ||||||
CapitaLand Commercial Trust, REIT | 2,211,900 | 2,513,486 | ||||||
CapitaLand Ltd.* | 1,951,400 | 4,140,414 | ||||||
CapitaLand Mall Trust, REIT | 2,200,900 | 2,928,303 | ||||||
City Developments Ltd. | 477,600 | 2,669,664 | ||||||
ComfortDelGro Corp. Ltd. | 1,677,700 | 1,955,902 | ||||||
DBS Group Holdings Ltd. | 1,396,000 | 19,654,440 | ||||||
Frasers Property Ltd. | 300,100 | 260,726 | ||||||
Genting Singapore Ltd. | 4,470,000 | 2,480,263 | ||||||
Golden Agri-Resources Ltd.* | 5,234,100 | 575,586 | ||||||
Great Eastern Holdings Ltd. | 44,700 | 591,657 | ||||||
Jardine Cycle & Carriage Ltd. | 76,600 | 1,089,092 | ||||||
Keppel, REIT | 1,491,400 | 1,113,942 | ||||||
Keppel Corp. Ltd. | 1,123,400 | 4,742,688 | ||||||
Mapletree Commercial Trust, REIT | 1,665,300 | 2,293,089 | ||||||
Mapletree North Asia Commercial Trust, REIT (b) | 1,658,400 | 1,101,416 | ||||||
Olam International Ltd. | 554,300 | 586,858 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 3,055,100 | 19,492,500 | ||||||
SATS Ltd. | 518,100 | 1,200,332 | ||||||
Sembcorp Industries Ltd. | 705,200 | 807,882 | ||||||
Sembcorp Marine Ltd.* | 640,900 | 338,830 | ||||||
SIA Engineering Co. Ltd. | 195,800 | 258,467 | ||||||
Singapore Airlines Ltd. | 403,600 | 1,745,269 | ||||||
Singapore Exchange Ltd. | 638,300 | 4,352,634 | ||||||
Singapore Press Holdings Ltd. | 1,237,200 | 1,328,572 | ||||||
Singapore Technologies Engineering Ltd. | 1,207,700 | 2,924,739 | ||||||
Singapore Telecommunications Ltd. | 6,364,900 | 12,718,584 | ||||||
Suntec, REIT | 2,057,300 | 2,032,039 | ||||||
United Overseas Bank Ltd. | 1,090,800 | 15,586,569 | ||||||
UOL Group Ltd. | 417,700 | 2,008,999 | ||||||
Venture Corp. Ltd. | 207,500 | 2,318,954 | ||||||
Wilmar International Ltd. | 2,367,700 | 5,962,539 | ||||||
Yanlord Land Group Ltd. | 512,000 | 382,738 | ||||||
|
| |||||||
127,013,395 | ||||||||
|
| |||||||
United Kingdom — 1.4% |
| |||||||
CK Hutchison Holdings Ltd. | 2,109,000 | 15,632,282 | ||||||
|
| |||||||
United States — 0.4% |
| |||||||
James Hardie Industries plc, CHDI | 346,187 | 4,969,722 | ||||||
|
| |||||||
Total Common Stocks | 1,110,121,084 | |||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
58 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | NO. OF RIGHTS | VALUE($) | ||||||
Rights — 0.0%(c) |
| |||||||
Australia — 0.0%(c) |
| |||||||
Flight Centre Travel Group Ltd., expiring 5/1/2020* | 25,730 | 61,625 | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 0.4% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e) | 988,304 | 988,501 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) | 3,347,940 | 3,347,940 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 4,336,441 | |||||||
|
| |||||||
Total Investments — 99.8% | 1,114,519,150 | |||||||
Other Assets Less Liabilities — 0.2% | 2,326,816 | |||||||
|
| |||||||
NET ASSETS — 100.0% | 1,116,845,966 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Banks | 18.1 | % | ||
Insurance | 9.8 | |||
Metals & Mining | 8.9 | |||
Real Estate Management & Development | 7.0 | |||
Biotechnology | 6.3 | |||
Equity Real Estate Investment Trusts (REITs) | 6.1 | |||
Capital Markets | 5.6 | |||
Hotels, Restaurants & Leisure | 4.2 | |||
Industrial Conglomerates | 3.3 | |||
Food & Staples Retailing | 3.1 | |||
Electric Utilities | 2.9 | |||
Diversified Telecommunication Services | 2.8 | |||
Transportation Infrastructure | 2.4 | |||
Oil, Gas & Consumable Fuels | 2.2 | |||
Multiline Retail | 2.0 | |||
Food Products | 1.8 | |||
Gas Utilities | 1.8 | |||
Health Care Providers & Services | 1.4 |
INDUSTRY | PERCENTAGE | |||
Health Care Equipment & Supplies | 1.2 | % | ||
Road & Rail | 1.2 | |||
Others (each less than 1.0%) | 7.5 | |||
Short-Term Investments | 0.4 |
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, 2020. The total value of securities on loan at April 30, 2020 is $4,116,135. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 59 |
JPMorgan BetaBuilders Developed Asiaex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Hang Seng Index | 15 | 05/2020 | HKD | 2,356,128 | 38,396 | |||||||||||||||
MSCI Singapore Index | 28 | 05/2020 | SGD | 588,235 | 21,525 | |||||||||||||||
SPI 200 Index | 42 | 06/2020 | AUD | 3,709,909 | 438,553 | |||||||||||||||
|
| |||||||||||||||||||
498,474 | ||||||||||||||||||||
|
|
Abbreviations
AUD | Australian Dollar | |
HKD | Hong Kong Dollar | |
MSCI | Morgan Stanley Capital International | |
SGD | Singapore Dollar | |
SPI | Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
60 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.0% |
| |||||||
Australia — 1.1% |
| |||||||
BHP Group plc | 635,263 | 10,662,875 | ||||||
Rio Tinto plc | 299,428 | 13,899,048 | ||||||
|
| |||||||
24,561,923 | ||||||||
|
| |||||||
Austria — 0.4% |
| |||||||
ANDRITZ AG | 21,663 | 711,793 | ||||||
BAWAG Group AG* (a) | 20,811 | 707,318 | ||||||
Erste Group Bank AG | 90,207 | 1,955,044 | ||||||
EVN AG | 10,323 | 161,309 | ||||||
IMMOFINANZ AG* | 27,651 | 510,596 | ||||||
Lenzing AG | 4,012 | 229,311 | ||||||
Oesterreichische Post AG* (b) | 9,544 | 359,671 | ||||||
OMV AG | 43,759 | 1,428,811 | ||||||
Raiffeisen Bank International AG | 40,677 | 702,088 | ||||||
Strabag SE | 4,316 | 120,843 | ||||||
Telekom Austria AG | 41,861 | 294,507 | ||||||
UNIQA Insurance Group AG | 34,225 | 230,746 | ||||||
Verbund AG | 20,327 | 920,360 | ||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 11,528 | 230,425 | ||||||
voestalpine AG | 33,176 | 687,606 | ||||||
|
| |||||||
9,250,428 | ||||||||
|
| |||||||
Belgium — 1.6% |
| |||||||
Ackermans & van Haaren NV* | 6,808 | 902,317 | ||||||
Ageas | 56,394 | 2,032,674 | ||||||
Anheuser-Busch InBev SA/NV | 254,647 | 11,858,926 | ||||||
bpost SA | 29,417 | 205,259 | ||||||
Colruyt SA | 14,462 | 866,731 | ||||||
Elia Group SA/NV | 9,865 | 1,134,307 | ||||||
Galapagos NV* (b) | 15,177 | 3,353,014 | ||||||
Groupe Bruxelles Lambert SA* (b) | 24,406 | 1,952,380 | ||||||
KBC Group NV | 102,848 | 5,578,576 | ||||||
Proximus SADP | 47,908 | 1,022,522 | ||||||
Sofina SA | 4,720 | 1,111,627 | ||||||
Solvay SA (b) | 21,895 | 1,710,169 | ||||||
Telenet Group Holding NV | 13,260 | 553,830 | ||||||
UCB SA* | 38,028 | 3,484,849 | ||||||
Umicore SA | 60,034 | 2,601,906 | ||||||
|
| |||||||
38,369,087 | ||||||||
|
| |||||||
Chile — 0.0%(c) |
| |||||||
Antofagasta plc | 103,451 | 1,059,330 | ||||||
|
| |||||||
China — 0.4% | ||||||||
Prosus NV* | 127,046 | 9,631,472 | ||||||
|
| |||||||
Colombia — 0.0%(c) |
| |||||||
Millicom International Cellular SA, SDR | 29,725 | 772,437 | ||||||
|
| |||||||
Denmark — 3.5% |
| |||||||
Ambu A/S, Class B | 51,697 | 1,619,267 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Denmark — continued |
| |||||||
AP Moller — Maersk A/S, Class A | 974 | 902,505 | ||||||
AP Moller — Maersk A/S, Class B (b) | 1,974 | 1,964,630 | ||||||
Carlsberg A/S, Class B | 32,003 | 4,037,275 | ||||||
Chr Hansen Holding A/S | 30,929 | 2,666,814 | ||||||
Coloplast A/S, Class B | 35,149 | 5,543,839 | ||||||
Danske Bank A/S* | 204,863 | 2,432,354 | ||||||
Demant A/S* | 30,102 | 719,673 | ||||||
DSV Panalpina A/S | 61,491 | 6,388,928 | ||||||
Genmab A/S* | 19,539 | 4,696,876 | ||||||
GN Store Nord A/S | 42,638 | 1,945,844 | ||||||
H Lundbeck A/S | 18,410 | 671,702 | ||||||
ISS A/S* | 47,629 | 708,116 | ||||||
Jyske Bank A/S (Registered)* | 19,359 | 522,556 | ||||||
Novo Nordisk A/S, Class B | 498,589 | 31,805,005 | ||||||
Novozymes A/S, Class B | 64,233 | 3,151,055 | ||||||
Orsted A/S (a) | 50,261 | 5,076,886 | ||||||
Pandora A/S | 30,082 | 1,069,672 | ||||||
Rockwool International A/S, Class A | 1,784 | 346,568 | ||||||
Rockwool International A/S, Class B | 2,113 | 444,067 | ||||||
Tryg A/S | 36,108 | 962,994 | ||||||
Vestas Wind Systems A/S | 59,824 | 5,137,276 | ||||||
|
| |||||||
82,813,902 | ||||||||
|
| |||||||
Finland — 2.1% |
| |||||||
Elisa OYJ | 45,174 | 2,745,148 | ||||||
Fortum OYJ | 130,445 | 2,161,495 | ||||||
Huhtamaki OYJ* | 28,507 | 1,063,997 | ||||||
Kesko OYJ, Class A | 29,696 | 483,427 | ||||||
Kesko OYJ, Class B | 81,304 | 1,324,776 | ||||||
Kone OYJ, Class B | 121,598 | 7,363,262 | ||||||
Konecranes OYJ | 19,604 | 425,490 | ||||||
Metso OYJ | 40,142 | 1,113,705 | ||||||
Neste OYJ | 129,562 | 4,575,553 | ||||||
Nokia OYJ | 1,693,829 | 6,106,148 | ||||||
Nokian Renkaat OYJ (b) | 39,247 | 833,816 | ||||||
Nordea Bank Abp | 971,488 | 6,231,063 | ||||||
Orion OYJ, Class A | 9,567 | 472,753 | ||||||
Orion OYJ, Class B | 31,166 | 1,583,805 | ||||||
Sampo OYJ, Class A | 148,351 | 4,917,461 | ||||||
Stora Enso OYJ, Class R | 183,264 | 2,156,021 | ||||||
UPM-Kymmene OYJ | 160,057 | 4,389,592 | ||||||
Wartsila OYJ Abp | 145,321 | 1,066,690 | ||||||
|
| |||||||
49,014,202 | ||||||||
|
| |||||||
France — 16.0% |
| |||||||
Accor SA | 54,144 | 1,506,200 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 61 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Adevinta ASA* | 68,249 | 566,856 | ||||||
Aeroports de Paris | 9,772 | 953,910 | ||||||
Air Liquide SA (b) | 141,678 | 18,000,807 | ||||||
Airbus SE* | 181,272 | 11,477,881 | ||||||
Alstom SA | 57,134 | 2,343,579 | ||||||
Amundi SA (a) | 18,198 | 1,207,876 | ||||||
Arkema SA | 21,524 | 1,791,508 | ||||||
Atos SE* | 28,905 | 2,067,119 | ||||||
AXA SA | 583,855 | 10,378,898 | ||||||
BioMerieux | 12,755 | 1,575,931 | ||||||
BNP Paribas SA | 344,361 | 10,818,564 | ||||||
Bollore SA | 280,661 | 743,815 | ||||||
Bouygues SA* | 74,867 | 2,303,522 | ||||||
Bureau Veritas SA | 86,670 | 1,799,265 | ||||||
Capgemini SE | 47,301 | 4,446,805 | ||||||
Carrefour SA | 172,398 | 2,560,324 | ||||||
Casino Guichard Perrachon SA (b) | 15,576 | 584,675 | ||||||
Cie de Saint-Gobain | 164,327 | 4,372,403 | ||||||
Cie Generale des Etablissements Michelin SCA | 54,161 | 5,233,098 | ||||||
CNP Assurances* | 47,678 | 491,880 | ||||||
Covivio, REIT (b) | 13,316 | 836,264 | ||||||
Credit Agricole SA | 381,764 | 3,070,704 | ||||||
Danone SA | 193,691 | 13,499,699 | ||||||
Dassault Aviation SA | 707 | 575,786 | ||||||
Dassault Systemes SE | 41,130 | 6,024,330 | ||||||
Edenred (b) | 73,384 | 2,956,138 | ||||||
Eiffage SA | 24,518 | 2,003,655 | ||||||
Electricite de France SA | 136,946 | 1,090,218 | ||||||
Engie SA | 551,338 | 5,981,782 | ||||||
EssilorLuxottica SA | 87,330 | 10,848,526 | ||||||
Eutelsat Communications SA | 50,859 | 569,432 | ||||||
Faurecia SE | 22,273 | 798,074 | ||||||
Gecina SA, REIT | 16,525 | 2,168,262 | ||||||
Getlink SE | 130,019 | 1,658,397 | ||||||
Hermes International | 10,482 | 7,663,082 | ||||||
ICADE, REIT | 8,510 | 653,695 | ||||||
Iliad SA | 7,774 | 1,157,711 | ||||||
Ipsen SA | 11,016 | 820,283 | ||||||
JCDecaux SA | 23,003 | 476,153 | ||||||
Kering SA (b) | 22,379 | 11,384,304 | ||||||
Klepierre SA, REIT | 62,493 | 1,268,665 | ||||||
Legrand SA | 79,934 | 5,358,988 | ||||||
L’Oreal SA | 73,931 | 21,494,789 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 81,013 | 31,319,055 | ||||||
Natixis SA | 273,296 | 645,190 |
INVESTMENTS | SHARES | VALUE($) | ||||||
France — continued |
| |||||||
Orange SA | 573,595 | 6,968,630 | ||||||
Pernod Ricard SA | 65,430 | 9,990,882 | ||||||
Peugeot SA | 172,272 | 2,442,067 | ||||||
Publicis Groupe SA | 66,900 | 1,974,820 | ||||||
Renault SA* | 61,997 | 1,221,632 | ||||||
Safran SA | 100,907 | 9,381,438 | ||||||
Sanofi (b) | 344,824 | 33,680,259 | ||||||
Sartorius Stedim Biotech | 7,232 | 1,734,040 | ||||||
Schneider Electric SE* (b) | 166,291 | 15,367,351 | ||||||
SEB SA | 8,229 | 986,885 | ||||||
Societe Generale SA | 239,683 | 3,760,397 | ||||||
Sodexo SA (b) | 26,037 | 2,081,542 | ||||||
Suez | 126,856 | 1,434,900 | ||||||
Teleperformance | 17,614 | 3,945,698 | ||||||
Thales SA | 31,092 | 2,354,634 | ||||||
TOTAL SA | 759,639 | 26,961,421 | ||||||
Ubisoft Entertainment SA* | 21,598 | 1,606,500 | ||||||
Unibail-Rodamco-Westfield, REIT | 41,397 | 2,451,178 | ||||||
Valeo SA | 71,892 | 1,647,974 | ||||||
Veolia Environnement SA | 169,123 | 3,605,444 | ||||||
Vinci SA | 152,990 | 12,533,250 | ||||||
Vivendi SA (b) | 242,118 | 5,232,935 | ||||||
Worldline SA* (a) (b) | 25,119 | 1,701,294 | ||||||
|
| |||||||
372,613,269 | ||||||||
|
| |||||||
Germany — 13.0% |
| |||||||
1&1 Drillisch AG | 14,375 | 334,481 | ||||||
adidas AG | 55,463 | 12,697,287 | ||||||
Allianz SE (Registered) | 125,369 | 23,071,835 | ||||||
Aroundtown SA | 332,646 | 1,789,261 | ||||||
BASF SE | 275,948 | 14,122,056 | ||||||
Bayer AG (Registered) | 295,492 | 19,434,330 | ||||||
Bayerische Motoren Werke AG | 95,960 | 5,644,871 | ||||||
Bayerische Motoren Werke AG (Preference) | 16,637 | 780,381 | ||||||
Beiersdorf AG | 29,566 | 3,093,444 | ||||||
Brenntag AG | 46,358 | 2,098,997 | ||||||
Continental AG* | 32,491 | 2,714,997 | ||||||
Covestro AG (a) | 50,472 | 1,695,413 | ||||||
Daimler AG (Registered) | 267,389 | 9,145,511 | ||||||
Delivery Hero SE* (a) | 39,746 | 3,371,066 | ||||||
Deutsche Bank AG (Registered) (b) | 621,644 | 4,604,040 | ||||||
Deutsche Boerse AG | 57,152 | 8,860,760 | ||||||
Deutsche Lufthansa AG (Registered)* (b) | 70,957 | 635,256 | ||||||
Deutsche Post AG (Registered) | 292,084 | 8,676,997 | ||||||
Deutsche Telekom AG (Registered) | 973,853 | 14,237,375 | ||||||
Deutsche Wohnen SE | 108,189 | 4,384,703 |
SEE NOTES TO FINANCIAL STATEMENTS.
62 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Germany — continued |
| |||||||
E.ON SE | 659,391 | 6,605,305 | ||||||
Evonik Industries AG | 50,105 | 1,232,605 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (b) | 11,167 | 489,153 | ||||||
Fresenius Medical Care AG & Co. KGaA | 63,739 | 4,995,263 | ||||||
Fresenius SE & Co. KGaA | 123,177 | 5,335,157 | ||||||
GEA Group AG* | 49,943 | 1,146,087 | ||||||
Hannover Rueck SE | 18,054 | 2,876,628 | ||||||
HeidelbergCement AG | 44,554 | 2,112,356 | ||||||
Henkel AG & Co. KGaA | 30,311 | 2,362,845 | ||||||
Henkel AG & Co. KGaA (Preference) | 53,589 | 4,757,983 | ||||||
HOCHTIEF AG | 6,761 | 529,057 | ||||||
Infineon Technologies AG | 376,027 | 6,990,693 | ||||||
KION Group AG | 19,429 | 963,722 | ||||||
LANXESS AG | 24,981 | 1,229,201 | ||||||
Merck KGaA | 38,756 | 4,497,964 | ||||||
MTU Aero Engines AG* | 15,643 | 2,130,193 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 43,437 | 9,513,768 | ||||||
Porsche Automobil Holding SE (Preference) | 46,303 | 2,338,013 | ||||||
Puma SE* | 25,406 | 1,595,891 | ||||||
RWE AG | 173,805 | 4,999,972 | ||||||
SAP SE | 325,174 | 38,730,596 | ||||||
Sartorius AG (Preference) | 10,220 | 2,871,222 | ||||||
Siemens AG (Registered) | 242,874 | 22,413,181 | ||||||
Symrise AG | 39,090 | 3,960,195 | ||||||
Talanx AG | 15,896 | 564,513 | ||||||
Telefonica Deutschland Holding AG | 276,370 | 786,208 | ||||||
thyssenkrupp AG* (b) | 121,099 | 805,576 | ||||||
TUI AG (b) | 131,762 | 524,900 | ||||||
Uniper SE | 54,759 | 1,473,151 | ||||||
United Internet AG (Registered) | 37,421 | 1,287,603 | ||||||
Volkswagen AG | 9,701 | 1,434,234 | ||||||
Volkswagen AG (Preference) | 55,197 | 7,679,629 | ||||||
Vonovia SE | 163,107 | 8,065,456 | ||||||
Wacker Chemie AG | 4,589 | 267,575 | ||||||
Wirecard AG (b) | 34,543 | 3,418,292 | ||||||
Zalando SE* (a) | 39,936 | 1,957,412 | ||||||
|
| |||||||
304,334,660 | ||||||||
|
| |||||||
Ghana — 0.0%(c) |
| |||||||
Tullow Oil plc | 420,449 | 136,477 | ||||||
|
| |||||||
Ireland — 0.9% |
| |||||||
AIB Group plc* | 238,006 | 329,357 | ||||||
Bank of Ireland Group plc | 277,830 | 570,135 | ||||||
CRH plc | 237,962 | 7,219,441 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Ireland — continued |
| |||||||
Flutter Entertainment plc | 23,899 | 2,941,322 | ||||||
Glanbia plc | 60,258 | 641,285 | ||||||
Kerry Group plc, Class A | 45,475 | 5,217,597 | ||||||
Kingspan Group plc | 45,970 | 2,342,495 | ||||||
Smurfit Kappa Group plc | 70,829 | 2,218,808 | ||||||
|
| |||||||
21,480,440 | ||||||||
|
| |||||||
Italy — 3.3% |
| |||||||
A2A SpA | 473,059 | 644,878 | ||||||
Amplifon SpA | 24,887 | 569,696 | ||||||
Assicurazioni Generali SpA | 365,252 | 5,210,923 | ||||||
Atlantia SpA | 140,960 | 2,310,793 | ||||||
Banca Mediolanum SpA | 76,179 | 465,498 | ||||||
Banco BPM SpA (b) | 453,431 | 554,201 | ||||||
Buzzi Unicem SpA | 12,250 | 128,016 | ||||||
Buzzi Unicem SpA | 21,342 | 418,709 | ||||||
Davide Campari-Milano SpA | 125,032 | 971,794 | ||||||
DiaSorin SpA | 4,507 | 768,542 | ||||||
Enel SpA | 2,321,720 | 15,858,396 | ||||||
Eni SpA (b) | 765,428 | 7,291,723 | ||||||
Ferrari NV | 38,494 | 6,016,435 | ||||||
FinecoBank Banca Fineco SpA* | 148,788 | 1,657,740 | ||||||
Freni Brembo SpA (b) | 46,077 | 390,885 | ||||||
Hera SpA | 247,042 | 914,486 | ||||||
Infrastrutture Wireless Italiane SpA (a) | 84,436 | 893,666 | ||||||
Intesa Sanpaolo SpA | 4,749,342 | 7,416,117 | ||||||
Leonardo SpA | 121,117 | 836,445 | ||||||
Mediaset SpA* (b) | 106,247 | 216,003 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 208,325 | 1,211,100 | ||||||
Moncler SpA | 56,437 | 2,122,422 | ||||||
Nexi SpA* (a) | 75,159 | 1,140,118 | ||||||
Pirelli & C SpA (a) (b) | 128,691 | 498,343 | ||||||
Poste Italiane SpA (a) | 136,528 | 1,161,430 | ||||||
Prysmian SpA | 80,252 | 1,514,196 | ||||||
Recordati SpA | 29,950 | 1,304,254 | ||||||
Saipem SpA* | 172,457 | 442,639 | ||||||
Salvatore Ferragamo SpA | 20,275 | 251,696 | ||||||
Snam SpA | 653,496 | 2,931,512 | ||||||
Telecom Italia SpA* | 3,235,084 | 1,284,683 | ||||||
Telecom Italia SpA | 1,803,339 | 719,224 | ||||||
Terna Rete Elettrica Nazionale SpA | 430,701 | 2,697,022 | ||||||
UniCredit SpA* | 635,492 | 4,907,760 | ||||||
Unione di Banche Italiane SpA | 304,757 | 873,640 | ||||||
UnipolSai Assicurazioni SpA | 177,822 | 435,869 | ||||||
|
| |||||||
77,030,854 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 63 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Jordan — 0.1% |
| |||||||
Hikma Pharmaceuticals plc | 40,800 | 1,215,189 | ||||||
|
| |||||||
Luxembourg — 0.3% |
| |||||||
ArcelorMittal SA | 192,894 | 2,107,018 | ||||||
Eurofins Scientific SE (b) | 3,422 | 1,892,951 | ||||||
RTL Group SA | 11,716 | 390,156 | ||||||
SES SA, FDR | 114,758 | 764,517 | ||||||
Tenaris SA (b) | 141,322 | 977,827 | ||||||
|
| |||||||
6,132,469 | ||||||||
|
| |||||||
Mexico — 0.0%(c) |
| |||||||
Fresnillo plc | 55,575 | 493,685 | ||||||
|
| |||||||
Netherlands — 6.6% |
| |||||||
ABN AMRO Bank NV, CVA (a) | 123,512 | 947,454 | ||||||
Adyen NV* (a) | 7,271 | 7,180,694 | ||||||
Aegon NV | 420,076 | 1,086,589 | ||||||
Akzo Nobel NV | 60,922 | 4,623,363 | ||||||
Altice Europe NV* | 213,306 | 851,027 | ||||||
Argenx SE* | 207 | 31,609 | ||||||
Argenx SE* | 12,586 | 1,882,217 | ||||||
ASML Holding NV (b) | 128,033 | 37,396,583 | ||||||
EXOR NV | 28,850 | 1,573,321 | ||||||
GrandVision NV (a) | 17,524 | 466,190 | ||||||
HAL Trust | 25,094 | 3,222,913 | ||||||
Heineken Holding NV (b) | 30,178 | 2,351,317 | ||||||
Heineken NV (b) | 71,037 | 6,042,399 | ||||||
ING Groep NV | 1,171,963 | 6,566,260 | ||||||
Koninklijke Ahold Delhaize NV (b) | 331,071 | 8,038,524 | ||||||
Koninklijke DSM NV | 54,565 | 6,687,591 | ||||||
Koninklijke KPN NV (b) | 1,058,084 | 2,437,129 | ||||||
Koninklijke Philips NV | 273,205 | 11,909,690 | ||||||
Koninklijke Vopak NV (b) | 19,838 | 1,143,931 | ||||||
NN Group NV | 93,497 | 2,704,641 | ||||||
OCI NV* | 19,006 | 229,505 | ||||||
Randstad NV* | 37,534 | 1,510,578 | ||||||
Royal Dutch Shell plc, Class A | 1,257,932 | 20,710,926 | ||||||
Royal Dutch Shell plc, Class B | 1,126,558 | 18,034,676 | ||||||
Wolters Kluwer NV (b) | 82,111 | 6,039,548 | ||||||
|
| |||||||
153,668,675 | ||||||||
|
| |||||||
Norway — 1.0% |
| |||||||
Aker ASA, Class A* (b) | 7,433 | 196,085 | ||||||
Aker BP ASA | 32,836 | 539,085 | ||||||
DNB ASA | 271,301 | 3,284,888 | ||||||
Equinor ASA | 331,390 | 4,588,699 | ||||||
Gjensidige Forsikring ASA | 56,850 | 1,003,108 | ||||||
Kongsberg Gruppen ASA | 27,167 | 349,103 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Norway — continued |
| |||||||
Leroy Seafood Group ASA | 83,863 | 445,372 | ||||||
Mowi ASA | 135,043 | 2,312,884 | ||||||
Norsk Hydro ASA | 408,656 | 1,036,702 | ||||||
Orkla ASA | 243,973 | 2,203,779 | ||||||
Salmar ASA | 16,282 | 634,558 | ||||||
Schibsted ASA, Class A | 24,036 | 509,925 | ||||||
Schibsted ASA, Class B | 30,503 | 592,441 | ||||||
Storebrand ASA | 142,372 | 714,688 | ||||||
Telenor ASA | 195,320 | 2,996,023 | ||||||
TGS NOPEC Geophysical Co. ASA | 36,057 | 552,189 | ||||||
Yara International ASA | 52,698 | 1,789,859 | ||||||
|
| |||||||
23,749,388 | ||||||||
|
| |||||||
Portugal — 0.3% |
| |||||||
Banco Comercial Portugues SA, Class R (b) | 2,433,287 | 272,246 | ||||||
EDP — Energias de Portugal SA | 647,804 | 2,729,763 | ||||||
Galp Energia SGPS SA | 136,169 | 1,571,542 | ||||||
Jeronimo Martins SGPS SA | 73,438 | 1,245,034 | ||||||
Navigator Co. SA (The)* | 75,716 | 196,732 | ||||||
NOS SGPS SA | 75,235 | 281,801 | ||||||
Sonae SGPS SA | 281,287 | 222,288 | ||||||
|
| |||||||
6,519,406 | ||||||||
|
| |||||||
Russia — 0.1% |
| |||||||
Evraz plc | 162,294 | 537,811 | ||||||
Polymetal International plc | 63,511 | 1,300,636 | ||||||
|
| |||||||
1,838,447 | ||||||||
|
| |||||||
South Africa — 0.3% |
| |||||||
Anglo American plc | 416,314 | 7,404,172 | ||||||
|
| |||||||
Spain — 3.9% |
| |||||||
Acciona SA | 6,406 | 634,930 | ||||||
ACS Actividades de Construccion y Servicios SA | 82,162 | 2,054,579 | ||||||
Aena SME SA* (a) | 22,162 | 2,805,386 | ||||||
Amadeus IT Group SA | 129,719 | 6,191,814 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 2,013,205 | 6,580,729 | ||||||
Banco de Sabadell SA | 1,680,653 | 696,794 | ||||||
Banco Santander SA | 4,998,358 | 11,168,281 | ||||||
Bankia SA | 350,813 | 357,001 | ||||||
CaixaBank SA | 1,079,452 | 1,942,071 | ||||||
Cellnex Telecom SA (a) | 81,127 | 4,243,331 | ||||||
EDP Renovaveis SA | 44,378 | 544,086 | ||||||
Enagas SA | 74,577 | 1,740,757 | ||||||
Endesa SA | 95,051 | 2,108,249 | ||||||
Ferrovial SA | 144,561 | 3,619,784 | ||||||
Grifols SA | 88,836 | 3,031,697 |
SEE NOTES TO FINANCIAL STATEMENTS.
64 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Spain — continued |
| |||||||
Grifols SA (Preference), Class B | 78,092 | 1,607,623 | ||||||
Iberdrola SA | 1,798,755 | 17,893,633 | ||||||
Industria de Diseno Textil SA | 318,728 | 8,163,391 | ||||||
Mapfre SA | 294,321 | 540,079 | ||||||
Naturgy Energy Group SA | 100,126 | 1,768,977 | ||||||
Red Electrica Corp. SA | 130,197 | 2,291,712 | ||||||
Repsol SA | 442,412 | 4,015,699 | ||||||
Siemens Gamesa Renewable Energy SA | 67,259 | 1,000,526 | ||||||
Telefonica SA | 1,374,276 | 6,283,860 | ||||||
|
| |||||||
91,284,989 | ||||||||
|
| |||||||
Sweden — 4.9% |
| |||||||
Alfa Laval AB* | 89,662 | 1,675,509 | ||||||
Assa Abloy AB, Class B | 298,294 | 5,340,042 | ||||||
Atlas Copco AB, Class A | 194,411 | 6,700,273 | ||||||
Atlas Copco AB, Class B | 116,949 | 3,617,452 | ||||||
Axfood AB | 33,694 | 716,767 | ||||||
Boliden AB (b) | 82,393 | 1,660,829 | ||||||
Castellum AB | 77,802 | 1,364,633 | ||||||
Electrolux AB, Series B | 76,285 | 1,043,111 | ||||||
Elekta AB, Class B | 109,800 | 997,577 | ||||||
Epiroc AB, Class A | 187,243 | 1,873,859 | ||||||
Epiroc AB, Class B | 116,767 | 1,152,036 | ||||||
Essity AB, Class A* | 8,410 | 272,608 | ||||||
Essity AB, Class B* | 182,564 | 5,913,865 | ||||||
Fabege AB | 82,150 | 973,142 | ||||||
Fastighets AB Balder, Class B* | 28,904 | 1,142,206 | ||||||
Getinge AB, Class B | 65,744 | 1,260,135 | ||||||
Hennes & Mauritz AB, Class B (b) | 232,853 | 3,183,007 | ||||||
Hexagon AB, Class B* | 84,247 | 4,134,164 | ||||||
Hexpol AB* | 78,679 | 565,249 | ||||||
Holmen AB, Class B | 29,740 | 853,245 | ||||||
Husqvarna AB, Class A | 7,769 | 47,976 | ||||||
Husqvarna AB, Class B | 129,383 | 778,535 | ||||||
ICA Gruppen AB | 27,807 | 1,216,707 | ||||||
Industrivarden AB, Class A* | 51,024 | 1,047,122 | ||||||
Industrivarden AB, Class C* (b) | 50,729 | 1,038,068 | ||||||
Intrum AB (b) | 22,237 | 338,966 | ||||||
Investment AB Latour, Class B (b) | 37,071 | 554,243 | ||||||
Investor AB, Class A | 39,176 | 1,932,692 | ||||||
Investor AB, Class B | 136,972 | 6,807,263 | ||||||
Kinnevik AB, Class B | 72,384 | 1,487,706 | ||||||
L E Lundbergforetagen AB, Class B* (b) | 19,109 | 802,330 | ||||||
Lundin Energy AB (b) | 56,474 | 1,453,023 | ||||||
NCC AB, Class B | 26,070 | 397,432 | ||||||
Nibe Industrier AB, Class B | 109,218 | 2,037,656 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Sweden — continued |
| |||||||
Saab AB, Class B* (b) | 24,762 | 564,824 | ||||||
Sandvik AB* | 332,287 | 5,111,711 | ||||||
Securitas AB, Class B | 95,794 | 1,133,454 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 484,213 | 3,986,264 | ||||||
Skanska AB, Class B* | 107,738 | 2,049,794 | ||||||
SKF AB, Class A | 4,801 | 75,764 | ||||||
SKF AB, Class B | 111,743 | 1,763,709 | ||||||
SSAB AB, Class A* (b) | 71,078 | 170,737 | ||||||
SSAB AB, Class B* | 191,382 | 442,324 | ||||||
Svenska Cellulosa AB SCA, Class A* (b) | 8,798 | 94,346 | ||||||
Svenska Cellulosa AB SCA, Class B* | 181,546 | 1,925,607 | ||||||
Svenska Handelsbanken AB, Class A* | 456,120 | 4,163,164 | ||||||
Svenska Handelsbanken AB, Class B* (b) | 10,558 | 105,371 | ||||||
Swedbank AB, Class A | 279,192 | 3,303,999 | ||||||
Swedish Match AB | 51,114 | 3,158,665 | ||||||
Swedish Orphan Biovitrum AB* (b) | 56,979 | 1,091,669 | ||||||
Tele2 AB, Class B | 149,664 | 1,929,861 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 17,972 | 169,746 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 787,202 | 6,725,195 | ||||||
Telia Co. AB (b) | 785,003 | 2,729,428 | ||||||
Trelleborg AB, Class B* | 72,591 | 924,368 | ||||||
Volvo AB, Class A | 71,425 | 913,048 | ||||||
Volvo AB, Class B | 493,452 | 6,323,375 | ||||||
|
| |||||||
113,235,851 | ||||||||
|
| |||||||
Switzerland — 17.2% |
| |||||||
ABB Ltd. (Registered) | 580,392 | 11,017,167 | ||||||
Adecco Group AG (Registered) | 48,878 | 2,138,937 | ||||||
Alcon, Inc.* | 146,994 | 7,757,907 | ||||||
Baloise Holding AG (Registered) | 14,614 | 2,186,509 | ||||||
Barry Callebaut AG (Registered) | 682 | 1,335,376 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 317 | 2,469,428 | ||||||
Chocoladefabriken Lindt & Spruengli AG (Registered) | 33 | 2,770,559 | ||||||
Cie Financiere Richemont SA (Registered) | 157,000 | 8,907,154 | ||||||
Coca-Cola HBC AG | 57,942 | 1,468,177 | ||||||
Credit Suisse Group AG (Registered)* | 730,352 | 6,668,579 | ||||||
EMS-Chemie Holding AG (Registered) | 2,090 | 1,351,545 | ||||||
Geberit AG (Registered) | 11,147 | 4,984,973 | ||||||
Givaudan SA (Registered) | 2,391 | 8,017,705 | ||||||
Glencore plc* | 3,290,413 | 6,164,394 | ||||||
Julius Baer Group Ltd.* | 67,061 | 2,633,832 | ||||||
Kuehne + Nagel International AG (Registered) | 15,176 | 2,170,809 | ||||||
LafargeHolcim Ltd. (Registered)* | 146,355 | 6,078,561 | ||||||
Lonza Group AG (Registered)* | 22,397 | 9,779,999 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 65 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — continued |
| |||||||
Mediclinic International plc | 146,272 | 475,585 | ||||||
Nestle SA (Registered) | 895,116 | 94,801,763 | ||||||
Novartis AG (Registered) | 767,171 | 65,469,200 | ||||||
Pargesa Holding SA | 10,157 | 722,534 | ||||||
Partners Group Holding AG | 5,610 | 4,420,907 | ||||||
Roche Holding AG | 8,185 | 2,842,699 | ||||||
Roche Holding AG | 211,314 | 73,177,485 | ||||||
Schindler Holding AG | 12,251 | 2,726,528 | ||||||
Schindler Holding AG (Registered) | 5,824 | 1,252,424 | ||||||
SGS SA (Registered) | 1,566 | 3,532,428 | ||||||
Sika AG (Registered) | 37,953 | 6,277,776 | ||||||
Sonova Holding AG (Registered) | 16,275 | 2,939,489 | ||||||
STMicroelectronics NV | 197,143 | 5,076,723 | ||||||
Straumann Holding AG (Registered) | 3,390 | 2,579,206 | ||||||
Swatch Group AG (The) | 8,670 | 1,739,737 | ||||||
Swatch Group AG (The) (Registered) | 17,491 | 680,005 | ||||||
Swiss Life Holding AG (Registered) | 10,113 | 3,586,307 | ||||||
Swiss Re AG | 87,647 | 6,368,987 | ||||||
Swisscom AG (Registered) | 7,646 | 3,972,803 | ||||||
Temenos AG (Registered)* (b) | 19,387 | 2,512,196 | ||||||
UBS Group AG (Registered)* | 1,152,224 | 12,337,432 | ||||||
Vifor Pharma AG | 13,116 | 1,967,715 | ||||||
Zurich Insurance Group AG | 45,271 | 14,353,368 | ||||||
|
| |||||||
401,714,908 | ||||||||
|
| |||||||
United Arab Emirates — 0.0%(c) |
| |||||||
NMC Health plc‡ | 23,176 | 29 | ||||||
|
| |||||||
United Kingdom — 21.6% |
| |||||||
3i Group plc | 291,073 | 2,859,462 | ||||||
Admiral Group plc | 75,683 | 2,208,475 | ||||||
Aggreko plc | 77,465 | 446,714 | ||||||
Ashtead Group plc | 139,483 | 3,810,014 | ||||||
ASOS plc* | 17,212 | 519,317 | ||||||
Associated British Foods plc | 107,154 | 2,543,765 | ||||||
AstraZeneca plc | 394,554 | 41,267,233 | ||||||
Auto Trader Group plc (a) | 278,944 | 1,605,743 | ||||||
AVEVA Group plc | 19,391 | 870,312 | ||||||
Aviva plc | 1,212,682 | 3,667,307 | ||||||
Babcock International Group plc | 150,039 | 794,707 | ||||||
BAE Systems plc | 959,839 | 6,122,270 | ||||||
Barclays plc | 4,847,422 | 6,472,771 | ||||||
Barratt Developments plc | 305,091 | 1,988,998 | ||||||
Berkeley Group Holdings plc | 39,190 | 2,057,204 | ||||||
BP plc | 6,085,185 | 23,978,170 | ||||||
British American Tobacco plc | 688,628 | 26,542,650 | ||||||
British Land Co. plc (The), REIT | 281,660 | 1,436,818 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
BT Group plc | 2,638,404 | 3,845,533 | ||||||
Bunzl plc | 100,948 | 2,191,052 | ||||||
Burberry Group plc | 123,289 | 2,140,732 | ||||||
Centrica plc | 1,753,416 | 876,984 | ||||||
CNH Industrial NV* | 298,854 | 1,869,391 | ||||||
Coca-Cola European Partners plc | 63,677 | 2,524,156 | ||||||
Compass Group plc | 479,154 | 8,062,921 | ||||||
ConvaTec Group plc (a) | 467,478 | 1,248,599 | ||||||
Croda International plc | 39,546 | 2,424,950 | ||||||
DCC plc | 30,478 | 2,167,257 | ||||||
Derwent London plc, REIT | 32,191 | 1,257,840 | ||||||
Diageo plc | 704,193 | 24,245,262 | ||||||
Direct Line Insurance Group plc | 411,485 | 1,401,946 | ||||||
DS Smith plc | 409,326 | 1,604,949 | ||||||
easyJet plc | 79,811 | 604,545 | ||||||
Experian plc | 273,930 | 8,226,219 | ||||||
Fiat Chrysler Automobiles NV | 330,939 | 2,870,548 | ||||||
G4S plc | 464,325 | 637,418 | ||||||
GlaxoSmithKline plc | 1,501,455 | 31,324,251 | ||||||
GVC Holdings plc | 173,039 | 1,642,456 | ||||||
Halma plc | 113,663 | 2,988,245 | ||||||
Hammerson plc, REIT | 232,593 | 206,090 | ||||||
Hargreaves Lansdown plc | 82,324 | 1,489,610 | ||||||
Hiscox Ltd. | 87,721 | 771,699 | ||||||
HSBC Holdings plc | 6,207,403 | 31,905,821 | ||||||
Imperial Brands plc | 285,554 | 6,007,620 | ||||||
Informa plc | 376,448 | 2,079,447 | ||||||
InterContinental Hotels Group plc | 56,462 | 2,571,997 | ||||||
Intertek Group plc | 48,360 | 2,886,089 | ||||||
ITV plc | 1,084,166 | 1,040,994 | ||||||
J Sainsbury plc | 516,166 | 1,284,632 | ||||||
JD Sports Fashion plc | 123,612 | 819,341 | ||||||
John Wood Group plc | 207,718 | 525,960 | ||||||
Johnson Matthey plc | 59,544 | 1,491,907 | ||||||
Kingfisher plc | 637,689 | 1,265,044 | ||||||
Land Securities Group plc, REIT | 224,832 | 1,874,889 | ||||||
Legal & General Group plc | 1,776,902 | 4,568,417 | ||||||
Lloyds Banking Group plc | 21,106,486 | 8,539,855 | ||||||
London Stock Exchange Group plc | 94,823 | 8,875,135 | ||||||
M&G plc | 777,770 | 1,289,409 | ||||||
Marks & Spencer Group plc | 583,443 | 679,751 | ||||||
Meggitt plc | 232,137 | 812,864 | ||||||
Melrose Industries plc | 1,456,057 | 1,819,931 | ||||||
Micro Focus International plc | 108,566 | 643,665 | ||||||
Mondi plc | 146,041 | 2,578,984 | ||||||
National Grid plc | 1,128,791 | 13,228,025 |
SEE NOTES TO FINANCIAL STATEMENTS.
66 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Next plc | 40,066 | 2,385,476 | ||||||
Ocado Group plc* | 176,486 | 3,564,612 | ||||||
Pearson plc | 233,960 | 1,349,165 | ||||||
Persimmon plc | 95,519 | 2,646,474 | ||||||
Phoenix Group Holdings plc | 157,590 | 1,195,844 | ||||||
Prudential plc | 777,770 | 10,972,326 | ||||||
Reckitt Benckiser Group plc | 221,528 | 18,453,230 | ||||||
RELX plc | 605,066 | 13,651,382 | ||||||
Rentokil Initial plc | 553,921 | 3,295,617 | ||||||
Rightmove plc | 270,069 | 1,688,590 | ||||||
Rolls-Royce Holdings plc* | 580,806 | 2,403,930 | ||||||
Royal Bank of Scotland Group plc | 1,374,975 | 1,918,244 | ||||||
Royal Mail plc | 299,304 | 624,604 | ||||||
RSA Insurance Group plc | 307,066 | 1,391,642 | ||||||
Sage Group plc (The) | 339,788 | 2,732,744 | ||||||
Schroders plc | 38,755 | 1,294,401 | ||||||
Schroders plc(Non-Voting) | 13,825 | 369,182 | ||||||
Segro plc, REIT | 328,686 | 3,445,132 | ||||||
Severn Trent plc | 71,984 | 2,160,063 | ||||||
Smith & Nephew plc | 267,995 | 5,244,422 | ||||||
Smiths Group plc | 117,526 | 1,829,930 | ||||||
Spirax-Sarco Engineering plc | 22,027 | 2,410,624 | ||||||
SSE plc | 311,105 | 4,879,799 | ||||||
St James’s Place plc | 158,321 | 1,685,832 | ||||||
Standard Chartered plc | 807,534 | 4,126,246 | ||||||
Standard Life Aberdeen plc | 705,928 | 1,955,181 | ||||||
Subsea 7 SA* | 71,197 | 390,810 | ||||||
Tate & Lyle plc | 139,486 | 1,249,846 | ||||||
Taylor Wimpey plc | 978,908 | 1,807,888 | ||||||
TechnipFMC plc | 126,237 | 1,105,250 | ||||||
Tesco plc | 2,921,512 | 8,641,306 | ||||||
Travis Perkins plc | 74,654 | 974,793 | ||||||
Unilever NV | 439,505 | 21,887,049 | ||||||
Unilever plc | 351,165 | 18,082,252 | ||||||
United Utilities Group plc | 204,373 | 2,313,475 | ||||||
Vodafone Group plc | 8,059,354 | 11,369,131 | ||||||
Weir Group plc (The) | 77,551 | 926,786 | ||||||
Whitbread plc | 40,178 | 1,507,188 | ||||||
Wm Morrison Supermarkets plc | 716,127 | 1,645,785 | ||||||
WPP plc | 376,961 | 2,924,889 | ||||||
|
| |||||||
505,105,500 | ||||||||
|
| |||||||
United States — 0.4% |
| |||||||
Carnival plc | 55,800 | 768,937 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Ferguson plc | 69,780 | 5,031,297 | ||||||
QIAGEN NV* | 68,275 | 2,843,128 | ||||||
|
| |||||||
8,643,362 | ||||||||
|
| |||||||
Total Common Stocks | 2,312,074,551 | |||||||
|
| |||||||
Short-Term Investments — 5.8% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 5.8% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e) | 84,006,395 | 84,023,197 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) | 52,026,406 | 52,026,406 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 136,049,603 | |||||||
|
| |||||||
Total Investments — 104.8% | 2,448,124,154 | |||||||
Liabilities in Excess of | (113,042,901 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 2,335,081,253 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 12.9 | % | ||
Banks | 6.1 | |||
Food Products | 5.3 | |||
Insurance | 4.9 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Textiles, Apparel & Luxury Goods | 3.8 | |||
Chemicals | 3.5 | |||
Personal Products | 2.6 | |||
Beverages | 2.6 | |||
Capital Markets | 2.4 | |||
Electric Utilities | 2.4 | |||
Diversified Telecommunication Services | 2.4 | |||
Machinery | 2.2 | |||
Software | 2.1 | |||
Semiconductors & Semiconductor Equipment | 2.0 | |||
Health Care Equipment & Supplies | 2.0 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 67 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INDUSTRY | PERCENTAGE | |||
Metals & Mining | 2.0 | % | ||
Professional Services | 1.8 | |||
Electrical Equipment | 1.7 | |||
Automobiles | 1.6 | |||
Multi-Utilities | 1.6 | |||
Aerospace & Defense | 1.5 | |||
Tobacco | 1.5 | |||
Household Products | 1.3 | |||
IT Services | 1.2 | |||
Food & Staples Retailing | 1.2 | |||
Industrial Conglomerates | 1.1 | |||
Construction & Engineering | 1.0 | |||
Diversified Financial Services | 1.0 | |||
Others (each less than 1.0%) | 13.9 | |||
Short-Term Investments | 5.6 |
Abbreviations
CVA | Dutch Certification | |
FDR | Fiduciary Depository 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) | 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, 2020. The total value of securities on loan at April 30, 2020 is $125,871,397. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
Futures contracts outstanding as of April 30, 2020: | |||||||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||||||||||||||||||||
Long Contracts |
| ||||||||||||||||||||||||
EURO STOXX 50 Index | 428 | 06/2020 | EUR | 13,517,233 | 1,801,229 | ||||||||||||||||||||
FTSE 100 Index | 107 | 06/2020 | GBP | 7,902,845 | 819,357 | ||||||||||||||||||||
|
| ||||||||||||||||||||||||
2,620,586 | |||||||||||||||||||||||||
|
|
Abbreviations
EUR | Euro | |
FTSE | Financial Times and the London Stock Exchange | |
GBP | British Pound |
SEE NOTES TO FINANCIAL STATEMENTS.
68 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.0% |
| |||||||
Australia — 6.6% |
| |||||||
Afterpay Ltd.* | 682 | 13,562 | ||||||
AGL Energy Ltd. | 2,165 | 23,761 | ||||||
Alumina Ltd. | 7,703 | 8,545 | ||||||
AMP Ltd.* | 11,005 | 10,154 | ||||||
APA Group | 3,900 | 27,557 | ||||||
Aristocrat Leisure Ltd. | 2,100 | 34,440 | ||||||
ASX Ltd. | 630 | 33,217 | ||||||
Aurizon Holdings Ltd. | 6,570 | 19,959 | ||||||
AusNet Services | 5,718 | 6,974 | ||||||
Australia & New Zealand Banking Group Ltd. | 9,560 | 103,845 | ||||||
Bendigo & Adelaide Bank Ltd. | 1,682 | 7,117 | ||||||
BHP Group Ltd. | 9,816 | 200,387 | ||||||
BHP Group plc | 6,975 | 117,075 | ||||||
BlueScope Steel Ltd. | 1,720 | 11,226 | ||||||
Boral Ltd. | 3,870 | 7,521 | ||||||
Brambles Ltd. | 5,240 | 37,453 | ||||||
Caltex Australia Ltd. | 855 | 13,765 | ||||||
Challenger Ltd. | 1,685 | 5,366 | ||||||
CIMIC Group Ltd. | 320 | 5,094 | ||||||
Coca-Cola Amatil Ltd. | 1,665 | 9,270 | ||||||
Cochlear Ltd. | 211 | 25,087 | ||||||
Coles Group Ltd. | 3,970 | 39,810 | ||||||
Commonwealth Bank of Australia | 5,810 | 234,704 | ||||||
Computershare Ltd. | 1,655 | 13,021 | ||||||
Crown Resorts Ltd. | 1,176 | 7,528 | ||||||
CSL Ltd. | 1,495 | 297,994 | ||||||
Dexus, REIT | 3,575 | 21,222 | ||||||
Domino’s Pizza Enterprises Ltd. | 200 | 7,484 | ||||||
Evolution Mining Ltd. | 5,614 | 18,282 | ||||||
Flight Centre Travel Group Ltd.‡ | 190 | 1,347 | ||||||
Fortescue Metals Group Ltd. | 5,655 | 43,217 | ||||||
Goodman Group, REIT | 5,300 | 45,141 | ||||||
GPT Group (The), REIT | 6,365 | 17,493 | ||||||
Harvey Norman Holdings Ltd. | 2,215 | 3,974 | ||||||
Iluka Resources Ltd. | 1,380 | 6,845 | ||||||
Incitec Pivot Ltd. | 5,535 | 8,561 | ||||||
Insurance Australia Group Ltd. | 7,625 | 28,489 | ||||||
LendLease Group | 1,935 | 15,414 | ||||||
Macquarie Group Ltd. | 1,040 | 68,893 | ||||||
Magellan Financial Group Ltd. | 490 | 16,051 | ||||||
Medibank Pvt Ltd. | 9,095 | 15,933 | ||||||
Mirvac Group, REIT | 13,085 | 19,014 | ||||||
National Australia Bank Ltd. | 9,525 | 104,370 | ||||||
Newcrest Mining Ltd. | 2,530 | 45,852 | ||||||
Orica Ltd. | 1,318 | 15,274 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Australia — continued |
| |||||||
Origin Energy Ltd. | 5,800 | 20,861 | ||||||
Qantas Airways Ltd. | 2,430 | 6,035 | ||||||
QBE Insurance Group Ltd. | 4,986 | 26,999 | ||||||
Ramsay Health Care Ltd. | 591 | 24,001 | ||||||
REA Group Ltd. | 160 | 9,155 | ||||||
Reece Ltd. | 750 | 4,286 | ||||||
Rio Tinto Ltd. | 1,225 | 69,042 | ||||||
Rio Tinto plc | 3,280 | 152,253 | ||||||
Santos Ltd. | 5,825 | 18,522 | ||||||
Scentre Group, REIT | 17,590 | 26,425 | ||||||
SEEK Ltd. | 1,150 | 12,839 | ||||||
Seven Group Holdings Ltd. | 440 | 4,327 | ||||||
Sonic Healthcare Ltd. | 1,490 | 26,314 | ||||||
South32 Ltd. | 16,975 | 21,349 | ||||||
Stockland, REIT | 8,035 | 14,920 | ||||||
Suncorp Group Ltd. | 4,150 | 24,671 | ||||||
Sydney Airport | 3,640 | 14,827 | ||||||
Tabcorp Holdings Ltd. | 6,640 | 13,844 | ||||||
Telstra Corp. Ltd. | 13,750 | 27,049 | ||||||
TPG Telecom Ltd. | 1,130 | 5,392 | ||||||
Transurban Group | 8,610 | 76,756 | ||||||
Treasury Wine Estates Ltd. | 2,365 | 15,556 | ||||||
Vicinity Centres, REIT | 10,610 | 10,157 | ||||||
Washington H Soul Pattinson & Co. Ltd. | 386 | 4,642 | ||||||
Wesfarmers Ltd. | 3,731 | 90,624 | ||||||
Westpac Banking Corp. | 11,345 | 118,035 | ||||||
WiseTech Global Ltd. | 490 | 5,835 | ||||||
Woodside Petroleum Ltd. | 3,095 | 44,318 | ||||||
Woolworths Group Ltd. | 4,335 | 100,320 | ||||||
Worley Ltd. | 1,055 | 6,115 | ||||||
|
| |||||||
2,812,757 | ||||||||
|
| |||||||
Austria — 0.2% |
| |||||||
ANDRITZ AG | 240 | 7,886 | ||||||
BAWAG Group AG* (a) | 236 | 8,021 | ||||||
Erste Group Bank AG | 1,000 | 21,673 | ||||||
EVN AG | 120 | 1,875 | ||||||
IMMOFINANZ AG* | 310 | 5,724 | ||||||
Lenzing AG | 50 | 2,858 | ||||||
Oesterreichische Post AG* (b) | 105 | 3,957 | ||||||
OMV AG | 456 | 14,889 | ||||||
Raiffeisen Bank International AG | 450 | 7,767 | ||||||
Strabag SE | 50 | 1,400 | ||||||
Telekom Austria AG | 470 | 3,307 | ||||||
UNIQA Insurance Group AG | 375 | 2,528 | ||||||
Verbund AG | 230 | 10,414 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 69 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Austria — continued |
| |||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 130 | 2,599 | ||||||
voestalpine AG (b) | 375 | 7,772 | ||||||
|
| |||||||
102,670 | ||||||||
|
| |||||||
Belgium — 1.0% |
| |||||||
Ackermans & van Haaren NV* | 74 | 9,808 | ||||||
Ageas | 615 | 22,167 | ||||||
Anheuser-Busch InBev SA/NV (b) | 2,805 | 130,629 | ||||||
bpost SA | 315 | 2,198 | ||||||
Colruyt SA | 155 | 9,289 | ||||||
Elia Group SA/NV | 105 | 12,073 | ||||||
Galapagos NV* | 165 | 36,453 | ||||||
Groupe Bruxelles Lambert SA* (b) | 270 | 21,599 | ||||||
KBC Group NV | 1,135 | 61,564 | ||||||
Proximus SADP | 505 | 10,779 | ||||||
Sofina SA | 53 | 12,482 | ||||||
Solvay SA | 250 | 19,527 | ||||||
Telenet Group Holding NV | 140 | 5,847 | ||||||
UCB SA* | 415 | 38,030 | ||||||
Umicore SA | 665 | 28,822 | ||||||
|
| |||||||
421,267 | ||||||||
|
| |||||||
Cambodia — 0.0%(c) |
| |||||||
NagaCorp Ltd. | 8,000 | 9,442 | ||||||
|
| |||||||
Chile — 0.0%(c) |
| |||||||
Antofagasta plc | 1,135 | 11,622 | ||||||
|
| |||||||
China — 0.3% | ||||||||
Evergrande Health Industry Group Ltd.* (b) | 10,000 | 7,687 | ||||||
Prosus NV* | 1,380 | 104,619 | ||||||
|
| |||||||
112,306 | ||||||||
|
| |||||||
Colombia — 0.0%(c) |
| |||||||
Millicom International Cellular SA, SDR | 320 | 8,316 | ||||||
|
| |||||||
Denmark — 2.2% |
| |||||||
Ambu A/S, Class B | 560 | 17,540 | ||||||
AP Moller — Maersk A/S, Class A | 10 | 9,266 | ||||||
AP Moller — Maersk A/S, Class B (b) | 21 | 20,900 | ||||||
Carlsberg A/S, Class B | 355 | 44,784 | ||||||
Chr Hansen Holding A/S | 340 | 29,316 | ||||||
Coloplast A/S, Class B | 385 | 60,724 | ||||||
Danske Bank A/S* | 2,255 | 26,774 | ||||||
Demant A/S* (b) | 330 | 7,890 | ||||||
DSV Panalpina A/S | 675 | 70,133 | ||||||
Genmab A/S* | 210 | 50,481 | ||||||
GN Store Nord A/S | 470 | 21,449 | ||||||
H Lundbeck A/S | 205 | 7,480 | ||||||
ISS A/S* (b) | 525 | 7,805 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Denmark — continued |
| |||||||
Jyske Bank A/S (Registered)* | 220 | 5,938 | ||||||
Novo Nordisk A/S, Class B | 5,480 | 349,569 | ||||||
Novozymes A/S, Class B | 715 | 35,075 | ||||||
Orsted A/S (a) | 555 | 56,061 | ||||||
Pandora A/S | 325 | 11,557 | ||||||
Rockwool International A/S, Class A | 20 | 3,885 | ||||||
Rockwool International A/S, Class B | 25 | 5,254 | ||||||
Tryg A/S | 400 | 10,668 | ||||||
Vestas Wind Systems A/S | 665 | 57,106 | ||||||
|
| |||||||
909,655 | ||||||||
|
| |||||||
Finland — 1.3% |
| |||||||
Elisa OYJ | 494 | 30,020 | ||||||
Fortum OYJ (b) | 1,435 | 23,778 | ||||||
Huhtamaki OYJ* | 315 | 11,757 | ||||||
Kesko OYJ, Class A | 300 | 4,884 | ||||||
Kesko OYJ, Class B | 880 | 14,339 | ||||||
Kone OYJ, Class B | 1,340 | 81,143 | ||||||
Konecranes OYJ | 215 | 4,666 | ||||||
Metso OYJ | 430 | 11,930 | ||||||
Neste OYJ | 1,415 | 49,971 | ||||||
Nokia OYJ | 18,615 | 67,106 | ||||||
Nokian Renkaat OYJ | 425 | 9,029 | ||||||
Nordea Bank Abp | 10,670 | 68,437 | ||||||
Orion OYJ, Class A | 110 | 5,436 | ||||||
Orion OYJ, Class B | 335 | 17,024 | ||||||
Sampo OYJ, Class A | 1,625 | 53,865 | ||||||
Stora Enso OYJ, Class R | 2,020 | 23,764 | ||||||
UPM-Kymmene OYJ | 1,755 | 48,131 | ||||||
Wartsila OYJ Abp | 1,600 | 11,744 | ||||||
|
| |||||||
537,024 | ||||||||
|
| |||||||
France — 9.7% |
| |||||||
Accor SA | 595 | 16,552 | ||||||
Adevinta ASA* | 745 | 6,188 | ||||||
Aeroports de Paris | 100 | 9,762 | ||||||
Air Liquide SA (b) | 1,565 | 198,840 | ||||||
Airbus SE* | 1,995 | 126,321 | ||||||
Alstom SA | 620 | 25,432 | ||||||
Amundi SA (a) | 201 | 13,341 | ||||||
Arkema SA | 240 | 19,976 | ||||||
Atos SE* | 315 | 22,527 | ||||||
AXA SA | 6,410 | 113,947 | ||||||
BioMerieux | 140 | 17,298 | ||||||
BNP Paribas SA | 3,780 | 118,754 | ||||||
Bollore SA | 2,615 | 6,930 | ||||||
Bouygues SA* | 820 | 25,230 | ||||||
Bureau Veritas SA | 925 | 19,203 |
SEE NOTES TO FINANCIAL STATEMENTS.
70 | J.P. MORGAN EXCHANGE-TRADED FUNDS | OCTOBER 31, 2019 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Capgemini SE | 515 | 48,416 | ||||||
Carrefour SA | 1,890 | 28,069 | ||||||
Casino Guichard Perrachon SA (b) | 170 | 6,381 | ||||||
Cie de Saint-Gobain | 1,815 | 48,293 | ||||||
Cie Generale des Etablissements Michelin SCA | 590 | 57,006 | ||||||
CNP Assurances* | 430 | 4,436 | ||||||
Covivio, REIT (b) | 146 | 9,169 | ||||||
Credit Agricole SA | 4,185 | 33,662 | ||||||
Danone SA | 2,125 | 148,106 | ||||||
Dassault Aviation SA | 10 | 8,144 | ||||||
Dassault Systemes SE | 450 | 65,912 | ||||||
Edenred | 795 | 32,025 | ||||||
Eiffage SA | 265 | 21,656 | ||||||
Electricite de France SA | 1,510 | 12,021 | ||||||
Engie SA | 6,050 | 65,640 | ||||||
EssilorLuxottica SA | 955 | 118,634 | ||||||
Eutelsat Communications SA | 555 | 6,214 | ||||||
Faurecia SE | 245 | 8,779 | ||||||
Gecina SA, REIT | 190 | 24,930 | ||||||
Getlink SE | 1,430 | 18,240 | ||||||
Hermes International | 115 | 84,073 | ||||||
ICADE, REIT | 95 | 7,297 | ||||||
Iliad SA | 85 | 12,658 | ||||||
Ipsen SA | 120 | 8,936 | ||||||
JCDecaux SA | 220 | 4,554 | ||||||
Kering SA | 250 | 127,176 | ||||||
Klepierre SA, REIT | 685 | 13,906 | ||||||
Legrand SA | 875 | 58,662 | ||||||
L’Oreal SA | 813 | 236,373 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 895 | 346,001 | ||||||
Natixis SA | 3,015 | 7,118 | ||||||
Orange SA | 6,300 | 76,539 | ||||||
Pernod Ricard SA | 715 | 109,177 | ||||||
Peugeot SA | 1,880 | 26,650 | ||||||
Publicis Groupe SA | 735 | 21,696 | ||||||
Renault SA* | 680 | 13,399 | ||||||
Safran SA | 1,115 | 103,663 | ||||||
Sanofi (b) | 3,795 | 370,672 | ||||||
Sartorius Stedim Biotech | 80 | 19,182 | ||||||
Schneider Electric SE* | 1,835 | 169,577 | ||||||
SEB SA | 90 | 10,793 | ||||||
Societe Generale SA | 2,630 | 41,262 | ||||||
Sodexo SA (b) | 280 | 22,385 | ||||||
Suez | 1,401 | 15,847 | ||||||
Teleperformance | 190 | 42,562 | ||||||
Thales SA | 345 | 26,127 | ||||||
TOTAL SA | 8,340 | 296,007 |
INVESTMENTS | SHARES | VALUE($) | ||||||
France — continued |
| |||||||
Ubisoft Entertainment SA* | 235 | 17,480 | ||||||
Unibail-Rodamco-Westfield, REIT | 450 | 26,645 | ||||||
Valeo SA | 790 | 18,109 | ||||||
Veolia Environnement SA (b) | 1,850 | 39,439 | ||||||
Vinci SA | 1,660 | 135,991 | ||||||
Vivendi SA (b) | 2,740 | 59,220 | ||||||
Worldline SA* (a) | 275 | 18,626 | ||||||
|
| |||||||
4,093,836 | ||||||||
|
| |||||||
Germany — 7.9% |
| |||||||
1&1 Drillisch AG | 160 | 3,723 | ||||||
adidas AG | 611 | 139,878 | ||||||
Allianz SE (Registered) | 1,375 | 253,043 | ||||||
Aroundtown SA | 3,650 | 19,633 | ||||||
BASF SE | 3,040 | 155,577 | ||||||
Bayer AG (Registered) | 3,255 | 214,079 | ||||||
Bayerische Motoren Werke AG | 1,050 | 61,767 | ||||||
Bayerische Motoren Werke AG (Preference) | 180 | 8,443 | ||||||
Beiersdorf AG | 330 | 34,527 | ||||||
Brenntag AG | 510 | 23,092 | ||||||
Continental AG* | 355 | 29,664 | ||||||
Covestro AG (a) | 560 | 18,811 | ||||||
Daimler AG (Registered) | 2,935 | 100,386 | ||||||
Delivery Hero SE* (a) | 445 | 37,743 | ||||||
Deutsche Bank AG (Registered) | 6,835 | 50,622 | ||||||
Deutsche Boerse AG | 625 | 96,899 | ||||||
Deutsche Lufthansa AG (Registered)* (b) | 785 | 7,028 | ||||||
Deutsche Post AG (Registered) | 3,205 | 95,212 | ||||||
Deutsche Telekom AG (Registered) | 10,695 | 156,357 | ||||||
Deutsche Wohnen SE | 1,185 | 48,026 | ||||||
E.ON SE | 7,240 | 72,525 | ||||||
Evonik Industries AG | 555 | 13,653 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (b) | 115 | 5,037 | ||||||
Fresenius Medical Care AG & Co. KGaA | 700 | 54,859 | ||||||
Fresenius SE & Co. KGaA | 1,350 | 58,472 | ||||||
GEA Group AG* | 550 | 12,621 | ||||||
Hannover Rueck SE | 195 | 31,070 | ||||||
HeidelbergCement AG | 485 | 22,994 | ||||||
Henkel AG & Co. KGaA | 340 | 26,504 | ||||||
Henkel AG & Co. KGaA (Preference) | 595 | 52,828 | ||||||
HOCHTIEF AG | 70 | 5,478 | ||||||
Infineon Technologies AG | 4,140 | 76,967 | ||||||
KION Group AG | 215 | 10,665 | ||||||
LANXESS AG | 275 | 13,532 | ||||||
Merck KGaA | 435 | 50,485 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 71 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Germany — continued |
| |||||||
MTU Aero Engines AG* | 175 | 23,831 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 475 | 104,037 | ||||||
Porsche Automobil Holding SE (Preference) | 505 | 25,499 | ||||||
Puma SE* | 280 | 17,588 | ||||||
RWE AG | 1,905 | 54,803 | ||||||
SAP SE | 3,575 | 425,809 | ||||||
Sartorius AG (Preference) | 110 | 30,904 | ||||||
Siemens AG (Registered) | 2,656 | 245,104 | ||||||
Symrise AG | 425 | 43,057 | ||||||
Talanx AG | 165 | 5,860 | ||||||
Telefonica Deutschland Holding AG | 3,040 | 8,648 | ||||||
thyssenkrupp AG* (b) | 1,345 | 8,947 | ||||||
TUI AG | 1,450 | 5,776 | ||||||
Uniper SE | 600 | 16,141 | ||||||
United Internet AG (Registered) | 415 | 14,280 | ||||||
Volkswagen AG | 115 | 17,002 | ||||||
Volkswagen AG (Preference) | 605 | 84,174 | ||||||
Vonovia SE | 1,790 | 88,513 | ||||||
Wacker Chemie AG | 50 | 2,915 | ||||||
Wirecard AG | 380 | 37,604 | ||||||
Zalando SE* (a) | 445 | 21,811 | ||||||
|
| |||||||
3,344,503 | ||||||||
|
| |||||||
Ghana — 0.0%(c) |
| |||||||
Tullow Oil plc | 4,645 | 1,508 | ||||||
|
| |||||||
Hong Kong — 3.0% |
| |||||||
AIA Group Ltd. | 39,800 | 365,275 | ||||||
ASM Pacific Technology Ltd. | 1,100 | 11,115 | ||||||
Bank of East Asia Ltd. (The) | 6,000 | 12,710 | ||||||
Cathay Pacific Airways Ltd. | 4,000 | 4,742 | ||||||
Chow Tai Fook Jewellery Group Ltd. | 4,000 | 3,384 | ||||||
CK Asset Holdings Ltd. | 8,500 | 53,709 | ||||||
CK Infrastructure Holdings Ltd. | 2,500 | 14,850 | ||||||
CLP Holdings Ltd. | 6,000 | 64,225 | ||||||
Dairy Farm International Holdings Ltd. | 1,000 | 4,792 | ||||||
Hang Lung Group Ltd. | 3,000 | 6,852 | ||||||
Hang Lung Properties Ltd. | 6,000 | 12,835 | ||||||
Hang Seng Bank Ltd. | 2,500 | 43,725 | ||||||
Henderson Land Development Co. Ltd. | 5,000 | 20,378 | ||||||
HK Electric Investments & HK Electric Investments Ltd. (a) | 7,500 | 7,760 | ||||||
HKT Trust & HKT Ltd. | 12,000 | 19,365 | ||||||
Hong Kong & China Gas Co. Ltd. | 33,000 | 59,143 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 3,900 | 125,043 | ||||||
Hysan Development Co. Ltd. | 2,000 | 6,672 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Hong Kong — continued |
| |||||||
Jardine Matheson Holdings Ltd. | 1,000 | 43,801 | ||||||
Jardine Strategic Holdings Ltd. | 600 | 12,898 | ||||||
Kerry Properties Ltd. | 2,500 | 6,905 | ||||||
Link, REIT | 6,900 | 61,508 | ||||||
MTR Corp. Ltd. | 5,000 | 27,702 | ||||||
New World Development Co. Ltd. | 20,000 | 23,629 | ||||||
NWS Holdings Ltd. | 5,000 | 5,211 | ||||||
PCCW Ltd. | 15,000 | 9,189 | ||||||
Power Assets Holdings Ltd. | 4,500 | 30,151 | ||||||
Shangri-La Asia Ltd. | 4,000 | 3,303 | ||||||
Sino Land Co. Ltd. | 10,000 | 13,975 | ||||||
Sun Hung Kai Properties Ltd. | 5,000 | 68,369 | ||||||
Swire Pacific Ltd., Class A | 2,000 | 13,006 | ||||||
Swire Pacific Ltd., Class B | 2,500 | 2,733 | ||||||
Swire Properties Ltd. | 4,000 | 11,219 | ||||||
Techtronic Industries Co. Ltd. | 5,500 | 41,704 | ||||||
WH Group Ltd. (a) | 32,500 | 30,997 | ||||||
Wharf Holdings Ltd. (The) | 2,000 | 3,789 | ||||||
Wharf Real Estate Investment Co. Ltd. | 4,000 | 16,934 | ||||||
Wheelock & Co. Ltd. | 2,000 | 14,658 | ||||||
Yue Yuen Industrial Holdings Ltd. | 2,500 | 3,988 | ||||||
|
| |||||||
1,282,244 | ||||||||
|
| |||||||
Ireland — 0.6% |
| |||||||
AIB Group plc* | 2,600 | 3,598 | ||||||
Bank of Ireland Group plc | 3,065 | 6,290 | ||||||
CRH plc | 2,655 | 80,549 | ||||||
Flutter Entertainment plc | 259 | 31,876 | ||||||
Glanbia plc | 650 | 6,917 | ||||||
Kerry Group plc, Class A | 495 | 56,794 | ||||||
Kingspan Group plc | 505 | 25,733 | ||||||
Smurfit Kappa Group plc | 775 | 24,278 | ||||||
|
| |||||||
236,035 | ||||||||
|
| |||||||
Israel — 0.4% |
| |||||||
Azrieli Group Ltd. | 125 | 7,402 | ||||||
Bank Hapoalim BM | 3,700 | 23,715 | ||||||
Bank LeumiLe-Israel BM | 4,945 | 26,644 | ||||||
Bezeq The Israeli Telecommunication Corp. Ltd.* | 6,750 | 4,816 | ||||||
Elbit Systems Ltd. | 76 | 10,303 | ||||||
Israel Chemicals Ltd. | 2,280 | 7,955 | ||||||
Israel Discount Bank Ltd., Class A | 3,855 | 12,507 | ||||||
Mizrahi Tefahot Bank Ltd. | 440 | 9,012 | ||||||
Nice Ltd.* | 205 | 33,667 | ||||||
Teva Pharmaceutical Industries Ltd.* | 3,605 | 38,995 | ||||||
|
| |||||||
175,016 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
72 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Italy — 2.0% |
| |||||||
A2A SpA | 5,170 | 7,048 | ||||||
Amplifon SpA (b) | 275 | 6,295 | ||||||
Assicurazioni Generali SpA | 4,015 | 57,281 | ||||||
Atlantia SpA | 1,555 | 25,491 | ||||||
Banca Mediolanum SpA | 835 | 5,102 | ||||||
Banco BPM SpA (b) | 5,005 | 6,117 | ||||||
Buzzi Unicem SpA | 25 | 261 | ||||||
Buzzi Unicem SpA | 230 | 4,512 | ||||||
Davide Campari-Milano SpA (b) | 1,380 | 10,726 | ||||||
DiaSorin SpA | 49 | 8,356 | ||||||
Enel SpA | 25,505 | 174,211 | ||||||
Eni SpA | 8,410 | 80,116 | ||||||
Ferrari NV (b) | 430 | 67,207 | ||||||
FinecoBank Banca Fineco SpA* | 1,650 | 18,384 | ||||||
Freni Brembo SpA | 515 | 4,369 | ||||||
Hera SpA | 2,610 | 9,662 | ||||||
Infrastrutture Wireless Italiane SpA (a) | 790 | 8,361 | ||||||
Intesa Sanpaolo SpA | 52,055 | 81,284 | ||||||
Leonardo SpA | 1,340 | 9,254 | ||||||
Mediaset SpA* (b) | 1,170 | 2,379 | ||||||
Mediobanca Banca di Credito Finanziario SpA | 2,191 | 12,737 | ||||||
Moncler SpA | 625 | 23,504 | ||||||
Nexi SpA* (a) | 825 | 12,515 | ||||||
Pirelli & C SpA (a) (b) | 1,430 | 5,538 | ||||||
Poste Italiane SpA (a) | 1,515 | 12,888 | ||||||
Prysmian SpA | 890 | 16,793 | ||||||
Recordati SpA | 340 | 14,806 | ||||||
Saipem SpA* | 1,905 | 4,889 | ||||||
Salvatore Ferragamo SpA (b) | 215 | 2,669 | ||||||
Snam SpA | 7,180 | 32,209 | ||||||
Telecom Italia SpA* | 35,670 | 14,165 | ||||||
Telecom Italia SpA | 19,915 | 7,943 | ||||||
Terna Rete Elettrica Nazionale SpA | 4,635 | 29,024 | ||||||
UniCredit SpA* | 6,990 | 53,982 | ||||||
Unione di Banche Italiane SpA | 3,355 | 9,618 | ||||||
UnipolSai Assicurazioni SpA | 1,960 | 4,804 | ||||||
|
| |||||||
844,500 | ||||||||
|
| |||||||
Japan — 27.4% |
| |||||||
ABC-Mart, Inc. | 100 | 5,082 | ||||||
Acom Co. Ltd. | 1,500 | 6,060 | ||||||
Advance Residence Investment Corp., REIT | 5 | 15,341 | ||||||
Advantest Corp. | 700 | 33,965 | ||||||
Aeon Co. Ltd. | 3,000 | 60,395 | ||||||
AEON Financial Service Co. Ltd. | 300 | 3,120 | ||||||
Aeon Mall Co. Ltd. | 300 | 3,771 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
AGC, Inc. | 800 | 19,728 | ||||||
Air Water, Inc. | 500 | 6,741 | ||||||
Aisin Seiki Co. Ltd. | 600 | 17,280 | ||||||
Ajinomoto Co., Inc. | 2,000 | 35,622 | ||||||
Alfresa Holdings Corp. | 700 | 13,959 | ||||||
Alps Alpine Co. Ltd. | 800 | 8,251 | ||||||
Amada Co. Ltd. | 1,500 | 13,559 | ||||||
ANA Holdings, Inc.* | 300 | 6,375 | ||||||
Aozora Bank Ltd. | 300 | 5,339 | ||||||
Asahi Group Holdings Ltd. | 1,600 | 55,017 | ||||||
Asahi Intecc Co. Ltd. | 800 | 21,193 | ||||||
Asahi Kasei Corp. | 4,500 | 31,925 | ||||||
Asics Corp. | 600 | 5,689 | ||||||
Astellas Pharma, Inc. | 5,800 | 95,927 | ||||||
Bandai Namco Holdings, Inc. | 700 | 34,977 | ||||||
Bank of Kyoto Ltd. (The) | 200 | 6,846 | ||||||
Benesse Holdings, Inc. | 300 | 8,543 | ||||||
Bridgestone Corp. | 2,100 | 65,367 | ||||||
Brother Industries Ltd. | 1,000 | 16,948 | ||||||
Calbee, Inc. | 500 | 15,129 | ||||||
Canon Marketing Japan, Inc. | 100 | 1,925 | ||||||
Canon, Inc. | 3,600 | 75,726 | ||||||
Casio Computer Co. Ltd. | 700 | 11,047 | ||||||
Central Japan Railway Co. | 700 | 110,148 | ||||||
Chiba Bank Ltd. (The) | 2,500 | 11,600 | ||||||
Chubu Electric Power Co., Inc. | 2,500 | 33,810 | ||||||
Chugai Pharmaceutical Co. Ltd. | 700 | 83,441 | ||||||
Chugoku Bank Ltd. (The) | 700 | 6,446 | ||||||
Chugoku Electric Power Co., Inc. (The) | 1,000 | 13,455 | ||||||
Citizen Watch Co. Ltd. | 1,500 | 5,294 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 500 | 8,953 | ||||||
Concordia Financial Group Ltd. | 4,000 | 12,256 | ||||||
Credit Saison Co. Ltd. | 500 | 5,679 | ||||||
CyberAgent, Inc. | 300 | 12,596 | ||||||
Dai Nippon Printing Co. Ltd. | 1,000 | 21,084 | ||||||
Daicel Corp. | 1,000 | 8,117 | ||||||
Daido Steel Co. Ltd. | 200 | 6,605 | ||||||
Daifuku Co. Ltd. | 400 | 27,992 | ||||||
Dai-ichi Life Holdings, Inc. | 4,000 | 50,129 | ||||||
Daiichi Sankyo Co. Ltd. | 2,000 | 137,483 | ||||||
Daikin Industries Ltd. | 1,000 | 128,331 | ||||||
Daito Trust Construction Co. Ltd. | 200 | 19,017 | ||||||
Daiwa House Industry Co. Ltd. | 2,300 | 58,283 | ||||||
Daiwa House REIT Investment Corp., REIT | 6 | 14,518 | ||||||
Daiwa Securities Group, Inc. | 5,000 | 20,792 | ||||||
DeNA Co. Ltd. | 500 | 6,155 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 73 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Denso Corp. | 1,800 | 63,273 | ||||||
Dentsu Group, Inc. | 800 | 16,707 | ||||||
DIC Corp. | 300 | 6,967 | ||||||
Disco Corp. | 100 | 22,331 | ||||||
East Japan Railway Co. | 1,200 | 87,624 | ||||||
Eisai Co. Ltd. | 1,000 | 69,811 | ||||||
Electric Power Development Co. Ltd. | 600 | 12,008 | ||||||
Ezaki Glico Co. Ltd. | 200 | 8,784 | ||||||
FamilyMart Co. Ltd. | 900 | 15,262 | ||||||
FANUC Corp. | 600 | 97,928 | ||||||
Fast Retailing Co. Ltd. | 200 | 94,849 | ||||||
Fuji Electric Co. Ltd. | 500 | 11,926 | ||||||
Fuji Media Holdings, Inc. | 200 | 1,987 | ||||||
FUJIFILM Holdings Corp. | 1,400 | 66,686 | ||||||
Fujitsu Ltd. | 600 | 58,289 | ||||||
Fukuoka Financial Group, Inc. | 600 | 8,572 | ||||||
Furukawa Electric Co. Ltd. | 300 | 5,647 | ||||||
GLPJ-REIT, REIT | 12 | 15,471 | ||||||
GMO Payment Gateway, Inc. | 100 | 8,915 | ||||||
GungHo Online Entertainment, Inc. | 100 | 1,551 | ||||||
Hachijuni Bank Ltd. (The) | 1,500 | 5,356 | ||||||
Hakuhodo DY Holdings, Inc. | 1,000 | 11,078 | ||||||
Hamamatsu Photonics KK | 500 | 21,855 | ||||||
Hankyu Hanshin Holdings, Inc. | 900 | 30,792 | ||||||
Harmonic Drive Systems, Inc. | 100 | 4,620 | ||||||
Haseko Corp. | 800 | 8,685 | ||||||
Hikari Tsushin, Inc. | 100 | 19,353 | ||||||
Hino Motors Ltd. | 1,000 | 5,949 | ||||||
Hirose Electric Co. Ltd. | 100 | 10,980 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 300 | 14,135 | ||||||
Hitachi Capital Corp. | 200 | 3,868 | ||||||
Hitachi Construction Machinery Co. Ltd. | 400 | 9,385 | ||||||
Hitachi Ltd. | 3,200 | 94,974 | ||||||
Hitachi Metals Ltd. | 600 | 5,781 | ||||||
Honda Motor Co. Ltd. | 6,000 | 145,705 | ||||||
Hoshizaki Corp. | 200 | 15,241 | ||||||
Hoya Corp. | 1,300 | 118,551 | ||||||
Hulic Co. Ltd. | 1,600 | 15,824 | ||||||
Ibiden Co. Ltd. | 500 | 12,780 | ||||||
Idemitsu Kosan Co. Ltd. | 800 | 18,178 | ||||||
IHI Corp. | 500 | 6,197 | ||||||
Iida Group Holdings Co. Ltd. | 600 | 7,969 | ||||||
Inpex Corp. | 3,600 | 23,238 | ||||||
Isetan Mitsukoshi Holdings Ltd. | 1,300 | 7,908 | ||||||
Isuzu Motors Ltd. | 2,000 | 15,199 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
ITOCHU Corp. | 5,100 | 99,986 | ||||||
Itochu Techno-Solutions Corp. | 400 | 12,222 | ||||||
Iyo Bank Ltd. (The) | 1,000 | 5,357 | ||||||
Izumi Co. Ltd. | 100 | 2,927 | ||||||
J Front Retailing Co. Ltd. | 1,000 | 8,158 | ||||||
Japan Airlines Co. Ltd. | 500 | 8,919 | ||||||
Japan Airport Terminal Co. Ltd. | 200 | 8,110 | ||||||
Japan Exchange Group, Inc. | 1,700 | 31,621 | ||||||
Japan Post Holdings Co. Ltd. | 5,000 | 39,994 | ||||||
Japan Prime Realty Investment Corp., REIT | 3 | 8,310 | ||||||
Japan Real Estate Investment Corp., REIT | 5 | 27,006 | ||||||
Japan Retail Fund Investment Corp., REIT | 10 | 10,902 | ||||||
Japan Tobacco, Inc. | 3,800 | 70,768 | ||||||
JFE Holdings, Inc. | 1,900 | 12,608 | ||||||
JGC Holdings Corp. | 1,000 | 9,657 | ||||||
JSR Corp. | 700 | 13,168 | ||||||
JTEKT Corp. | 1,000 | 7,326 | ||||||
JXTG Holdings, Inc. | 10,500 | 37,226 | ||||||
Kajima Corp. | 1,500 | 15,586 | ||||||
Kakaku.com, Inc. | 300 | 6,122 | ||||||
Kamigumi Co. Ltd. | 500 | 8,803 | ||||||
Kaneka Corp. | 200 | 5,173 | ||||||
Kansai Electric Power Co., Inc. (The) | 2,800 | 28,692 | ||||||
Kansai Mirai Financial Group, Inc. | 500 | 1,681 | ||||||
Kansai Paint Co. Ltd. | 800 | 15,196 | ||||||
Kao Corp. | 1,600 | 123,386 | ||||||
Kawasaki Heavy Industries Ltd. | 500 | 7,555 | ||||||
KDDI Corp. | 5,300 | 153,511 | ||||||
Keihan Holdings Co. Ltd. | 300 | 13,484 | ||||||
Keikyu Corp. | 900 | 14,792 | ||||||
Keio Corp. | 400 | 22,627 | ||||||
Keisei Electric Railway Co. Ltd. | 600 | 18,099 | ||||||
Kewpie Corp. | 500 | 9,929 | ||||||
Keyence Corp. | 600 | 214,207 | ||||||
Kikkoman Corp. | 600 | 27,570 | ||||||
Kinden Corp. | 500 | 8,046 | ||||||
Kintetsu Group Holdings Co. Ltd. | 600 | 28,662 | ||||||
Kirin Holdings Co. Ltd. | 3,000 | 57,895 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 200 | 18,540 | ||||||
Kobe Steel Ltd.* | 1,000 | 3,345 | ||||||
Koito Manufacturing Co. Ltd. | 500 | 18,834 | ||||||
Komatsu Ltd. | 3,100 | 58,655 | ||||||
Konami Holdings Corp. | 400 | 12,560 | ||||||
Konica Minolta, Inc. | 2,000 | 7,739 | ||||||
Kose Corp. | 100 | 12,501 |
SEE NOTES TO FINANCIAL STATEMENTS.
74 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
K’s Holdings Corp. | 700 | 7,626 | ||||||
Kubota Corp. | 4,000 | 49,675 | ||||||
Kuraray Co. Ltd. | 1,000 | 10,004 | ||||||
Kurita Water Industries Ltd. | 300 | 8,370 | ||||||
Kyocera Corp. | 1,200 | 64,116 | ||||||
Kyowa Kirin Co. Ltd. | 800 | 18,568 | ||||||
Kyushu Electric Power Co., Inc. | 1,500 | 11,886 | ||||||
Kyushu Financial Group, Inc. | 1,500 | 6,328 | ||||||
Kyushu Railway Co. | 500 | 13,452 | ||||||
Lawson, Inc. | 200 | 10,396 | ||||||
LINE Corp.* | 200 | 9,783 | ||||||
Lion Corp. | 900 | 18,920 | ||||||
LIXIL Group Corp. | 1,000 | 11,996 | ||||||
M3, Inc. | 1,400 | 50,532 | ||||||
Mabuchi Motor Co. Ltd. | 100 | 3,097 | ||||||
Makita Corp. | 900 | 29,306 | ||||||
Marubeni Corp. | 5,500 | 26,487 | ||||||
Marui Group Co. Ltd. | 700 | 11,458 | ||||||
Maruichi Steel Tube Ltd. | 300 | 6,745 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 400 | 13,767 | ||||||
Mazda Motor Corp. | 2,000 | 11,307 | ||||||
McDonald’s Holdings Co. Japan Ltd. | 200 | 9,779 | ||||||
Mebuki Financial Group, Inc. | 3,500 | 7,352 | ||||||
Medipal Holdings Corp. | 700 | 13,504 | ||||||
MEIJI Holdings Co. Ltd. | 500 | 34,727 | ||||||
Mercari, Inc.* | 400 | 10,101 | ||||||
MINEBEA MITSUMI, Inc. | 1,500 | 24,389 | ||||||
MISUMI Group, Inc. | 1,000 | 23,753 | ||||||
Mitsubishi Chemical Holdings Corp. | 4,500 | 25,576 | ||||||
Mitsubishi Corp. | 5,300 | 112,402 | ||||||
Mitsubishi Electric Corp. | 7,100 | 87,363 | ||||||
Mitsubishi Estate Co. Ltd. | 4,600 | 74,419 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 700 | 8,576 | ||||||
Mitsubishi Heavy Industries Ltd. | 1,200 | 30,772 | ||||||
Mitsubishi Logistics Corp. | 300 | 6,624 | ||||||
Mitsubishi Materials Corp. | 400 | 8,193 | ||||||
Mitsubishi Motors Corp. | 2,000 | 5,668 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 43,000 | 173,720 | ||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 2,000 | 9,550 | ||||||
Mitsui & Co. Ltd. | 6,000 | 83,750 | ||||||
Mitsui Chemicals, Inc. | 700 | 13,743 | ||||||
Mitsui Fudosan Co. Ltd. | 3,300 | 60,677 | ||||||
Mitsui OSK Lines Ltd. | 500 | 8,672 | ||||||
Mizuho Financial Group, Inc. | 83,500 | 97,229 | ||||||
MonotaRO Co. Ltd. | 500 | 16,066 | ||||||
MS&AD Insurance Group Holdings, Inc. | 1,600 | 46,096 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Murata Manufacturing Co. Ltd. | 2,200 | 123,963 | ||||||
Nabtesco Corp. | 400 | 11,446 | ||||||
Nagoya Railroad Co. Ltd. | 700 | 20,031 | ||||||
Nankai Electric Railway Co. Ltd. | 400 | 8,930 | ||||||
NEC Corp. | 900 | 34,537 | ||||||
Nexon Co. Ltd. | 1,500 | 24,219 | ||||||
NGK Insulators Ltd. | 1,000 | 13,083 | ||||||
NGK Spark Plug Co. Ltd. | 400 | 5,989 | ||||||
NH Foods Ltd. | 400 | 14,198 | ||||||
NHK Spring Co. Ltd. | 500 | 3,308 | ||||||
Nidec Corp. | 1,900 | 110,607 | ||||||
Nihon M&A Center, Inc. | 500 | 16,311 | ||||||
Nikon Corp. | 1,400 | 13,023 | ||||||
Nintendo Co. Ltd. | 400 | 165,170 | ||||||
Nippon Building Fund, Inc., REIT | 5 | 29,816 | ||||||
Nippon Electric Glass Co. Ltd. | 200 | 2,914 | ||||||
Nippon Express Co. Ltd. | 300 | 14,653 | ||||||
Nippon Paint Holdings Co. Ltd. | 600 | 34,677 | ||||||
Nippon Prologis REIT, Inc., REIT | 7 | 19,378 | ||||||
Nippon Shinyaku Co. Ltd. | 200 | 14,045 | ||||||
Nippon Shokubai Co. Ltd. | 100 | 4,723 | ||||||
Nippon Steel Corp. | 3,300 | 27,765 | ||||||
Nippon Telegraph & Telephone Corp. | 4,300 | 97,927 | ||||||
Nippon Television Holdings, Inc. | 200 | 2,234 | ||||||
Nippon Yusen KK | 500 | 6,582 | ||||||
Nissan Chemical Corp. | 500 | 19,184 | ||||||
Nissan Motor Co. Ltd. | 7,500 | 25,528 | ||||||
Nisshin Seifun Group, Inc. | 1,000 | 15,538 | ||||||
Nissin Foods Holdings Co. Ltd. | 300 | 24,661 | ||||||
Nitori Holdings Co. Ltd. | 300 | 45,983 | ||||||
Nitto Denko Corp. | 500 | 24,977 | ||||||
NOK Corp. | 500 | 5,823 | ||||||
Nomura Holdings, Inc. | 11,000 | 45,646 | ||||||
Nomura Real Estate Holdings, Inc. | 500 | 8,130 | ||||||
Nomura Real Estate Master Fund, Inc., REIT | 16 | 18,195 | ||||||
Nomura Research Institute Ltd. | 1,300 | 31,825 | ||||||
NSK Ltd. | 2,000 | 13,843 | ||||||
NTT Data Corp. | 2,000 | 20,408 | ||||||
NTT DOCOMO, Inc. | 3,900 | 114,938 | ||||||
Obayashi Corp. | 2,500 | 21,851 | ||||||
Obic Co. Ltd. | 200 | 30,012 | ||||||
Odakyu Electric Railway Co. Ltd. | 1,200 | 26,463 | ||||||
Oji Holdings Corp. | 3,500 | 17,771 | ||||||
Olympus Corp. | 4,300 | 68,228 | ||||||
Omron Corp. | 700 | 41,115 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 75 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Ono Pharmaceutical Co. Ltd. | 1,600 | 38,548 | ||||||
Oracle Corp. | 200 | 20,590 | ||||||
Orient Corp. | 2,000 | 2,288 | ||||||
Oriental Land Co. Ltd. | 800 | 101,156 | ||||||
ORIX Corp. | 4,300 | 50,600 | ||||||
Orix JREIT, Inc., REIT | 10 | 11,955 | ||||||
Osaka Gas Co. Ltd. | 1,500 | 27,933 | ||||||
Otsuka Corp. | 400 | 18,111 | ||||||
Otsuka Holdings Co. Ltd. | 1,800 | 70,747 | ||||||
Pan Pacific International Holdings Corp. | 1,900 | 36,810 | ||||||
Panasonic Corp. | 7,800 | 59,459 | ||||||
Park24 Co. Ltd. | 300 | 4,710 | ||||||
PeptiDream, Inc.* | 400 | 14,919 | ||||||
Persol Holdings Co. Ltd. | 500 | 5,750 | ||||||
Pigeon Corp. | 400 | 14,244 | ||||||
Pola Orbis Holdings, Inc. | 200 | 3,569 | ||||||
Rakuten, Inc. | 2,500 | 21,198 | ||||||
Recruit Holdings Co. Ltd. | 5,300 | 154,607 | ||||||
Renesas Electronics Corp.* | 3,500 | 18,482 | ||||||
Resona Holdings, Inc. | 7,200 | 22,486 | ||||||
Ricoh Co. Ltd. | 2,500 | 17,041 | ||||||
Rinnai Corp. | 100 | 7,575 | ||||||
Rohm Co. Ltd. | 400 | 25,290 | ||||||
Ryohin Keikaku Co. Ltd. | 900 | 10,711 | ||||||
Sankyo Co. Ltd. | 200 | 5,491 | ||||||
Santen Pharmaceutical Co. Ltd. | 1,400 | 24,782 | ||||||
SBI Holdings, Inc. | 800 | 14,942 | ||||||
SCSK Corp. | 100 | 4,527 | ||||||
Secom Co. Ltd. | 700 | 58,254 | ||||||
Sega Sammy Holdings, Inc. | 500 | 6,056 | ||||||
Seibu Holdings, Inc. | 1,000 | 11,997 | ||||||
Seiko Epson Corp. | 1,000 | 11,356 | ||||||
Sekisui Chemical Co. Ltd. | 1,500 | 19,011 | ||||||
Sekisui House Ltd. | 2,200 | 37,740 | ||||||
Seria Co. Ltd. | 100 | 3,250 | ||||||
Seven & i Holdings Co. Ltd. | 2,600 | 86,104 | ||||||
Seven Bank Ltd. | 2,000 | 5,422 | ||||||
SG Holdings Co. Ltd. | 800 | 22,258 | ||||||
Sharp Corp.* | 700 | 7,706 | ||||||
Shikoku Electric Power Co., Inc. | 500 | 3,865 | ||||||
Shimadzu Corp. | 900 | 22,413 | ||||||
Shimamura Co. Ltd. | 100 | 6,305 | ||||||
Shimano, Inc. | 300 | 44,207 | ||||||
Shimizu Corp. | 2,500 | 19,200 | ||||||
Shin-Etsu Chemical Co. Ltd. | 1,300 | 143,393 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Shinsei Bank Ltd. | 600 | 7,238 | ||||||
Shionogi & Co. Ltd. | 900 | 49,705 | ||||||
Shiseido Co. Ltd. | 1,300 | 76,431 | ||||||
Shizuoka Bank Ltd. (The) | 1,900 | 11,535 | ||||||
Showa Denko KK | 500 | 10,944 | ||||||
SMC Corp. | 200 | 90,405 | ||||||
Softbank Corp. | 5,400 | 73,537 | ||||||
SoftBank Group Corp. | 5,500 | 235,745 | ||||||
Sohgo Security Services Co. Ltd. | 200 | 9,540 | ||||||
Sojitz Corp. | 3,000 | 6,943 | ||||||
Sompo Holdings, Inc. | 1,200 | 38,923 | ||||||
Sony Corp. | 4,200 | 270,287 | ||||||
Sony Financial Holdings, Inc. | 500 | 9,478 | ||||||
Square Enix Holdings Co. Ltd. | 300 | 12,296 | ||||||
Stanley Electric Co. Ltd. | 500 | 11,392 | ||||||
Subaru Corp. | 2,200 | 44,032 | ||||||
SUMCO Corp. | 800 | 11,390 | ||||||
Sumitomo Chemical Co. Ltd. | 5,500 | 16,870 | ||||||
Sumitomo Corp. | 4,000 | 45,249 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 500 | 6,918 | ||||||
Sumitomo Electric Industries Ltd. | 2,500 | 25,721 | ||||||
Sumitomo Heavy Industries Ltd. | 500 | 10,537 | ||||||
Sumitomo Metal Mining Co. Ltd. | 1,000 | 24,923 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 4,500 | 118,338 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 1,200 | 34,940 | ||||||
Sumitomo Realty & Development Co. Ltd. | 1,500 | 40,174 | ||||||
Sumitomo Rubber Industries Ltd. | 500 | 4,853 | ||||||
Sundrug Co. Ltd. | 200 | 6,848 | ||||||
Suntory Beverage & Food Ltd. | 500 | 18,829 | ||||||
Suzuken Co. Ltd. | 300 | 11,562 | ||||||
Suzuki Motor Corp. | 1,500 | 47,873 | ||||||
Sysmex Corp. | 500 | 34,544 | ||||||
T&D Holdings, Inc. | 2,000 | 17,288 | ||||||
Taiheiyo Cement Corp. | 400 | 7,852 | ||||||
Taisei Corp. | 800 | 24,938 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 200 | 12,495 | ||||||
Taiyo Nippon Sanso Corp. | 600 | 9,306 | ||||||
Takashimaya Co. Ltd. | 500 | 4,519 | ||||||
Takeda Pharmaceutical Co. Ltd. | 5,200 | 187,520 | ||||||
TDK Corp. | 400 | 34,483 | ||||||
Teijin Ltd. | 500 | 7,974 | ||||||
Terumo Corp. | 2,300 | 76,320 | ||||||
THK Co. Ltd. | 500 | 11,952 | ||||||
TIS, Inc. | 700 | 13,349 | ||||||
Tobu Railway Co. Ltd. | 800 | 27,136 |
SEE NOTES TO FINANCIAL STATEMENTS.
76 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Toho Co. Ltd. | 500 | 16,374 | ||||||
Toho Gas Co. Ltd. | 300 | 14,740 | ||||||
Tohoku Electric Power Co., Inc. | 1,500 | 14,118 | ||||||
Tokio Marine Holdings, Inc. | 2,300 | 107,906 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 100 | 1,546 | ||||||
Tokyo Century Corp. | 100 | 3,418 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 2,500 | 8,416 | ||||||
Tokyo Electron Ltd. | 500 | 106,491 | ||||||
Tokyo Gas Co. Ltd. | 1,300 | 28,530 | ||||||
Tokyo Tatemono Co. Ltd. | 800 | 8,997 | ||||||
Tokyu Corp. | 2,000 | 30,104 | ||||||
Tokyu Fudosan Holdings Corp. | 2,000 | 9,784 | ||||||
Toppan Printing Co. Ltd. | 1,200 | 17,826 | ||||||
Toray Industries, Inc. | 5,500 | 25,216 | ||||||
Toshiba Corp. | 1,400 | 34,717 | ||||||
Tosoh Corp. | 1,000 | 12,222 | ||||||
TOTO Ltd. | 500 | 17,404 | ||||||
Toyo Seikan Group Holdings Ltd. | 500 | 5,072 | ||||||
Toyo Suisan Kaisha Ltd. | 400 | 19,235 | ||||||
Toyoda Gosei Co. Ltd. | 300 | 5,588 | ||||||
Toyota Boshoku Corp. | 200 | 2,497 | ||||||
Toyota Industries Corp. | 600 | 30,200 | ||||||
Toyota Motor Corp. | 8,600 | 531,711 | ||||||
Toyota Tsusho Corp. | 800 | 19,043 | ||||||
Trend Micro, Inc. | 400 | 20,293 | ||||||
Tsumura & Co. | 200 | 5,532 | ||||||
Tsuruha Holdings, Inc. | 100 | 13,408 | ||||||
Ube Industries Ltd. | 500 | 8,385 | ||||||
Unicharm Corp. | 1,400 | 51,595 | ||||||
United Urban Investment Corp., REIT | 10 | 10,033 | ||||||
USS Co. Ltd. | 700 | 11,084 | ||||||
Welcia Holdings Co. Ltd. | 200 | 14,520 | ||||||
West Japan Railway Co. | 700 | 43,258 | ||||||
Workman Co. Ltd. | 100 | 6,328 | ||||||
Yakult Honsha Co. Ltd. | 500 | 29,045 | ||||||
Yamada Denki Co. Ltd. | 2,500 | 11,855 | ||||||
Yamaguchi Financial Group, Inc. | 800 | 4,311 | ||||||
Yamaha Corp. | 500 | 20,183 | ||||||
Yamaha Motor Co. Ltd. | 1,000 | 12,866 | ||||||
Yamato Holdings Co. Ltd. | 1,300 | 22,690 | ||||||
Yamato Kogyo Co. Ltd. | 100 | 1,962 | ||||||
Yamazaki Baking Co. Ltd. | 600 | 10,610 | ||||||
Yaskawa Electric Corp. | 800 | 26,084 | ||||||
Yokogawa Electric Corp. | 700 | 9,541 | ||||||
Yokohama Rubber Co. Ltd. (The) | 500 | 6,359 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Z Holdings Corp. | 8,800 | 33,962 | ||||||
ZOZO, Inc. | 600 | 9,681 | ||||||
|
| |||||||
11,589,773 | ||||||||
|
| |||||||
Jordan — 0.0%(c) |
| |||||||
Hikma Pharmaceuticals plc | 450 | 13,403 | ||||||
|
| |||||||
Luxembourg — 0.2% |
| |||||||
ArcelorMittal SA | 2,120 | 23,157 | ||||||
Eurofins Scientific SE | 38 | 21,021 | ||||||
RTL Group SA | 120 | 3,996 | ||||||
SES SA, FDR | 1,260 | 8,394 | ||||||
Tenaris SA (b) | 1,555 | 10,759 | ||||||
|
| |||||||
67,327 | ||||||||
|
| |||||||
Macau — 0.2% |
| |||||||
Galaxy Entertainment Group Ltd. | 8,000 | 51,452 | ||||||
MGM China Holdings Ltd. (b) | 2,000 | 2,470 | ||||||
Sands China Ltd. | 8,000 | 32,388 | ||||||
SJM Holdings Ltd. | 5,000 | 4,937 | ||||||
Wynn Macau Ltd. (b) | 4,000 | 6,907 | ||||||
|
| |||||||
98,154 | ||||||||
|
| |||||||
Mexico — 0.0%(c) |
| |||||||
Fresnillo plc | 590 | 5,241 | ||||||
|
| |||||||
Netherlands — 4.0% |
| |||||||
ABN AMRO Bank NV, CVA (a) | 1,365 | 10,471 | ||||||
Adyen NV* (a) | 80 | 79,006 | ||||||
Aegon NV | 4,635 | 11,989 | ||||||
Akzo Nobel NV | 671 | 50,922 | ||||||
Altice Europe NV* | 2,365 | 9,436 | ||||||
Argenx SE* | 140 | 20,937 | ||||||
ASML Holding NV | 1,409 | 411,548 | ||||||
EXOR NV | 325 | 17,724 | ||||||
GrandVision NV (a) | 200 | 5,321 | ||||||
HAL Trust | 280 | 35,961 | ||||||
Heineken Holding NV (b) | 320 | 24,933 | ||||||
Heineken NV (b) | 790 | 67,197 | ||||||
ING Groep NV | 12,865 | 72,080 | ||||||
Koninklijke Ahold Delhaize NV | 3,636 | 88,283 | ||||||
Koninklijke DSM NV | 605 | 74,150 | ||||||
Koninklijke KPN NV (b) | 11,660 | 26,857 | ||||||
Koninklijke Philips NV | 2,990 | 130,342 | ||||||
Koninklijke Vopak NV | 218 | 12,571 | ||||||
NN Group NV | 1,005 | 29,072 | ||||||
OCI NV* | 210 | 2,536 | ||||||
Randstad NV* | 411 | 16,541 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 77 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Netherlands — continued |
| |||||||
Royal Dutch Shell plc, Class A | 13,824 | 227,602 | ||||||
Royal Dutch Shell plc, Class B | 12,370 | 198,027 | ||||||
Wolters Kluwer NV (b) | 902 | 66,345 | ||||||
|
| |||||||
1,689,851 | ||||||||
|
| |||||||
New Zealand — 0.3% |
| |||||||
a2 Milk Co. Ltd.* | 2,430 | 28,922 | ||||||
Auckland International Airport Ltd. | 3,825 | 14,125 | ||||||
Contact Energy Ltd. | 2,370 | 9,039 | ||||||
Fisher & Paykel Healthcare Corp. Ltd. | 1,890 | 31,576 | ||||||
Fletcher Building Ltd. | 2,735 | 6,128 | ||||||
Mercury NZ Ltd. | 2,075 | 5,768 | ||||||
Meridian Energy Ltd. | 4,150 | 11,307 | ||||||
Ryman Healthcare Ltd. | 1,365 | 9,957 | ||||||
Spark New Zealand Ltd. | 6,065 | 16,414 | ||||||
|
| |||||||
133,236 | ||||||||
|
| |||||||
Norway — 0.6% |
| |||||||
Aker ASA, Class A* | 85 | 2,242 | ||||||
Aker BP ASA | 360 | 5,910 | ||||||
DNB ASA | 2,965 | 35,900 | ||||||
Equinor ASA | 3,642 | 50,430 | ||||||
Gjensidige Forsikring ASA | 630 | 11,116 | ||||||
Kongsberg Gruppen ASA | 300 | 3,855 | ||||||
Leroy Seafood Group ASA | 930 | 4,939 | ||||||
Mowi ASA | 1,485 | 25,434 | ||||||
Norsk Hydro ASA | 4,520 | 11,467 | ||||||
Orkla ASA | 2,685 | 24,253 | ||||||
Salmar ASA | 180 | 7,015 | ||||||
Schibsted ASA, Class A | 270 | 5,728 | ||||||
Schibsted ASA, Class B | 345 | 6,701 | ||||||
Storebrand ASA | 1,555 | 7,806 | ||||||
Telenor ASA | 2,150 | 32,979 | ||||||
TGS NOPEC Geophysical Co. ASA | 385 | 5,896 | ||||||
Yara International ASA | 585 | 19,869 | ||||||
|
| |||||||
261,540 | ||||||||
|
| |||||||
Portugal — 0.2% |
| |||||||
Banco Comercial Portugues SA, Class R (b) | 26,470 | 2,962 | ||||||
EDP — Energias de Portugal SA | 7,150 | 30,129 | ||||||
Galp Energia SGPS SA | 1,505 | 17,369 | ||||||
Jeronimo Martins SGPS SA | 820 | 13,902 | ||||||
Navigator Co. SA (The)* | 740 | 1,923 | ||||||
NOS SGPS SA | 825 | 3,090 | ||||||
Sonae SGPS SA | 3,110 | 2,458 | ||||||
|
| |||||||
71,833 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Russia — 0.1% |
| |||||||
Evraz plc | 1,785 | 5,915 | ||||||
Polymetal International plc | 697 | 14,274 | ||||||
|
| |||||||
20,189 | ||||||||
|
| |||||||
Singapore — 1.3% |
| |||||||
Ascendas, REIT | 9,500 | 19,867 | ||||||
CapitaLand Commercial Trust, REIT | 9,500 | 10,795 | ||||||
CapitaLand Ltd.* | 9,000 | 19,096 | ||||||
CapitaLand Mall Trust, REIT | 9,500 | 12,640 | ||||||
City Developments Ltd. | 2,500 | 13,974 | ||||||
ComfortDelGro Corp. Ltd. | 6,500 | 7,578 | ||||||
DBS Group Holdings Ltd. | 6,000 | 84,475 | ||||||
Frasers Property Ltd. | 1,000 | 869 | ||||||
Genting Singapore Ltd. | 18,000 | 9,988 | ||||||
Golden Agri-Resources Ltd.* | 22,000 | 2,419 | ||||||
Great Eastern Holdings Ltd. | 100 | 1,324 | ||||||
Jardine Cycle & Carriage Ltd. | 300 | 4,265 | ||||||
Keppel, REIT | 5,500 | 4,108 | ||||||
Keppel Corp. Ltd. | 4,500 | 18,998 | ||||||
Mapletree Commercial Trust, REIT | 7,000 | 9,639 | ||||||
Mapletree North Asia Commercial Trust, REIT (a) | 7,000 | 4,649 | ||||||
Olam International Ltd. | 2,500 | 2,647 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 12,900 | 82,306 | ||||||
SATS Ltd. | 2,200 | 5,097 | ||||||
Sembcorp Industries Ltd. | 2,500 | 2,864 | ||||||
Sembcorp Marine Ltd.* | 3,000 | 1,586 | ||||||
Singapore Airlines Ltd. | 1,500 | 6,486 | ||||||
Singapore Exchange Ltd. | 2,500 | 17,048 | ||||||
Singapore Press Holdings Ltd. | 4,500 | 4,832 | ||||||
Singapore Technologies Engineering Ltd. | 5,500 | 13,320 | ||||||
Singapore Telecommunications Ltd. | 27,500 | 54,951 | ||||||
Suntec, REIT | 7,000 | 6,914 | ||||||
United Overseas Bank Ltd. | 4,600 | 65,730 | ||||||
UOL Group Ltd. | 2,000 | 9,619 | ||||||
Venture Corp. Ltd. | 1,000 | 11,176 | ||||||
Wilmar International Ltd. | 10,500 | 26,442 | ||||||
Yanlord Land Group Ltd. | 2,000 | 1,495 | ||||||
|
| |||||||
537,197 | ||||||||
|
| |||||||
South Africa — 0.2% |
| |||||||
Anglo American plc | 4,570 | 81,278 | ||||||
|
| |||||||
Spain — 2.4% |
| |||||||
Acciona SA | 70 | 6,938 | ||||||
ACS Actividades de Construccion y Servicios SA | 910 | 22,756 | ||||||
Aena SME SA* (a) | 240 | 30,380 | ||||||
Amadeus IT Group SA | 1,415 | 67,541 |
SEE NOTES TO FINANCIAL STATEMENTS.
78 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Spain — continued |
| |||||||
Banco Bilbao Vizcaya Argentaria SA | 22,030 | 72,011 | ||||||
Banco de Sabadell SA | 18,830 | 7,807 | ||||||
Banco Santander SA | 54,915 | 122,702 | ||||||
Bankia SA | 3,865 | 3,933 | ||||||
CaixaBank SA | 11,860 | 21,338 | ||||||
Cellnex Telecom SA (a) | 890 | 46,551 | ||||||
EDP Renovaveis SA | 490 | 6,008 | ||||||
Enagas SA | 811 | 18,930 | ||||||
Endesa SA | 1,045 | 23,178 | ||||||
Ferrovial SA | 1,590 | 39,813 | ||||||
Grifols SA | 965 | 32,932 | ||||||
Grifols SA (Preference), Class B | 850 | 17,498 | ||||||
Iberdrola SA | 19,755 | 196,519 | ||||||
Industria de Diseno Textil SA | 3,525 | 90,284 | ||||||
Mapfre SA | 3,250 | 5,964 | ||||||
Naturgy Energy Group SA | 1,105 | 19,523 | ||||||
Red Electrica Corp. SA | 1,430 | 25,171 | ||||||
Repsol SA | 4,855 | 44,068 | ||||||
Siemens Gamesa Renewable Energy SA | 745 | 11,082 | ||||||
Telefonica SA | 15,095 | 69,022 | ||||||
|
| |||||||
1,001,949 | ||||||||
|
| |||||||
Sweden — 2.9% |
| |||||||
Alfa Laval AB* | 995 | 18,593 | ||||||
Assa Abloy AB, Class B | 3,285 | 58,808 | ||||||
Atlas Copco AB, Class A | 2,145 | 73,926 | ||||||
Atlas Copco AB, Class B | 1,290 | 39,902 | ||||||
Axfood AB | 346 | 7,360 | ||||||
Boliden AB (b) | 895 | 18,041 | ||||||
Castellum AB | 845 | 14,821 | ||||||
Electrolux AB, Series B | 840 | 11,486 | ||||||
Elekta AB, Class B | 1,205 | 10,948 | ||||||
Epiroc AB, Class A | 2,070 | 20,716 | ||||||
Epiroc AB, Class B | 1,295 | 12,777 | ||||||
Essity AB, Class A* | 105 | 3,404 | ||||||
Essity AB, Class B* | 2,010 | 65,111 | ||||||
Fabege AB | 910 | 10,780 | ||||||
Fastighets AB Balder, Class B* | 320 | 12,645 | ||||||
Getinge AB, Class B | 715 | 13,705 | ||||||
Hennes & Mauritz AB, Class B (b) | 2,565 | 35,062 | ||||||
Hexagon AB, Class B* | 930 | 45,637 | ||||||
Hexpol AB* | 860 | 6,178 | ||||||
Holmen AB, Class B | 320 | 9,181 | ||||||
Husqvarna AB, Class A | 10 | 62 | ||||||
Husqvarna AB, Class B | 1,355 | 8,153 | ||||||
ICA Gruppen AB | 290 | 12,689 | ||||||
Industrivarden AB, Class A* | 525 | 10,774 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Sweden — continued |
| |||||||
Industrivarden AB, Class C* | 545 | 11,152 | ||||||
Intrum AB (b) | 195 | 2,972 | ||||||
Investment AB Latour, Class B | 415 | 6,205 | ||||||
Investor AB, Class A | 435 | 21,460 | ||||||
Investor AB, Class B | 1,556 | 77,330 | ||||||
Kinnevik AB, Class B | 790 | 16,237 | ||||||
L E Lundbergforetagen AB, Class B* | 220 | 9,237 | ||||||
Lundin Energy AB | 625 | 16,081 | ||||||
NCC AB, Class B | 280 | 4,269 | ||||||
Nibe Industrier AB, Class B | 1,210 | 22,575 | ||||||
Saab AB, Class B* (b) | 275 | 6,273 | ||||||
Sandvik AB* | 3,660 | 56,303 | ||||||
Securitas AB, Class B (b) | 1,055 | 12,483 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 5,300 | 43,632 | ||||||
Skanska AB, Class B* | 1,190 | 22,641 | ||||||
SKF AB, Class A | 60 | 947 | ||||||
SKF AB, Class B | 1,245 | 19,651 | ||||||
SSAB AB, Class A* (b) | 780 | 1,874 | ||||||
SSAB AB, Class B* | 1,975 | 4,565 | ||||||
Svenska Cellulosa AB SCA, Class A* | 105 | 1,126 | ||||||
Svenska Cellulosa AB SCA, Class B* | 2,000 | 21,213 | ||||||
Svenska Handelsbanken AB, Class A* | 5,012 | 45,746 | ||||||
Svenska Handelsbanken AB, Class B* (b) | 116 | 1,158 | ||||||
Swedbank AB, Class A | 3,065 | 36,272 | ||||||
Swedish Match AB | 560 | 34,606 | ||||||
Swedish Orphan Biovitrum AB* | 600 | 11,495 | ||||||
Tele2 AB, Class B | 1,640 | 21,147 | ||||||
Telefonaktiebolaget LM Ericsson, Class A | 205 | 1,936 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 8,655 | 73,941 | ||||||
Telia Co. AB (b) | 8,615 | 29,954 | ||||||
Trelleborg AB, Class B* | 810 | 10,314 | ||||||
Volvo AB, Class A | 795 | 10,163 | ||||||
Volvo AB, Class B | 5,400 | 69,199 | ||||||
|
| |||||||
1,244,916 | ||||||||
|
| |||||||
Switzerland — 10.4% |
| |||||||
ABB Ltd. (Registered) | 6,380 | 121,107 | ||||||
Adecco Group AG (Registered) | 530 | 23,193 | ||||||
Alcon, Inc.* | 1,610 | 84,971 | ||||||
Baloise Holding AG (Registered) | 161 | 24,088 | ||||||
Barry Callebaut AG (Registered) | 10 | 19,580 | ||||||
Chocoladefabriken Lindt & Spruengli AG | 4 | 31,160 | ||||||
Cie Financiere Richemont SA (Registered) | 1,720 | 97,582 | ||||||
Coca-Cola HBC AG | 630 | 15,963 | ||||||
Credit Suisse Group AG (Registered)* | 8,015 | 73,182 | ||||||
EMS-Chemie Holding AG (Registered) | 25 | 16,167 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 79 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Switzerland — continued |
| |||||||
Geberit AG (Registered) | 130 | 58,136 | ||||||
Givaudan SA (Registered) | 27 | 90,539 | ||||||
Glencore plc* | 36,140 | 67,706 | ||||||
Julius Baer Group Ltd.* | 735 | 28,867 | ||||||
Kuehne + Nagel International AG (Registered) | 165 | 23,602 | ||||||
LafargeHolcim Ltd. (Registered)* | 1,605 | 66,660 | ||||||
Lonza Group AG (Registered)* | 250 | 109,166 | ||||||
Mediclinic International plc | 1,575 | 5,121 | ||||||
Nestle SA (Registered) | 9,835 | 1,041,626 | ||||||
Novartis AG (Registered) | 8,431 | 719,489 | ||||||
Pargesa Holding SA | 115 | 8,181 | ||||||
Partners Group Holding AG | 65 | 51,223 | ||||||
Roche Holding AG | 95 | 32,994 | ||||||
Roche Holding AG | 2,322 | 804,103 | ||||||
Schindler Holding AG | 135 | 30,045 | ||||||
Schindler Holding AG (Registered) | 65 | 13,978 | ||||||
SGS SA (Registered) | 19 | 42,858 | ||||||
Sika AG (Registered) | 420 | 69,472 | ||||||
Sonova Holding AG (Registered) | 179 | 32,330 | ||||||
STMicroelectronics NV | 2,175 | 56,010 | ||||||
Straumann Holding AG (Registered) | 37 | 28,151 | ||||||
Swatch Group AG (The) | 100 | 20,066 | ||||||
Swatch Group AG (The) (Registered) | 205 | 7,970 | ||||||
Swiss Life Holding AG (Registered) | 110 | 39,009 | ||||||
Swiss Re AG | 955 | 69,396 | ||||||
Swisscom AG (Registered) | 83 | 43,126 | ||||||
Temenos AG (Registered)* | 210 | 27,212 | ||||||
UBS Group AG (Registered)* | 12,655 | 135,503 | ||||||
Vifor Pharma AG | 145 | 21,754 | ||||||
Zurich Insurance Group AG | 514 | 162,966 | ||||||
|
| |||||||
4,414,252 | ||||||||
|
| |||||||
United Arab Emirates — 0.0%(c) |
| |||||||
NMC Health plc‡ | 300 | — | ||||||
|
| |||||||
United Kingdom — 13.3% |
| |||||||
3i Group plc | 3,210 | 31,535 | ||||||
Admiral Group plc | 820 | 23,928 | ||||||
Aggreko plc | 670 | 3,864 | ||||||
Ashtead Group plc | 1,506 | 41,137 | ||||||
ASOS plc* | 190 | 5,733 | ||||||
Associated British Foods plc | 1,185 | 28,131 | ||||||
AstraZeneca plc | 4,340 | 453,930 | ||||||
Auto Trader Group plc (a) | 3,110 | 17,903 | ||||||
AVEVA Group plc | 205 | 9,201 | ||||||
Aviva plc | 13,000 | 39,314 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Babcock International Group plc | 1,475 | 7,813 | ||||||
BAE Systems plc | 10,545 | 67,261 | ||||||
Barclays plc | 53,220 | 71,065 | ||||||
Barratt Developments plc | 3,355 | 21,872 | ||||||
Berkeley Group Holdings plc | 420 | 22,047 | ||||||
BP plc | 66,840 | 263,377 | ||||||
British American Tobacco plc | 7,560 | 291,394 | ||||||
British Land Co. plc (The), REIT | 3,115 | 15,890 | ||||||
BT Group plc | 28,975 | 42,232 | ||||||
Bunzl plc | 1,105 | 23,984 | ||||||
Burberry Group plc | 1,350 | 23,441 | ||||||
Centrica plc | 19,260 | 9,633 | ||||||
CK Hutchison Holdings Ltd. | 9,000 | 66,710 | ||||||
CNH Industrial NV* | 3,290 | 20,580 | ||||||
Coca-Cola European Partners plc | 705 | 27,946 | ||||||
Compass Group plc | 5,265 | 88,596 | ||||||
ConvaTec Group plc (a) | 5,160 | 13,782 | ||||||
Croda International plc | 435 | 26,674 | ||||||
DCC plc | 340 | 24,177 | ||||||
Derwent London plc, REIT | 355 | 13,871 | ||||||
Diageo plc | 7,740 | 266,487 | ||||||
Direct Line Insurance Group plc | 4,535 | 15,451 | ||||||
DS Smith plc | 4,510 | 17,683 | ||||||
easyJet plc | 885 | 6,704 | ||||||
Experian plc | 3,050 | 91,593 | ||||||
Fiat Chrysler Automobiles NV | 3,635 | 31,530 | ||||||
G4S plc | 5,120 | 7,029 | ||||||
GlaxoSmithKline plc | 16,500 | 344,233 | ||||||
GVC Holdings plc | 1,905 | 18,082 | ||||||
Halma plc | 1,255 | 32,994 | ||||||
Hammerson plc, REIT | 2,550 | 2,259 | ||||||
Hargreaves Lansdown plc | 910 | 16,466 | ||||||
Hiscox Ltd. | 960 | 8,445 | ||||||
HSBC Holdings plc | 68,170 | 350,391 | ||||||
Imperial Brands plc | 3,180 | 66,902 | ||||||
Informa plc | 4,303 | 23,769 | ||||||
InterContinental Hotels Group plc | 615 | 28,015 | ||||||
Intertek Group plc | 525 | 31,332 | ||||||
ITV plc | 11,975 | 11,498 | ||||||
J Sainsbury plc | 5,702 | 14,191 | ||||||
JD Sports Fashion plc | 1,360 | 9,014 | ||||||
John Wood Group plc | 2,230 | 5,647 | ||||||
Johnson Matthey plc | 660 | 16,537 | ||||||
Kingfisher plc | 7,045 | 13,976 | ||||||
Land Securities Group plc, REIT | 2,485 | 20,723 |
SEE NOTES TO FINANCIAL STATEMENTS.
80 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Legal & General Group plc | 19,520 | 50,186 | ||||||
Lloyds Banking Group plc | 231,855 | 93,810 | ||||||
London Stock Exchange Group plc | 1,045 | 97,809 | ||||||
M&G plc | 8,510 | 14,108 | ||||||
Marks & Spencer Group plc | 6,445 | 7,509 | ||||||
Meggitt plc | 2,551 | 8,933 | ||||||
Melrose Industries plc | 16,060 | 20,073 | ||||||
Micro Focus International plc | 1,190 | 7,055 | ||||||
Mondi plc | 1,595 | 28,167 | ||||||
National Grid plc | 12,390 | 145,195 | ||||||
Next plc | 445 | 26,495 | ||||||
Ocado Group plc* | 1,940 | 39,183 | ||||||
Pearson plc | 2,575 | 14,849 | ||||||
Persimmon plc | 1,045 | 28,953 | ||||||
Phoenix Group Holdings plc | 1,740 | 13,204 | ||||||
Prudential plc | 8,550 | 120,618 | ||||||
Reckitt Benckiser Group plc | 2,440 | 203,251 | ||||||
RELX plc | 6,650 | 150,036 | ||||||
Rentokil Initial plc | 6,065 | 36,084 | ||||||
Rightmove plc | 2,975 | 18,601 | ||||||
Rolls-Royce Holdings plc* | 6,295 | 26,055 | ||||||
Royal Bank of Scotland Group plc | 15,185 | 21,185 | ||||||
Royal Mail plc | 3,295 | 6,876 | ||||||
RSA Insurance Group plc | 3,390 | 15,364 | ||||||
Sage Group plc (The) | 3,705 | 29,797 | ||||||
Schroders plc | 435 | 14,529 | ||||||
Schroders plc(Non-Voting) | 160 | 4,273 | ||||||
Segro plc, REIT | 3,626 | 38,006 | ||||||
Severn Trent plc | 790 | 23,706 | ||||||
Smith & Nephew plc | 2,940 | 57,533 | ||||||
Smiths Group plc | 1,300 | 20,241 | ||||||
Spirax-Sarco Engineering plc | 250 | 27,360 | ||||||
SSE plc | 3,410 | 53,487 | ||||||
St James’s Place plc | 1,750 | 18,634 | ||||||
Standard Chartered plc | 8,915 | 45,553 | ||||||
Standard Life Aberdeen plc | 7,935 | 21,977 | ||||||
Subsea 7 SA* | 785 | 4,309 | ||||||
Tate & Lyle plc | 1,540 | 13,799 | ||||||
Taylor Wimpey plc | 10,800 | 19,946 | ||||||
TechnipFMC plc | 1,395 | 12,214 | ||||||
Tesco plc | 32,100 | 94,946 | ||||||
Travis Perkins plc | 835 | 10,903 | ||||||
Unilever NV | 4,831 | 240,580 | ||||||
Unilever plc | 3,860 | 198,760 | ||||||
United Utilities Group plc | 2,245 | 25,413 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Vodafone Group plc | 88,540 | 124,901 | ||||||
Weir Group plc (The) | 865 | 10,337 | ||||||
Whitbread plc | 440 | 16,506 | ||||||
Wm Morrison Supermarkets plc | 7,900 | 18,156 | ||||||
WPP plc | 4,115 | 31,929 | ||||||
|
| |||||||
5,619,366 | ||||||||
|
| |||||||
United States — 0.3% |
| |||||||
Carnival plc | 610 | 8,406 | ||||||
Ferguson plc | 775 | 55,879 | ||||||
James Hardie Industries plc, CHDI | 1,600 | 22,969 | ||||||
QIAGEN NV* | 750 | 31,232 | ||||||
|
| |||||||
118,486 | ||||||||
|
| |||||||
Total Common Stocks | 41,870,692 | |||||||
|
| |||||||
Rights — 0.0%(c) |
| |||||||
Australia — 0.0%(c) |
| |||||||
Flight Centre Travel Group Ltd., expiring 5/1/2020* | 109 | 261 | ||||||
|
| |||||||
Short-Term Investments — 2.3% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) (Cost $49,618) | 49,618 | 49,618 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) (Cost $941,191) | 941,191 |
| 941,191 |
| ||||
|
| |||||||
Total Short-Term Investments | 990,809 | |||||||
|
| |||||||
Total Investments — 101.3% | 42,861,762 | |||||||
Liabilities in Excess of | (536,833 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 42,324,929 | |||||||
|
|
Percentages indicated are based on net assets.
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 81 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 10.1 | % | ||
Banks | 7.3 | |||
Insurance | 4.9 | |||
Food Products | 4.1 | |||
Oil, Gas & Consumable Fuels | 3.4 | |||
Chemicals | 3.4 | |||
Automobiles | 3.0 | |||
Machinery | 2.9 | |||
Metals & Mining | 2.5 | |||
Capital Markets | 2.4 | |||
Textiles, Apparel & Luxury Goods | 2.4 | |||
Personal Products | 2.2 | |||
Health Care Equipment & Supplies | 2.1 | |||
Electric Utilities | 2.1 | |||
Diversified Telecommunication Services | 2.0 | |||
Beverages | 2.0 | |||
Real Estate Management & Development | 2.0 | |||
Semiconductors & Semiconductor Equipment | 1.8 | |||
Electronic Equipment, Instruments & Components | 1.8 | |||
Wireless Telecommunication Services | 1.7 | |||
Food & Staples Retailing | 1.6 | |||
Professional Services | 1.6 | |||
Electrical Equipment | 1.6 | |||
Software | 1.5 | |||
Equity Real Estate Investment Trusts (REITs) | 1.5 | |||
IT Services | 1.4 | |||
Trading Companies & Distributors | 1.3 | |||
Household Durables | 1.3 | |||
Road & Rail | 1.3 | |||
Hotels, Restaurants & Leisure | 1.2 |
INDUSTRY | PERCENTAGE | |||
Industrial Conglomerates | 1.2 | % | ||
Biotechnology | 1.1 | |||
Tobacco | 1.1 | |||
Multi-Utilities | 1.0 | |||
Household Products | 1.0 | |||
Aerospace & Defense | 1.0 | |||
Auto Components | 1.0 | |||
Others (each less than 1.0%) | 11.9 | |||
Short-Term Investments | 2.3 |
Abbreviations
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest | |
CVA | Dutch Certification | |
FDR | Fiduciary Depository 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) | 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, 2020. The total value of securities on loan at April 30, 2020 is $884,884. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI EAFEE-Mini Index | 5 | 06/2020 | USD | 409,400 | 39,386 | |||||||||||||||
|
|
Abbreviations
EAFE | Europe, Australasia, and Far East | |
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
82 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 98.5% |
| |||||||
Air Freight & Logistics — 0.4% |
| |||||||
SG Holdings Co. Ltd. | 182,400 | 5,074,928 | ||||||
Yamato Holdings Co. Ltd. | 308,400 | 5,382,710 | ||||||
|
| |||||||
10,457,638 | ||||||||
|
| |||||||
Airlines — 0.1% | ||||||||
ANA Holdings, Inc.* (a) | 86,200 | 1,831,749 | ||||||
Japan Airlines Co. Ltd. | 84,800 | 1,512,645 | ||||||
|
| |||||||
3,344,394 | ||||||||
|
| |||||||
Auto Components — 2.3% | ||||||||
Aisin Seiki Co. Ltd. | 137,100 | 3,948,402 | ||||||
Bridgestone Corp. | 466,400 | 14,517,779 | ||||||
Denso Corp. | 390,100 | 13,712,696 | ||||||
JTEKT Corp. | 184,100 | 1,348,632 | ||||||
Koito Manufacturing Co. Ltd. | 96,600 | 3,638,708 | ||||||
NGK Spark Plug Co. Ltd. | 131,600 | 1,970,342 | ||||||
NHK Spring Co. Ltd. | 171,900 | 1,137,426 | ||||||
NOK Corp. | 89,500 | 1,042,305 | ||||||
Stanley Electric Co. Ltd. | 114,800 | 2,615,642 | ||||||
Sumitomo Electric Industries Ltd. | 595,300 | 6,124,715 | ||||||
Sumitomo Rubber Industries Ltd. | 143,100 | 1,389,006 | ||||||
Toyoda Gosei Co. Ltd. | 55,500 | 1,033,701 | ||||||
Toyota Boshoku Corp. | 66,800 | 833,985 | ||||||
Toyota Industries Corp. | 153,900 | 7,746,346 | ||||||
Yokohama Rubber Co. Ltd. (The) | 100,500 | 1,278,251 | ||||||
|
| |||||||
62,337,936 | ||||||||
|
| |||||||
Automobiles — 7.2% | ||||||||
Honda Motor Co. Ltd. | 1,359,800 | 33,021,623 | ||||||
Isuzu Motors Ltd. | 461,800 | 3,509,475 | ||||||
Mazda Motor Corp. | 455,000 | 2,572,276 | ||||||
Mitsubishi Motors Corp. | 517,400 | 1,466,253 | ||||||
Nissan Motor Co. Ltd. | 1,807,100 | 6,150,989 | ||||||
Subaru Corp. | 478,800 | 9,582,946 | ||||||
Suzuki Motor Corp. | 346,700 | 11,065,024 | ||||||
Toyota Motor Corp. | 1,960,800 | 121,230,112 | ||||||
Yamaha Motor Co. Ltd. | 236,600 | 3,044,044 | ||||||
|
| |||||||
191,642,742 | ||||||||
|
| |||||||
Banks — 4.8% | ||||||||
Aozora Bank Ltd. | 88,600 | 1,576,738 | ||||||
Bank of Kyoto Ltd. (The) | 56,800 | 1,944,171 | ||||||
Chiba Bank Ltd. (The) | 579,700 | 2,689,820 | ||||||
Chugoku Bank Ltd. (The) | 146,300 | 1,347,133 | ||||||
Concordia Financial Group Ltd. | 931,200 | 2,853,173 | ||||||
Fukuoka Financial Group, Inc. | 143,800 | 2,054,407 | ||||||
Hachijuni Bank Ltd. (The) | 386,500 | 1,380,135 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued | ||||||||
Iyo Bank Ltd. (The) | 239,200 | 1,281,451 | ||||||
Kansai Mirai Financial Group, Inc. | 101,200 | 340,249 | ||||||
Kyushu Financial Group, Inc. | 348,700 | 1,471,047 | ||||||
Mebuki Financial Group, Inc. | 798,000 | 1,676,327 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 9,752,900 | 39,401,721 | ||||||
Mizuho Financial Group, Inc. | 19,072,300 | 22,208,154 | ||||||
Resona Holdings, Inc. | 1,654,400 | 5,166,751 | ||||||
Seven Bank Ltd. | 548,500 | 1,486,882 | ||||||
Shinsei Bank Ltd. | 149,500 | 1,803,408 | ||||||
Shizuoka Bank Ltd. (The) | 431,900 | 2,622,160 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1,031,400 | 27,122,961 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 281,100 | 8,184,717 | ||||||
Yamaguchi Financial Group, Inc. | 198,300 | 1,068,698 | ||||||
|
| |||||||
127,680,103 | ||||||||
|
| |||||||
Beverages — 1.1% | ||||||||
Asahi Group Holdings Ltd. | 344,400 | 11,842,307 | ||||||
Coca-Cola Bottlers Japan Holdings, Inc. | 115,900 | 2,075,277 | ||||||
Kirin Holdings Co. Ltd. | 685,300 | 13,225,089 | ||||||
Suntory Beverage & Food Ltd. | 95,400 | 3,592,602 | ||||||
|
| |||||||
30,735,275 | ||||||||
|
| |||||||
Biotechnology — 0.1% | ||||||||
PeptiDream, Inc.* | 73,400 | 2,737,721 | ||||||
|
| |||||||
Building Products — 1.5% | ||||||||
AGC, Inc. | 170,700 | 4,209,491 | ||||||
Daikin Industries Ltd. | 220,000 | 28,232,816 | ||||||
LIXIL Group Corp. | 218,100 | 2,616,267 | ||||||
TOTO Ltd. | 119,400 | 4,155,977 | ||||||
|
| |||||||
39,214,551 | ||||||||
|
| |||||||
Capital Markets — 1.0% | ||||||||
Daiwa Securities Group, Inc. | 1,172,500 | 4,875,760 | ||||||
Japan Exchange Group, Inc. | 402,100 | 7,479,236 | ||||||
Matsui Securities Co. Ltd. | 81,000 | 591,237 | ||||||
Nomura Holdings, Inc. | 2,492,900 | 10,344,583 | ||||||
SBI Holdings, Inc. | 168,600 | 3,148,999 | ||||||
|
| |||||||
26,439,815 | ||||||||
|
| |||||||
Chemicals — 4.0% | ||||||||
Air Water, Inc. | 162,600 | 2,192,127 | ||||||
Asahi Kasei Corp. | 1,047,600 | 7,432,173 | ||||||
Daicel Corp. | 236,600 | 1,920,584 | ||||||
DIC Corp. | 61,800 | 1,435,151 | ||||||
JSR Corp. | 149,100 | 2,804,728 | ||||||
Kaneka Corp. | 50,900 | 1,316,543 | ||||||
Kansai Paint Co. Ltd. | 194,300 | 3,690,646 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 83 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Chemicals — continued | ||||||||
Kuraray Co. Ltd. | 267,800 | 2,678,953 | ||||||
Mitsubishi Chemical Holdings Corp. | 1,059,900 | 6,024,045 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 158,600 | 1,942,983 | ||||||
Mitsui Chemicals, Inc. | 145,600 | 2,858,571 | ||||||
Nippon Paint Holdings Co. Ltd. | 148,800 | 8,599,965 | ||||||
Nippon Shokubai Co. Ltd. | 26,300 | 1,242,052 | ||||||
Nissan Chemical Corp. | 111,900 | 4,293,456 | ||||||
Nitto Denko Corp. | 119,000 | 5,944,459 | ||||||
Shin-Etsu Chemical Co. Ltd. | 287,800 | 31,744,938 | ||||||
Showa Denko KK | 112,100 | 2,453,639 | ||||||
Sumitomo Chemical Co. Ltd. | 1,237,100 | 3,794,435 | ||||||
Taiyo Nippon Sanso Corp. | 160,200 | 2,484,820 | ||||||
Teijin Ltd. | 148,300 | 2,365,050 | ||||||
Toray Industries, Inc. | 1,223,800 | 5,610,768 | ||||||
Tosoh Corp. | 243,700 | 2,978,439 | ||||||
Ube Industries Ltd. | 75,800 | 1,271,121 | ||||||
|
| |||||||
107,079,646 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.0% | ||||||||
Dai Nippon Printing Co. Ltd. | 226,200 | 4,769,229 | ||||||
Park24 Co. Ltd. | 84,700 | 1,329,873 | ||||||
Secom Co. Ltd. | 161,000 | 13,398,310 | ||||||
Sohgo Security Services Co. Ltd. | 65,100 | 3,105,404 | ||||||
Toppan Printing Co. Ltd. | 262,300 | 3,896,498 | ||||||
|
| |||||||
26,499,314 | ||||||||
|
| |||||||
Construction & Engineering — 0.8% | ||||||||
JGC Holdings Corp. | 197,100 | 1,903,354 | ||||||
Kajima Corp. | 376,800 | 3,915,243 | ||||||
Kinden Corp. | 108,100 | 1,739,447 | ||||||
Obayashi Corp. | 544,700 | 4,761,003 | ||||||
Shimizu Corp. | 548,600 | 4,213,284 | ||||||
Taisei Corp. | 168,500 | 5,252,499 | ||||||
|
| |||||||
21,784,830 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Taiheiyo Cement Corp. | 95,900 | 1,882,600 | ||||||
|
| |||||||
Consumer Finance — 0.2% |
| |||||||
Acom Co. Ltd. | 348,200 | 1,406,806 | ||||||
AEON Financial Service Co. Ltd. | 80,500 | 837,140 | ||||||
Credit Saison Co. Ltd. | 121,000 | 1,374,215 | ||||||
Hitachi Capital Corp. | 38,400 | 742,678 | ||||||
Orient Corp. | 452,600 | 517,682 | ||||||
|
| |||||||
4,878,521 | ||||||||
|
| |||||||
Containers & Packaging — 0.0%(b) |
| |||||||
Toyo Seikan Group Holdings Ltd. | 122,200 | 1,239,704 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Diversified Consumer Services — 0.1% |
| |||||||
Benesse Holdings, Inc. | 61,000 | 1,737,122 | ||||||
|
| |||||||
Diversified Financial Services — 0.6% |
| |||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 401,100 | 1,915,268 | ||||||
ORIX Corp. | 993,100 | 11,686,303 | ||||||
Tokyo Century Corp. | 40,900 | 1,398,124 | ||||||
|
| |||||||
14,999,695 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.8% |
| |||||||
Nippon Telegraph & Telephone Corp. | 966,900 | 22,019,829 | ||||||
|
| |||||||
Electric Utilities — 1.0% |
| |||||||
Chubu Electric Power Co., Inc. | 540,000 | 7,302,949 | ||||||
Chugoku Electric Power Co., Inc. (The) (a) | 233,800 | 3,145,795 | ||||||
Kansai Electric Power Co., Inc. (The) | 619,300 | 6,346,068 | ||||||
Kyushu Electric Power Co., Inc. | 355,600 | 2,817,760 | ||||||
Shikoku Electric Power Co., Inc. | 155,100 | 1,198,860 | ||||||
Tohoku Electric Power Co., Inc. | 377,500 | 3,553,030 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 605,700 | 2,038,975 | ||||||
|
| |||||||
26,403,437 | ||||||||
|
| |||||||
Electrical Equipment — 1.8% |
| |||||||
Fuji Electric Co. Ltd. | 112,400 | 2,681,007 | ||||||
Furukawa Electric Co. Ltd. | 52,900 | 995,717 | ||||||
Mabuchi Motor Co. Ltd. | 44,900 | 1,390,333 | ||||||
Mitsubishi Electric Corp. | 1,613,000 | 19,847,398 | ||||||
Nidec Corp. | 411,900 | 23,978,383 | ||||||
|
| |||||||
48,892,838 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 5.7% |
| |||||||
Alps Alpine Co. Ltd. | 164,500 | 1,696,707 | ||||||
Canon Marketing Japan, Inc. | 40,900 | 787,191 | ||||||
Citizen Watch Co. Ltd. | 236,500 | 834,690 | ||||||
Hamamatsu Photonics KK | 111,700 | 4,882,321 | ||||||
Hirose Electric Co. Ltd. | 25,000 | 2,744,923 | ||||||
Hitachi Ltd. | 726,400 | 21,559,134 | ||||||
Ibiden Co. Ltd. | 100,400 | 2,566,227 | ||||||
Keyence Corp. | 140,400 | 50,124,505 | ||||||
Kyocera Corp. | 263,400 | 14,073,569 | ||||||
Murata Manufacturing Co. Ltd. | 482,000 | 27,159,259 | ||||||
Nippon Electric Glass Co. Ltd. | 62,700 | 913,397 | ||||||
Omron Corp. | 154,600 | 9,080,453 | ||||||
Shimadzu Corp. | 206,300 | 5,137,671 | ||||||
TDK Corp. | 97,200 | 8,379,381 | ||||||
Yokogawa Electric Corp. | 179,200 | 2,442,562 | ||||||
|
| |||||||
152,381,990 | ||||||||
|
| |||||||
Entertainment — 2.0% |
| |||||||
DeNA Co. Ltd. | 80,700 | 993,425 |
SEE NOTES TO FINANCIAL STATEMENTS.
84 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Entertainment — continued |
| |||||||
GungHo Online Entertainment, Inc. | 37,050 | 574,556 | ||||||
Konami Holdings Corp. | 76,500 | 2,402,042 | ||||||
Nexon Co. Ltd. | 351,200 | 5,670,472 | ||||||
Nintendo Co. Ltd. | 89,100 | 36,791,557 | ||||||
Square Enix Holdings Co. Ltd. | 66,200 | 2,713,277 | ||||||
Toho Co. Ltd. | 106,400 | 3,484,351 | ||||||
|
| |||||||
52,629,680 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 1.5% |
| |||||||
Advance Residence Investment Corp. | 1,039 | 3,187,920 | ||||||
Daiwa House REIT Investment Corp. | 1,481 | 3,583,430 | ||||||
GLPJ-REIT | 2,861 | 3,688,528 | ||||||
Japan Prime Realty Investment Corp. | 693 | 1,919,612 | ||||||
Japan Real Estate Investment Corp. | 1,039 | 5,611,907 | ||||||
Japan Retail Fund Investment Corp. | 1,964 | 2,141,204 | ||||||
Nippon Building Fund, Inc. | 1,060 | 6,321,034 | ||||||
Nippon Prologis REIT, Inc. | 1,760 | 4,872,200 | ||||||
Nomura Real Estate Master Fund, Inc. | 3,416 | 3,884,727 | ||||||
Orix JREIT, Inc. | 2,068 | 2,472,276 | ||||||
United Urban Investment Corp. | 2,368 | 2,375,699 | ||||||
|
| |||||||
40,058,537 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.9% |
| |||||||
Aeon Co. Ltd. | 653,700 | 13,160,017 | ||||||
Cosmos Pharmaceutical Corp. | 8,200 | 2,195,055 | ||||||
FamilyMart Co. Ltd. | 190,900 | 3,237,211 | ||||||
Lawson, Inc. | 37,700 | 1,959,628 | ||||||
Matsumotokiyoshi Holdings Co. Ltd. | 68,900 | 2,371,444 | ||||||
Seven & i Holdings Co. Ltd. | 599,100 | 19,840,426 | ||||||
Sundrug Co. Ltd. | 50,900 | 1,742,738 | ||||||
Tsuruha Holdings, Inc. | 26,900 | 3,606,836 | ||||||
Welcia Holdings Co. Ltd. | 38,600 | 2,802,297 | ||||||
|
| |||||||
50,915,652 | ||||||||
|
| |||||||
Food Products — 1.9% |
| |||||||
Ajinomoto Co., Inc. | 411,600 | 7,330,918 | ||||||
Calbee, Inc. | 84,300 | 2,550,714 | ||||||
Ezaki Glico Co. Ltd. | 43,200 | 1,897,345 | ||||||
Kewpie Corp. | 89,900 | 1,785,246 | ||||||
Kikkoman Corp. | 145,300 | 6,676,538 | ||||||
MEIJI Holdings Co. Ltd. | 108,900 | 7,563,516 | ||||||
NH Foods Ltd. | 77,300 | 2,743,843 | ||||||
Nisshin Seifun Group, Inc. | 196,300 | 3,050,125 | ||||||
Nissin Foods Holdings Co. Ltd. | 63,200 | 5,195,262 | ||||||
Toyo Suisan Kaisha Ltd. | 76,600 | 3,683,453 | ||||||
Yakult Honsha Co. Ltd. | 120,500 | 6,999,933 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Products — continued |
| |||||||
Yamazaki Baking Co. Ltd. | 135,500 | 2,396,189 | ||||||
|
| |||||||
51,873,082 | ||||||||
|
| |||||||
Gas Utilities — 0.6% |
| |||||||
Osaka Gas Co. Ltd. | 312,000 | 5,810,006 | ||||||
Toho Gas Co. Ltd. | 74,500 | 3,660,533 | ||||||
Tokyo Gas Co. Ltd. | 292,000 | 6,408,209 | ||||||
|
| |||||||
15,878,748 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.7% |
| |||||||
Asahi Intecc Co. Ltd. | 195,300 | 5,173,742 | ||||||
Hoya Corp. | 284,100 | 25,908,030 | ||||||
Olympus Corp. | 976,600 | 15,495,584 | ||||||
Sysmex Corp. | 123,900 | 8,559,909 | ||||||
Terumo Corp. | 525,000 | 17,420,874 | ||||||
|
| |||||||
72,558,139 | ||||||||
|
| |||||||
Health Care Providers & Services — 0.3% |
| |||||||
Alfresa Holdings Corp. | 159,500 | 3,180,648 | ||||||
Medipal Holdings Corp. | 166,900 | 3,219,695 | ||||||
Suzuken Co. Ltd. | 61,300 | 2,362,406 | ||||||
|
| |||||||
8,762,749 | ||||||||
|
| |||||||
Health Care Technology — 0.4% |
| |||||||
M3, Inc. | 320,600 | 11,571,734 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 0.9% |
| |||||||
McDonald’s Holdings Co. Japan Ltd. | 49,700 | 2,430,124 | ||||||
Oriental Land Co. Ltd. | 169,200 | 21,394,545 | ||||||
|
| |||||||
23,824,669 | ||||||||
|
| |||||||
Household Durables — 3.8% |
| |||||||
Casio Computer Co. Ltd. | 174,700 | 2,757,088 | ||||||
Haseko Corp. | 200,800 | 2,180,006 | ||||||
Iida Group Holdings Co. Ltd. | 134,800 | 1,790,478 | ||||||
Nikon Corp. | 301,300 | 2,802,639 | ||||||
Panasonic Corp. | 1,750,500 | 13,344,046 | ||||||
Rinnai Corp. | 29,000 | 2,196,620 | ||||||
Sekisui Chemical Co. Ltd. | 342,100 | 4,335,809 | ||||||
Sekisui House Ltd. | 487,900 | 8,369,784 | ||||||
Sharp Corp.* | 155,200 | 1,708,454 | ||||||
Sony Corp. | 955,900 | 61,516,097 | ||||||
|
| |||||||
101,001,021 | ||||||||
|
| |||||||
Household Products — 0.8% |
| |||||||
Lion Corp. | 224,300 | 4,715,305 | ||||||
Pigeon Corp. | 91,200 | 3,247,620 | ||||||
Unicharm Corp. | 331,300 | 12,209,576 | ||||||
|
| |||||||
20,172,501 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 85 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
Electric Power Development Co. Ltd. | 130,400 | 2,609,843 | ||||||
|
| |||||||
Industrial Conglomerates — 0.4% |
| |||||||
Keihan Holdings Co. Ltd. | 80,500 | 3,618,129 | ||||||
Toshiba Corp. | 320,800 | 7,955,126 | ||||||
|
| |||||||
11,573,255 | ||||||||
|
| |||||||
Insurance — 2.7% |
| |||||||
Dai-ichi Life Holdings, Inc. | 898,500 | 11,260,208 | ||||||
Japan Post Holdings Co. Ltd. | 1,113,300 | 8,905,167 | ||||||
MS&AD Insurance Group Holdings, Inc. | 369,200 | 10,636,685 | ||||||
Sompo Holdings, Inc. | 279,900 | 9,078,701 | ||||||
Sony Financial Holdings, Inc. | 114,100 | 2,162,955 | ||||||
T&D Holdings, Inc. | 449,500 | 3,885,373 | ||||||
Tokio Marine Holdings, Inc. | 533,200 | 25,015,475 | ||||||
|
| |||||||
70,944,564 | ||||||||
|
| |||||||
Interactive Media & Services — 0.4% |
| |||||||
Kakaku.com, Inc. | 99,000 | 2,020,130 | ||||||
LINE Corp.* | 41,700 | 2,039,781 | ||||||
Z Holdings Corp. | 1,992,300 | 7,688,937 | ||||||
|
| |||||||
11,748,848 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 0.3% |
| |||||||
Mercari, Inc.* | 70,200 | 1,772,642 | ||||||
Rakuten, Inc. | 614,400 | 5,209,641 | ||||||
ZOZO, Inc. | 147,100 | 2,373,539 | ||||||
|
| |||||||
9,355,822 | ||||||||
|
| |||||||
IT Services — 2.1% |
| |||||||
Fujitsu Ltd. | 143,300 | 13,921,375 | ||||||
GMO Payment Gateway, Inc. | 31,100 | 2,772,544 | ||||||
Itochu Techno-Solutions Corp. | 72,100 | 2,202,985 | ||||||
NEC Corp. | 195,400 | 7,498,437 | ||||||
Nomura Research Institute Ltd. | 292,800 | 7,168,044 | ||||||
NTT Data Corp. | 486,100 | 4,960,251 | ||||||
Obic Co. Ltd. | 50,400 | 7,563,101 | ||||||
Otsuka Corp. | 82,500 | 3,735,410 | ||||||
SCSK Corp. | 38,300 | 1,733,818 | ||||||
TIS, Inc. | 177,600 | 3,386,723 | ||||||
|
| |||||||
54,942,688 | ||||||||
|
| |||||||
Leisure Products — 1.0% |
| |||||||
Bandai Namco Holdings, Inc. | 166,600 | 8,324,409 | ||||||
Sankyo Co. Ltd. | 36,100 | 991,180 | ||||||
Sega Sammy Holdings, Inc. | 133,800 | 1,620,697 | ||||||
Shimano, Inc. | 64,000 | 9,430,765 | ||||||
Yamaha Corp. | 126,900 | 5,122,357 | ||||||
|
| |||||||
25,489,408 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Machinery — 5.1% |
| |||||||
Amada Co. Ltd. | 276,600 | 2,500,200 | ||||||
Daifuku Co. Ltd. | 95,300 | 6,669,167 | ||||||
FANUC Corp. | 145,800 | 23,796,508 | ||||||
Harmonic Drive Systems, Inc. (a) | 30,900 | 1,427,547 | ||||||
Hino Motors Ltd. | 213,600 | 1,270,648 | ||||||
Hitachi Construction Machinery Co. Ltd. | 78,100 | 1,832,400 | ||||||
Hoshizaki Corp. | 41,400 | 3,154,963 | ||||||
IHI Corp. | 115,900 | 1,436,540 | ||||||
Kawasaki Heavy Industries Ltd. | 125,200 | 1,891,780 | ||||||
Komatsu Ltd. | 729,300 | 13,799,036 | ||||||
Kubota Corp. | 869,400 | 10,796,815 | ||||||
Kurita Water Industries Ltd. | 80,600 | 2,248,650 | ||||||
Makita Corp. | 209,900 | 6,834,855 | ||||||
MINEBEA MITSUMI, Inc. | 320,300 | 5,207,819 | ||||||
MISUMI Group, Inc. | 212,700 | 5,052,341 | ||||||
Mitsubishi Heavy Industries Ltd. | 254,000 | 6,513,483 | ||||||
Nabtesco Corp. | 93,700 | 2,681,258 | ||||||
NGK Insulators Ltd. | 208,700 | 2,730,385 | ||||||
NSK Ltd. | 364,600 | 2,523,632 | ||||||
SMC Corp. | 50,800 | 22,962,750 | ||||||
Sumitomo Heavy Industries Ltd. | 91,300 | 1,924,073 | ||||||
THK Co. Ltd. | 91,600 | 2,189,682 | ||||||
Yaskawa Electric Corp. | 200,100 | 6,524,202 | ||||||
|
| |||||||
135,968,734 | ||||||||
|
| |||||||
Marine — 0.1% |
| |||||||
Mitsui OSK Lines Ltd. | 90,400 | 1,567,958 | ||||||
Nippon Yusen KK | 128,500 | 1,691,513 | ||||||
|
| |||||||
3,259,471 | ||||||||
|
| |||||||
Media — 0.4% |
| |||||||
CyberAgent, Inc. | 76,000 | 3,190,935 | ||||||
Dentsu Group, Inc. | 185,100 | 3,865,602 | ||||||
Fuji Media Holdings, Inc. | 37,300 | 370,521 | ||||||
Hakuhodo DY Holdings, Inc. | 227,700 | 2,522,456 | ||||||
Nippon Television Holdings, Inc. | 39,600 | 442,343 | ||||||
Tokyo Broadcasting System Holdings, Inc. | 26,300 | 406,622 | ||||||
|
| |||||||
10,798,479 | ||||||||
|
| |||||||
Metals & Mining — 0.8% |
| |||||||
Daido Steel Co. Ltd. | 28,900 | 954,440 | ||||||
Hitachi Metals Ltd. | 151,100 | 1,455,959 | ||||||
JFE Holdings, Inc. | 434,200 | 2,881,368 | ||||||
Kobe Steel Ltd.* | 269,200 | 900,366 | ||||||
Maruichi Steel Tube Ltd. | 59,900 | 1,346,845 | ||||||
Mitsubishi Materials Corp. | 98,600 | 2,019,561 | ||||||
Nippon Steel Corp. | 712,500 | 5,994,711 |
SEE NOTES TO FINANCIAL STATEMENTS.
86 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Metals & Mining — continued |
| |||||||
Sumitomo Metal Mining Co. Ltd. | 205,400 | 5,119,194 | ||||||
Yamato Kogyo Co. Ltd. | 36,100 | 708,452 | ||||||
|
| |||||||
21,380,896 | ||||||||
|
| |||||||
Multiline Retail — 0.8% |
| |||||||
Isetan Mitsukoshi Holdings Ltd. | 299,000 | 1,818,948 | ||||||
Izumi Co. Ltd. | 33,900 | 992,337 | ||||||
J Front Retailing Co. Ltd. | 205,300 | 1,674,847 | ||||||
Marui Group Co. Ltd. | 167,800 | 2,746,705 | ||||||
Pan Pacific International Holdings Corp. | 451,500 | 8,747,224 | ||||||
Ryohin Keikaku Co. Ltd. | 198,000 | 2,356,498 | ||||||
Seria Co. Ltd. | 34,100 | 1,108,262 | ||||||
Takashimaya Co. Ltd. | 136,900 | 1,237,189 | ||||||
|
| |||||||
20,682,010 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.7% |
| |||||||
Idemitsu Kosan Co. Ltd. | 187,852 | 4,268,563 | ||||||
Inpex Corp. | 809,900 | 5,227,982 | ||||||
JXTG Holdings, Inc. | 2,426,400 | 8,602,463 | ||||||
|
| |||||||
18,099,008 | ||||||||
|
| |||||||
Paper & Forest Products — 0.1% |
| |||||||
Oji Holdings Corp. | 764,400 | 3,881,237 | ||||||
|
| |||||||
Personal Products — 2.0% |
| |||||||
Kao Corp. | 362,300 | 27,939,252 | ||||||
Kobayashi Pharmaceutical Co. Ltd. | 41,900 | 3,884,032 | ||||||
Kose Corp. | 25,600 | 3,200,318 | ||||||
Pola Orbis Holdings, Inc. | 64,000 | 1,142,107 | ||||||
Shiseido Co. Ltd. | 300,700 | 17,679,128 | ||||||
|
| |||||||
53,844,837 | ||||||||
|
| |||||||
Pharmaceuticals — 7.1% |
| |||||||
Astellas Pharma, Inc. | 1,347,700 | 22,289,814 | ||||||
Chugai Pharmaceutical Co. Ltd. | 159,700 | 19,036,515 | ||||||
Daiichi Sankyo Co. Ltd. | 458,200 | 31,497,246 | ||||||
Eisai Co. Ltd. | 222,400 | 15,525,956 | ||||||
Hisamitsu Pharmaceutical Co., Inc. | 64,400 | 3,034,240 | ||||||
Kyowa Kirin Co. Ltd. | 191,300 | 4,440,008 | ||||||
Nippon Shinyaku Co. Ltd. | 46,000 | 3,230,292 | ||||||
Ono Pharmaceutical Co. Ltd. | 376,500 | 9,070,754 | ||||||
Otsuka Holdings Co. Ltd. | 418,400 | 16,444,822 | ||||||
Santen Pharmaceutical Co. Ltd. | 300,600 | 5,321,109 | ||||||
Shionogi & Co. Ltd. | 218,900 | 12,089,305 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 129,600 | 1,793,098 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 40,900 | 2,555,280 | ||||||
Takeda Pharmaceutical Co. Ltd. | 1,184,000 | 42,696,761 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals — continued |
| |||||||
Tsumura & Co. | 51,700 | 1,430,143 | ||||||
|
| |||||||
190,455,343 | ||||||||
|
| |||||||
Professional Services — 1.5% |
| |||||||
Nihon M&A Center, Inc. | 105,900 | 3,454,713 | ||||||
Persol Holdings Co. Ltd. | 140,500 | 1,615,858 | ||||||
Recruit Holdings Co. Ltd. | 1,197,200 | 34,923,757 | ||||||
|
| |||||||
39,994,328 | ||||||||
|
| |||||||
Real Estate Management & Development — 2.6% |
| |||||||
Aeon Mall Co. Ltd. | 80,500 | 1,011,941 | ||||||
Daito Trust Construction Co. Ltd. | 56,900 | 5,410,362 | ||||||
Daiwa House Industry Co. Ltd. | 500,400 | 12,680,301 | ||||||
Hulic Co. Ltd. | 373,000 | 3,688,955 | ||||||
Mitsubishi Estate Co. Ltd. | 1,043,200 | 16,877,029 | ||||||
Mitsui Fudosan Co. Ltd. | 735,700 | 13,527,282 | ||||||
Nomura Real Estate Holdings, Inc. | 89,600 | 1,456,919 | ||||||
Sumitomo Realty & Development Co. Ltd. | 357,100 | 9,564,049 | ||||||
Tokyo Tatemono Co. Ltd. | 165,400 | 1,860,189 | ||||||
Tokyu Fudosan Holdings Corp. | 454,800 | 2,224,982 | ||||||
|
| |||||||
68,302,009 | ||||||||
|
| |||||||
Road & Rail — 4.2% |
| |||||||
Central Japan Railway Co. | 154,800 | 24,358,470 | ||||||
East Japan Railway Co. | 283,800 | 20,723,071 | ||||||
Hankyu Hanshin Holdings, Inc. | 190,700 | 6,524,388 | ||||||
Keikyu Corp. | 206,600 | 3,395,608 | ||||||
Keio Corp. | 91,500 | 5,175,929 | ||||||
Keisei Electric Railway Co. Ltd. | 129,300 | 3,900,246 | ||||||
Kintetsu Group Holdings Co. Ltd. | 143,500 | 6,855,074 | ||||||
Kyushu Railway Co. | 119,900 | 3,225,686 | ||||||
Nagoya Railroad Co. Ltd. | 147,400 | 4,218,025 | ||||||
Nankai Electric Railway Co. Ltd. | 84,900 | 1,895,320 | ||||||
Nippon Express Co. Ltd. | 66,900 | 3,267,539 | ||||||
Odakyu Electric Railway Co. Ltd. | 255,800 | 5,640,987 | ||||||
Seibu Holdings, Inc. | 211,800 | 2,540,998 | ||||||
Tobu Railway Co. Ltd. | 159,200 | 5,400,073 | ||||||
Tokyu Corp. | 426,200 | 6,415,151 | ||||||
West Japan Railway Co. | 143,900 | 8,892,679 | ||||||
|
| |||||||
112,429,244 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 1.9% |
| |||||||
Advantest Corp. | 149,600 | 7,258,809 | ||||||
Disco Corp. | 21,800 | 4,868,251 | ||||||
Renesas Electronics Corp.* | 779,800 | 4,117,678 | ||||||
Rohm Co. Ltd. | 71,000 | 4,488,890 | ||||||
SUMCO Corp. | 192,800 | 2,744,912 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 87 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
Tokyo Electron Ltd. | 124,100 | 26,430,944 | ||||||
|
| |||||||
49,909,484 | ||||||||
|
| |||||||
Software — 0.3% |
| |||||||
Oracle Corp. | 24,900 | 2,563,405 | ||||||
Trend Micro, Inc. | 91,600 | 4,647,038 | ||||||
|
| |||||||
7,210,443 | ||||||||
|
| |||||||
Specialty Retail — 1.7% |
| |||||||
ABC-Mart, Inc. | 23,700 | 1,204,403 | ||||||
Fast Retailing Co. Ltd. | 48,900 | 23,190,680 | ||||||
Hikari Tsushin, Inc. | 15,500 | 2,999,719 | ||||||
K’s Holdings Corp. | 157,300 | 1,713,717 | ||||||
Nitori Holdings Co. Ltd. | 63,500 | 9,733,009 | ||||||
Shimamura Co. Ltd. | 18,800 | 1,185,272 | ||||||
USS Co. Ltd. | 164,500 | 2,604,833 | ||||||
Workman Co. Ltd. | 17,500 | 1,107,317 | ||||||
Yamada Denki Co. Ltd. | 537,900 | 2,550,804 | ||||||
|
| |||||||
46,289,754 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 1.6% |
| |||||||
Brother Industries Ltd. | 196,700 | 3,333,770 | ||||||
Canon, Inc. | 811,500 | 17,070,012 | ||||||
FUJIFILM Holdings Corp. | 309,300 | 14,732,751 | ||||||
Konica Minolta, Inc. | 377,300 | 1,460,008 | ||||||
Ricoh Co. Ltd. | 556,100 | 3,790,650 | ||||||
Seiko Epson Corp. | 239,600 | 2,720,796 | ||||||
|
| |||||||
43,107,987 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.0%(b) |
| |||||||
Asics Corp. (a) | 140,600 | 1,333,221 | ||||||
|
| |||||||
Tobacco — 0.6% |
| |||||||
Japan Tobacco, Inc. | 841,300 | 15,667,576 | ||||||
|
| |||||||
Trading Companies & Distributors — 3.5% |
| |||||||
ITOCHU Corp. | 1,190,300 | 23,335,969 | ||||||
Marubeni Corp. | 1,305,500 | 6,287,080 | ||||||
Mitsubishi Corp. | 1,194,200 | 25,326,583 | ||||||
Mitsui & Co. Ltd. | 1,309,000 | 18,271,472 | ||||||
MonotaRO Co. Ltd. | 103,400 | 3,322,387 | ||||||
Sojitz Corp. | 843,800 | 1,952,839 | ||||||
Sumitomo Corp. | 939,600 | 10,628,937 | ||||||
Toyota Tsusho Corp. | 177,800 | 4,232,390 | ||||||
|
| |||||||
93,357,657 | ||||||||
|
| |||||||
Transportation Infrastructure — 0.2% |
| |||||||
Japan Airport Terminal Co. Ltd. (a) | 54,400 | 2,206,046 | ||||||
Kamigumi Co. Ltd. | 89,600 | 1,577,450 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Transportation Infrastructure — continued |
| |||||||
Mitsubishi Logistics Corp. | 61,700 | 1,362,286 | ||||||
|
| |||||||
5,145,782 | ||||||||
|
| |||||||
Wireless Telecommunication Services — 4.9% |
| |||||||
KDDI Corp. | 1,203,300 | 34,852,735 | ||||||
NTT DOCOMO, Inc. | 901,900 | 26,580,096 | ||||||
Softbank Corp. | 1,222,400 | 16,646,616 | ||||||
SoftBank Group Corp. | 1,240,200 | 53,158,245 | ||||||
|
| |||||||
131,237,692 | ||||||||
|
| |||||||
Total Common Stocks | 2,632,655,833 | |||||||
|
| |||||||
Short-Term Investments — 0.2% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.2% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (c) (d) | 3,006,803 | 3,007,404 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) | 2,109,360 | 2,109,360 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 5,116,764 | |||||||
|
| |||||||
Total Investments — 98.7% |
| 2,637,772,597 | ||||||
Other Assets Less Liabilities — 1.3% |
| 33,500,507 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 2,671,273,104 | ||||||
|
|
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, 2020. The total value of securities on loan at April 30, 2020 is $4,773,254. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
88 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
TOPIX Index | 286 | 06/2020 | JPY | 38,736,523 | 721,788 | |||||||||||||||
|
|
Abbreviations
JPY | Japanese Yen | |
TOPIX | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 89 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.5% |
| |||||||
Aerospace & Defense — 1.8% |
| |||||||
Boeing Co. (The) | 2,708 | 381,882 | ||||||
General Dynamics Corp. | 1,186 | 154,915 | ||||||
HEICO Corp. | 204 | 17,870 | ||||||
HEICO Corp., Class A | 364 | 26,328 | ||||||
Howmet Aerospace, Inc. | 1,963 | 25,657 | ||||||
Huntington Ingalls Industries, Inc. | 206 | 39,431 | ||||||
L3Harris Technologies, Inc. | 1,121 | 217,138 | ||||||
Lockheed Martin Corp. | 1,259 | 489,827 | ||||||
Northrop Grumman Corp. | 793 | 262,221 | ||||||
Raytheon Technologies Corp. | 7,438 | 482,057 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 532 | 11,789 | ||||||
Teledyne Technologies, Inc.* | 187 | 60,900 | ||||||
Textron, Inc. | 1,158 | 30,525 | ||||||
TransDigm Group, Inc. | 252 | 91,496 | ||||||
|
| |||||||
2,292,036 | ||||||||
|
| |||||||
Air Freight & Logistics — 0.5% |
| |||||||
CH Robinson Worldwide, Inc. | 685 | 48,567 | ||||||
Expeditors International of Washington, Inc. | 865 | 61,938 | ||||||
FedEx Corp. | 1,217 | 154,279 | ||||||
United Parcel Service, Inc., Class B | 3,549 | 335,948 | ||||||
XPO Logistics, Inc.* (a) | 470 | 31,368 | ||||||
|
| |||||||
632,100 | ||||||||
|
| |||||||
Airlines — 0.2% |
| |||||||
Alaska Air Group, Inc. | 631 | 20,520 | ||||||
American Airlines Group, Inc. (a) | 1,974 | 23,708 | ||||||
Delta Air Lines, Inc. | 2,915 | 75,528 | ||||||
Southwest Airlines Co. | 2,400 | 75,000 | ||||||
United Airlines Holdings, Inc.* | 1,264 | 37,389 | ||||||
|
| |||||||
232,145 | ||||||||
|
| |||||||
Auto Components — 0.1% |
| |||||||
Aptiv plc | 1,292 | 89,858 | ||||||
Autoliv, Inc. (Sweden) | 397 | 23,828 | ||||||
BorgWarner, Inc. | 1,045 | 29,856 | ||||||
Lear Corp. | 281 | 27,440 | ||||||
|
| |||||||
170,982 | ||||||||
|
| |||||||
Automobiles — 0.6% |
| |||||||
Ford Motor Co. | 19,733 | 100,441 | ||||||
General Motors Co. | 6,371 | 142,010 | ||||||
Harley-Davidson, Inc. | 782 | 17,071 | ||||||
Tesla, Inc.* | 723 | 565,299 | ||||||
|
| |||||||
824,821 | ||||||||
|
| |||||||
Banks — 3.8% |
| |||||||
Bank of America Corp. | 41,020 | 986,531 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
CIT Group, Inc. | 485 | 9,205 | ||||||
Citigroup, Inc. | 11,063 | 537,219 | ||||||
Citizens Financial Group, Inc. | 2,203 | 49,325 | ||||||
Comerica, Inc. | 732 | 25,517 | ||||||
East West Bancorp, Inc. | 738 | 25,882 | ||||||
Fifth Third Bancorp | 3,594 | 67,172 | ||||||
First Republic Bank | 852 | 88,855 | ||||||
Huntington Bancshares, Inc. | 5,234 | 48,362 | ||||||
JPMorgan Chase & Co. (b) | 15,891 | 1,521,722 | ||||||
KeyCorp | 4,991 | 58,145 | ||||||
M&T Bank Corp. | 671 | 75,206 | ||||||
PNC Financial Services Group, Inc. (The) | 2,219 | 236,701 | ||||||
Regions Financial Corp. | 4,889 | 52,557 | ||||||
SVB Financial Group* | 260 | 50,224 | ||||||
Truist Financial Corp. | 6,797 | 253,664 | ||||||
US Bancorp | 7,202 | 262,873 | ||||||
Wells Fargo & Co. | 19,502 | 566,533 | ||||||
Zions Bancorp NA | 873 | 27,596 | ||||||
|
| |||||||
4,943,289 | ||||||||
|
| |||||||
Beverages — 1.7% |
| |||||||
Brown-Forman Corp., Class A | 289 | 16,392 | ||||||
Brown-Forman Corp., Class B | 927 | 57,659 | ||||||
Coca-Cola Co. (The) | 19,540 | 896,691 | ||||||
Constellation Brands, Inc., Class A | 847 | 139,492 | ||||||
Keurig Dr Pepper, Inc. | 1,363 | 36,065 | ||||||
Molson Coors Beverage Co., Class B | 950 | 38,960 | ||||||
Monster Beverage Corp.* | 1,932 | 119,417 | ||||||
PepsiCo, Inc. | 7,065 | 934,629 | ||||||
|
| |||||||
2,239,305 | ||||||||
|
| |||||||
Biotechnology — 2.5% |
| |||||||
AbbVie, Inc. | 7,494 | 616,007 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,123 | 120,689 | ||||||
Alnylam Pharmaceuticals, Inc.* | 563 | 74,147 | ||||||
Amgen, Inc. | 3,009 | 719,813 | ||||||
Biogen, Inc.* | 916 | 271,896 | ||||||
BioMarin Pharmaceutical, Inc.* | 912 | 83,922 | ||||||
Exact Sciences Corp.* | 707 | 55,839 | ||||||
Gilead Sciences, Inc. | 6,411 | 538,524 | ||||||
Incyte Corp.* | 904 | 88,285 | ||||||
Neurocrine Biosciences, Inc.* | 465 | 45,635 | ||||||
Regeneron Pharmaceuticals, Inc.* | 404 | 212,455 | ||||||
Seattle Genetics, Inc.* | 585 | 80,280 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,305 | 327,816 | ||||||
|
| |||||||
3,235,308 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
90 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Building Products — 0.3% |
| |||||||
Allegion plc | 474 | 47,656 | ||||||
Fortune Brands Home & Security, Inc. | 704 | 33,933 | ||||||
Johnson Controls International plc | 3,911 | 113,849 | ||||||
Lennox International, Inc. (a) | 181 | 33,789 | ||||||
Masco Corp. | 1,438 | 59,016 | ||||||
Owens Corning | 550 | 23,848 | ||||||
Trane Technologies plc | 1,215 | 106,215 | ||||||
|
| |||||||
418,306 | ||||||||
|
| |||||||
Capital Markets — 2.8% |
| |||||||
Affiliated Managers Group, Inc. | 249 | 17,420 | ||||||
Ameriprise Financial, Inc. | 642 | 73,792 | ||||||
Apollo Global Management, Inc. | 1,021 | 41,340 | ||||||
Bank of New York Mellon Corp. (The) | 4,254 | 159,695 | ||||||
BlackRock, Inc. | 597 | 299,718 | ||||||
Blackstone Group, Inc. (The), Class A | 3,340 | 174,482 | ||||||
Charles Schwab Corp. (The) | 5,792 | 218,474 | ||||||
CME Group, Inc. | 1,816 | 323,629 | ||||||
E*TRADE Financial Corp. | 1,143 | 46,417 | ||||||
Franklin Resources, Inc. | 1,416 | 26,677 | ||||||
Goldman Sachs Group, Inc. (The) | 1,615 | 296,223 | ||||||
Intercontinental Exchange, Inc. | 2,823 | 252,517 | ||||||
Invesco Ltd. | 1,884 | 16,240 | ||||||
KKR & Co., Inc., Class A | 2,790 | 70,336 | ||||||
MarketAxess Holdings, Inc. | 194 | 88,272 | ||||||
Moody’s Corp. | 824 | 200,974 | ||||||
Morgan Stanley | 5,899 | 232,598 | ||||||
MSCI, Inc. | 431 | 140,937 | ||||||
Nasdaq, Inc. | 584 | 64,047 | ||||||
Northern Trust Corp. | 1,075 | 85,097 | ||||||
Raymond James Financial, Inc. | 631 | 41,596 | ||||||
S&P Global, Inc. | 1,237 | 362,293 | ||||||
SEI Investments Co. | 639 | 32,563 | ||||||
State Street Corp. | 1,844 | 116,246 | ||||||
T. Rowe Price Group, Inc. | 1,183 | 136,790 | ||||||
TD Ameritrade Holding Corp. | 1,341 | 52,661 | ||||||
|
| |||||||
3,571,034 | ||||||||
|
| |||||||
Chemicals — 1.7% |
| |||||||
Air Products & Chemicals, Inc. | 1,118 | 252,198 | ||||||
Albemarle Corp. | 538 | 33,049 | ||||||
Ashland Global Holdings, Inc. | 304 | 18,754 | ||||||
Axalta Coating Systems Ltd.* | 1,060 | 20,924 | ||||||
Celanese Corp. | 610 | 50,673 | ||||||
CF Industries Holdings, Inc. | 1,100 | 30,250 | ||||||
Corteva, Inc. | 3,791 | 99,286 | ||||||
Dow, Inc. | 3,759 | 137,918 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Chemicals — continued |
| |||||||
DuPont de Nemours, Inc. | 3,755 | 176,560 | ||||||
Eastman Chemical Co. | 689 | 41,691 | ||||||
Ecolab, Inc. | 1,271 | 245,939 | ||||||
FMC Corp. | 655 | 60,195 | ||||||
International Flavors & Fragrances, Inc. | 541 | 70,887 | ||||||
Linde plc (United Kingdom) | 2,724 | 501,189 | ||||||
LyondellBasell Industries NV, Class A | 1,303 | 75,509 | ||||||
Mosaic Co. (The) | 1,771 | 20,384 | ||||||
PPG Industries, Inc. | 1,196 | 108,633 | ||||||
Sherwin-Williams Co. (The) | 414 | 222,057 | ||||||
Westlake Chemical Corp. | 187 | 8,125 | ||||||
WR Grace & Co. | 289 | 13,650 | ||||||
|
| |||||||
2,187,871 | ||||||||
|
| |||||||
Commercial Services & Supplies — 0.4% |
| |||||||
Cintas Corp. | 427 | 94,721 | ||||||
Copart, Inc.* | 1,036 | 82,994 | ||||||
Republic Services, Inc. | 1,072 | 83,980 | ||||||
Rollins, Inc. | 715 | 28,600 | ||||||
Stericycle, Inc.* | 460 | 22,448 | ||||||
Waste Management, Inc. | 1,976 | 197,640 | ||||||
|
| |||||||
510,383 | ||||||||
|
| |||||||
Communications Equipment — 0.9% |
| |||||||
Arista Networks, Inc.* | 278 | 60,965 | ||||||
Cisco Systems, Inc. | 21,497 | 911,043 | ||||||
F5 Networks, Inc.* | 307 | 42,753 | ||||||
Juniper Networks, Inc. | 1,698 | 36,677 | ||||||
Motorola Solutions, Inc. | 869 | 124,971 | ||||||
Ubiquiti, Inc. | 61 | 9,884 | ||||||
|
| |||||||
1,186,293 | ||||||||
|
| |||||||
Construction & Engineering — 0.1% |
| |||||||
Jacobs Engineering Group, Inc. | 687 | 56,849 | ||||||
Quanta Services, Inc. | 728 | 26,470 | ||||||
|
| |||||||
83,319 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Martin Marietta Materials, Inc. | 315 | 59,922 | ||||||
Vulcan Materials Co. | 673 | 76,029 | ||||||
|
| |||||||
135,951 | ||||||||
|
| |||||||
Consumer Finance — 0.5% |
| |||||||
Ally Financial, Inc. | 1,925 | 31,551 | ||||||
American Express Co. | 3,398 | 310,067 | ||||||
Capital One Financial Corp. | 2,359 | 152,769 | ||||||
Discover Financial Services | 1,587 | 68,193 | ||||||
Santander Consumer USA Holdings, Inc. | 501 | 7,811 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 91 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Consumer Finance — continued |
| |||||||
Synchrony Financial | 2,858 | 56,560 | ||||||
|
| |||||||
626,951 | ||||||||
|
| |||||||
Containers & Packaging — 0.3% |
| |||||||
Amcor plc | 8,207 | 73,617 | ||||||
Avery Dennison Corp. | 426 | 47,026 | ||||||
Ball Corp. | 1,660 | 108,879 | ||||||
Crown Holdings, Inc.* | 687 | 44,250 | ||||||
International Paper Co. | 1,989 | 68,123 | ||||||
Packaging Corp. of America | 485 | 46,875 | ||||||
Sealed Air Corp. | 783 | 22,386 | ||||||
WestRock Co. | 1,314 | 42,298 | ||||||
|
| |||||||
453,454 | ||||||||
|
| |||||||
Distributors — 0.1% |
| |||||||
Genuine Parts Co. | 736 | 58,350 | ||||||
LKQ Corp.* | 1,560 | 40,794 | ||||||
|
| |||||||
99,144 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.0%(c) |
| |||||||
H&R Block, Inc. | 989 | 16,467 | ||||||
|
| |||||||
Diversified Financial Services — 1.5% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 9,910 | 1,856,738 | ||||||
Equitable Holdings, Inc. | 2,116 | 38,765 | ||||||
Jefferies Financial Group, Inc. | 1,213 | 16,642 | ||||||
Voya Financial, Inc. | 684 | 30,896 | ||||||
|
| |||||||
1,943,041 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 1.8% |
| |||||||
AT&T, Inc. | 37,013 | 1,127,786 | ||||||
CenturyLink, Inc. | 4,970 | 52,782 | ||||||
Verizon Communications, Inc. | 20,958 | 1,204,037 | ||||||
|
| |||||||
2,384,605 | ||||||||
|
| |||||||
Electric Utilities — 2.0% |
| |||||||
Alliant Energy Corp. | 1,220 | 59,231 | ||||||
American Electric Power Co., Inc. | 2,503 | 208,024 | ||||||
Avangrid, Inc. (a) | 288 | 12,384 | ||||||
Duke Energy Corp. | 3,693 | 312,650 | ||||||
Edison International | 1,817 | 106,676 | ||||||
Entergy Corp. | 1,011 | 96,561 | ||||||
Evergy, Inc. | 1,157 | 67,604 | ||||||
Eversource Energy | 1,639 | 132,267 | ||||||
Exelon Corp. | 4,924 | 182,582 | ||||||
FirstEnergy Corp. | 2,738 | 112,997 | ||||||
NextEra Energy, Inc. | 2,474 | 571,791 | ||||||
NRG Energy, Inc. | 1,275 | 42,751 | ||||||
OGE Energy Corp. | 1,021 | 32,182 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Electric Utilities — continued |
| |||||||
Pinnacle West Capital Corp. | 572 | 44,038 | ||||||
PPL Corp. | 3,889 | 98,858 | ||||||
Southern Co. (The) | 5,312 | 301,350 | ||||||
Xcel Energy, Inc. | 2,656 | 168,815 | ||||||
|
| |||||||
2,550,761 | ||||||||
|
| |||||||
Electrical Equipment — 0.5% |
| |||||||
Acuity Brands, Inc. | 200 | 17,318 | ||||||
AMETEK, Inc. | 1,160 | 97,289 | ||||||
Eaton Corp. plc | 2,096 | 175,016 | ||||||
Emerson Electric Co. | 3,087 | 176,052 | ||||||
Hubbell, Inc. | 279 | 34,716 | ||||||
Rockwell Automation, Inc. | 586 | 111,035 | ||||||
Sensata Technologies Holding plc* | 803 | 29,213 | ||||||
|
| |||||||
640,639 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.6% |
| |||||||
Amphenol Corp., Class A | 1,504 | 132,743 | ||||||
CDW Corp. | 731 | 80,995 | ||||||
Cognex Corp. | 874 | 48,280 | ||||||
Corning, Inc. | 3,895 | 85,729 | ||||||
Flex Ltd.* | 2,577 | 25,151 | ||||||
IPG Photonics Corp.* | 183 | 23,667 | ||||||
Keysight Technologies, Inc.* | 949 | 91,835 | ||||||
TE Connectivity Ltd. | 1,696 | 124,588 | ||||||
Trimble, Inc.* | 1,267 | 43,876 | ||||||
Zebra Technologies Corp., Class A* | 277 | 63,616 | ||||||
|
| |||||||
720,480 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.2% |
| |||||||
Baker Hughes Co. | 3,292 | 45,923 | ||||||
Halliburton Co. | 4,449 | 46,715 | ||||||
Helmerich & Payne, Inc. | 549 | 10,854 | ||||||
National Oilwell Varco, Inc. | 1,956 | 24,724 | ||||||
Schlumberger Ltd. | 7,014 | 117,975 | ||||||
|
| |||||||
246,191 | ||||||||
|
| |||||||
Entertainment — 1.9% |
| |||||||
Activision Blizzard, Inc. | 3,891 | 247,973 | ||||||
Electronic Arts, Inc.* | 1,479 | 168,991 | ||||||
Live Nation Entertainment, Inc.* (a) | 716 | 32,127 | ||||||
Netflix, Inc.* | 2,219 | 931,647 | ||||||
Roku, Inc.* | 462 | 56,008 | ||||||
Take-Two Interactive Software, Inc.* | 575 | 69,604 | ||||||
Walt Disney Co. (The) | 9,131 | 987,518 | ||||||
|
| |||||||
2,493,868 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
92 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Equity Real Estate Investment Trusts (REITs) — 3.0% |
| |||||||
Alexandria Real Estate Equities, Inc. | 623 | 97,867 | ||||||
American Tower Corp. | 2,245 | 534,310 | ||||||
AvalonBay Communities, Inc. (a) | 706 | 115,043 | ||||||
Boston Properties, Inc. | 731 | 71,039 | ||||||
Camden Property Trust | 491 | 43,242 | ||||||
Crown Castle International Corp. | 2,107 | 335,919 | ||||||
Digital Realty Trust, Inc. | 1,331 | 198,971 | ||||||
Duke Realty Corp. | 1,862 | 64,611 | ||||||
Equinix, Inc. | 433 | 292,362 | ||||||
Equity LifeStyle Properties, Inc. | 926 | 55,847 | ||||||
Equity Residential (a) | 1,768 | 115,026 | ||||||
Essex Property Trust, Inc. | 336 | 82,018 | ||||||
Extra Space Storage, Inc. | 655 | 57,797 | ||||||
Federal Realty Investment Trust | 355 | 29,561 | ||||||
Healthpeak Properties, Inc. | 2,507 | 65,533 | ||||||
Host Hotels & Resorts, Inc. | 3,633 | 44,722 | ||||||
Invitation Homes, Inc. | 2,729 | 64,541 | ||||||
Iron Mountain, Inc. | 1,462 | 35,351 | ||||||
Kimco Realty Corp. | 2,141 | 23,358 | ||||||
Macerich Co. (The) | 557 | 4,161 | ||||||
Mid-America Apartment Communities, Inc. | 583 | 65,249 | ||||||
Prologis, Inc. | 3,739 | 333,631 | ||||||
Public Storage | 759 | 140,757 | ||||||
Realty Income Corp. | 1,735 | 95,286 | ||||||
Regency Centers Corp. | 848 | 37,236 | ||||||
SBA Communications Corp. | 573 | 166,124 | ||||||
Simon Property Group, Inc. | 1,560 | 104,161 | ||||||
SL Green Realty Corp. | 411 | 21,804 | ||||||
Sun Communities, Inc. | 473 | 63,571 | ||||||
UDR, Inc. | 1,484 | 55,605 | ||||||
Ventas, Inc. | 1,891 | 61,174 | ||||||
VEREIT, Inc. | 5,408 | 29,636 | ||||||
VICI Properties, Inc. | 2,337 | 40,711 | ||||||
Vornado Realty Trust | 801 | 35,100 | ||||||
Welltower, Inc. | 2,056 | 105,329 | ||||||
Weyerhaeuser Co. | 3,775 | 82,559 | ||||||
WP Carey, Inc. | 877 | 57,689 | ||||||
|
| |||||||
3,826,901 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.5% |
| |||||||
Costco Wholesale Corp. | 2,240 | 678,720 | ||||||
Kroger Co. (The) | 4,064 | 128,463 | ||||||
Sysco Corp. | 2,589 | 145,683 | ||||||
Walgreens Boots Alliance, Inc. | 3,797 | 164,372 | ||||||
Walmart, Inc. | 7,189 | 873,823 | ||||||
|
| |||||||
1,991,061 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Products — 1.2% |
| |||||||
Archer-Daniels-Midland Co. | 2,823 | 104,846 | ||||||
Bunge Ltd. | 726 | 28,800 | ||||||
Campbell Soup Co. | 854 | 42,683 | ||||||
Conagra Brands, Inc. | 2,465 | 82,430 | ||||||
General Mills, Inc. | 3,061 | 183,323 | ||||||
Hershey Co. (The) | 750 | 99,322 | ||||||
Hormel Foods Corp. | 1,414 | 66,246 | ||||||
Ingredion, Inc. | 341 | 27,689 | ||||||
JM Smucker Co. (The) | 579 | 66,533 | ||||||
Kellogg Co. | 1,267 | 82,989 | ||||||
Kraft Heinz Co. (The) | 3,154 | 95,661 | ||||||
Lamb Weston Holdings, Inc. | 740 | 45,406 | ||||||
McCormick & Co., Inc.(Non-Voting) | 627 | 98,339 | ||||||
Mondelez International, Inc., Class A | 7,296 | 375,306 | ||||||
Tyson Foods, Inc., Class A | 1,494 | 92,912 | ||||||
|
| |||||||
1,492,485 | ||||||||
|
| |||||||
Gas Utilities — 0.1% |
| |||||||
Atmos Energy Corp. | 603 | 61,488 | ||||||
National Fuel Gas Co. | 439 | 17,999 | ||||||
UGI Corp. | 1,061 | 32,021 | ||||||
|
| |||||||
111,508 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 3.7% |
| |||||||
Abbott Laboratories | 8,956 | 824,758 | ||||||
ABIOMED, Inc.* | 232 | 44,370 | ||||||
Align Technology, Inc.* | 362 | 77,776 | ||||||
Baxter International, Inc. | 2,588 | 229,763 | ||||||
Becton Dickinson and Co. | 1,371 | 346,219 | ||||||
Boston Scientific Corp.* | 7,062 | 264,684 | ||||||
Cooper Cos., Inc. (The) | 251 | 71,962 | ||||||
Danaher Corp. | 3,239 | 529,447 | ||||||
Dentsply Sirona, Inc. | 1,127 | 47,830 | ||||||
DexCom, Inc.* | 460 | 154,192 | ||||||
Edwards Lifesciences Corp.* | 1,059 | 230,332 | ||||||
Hologic, Inc.* | 1,365 | 68,386 | ||||||
IDEXX Laboratories, Inc.* | 435 | 120,756 | ||||||
Intuitive Surgical, Inc.* | 586 | 299,376 | ||||||
Medtronic plc | 6,793 | 663,200 | ||||||
ResMed, Inc. | 731 | 113,539 | ||||||
STERIS plc | 431 | 61,417 | ||||||
Stryker Corp. | 1,630 | 303,881 | ||||||
Teleflex, Inc. | 236 | 79,154 | ||||||
Varian Medical Systems, Inc.* | 459 | 52,500 | ||||||
Zimmer Biomet Holdings, Inc. | 1,041 | 124,608 | ||||||
|
| |||||||
4,708,150 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 93 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Health Care Providers & Services — 2.9% |
| |||||||
AmerisourceBergen Corp. | 764 | 68,500 | ||||||
Anthem, Inc. | 1,284 | 360,457 | ||||||
Cardinal Health, Inc. | 1,481 | 73,280 | ||||||
Centene Corp.* | 2,957 | 196,877 | ||||||
Cigna Corp. | 1,894 | 370,807 | ||||||
CVS Health Corp. | 6,590 | 405,615 | ||||||
DaVita, Inc.* | 453 | 35,792 | ||||||
HCA Healthcare, Inc. | 1,339 | 147,129 | ||||||
Henry Schein, Inc.* | 743 | 40,538 | ||||||
Humana, Inc. | 673 | 256,965 | ||||||
Laboratory Corp. of America Holdings* | 492 | 80,909 | ||||||
McKesson Corp. | 820 | 115,825 | ||||||
Quest Diagnostics, Inc. | 684 | 75,315 | ||||||
UnitedHealth Group, Inc. | 4,801 | 1,404,149 | ||||||
Universal Health Services, Inc., Class B | 406 | 42,910 | ||||||
|
| |||||||
3,675,068 | ||||||||
|
| |||||||
Health Care Technology — 0.2% |
| |||||||
Cerner Corp. | 1,590 | 110,330 | ||||||
Veeva Systems, Inc., Class A* | 669 | 127,645 | ||||||
|
| |||||||
237,975 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.6% |
| |||||||
Aramark | 1,268 | 34,629 | ||||||
Carnival Corp. (a) | 2,359 | 37,508 | ||||||
Chipotle Mexican Grill, Inc.* | 133 | 116,847 | ||||||
Darden Restaurants, Inc. | 629 | 46,414 | ||||||
Domino’s Pizza, Inc. | 196 | 70,938 | ||||||
Hilton Worldwide Holdings, Inc. | 1,429 | 108,190 | ||||||
Las Vegas Sands Corp. | 1,713 | 82,258 | ||||||
Marriott International, Inc., Class A (a) | 1,375 | 125,043 | ||||||
McDonald’s Corp. | 3,816 | 715,729 | ||||||
MGM Resorts International | 2,608 | 43,893 | ||||||
Norwegian Cruise Line Holdings Ltd.* (a) | 1,078 | 17,679 | ||||||
Royal Caribbean Cruises Ltd. (a) | 876 | 40,971 | ||||||
Starbucks Corp. | 5,984 | 459,152 | ||||||
Vail Resorts, Inc. | 204 | 34,884 | ||||||
Wyndham Destinations, Inc. | 458 | 11,711 | ||||||
Wynn Resorts Ltd. (a) | 490 | 41,910 | ||||||
Yum! Brands, Inc. | 1,531 | 132,324 | ||||||
|
| |||||||
2,120,080 | ||||||||
|
| |||||||
Household Durables — 0.3% |
| |||||||
DR Horton, Inc. | 1,706 | 80,557 | ||||||
Garmin Ltd. | 733 | 59,490 | ||||||
Lennar Corp., Class A | 1,418 | 70,999 | ||||||
Lennar Corp., Class B | 89 | 3,396 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Durables — continued |
| |||||||
Mohawk Industries, Inc.* | 301 | 26,404 | ||||||
Newell Brands, Inc. | 1,929 | 26,775 | ||||||
NVR, Inc.* | 16 | 49,600 | ||||||
PulteGroup, Inc. | 1,289 | 36,440 | ||||||
Whirlpool Corp. | 318 | 35,533 | ||||||
|
| |||||||
389,194 | ||||||||
|
| |||||||
Household Products — 1.7% |
| |||||||
Church & Dwight Co., Inc. | 1,242 | 86,927 | ||||||
Clorox Co. (The) | 636 | 118,576 | ||||||
Colgate-Palmolive Co. | 4,344 | 305,253 | ||||||
Kimberly-Clark Corp. | 1,735 | 240,263 | ||||||
Procter & Gamble Co. (The) | 12,637 | 1,489,523 | ||||||
|
| |||||||
2,240,542 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.1% |
| |||||||
AES Corp. (The) | 3,365 | 44,586 | ||||||
Vistra Energy Corp. | 2,271 | 44,376 | ||||||
|
| |||||||
88,962 | ||||||||
|
| |||||||
Industrial Conglomerates — 1.1% |
| |||||||
3M Co. | 2,912 | 442,391 | ||||||
General Electric Co. | 44,253 | 300,920 | ||||||
Honeywell International, Inc. | 3,621 | 513,820 | ||||||
Roper Technologies, Inc. | 529 | 180,405 | ||||||
|
| |||||||
1,437,536 | ||||||||
|
| |||||||
Insurance — 2.0% |
| |||||||
Aflac, Inc. | 3,720 | 138,533 | ||||||
Alleghany Corp. | 71 | 37,893 | ||||||
Allstate Corp. (The) | 1,640 | 166,821 | ||||||
American Financial Group, Inc. | 386 | 25,569 | ||||||
American International Group, Inc. | 4,408 | 112,095 | ||||||
Aon plc | 1,186 | 204,787 | ||||||
Arch Capital Group Ltd.* | 2,054 | 49,358 | ||||||
Arthur J Gallagher & Co. | 944 | 74,104 | ||||||
Brighthouse Financial, Inc.* | 552 | 14,192 | ||||||
Chubb Ltd. | 2,297 | 248,099 | ||||||
Cincinnati Financial Corp. | 771 | 50,732 | ||||||
Everest Re Group Ltd. | 206 | 35,665 | ||||||
Fidelity National Financial, Inc. | 1,392 | 37,654 | ||||||
Globe Life, Inc. | 504 | 41,499 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,825 | 69,332 | ||||||
Lincoln National Corp. | 1,003 | 35,576 | ||||||
Loews Corp. | 1,294 | 44,850 | ||||||
Markel Corp.* | 68 | 58,877 | ||||||
Marsh & McLennan Cos., Inc. | 2,556 | 248,775 | ||||||
MetLife, Inc. | 3,962 | 142,949 |
SEE NOTES TO FINANCIAL STATEMENTS.
94 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Insurance — continued |
| |||||||
Principal Financial Group, Inc. | 1,315 | 47,879 | ||||||
Progressive Corp. (The) | 2,961 | 228,885 | ||||||
Prudential Financial, Inc. | 2,039 | 127,172 | ||||||
Reinsurance Group of America, Inc. | 315 | 32,974 | ||||||
Travelers Cos., Inc. (The) | 1,309 | 132,484 | ||||||
Unum Group | 1,044 | 18,218 | ||||||
Willis Towers Watson plc | 650 | 115,889 | ||||||
WR Berkley Corp. | 735 | 39,690 | ||||||
|
| |||||||
2,580,551 | ||||||||
|
| |||||||
Interactive Media & Services — 5.3% |
| |||||||
Alphabet, Inc., Class A* | 1,518 | 2,044,291 | ||||||
Alphabet, Inc., Class C* | 1,515 | 2,043,220 | ||||||
Facebook, Inc., Class A* | 12,194 | 2,496,234 | ||||||
InterActive Corp.* | 365 | 81,570 | ||||||
Snap, Inc., Class A* | 3,979 | 70,070 | ||||||
TripAdvisor, Inc. | 535 | 10,684 | ||||||
Twitter, Inc.* | 3,933 | 112,798 | ||||||
|
| |||||||
6,858,867 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail — 4.6% |
| |||||||
Amazon.com, Inc.* | 2,110 | 5,220,140 | ||||||
Booking Holdings, Inc.* | 211 | 312,400 | ||||||
eBay, Inc. | 3,875 | 154,341 | ||||||
Expedia Group, Inc. | 706 | 50,112 | ||||||
MercadoLibre, Inc. (Argentina)* | 232 | 135,374 | ||||||
Qurate Retail, Inc., Series A* | 1,959 | 15,780 | ||||||
|
| |||||||
5,888,147 | ||||||||
|
| |||||||
IT Services — 5.6% |
| |||||||
Accenture plc, Class A | 3,219 | 596,127 | ||||||
Akamai Technologies, Inc.* | 820 | 80,122 | ||||||
Alliance Data Systems Corp. | 207 | 10,364 | ||||||
Automatic Data Processing, Inc. | 2,194 | 321,838 | ||||||
Broadridge Financial Solutions, Inc. | 584 | 67,744 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,776 | 161,064 | ||||||
DXC Technology Co. | 1,295 | 23,478 | ||||||
Fidelity National Information Services, Inc. | 3,116 | 410,969 | ||||||
Fiserv, Inc.* | 2,894 | 298,256 | ||||||
FleetCor Technologies, Inc.* | 440 | 106,150 | ||||||
Gartner, Inc.* | 452 | 53,702 | ||||||
Global Payments, Inc. | 1,523 | 252,848 | ||||||
GoDaddy, Inc., Class A* | 896 | 62,209 | ||||||
International Business Machines Corp. | 4,489 | 563,639 | ||||||
Jack Henry & Associates, Inc. | 391 | 63,948 | ||||||
Leidos Holdings, Inc. | 675 | 66,697 | ||||||
Mastercard, Inc., Class A | 4,499 | 1,237,090 |
INVESTMENTS | SHARES | VALUE($) | ||||||
IT Services — continued |
| |||||||
Okta, Inc.* | 575 | 86,998 | ||||||
Paychex, Inc. | 1,614 | 110,591 | ||||||
PayPal Holdings, Inc.* | 5,948 | 731,604 | ||||||
Sabre Corp. | 1,387 | 10,083 | ||||||
Square, Inc., Class A* | 1,734 | 112,953 | ||||||
Twilio, Inc., Class A* (a) | 634 | 71,198 | ||||||
VeriSign, Inc.* | 526 | 110,192 | ||||||
Visa, Inc., Class A | 8,674 | 1,550,217 | ||||||
Western Union Co. (The) | 2,123 | 40,486 | ||||||
|
| |||||||
7,200,567 | ||||||||
|
| |||||||
Leisure Products — 0.1% |
| |||||||
Hasbro, Inc. | 644 | 46,503 | ||||||
Mattel, Inc.* (a) | 1,759 | 15,338 | ||||||
Polaris, Inc. (a) | 293 | 20,783 | ||||||
|
| |||||||
82,624 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.1% |
| |||||||
Agilent Technologies, Inc. | 1,568 | 120,203 | ||||||
Avantor, Inc.* | 1,130 | 18,995 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 109 | 47,971 | ||||||
Illumina, Inc.* | 744 | 237,358 | ||||||
IQVIA Holdings, Inc.* | 916 | 130,613 | ||||||
Mettler-Toledo International, Inc.* | 121 | 87,113 | ||||||
PerkinElmer, Inc. | 561 | 50,787 | ||||||
Thermo Fisher Scientific, Inc. | 2,030 | 679,400 | ||||||
Waters Corp.* | 329 | 61,523 | ||||||
|
| |||||||
1,433,963 | ||||||||
|
| |||||||
Machinery — 1.3% |
| |||||||
Caterpillar, Inc. | 2,800 | 325,864 | ||||||
Cummins, Inc. | 777 | 127,040 | ||||||
Deere & Co. | 1,597 | 231,661 | ||||||
Donaldson Co., Inc. | 641 | 28,095 | ||||||
Dover Corp. | 736 | 68,926 | ||||||
Flowserve Corp. | 661 | 18,620 | ||||||
Fortive Corp. | 1,499 | 95,936 | ||||||
IDEX Corp. (a) | 389 | 59,762 | ||||||
Illinois Tool Works, Inc. | 1,481 | 240,663 | ||||||
PACCAR, Inc. | 1,757 | 121,637 | ||||||
Parker-Hannifin Corp. | 650 | 102,778 | ||||||
Pentair plc | 850 | 29,402 | ||||||
Snap-on, Inc. | 281 | 36,611 | ||||||
Stanley Black & Decker, Inc. | 772 | 85,074 | ||||||
Westinghouse Air Brake Technologies Corp. | 926 | 52,245 | ||||||
Xylem, Inc. | 915 | 65,789 | ||||||
|
| |||||||
1,690,103 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 95 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Media — 1.4% |
| |||||||
Altice USA, Inc., Class A* | 1,566 | 40,669 | ||||||
Charter Communications, Inc., Class A* | 794 | 393,213 | ||||||
Comcast Corp., Class A | 23,002 | 865,565 | ||||||
Discovery, Inc., Class A* | 800 | 17,936 | ||||||
Discovery, Inc., Class C* | 1,706 | 34,819 | ||||||
DISH Network Corp., Class A* | 1,295 | 32,394 | ||||||
Fox Corp., Class A | 1,804 | 46,670 | ||||||
Fox Corp., Class B | 827 | 21,138 | ||||||
Interpublic Group of Cos., Inc. (The) | 1,964 | 33,349 | ||||||
Liberty Broadband Corp., Class A* | 121 | 14,522 | ||||||
Liberty Broadband Corp., Class C* (a) | 775 | 95,077 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 432 | 14,563 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C* | 742 | 25,280 | ||||||
News Corp., Class A | 1,968 | 19,503 | ||||||
News Corp., Class B | 619 | 6,326 | ||||||
Omnicom Group, Inc. | 1,101 | 62,790 | ||||||
Sirius XM Holdings, Inc. (a) | 6,949 | 41,069 | ||||||
ViacomCBS, Inc. (a) | 2,739 | 47,275 | ||||||
|
| |||||||
1,812,158 | ||||||||
|
| |||||||
Metals & Mining — 0.3% |
| |||||||
Freeport-McMoRan, Inc. | 7,352 | 64,918 | ||||||
Newmont Corp. | 4,156 | 247,199 | ||||||
Nucor Corp. | 1,535 | 63,227 | ||||||
Southern Copper Corp. (Peru) | 436 | 14,144 | ||||||
Steel Dynamics, Inc. | 1,091 | 26,478 | ||||||
|
| |||||||
415,966 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| |||||||
AGNC Investment Corp. | 2,741 | 34,043 | ||||||
Annaly Capital Management, Inc. | 7,247 | 45,294 | ||||||
|
| |||||||
79,337 | ||||||||
|
| |||||||
Multiline Retail — 0.5% |
| |||||||
Dollar General Corp. | 1,289 | 225,961 | ||||||
Dollar Tree, Inc.* | 1,197 | 95,365 | ||||||
Kohl’s Corp. | 793 | 14,639 | ||||||
Macy’s, Inc. (a) | 1,566 | 9,177 | ||||||
Nordstrom, Inc. (a) | 542 | 10,179 | ||||||
Target Corp. | 2,566 | 281,593 | ||||||
|
| |||||||
636,914 | ||||||||
|
| |||||||
Multi-Utilities — 1.0% |
| |||||||
Ameren Corp. | 1,245 | 90,574 | ||||||
CenterPoint Energy, Inc. | 2,545 | 43,342 | ||||||
CMS Energy Corp. | 1,437 | 82,038 | ||||||
Consolidated Edison, Inc. | 1,683 | 132,621 | ||||||
Dominion Energy, Inc. (a) | 4,170 | 321,632 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Multi-Utilities — continued |
| |||||||
DTE Energy Co. | 976 | 101,250 | ||||||
NiSource, Inc. | 1,894 | 47,558 | ||||||
Public Service Enterprise Group, Inc. | 2,561 | 129,868 | ||||||
Sempra Energy | 1,428 | 176,858 | ||||||
WEC Energy Group, Inc. | 1,600 | 144,880 | ||||||
|
| |||||||
1,270,621 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 2.8% |
| |||||||
Apache Corp. | 1,906 | 24,930 | ||||||
Cabot Oil & Gas Corp. | 2,066 | 44,667 | ||||||
Cheniere Energy, Inc.* | 1,175 | 54,861 | ||||||
Chevron Corp. | 9,579 | 881,268 | ||||||
Cimarex Energy Co. | 514 | 13,066 | ||||||
Concho Resources, Inc. | 1,023 | 58,025 | ||||||
ConocoPhillips | 5,558 | 233,992 | ||||||
Continental Resources, Inc. (a) | 437 | 7,162 | ||||||
Devon Energy Corp. | 1,961 | 24,454 | ||||||
Diamondback Energy, Inc. | 825 | 35,920 | ||||||
EOG Resources, Inc. | 2,947 | 140,012 | ||||||
Exxon Mobil Corp. | 21,437 | 996,177 | ||||||
Hess Corp. | 1,317 | 64,059 | ||||||
HollyFrontier Corp. | 751 | 24,813 | ||||||
Kinder Morgan, Inc. | 9,868 | 150,290 | ||||||
Marathon Oil Corp. | 4,054 | 24,810 | ||||||
Marathon Petroleum Corp. | 3,290 | 105,543 | ||||||
Noble Energy, Inc. (a) | 2,422 | 23,760 | ||||||
Occidental Petroleum Corp. | 4,525 | 75,115 | ||||||
ONEOK, Inc. | 2,099 | 62,823 | ||||||
Phillips 66 | 2,252 | 164,779 | ||||||
Pioneer Natural Resources Co. | 839 | 74,931 | ||||||
Targa Resources Corp. | 1,179 | 15,280 | ||||||
Valero Energy Corp. | 2,079 | 131,705 | ||||||
Williams Cos., Inc. (The) | 6,140 | 118,932 | ||||||
|
| |||||||
3,551,374 | ||||||||
|
| |||||||
Personal Products — 0.2% |
| |||||||
Coty, Inc., Class A | 1,499 | 8,170 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 1,128 | 198,979 | ||||||
Herbalife Nutrition Ltd.* | 481 | 17,965 | ||||||
|
| |||||||
225,114 | ||||||||
|
| |||||||
Pharmaceuticals — 4.9% |
| |||||||
Allergan plc | 1,664 | 311,734 | ||||||
Bristol-Myers Squibb Co. | 11,877 | 722,240 | ||||||
Elanco Animal Health, Inc.* | 2,005 | 49,544 | ||||||
Eli Lilly & Co. | 4,280 | 661,859 | ||||||
Jazz Pharmaceuticals plc* | 290 | 31,972 |
SEE NOTES TO FINANCIAL STATEMENTS.
96 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Pharmaceuticals — continued |
| |||||||
Johnson & Johnson | 13,335 | 2,000,783 | ||||||
Merck & Co., Inc. | 12,900 | 1,023,486 | ||||||
Mylan NV* | 2,614 | 43,837 | ||||||
Perrigo Co. plc (a) | 689 | 36,724 | ||||||
Pfizer, Inc. | 28,041 | 1,075,653 | ||||||
Zoetis, Inc. | 2,412 | 311,896 | ||||||
|
| |||||||
6,269,728 | ||||||||
|
| |||||||
Professional Services — 0.5% |
| |||||||
CoStar Group, Inc.* | 187 | 121,225 | ||||||
Equifax, Inc. | 611 | 84,868 | ||||||
IHS Markit Ltd. | 2,030 | 136,619 | ||||||
ManpowerGroup, Inc. | 298 | 22,123 | ||||||
Nielsen Holdings plc | 1,807 | 26,617 | ||||||
TransUnion | 952 | 75,008 | ||||||
Verisk Analytics, Inc. | 831 | 127,002 | ||||||
|
| |||||||
593,462 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 1,698 | 72,895 | ||||||
|
| |||||||
Road & Rail — 1.0% |
| |||||||
CSX Corp. | 3,939 | 260,880 | ||||||
JB Hunt Transport Services, Inc. | 437 | 44,189 | ||||||
Kansas City Southern | 501 | 65,406 | ||||||
Lyft, Inc., Class A* (a) | 1,030 | 33,815 | ||||||
Norfolk Southern Corp. | 1,321 | 226,023 | ||||||
Old Dominion Freight Line, Inc. | 486 | 70,611 | ||||||
Uber Technologies, Inc.* | 1,037 | 31,390 | ||||||
Union Pacific Corp. | 3,518 | 562,141 | ||||||
|
| |||||||
1,294,455 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 4.4% |
| |||||||
Advanced Micro Devices, Inc.* | 5,927 | 310,515 | ||||||
Analog Devices, Inc. | 1,866 | 204,514 | ||||||
Applied Materials, Inc. | 4,679 | 232,453 | ||||||
Broadcom, Inc. | 2,010 | 545,956 | ||||||
Intel Corp. | 22,042 | 1,322,079 | ||||||
KLA Corp. | 798 | 130,944 | ||||||
Lam Research Corp. | 735 | 187,631 | ||||||
Marvell Technology Group Ltd. | 3,380 | 90,381 | ||||||
Maxim Integrated Products, Inc. | 1,371 | 75,377 | ||||||
Microchip Technology, Inc. (a) | 1,217 | 106,767 | ||||||
Micron Technology, Inc.* | 5,608 | 268,567 | ||||||
NVIDIA Corp. | 3,100 | 906,068 | ||||||
Qorvo, Inc.* | 589 | 57,740 | ||||||
QUALCOMM, Inc. | 5,785 | 455,106 | ||||||
Skyworks Solutions, Inc. | 866 | 89,960 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Semiconductors & Semiconductor Equipment — continued |
| |||||||
Texas Instruments, Inc. | 4,738 | 549,940 | ||||||
Xilinx, Inc. | 1,274 | 111,348 | ||||||
|
| |||||||
5,645,346 | ||||||||
|
| |||||||
Software — 8.8% |
| |||||||
Adobe, Inc.* | 2,453 | 867,479 | ||||||
ANSYS, Inc.* | 434 | 113,634 | ||||||
Autodesk, Inc.* | 1,116 | 208,837 | ||||||
Cadence Design Systems, Inc.* | 1,422 | 115,367 | ||||||
CDK Global, Inc. | 617 | 24,236 | ||||||
Citrix Systems, Inc. | 583 | 84,541 | ||||||
DocuSign, Inc.* | 635 | 66,516 | ||||||
Fortinet, Inc.* | 721 | 77,681 | ||||||
Intuit, Inc. | 1,319 | 355,879 | ||||||
Microsoft Corp. | 38,656 | 6,927,542 | ||||||
NortonLifeLock, Inc. | 2,904 | 61,768 | ||||||
Oracle Corp. | 10,977 | 581,452 | ||||||
Palo Alto Networks, Inc.* | 496 | 97,469 | ||||||
Paycom Software, Inc.* | 248 | 64,733 | ||||||
PTC, Inc.* | 533 | 36,910 | ||||||
RingCentral, Inc., Class A* | 382 | 87,298 | ||||||
salesforce.com, Inc.* | 4,496 | 728,127 | ||||||
ServiceNow, Inc.* | 954 | 335,369 | ||||||
Splunk, Inc.* | 782 | 109,762 | ||||||
SS&C Technologies Holdings, Inc. | 1,120 | 61,779 | ||||||
Synopsys, Inc.* | 764 | 120,040 | ||||||
VMware, Inc., Class A* | 399 | 52,476 | ||||||
Workday, Inc., Class A* | 831 | 127,891 | ||||||
|
| |||||||
11,306,786 | ||||||||
|
| |||||||
Specialty Retail — 2.2% |
| |||||||
Advance Auto Parts, Inc. | 350 | 42,319 | ||||||
AutoZone, Inc.* | 119 | 121,418 | ||||||
Best Buy Co., Inc. | 1,156 | 88,700 | ||||||
Burlington Stores, Inc.* | 339 | 61,932 | ||||||
CarMax, Inc.* | 833 | 61,350 | ||||||
Foot Locker, Inc. | 542 | 13,891 | ||||||
Gap, Inc. (The) | 1,078 | 8,753 | ||||||
Home Depot, Inc. (The) | 5,528 | 1,215,220 | ||||||
L Brands, Inc. | 1,177 | 13,995 | ||||||
Lowe’s Cos., Inc. | 3,883 | 406,744 | ||||||
O’Reilly Automotive, Inc.* (a) | 384 | 148,355 | ||||||
Ross Stores, Inc. | 1,831 | 167,280 | ||||||
Tiffany & Co. | 546 | 69,069 | ||||||
TJX Cos., Inc. (The) | 6,143 | 301,314 | ||||||
Tractor Supply Co. | 599 | 60,757 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 97 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Specialty Retail — continued |
| |||||||
Ulta Beauty, Inc.* | 292 | 63,633 | ||||||
|
| |||||||
2,844,730 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 5.2% |
| |||||||
Apple, Inc. | 21,164 | 6,217,983 | ||||||
Dell Technologies, Inc., Class C* | 786 | 33,554 | ||||||
Hewlett Packard Enterprise Co. | 6,558 | 65,974 | ||||||
HP, Inc. | 7,508 | 116,449 | ||||||
NetApp, Inc. | 1,158 | 50,686 | ||||||
Seagate Technology plc | 1,173 | 58,591 | ||||||
Western Digital Corp. | 1,512 | 69,673 | ||||||
Xerox Holdings Corp. | 941 | 17,211 | ||||||
|
| |||||||
6,630,121 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.7% |
| |||||||
Capri Holdings Ltd.* (a) | 776 | 11,834 | ||||||
Hanesbrands, Inc. (a) | 1,831 | 18,200 | ||||||
Lululemon Athletica, Inc.* | 606 | 135,429 | ||||||
NIKE, Inc., Class B | 6,314 | 550,455 | ||||||
PVH Corp. | 384 | 18,904 | ||||||
Ralph Lauren Corp. | 251 | 18,519 | ||||||
Tapestry, Inc. | 1,396 | 20,772 | ||||||
Under Armour, Inc., Class A* | 952 | 9,920 | ||||||
Under Armour, Inc., Class C* | 985 | 9,131 | ||||||
VF Corp. | 1,661 | 96,504 | ||||||
|
| |||||||
889,668 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.0%(c) |
| |||||||
New York Community Bancorp, Inc. | 2,367 | 25,706 | ||||||
|
| |||||||
Tobacco — 0.7% |
| |||||||
Altria Group, Inc. | 9,465 | 371,501 | ||||||
Philip Morris International, Inc. | 7,884 | 588,147 | ||||||
|
| |||||||
959,648 | ||||||||
|
| |||||||
Trading Companies & Distributors — 0.2% |
| |||||||
Fastenal Co. | 2,905 | 105,219 | ||||||
United Rentals, Inc.* | 382 | 49,087 | ||||||
Watsco, Inc. | 164 | 26,402 | ||||||
WW Grainger, Inc. | 219 | 60,352 | ||||||
|
| |||||||
241,060 | ||||||||
|
| |||||||
Water Utilities — 0.1% |
| |||||||
American Water Works Co., Inc. | 917 | 111,590 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.1% |
| |||||||
T-Mobile US, Inc.* | 1,928 | 169,278 | ||||||
|
| |||||||
Total Common Stocks |
| 127,938,985 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 1.3% |
| |||||||
Investment Companies — 0.4% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (d) (e) | 476,771 | 476,771 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.9% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) | 1,196,285 | 1,196,285 | ||||||
|
| |||||||
Total Short-Term Investments | 1,673,056 | |||||||
|
| |||||||
Total Investments — 100.8% |
| 129,612,041 | ||||||
Liabilities in Excess of Other Assets — (0.8)% | (1,024,325 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 128,587,716 | |||||||
|
|
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, 2020. The total value of securities on loan at April 30, 2020 is $1,128,274. | |
(b) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
98 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 MicE-mini Index | 43 | 06/2020 | USD | 623,769 | 72,197 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 99 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.7% |
| |||||||
Aerospace & Defense — 1.3% |
| |||||||
Axon Enterprise, Inc.* | 172 | 12,506 | ||||||
BWX Technologies, Inc. | 277 | 14,698 | ||||||
Curtiss-Wright Corp. | 124 | 12,852 | ||||||
Hexcel Corp. | 244 | 8,440 | ||||||
Mercury Systems, Inc.* | 161 | 14,355 | ||||||
Moog, Inc., Class A | 94 | 4,651 | ||||||
|
| |||||||
67,502 | ||||||||
|
| |||||||
Airlines — 0.3% |
| |||||||
Allegiant Travel Co. | 38 | 2,982 | ||||||
JetBlue Airways Corp.* | 839 | 8,172 | ||||||
Spirit Airlines, Inc.* | 196 | 2,944 | ||||||
|
| |||||||
14,098 | ||||||||
|
| |||||||
Auto Components — 0.6% |
| |||||||
Adient plc* | 252 | 3,775 | ||||||
Dana, Inc. | 412 | 4,738 | ||||||
Gentex Corp. | 735 | 17,816 | ||||||
Visteon Corp.* | 80 | 4,824 | ||||||
|
| |||||||
31,153 | ||||||||
|
| |||||||
Automobiles — 0.2% |
| |||||||
Thor Industries, Inc. | 160 | 10,592 | ||||||
|
| |||||||
Banks — 5.7% |
| |||||||
Associated Banc-Corp. | 460 | 6,504 | ||||||
Bank of Hawaii Corp. | 116 | 7,909 | ||||||
Bank OZK | 348 | 7,872 | ||||||
BankUnited, Inc. | 276 | 5,467 | ||||||
BOK Financial Corp. | 92 | 4,765 | ||||||
Commerce Bancshares, Inc. | 300 | 18,357 | ||||||
Cullen/Frost Bankers, Inc. | 164 | 11,785 | ||||||
First Citizens BancShares, Inc., Class A | 24 | 9,168 | ||||||
First Financial Bankshares, Inc. | 395 | 11,001 | ||||||
First Hawaiian, Inc. | 381 | 6,702 | ||||||
First Horizon National Corp. | 905 | 8,217 | ||||||
FNB Corp. | 936 | 7,572 | ||||||
Glacier Bancorp, Inc. | 248 | 9,444 | ||||||
Hancock Whitney Corp. | 252 | 5,269 | ||||||
Home BancShares, Inc. | 448 | 6,868 | ||||||
IBERIABANK Corp. | 152 | 6,302 | ||||||
Investors Bancorp, Inc. | 576 | 5,363 | ||||||
PacWest Bancorp | 344 | 6,963 | ||||||
People’s United Financial, Inc. | 1,291 | 16,383 | ||||||
Pinnacle Financial Partners, Inc. | 208 | 8,372 | ||||||
Popular, Inc. (Puerto Rico) | 256 | 9,879 | ||||||
Prosperity Bancshares, Inc. | 274 | 16,421 | ||||||
Signature Bank | 157 | 16,827 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
Sterling Bancorp | 587 | 7,238 | ||||||
Synovus Financial Corp. | 426 | 8,950 | ||||||
TCF Financial Corp. | 446 | 13,242 | ||||||
Texas Capital Bancshares, Inc.* | 144 | 4,000 | ||||||
UMB Financial Corp. | 126 | 6,406 | ||||||
Umpqua Holdings Corp. | 640 | 8,016 | ||||||
United Bankshares, Inc. | 295 | 8,838 | ||||||
Valley National Bancorp | 1,139 | 9,522 | ||||||
Webster Financial Corp. | 268 | 7,571 | ||||||
Western Alliance Bancorp | 272 | 9,759 | ||||||
Wintrust Financial Corp. | 166 | 6,955 | ||||||
|
| |||||||
303,907 | ||||||||
|
| |||||||
Beverages — 0.3% |
| |||||||
Boston Beer Co., Inc. (The), Class A* | 27 | 12,596 | ||||||
National Beverage Corp.* | 34 | 1,708 | ||||||
|
| |||||||
14,304 | ||||||||
|
| |||||||
Biotechnology — 3.7% |
| |||||||
ACADIA Pharmaceuticals, Inc.* | 327 | 15,797 | ||||||
Agios Pharmaceuticals, Inc.* | 171 | 7,035 | ||||||
Bluebird Bio, Inc.* | 160 | 8,621 | ||||||
Exelixis, Inc.* | 883 | 21,806 | ||||||
FibroGen, Inc.* | 227 | 8,374 | ||||||
Immunomedics, Inc.* | 577 | 17,529 | ||||||
Intercept Pharmaceuticals, Inc.* | 73 | 5,980 | ||||||
Ionis Pharmaceuticals, Inc.* | 372 | 20,657 | ||||||
Ligand Pharmaceuticals, Inc.* | 48 | 4,731 | ||||||
Moderna, Inc.* | 648 | 29,802 | ||||||
Myriad Genetics, Inc.* | 212 | 3,278 | ||||||
Sage Therapeutics, Inc.* | 151 | 5,886 | ||||||
Sarepta Therapeutics, Inc.* | 206 | 24,283 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 158 | 9,548 | ||||||
United Therapeutics Corp.* | 128 | 14,024 | ||||||
|
| |||||||
197,351 | ||||||||
|
| |||||||
Building Products — 0.9% |
| |||||||
AO Smith Corp. | 398 | 16,867 | ||||||
Armstrong World Industries, Inc. | 141 | 10,868 | ||||||
JELD-WEN Holding, Inc.* | 192 | 2,439 | ||||||
Trex Co., Inc.* | 170 | 16,187 | ||||||
|
| |||||||
46,361 | ||||||||
|
| |||||||
Capital Markets — 2.2% |
| |||||||
Artisan Partners Asset Management, Inc., Class A | 152 | 4,475 | ||||||
BGC Partners, Inc., Class A | 800 | 2,476 | ||||||
Eaton Vance Corp. | 327 | 12,001 |
SEE NOTES TO FINANCIAL STATEMENTS.
100 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Capital Markets — continued |
| |||||||
Evercore, Inc., Class A | 114 | 5,882 | ||||||
FactSet Research Systems, Inc. | 110 | 30,250 | ||||||
Federated Hermes, Inc., Class B | 276 | 6,284 | ||||||
Janus Henderson Group plc (United Kingdom) | 448 | 8,019 | ||||||
Legg Mason, Inc. | 236 | 11,760 | ||||||
LPL Financial Holdings, Inc. | 235 | 14,152 | ||||||
Morningstar, Inc. | 60 | 9,358 | ||||||
Stifel Financial Corp. | 199 | 8,812 | ||||||
Waddell & Reed Financial, Inc., Class A | 204 | 2,968 | ||||||
|
| |||||||
116,437 | ||||||||
|
| |||||||
Chemicals — 1.9% |
| |||||||
Cabot Corp. | 164 | 5,558 | ||||||
Element Solutions, Inc.* | 636 | 6,519 | ||||||
Huntsman Corp. | 583 | 9,800 | ||||||
Ingevity Corp.* | 122 | 6,334 | ||||||
NewMarket Corp. | 21 | 8,640 | ||||||
Olin Corp. | 460 | 6,141 | ||||||
PolyOne Corp. | 260 | 6,056 | ||||||
RPM International, Inc. | 377 | 25,037 | ||||||
ScottsMiracle-Gro Co. (The) | 115 | 14,264 | ||||||
Sensient Technologies Corp. | 122 | 5,830 | ||||||
Valvoline, Inc. | 548 | 9,420 | ||||||
|
| |||||||
103,599 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.4% |
| |||||||
ADT, Inc. | 300 | 1,719 | ||||||
Brink’s Co. (The) | 144 | 7,361 | ||||||
Cimpress plc (Ireland)* | 72 | 5,241 | ||||||
Clean Harbors, Inc.* | 148 | 7,908 | ||||||
Deluxe Corp. | 120 | 3,380 | ||||||
Healthcare Services Group, Inc. | 215 | 5,480 | ||||||
IAA, Inc.* | 388 | 14,977 | ||||||
KAR Auction Services, Inc. | 372 | 5,573 | ||||||
MSA Safety, Inc. | 104 | 11,703 | ||||||
Tetra Tech, Inc. | 159 | 11,970 | ||||||
|
| |||||||
75,312 | ||||||||
|
| |||||||
Communications Equipment — 1.3% |
| |||||||
Ciena Corp.* | 450 | 20,812 | ||||||
CommScope Holding Co., Inc.* | 560 | 6,166 | ||||||
EchoStar Corp., Class A* | 132 | 4,165 | ||||||
Lumentum Holdings, Inc.* | 224 | 18,124 | ||||||
NetScout Systems, Inc.* | 191 | 5,058 | ||||||
ViaSat, Inc.* | 167 | 7,081 | ||||||
Viavi Solutions, Inc.* | 668 | 8,069 | ||||||
|
| |||||||
69,475 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Construction & Engineering — 0.8% |
| |||||||
AECOM* | 457 | 16,571 | ||||||
Dycom Industries, Inc.* | 92 | 2,999 | ||||||
EMCOR Group, Inc. | 162 | 10,292 | ||||||
MasTec, Inc.* | 175 | 6,283 | ||||||
Valmont Industries, Inc. | 63 | 7,386 | ||||||
|
| |||||||
43,531 | ||||||||
|
| |||||||
Construction Materials — 0.1% |
| |||||||
Eagle Materials, Inc. | 120 | 7,321 | ||||||
|
| |||||||
Consumer Finance — 0.9% |
| |||||||
Credit Acceptance Corp.* | 40 | 12,463 | ||||||
FirstCash, Inc. | 124 | 8,908 | ||||||
Green Dot Corp., Class A* | 136 | 4,148 | ||||||
LendingTree, Inc.* | 22 | 5,486 | ||||||
OneMain Holdings, Inc. | 220 | 5,326 | ||||||
PRA Group, Inc.* | 132 | 3,662 | ||||||
SLM Corp. | 1,227 | 10,233 | ||||||
|
| |||||||
50,226 | ||||||||
|
| |||||||
Containers & Packaging — 1.3% |
| |||||||
AptarGroup, Inc. | 186 | 19,917 | ||||||
Berry Global Group, Inc.* | 384 | 15,279 | ||||||
Graphic Packaging Holding Co. | 844 | 11,267 | ||||||
O-I Glass, Inc. | 448 | 3,692 | ||||||
Silgan Holdings, Inc. | 224 | 7,728 | ||||||
Sonoco Products Co. | 291 | 14,213 | ||||||
|
| |||||||
72,096 | ||||||||
|
| |||||||
Distributors — 0.5% |
| |||||||
Pool Corp. | 116 | 24,553 | ||||||
|
| |||||||
Diversified Consumer Services — 1.9% |
| |||||||
Adtalem Global Education, Inc.* | 156 | 4,956 | ||||||
Bright Horizons Family Solutions, Inc.* | 169 | 19,680 | ||||||
Chegg, Inc.* | 334 | 14,278 | ||||||
frontdoor, Inc.* | 246 | 9,523 | ||||||
Graham Holdings Co., Class B | 13 | 5,070 | ||||||
Grand Canyon Education, Inc.* | 140 | 12,043 | ||||||
Service Corp. International | 531 | 19,509 | ||||||
ServiceMaster Global Holdings, Inc.* | 392 | �� | 13,348 | |||||
WW International, Inc.* | 132 | 3,367 | ||||||
|
| |||||||
101,774 | ||||||||
|
| |||||||
Diversified Telecommunication Services — 0.3% |
| |||||||
GCI Liberty, Inc., Class A* | 277 | 16,850 | ||||||
|
| |||||||
Electric Utilities — 1.0% |
| |||||||
ALLETE, Inc. | 150 | 8,634 | ||||||
Hawaiian Electric Industries, Inc. | 317 | 12,512 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 101 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electric Utilities — continued |
| |||||||
IDACORP, Inc. | 146 | 13,400 | ||||||
PNM Resources, Inc. | 232 | 9,394 | ||||||
Portland General Electric Co. | 260 | 12,165 | ||||||
|
| |||||||
56,105 | ||||||||
|
| |||||||
Electrical Equipment — 0.8% |
| |||||||
EnerSys | 122 | 7,123 | ||||||
Generac Holdings, Inc.* | 182 | 17,734 | ||||||
GrafTech International Ltd. | 164 | 1,332 | ||||||
nVent Electric plc | 452 | 8,430 | ||||||
Regal Beloit Corp. | 118 | 8,379 | ||||||
|
| |||||||
42,998 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 2.5% |
| |||||||
Anixter International, Inc.* | 88 | 8,172 | ||||||
Arrow Electronics, Inc.* | 236 | 14,849 | ||||||
Avnet, Inc. | 292 | 8,766 | ||||||
Belden, Inc. | 112 | 3,829 | ||||||
Coherent, Inc.* | 70 | 8,951 | ||||||
Dolby Laboratories, Inc., Class A | 186 | 11,165 | ||||||
FLIR Systems, Inc. | 390 | 16,926 | ||||||
Jabil, Inc. | 404 | 11,490 | ||||||
Littelfuse, Inc. | 72 | 10,457 | ||||||
National Instruments Corp. | 343 | 13,178 | ||||||
SYNNEX Corp. | 119 | 10,420 | ||||||
Tech Data Corp.* | 103 | 14,486 | ||||||
|
| |||||||
132,689 | ||||||||
|
| |||||||
Energy Equipment & Services — 0.1% |
| |||||||
Dril-Quip, Inc.* | 104 | 3,446 | ||||||
Patterson-UTI Energy, Inc. | 560 | 2,066 | ||||||
|
| |||||||
5,512 | ||||||||
|
| |||||||
Entertainment — 0.7% |
| |||||||
Cinemark Holdings, Inc. | 308 | 4,398 | ||||||
Lions Gate Entertainment Corp., Class A* | 160 | 1,143 | ||||||
Lions Gate Entertainment Corp., Class B* | 312 | 2,084 | ||||||
Madison Square Garden Co. (The), Class A* | 50 | 8,566 | ||||||
Zynga, Inc., Class A* | 2,750 | 20,735 | ||||||
|
| |||||||
36,926 | ||||||||
|
| |||||||
Equity Real Estate Investment Trusts (REITs) — 10.4% |
| |||||||
American Campus Communities, Inc. | 399 | 14,081 | ||||||
American Homes 4 Rent, Class A | 741 | 17,888 | ||||||
Americold Realty Trust | 557 | 17,039 | ||||||
Apartment Investment & Management Co., Class A | 433 | 16,311 | ||||||
Apple Hospitality REIT, Inc. | 604 | 5,847 | ||||||
Brixmor Property Group, Inc. | 866 | 9,916 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Colony Capital, Inc. | 1,400 | 3,234 | ||||||
Columbia Property Trust, Inc. | 336 | 4,801 | ||||||
CoreCivic, Inc. | 344 | 4,513 | ||||||
CoreSite Realty Corp. | 110 | 13,331 | ||||||
Cousins Properties, Inc. | 427 | 12,883 | ||||||
CubeSmart | 563 | 14,188 | ||||||
CyrusOne, Inc. | 329 | 23,079 | ||||||
Diversified Healthcare Trust | 684 | 2,127 | ||||||
Douglas Emmett, Inc. | 479 | 14,605 | ||||||
EastGroup Properties, Inc. | 112 | 11,872 | ||||||
EPR Properties | 228 | 6,708 | ||||||
Equity Commonwealth | 352 | 11,950 | ||||||
First Industrial Realty Trust, Inc. | 367 | 13,862 | ||||||
Gaming and Leisure Properties, Inc. | 593 | 16,746 | ||||||
GEO Group, Inc. (The) | 348 | 4,413 | ||||||
Healthcare Realty Trust, Inc. | 389 | 11,433 | ||||||
Healthcare Trust of America, Inc., Class A | 602 | 14,827 | ||||||
Highwoods Properties, Inc. | 302 | 11,721 | ||||||
Hudson Pacific Properties, Inc. | 448 | 11,012 | ||||||
JBG SMITH Properties | 343 | 11,645 | ||||||
Kilroy Realty Corp. | 284 | 17,682 | ||||||
Lamar Advertising Co., Class A | 250 | 14,412 | ||||||
Life Storage, Inc. | 136 | 11,912 | ||||||
Medical Properties Trust, Inc. | 1,504 | 25,779 | ||||||
National Health Investors, Inc. | 128 | 7,048 | ||||||
National Retail Properties, Inc. | 499 | 16,287 | ||||||
Omega Healthcare Investors, Inc. | 635 | 18,510 | ||||||
Outfront Media, Inc. | 412 | 6,464 | ||||||
Paramount Group, Inc. | 580 | 5,597 | ||||||
Park Hotels & Resorts, Inc. | 688 | 6,543 | ||||||
Pebblebrook Hotel Trust | 376 | 4,452 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 366 | 6,350 | ||||||
PS Business Parks, Inc. | 58 | 7,487 | ||||||
Rayonier, Inc. | 376 | 9,035 | ||||||
Retail Properties of America, Inc., Class A | 616 | 3,819 | ||||||
Rexford Industrial Realty, Inc. | 322 | 13,112 | ||||||
RLJ Lodging Trust | 492 | 4,571 | ||||||
Ryman Hospitality Properties, Inc. | 156 | 5,513 | ||||||
Sabra Health Care REIT, Inc. | 592 | 7,589 | ||||||
Service Properties Trust | 472 | 3,271 | ||||||
SITE Centers Corp. | 428 | 2,594 | ||||||
Spirit Realty Capital, Inc. | 288 | 8,859 | ||||||
STAG Industrial, Inc. | 432 | 11,340 | ||||||
STORE Capital Corp. | 621 | 12,463 | ||||||
Sunstone Hotel Investors, Inc. | 648 | 5,955 |
SEE NOTES TO FINANCIAL STATEMENTS.
102 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Equity Real Estate Investment Trusts (REITs) — continued |
| |||||||
Tanger Factory Outlet Centers, Inc. (a) | 268 | 2,015 | ||||||
Taubman Centers, Inc. | 178 | 7,672 | ||||||
Uniti Group, Inc. | 556 | 3,925 | ||||||
Weingarten Realty Investors | 348 | 6,330 | ||||||
|
| |||||||
556,618 | ||||||||
|
| |||||||
Food & Staples Retailing — 1.2% |
| |||||||
BJ’s Wholesale Club Holdings, Inc.* | 355 | 9,340 | ||||||
Casey’s General Stores, Inc. | 107 | 16,201 | ||||||
Performance Food Group Co.* | 380 | 11,153 | ||||||
PriceSmart, Inc. | 64 | 4,067 | ||||||
Sprouts Farmers Market, Inc.* | 340 | 7,065 | ||||||
US Foods Holding Corp.* | 638 | 13,717 | ||||||
|
| |||||||
61,543 | ||||||||
|
| |||||||
Food Products — 1.4% |
| |||||||
Beyond Meat, Inc.* | 32 | 3,168 | ||||||
Darling Ingredients, Inc.* | 476 | 9,801 | ||||||
Flowers Foods, Inc. | 556 | 12,388 | ||||||
Fresh Del Monte Produce, Inc. | 88 | 2,509 | ||||||
Hain Celestial Group, Inc. (The)* | 232 | 5,995 | ||||||
Lancaster Colony Corp. | 58 | 7,808 | ||||||
Pilgrim’s Pride Corp.* | 152 | 3,344 | ||||||
Post Holdings, Inc.* | 193 | 17,727 | ||||||
Seaboard Corp. | 1 | 3,011 | ||||||
TreeHouse Foods, Inc.* | 162 | 8,380 | ||||||
|
| |||||||
74,131 | ||||||||
|
| |||||||
Gas Utilities — 0.8% |
| |||||||
New Jersey Resources Corp. | 276 | 9,323 | ||||||
ONE Gas, Inc. | 153 | 12,196 | ||||||
Southwest Gas Holdings, Inc. | 159 | 12,052 | ||||||
Spire, Inc. | 148 | 10,798 | ||||||
|
| |||||||
44,369 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 4.7% |
| |||||||
Cantel Medical Corp. | 108 | 3,996 | ||||||
Envista Holdings Corp.* | 461 | 8,976 | ||||||
Globus Medical, Inc., Class A* | 224 | 10,631 | ||||||
Haemonetics Corp.* | 147 | 16,726 | ||||||
Hill-Rom Holdings, Inc. | 194 | 21,823 | ||||||
ICU Medical, Inc.* | 56 | 12,281 | ||||||
Inogen, Inc.* | 52 | 2,600 | ||||||
Insulet Corp.* | 180 | 35,950 | ||||||
Integra LifeSciences Holdings Corp.* | 206 | 10,516 | ||||||
LivaNova plc* | 140 | 7,437 | ||||||
Masimo Corp.* | 143 | 30,589 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Supplies — continued |
| |||||||
Novocure Ltd.* | 224 | 14,739 | ||||||
NuVasive, Inc.* | 150 | 9,132 | ||||||
Penumbra, Inc.* | 93 | 16,491 | ||||||
West Pharmaceutical Services, Inc. | 215 | 40,691 | ||||||
Wright Medical Group NV* | 367 | 10,687 | ||||||
|
| |||||||
253,265 | ||||||||
|
| |||||||
Health Care Providers & Services — 2.5% |
| |||||||
Acadia Healthcare Co., Inc.* | 256 | 6,147 | ||||||
Amedisys, Inc.* | 94 | 17,311 | ||||||
Brookdale Senior Living, Inc.* | 532 | 1,920 | ||||||
Chemed Corp. | 47 | 19,579 | ||||||
Encompass Health Corp. | 287 | 19,014 | ||||||
Guardant Health, Inc.* | 117 | 9,004 | ||||||
HealthEquity, Inc.* | 206 | 11,592 | ||||||
MEDNAX, Inc.* | 244 | 3,543 | ||||||
Molina Healthcare, Inc.* | 182 | 29,842 | ||||||
Patterson Cos., Inc. | 248 | 4,533 | ||||||
Premier, Inc., Class A* | 192 | 6,367 | ||||||
Tenet Healthcare Corp.* | 300 | 6,054 | ||||||
|
| |||||||
134,906 | ||||||||
|
| |||||||
Health Care Technology — 0.6% |
| |||||||
Teladoc Health, Inc.* | 210 | 34,564 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure — 2.4% |
| |||||||
Bloomin’ Brands, Inc. | 248 | 2,988 | ||||||
Boyd Gaming Corp. | 232 | 3,872 | ||||||
Brinker International, Inc. | 108 | 2,514 | ||||||
Choice Hotels International, Inc. | 92 | 6,905 | ||||||
Churchill Downs, Inc. | 103 | 10,323 | ||||||
Cracker Barrel Old Country Store, Inc. | 70 | 6,818 | ||||||
Dunkin’ Brands Group, Inc. | 240 | 15,082 | ||||||
Extended Stay America, Inc. | 531 | 5,772 | ||||||
Hilton Grand Vacations, Inc.* | 248 | 5,109 | ||||||
Hyatt Hotels Corp., Class A | 106 | 5,964 | ||||||
Jack in the Box, Inc. | 68 | 4,100 | ||||||
Marriott Vacations Worldwide Corp. | 109 | 9,047 | ||||||
Planet Fitness, Inc., Class A* | 238 | 14,359 | ||||||
Scientific Games Corp.* | 156 | 1,967 | ||||||
Six Flags Entertainment Corp. | 224 | 4,482 | ||||||
Texas Roadhouse, Inc. | 190 | 8,947 | ||||||
Wendy’s Co. (The) | 535 | 10,625 | ||||||
Wyndham Hotels & Resorts, Inc. | 275 | 10,370 | ||||||
|
| |||||||
129,244 | ||||||||
|
| |||||||
Household Durables — 0.5% |
| |||||||
Leggett & Platt, Inc. | 383 | 13,455 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 103 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Household Durables — continued |
| |||||||
Tempur Sealy International, Inc.* | 132 | 7,095 | ||||||
Toll Brothers, Inc. | 348 | 8,359 | ||||||
|
| |||||||
28,909 | ||||||||
|
| |||||||
Household Products — 0.2% |
| |||||||
Energizer Holdings, Inc. | 187 | 7,285 | ||||||
Spectrum Brands Holdings, Inc. | 127 | 5,469 | ||||||
|
| |||||||
12,754 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers — 0.2% |
| |||||||
Clearway Energy, Inc. | 92 | 1,720 | ||||||
Ormat Technologies, Inc. | 148 | 9,237 | ||||||
|
| |||||||
10,957 | ||||||||
|
| |||||||
Industrial Conglomerates — 0.4% |
| |||||||
Carlisle Cos., Inc. | 165 | 19,958 | ||||||
|
| |||||||
Insurance — 3.9% |
| |||||||
American National Insurance Co. | 28 | 2,254 | ||||||
Assurant, Inc. | 176 | 18,698 | ||||||
Assured Guaranty Ltd. | 276 | 8,206 | ||||||
Athene Holding Ltd., Class A* | 343 | 9,261 | ||||||
Axis Capital Holdings Ltd. | 244 | 8,931 | ||||||
Brown & Brown, Inc. | 680 | 24,419 | ||||||
CNO Financial Group, Inc. | 436 | 6,130 | ||||||
Enstar Group Ltd. (Bermuda)* | 44 | 6,363 | ||||||
Erie Indemnity Co., Class A | 54 | 9,615 | ||||||
First American Financial Corp. | 327 | 15,081 | ||||||
Hanover Insurance Group, Inc. (The) | 115 | 11,544 | ||||||
Kemper Corp. | 182 | 12,234 | ||||||
Mercury General Corp. | 78 | 3,195 | ||||||
Old Republic International Corp. | 829 | 13,223 | ||||||
Primerica, Inc. | 120 | 12,469 | ||||||
ProAssurance Corp. | 156 | 3,337 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 128 | 18,689 | ||||||
RLI Corp. | 116 | 8,448 | �� | |||||
Selective Insurance Group, Inc. | 172 | 8,622 | ||||||
White Mountains Insurance Group Ltd. | 9 | 8,757 | ||||||
|
| |||||||
209,476 | ||||||||
|
| |||||||
Interactive Media & Services — 0.9% |
| |||||||
Cargurus, Inc.* | 204 | 4,668 | ||||||
Match Group, Inc.* (a) | 157 | 12,083 | ||||||
Pinterest, Inc., Class A* | 296 | 6,115 | ||||||
Yelp, Inc.* | 184 | 4,112 | ||||||
Zillow Group, Inc., Class A* | 100 | 4,354 | ||||||
Zillow Group, Inc., Class C* | 365 | 16,045 | ||||||
|
| |||||||
47,377 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Internet & Direct Marketing Retail — 1.2% |
| |||||||
Etsy, Inc.* | 344 | 22,315 | ||||||
Grubhub, Inc.* | 266 | 12,712 | ||||||
Stamps.com, Inc.* | 48 | 7,597 | ||||||
Wayfair, Inc., Class A* | 191 | 23,692 | ||||||
|
| |||||||
66,316 | ||||||||
|
| |||||||
IT Services — 4.2% |
| |||||||
Black Knight, Inc.* | 435 | 30,698 | ||||||
Booz Allen Hamilton Holding Corp. | 408 | 29,964 | ||||||
CACI International, Inc., Class A* | 73 | 18,260 | ||||||
Conduent, Inc.* | 476 | 1,200 | ||||||
EPAM Systems, Inc.* | 160 | 35,342 | ||||||
Euronet Worldwide, Inc.* | 157 | 14,406 | ||||||
Genpact Ltd. | 447 | 15,390 | ||||||
KBR, Inc. | 412 | 8,347 | ||||||
LiveRamp Holdings, Inc.* | 196 | 7,421 | ||||||
MAXIMUS, Inc. | 186 | 12,522 | ||||||
MongoDB, Inc.* | 101 | 16,375 | ||||||
Perspecta, Inc. | 400 | 8,628 | ||||||
Science Applications International Corp. | 143 | 11,677 | ||||||
WEX, Inc.* | 126 | 16,672 | ||||||
|
| |||||||
226,902 | ||||||||
|
| |||||||
Leisure Products — 0.2% |
| |||||||
Brunswick Corp. | 236 | 11,262 | ||||||
|
| |||||||
Life Sciences Tools & Services — 1.9% |
| |||||||
Bio-Techne Corp. | 111 | 24,975 | ||||||
Bruker Corp. | 295 | 11,600 | ||||||
Charles River Laboratories International, Inc.* | 142 | 20,543 | ||||||
PRA Health Sciences, Inc.* | 184 | 17,756 | ||||||
Repligen Corp.* | 136 | 15,796 | ||||||
Syneos Health, Inc.* | 180 | 10,042 | ||||||
|
| |||||||
100,712 | ||||||||
|
| |||||||
Machinery — 4.7% |
| |||||||
AGCO Corp. | 182 | 9,617 | ||||||
Allison Transmission Holdings, Inc. | 347 | 12,610 | ||||||
Barnes Group, Inc. | 138 | 5,296 | ||||||
Colfax Corp.* | 240 | 6,190 | ||||||
Crane Co. | 148 | 8,058 | ||||||
Gates Industrial Corp. plc* | 132 | 1,134 | ||||||
Graco, Inc. | 485 | 21,660 | ||||||
Ingersoll Rand, Inc.* | 1,006 | 29,254 | ||||||
ITT, Inc. | 255 | 13,444 | ||||||
Kennametal, Inc. | 240 | 6,146 | ||||||
Lincoln Electric Holdings, Inc. | 178 | 14,331 | ||||||
Middleby Corp. (The)* | 162 | 9,012 |
SEE NOTES TO FINANCIAL STATEMENTS.
104 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Machinery — continued |
| |||||||
Navistar International Corp.* | 188 | 4,469 | ||||||
Nordson Corp. | 149 | 23,975 | ||||||
Oshkosh Corp. | 198 | 13,371 | ||||||
RBC Bearings, Inc.* | 73 | 9,248 | ||||||
Terex Corp. | 188 | 2,856 | ||||||
Timken Co. (The) | 196 | 7,366 | ||||||
Toro Co. (The) | 310 | 19,781 | ||||||
Trinity Industries, Inc. | 284 | 5,478 | ||||||
WABCO Holdings, Inc.* | 149 | 20,023 | ||||||
Woodward, Inc. | 164 | 9,932 | ||||||
|
| |||||||
253,251 | ||||||||
|
| |||||||
Marine — 0.2% |
| |||||||
Kirby Corp.* | 174 | 9,295 | ||||||
|
| |||||||
Media — 1.2% |
| |||||||
AMC Networks, Inc., Class A* | 128 | 3,053 | ||||||
Cable One, Inc. | 15 | 28,693 | ||||||
John Wiley & Sons, Inc., Class A | 127 | 4,769 | ||||||
New York Times Co. (The), Class A | 418 | 13,593 | ||||||
Nexstar Media Group, Inc., Class A | 134 | 9,385 | ||||||
Sinclair Broadcast Group, Inc., Class A | 192 | 3,389 | ||||||
|
| |||||||
62,882 | ||||||||
|
| |||||||
Metals & Mining — 1.2% |
| |||||||
Alcoa Corp.* | 532 | 4,336 | ||||||
Allegheny Technologies, Inc.* | 364 | 2,734 | ||||||
Carpenter Technology Corp. | 136 | 3,015 | ||||||
Compass Minerals International, Inc. | 98 | 4,818 | ||||||
Reliance Steel & Aluminum Co. | 194 | 17,378 | ||||||
Royal Gold, Inc. | 191 | 23,403 | ||||||
United States Steel Corp. (a) | 488 | 3,748 | ||||||
Worthington Industries, Inc. | 108 | 2,855 | ||||||
|
| |||||||
62,287 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) — 0.7% |
| |||||||
Blackstone Mortgage Trust, Inc., Class A | 388 | 9,129 | ||||||
Chimera Investment Corp. | 540 | 4,196 | ||||||
MFA Financial, Inc. | 1,300 | 2,275 | ||||||
New Residential Investment Corp. | 1,196 | 7,284 | ||||||
Starwood Property Trust, Inc. | 820 | 10,611 | ||||||
Two Harbors Investment Corp. | 784 | 3,583 | ||||||
|
| |||||||
37,078 | ||||||||
|
| |||||||
Multiline Retail — 0.2% |
| |||||||
Dillard’s, Inc., Class A | 28 | 825 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.* | 158 | 10,730 | ||||||
|
| |||||||
11,555 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Multi-Utilities — 0.6% |
| |||||||
Avista Corp. | 194 | 8,350 | ||||||
Black Hills Corp. | 179 | 11,087 | ||||||
MDU Resources Group, Inc. | 582 | 13,072 | ||||||
|
| |||||||
32,509 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels — 0.9% |
| |||||||
Chesapeake Energy Corp.* | 16 | 280 | ||||||
CNX Resources Corp.* | 542 | 5,745 | ||||||
CVR Energy, Inc. | 84 | 2,003 | ||||||
Delek US Holdings, Inc. | 216 | 5,044 | ||||||
Equitrans Midstream Corp. | 592 | 4,961 | ||||||
Kosmos Energy Ltd. (Ghana) | 1,040 | 1,716 | ||||||
Matador Resources Co.* | 316 | 2,225 | ||||||
Parsley Energy, Inc., Class A | 898 | 8,486 | ||||||
PBF Energy, Inc., Class A | 292 | 3,329 | ||||||
PDC Energy, Inc.* | 280 | 3,637 | ||||||
World Fuel Services Corp. | 188 | 4,700 | ||||||
WPX Energy, Inc.* | 1,196 | 7,331 | ||||||
|
| |||||||
49,457 | ||||||||
|
| |||||||
Paper & Forest Products — 0.2% |
| |||||||
Domtar Corp. | 164 | 3,831 | ||||||
Louisiana-Pacific Corp. | 341 | 6,820 | ||||||
|
| |||||||
10,651 | ||||||||
|
| |||||||
Personal Products — 0.1% |
| |||||||
Nu Skin Enterprises, Inc., Class A | 160 | 4,674 | ||||||
|
| |||||||
Pharmaceuticals — 1.4% |
| |||||||
Catalent, Inc.* | 450 | 31,117 | ||||||
Horizon Therapeutics plc* | 544 | 19,606 | ||||||
Innoviva, Inc.* | 192 | 2,722 | ||||||
Pacira BioSciences, Inc.* | 120 | 4,955 | ||||||
Prestige Consumer Healthcare, Inc.* | 146 | 5,941 | ||||||
Reata Pharmaceuticals, Inc., Class A* | 74 | 11,704 | ||||||
Tilray, Inc. (Canada)* | 92 | 741 | ||||||
|
| |||||||
76,786 | ||||||||
|
| |||||||
Professional Services — 1.1% |
| |||||||
ASGN, Inc.* | 152 | 7,061 | ||||||
CoreLogic, Inc. | 231 | 8,875 | ||||||
FTI Consulting, Inc.* | 109 | 13,882 | ||||||
Insperity, Inc. | 108 | 5,153 | ||||||
Robert Half International, Inc. | 342 | 16,166 | ||||||
TriNet Group, Inc.* | 128 | 6,268 | ||||||
|
| |||||||
57,405 | ||||||||
|
| |||||||
Real Estate Management & Development — 0.5% |
| |||||||
Cushman & Wakefield plc* | 472 | 5,744 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 105 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Management & Development — continued |
| |||||||
Howard Hughes Corp. (The)* | 126 | 6,824 | ||||||
Jones Lang LaSalle, Inc. | 150 | 15,837 | ||||||
|
| |||||||
28,405 | ||||||||
|
| |||||||
Road & Rail — 0.5% |
| |||||||
AMERCO | 23 | 6,443 | ||||||
Avis Budget Group, Inc.* | 164 | 2,703 | ||||||
Landstar System, Inc. | 115 | 11,880 | ||||||
Ryder System, Inc. | 155 | 5,487 | ||||||
|
| |||||||
26,513 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 3.9% |
| |||||||
Cabot Microelectronics Corp. | 85 | 10,416 | ||||||
Cirrus Logic, Inc.* | 168 | 12,701 | ||||||
Cree, Inc.* | 313 | 13,500 | ||||||
Entegris, Inc. | 392 | 21,258 | ||||||
First Solar, Inc.* | 220 | 9,682 | ||||||
MKS Instruments, Inc. | 158 | 15,836 | ||||||
Monolithic Power Systems, Inc. | 117 | 23,389 | ||||||
ON Semiconductor Corp.* | 1,194 | 19,158 | ||||||
Silicon Laboratories, Inc.* | 126 | 12,250 | ||||||
SolarEdge Technologies, Inc.* | 141 | 15,734 | ||||||
Synaptics, Inc.* | 96 | 6,277 | ||||||
Teradyne, Inc. | 487 | 30,457 | ||||||
Universal Display Corp. | 123 | 18,465 | ||||||
|
| |||||||
209,123 | ||||||||
|
| |||||||
Software — 9.3% |
| |||||||
ACI Worldwide, Inc.* | 336 | 9,206 | ||||||
Alteryx, Inc., Class A* | 142 | 16,072 | ||||||
Anaplan, Inc.* | 248 | 10,133 | ||||||
Aspen Technology, Inc.* | 198 | 20,246 | ||||||
Avalara, Inc.* | 191 | 17,070 | ||||||
Blackbaud, Inc. | 142 | 7,847 | ||||||
Ceridian HCM Holding, Inc.* | 293 | 17,278 | ||||||
CommVault Systems, Inc.* | 122 | 5,208 | ||||||
Coupa Software, Inc.* | 183 | 32,224 | ||||||
Dropbox, Inc., Class A* | 627 | 13,180 | ||||||
Dynatrace, Inc.* | 260 | 7,761 | �� | |||||
Elastic NV* | 94 | 6,029 | ||||||
Fair Isaac Corp.* | 84 | 29,647 | ||||||
FireEye, Inc.* | 624 | 7,182 | ||||||
Guidewire Software, Inc.* | 240 | 21,802 | ||||||
HubSpot, Inc.* | 117 | 19,730 | ||||||
j2 Global, Inc. | 135 | 10,886 | ||||||
LogMeIn, Inc. | 142 | 12,135 | ||||||
Manhattan Associates, Inc.* | 186 | 13,195 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Software — continued |
| |||||||
New Relic, Inc.* | 144 | 7,731 | ||||||
Nuance Communications, Inc.* | 822 | 16,604 | ||||||
Nutanix, Inc., Class A* | 420 | 8,606 | ||||||
Paylocity Holding Corp.* | 104 | 11,911 | ||||||
Pegasystems, Inc. | 111 | 9,282 | ||||||
Proofpoint, Inc.* | 164 | 19,964 | ||||||
RealPage, Inc.* | 232 | 14,962 | ||||||
Slack Technologies, Inc., Class A* | 156 | 4,164 | ||||||
SolarWinds Corp.* | 188 | 3,192 | ||||||
Trade Desk, Inc. (The), Class A* | 116 | 33,939 | ||||||
Tyler Technologies, Inc.* | 113 | 36,238 | ||||||
Verint Systems, Inc.* | 194 | 8,292 | ||||||
Zendesk, Inc.* | 326 | 25,063 | ||||||
Zoom Video Communications, Inc., Class A* | 85 | 11,489 | ||||||
Zscaler, Inc.* | 190 | 12,745 | ||||||
|
| |||||||
501,013 | ||||||||
|
| |||||||
Specialty Retail — 1.5% |
| |||||||
Aaron’s, Inc. | 195 | 6,223 | ||||||
American Eagle Outfitters, Inc. | 456 | 3,625 | ||||||
AutoNation, Inc.* | 171 | 6,368 | ||||||
Carvana Co.* | 146 | 11,696 | ||||||
Five Below, Inc.* | 162 | 14,606 | ||||||
Floor & Decor Holdings, Inc., Class A* | 203 | 8,607 | ||||||
Michaels Cos., Inc. (The)* | 220 | 669 | ||||||
Penske Automotive Group, Inc. | 96 | 3,454 | ||||||
RH* | 48 | 6,901 | ||||||
Sally Beauty Holdings, Inc.* | 336 | 3,263 | ||||||
Urban Outfitters, Inc.* | 204 | 3,537 | ||||||
Williams-Sonoma, Inc. | 226 | 13,976 | ||||||
|
| |||||||
82,925 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals — 0.2% |
| |||||||
Pure Storage, Inc., Class A* | 655 | 9,432 | ||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 0.8% |
| |||||||
Carter’s, Inc. | 128 | 10,009 | ||||||
Columbia Sportswear Co. | 84 | 6,123 | ||||||
Deckers Outdoor Corp.* | 81 | 12,049 | ||||||
Skechers U.S.A., Inc., Class A* | 387 | 10,906 | ||||||
Wolverine World Wide, Inc. | 232 | 4,754 | ||||||
|
| |||||||
43,841 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.5% |
| |||||||
Essent Group Ltd. | 284 | 7,759 | ||||||
MGIC Investment Corp. | 1,004 | 7,339 | ||||||
Radian Group, Inc. | 580 | 8,688 |
SEE NOTES TO FINANCIAL STATEMENTS.
106 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Thrifts & Mortgage Finance — continued |
| |||||||
TFS Financial Corp. | 144 | 1,966 | ||||||
|
| |||||||
25,752 | ||||||||
|
| |||||||
Tobacco — 0.1% |
| |||||||
Vector Group Ltd. | 332 | 3,552 | ||||||
|
| |||||||
Trading Companies & Distributors — 0.9% |
| |||||||
Air Lease Corp. | 305 | 7,976 | ||||||
Beacon Roofing Supply, Inc.* | 196 | 4,312 | ||||||
GATX Corp. | 102 | 6,049 | ||||||
HD Supply Holdings, Inc.* | 482 | 14,306 | ||||||
MSC Industrial Direct Co., Inc., Class A | 130 | 7,753 | ||||||
Univar Solutions, Inc.* | 402 | 5,837 | ||||||
WESCO International, Inc.* | 120 | 3,104 | ||||||
|
| |||||||
49,337 | ||||||||
|
| |||||||
Transportation Infrastructure — 0.1% |
| |||||||
Macquarie Infrastructure Corp. | 224 | 6,180 | ||||||
|
| |||||||
Water Utilities — 0.5% |
| |||||||
Essential Utilities, Inc. | 627 | 26,202 | ||||||
|
| |||||||
Wireless Telecommunication Services — 0.1% |
| |||||||
Telephone & Data Systems, Inc. | 284 | 5,572 | ||||||
United States Cellular Corp.* | 44 | 1,401 | ||||||
|
| |||||||
6,973 | ||||||||
|
| |||||||
Total Common Stocks | 5,351,013 | |||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 0.4% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, | 3,453 | 3,453 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.3% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) | 16,843 | 16,843 | ||||||
|
| |||||||
Total Short-Term Investments | 20,296 | |||||||
|
| |||||||
Total Investments — 100.1% | 5,371,309 | |||||||
Liabilities in Excess of | (5,602 | ) | ||||||
|
| |||||||
Net Assets — 100.0% | 5,365,707 | |||||||
|
|
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, 2020. The total value of securities on loan at April 30, 2020 is $15,885. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 MicE-mini Index | 1 | 06/2020 | USD | 14,506 | 723 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 107 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.6% |
| |||||||
Bahrain — 0.1% |
| |||||||
Ahli United Bank BSC | 508,832 | 321,212 | ||||||
|
| |||||||
Brazil — 10.6% |
| |||||||
Alpargatas SA (Preference) | 81,288 | 409,587 | ||||||
Ambev SA* | 516,358 | 1,079,643 | ||||||
Atacadao SA* | 55,950 | 206,704 | ||||||
B3 SA — Brasil Bolsa Balcao | 157,955 | 1,111,050 | ||||||
Banco Bradesco SA (Preference) | 348,519 | 1,231,183 | ||||||
Banco BTG Pactual SA* | 43,574 | 335,024 | ||||||
Banco do Brasil SA* | 144,056 | 750,493 | ||||||
Banco do Estado do Rio Grande do Sul SA (Preference), Class B | 70,261 | 163,187 | ||||||
BB Seguridade Participacoes SA | 53,247 | 259,679 | ||||||
BR Malls Participacoes SA | 61,015 | 112,764 | ||||||
BRF SA* | 94,771 | 340,541 | ||||||
CCR SA | 278,093 | 635,156 | ||||||
Cia de Saneamento Basico do Estado de Sao Paulo* | 81,153 | 601,719 | ||||||
Cia de Transmissao de Energia Eletrica Paulista (Preference) | 142,209 | 504,723 | ||||||
Cia Energetica de Minas Gerais (Preference)* | 195,766 | 340,923 | ||||||
Cia Energetica de Sao Paulo (Preference), Class B | 60,387 | 312,823 | ||||||
Cia Paranaense de Energia (Preference)* | 48,135 | 490,476 | ||||||
Cia Siderurgica Nacional SA | 153,827 | 253,460 | ||||||
Cosan SA | 45,152 | 500,932 | ||||||
CPFL Energia SA | 61,406 | 340,122 | ||||||
Duratex SA* | 120,838 | 219,548 | ||||||
EDP — Energias do Brasil SA | 162,787 | 508,008 | ||||||
Engie Brasil Energia SA | 46,853 | 338,782 | ||||||
Equatorial Energia SA | 169,739 | 574,963 | ||||||
Fleury SA | 68,422 | 285,873 | ||||||
Gerdau SA (Preference) | 95,293 | 205,905 | ||||||
Grendene SA | 210,912 | 275,377 | ||||||
Hapvida Participacoes e Investimentos SA (a) | 48,834 | 468,592 | ||||||
Hypera SA* | 86,975 | 465,592 | ||||||
Itau Unibanco Holding SA (Preference) | 370,242 | 1,561,200 | ||||||
Itausa — Investimentos Itau SA (Preference) | 345,034 | 571,683 | ||||||
Lojas Renner SA | 132,392 | 937,084 | ||||||
M Dias Branco SA* | 14,274 | 84,811 | ||||||
Natura & Co. Holding SA* | 62,733 | 418,189 | ||||||
Neoenergia SA* | 71,301 | 238,636 | ||||||
Petrobras Distribuidora SA* | 144,082 | 522,764 | ||||||
Petroleo Brasileiro SA (Preference) | 545,854 | 1,812,855 | ||||||
Porto Seguro SA | 8,076 | 67,826 | ||||||
Rumo SA* | 192,870 | 698,714 | ||||||
Sao Martinho SA* | 118,398 | 419,125 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Brazil — continued |
| |||||||
Sul America SA | 17,401 | 143,518 | ||||||
Telefonica Brasil SA (Preference) | 93,009 | 787,632 | ||||||
TIM Participacoes SA* | 209,123 | 486,476 | ||||||
TOTVS SA | 33,710 | 367,606 | ||||||
Transmissora Alianca de Energia Eletrica SA | 112,716 | 570,223 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas (Preference), Class A | 36,992 | 32,925 | ||||||
Vale SA* | 392,043 | 3,250,744 | ||||||
WEG SA | 134,805 | 985,399 | ||||||
YDUQS Participacoes SA | 77,811 | 442,435 | ||||||
|
| |||||||
27,722,674 | ||||||||
|
| |||||||
Chile — 1.4% |
| |||||||
AES Gener SA | 1,674,568 | 246,743 | ||||||
Aguas Andinas SA, Class A | 1,056,021 | 354,157 | ||||||
Banco de Chile | 2,228,556 | 196,457 | ||||||
Cencosud SA | 14,889 | 18,012 | ||||||
Cia Cervecerias Unidas SA | 37,113 | 266,712 | ||||||
Colbun SA | 2,836,358 | 416,162 | ||||||
Enel Americas SA | 7,382,160 | 1,211,350 | ||||||
Enel Chile SA | 6,943,709 | 565,460 | ||||||
Engie Energia Chile SA | 202,194 | 249,491 | ||||||
Parque Arauco SA | 45,406 | 76,199 | ||||||
|
| |||||||
3,600,743 | ||||||||
|
| |||||||
China — 23.6% |
| |||||||
Angang Steel Co. Ltd., Class H | 121,800 | 32,835 | ||||||
Anhui Conch Cement Co. Ltd., Class H | 179,500 | 1,415,426 | ||||||
Anhui Gujing Distillery Co. Ltd., Class A | 23,300 | 439,304 | ||||||
ANTA Sports Products Ltd. | 173,000 | 1,473,275 | ||||||
BAIC Motor Corp. Ltd., Class H (a) | 207,500 | 90,779 | ||||||
Bank of China Ltd., Class H | 2,328,000 | 886,277 | ||||||
Baoshan Iron & Steel Co. Ltd., Class A | 487,800 | 333,156 | ||||||
Beijing Capital International Airport Co. Ltd., Class H | 144,000 | 96,483 | ||||||
Beijing Enterprises Holdings Ltd. | 44,500 | 157,645 | ||||||
Bosideng International Holdings Ltd. | 1,352,000 | 366,549 | ||||||
BYD Electronic International Co. Ltd. | 66,000 | 151,980 | ||||||
CGN Power Co. Ltd., Class H* (a) | 2,344,000 | 589,632 | ||||||
China CITIC Bank Corp. Ltd., Class H | 433,000 | 211,535 | ||||||
China Coal Energy Co. Ltd., Class H | 153,000 | 40,933 | ||||||
China Communications Services Corp. Ltd., Class H | 686,000 | 488,990 | ||||||
China Conch Venture Holdings Ltd. | 118,000 | 564,202 | ||||||
China Everbright Bank Co. Ltd., Class H | 161,000 | 68,321 | ||||||
China Gas Holdings Ltd. | 119,400 | 434,465 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 246,000 | 122,958 |
SEE NOTES TO FINANCIAL STATEMENTS.
108 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
China Medical System Holdings Ltd. | 460,000 | 541,499 | ||||||
China Merchants Bank Co. Ltd., Class H | 188,000 | 889,675 | ||||||
China Merchants Port Holdings Co. Ltd. | 104,000 | 133,855 | ||||||
China Minsheng Banking Corp. Ltd., Class H | 333,800 | 248,648 | ||||||
China Mobile Ltd. | 624,500 | 5,020,393 | ||||||
China National Building Material Co. Ltd., Class H | 336,250 | 420,025 | ||||||
China Petroleum & Chemical Corp., Class H | 1,864,000 | 929,041 | ||||||
China Resources Cement Holdings Ltd. | 392,000 | 533,396 | ||||||
China Resources Gas Group Ltd. | 138,000 | 775,606 | ||||||
China Resources Land Ltd. | 142,000 | 586,773 | ||||||
China Resources Pharmaceutical Group Ltd. (a) | 276,000 | 173,336 | ||||||
China Resources Power Holdings Co. Ltd. | 326,000 | 386,129 | ||||||
China Shenhua Energy Co. Ltd., Class H | 508,000 | 899,967 | ||||||
China South Publishing & Media Group Co. Ltd., Class A | 183,100 | 281,259 | ||||||
China State Construction International Holdings Ltd. | 24,000 | 18,607 | ||||||
China Telecom Corp. Ltd., Class H | 2,334,000 | 806,165 | ||||||
China Unicom Hong Kong Ltd. | 996,000 | 644,146 | ||||||
China Vanke Co. Ltd., Class H | 68,500 | 230,210 | ||||||
China Yangtze Power Co. Ltd., Class A | 347,500 | 852,856 | ||||||
Chinese Universe Publishing and Media Group Co. Ltd., Class A | 172,600 | 291,330 | ||||||
Chongqing Dima Industry Co. Ltd., Class A | 579,400 | 234,543 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class H* | 147,000 | 64,129 | ||||||
CIMC Enric Holdings Ltd. | 58,000 | 26,978 | ||||||
CITIC Ltd. | 416,000 | 432,059 | ||||||
CNOOC Ltd. | 1,882,000 | 2,080,781 | ||||||
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 110,000 | 72,012 | ||||||
COSCO SHIPPING Ports Ltd. | 152,000 | 80,978 | ||||||
Country Garden Services Holdings Co. Ltd. | 64,000 | 295,691 | ||||||
Dali Foods Group Co. Ltd. (a) | 671,000 | 414,533 | ||||||
Daqin Railway Co. Ltd., Class A | 372,900 | 376,956 | ||||||
Datang International Power Generation Co. Ltd., Class H | 292,000 | 42,243 | ||||||
ENN Energy Holdings Ltd. | 127,600 | 1,438,366 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 29,100 | 500,552 | ||||||
Fosun International Ltd. | 166,576 | 209,131 | ||||||
Fujian Sunner Development Co. Ltd., Class A | 88,300 | 268,503 | ||||||
G-bits Network Technology Xiamen Co. Ltd., Class A | 10,600 | 563,028 | ||||||
Geely Automobile Holdings Ltd. | 146,000 | 227,106 |
INVESTMENTS | SHARES | VALUE($) | ||||||
China — continued |
| |||||||
Great Wall Motor Co. Ltd., Class H (b) | 447,000 | 298,845 | ||||||
Greattown Holdings Ltd., Class A | 337,700 | 384,426 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 86,500 | 659,359 | ||||||
Guangdong Investment Ltd. | 490,000 | 1,018,449 | ||||||
Guangxi Guiguan Electric Power Co. Ltd., Class A | 264,400 | 159,839 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 36,000 | 94,193 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 30,600 | 325,057 | ||||||
Haier Electronics Group Co. Ltd. | 175,000 | 481,966 | ||||||
Haitian International Holdings Ltd. | 52,000 | 92,006 | ||||||
Heilongjiang Agriculture Co. Ltd., Class A | 219,700 | 525,833 | ||||||
Henan Zhongyuan Expressway Co. Ltd., Class A | 379,200 | 208,589 | ||||||
Huadian Power International Corp. Ltd., Class H | 8,000 | 2,783 | ||||||
Huaxin Cement Co. Ltd., Class B | 237,400 | 401,301 | ||||||
Industrial & Commercial Bank of China Ltd., Class H | 4,104,000 | 2,751,771 | ||||||
Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A | 882,500 | 313,139 | ||||||
Inner Mongolia Yitai Coal Co. Ltd., Class B | 74,600 | 45,793 | ||||||
Jiangsu Expressway Co. Ltd., Class A | 218,600 | 323,318 | ||||||
Jiangsu Expressway Co. Ltd., Class H | 114,000 | 136,078 | ||||||
Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 274,300 | 309,895 | ||||||
Jiangxi Copper Co. Ltd., Class H | 87,000 | 84,639 | ||||||
Joyoung Co. Ltd., Class A | 113,871 | 501,924 | ||||||
JOYY, Inc., ADR* | 3,544 | 216,042 | ||||||
Kingboard Holdings Ltd. | 56,000 | 136,615 | ||||||
Kunlun Energy Co. Ltd. | 644,000 | 419,563 | ||||||
Kweichow Moutai Co. Ltd., Class A | 11,800 | 2,094,421 | ||||||
Lee & Man Paper Manufacturing Ltd. | 112,000 | 68,805 | ||||||
Li Ning Co. Ltd. | 230,000 | 726,219 | ||||||
Liuzhou Iron & Steel Co. Ltd., Class A | 382,300 | 268,305 | ||||||
Lomon Billions Group Co. Ltd., Class A | 157,200 | 365,434 | ||||||
Longfor Group Holdings Ltd. (a) | 84,500 | 429,601 | ||||||
Luye Pharma Group Ltd. (a) (b) | 274,000 | 133,048 | ||||||
Maanshan Iron & Steel Co. Ltd., Class H (b) | 448,000 | 145,288 | ||||||
Momo, Inc., ADR | 8,382 | 201,839 | ||||||
Nanjing Iron & Steel Co. Ltd., Class A* | 673,800 | 301,696 | ||||||
PetroChina Co. Ltd., Class H | 1,516,000 | 544,535 | ||||||
Ping An Insurance Group Co. of China Ltd., Class H | 262,500 | 2,671,269 | ||||||
Sansteel Minguang Co. Ltd. Fujian, Class A | 264,700 | 269,573 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 109 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
China — continued |
| |||||||
Sany Heavy Industry Co. Ltd., Class A | 245,700 | 672,077 | ||||||
SDIC Power Holdings Co. Ltd., Class A | 587,700 | 635,250 | ||||||
Seazen Group Ltd.* | 98,000 | 95,231 | ||||||
Shaanxi Coal Industry Co. Ltd., Class A | 335,500 | 355,136 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 284,000 | 431,437 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 30,100 | 52,982 | ||||||
Shanxi LanhuaSci-Tech Venture Co. Ltd., Class A | 316,000 | 215,225 | ||||||
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A | 323,300 | 257,705 | ||||||
Shenzhen Expressway Co. Ltd., Class H | 300,000 | 343,965 | ||||||
Shenzhen International Holdings Ltd. | 75,044 | 145,038 | ||||||
Shenzhen Jinjia Group Co. Ltd., Class A | 198,000 | 247,344 | ||||||
Shenzhou International Group Holdings Ltd. | 66,700 | 769,827 | ||||||
Sichuan Expressway Co. Ltd., Class A | 380,800 | 199,310 | ||||||
Sihuan Pharmaceutical Holdings Group Ltd. | 683,000 | 67,772 | ||||||
Sinopec Shanghai Petrochemical Co. Ltd., Class H | 254,000 | 68,961 | ||||||
Sinotruk Hong Kong Ltd. | 237,500 | 481,541 | ||||||
Sunac China Holdings Ltd. | 116,000 | 518,898 | ||||||
Tangshan Jidong Cement Co. Ltd., Class A | 141,200 | 397,457 | ||||||
Tianhe Chemicals Group Ltd.*‡ (a) | 20,000 | — | ||||||
Weichai Power Co. Ltd., Class A | 268,656 | 501,985 | ||||||
Weichai Power Co. Ltd., Class H (b) | 416,000 | 730,916 | ||||||
Weifu High-Technology Group Co. Ltd., Class A | 117,900 | 334,441 | ||||||
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A | 133,800 | 676,597 | ||||||
Wuliangye Yibin Co. Ltd., Class A | 50,600 | 959,155 | ||||||
Xiamen ITG Group Corp. Ltd., Class A | 276,800 | 243,367 | ||||||
Xinhua Winshare Publishing and Media Co. Ltd., Class A | 161,400 | 255,318 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class H | 42,040 | 41,220 | ||||||
Xinxing Ductile Iron Pipes Co. Ltd., Class A | 524,400 | 254,700 | ||||||
Xinyangfeng Agricultural Technology Co. Ltd., Class A | 122,900 | 144,955 | ||||||
Yangzijiang Shipbuilding Holdings Ltd. | 544,900 | 377,851 | ||||||
Yanzhou Coal Mining Co. Ltd., Class H | 642,000 | 487,766 | ||||||
Yuexiu Property Co. Ltd. | 632,000 | 120,162 | ||||||
Zhaojin Mining Industry Co. Ltd., Class H | 68,500 | 76,961 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 378,000 | 285,880 | ||||||
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 412,800 | 344,123 | ||||||
Zhongsheng Group Holdings Ltd. | 88,500 | 355,214 | ||||||
Zijin Mining Group Co. Ltd., Class H | 418,000 | 170,657 |
INVESTMENTS | SHARES | VALUE($) | ||||||
China — continued |
| |||||||
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 685,200 | 554,729 | ||||||
ZTO Express Cayman, Inc., ADR | 27,803 | 827,417 | ||||||
|
| |||||||
61,765,276 | ||||||||
|
| |||||||
Colombia — 0.5% |
| |||||||
Bancolombia SA (Preference) | 87,215 | 573,650 | ||||||
Ecopetrol SA | 933,659 | 488,172 | ||||||
Grupo Aval Acciones y Valores SA (Preference) | 794,549 | 169,587 | ||||||
|
| |||||||
1,231,409 | ||||||||
|
| |||||||
Czech Republic — 0.1% |
| |||||||
Moneta Money Bank A/S (a) | 51,028 | 106,009 | ||||||
O2 Czech Republic A/S* | 13,939 | 122,097 | ||||||
|
| |||||||
228,106 | ||||||||
|
| |||||||
Egypt — 0.3% |
| |||||||
Commercial International Bank Egypt SAE | 132,200 | 537,397 | ||||||
ElSewedy Electric Co. | 324,915 | 183,353 | ||||||
|
| |||||||
720,750 | ||||||||
|
| |||||||
Greece — 1.0% |
| |||||||
Hellenic Telecommunications Organization SA | 67,831 | 896,150 | ||||||
JUMBO SA | 36,934 | 578,014 | ||||||
Mytilineos SA | 60,665 | 452,374 | ||||||
OPAP SA | 76,800 | 687,922 | ||||||
|
| |||||||
2,614,460 | ||||||||
|
| |||||||
Hong Kong — 0.2% |
| |||||||
Kingboard Laminates Holdings Ltd. | 75,000 | 72,585 | ||||||
Nine Dragons Paper Holdings Ltd. (b) | 401,000 | 383,646 | ||||||
|
| |||||||
456,231 | ||||||||
|
| |||||||
Hungary — 0.7% |
| |||||||
Magyar Telekom Telecommunications plc | 118,231 | 146,993 | ||||||
OTP Bank Nyrt. | 22,829 | 676,104 | ||||||
Richter Gedeon Nyrt. | 44,009 | 940,417 | ||||||
|
| |||||||
1,763,514 | ||||||||
|
| |||||||
India — 9.2% |
| |||||||
Asian Paints Ltd. | 18,424 | 429,889 | ||||||
Aurobindo Pharma Ltd. | 12,450 | 101,829 | ||||||
Bajaj Auto Ltd. | 12,562 | 436,845 | ||||||
Bajaj Finance Ltd. | 4,137 | 126,492 | ||||||
Bajaj Holdings & Investment Ltd. | 1,298 | 34,969 | ||||||
Bharat Petroleum Corp. Ltd. | 72,452 | 354,458 | ||||||
Bharti Infratel Ltd. | 145,299 | 336,167 | ||||||
Castrol India Ltd. | 31,244 | 53,602 | ||||||
Coal India Ltd. | 106,712 | 208,667 |
SEE NOTES TO FINANCIAL STATEMENTS.
110 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
India — continued |
| |||||||
Colgate-Palmolive India Ltd. | 8,949 | 172,735 | ||||||
Cummins India Ltd. | 1,914 | 9,567 | ||||||
Dabur India Ltd. | 70,975 | 459,158 | ||||||
Divi’s Laboratories Ltd. | 13,401 | 413,221 | ||||||
Dr Reddy’s Laboratories Ltd. | 13,745 | 711,955 | ||||||
Federal Bank Ltd. | 18,200 | 11,736 | ||||||
GAIL India Ltd. | 60,632 | 76,720 | ||||||
Glenmark Pharmaceuticals Ltd. | 8,008 | 35,397 | ||||||
Havells India Ltd. | 10,594 | 78,958 | ||||||
HCL Technologies Ltd. | 92,149 | 660,883 | ||||||
Hindalco Industries Ltd. | 33,565 | 56,931 | ||||||
Hindustan Petroleum Corp. Ltd. | 60,497 | 176,560 | ||||||
Hindustan Unilever Ltd. | 101,163 | 2,929,229 | ||||||
Hindustan Zinc Ltd.* | 11,548 | 26,436 | ||||||
Housing Development Finance Corp. Ltd. | 84,333 | 2,133,187 | ||||||
ICICI Lombard General Insurance Co. Ltd. (a) | 8,388 | 143,387 | ||||||
Indian Oil Corp. Ltd. | 160,387 | 178,803 | ||||||
Infosys Ltd. | 323,609 | 3,024,816 | ||||||
ITC Ltd. | 420,834 | 1,013,870 | ||||||
JSW Steel Ltd. | 48,050 | 113,486 | ||||||
Larsen & Toubro Infotech Ltd. (a) | 813 | 17,043 | ||||||
Mphasis Ltd. | 5,499 | 53,437 | ||||||
Muthoot Finance Ltd. | 2,949 | 33,807 | ||||||
Nestle India Ltd. | 3,345 | 793,438 | ||||||
NHPC Ltd. | 405,651 | 111,556 | ||||||
NMDC Ltd. | 55,456 | 58,798 | ||||||
NTPC Ltd. | 378,642 | 474,367 | ||||||
Oil & Natural Gas Corp. Ltd. | 226,107 | 239,269 | ||||||
Oil India Ltd. | 30,987 | 40,454 | ||||||
Petronet LNG Ltd. | 88,338 | 284,592 | ||||||
Piramal Enterprises Ltd. | 11,379 | 146,246 | ||||||
Power Finance Corp. Ltd. | 14,132 | 17,842 | ||||||
Power Grid Corp. of India Ltd. | 128,551 | 275,528 | ||||||
REC Ltd. | 110,331 | 139,215 | ||||||
Reliance Industries Ltd. | 162,631 | 3,162,037 | ||||||
Shriram Transport Finance Co. Ltd. | 5,980 | 61,341 | ||||||
Sun Pharmaceutical Industries Ltd. | 11,632 | 70,943 | ||||||
Tata Consultancy Services Ltd. | 76,771 | 2,032,308 | ||||||
Tata Power Co. Ltd. (The) | 92,013 | 38,404 | ||||||
Tech Mahindra Ltd. | 27,299 | 196,337 | ||||||
Titan Co. Ltd. | 30,940 | 395,673 | ||||||
Torrent Power Ltd. | 19,409 | 85,203 | ||||||
United Breweries Ltd. | 6,454 | 80,428 | ||||||
UPL Ltd. | 24,203 | 133,932 | ||||||
Vedanta Ltd. | 134,297 | 156,544 |
INVESTMENTS | SHARES | VALUE($) | ||||||
India — continued |
| |||||||
Wipro Ltd. | 118,346 | 300,463 | ||||||
|
| |||||||
23,909,158 | ||||||||
|
| |||||||
Indonesia — 3.7% |
| |||||||
Adaro Energy Tbk. PT | 5,430,700 | 332,797 | ||||||
Astra International Tbk. PT | 3,549,700 | 907,894 | ||||||
Bank Central Asia Tbk. PT | 1,269,200 | 2,198,496 | ||||||
Bank Mandiri Persero Tbk. PT | 459,300 | 136,532 | ||||||
Bank Rakyat Indonesia Persero Tbk. PT | 7,511,000 | 1,366,157 | ||||||
Bukit Asam Tbk. PT | 1,154,900 | 144,576 | ||||||
Bumi Serpong Damai Tbk. PT* | 449,000 | 21,124 | ||||||
Charoen Pokphand Indonesia Tbk. PT | 1,568,100 | 482,184 | ||||||
Gudang Garam Tbk. PT | 112,700 | 342,586 | ||||||
Hanjaya Mandala Sampoerna Tbk. PT | 1,992,300 | 212,172 | ||||||
Indofood CBP Sukses Makmur Tbk. PT | 241,700 | 159,921 | ||||||
Indofood Sukses Makmur Tbk. PT | 900,800 | 393,032 | ||||||
Kalbe Farma Tbk. PT | 5,238,700 | 506,080 | ||||||
Matahari Department Store Tbk. PT | 562,900 | 45,692 | ||||||
Media Nusantara Citra Tbk. PT | 4,090,900 | 249,480 | ||||||
Perusahaan Gas Negara Tbk. PT | 3,413,100 | 193,655 | ||||||
Telekomunikasi Indonesia Persero Tbk. PT | 7,216,500 | 1,659,449 | ||||||
XL Axiata Tbk. PT* | 1,997,300 | 338,471 | ||||||
|
| |||||||
9,690,298 | ||||||||
|
| |||||||
Kuwait — 1.4% |
| |||||||
Agility Public Warehousing Co. KSC* | 225,385 | 466,472 | ||||||
Gulf Bank KSCP | 190,000 | 132,540 | ||||||
Humansoft Holding Co. KSC* | 17,724 | 163,258 | ||||||
Kuwait Finance House KSCP | 394,075 | 755,326 | ||||||
Mobile Telecommunications Co. KSC | 489,768 | 836,914 | ||||||
National Bank of Kuwait SAKP | 595,832 | 1,428,718 | ||||||
|
| |||||||
3,783,228 | ||||||||
|
| |||||||
Malaysia — 3.2% |
| |||||||
AirAsia Group Bhd. | 365,000 | 68,574 | ||||||
AMMB Holdings Bhd. | 286,400 | 197,822 | ||||||
Astro Malaysia Holdings Bhd. | 373,600 | 81,720 | ||||||
Axiata Group Bhd. | 538,400 | 490,898 | ||||||
CIMB Group Holdings Bhd. | 425,655 | 340,345 | ||||||
DiGi.Com Bhd. | 429,400 | 461,235 | ||||||
Gamuda Bhd. | 93,900 | 69,990 | ||||||
Hartalega Holdings Bhd. | 342,800 | 605,574 | ||||||
Hong Leong Financial Group Bhd. | 18,700 | 56,954 | ||||||
IJM Corp. Bhd. | 71,900 | 27,647 | ||||||
Malayan Banking Bhd. | 72,208 | 126,729 | ||||||
Maxis Bhd. | 550,400 | 699,329 | ||||||
MISC Bhd. | 265,000 | 483,216 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 111 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Malaysia — continued |
| |||||||
Nestle Malaysia Bhd. | 15,000 | 488,189 | ||||||
Petronas Dagangan Bhd. | 71,700 | 338,229 | ||||||
Petronas Gas Bhd. | 208,300 | 744,048 | ||||||
PPB Group Bhd. | 162,960 | 621,200 | ||||||
Press Metal Aluminium Holdings Bhd. | 135,400 | 123,293 | ||||||
RHB Bank Bhd. | 168,600 | 185,543 | ||||||
Telekom Malaysia Bhd. | 434,400 | 405,447 | ||||||
Tenaga Nasional Bhd. | 593,500 | 1,680,498 | ||||||
|
| |||||||
8,296,480 | ||||||||
|
| |||||||
Mexico — 4.0% |
| |||||||
Alfa SAB de CV, Class A | 759,095 | 310,870 | ||||||
Alpek SAB de CV | 36,679 | 17,349 | ||||||
Arca Continental SAB de CV | 84,212 | 323,766 | ||||||
Banco del Bajio SA (a) | 49,591 | 39,095 | ||||||
Cemex SAB de CV | 1,483,741 | 313,974 | ||||||
Coca-Cola Femsa SAB de CV | 122,892 | 491,803 | ||||||
El Puerto de Liverpool SAB de CV, Class C1 | 33,120 | 83,607 | ||||||
Fibra Uno Administracion SA de CV, REIT | 393,571 | 326,765 | ||||||
Fomento Economico Mexicano SAB de CV | 184,782 | 1,192,293 | ||||||
Gruma SAB de CV, Class B | 34,326 | 324,987 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV | 124,898 | 457,128 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 91,924 | 570,668 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, Class B | 49,146 | 491,072 | ||||||
Grupo Carso SAB de CV, Series A1 | 81,365 | 161,643 | ||||||
Grupo Elektra SAB de CV | 5,096 | 291,158 | ||||||
Grupo Financiero Banorte SAB de CV, Class O | 222,141 | 608,143 | ||||||
Grupo Mexico SAB de CV, Series B | 625,326 | 1,329,736 | ||||||
Kimberly-Clark de Mexico SAB de CV, Class A | 404,317 | 571,221 | ||||||
Megacable Holdings SAB de CV | 111,441 | 277,435 | ||||||
Orbia Advance Corp. SAB de CV | 102,492 | 121,922 | ||||||
Promotora y Operadora de Infraestructura SAB de CV* | 59,712 | 413,804 | ||||||
Wal-Mart de Mexico SAB de CV | 747,093 | 1,803,178 | ||||||
|
| |||||||
10,521,617 | ||||||||
|
| |||||||
Pakistan — 0.1% |
| |||||||
Oil & Gas Development Co. Ltd. | 338,900 | 222,788 | ||||||
|
| |||||||
Philippines — 1.0% |
| |||||||
BDO Unibank, Inc. | 142,830 | 281,042 | ||||||
Bloomberry Resorts Corp. | 533,500 | 59,013 | ||||||
Globe Telecom, Inc. | 10,705 | 464,386 | ||||||
GT Capital Holdings, Inc.* | 2,966 | 26,555 | ||||||
International Container Terminal Services, Inc. | 125,360 | 219,269 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Philippines — continued |
| |||||||
JG Summit Holdings, Inc. | 437,940 | 436,169 | ||||||
Manila Electric Co. | 70,470 | 351,857 | ||||||
Megaworld Corp. | 172,400 | 8,700 | ||||||
Metro Pacific Investments Corp. | 5,223,200 | 263,338 | ||||||
Metropolitan Bank & Trust Co. | 101,198 | 77,399 | ||||||
PLDT, Inc. | 14,440 | 365,983 | ||||||
San Miguel Corp. | 76,420 | 146,700 | ||||||
|
| |||||||
2,700,411 | ||||||||
|
| |||||||
Qatar — 1.6% |
| |||||||
Barwa Real Estate Co. | 24,437 | 19,194 | ||||||
Commercial Bank PSQC (The) | 169,365 | 186,481 | ||||||
Industries Qatar QSC | 314,809 | 607,877 | ||||||
Masraf Al Rayan QSC | 367,820 | 384,913 | ||||||
Ooredoo QPSC | 92,189 | 161,277 | ||||||
Qatar Electricity & Water Co. QSC | 94,963 | 392,594 | ||||||
Qatar Fuel QSC | 112,352 | 493,375 | ||||||
Qatar Gas Transport Co. Ltd. | 549,417 | 376,941 | ||||||
Qatar International Islamic Bank QSC | 45,847 | 100,670 | ||||||
Qatar National Bank QPSC | 305,914 | 1,442,886 | ||||||
United Development Co. QSC | 201,490 | 58,549 | ||||||
|
| |||||||
4,224,757 | ||||||||
|
| |||||||
Russia — 7.5% |
| |||||||
Aeroflot PJSC | 267,612 | 272,025 | ||||||
Federal Grid Co. Unified Energy System PJSC | 221,116,052 | 544,830 | ||||||
Gazprom PJSC | 1,273,975 | 3,239,061 | ||||||
Inter RAO UES PJSC | 11,502,496 | 770,564 | ||||||
LUKOIL PJSC | 51,427 | 3,318,465 | ||||||
Magnit PJSC | 13,797 | 685,186 | ||||||
Magnitogorsk Iron & Steel Works PJSC | 675,889 | 363,586 | ||||||
MMC Norilsk Nickel PJSC | 6,110 | 1,659,996 | ||||||
Mobile TeleSystems PJSC | 222,867 | 964,060 | ||||||
Novatek PJSC | 76,513 | 1,064,215 | ||||||
ROSSETI PJSC | 30,801,184 | 528,487 | ||||||
Rostelecom PJSC | 482,503 | 532,901 | ||||||
RusHydro PJSC | 74,455,404 | 628,180 | ||||||
Sberbank of Russia PJSC | 1,034,392 | 2,725,866 | ||||||
Sistema PJSFC | 1,661,903 | 322,263 | ||||||
Surgutneftegas PJSC (Preference) | 929,373 | 454,785 | ||||||
Tatneft PJSC | 170,195 | 1,252,905 | ||||||
Transneft PJSC (Preference) | 27 | 49,538 | ||||||
Unipro PJSC | 4,259,722 | 160,455 | ||||||
|
| |||||||
19,537,368 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
112 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Saudi Arabia — 2.0% |
| |||||||
Almarai Co. JSC | 43,213 | 563,444 | ||||||
Etihad Etisalat Co.* | 103,093 | 761,482 | ||||||
Jarir Marketing Co. | 14,732 | 577,859 | ||||||
Mobile Telecommunications Co. Saudi Arabia* | 251,750 | 817,392 | ||||||
Saudi Airlines Catering Co. | 19,423 | 411,809 | ||||||
Saudi Cement Co. | 34,619 | 483,614 | ||||||
Saudi Electricity Co. | 154,837 | 701,098 | ||||||
Saudi Ground Services Co. | 19,479 | 135,456 | ||||||
Saudi Telecom Co. | 31,479 | 758,090 | ||||||
|
| |||||||
5,210,244 | ||||||||
|
| |||||||
South Africa — 5.6% |
| |||||||
Absa Group Ltd. | 71,050 | 350,643 | ||||||
African Rainbow Minerals Ltd. | 12,611 | 92,303 | ||||||
AVI Ltd. | 95,216 | 404,278 | ||||||
Barloworld Ltd. | 138,873 | 509,498 | ||||||
Bid Corp. Ltd. | 63,493 | 827,454 | ||||||
Bidvest Group Ltd. (The) | 36,440 | 295,927 | ||||||
Capitec Bank Holdings Ltd. | 5,311 | 258,906 | ||||||
Clicks Group Ltd. | 63,593 | 791,537 | ||||||
Foschini Group Ltd. (The) | 57,740 | 226,544 | ||||||
Impala Platinum Holdings Ltd. | 81,951 | 488,777 | ||||||
Kumba Iron Ore Ltd. | 11,269 | 212,091 | ||||||
Life Healthcare Group Holdings Ltd. | 144,124 | 138,871 | ||||||
Motus Holdings Ltd. | 81,650 | 132,992 | ||||||
Mr Price Group Ltd. | 55,920 | 398,415 | ||||||
MTN Group Ltd. | 144,219 | 378,987 | ||||||
MultiChoice Group Ltd.* | 92,603 | 434,021 | ||||||
Naspers Ltd., Class N | 39,359 | 6,126,171 | ||||||
Nedbank Group Ltd. | 39,565 | 230,010 | ||||||
Netcare Ltd. | 663,638 | 554,956 | ||||||
RMB Holdings Ltd. | 74,894 | 214,721 | ||||||
SPAR Group Ltd. (The) | 2,570 | 24,497 | ||||||
Tiger Brands Ltd. | 36,671 | 357,085 | ||||||
Truworths International Ltd. | 140,514 | 221,809 | ||||||
Tsogo Sun Gaming Ltd. | 174,161 | 24,626 | ||||||
Vodacom Group Ltd. | 147,503 | 980,568 | ||||||
|
| |||||||
14,675,687 | ||||||||
|
| |||||||
Taiwan — 14.1% |
| |||||||
Advantech Co. Ltd. | 53,000 | 501,289 | ||||||
Asia Cement Corp. | 541,000 | 794,783 | ||||||
Chang Hwa Commercial Bank Ltd. | 667,912 | 436,766 | ||||||
Chicony Electronics Co. Ltd. | 168,551 | 474,779 | ||||||
China Steel Corp. | 1,712,000 | 1,146,642 | ||||||
Chunghwa Telecom Co. Ltd. | 562,000 | 2,065,577 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Taiwan — continued |
| |||||||
CTBC Financial Holding Co. Ltd. | 2,237,395 | 1,490,983 | ||||||
Delta Electronics, Inc. | 70,000 | 326,494 | ||||||
E.Sun Financial Holding Co. Ltd. | 1,177,679 | 1,070,028 | ||||||
Eclat Textile Co. Ltd. | 47,000 | 469,218 | ||||||
Eva Airways Corp. | 453,077 | 174,244 | ||||||
Far Eastern New Century Corp. | 782,000 | 679,063 | ||||||
Far EasTone Telecommunications Co. Ltd. | 291,000 | 648,137 | ||||||
Feng TAY Enterprise Co. Ltd. | 76,900 | 437,498 | ||||||
First Financial Holding Co. Ltd. | 1,053,806 | 776,100 | ||||||
Formosa Chemicals & Fibre Corp. | 438,000 | 1,109,465 | ||||||
Formosa Petrochemical Corp. | 234,000 | 702,074 | ||||||
Formosa Plastics Corp. | 624,000 | 1,831,594 | ||||||
Formosa Taffeta Co. Ltd. | 308,000 | 351,187 | ||||||
Giant Manufacturing Co. Ltd. | 59,000 | 347,780 | ||||||
Globalwafers Co. Ltd. | 30,000 | 381,811 | ||||||
Hotai Motor Co. Ltd. | 62,000 | 1,144,714 | ||||||
Hua Nan Financial Holdings Co. Ltd. | 974,448 | 632,984 | ||||||
Lite-On Technology Corp. | 297,000 | 461,523 | ||||||
Mega Financial Holding Co. Ltd. | 1,166,233 | 1,173,148 | ||||||
Nan Ya Plastics Corp. | 730,000 | 1,614,946 | ||||||
Novatek Microelectronics Corp.* | 80,000 | 497,517 | ||||||
Pou Chen Corp. | 718,000 | 676,137 | ||||||
President Chain Store Corp. | 113,000 | 1,168,503 | ||||||
Realtek Semiconductor Corp.* | 66,000 | 565,179 | ||||||
SinoPac Financial Holdings Co. Ltd. | 1,119,580 | 455,685 | ||||||
Synnex Technology International Corp. | 26,200 | 34,966 | ||||||
Taishin Financial Holding Co. Ltd. | 47,489 | 20,199 | ||||||
Taiwan Business Bank | 1,310,304 | 474,656 | ||||||
Taiwan Cement Corp. | 673,884 | 972,263 | ||||||
Taiwan Cooperative Financial Holding Co. Ltd. | 1,002,562 | 673,233 | ||||||
Taiwan Fertilizer Co. Ltd. | 353,000 | 544,024 | ||||||
Taiwan High Speed Rail Corp. | 477,000 | 544,786 | ||||||
Taiwan Mobile Co. Ltd.* | 331,000 | 1,192,630 | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 412,000 | 4,156,174 | ||||||
Unimicron Technology Corp. | 179,000 | 253,522 | ||||||
Uni-President Enterprises Corp. | 745,000 | 1,734,649 | ||||||
Wistron Corp. | 482,000 | 451,992 | ||||||
Yuanta Financial Holding Co. Ltd. | 1,887,665 | 1,075,930 | ||||||
|
| |||||||
36,734,872 | ||||||||
|
| |||||||
Thailand — 4.0% |
| |||||||
Advanced Info Service PCL | 212,000 | 1,291,270 | ||||||
Bangkok Bank PCL, NVDR | 29,800 | 94,739 | ||||||
Bangkok Bank PCL | 44,500 | 141,910 | ||||||
Bangkok Dusit Medical Services PCL, Class F | 1,767,600 | 1,114,002 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 113 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Thailand — continued |
| |||||||
Bumrungrad Hospital PCL | 1,600 | 5,760 | ||||||
Digital Telecommunications Infrastructure Fund, Class F | 874,300 | 427,336 | ||||||
Electricity Generating PCL | 96,900 | 847,665 | ||||||
Home Product Center PCL | 1,388,700 | 577,100 | ||||||
Intouch Holdings PCL, NVDR | 348,900 | 571,703 | ||||||
Krung Thai Bank PCL | 922,400 | 305,043 | ||||||
Osotspa PCL, NVDR | 204,400 | 260,039 | ||||||
PTT Exploration & Production PCL | 286,000 | 738,228 | ||||||
PTT PCL | 1,972,100 | 2,153,263 | ||||||
Ratch Group PCL | 400,600 | 819,321 | ||||||
Siam Commercial Bank PCL (The) | 363,200 | 758,574 | ||||||
Thai Union Group PCL, Class F | 686,900 | 277,111 | ||||||
Total Access Communication PCL | 46,400 | 60,046 | ||||||
|
| |||||||
10,443,110 | ||||||||
|
| |||||||
Turkey — 2.0% |
| |||||||
Arcelik A/S* | 129,511 | 304,013 | ||||||
BIM Birlesik Magazalar A/S | 104,021 | 825,958 | ||||||
Coca-Cola Icecek A/S | 43,245 | 228,778 | ||||||
Eregli Demir ve Celik Fabrikalari TAS | 359,844 | 414,863 | ||||||
Ford Otomotiv Sanayi A/S | 54,499 | 493,567 | ||||||
Haci Omer Sabanci Holding A/S | 88,964 | 103,945 | ||||||
Koza Altin Isletmeleri A/S* | 30,144 | 307,237 | ||||||
TAV Havalimanlari Holding A/S | 155,635 | 405,410 | ||||||
Tekfen Holding A/S | 213,351 | 434,974 | ||||||
Tofas Turk Otomobil Fabrikasi A/S | 153,564 | 490,688 | ||||||
Turk Telekomunikasyon A/S* | 553,296 | 584,208 | ||||||
Turkcell Iletisim Hizmetleri A/S | 381,496 | 760,005 | ||||||
|
| |||||||
5,353,646 | ||||||||
|
| |||||||
United Arab Emirates — 1.3% |
| |||||||
Abu Dhabi Commercial Bank PJSC | 210,662 | 253,182 | ||||||
Abu Dhabi Islamic Bank PJSC | 76,003 | 73,878 | ||||||
Aldar Properties PJSC | 132,154 | 64,510 | ||||||
DP World plc | 34,392 | 549,199 | ||||||
Dubai Islamic Bank PJSC | 169,782 | 169,370 | ||||||
Emaar Malls PJSC | 227,255 | 79,194 | ||||||
Emirates Telecommunications Group Co. PJSC | 319,029 | 1,340,663 | ||||||
First Abu Dhabi Bank PJSC | 308,646 | 962,459 | ||||||
|
| |||||||
3,492,455 | ||||||||
|
| |||||||
United States — 0.4% |
| |||||||
JBS SA | 219,305 | 957,813 | ||||||
|
| |||||||
Total Common Stocks |
| 260,178,307 | ||||||
|
|
INVESTMENTS | NO. OF RIGHTS | VALUE($) | ||||||
Rights — 0.0% |
| |||||||
China — 0.0% |
| |||||||
Legend Holdings Corp., | 2,638 | — | ||||||
|
| |||||||
SHARES | ||||||||
Short-Term Investments — 0.3% |
| |||||||
Investment of Cash Collateral from Securities Loaned — 0.3% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) | 813,189 | 813,189 | ||||||
|
| |||||||
Total Investments — 99.9% |
| 260,991,496 | ||||||
Other Assets Less Liabilities — 0.1% |
| 328,848 | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 261,320,344 | ||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Banks | 13.7 | % | ||
Oil, Gas & Consumable Fuels | 10.8 | |||
Wireless Telecommunication Services | 6.9 | |||
Metals & Mining | 4.7 | |||
Diversified Telecommunication Services | 4.3 | |||
Electric Utilities | 4.3 | |||
Food Products | 3.9 | |||
Beverages | 2.8 | |||
Independent Power and Renewable Electricity Producers | 2.6 | |||
Chemicals | 2.5 | |||
Transportation Infrastructure | 2.4 | |||
Food & Staples Retailing | 2.4 | |||
Textiles, Apparel & Luxury Goods | 2.4 | |||
IT Services | 2.4 | |||
Internet & Direct Marketing Retail | 2.4 | |||
Construction Materials | 2.2 | |||
Semiconductors & Semiconductor Equipment | 2.2 | |||
Specialty Retail | 1.8 | |||
Pharmaceuticals | 1.7 | |||
Gas Utilities | 1.6 | |||
Machinery | 1.5 | |||
Industrial Conglomerates | 1.4 | |||
Household Products | 1.3 |
SEE NOTES TO FINANCIAL STATEMENTS.
114 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INDUSTRY | PERCENTAGE | |||
Real Estate Management & Development | 1.3 | % | ||
Insurance | 1.3 | |||
Automobiles | 1.1 | |||
Health Care Providers & Services | 1.0 | |||
Others (each less than 1.0%) | 12.8 | |||
Short-Term Investments | 0.3 |
Abbreviations
ADR | American Depositary Receipt | |
JSC | Joint Stock Company | |
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, 2020. The total value of securities on loan at April 30, 2020 is $766,526. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MSCI Emerging MarketsE-Mini Index | 23 | 06/2020 | USD | 1,041,900 | 103,567 | |||||||||||||||
|
|
Abbreviations
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 115 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 98.9% |
| |||||||
Australia — 10.2% |
| |||||||
AGL Energy Ltd. | 319,194 | 3,503,160 | ||||||
Alumina Ltd. | 2,471,881 | 2,741,938 | ||||||
Ansell Ltd. | 206,936 | 3,816,354 | ||||||
APA Group | 439,203 | 3,103,350 | ||||||
Atlas Arteria Ltd. | 178,229 | 719,216 | ||||||
Aurizon Holdings Ltd. | 593,488 | 1,802,929 | ||||||
AusNet Services | 1,097,969 | 1,339,110 | ||||||
BHP Group Ltd. | 124,592 | 2,543,460 | ||||||
BHP Group plc | 165,211 | 2,773,063 | ||||||
Brambles Ltd. | 189,783 | 1,356,486 | ||||||
Caltex Australia Ltd. | 141,153 | 2,272,548 | ||||||
Coca-Cola Amatil Ltd. | 286,920 | 1,597,454 | ||||||
Cochlear Ltd. | 28,080 | 3,338,640 | ||||||
Coles Group Ltd. | 97,440 | 977,111 | ||||||
Crown Resorts Ltd. | 108,065 | 691,788 | ||||||
CSL Ltd. | 20,931 | 4,172,121 | ||||||
CSR Ltd. | 770,471 | 1,851,778 | ||||||
Dexus, REIT | 467,043 | 2,772,520 | ||||||
Downer EDI Ltd. | 483,620 | 1,300,995 | ||||||
Evolution Mining Ltd. | 250,646 | 816,239 | ||||||
Fortescue Metals Group Ltd. | 615,277 | 4,702,101 | ||||||
GPT Group (The), REIT | 957,203 | 2,630,653 | ||||||
Harvey Norman Holdings Ltd. (a) | 583,503 | 1,046,932 | ||||||
Incitec Pivot Ltd. | 245,753 | 380,084 | ||||||
Macquarie Group Ltd. | 27,197 | 1,801,611 | ||||||
Metcash Ltd. | 520,454 | 839,463 | ||||||
Mirvac Group, REIT | 1,228,018 | 1,784,426 | ||||||
Oil Search Ltd. | 545,519 | 1,070,590 | ||||||
Origin Energy Ltd. | 738,859 | 2,657,452 | ||||||
Orora Ltd. | 251,252 | 417,546 | ||||||
Qantas Airways Ltd. | 797,762 | 1,981,368 | ||||||
Ramsay Health Care Ltd. | 66,652 | 2,706,842 | ||||||
Rio Tinto Ltd. | 63,697 | 3,590,039 | ||||||
Rio Tinto plc | 67,586 | 3,137,252 | ||||||
Santos Ltd. | 794,027 | 2,524,846 | ||||||
Sonic Healthcare Ltd. | 211,245 | 3,730,639 | ||||||
Tabcorp Holdings Ltd. | 1,146,708 | 2,390,743 | ||||||
Telstra Corp. Ltd. | 1,349,002 | 2,653,778 | ||||||
TPG Telecom Ltd. | 155,017 | 739,697 | ||||||
Vicinity Centres, REIT | 1,859,783 | 1,780,434 | ||||||
Vocus Group Ltd.* | 121,843 | 241,880 | ||||||
Wesfarmers Ltd. | 149,410 | 3,629,087 | ||||||
Whitehaven Coal Ltd. | 1,113,856 | 1,314,538 | ||||||
Woodside Petroleum Ltd. | 174,835 | 2,503,504 | ||||||
|
| |||||||
93,745,765 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Austria — 0.1% |
| |||||||
OMV AG | 36,800 | 1,201,587 | ||||||
|
| |||||||
Belgium — 1.2% |
| |||||||
Colruyt SA | 40,944 | 2,453,841 | ||||||
Galapagos NV* | 19,458 | 4,298,804 | ||||||
Groupe Bruxelles Lambert SA* | 17,006 | 1,360,410 | ||||||
Proximus SADP | 157,501 | 3,361,614 | ||||||
|
| |||||||
11,474,669 | ||||||||
|
| |||||||
Cambodia — 0.1% |
| |||||||
NagaCorp Ltd. | 738,000 | 871,019 | ||||||
|
| |||||||
Chile — 0.4% |
| |||||||
Antofagasta plc | 336,921 | 3,450,045 | ||||||
|
| |||||||
China — 0.9% |
| |||||||
China Mengniu Dairy Co. Ltd.* | 293,000 | 1,037,545 | ||||||
Lenovo Group Ltd. | 2,994,000 | 1,617,350 | ||||||
Nexteer Automotive Group Ltd. | 192,760 | 99,066 | ||||||
Tingyi Cayman Islands Holding Corp. | 106,000 | 188,161 | ||||||
Uni-President China Holdings Ltd. | 1,149,000 | 1,153,525 | ||||||
Want Want China Holdings Ltd. | 1,624,000 | 1,157,493 | ||||||
Xinyi Solar Holdings Ltd. | 5,054,400 | 3,207,781 | ||||||
|
| |||||||
8,460,921 | ||||||||
|
| |||||||
Denmark — 0.6% |
| |||||||
Carlsberg A/S, Class B | 12,323 | 1,554,583 | ||||||
Chr Hansen Holding A/S (a) | 35,226 | 3,037,317 | ||||||
DSV Panalpina A/S | 5,090 | 528,852 | ||||||
|
| |||||||
5,120,752 | ||||||||
|
| |||||||
Finland — 2.2% |
| |||||||
Elisa OYJ | 70,124 | 4,261,317 | ||||||
Fortum OYJ | 162,224 | 2,688,078 | ||||||
Kesko OYJ, Class B | 238,080 | 3,879,301 | ||||||
Neste OYJ | 102,507 | 3,620,091 | ||||||
Orion OYJ, Class B | 15,452 | 785,245 | ||||||
Stora Enso OYJ, Class R | 154,751 | 1,820,578 | ||||||
UPM-Kymmene OYJ | 131,633 | 3,610,059 | ||||||
|
| |||||||
20,664,669 | ||||||||
|
| |||||||
France — 4.6% |
| |||||||
Air Liquide SA (a) | 25,273 | 3,211,045 | ||||||
Arkema SA | 25,430 | 2,116,617 | ||||||
Atos SE* | 23,552 | 1,684,303 | ||||||
Capgemini SE | 33,663 | 3,164,685 | ||||||
Casino Guichard Perrachon SA (a) | 21,117 | 792,667 | ||||||
Covivio, REIT | 9,694 | 608,797 | ||||||
Dassault Systemes SE | 25,688 | 3,762,533 | ||||||
Eiffage SA | 36,656 | 2,995,595 |
SEE NOTES TO FINANCIAL STATEMENTS.
116 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
France — continued |
| |||||||
Eutelsat Communications SA | 34,728 | 388,825 | ||||||
Faurecia SE | 13,830 | 495,549 | ||||||
Gecina SA, REIT | 19,834 | 2,602,439 | ||||||
Kering SA | 1,323 | 673,016 | ||||||
Orange SA | 166,538 | 2,023,277 | ||||||
Pernod Ricard SA | 20,548 | 3,137,592 | ||||||
Peugeot SA | 170,117 | 2,411,519 | ||||||
Safran SA | 21,513 | 2,000,088 | ||||||
Schneider Electric SE* | 9,253 | 855,092 | ||||||
SCOR SE | 16,687 | 470,151 | ||||||
Sodexo SA (a) | 5,074 | 405,644 | ||||||
TOTAL SA | 64,437 | 2,287,025 | ||||||
Veolia Environnement SA (a) | 40,101 | 854,892 | ||||||
Vinci SA | 31,648 | 2,592,668 | ||||||
Vivendi SA (a) | 130,983 | 2,830,956 | ||||||
|
| |||||||
42,364,975 | ||||||||
|
| |||||||
Germany — 2.8% |
| |||||||
Beiersdorf AG | 2,774 | 290,239 | ||||||
Deutsche Lufthansa AG (Registered)* (a) | 32,616 | 292,001 | ||||||
Deutsche Telekom AG (Registered) | 247,604 | 3,619,880 | ||||||
Evonik Industries AG | 97,137 | 2,389,613 | ||||||
Fraport AG Frankfurt Airport Services Worldwide (a) | 42,939 | 1,880,877 | ||||||
Fresenius Medical Care AG & Co. KGaA | 40,624 | 3,183,727 | ||||||
Hannover Rueck SE | 22,369 | 3,564,157 | ||||||
Hella GmbH & Co. KGaA | 20,758 | 763,667 | ||||||
Infineon Technologies AG | 51,626 | 959,776 | ||||||
Merck KGaA | 9,404 | 1,091,414 | ||||||
ProSiebenSat.1 Media SE | 100,275 | 1,002,113 | ||||||
SAP SE | 32,215 | 3,837,042 | ||||||
Telefonica Deutschland Holding AG | 462,626 | 1,316,062 | ||||||
Uniper SE | 43,521 | 1,170,821 | ||||||
|
| |||||||
25,361,389 | ||||||||
|
| |||||||
Hong Kong — 5.1% |
| |||||||
ASM Pacific Technology Ltd. | 273,400 | 2,762,627 | ||||||
Cathay Pacific Airways Ltd. (a) | 796,000 | 943,598 | ||||||
CK Infrastructure Holdings Ltd. | 474,000 | 2,815,567 | ||||||
CLP Holdings Ltd. | 383,500 | 4,105,033 | ||||||
Hong Kong & China Gas Co. Ltd. | 1,962,103 | 3,516,481 | ||||||
Hutchison Port Holdings Trust | 3,596,500 | 466,106 | ||||||
Jardine Matheson Holdings Ltd. | 34,600 | 1,515,520 | ||||||
Jardine Strategic Holdings Ltd. | 53,600 | 1,152,234 | ||||||
Link, REIT | 355,500 | 3,169,015 | ||||||
Melco International Development Ltd. | 203,000 | 379,471 | ||||||
MTR Corp. Ltd. | 688,500 | 3,814,516 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Hong Kong — continued |
| |||||||
New World Development Co. Ltd. | 1,034,000 | 1,221,613 | ||||||
PCCW Ltd. | 4,832,000 | 2,960,009 | ||||||
Power Assets Holdings Ltd. | 562,000 | 3,765,553 | ||||||
Swire Pacific Ltd., Class A | 349,500 | 2,272,859 | ||||||
Techtronic Industries Co. Ltd. | 498,000 | 3,776,090 | ||||||
WH Group Ltd. (b) | 2,297,500 | 2,191,248 | ||||||
Wheelock & Co. Ltd. | 203,000 | 1,487,785 | ||||||
Xinyi Glass Holdings Ltd. | 3,022,000 | 3,499,950 | ||||||
Yue Yuen Industrial Holdings Ltd. | 800,000 | 1,276,127 | ||||||
|
| |||||||
47,091,402 | ||||||||
|
| |||||||
Indonesia — 0.0%(c) |
| |||||||
First Pacific Co. Ltd. | 490,000 | 101,252 | ||||||
|
| |||||||
Ireland — 0.2% |
| |||||||
CRH plc | 40,881 | 1,240,274 | ||||||
Flutter Entertainment plc | 7,670 | 943,199 | ||||||
|
| |||||||
2,183,473 | ||||||||
|
| |||||||
Italy — 2.0% |
| |||||||
Assicurazioni Generali SpA | 86,985 | 1,240,985 | ||||||
Banca Mediolanum SpA | 77,609 | 474,236 | ||||||
Davide Campari-Milano SpA | 291,547 | 2,266,009 | ||||||
Enel SpA | 103,113 | 704,308 | ||||||
Eni SpA | 167,919 | 1,599,653 | ||||||
Hera SpA | 219,362 | 812,022 | ||||||
Italgas SpA | 435,678 | 2,441,027 | ||||||
Poste Italiane SpA (b) | 168,043 | 1,429,525 | ||||||
Recordati SpA | 35,002 | 1,524,257 | ||||||
Snam SpA | 462,468 | 2,074,581 | ||||||
Terna Rete Elettrica Nazionale SpA | 609,129 | 3,814,327 | ||||||
|
| |||||||
18,380,930 | ||||||||
|
| |||||||
Japan — 26.8% |
| |||||||
Advantest Corp. | 88,000 | 4,269,888 | ||||||
Alfresa Holdings Corp. | 86,200 | 1,718,946 | ||||||
ANA Holdings, Inc.* | 67,600 | 1,436,499 | ||||||
Aozora Bank Ltd. | 92,100 | 1,639,024 | ||||||
Asahi Kasei Corp. | 88,400 | 627,152 | ||||||
Astellas Pharma, Inc. | 253,300 | 4,189,367 | ||||||
Bandai Namco Holdings, Inc. | 43,000 | 2,148,557 | ||||||
Brother Industries Ltd. | 59,500 | 1,008,436 | ||||||
Canon Marketing Japan, Inc. | 102,300 | 1,968,940 | ||||||
Capcom Co. Ltd. | 146,500 | 4,490,584 | ||||||
Casio Computer Co. Ltd. | 92,900 | 1,466,133 | ||||||
Central Japan Railway Co. | 19,500 | 3,068,412 | ||||||
Chubu Electric Power Co., Inc. | 275,400 | 3,724,504 | ||||||
Chugai Pharmaceutical Co. Ltd. | 36,600 | 4,362,783 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 117 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
Chugoku Electric Power Co., Inc. (The) | 291,000 | 3,915,425 | ||||||
COMSYS Holdings Corp. | 143,700 | 3,951,424 | ||||||
Cosmo Energy Holdings Co. Ltd. | 157,700 | 2,369,119 | ||||||
Dai Nippon Printing Co. Ltd. | 50,200 | 1,058,423 | ||||||
Daicel Corp. | 92,400 | 750,051 | ||||||
Daiwa Securities Group, Inc. | 409,400 | 1,702,462 | ||||||
Denka Co. Ltd. | 39,400 | 951,895 | ||||||
DIC Corp. | 91,600 | 2,127,181 | ||||||
Electric Power Development Co. Ltd. | 144,500 | 2,892,042 | ||||||
FamilyMart Co. Ltd. | 46,900 | 795,313 | ||||||
Fuji Media Holdings, Inc. | 63,800 | 633,759 | ||||||
FUJIFILM Holdings Corp. | 72,700 | 3,462,887 | ||||||
Gunma Bank Ltd. (The) | 207,900 | 665,624 | ||||||
Hachijuni Bank Ltd. (The) | 188,200 | 672,035 | ||||||
Hankyu Hanshin Holdings, Inc. | 101,300 | 3,465,760 | ||||||
Hikari Tsushin, Inc. | 16,800 | 3,251,308 | ||||||
Hitachi Capital Corp. | 15,300 | 295,911 | ||||||
Hoya Corp. | 9,000 | 820,740 | ||||||
Idemitsu Kosan Co. Ltd. | 73,737 | 1,675,527 | ||||||
Iida Group Holdings Co. Ltd. | 43,900 | 583,101 | ||||||
Inpex Corp. | 299,100 | 1,930,719 | ||||||
ITOCHU Corp. | 93,300 | 1,829,157 | ||||||
Itochu Techno-Solutions Corp. | 107,900 | 3,296,839 | ||||||
J Front Retailing Co. Ltd. | 80,900 | 659,986 | ||||||
Japan Airlines Co. Ltd. | 118,400 | 2,111,995 | ||||||
Japan Petroleum Exploration Co. Ltd. | 77,000 | 1,323,436 | ||||||
Japan Post Holdings Co. Ltd. | 373,700 | 2,989,186 | ||||||
JXTG Holdings, Inc. | 857,900 | 3,041,565 | ||||||
Kaneka Corp. | 9,200 | 237,961 | ||||||
Kansai Electric Power Co., Inc. (The) | 275,400 | 2,822,069 | ||||||
KDDI Corp. | 140,100 | 4,057,898 | ||||||
Keisei Electric Railway Co. Ltd. | 29,800 | 898,897 | ||||||
Kirin Holdings Co. Ltd. | 74,300 | 1,433,860 | ||||||
K’s Holdings Corp. | 319,800 | 3,484,086 | ||||||
Kuraray Co. Ltd. | 1,400 | 14,005 | ||||||
Lintec Corp. | 76,900 | 1,650,231 | ||||||
Mani, Inc. | 54,500 | 1,213,866 | ||||||
Marubeni Corp. | 562,500 | 2,708,910 | ||||||
Matsui Securities Co. Ltd. | 102,100 | 745,250 | ||||||
Mebuki Financial Group, Inc. | 231,400 | 486,093 | ||||||
Medipal Holdings Corp. | 143,900 | 2,775,998 | ||||||
Mitsubishi Chemical Holdings Corp. | 124,100 | 705,334 | ||||||
Mitsubishi Corp. | 34,200 | 725,313 | ||||||
Mitsubishi Gas Chemical Co., Inc. | 255,900 | 3,134,990 | ||||||
Mitsubishi Heavy Industries Ltd. | 94,500 | 2,423,323 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Japan — continued |
| |||||||
Mitsubishi UFJ Lease & Finance Co. Ltd. | 174,000 | 830,856 | ||||||
Mitsui & Co. Ltd. | 129,100 | 1,802,022 | ||||||
Mochida Pharmaceutical Co. Ltd. | 92,100 | 3,603,487 | ||||||
MS&AD Insurance Group Holdings, Inc. | 91,700 | 2,641,885 | ||||||
Nagoya Railroad Co. Ltd. | 19,200 | 549,431 | ||||||
Nifco, Inc. | 30,500 | 588,918 | ||||||
Nintendo Co. Ltd. | 7,600 | 3,138,225 | ||||||
Nippo Corp. | 139,800 | 3,143,902 | ||||||
Nippon Express Co. Ltd. | 2,800 | 136,758 | ||||||
Nippon Paper Industries Co. Ltd. | 93,800 | 1,339,500 | ||||||
Nippon Shokubai Co. Ltd. | 36,600 | 1,728,482 | ||||||
Nippon Telegraph & Telephone Corp. | 168,500 | 3,837,358 | ||||||
Nipro Corp. | 69,900 | 781,807 | ||||||
Nissan Motor Co. Ltd. | 1,800 | 6,127 | ||||||
Nisshin Seifun Group, Inc. | 55,300 | 859,256 | ||||||
Nissin Foods Holdings Co. Ltd. | 50,600 | 4,159,498 | ||||||
Nomura Real Estate Holdings, Inc. | 71,100 | 1,156,104 | ||||||
Nomura Research Institute Ltd. | 154,100 | 3,772,526 | ||||||
NTT DOCOMO, Inc. | 147,000 | 4,332,270 | ||||||
Open House Co. Ltd. | 34,100 | 743,316 | ||||||
ORIX Corp. | 207,000 | 2,435,872 | ||||||
Osaka Gas Co. Ltd. | 173,400 | 3,229,022 | ||||||
Rakuten, Inc. | 228,200 | 1,934,961 | ||||||
Resona Holdings, Inc. | 675,100 | 2,108,362 | ||||||
Sankyo Co. Ltd. | 56,200 | 1,543,056 | ||||||
Sawai Pharmaceutical Co. Ltd. | 50,900 | 2,779,359 | ||||||
SBI Holdings, Inc. | 88,600 | 1,654,812 | ||||||
SCSK Corp. | 33,600 | 1,521,052 | ||||||
Sekisui Chemical Co. Ltd. | 146,400 | 1,855,488 | ||||||
Sekisui House Ltd. | 201,900 | 3,463,536 | ||||||
Shionogi & Co. Ltd. | 56,500 | 3,120,355 | ||||||
Ship Healthcare Holdings, Inc. | 13,900 | 628,653 | ||||||
Showa Denko KK | 94,700 | 2,072,789 | ||||||
SKY Perfect JSAT Holdings, Inc. | 183,400 | 689,466 | ||||||
Skylark Holdings Co. Ltd. | 148,800 | 2,199,488 | ||||||
Softbank Corp. | 62,600 | 852,485 | ||||||
SoftBank Group Corp. | 42,700 | 1,830,235 | ||||||
Sojitz Corp. | 1,185,400 | 2,743,417 | ||||||
Sony Corp. | 38,300 | 2,464,763 | ||||||
Sugi Holdings Co. Ltd. | 26,200 | 1,579,913 | ||||||
Sumitomo Dainippon Pharma Co. Ltd. | 66,400 | 918,686 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 66,100 | 1,738,247 | ||||||
Sumitomo Osaka Cement Co. Ltd. | 75,400 | 2,453,593 | ||||||
Suzuken Co. Ltd. | 29,100 | 1,121,468 | ||||||
Taisho Pharmaceutical Holdings Co. Ltd. | 14,800 | 924,649 | ||||||
Teijin Ltd. | 181,100 | 2,888,136 |
SEE NOTES TO FINANCIAL STATEMENTS.
118 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Japan — continued |
| |||||||
TIS, Inc. | 98,100 | 1,870,707 | ||||||
Tobu Railway Co. Ltd. | 50,200 | 1,702,787 | ||||||
Toho Co. Ltd. | 2,700 | 88,419 | ||||||
Toho Gas Co. Ltd. | 36,400 | 1,788,502 | ||||||
Tohoku Electric Power Co., Inc. | 276,900 | 2,606,183 | ||||||
Tokuyama Corp. | 57,500 | 1,213,249 | ||||||
Tokyo Century Corp. | 10,400 | 355,513 | ||||||
Tokyo Electric Power Co. Holdings, Inc.* | 621,400 | 2,091,826 | ||||||
Tokyo Electron Ltd. | 5,400 | 1,150,097 | ||||||
Tokyo Gas Co. Ltd. | 148,000 | 3,247,996 | ||||||
Tosoh Corp. | 81,700 | 998,516 | ||||||
Toyo Suisan Kaisha Ltd. | 77,000 | 3,702,688 | ||||||
Toyota Industries Corp. | 74,200 | 3,734,756 | ||||||
Tsumura & Co. | 84,900 | 2,348,532 | ||||||
Ube Industries Ltd. | 124,700 | 2,091,145 | ||||||
USS Co. Ltd. | 41,200 | 652,396 | ||||||
Welcia Holdings Co. Ltd. | 24,300 | 1,764,140 | ||||||
West Japan Railway Co. | 28,300 | 1,748,873 | ||||||
Yamada Denki Co. Ltd. | 285,000 | 1,351,514 | ||||||
Yamaguchi Financial Group, Inc. | 12,400 | 66,827 | ||||||
Yokohama Rubber Co. Ltd. (The) | 148,800 | 1,892,574 | ||||||
Zeon Corp. | 100,600 | 881,476 | ||||||
|
| |||||||
246,112,486 | ||||||||
|
| |||||||
Jordan — 0.5% |
| |||||||
Hikma Pharmaceuticals plc | 166,094 | 4,946,953 | ||||||
|
| |||||||
Luxembourg — 0.1% | �� | |||||||
RTL Group SA | 33,007 | 1,099,169 | ||||||
|
| |||||||
Macau — 0.2% |
| |||||||
Sands China Ltd. | 464,712 | 1,881,385 | ||||||
|
| |||||||
Netherlands — 2.7% |
| |||||||
Aegon NV | 459,114 | 1,187,566 | ||||||
Altice Europe NV* | 121,571 | 485,032 | ||||||
ASR Nederland NV | 34,170 | 919,280 | ||||||
Heineken Holding NV (a) | 40,859 | 3,183,526 | ||||||
Koninklijke Ahold Delhaize NV (a) | 127,832 | 3,103,807 | ||||||
Koninklijke DSM NV | 9,442 | 1,157,230 | ||||||
Koninklijke KPN NV (a) | 1,007,855 | 2,321,435 | ||||||
Koninklijke Philips NV | 70,241 | 3,061,981 | ||||||
NN Group NV | 91,562 | 2,648,666 | ||||||
Royal Dutch Shell plc, Class A | 142,770 | 2,350,603 | ||||||
Wolters Kluwer NV (a) | 54,959 | 4,042,424 | ||||||
|
| |||||||
24,461,550 | ||||||||
|
| |||||||
New Zealand — 1.1% |
| |||||||
Fisher & Paykel Healthcare Corp. Ltd. | 184,616 | 3,084,333 |
INVESTMENTS | SHARES | VALUE($) | ||||||
New Zealand — continued |
| |||||||
Spark New Zealand Ltd. | 1,424,880 | 3,856,174 | ||||||
Xero Ltd.* | 61,764 | 3,157,744 | ||||||
|
| |||||||
10,098,251 | ||||||||
|
| |||||||
Norway — 1.3% |
| |||||||
Aker BP ASA | 51,829 | 850,902 | ||||||
Equinor ASA | 134,042 | 1,856,056 | ||||||
Mowi ASA | 169,020 | 2,894,808 | ||||||
Orkla ASA | 268,126 | 2,421,950 | ||||||
Salmar ASA | 13,414 | 522,784 | ||||||
Telenor ASA | 84,252 | 1,292,346 | ||||||
Yara International ASA | 59,926 | 2,035,354 | ||||||
|
| |||||||
11,874,200 | ||||||||
|
| |||||||
Poland — 0.1% |
| |||||||
Grupa Lotos SA | 43,801 | 664,692 | ||||||
|
| |||||||
Portugal — 0.7% |
| |||||||
EDP — Energias de Portugal SA | 865,102 | 3,645,429 | ||||||
Galp Energia SGPS SA | 62,102 | 716,726 | ||||||
Jeronimo Martins SGPS SA | 99,885 | 1,693,405 | ||||||
|
| |||||||
6,055,560 | ||||||||
|
| |||||||
Russia — 0.4% |
| |||||||
Evraz plc | 431,277 | 1,429,169 | ||||||
Polymetal International plc | 127,074 | 2,602,337 | ||||||
|
| |||||||
4,031,506 | ||||||||
|
| |||||||
Singapore — 2.8% |
| |||||||
Ascendas, REIT | 794,040 | 1,660,561 | ||||||
CapitaLand Commercial Trust, REIT | 515,900 | 586,242 | ||||||
CapitaLand Mall Trust, REIT | 2,096,900 | 2,789,931 | ||||||
ComfortDelGro Corp. Ltd. | 1,014,200 | 1,182,378 | ||||||
Golden Agri-Resources Ltd.* | 6,820,400 | 750,029 | ||||||
Keppel Corp. Ltd. | 815,500 | 3,442,818 | ||||||
Mapletree Commercial Trust, REIT | 1,074,600 | 1,479,706 | ||||||
Mapletree Industrial Trust, REIT | 313,600 | 563,024 | ||||||
Mapletree Logistics Trust, REIT | 688,200 | 871,762 | ||||||
Mapletree North Asia Commercial Trust, REIT (b) | 626,900 | 416,352 | ||||||
Sembcorp Industries Ltd. | 1,092,600 | 1,251,690 | ||||||
Singapore Press Holdings Ltd. | 585,200 | 628,419 | ||||||
Singapore Telecommunications Ltd. | 1,512,100 | 3,021,535 | ||||||
Suntec, REIT | 845,900 | 835,513 | ||||||
Venture Corp. Ltd. | 258,200 | 2,885,561 | ||||||
Wilmar International Ltd. | 1,414,000 | 3,560,852 | ||||||
|
| |||||||
25,926,373 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 119 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
South Africa — 0.3% |
| |||||||
Anglo American plc | 148,646 | 2,643,679 | ||||||
|
| |||||||
South Korea — 6.0% |
| |||||||
Celltrion, Inc.* | 1,172 | 202,564 | ||||||
Daelim Industrial Co. Ltd. | 34,320 | 2,476,327 | ||||||
GS Engineering & Construction Corp. | 72,681 | 1,517,564 | ||||||
GS Holdings Corp. | 63,636 | 2,002,333 | ||||||
Hanwha Corp. | 34,716 | 592,154 | ||||||
Hanwha Solutions Corp. | 23,254 | 278,303 | ||||||
Hyundai Department Store Co. Ltd. | 21,261 | 1,268,561 | ||||||
Hyundai Mobis Co. Ltd. | 7,369 | 1,041,831 | ||||||
Industrial Bank of Korea | 219,259 | 1,428,336 | ||||||
Kakao Corp. | 28,402 | 4,292,079 | ||||||
Kangwon Land, Inc. | 76,987 | 1,591,110 | ||||||
KCC Corp. | 2,611 | 355,369 | ||||||
KCC Glass Corp.* | 2,362 | 55,926 | ||||||
Korea Gas Corp. | 57,399 | 1,267,748 | ||||||
Korea Zinc Co. Ltd. | 3,117 | 990,689 | ||||||
Korean Air Lines Co. Ltd.* | 6,825 | 111,710 | ||||||
KT&G Corp. | 6,674 | 445,606 | ||||||
LG Corp. | 56,304 | 2,865,001 | ||||||
LG Uplus Corp. | 196,732 | 2,160,328 | ||||||
NAVER Corp. | 17,709 | 2,871,170 | ||||||
NCSoft Corp. | 7,521 | 3,984,997 | ||||||
POSCO | 15,672 | 2,368,124 | ||||||
Samsung Electronics Co. Ltd. | 98,848 | 4,064,389 | ||||||
Samsung SDS Co. Ltd. | 2,845 | 379,533 | ||||||
SK Holdings Co. Ltd. | 7,784 | 1,161,887 | ||||||
SK Hynix, Inc. | 52,198 | 3,592,139 | ||||||
SK Innovation Co. Ltd. | 24,960 | 2,013,517 | ||||||
SK Networks Co. Ltd. | 103,063 | 456,890 | ||||||
SK Telecom Co. Ltd. | 10,634 | 1,848,230 | ||||||
SKC Co. Ltd. | 61,918 | 2,526,515 | ||||||
Woori Financial Group, Inc. | 240,431 | 1,665,092 | ||||||
Yuhan Corp. | 73,511 | 2,855,936 | ||||||
|
| |||||||
54,731,958 | ||||||||
|
| |||||||
Spain — 1.8% |
| |||||||
Acciona SA | 12,399 | 1,228,925 | ||||||
Amadeus IT Group SA | 30,249 | 1,443,861 | ||||||
Enagas SA | 127,344 | 2,972,431 | ||||||
Endesa SA | 157,265 | 3,488,166 | ||||||
Ferrovial SA | 33,402 | 836,381 | ||||||
Iberdrola SA | 275,949 | 2,745,082 | ||||||
Naturgy Energy Group SA | 143,131 | 2,528,768 | ||||||
Repsol SA | 101,487 | 921,180 | ||||||
|
| |||||||
16,164,794 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Sweden — 3.9% |
| |||||||
Boliden AB (a) | 160,660 | 3,238,489 | ||||||
Castellum AB | 86,633 | 1,519,527 | ||||||
Hennes & Mauritz AB, Class B (a) | 201,794 | 2,758,443 | ||||||
Hexagon AB, Class B* | 75,892 | 3,724,168 | ||||||
ICA Gruppen AB (a) | 75,469 | 3,302,178 | ||||||
Investor AB, Class B | 81,354 | 4,043,148 | ||||||
Securitas AB, Class B | 230,379 | 2,725,891 | ||||||
Skanska AB, Class B* | 163,946 | 3,119,192 | ||||||
Svenska Cellulosa AB SCA, Class B* | 17,268 | 183,157 | ||||||
Swedish Match AB | 69,333 | 4,284,535 | ||||||
Tele2 AB, Class B | 278,408 | 3,589,966 | ||||||
Telia Co. AB (a) | 820,939 | 2,854,376 | ||||||
Trelleborg AB, Class B* | 68,416 | 871,204 | ||||||
|
| |||||||
36,214,274 | ||||||||
|
| |||||||
Switzerland — 2.0% |
| |||||||
Baloise Holding AG (Registered) | 18,601 | 2,783,034 | ||||||
EMS-Chemie Holding AG (Registered) | 466 | 301,349 | ||||||
Flughafen Zurich AG (Registered)* | 2,925 | 361,725 | ||||||
Kuehne + Nagel International AG (Registered) | 5,524 | 790,165 | ||||||
Novartis AG (Registered) | 39,028 | 3,330,590 | ||||||
Roche Holding AG | 12,508 | 4,331,488 | ||||||
Sonova Holding AG (Registered) | 16,656 | 3,008,302 | ||||||
Swisscom AG (Registered) | 7,542 | 3,918,766 | ||||||
|
| |||||||
18,825,419 | ||||||||
|
| |||||||
United Kingdom — 17.5% |
| |||||||
3i Group plc | 228,629 | 2,246,021 | ||||||
Admiral Group plc | 126,453 | 3,689,974 | ||||||
Ashmore Group plc | 137,084 | 653,594 | ||||||
Ashtead Group plc | 102,886 | 2,810,357 | ||||||
Associated British Foods plc | 12,332 | 292,754 | ||||||
AstraZeneca plc | 19,641 | 2,054,293 | ||||||
Auto Trader Group plc (b) | 596,043 | 3,431,126 | ||||||
Avast plc (b) | 217,993 | 1,255,632 | ||||||
AVEVA Group plc | 52,961 | 2,377,010 | ||||||
Babcock International Group plc | 382,486 | 2,025,902 | ||||||
Barratt Developments plc | 409,586 | 2,670,238 | ||||||
Bellway plc | 79,890 | 2,673,228 | ||||||
Berkeley Group Holdings plc | 73,270 | 3,846,168 | ||||||
BP plc | 600,703 | 2,367,021 | ||||||
British American Tobacco plc | 91,189 | 3,514,812 | ||||||
BT Group plc | 1,480,417 | 2,157,741 | ||||||
Bunzl plc | 38,858 | 843,404 | ||||||
Centrica plc | 3,583,539 | 1,792,334 | ||||||
CK Hutchison Holdings Ltd. | 421,542 | 3,124,544 |
SEE NOTES TO FINANCIAL STATEMENTS.
120 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
United Kingdom — continued |
| |||||||
Compass Group plc | 152,678 | 2,569,175 | ||||||
ConvaTec Group plc (b) | 1,222,995 | 3,266,529 | ||||||
Croda International plc | 41,282 | 2,531,401 | ||||||
Derwent London plc, REIT | 79,534 | 3,107,733 | ||||||
Diageo plc | 55,595 | 1,914,128 | ||||||
Direct Line Insurance Group plc | 397,834 | 1,355,436 | ||||||
Experian plc | 121,924 | 3,661,423 | ||||||
Fiat Chrysler Automobiles NV | 82,059 | 711,775 | ||||||
GlaxoSmithKline plc | 196,854 | 4,106,886 | ||||||
Halma plc | 161,111 | 4,235,671 | ||||||
IMI plc | 110,135 | 1,145,193 | ||||||
Inchcape plc | 228,679 | 1,440,471 | ||||||
Informa plc | 288,231 | 1,592,148 | ||||||
InterContinental Hotels Group plc | 53,516 | 2,437,799 | ||||||
International Consolidated Airlines Group SA | 252,337 | 703,867 | ||||||
Intertek Group plc | 15,158 | 904,618 | ||||||
John Wood Group plc | 634,515 | 1,606,647 | ||||||
Land Securities Group plc, REIT | 166,444 | 1,387,987 | ||||||
Legal & General Group plc | 1,195,018 | 3,072,392 | ||||||
London Stock Exchange Group plc | 36,852 | 3,449,232 | ||||||
Meggitt plc | 520,961 | 1,824,227 | ||||||
Micro Focus International plc | 313,712 | 1,859,933 | ||||||
Mondi plc | 143,085 | 2,526,783 | ||||||
National Grid plc | 322,017 | 3,773,638 | ||||||
Next plc | 31,676 | 1,885,947 | ||||||
Pearson plc | 369,003 | 2,127,910 | ||||||
Pennon Group plc | 306,542 | 4,221,036 | ||||||
Persimmon plc | 109,272 | 3,027,519 | ||||||
Phoenix Group Holdings plc | 205,995 | 1,563,157 | ||||||
RELX plc | 169,427 | 3,822,579 | ||||||
Rentokil Initial plc | 650,961 | 3,872,967 | ||||||
Rightmove plc | 151,005 | 944,150 | ||||||
Sage Group plc (The) | 440,905 | 3,545,978 | ||||||
Segro plc, REIT | 379,949 | 3,982,447 | ||||||
Severn Trent plc | 14,687 | 440,721 | ||||||
Smith & Nephew plc | 173,011 | 3,385,670 | ||||||
Smiths Group plc | 199,208 | 3,101,754 | ||||||
Spirax-Sarco Engineering plc | 9,374 | 1,025,886 | ||||||
SSE plc | 100,744 | 1,580,208 | ||||||
Standard Chartered plc | 381,890 | 1,951,338 | ||||||
Tate & Lyle plc | 403,701 | 3,617,310 | ||||||
Taylor Wimpey plc | 1,533,423 | 2,831,989 | ||||||
Unilever NV | 36,489 | 1,817,127 | ||||||
Unilever plc | 65,650 | 3,380,462 | ||||||
United Utilities Group plc | 332,891 | 3,768,281 | ||||||
Vodafone Group plc | 1,954,789 | 2,757,573 |
INVESTMENTS | SHARES | VALUE($) | ||||||
United Kingdom — continued |
| |||||||
Wm Morrison Supermarkets plc | 1,124,640 | 2,584,619 | ||||||
WPP plc | 82,819 | 642,603 | ||||||
|
| |||||||
160,890,476 | ||||||||
|
| |||||||
United States — 0.3% |
| |||||||
Carnival plc | 71,424 | 984,239 | ||||||
Ferguson plc | 22,013 | 1,587,188 | ||||||
|
| |||||||
2,571,427 | ||||||||
|
| |||||||
Total Common Stocks |
| 909,667,000 | ||||||
|
| |||||||
Short-Term Investments — 2.5% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (d) (e) | 907,608 | 908,334 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 2.4% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (d) (e) | 16,003,300 | 16,006,501 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (d) (e) | 6,030,031 | 6,030,031 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 22,036,532 | |||||||
|
| |||||||
Total Short-Term Investments | 22,944,866 | |||||||
|
| |||||||
Total Investments — 101.4% | 932,611,866 | |||||||
Liabilities in Excess of | (13,004,256 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 919,607,610 | |||||||
|
|
Percentages indicated are based on net assets.
Summary of Investments by Industry, April 30, 2020
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
INDUSTRY | PERCENTAGE | |||
Pharmaceuticals | 5.1 | % | ||
Electric Utilities | 5.0 | |||
Diversified Telecommunication Services | 5.0 | |||
Oil, Gas & Consumable Fuels | 4.8 | |||
Chemicals | 4.5 | |||
Metals & Mining | 4.0 | |||
Equity Real Estate Investment Trusts (REITs) | 3.5 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 121 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INDUSTRY | PERCENTAGE | |||
Insurance | 3.2 | % | ||
Food Products | 3.1 | |||
Gas Utilities | 2.8 | |||
Health Care Equipment & Supplies | 2.8 | |||
Household Durables | 2.7 | |||
Food & Staples Retailing | 2.6 | |||
Construction & Engineering | 2.2 | |||
Software | 2.1 | |||
Wireless Telecommunication Services | 2.1 | |||
Road & Rail | 2.0 | |||
Industrial Conglomerates | 2.0 | |||
Hotels, Restaurants & Leisure | 1.9 | |||
IT Services | 1.8 | |||
Semiconductors & Semiconductor Equipment | 1.7 | |||
Health Care Providers & Services | 1.7 | |||
Trading Companies & Distributors | 1.7 | |||
Beverages | 1.6 | |||
Entertainment | 1.6 | |||
Electronic Equipment, Instruments & Components | 1.4 | |||
Professional Services | 1.3 | |||
Banks | 1.3 | |||
Commercial Services & Supplies | 1.3 | |||
Capital Markets | 1.3 | |||
Auto Components | 1.3 | |||
Interactive Media & Services | 1.2 | |||
Specialty Retail | 1.2 | |||
Multi-Utilities | 1.2 | |||
Technology Hardware, Storage & Peripherals | 1.1 |
INDUSTRY | PERCENTAGE | |||
Diversified Financial Services | 1.0 | % | ||
Paper & Forest Products | 1.0 | |||
Media | 1.0 | |||
Machinery | 1.0 | |||
Others (each less than 1.0%) | 9.5 | |||
Short-Term Investments | 2.4 |
Abbreviations
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, 2020. The total value of securities on loan at April 30, 2020 is $20,708,564. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Amount rounds to less than 0.1% of net assets. | |
(d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(e) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts |
| |||||||||||||||||||
MSCI EAFEE-Mini Index | 114 | 06/2020 | USD | 9,334,320 | 1,187,219 | |||||||||||||||
|
|
Abbreviations
EAFE | Europe, Australasia, and Far East | |
MSCI | Morgan Stanley Capital International | |
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
122 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 1.1% |
| |||||||
Curtiss-Wright Corp. | 8,374 | 867,965 | ||||||
Howmet Aerospace, Inc. | 64,131 | 838,192 | ||||||
Lockheed Martin Corp. | 6,855 | 2,667,006 | ||||||
Northrop Grumman Corp. | 111 | 36,705 | ||||||
Raytheon Technologies Corp. | 31,577 | 2,046,505 | ||||||
|
| |||||||
6,456,373 | ||||||||
|
| |||||||
Automobiles & Parts — 1.0% |
| |||||||
Ford Motor Co. (a) | 176,487 | 898,319 | ||||||
Gentex Corp. | 95,023 | 2,303,358 | ||||||
Genuine Parts Co. | 8,990 | 712,727 | ||||||
Harley-Davidson, Inc. (a) | 45,164 | 985,930 | ||||||
Lear Corp. | 9,265 | 904,727 | ||||||
|
| |||||||
5,805,061 | ||||||||
|
| |||||||
Banks — 1.4% |
| |||||||
Bank of America Corp. | 21,974 | 528,475 | ||||||
Bank of Hawaii Corp. | 7,352 | 501,259 | ||||||
Citizens Financial Group, Inc. | 11,610 | 259,948 | ||||||
Fifth Third Bancorp (a) | 64,309 | 1,201,935 | ||||||
Huntington Bancshares, Inc. | 166,722 | 1,540,511 | ||||||
KeyCorp | 25,051 | 291,844 | ||||||
People’s United Financial, Inc. | 43,072 | 546,584 | ||||||
Popular, Inc. (Puerto Rico) | 12,813 | 494,454 | ||||||
Regions Financial Corp. | 28,610 | 307,557 | ||||||
Truist Financial Corp. | 36,999 | 1,380,803 | ||||||
Umpqua Holdings Corp. | 33,419 | 418,573 | ||||||
US Bancorp | 14,829 | 541,259 | ||||||
Wells Fargo & Co. | 13,858 | 402,575 | ||||||
|
| |||||||
8,415,777 | ||||||||
|
| |||||||
Beverages — 1.7% |
| |||||||
Brown-Forman Corp., Class B (a) | 35,575 | 2,212,765 | ||||||
Coca-Cola Co. (The) | 47,474 | 2,178,582 | ||||||
Keurig Dr Pepper, Inc. (a) | 50,721 | 1,342,078 | ||||||
Molson Coors Beverage Co., Class B | 29,352 | 1,203,725 | ||||||
Monster Beverage Corp.* | 7,171 | 443,239 | ||||||
PepsiCo, Inc. | 19,213 | 2,541,688 | ||||||
|
| |||||||
9,922,077 | ||||||||
|
| |||||||
Chemicals — 6.1% |
| |||||||
Air Products & Chemicals, Inc. | 11,545 | 2,604,321 | ||||||
Ashland Global Holdings, Inc. | 29,708 | 1,832,687 | ||||||
Axalta Coating Systems Ltd.* | 18,664 | 368,427 | ||||||
Cabot Corp. | 22,046 | 747,139 | ||||||
Celanese Corp. | 26,778 | 2,224,448 | ||||||
CF Industries Holdings, Inc. | 68,085 | 1,872,338 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Chemicals — continued |
| |||||||
Dow, Inc. (a) | 46,586 | 1,709,240 | ||||||
Eastman Chemical Co. | 35,133 | 2,125,898 | ||||||
Ecolab, Inc. | 12,802 | 2,477,187 | ||||||
FMC Corp. | 20,215 | 1,857,759 | ||||||
Huntsman Corp. | 132,508 | 2,227,459 | ||||||
International Flavors & Fragrances, Inc. (a) | 10,300 | 1,349,609 | ||||||
Linde plc (United Kingdom) | 13,284 | 2,444,123 | ||||||
LyondellBasell Industries NV, Class A | 35,123 | 2,035,378 | ||||||
NewMarket Corp. | 4,591 | 1,888,921 | ||||||
Olin Corp. | 3,563 | 47,566 | ||||||
PPG Industries, Inc. | 21,358 | 1,939,947 | ||||||
RPM International, Inc. | 37,730 | 2,505,649 | ||||||
ScottsMiracle-Gro Co. (The) | 23,885 | 2,962,457 | ||||||
Westlake Chemical Corp. | 6,771 | 294,200 | ||||||
WR Grace & Co. | 6,142 | 290,087 | ||||||
|
| |||||||
35,804,840 | ||||||||
|
| |||||||
Construction & Materials — 0.5% |
| |||||||
Carrier Global Corp.* | 9,953 | 176,267 | ||||||
Sherwin-Williams Co. (The) | 3,070 | 1,646,656 | ||||||
Trane Technologies plc | 13,445 | 1,175,362 | ||||||
|
| |||||||
2,998,285 | ||||||||
|
| |||||||
Electricity — 8.8% |
| |||||||
AES Corp. (The) | 145,508 | 1,927,981 | ||||||
Alliant Energy Corp. | 33,592 | 1,630,892 | ||||||
American Electric Power Co., Inc. | 28,428 | 2,362,651 | ||||||
Avangrid, Inc. (a) | 22,696 | 975,928 | ||||||
CMS Energy Corp. (a) | 41,966 | 2,395,839 | ||||||
Consolidated Edison, Inc. | 32,172 | 2,535,153 | ||||||
Dominion Energy, Inc. | 32,425 | 2,500,940 | ||||||
DTE Energy Co. | 20,330 | 2,109,034 | ||||||
Entergy Corp. | 21,726 | 2,075,050 | ||||||
Evergy, Inc. | 38,849 | 2,269,947 | ||||||
Eversource Energy | 29,318 | 2,365,963 | ||||||
Exelon Corp. | 58,904 | 2,184,160 | ||||||
FirstEnergy Corp. | 56,959 | 2,350,698 | ||||||
Hawaiian Electric Industries, Inc. (a) | 36,791 | 1,452,141 | ||||||
IDACORP, Inc. | 23,674 | 2,172,800 | ||||||
NextEra Energy, Inc. | 10,032 | 2,318,596 | ||||||
NRG Energy, Inc. | 20,551 | 689,075 | ||||||
OGE Energy Corp. (a) | 65,877 | 2,076,443 | ||||||
Pinnacle West Capital Corp. | 28,374 | 2,184,514 | ||||||
PPL Corp. | 84,630 | 2,151,295 | ||||||
Public Service Enterprise Group, Inc. | 49,406 | 2,505,378 | ||||||
Southern Co. (The) | 42,029 | 2,384,305 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 123 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electricity — continued |
| |||||||
Vistra Energy Corp. | 131,941 | 2,578,127 | ||||||
Xcel Energy, Inc. | 40,708 | 2,587,400 | ||||||
|
| |||||||
50,784,310 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 0.9% |
| |||||||
AMETEK, Inc. | 12,539 | 1,051,646 | ||||||
Amphenol Corp., Class A | 15,026 | 1,326,195 | ||||||
Emerson Electric Co. | 9,709 | 553,704 | ||||||
Hubbell, Inc. | 5,931 | 737,994 | ||||||
Roper Technologies, Inc. | 4,761 | 1,623,644 | ||||||
|
| |||||||
5,293,183 | ||||||||
|
| |||||||
Financial Services — 3.1% |
| |||||||
Ally Financial, Inc. | 75,285 | 1,233,921 | ||||||
American Express Co. | 9,001 | 821,341 | ||||||
Ameriprise Financial, Inc. | 3,863 | 444,013 | ||||||
Capital One Financial Corp. | 7,950 | 514,842 | ||||||
Discover Financial Services | 12,368 | 531,453 | ||||||
Fidelity National Financial, Inc. | 48,140 | 1,302,187 | ||||||
Intercontinental Exchange, Inc. | 12,377 | 1,107,123 | ||||||
Mastercard, Inc., Class A | 6,231 | 1,713,338 | ||||||
Moody’s Corp. | 2,868 | 699,505 | ||||||
Morgan Stanley | 8,713 | 343,553 | ||||||
Nasdaq, Inc. | 5,024 | 550,982 | ||||||
Raymond James Financial, Inc. | 5,953 | 392,422 | ||||||
S&P Global, Inc. | 5,045 | 1,477,580 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 102,857 | 1,603,541 | ||||||
Synchrony Financial | 73,612 | 1,456,781 | ||||||
Visa, Inc., Class A | 8,045 | 1,437,802 | ||||||
Western Union Co. (The) | 102,403 | 1,952,825 | ||||||
|
| |||||||
17,583,209 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.3% |
| |||||||
AT&T, Inc. | 72,098 | 2,196,826 | ||||||
CenturyLink, Inc. | 210,400 | 2,234,448 | ||||||
GCI Liberty, Inc., Class A* | 9,201 | 559,697 | ||||||
Verizon Communications, Inc. | 46,804 | 2,688,890 | ||||||
|
| |||||||
7,679,861 | ||||||||
|
| |||||||
Food & Drug Retailers — 1.0% |
| |||||||
AmerisourceBergen Corp. | 13,594 | 1,218,838 | ||||||
Kroger Co. (The) | 22,774 | 719,886 | ||||||
McKesson Corp. | 6,325 | 893,406 | ||||||
Sysco Corp. | 31,002 | 1,744,483 | ||||||
Walgreens Boots Alliance, Inc. | 22,634 | 979,826 | ||||||
|
| |||||||
5,556,439 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Producers — 3.7% |
| |||||||
Campbell Soup Co. | 36,087 | 1,803,628 | ||||||
Flowers Foods, Inc. | 72,470 | 1,614,632 | ||||||
General Mills, Inc. | 51,699 | 3,096,253 | ||||||
Hershey Co. (The) | 17,617 | 2,333,020 | ||||||
Hormel Foods Corp. (a) | 60,585 | 2,838,407 | ||||||
JM Smucker Co. (The) | 7,352 | 844,819 | ||||||
Kellogg Co. | 30,232 | 1,980,196 | ||||||
Lamb Weston Holdings, Inc. | 3,786 | 232,309 | ||||||
McCormick & Co., Inc.(Non-Voting) | 16,330 | 2,561,197 | ||||||
Mondelez International, Inc., Class A | 47,971 | 2,467,628 | ||||||
Tyson Foods, Inc., Class A | 28,333 | 1,762,029 | ||||||
|
| |||||||
21,534,118 | ||||||||
|
| |||||||
Forestry & Paper — 0.6% |
| |||||||
Domtar Corp. | 55,525 | 1,297,064 | ||||||
International Paper Co. | 68,718 | 2,353,592 | ||||||
|
| |||||||
3,650,656 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 2.4% |
| |||||||
Ameren Corp. | 32,113 | 2,336,221 | ||||||
American Water Works Co., Inc. | 20,512 | 2,496,105 | ||||||
Duke Energy Corp. | 27,666 | 2,342,203 | ||||||
National Fuel Gas Co. (a) | 49,941 | 2,047,581 | ||||||
Sempra Energy | 18,156 | 2,248,621 | ||||||
UGI Corp. | 12,512 | 377,612 | ||||||
WEC Energy Group, Inc. (a) | 27,474 | 2,487,771 | ||||||
|
| |||||||
14,336,114 | ||||||||
|
| |||||||
General Industrials — 1.6% |
| |||||||
Avery Dennison Corp. | 21,344 | 2,356,164 | ||||||
Ball Corp. | 1,376 | 90,252 | ||||||
Carlisle Cos., Inc. | 9,946 | 1,203,068 | ||||||
Eaton Corp. plc | 27,990 | 2,337,165 | ||||||
Honeywell International, Inc. | 9,302 | 1,319,954 | ||||||
ITT, Inc. | 29,500 | 1,555,240 | ||||||
Parker-Hannifin Corp. | 4,918 | 777,634 | ||||||
Sonoco Products Co. | 1,261 | 61,587 | ||||||
|
| |||||||
9,701,064 | ||||||||
|
| |||||||
General Retailers — 6.1% |
| |||||||
AutoZone, Inc.* | 1,838 | 1,875,348 | ||||||
Best Buy Co., Inc. | 25,635 | 1,966,974 | ||||||
Burlington Stores, Inc.* | 2,027 | 370,313 | ||||||
Costco Wholesale Corp. | 8,402 | 2,545,806 | ||||||
Dick’s Sporting Goods, Inc. (a) | 53,794 | 1,581,006 | ||||||
Dollar General Corp. | 16,853 | 2,954,331 | ||||||
Dollar Tree, Inc.* | 8,655 | 689,544 |
SEE NOTES TO FINANCIAL STATEMENTS.
124 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Retailers — continued |
| |||||||
eBay, Inc. | 61,666 | 2,456,157 | ||||||
Foot Locker, Inc. (a) | 39,715 | 1,017,896 | ||||||
Gap, Inc. (The) | 16,319 | 132,510 | ||||||
H&R Block, Inc. | 82,680 | 1,376,622 | ||||||
Home Depot, Inc. (The) | 11,627 | 2,555,963 | ||||||
KAR Auction Services, Inc. | 45,013 | 674,295 | ||||||
Kohl’s Corp. | 38,328 | 707,535 | ||||||
Lowe’s Cos., Inc. | 19,021 | 1,992,450 | ||||||
Macy’s, Inc. (a) | 60,325 | 353,504 | ||||||
Nordstrom, Inc. (a) | 11,081 | 208,101 | ||||||
Ross Stores, Inc. | 17,851 | 1,630,867 | ||||||
Target Corp. | 22,035 | 2,418,121 | ||||||
TJX Cos., Inc. (The) | 41,968 | 2,058,530 | ||||||
Tractor Supply Co. | 25,021 | 2,537,880 | ||||||
Walmart, Inc. | 22,371 | 2,719,195 | ||||||
Williams-Sonoma, Inc. (a) | 15,331 | 948,069 | ||||||
|
| |||||||
35,771,017 | ||||||||
|
| |||||||
Health Care Equipment & Services — 7.7% |
| |||||||
Anthem, Inc. | 8,669 | 2,433,648 | ||||||
Baxter International, Inc. | 30,244 | 2,685,062 | ||||||
Becton Dickinson and Co. | 6,989 | 1,764,932 | ||||||
Cigna Corp. | 13,830 | 2,707,638 | ||||||
Danaher Corp. | 13,049 | 2,132,990 | ||||||
Edwards Lifesciences Corp.* | 9,200 | 2,001,000 | ||||||
HCA Healthcare, Inc. | 16,419 | 1,804,120 | ||||||
Hill-Rom Holdings, Inc. | 24,499 | 2,755,893 | ||||||
Humana, Inc. | 7,150 | 2,730,013 | ||||||
IDEXX Laboratories, Inc.* | 8,473 | 2,352,105 | ||||||
Laboratory Corp. of America Holdings* | 14,245 | 2,342,590 | ||||||
Medtronic plc | 25,195 | 2,459,788 | ||||||
Quest Diagnostics, Inc. | 23,911 | 2,632,840 | ||||||
STERIS plc | 9,905 | 1,411,463 | ||||||
Stryker Corp. | 12,082 | 2,252,447 | ||||||
Thermo Fisher Scientific, Inc. | 8,716 | 2,917,071 | ||||||
UnitedHealth Group, Inc. | 9,200 | 2,690,724 | ||||||
Universal Health Services, Inc., Class B | 18,235 | 1,927,257 | ||||||
Varian Medical Systems, Inc.* | 7,122 | 814,614 | ||||||
Zimmer Biomet Holdings, Inc. | 15,885 | 1,901,434 | ||||||
|
| |||||||
44,717,629 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.3% |
| |||||||
Church & Dwight Co., Inc. | 33,061 | 2,313,939 | ||||||
Clorox Co. (The) | 15,611 | 2,910,515 | ||||||
DR Horton, Inc. | 34,542 | 1,631,073 | ||||||
Fortune Brands Home & Security, Inc. | 15,919 | 767,296 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Goods & Home Construction — continued |
| |||||||
Leggett & Platt, Inc. | 46,220 | 1,623,709 | ||||||
Lennar Corp., Class A | 32,080 | 1,606,246 | ||||||
NVR, Inc.* | 691 | 2,142,100 | ||||||
Procter & Gamble Co. (The) | 22,394 | 2,639,581 | ||||||
PulteGroup, Inc. | 62,439 | 1,765,150 | ||||||
Toll Brothers, Inc. | 37,976 | 912,183 | ||||||
Whirlpool Corp. (a) | 3,344 | 373,659 | ||||||
|
| |||||||
18,685,451 | ||||||||
|
| |||||||
Industrial Engineering — 1.5% |
| |||||||
Caterpillar, Inc. | 5,837 | 679,310 | ||||||
Crane Co. | 1,889 | 102,856 | ||||||
Cummins, Inc. | 15,061 | 2,462,473 | ||||||
Dover Corp. | 10,789 | 1,010,390 | ||||||
IDEX Corp. | 6,154 | 945,439 | ||||||
Illinois Tool Works, Inc. | 9,995 | 1,624,188 | ||||||
Otis Worldwide Corp.* | 4,976 | 253,328 | ||||||
PACCAR, Inc. | 9,677 | 669,939 | ||||||
Rockwell Automation, Inc. | 6,464 | 1,224,799 | ||||||
|
| |||||||
8,972,722 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.5% |
| |||||||
Arconic Corp.* | 16,194 | 141,212 | ||||||
Nucor Corp. | 48,856 | 2,012,379 | ||||||
Reliance Steel & Aluminum Co. | 24,823 | 2,223,644 | ||||||
Southern Copper Corp. (Peru) (a) | 69,651 | 2,259,478 | ||||||
Steel Dynamics, Inc. (a) | 85,853 | 2,083,652 | ||||||
|
| |||||||
8,720,365 | ||||||||
|
| |||||||
Industrial Transportation — 0.7% |
| |||||||
CH Robinson Worldwide, Inc. | 10,984 | 778,766 | ||||||
CSX Corp. | 10,195 | 675,215 | ||||||
Kansas City Southern | 3,815 | 498,048 | ||||||
Norfolk Southern Corp. | 6,730 | 1,151,503 | ||||||
Union Pacific Corp. | 8,955 | 1,430,920 | ||||||
|
| |||||||
4,534,452 | ||||||||
|
| |||||||
Leisure Goods — 1.4% |
| |||||||
Activision Blizzard, Inc. | 20,548 | 1,309,524 | ||||||
Electronic Arts, Inc.* | 12,485 | 1,426,536 | ||||||
Garmin Ltd. | 28,211 | 2,289,605 | ||||||
Hasbro, Inc. | 23,873 | 1,723,869 | ||||||
Take-Two Interactive Software, Inc.* | 9,896 | 1,197,911 | ||||||
|
| |||||||
7,947,445 | ||||||||
|
| |||||||
Life Insurance — 0.7% |
| |||||||
Aflac, Inc. | 32,089 | 1,194,994 | ||||||
Globe Life, Inc. (a) | 17,394 | 1,432,222 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 125 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Life Insurance — continued |
| |||||||
MetLife, Inc. | 9,058 | 326,813 | ||||||
Principal Financial Group, Inc. | 11,335 | 412,707 | ||||||
Prudential Financial, Inc. | 4,896 | 305,364 | ||||||
|
| |||||||
3,672,100 | ||||||||
|
| |||||||
Media — 1.8% |
| |||||||
Cable One, Inc. | 78 | 149,203 | ||||||
Comcast Corp., Class A | 42,421 | 1,596,302 | ||||||
DISH Network Corp., Class A* | 3,651 | 91,330 | ||||||
FactSet Research Systems, Inc. | 9,056 | 2,490,400 | ||||||
Fox Corp., Class A | 17,111 | 442,662 | ||||||
Interpublic Group of Cos., Inc. (The) | 51,577 | 875,777 | ||||||
John Wiley & Sons, Inc., Class A | 6,672 | 250,534 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 8,786 | 296,176 | ||||||
Nexstar Media Group, Inc., Class A (a) | 10,432 | 730,657 | ||||||
Omnicom Group, Inc. | 22,081 | 1,259,279 | ||||||
Sinclair Broadcast Group, Inc., Class A (a) | 48,232 | 851,295 | ||||||
Walt Disney Co. (The) | 18,201 | 1,968,438 | ||||||
|
| |||||||
11,002,053 | ||||||||
|
| |||||||
Mining — 1.1% |
| |||||||
Newmont Corp. | 56,774 | 3,376,918 | ||||||
Royal Gold, Inc. | 26,210 | 3,211,511 | ||||||
|
| |||||||
6,588,429 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.9% |
| |||||||
Telephone & Data Systems, Inc. | 61,124 | 1,199,253 | ||||||
T-Mobile US, Inc.* | 36,839 | 3,234,426 | ||||||
United States Cellular Corp.* | 16,212 | 516,028 | ||||||
|
| |||||||
4,949,707 | ||||||||
|
| |||||||
Nonlife Insurance — 2.4% |
| |||||||
Allstate Corp. (The) | 8,481 | 862,687 | ||||||
American Financial Group, Inc. | 4,446 | 294,503 | ||||||
Aon plc | 9,284 | 1,603,068 | ||||||
Arch Capital Group Ltd.* | 19,522 | 469,114 | ||||||
Assurant, Inc. | 9,331 | 991,325 | ||||||
Chubb Ltd. | 7,005 | 756,610 | ||||||
Cincinnati Financial Corp. | 17,526 | 1,153,211 | ||||||
Hanover Insurance Group, Inc. (The) | 4,902 | 492,063 | ||||||
Hartford Financial Services Group, Inc. (The) | 39,297 | 1,492,893 | ||||||
Marsh & McLennan Cos., Inc. | 13,763 | 1,339,553 | ||||||
Old Republic International Corp. | 30,374 | 484,465 | ||||||
Progressive Corp. (The) | 31,109 | 2,404,726 | ||||||
Travelers Cos., Inc. (The) | 6,559 | 663,836 | ||||||
WR Berkley Corp. | 19,525 | 1,054,350 | ||||||
|
| |||||||
14,062,404 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Oil & Gas Producers — 4.3% |
| |||||||
Cabot Oil & Gas Corp. | 115,523 | 2,497,607 | ||||||
Chevron Corp. | 23,501 | 2,162,092 | ||||||
ConocoPhillips | 45,895 | 1,932,179 | ||||||
Devon Energy Corp. | 59,845 | 746,267 | ||||||
EOG Resources, Inc. | 22,757 | 1,081,185 | ||||||
EQT Corp. | 71,025 | 1,036,255 | ||||||
Exxon Mobil Corp. | 29,606 | 1,375,791 | ||||||
Hess Corp. | 27,945 | 1,359,245 | ||||||
HollyFrontier Corp. | 55,890 | 1,846,606 | ||||||
Kosmos Energy Ltd. (Ghana) (a) | 107,229 | 176,928 | ||||||
Marathon Oil Corp. | 142,742 | 873,581 | ||||||
Marathon Petroleum Corp. | 45,395 | 1,456,272 | ||||||
Murphy Oil Corp. (a) | 75,541 | 895,916 | ||||||
Noble Energy, Inc. | 87,003 | 853,499 | ||||||
PBF Energy, Inc., Class A | 63,308 | 721,711 | ||||||
Phillips 66 | 24,002 | 1,756,226 | ||||||
Pioneer Natural Resources Co. | 15,335 | 1,369,569 | ||||||
Valero Energy Corp. | 30,327 | 1,921,215 | ||||||
WPX Energy, Inc.* (a) | 139,081 | 852,567 | ||||||
|
| |||||||
24,914,711 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.4% |
| |||||||
Baker Hughes Co. | 83,809 | 1,169,136 | ||||||
Helmerich & Payne, Inc. | 52,618 | 1,040,258 | ||||||
Kinder Morgan, Inc. | 130,918 | 1,993,881 | ||||||
ONEOK, Inc. | 31,302 | 936,869 | ||||||
Patterson-UTI Energy, Inc. | 179,828 | 663,565 | ||||||
Schlumberger Ltd. | 22,287 | 374,867 | ||||||
Targa Resources Corp. | 17,507 | 226,891 | ||||||
Williams Cos., Inc. (The) | 91,497 | 1,772,297 | ||||||
|
| |||||||
8,177,764 | ||||||||
|
| |||||||
Personal Goods — 2.9% |
| |||||||
Carter’s, Inc. | 14,514 | 1,134,995 | ||||||
Colgate-Palmolive Co. | 13,314 | 935,575 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 13,828 | 2,439,259 | ||||||
Hanesbrands, Inc. (a) | 43,854 | 435,909 | ||||||
Kimberly-Clark Corp. | 18,864 | 2,612,287 | ||||||
Lululemon Athletica, Inc.* | 11,664 | 2,606,671 | ||||||
NIKE, Inc., Class B | 28,365 | 2,472,860 | ||||||
Nu Skin Enterprises, Inc., Class A | 5,968 | 174,325 | ||||||
PVH Corp. | 8,974 | 441,790 | ||||||
Ralph Lauren Corp. | 17,482 | 1,289,822 | ||||||
Tapestry, Inc. | 49,066 | 730,102 | ||||||
VF Corp. | 22,104 | 1,284,242 | ||||||
|
| |||||||
16,557,837 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
126 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Pharmaceuticals & Biotechnology — 4.8% |
| |||||||
Abbott Laboratories | 31,168 | 2,870,261 | ||||||
AbbVie, Inc. | 15,460 | 1,270,812 | ||||||
Amgen, Inc. | 11,489 | 2,748,399 | ||||||
Biogen, Inc.* | 4,218 | 1,252,029 | ||||||
Bristol-Myers Squibb Co. | 36,012 | 2,189,890 | ||||||
Eli Lilly & Co. | 20,090 | 3,106,717 | ||||||
Gilead Sciences, Inc. | 24,035 | 2,018,940 | ||||||
Illumina, Inc.* | 888 | 283,298 | ||||||
IQVIA Holdings, Inc.* | 17,037 | 2,429,306 | ||||||
Johnson & Johnson | 17,615 | 2,642,955 | ||||||
Merck & Co., Inc. | 24,066 | 1,909,396 | ||||||
Pfizer, Inc. | 55,488 | 2,128,520 | ||||||
Vertex Pharmaceuticals, Inc.* | 661 | 166,043 | ||||||
Zoetis, Inc. | 19,042 | 2,462,321 | ||||||
|
| |||||||
27,478,887 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.1% |
| |||||||
CBRE Group, Inc., Class A* | 7,005 | 300,725 | ||||||
|
| |||||||
Real Estate Investment Trusts — 3.9% |
| |||||||
Alexandria Real Estate Equities, Inc. | 6,352 | 997,836 | ||||||
American Tower Corp. | 6,224 | 1,481,312 | ||||||
Apartment Investment & Management Co., Class A | 21,547 | 811,675 | ||||||
AvalonBay Communities, Inc. | 5,330 | 868,523 | ||||||
Boston Properties, Inc. | 756 | 73,468 | ||||||
Camden Property Trust | 1,258 | 110,792 | ||||||
Chimera Investment Corp. | 127,729 | 992,454 | ||||||
Crown Castle International Corp. | 6,699 | 1,068,022 | ||||||
Duke Realty Corp. | 3,376 | 117,147 | ||||||
EPR Properties | 3,917 | 115,238 | ||||||
Equity Residential (a) | 13,509 | 878,896 | ||||||
Gaming and Leisure Properties, Inc. | 21,322 | 602,133 | ||||||
Healthpeak Properties, Inc. | 75,935 | 1,984,941 | ||||||
Medical Properties Trust, Inc. | 118,773 | 2,035,769 | ||||||
MFA Financial, Inc. | 201,249 | 352,186 | ||||||
New Residential Investment Corp. | 157,465 | 958,962 | ||||||
Prologis, Inc. | 11,237 | 1,002,678 | ||||||
Spirit Realty Capital, Inc. (a) | 29,141 | 896,377 | ||||||
Starwood Property Trust, Inc. | 94,718 | 1,225,651 | ||||||
STORE Capital Corp. | 45,305 | 909,271 | ||||||
Two Harbors Investment Corp. | 33,918 | 155,005 | ||||||
VEREIT, Inc. | 234,245 | 1,283,663 | ||||||
VICI Properties, Inc. (a) | 97,811 | 1,703,868 | ||||||
Vornado Realty Trust | 2,421 | 106,088 | ||||||
Weingarten Realty Investors | 8,072 | 146,830 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
WP Carey, Inc. | 29,364 | 1,931,564 | ||||||
|
| |||||||
22,810,349 | ||||||||
|
| |||||||
Software & Computer Services — 4.8% |
| |||||||
Adobe, Inc.* | 6,912 | 2,444,360 | ||||||
Alphabet, Inc., Class A* | 1,368 | 1,842,286 | ||||||
Cadence Design Systems, Inc.* | 30,191 | 2,449,396 | ||||||
Citrix Systems, Inc. | 21,106 | 3,060,581 | ||||||
Cognizant Technology Solutions Corp., Class A | 22,947 | 1,331,385 | ||||||
Facebook, Inc., Class A* | 7,836 | 1,604,107 | ||||||
Hewlett Packard Enterprise Co. | 16,593 | 166,926 | ||||||
InterActive Corp.* | 10,389 | 2,321,734 | ||||||
International Business Machines Corp. | 9,856 | 1,237,519 | ||||||
Intuit, Inc. | 9,152 | 2,469,301 | ||||||
Leidos Holdings, Inc. | 24,703 | 2,440,903 | ||||||
Microsoft Corp. | 15,650 | 2,804,636 | ||||||
Oracle Corp. | 26,632 | 1,410,697 | ||||||
VeriSign, Inc.* | 13,037 | 2,731,121 | ||||||
|
| |||||||
28,314,952 | ||||||||
|
| |||||||
Support Services — 4.9% |
| |||||||
Accenture plc, Class A | 12,448 | 2,305,245 | ||||||
Automatic Data Processing, Inc. | 7,269 | 1,066,290 | ||||||
Booz Allen Hamilton Holding Corp. | 21,126 | 1,551,494 | ||||||
Broadridge Financial Solutions, Inc. | 16,743 | 1,942,188 | ||||||
Cintas Corp. | 9,408 | 2,086,976 | ||||||
Fastenal Co. | 31,166 | 1,128,832 | ||||||
Fidelity National Information Services, Inc. | 18,170 | 2,396,441 | ||||||
Fiserv, Inc.* | 15,776 | 1,625,875 | ||||||
Global Payments, Inc. | 13,643 | 2,265,011 | ||||||
Paychex, Inc. | 17,603 | 1,206,158 | ||||||
PayPal Holdings, Inc.* | 9,379 | 1,153,617 | ||||||
Republic Services, Inc. | 28,135 | 2,204,096 | ||||||
Robert Half International, Inc. | 30,446 | 1,439,183 | ||||||
Verisk Analytics, Inc. | 2,199 | 336,073 | ||||||
Waste Management, Inc. | 22,087 | 2,209,142 | ||||||
WW Grainger, Inc. | 6,253 | 1,723,202 | ||||||
Xerox Holdings Corp. | 77,939 | 1,425,504 | ||||||
|
| |||||||
28,065,327 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.9% |
| |||||||
Analog Devices, Inc. | 17,043 | 1,867,913 | ||||||
Apple, Inc. | 8,365 | 2,457,637 | ||||||
Applied Materials, Inc. | 19,731 | 980,236 | ||||||
Broadcom, Inc. | 4,922 | 1,336,914 | ||||||
Cisco Systems, Inc. | 42,640 | 1,807,083 | ||||||
HP, Inc. | 73,033 | 1,132,742 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 127 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware & Equipment — continued |
| |||||||
Intel Corp. | 27,237 | 1,633,675 | ||||||
Juniper Networks, Inc. | 43,103 | 931,025 | ||||||
KLA Corp. | 11,444 | 1,877,846 | ||||||
L3Harris Technologies, Inc. | 12,481 | 2,417,570 | ||||||
Lam Research Corp. | 8,557 | 2,184,431 | ||||||
Maxim Integrated Products, Inc. | 23,761 | 1,306,380 | ||||||
Micron Technology, Inc.* | 22,563 | 1,080,542 | ||||||
Motorola Solutions, Inc. | 13,715 | 1,972,354 | ||||||
NetApp, Inc. | 14,028 | 614,005 | ||||||
Skyworks Solutions, Inc. | 8,715 | 905,314 | ||||||
Teradyne, Inc. | 21,344 | 1,334,854 | ||||||
Texas Instruments, Inc. | 13,336 | 1,547,909 | ||||||
Xilinx, Inc. | 16,009 | 1,399,187 | ||||||
|
| |||||||
28,787,617 | ||||||||
|
| |||||||
Tobacco — 0.5% |
| |||||||
Altria Group, Inc. | 33,157 | 1,301,412 | ||||||
Philip Morris International, Inc. | 23,968 | 1,788,013 | ||||||
|
| |||||||
3,089,425 | ||||||||
|
| |||||||
Travel & Leisure — 3.0% |
| |||||||
Alaska Air Group, Inc. | 2,795 | 90,894 | ||||||
Booking Holdings, Inc.* | 603 | 892,784 | ||||||
Copa Holdings SA, Class A (Panama) | 7,086 | 313,272 | ||||||
Darden Restaurants, Inc. | 21,665 | 1,598,660 | ||||||
Delta Air Lines, Inc. | 14,565 | 377,379 | ||||||
Dunkin’ Brands Group, Inc. | 16,200 | 1,018,008 | ||||||
Hilton Worldwide Holdings, Inc. | 21,353 | 1,616,636 | ||||||
Las Vegas Sands Corp. | 24,073 | 1,155,986 | ||||||
Marriott International, Inc., Class A | 13,665 | 1,242,695 | ||||||
McDonald’s Corp. | 12,103 | 2,270,039 | ||||||
Royal Caribbean Cruises Ltd. (a) | 8,290 | 387,723 | ||||||
Southwest Airlines Co. | 36,017 | 1,125,531 | ||||||
Starbucks Corp. | 27,315 | 2,095,880 | ||||||
United Airlines Holdings, Inc.* | 2,748 | 81,286 | ||||||
Wyndham Destinations, Inc. | 26,988 | 690,083 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Travel & Leisure — continued |
| |||||||
Yum China Holdings, Inc. (China) | 15,092 | 731,358 | ||||||
Yum! Brands, Inc. | 22,590 | 1,952,454 | ||||||
|
| |||||||
17,640,668 | ||||||||
|
| |||||||
Total Common Stocks |
| 581,283,403 | ||||||
|
| |||||||
Short-Term Investments — 4.0% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) | 405,848 | 405,848 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 3.9% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c) | 17,002,700 | 17,006,100 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) | 5,844,426 | 5,844,426 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 22,850,526 | |||||||
|
| |||||||
Total Short-Term Investments | 23,256,374 | |||||||
|
| |||||||
Total Investments — 103.8% | 604,539,777 | |||||||
Liabilities in Excess of | (22,224,022 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 582,315,755 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $21,154,150. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500E-Mini Index | 7 | 06/2020 | USD | 1,015,438 | 224,098 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
128 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
FLIR Systems, Inc. | 8,246 | 357,876 | ||||||
Hexcel Corp. | 7,740 | 267,727 | ||||||
Howmet Aerospace, Inc. | 23,161 | 302,714 | ||||||
Huntington Ingalls Industries, Inc. | 1,323 | 253,235 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 3,590 | 79,554 | ||||||
|
| |||||||
1,261,106 | ||||||||
|
| |||||||
Automobiles & Parts — 2.0% |
| |||||||
Aptiv plc | 6,204 | 431,488 | ||||||
BorgWarner, Inc. | 8,917 | 254,759 | ||||||
Gentex Corp. | 34,476 | 835,698 | ||||||
Genuine Parts Co. | 1,697 | 134,538 | ||||||
Harley-Davidson, Inc. (a) | 22,222 | 485,106 | ||||||
Lear Corp. | 5,067 | 494,793 | ||||||
Valvoline, Inc. | 23,161 | 398,138 | ||||||
WABCO Holdings, Inc.* | 5,654 | 759,785 | ||||||
|
| |||||||
3,794,305 | ||||||||
|
| |||||||
Banks — 1.8% |
| |||||||
Associated Banc-Corp. | 3,808 | 53,845 | ||||||
Bank of Hawaii Corp. | 2,671 | 182,109 | ||||||
BankUnited, Inc. | 4,327 | 85,718 | ||||||
CIT Group, Inc. | 5,396 | 102,416 | ||||||
Citizens Financial Group, Inc. | 5,559 | 124,466 | ||||||
Comerica, Inc. | 2,908 | 101,373 | ||||||
Commerce Bancshares, Inc. | 950 | 58,130 | ||||||
Fifth Third Bancorp | 10,112 | 188,993 | ||||||
First Horizon National Corp. | 9,694 | 88,022 | ||||||
First Republic Bank | 2,954 | 308,073 | ||||||
FNB Corp. | 11,855 | 95,907 | ||||||
Huntington Bancshares, Inc. | 67,382 | 622,610 | ||||||
KeyCorp | 11,657 | 135,804 | ||||||
M&T Bank Corp. | 1,737 | 194,683 | ||||||
PacWest Bancorp | 3,310 | 66,994 | ||||||
People’s United Financial, Inc. | 17,235 | 218,712 | ||||||
Popular, Inc. (Puerto Rico) | 9,549 | 368,496 | ||||||
Prosperity Bancshares, Inc. | 2,132 | 127,771 | ||||||
Regions Financial Corp. | 15,491 | 166,528 | ||||||
TCF Financial Corp. | 10,645 | 316,050 | ||||||
Zions Bancorp NA | 4,210 | 133,078 | ||||||
|
| |||||||
3,739,778 | ||||||||
|
| |||||||
Beverages — 0.7% |
| |||||||
Brown-Forman Corp., Class B | 14,579 | 906,814 | ||||||
Molson Coors Beverage Co., Class B | 14,994 | 614,904 | ||||||
|
| |||||||
1,521,718 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Chemicals — 5.8% |
| |||||||
Albemarle Corp. (a) | 8,294 | 509,500 | ||||||
Ashland Global Holdings, Inc. | 10,792 | 665,759 | ||||||
Axalta Coating Systems Ltd.* | 36,103 | 712,673 | ||||||
Cabot Corp. | 18,717 | 634,319 | ||||||
Celanese Corp. | 8,216 | 682,503 | ||||||
CF Industries Holdings, Inc. | 22,302 | 613,305 | ||||||
Eastman Chemical Co. | 13,092 | 792,197 | ||||||
FMC Corp. | 9,888 | 908,707 | ||||||
Huntsman Corp. | 45,337 | 762,115 | ||||||
International Flavors & Fragrances, Inc. | 7,037 | 922,058 | ||||||
NewMarket Corp. | 1,797 | 739,358 | ||||||
Olin Corp. (a) | 56,817 | 758,507 | ||||||
RPM International, Inc. (a) | 13,801 | 916,524 | ||||||
ScottsMiracle-Gro Co. (The) | 8,654 | 1,073,356 | ||||||
Univar Solutions, Inc.* | 14,582 | 211,731 | ||||||
Westlake Chemical Corp. | 12,124 | 526,788 | ||||||
WR Grace & Co. | 11,942 | 564,021 | ||||||
|
| |||||||
11,993,421 | ||||||||
|
| |||||||
Construction & Materials — 1.0% |
| |||||||
AO Smith Corp. | 7,354 | 311,663 | ||||||
Armstrong World Industries, Inc. | 1,811 | 139,592 | ||||||
Eagle Materials, Inc. | 2,046 | 124,826 | ||||||
Jacobs Engineering Group, Inc. | 1,247 | 103,189 | ||||||
Lennox International, Inc. | 1,724 | 321,836 | ||||||
MDU Resources Group, Inc. | 9,458 | 212,427 | ||||||
Owens Corning | 4,176 | 181,071 | ||||||
Trane Technologies plc | 6,627 | 579,332 | ||||||
|
| |||||||
1,973,936 | ||||||||
|
| |||||||
Electricity — 6.8% |
| |||||||
AES Corp. (The) | 54,527 | 722,483 | ||||||
Alliant Energy Corp. | 4,470 | 217,018 | ||||||
Avangrid, Inc. (a) | 6,208 | 266,944 | ||||||
CMS Energy Corp. | 15,242 | 870,166 | ||||||
Consolidated Edison, Inc. | 11,703 | 922,196 | ||||||
DTE Energy Co. | 7,927 | 822,347 | ||||||
Entergy Corp. | 7,924 | 756,821 | ||||||
Evergy, Inc. | 14,112 | 824,564 | ||||||
Eversource Energy | 10,693 | 862,925 | ||||||
FirstEnergy Corp. | 20,743 | 856,064 | ||||||
Hawaiian Electric Industries, Inc. | 21,380 | 843,869 | ||||||
IDACORP, Inc. (a) | 9,484 | 870,442 | ||||||
OGE Energy Corp. (a) | 24,321 | 766,598 | ||||||
Pinnacle West Capital Corp. | 10,297 | 792,766 | ||||||
PPL Corp. | 30,782 | 782,478 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 129 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electricity — continued |
| |||||||
Public Service Enterprise Group, Inc. | 17,873 | 906,340 | ||||||
Vistra Energy Corp. | 47,727 | 932,585 | ||||||
Xcel Energy, Inc. | 14,843 | 943,421 | ||||||
|
| |||||||
13,960,027 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.5% |
| |||||||
AMETEK, Inc. | 7,516 | 630,367 | ||||||
Amphenol Corp., Class A | 7,195 | 635,031 | ||||||
Hubbell, Inc. (a) | 4,451 | 553,838 | ||||||
Keysight Technologies, Inc.* | 8,466 | 819,255 | ||||||
National Instruments Corp. | 1,335 | 51,291 | ||||||
nVent Electric plc | 4,168 | 77,733 | ||||||
Regal Beloit Corp. | 1,626 | 115,462 | ||||||
Sensata Technologies Holding plc* | 5,536 | 201,400 | ||||||
|
| |||||||
3,084,377 | ||||||||
|
| |||||||
Financial Services — 2.2% |
| |||||||
Ally Financial, Inc. | 9,644 | 158,065 | ||||||
Ameriprise Financial, Inc. | 2,278 | 261,833 | ||||||
Discover Financial Services | 4,920 | 211,412 | ||||||
Element Solutions, Inc.* | 55,901 | 572,985 | ||||||
Fidelity National Financial, Inc. | 7,736 | 209,259 | ||||||
Invesco Ltd. | 3,741 | 32,248 | ||||||
Jefferies Financial Group, Inc. | 14,409 | 197,691 | ||||||
LPL Financial Holdings, Inc. | 4,020 | 242,084 | ||||||
MSCI, Inc. | 2,505 | 819,135 | ||||||
Nasdaq, Inc. | 2,904 | 318,482 | ||||||
Navient Corp. (a) | 8,784 | 66,934 | ||||||
Raymond James Financial, Inc. | 3,216 | 211,999 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 23,947 | 373,334 | ||||||
Synchrony Financial | 8,145 | 161,190 | ||||||
T. Rowe Price Group, Inc. | 2,810 | 324,920 | ||||||
Western Union Co. (The) | 8,979 | 171,230 | ||||||
|
| |||||||
4,332,801 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 0.5% |
| |||||||
CenturyLink, Inc. | 59,500 | 631,890 | ||||||
GCI Liberty, Inc., Class A* | 4,935 | 300,196 | ||||||
|
| |||||||
932,086 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.5% |
| |||||||
AmerisourceBergen Corp. | 3,966 | 355,591 | ||||||
Casey’s General Stores, Inc. | 3,646 | 552,041 | ||||||
|
| |||||||
907,632 | ||||||||
|
| |||||||
Food Producers — 4.0% |
| |||||||
Campbell Soup Co. (a) | 12,844 | 641,943 | ||||||
Flowers Foods, Inc. | 41,299 | 920,142 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Producers — continued |
| |||||||
Hershey Co. (The) | 6,463 | 855,895 | ||||||
Hormel Foods Corp. (a) | 12,711 | 595,510 | ||||||
Ingredion, Inc. | 6,043 | 490,692 | ||||||
JM Smucker Co. (The) | 8,909 | 1,023,733 | ||||||
Kellogg Co. | 10,723 | 702,356 | ||||||
Lamb Weston Holdings, Inc. | 10,744 | 659,252 | ||||||
McCormick & Co., Inc.(Non-Voting) | 6,027 | 945,275 | ||||||
Post Holdings, Inc.* | 7,836 | 719,737 | ||||||
Tyson Foods, Inc., Class A | 10,945 | 680,669 | ||||||
|
| |||||||
8,235,204 | ||||||||
|
| |||||||
Forestry & Paper — 0.7% |
| |||||||
Domtar Corp. (a) | 27,627 | 645,367 | ||||||
International Paper Co. | 22,249 | 762,028 | ||||||
|
| |||||||
1,407,395 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 2.9% |
| |||||||
Ameren Corp. (a) | 11,674 | 849,283 | ||||||
American Water Works Co., Inc. | 7,459 | 907,686 | ||||||
Atmos Energy Corp. | 8,908 | 908,349 | ||||||
National Fuel Gas Co. | 20,602 | 844,682 | ||||||
NiSource, Inc. | 29,110 | 730,952 | ||||||
Sempra Energy | 6,652 | 823,850 | ||||||
UGI Corp. | 1,699 | 51,276 | ||||||
WEC Energy Group, Inc. | 10,011 | 906,496 | ||||||
|
| |||||||
6,022,574 | ||||||||
|
| |||||||
General Industrials — 1.5% |
| |||||||
AptarGroup, Inc. | 4,120 | 441,170 | ||||||
Avery Dennison Corp. | 7,815 | 862,698 | ||||||
Carlisle Cos., Inc. (a) | 872 | 105,477 | ||||||
ITT, Inc. | 3,168 | 167,017 | ||||||
Packaging Corp. of America | 3,662 | 353,932 | ||||||
Parker-Hannifin Corp. | 2,279 | 360,355 | ||||||
Silgan Holdings, Inc. | 2,887 | 99,601 | ||||||
Sonoco Products Co. | 8,715 | 425,641 | ||||||
WestRock Co. | 4,145 | 133,428 | ||||||
|
| |||||||
2,949,319 | ||||||||
|
| |||||||
General Retailers — 5.7% |
| |||||||
AutoNation, Inc.* | 12,202 | 454,403 | ||||||
AutoZone, Inc.* | 873 | 890,739 | ||||||
Best Buy Co., Inc. | 12,220 | 937,641 | ||||||
Burlington Stores, Inc.* | 535 | 97,739 | ||||||
Copart, Inc.* | 10,944 | 876,724 | ||||||
Dick’s Sporting Goods, Inc. (a) | 21,883 | 643,141 | ||||||
Dollar General Corp. | 6,156 | 1,079,147 | ||||||
Dollar Tree, Inc.* | 5,993 | 477,463 |
SEE NOTES TO FINANCIAL STATEMENTS.
130 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Retailers — continued |
| |||||||
Foot Locker, Inc. | 6,169 | 158,112 | ||||||
frontdoor, Inc.* | 13,549 | 524,482 | ||||||
Gap, Inc. (The) | 6,833 | 55,484 | ||||||
H&R Block, Inc. | 38,278 | 637,329 | ||||||
IAA, Inc.* | 16,223 | 626,208 | ||||||
KAR Auction Services, Inc. | 48,209 | 722,171 | ||||||
Kohl’s Corp. | 14,794 | 273,097 | ||||||
Macy’s, Inc. (a) | 22,349 | 130,965 | ||||||
Nordstrom, Inc. (a) | 10,972 | 206,054 | ||||||
Penske Automotive Group, Inc. | 5,979 | 215,124 | ||||||
Service Corp. International | 19,298 | 709,008 | ||||||
Tractor Supply Co. | 9,817 | 995,738 | ||||||
Williams-Sonoma, Inc. | 14,728 | 910,780 | ||||||
|
| |||||||
11,621,549 | ||||||||
|
| |||||||
Health Care Equipment & Services — 10.0% |
| |||||||
Acadia Healthcare Co., Inc.* | 3,661 | 87,901 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 2,374 | 1,044,797 | ||||||
Bio-Techne Corp. | 4,653 | 1,046,925 | ||||||
Bruker Corp. | 7,566 | 297,495 | ||||||
Centene Corp.* | 17,409 | 1,159,091 | ||||||
Chemed Corp. | 2,195 | 914,371 | ||||||
Cooper Cos., Inc. (The) | 2,841 | 814,515 | ||||||
DaVita, Inc.* | 9,386 | 741,588 | ||||||
Dentsply Sirona, Inc. | 17,169 | 728,652 | ||||||
Encompass Health Corp. | 12,100 | 801,625 | ||||||
Henry Schein, Inc.* (a) | 11,610 | 633,442 | ||||||
Hill-Rom Holdings, Inc. | 9,453 | 1,063,368 | ||||||
Hologic, Inc.* | 17,789 | 891,229 | ||||||
IDEXX Laboratories, Inc.* | 3,510 | 974,376 | ||||||
Laboratory Corp. of America Holdings* | 5,275 | 867,474 | ||||||
Molina Healthcare, Inc.* | 6,899 | 1,131,229 | ||||||
Quest Diagnostics, Inc. | 8,721 | 960,269 | ||||||
ResMed, Inc. | 5,801 | 901,011 | ||||||
STERIS plc | 5,806 | 827,355 | ||||||
Teleflex, Inc. | 2,748 | 921,679 | ||||||
Universal Health Services, Inc., Class B | 6,846 | 723,554 | ||||||
Varian Medical Systems, Inc.* | 7,493 | 857,049 | ||||||
West Pharmaceutical Services, Inc. | 6,099 | 1,154,297 | ||||||
Zimmer Biomet Holdings, Inc. | 6,844 | 819,227 | ||||||
|
| |||||||
20,362,519 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.4% |
| |||||||
Church & Dwight Co., Inc. | 12,874 | 901,051 | ||||||
Clorox Co. (The) | 5,769 | 1,075,573 | ||||||
DR Horton, Inc. | 14,562 | 687,618 | ||||||
Fortune Brands Home & Security, Inc. | 5,505 | 265,341 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Goods & Home Construction — continued |
| |||||||
Leggett & Platt, Inc. | 19,730 | 693,115 | ||||||
Lennar Corp., Class A | 10,357 | 518,575 | ||||||
Middleby Corp. (The)* | 2,616 | 145,528 | ||||||
NVR, Inc.* | 248 | 768,800 | ||||||
PulteGroup, Inc. | 23,248 | 657,221 | ||||||
Toll Brothers, Inc. (a) | 24,401 | 586,112 | ||||||
Whirlpool Corp. (a) | 4,943 | 552,331 | ||||||
|
| |||||||
6,851,265 | ||||||||
|
| |||||||
Industrial Engineering — 3.4% |
| |||||||
Allison Transmission Holdings, Inc. | 7,645 | 277,819 | ||||||
Crane Co. | 2,419 | 131,715 | ||||||
Cummins, Inc. | 6,006 | 981,981 | ||||||
Dover Corp. | 4,469 | 418,522 | ||||||
Graco, Inc. | 14,857 | 663,514 | ||||||
IDEX Corp. | 4,718 | 724,826 | ||||||
Lincoln Electric Holdings, Inc. | 4,394 | 353,761 | ||||||
Nordson Corp. | 2,182 | 351,106 | ||||||
Oshkosh Corp. | 3,925 | 265,055 | ||||||
PACCAR, Inc. | 4,904 | 339,504 | ||||||
Pentair plc | 4,866 | 168,315 | ||||||
Rockwell Automation, Inc. | 2,871 | 543,997 | ||||||
Snap-on, Inc. | 5,786 | 753,858 | ||||||
Toro Co. (The) | 12,845 | 819,639 | ||||||
Xylem, Inc. | 4,035 | 290,116 | ||||||
|
| |||||||
7,083,728 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.5% |
| |||||||
Alcoa Corp.* | 48,844 | 398,079 | ||||||
Arconic Corp.* | 5,624 | 49,041 | ||||||
GrafTech International Ltd. (a) | 55,041 | 446,933 | ||||||
Nucor Corp. | 18,156 | 747,846 | ||||||
Reliance Steel & Aluminum Co. | 8,636 | 773,613 | ||||||
Steel Dynamics, Inc. | 30,395 | 737,687 | ||||||
|
| |||||||
3,153,199 | ||||||||
|
| |||||||
Industrial Transportation — 1.2% |
| |||||||
CH Robinson Worldwide, Inc. (a) | 5,078 | 360,030 | ||||||
Expeditors International of Washington, Inc. | 5,786 | 414,307 | ||||||
Kansas City Southern | 2,903 | 378,986 | ||||||
Landstar System, Inc. | 5,683 | 587,111 | ||||||
Macquarie Infrastructure Corp. | 3,793 | 104,649 | ||||||
Old Dominion Freight Line, Inc. | 3,065 | 445,314 | ||||||
|
| |||||||
2,290,397 | ||||||||
|
| |||||||
Leisure Goods — 1.6% |
| |||||||
Garmin Ltd. | 9,645 | 782,788 | ||||||
Hasbro, Inc. | 8,680 | 626,783 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 131 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Leisure Goods — continued |
| |||||||
Polaris, Inc. | 3,643 | 258,398 | ||||||
Pool Corp. | 4,358 | 922,414 | ||||||
Take-Two Interactive Software, Inc.* | 4,886 | 591,450 | ||||||
Thor Industries, Inc. (a) | 3,994 | 264,403 | ||||||
|
| |||||||
3,446,236 | ||||||||
|
| |||||||
Life Insurance — 0.5% |
| |||||||
Globe Life, Inc. | 6,758 | 556,454 | ||||||
Lincoln National Corp. | 2,497 | 88,569 | ||||||
Principal Financial Group, Inc. | 5,729 | 208,593 | ||||||
|
| |||||||
853,616 | ||||||||
|
| |||||||
Media — 2.8% |
| |||||||
Cable One, Inc. | 342 | 654,198 | ||||||
Discovery, Inc., Class A* (a) | 21,578 | 483,779 | ||||||
Dolby Laboratories, Inc., Class A | 5,792 | 347,694 | ||||||
FactSet Research Systems, Inc. | 3,478 | 956,450 | ||||||
Graham Holdings Co., Class B | 288 | 112,323 | ||||||
Interpublic Group of Cos., Inc. (The) (a) | 43,461 | 737,968 | ||||||
John Wiley & Sons, Inc., Class A | 2,260 | 84,863 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 13,569 | 457,411 | ||||||
Morningstar, Inc. | 2,005 | 312,700 | ||||||
Nexstar Media Group, Inc., Class A | 6,683 | 468,077 | ||||||
Omnicom Group, Inc. | 9,482 | 540,759 | ||||||
Sinclair Broadcast Group, Inc., Class A (a) | 15,946 | 281,447 | ||||||
Sirius XM Holdings, Inc. (a) | 37,008 | 218,717 | ||||||
|
| |||||||
5,656,386 | ||||||||
|
| |||||||
Mining — 1.1% |
| |||||||
Newmont Corp. | 20,709 | 1,231,771 | ||||||
Royal Gold, Inc. | 8,669 | 1,062,212 | ||||||
|
| |||||||
2,293,983 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.4% |
| |||||||
Telephone & Data Systems, Inc. | 32,560 | 638,827 | ||||||
United States Cellular Corp.* | 5,432 | 172,901 | ||||||
|
| |||||||
811,728 | ||||||||
|
| |||||||
Nonlife Insurance — 2.8% |
| |||||||
Alleghany Corp. | 675 | 360,254 | ||||||
American Financial Group, Inc. | 4,992 | 330,670 | ||||||
Arch Capital Group Ltd.* | 887 | 21,315 | ||||||
Arthur J Gallagher & Co. | 8,668 | 680,438 | ||||||
Assurant, Inc. | 4,043 | 429,528 | ||||||
Assured Guaranty Ltd. | 5,080 | 151,028 | ||||||
Axis Capital Holdings Ltd. | 6,618 | 242,219 | ||||||
Brown & Brown, Inc. | 15,686 | 563,284 | ||||||
Cincinnati Financial Corp. | 6,049 | 398,024 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Nonlife Insurance — continued |
| |||||||
CNA Financial Corp. | 116 | 3,663 | ||||||
Everest Re Group Ltd. | 1,325 | 229,397 | ||||||
First American Financial Corp. | 4,040 | 186,325 | ||||||
Hanover Insurance Group, Inc. (The) | 2,003 | 201,061 | ||||||
Hartford Financial Services Group, Inc. (The) | 14,788 | 561,796 | ||||||
Loews Corp. | 7,554 | 261,822 | ||||||
Mercury General Corp. | 1,536 | 62,915 | ||||||
Old Republic International Corp. | 28,673 | 457,334 | ||||||
Reinsurance Group of America, Inc. | 2,637 | 276,041 | ||||||
WR Berkley Corp. | 8,033 | 433,782 | ||||||
|
| |||||||
5,850,896 | ||||||||
|
| |||||||
Oil & Gas Producers — 3.9% |
| |||||||
Apache Corp. (a) | 27,770 | 363,232 | ||||||
Cabot Oil & Gas Corp. (a) | 58,716 | 1,269,440 | ||||||
Concho Resources, Inc. | 7,453 | 422,734 | ||||||
Continental Resources, Inc. (a) | 25,337 | 415,273 | ||||||
Devon Energy Corp. | 34,728 | 433,058 | ||||||
Diamondback Energy, Inc. | 8,110 | 353,109 | ||||||
EQT Corp. | 40,530 | 591,333 | ||||||
Hess Corp. | 12,470 | 606,541 | ||||||
HollyFrontier Corp. | 20,755 | 685,745 | ||||||
Kosmos Energy Ltd. (Ghana) (a) | 135,845 | 224,144 | ||||||
Marathon Oil Corp. | 65,156 | 398,755 | ||||||
Murphy Oil Corp. (a) | 27,606 | 327,407 | ||||||
Noble Energy, Inc. | 37,910 | 371,897 | ||||||
Parsley Energy, Inc., Class A | 11,543 | 109,081 | ||||||
PBF Energy, Inc., Class A | 30,255 | 344,907 | ||||||
Pioneer Natural Resources Co. | 6,129 | 547,381 | ||||||
WPX Energy, Inc.* | 72,647 | 445,326 | ||||||
|
| |||||||
7,909,363 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.5% |
| |||||||
Antero Midstream Corp. (a) | 6,190 | 29,403 | ||||||
Apergy Corp.* (a) | 13,505 | 124,381 | ||||||
Baker Hughes Co. | 33,663 | 469,599 | ||||||
Cheniere Energy, Inc.* | 8,813 | 411,479 | ||||||
Helmerich & Payne, Inc. | 23,393 | 462,479 | ||||||
ONEOK, Inc. | 14,160 | 423,809 | ||||||
Patterson-UTI Energy, Inc. | 118,156 | 435,996 | ||||||
Targa Resources Corp. | 16,409 | 212,661 | ||||||
Williams Cos., Inc. (The) | 34,328 | 664,933 | ||||||
|
| |||||||
3,234,740 | ||||||||
|
| |||||||
Personal Goods — 2.4% |
| |||||||
Capri Holdings Ltd.* | 13,095 | 199,699 | ||||||
Carter’s, Inc. | 7,577 | 592,522 |
SEE NOTES TO FINANCIAL STATEMENTS.
132 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Personal Goods — continued |
| |||||||
Hanesbrands, Inc. (a) | 48,990 | 486,961 | ||||||
Lululemon Athletica, Inc.* | 4,252 | 950,237 | ||||||
Nu Skin Enterprises, Inc., Class A | 10,226 | 298,701 | ||||||
PVH Corp. | 4,297 | 211,541 | ||||||
Ralph Lauren Corp. | 7,982 | 588,912 | ||||||
Skechers U.S.A., Inc., Class A* | 19,996 | 563,487 | ||||||
Tapestry, Inc. | 19,322 | 287,511 | ||||||
Tiffany & Co. | 6,194 | 783,541 | ||||||
Under Armour, Inc., Class C* (a) | 3,626 | 33,613 | ||||||
|
| |||||||
4,996,725 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 2.1% |
| |||||||
Cardinal Health, Inc. | 8,323 | 411,822 | ||||||
Charles River Laboratories International, Inc.* | 5,916 | 855,868 | ||||||
Horizon Therapeutics plc* | 13,471 | 485,495 | ||||||
Ionis Pharmaceuticals, Inc.* | 6,779 | 376,438 | ||||||
IQVIA Holdings, Inc.* | 6,076 | 866,377 | ||||||
Jazz Pharmaceuticals plc* | 4,568 | 503,622 | ||||||
Mylan NV* | 20,364 | 341,504 | ||||||
Perrigo Co. plc | 10,034 | 534,812 | ||||||
|
| |||||||
4,375,938 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.2% |
| |||||||
CBRE Group, Inc., Class A* | 5,689 | 244,229 | ||||||
Jones Lang LaSalle, Inc. | 1,267 | 133,770 | ||||||
|
| |||||||
377,999 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 5.6% |
| |||||||
Alexandria Real Estate Equities, Inc. | 2,238 | 351,567 | ||||||
American Campus Communities, Inc. | 1,370 | 48,347 | ||||||
Annaly Capital Management, Inc. | 31,297 | 195,606 | ||||||
AvalonBay Communities, Inc. | 2,439 | 397,435 | ||||||
Brandywine Realty Trust | 9,863 | 110,071 | ||||||
Brixmor Property Group, Inc. | 6,728 | 77,036 | ||||||
Camden Property Trust | 2,801 | 246,684 | ||||||
Chimera Investment Corp. | 45,971 | 357,195 | ||||||
CoreSite Realty Corp. | 2,027 | 245,652 | ||||||
CubeSmart | 783 | 19,732 | ||||||
Digital Realty Trust, Inc. | 2,962 | 442,789 | ||||||
Douglas Emmett, Inc. | 8,028 | 244,774 | ||||||
Duke Realty Corp. | 12,201 | 423,375 | ||||||
Equity Commonwealth | 6,317 | 214,462 | ||||||
Equity LifeStyle Properties, Inc. | 6,013 | 362,644 | ||||||
Essex Property Trust, Inc. | 700 | 170,870 | ||||||
Extra Space Storage, Inc. | 3,143 | 277,338 | ||||||
Gaming and Leisure Properties, Inc. | 17,994 | 508,151 | ||||||
Healthpeak Properties, Inc. | 29,392 | 768,307 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
Highwoods Properties, Inc. | 4,036 | 156,637 | ||||||
Hudson Pacific Properties, Inc. | 5,471 | 134,477 | ||||||
Iron Mountain, Inc. | 4,991 | 120,682 | ||||||
Kilroy Realty Corp. | 3,229 | 201,038 | ||||||
Lamar Advertising Co., Class A | 4,127 | 237,922 | ||||||
Medical Properties Trust, Inc. | 43,680 | 748,675 | ||||||
MFA Financial, Inc. (a) | 124,804 | 218,407 | ||||||
Mid-America Apartment Communities, Inc. | 2,063 | 230,891 | ||||||
National Retail Properties, Inc. | 2,627 | 85,745 | ||||||
New Residential Investment Corp. | 58,103 | 353,847 | ||||||
Omega Healthcare Investors, Inc. | 5,211 | 151,901 | ||||||
Outfront Media, Inc. | 7,645 | 119,950 | ||||||
Park Hotels & Resorts, Inc. | 18,987 | 180,566 | ||||||
Service Properties Trust | 8,960 | 62,093 | ||||||
SITE Centers Corp. | 1,667 | 10,102 | ||||||
Spirit Realty Capital, Inc. | 12,111 | 372,534 | ||||||
Starwood Property Trust, Inc. | 40,892 | 529,143 | ||||||
Sun Communities, Inc. | 2,257 | 303,341 | ||||||
Two Harbors Investment Corp. | 43,325 | 197,995 | ||||||
VICI Properties, Inc. | 26,895 | 468,511 | ||||||
Vornado Realty Trust | 791 | 34,662 | ||||||
Weingarten Realty Investors | 4,748 | 86,366 | ||||||
Welltower, Inc. | 4,811 | 246,468 | ||||||
WP Carey, Inc. | 10,799 | 710,358 | ||||||
|
| |||||||
11,424,346 | ||||||||
|
| |||||||
Software & Computer Services — 5.7% |
| |||||||
Akamai Technologies, Inc.* | 986 | 96,342 | ||||||
Amdocs Ltd. | 14,374 | 926,261 | ||||||
ANSYS, Inc.* | 3,807 | 996,787 | ||||||
Cadence Design Systems, Inc.* | 13,919 | 1,129,248 | ||||||
Cerner Corp. | 8,960 | 621,735 | ||||||
Citrix Systems, Inc. | 8,855 | 1,284,064 | ||||||
InterActive Corp.* | 3,528 | 788,437 | ||||||
Leidos Holdings, Inc. | 8,971 | 886,424 | ||||||
LogMeIn, Inc. | 4,216 | 360,299 | ||||||
Manhattan Associates, Inc.* | 7,915 | 561,490 | ||||||
Paycom Software, Inc.* | 642 | 167,575 | ||||||
SS&C Technologies Holdings, Inc. | 14,762 | 814,272 | ||||||
Synopsys, Inc.* | 6,687 | 1,050,661 | ||||||
Veeva Systems, Inc., Class A* | 5,764 | 1,099,771 | ||||||
VeriSign, Inc.* | 4,456 | 933,487 | ||||||
|
| |||||||
11,716,853 | ||||||||
|
| |||||||
Support Services — 3.2% |
| |||||||
Booz Allen Hamilton Holding Corp. | 11,785 | 865,490 | ||||||
Broadridge Financial Solutions, Inc. | 7,908 | 917,328 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 133 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Support Services — continued |
| |||||||
Cintas Corp. | 2,013 | 446,543 | ||||||
Fastenal Co. | 8,668 | 313,955 | ||||||
Fiserv, Inc.* | 8,548 | 880,957 | ||||||
Jack Henry & Associates, Inc. | 4,842 | 791,909 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,675 | 159,537 | ||||||
Paychex, Inc. | 5,296 | 362,882 | ||||||
Republic Services, Inc. | 5,953 | 466,358 | ||||||
Robert Half International, Inc. | 6,187 | 292,459 | ||||||
TransUnion | 6,383 | 502,917 | ||||||
WW Grainger, Inc. | 821 | 226,251 | ||||||
Xerox Holdings Corp. | 28,020 | 512,486 | ||||||
|
| |||||||
6,739,072 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.9% |
| |||||||
CDW Corp. | 7,578 | 839,642 | ||||||
Entegris, Inc. | 10,347 | 561,118 | ||||||
Juniper Networks, Inc. | 25,476 | 550,282 | ||||||
KLA Corp. | 5,971 | 979,781 | ||||||
L3Harris Technologies, Inc. | 4,694 | 909,228 | ||||||
Lam Research Corp. | 3,169 | 808,982 | ||||||
Marvell Technology Group Ltd. | 16,685 | 446,157 | ||||||
Maxim Integrated Products, Inc. | 12,331 | 677,958 | ||||||
Motorola Solutions, Inc. | 5,626 | 809,075 | ||||||
NetApp, Inc. | 7,707 | 337,335 | ||||||
ON Semiconductor Corp.* | 9,154 | 146,876 | ||||||
Qorvo, Inc.* | 7,291 | 714,737 | ||||||
Skyworks Solutions, Inc. | 5,008 | 520,231 | ||||||
Teradyne, Inc. | 15,638 | 978,001 | ||||||
Western Digital Corp. | 38 | 1,751 | ||||||
Xilinx, Inc. | 8,335 | 728,479 | ||||||
|
| |||||||
10,009,633 | ||||||||
|
| |||||||
Travel & Leisure — 3.4% |
| |||||||
Alaska Air Group, Inc. | 1,336 | 43,447 | ||||||
Choice Hotels International, Inc. | 5,762 | 432,438 | ||||||
Cinemark Holdings, Inc. | 14,555 | 207,846 | ||||||
Copa Holdings SA, Class A (Panama) | 11,206 | 495,417 | ||||||
Darden Restaurants, Inc. | 8,477 | 625,518 | ||||||
Dunkin’ Brands Group, Inc. | 9,791 | 615,266 | ||||||
Extended Stay America, Inc. | 35,794 | 389,081 | ||||||
Hilton Worldwide Holdings, Inc. | 9,539 | 722,198 | ||||||
Hyatt Hotels Corp., Class A (a) | 9,438 | 530,982 | ||||||
Royal Caribbean Cruises Ltd. (a) | 3,170 | 148,261 | ||||||
Sabre Corp. (a) | 23,099 | 167,930 | ||||||
Six Flags Entertainment Corp. | 11,562 | 231,355 | ||||||
United Airlines Holdings, Inc.* | 1,299 | 38,424 | ||||||
Vail Resorts, Inc. | 3,035 | 518,985 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Travel & Leisure — continued |
| |||||||
Wendy’s Co. (The) | 29,469 | 585,254 | ||||||
Wyndham Destinations, Inc. | 11,912 | 304,590 | ||||||
Yum China Holdings, Inc. (China) | 17,237 | 835,305 | ||||||
|
| |||||||
6,892,297 | ||||||||
|
| |||||||
Total Common Stocks | 204,068,147 | |||||||
|
| |||||||
Short-Term Investments — 4.8% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) | 225,209 | 225,209 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 4.7% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c) | 2,001,099 | 2,001,499 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 7,583,640 | 7,583,640 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 9,585,139 | |||||||
|
| |||||||
Total Short-Term Investments | 9,810,348 | |||||||
|
| |||||||
Total Investments — 104.6% | 213,878,495 | |||||||
Liabilities in Excess of | (9,316,703 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 204,561,792 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $8,837,783. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
134 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P Midcap 400E-Mini Index | 3 | 06/2020 | USD | 492,510 | 105,084 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 135 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.7% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
AAR Corp. | 2,872 | 56,234 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 4,092 | 168,345 | ||||||
ManTech International Corp., Class A | 1,395 | 104,011 | ||||||
Moog, Inc., Class A | 1,565 | 77,436 | ||||||
Park Aerospace Corp. | 3,288 | 43,763 | ||||||
RBC Bearings, Inc.* (a) | 2,107 | 266,915 | ||||||
|
| |||||||
716,704 | ||||||||
|
| |||||||
Alternative Energy — 1.6% |
| |||||||
Arcosa, Inc. | 9,891 | 368,638 | ||||||
Enphase Energy, Inc.* | 8,557 | 400,724 | ||||||
Green Plains, Inc. (a) | 23,059 | 135,356 | ||||||
Plug Power, Inc.* (a) | 60,127 | 251,632 | ||||||
Renewable Energy Group, Inc.* (a) | 10,774 | 267,303 | ||||||
REX American Resources Corp.* | 2,952 | 175,585 | ||||||
SunPower Corp.* (a) | 27,322 | 200,817 | ||||||
TPI Composites, Inc.* | 11,080 | 194,232 | ||||||
|
| |||||||
1,994,287 | ||||||||
|
| |||||||
Automobiles & Parts — 1.1% |
| |||||||
Cooper Tire & Rubber Co. | 15,575 | 330,034 | ||||||
Dorman Products, Inc.* | 5,931 | 374,128 | ||||||
Gentherm, Inc.* | 8,896 | 333,066 | ||||||
Meritor, Inc.* | 15,576 | 319,308 | ||||||
Stoneridge, Inc.* | 222 | 4,447 | ||||||
|
| |||||||
1,360,983 | ||||||||
|
| |||||||
Banks — 4.1% |
| |||||||
1st Source Corp. | 752 | 26,117 | ||||||
Ameris Bancorp | 2,238 | 56,912 | ||||||
Atlantic Union Bankshares Corp. | 3,141 | 74,976 | ||||||
BancFirst Corp. | 1,624 | 62,540 | ||||||
BancorpSouth Bank | 3,016 | 66,020 | ||||||
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 2,700 | 59,427 | ||||||
Banner Corp. | 1,833 | 70,442 | ||||||
Brookline Bancorp, Inc. | 5,538 | 56,543 | ||||||
Cadence BanCorp | 5,332 | 35,298 | ||||||
Capital City Bank Group, Inc. (a) | 563 | 12,408 | ||||||
Capitol Federal Financial, Inc. | 13,248 | 158,843 | ||||||
Cathay General Bancorp | 2,319 | 64,746 | ||||||
CenterState Bank Corp. | 4,017 | 69,856 | ||||||
Columbia Banking System, Inc. | 2,976 | 80,322 | ||||||
Community Bank System, Inc. | 4,881 | 305,014 | ||||||
Community Trust Bancorp, Inc. | 1,733 | 58,749 | ||||||
CVB Financial Corp. | 2,834 | 58,905 | ||||||
Dime Community Bancshares, Inc. | 6,156 | 101,143 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Banks — continued |
| |||||||
First BanCorp (Puerto Rico) | 7,323 | 42,693 | ||||||
First Busey Corp. | 363 | 6,686 | ||||||
First Financial Bancorp | 2,140 | 32,913 | ||||||
First Financial Bankshares, Inc. | 3,869 | 107,752 | ||||||
First Financial Corp. | 485 | 17,227 | ||||||
First Merchants Corp. | 794 | 22,478 | ||||||
First Midwest Bancorp, Inc. | 2,476 | 36,595 | ||||||
Fulton Financial Corp. | 6,232 | 72,852 | ||||||
Glacier Bancorp, Inc. | 5,867 | 223,415 | ||||||
Great Western Bancorp, Inc. | 3,154 | 59,295 | ||||||
Hancock Whitney Corp. | 2,229 | 46,608 | ||||||
Hilltop Holdings, Inc. | 6,233 | 120,297 | ||||||
Home BancShares, Inc. (a) | 5,231 | 80,191 | ||||||
Hope Bancorp, Inc. | 7,181 | 71,451 | ||||||
Houlihan Lokey, Inc. | 2,622 | 155,694 | ||||||
IBERIABANK Corp. | 1,418 | 58,790 | ||||||
Independent Bank Corp. | 712 | 51,898 | ||||||
Investors Bancorp, Inc. | 23,589 | 219,614 | ||||||
Kearny Financial Corp. | 2,896 | 26,933 | ||||||
NBT Bancorp, Inc. (a) | 1,012 | 33,528 | ||||||
Northwest Bancshares, Inc. | 4,200 | 44,562 | ||||||
OceanFirst Financial Corp. | 8,368 | 141,001 | ||||||
OFG Bancorp (Puerto Rico) | 4,932 | 62,045 | ||||||
Old National Bancorp | 16,569 | 234,783 | ||||||
Renasant Corp. | 1,178 | 30,899 | ||||||
Republic Bancorp, Inc., Class A | 1,352 | 45,062 | ||||||
S&T Bancorp, Inc. | 505 | 13,489 | ||||||
Sandy Spring Bancorp, Inc. | 621 | 15,835 | ||||||
Simmons First National Corp., Class A | 3,778 | 70,649 | ||||||
TrustCo Bank Corp. | 6,102 | 38,443 | ||||||
Trustmark Corp. (a) | 7,855 | 209,022 | ||||||
UMB Financial Corp. (a) | 1,693 | 86,072 | ||||||
United Bankshares, Inc. (a) | 8,458 | 253,402 | ||||||
United Community Banks, Inc. | 5,025 | 106,254 | ||||||
Valley National Bancorp | 14,658 | 122,541 | ||||||
Washington Federal, Inc. | 9,425 | 252,024 | ||||||
WesBanco, Inc. | 4,538 | 111,998 | ||||||
Westamerica Bancorp | 2,781 | 175,203 | ||||||
|
| |||||||
4,918,455 | ||||||||
|
| |||||||
Beverages — 0.7% |
| |||||||
Boston Beer Co., Inc. (The), Class A* (a) | 1,049 | 489,369 | ||||||
Coca-Cola Consolidated, Inc. | 1,328 | 312,704 | ||||||
|
| |||||||
802,073 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
136 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Chemicals — 3.9% |
| |||||||
AdvanSix, Inc.* | 5,035 | 61,326 | ||||||
American Vanguard Corp. | 5,299 | 66,608 | ||||||
Balchem Corp. | 4,354 | 388,551 | ||||||
Ferro Corp.* | 11,847 | 118,115 | ||||||
GCP Applied Technologies, Inc.* | 8,071 | 138,176 | ||||||
HB Fuller Co. | 9,437 | 347,187 | ||||||
Innospec, Inc. | 4,845 | 351,359 | ||||||
Koppers Holdings, Inc.* | 5,907 | 93,094 | ||||||
Kraton Corp.* | 10,947 | 170,883 | ||||||
Kronos Worldwide, Inc. (a) | 14,819 | 140,632 | ||||||
LSB Industries, Inc.* | 2,961 | 5,892 | ||||||
Materion Corp. | 6,112 | 316,235 | ||||||
Minerals Technologies, Inc. | 8,707 | 383,456 | ||||||
Orion Engineered Carbons SA (Luxembourg) | 19,489 | 177,545 | ||||||
PolyOne Corp. | 16,719 | 389,385 | ||||||
Quaker Chemical Corp. (a) | 280 | 42,594 | ||||||
Rayonier Advanced Materials, Inc. | 43,580 | 77,572 | ||||||
Sensient Technologies Corp. | 7,502 | 358,521 | ||||||
Stepan Co. | 4,665 | 445,041 | ||||||
Tredegar Corp. | 4,516 | 74,424 | ||||||
Trinseo SA | 12,659 | 258,877 | ||||||
Tronox Holdings plc, Class A | 40,479 | 276,067 | ||||||
|
| |||||||
4,681,540 | ||||||||
|
| |||||||
Construction & Materials — 3.0% |
| |||||||
Advanced Drainage Systems, Inc. | 3,647 | 147,849 | ||||||
Aegion Corp.* | 3,360 | 53,928 | ||||||
Apogee Enterprises, Inc. | 3,919 | 80,104 | ||||||
BMC Stock Holdings, Inc.* | 4,612 | 98,005 | ||||||
Boise Cascade Co. | 3,541 | 110,727 | ||||||
Builders FirstSource, Inc.* | 15,607 | 286,388 | ||||||
EMCOR Group, Inc. | 2,626 | 166,830 | ||||||
Generac Holdings, Inc.* | 2,097 | 204,332 | ||||||
Gibraltar Industries, Inc.* | 2,220 | 102,786 | ||||||
GMS, Inc.* | 3,433 | 63,099 | ||||||
Great Lakes Dredge & Dock Corp.* | 7,413 | 65,531 | ||||||
Griffon Corp. | 5,194 | 85,234 | ||||||
Installed Building Products, Inc.* | 1,903 | 93,837 | ||||||
JELD-WEN Holding, Inc.* | 3,876 | 49,225 | ||||||
KBR, Inc. | 6,661 | 134,952 | ||||||
LB Foster Co., Class A* | 788 | 11,339 | ||||||
Louisiana-Pacific Corp. | 6,092 | 121,840 | ||||||
Masonite International Corp.* | 1,848 | 109,180 | ||||||
MasTec, Inc.* | 3,399 | 122,024 | ||||||
Mueller Water Products, Inc., Class A | 10,937 | 103,792 | ||||||
Patrick Industries, Inc. | 2,274 | 93,734 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Construction & Materials — continued |
| |||||||
PGT Innovations, Inc.* | 5,807 | 60,044 | ||||||
Quanex Building Products Corp. | 4,431 | 55,255 | ||||||
Simpson Manufacturing Co., Inc. | 3,326 | 239,805 | ||||||
TopBuild Corp.* | 3,610 | 336,416 | ||||||
Trex Co., Inc.* | 1,390 | 132,356 | ||||||
Universal Forest Products, Inc. | 7,621 | 313,376 | ||||||
US Concrete, Inc.* | 1,586 | 30,419 | ||||||
Watts Water Technologies, Inc., Class A | 2,626 | 216,382 | ||||||
|
| |||||||
3,688,789 | ||||||||
|
| |||||||
Electricity — 3.8% |
| |||||||
ALLETE, Inc. | 6,017 | 346,339 | ||||||
Black Hills Corp. | 4,212 | 260,891 | ||||||
Clearway Energy, Inc. | 6,801 | 127,179 | ||||||
Clearway Energy, Inc., Class C (a) | 13,838 | 277,175 | ||||||
El Paso Electric Co. | 17,211 | 1,170,348 | ||||||
MGE Energy, Inc. | 4,084 | 264,072 | ||||||
NorthWestern Corp. | 6,023 | 347,467 | ||||||
Ormat Technologies, Inc. (a) | 8,957 | 559,006 | ||||||
PNM Resources, Inc. | 8,880 | 359,551 | ||||||
Portland General Electric Co. | 7,877 | 368,565 | ||||||
Spark Energy, Inc., Class A (a) | 13,376 | 96,575 | ||||||
TerraForm Power, Inc., Class A | 22,032 | 381,594 | ||||||
Vivint Solar, Inc.* | 12,839 | 81,399 | ||||||
|
| |||||||
4,640,161 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 2.0% |
| |||||||
Anixter International, Inc.* (a) | 1,833 | 170,212 | ||||||
Atkore International Group, Inc.* | 4,799 | 116,808 | ||||||
AZZ, Inc. | 3,598 | 112,941 | ||||||
Badger Meter, Inc. (a) | 3,816 | 225,258 | ||||||
Belden, Inc. | 541 | 18,497 | ||||||
Benchmark Electronics, Inc. | 2,501 | 51,671 | ||||||
Brady Corp., Class A | 3,127 | 136,150 | ||||||
CTS Corp. | 1,153 | 26,703 | ||||||
Daktronics, Inc. | 2,392 | 10,812 | ||||||
Encore Wire Corp. | 2,619 | 119,898 | ||||||
EnerSys | 2,200 | 128,458 | ||||||
ESCO Technologies, Inc. | 1,711 | 130,549 | ||||||
Fabrinet (Thailand)* | 3,119 | 195,717 | ||||||
Integer Holdings Corp.* | 4,298 | 320,029 | ||||||
Methode Electronics, Inc. | 2,627 | 78,863 | ||||||
MTS Systems Corp. | 2,103 | 44,731 | ||||||
Novanta, Inc.* | 2,016 | 175,170 | ||||||
Plexus Corp.* | 2,990 | 187,443 | ||||||
TTM Technologies, Inc.* | 4,640 | 53,778 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 137 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Electronic & Electrical Equipment — continued |
| |||||||
Veeco Instruments, Inc.* | 1,746 | 19,084 | ||||||
Vishay Intertechnology, Inc. | 6,543 | 108,548 | ||||||
|
| |||||||
2,431,320 | ||||||||
|
| |||||||
Financial Services — 1.4% |
| |||||||
Ares Management Corp. | 11,511 | 386,194 | ||||||
Cohen & Steers, Inc. | 4,751 | 274,323 | ||||||
Encore Capital Group, Inc.* | 2,334 | 60,637 | ||||||
Federated Hermes, Inc., Class B | 9,853 | 224,353 | ||||||
NMI Holdings, Inc., Class A* | 5,529 | 74,752 | ||||||
PennyMac Financial Services, Inc. (a) | 9,562 | 288,486 | ||||||
PRA Group, Inc.* (a) | 1,664 | 46,159 | ||||||
Radian Group, Inc. | 18,217 | 272,891 | ||||||
Stewart Information Services Corp. | 2,199 | 70,060 | ||||||
|
| |||||||
1,697,855 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.1% |
| |||||||
8x8, Inc.* | 17,921 | 303,940 | ||||||
Cincinnati Bell, Inc.* | 6,610 | 96,837 | ||||||
Consolidated Communications Holdings, Inc.* | 46,662 | 292,571 | ||||||
Frontier Communications Corp.* (a) | 41,860 | 3,583 | ||||||
GTT Communications, Inc.* (a) | 9,250 | 105,080 | ||||||
IDT Corp., Class B* | 16,610 | 89,694 | ||||||
Pareteum Corp.* | 3,608 | 2,287 | ||||||
Vonage Holdings Corp.* | 46,229 | 386,474 | ||||||
|
| |||||||
1,280,466 | ||||||||
|
| |||||||
Food & Drug Retailers — 1.1% |
| |||||||
Core-Mark Holding Co., Inc. | 7,397 | 212,590 | ||||||
GNC Holdings, Inc., Class A* (a) | 4,554 | 2,621 | ||||||
Ingles Markets, Inc., Class A | 4,448 | 181,612 | ||||||
Performance Food Group Co.* | 7,688 | 225,643 | ||||||
PetMed Express, Inc. | 8,073 | 319,449 | ||||||
Simply Good Foods Co. (The)* | 10,552 | 198,905 | ||||||
SpartanNash Co. | 8,816 | 151,194 | ||||||
|
| |||||||
1,292,014 | ||||||||
|
| |||||||
Food Producers — 3.1% |
| |||||||
Andersons, Inc. (The) | 7,453 | 126,477 | ||||||
B&G Foods, Inc. (a) | 10,349 | 200,978 | ||||||
Calavo Growers, Inc. (a) | 2,862 | 165,996 | ||||||
Darling Ingredients, Inc.* (a) | 6,136 | 126,340 | ||||||
Fresh Del Monte Produce, Inc. | 14,371 | 409,717 | ||||||
Hostess Brands, Inc.* | 24,354 | 292,735 | ||||||
J&J Snack Foods Corp. (a) | 2,349 | 298,393 | ||||||
John B Sanfilippo & Son, Inc. | 3,454 | 283,677 | ||||||
Lancaster Colony Corp. (a) | 2,941 | 395,947 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Food Producers — continued |
| |||||||
Medifast, Inc. | 3,465 | 262,924 | ||||||
Nature’s Sunshine Products, Inc.* | 986 | 8,677 | ||||||
Sanderson Farms, Inc. (a) | 2,547 | 346,749 | ||||||
Tootsie Roll Industries, Inc. (a) | 9,442 | 331,697 | ||||||
USANA Health Sciences, Inc.* (a) | 6,348 | 566,369 | ||||||
|
| |||||||
3,816,676 | ||||||||
|
| |||||||
Forestry & Paper — 0.9% |
| |||||||
Clearwater Paper Corp.* | 5,561 | 133,130 | ||||||
Neenah, Inc. | 4,262 | 208,241 | ||||||
PH Glatfelter Co. | 11,530 | 168,338 | ||||||
Schweitzer-Mauduit International, Inc. | 11,152 | 359,318 | ||||||
Verso Corp., Class A* | 15,897 | 220,809 | ||||||
|
| |||||||
1,089,836 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 3.2% |
| |||||||
American States Water Co. | 5,542 | 439,869 | ||||||
Avista Corp. | 9,042 | 389,168 | ||||||
California Water Service Group | 5,687 | 255,460 | ||||||
Evoqua Water Technologies Corp.* | 15,934 | 255,741 | ||||||
New Jersey Resources Corp. | 9,460 | 319,559 | ||||||
Northwest Natural Holding Co. | 5,903 | 384,285 | ||||||
ONE Gas, Inc. | 5,195 | 414,093 | ||||||
SJW Group | 4,506 | 268,242 | ||||||
South Jersey Industries, Inc. (a) | 15,177 | 433,910 | ||||||
Southwest Gas Holdings, Inc. | 4,328 | 328,062 | ||||||
Spire, Inc. (a) | 5,679 | 414,340 | ||||||
|
| |||||||
3,902,729 | ||||||||
|
| |||||||
General Industrials — 0.5% |
| |||||||
CSW Industrials, Inc. | 1,167 | 77,302 | ||||||
Enerpac Tool Group Corp. | 3,057 | 52,153 | ||||||
Greif, Inc., Class A | 3,118 | 105,669 | ||||||
Myers Industries, Inc. | 2,914 | 36,017 | ||||||
Otter Tail Corp. | 7,049 | 312,835 | ||||||
TriMas Corp.* | 1,748 | 41,672 | ||||||
|
| |||||||
625,648 | ||||||||
|
| |||||||
General Retailers — 6.2% |
| |||||||
1-800-Flowers.com, Inc., Class A* | 8,585 | 164,746 | ||||||
Aaron’s, Inc. | 5,892 | 188,014 | ||||||
Abercrombie & Fitch Co., Class A (a) | 20,659 | 218,572 | ||||||
American Eagle Outfitters, Inc. (a) | 10,389 | 82,593 | ||||||
American Public Education, Inc.* | 4,089 | 105,374 | ||||||
America’sCar-Mart, Inc.* | 1,722 | 113,566 | ||||||
Asbury Automotive Group, Inc.* | 2,849 | 192,307 | ||||||
Bed Bath & Beyond, Inc. (a) | 22,763 | 140,903 |
SEE NOTES TO FINANCIAL STATEMENTS.
138 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
General Retailers — continued |
| |||||||
Big Lots, Inc. | 3,892 | 91,267 | ||||||
BJ’s Wholesale Club Holdings, Inc.* | 11,912 | 313,405 | ||||||
Boot Barn Holdings, Inc.* | 5,117 | 94,460 | ||||||
Buckle, Inc. (The) (a) | 18,293 | 280,066 | ||||||
Caleres, Inc. | 5,719 | 46,381 | ||||||
Carriage Services, Inc. | 2,483 | 37,295 | ||||||
Cars.com, Inc.* | 7,678 | 39,772 | ||||||
Cato Corp. (The), Class A | 8,842 | 99,561 | ||||||
Chegg, Inc.* (a) | 5,167 | 220,889 | ||||||
Chico’s FAS, Inc. | 11,690 | 17,535 | ||||||
Citi Trends, Inc. | 3,960 | 44,986 | ||||||
Dillard’s, Inc., Class A | 5,134 | 151,350 | ||||||
Express, Inc.* (a) | 24,306 | 50,313 | ||||||
Genesco, Inc.* | 6,345 | 120,111 | ||||||
Group 1 Automotive, Inc. (a) | 4,856 | 274,801 | ||||||
Guess?, Inc. (a) | 7,909 | 73,949 | ||||||
Haverty Furniture Cos., Inc. (a) | 7,241 | 97,971 | ||||||
Hibbett Sports, Inc.* (a) | 4,062 | 62,677 | ||||||
Hillenbrand, Inc. | 8,812 | 184,611 | ||||||
Houghton Mifflin Harcourt Co.* | 993 | 1,589 | ||||||
K12, Inc.* | 7,894 | 179,273 | ||||||
Lands’ End, Inc.* (a) | 644 | 5,480 | ||||||
Laureate Education, Inc., Class A* (a) | 22,139 | 209,656 | ||||||
Lithia Motors, Inc., Class A | 3,476 | 384,307 | ||||||
Matthews International Corp., Class A (a) | 3,879 | 92,863 | ||||||
Monro, Inc. | 5,665 | 314,351 | ||||||
Murphy USA, Inc.* | 3,687 | 393,772 | ||||||
Office Depot, Inc. | 109,770 | 243,689 | ||||||
Perdoceo Education Corp.* (a) | 15,111 | 196,443 | ||||||
PriceSmart, Inc. (a) | 2,025 | 128,669 | ||||||
Rent-A-Center, Inc. | 19,448 | 387,112 | ||||||
RH* | 897 | 128,971 | ||||||
Sally Beauty Holdings, Inc.* (a) | 19,155 | 185,995 | ||||||
Shoe Carnival, Inc. | 11,240 | 265,489 | ||||||
Sonic Automotive, Inc., Class A | 4,038 | 86,534 | ||||||
Stamps.com, Inc.* | 814 | 128,832 | ||||||
Strategic Education, Inc. | 1,718 | 273,677 | ||||||
Systemax, Inc. | 1,647 | 32,709 | ||||||
Tailored Brands, Inc. (a) | 3,214 | 5,335 | ||||||
Titan Machinery, Inc.* | 1,925 | 18,095 | ||||||
WW International, Inc.* | 2,221 | 56,658 | ||||||
Zumiez, Inc.* | 15,594 | 329,657 | ||||||
|
| |||||||
7,556,631 | ||||||||
|
| |||||||
Health Care Equipment & Services — 7.3% |
| |||||||
Accuray, Inc.* | 10,047 | 22,455 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Health Care Equipment & Services — continued |
| |||||||
Amedisys, Inc.* | 2,457 | 452,481 | ||||||
Anika Therapeutics, Inc.* (a) | 2,584 | 85,866 | ||||||
Atrion Corp. | 101 | 63,815 | ||||||
Avanos Medical, Inc.* | 3,451 | 107,154 | ||||||
Axogen, Inc.* | 2,615 | 25,496 | ||||||
BioTelemetry, Inc.* (a) | 2,723 | 127,191 | ||||||
Brookdale Senior Living, Inc.* | 17,573 | 63,439 | ||||||
CONMED Corp. | 4,193 | 309,905 | ||||||
CorVel Corp.* | 1,147 | 60,435 | ||||||
Ensign Group, Inc. (The) | 6,081 | 227,490 | ||||||
Genesis Healthcare, Inc.* | 5,812 | 5,056 | ||||||
Globus Medical, Inc., Class A* | 3,740 | 177,500 | ||||||
Haemonetics Corp.* | 2,730 | 310,619 | ||||||
Healthcare Services Group, Inc. (a) | 4,826 | 123,015 | ||||||
HealthEquity, Inc.* (a) | 2,104 | 118,392 | ||||||
HMS Holdings Corp.* | 9,854 | 282,563 | ||||||
Inogen, Inc.* | 627 | 31,350 | ||||||
Intersect ENT, Inc.* | 2,831 | 32,500 | ||||||
Invacare Corp. (a) | 11,262 | 84,690 | ||||||
iRhythm Technologies, Inc.* (a) | 1,189 | 125,606 | ||||||
Lantheus Holdings, Inc.* | 5,968 | 77,882 | ||||||
LHC Group, Inc.* | 3,496 | 454,445 | ||||||
LivaNova plc* | 1,975 | 104,912 | ||||||
Magellan Health, Inc.* | 4,854 | 294,783 | ||||||
Meridian Bioscience, Inc.* | 7,790 | 93,480 | ||||||
Merit Medical Systems, Inc.* | 7,458 | 304,436 | ||||||
Natus Medical, Inc.* | 8,931 | 223,186 | ||||||
Neogen Corp.* | 5,058 | 316,580 | ||||||
NeoGenomics, Inc.* | 13,584 | 371,387 | ||||||
NuVasive, Inc.* | 5,185 | 315,663 | ||||||
Omnicell, Inc.* | 5,129 | 373,904 | ||||||
Option Care Health, Inc.* | 592 | 8,466 | ||||||
OraSure Technologies, Inc.* | 7,796 | 124,268 | ||||||
Orthofix Medical, Inc.* | 2,297 | 81,429 | ||||||
Owens & Minor, Inc. | 7,631 | 54,028 | ||||||
Patterson Cos., Inc. (a) | 14,022 | 256,322 | ||||||
Pennant Group, Inc. (The)* | 3,003 | 59,429 | ||||||
Quidel Corp.* | 5,480 | 761,720 | ||||||
Repligen Corp.* | 4,370 | 507,576 | ||||||
Select Medical Holdings Corp.* (a) | 8,220 | 140,315 | ||||||
STAAR Surgical Co.* (a) | 2,477 | 94,919 | ||||||
Surmodics, Inc.* | 3,255 | 124,016 | ||||||
Tactile Systems Technology, Inc.* | 292 | 15,073 | ||||||
Teladoc Health, Inc.* (a) | 1,929 | 317,494 | ||||||
Tenet Healthcare Corp.* | 3,715 | 74,969 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 139 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Health Care Equipment & Services — continued |
| |||||||
Tivity Health, Inc.* (a) | 11,135 | 99,881 | ||||||
US Physical Therapy, Inc. (a) | 1,313 | 99,132 | ||||||
Varex Imaging Corp.* | 4,596 | 120,093 | ||||||
Wright Medical Group NV* | 5,785 | 168,459 | ||||||
|
| |||||||
8,875,265 | ||||||||
|
| |||||||
Household Goods & Home Construction — 4.5% |
| |||||||
ACCO Brands Corp. | 25,312 | 187,309 | ||||||
American Woodmark Corp.* | 3,558 | 182,917 | ||||||
Bassett Furniture Industries, Inc. | 3,266 | 22,339 | ||||||
Beazer Homes USA, Inc.* | 8,413 | 59,227 | ||||||
Cavco Industries, Inc.* | 480 | 74,246 | ||||||
Central Garden & Pet Co., Class A* | 8,566 | 260,492 | ||||||
CompX International, Inc. | 1,310 | 18,052 | ||||||
Ethan Allen Interiors, Inc. (a) | 17,432 | 197,156 | ||||||
Hamilton Beach Brands Holding Co., Class A | 2,969 | 39,161 | ||||||
Herman Miller, Inc. | 9,959 | 224,476 | ||||||
HNI Corp. | 10,216 | 248,657 | ||||||
Interface, Inc. | 27,089 | 250,302 | ||||||
KB Home | 12,797 | 335,793 | ||||||
Kimball International, Inc., Class B | 6,555 | 80,430 | ||||||
Knoll, Inc. | 13,820 | 161,141 | ||||||
La-Z-Boy, Inc. | 14,093 | 330,481 | ||||||
LGI Homes, Inc.* (a) | 3,974 | 240,745 | ||||||
M/I Homes, Inc.* | 11,122 | 283,166 | ||||||
MDC Holdings, Inc. | 10,579 | 309,436 | ||||||
Meritage Homes Corp.* | 6,564 | 345,004 | ||||||
National Presto Industries, Inc. | 1,437 | 116,842 | ||||||
Sleep Number Corp.* | 7,253 | 216,865 | ||||||
Steelcase, Inc., Class A | 25,527 | 279,521 | ||||||
Taylor Morrison Home Corp.* (a) | 18,243 | 265,436 | ||||||
TRI Pointe Group, Inc.* | 27,004 | 310,006 | ||||||
WD-40 Co. | 2,456 | 428,032 | ||||||
|
| |||||||
5,467,232 | ||||||||
|
| |||||||
Industrial Engineering — 1.5% |
| |||||||
Albany International Corp., Class A | 3,665 | 187,428 | ||||||
Astec Industries, Inc. | 1,216 | 48,774 | ||||||
CIRCOR International, Inc.* | 1,446 | 21,589 | ||||||
Columbus McKinnon Corp. | 6,780 | 183,602 | ||||||
EnPro Industries, Inc. | 2,331 | 105,711 | ||||||
Federal Signal Corp. | 3,583 | 96,490 | ||||||
Franklin Electric Co., Inc. | 3,258 | 165,506 | ||||||
GATX Corp. (a) | 1,992 | 118,126 | ||||||
John Bean Technologies Corp. | 1,127 | 86,486 | ||||||
Kennametal, Inc. (a) | 2,950 | 75,550 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Industrial Engineering — continued |
| |||||||
MSA Safety, Inc. | 2,260 | 254,318 | ||||||
Mueller Industries, Inc. | 4,937 | 127,868 | ||||||
Rexnord Corp. | 5,457 | 148,812 | ||||||
Standex International Corp. | 1,162 | 57,914 | ||||||
Tennant Co. | 2,005 | 118,636 | ||||||
Titan International, Inc. | 363 | 512 | ||||||
Wabash National Corp. | 6,736 | 55,235 | ||||||
|
| |||||||
1,852,557 | ||||||||
|
| |||||||
Industrial Metals & Mining — 1.6% |
| |||||||
Carpenter Technology Corp. | 9,072 | 201,126 | ||||||
Century Aluminum Co.* | 25,448 | 110,699 | ||||||
Cleveland-Cliffs, Inc. (a) | 104,424 | 457,377 | ||||||
Commercial Metals Co. (a) | 23,174 | 369,393 | ||||||
Haynes International, Inc. | 4,409 | 97,439 | ||||||
Kaiser Aluminum Corp. | 4,394 | 317,379 | ||||||
Olympic Steel, Inc. | 3,959 | 37,373 | ||||||
Schnitzer Steel Industries, Inc., Class A | 4,201 | 65,368 | ||||||
Worthington Industries, Inc. | 8,505 | 224,872 | ||||||
|
| |||||||
1,881,026 | ||||||||
|
| |||||||
Industrial Transportation — 1.4% |
| |||||||
ArcBest Corp. | 3,288 | 66,976 | ||||||
DHT Holdings, Inc. (a) | 13,383 | 97,161 | ||||||
Echo Global Logistics, Inc.* | 3,974 | 69,664 | ||||||
Forward Air Corp. | 2,728 | 140,765 | ||||||
Heartland Express, Inc. | 2,516 | 49,288 | ||||||
Hub Group, Inc., Class A* | 3,003 | 144,474 | ||||||
Matson, Inc. | 2,557 | 77,324 | ||||||
Nordic American Tankers Ltd. (a) | 1,938 | 11,667 | ||||||
Saia, Inc.* | 2,100 | 194,292 | ||||||
Scorpio Tankers, Inc. (Monaco) | 1,053 | 23,050 | ||||||
SEACOR Holdings, Inc.* | 5,365 | 151,615 | ||||||
SFL Corp. Ltd. (Norway) (a) | 11,735 | 132,488 | ||||||
Teekay Tankers Ltd., Class A (Bermuda)* | 6,746 | 137,011 | ||||||
Triton International Ltd. (Bermuda) | 2,971 | 92,042 | ||||||
Werner Enterprises, Inc. | 5,575 | 223,669 | ||||||
World Fuel Services Corp. | 3,952 | 98,800 | ||||||
|
| |||||||
1,710,286 | ||||||||
|
| |||||||
Leisure Goods — 2.0% |
| |||||||
Callaway Golf Co. | 15,469 | 221,516 | ||||||
Fox Factory Holding Corp.* | 6,572 | 335,238 | ||||||
Funko, Inc., Class A* (a) | 4,438 | 18,995 | ||||||
LCI Industries | 4,316 | 374,284 | ||||||
Sonos, Inc.* | 27,738 | 283,482 | ||||||
Sturm Ruger & Co., Inc. (a) | 5,072 | 269,830 |
SEE NOTES TO FINANCIAL STATEMENTS.
140 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Leisure Goods — continued |
| |||||||
Universal Electronics, Inc.* | 5,619 | 231,952 | ||||||
Winnebago Industries, Inc. | 8,012 | 355,493 | ||||||
YETI Holdings, Inc.* (a) | 10,638 | 293,715 | ||||||
ZAGG, Inc.* | 931 | 3,072 | ||||||
|
| |||||||
2,387,577 | ||||||||
|
| |||||||
Life Insurance — 0.5% |
| |||||||
Employers Holdings, Inc. | 4,940 | 150,028 | ||||||
FBL Financial Group, Inc., Class A | 1,222 | 47,756 | ||||||
FGL Holdings (a) | 36,993 | 383,987 | ||||||
National Western Life Group, Inc., Class A | 204 | 39,317 | ||||||
|
| |||||||
621,088 | ||||||||
|
| |||||||
Media — 0.9% |
| |||||||
Entercom Communications Corp., Class A (a) | 10,164 | 12,400 | ||||||
EW Scripps Co. (The), Class A | 7,451 | 60,129 | ||||||
Gray Television, Inc.* | 17,040 | 197,834 | ||||||
MDC Partners, Inc., Class A* (a) | 4,430 | 6,335 | ||||||
Meredith Corp. | 5,631 | 83,508 | ||||||
MSG Networks, Inc., Class A* (a) | 13,633 | 161,960 | ||||||
QuinStreet, Inc.* | 6,536 | 66,406 | ||||||
Scholastic Corp. | 4,353 | 126,542 | ||||||
TEGNA, Inc. | 21,485 | 230,319 | ||||||
Viad Corp. | 3,680 | 88,210 | ||||||
Yelp, Inc.* | 4,192 | 93,691 | ||||||
|
| |||||||
1,127,334 | ||||||||
|
| |||||||
Mining — 2.3% |
| |||||||
Arch Coal, Inc., Class A | 6,367 | 185,853 | ||||||
Coeur Mining, Inc.* | 66,609 | 280,424 | ||||||
Compass Minerals International, Inc. | 7,592 | 373,223 | ||||||
CONSOL Energy, Inc.* (a) | 30,633 | 232,504 | ||||||
Hecla Mining Co. | 157,395 | 413,949 | ||||||
NACCO Industries, Inc., Class A | 1,985 | 69,773 | ||||||
Novagold Resources, Inc. (Canada)* | 45,526 | 509,436 | ||||||
Peabody Energy Corp. | 47,331 | 160,452 | ||||||
SunCoke Energy, Inc. | 49,870 | 157,090 | ||||||
US Silica Holdings, Inc. | 31,832 | 61,117 | ||||||
Warrior Met Coal, Inc. | 23,365 | 293,231 | ||||||
|
| |||||||
2,737,052 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.7% |
| |||||||
Iridium Communications, Inc.* (a) | 15,404 | 346,667 | ||||||
Shenandoah Telecommunications Co. (a) | 9,530 | 509,950 | ||||||
|
| |||||||
856,617 | ||||||||
|
| |||||||
Nonlife Insurance — 1.0% |
| |||||||
Argo Group International Holdings Ltd. | 878 | 31,046 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Nonlife Insurance — continued |
| |||||||
Enstar Group Ltd. (Bermuda)* | 502 | 72,599 | ||||||
Essent Group Ltd. | 6,525 | 178,263 | ||||||
Horace Mann Educators Corp. | 2,542 | 89,377 | ||||||
James River Group Holdings Ltd. | 2,487 | 88,239 | ||||||
Kinsale Capital Group, Inc. | 1,379 | 149,787 | ||||||
Protective Insurance Corp., Class B | 207 | 3,233 | ||||||
RLI Corp. | 3,497 | 254,686 | ||||||
Safety Insurance Group, Inc. | 1,900 | 159,828 | ||||||
Selective Insurance Group, Inc. | 2,482 | 124,423 | ||||||
State Auto Financial Corp. | 1,510 | 37,886 | ||||||
|
| |||||||
1,189,367 | ||||||||
|
| |||||||
Oil & Gas Producers — 2.3% |
| |||||||
Berry Corp. | 30,728 | 105,397 | ||||||
Bonanza Creek Energy, Inc.* | 6,648 | 116,074 | ||||||
California Resources Corp.* (a) | 2,445 | 6,846 | ||||||
CVR Energy, Inc. (a) | 14,565 | 347,375 | ||||||
Delek US Holdings, Inc. (a) | 10,220 | 238,637 | ||||||
Denbury Resources, Inc.* (a) | 367,362 | 130,597 | ||||||
Gulfport Energy Corp.* (a) | 52,209 | 133,394 | ||||||
Magnolia Oil & Gas Corp., Class A* (a) | 29,048 | 187,941 | ||||||
Matador Resources Co.* (a) | 7,894 | 55,574 | ||||||
Northern Oil and Gas, Inc.* (a) | 190,675 | 159,633 | ||||||
Oasis Petroleum, Inc.* (a) | 21,193 | 14,918 | ||||||
Par Pacific Holdings, Inc.* | 16,677 | 162,100 | ||||||
PDC Energy, Inc.* | 20,450 | 265,645 | ||||||
Penn Virginia Corp.* | 1,683 | 10,586 | ||||||
ProPetro Holding Corp.* | 27,592 | 116,990 | ||||||
QEP Resources, Inc. | 42,084 | 41,495 | ||||||
SM Energy Co. | 14,796 | 59,924 | ||||||
Southwestern Energy Co.* | 80,964 | 261,514 | ||||||
Talos Energy, Inc.* | 15,128 | 172,308 | ||||||
W&T Offshore, Inc.* (a) | 66,711 | 184,789 | ||||||
Whiting Petroleum Corp.* (a) | 15,537 | 19,577 | ||||||
|
| |||||||
2,791,314 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 1.8% |
| |||||||
Archrock, Inc. (a) | 30,587 | 147,123 | ||||||
Cactus, Inc., Class A | 15,070 | 267,945 | ||||||
Chart Industries, Inc.* | 3,919 | 139,987 | ||||||
Covia Holdings Corp.* | 4,970 | 3,231 | ||||||
DMC Global, Inc. (a) | 5,539 | 142,962 | ||||||
Dril-Quip, Inc.* | 7,791 | 258,116 | ||||||
Flotek Industries, Inc.* | 9,568 | 8,586 | ||||||
Forum Energy Technologies, Inc.* | 5,332 | 2,293 | ||||||
Geospace Technologies Corp.* | 1,306 | 8,110 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 141 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil Equipment, Services & Distribution — continued |
| |||||||
Golar LNG Ltd. (Bermuda) | 994 | 7,047 | ||||||
Helix Energy Solutions Group, Inc.* (a) | 41,526 | 105,476 | ||||||
Liberty Oilfield Services, Inc., Class A | 23,406 | 110,476 | ||||||
Matrix Service Co.* | 12,967 | 135,375 | ||||||
MRC Global, Inc.* | 23,206 | 124,384 | ||||||
Nabors Industries Ltd. (a) | 3,999 | 58,905 | ||||||
Newpark Resources, Inc.* (a) | 24,275 | 37,141 | ||||||
NexTier Oilfield Solutions, Inc.* (a) | 21,383 | 49,609 | ||||||
NOW, Inc.* | 28,446 | 175,512 | ||||||
Oceaneering International, Inc.* | 17,571 | 90,315 | ||||||
Oil States International, Inc.* | 15,133 | 52,058 | ||||||
RPC, Inc. (a) | 21,910 | 74,713 | ||||||
Solaris Oilfield Infrastructure, Inc., Class A (a) | 26,073 | 178,339 | ||||||
TETRA Technologies, Inc.* | 7,344 | 3,571 | ||||||
Tidewater, Inc.* | 3,492 | 20,114 | ||||||
|
| |||||||
2,201,388 | ||||||||
|
| |||||||
Personal Goods — 1.7% |
| |||||||
Crocs, Inc.* | 13,489 | 327,108 | ||||||
Deckers Outdoor Corp.* | 2,411 | 358,660 | ||||||
elf Beauty, Inc.* | 10,004 | 130,752 | ||||||
Helen of Troy Ltd.* | 2,600 | 427,128 | ||||||
Inter Parfums, Inc. | 1,434 | 64,086 | ||||||
Movado Group, Inc. | 1,958 | 20,187 | ||||||
Oxford Industries, Inc. | 4,713 | 197,569 | ||||||
Signet Jewelers Ltd. (a) | 3,241 | 32,605 | ||||||
Steven Madden Ltd. | 12,662 | 317,436 | ||||||
Vera Bradley, Inc.* | 29,988 | 165,234 | ||||||
|
| |||||||
2,040,765 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 3.9% |
| |||||||
Acceleron Pharma, Inc.* | 3,033 | 274,578 | ||||||
ANI Pharmaceuticals, Inc.* (a) | 3,551 | 142,076 | ||||||
Arena Pharmaceuticals, Inc.* (a) | 5,668 | 277,562 | ||||||
Arrowhead Pharmaceuticals, Inc.* (a) | 6,626 | 228,133 | ||||||
Assertio Therapeutics, Inc.* | 2,783 | 2,435 | ||||||
Codexis, Inc.* (a) | 9,108 | 105,744 | ||||||
Corcept Therapeutics, Inc.* (a) | 6,789 | 85,949 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,733 | 88,348 | ||||||
Emergent BioSolutions, Inc.* | 2,473 | 182,878 | ||||||
Enanta Pharmaceuticals, Inc.* | 1,754 | 81,333 | ||||||
FibroGen, Inc.* | 2,732 | 100,784 | ||||||
Halozyme Therapeutics, Inc.* | 5,713 | 129,428 | ||||||
Heron Therapeutics, Inc.* (a) | 3,813 | 54,373 | ||||||
ImmunoGen, Inc.* | 2,920 | 11,914 | ||||||
Innoviva, Inc.* (a) | 9,428 | 133,689 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Pharmaceuticals & Biotechnology — continued |
| |||||||
Ironwood Pharmaceuticals, Inc.* (a) | 7,905 | 79,050 | ||||||
Lannett Co., Inc.* | 2,391 | 22,810 | ||||||
Lexicon Pharmaceuticals, Inc.* | 6,496 | 12,277 | ||||||
Ligand Pharmaceuticals, Inc.* (a) | 969 | 95,514 | ||||||
Luminex Corp. | 9,100 | 328,055 | ||||||
Mallinckrodt plc* (a) | 2,728 | 11,076 | ||||||
Medpace Holdings, Inc.* | 4,635 | 370,151 | ||||||
Momenta Pharmaceuticals, Inc.* | 4,914 | 155,774 | ||||||
MyoKardia, Inc.* | 2,148 | 134,937 | ||||||
Myriad Genetics, Inc.* (a) | 4,464 | 69,013 | ||||||
Novocure Ltd.* | 5,253 | 345,647 | ||||||
Pacira BioSciences, Inc.* | 6,919 | 285,686 | ||||||
PDL BioPharma, Inc.* | 23,798 | 80,675 | ||||||
PetIQ, Inc.* (a) | 3,329 | 95,209 | ||||||
Prestige Consumer Healthcare, Inc.* | 3,527 | 143,514 | ||||||
PTC Therapeutics, Inc.* | 3,398 | 173,026 | ||||||
Retrophin, Inc.* | 5,584 | 84,989 | ||||||
Sangamo Therapeutics, Inc.* | 3,291 | 26,822 | ||||||
Supernus Pharmaceuticals, Inc.* | 2,735 | 63,999 | ||||||
Syneos Health, Inc.* | 2,727 | 152,139 | ||||||
Vanda Pharmaceuticals, Inc.* | 6,938 | 79,787 | ||||||
Xencor, Inc.* | 2,665 | 77,898 | ||||||
|
| |||||||
4,787,272 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.2% |
| |||||||
Kennedy-Wilson Holdings, Inc. | 9,844 | 139,293 | ||||||
Rafael Holdings, Inc., Class B* | 4,486 | 63,297 | ||||||
|
| |||||||
202,590 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 7.2% |
| |||||||
Acadia Realty Trust | 2,141 | 26,527 | ||||||
AG Mortgage Investment Trust, Inc. (a) | 2,980 | 9,506 | ||||||
Agree Realty Corp. | 4,468 | 290,911 | ||||||
American Assets Trust, Inc. | 6,440 | 182,381 | ||||||
Anworth Mortgage Asset Corp. | 16,902 | 29,071 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 16,510 | 134,557 | ||||||
Blackstone Mortgage Trust, Inc., Class A | 8,838 | 207,958 | ||||||
Capstead Mortgage Corp. | 18,829 | 97,723 | ||||||
CareTrust REIT, Inc. | 12,081 | 199,095 | ||||||
Community Healthcare Trust, Inc. | 1,996 | 74,251 | ||||||
CoreCivic, Inc. | 6,662 | 87,405 | ||||||
DiamondRock Hospitality Co. | 5,299 | 33,013 | ||||||
EastGroup Properties, Inc. | 2,804 | 297,224 | ||||||
Ellington Financial, Inc. (a) | 15,124 | 157,138 | ||||||
Essential Properties Realty Trust, Inc. | 7,464 | 109,646 | ||||||
Exantas Capital Corp. | 10,683 | 31,622 |
SEE NOTES TO FINANCIAL STATEMENTS.
142 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Investment Trusts — continued |
| |||||||
First Industrial Realty Trust, Inc. | 8,993 | 339,666 | ||||||
Four Corners Property Trust, Inc. | 9,358 | 209,526 | ||||||
Franklin Street Properties Corp. | 5,379 | 29,262 | ||||||
GEO Group, Inc. (The) | 3,897 | 49,414 | ||||||
Global Net Lease, Inc. | 14,607 | 210,195 | ||||||
Granite Point Mortgage Trust, Inc. | 6,692 | 33,326 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 5,907 | 165,337 | ||||||
Healthcare Realty Trust, Inc. (a) | 9,429 | 277,118 | ||||||
Innovative Industrial Properties, Inc. (a) | 3,527 | 276,728 | ||||||
Invesco Mortgage Capital, Inc. (a) | 26,179 | 79,584 | ||||||
Investors Real Estate Trust | 1,689 | 105,782 | ||||||
iStar, Inc. | 16,365 | 163,977 | ||||||
Kite Realty Group Trust | 7,753 | 79,313 | ||||||
KKR Real Estate Finance Trust, Inc. (a) | 12,502 | 197,282 | ||||||
Ladder Capital Corp. | 17,206 | 136,788 | ||||||
Lexington Realty Trust | 41,021 | 428,669 | ||||||
LTC Properties, Inc. (a) | 6,609 | 235,280 | ||||||
Mack-Cali Realty Corp. | 5,991 | 96,994 | ||||||
National Health Investors, Inc. | 3,876 | 213,413 | ||||||
National Storage Affiliates Trust | 4,281 | 121,923 | ||||||
New York Mortgage Trust, Inc. | 73,054 | 159,258 | ||||||
Office Properties Income Trust | 1,822 | 49,923 | ||||||
PennyMac Mortgage Investment Trust | 20,356 | 211,702 | ||||||
Physicians Realty Trust | 16,418 | 253,166 | ||||||
Piedmont Office Realty Trust, Inc., Class A | 14,637 | 253,952 | ||||||
PotlatchDeltic Corp. | 2,291 | 80,437 | ||||||
PS Business Parks, Inc. | 1,861 | 240,236 | ||||||
QTS Realty Trust, Inc., Class A | 3,286 | 205,474 | ||||||
Redwood Trust, Inc. (a) | 24,241 | 99,388 | ||||||
Retail Opportunity Investments Corp. | 7,627 | 74,020 | ||||||
Rexford Industrial Realty, Inc. | 8,136 | 331,298 | ||||||
RLJ Lodging Trust | 5,471 | 50,826 | ||||||
RPT Realty | 11,587 | 79,023 | ||||||
Ryman Hospitality Properties, Inc. | 1,524 | 53,858 | ||||||
Sabra Health Care REIT, Inc. | 15,788 | 202,402 | ||||||
Saul Centers, Inc. | 1,290 | 42,080 | ||||||
STAG Industrial, Inc. | 10,472 | 274,890 | ||||||
Summit Hotel Properties, Inc. | 5,852 | 35,463 | ||||||
Terreno Realty Corp. | 6,526 | 357,755 | ||||||
TPG RE Finance Trust, Inc. (a) | 5,447 | 41,887 | ||||||
Urban Edge Properties | 899 | 10,339 | ||||||
Washington REIT (a) | 5,259 | 122,640 | ||||||
Western Asset Mortgage Capital Corp. | 23,720 | 72,346 | ||||||
Xenia Hotels & Resorts, Inc. | 4,858 | 47,123 | ||||||
|
| |||||||
8,767,091 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Software & Computer Services — 6.6% |
| |||||||
ACI Worldwide, Inc.* (a) | 12,706 | 348,144 | ||||||
Agilysys, Inc.* | 4,481 | 87,783 | ||||||
Alarm.com Holdings, Inc.* | 619 | 27,688 | ||||||
Appfolio, Inc., Class A* (a) | 3,091 | 339,577 | ||||||
Avaya Holdings Corp.* (a) | 10,738 | 106,736 | ||||||
Blackbaud, Inc. | 2,406 | 132,955 | ||||||
Blackline, Inc.* | 3,328 | 202,143 | ||||||
Blucora, Inc.* | 7,162 | 100,769 | ||||||
Bottomline Technologies DE, Inc.* | 3,315 | 138,003 | ||||||
Cogent Communications Holdings, Inc. | 5,587 | 468,358 | ||||||
Computer Programs & Systems, Inc. (a) | 1,993 | 47,892 | ||||||
CSG Systems International, Inc. | 6,575 | 319,413 | ||||||
Ebix, Inc. (a) | 3,718 | 77,818 | ||||||
Envestnet, Inc.* | 4,475 | 279,777 | ||||||
Everbridge, Inc.* (a) | 2,700 | 300,726 | ||||||
Five9, Inc.* (a) | 3,843 | 356,131 | ||||||
Forrester Research, Inc.* | 2,796 | 87,515 | ||||||
Gogo, Inc.* (a) | 9,446 | 15,397 | ||||||
Intelligent Systems Corp.* | 2,616 | 87,741 | ||||||
j2 Global, Inc. | 3,590 | 289,498 | ||||||
Meet Group, Inc. (The)* (a) | 43,418 | 267,889 | ||||||
MicroStrategy, Inc., Class A* | 1,291 | 163,092 | ||||||
NetScout Systems, Inc.* | 3,650 | 96,652 | ||||||
NextGen Healthcare, Inc.* | 6,323 | 66,708 | ||||||
NIC, Inc. | 4,860 | 117,758 | ||||||
OneSpan, Inc.* | 5,043 | 84,722 | ||||||
Perficient, Inc.* | 9,343 | 325,417 | ||||||
Perspecta, Inc. | 10,630 | 229,289 | ||||||
Progress Software Corp. | 8,162 | 333,907 | ||||||
PROS Holdings, Inc.* | 5,161 | 177,487 | ||||||
Q2 Holdings, Inc.* | 572 | 45,600 | ||||||
Qualys, Inc.* | 4,984 | 525,513 | ||||||
Rosetta Stone, Inc.* | 1,802 | 30,778 | ||||||
SailPoint Technologies Holding, Inc.* (a) | 4,572 | 84,993 | ||||||
Science Applications International Corp. | 3,285 | 268,253 | ||||||
Shutterstock, Inc. (a) | 4,417 | 167,846 | ||||||
SPS Commerce, Inc.* | 5,745 | 318,905 | ||||||
TiVo Corp. | 6,522 | 45,850 | ||||||
Unisys Corp.* | 11,817 | 148,776 | ||||||
Varonis Systems, Inc.* | 2,519 | 168,899 | ||||||
Verint Systems, Inc.* | 5,336 | 228,061 | ||||||
Virtusa Corp.* | 3,260 | 107,580 | ||||||
Workiva, Inc.* | 5,379 | 206,285 | ||||||
|
| |||||||
8,024,324 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 143 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Support Services — 3.6% |
| |||||||
ABM Industries, Inc. | 4,614 | 159,137 | ||||||
AMN Healthcare Services, Inc.* | 1,914 | 89,920 | ||||||
Applied Industrial Technologies, Inc. | 7,061 | 369,926 | ||||||
ASGN, Inc.* | 2,796 | 129,874 | ||||||
Barnes Group, Inc. | 2,676 | 102,705 | ||||||
Cimpress plc (Ireland)* (a) | 972 | 70,752 | ||||||
Comfort Systems USA, Inc. | 4,814 | 160,306 | ||||||
Covanta Holding Corp. | 446 | 3,470 | ||||||
CRA International, Inc. | 2,231 | 93,992 | ||||||
Deluxe Corp. | 2,134 | 60,115 | ||||||
DXP Enterprises, Inc.* | 949 | 14,159 | ||||||
EVERTEC, Inc. (Puerto Rico) | 5,052 | 128,018 | ||||||
ExlService Holdings, Inc.* | 2,124 | 131,114 | ||||||
Exponent, Inc. | 2,091 | 147,060 | ||||||
FTI Consulting, Inc.* | 2,647 | 337,122 | ||||||
Heidrick & Struggles International, Inc. | 1,145 | 25,694 | ||||||
Huron Consulting Group, Inc.* | 1,472 | 82,491 | ||||||
Insperity, Inc. | 1,378 | 65,744 | ||||||
Kaman Corp. | 3,922 | 152,017 | ||||||
Kelly Services, Inc., Class A | 1,787 | 27,609 | ||||||
Korn Ferry | 1,780 | 51,317 | ||||||
Lawson Products, Inc.* | 1,426 | 47,928 | ||||||
MAXIMUS, Inc. | 6,146 | 413,749 | ||||||
McGrath RentCorp | 2,642 | 144,121 | ||||||
Mobile Mini, Inc. (a) | 838 | 23,942 | ||||||
Resources Connection, Inc. | 2,689 | 29,256 | ||||||
SiteOne Landscape Supply, Inc.* | 2,626 | 232,742 | ||||||
Sykes Enterprises, Inc.* | 1,656 | 47,411 | ||||||
Team, Inc.* (a) | 1,830 | 11,291 | ||||||
Tetra Tech, Inc. | 4,413 | 332,211 | ||||||
TriNet Group, Inc.* | 2,825 | 138,340 | ||||||
TrueBlue, Inc.* | 1,162 | 18,046 | ||||||
TTEC Holdings, Inc. | 3,972 | 154,828 | ||||||
UniFirst Corp. | 2,019 | 339,495 | ||||||
|
| |||||||
4,335,902 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 6.4% |
| |||||||
Acacia Communications, Inc.* | 6,201 | 419,746 | ||||||
ADTRAN, Inc. | 11,425 | 117,449 | ||||||
Advanced Energy Industries, Inc.* | 2,865 | 159,294 | ||||||
Amkor Technology, Inc.* | 13,020 | 128,638 | ||||||
Axcelis Technologies, Inc.* | 3,877 | 90,567 | ||||||
Brooks Automation, Inc. | 5,028 | 193,528 | ||||||
Cabot Microelectronics Corp. | 3,002 | 367,865 | ||||||
CEVA, Inc.* | 3,027 | 94,896 | ||||||
Cirrus Logic, Inc.* | 6,221 | 470,308 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Technology Hardware & Equipment — continued |
| |||||||
Cohu, Inc. | 524 | 8,662 | ||||||
Comtech Telecommunications Corp. | 4,816 | 89,144 | ||||||
Diodes, Inc.* | 9,437 | 480,249 | ||||||
DSP Group, Inc.* | 2,443 | 42,142 | ||||||
FormFactor, Inc.* | 5,202 | 121,207 | ||||||
Harmonic, Inc.* (a) | 13,663 | 79,245 | ||||||
Ichor Holdings Ltd.* | 8,288 | 206,371 | ||||||
Inphi Corp.* | 5,693 | 549,602 | ||||||
Insight Enterprises, Inc.* | 6,264 | 340,073 | ||||||
InterDigital, Inc. (a) | 2,435 | 140,670 | ||||||
Lattice Semiconductor Corp.* | 23,036 | 518,540 | ||||||
Loral Space & Communications, Inc.* | 965 | 21,230 | ||||||
Lumentum Holdings, Inc.* (a) | 1,999 | 161,739 | ||||||
MaxLinear, Inc.* | 8,254 | 136,108 | ||||||
NeoPhotonics Corp.* | 7,330 | 70,515 | ||||||
Onto Innovation, Inc.* | 6,542 | 212,353 | ||||||
PC Connection, Inc. | 2,994 | 137,574 | ||||||
Photronics, Inc.* | 7,256 | 86,709 | ||||||
Pitney Bowes, Inc. (a) | 18,979 | 66,996 | ||||||
Power Integrations, Inc. | 2,665 | 272,763 | ||||||
Rambus, Inc.* | 10,148 | 127,154 | ||||||
Ribbon Communications, Inc.* | 1,005 | 3,663 | ||||||
ScanSource, Inc.* | 2,940 | 76,205 | ||||||
Semtech Corp.* | 3,706 | 167,659 | ||||||
Silicon Laboratories, Inc.* | 2,326 | 226,134 | ||||||
SMART Global Holdings, Inc.* | 3,162 | 79,967 | ||||||
Stratasys Ltd.* (a) | 3,155 | 55,843 | ||||||
Synaptics, Inc.* | 4,086 | 267,184 | ||||||
Tech Data Corp.* | 3,006 | 422,764 | ||||||
Ultra Clean Holdings, Inc.* | 4,103 | 75,454 | ||||||
Viavi Solutions, Inc.* (a) | 24,712 | 298,521 | ||||||
Xperi Corp. | 13,067 | 199,664 | ||||||
|
| |||||||
7,784,395 | ||||||||
|
| |||||||
Tobacco — 0.6% |
| |||||||
Universal Corp. | 7,872 | 380,769 | ||||||
Vector Group Ltd. | 35,157 | 376,180 | ||||||
|
| |||||||
756,949 | ||||||||
|
| |||||||
Travel & Leisure — 3.4% |
| |||||||
Allegiant Travel Co. (a) | 881 | 69,141 | ||||||
AMC Entertainment Holdings, Inc., Class A (a) | 4,154 | 20,438 | ||||||
Avis Budget Group, Inc.* | 3,362 | 55,406 | ||||||
Biglari Holdings, Inc., Class B* | 132 | 9,239 | ||||||
BJ’s Restaurants, Inc. | 3,069 | 67,088 | ||||||
Bloomin’ Brands, Inc. | 16,473 | 198,500 |
SEE NOTES TO FINANCIAL STATEMENTS.
144 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Travel & Leisure — continued |
| |||||||
Boyd Gaming Corp. | 7,012 | 117,030 | ||||||
Brinker International, Inc. (a) | 5,352 | 124,595 | ||||||
Cheesecake Factory, Inc. (The) (a) | 6,675 | 148,786 | ||||||
Churchill Downs, Inc. | 3,409 | 341,650 | ||||||
Chuy’s Holdings, Inc.* | 2,781 | 46,610 | ||||||
Cracker Barrel Old Country Store, Inc. (a) | 1,943 | 189,248 | ||||||
Dave & Buster’s Entertainment, Inc. (a) | 5,807 | 85,014 | ||||||
Denny’s Corp.* | 11,778 | 132,738 | ||||||
Dine Brands Global, Inc. (a) | 3,051 | 135,434 | ||||||
El Pollo Loco Holdings, Inc.* (a) | 7,863 | 96,164 | ||||||
Eldorado Resorts, Inc.* (a) | 3,550 | 76,112 | ||||||
Hawaiian Holdings, Inc. | 3,273 | 47,131 | ||||||
IMAX Corp.* | 5,710 | 65,665 | ||||||
Jack in the Box, Inc. (a) | 3,510 | 211,653 | ||||||
Marcus Corp. (The) | 4,343 | 63,147 | ||||||
Marriott Vacations Worldwide Corp. | 2,484 | 206,172 | ||||||
Noodles & Co.* (a) | 2,951 | 18,444 | ||||||
Penn National Gaming, Inc.* (a) | 9,886 | 176,168 | ||||||
Red Robin Gourmet Burgers, Inc.* (a) | 6,681 | 97,743 | ||||||
Ruth’s Hospitality Group, Inc. | 7,628 | 85,853 | ||||||
SeaWorld Entertainment, Inc.* (a) | 8,991 | 132,078 | ||||||
Shake Shack, Inc., Class A* (a) | 3,606 | 196,563 | ||||||
SkyWest, Inc. | 4,507 | 139,492 | ||||||
Spirit Airlines, Inc.* | 6,405 | 96,203 | ||||||
Texas Roadhouse, Inc. | 5,505 | 259,230 | ||||||
Travelzoo* | 628 | 3,498 | ||||||
Wingstop, Inc. | 3,881 | 455,125 | ||||||
|
| |||||||
4,167,358 | ||||||||
|
| |||||||
Total Common Stocks | 121,060,916 | |||||||
|
| |||||||
NO. OF RIGHTS | ||||||||
Rights — 0.0% |
| |||||||
Media — 0.0% |
| |||||||
Media General, Inc., CVR*‡ | 1,533 | — | ||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 0.0% |
| |||||||
Achillion Pharmaceuticals, Inc., CVR*‡ | 12,757 | — | ||||||
|
| |||||||
Total Rights |
| — | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 16.1% |
| |||||||
Investment Companies — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) | 269,662 | 269,662 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 15.9% |
| |||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (b) (c) | 16,995,798 | 16,999,197 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) | 2,339,008 | 2,339,008 | ||||||
|
| |||||||
Total Investment of Cash Collateral from Securities Loaned | 19,338,205 | |||||||
|
| |||||||
Total Short-Term Investments | 19,607,867 | |||||||
|
| |||||||
Total Investments — 115.8% |
| 140,668,783 | ||||||
Liabilities in Excess of |
| (19,217,971 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 121,450,812 | ||||||
|
|
Percentages indicated are based on net assets.
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, 2020. The total value of securities on loan at April 30, 2020 is $17,770,833. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. | |
‡ | Value determined using significant unobservable inputs. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 145 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||||||||
Long Contracts | ||||||||||||||||||
Russell 2000E-Mini Index | 7 | 06/2020 | USD | 457,450 | 97,121 | |||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
146 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — 99.6% |
| |||||||
Aerospace & Defense — 0.8% |
| |||||||
Lockheed Martin Corp. | 621 | 241,606 | ||||||
|
| |||||||
Automobiles & Parts — 1.9% |
| |||||||
Ford Motor Co. | 26,791 | 136,366 | ||||||
General Motors Co. | 6,030 | 134,409 | ||||||
Genuine Parts Co. | 2,204 | 174,733 | ||||||
Goodyear Tire & Rubber Co. (The) | 7,310 | 52,413 | ||||||
Harley-Davidson, Inc. | 4,907 | 107,120 | ||||||
|
| |||||||
605,041 | ||||||||
|
| |||||||
Banks — 1.3% |
| |||||||
New York Community Bancorp, Inc. (a) | 19,463 | 211,368 | ||||||
PacWest Bancorp | 4,088 | 82,741 | ||||||
People’s United Financial, Inc. | 9,128 | 115,835 | ||||||
|
| |||||||
409,944 | ||||||||
|
| |||||||
Beverages — 1.6% |
| |||||||
Coca-Cola Co. (The) | 4,443 | 203,889 | ||||||
Keurig Dr Pepper, Inc. | 1,538 | 40,695 | ||||||
Molson Coors Beverage Co., Class B | 1,079 | 44,250 | ||||||
PepsiCo, Inc. | 1,775 | 234,815 | ||||||
|
| |||||||
523,649 | ||||||||
|
| |||||||
Chemicals — 6.8% |
| |||||||
Cabot Corp. | 1,653 | 56,020 | ||||||
CF Industries Holdings, Inc. | 4,940 | 135,850 | ||||||
Chemours Co. (The) (a) | 15,364 | 180,220 | ||||||
Dow, Inc. | 5,633 | 206,675 | ||||||
DuPont de Nemours, Inc. | 5,289 | 248,689 | ||||||
Eastman Chemical Co. | 3,613 | 218,622 | ||||||
Huntsman Corp. | 11,017 | 185,196 | ||||||
International Flavors & Fragrances, Inc. | 1,599 | 209,517 | ||||||
LyondellBasell Industries NV, Class A | 3,199 | 185,382 | ||||||
Olin Corp. | 13,842 | 184,791 | ||||||
RPM International, Inc. | 2,279 | 151,348 | ||||||
ScottsMiracle-Gro Co. (The) | 1,713 | 212,463 | ||||||
|
| |||||||
2,174,773 | ||||||||
|
| |||||||
Construction & Materials — 0.7% |
| |||||||
Fluor Corp. | 3,214 | 37,604 | ||||||
MDU Resources Group, Inc. (a) | 8,209 | 184,374 | ||||||
|
| |||||||
221,978 | ||||||||
|
| |||||||
Electricity — 13.6% |
| |||||||
AES Corp. (The) | 13,309 | 176,345 | ||||||
Alliant Energy Corp. | 4,328 | 210,124 | ||||||
American Electric Power Co., Inc. | 2,567 | 213,343 | ||||||
Avangrid, Inc. (a) | 3,174 | 136,482 | ||||||
CMS Energy Corp. | 3,628 | 207,123 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Electricity — continued |
| |||||||
Consolidated Edison, Inc. | 2,865 | 225,762 | ||||||
Dominion Energy, Inc. | 2,920 | 225,220 | ||||||
DTE Energy Co. | 2,007 | 208,206 | ||||||
Edison International | 3,397 | 199,438 | ||||||
Entergy Corp. | 1,955 | 186,722 | ||||||
Evergy, Inc. | 3,486 | 203,687 | ||||||
Eversource Energy | 2,618 | 211,273 | ||||||
Exelon Corp. | 5,319 | 197,228 | ||||||
FirstEnergy Corp. | 5,081 | 209,693 | ||||||
Hawaiian Electric Industries, Inc. | 4,121 | 162,656 | ||||||
IDACORP, Inc. | 717 | 65,806 | ||||||
OGE Energy Corp. | 5,984 | 188,616 | ||||||
Pinnacle West Capital Corp. | 2,545 | 195,940 | ||||||
PPL Corp. | 7,583 | 192,760 | ||||||
Public Service Enterprise Group, Inc. | 4,385 | 222,363 | ||||||
Southern Co. (The) | 3,784 | 214,666 | ||||||
Vistra Energy Corp. | 5,730 | 111,964 | ||||||
Xcel Energy, Inc. | 3,637 | 231,168 | ||||||
|
| |||||||
4,396,585 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.3% |
| |||||||
Emerson Electric Co. | 3,412 | 194,586 | ||||||
Hubbell, Inc. | 1,709 | 212,651 | ||||||
|
| |||||||
407,237 | ||||||||
|
| |||||||
Financial Services — 0.8% |
| |||||||
BGC Partners, Inc., Class A | 13,000 | 40,235 | ||||||
Invesco Ltd. | 12,871 | 110,948 | ||||||
Janus Henderson Group plc (United Kingdom) (a) | 2,309 | 41,331 | ||||||
Lazard Ltd., Class A | 2,830 | 77,825 | ||||||
|
| |||||||
270,339 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 2.0% |
| |||||||
AT&T, Inc. | 6,823 | 207,897 | ||||||
CenturyLink, Inc. | 18,828 | 199,953 | ||||||
Verizon Communications, Inc. | 4,350 | 249,908 | ||||||
|
| |||||||
657,758 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.4% |
| |||||||
Sysco Corp. | 1,978 | 111,302 | ||||||
|
| |||||||
Food Producers — 4.6% |
| |||||||
Archer-Daniels-Midland Co. | 1,750 | 64,995 | ||||||
Campbell Soup Co. | 4,988 | 249,300 | ||||||
Conagra Brands, Inc. | 6,141 | 205,355 | ||||||
Flowers Foods, Inc. (a) | 10,164 | 226,454 | ||||||
General Mills, Inc. | 4,509 | 270,044 | ||||||
JM Smucker Co. (The) | 165 | 18,960 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 147 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Food Producers — continued |
| |||||||
Kellogg Co. | 3,177 | 208,094 | ||||||
Kraft Heinz Co. (The) | 7,653 | 232,115 | ||||||
|
| |||||||
1,475,317 | ||||||||
|
| |||||||
Forestry & Paper — 1.0% |
| |||||||
Domtar Corp. | 5,228 | 122,126 | ||||||
International Paper Co. | 6,150 | 210,637 | ||||||
|
| |||||||
332,763 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 4.7% |
| |||||||
Ameren Corp. | 2,276 | 165,579 | ||||||
CenterPoint Energy, Inc. | 9,948 | 169,414 | ||||||
Duke Energy Corp. | 2,492 | 210,973 | ||||||
National Fuel Gas Co. | 3,537 | 145,017 | ||||||
NiSource, Inc. | 8,411 | 211,200 | ||||||
Sempra Energy (a) | 1,626 | 201,380 | ||||||
UGI Corp. | 6,321 | 190,768 | ||||||
WEC Energy Group, Inc. | 2,452 | 222,029 | ||||||
|
| |||||||
1,516,360 | ||||||||
|
| |||||||
General Industrials — 2.8% |
| |||||||
3M Co. | 1,252 | 190,204 | ||||||
Eaton Corp. plc | 2,525 | 210,838 | ||||||
Packaging Corp. of America | 2,001 | 193,397 | ||||||
Sonoco Products Co. | 3,667 | 179,096 | ||||||
WestRock Co. | 3,668 | 118,073 | ||||||
|
| |||||||
891,608 | ||||||||
|
| |||||||
General Retailers — 3.6% |
| |||||||
Foot Locker, Inc. | 4,052 | 103,853 | ||||||
Gap, Inc. (The) | 12,522 | 101,679 | ||||||
H&R Block, Inc. | 8,254 | 137,429 | ||||||
Home Depot, Inc. (The) | 1,097 | 241,153 | ||||||
KAR Auction Services, Inc. | 3,061 | 45,854 | ||||||
Kohl’s Corp. | 3,549 | 65,515 | ||||||
L Brands, Inc. | 10,265 | 122,051 | ||||||
Macy’s, Inc. (a) | 13,814 | 80,950 | ||||||
Nordstrom, Inc. | 3,081 | 57,861 | ||||||
Target Corp. | 2,060 | 226,064 | ||||||
|
| |||||||
1,182,409 | ||||||||
|
| |||||||
Health Care Equipment & Services — 1.3% |
| |||||||
Medtronic plc | 2,305 | 225,037 | ||||||
Quest Diagnostics, Inc. | 1,670 | 183,884 | ||||||
ResMed, Inc. | 43 | 6,679 | ||||||
|
| |||||||
415,600 | ||||||||
|
| |||||||
Household Goods & Home Construction — 3.3% |
| |||||||
Clorox Co. (The) | 1,416 | 263,999 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Household Goods & Home Construction — continued |
| |||||||
Leggett & Platt, Inc. | 4,771 | 167,605 | ||||||
Newell Brands, Inc. | 13,211 | 183,369 | ||||||
Procter & Gamble Co. (The) | 2,109 | 248,588 | ||||||
Stanley Black & Decker, Inc. | 39 | 4,298 | ||||||
Whirlpool Corp. (a) | 1,591 | 177,778 | ||||||
|
| |||||||
1,045,637 | ||||||||
|
| |||||||
Industrial Engineering — 1.8% |
| |||||||
Caterpillar, Inc. | 1,754 | 204,131 | ||||||
Cummins, Inc. | 1,401 | 229,063 | ||||||
Rockwell Automation, Inc. | 282 | 53,433 | ||||||
Timken Co. (The) | 1,743 | 65,502 | ||||||
|
| |||||||
552,129 | ||||||||
|
| |||||||
Industrial Metals & Mining — 2.0% |
| |||||||
GrafTech International Ltd. (a) | 3,511 | 28,509 | ||||||
Nucor Corp. | 4,446 | 183,131 | ||||||
Reliance Steel & Aluminum Co. | 1,678 | 150,315 | ||||||
Southern Copper Corp. (Peru) | 5,486 | 177,966 | ||||||
Steel Dynamics, Inc. | 4,355 | 105,696 | ||||||
|
| |||||||
645,617 | ||||||||
|
| |||||||
Industrial Transportation — 1.0% |
| |||||||
Macquarie Infrastructure Corp. | 4,800 | 132,432 | ||||||
Ryder System, Inc. | 681 | 24,107 | ||||||
United Parcel Service, Inc., Class B | 1,727 | 163,478 | ||||||
|
| |||||||
320,017 | ||||||||
|
| |||||||
Leisure Goods — 0.8% |
| |||||||
Garmin Ltd. (a) | 1,749 | 141,949 | ||||||
Hasbro, Inc. | 1,725 | 124,562 | ||||||
|
| |||||||
266,511 | ||||||||
|
| |||||||
Media — 0.5% |
| |||||||
Nielsen Holdings plc | 10,653 | 156,919 | ||||||
|
| |||||||
Mobile Telecommunications — 1.6% |
| |||||||
Telephone & Data Systems, Inc. | 6,739 | 132,219 | ||||||
T-Mobile US, Inc.* | 4,422 | 388,252 | ||||||
|
| |||||||
520,471 | ||||||||
|
| |||||||
Nonlife Insurance — 0.5% |
| |||||||
Old Republic International Corp. | 10,512 | 167,666 | ||||||
|
| |||||||
Oil & Gas Producers — 3.5% |
| |||||||
Apache Corp. (a) | 9,200 | 120,336 | ||||||
Chevron Corp. (a) | 2,323 | 213,716 | ||||||
Exxon Mobil Corp. | 3,921 | 182,209 | ||||||
Kosmos Energy Ltd. (Ghana) | 8,647 | 14,268 | ||||||
Marathon Petroleum Corp. | 1,022 | 32,786 |
SEE NOTES TO FINANCIAL STATEMENTS.
148 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Oil & Gas Producers — continued |
| |||||||
Murphy Oil Corp. (a) | 9,824 | 116,513 | ||||||
Occidental Petroleum Corp. | 5,699 | 94,603 | ||||||
PBF Energy, Inc., Class A | 8,278 | 94,369 | ||||||
Phillips 66 | 852 | 62,341 | ||||||
Valero Energy Corp. | 2,902 | 183,842 | ||||||
|
| |||||||
1,114,983 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 3.5% |
| |||||||
Antero Midstream Corp. (a) | 34,400 | 163,400 | ||||||
Equitrans Midstream Corp. (a) | 13,887 | 116,373 | ||||||
Halliburton Co. | 10,187 | 106,964 | ||||||
Helmerich & Payne, Inc. (a) | 5,353 | 105,829 | ||||||
Kinder Morgan, Inc. | 11,026 | 167,926 | ||||||
ONEOK, Inc. | 3,439 | 102,929 | ||||||
Schlumberger Ltd. | 6,903 | 116,108 | ||||||
Targa Resources Corp. | 5,587 | 72,407 | ||||||
Williams Cos., Inc. (The) | 10,013 | 193,952 | ||||||
|
| |||||||
1,145,888 | ||||||||
|
| |||||||
Personal Goods — 1.8% |
| |||||||
Coty, Inc., Class A | 14,933 | 81,385 | ||||||
Hanesbrands, Inc. | 12,663 | 125,870 | ||||||
Kimberly-Clark Corp. | 1,726 | 239,016 | ||||||
Nu Skin Enterprises, Inc., Class A | 2,017 | 58,916 | ||||||
Tapestry, Inc. | 6,328 | 94,161 | ||||||
|
| |||||||
599,348 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 6.8% |
| |||||||
AbbVie, Inc. | 2,719 | 223,502 | ||||||
Amgen, Inc. | 1,137 | 271,993 | ||||||
Bristol-Myers Squibb Co. | 3,929 | 238,923 | ||||||
Cardinal Health, Inc. | 3,012 | 149,034 | ||||||
Eli Lilly & Co. | 1,823 | 281,909 | ||||||
Gilead Sciences, Inc. | 3,299 | 277,116 | ||||||
Johnson & Johnson | 1,810 | 271,572 | ||||||
Merck & Co., Inc. | 3,067 | 243,336 | ||||||
Pfizer, Inc. | 6,364 | 244,123 | ||||||
|
| |||||||
2,201,508 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 11.7% |
| |||||||
AGNC Investment Corp. | 13,424 | 166,726 | ||||||
Annaly Capital Management, Inc. | 25,888 | 161,800 | ||||||
Apple Hospitality REIT, Inc. | 9,400 | 90,992 | ||||||
Brandywine Realty Trust | 12,521 | 139,734 | ||||||
Brixmor Property Group, Inc. | 11,355 | 130,015 | ||||||
Brookfield Property REIT, Inc., Class A (a) | 1,843 | 18,052 | ||||||
Chimera Investment Corp. | 9,982 | 77,560 | ||||||
Colony Capital, Inc. | 12,355 | 28,540 |
INVESTMENTS | SHARES | VALUE($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
Corporate Office Properties Trust | 1,462 | 38,626 | ||||||
Digital Realty Trust, Inc. | 1,880 | 281,041 | ||||||
EPR Properties | 3,128 | 92,026 | ||||||
Gaming and Leisure Properties, Inc. | 4,982 | 140,692 | ||||||
Healthcare Trust of America, Inc., Class A | 1,104 | 27,191 | ||||||
Healthpeak Properties, Inc. | 6,277 | 164,081 | ||||||
Iron Mountain, Inc. | 6,570 | 158,863 | ||||||
Kimco Realty Corp. | 11,559 | 126,109 | ||||||
Macerich Co. (The) (a) | 9,070 | 67,753 | ||||||
Medical Properties Trust, Inc. | 5,695 | 97,612 | ||||||
MFA Financial, Inc. | 24,359 | 42,628 | ||||||
National Retail Properties, Inc. | 3,565 | 116,362 | ||||||
New Residential Investment Corp. | 14,293 | 87,044 | ||||||
Omega Healthcare Investors, Inc. | 5,764 | 168,021 | ||||||
Outfront Media, Inc. | 5,991 | 93,999 | ||||||
Park Hotels & Resorts, Inc. | 10,530 | 100,140 | ||||||
Rayonier, Inc. | 4,485 | 107,775 | ||||||
Service Properties Trust | 6,362 | 44,089 | ||||||
Simon Property Group, Inc. | 1,520 | 101,490 | ||||||
SITE Centers Corp. | 8,467 | 51,310 | ||||||
Spirit Realty Capital, Inc. | 4,752 | 146,171 | ||||||
Starwood Property Trust, Inc. | 10,127 | 131,044 | ||||||
Taubman Centers, Inc. | 815 | 35,126 | ||||||
Two Harbors Investment Corp. | 15,491 | 70,794 | ||||||
Ventas, Inc. | 1,124 | 36,361 | ||||||
VEREIT, Inc. | 24,238 | 132,824 | ||||||
Welltower, Inc. | 2,508 | 128,485 | ||||||
WP Carey, Inc. | 2,642 | 173,791 | ||||||
|
| |||||||
3,774,867 | ||||||||
|
| |||||||
Software & Computer Services — 1.1% |
| |||||||
International Business Machines Corp. | 1,660 | 208,430 | ||||||
Microsoft Corp. | 920 | 164,873 | ||||||
|
| |||||||
373,303 | ||||||||
|
| |||||||
Support Services — 1.4% |
| |||||||
Paychex, Inc. | 2,756 | 188,841 | ||||||
Waste Management, Inc. | 1,581 | 158,131 | ||||||
Xerox Holdings Corp. | 6,409 | 117,220 | ||||||
|
| |||||||
464,192 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 4.6% |
| |||||||
Analog Devices, Inc. | 2,084 | 228,406 | ||||||
HP, Inc. | 3,529 | 54,735 | ||||||
Intel Corp. | 4,270 | 256,115 | ||||||
KLA Corp. | 1,471 | 241,376 | ||||||
Maxim Integrated Products, Inc. | 3,949 | 217,116 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 149 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE($) | ||||||
Common Stocks — continued |
| |||||||
Technology Hardware & Equipment — continued |
| |||||||
Microchip Technology, Inc. (a) | 2,100 | 184,233 | ||||||
QUALCOMM, Inc. | 2,933 | 230,739 | ||||||
Xilinx, Inc. | 719 | 62,841 | ||||||
|
| |||||||
1,475,561 | ||||||||
|
| |||||||
Tobacco — 1.3% |
| |||||||
Altria Group, Inc. | 4,792 | 188,086 | ||||||
Philip Morris International, Inc. | 2,849 | 212,535 | ||||||
|
| |||||||
400,621 | ||||||||
|
| |||||||
Travel & Leisure — 3.2% |
| |||||||
Cinemark Holdings, Inc. | 4,804 | 68,601 | ||||||
Copa Holdings SA, Class A (Panama) | 2,117 | 93,593 | ||||||
Darden Restaurants, Inc. | 1,959 | 144,555 | ||||||
Extended Stay America, Inc. | 10,702 | 116,331 | ||||||
International Game Technology plc | 9,111 | 68,697 | ||||||
Las Vegas Sands Corp. | 3,270 | 157,025 | ||||||
McDonald’s Corp. | 1,110 | 208,191 | ||||||
Six Flags Entertainment Corp. | 4,870 | 97,449 | ||||||
Wyndham Destinations, Inc. | 2,641 | 67,530 | ||||||
|
| |||||||
1,021,972 | ||||||||
|
| |||||||
Total Common Stocks |
| 32,081,479 | ||||||
|
|
INVESTMENTS | SHARES | VALUE($) | ||||||
Short-Term Investments — 6.8% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) | 31,637 | 31,637 | ||||||
|
| |||||||
Investment of Cash Collateral from Securities Loaned — 6.7% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) | 2,160,876 | 2,160,876 | ||||||
|
| |||||||
Total Short-Term Investments | 2,192,513 | |||||||
|
| |||||||
Total Investments — 106.4% |
| 34,273,992 | ||||||
Liabilities in Excess of |
| (2,070,235 | ) | |||||
|
| |||||||
NET ASSETS — 100.0% |
| 32,203,757 | ||||||
|
|
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, 2020. The total value of securities on loan at April 30, 2020 is $2,031,688. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($) | |||||||
Long Contracts | ||||||||||||
S&P 500 MicE-mini Index | 9 | 06/2020 | USD | 130,556 | 22,243 | |||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
150 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — 99.8% |
| |||||||
Aerospace & Defense — 0.7% |
| |||||||
Lockheed Martin Corp. | 1,606 | 624,830 | ||||||
|
| |||||||
Automobiles & Parts — 1.0% |
| |||||||
Genuine Parts Co. | 5,861 | 464,660 | ||||||
WABCO Holdings, Inc.* | 3,720 | 499,893 | ||||||
|
| |||||||
964,553 | ||||||||
|
| |||||||
Banks — 0.5% |
| |||||||
TFS Financial Corp. | 9,196 | 125,525 | ||||||
US Bancorp | 9,265 | 338,173 | ||||||
|
| |||||||
463,698 | ||||||||
|
| |||||||
Beverages — 2.7% |
| |||||||
Brown-Forman Corp., Class B | 9,602 | 597,244 | ||||||
Coca-Cola Co. (The) | 11,613 | 532,921 | ||||||
Constellation Brands, Inc., Class A | 2,105 | 346,672 | ||||||
Keurig Dr Pepper, Inc. | 6,202 | 164,105 | ||||||
Molson Coors Beverage Co., Class B | 5,947 | 243,887 | ||||||
PepsiCo, Inc. | 4,723 | 624,806 | ||||||
|
| |||||||
2,509,635 | ||||||||
|
| |||||||
Chemicals — 5.4% |
| |||||||
Air Products & Chemicals, Inc. | 2,775 | 625,984 | ||||||
Ashland Global Holdings, Inc. | 7,120 | 439,233 | ||||||
Axalta Coating Systems Ltd.* (a) | 9,328 | 184,135 | ||||||
Celanese Corp. | 567 | 47,101 | ||||||
Ecolab, Inc. (a) | 3,083 | 596,561 | ||||||
International Flavors & Fragrances, Inc. | 3,796 | 497,390 | ||||||
Linde plc (United Kingdom) | 3,194 | 587,664 | ||||||
NewMarket Corp. | 741 | 304,877 | ||||||
PPG Industries, Inc. | 4,824 | 438,164 | ||||||
RPM International, Inc. | 8,769 | 582,349 | ||||||
ScottsMiracle-Gro Co. (The) | 3,871 | 480,120 | ||||||
WR Grace & Co. | 6,932 | 327,398 | ||||||
|
| |||||||
5,110,976 | ||||||||
|
| |||||||
Construction & Materials — 0.2% |
| |||||||
MDU Resources Group, Inc. | 6,281 | 141,071 | ||||||
|
| |||||||
Electricity — 11.4% |
| |||||||
Alliant Energy Corp. | 11,733 | 569,637 | ||||||
American Electric Power Co., Inc. | 6,879 | 571,714 | ||||||
Avangrid, Inc. (a) | 7,416 | 318,888 | ||||||
CMS Energy Corp. | 10,128 | 578,208 | ||||||
Consolidated Edison, Inc. | 7,465 | 588,242 | ||||||
Dominion Energy, Inc. | 7,834 | 604,236 | ||||||
DTE Energy Co. | 5,217 | 541,212 | ||||||
Entergy Corp. | 5,168 | 493,596 | ||||||
Evergy, Inc. | 9,369 | 547,431 | ||||||
Eversource Energy | 7,084 | 571,679 | ||||||
Exelon Corp. | 14,043 | 520,714 | ||||||
FirstEnergy Corp. | 12,909 | 532,754 | ||||||
Hawaiian Electric Industries, Inc. | 7,866 | 310,471 | ||||||
IDACORP, Inc. | 3,744 | 343,624 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
| ||||||||
Electricity — continued | ||||||||
NextEra Energy, Inc. | 2,450 | 566,244 | ||||||
OGE Energy Corp. | 15,523 | 489,285 | ||||||
Pinnacle West Capital Corp. | 6,239 | 480,341 | ||||||
PPL Corp. | 17,892 | 454,815 | ||||||
Public Service Enterprise Group, Inc. | 10,987 | 557,151 | ||||||
Southern Co. (The) | 10,192 | 578,192 | ||||||
Xcel Energy, Inc. | 9,826 | 624,540 | ||||||
|
| |||||||
10,842,974 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 0.5% |
| |||||||
Hubbell, Inc. | 2,495 | 310,453 | ||||||
Waters Corp.* | 1,189 | 222,343 | ||||||
|
| |||||||
532,796 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.8% |
| |||||||
AT&T, Inc. | 17,867 | 544,408 | ||||||
CenturyLink, Inc. (a) | 41,670 | 442,535 | ||||||
GCI Liberty, Inc., Class A* | 1,474 | 89,663 | ||||||
Verizon Communications, Inc. | 11,126 | 639,189 | ||||||
|
| |||||||
1,715,795 | ||||||||
|
| |||||||
Food & Drug Retailers — 1.5% |
| |||||||
AmerisourceBergen Corp. | 5,809 | 520,835 | ||||||
CVS Health Corp. | 7,172 | 441,437 | ||||||
Sysco Corp. | 8,137 | 457,869 | ||||||
|
| |||||||
1,420,141 | ||||||||
|
| |||||||
Food Producers — 8.7% |
| |||||||
Archer-Daniels-Midland Co. | 15,171 | 563,451 | ||||||
Campbell Soup Co. (a) | 8,853 | 442,473 | ||||||
Conagra Brands, Inc. | 18,080 | 604,595 | ||||||
Flowers Foods, Inc. | 12,221 | 272,284 | ||||||
General Mills, Inc. | 10,997 | 658,610 | ||||||
Hershey Co. (The) | 3,989 | 528,263 | ||||||
Hormel Foods Corp. | 14,579 | 683,026 | ||||||
Ingredion, Inc. | 6,810 | 552,972 | ||||||
JM Smucker Co. (The) | 5,160 | 592,936 | ||||||
Kellogg Co. | 9,324 | 610,722 | ||||||
Kraft Heinz Co. (The) | 7,956 | 241,306 | ||||||
Lamb Weston Holdings, Inc. | 6,944 | 426,084 | ||||||
McCormick & Co., Inc.(Non-Voting) | 3,772 | 591,600 | ||||||
Mondelez International, Inc., Class A | 11,493 | 591,200 | ||||||
Post Holdings, Inc.* | 3,814 | 350,316 | ||||||
Tyson Foods, Inc., Class A | 6,513 | 405,043 | ||||||
US Foods Holding Corp.* | 4,958 | 106,597 | ||||||
|
| |||||||
8,221,478 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 5.7% |
| |||||||
Ameren Corp. | 7,751 | 563,885 | ||||||
American Water Works Co., Inc. | 4,891 | 595,186 | ||||||
Atmos Energy Corp. | 5,917 | 603,356 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 151 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Gas, Water & Multiutilities — continued |
| |||||||
CenterPoint Energy, Inc. | 22,270 | 379,258 | ||||||
Duke Energy Corp. | 6,714 | 568,407 | ||||||
Essential Utilities, Inc. | 12,405 | 518,405 | ||||||
National Fuel Gas Co. | 7,993 | 327,713 | ||||||
NiSource, Inc. | 20,399 | 512,219 | ||||||
Sempra Energy (a) | 3,613 | 447,470 | ||||||
UGI Corp. | 10,659 | 321,689 | ||||||
WEC Energy Group, Inc. | 6,631 | 600,437 | ||||||
|
| |||||||
5,438,025 | ||||||||
|
| |||||||
General Industrials — 1.4% |
| |||||||
3M Co. | 2,425 | 368,406 | ||||||
AptarGroup, Inc. | 1,047 | 112,113 | ||||||
Avery Dennison Corp. | 4,413 | 487,151 | ||||||
Honeywell International, Inc. | 1,443 | 204,762 | ||||||
Sonoco Products Co. | 2,816 | 137,533 | ||||||
|
| |||||||
1,309,965 | ||||||||
|
| |||||||
General Retailers — 6.0% |
| |||||||
AutoZone, Inc.* | 548 | 559,135 | ||||||
Bright Horizons Family Solutions, Inc.* | 3,552 | 413,630 | ||||||
Copart, Inc.* | 6,503 | 520,955 | ||||||
Costco Wholesale Corp. | 2,183 | 661,449 | ||||||
Dollar Tree, Inc.* | 2,577 | 205,310 | ||||||
Home Depot, Inc. (The) | 2,880 | 633,110 | ||||||
O’Reilly Automotive, Inc.* | 855 | 330,321 | ||||||
Rollins, Inc. | 4,444 | 177,760 | ||||||
Service Corp. International | 11,919 | 437,904 | ||||||
Target Corp. | 5,221 | 572,952 | ||||||
TJX Cos., Inc. (The) | 10,158 | 498,250 | ||||||
Walmart, Inc. | 5,571 | 677,155 | ||||||
|
| |||||||
5,687,931 | ||||||||
|
| |||||||
Health Care Equipment & Services — 10.5% |
| |||||||
Baxter International, Inc. | 7,227 | 641,613 | ||||||
Becton Dickinson and Co. | 2,291 | 578,546 | ||||||
Bio-Techne Corp. | 2,266 | 509,850 | ||||||
Cooper Cos., Inc. (The) | 1,861 | 533,549 | ||||||
Henry Schein, Inc.* | 5,868 | 320,158 | ||||||
Hill-Rom Holdings, Inc. | 5,494 | 618,020 | ||||||
Laboratory Corp. of America Holdings* | 3,362 | 552,881 | ||||||
Medtronic plc | 5,877 | 573,771 | ||||||
Quest Diagnostics, Inc. | 5,640 | 621,020 | ||||||
ResMed, Inc. | 995 | 154,543 | ||||||
STERIS plc | 3,858 | 549,765 | ||||||
Stryker Corp. | 2,888 | 538,410 | ||||||
Teleflex, Inc. | 1,730 | 580,242 | ||||||
Thermo Fisher Scientific, Inc. | 2,104 | 704,167 | ||||||
UnitedHealth Group, Inc. | 2,233 | 653,085 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
|
| |||||||
Health Care Equipment & Services — continued |
| |||||||
Varian Medical Systems, Inc.* | 4,355 | 498,125 | ||||||
West Pharmaceutical Services, Inc. | 4,030 | 762,718 | ||||||
Zimmer Biomet Holdings, Inc. | 4,164 | 498,431 | ||||||
|
| |||||||
9,888,894 | ||||||||
|
| |||||||
Household Goods & Home Construction — 2.9% |
| |||||||
Church & Dwight Co., Inc. | 7,915 | 553,971 | ||||||
Clorox Co. (The) | 3,661 | 682,557 | ||||||
Leggett & Platt, Inc. | 10,994 | 386,219 | ||||||
NVR, Inc.* | 162 | 502,200 | ||||||
Procter & Gamble Co. (The) | 5,490 | 647,106 | ||||||
Stanley Black & Decker, Inc. | 375 | 41,325 | ||||||
|
| |||||||
2,813,378 | ||||||||
|
| |||||||
Industrial Engineering — 0.1% |
| |||||||
Snap-on, Inc. | 406 | 52,898 | ||||||
|
| |||||||
Industrial Transportation — 0.4% |
| |||||||
United Parcel Service, Inc., Class B | 4,222 | 399,655 | ||||||
|
| |||||||
Leisure Goods — 1.4% |
| |||||||
Garmin Ltd. (a) | 6,465 | 524,700 | ||||||
Hasbro, Inc. | 3,158 | 228,039 | ||||||
Pool Corp. | 2,896 | 612,967 | ||||||
|
| |||||||
1,365,706 | ||||||||
|
| |||||||
Life Insurance — 0.3% |
| |||||||
Aflac, Inc. | 7,742 | 288,312 | ||||||
|
| |||||||
Media — 0.9% |
| |||||||
Graham Holdings Co., Class B | 492 | 191,885 | ||||||
Omnicom Group, Inc. | 3,576 | 203,939 | ||||||
Walt Disney Co. (The) | 4,370 | 472,616 | ||||||
|
| |||||||
868,440 | ||||||||
|
| |||||||
Mobile Telecommunications — 1.2% |
| |||||||
Telephone & Data Systems, Inc. | 15,661 | 307,269 | ||||||
T-Mobile US, Inc.* | 6,796 | 596,689 | ||||||
United States Cellular Corp.* (a) | 7,823 | 249,006 | ||||||
|
| |||||||
1,152,964 | ||||||||
|
| |||||||
Nonlife Insurance — 6.1% |
| |||||||
Allstate Corp. (The) | 5,533 | 562,817 | ||||||
American Financial Group, Inc. | 4,765 | 315,634 | ||||||
Aon plc | 760 | 131,229 | ||||||
Arch Capital Group Ltd.* | 14,928 | 358,720 | ||||||
Arthur J Gallagher & Co. (a) | 3,510 | 275,535 | ||||||
Berkshire Hathaway, Inc., Class B* | 3,054 | 572,197 | ||||||
Brown & Brown, Inc. | 13,212 | 474,443 | ||||||
Chubb Ltd. | 3,404 | 367,666 | ||||||
Cincinnati Financial Corp. | 5,635 | 370,783 |
SEE NOTES TO FINANCIAL STATEMENTS.
152 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Nonlife Insurance — continued |
| |||||||
Everest Re Group Ltd. | 1,408 | 243,767 | ||||||
Markel Corp.* | 488 | 422,530 | ||||||
Marsh & McLennan Cos., Inc. | 5,798 | 564,319 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 3,373 | 492,492 | ||||||
White Mountains Insurance Group Ltd. | 276 | 268,548 | ||||||
WR Berkley Corp. | 6,098 | 329,292 | ||||||
|
| |||||||
5,749,972 | ||||||||
|
| |||||||
Oil & Gas Producers — 2.5% |
| |||||||
Chevron Corp. | 5,511 | 507,012 | ||||||
ConocoPhillips | 9,164 | 385,804 | ||||||
EOG Resources, Inc. | 951 | 45,182 | ||||||
Exxon Mobil Corp. | 10,052 | 467,117 | ||||||
Occidental Petroleum Corp. | 9,820 | 163,012 | ||||||
Phillips 66 | 6,737 | 492,946 | ||||||
Valero Energy Corp. | 4,674 | 296,098 | ||||||
|
| |||||||
2,357,171 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 2.0% |
| |||||||
Cheniere Energy, Inc.* | 9,805 | 457,796 | ||||||
Halliburton Co. | 8,503 | 89,282 | ||||||
Kinder Morgan, Inc. | 28,823 | 438,974 | ||||||
ONEOK, Inc. | 7,558 | 226,211 | ||||||
Schlumberger Ltd. | 10,759 | 180,966 | ||||||
Williams Cos., Inc. (The) | 26,439 | 512,123 | ||||||
|
| |||||||
1,905,352 | ||||||||
|
| |||||||
Personal Goods — 2.9% |
| |||||||
Colgate-Palmolive Co. | 8,525 | 599,052 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 3,185 | 561,834 | ||||||
Kimberly-Clark Corp. | 4,486 | 621,221 | ||||||
NIKE, Inc., Class B | 6,853 | 597,445 | ||||||
VF Corp. | 6,494 | 377,301 | ||||||
|
| |||||||
2,756,853 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 5.4% |
| |||||||
Abbott Laboratories | 7,565 | 696,661 | ||||||
Amgen, Inc. | 2,638 | 631,062 | ||||||
Bristol-Myers Squibb Co. | 2,454 | 149,228 | ||||||
Eli Lilly & Co. | 4,715 | 729,128 | ||||||
IQVIA Holdings, Inc.* | 4,083 | 582,195 | ||||||
Johnson & Johnson | 4,420 | 663,177 | ||||||
Merck & Co., Inc. | 7,524 | 596,954 | ||||||
Pfizer, Inc. | 13,401 | 514,062 | ||||||
QIAGEN NV* | 759 | 31,642 | ||||||
Zoetis, Inc. | 4,621 | 597,541 | ||||||
|
| |||||||
5,191,650 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 5.2% |
| |||||||
AGNC Investment Corp.(a) | 35,627 | 442,487 | ||||||
American Tower Corp. | 2,707 | 644,266 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Real Estate Investment Trusts — continued |
| |||||||
Annaly Capital Management, Inc. | 63,783 | 398,644 | ||||||
Apple Hospitality REIT, Inc. | 25,502 | 246,859 | ||||||
Camden Property Trust | 365 | 32,146 | ||||||
Chimera Investment Corp. | 18,087 | 140,536 | ||||||
Crown Castle International Corp. | 4,288 | 683,636 | ||||||
Equity Commonwealth | 7,782 | 264,199 | ||||||
Equity LifeStyle Properties, Inc. | 7,392 | 445,811 | ||||||
Federal Realty Investment Trust | 2,914 | 242,649 | ||||||
Gaming and Leisure Properties, Inc. | 13,111 | 370,255 | ||||||
MFA Financial, Inc. | 46,941 | 82,147 | ||||||
National Retail Properties, Inc. | 3,161 | 103,175 | ||||||
Regency Centers Corp. | 1,865 | 81,892 | ||||||
Starwood Property Trust, Inc. (a) | 25,064 | 324,328 | ||||||
Two Harbors Investment Corp. | 39,480 | 180,424 | ||||||
WP Carey, Inc. | 3,260 | 214,443 | ||||||
|
| |||||||
4,897,897 | ||||||||
|
| |||||||
Software & Computer Services — 4.2% |
| |||||||
Amdocs Ltd. | 8,222 | 529,826 | ||||||
ANSYS, Inc.* | 2,527 | 661,644 | ||||||
CDK Global, Inc. | 7,959 | 312,630 | ||||||
Citrix Systems, Inc. | 1,365 | 197,939 | ||||||
Cognizant Technology Solutions Corp., Class A | 899 | 52,160 | ||||||
International Business Machines Corp. | 2,313 | 290,420 | ||||||
Intuit, Inc. | 2,203 | 594,391 | ||||||
Microsoft Corp. | 4,286 | 768,094 | ||||||
Synopsys, Inc.* | 4,426 | 695,413 | ||||||
|
| |||||||
4,102,517 | ||||||||
|
| |||||||
Support Services — 2.4% |
| |||||||
Automatic Data Processing, Inc. | 3,717 | 545,247 | ||||||
Jack Henry & Associates, Inc. | 1,603 | 262,171 | ||||||
Paychex, Inc. | 2,255 | 154,512 | ||||||
Republic Services, Inc. | 6,691 | 524,173 | ||||||
Verisk Analytics, Inc. | 644 | 98,423 | ||||||
Waste Management, Inc. | 5,545 | 554,611 | ||||||
|
| |||||||
2,139,137 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 1.3% |
| |||||||
L3Harris Technologies, Inc. | 3,010 | 583,037 | ||||||
Motorola Solutions, Inc. | 3,502 | 503,623 | ||||||
Texas Instruments, Inc. | 1,867 | 216,703 | ||||||
|
| |||||||
1,303,363 | ||||||||
|
| |||||||
|
| |||||||
Tobacco — 0.8% |
| |||||||
Altria Group, Inc. | 9,038 | 354,742 | ||||||
Philip Morris International, Inc. | 5,549 | 413,955 | ||||||
|
| |||||||
768,697 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 153 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Travel & Leisure — 1.8% |
| |||||||
Choice Hotels International, Inc. (a) | 5,504 | 413,075 | ||||||
Dunkin’ Brands Group, Inc. | 3,366 | 211,519 | ||||||
McDonald’s Corp. | 2,934 | 550,301 | ||||||
Yum! Brands, Inc. | 5,648 | 488,157 | ||||||
|
| |||||||
1,663,052 | ||||||||
|
| |||||||
Total Common Stocks |
| 94,649,776 | ||||||
|
| |||||||
Short-Term Investments — 3.0% |
| |||||||
Investment Companies — 0.3% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b)(c) | 266,164 | 266,164 | ||||||
|
| |||||||
Investment of Cash Collateral From Securities Loaned — 2.7% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (b) (c) | 2,580,620 | 2,580,620 | ||||||
|
| |||||||
Total Short-Term Investments | 2,846,784 | |||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||
Total Investments — 102.8% | 97,496,560 | |||||
Liabilities in Excess of Other Assets — (2.8%) | (2,674,706 | ) | ||||
|
| |||||
NET ASSETS — 100.0% | 94,821,854 | |||||
|
| |||||
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, 2020. The total value of securities on loan at April 30, 2020 is $2,425,225. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 MicE-mini Index | 12 | 06/2020 | USD | 174,075 | 27,182 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
154 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — 99.8% | ||||||||
Aerospace & Defense — 0.8% | ||||||||
HEICO Corp. | 1,468 | 128,597 | ||||||
Howmet Aerospace, Inc. | 8,160 | 106,651 | ||||||
Teledyne Technologies, Inc.* | 735 | 239,367 | ||||||
TransDigm Group, Inc. | 621 | 225,473 | ||||||
|
| |||||||
700,088 | ||||||||
|
| |||||||
Alternative Energy — 0.1% | ||||||||
First Solar, Inc.* | 1,890 | 83,179 | ||||||
|
| |||||||
Automobiles & Parts — 1.2% | ||||||||
Gentex Corp. | 7,867 | 190,696 | ||||||
Tesla, Inc.* | 1,105 | 863,977 | ||||||
|
| |||||||
1,054,673 | ||||||||
|
| |||||||
Beverages — 0.7% | ||||||||
Coca-Cola Co. (The) | 6,215 | 285,206 | ||||||
Monster Beverage Corp.* | 4,831 | 298,604 | ||||||
|
| |||||||
583,810 | ||||||||
|
| |||||||
Chemicals — 1.6% | ||||||||
Air Products & Chemicals, Inc. | 1,644 | 370,853 | ||||||
Ashland Global Holdings, Inc. | 497 | 30,660 | ||||||
CF Industries Holdings, Inc. | 5,010 | 137,775 | ||||||
Ecolab, Inc. | 2,380 | 460,530 | ||||||
FMC Corp. | 2,608 | 239,675 | ||||||
RPM International, Inc. | 2,799 | 185,882 | ||||||
WR Grace & Co. | 53 | 2,503 | ||||||
|
| |||||||
1,427,878 | ||||||||
|
| |||||||
Construction & Materials — 0.5% | ||||||||
AECOM* | 4,744 | 172,017 | ||||||
Armstrong World Industries, Inc. | 2,017 | 155,471 | ||||||
Trane Technologies plc | 1,172 | 102,456 | ||||||
|
| |||||||
429,944 | ||||||||
|
| |||||||
Electricity — 2.2% | ||||||||
American Electric Power Co., Inc. | 2,452 | 203,786 | ||||||
Entergy Corp. | 2,676 | 255,585 | ||||||
Eversource Energy | 3,890 | 313,923 | ||||||
NextEra Energy, Inc. | 3,550 | 820,476 | ||||||
OGE Energy Corp. | 1,785 | 56,263 | ||||||
Southern Co. (The) | 3,731 | 211,659 | ||||||
|
| |||||||
1,861,692 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 0.9% | ||||||||
Allegion plc | 511 | 51,376 | ||||||
Keysight Technologies, Inc.* | 2,763 | 267,376 | ||||||
Universal Display Corp. (a) | 1,174 | 176,241 | ||||||
Zebra Technologies Corp., Class A* | 1,034 | 237,468 | ||||||
|
| |||||||
732,461 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
Financial Services — 7.6% | ||||||||
American Express Co. | 4,566 | 416,647 | ||||||
CME Group, Inc. | 2,896 | 516,096 | ||||||
Element Solutions, Inc.* | 3,788 | 38,827 | ||||||
Fidelity National Financial, Inc. | 4,276 | 115,666 | ||||||
Legg Mason, Inc. | 3,175 | 158,210 | ||||||
LPL Financial Holdings, Inc. | 2,436 | 146,696 | ||||||
MarketAxess Holdings, Inc. (a) | 665 | 302,582 | ||||||
Mastercard, Inc., Class A | 5,692 | 1,565,129 | ||||||
Moody’s Corp. | 1,691 | 412,435 | ||||||
MSCI, Inc. | 1,081 | 353,487 | ||||||
S&P Global, Inc. | 2,098 | 614,462 | ||||||
Visa, Inc., Class A | 9,598 | 1,715,355 | ||||||
Western Union Co. (The) | 9,165 | 174,777 | ||||||
|
| |||||||
6,530,369 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 1.6% | ||||||||
AT&T, Inc. | 42,032 | 1,280,715 | ||||||
GCI Liberty, Inc., Class A* | 1,277 | 77,680 | ||||||
|
| |||||||
1,358,395 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.5% | ||||||||
Casey’s General Stores, Inc. | 974 | 147,474 | ||||||
Sysco Corp. | 4,990 | 280,787 | ||||||
|
| |||||||
428,261 | ||||||||
|
| |||||||
Food Producers — 1.2% | ||||||||
Hershey Co. (The) | 2,061 | 272,938 | ||||||
Hormel Foods Corp. | 5,491 | 257,254 | ||||||
Lamb Weston Holdings, Inc. | 2,911 | 178,619 | ||||||
McCormick & Co., Inc.(Non-Voting) | 1,780 | 279,175 | ||||||
Tyson Foods, Inc., Class A | 779 | 48,446 | ||||||
|
| |||||||
1,036,432 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 1.0% | ||||||||
American Water Works Co., Inc. | 2,487 | 302,643 | ||||||
Atmos Energy Corp. | 2,183 | 222,601 | ||||||
WEC Energy Group, Inc. | 3,741 | 338,748 | ||||||
|
| |||||||
863,992 | ||||||||
|
| |||||||
General Industrials — 1.0% | ||||||||
AptarGroup, Inc. | 842 | 90,161 | ||||||
Avery Dennison Corp. | 1,843 | 203,449 | ||||||
Ball Corp. | 4,259 | 279,348 | ||||||
Carlisle Cos., Inc. (a) | 532 | 64,351 | ||||||
Crown Holdings, Inc.* | 3,155 | 203,213 | ||||||
|
| |||||||
840,522 | ||||||||
|
| |||||||
General Retailers — 8.2% | ||||||||
Amazon.com, Inc.* | 876 | 2,167,224 | ||||||
AutoZone, Inc.* | 295 | 300,994 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 155 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
General Retailers — continued | ||||||||
Bright Horizons Family Solutions, Inc.* (a) | 1,450 | 168,852 | ||||||
Burlington Stores, Inc.* | 1,174 | 214,478 | ||||||
Copart, Inc.* | 3,187 | 255,310 | ||||||
Costco Wholesale Corp. | 2,564 | 776,892 | ||||||
Dollar General Corp. | 2,634 | 461,740 | ||||||
frontdoor, Inc.* | 2,692 | 104,207 | ||||||
Home Depot, Inc. (The) | 7,077 | 1,555,737 | ||||||
O’Reilly Automotive, Inc.* | 377 | 145,650 | ||||||
Ross Stores, Inc. | 672 | 61,394 | ||||||
Service Corp. International | 1,882 | 69,145 | ||||||
Target Corp. | 3,068 | 336,683 | ||||||
TJX Cos., Inc. (The) | 9,993 | 490,157 | ||||||
|
| |||||||
7,108,463 | ||||||||
|
| |||||||
Health Care Equipment & Services — 9.0% | ||||||||
Becton Dickinson and Co. | 2,174 | 549,000 | ||||||
Bio-Rad Laboratories, Inc., Class A* | 477 | 209,928 | ||||||
Bio-Techne Corp. | 655 | 147,375 | ||||||
Bruker Corp. | 1,634 | 64,249 | ||||||
Chemed Corp. | 504 | 209,951 | ||||||
Cooper Cos., Inc. (The) | 736 | 211,011 | ||||||
Danaher Corp. | 2,433 | 397,698 | ||||||
DaVita, Inc.* | 2,745 | 216,882 | ||||||
Dentsply Sirona, Inc. | 3,644 | 154,651 | ||||||
DexCom, Inc.* | 1,156 | 387,491 | ||||||
Edwards Lifesciences Corp.* | 1,937 | 421,298 | ||||||
IDEXX Laboratories, Inc.* | 1,145 | 317,852 | ||||||
Insulet Corp.* | 1,266 | 252,846 | ||||||
Intuitive Surgical, Inc.* | 959 | 489,934 | ||||||
Laboratory Corp. of America Holdings* | 1,397 | 229,737 | ||||||
Masimo Corp.* | 1,339 | 286,426 | ||||||
Quest Diagnostics, Inc. | 2,400 | 264,264 | ||||||
ResMed, Inc. | 1,948 | 302,563 | ||||||
STERIS plc | 1,583 | 225,578 | ||||||
Stryker Corp. | 1,823 | 339,862 | ||||||
Teleflex, Inc. | 778 | 260,941 | ||||||
Thermo Fisher Scientific, Inc. | 1,889 | 632,210 | ||||||
UnitedHealth Group, Inc. | 3,113 | 910,459 | ||||||
West Pharmaceutical Services, Inc. | 1,581 | 299,220 | ||||||
|
| |||||||
7,781,426 | ||||||||
|
| |||||||
Household Goods & Home Construction — 2.2% | ||||||||
Church & Dwight Co., Inc. | 3,766 | 263,582 | ||||||
DR Horton, Inc. | 1,025 | 48,401 | ||||||
Procter & Gamble Co. (The) | 12,349 | 1,455,577 | ||||||
PulteGroup, Inc. | 5,931 | 167,669 | ||||||
|
| |||||||
1,935,229 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
Industrial Engineering — 0.2% | ||||||||
Xylem, Inc. | 2,335 | 167,886 | ||||||
|
| |||||||
Industrial Metals & Mining — 0.0% (b) | ||||||||
Arconic Corp.* | 1,998 | 17,423 | ||||||
|
| |||||||
Industrial Transportation — 0.7% | ||||||||
Kansas City Southern | 1,709 | 223,110 | ||||||
Norfolk Southern Corp. | 2,445 | 418,339 | ||||||
|
| |||||||
641,449 | ||||||||
|
| |||||||
Leisure Goods — 1.2% | ||||||||
Garmin Ltd. | 2,732 | 221,729 | ||||||
Hasbro, Inc. | 251 | 18,125 | ||||||
Pool Corp. | 1,044 | 220,973 | ||||||
Take-Two Interactive Software, Inc.* | 1,971 | 238,590 | ||||||
Zynga, Inc., Class A* | 30,875 | 232,797 | ||||||
|
| |||||||
932,214 | ||||||||
|
| |||||||
Life Insurance — 0.0% (b) | ||||||||
Globe Life, Inc. (a) | 247 | 20,338 | ||||||
|
| |||||||
Media — 1.4% | ||||||||
Cable One, Inc. | 137 | 262,062 | ||||||
Charter Communications, Inc., Class A* | 1,234 | 611,114 | ||||||
Dolby Laboratories, Inc., Class A | 296 | 17,769 | ||||||
FactSet Research Systems, Inc. | 331 | 91,025 | ||||||
Liberty Broadband Corp., Class C* (a) | 786 | 96,426 | ||||||
Roku, Inc.* | 1,632 | 197,847 | ||||||
|
| |||||||
1,276,243 | ||||||||
|
| |||||||
Mobile Telecommunications — 0.2% | ||||||||
T-Mobile US, Inc.* | 1,939 | 170,244 | ||||||
|
| |||||||
Nonlife Insurance — 3.1% | ||||||||
Aon plc | 2,178 | 376,075 | ||||||
Arch Capital Group Ltd.* | 4,223 | 101,479 | ||||||
Arthur J Gallagher & Co. | 2,867 | 225,059 | ||||||
Brown & Brown, Inc. | 5,415 | 194,453 | ||||||
CNA Financial Corp. | 121 | 3,821 | ||||||
Erie Indemnity Co., Class A | 352 | 62,677 | ||||||
First American Financial Corp. | 1,837 | 84,722 | ||||||
Hanover Insurance Group, Inc. (The) | 363 | 36,438 | ||||||
Hartford Financial Services Group, Inc. (The) | 5,002 | 190,026 | ||||||
Marsh & McLennan Cos., Inc. | 4,436 | 431,756 | ||||||
Old Republic International Corp. | 3,862 | 61,599 | ||||||
Progressive Corp. (The) | 5,609 | 433,576 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 658 | 96,074 | ||||||
Willis Towers Watson plc | 1,658 | 295,605 | ||||||
|
| |||||||
2,593,360 | ||||||||
|
| |||||||
Oil & Gas Producers — 2.0% | ||||||||
Chevron Corp. | 8,948 | 823,216 |
SEE NOTES TO FINANCIAL STATEMENTS.
156 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Oil & Gas Producers — continued | ||||||||
ConocoPhillips | 2,979 | 125,416 | ||||||
Diamondback Energy, Inc. | 1,904 | 82,900 | ||||||
Hess Corp. | 4,721 | 229,630 | ||||||
Phillips 66 | 4,149 | 303,582 | ||||||
Pioneer Natural Resources Co. | 1,424 | 127,178 | ||||||
Valero Energy Corp. | 1,274 | 80,708 | ||||||
WPX Energy, Inc.* (a) | 11,288 | 69,195 | ||||||
|
| |||||||
1,841,825 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.7% | ||||||||
Kinder Morgan, Inc.(a) | 20,480 | 311,910 | ||||||
ONEOK, Inc. | 5,110 | 152,942 | ||||||
Targa Resources Corp. | 3,960 | 51,322 | ||||||
|
| |||||||
516,174 | ||||||||
|
| |||||||
Personal Goods — 1.7% | ||||||||
Columbia Sportswear Co. (a) | 303 | 22,086 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 2,183 | 385,081 | ||||||
Lululemon Athletica, Inc.* | 1,475 | 329,633 | ||||||
NIKE, Inc., Class B | 8,738 | 761,779 | ||||||
|
| |||||||
1,498,579 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 5.2% | ||||||||
Allergan plc | 2,848 | 533,544 | ||||||
Alnylam Pharmaceuticals, Inc.* | 2,092 | 275,516 | ||||||
Eli Lilly & Co. | 6,359 | 983,356 | ||||||
Guardant Health, Inc.* | 2,261 | 174,007 | ||||||
IQVIA Holdings, Inc.* | 2,247 | 320,400 | ||||||
Merck & Co., Inc. | 16,662 | 1,321,963 | ||||||
Seattle Genetics, Inc.* | 2,237 | 306,984 | ||||||
Zoetis, Inc. | 4,134 | 534,568 | ||||||
|
| |||||||
4,450,338 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 6.3% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,770 | 278,049 | ||||||
American Tower Corp. | 1,514 | 360,332 | ||||||
Apartment Investment & Management Co., Class A | 3,476 | 130,941 | ||||||
Brixmor Property Group, Inc. | 6,578 | 75,318 | ||||||
Chimera Investment Corp. | 7,754 | 60,249 | ||||||
CoreSite Realty Corp. | 724 | 87,741 | ||||||
CyrusOne, Inc. | 2,194 | 153,909 | ||||||
Equinix, Inc. | 800 | 540,160 | ||||||
Equity LifeStyle Properties, Inc. | 3,460 | 208,672 | ||||||
Equity Residential | 4,221 | 274,618 | ||||||
Gaming and Leisure Properties, Inc. | 2,945 | 83,167 | ||||||
Healthpeak Properties, Inc. | 8,107 | 211,917 | ||||||
Invitation Homes, Inc. | 9,023 | 213,394 | ||||||
Life Storage, Inc. | 1,169 | 102,393 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Real Estate Investment Trusts — continued | ||||||||
Medical Properties Trust, Inc. | 11,413 | 195,619 | ||||||
Mid-America Apartment Communities, Inc. (a) | 655 | 73,308 | ||||||
National Retail Properties, Inc. | 4,102 | 133,889 | ||||||
Omega Healthcare Investors, Inc. | 5,552 | 161,841 | ||||||
Prologis, Inc. | 5,565 | 496,565 | ||||||
Realty Income Corp. | 4,194 | 230,334 | ||||||
SBA Communications Corp. | 972 | 281,802 | ||||||
Spirit Realty Capital, Inc. | 2,993 | 92,065 | ||||||
STORE Capital Corp. | 5,691 | 114,218 | ||||||
Sun Communities, Inc. | 1,694 | 227,674 | ||||||
UDR, Inc. (a) | 5,015 | 187,912 | ||||||
Welltower, Inc. | 4,455 | 228,230 | ||||||
WP Carey, Inc. | 2,938 | 193,262 | ||||||
|
| |||||||
5,397,579 | ||||||||
|
| |||||||
Software & Computer Services — 15.4% | ||||||||
Adobe, Inc.* | 3,312 | 1,171,256 | ||||||
Akamai Technologies, Inc.* | 2,921 | 285,411 | ||||||
Alteryx, Inc., Class A* | 1,514 | 171,354 | ||||||
Anaplan, Inc.* | 3,892 | 159,027 | ||||||
ANSYS, Inc.* | 1,203 | 314,981 | ||||||
Aspen Technology, Inc.* | 1,788 | 182,823 | ||||||
Atlassian Corp. plc, Class A* | 1,893 | 294,343 | ||||||
Avalara, Inc.* | 2,321 | 207,428 | ||||||
Black Knight, Inc.* | 3,432 | 242,196 | ||||||
CACI International, Inc., Class A* | 853 | 213,369 | ||||||
Cadence Design Systems, Inc.* | 4,192 | 340,097 | ||||||
Cerence, Inc.* | 719 | 15,214 | ||||||
Ceridian HCM Holding, Inc.* (a) | 2,995 | 176,615 | ||||||
Coupa Software, Inc.* | 1,538 | 270,826 | ||||||
DocuSign, Inc.* | 2,930 | 306,917 | ||||||
EPAM Systems, Inc.* | 1,085 | 239,666 | ||||||
Fortinet, Inc.* | 2,555 | 275,276 | ||||||
Intuit, Inc. | 2,118 | 571,458 | ||||||
Leidos Holdings, Inc. | 2,459 | 242,974 | ||||||
Manhattan Associates, Inc.* | 2,546 | 180,613 | ||||||
Match Group, Inc.* (a) | 2,885 | 222,030 | ||||||
Microsoft Corp. | 10,779 | 1,931,705 | ||||||
MongoDB, Inc.* | 1,388 | 225,036 | ||||||
NortonLifeLock, Inc. | 12,393 | 263,599 | ||||||
Nuance Communications, Inc.* | 9,698 | 195,900 | ||||||
Okta, Inc.* | 1,961 | 296,699 | ||||||
Paycom Software, Inc.* | 905 | 236,223 | ||||||
Pegasystems, Inc. | 1,839 | 153,777 | ||||||
RealPage, Inc.* | 2,436 | 157,098 | ||||||
RingCentral, Inc., Class A* | 1,166 | 266,466 | ||||||
salesforce.com, Inc.* | 5,942 | 962,307 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 157 |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued | ||||||||
Software & Computer Services —continued | ||||||||
ServiceNow, Inc.* | 1,631 | 573,362 | ||||||
Smartsheet, Inc., Class A* | 4,339 | 228,752 | ||||||
Synopsys, Inc.* | 2,140 | 336,237 | ||||||
Tyler Technologies, Inc.* | 778 | 249,497 | ||||||
Veeva Systems, Inc., Class A* | 1,889 | 360,421 | ||||||
VeriSign, Inc.* | 1,518 | 318,006 | ||||||
Zendesk, Inc.* | 2,637 | 202,732 | ||||||
Zscaler, Inc.* (a) | 3,035 | 203,588 | ||||||
|
| |||||||
13,245,279 | ||||||||
|
| |||||||
Support Services — 7.4% | ||||||||
Automatic Data Processing, Inc. | 3,578 | 524,857 | ||||||
Booz Allen Hamilton Holding Corp. | 3,279 | 240,810 | ||||||
Broadridge Financial Solutions, Inc. | 1,972 | 228,752 | ||||||
Cintas Corp. | 1,148 | 254,661 | ||||||
CoStar Group, Inc.* | 475 | 307,924 | ||||||
Fair Isaac Corp.* | 621 | 219,176 | ||||||
Fidelity National Information Services, Inc. | 4,826 | 636,501 | ||||||
Fiserv, Inc.* | 4,684 | 482,733 | ||||||
FleetCor Technologies, Inc.* | 1,087 | 262,239 | ||||||
Global Payments, Inc. | 2,691 | 446,760 | ||||||
Jack Henry & Associates, Inc. | 299 | 48,901 | ||||||
Paychex, Inc. | 3,920 | 268,598 | ||||||
Paylocity Holding Corp.* | 959 | 109,834 | ||||||
PayPal Holdings, Inc.* | 8,415 | 1,035,045 | ||||||
Republic Services, Inc. | 3,161 | 247,633 | ||||||
TransUnion | 3,043 | 239,758 | ||||||
Verisk Analytics, Inc. | 2,069 | 316,205 | ||||||
Waste Management, Inc. | 4,039 | 403,981 | ||||||
WEX, Inc.* | 1,118 | 147,934 | ||||||
|
| |||||||
6,422,302 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.0% | ||||||||
Advanced Micro Devices, Inc.* | 9,908 | 519,080 | ||||||
Apple, Inc. | 6,389 | 1,877,088 | ||||||
Applied Materials, Inc. | 8,413 | 417,958 | ||||||
Broadcom, Inc. | 2,796 | 759,449 | ||||||
CDW Corp. | 2,153 | 238,552 | ||||||
Entegris, Inc. | 4,036 | 218,872 | ||||||
KLA Corp. | 2,019 | 331,298 | ||||||
L3Harris Technologies, Inc. | 2,185 | 423,235 | ||||||
Lam Research Corp. | 1,449 | 369,901 | ||||||
Marvell Technology Group Ltd. | 10,689 | 285,824 | ||||||
Motorola Solutions, Inc. | 1,972 | 283,594 | ||||||
NVIDIA Corp. | 4,049 | 1,183,442 | ||||||
Qorvo, Inc.* (a) | 992 | 97,246 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Technology Hardware & Equipment — continued | ||||||||
QUALCOMM, Inc. | 4,226 | 332,459 | ||||||
Switch, Inc., Class A | 10,737 | 184,354 | ||||||
Teradyne, Inc. | 3,970 | 248,284 | ||||||
Texas Instruments, Inc. | 6,221 | 722,071 | ||||||
Ubiquiti, Inc. (a) | 308 | 49,905 | ||||||
|
| |||||||
8,542,612 | ||||||||
|
| |||||||
Travel & Leisure — 4.0% | ||||||||
Chipotle Mexican Grill, Inc.* | 370 | 325,063 | ||||||
Choice Hotels International, Inc. | 1,157 | 86,833 | ||||||
Hilton Worldwide Holdings, Inc. | 3,179 | 240,682 | ||||||
Hyatt Hotels Corp., Class A (a) | 443 | 24,923 | ||||||
Live Nation Entertainment, Inc.* | 3,340 | 149,866 | ||||||
McDonald’s Corp. | 5,260 | 986,566 | ||||||
Planet Fitness, Inc., Class A* | 2,728 | 164,580 | ||||||
Starbucks Corp. | 8,921 | 684,508 | ||||||
Wendy’s Co. (The) | 9,160 | 181,918 | ||||||
Yum China Holdings, Inc. (China) | 6,095 | 295,364 | ||||||
Yum! Brands, Inc. | 3,403 | 294,121 | ||||||
|
| |||||||
3,434,424 | ||||||||
|
| |||||||
Total Common Stocks | 85,925,083 | |||||||
|
| |||||||
Short-Term Investments — 1.9% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17%(c)(d) | 80,155 | 80,155 | ||||||
|
| |||||||
Investment of Cash Collateral From Securities Loaned — 1.8% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23%(c) (d) | 1,558,287 | 1,558,287 | ||||||
|
| |||||||
Total Short-Term Investments | 1,638,442 | |||||||
|
| |||||||
Total Investments — 101.7% | 87,563,525 | |||||||
Liabilities in Excess of | (1,489,118 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% | 86,074,407 | |||||||
|
|
Percentages indicated are based on net assets.
(a) | Thesecurity or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $1,486,190. | |
(b) | Amountrounds to less than 0.1% of net assets. | |
(c) | Investmentin an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | Therate shown is the current yield as of April 30, 2020. | |
* | Non-incomeproducing security. |
SEE NOTES TO FINANCIAL STATEMENTS.
158 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 MicE-mini Index | 11 | 06/2020 | USD | 159,569 | 26,817 | |||||||||||||||
|
|
Abbreviations
USD | UnitedStates Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 159 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — 99.7% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
Lockheed Martin Corp. | 5,041 | 1,961,251 | ||||||
Spirit AeroSystems Holdings, Inc., Class A | 294 | 6,515 | ||||||
|
| |||||||
1,967,766 | ||||||||
|
| |||||||
Automobiles & Parts — 0.1% |
| |||||||
WABCO Holdings, Inc.* | 1,947 | 261,638 | ||||||
|
| |||||||
Banks — 0.9% |
| |||||||
Bank of Hawaii Corp. | 6,010 | 409,762 | ||||||
Commerce Bancshares, Inc. (a) | 9,034 | 552,790 | ||||||
US Bancorp | 29,950 | 1,093,175 | ||||||
|
| |||||||
2,055,727 | ||||||||
|
| |||||||
Beverages — 2.7% |
| |||||||
Brown-Forman Corp., Class B | 8,273 | 514,580 | ||||||
Coca-Cola Co. (The) | 46,411 | 2,129,801 | ||||||
Monster Beverage Corp.* | 13,043 | 806,188 | ||||||
PepsiCo, Inc. | 20,994 | 2,777,296 | ||||||
|
| |||||||
6,227,865 | ||||||||
|
| |||||||
Chemicals — 1.5% |
| |||||||
Air Products & Chemicals, Inc. | 5,106 | 1,151,812 | ||||||
Celanese Corp. | 5,704 | 473,831 | ||||||
CF Industries Holdings, Inc. | 8,876 | 244,090 | ||||||
LyondellBasell Industries NV, Class A | 8,256 | 478,435 | ||||||
NewMarket Corp. | 1,094 | 450,115 | ||||||
PPG Industries, Inc. | 6,466 | 587,307 | ||||||
|
| |||||||
3,385,590 | ||||||||
|
| |||||||
Construction & Materials — 0.5% |
| |||||||
Acuity Brands, Inc. (a) | 2,403 | 208,076 | ||||||
AO Smith Corp. | 4,609 | 195,329 | ||||||
Eagle Materials, Inc. | 2,980 | 181,810 | ||||||
Watsco, Inc. | 2,687 | 432,580 | ||||||
|
| |||||||
1,017,795 | ||||||||
|
| |||||||
Electricity — 2.3% |
| |||||||
AES Corp. (The) | 10,460 | 138,595 | ||||||
Evergy, Inc. | 7,609 | 444,594 | ||||||
Exelon Corp. | 24,014 | 890,439 | ||||||
Hawaiian Electric Industries, Inc. | 6,226 | 245,740 | ||||||
IDACORP, Inc. (a) | 3,009 | 276,166 | ||||||
NextEra Energy, Inc. | 7,435 | 1,718,377 | ||||||
NRG Energy, Inc. | 15,104 | 506,437 | ||||||
PG&E Corp.* | 16,500 | 175,560 | ||||||
Pinnacle West Capital Corp. | 5,721 | 440,460 | ||||||
Vistra Energy Corp. | 14,633 | 285,929 | ||||||
|
| |||||||
5,122,297 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
|
| |||||||
Electronic & Electrical Equipment — 1.1% |
| |||||||
Allegion plc | 5,407 | 543,620 | ||||||
Keysight Technologies, Inc.* | 7,692 | 744,355 | ||||||
Mettler-Toledo International, Inc.* | 1,003 | 722,100 | ||||||
Waters Corp.* | 3,332 | 623,084 | ||||||
|
| |||||||
2,633,159 | ||||||||
|
| |||||||
Financial Services — 6.8% |
| |||||||
American Express Co. | 14,213 | 1,296,936 | ||||||
Cboe Global Markets, Inc. | 1,738 | 172,722 | ||||||
Eaton Vance Corp. (a) | 11,937 | 438,088 | ||||||
Mastercard, Inc., Class A | 15,162 | 4,169,095 | ||||||
Moody’s Corp. | 4,412 | 1,076,087 | ||||||
Nasdaq, Inc. | 6,219 | 682,038 | ||||||
S&P Global, Inc. | 5,474 | 1,603,225 | ||||||
SEI Investments Co. | 9,542 | 486,260 | ||||||
T. Rowe Price Group, Inc. | 5,669 | 655,507 | ||||||
Visa, Inc., Class A | 25,267 | 4,515,718 | ||||||
Western Union Co. (The) | 24,667 | 470,400 | ||||||
|
| |||||||
15,566,076 | ||||||||
|
| |||||||
Fixed Line Telecommunications — 2.0% |
| |||||||
AT&T, Inc. | 11,252 | 342,849 | ||||||
CenturyLink, Inc. | 20,537 | 218,103 | ||||||
Verizon Communications, Inc. | 71,196 | 4,090,210 | ||||||
|
| |||||||
4,651,162 | ||||||||
|
| |||||||
Food & Drug Retailers — 0.1% |
| |||||||
Sprouts Farmers Market, Inc.* (a) | 9,582 | 199,114 | ||||||
|
| |||||||
Food Producers — 0.5% |
| |||||||
Hershey Co. (The) | 4,581 | 606,662 | ||||||
Hormel Foods Corp. | 11,114 | 520,691 | ||||||
|
| |||||||
1,127,353 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 0.9% |
| |||||||
Ameren Corp. | 9,549 | 694,690 | ||||||
National Fuel Gas Co. | 9,395 | 385,195 | ||||||
UGI Corp. | 31 | 936 | ||||||
WEC Energy Group, Inc. | 9,737 | 881,685 | ||||||
|
| |||||||
1,962,506 | ||||||||
|
| |||||||
General Industrials — 1.6% |
| |||||||
3M Co. | 11,397 | 1,731,432 | ||||||
Honeywell International, Inc. | 13,842 | 1,964,180 | ||||||
|
| |||||||
3,695,612 | ||||||||
|
| |||||||
General Retailers — 7.4% |
| |||||||
Amazon.com, Inc.* | 850 | 2,102,900 | ||||||
Copart, Inc.* | 8,561 | 685,822 |
SEE NOTES TO FINANCIAL STATEMENTS.
160 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
General Retailers — continued |
| |||||||
Costco Wholesale Corp. | 7,636 | 2,313,708 | ||||||
eBay, Inc. | 24,780 | 986,988 | ||||||
Foot Locker, Inc. | 8,570 | 219,649 | ||||||
frontdoor, Inc.* | 6,045 | 234,002 | ||||||
Home Depot, Inc. (The) | 18,823 | 4,137,860 | ||||||
Kohl’s Corp. | 2,228 | 41,129 | ||||||
Lowe’s Cos., Inc. | 7,601 | 796,205 | ||||||
O’Reilly Automotive, Inc.* | 2,241 | 865,788 | ||||||
Ross Stores, Inc. | 9,649 | 881,533 | ||||||
Target Corp. | 11,480 | 1,259,815 | ||||||
TJX Cos., Inc. (The) | 26,345 | 1,292,222 | ||||||
Tractor Supply Co. | 7,002 | 710,213 | ||||||
Williams-Sonoma, Inc. | 6,503 | 402,145 | ||||||
|
| |||||||
16,929,979 | ||||||||
|
| |||||||
Health Care Equipment & Services — 1.9% |
| |||||||
Bio-Techne Corp. | 2,036 | 458,100 | ||||||
Chemed Corp. | 1,322 | 550,706 | ||||||
DaVita, Inc.* | 7,221 | 570,531 | ||||||
Edwards Lifesciences Corp.* | 5,247 | 1,141,223 | ||||||
IDEXX Laboratories, Inc.* | 2,909 | 807,538 | ||||||
ResMed, Inc. | 5,063 | 786,385 | ||||||
|
| |||||||
4,314,483 | ||||||||
|
| |||||||
Household Goods & Home Construction — 1.0% |
| |||||||
Church & Dwight Co., Inc. | 5,727 | 400,833 | ||||||
Clorox Co. (The) | 4,027 | 750,794 | ||||||
Procter & Gamble Co. (The) | 9,484 | 1,117,879 | ||||||
|
| |||||||
2,269,506 | ||||||||
|
| |||||||
Industrial Engineering — 2.5% |
| |||||||
Allison Transmission Holdings, Inc. | 11,817 | 429,430 | ||||||
Cummins, Inc. | 5,270 | 861,645 | ||||||
Donaldson Co., Inc. | 7,666 | 336,001 | ||||||
Graco, Inc. | 11,808 | 527,345 | ||||||
IDEX Corp. (a) | 4,129 | 634,338 | ||||||
Illinois Tool Works, Inc. | 7,634 | 1,240,525 | ||||||
Lincoln Electric Holdings, Inc. | 5,050 | 406,576 | ||||||
Rockwell Automation, Inc. | 4,267 | 808,511 | ||||||
Toro Co. (The) | 7,788 | 496,952 | ||||||
|
| |||||||
5,741,323 | ||||||||
|
| |||||||
Industrial Metals & Mining — 0.2% |
| |||||||
Reliance Steel & Aluminum Co. | 2,567 | 229,952 | ||||||
Southern Copper Corp. (Peru) | 4,743 | 153,863 | ||||||
|
| |||||||
383,815 | ||||||||
|
| |||||||
Industrial Transportation — 1.6% |
| |||||||
CH Robinson Worldwide, Inc. | 8,721 | 618,319 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Industrial Transportation — continued | ||||||||
Expeditors International of Washington, Inc. | 3,623 | 259,425 | ||||||
Landstar System, Inc. | 5,131 | 530,083 | ||||||
Union Pacific Corp. | 13,349 | 2,133,037 | ||||||
|
| |||||||
3,540,864 | ||||||||
|
| |||||||
Leisure Goods — 0.2% |
| |||||||
Electronic Arts, Inc.* | 1,762 | 201,326 | ||||||
Take-Two Interactive Software, Inc.* | 1,753 | 212,201 | ||||||
|
| |||||||
413,527 | ||||||||
|
| |||||||
Life Insurance — 0.5% |
| |||||||
Aflac, Inc. | 20,025 | 745,731 | ||||||
Globe Life, Inc. (a) | 6,346 | 522,530 | ||||||
|
| |||||||
1,268,261 | ||||||||
|
| |||||||
Media — 1.3% |
| |||||||
Cable One, Inc. | 229 | 438,045 | ||||||
Dolby Laboratories, Inc., Class A | 7,134 | 428,254 | ||||||
FactSet Research Systems, Inc. | 2,282 | 627,550 | ||||||
Interpublic Group of Cos., Inc. (The) | 16,658 | 282,853 | ||||||
Omnicom Group, Inc. | 9,055 | 516,406 | ||||||
Sirius XM Holdings, Inc. (a) | 90,179 | 532,958 | ||||||
|
| |||||||
2,826,066 | ||||||||
|
| |||||||
Mining — 0.2% |
| |||||||
Royal Gold, Inc. | 4,459 | 546,361 | ||||||
|
| |||||||
Mobile Telecommunications — 0.0% (b) |
| |||||||
Telephone & Data Systems, Inc. | 3,981 | 78,107 | ||||||
|
| |||||||
Nonlife Insurance — 4.1% |
| |||||||
Allstate Corp. (The) | 9,241 | 939,994 | ||||||
American Financial Group, Inc. | 5,549 | 367,566 | ||||||
Aon plc | 5,724 | 988,363 | ||||||
Arch Capital Group Ltd.* | 15,562 | 373,955 | ||||||
Arthur J Gallagher & Co. | 7,576 | 594,716 | ||||||
Brown & Brown, Inc. | 14,274 | 512,579 | ||||||
Chubb Ltd. | 6,969 | 752,722 | ||||||
Cincinnati Financial Corp. | 295 | 19,411 | ||||||
Erie Indemnity Co., Class A | 2,331 | 415,058 | ||||||
Hartford Financial Services Group, Inc. (The) | 7,947 | 301,907 | ||||||
Marsh & McLennan Cos., Inc. | 12,192 | 1,186,647 | ||||||
Old Republic International Corp. | 13,533 | 215,851 | ||||||
Progressive Corp. (The) | 14,506 | 1,121,314 | ||||||
Reinsurance Group of America, Inc. | 1,963 | 205,487 | ||||||
Travelers Cos., Inc. (The) | 6,407 | 648,452 | ||||||
WR Berkley Corp. | 8,715 | 470,610 | ||||||
|
| |||||||
9,114,632 | ||||||||
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 161 |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Oil & Gas Producers — 3.0% |
| |||||||
Cabot Oil & Gas Corp. | 23,887 | 516,437 | ||||||
Chevron Corp. | 29,732 | 2,735,344 | ||||||
ConocoPhillips | 24,948 | 1,050,311 | ||||||
Exxon Mobil Corp. | 39,769 | 1,848,065 | ||||||
Phillips 66 | 7,765 | 568,165 | ||||||
|
| |||||||
6,718,322 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.2% |
| |||||||
Helmerich & Payne, Inc. (a) | 7,382 | 145,942 | ||||||
Schlumberger Ltd. | 22,575 | 379,712 | ||||||
|
| |||||||
525,654 | ||||||||
|
| |||||||
Personal Goods — 2.4% |
| |||||||
Carter’s, Inc. | 2,576 | 201,443 | ||||||
Colgate-Palmolive Co. | 16,552 | 1,163,109 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 4,202 | 741,233 | ||||||
Kimberly-Clark Corp. | 7,580 | 1,049,678 | ||||||
NIKE, Inc., Class B | 23,045 | 2,009,063 | ||||||
VF Corp. | 6,958 | 404,260 | ||||||
|
| |||||||
5,568,786 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 12.8% |
| |||||||
AbbVie, Inc. | 28,093 | 2,309,245 | ||||||
Amgen, Inc. | 11,238 | 2,688,354 | ||||||
Biogen, Inc.* | 4,144 | 1,230,064 | ||||||
Eli Lilly & Co. | 16,707 | 2,583,570 | ||||||
Gilead Sciences, Inc. | 24,548 | 2,062,032 | ||||||
Illumina, Inc.* | 3,973 | 1,267,506 | ||||||
Incyte Corp.* | 8,811 | 860,482 | ||||||
Johnson & Johnson | 34,146 | 5,123,266 | ||||||
Merck & Co., Inc. | 45,100 | 3,578,234 | ||||||
Pfizer, Inc. | 89,181 | 3,420,983 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,615 | 849,296 | ||||||
Vertex Pharmaceuticals, Inc.* | 6,026 | 1,513,731 | ||||||
Zoetis, Inc. | 10,784 | 1,394,479 | ||||||
|
| |||||||
28,881,242 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 3.8% |
| |||||||
AGNC Investment Corp. | 27,381 | 340,072 | ||||||
American Tower Corp. | 8,749 | 2,082,262 | ||||||
Apartment Investment & Management Co., Class A | 6,086 | 229,260 | ||||||
Brookfield Property REIT, Inc., Class A (a) | 8,081 | 79,153 | ||||||
Camden Property Trust | 3,169 | 279,094 | ||||||
Chimera Investment Corp. | 26,034 | 202,284 | ||||||
Equity Commonwealth | 4,430 | 150,398 | ||||||
Equity LifeStyle Properties, Inc. | 9,194 | 554,490 | ||||||
Equity Residential | 6,801 | 442,473 | ||||||
Extra Space Storage, Inc. | 6,018 | 531,028 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
| ||||||||
Real Estate Investment Trusts — continued | ||||||||
Federal Realty Investment Trust | 3,148 | 262,134 | ||||||
Gaming and Leisure Properties, Inc. | 13,357 | 377,202 | ||||||
Lamar Advertising Co., Class A | 5,729 | 330,277 | ||||||
Life Storage, Inc. | 2,380 | 208,464 | ||||||
MFA Financial, Inc. | 40,543 | 70,950 | ||||||
New Residential Investment Corp. (a) | 21,181 | 128,993 | ||||||
Public Storage | 4,457 | 826,551 | ||||||
Simon Property Group, Inc. | 7,950 | 530,821 | ||||||
Starwood Property Trust, Inc. | 23,869 | 308,865 | ||||||
Vornado Realty Trust | 10,150 | 444,773 | ||||||
Weingarten Realty Investors | 6,398 | 116,380 | ||||||
|
| |||||||
8,495,924 | ||||||||
|
| |||||||
Software & Computer Services — 15.0% |
| |||||||
Adobe, Inc.* | 8,725 | 3,085,509 | ||||||
Akamai Technologies, Inc.* | 7,675 | 749,924 | ||||||
Alphabet, Inc., Class A* | 3,441 | 4,633,995 | ||||||
Arista Networks, Inc.* | 3,294 | 722,374 | ||||||
Aspen Technology, Inc.* | 5,360 | 548,060 | ||||||
Autodesk, Inc.* | 5,764 | 1,078,617 | ||||||
Cadence Design Systems, Inc.* | 11,080 | 898,920 | ||||||
Cerner Corp. | 9,962 | 691,263 | ||||||
Citrix Systems, Inc. | 6,229 | 903,267 | ||||||
Cognizant Technology Solutions Corp., Class A | 15,940 | 924,839 | ||||||
EPAM Systems, Inc.* | 2,014 | 444,872 | ||||||
Facebook, Inc., Class A* | 23,059 | 4,720,408 | ||||||
International Business Machines Corp. | 17,124 | 2,150,089 | ||||||
Intuit, Inc. | 5,543 | 1,495,557 | ||||||
Manhattan Associates, Inc.* | 7,783 | 552,126 | ||||||
Match Group, Inc.* (a) | 4,163 | 320,385 | ||||||
Microsoft Corp. | 28,321 | 5,075,407 | ||||||
Oracle Corp. | 40,024 | 2,120,071 | ||||||
Palo Alto Networks, Inc.* | 3,211 | 630,994 | ||||||
Paycom Software, Inc.* | 1,731 | 451,826 | ||||||
Premier, Inc., Class A* | 16,524 | 547,936 | ||||||
Proofpoint, Inc.* | 267 | 32,502 | ||||||
Synopsys, Inc.* | 4,635 | 728,251 | ||||||
VeriSign, Inc.* | 3,882 | 813,240 | ||||||
|
| |||||||
34,320,432 | ||||||||
|
| |||||||
Support Services — 3.7% |
| |||||||
Accenture plc, Class A | 12,350 | 2,287,097 | ||||||
Automatic Data Processing, Inc. | 9,394 | 1,378,006 | ||||||
Broadridge Financial Solutions, Inc. | 4,984 | 578,144 | ||||||
Cintas Corp. | 3,017 | 669,261 | ||||||
Jack Henry & Associates, Inc. | 4,183 | 684,130 | ||||||
MSC Industrial Direct Co., Inc., Class A | 4,925 | 293,727 |
SEE NOTES TO FINANCIAL STATEMENTS.
162 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Support Services — continued |
| |||||||
Paychex, Inc. | 10,828 | 741,935 | ||||||
Robert Half International, Inc. | 10,058 | 475,442 | ||||||
Verisk Analytics, Inc. | 5,400 | 825,282 | ||||||
WW Grainger, Inc. | 1,906 | 525,256 | ||||||
|
| |||||||
8,458,280 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 10.5% |
| |||||||
Analog Devices, Inc. | 7,283 | 798,217 | ||||||
Apple, Inc. | 16,805 | 4,937,309 | ||||||
Cisco Systems, Inc. | 77,270 | 3,274,703 | ||||||
Intel Corp. | 65,002 | 3,898,820 | ||||||
Lam Research Corp. | 3,782 | 965,469 | ||||||
Maxim Integrated Products, Inc. | 12,360 | 679,553 | ||||||
NetApp, Inc. | 3,690 | 161,511 | ||||||
NVIDIA Corp. | 10,660 | 3,115,705 | ||||||
Qorvo, Inc.* | 4,907 | 481,033 | ||||||
QUALCOMM, Inc. | 23,357 | 1,837,495 | ||||||
Teradyne, Inc. | 10,304 | 644,412 | ||||||
Texas Instruments, Inc. | 18,423 | 2,138,358 | ||||||
Ubiquiti, Inc. (a) | 2,042 | 330,865 | ||||||
Xilinx, Inc. | 7,531 | 658,209 | ||||||
|
| |||||||
23,921,659 | ||||||||
|
| |||||||
Tobacco — 1.0% |
| |||||||
Altria Group, Inc. | 30,397 | 1,193,082 | ||||||
Philip Morris International, Inc. | 14,252 | 1,063,199 | ||||||
|
| |||||||
2,256,281 | ||||||||
|
| |||||||
Travel & Leisure — 4.5% |
| |||||||
Booking Holdings, Inc.* | 918 | 1,359,163 | ||||||
Darden Restaurants, Inc. | 6,554 | 483,620 | ||||||
Expedia Group, Inc. | 5,399 | 383,221 | ||||||
Hilton Worldwide Holdings, Inc. | 8,914 | 674,879 | ||||||
Las Vegas Sands Corp. | 13,020 | 625,220 | ||||||
Marriott International, Inc., Class A | 7,623 | 693,236 | ||||||
McDonald’s Corp. | 11,909 | 2,233,652 | ||||||
Six Flags Entertainment Corp. | 7,012 | 140,310 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Travel & Leisure — continued |
| |||||||
Southwest Airlines Co. | 17,036 | 532,375 | ||||||
Starbucks Corp. | 23,677 | 1,816,736 | ||||||
TripAdvisor, Inc. (a) | 10,184 | 203,374 | ||||||
Vail Resorts, Inc. | 1,332 | 227,772 | ||||||
Yum! Brands, Inc. | 9,487 | 819,961 | ||||||
|
| |||||||
10,193,519 | ||||||||
|
| |||||||
Total Common Stocks | 226,640,683 | |||||||
|
| |||||||
Short-Term Investments — 1.3% |
| |||||||
Investment Companies — 0.2% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (c)(d) | 347,012 | 347,012 | ||||||
|
| |||||||
Investment of Cash Collateral From Securities Loaned — 1.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (c) (d) (Cost $2,522,823) | 2,522,823 | 2,522,823 | ||||||
|
| |||||||
Total Short-Term Investments | 2,869,835 | |||||||
|
| |||||||
Total Investments — 101.0% | 229,510,518 | |||||||
Liabilities in Excess of | (2,269,963 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 227,240,555 | ||||||
|
|
Percentages indicated are based on net assets.
Abbreviations
| ||
REIT | RealEstate Investment Trust
|
(a) | The security or a portion of this security is on loan at April 30, 2020. The total value of securities on loan at April 30, 2020 is $2,379,716. | |
(b) | Amount rounds to less than 0.1% of net assets. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of April 30, 2020. | |
* | Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
MicroE-Mini S&P 500 Index | 44 | 06/2020 | USD | 638,275 | 90,296 | |||||||||||||||
|
|
Abbreviations
| ||
USD | UnitedStates Dollar |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 163 |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — 99.7% |
| |||||||
Aerospace & Defense — 0.9% |
| |||||||
General Dynamics Corp. | 1,123 | 146,686 | ||||||
Raytheon Technologies Corp. | 3,930 | 254,703 | ||||||
Textron, Inc. | 2,062 | 54,355 | ||||||
|
| |||||||
455,744 | ||||||||
|
| |||||||
Automobiles & Parts — 1.9% |
| |||||||
BorgWarner, Inc. | 3,481 | 99,452 | ||||||
Ford Motor Co. | 30,921 | 157,388 | ||||||
General Motors Co. | 6,393 | 142,500 | ||||||
Gentex Corp. | 5,395 | 130,775 | ||||||
Genuine Parts Co. | 1,720 | 136,362 | ||||||
Goodyear Tire & Rubber Co. (The) | 9,230 | 66,179 | ||||||
Harley-Davidson, Inc. | 4,459 | 97,340 | ||||||
Lear Corp. | 1,294 | 126,359 | ||||||
|
| |||||||
956,355 | ||||||||
|
| |||||||
Banks — 6.4% |
| |||||||
Associated Banc-Corp. | 4,786 | 67,674 | ||||||
Bank of America Corp. | 4,245 | 102,092 | ||||||
Bank OZK | 3,110 | 70,348 | ||||||
BOK Financial Corp. | 588 | 30,453 | ||||||
CIT Group, Inc. | 2,086 | 39,592 | ||||||
Citigroup, Inc. | 9,371 | 455,056 | ||||||
Citizens Financial Group, Inc. | 6,037 | 135,168 | ||||||
Comerica, Inc. | 1,857 | 64,735 | ||||||
Fifth Third Bancorp | 7,832 | 146,380 | ||||||
First Horizon National Corp. | 5,837 | 53,000 | ||||||
FNB Corp. | 13,667 | 110,566 | ||||||
Huntington Bancshares, Inc. | 12,275 | 113,421 | ||||||
KeyCorp | 12,238 | 142,573 | ||||||
New York Community Bancorp, Inc. (a) | 13,989 | 151,921 | ||||||
PacWest Bancorp | 4,583 | 92,760 | ||||||
People’s United Financial, Inc. | 8,390 | 106,469 | ||||||
PNC Financial Services Group, Inc. (The) | 3,049 | 325,237 | ||||||
Popular, Inc. (Puerto Rico) | 3,005 | 115,963 | ||||||
Regions Financial Corp. | 13,740 | 147,705 | ||||||
Synovus Financial Corp. | 2,791 | 58,639 | ||||||
Truist Financial Corp. | 6,347 | 236,870 | ||||||
Umpqua Holdings Corp. (a) | 9,378 | 117,460 | ||||||
Wells Fargo & Co. | 20,066 | 582,917 | ||||||
|
| |||||||
3,466,999 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Keurig Dr Pepper, Inc. | 4,809 | 127,246 | ||||||
Molson Coors Beverage Co., Class B | 3,033 | 124,384 | ||||||
|
| |||||||
251,630 | ||||||||
|
| |||||||
Chemicals — 1.0% |
| |||||||
Cabot Corp. | 1,199 | 40,634 | ||||||
Chemours Co. (The) (a) | 4,828 | 56,632 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
|
| |||||||
Chemicals — continued |
| |||||||
DuPont de Nemours, Inc. | 1,223 | 57,506 | ||||||
Eastman Chemical Co. | 1,891 | 114,424 | ||||||
Huntsman Corp. | 3,879 | 65,206 | ||||||
LyondellBasell Industries NV, Class A | 2,504 | 145,107 | ||||||
Olin Corp. | 4,108 | 54,842 | ||||||
|
| |||||||
534,351 | ||||||||
|
| |||||||
Construction & Materials — 0.7% |
| |||||||
AECOM* | 7 | 254 | ||||||
Carrier Global Corp.* | 3,851 | 68,201 | ||||||
MDU Resources Group, Inc. | 1,113 | 24,998 | ||||||
Owens Corning | 2,417 | 104,801 | ||||||
Trane Technologies plc | 1,411 | 123,350 | ||||||
|
| |||||||
321,604 | ||||||||
|
| |||||||
Electricity — 2.3% |
| |||||||
Avangrid, Inc. (a) | 2,273 | 97,739 | ||||||
Consolidated Edison, Inc. | 2,670 | 210,396 | ||||||
Exelon Corp. | 6,469 | 239,871 | ||||||
Hawaiian Electric Industries, Inc. | 2,405 | 94,925 | ||||||
OGE Energy Corp. | 1,995 | 62,882 | ||||||
Pinnacle West Capital Corp. | 856 | 65,904 | ||||||
PPL Corp. | 6,820 | 173,364 | ||||||
Public Service Enterprise Group, Inc. | 2,469 | 125,203 | ||||||
Southern Co. (The) | 3,448 | 195,605 | ||||||
|
| |||||||
1,265,889 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 1.3% |
| |||||||
Avnet, Inc. (a) | 1,919 | 57,609 | ||||||
Emerson Electric Co. | 4,339 | 247,453 | ||||||
Hubbell, Inc. (a) | 1,095 | 136,251 | ||||||
nVent Electric plc | 5,489 | 102,370 | ||||||
Regal Beloit Corp. (a) | 1,673 | 118,800 | ||||||
WESCO International, Inc.* | 2,647 | 68,478 | ||||||
|
| |||||||
730,961 | ||||||||
|
| |||||||
Financial Services — 3.8% |
| |||||||
Ally Financial, Inc. | 5,019 | 82,261 | ||||||
Bank of New York Mellon Corp. (The) | 6,925 | 259,964 | ||||||
Capital One Financial Corp. | 3,570 | 231,193 | ||||||
Franklin Resources, Inc. | 4,233 | 79,750 | ||||||
Goldman Sachs Group, Inc. (The) | 2,104 | 385,916 | ||||||
Invesco Ltd. | 8,859 | 76,364 | ||||||
Janus Henderson Group plc (United Kingdom) (a) | 4,184 | 74,894 | ||||||
Jefferies Financial Group, Inc. (a) | 5,711 | 78,355 | ||||||
Legg Mason, Inc. | 3,088 | 153,875 | ||||||
Morgan Stanley | 8,228 | 324,430 | ||||||
Navient Corp. | 11,411 | 86,952 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 2,044 | 31,866 | ||||||
State Street Corp. | 3,582 | 225,809 | ||||||
|
| |||||||
2,091,629 | ||||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
164 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Fixed Line Telecommunications — 2.0% |
| |||||||
AT&T, Inc. | 19,350 | 589,595 | ||||||
CenturyLink, Inc. | 5,994 | 63,656 | ||||||
Verizon Communications, Inc. | 7,884 | 452,936 | ||||||
|
| |||||||
1,106,187 | ||||||||
|
| |||||||
Food & Drug Retailers — 1.9% |
| |||||||
AmerisourceBergen Corp. | 1,327 | 118,979 | ||||||
CVS Health Corp. | 7,154 | 440,329 | ||||||
Kroger Co. (The) | 7,458 | 235,747 | ||||||
Walgreens Boots Alliance, Inc. | 5,645 | 244,372 | ||||||
|
| |||||||
1,039,427 | ||||||||
|
| |||||||
Food Producers — 2.6% |
| |||||||
Archer-Daniels-Midland Co. | 4,918 | 182,655 | ||||||
Conagra Brands, Inc. | 3,935 | 131,586 | ||||||
Flowers Foods, Inc. (a) | 5,947 | 132,499 | ||||||
General Mills, Inc. | 4,628 | 277,171 | ||||||
Ingredion, Inc. | 1,672 | 135,766 | ||||||
JM Smucker Co. (The) | 1,394 | 160,185 | ||||||
Kraft Heinz Co. (The) | 7,370 | 223,532 | ||||||
Tyson Foods, Inc., Class A | 2,439 | 151,681 | ||||||
|
| |||||||
1,395,075 | ||||||||
|
| |||||||
Forestry & Paper — 0.3% |
| |||||||
Domtar Corp. | 2,654 | 61,997 | ||||||
International Paper Co. | 3,141 | 107,579 | ||||||
|
| |||||||
169,576 | ||||||||
|
| |||||||
Gas, Water & Multiutilities — 1.0% |
| |||||||
CenterPoint Energy, Inc. | 6,099 | 103,866 | ||||||
Duke Energy Corp. | 4,201 | 355,657 | ||||||
National Fuel Gas Co. | 1,777 | 72,857 | ||||||
|
| |||||||
532,380 | ||||||||
|
| |||||||
General Industrials — 2.2% |
| |||||||
Carlisle Cos., Inc. (a) | 1,024 | 123,863 | ||||||
Eaton Corp. plc | 2,982 | 248,997 | ||||||
Graphic Packaging Holding Co. | 9,318 | 124,395 | ||||||
Packaging Corp. of America | 1,665 | 160,922 | ||||||
Parker-Hannifin Corp. | 1,139 | 180,099 | ||||||
Silgan Holdings, Inc. | 3,870 | 133,515 | ||||||
Sonoco Products Co. | 2,272 | 110,965 | ||||||
WestRock Co. | 4,534 | 145,950 | ||||||
|
| |||||||
1,228,706 | ||||||||
|
| |||||||
General Retailers — 3.1% |
| |||||||
AutoNation, Inc.* | 2,809 | 104,607 | ||||||
Best Buy Co., Inc. | 2,424 | 185,994 | ||||||
Dick’s Sporting Goods, Inc. (a) | 3,150 | 92,578 | ||||||
eBay, Inc. | 1,566 | 62,374 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
|
| |||||||
General Retailers — continued |
| |||||||
Foot Locker, Inc. | 3,838 | 98,368 | ||||||
Gap, Inc. (The) (a) | 9,359 | 75,995 | ||||||
H&R Block, Inc. | 6,253 | 104,113 | ||||||
KAR Auction Services, Inc. | 6,562 | 98,299 | ||||||
Kohl’s Corp. | 3,647 | 67,324 | ||||||
Macy’s, Inc. (a) | 9,925 | 58,160 | ||||||
Nordstrom, Inc. | 2,545 | 47,795 | ||||||
Penske Automotive Group, Inc. | 2,765 | 99,485 | ||||||
Target Corp. | 3,112 | 341,511 | ||||||
Urban Outfitters, Inc.* | 2,842 | 49,280 | ||||||
Williams-Sonoma, Inc. | 2,139 | 132,276 | ||||||
|
| |||||||
1,618,159 | ||||||||
|
| |||||||
Health Care Equipment & Services — 7.4% |
| |||||||
Anthem, Inc. | 1,468 | 412,111 | ||||||
Baxter International, Inc. | 1,414 | 125,535 | ||||||
Becton Dickinson and Co. | 1,373 | 346,724 | ||||||
Cigna Corp. | 2,110 | 413,096 | ||||||
Hill-Rom Holdings, Inc. | 1,213 | 136,450 | ||||||
Humana, Inc. | 901 | 344,020 | ||||||
MEDNAX, Inc.* | 2,156 | 31,305 | ||||||
Medtronic plc | 6,289 | 613,995 | ||||||
Quest Diagnostics, Inc. | 1,679 | 184,875 | ||||||
UnitedHealth Group, Inc. | 3,669 | 1,073,072 | ||||||
Universal Health Services, Inc., Class B | 1,256 | 132,746 | ||||||
Zimmer Biomet Holdings, Inc. | 1,348 | 161,356 | ||||||
|
| |||||||
3,975,285 | ||||||||
|
| |||||||
Household Goods & Home Construction — 1.5% |
| |||||||
Leggett & Platt, Inc. | 1,981 | 69,593 | ||||||
Lennar Corp., Class A | 3,029 | 151,662 | ||||||
Newell Brands, Inc. | 7,088 | 98,381 | ||||||
PulteGroup, Inc. | 3,912 | 110,592 | ||||||
Stanley Black & Decker, Inc. | 1,362 | 150,092 | ||||||
Toll Brothers, Inc. | 3,648 | 87,625 | ||||||
Whirlpool Corp. (a) | 1,127 | 125,931 | ||||||
|
| |||||||
793,876 | ||||||||
|
| |||||||
Industrial Engineering — 3.5% |
| |||||||
AGCO Corp. | 1,887 | 99,709 | ||||||
Allison Transmission Holdings, Inc. | 2,932 | 106,549 | ||||||
Caterpillar, Inc. | 2,545 | 296,187 | ||||||
Crane Co. | 1,800 | 98,010 | ||||||
Cummins, Inc. | 1,370 | 223,995 | ||||||
Dover Corp. | 1,713 | 160,423 | ||||||
Oshkosh Corp. | 1,742 | 117,637 | ||||||
Otis Worldwide Corp.* | 1,926 | 98,027 | ||||||
PACCAR, Inc. | 3,028 | 209,628 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 165 |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Industrial Engineering — continued |
| |||||||
Pentair plc | 3,518 | 121,688 | ||||||
Snap-on, Inc. | 1,025 | 133,547 | ||||||
Timken Co. (The) | 2,891 | 108,644 | ||||||
Trinity Industries, Inc. (a) | 5,758 | 111,072 | ||||||
|
| |||||||
1,885,116 | ||||||||
|
| |||||||
Industrial Metals & Mining — 0.6% |
| |||||||
Nucor Corp. | 3,270 | 134,691 | ||||||
Reliance Steel & Aluminum Co. | 1,387 | 124,247 | ||||||
Steel Dynamics, Inc. | 3,443 | 83,562 | ||||||
|
| |||||||
342,500 | ||||||||
|
| |||||||
Industrial Transportation — 1.6% |
| |||||||
Macquarie Infrastructure Corp. | 3,282 | 90,550 | ||||||
Norfolk Southern Corp. | 1,681 | 287,619 | ||||||
Ryder System, Inc. | 2,177 | 77,066 | ||||||
Schneider National, Inc., Class B | 3,127 | 68,512 | ||||||
Union Pacific Corp. | 1,991 | 318,142 | ||||||
|
| |||||||
841,889 | ||||||||
|
| |||||||
Leisure Goods — 0.2% |
| |||||||
Thor Industries, Inc. (a) | 1,764 | 116,777 | ||||||
|
| |||||||
Life Insurance — 1.5% |
| |||||||
Lincoln National Corp. | 3,201 | 113,539 | ||||||
MetLife, Inc. | 6,567 | 236,937 | ||||||
Principal Financial Group, Inc. (a) | 3,879 | 141,234 | ||||||
Prudential Financial, Inc. | 3,307 | 206,258 | ||||||
Unum Group | 4,573 | 79,799 | ||||||
|
| |||||||
777,767 | ||||||||
|
| |||||||
Media — 4.3% |
| |||||||
AMC Networks, Inc., Class A* | 2,230 | 53,185 | ||||||
Comcast Corp., Class A | 20,849 | 784,548 | ||||||
Discovery, Inc., Class A* (a) | 4,658 | 104,432 | ||||||
DISH Network Corp., Class A* | 4,526 | 113,218 | ||||||
Fox Corp., Class A | 5,150 | 133,231 | ||||||
Fox Corp., Class B | 4,451 | 113,768 | ||||||
Graham Holdings Co., Class B | 129 | 50,311 | ||||||
Interpublic Group of Cos., Inc. (The) | 7,015 | 119,115 | ||||||
John Wiley & Sons, Inc., Class A | 2,026 | 76,076 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class C* (a) | 3,239 | 110,353 | ||||||
Lions Gate Entertainment Corp., Class A* | 7,902 | 56,420 | ||||||
Nexstar Media Group, Inc., Class A (a) | 1,199 | 83,978 | ||||||
Nielsen Holdings plc | 6,145 | 90,516 | ||||||
Omnicom Group, Inc. | 2,622 | 149,533 | ||||||
Qurate Retail, Inc., Series A* | 15,556 | 125,303 | ||||||
Sinclair Broadcast Group, Inc., Class A | 3,725 | 65,746 | ||||||
ViacomCBS, Inc. | 6,901 | 119,111 | ||||||
|
| |||||||
2,348,844 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
| ||||||||
Nonlife Insurance — 1.0% |
| |||||||
Assured Guaranty Ltd. | 3,556 | 105,720 | ||||||
First American Financial Corp. | 2,877 | 132,687 | ||||||
Mercury General Corp. | 1,668 | 68,321 | ||||||
Old Republic International Corp. | 7,486 | 119,402 | ||||||
Reinsurance Group of America, Inc. | 1,192 | 124,779 | ||||||
|
| |||||||
550,909 | ||||||||
|
| |||||||
Oil & Gas Producers — 3.1% |
| |||||||
Chevron Corp. | 7,194 | 661,848 | ||||||
ConocoPhillips | 971 | 40,879 | ||||||
Exxon Mobil Corp. | 12,637 | 587,241 | ||||||
HollyFrontier Corp. | 2,280 | 75,331 | ||||||
Marathon Petroleum Corp. | 4,758 | 152,637 | ||||||
Valero Energy Corp. | 2,857 | 180,991 | ||||||
|
| |||||||
1,698,927 | ||||||||
|
| |||||||
Oil Equipment, Services & Distribution — 0.3% |
| |||||||
Helmerich & Payne, Inc. | 1,567 | 30,980 | ||||||
Kinder Morgan, Inc. | 5,265 | 80,186 | ||||||
|
| |||||||
111,166 | ||||||||
|
| |||||||
Personal Goods — 0.8% |
| |||||||
Capri Holdings Ltd.* | 2,058 | 31,385 | ||||||
Hanesbrands, Inc. | 10,215 | 101,537 | ||||||
Nu Skin Enterprises, Inc., Class A | 2,578 | 75,303 | ||||||
PVH Corp. | 1,670 | 82,214 | ||||||
Ralph Lauren Corp. | 1,303 | 96,135 | ||||||
Tapestry, Inc. | 6,057 | 90,128 | ||||||
|
| |||||||
476,702 | ||||||||
|
| |||||||
Pharmaceuticals & Biotechnology — 8.5% |
| |||||||
Abbott Laboratories | 1,444 | 132,978 | ||||||
Allergan plc | 1,933 | 362,128 | ||||||
Amgen, Inc. | 2,035 | 486,813 | ||||||
Gilead Sciences, Inc. | 6,759 | 567,756 | ||||||
Johnson & Johnson | 7,521 | 1,128,450 | ||||||
Merck & Co., Inc. | 9,699 | 769,519 | ||||||
Perrigo Co. plc (a) | 1,764 | 94,021 | ||||||
Pfizer, Inc. | 25,629 | 983,128 | ||||||
|
| |||||||
4,524,793 | ||||||||
|
| |||||||
Real Estate Investment Trusts — 2.4% |
| |||||||
AGNC Investment Corp. (a) | 10,256 | 127,380 | ||||||
Annaly Capital Management, Inc. | 20,506 | 128,162 | ||||||
Apple Hospitality REIT, Inc. | 5,288 | 51,188 | ||||||
Brandywine Realty Trust | 6,137 | 68,489 | ||||||
Brixmor Property Group, Inc. | 5,130 | 58,739 | ||||||
Chimera Investment Corp. | 7,636 | 59,332 | ||||||
Colony Capital, Inc. | 846 | 1,954 | ||||||
Columbia Property Trust, Inc. | 2,681 | 38,311 |
SEE NOTES TO FINANCIAL STATEMENTS.
166 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Real Estate Investment Trusts — continued |
| |||||||
EPR Properties | 1,486 | 43,718 | ||||||
Kimco Realty Corp. | 9,000 | 98,190 | ||||||
Medical Properties Trust, Inc. | 8,680 | 148,775 | ||||||
MFA Financial, Inc. | 20,464 | 35,812 | ||||||
New Residential Investment Corp. (a) | 10,391 | 63,281 | ||||||
Omega Healthcare Investors, Inc. | 4,391 | 127,998 | ||||||
Park Hotels & Resorts, Inc. | 5,325 | 50,641 | ||||||
Retail Properties of America, Inc., Class A (a) | 3,368 | 20,882 | ||||||
Service Properties Trust | 4,960 | 34,373 | ||||||
Starwood Property Trust, Inc. | 7,266 | 94,022 | ||||||
Two Harbors Investment Corp. | 10,741 | 49,086 | ||||||
Weingarten Realty Investors | 1,423 | 25,884 | ||||||
|
| |||||||
1,326,217 | ||||||||
|
| |||||||
Software & Computer Services — 9.7% |
| |||||||
Akamai Technologies, Inc.* | 1,885 | 184,183 | ||||||
Alphabet, Inc., Class A* | 93 | 125,243 | ||||||
Amdocs Ltd. | 2,366 | 152,465 | ||||||
Arista Networks, Inc.* | 563 | 123,466 | ||||||
CACI International, Inc., Class A* | 366 | 91,551 | ||||||
CDK Global, Inc. (a) | 106 | 4,164 | ||||||
Cerence, Inc.* | 2,706 | 57,259 | ||||||
Cerner Corp. | 2,221 | 154,115 | ||||||
Change Healthcare, Inc.* | 4,489 | 52,252 | ||||||
Citrix Systems, Inc. | 1,059 | 153,566 | ||||||
Cognizant Technology Solutions Corp., Class A | 3,753 | 217,749 | ||||||
Covetrus, Inc.* (a) | 5,638 | 67,036 | ||||||
Dell Technologies, Inc., Class C* | 2,009 | 85,764 | ||||||
DXC Technology Co. | 4,412 | 79,990 | ||||||
F5 Networks, Inc.* | 712 | 99,153 | ||||||
Hewlett Packard Enterprise Co. | 14,318 | 144,039 | ||||||
International Business Machines Corp. | 4,423 | 555,352 | ||||||
Leidos Holdings, Inc. (a) | 1,670 | 165,013 | ||||||
LogMeIn, Inc. | 1,568 | 134,001 | ||||||
Microsoft Corp. | 7,313 | 1,310,563 | ||||||
NCR Corp.* | 2,790 | 57,251 | ||||||
NortonLifeLock, Inc. | 8,383 | 178,306 | ||||||
Nuance Communications, Inc.* | 4,771 | 96,374 | ||||||
Oracle Corp. | 10,338 | 547,604 | ||||||
Premier, Inc., Class A* | 2,218 | 73,549 | ||||||
SS&C Technologies Holdings, Inc. | 2,095 | 115,560 | ||||||
Twitter, Inc.* | 5,017 | 143,888 | ||||||
VMware, Inc., Class A* (a) | 764 | 100,481 | ||||||
|
| |||||||
5,269,937 | ||||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
|
| |||||||
Support Services — 1.3% |
| |||||||
ADT, Inc. (a) | 14,391 | 82,460 | ||||||
Alliance Data Systems Corp. | 1,402 | 70,198 | ||||||
Johnson Controls International plc | 5,993 | 174,456 | ||||||
ManpowerGroup, Inc. | 1,778 | 131,999 | ||||||
MSC Industrial Direct Co., Inc., Class A | 2,073 | 123,634 | ||||||
Robert Half International, Inc. | 1,545 | 73,032 | ||||||
Xerox Holdings Corp. | 4,342 | 79,415 | ||||||
|
| |||||||
735,194 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 16.6% |
| |||||||
Analog Devices, Inc. | 2,434 | 266,767 | ||||||
Apple, Inc. | 4,336 | 1,273,917 | ||||||
Applied Materials, Inc. | 5,744 | 285,362 | ||||||
Broadcom, Inc. | 1,970 | 535,091 | ||||||
CDW Corp. | 1,309 | 145,037 | ||||||
Ciena Corp.* | 2,079 | 96,154 | ||||||
Cisco Systems, Inc. | 19,992 | 847,261 | ||||||
CommScope Holding Co., Inc.* | 6,024 | 66,324 | ||||||
Corning, Inc. | 6,828 | 150,284 | ||||||
Entegris, Inc. | 2,184 | 118,438 | ||||||
HP, Inc. | 11,359 | 176,178 | ||||||
Intel Corp. | 19,088 | 1,144,898 | ||||||
Juniper Networks, Inc. | 6,840 | 147,744 | ||||||
KLA Corp. | 1,414 | 232,023 | ||||||
L3Harris Technologies, Inc. | 1,464 | 283,577 | ||||||
Lam Research Corp. | 985 | 251,451 | ||||||
Maxim Integrated Products, Inc. | 3,166 | 174,067 | ||||||
Microchip Technology, Inc. (a) | 1,641 | 143,965 | ||||||
Micron Technology, Inc.* | 6,697 | 320,719 | ||||||
MKS Instruments, Inc. | 1,386 | 138,919 | ||||||
Motorola Solutions, Inc. | 970 | 139,496 | ||||||
NetApp, Inc. | 2,593 | 113,496 | ||||||
ON Semiconductor Corp.* (a) | 4,960 | 79,583 | ||||||
Qorvo, Inc.* | 1,399 | 137,144 | ||||||
QUALCOMM, Inc. | 5,176 | 407,196 | ||||||
Skyworks Solutions, Inc. | 1,841 | 191,243 | ||||||
SYNNEX Corp. | 1,103 | 96,579 | ||||||
Teradyne, Inc. | 2,656 | 166,106 | ||||||
Texas Instruments, Inc. | 4,749 | 551,217 | ||||||
Western Digital Corp. | 3,268 | 150,589 | ||||||
Xilinx, Inc. | 1,673 | 146,220 | ||||||
|
| |||||||
8,977,045 | ||||||||
|
| |||||||
Tobacco — 0.7% |
| |||||||
Altria Group, Inc. | 10,306 | 404,511 | ||||||
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 167 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) | ||||||
Common Stocks — continued |
| |||||||
Travel & Leisure — 2.8% |
| |||||||
Alaska Air Group, Inc. | 2,802 | 91,121 | ||||||
Aramark | 3,914 | 106,891 | ||||||
Carnival Corp. (a) | 4,580 | 72,822 | ||||||
Cinemark Holdings, Inc. | 4,947 | 70,643 | ||||||
Copa Holdings SA, Class A (Panama) | 1,536 | 67,907 | ||||||
Darden Restaurants, Inc. | 1,040 | 76,742 | ||||||
Delta Air Lines, Inc. | 4,964 | 128,617 | ||||||
Extended Stay America, Inc. | 6,007 | 65,296 | ||||||
JetBlue Airways Corp.* (a) | 7,869 | 76,644 | ||||||
Las Vegas Sands Corp. | 3,336 | 160,195 | ||||||
MGM Resorts International | 6,697 | 112,710 | ||||||
Royal Caribbean Cruises Ltd. (a) | 2,135 | 99,854 | ||||||
Sabre Corp. | 5,304 | 38,560 | ||||||
Six Flags Entertainment Corp. | 2,612 | 52,266 | ||||||
Southwest Airlines Co. | 4,250 | 132,812 | ||||||
United Airlines Holdings, Inc.* | 2,544 | 75,252 | ||||||
Wyndham Destinations, Inc. | 3,070 | 78,500 | ||||||
|
| |||||||
1,506,832 | ||||||||
|
| |||||||
Total Common Stocks | 53,828,959 | |||||||
|
|
INVESTMENTS | SHARES | VALUE ($) | ||||||
Short-Term Investments — 5.1% |
| |||||||
Investment Companies — 0.1% |
| |||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (b) (c) (Cost $71,376) | 71,376 | 71,376 | ||||||
|
| |||||||
Investment of Cash Collateral From Securities Loaned — 5.0% |
| |||||||
JPMorgan U.S. Government Money Market | 2,695,999 | 2,695,999 | ||||||
|
| |||||||
Total Short-Term Investments | 2,767,375 | |||||||
|
| |||||||
Total Investments — 104.8% | 56,596,334 | |||||||
Liabilities in Excess of | (2,578,019 | ) | ||||||
|
| |||||||
NET ASSETS — 100.0% |
| 54,018,315 | ||||||
|
|
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, 2020. The total value of securities on loan at April 30, 2020 is $2,517,422. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of April 30, 2020. | |
Non-income producing security. |
Futures contracts outstanding as of April 30, 2020: | ||||||||||||||||||||
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
S&P 500 MicE-mini Index | 10 | 06/2020 | USD | 145,063 | 26,012 | |||||||||||||||
|
|
Abbreviations
USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
168 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2020 (Unaudited)
JPMorgan BetaBuilders Canada ETF | JPMorgan BetaBuilders Developed Asia ex-Japan ETF | JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders International Equity ETF | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 3,170,144,497 | $ | 1,110,182,709 | $ | 2,312,074,551 | $ | 41,870,953 | ||||||||
Investments in affiliates, at value | — | — | — | 49,618 | ||||||||||||
Investments of cash collateral received from securities loaned, at value (See Note 2.D.) | 244,198,283 | 4,336,441 | 136,049,603 | 941,191 | ||||||||||||
Cash | 254,160 | 10,000 | 1,033,843 | 106,910 | ||||||||||||
Foreign currency, at value | 15,171,850 | 5,517,230 | 5,320,867 | 22,765 | ||||||||||||
Deposits at broker for futures contracts | 4,354,323 | 1,075,766 | 3,505,624 | — | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | 48,952,681 | 12,857 | ||||||||||||
Interest and dividends fromnon-affiliates | 10,641,604 | 707,316 | 4,554,685 | 173,092 | ||||||||||||
Dividends from affiliates | — | — | — | 10 | ||||||||||||
Tax reclaims | 660,449 | 29,461 | 9,436,988 | 25,365 | ||||||||||||
Securities lending income (See Note 2.D.) | 367,916 | 12,979 | 99,838 | 433 | ||||||||||||
Variation margin on futures contracts | — | 122,342 | — | 68,169 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 3,445,793,082 | 1,121,994,244 | 2,521,028,680 | 43,271,363 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: |
| |||||||||||||||
Payables: | ||||||||||||||||
Investment securities purchased | — | 680,759 | 135,290 | 2,897 | ||||||||||||
Collateral received on securities loaned | 244,198,283 | 4,336,441 | 136,049,603 | 941,191 | ||||||||||||
Fund shares redeemed | — | — | 49,449,812 | — | ||||||||||||
Variation margin on futures contracts | 31,446 | — | 132,706 | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Management fees (See Note 3.A.) | 403,433 | 126,113 | 180,016 | 2,327 | ||||||||||||
Other | — | 4,965 | — | 19 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 244,633,162 | 5,148,278 | 185,947,427 | 946,434 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 3,201,159,920 | $ | 1,116,845,966 | $ | 2,335,081,253 | $ | 42,324,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 3,694,152,059 | $ | 1,357,639,907 | $ | 3,150,281,342 | $ | 43,611,689 | ||||||||
Total distributable earnings (loss) | (492,992,139 | ) | (240,793,941 | ) | (815,200,089 | ) | (1,286,760 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 3,201,159,920 | $ | 1,116,845,966 | $ | 2,335,081,253 | $ | 42,324,929 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares |
| |||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 151,800,000 | 54,600,000 | 115,200,000 | 1,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 21.09 | $ | 20.46 | $ | 20.27 | $ | 42.32 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 3,621,322,424 | $ | 1,321,394,018 | $ | 2,779,010,728 | $ | 43,243,425 | ||||||||
Cost of investments in affiliates | — | — | — | 49,618 | ||||||||||||
Cost of foreign currency | 14,872,127 | 5,391,333 | 5,257,198 | 22,486 | ||||||||||||
Investment securities on loan, at value | 223,612,348 | 4,116,135 | 125,871,397 | 884,884 | ||||||||||||
Cost of investment of cash collateral (See Note 2.D.) | 244,192,440 | 4,336,639 | 136,026,700 | 941,191 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 169 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2020 (Unaudited) (continued)
JPMorgan BetaBuilders Japan ETF | JPMorgan BetaBuilders U.S. Equity ETF | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | JPMorgan Diversified Return Emerging Markets Equity ETF | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 2,632,655,833 | $ | 126,417,263 | $ | 5,351,013 | $ | 260,178,307 | ||||||||
Investments in affiliates, at value | — | 1,998,493 | 3,453 | — | ||||||||||||
Investments of cash collateral received from securities loaned, at value (See Note 2.D.) | 5,116,764 | 1,196,285 | 16,843 | 813,189 | ||||||||||||
Cash | 371,717 | — | — | 404,774 | ||||||||||||
Foreign currency, at value | 5,727,497 | — | — | 199,769 | ||||||||||||
Deposits at broker for futures contracts | 2,322,285 | 82,000 | 11,000 | 224,180 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | 3,290,620 | — | — | — | ||||||||||||
Dividends fromnon-affiliates | 26,957,968 | 92,430 | 1,931 | 460,652 | ||||||||||||
Dividends from affiliates | — | 93 | 1 | — | ||||||||||||
Tax reclaims | 2,452 | — | — | 8,948 | ||||||||||||
Securities lending income (See Note 2.D.) | 29,327 | 505 | — | 419 | ||||||||||||
Variation margin on futures contracts | 216,049 | 7,351 | 171 | — | ||||||||||||
Other | — | 12,874 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 2,676,690,512 | 129,807,294 | 5,384,412 | 262,290,238 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: |
| |||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | — | 15,856 | 369 | — | ||||||||||||
Investment securities purchased | — | — | 1,337 | — | ||||||||||||
Collateral received on securities loaned | 5,116,764 | 1,196,285 | 16,843 | 813,189 | ||||||||||||
Variation margin on futures contracts | — | — | — | 21,521 | ||||||||||||
Other | 261 | — | — | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Management fees (See Note 3.A.) | 300,383 | 7,437 | 156 | 135,184 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 5,417,408 | 1,219,578 | 18,705 | 969,894 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 2,671,273,104 | $ | 128,587,716 | $ | 5,365,707 | $ | 261,320,344 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 2,942,060,588 | $ | 127,239,485 | $ | 5,078,167 | $ | 334,262,283 | ||||||||
Total distributable earnings (loss) | (270,787,484 | ) | 1,348,231 | 287,540 | (72,941,939 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 2,671,273,104 | $ | 128,587,716 | $ | 5,365,707 | $ | 261,320,344 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares |
| |||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 124,800,000 | 2,450,000 | 100,000 | 6,000,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 21.40 | $ | 52.48 | $ | 53.66 | $ | 43.55 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 2,983,385,013 | $ | 125,449,754 | $ | 5,066,456 | $ | 301,814,348 | ||||||||
Cost of investments in affiliates | — | 2,240,371 | 3,453 | — | ||||||||||||
Cost of foreign currency | 5,669,263 | — | — | 213,541 | ||||||||||||
Investment securities on loan, at value | 4,773,254 | 1,128,274 | 15,885 | 766,526 | ||||||||||||
Cost of investment of cash collateral (See Note 2.D.) | 5,114,464 | 1,196,285 | 16,843 | 813,189 |
SEE NOTES TO FINANCIAL STATEMENTS.
170 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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 | |||||||||||||
ASSETS: |
| |||||||||||||||
Investments innon-affiliates, at value | $ | 909,667,000 | $ | 581,283,403 | $ | 204,068,147 | $ | 121,060,916 | ||||||||
Investments in affiliates, at value | 908,334 | 405,848 | 225,209 | 269,662 | ||||||||||||
Investments of cash collateral received from securities loaned, at value (See Note 2.D.) | 22,036,532 | 22,850,526 | 9,585,139 | 19,338,205 | ||||||||||||
Cash | 944,942 | — | — | 6,792 | ||||||||||||
Foreign currency, at value | 543,724 | — | — | — | ||||||||||||
Deposits at broker for futures contracts | 1,231,150 | 330,600 | 243,760 | 133,500 | ||||||||||||
Receivables: | ||||||||||||||||
Investment securities sold | — | — | — | 1,265,449 | ||||||||||||
Dividends fromnon-affiliates | 5,099,169 | 492,534 | 100,547 | 44,520 | ||||||||||||
Dividends from affiliates | 17 | 246 | 125 | 38 | ||||||||||||
Tax reclaims | 2,029,848 | — | — | — | ||||||||||||
Securities lending income (See Note 2.D.) | 35,128 | 8,834 | 3,829 | 20,002 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 942,495,844 | 605,371,991 | 214,226,756 | 142,139,084 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
LIABILITIES: |
| |||||||||||||||
Payables: | ||||||||||||||||
Due to custodian | — | — | 1,146 | — | ||||||||||||
Collateral received on securities loaned (See Note 2.D.) | 22,036,532 | 22,850,526 | 9,585,139 | 19,338,205 | ||||||||||||
Fund shares redeemed | — | — | — | 1,283,897 | ||||||||||||
Variation margin on futures contracts | 195,775 | 13,913 | 16,230 | 18,200 | ||||||||||||
Other | 7,068 | — | — | — | ||||||||||||
Accrued liabilities: | ||||||||||||||||
Management fees (See Note 3.D.) | 648,859 | 191,797 | 62,449 | 47,970 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 22,888,234 | 23,056,236 | 9,664,964 | 20,688,272 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net Assets | $ | 919,607,610 | $ | 582,315,755 | $ | 204,561,792 | $ | 121,450,812 | ||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Paid-in-Capital | $ | 1,186,296,412 | $ | 625,312,403 | $ | 222,423,459 | $ | 165,875,138 | ||||||||
Total distributable earnings (loss) | (266,688,802 | ) | (42,996,648 | ) | (17,861,667 | ) | (44,424,326 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Net Assets | $ | 919,607,610 | $ | 582,315,755 | $ | 204,561,792 | $ | 121,450,812 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Outstanding number of shares |
| |||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 19,700,000 | 8,800,000 | 3,600,000 | 4,900,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net asset value, per share | $ | 46.68 | $ | 66.17 | $ | 56.82 | $ | 24.79 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Cost of investments innon-affiliates | $ | 1,064,961,141 | $ | 619,593,625 | $ | 217,781,867 | $ | 156,153,855 | ||||||||
Cost of investments in affiliates | 908,241 | 405,848 | 225,209 | 269,662 | ||||||||||||
Cost of foreign currency | 539,693 | — | — | — | ||||||||||||
Investment securities on loan, at value | 20,708,564 | 21,154,150 | 8,837,783 | 17,770,833 | ||||||||||||
Cost of investment of cash collateral (See Note 2.D.) | 22,031,031 | 22,846,325 | 9,585,139 | 19,335,505 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 171 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF APRIL 30, 2020 (Unaudited) (continued)
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 | ||||||||||||||||
ASSETS: |
| |||||||||||||||||||
Investments innon-affiliates, at value | $ | 32,081,479 | $ | 94,649,776 | $ | 85,925,083 | $ | 226,640,683 | $ | 53,828,959 | ||||||||||
Investments in affiliates, at value | 31,637 | 266,164 | 80,155 | 347,012 | 71,376 | |||||||||||||||
Investments of cash collateral received from securities loaned, at value | 2,160,876 | 2,580,620 | 1,558,287 | 2,522,823 | 2,695,999 | |||||||||||||||
Deposits at broker for futures contracts | 47,316 | 104,930 | 34,930 | 100,422 | 79,711 | |||||||||||||||
Receivables: | ||||||||||||||||||||
Fund shares sold | — | — | 12,639 | 17,723 | — | |||||||||||||||
Dividends fromnon-affiliates | 60,304 | 82,269 | 49,714 | 154,696 | 54,843 | |||||||||||||||
Dividends from affiliates | 17 | 36 | 28 | 62 | 28 | |||||||||||||||
Securities lending income | 895 | 1,209 | 1,768 | 3,309 | 1,080 | |||||||||||||||
Variation margin on futures contracts | 1,307 | — | 1,425 | 6,376 | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Assets | 34,383,831 | 97,685,004 | 87,664,029 | 229,793,106 | 56,731,996 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES: |
| |||||||||||||||||||
Payables: | ||||||||||||||||||||
Investment securities purchased | — | 258,315 | 9,208 | — | — | |||||||||||||||
Collateral received on securities loaned (See Note 2.D.) | 2,160,876 | 2,580,620 | 1,558,287 | 2,522,823 | 2,695,999 | |||||||||||||||
Variation margin on futures contracts | — | 2,394 | — | — | 1,994 | |||||||||||||||
Accrued liabilities: | ||||||||||||||||||||
Management fees (See Note 3.D.) | 19,198 | 21,821 | 22,127 | 29,728 | 15,688 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Liabilities | 2,180,074 | 2,863,150 | 1,589,622 | 2,552,551 | 2,713,681 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Assets | $ | 32,203,757 | $ | 94,821,854 | $ | 86,074,407 | $ | 227,240,555 | $ | 54,018,315 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS: |
| |||||||||||||||||||
Paid-in-Capital | $ | 38,359,612 | $ | 101,209,907 | $ | 87,722,119 | $ | 223,863,047 | $ | 61,448,549 | ||||||||||
Total distributable earnings (loss) | (6,155,855 | ) | (6,388,053 | ) | (1,647,712 | ) | 3,377,508 | (7,430,234 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Net Assets | $ | 32,203,757 | $ | 94,821,854 | $ | 86,074,407 | $ | 227,240,555 | $ | 54,018,315 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Outstanding number of shares |
| |||||||||||||||||||
(unlimited number of shares authorized — par value $0.0001) | 1,500,000 | 3,500,000 | 3,050,000 | 7,950,000 | 2,350,000 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net asset value, per share | $ | 21.47 | $ | 27.09 | $ | 28.22 | $ | 28.58 | $ | 22.99 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cost of investments innon-affiliates | $ | 38,550,329 | $ | 101,433,110 | $ | 83,769,365 | $ | 222,996,635 | $ | 62,206,383 | ||||||||||
Cost of investments in affiliates | 31,637 | 266,164 | 80,155 | 347,012 | 71,376 | |||||||||||||||
Investment securities on loan, at value | 2,031,688 | 2,425,225 | 1,486,190 | 2,379,716 | 2,517,422 | |||||||||||||||
Cost of investment of cash collateral | 2,160,876 | 2,580,620 | 1,558,287 | 2,522,823 | 2,695,999 |
SEE NOTES TO FINANCIAL STATEMENTS.
172 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited)
JPMorgan BetaBuilders Canada ETF | JPMorgan BetaBuilders Developed Asia ex-Japan ETF | JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders International Equity ETF (a) | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Interest income fromnon-affiliates | $ | 5,646 | $ | 1,567 | $ | 25 | $ | 64 | ||||||||
Interest income from affiliates | 25,305 | 7,090 | 100 | — | ||||||||||||
Dividend income fromnon-affiliates | 59,826,708 | 22,823,024 | 44,701,569 | 408,913 | ||||||||||||
Dividend income from affiliates | — | — | — | 9 | ||||||||||||
Income from securities lending (net) (See Note 2.D.) | 3,071,931 | 185,866 | 349,154 | 608 | ||||||||||||
Foreign taxes withheld (net) | (8,436,964 | ) | (348,090 | ) | (4,107,333 | ) | (43,429 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 54,492,626 | 22,669,457 | 40,943,515 | 366,165 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: |
| |||||||||||||||
Management fees (See Note 3.A.) | 3,458,888 | 1,294,390 | 1,602,880 | 7,390 | ||||||||||||
Interest expense tonon-affiliates | — | 815 | 8,548 | — | ||||||||||||
Interest expense to affiliates | 333 | 358 | 32,746 | 12 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,459,221 | 1,295,563 | 1,644,174 | 7,402 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 3,459,221 | 1,295,563 | 1,644,174 | 7,402 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 51,033,405 | 21,373,894 | 39,299,341 | 358,763 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||||||
Investments innon-affiliates | (20,989,767 | ) | (12,942,858 | ) | (29,418,456 | ) | (102,575 | ) | ||||||||
In-kind redemptions of investments innon-affiliates | (13,287,307 | ) | (10,408,175 | ) | (314,440,665 | ) | — | |||||||||
Futures contracts | (1,455,772 | ) | (1,962,727 | ) | (6,639,342 | ) | (116,559 | ) | ||||||||
Foreign currency transactions | (413,023 | ) | (712,275 | ) | 939,605 | (2,572 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (36,145,869 | ) | (26,026,035 | ) | (349,558,858 | ) | (221,706 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||||||
Investments innon-affiliates | (576,898,716 | ) | (268,958,566 | ) | (612,061,681 | ) | (1,372,472 | ) | ||||||||
Investments in affiliates | 5,843 | (198 | ) | 18,003 | — | |||||||||||
Futures contracts | 2,664,304 | 481,494 | 2,348,599 | 39,386 | ||||||||||||
Foreign currency translations | 334,083 | 46,427 | (125,481 | ) | 1,615 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (573,894,486 | ) | (268,430,843 | ) | (609,820,560 | ) | (1,331,471 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (610,040,355 | ) | (294,456,878 | ) | (959,379,418 | ) | (1,553,177 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (559,006,950 | ) | $ | (273,082,984 | ) | $ | (920,080,077 | ) | $ | (1,194,414 | ) | ||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was December 3, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 173 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
JPMorgan BetaBuilders Japan ETF | JPMorgan BetaBuilders U.S. Equity ETF | JPMorgan BetaBuilders U.S. Mid Cap Equity ETF(a) | JPMorgan Emerging Markets Equity ETF | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Interest income fromnon-affiliates | $ | — | $ | 153 | $ | — | $ | 761 | ||||||||
Interest income from affiliates | 630 | — | — | 242 | ||||||||||||
Dividend income fromnon-affiliates | 37,555,292 | 734,854 | 1,976 | 4,214,784 | ||||||||||||
Dividend income from affiliates | — | 19,899 | 1 | 1,312 | ||||||||||||
Income from securities lending (net) (See Note 2.D.) | 248,847 | 657 | — | 2,322 | ||||||||||||
Foreign taxes withheld (net) | (3,750,411 | ) | — | — | (288,967 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 34,054,358 | 755,563 | 1,977 | 3,930,454 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: |
| |||||||||||||||
Management fees (See Note 3.A.) | 3,519,182 | 7,437 | 156 | 720,665 | ||||||||||||
Interest expense tonon-affiliates | 2,653 | 21 | — | — | ||||||||||||
Interest expense to affiliates | 19,188 | — | — | 1,369 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 3,541,023 | 7,458 | 156 | 722,034 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 3,541,023 | 7,458 | 156 | 722,034 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 30,513,335 | 748,105 | 1,821 | 3,208,420 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||||||
Investments innon-affiliates | (5,961,562 | ) | (55,644 | ) | 439 | (12,371,387 | ) | |||||||||
In-kind redemptions of investments innon-affiliates | 106,148,091 | 554,717 | — | (391,487 | ) | |||||||||||
In-kind redemptions of investments in affiliates | — | 16,301 | — | — | ||||||||||||
Futures contracts | 1,048,744 | (129,815 | ) | — | (186,235 | ) | ||||||||||
Foreign currency transactions | (515,909 | ) | — | — | (43,609 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | 100,719,364 | 385,559 | 439 | (12,992,718 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||||||
Investments innon-affiliates | (500,439,666 | ) | (2,049,606 | ) | 284,557 | (61,094,844)(b | ) | |||||||||
Investments in affiliates | 901 | (344,819 | ) | — | — | |||||||||||
Futures contracts | (737,791 | ) | 67,058 | 723 | 81,361 | |||||||||||
Foreign currency translations | 330,003 | — | — | (64,972 | ) | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (500,846,553 | ) | (2,327,367 | ) | 285,280 | (61,078,455 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (400,127,189 | ) | (1,941,808 | ) | 285,719 | (74,071,173 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (369,613,854 | ) | $ | (1,193,703 | ) | $ | 287,540 | $ | (70,862,753 | ) | |||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was April 14, 2020. |
(b) | Net change in foreign capital gains tax of $188,085. |
SEE NOTES TO FINANCIAL STATEMENTS.
174 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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 | |||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||
Interest income fromnon-affiliates | $ | 5,584 | $ | 1,487 | $ | 588 | $ | 216 | ||||||||
Interest income from affiliates | 314 | 16 | 5 | — | ||||||||||||
Dividend income fromnon-affiliates | 16,747,172 | 9,529,479 | 2,128,868 | 1,288,967 | ||||||||||||
Dividend income from affiliates | 22,599 | 11,000 | 3,679 | 2,311 | ||||||||||||
Income from securities lending (net) (See Note 2.D.) | 102,511 | 30,805 | 15,918 | 141,407 | ||||||||||||
Foreign taxes withheld (net) | (1,337,469 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investment income | 15,540,711 | 9,572,787 | 2,149,058 | 1,432,901 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
EXPENSES: |
| |||||||||||||||
Management fees (See Note 3.A.) | 2,171,059 | 682,230 | 233,228 | 227,052 | ||||||||||||
Interest expense tonon-affiliates | 44 | — | — | — | ||||||||||||
Interest expense to affiliates | 1,128 | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total expenses | 2,172,231 | 682,230 | 233,228 | 227,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net expenses | 2,172,231 | 682,230 | 233,228 | 227,052 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Net investment income (loss) | 13,368,480 | 8,890,557 | 1,915,830 | 1,205,849 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||
Net realized gain (loss) on transactions from: |
| |||||||||||||||
Investments innon-affiliates | (29,855,680 | ) | (17,366,918 | ) | (3,226,280 | ) | (6,867,516 | ) | ||||||||
Investments in affiliates | 773 | — | — | — | ||||||||||||
In-kind redemptions of investments innon-affiliates | (12,037,420 | ) | 22,531,201 | 1,933,927 | (516,972 | ) | ||||||||||
Futures contracts | (1,302,115 | ) | (726,557 | ) | (257,382 | ) | (87,424 | ) | ||||||||
Foreign currency transactions | (554,317 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized gain (loss) | (43,748,759 | ) | 4,437,726 | (1,549,735 | ) | (7,471,912 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation on: |
| |||||||||||||||
Investments innon-affiliates | (163,033,298 | ) | (120,362,846 | ) | (28,143,042 | ) | (30,606,880 | ) | ||||||||
Investments in affiliates | 5,594 | 3,801 | — | 2,200 | ||||||||||||
Futures contracts | 921,077 | 179,720 | 95,058 | 88,965 | ||||||||||||
Foreign currency translations | (6,056 | ) | — | — | — | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net unrealized appreciation/depreciation | (162,112,683 | ) | (120,179,325 | ) | (28,047,984 | ) | (30,515,715 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net realized/unrealized gains (losses) | (205,861,442 | ) | (115,741,599 | ) | (29,597,719 | ) | (37,987,627 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | $ | (192,492,962 | ) | $ | (106,851,042 | ) | $ | (27,681,889 | ) | $ | (36,781,778 | ) | ||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 175 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED APRIL 30, 2020 (Unaudited) (continued)
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 | ||||||||||||||||
INVESTMENT INCOME: |
| |||||||||||||||||||
Interest income fromnon-affiliates | $ | 34 | $ | 132 | $ | — | $ | 174 | $ | 112 | ||||||||||
Dividend income fromnon-affiliates | 765,862 | 1,237,228 | 424,986 | 1,521,914 | 1,126,905 | |||||||||||||||
Dividend income from affiliates | 771 | 1,403 | 697 | 1,875 | 1,077 | |||||||||||||||
Income from securities lending (net) (See Note 2.D.) | 3,941 | 2,981 | 4,263 | 6,880 | 4,717 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 770,608 | 1,241,744 | 429,946 | 1,530,843 | 1,132,811 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES: |
| |||||||||||||||||||
Management fees (See Note 3.A.) | 22,260 | 61,919 | 35,055 | 87,040 | 40,048 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses | 22,260 | 61,919 | 35,055 | 87,040 | 40,048 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net expenses | 22,260 | 61,919 | 35,055 | 87,040 | 40,048 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net investment income (loss) | 748,348 | 1,179,825 | 394,891 | 1,443,803 | 1,092,763 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
REALIZED/UNREALIZED GAINS (LOSSES): | ||||||||||||||||||||
Net realized gain (loss) on transactions from: | ||||||||||||||||||||
Investments innon-affiliates | (204,304 | ) | (750,853 | ) | (2,562,986 | ) | (2,093,304 | ) | (847,273 | ) | ||||||||||
In-kind redemptions of investments innon-affiliates | 906,591 | 1,437,316 | 156,374 | 1,905,105 | 2,272,944 | |||||||||||||||
Futures contracts | (74,242 | ) | (113,112 | ) | (21,335 | ) | (60,456 | ) | (58,773 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized gain (loss) | 628,045 | 573,351 | (2,427,947 | ) | (248,655 | ) | 1,366,898 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation/depreciation on: | ||||||||||||||||||||
Investments innon-affiliates | (8,414,812 | ) | (11,570,350 | ) | 3,296,462 | (3,912,471 | ) | (12,525,171 | ) | |||||||||||
Futures contracts | 20,548 | 24,682 | 25,501 | 86,844 | 23,115 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation/depreciation | (8,394,264 | ) | (11,545,668 | ) | 3,321,963 | (3,825,627 | ) | (12,502,056 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net realized/unrealized gains (losses) | (7,766,219 | ) | (10,972,317 | ) | 894,016 | (4,074,282 | ) | (11,135,158 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Change in net assets resulting from operations | $ | (7,017,871 | ) | $ | (9,792,492 | ) | $ | 1,288,907 | $ | (2,630,479 | ) | $ | (10,042,395 | ) | ||||||
|
|
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
176 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
JPMorgan BetaBuilders Canada ETF | JPMorgan BetaBuilders Developed Asiaex-Japan ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||||||||||||||
Net investment income (loss) | $ | 51,033,405 | $ | 83,710,291 | $ | 21,373,894 | $ | 50,689,295 | ||||||||
Net realized gain (loss) | (36,145,869 | ) | (25,352,697 | ) | (26,026,035 | ) | 2,478,979 | |||||||||
Change in net unrealized appreciation/depreciation | (573,894,486 | ) | 259,078,770 | (268,430,843 | ) | 117,802,311 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (559,006,950 | ) | 317,436,364 | (273,082,984 | ) | 170,970,585 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (49,145,670 | ) | (75,222,486 | ) | (23,075,008 | ) | (50,248,812 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 8,558,520 | 1,513,841,316 | (29,849,872 | ) | 718,818,123 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (599,594,100 | ) | 1,756,055,194 | (326,007,864 | ) | 839,539,896 | ||||||||||
Beginning of period | 3,800,754,020 | 2,044,698,826 | 1,442,853,830 | 603,313,934 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 3,201,159,920 | $ | 3,800,754,020 | $ | 1,116,845,966 | $ | 1,442,853,830 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 74,676,668 | $ | 1,594,807,117 | $ | 148,539,920 | $ | 759,011,170 | ||||||||
Cost of shares redeemed | (66,118,148 | ) | (80,965,801 | ) | (178,389,792 | ) | (40,193,047 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 8,558,520 | $ | 1,513,841,316 | $ | (29,849,872 | ) | $ | 718,818,123 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 2,900,000 | 66,000,000 | 6,800,000 | 32,000,000 | ||||||||||||
Redeemed | (3,800,000 | ) | (3,800,000 | ) | (9,200,000 | ) | (1,600,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares from share transactions | (900,000 | ) | 62,200,000 | (2,400,000 | ) | 30,400,000 | ||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 177 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan BetaBuilders Europe ETF | JPMorgan BetaBuilders International Equity ETF | |||||||||||
Six Months Ended (Unaudited) | Year Ended October 31, 2019 | Period Ended April 30, 2020 (Unaudited) (a) | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||
Net investment income (loss) | $ | 39,299,341 | $ | 131,029,232 | $ | 358,763 | ||||||
Net realized gain (loss) | (349,558,858 | ) | 58,667,336 | (221,706 | ) | |||||||
Change in net unrealized appreciation/depreciation | (609,820,560 | ) | 237,106,587 | (1,331,471 | ) | |||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | (920,080,077 | ) | 426,803,155 | (1,194,414 | ) | |||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||
Total distributions to shareholders | (38,303,900 | ) | (126,316,866 | ) | (92,346 | ) | ||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: |
| |||||||||||
Change in net assets resulting from capital transactions | (559,680,394 | ) | 2,237,729,043 | 43,611,689 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS: |
| |||||||||||
Change in net assets | (1,518,064,371 | ) | 2,538,215,332 | 42,324,929 | ||||||||
Beginning of period | 3,853,145,624 | 1,314,930,292 | — | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 2,335,081,253 | $ | 3,853,145,624 | $ | 42,324,929 | ||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Proceeds from shares issued | $ | 799,653,347 | $ | 2,927,537,309 | $ | 43,611,689 | ||||||
Cost of shares redeemed | (1,359,333,741 | ) | (689,808,266 | ) | — | |||||||
|
|
|
|
|
| |||||||
Total change in net assets resulting from capital transactions | $ | (559,680,394 | ) | $ | 2,237,729,043 | $ | 43,611,689 | |||||
|
|
|
|
|
| |||||||
SHARE TRANSACTIONS: |
| |||||||||||
Issued | 35,000,000 | 130,000,000 | 1,000,000 | |||||||||
Redeemed | (78,000,000 | ) | (30,000,000 | ) | — | |||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in shares from share transactions | (43,000,000 | ) | 100,000,000 | 1,000,000 | ||||||||
|
|
|
|
|
|
(a) | Commencement of operations was December 3, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
178 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan BetaBuilders Japan ETF | JPMorgan BetaBuilders U.S. Equity ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Period Ended October 31, 2019(a) | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 30,513,335 | $ | 76,811,361 | $ | 748,105 | $ | 430,637 | ||||||||
Net realized gain (loss) | 100,719,364 | 30,095,816 | 385,559 | (41,094 | ) | |||||||||||
Change in net unrealized appreciation/depreciation | (500,846,553 | ) | 268,969,319 | (2,327,367 | ) | 3,125,195 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (369,613,854 | ) | 375,876,496 | (1,193,703 | ) | 3,514,738 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (102,501,216 | ) | (20,089,888 | ) | (654,923 | ) | (317,882 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (1,175,133,745 | ) | 1,626,647,644 | 84,027,217 | 43,212,269 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (1,647,248,815 | ) | 1,982,434,252 | 82,178,591 | 46,409,125 | |||||||||||
Beginning of period | 4,318,521,919 | 2,336,087,667 | 46,409,125 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 2,671,273,104 | $ | 4,318,521,919 | $ | 128,587,716 | $ | 46,409,125 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 390,676,821 | $ | 2,238,563,149 | $ | 86,933,230 | $ | 43,212,269 | ||||||||
Cost of shares redeemed | (1,565,810,566 | ) | (611,915,505 | ) | (2,906,013 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (1,175,133,745 | ) | $ | 1,626,647,644 | $ | 84,027,217 | $ | 43,212,269 | |||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 17,200,000 | 100,400,000 | 1,650,000 | 850,000 | ||||||||||||
Redeemed | (68,400,000 | ) | (27,200,000 | ) | (50,000 | ) | — | |||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares from share transactions | (51,200,000 | ) | 73,200,000 | 1,600,000 | 850,000 | |||||||||||
|
|
|
|
|
|
|
|
(a) | Commencement of operations was March 12, 2019. |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 179 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | JPMorgan Diversified Return Emerging Markets Equity ETF | |||||||||||
Period Ended April 30, 2020 (Unaudited)(a) | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | ||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||
Net investment income (loss) | $ | 1,821 | $ | 3,208,420 | $ | 11,690,830 | ||||||
Net realized gain (loss) | 439 | (12,992,718 | ) | (9,288,395 | ) | |||||||
Change in net unrealized appreciation/depreciation | 285,280 | (61,078,455 | ) | 22,872,709 | ||||||||
|
|
|
|
|
| |||||||
Change in net assets resulting from operations | 287,540 | (70,862,753 | ) | 25,275,144 | ||||||||
|
|
|
|
|
| |||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||
Total distributions to shareholders | — | (5,534,269 | ) | (9,059,080 | ) | |||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: |
| |||||||||||
Change in net assets resulting from capital transactions | 5,078,167 | (16,078,050 | ) | 123,775,100 | ||||||||
|
|
|
|
|
| |||||||
NET ASSETS: |
| |||||||||||
Change in net assets | 5,365,707 | (92,475,072 | ) | 139,991,164 | ||||||||
Beginning of period | — | 353,795,416 | 213,804,252 | |||||||||
|
|
|
|
|
| |||||||
End of period | $ | 5,365,707 | $ | 261,320,344 | $ | 353,795,416 | ||||||
|
|
|
|
|
| |||||||
CAPITAL TRANSACTIONS: | ||||||||||||
Proceeds from shares issued | $ | 5,078,167 | $ | 11,074,492 | $ | 123,775,100 | ||||||
Cost of shares redeemed | — | (27,152,542 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Total change in net assets resulting from ETF Shares capital transactions | $ | 5,078,167 | $ | (16,078,050 | ) | $ | 123,775,100 | |||||
|
|
|
|
|
| |||||||
Total change in net assets resulting from capital transactions | $ | 5,078,167 | $ | (16,078,050 | ) | $ | 123,775,100 | |||||
|
|
|
|
|
| |||||||
SHARE TRANSACTIONS: |
| |||||||||||
Issued | 100,000 | 200,000 | 2,300,000 | |||||||||
Redeemed | — | (700,000 | ) | — | ||||||||
|
|
|
|
|
| |||||||
Net increase (decrease) in shares from share transactions | 100,000 | (500,000 | ) | 2,300,000 | ||||||||
|
|
|
|
|
|
(a) | Commencement of operations was April 14, 2020. |
SEE NOTES TO FINANCIAL STATEMENTS.
180 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan Diversified Return International Equity ETF | JPMorgan Diversified Return U.S. Equity ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 13,368,480 | $ | 49,632,728 | $ | 8,890,557 | $ | 15,437,588 | ||||||||
Net realized gain (loss) | (43,748,759 | ) | (6,323,521 | ) | 4,437,726 | 11,156,283 | ||||||||||
Change in net unrealized appreciation/depreciation | (162,112,683 | ) | 47,448,543 | (120,179,325 | ) | 48,876,386 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (192,492,962 | ) | 90,757,750 | (106,851,042 | ) | 75,470,257 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (15,152,484 | ) | (47,722,104 | ) | (9,672,874 | ) | (13,823,828 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (155,614,247 | ) | (204,500,604 | ) | (103,786,326 | ) | 181,617,239 | |||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (363,259,693 | ) | (161,464,958 | ) | (220,310,242 | ) | 243,263,668 | |||||||||
Beginning of period | 1,282,867,303 | 1,444,332,261 | 802,625,997 | 559,362,329 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 919,607,610 | $ | 1,282,867,303 | $ | 582,315,755 | $ | 802,625,997 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 45,150,517 | $ | 298,833,792 | $ | 59,112,534 | $ | 261,868,954 | ||||||||
Cost of shares redeemed | (200,764,764 | ) | (503,334,396 | ) | (162,898,860 | ) | (80,251,715 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (155,614,247 | ) | $ | (204,500,604 | ) | $ | (103,786,326 | ) | $ | 181,617,239 | |||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 800,000 | 5,500,000 | 800,000 | 3,600,000 | ||||||||||||
Redeemed | (4,400,000 | ) | (9,400,000 | ) | (2,500,000 | ) | (1,100,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares from share transactions | (3,600,000 | ) | (3,900,000 | ) | (1,700,000 | ) | 2,500,000 | |||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 181 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | JPMorgan Diversified Return U.S. Small Cap Equity ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 1,915,830 | $ | 2,884,389 | $ | 1,205,849 | $ | 1,872,735 | ||||||||
Net realized gain (loss) | (1,549,735 | ) | 1,531,972 | (7,471,912 | ) | 11,531,108 | ||||||||||
Change in net unrealized appreciation/depreciation | (28,047,984 | ) | 9,451,433 | (30,515,715 | ) | (6,003,010 | ) | |||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (27,681,889 | ) | 13,867,794 | (36,781,778 | ) | 7,400,833 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (1,892,442 | ) | (2,653,452 | ) | (1,175,144 | ) | (1,663,026 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 46,162,332 | 64,731,269 | 19,064,407 | 38,470,266 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 16,588,001 | 75,945,611 | (18,892,515 | ) | 44,208,073 | |||||||||||
Beginning of period | 187,973,791 | 112,028,180 | 140,343,327 | 96,135,254 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 204,561,792 | $ | 187,973,791 | $ | 121,450,812 | $ | 140,343,327 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 53,035,612 | $ | 83,490,606 | $ | 56,404,428 | $ | 125,026,689 | ||||||||
Cost of shares redeemed | (6,873,280 | ) | (18,759,337 | ) | (37,340,021 | ) | (86,556,423 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 46,162,332 | $ | 64,731,269 | $ | 19,064,407 | $ | 38,470,266 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 900,000 | 1,300,000 | 1,800,000 | 4,150,000 | ||||||||||||
Redeemed | (100,000 | ) | (300,000 | ) | (1,450,000 | ) | (2,850,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 800,000 | 1,000,000 | 350,000 | 1,300,000 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
182 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Dividend ETF | JPMorgan U.S. Minimum Volatility ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 748,348 | $ | 1,126,280 | $ | 1,179,825 | $ | 1,125,687 | ||||||||
Net realized gain (loss) | 628,045 | 681,389 | 573,351 | 3,201,699 | ||||||||||||
Change in net unrealized appreciation/depreciation | (8,394,264 | ) | 1,931,896 | (11,545,668 | ) | 3,586,564 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | (7,017,871 | ) | 3,739,565 | (9,792,492 | ) | 7,913,950 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (736,841 | ) | (1,057,550 | ) | (1,205,141 | ) | (948,027 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | (673,056 | ) | 10,538,384 | (1,425,171 | ) | 72,832,965 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | (8,427,768 | ) | 13,220,399 | (12,422,804 | ) | 79,798,888 | ||||||||||
Beginning of period | 40,631,525 | 27,411,126 | 107,244,658 | 27,445,770 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 32,203,757 | $ | 40,631,525 | $ | 94,821,854 | $ | 107,244,658 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 5,530,715 | $ | 15,758,539 | $ | 8,568,093 | $ | 93,087,661 | ||||||||
Cost of shares redeemed | (6,203,771 | ) | (5,220,155 | ) | (9,993,264 | ) | (20,254,696 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | (673,056 | ) | $ | 10,538,384 | $ | (1,425,171 | ) | $ | 72,832,965 | ||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 250,000 | 600,000 | 300,000 | 3,200,000 | ||||||||||||
Redeemed | (250,000 | ) | (200,000 | ) | (350,000 | ) | (700,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase (decrease) in shares from share transactions | — | 400,000 | (50,000 | ) | 2,500,000 | |||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 183 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
JPMorgan U.S. Momentum Factor ETF | JPMorgan U.S. Quality Factor ETF | |||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||||||||||
Net investment income (loss) | $ | 394,891 | $ | 597,332 | $ | 1,443,803 | $ | 1,227,149 | ||||||||
Net realized gain (loss) | (2,427,947 | ) | 5,801,887 | (248,655 | ) | 549,586 | ||||||||||
Change in net unrealized appreciation/depreciation | 3,321,963 | (2,461,486 | ) | (3,825,627 | ) | 5,941,402 | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Change in net assets resulting from operations | 1,288,907 | 3,937,733 | (2,630,479 | ) | 7,718,137 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
DISTRIBUTIONS TO SHAREHOLDERS: |
| |||||||||||||||
Total distributions to shareholders | (397,919 | ) | (515,149 | ) | (1,266,009 | ) | (1,098,039 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: |
| |||||||||||||||
Change in net assets resulting from capital transactions | 28,562,830 | 24,622,635 | 124,069,171 | 71,232,507 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
NET ASSETS: |
| |||||||||||||||
Change in net assets | 29,453,818 | 28,045,219 | 120,172,683 | 77,852,605 | ||||||||||||
Beginning of period | 56,620,589 | 28,575,370 | 107,067,872 | 29,215,267 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
End of period | $ | 86,074,407 | $ | 56,620,589 | $ | 227,240,555 | $ | 107,067,872 | ||||||||
|
|
|
|
|
|
|
| |||||||||
CAPITAL TRANSACTIONS: | ||||||||||||||||
Proceeds from shares issued | $ | 30,095,281 | $ | 66,439,247 | $ | 131,431,916 | $ | 77,043,167 | ||||||||
Cost of shares redeemed | (1,532,451 | ) | (41,816,612 | ) | (7,362,745 | ) | (5,810,660 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total change in net assets resulting from capital transactions | $ | 28,562,830 | $ | 24,622,635 | $ | 124,069,171 | $ | 71,232,507 | ||||||||
|
|
|
|
|
|
|
| |||||||||
SHARE TRANSACTIONS: |
| |||||||||||||||
Issued | 1,150,000 | 2,300,000 | 4,600,000 | 2,700,000 | ||||||||||||
Redeemed | (50,000 | ) | (1,450,000 | ) | (250,000 | ) | (200,000 | ) | ||||||||
|
|
|
|
|
|
|
| |||||||||
Net increase in shares from share transactions | 1,100,000 | 850,000 | 4,350,000 | 2,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
184 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
JPMorgan U.S. Value Factor ETF | ||||||||
Six Months Ended April 30, 2020 (Unaudited) | Year Ended October 31, 2019 | |||||||
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: |
| |||||||
Net investment income (loss) | $ | 1,092,763 | $ | 1,527,280 | ||||
Net realized gain (loss) | 1,366,898 | 2,324,504 | ||||||
Change in net unrealized appreciation/depreciation | (12,502,056 | ) | 3,862,947 | |||||
|
|
|
| |||||
Change in net assets resulting from operations | (10,042,395 | ) | 7,714,731 | |||||
|
|
|
| |||||
DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
Total distributions to shareholders | (1,188,865 | ) | (1,321,813 | ) | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Change in net assets resulting from capital transactions | (1,600,067 | ) | 31,470,215 | |||||
|
|
|
| |||||
NET ASSETS: | ||||||||
Change in net assets | (12,831,327 | ) | 37,863,133 | |||||
Beginning of period | 66,849,642 | 28,986,509 | ||||||
|
|
|
| |||||
End of period | $ | 54,018,315 | $ | 66,849,642 | ||||
|
|
|
| |||||
CAPITAL TRANSACTIONS: | ||||||||
Proceeds from shares issued | $ | 14,995,811 | $ | 46,088,396 | ||||
Cost of shares redeemed | (16,595,878 | ) | (14,618,181 | ) | ||||
|
|
|
| |||||
Total change in net assets resulting from capital transactions | $ | (1,600,067 | ) | $ | 31,470,215 | |||
|
|
|
| |||||
SHARE TRANSACTIONS: | ||||||||
Issued | 550,000 | 1,850,000 | ||||||
Redeemed | (650,000 | ) | (550,000 | ) | ||||
|
|
|
| |||||
Net increase (decrease) in shares from share transactions | (100,000 | ) | 1,300,000 | |||||
|
|
|
|
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 185 |
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, 2020 (Unaudited) | $ | 24.89 | $ | 0.33 | $ | (3.81 | ) | $ | (3.48 | ) | $ | (0.32 | ) | |||||||
Year Ended October 31, 2019 | 22.59 | 0.66 | 2.24 | 2.90 | (0.60 | ) | ||||||||||||||
August 7, 2018 (f) through October 31, 2018 | 24.65 | 0.14 | (2.15 | ) | (2.01 | ) | (0.05 | ) | ||||||||||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | ||||||||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | 25.31 | 0.37 | (4.81 | ) | (4.44 | ) | (0.41 | ) | ||||||||||||
Year Ended October 31, 2019 | 22.68 | 1.05 | 2.58 | 3.63 | (1.00 | ) | ||||||||||||||
August 7, 2018 (f) through October 31, 2018 | 25.36 | 0.22 | (2.73 | ) | (2.51 | ) | (0.17 | ) | ||||||||||||
JPMorgan BetaBuilders Europe ETF | ||||||||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | 24.36 | 0.26 | (4.06 | ) | (3.80 | ) | (0.29 | ) | ||||||||||||
Year Ended October 31, 2019 | 22.59 | 0.90 | 1.65 | 2.55 | (0.78 | ) | ||||||||||||||
June 15, 2018 (f) through October 31, 2018 | 24.79 | 0.13 | (2.30 | ) | (2.17 | ) | (0.03 | ) | ||||||||||||
JPMorgan BetaBuilders International Equity ETF | ||||||||||||||||||||
December 3, 2019 (f) through April 30, 2020 (Unaudited) | 49.79 | 0.61 | (7.96 | ) | (7.35 | ) | (0.12 | ) | ||||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | 24.54 | 0.19 | (2.76 | ) | (2.57 | ) | (0.57 | ) | ||||||||||||
Year Ended October 31, 2019 | 22.72 | 0.48 | 1.48 | 1.96 | (0.14 | ) | ||||||||||||||
June 15, 2018 (f) through October 31, 2018 | 24.79 | 0.24 | (2.31 | ) | (2.07 | ) | — | |||||||||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | 54.60 | 0.52 | (2.18 | ) | (1.66 | ) | (0.46 | ) | ||||||||||||
March 12, 2019 (f) through October 31, 2019 | 50.14 | 0.68 | 4.29 | 4.97 | (0.51 | ) | ||||||||||||||
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | ||||||||||||||||||||
April 14, 2020 (f) through April 30, 2020 (Unaudited) | 50.78 | 0.02 | 2.86 | 2.88 | — |
(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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
(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) | Certainnon-recurring expenses incurred by the Fund were not annualized for the periods indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
186 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
| 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) | ||||||||||||||||||||||||||
$ | 21.09 | $ | 21.15 | (14.02 | )% | (13.81 | )% | $ | 3,201,159,920 | 0.19 | % | 2.80 | % | 0.19 | % | 2 | % | |||||||||||||||||
24.89 | 24.90 | 13.08 | 12.97 | 3,800,754,020 | 0.19 | 2.73 | 0.34 | 7 | ||||||||||||||||||||||||||
22.59 | 22.62 | (8.18 | ) | (8.05 | )(g) | 2,044,698,826 | 0.19 | (h) | 2.55 | 0.37 | (h) | 1 | ||||||||||||||||||||||
20.46 | 20.36 | (17.54 | ) | (17.83 | ) | 1,116,845,966 | 0.19 | 3.14 | 0.19 | 3 | ||||||||||||||||||||||||
25.31 | 25.27 | 16.18 | 15.94 | 1,442,853,830 | 0.19 | 4.22 | 0.39 | 7 | ||||||||||||||||||||||||||
22.68 | 22.69 | (9.97 | ) | (9.93 | )(g) | 603,313,934 | 0.19 | (h) | 3.94 | 0.45 | (h) | 2 | ||||||||||||||||||||||
20.27 | 20.17 | (15.58 | ) | (16.10 | ) | 2,335,081,253 | 0.09 | 2.21 | 0.09 | 3 | ||||||||||||||||||||||||
24.36 | 24.39 | 11.43 | 11.32 | 3,853,145,624 | 0.09 | 3.83 | 0.25 | 7 | ||||||||||||||||||||||||||
22.59 | 22.64 | (8.75 | ) | (8.55 | )(g) | 1,314,930,292 | 0.09 | (h) | 1.45 | 0.34 | (h) | 2 | ||||||||||||||||||||||
42.32 | 42.37 | (14.76 | ) | (14.66 | )(g) | 42,324,929 | 0.07 | 3.36 | 0.07 | 4 | ||||||||||||||||||||||||
21.40 | 21.39 | (10.80 | ) | (10.95 | ) | 2,671,273,104 | 0.19 | 1.65 | 0.19 | 1 | ||||||||||||||||||||||||
24.54 | 24.57 | 8.74 | 9.07 | 4,318,521,919 | 0.19 | 2.14 | 0.33 | 4 | ||||||||||||||||||||||||||
22.72 | 22.68 | (8.35 | ) | (8.51 | )(g) | 2,336,087,667 | 0.19 | (h) | 2.63 | 0.37 | (h) | 5 | ||||||||||||||||||||||
52.48 | 52.44 | (3.01 | ) | (3.11 | ) | 128,587,716 | 0.02 | 1.93 | 0.02 | 1 | ||||||||||||||||||||||||
54.60 | 54.61 | 9.95 | 9.97 | (g) | 46,409,125 | 0.02 | 2.01 | 0.02 | 3 | |||||||||||||||||||||||||
53.66 | 53.82 | 5.67 | 5.99 | (g) | 5,365,707 | 0.07 | 0.77 | 0.07 | 1 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 187 |
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, 2020 (Unaudited) | $ | 54.43 | $ | 0.50 | $ | (10.53 | ) | $ | (10.03 | ) | $ | (0.85 | ) | |||||||
Year Ended October 31, 2019 | 50.91 | 2.07 | 2.97 | 5.04 | (1.52 | ) | ||||||||||||||
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 International Equity ETF |
| |||||||||||||||||||
Six Months Ended April 30, 2020 (Unaudited) | 55.06 | 0.60 | (8.31 | ) | (7.71 | ) | (0.67 | ) | ||||||||||||
Year Ended October 31, 2019 | 53.10 | 1.77 | 1.90 | 3.67 | (1.71 | ) | ||||||||||||||
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 | )(i) | (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, 2020 (Unaudited) | 76.44 | 0.86 | (10.20 | ) | (9.34 | ) | (0.93 | ) | ||||||||||||
Year Ended October 31, 2019 | 69.92 | 1.66 | 6.34 | 8.00 | (1.48 | ) | ||||||||||||||
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 | (i) | 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, 2020 (Unaudited) | 67.13 | 0.62 | (10.29 | ) | (9.67 | ) | (0.64 | ) | ||||||||||||
Year Ended October 31, 2019 | 62.24 | 1.18 | 4.78 | 5.96 | (1.07 | ) | ||||||||||||||
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, 2020 (Unaudited) | 30.84 | 0.22 | (6.06 | ) | (5.84 | ) | (0.21 | ) | ||||||||||||
Year Ended October 31, 2019 | 29.58 | 0.42 | 1.22 | 1.64 | (0.38 | ) | ||||||||||||||
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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
(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) | Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(i) | 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 in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments. |
(j) | Amount rounds to less than 0.5%. |
SEE NOTES TO FINANCIAL STATEMENTS.
188 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
| 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) | ||||||||||||||||||||||||||
$ | 43.55 | $ | 42.75 | (18.65 | )% | (20.24 | )% | $ | 261,320,344 | 0.44 | % | 1.96 | % | 0.44 | % | 13 | % | |||||||||||||||||
54.43 | 54.50 | 10.00 | 10.31 | 353,795,416 | 0.45 | 3.87 | 0.87 | 51 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||
46.68 | 46.45 | (14.13 | ) | (14.49 | ) | 919,607,610 | 0.37 | 2.27 | 0.37 | 10 | ||||||||||||||||||||||||
55.06 | 55.02 | 7.05 | 7.23 | 1,282,867,303 | 0.38 | 3.27 | 0.41 | 25 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
66.17 | 66.13 | (12.26 | ) | (12.33 | ) | 582,315,755 | 0.18 | 2.34 | 0.18 | 9 | ||||||||||||||||||||||||
76.44 | 76.45 | 11.65 | 11.65 | 802,625,997 | 0.19 | 2.27 | 0.37 | 24 | ||||||||||||||||||||||||||
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) | — | (j) | ||||||||||||||||||||||
56.82 | 56.91 | (14.45 | ) | (14.37 | ) | 204,561,792 | 0.24 | 1.97 | 0.24 | 11 | ||||||||||||||||||||||||
67.13 | 67.17 | 9.73 | 9.78 | 187,973,791 | 0.24 | 1.82 | 0.43 | 25 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||
24.79 | 24.73 | (18.97 | ) | (19.24 | ) | 121,450,812 | 0.29 | 1.54 | 0.29 | 11 | ||||||||||||||||||||||||
30.84 | 30.87 | 5.64 | 5.75 | 140,343,327 | 0.29 | 1.40 | 0.54 | 43 | ||||||||||||||||||||||||||
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, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 189 |
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, 2020 (Unaudited) | $ | 27.09 | $ | 0.50 | $ | (5.62 | ) | $ | (5.12 | ) | $ | (0.50 | ) | |||||||
Year Ended October 31, 2019 | 24.92 | 0.93 | 2.11 | 3.04 | (0.87 | ) | ||||||||||||||
November 8, 2017 (f) 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, 2020 (Unaudited) | 30.21 | 0.33 | (3.10 | ) | (2.77 | ) | (0.35 | ) | ||||||||||||
Year Ended October 31, 2019 | 26.14 | 0.64 | 3.95 | 4.59 | (0.52 | ) | ||||||||||||||
November 8, 2017 (f) 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, 2020 (Unaudited) | 29.04 | 0.19 | (0.81 | )(i) | (0.62 | ) | (0.20 | ) | ||||||||||||
Year Ended October 31, 2019 | 25.98 | 0.37 | 2.99 | 3.36 | (0.30 | ) | ||||||||||||||
November 8, 2017 (f) 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, 2020 (Unaudited) | 29.74 | 0.29 | (1.20 | ) | (0.91 | ) | (0.25 | ) | ||||||||||||
Year Ended October 31, 2019 | 26.56 | 0.58 | 3.11 | 3.69 | (0.51 | ) | ||||||||||||||
November 8, 2017 (f) 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, 2020 (Unaudited) | 27.29 | 0.43 | (4.26 | ) | (3.83 | ) | (0.47 | ) | ||||||||||||
Year Ended October 31, 2019 | 25.21 | 0.75 | 1.97 | 2.72 | (0.64 | ) | ||||||||||||||
November 8, 2017 (f) 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 return was calculated assuming an initial investment made at the market price at the beginning of the reporting 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. Prior to December 9, 2019, the price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
(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) | Certainnon-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(i) | 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 in the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments. |
SEE NOTES TO FINANCIAL STATEMENTS.
190 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
| 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) | ||||||||||||||||||||||||||
$ | 21.47 | $ | 21.47 | (18.99 | )% | (19.01 | )% | $ | 32,203,757 | 0.12 | % | 4.01 | % | 0.12 | % | 10 | % | |||||||||||||||||
27.09 | 27.10 | 12.57 | 12.69 | 40,631,525 | 0.12 | 3.59 | 0.63 | 20 | ||||||||||||||||||||||||||
24.92 | 24.90 | 3.08 | 2.99 | (g) | 27,411,126 | 0.12 | (h) | 3.81 | 0.76 | (h) | 24 | |||||||||||||||||||||||
27.09 | 27.05 | (9.19 | ) | (9.38 | ) | 94,821,854 | 0.12 | 2.28 | 0.12 | 7 | ||||||||||||||||||||||||
30.21 | 30.23 | 17.82 | 17.90 | 107,244,658 | 0.12 | 2.22 | 0.54 | 15 | ||||||||||||||||||||||||||
26.14 | 26.14 | 6.69 | 6.69 | (g) | 27,445,770 | 0.12 | (h) | 2.33 | 0.76 | (h) | 17 | |||||||||||||||||||||||
28.22 | 28.27 | (2.12 | ) | (1.98 | ) | 86,074,407 | 0.12 | 1.35 | 0.12 | 18 | ||||||||||||||||||||||||
29.04 | 29.05 | 13.06 | 13.06 | 56,620,589 | 0.12 | 1.35 | 0.55 | 52 | ||||||||||||||||||||||||||
25.98 | 25.99 | 5.17 | 5.21 | (g) | 28,575,370 | 0.12 | (h) | 1.32 | 0.74 | (h) | 44 | |||||||||||||||||||||||
28.58 | 28.64 | (3.04 | ) | (2.90 | ) | 227,240,555 | 0.12 | 1.98 | 0.12 | 10 | ||||||||||||||||||||||||
29.74 | 29.76 | 14.10 | 14.18 | 107,067,872 | 0.12 | 2.05 | 0.50 | 21 | ||||||||||||||||||||||||||
26.56 | 26.56 | 8.15 | 8.15 | (g) | 29,215,267 | 0.12 | (h) | 2.01 | 0.74 | (h) | 22 | |||||||||||||||||||||||
22.99 | 23.06 | (14.07 | ) | (13.84 | ) | 54,018,315 | 0.12 | 3.26 | 0.12 | 9 | ||||||||||||||||||||||||
27.29 | 27.30 | 11.01 | 11.05 | 66,849,642 | 0.12 | 2.90 | 0.52 | 22 | ||||||||||||||||||||||||||
25.21 | 25.21 | 3.12 | 3.12 | (g) | 28,986,509 | 0.12 | (h) | 2.52 | 0.75 | (h) | 26 |
SEE NOTES TO FINANCIAL STATEMENTS.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 191 |
AS OF APRIL 30, 2020 (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:
Diversification Classification | ||
JPMorgan BetaBuilders Canada ETF | Diversified | |
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | Diversified | |
JPMorgan BetaBuilders Europe ETF | Diversified | |
JPMorgan BetaBuilders International Equity ETF | Diversified | |
JPMorgan BetaBuilders Japan ETF | Diversified | |
JPMorgan BetaBuilders U.S. Equity ETF JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | Diversified Diversified | |
JPMorgan Diversified Return Emerging Markets 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 |
The investment objective of the JPMorgan BetaBuilders Canada ETF (the “BetaBuilders Canada ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM.
The investment objective of the JPMorgan BetaBuilders Developed Asiaex-Japan ETF (the “BetaBuilders Developed Asiaex-Japan ETF”) 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.
The investment objective of the JPMorgan BetaBuilders Europe ETF (the “BetaBuilders Europe ETF”) 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 International Equity ETF (the “BetaBuilders International Equity ETF”) commenced operations on December 3, 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® Developed Marketsex-North America Target Market Exposure IndexSM.
The investment objective of the JPMorgan BetaBuilders Japan ETF (the “BetaBuilders Japan ETF”) 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.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “BetaBuilders U.S. Mid Cap Equity ETF”) commenced operations on April 14, 2020. 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 Mid Cap Target Market Exposure Extended 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 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.
192 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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.
The investment objective of the JPMorgan U.S. Dividend ETF (the “U.S. Dividend ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index.
The investment objective of the JPMorgan U.S. Minimum Volatility ETF (the “U.S. Minimum Volatility ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Minimum Volatility Index.
The investment objective of the JPMorgan U.S. Momentum Factor ETF (the “U.S. Momentum Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.
The investment objective of the JPMorgan U.S. Quality Factor ETF (the “U.S. Quality Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.
The investment objective of the JPMorgan U.S. Value Factor ETF (the “U.S. Value Factor ETF”) 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 at market price on an exchange as follows:
Listing Exchange | ||||
BetaBuilders Canada ETF | Cboe BZX Exchange, Inc. | |||
BetaBuilders Developed Asiaex-Japan ETF | Cboe BZX Exchange, Inc. | |||
BetaBuilders Europe ETF | Cboe BZX Exchange, Inc. | |||
BetaBuilders International Equity ETF | Cboe BZX Exchange, Inc | |||
BetaBuilders Japan ETF | Cboe BZX Exchange, Inc. | |||
BetaBuilders U.S. Equity ETF | Cboe BZX Exchange, Inc. | |||
BetaBuilders U.S Mid Cap Equity ETF | NYSE Arca, Inc. | |||
Emerging Markets Equity ETF | NYSE Arca, Inc. | |||
International Equity ETF | NYSE Arca, Inc. | |||
U.S. Equity ETF | NYSE Arca, Inc. | |||
U.S. Mid Cap Equity ETF | NYSE Arca, Inc. | |||
U.S. Small Cap Equity ETF | NYSE Arca, Inc. | |||
U.S. Dividend ETF | NYSE Arca, Inc. | |||
U.S. Minimum Volatility ETF | NYSE Arca, Inc. | |||
U.S. Momentum Factor ETF | NYSE Arca, Inc. | |||
U.S. Quality Factor ETF | NYSE Arca, Inc. | |||
U.S. Value Factor ETF | 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, 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 International Equity ETF | 200,000 | |||
BetaBuilders Japan ETF | 400,000 | |||
BetaBuilders U.S. Equity ETF | 50,000 | |||
BetaBuilders U.S. Mid Cap Equity ETF | 25,000 | |||
Emerging Markets 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 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 193 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
Shares per Creation Unit | ||||
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 if a Fund has 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, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) 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 (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) 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 — Investments are valued in accordance with GAAP and the Funds’ valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (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/or 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 the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for 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 foreign 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”), (“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.
194 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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) | $ | 3,414,342,780 | $ | — | $ | — | $ | 3,414,342,780 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 2,563,538 | $ | — | $ | — | $ | 2,563,538 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | 600,048,213 | $ | 695,131 | $ | 600,743,344 | ||||||||
Cambodia | — | 2,384,089 | — | 2,384,089 | ||||||||||||
China | — | 1,283,795 | — | 1,283,795 | ||||||||||||
Hong Kong | 912,777 | 300,610,854 | — | 301,523,631 | ||||||||||||
Macau | — | 25,076,536 | — | 25,076,536 | ||||||||||||
New Zealand | — | 31,494,290 | — | 31,494,290 | ||||||||||||
Singapore | — | 127,013,395 | — | 127,013,395 | ||||||||||||
United Kingdom | — | 15,632,282 | — | 15,632,282 | ||||||||||||
United States | — | 4,969,722 | — | 4,969,722 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 912,777 | 1,108,513,176 | 695,131 | 1,110,121,084 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | — | 61,625 | — | 61,625 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment of cash collateral from securities loaned | 4,336,441 | — | — | 4,336,441 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,249,218 | $ | 1,108,574,801 | $ | 695,131 | $ | 1,114,519,150 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 460,078 | $ | 38,396 | $ | — | $ | 498,474 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | 24,561,923 | $ | — | $ | 24,561,923 | ||||||||
Austria | 415,350 | 8,835,078 | — | 9,250,428 | ||||||||||||
Belgium | — | 38,369,087 | — | 38,369,087 | ||||||||||||
Chile | — | 1,059,330 | — | 1,059,330 | ||||||||||||
China | 9,631,472 | — | — | 9,631,472 | ||||||||||||
Colombia | — | 772,437 | — | 772,437 | ||||||||||||
Denmark | — | 82,813,902 | — | 82,813,902 | ||||||||||||
Finland | — | �� | 49,014,202 | — | 49,014,202 | |||||||||||
France | — | 372,613,269 | — | 372,613,269 | ||||||||||||
Germany | — | 304,334,660 | — | 304,334,660 | ||||||||||||
Ghana | — | 136,477 | — | 136,477 | ||||||||||||
Ireland | 7,560,092 | 13,920,348 | — | 21,480,440 | ||||||||||||
Italy | — | 77,030,854 | — | 77,030,854 | ||||||||||||
Jordan | — | 1,215,189 | — | 1,215,189 | ||||||||||||
Luxembourg | — | 6,132,469 | — | 6,132,469 | ||||||||||||
Mexico | — | 493,685 | — | 493,685 | ||||||||||||
Netherlands | 26,928,256 | 126,740,419 | — | 153,668,675 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 195 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
BetaBuilders Europe ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Norway | $ | — | $ | 23,749,388 | $ | — | $ | 23,749,388 | ||||||||
Portugal | — | 6,519,406 | — | 6,519,406 | ||||||||||||
Russia | — | 1,838,447 | — | 1,838,447 | ||||||||||||
South Africa | — | 7,404,172 | — | 7,404,172 | ||||||||||||
Spain | — | 91,284,989 | — | 91,284,989 | ||||||||||||
Sweden | — | 113,235,851 | — | 113,235,851 | ||||||||||||
Switzerland | — | 401,714,908 | — | 401,714,908 | ||||||||||||
United Arab Emirates | — | — | 29 | 29 | ||||||||||||
United Kingdom | 2,524,156 | 502,581,344 | — | 505,105,500 | ||||||||||||
United States | 2,843,128 | 5,800,234 | — | 8,643,362 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 49,902,454 | 2,262,172,068 | 29 | 2,312,074,551 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments |
| |||||||||||||||
Investment of cash collateral from securities loaned | 136,049,603 | — | — | 136,049,603 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 185,952,057 | $ | 2,262,172,068 | $ | 29 | $ | 2,448,124,154 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | — | $ | 2,620,586 | $ | — | $ | 2,620,586 | ||||||||
|
|
|
|
|
|
|
|
BetaBuilders 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 | $ | — | $ | 2,811,410 | $ | 1,347 | $ | 2,812,757 | ||||||||
Austria | 4,707 | 97,963 | — | 102,670 | ||||||||||||
Belgium | — | 421,267 | — | 421,267 | ||||||||||||
Cambodia | — | 9,442 | — | 9,442 | ||||||||||||
Chile | — | 11,622 | — | 11,622 | ||||||||||||
China | 104,619 | 7,687 | — | 112,306 | ||||||||||||
Colombia | — | 8,316 | — | 8,316 | ||||||||||||
Denmark | — | 909,655 | — | 909,655 | ||||||||||||
Finland | — | 537,024 | — | 537,024 | ||||||||||||
France | — | 4,093,836 | — | 4,093,836 | ||||||||||||
Germany | — | 3,344,503 | — | 3,344,503 | ||||||||||||
Ghana | — | 1,508 | — | 1,508 | ||||||||||||
Hong Kong | 4,742 | 1,277,502 | — | 1,282,244 | ||||||||||||
Ireland | 82,527 | 153,508 | — | 236,035 | ||||||||||||
Israel | — | 175,016 | — | 175,016 | ||||||||||||
Italy | — | 844,500 | — | 844,500 | ||||||||||||
Japan | — | 11,589,773 | — | 11,589,773 | ||||||||||||
Jordan | — | 13,403 | — | 13,403 | ||||||||||||
Luxembourg | — | 67,327 | — | 67,327 | ||||||||||||
Macau | — | 98,154 | — | 98,154 | ||||||||||||
Mexico | — | 5,241 | — | 5,241 | ||||||||||||
Netherlands | 296,484 | 1,393,367 | — | 1,689,851 | ||||||||||||
New Zealand | — | 133,236 | — | 133,236 | ||||||||||||
Norway | — | 261,540 | — | 261,540 | ||||||||||||
Portugal | — | 71,833 | — | 71,833 | ||||||||||||
Russia | — | 20,189 | — | 20,189 | ||||||||||||
Singapore | — | 537,197 | — | 537,197 | ||||||||||||
South Africa | — | 81,278 | — | 81,278 | ||||||||||||
Spain | — | �� | 1,001,949 | — | 1,001,949 | |||||||||||
Sweden | — | 1,244,916 | — | 1,244,916 |
196 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
BetaBuilders International Equity ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Switzerland | $ | — | $ | 4,414,252 | $ | — | $ | 4,414,252 | ||||||||
United Arab Emirates | — | — | — | (b) | — | (b) | ||||||||||
United Kingdom | 27,946 | 5,591,420 | — | 5,619,366 | ||||||||||||
United States | 31,232 | 87,254 | — | 118,486 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 552,257 | 41,317,088 | 1,347 | 41,870,692 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | — | 261 | — | 261 | ||||||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 49,618 | — | — | 49,618 | ||||||||||||
Investment of cash collateral from securities loaned | 941,191 | — | — | 941,191 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 990,809 | — | — | 990,809 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 1,543,066 | $ | 41,317,349 | $ | 1,347 | $ | 42,861,762 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 39,386 | $ | — | $ | — | $ | 39,386 | ||||||||
|
|
|
|
|
|
|
|
BetaBuilders Japan ETF
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Investments in Securities |
| |||||||||||||||
Common Stocks | $ | — | $ | 2,632,655,833 | $ | — | $ | 2,632,655,833 | ||||||||
Short-Term Investments |
| |||||||||||||||
Investment of cash collateral from securities loaned | 5,116,764 | — | — | 5,116,764 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 5,116,764 | $ | 2,632,655,833 | $ | — | $ | 2,637,772,597 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 721,788 | $ | — | $ | — | $ | 721,788 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 129,612,041 | $ | — | $ | — | $ | 129,612,041 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 72,197 | $ | — | $ | — | $ | 72,197 | ||||||||
|
|
|
|
|
|
|
|
BetaBuilders 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) | $ | 5,371,309 | $ | — | $ | — | $ | 5,371,309 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 723 | $ | — | $ | — | $ | 723 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 197 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
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 |
| |||||||||||||||
Bahrain | $ | — | $ | 321,212 | $ | — | $ | 321,212 | ||||||||
Brazil | 27,722,674 | — | — | 27,722,674 | ||||||||||||
Chile | 3,600,743 | — | — | 3,600,743 | ||||||||||||
China | 1,245,298 | 60,519,978 | — | (b) | 61,765,276 | |||||||||||
Colombia | 1,231,409 | — | — | 1,231,409 | ||||||||||||
Czech Republic | — | 228,106 | — | 228,106 | ||||||||||||
Egypt | — | 720,750 | — | 720,750 | ||||||||||||
Greece | — | 2,614,460 | — | 2,614,460 | ||||||||||||
Hong Kong | — | 456,231 | — | 456,231 | ||||||||||||
Hungary | — | 1,763,514 | — | 1,763,514 | ||||||||||||
India | — | 23,909,158 | — | 23,909,158 | ||||||||||||
Indonesia | — | 9,690,298 | — | 9,690,298 | ||||||||||||
Kuwait | 163,258 | 3,619,970 | — | 3,783,228 | ||||||||||||
Malaysia | — | 8,296,480 | — | 8,296,480 | ||||||||||||
Mexico | 10,521,617 | — | — | 10,521,617 | ||||||||||||
Pakistan | — | 222,788 | — | 222,788 | ||||||||||||
Philippines | — | 2,700,411 | — | 2,700,411 | ||||||||||||
Qatar | 435,490 | 3,789,267 | — | 4,224,757 | ||||||||||||
Russia | 19,537,368 | — | — | 19,537,368 | ||||||||||||
Saudi Arabia | 817,392 | 4,392,852 | — | 5,210,244 | ||||||||||||
South Africa | 2,870,210 | 11,805,477 | — | 14,675,687 | ||||||||||||
Taiwan | — | 36,734,872 | — | 36,734,872 | ||||||||||||
Thailand | 2,314,946 | 8,128,164 | — | 10,443,110 | ||||||||||||
Turkey | 1,512,749 | 3,840,897 | — | 5,353,646 | ||||||||||||
United Arab Emirates | — | 3,492,455 | — | 3,492,455 | ||||||||||||
United States | 957,813 | — | — | 957,813 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 72,930,967 | 187,247,340 | — | (b) | 260,178,307 | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Rights | — | — | (b) | — | — | (b) | ||||||||||
Short-Term Investments |
| |||||||||||||||
Investment of cash collateral from securities loaned | 813,189 | — | — | 813,189 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 73,744,156 | $ | 187,247,340 | — | (b) | 260,991,496 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 103,567 | $ | — | $ | — | $ | 103,567 | ||||||||
|
|
|
|
|
|
|
|
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 | $ | — | $ | 93,745,765 | $ | — | $ | 93,745,765 | ||||||||
Austria | — | 1,201,587 | — | 1,201,587 | ||||||||||||
Belgium | — | 11,474,669 | — | 11,474,669 | ||||||||||||
Cambodia | — | 871,019 | — | 871,019 | ||||||||||||
Chile | — | 3,450,045 | — | 3,450,045 | ||||||||||||
China | — | 8,460,921 | — | 8,460,921 | ||||||||||||
Denmark | — | 5,120,752 | — | 5,120,752 | ||||||||||||
Finland | — | 20,664,669 | — | 20,664,669 | ||||||||||||
France | — | 42,364,975 | — | 42,364,975 | ||||||||||||
Germany | — | 25,361,389 | — | 25,361,389 |
198 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
International Equity ETF(continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Hong Kong | $ | 943,598 | $ | 46,147,804 | $ | — | $ | 47,091,402 | ||||||||
Indonesia | — | 101,252 | — | 101,252 | ||||||||||||
Ireland | — | 2,183,473 | — | 2,183,473 | ||||||||||||
Italy | — | 18,380,930 | — | 18,380,930 | ||||||||||||
Japan | — | 246,112,486 | — | 246,112,486 | ||||||||||||
Jordan | — | 4,946,953 | — | 4,946,953 | ||||||||||||
Luxembourg | — | 1,099,169 | — | 1,099,169 | ||||||||||||
Macau | — | 1,881,385 | — | 1,881,385 | ||||||||||||
Netherlands | 8,145,230 | 16,316,320 | — | 24,461,550 | ||||||||||||
New Zealand | — | 10,098,251 | — | 10,098,251 | ||||||||||||
Norway | — | 11,874,200 | — | 11,874,200 | ||||||||||||
Poland | — | 664,692 | — | 664,692 | ||||||||||||
Portugal | — | 6,055,560 | — | 6,055,560 | ||||||||||||
Russia | — | 4,031,506 | — | 4,031,506 | ||||||||||||
Singapore | — | 25,926,373 | — | 25,926,373 | ||||||||||||
South Africa | — | 2,643,679 | — | 2,643,679 | ||||||||||||
South Korea | — | 54,731,958 | — | 54,731,958 | ||||||||||||
Spain | — | 16,164,794 | — | 16,164,794 | ||||||||||||
Sweden | — | 36,214,274 | — | 36,214,274 | ||||||||||||
Switzerland | — | 18,825,419 | — | 18,825,419 | ||||||||||||
United Kingdom | — | 160,890,476 | — | 160,890,476 | ||||||||||||
United States | — | 2,571,427 | — | 2,571,427 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Common Stocks | 9,088,828 | 900,578,172 | — | 909,667,000 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 908,334 | — | — | 908,334 | ||||||||||||
Investment of cash collateral from securities loaned | 22,036,532 | — | — | 22,036,532 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | 22,944,866 | — | — | 22,944,866 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 32,033,694 | $ | 900,578,172 | — | $ | 932,611,866 | |||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts | $ | 1,187,219 | $ | — | $ | — | | $ | 1,187,219 | |||||||
|
|
|
|
|
|
|
|
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) | $ | 604,539,777 | $ | — | $ | — | $ | 604,539,777 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 224,098 | $ | — | $ | — | $ | 224,098 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 213,878,495 | $ | — | $ | — | $ | 213,878,495 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 105,084 | $ | — | $ | — | $ | 105,084 | ||||||||
|
|
|
|
|
|
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 199 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (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 | $ | 121,060,916 | $ | — | $ | — | $ | 121,060,916 | ||||||||
Rights | — | — | — | (b) | — | (b) | ||||||||||
Short-Term Investments |
| |||||||||||||||
Investment Companies | 269,662 | — | — | 269,662 | ||||||||||||
Investment of cash collateral from securities loaned | 19,338,205 | — | — | 19,338,205 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Short-Term Investments | $ | 19,607,867 | $ | — | $ | — | $ | 19,607,867 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities | $ | 140,668,783 | $ | — | $ | — | (b) | $ | 140,668,783 | |||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts | $ | 97,121 | $ | — | $ | — | $ | 97,121 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 34,273,992 | $ | — | $ | — | $ | 34,273,992 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 22,243 | $ | — | $ | — | $ | 22,243 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 97,496,560 | $ | — | $ | — | $ | 97,496,560 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 27,182 | $ | — | $ | — | $ | 27,182 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 87,563,525 | $ | — | $ | — | $ | 87,563,525 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments | ||||||||||||||||
Futures Contracts (a) | $ | 26,817 | $ | — | $ | — | $ | 26,817 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 229,510,518 | $ | — | $ | — | $ | 229,510,518 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 90,296 | $ | — | $ | — | $ | 90,296 | ||||||||
|
|
|
|
|
|
|
|
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) | $ | 56,596,334 | $ | — | $ | — | $ | 56,596,334 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Appreciation in Other Financial Instruments |
| |||||||||||||||
Futures Contracts (a) | $ | 26,012 | $ | — | $ | — | $ | 26,012 | ||||||||
|
|
|
|
|
|
|
|
(a) | Please refer to the SOI for specifics of portfolio holdings. |
(b) | Value is zero. |
200 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
There were no significant transfers into and out of level 3 for the six months ended April 30, 2020 for BetaBuilders Developed Asiaex-Japan ETF and BetaBuilders Europe ETF.
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, 2020, 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. Futures Contracts — The Funds used index futures contracts to obtain long 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 six months ended April 30, 2020:
BetaBuilders Canada ETF | BetaBuilders Developed Asia ex-Japan ETF | BetaBuilders Europe ETF | BetaBuilders International Equity ETF | BetaBuilders Japan ETF | BetaBuilders U.S. Equity ETF | BetaBuilders U.S. Mid Cap Equity ETF | Emerging Markets Equity ETF | |||||||||||||||||||||||||
Futures Contracts — Equity: | ||||||||||||||||||||||||||||||||
Average Notional Balance Long | $ | 20,517,790 | $ | 8,354,574 | $ | 18,861,095 | $ | 218,411 | (a) | $ | 29,967,535 | $ | 399,203 | $ | 14,506 | (b) | $ | 866,579 | ||||||||||||||
Ending Notional Balance Long | 30,094,472 | 6,654,272 | 21,420,078 | 409,400 | 38,736,523 | 623,769 | 14,506 | 1,041,900 |
International Equity ETF | 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 | $ | 7,901,057 | $ | 2,450,002 | $ | 533,453 | $ | 503,234 | $ | 166,652 | $ | 241,965 | $ | 125,875 | $ | 477,540 | $ | 262,486 | ||||||||||||||||||
Ending Notional Balance Long | 9,334,320 | 1,015,438 | 492,510 | 457,450 | 130,556 | 174,075 | 159,569 | 638,275 | 145,063 |
(a) | For the period December 3, 2019 through April 30, 2020. |
(b) | For the period April 14, 2020 through April 30, 2020. |
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
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 201 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
(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 Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class 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.
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, for each lending fund, the 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, 2020.
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 | $ | 223,612,348 | $ | (223,612,348 | ) | $ | — | |||||
BetaBuilders Developed Asiaex-Japan ETF | 4,116,135 | (4,116,135 | ) | — | ||||||||
BetaBuilders Europe ETF | 125,871,397 | (125,871,397 | ) | — | ||||||||
BetaBuilders International Equity ETF | 884,884 | (884,884 | ) | — | ||||||||
BetaBuilders Japan ETF | 4,773,254 | (4,773,254 | ) | — | ||||||||
BetaBuilders U.S. Equity ETF | 1,128,274 | (1,128,274 | ) | — | ||||||||
BetaBuilders U.S. Mid Cap Equity ETF | 15,885 | (15,885 | ) | — | ||||||||
Emerging Markets Equity ETF | 766,526 | (766,526 | ) | — | ||||||||
International Equity ETF | 20,708,564 | (20,708,564 | ) | — | ||||||||
U.S. Equity ETF | 21,154,150 | (21,154,150 | ) | — | ||||||||
U.S. Mid Cap Equity ETF | 8,837,783 | (8,837,783 | ) | — | ||||||||
U.S. Small Cap Equity ETF | 17,770,833 | (17,770,833 | ) | — | ||||||||
U.S. Dividend ETF | 2,031,688 | (2,031,688 | ) | — | ||||||||
U.S. Minimum Volatility ETF | 2,425,225 | (2,425,225 | ) | — | ||||||||
U.S. Momentum Factor ETF | 1,486,190 | (1,486,190 | ) | — | ||||||||
U.S. Quality Factor ETF | 2,379,716 | (2,379,716 | ) | — | ||||||||
U.S. Value Factor ETF | 2,517,422 | (2,517,422 | ) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
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 management fees and investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.15% to 0.06%. For the six month ended April 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows:
BetaBuilders Canada ETF | $ | 25,561 | ||
BetaBuilders Developed Asiaex-Japan ETF | 804 | |||
BetaBuilders Europe ETF | 6,426 |
202 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
BetaBuilders International Equity ETF | $ | 9 | ||
BetaBuilders Japan ETF | 3,374 | |||
BetaBuilders U.S. Equity ETF | 21 | |||
Emerging Markets Equity ETF | 199 | |||
International Equity ETF | 1,725 | |||
U.S. Equity ETF | 2,568 | |||
U.S. Mid Cap Equity ETF | 1,327 | |||
U.S. Small Cap Equity ETF | 2,732 | |||
U.S. Dividend ETF | 392 | |||
U.S. Minimum Volatility ETF | 411 | |||
U.S. Momentum Factor ETF | 212 | |||
U.S. Quality Factor ETF | 412 | |||
U.S. Value Factor ETF | 258 |
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).
E. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. 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, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 174,004,202 | $ | 1,754,700,000 | $ | 1,838,000,000 | $ | 14,548 | * | $ | 5,843 | $ | 90,724,593 | 90,706,451 | $ | 921,950 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 52,671,952 | 2,609,877,111 | 2,509,075,373 | — | — | 153,473,690 | 153,473,690 | 432,745 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 226,676,154 | $ | 4,364,577,111 | $ | 4,347,075,373 | $ | 14,548 | $ | 5,843 | $ | 244,198,283 | $ | 1,354,695 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BetaBuilders Developed Asiaex-Japan ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 1,000,100 | $ | 38,000,000 | $ | 38,000,000 | $ | (11,401 | )* | $ | (198 | ) | $ | 988,501 | 988,304 | $ | 14,355 | * | $ | — | ||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 546,282 | 41,093,173 | 38,291,515 | — | — | 3,347,940 | 3,347,940 | 12,522 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 1,546,382 | $ | 79,093,173 | $ | 76,291,515 | $ | (11,401 | ) | $ | (198 | ) | $ | 4,336,441 | $ | 26,877 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 203 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
BetaBuilders Europe ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 84,008,799 | $ | 234,000,000 | $ | 234,000,000 | $ | (3,605 | )* | $ | 18,003 | $ | 84,023,197 | 84,006,395 | $ | 430,371 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 30,866,797 | 341,975,139 | 320,815,530 | — | — | 52,026,406 | 52,026,406 | 99,501 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 114,875,596 | $ | 575,975,139 | $ | 554,815,530 | $ | (3,605 | ) | $ | 18,003 | $ | 136,049,603 | $ | 529,872 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BetaBuilders International Equity ETF
For the period ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at December 3, 2019 (c) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | — | $ | 1,192,347 | $ | 251,156 | $ | — | $ | — | $ | 941,191 | 941,191 | $ | 188 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | — | 93,404 | 43,786 | — | — | 49,618 | 49,618 | 9 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | — | $ | 1,285,751 | $ | 294,942 | $ | — | $ | — | $ | 990,809 | $ | 197 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BetaBuilders Japan ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 12,001,600 | $ | 181,000,000 | $ | 190,000,000 | $ | 4,903 | * | $ | 901 | $ | 3,007,404 | 3,006,803 | $ | 205,644 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 6,340,122 | 196,894,306 | 201,125,068 | — | — | 2,109,360 | 2,109,360 | 53,459 | * | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 18,341,722 | $ | 377,894,306 | $ | 391,125,068 | $ | 4,903 | $ | 901 | $ | 5,116,764 | $ | 259,103 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
204 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
BetaBuilders U.S. Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Chase & Co. (d) | $ | 702,425 | $ | 1,215,200 | $ | 67,385 | $ | 16,301 | $ | (344,819 | ) | $ | 1,521,722 | 15,891 | $ | 18,056 | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | — | 4,305,144 | 3,108,859 | — | — | 1,196,285 | 1,196,285 | 674 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 123,432 | 1,972,715 | 1,619,376 | — | — | 476,771 | 476,771 | 1,843 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 825,857 | $ | 7,493,059 | $ | 4,795,620 | $ | 16,301 | $ | (344,819 | ) | $ | 3,194,778 | $ | 20,573 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BetaBuilders U.S. Mid Cap Equity ETF
For the period ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at April 14, 2020 (e) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)(b) | $ | — | $ | 17,724 | $ | 881 | $ | — | $ | — | $ | 16,843 | 16,843 | $ | 1 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | — | 46,224 | 42,771 | — | — | 3,453 | 3,453 | 1 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | — | $ | 63,948 | $ | 43,652 | $ | — | $ | — | $ | 20,296 | $ | 2 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Markets Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | 1,212,618 | $ | 3,057,444 | $ | 3,456,873 | $ | — | $ | — | $ | 813,189 | 813,189 | $ | 2,623 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 670,911 | 659,744 | 1,330,655 | — | — | — | — | 1,312 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 1,883,529 | $ | 3,717,188 | $ | 4,787,528 | $ | — | $ | — | $ | 813,189 | $ | 3,935 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 205 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
International Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Prime Money Market Fund Class IM Shares, 0.69% (a)(b) | $ | — | $ | 11,572,459 | $ | 10,664,991 | $ | 773 | $ | 93 | $ | 908,334 | 907,608 | $ | 4,451 | $ | — | |||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | 4,000,600 | 35,000,000 | 23,000,000 | 400 | * | 5,501 | 16,006,501 | 16,003,300 | 33,344 | * | — | |||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 9,041,799 | 56,290,838 | 59,302,606 | — | — | 6,030,031 | 6,030,031 | 23,860 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares (a) | 2,710,919 | 22,066,813 | 24,777,732 | — | — | — | — | 18,148 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 15,753,318 | $ | 124,930,110 | $ | 117,745,329 | $ | 1,173 | $ | 5,594 | $ | 22,944,866 | $ | 79,803 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
U.S. Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 17,004,001 | $ | 26,000,000 | $ | 26,000,001 | $ | (1,701 | )* | $ | 3,801 | $ | 17,006,100 | 17,002,700 | $ | 114,945 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 6,625,093 | 110,846,631 | 111,627,298 | — | — | 5,844,426 | 5,844,426 | 42,038 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 894,552 | 17,503,469 | 17,992,173 | — | — | 405,848 | 405,848 | 11,000 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 24,523,646 | $ | 154,350,100 | $ | 155,619,472 | $ | (1,701 | ) | $ | 3,801 | $ | 23,256,374 | $ | 167,983 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
206 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
U.S. Mid Cap Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 6,000,900 | $ | 5,000,000 | $ | 9,000,000 | $ | 599 | * | $ | — | $ | 2,001,499 | 2,001,099 | $ | 42,188 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 3,100,057 | 44,810,770 | 40,327,187 | — | — | 7,583,640 | 7,583,640 | 21,081 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 329,265 | 7,020,636 | 7,124,692 | — | — | 225,209 | 225,209 | 3,679 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 9,430,222 | $ | 56,831,406 | $ | 56,451,879 | $ | 599 | $ | — | $ | 9,810,348 | $ | 66,948 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Small Cap Equity ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.77% (a)(b) | $ | 19,001,700 | $ | 22,000,000 | $ | 23,999,999 | $ | (4,704 | )* | $ | 2,200 | $ | 16,999,197 | 16,995,798 | $ | 150,175 | * | $ | — | |||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | 7,634,136 | 63,896,037 | 69,191,165 | — | — | 2,339,008 | 2,339,008 | 44,892 | * | — | ||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 440,610 | 4,791,548 | 4,962,496 | — | — | 269,662 | 269,662 | 2,311 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 27,076,446 | $ | 90,687,585 | $ | 98,153,660 | $ | (4,704 | ) | $ | 2,200 | $ | 19,607,867 | $ | 197,378 | $ | — | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Dividend ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | 654,469 | $ | 12,364,052 | $ | 10,857,645 | $ | — | $ | — | $ | 2,160,876 | 2,160,876 | $ | 5,462 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 149,529 | 1,412,233 | 1,530,125 | — | — | 31,637 | 31,637 | 771 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 803,998 | $ | 13,776,285 | $ | 12,387,770 | $ | — | $ | — | $ | 2,192,513 | $ | 6,233 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 207 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
U.S. Minimum Volatility ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | 387,400 | $ | 23,831,841 | $ | 21,638,621 | $ | — | $ | — | $ | 2,580,620 | 2,580,620 | $ | 5,441 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 138,939 | 2,668,698 | 2,541,473 | — | — | 266,164 | 266,164 | 1,403 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 526,339 | $ | 26,500,539 | $ | 24,180,094 | $ | — | $ | — | $ | 2,846,784 | $ | 6,844 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
U.S. Momentum Factor ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | 561,328 | $ | 11,214,420 | $ | 10,217,461 | $ | — | $ | — | $ | 1,558,287 | 1,558,287 | $ | 3,090 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 87,612 | 989,835 | 997,292 | — | — | 80,155 | 80,155 | 697 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 648,940 | $ | 12,204,255 | $ | 11,214,753 | $ | — | $ | — | $ | 1,638,442 | $ | 3,787 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Quality Factor ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23 a)(b) | $ | 946,322 | $ | 23,406,155 | $ | 21,829,654 | $ | — | $ | — | $ | 2,522,823 | 2,522,823 | $ | 6,522 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 260,405 | 2,953,384 | 2,866,777 | — | — | 347,012 | 347,012 | 1,875 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 1,206,727 | $ | 26,359,539 | $ | 24,696,431 | $ | — | $ | — | $ | 2,869,835 | $ | 8,397 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Value Factor ETF
For the six months ended April 30, 2020 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2019 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at April 30, 2020 | Shares at April 30, 2020 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.23% (a)(b) | $ | 368,753 | $ | 12,615,755 | $ | 10,288,509 | $ | — | $ | — | $ | 2,695,999 | 2,695,999 | $ | 3,796 | * | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.17% (a)(b) | 154,371 | 2,060,722 | 2,143,717 | — | — | 71,376 | 71,376 | 1,077 | ��� | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | $ | 523,124 | $ | 14,676,477 | $ | 12,432,226 | $ | — | $ | — | $ | 2,767,375 | $ | 4,873 | $ | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
208 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of April 30, 2020. |
(c) | Commencement of operations was December 3, 2019. |
(d) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
(e) | Commencement of operations was April 14, 2020. |
* | Amount is included on the Statements of Operations 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.
G. 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.
H. 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, 2020, 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 Funds’ Federal tax returns for the prior three fiscal years, or since inception if shorter, remains subject to examination by the Internal Revenue Service.
I. 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.
J. 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 Federal tax basis treatment.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 209 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
3. Fees and Other Transactions with Affiliates
A. Management Fee —JPMIM manages the investments of each Fund pursuant to the Fund’s respective Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund’s respective average daily net assets at the following rate:
BetaBuilders Canada ETF | 0.19 | % | ||
BetaBuilders Developed Asiaex-Japan ETF | 0.19 | % | ||
BetaBuilders Europe ETF | 0.09 | % | ||
BetaBuilders International Equity ETF | 0.07 | % | ||
BetaBuilders Japan ETF | 0.19 | % | ||
BetaBuilders U.S Equity ETF | 0.02 | % | ||
BetaBuilders U.S Mid Cap Equity ETF | 0.07 | % | ||
Emerging Markets Equity ETF | 0.44 | % | ||
International Equity ETF | 0.37 | % | ||
U.S. Equity ETF | 0.18 | % | ||
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 | % |
Under the Management Agreements, JPMIM is responsible for substantially all expenses of the Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds’12b-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 Fund’s business. Additionally, each Fund shall be responsible for itsnon-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Fund’s Management Agreement, JPMIM is compensated as described in Note 3.A.
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, effective November 1, 2019, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that varied according to the number of transactions and positions, plusout-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset the Funds’ custodian charges which are covered by the Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the SOP. 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 Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for affiliated money market funds are covered under the Management Agreement as described in Note 3.A.
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 agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
F. Other — Certain officers of the Trust are affiliated with JPMIM 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 designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule38a-1 under the 1940 Act. The fees associated with the Office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
210 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows:
Purchases Government) | Sales Government) | |||||||
BetaBuilders Canada ETF | $ | 58,695,067 | $ | 65,317,951 | ||||
BetaBuilders Developed Asiaex-Japan ETF | 72,602,539 | 37,621,739 | ||||||
BetaBuilders Europe ETF | 97,299,466 | 106,423,541 | ||||||
BetaBuilders International Equity ETF | 1,947,059 | 1,183,737 | ||||||
BetaBuilders Japan ETF | 25,377,767 | 99,305,187 | ||||||
BetaBuilders U.S. Equity ETF | 1,448,564 | 1,046,469 | ||||||
BetaBuilders U.S. Mid Cap Equity ETF | 54,129 | 51,921 | ||||||
Emerging Markets Equity ETF | 40,887,640 | 50,760,279 | ||||||
International Equity ETF | 121,013,765 | 133,849,750 | ||||||
U.S. Equity ETF | 68,853,278 | 71,312,233 | ||||||
U.S. Mid Cap Equity ETF | 22,330,933 | 21,151,744 | ||||||
U.S. Small Cap Equity ETF | 17,258,037 | 16,806,382 | ||||||
U.S. Dividend ETF | 3,579,297 | 3,543,958 | ||||||
U.S. Minimum Volatility ETF | 6,763,201 | 6,783,943 | ||||||
U.S. Momentum Factor ETF | 11,714,684 | 11,134,775 | ||||||
U.S. Quality Factor ETF | 15,868,739 | 14,980,891 | ||||||
U.S. Value Factor ETF | 5,912,388 | 6,099,726 |
During the six months ended April 30, 2020, there were no purchases or sales of U.S. Government securities.
For the six months ended April 30, 2020,in-kind transactions associated with creations and redemptions were:
In-Kind Creations | In-Kind Redemptions | |||||||
BetaBuilders Canada ETF | $ | 74,248,590 | $ | 65,769,691 | ||||
BetaBuilders Developed Asiaex-Japan ETF | 111,058,956 | 173,816,153 | ||||||
BetaBuilders Europe ETF | 790,737,058 | 1,339,603,632 | ||||||
BetaBuilders International Equity ETF | 42,582,766 | — | ||||||
BetaBuilders Japan ETF | 385,618,180 | 1,550,122,864 | ||||||
BetaBuilders U.S. Equity ETF | 86,002,808 | 2,816,412 | ||||||
BetaBuilders U.S. Mid Cap Equity ETF | 5,064,167 | — | ||||||
Emerging Markets Equity ETF | 3,359,820 | 11,835,445 | ||||||
International Equity ETF | 38,611,249 | 184,242,058 | ||||||
U.S. Equity ETF | 58,300,308 | 160,191,150 | ||||||
U.S. Mid Cap Equity ETF | 51,640,635 | 6,794,579 | ||||||
U.S. Small Cap Equity ETF | 54,996,806 | 36,563,595 | ||||||
U.S. Dividend ETF | 5,350,579 | 6,090,770 | ||||||
U.S. Minimum Volatility ETF | 8,400,415 | 9,808,677 | ||||||
U.S. Momentum Factor ETF | 29,472,720 | 1,526,713 | ||||||
U.S. Quality Factor ETF | 130,365,383 | 7,209,931 | ||||||
U.S. Value Factor ETF | 14,717,952 | 16,222,497 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 211 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
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, 2020 were as follows:
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |||||||||||||
BetaBuilders Canada ETF | $ | 3,865,514,864 | $ | 334,700,858 | $ | 783,309,404 | $ | (448,608,546 | ) | |||||||
BetaBuilders Developed Asiaex-Japan ETF | 1,325,730,657 | 42,884,578 | 253,597,611 | (210,713,033 | ) | |||||||||||
BetaBuilders Europe ETF | 2,915,037,428 | 91,347,785 | 555,640,473 | (464,292,688 | ) | |||||||||||
BetaBuilders International Equity ETF | 44,234,234 | 1,575,674 | 2,908,760 | (1,333,086 | ) | |||||||||||
BetaBuilders Japan ETF | 2,988,499,477 | 132,074,301 | 482,079,393 | (350,005,092 | ) | |||||||||||
BetaBuilders U.S. Equity ETF | 128,886,410 | 8,335,548 | 7,537,720 | 797,828 | ||||||||||||
BetaBuilders U.S. Mid Cap Equity ETF | 5,086,752 | 360,425 | 75,145 | 285,280 | ||||||||||||
Emerging Markets Equity ETF | 302,627,537 | 17,073,280 | 58,605,754 | (41,532,474 | ) | |||||||||||
International Equity ETF | 1,087,900,413 | 64,251,416 | 218,352,744 | (154,101,328 | ) | |||||||||||
U.S. Equity ETF | 642,845,798 | 58,590,222 | 96,672,145 | (38,081,923 | ) | |||||||||||
U.S. Mid Cap Equity ETF | 227,592,215 | 18,855,317 | 32,463,953 | (13,608,636 | ) | |||||||||||
U.S. Small Cap Equity ETF | 175,759,022 | 6,004,258 | 40,997,376 | (34,993,118 | ) | |||||||||||
U.S. Dividend ETF | 40,742,842 | 1,730,980 | 8,177,587 | (6,446,607 | ) | |||||||||||
U.S. Minimum Volatility ETF | 104,279,894 | 3,739,612 | 10,495,764 | (6,756,152 | ) | |||||||||||
U.S. Momentum Factor ETF | 85,407,807 | 5,657,185 | 3,474,650 | 2,182,535 | ||||||||||||
U.S. Quality Factor ETF | 225,866,470 | 14,974,390 | 11,240,046 | 3,734,344 | ||||||||||||
U.S. Value Factor ETF | 64,973,758 | 3,231,207 | 11,582,619 | (8,351,412 | ) |
As of October 31, 2019, the following Funds had net capital loss carryforwards as follows:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
BetaBuilders Canada ETF | $ | 19,539,163 | $ | — | ||||
BetaBuilders Developed Asiaex-Japan ETF | — | 224,560 | ||||||
BetaBuilders Europe ETF | 3,010,441 | 813,934 | ||||||
BetaBuilders Japan ETF | 9,152,650 | — | ||||||
BetaBuilders U.S. Equity ETF | 24,168 | — | ||||||
Emerging Markets Equity ETF | 13,649,613 | 3,541,834 | ||||||
International Equity ETF | 27,029,344 | 36,788,498 | ||||||
U.S. Equity ETF | 8,505,408 | 588,680 | ||||||
U.S. Mid Cap Equity ETF | 2,657,584 | — | ||||||
U.S. Small Cap Equity ETF | 1,432,885 | 192,118 | ||||||
U.S. Dividend ETF | 281,701 | 70,607 | ||||||
U.S. Minimum Volatility ETF | 124,150 | 160,903 | ||||||
U.S. Momentum Factor ETF | 947,749 | 457,724 | ||||||
U.S. Quality Factor ETF | 281,172 | — | ||||||
U.S. Value Factor ETF | 293,810 | 25,005 |
During the year ended October 31, 2019, the following Funds utilized capital loss carryforwards as follows:
Capital Loss Carryforward Character | ||||||||
Short-Term | Long-Term | |||||||
BetaBuilders Developed Asiaex-Japan ETF | $ | 149,273 | $ | — | ||||
U.S. Quality Factor ETF | — | 1,033 |
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 and 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.
212 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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 International Equity ETF, BetaBuilders Japan 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, 2020, the Adviser owns shares representing more than 10% of net assets of the following Funds:
% of Ownership | ||||
U.S. Dividend ETF | 61 | % | ||
U.S. Minimum Volatility ETF | 19 | |||
U.S. Momentum Factor ETF | 24 | |||
U.S. Value Factor ETF | 32 |
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 International Equity ETF, BetaBuilders Japan ETF, Emerging Markets 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 foreign 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, 2020, the following Funds hadnon-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
Fund Name | Australia | Brazil | Canada | China | France | Germany | Hong Kong | Japan | Singapore | Switzerland | Taiwan | United Kingdom | ||||||||||||||||||||||||||||||||||||
BetaBuilders Canada ETF | — | % | — | % | 97.0 | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | — | % | ||||||||||||||||||||||||
BetaBuilders Developed Asiaex-Japan ETF | 54.1 | — | — | — | — | — | 27.2 | — | 11.4 | — | — | — | ||||||||||||||||||||||||||||||||||||
BetaBuilders Europe ETF | — | — | — | — | 16.1 | 13.2 | — | — | — | 17.4 | — | 21.8 | ||||||||||||||||||||||||||||||||||||
BetaBuilders International Equity ETF | — | — | — | — | — | — | — | 27.6 | — | 10.5 | — | 13.4 | ||||||||||||||||||||||||||||||||||||
BetaBuilders Japan ETF | — | — | — | — | — | — | — | 100.0 | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Emerging Markets Equity ETF | — | 10.7 | — | 23.7 | — | — | — | — | — | — | 14.1 | — | ||||||||||||||||||||||||||||||||||||
International Equity ETF | 10.3 | — | — | — | — | — | — | 27.0 | — | — | — | 17.7 |
As of April 30, 2020, 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.
The Funds may not track the return of the underlying index for a number of reasons and therefore may not achieve their 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,
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 213 |
NOTES TO FINANCIAL STATEMENTS
AS OF APRIL 30, 2020 (Unaudited) (continued)
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.
The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak ofCOVID-19, a novel coronavirus disease, has negatively affected economies, markets and individual companies throughout the world. The effects of thisCOVID-19 pandemic to public health, and business and market conditions, including exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate otherpre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The full impact of thisCOVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.
214 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of ongoing costs: (1) transaction costs, including brokerage commissions on your purchases and sales of Fund shares and (2) ongoing costs, primarily management fees. 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, 2019 and continued to hold your shares at the end of the reporting period, April 30, 2020.
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 “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, 2019 | Ending Account Value April 30, 2020 | Annualized Expense Ratio | Expenses Paid During | |||||||||||||
JPMorgan BetaBuilders Canada ETF | ||||||||||||||||
Actual (1) | $ | 1,000.00 | $ | 859.80 | 0.19 | % | $ | 0.88 | ||||||||
Hypothetical (1) | 1,000.00 | 1,023.92 | 0.19 | 0.96 | ||||||||||||
JPMorgan BetaBuilders Developed Asiaex-Japan ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 824.60 | 0.19 | 0.86 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.92 | 0.19 | 0.96 | ||||||||||||
JPMorgan BetaBuilders Europe ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 844.20 | 0.09 | 0.41 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.42 | 0.09 | 0.45 | ||||||||||||
JPMorgan BetaBuilders International Equity ETF | ||||||||||||||||
Actual (2) | 1,000.00 | 852.40 | 0.07 | 0.27 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.52 | 0.07 | 0.35 | ||||||||||||
JPMorgan BetaBuilders Japan ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 892.00 | 0.19 | 0.89 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.92 | 0.19 | 0.96 | ||||||||||||
JPMorgan BetaBuilders U.S. Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 969.90 | 0.02 | 0.10 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.76 | 0.02 | 0.10 | ||||||||||||
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | ||||||||||||||||
Actual (3) | 1,000.00 | 1,056.70 | 0.07 | 0.03 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.52 | 0.07 | 0.35 | ||||||||||||
JPMorgan Diversified Return Emerging Markets Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 813.50 | 0.44 | 1.98 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,022.68 | 0.44 | 2.21 | ||||||||||||
JPMorgan Diversified Return International Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 858.70 | 0.37 | 1.71 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.02 | 0.37 | 1.86 | ||||||||||||
JPMorgan Diversified Return U.S. Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 877.40 | 0.18 | 0.84 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.97 | 0.18 | 0.91 | ||||||||||||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 855.50 | 0.24 | 1.11 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.67 | 0.24 | 1.21 | ||||||||||||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 810.30 | 0.29 | 1.31 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,023.42 | 0.29 | 1.46 |
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 215 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Beginning Account Value November 1, 2019 | Ending Account Value April 30, 2020 | Annualized Expense Ratio | Expenses Paid During | |||||||||||||
JPMorgan U.S. Dividend ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 810.10 | 0.12 | 0.54 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.27 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Minimum Volatility ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 908.10 | 0.12 | 0.57 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.27 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Momentum Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 978.80 | 0.12 | 0.59 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.27 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Quality Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 969.60 | 0.12 | 0.59 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.27 | 0.12 | 0.60 | ||||||||||||
JPMorgan U.S. Value Factor ETF | ||||||||||||||||
Actual (1) | 1,000.00 | 859.30 | 0.12 | 0.55 | ||||||||||||
Hypothetical (1) | 1,000.00 | 1,024.27 | 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 182/366 (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 150/366 (to reflect the actual period). The Fund commenced operations on December 3, 2019. |
(3) | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 17/366 (to reflect the actual period). The Fund commenced operations on April 14, 2020. |
216 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds has adopted the J.P. Morgan Exchange-Traded Funds Liquidity Risk Management Program (the “Program”) under Rule22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On March 9, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately
and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an“In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than anIn-Kind ETF) into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions (and, forIn-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “illiquid investments” (as defined under the Liquidity Rule)): (4) whether a Fund (other than anIn-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for such a Fund and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extendednon-U.S. market closures.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 217 |
(Unaudited)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended October 31, 2019. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2019. The information necessary to complete your income tax returns for the calendar year ending December 31, 2019 has been provided under separate cover.
Section 199A Income
The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended October 31, 2019.
JPMorgan Diversified Return U.S. Equity ETF | $ | 507,506 | ||
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | 197,449 | |||
JPMorgan Diversified Return U.S. Small Cap Equity ETF | 102,589 | |||
JPMorgan U.S. Dividend ETF | 119,128 | |||
JPMorgan U.S. Minimum Volatility ETF | 74,363 | |||
JPMorgan U.S. Momentum Factor ETF | 33,348 | |||
JPMorgan U.S. Quality Factor ETF | 59,878 | |||
JPMorgan U.S. Value Factor ETF | 75,459 |
218 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
Board Approval of Initial Management Agreements
(Unaudited)
JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
On September9-10, 2019 and December17-18, 2019, the Board of Trustees heldin-person meetings and approved the initial management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for the JPMorgan BetaBuilders International Equity ETF and JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Funds”), respectively. The Management Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the 1940 Act) of any party to the Management Agreements or any of their affiliates. In connection with the approval of each Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreements, the Trustees reviewed each 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 Agreements. 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 each 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 each Management Agreement. The Trustees considered information provided with respect to the Funds and the approval of the Management Agreements. 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 each Fund under the Management Agreement was fair and reasonable and that initial approval of each Management Agreement was in the best interests of each Fund and its potential shareholders.
Summarized below are the material factors 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 each Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of each Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
(i) | The background and experience of the Adviser’s senior management and investment personnel; |
(ii) | The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for theday-to-day management of each Fund; |
(iii) | The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams; |
(iv) | Information about the structure and distribution strategy of each 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; |
(v) | The administration services to be provided by the Adviser under the Management Agreements; |
(vi) | 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; |
(vii) | The overall reputation and capabilities of the Adviser and its affiliates; |
(viii) | The commitment of the Adviser to provide high quality service to the Funds; |
(ix) | Their overall confidence in the Adviser’s integrity; and |
(x) | 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 each 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 Funds. 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 Funds.
Investment Performance
The Trustees considered each 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.
APRIL 30, 2020 | J.P. MORGAN EXCHANGE-TRADED FUNDS | 219 |
Board Approval of Initial Management Agreements
(Unaudited) (continued)
Management Fees and Expense Ratios
The Trustees considered that under the Management Agreements, the Adviser will provide advisory and administrative services and will be responsible for substantially all of the expenses of the Funds (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by each 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 each Fund. The Trustees also compared the management fee for each 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 each Fund.
The Trustees noted that each Fund’s proposed management fee was in line with identified peer funds. The Trustees also noted that because the Funds were not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that each Fund’s proposed management fee was reasonable.
Economies of Scale
The Trustees considered the extent to which each Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Funds does not contain breakpoints. The Trustees also considered that shareholders would benefit because expenses would be limited even when the Funds were 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 Agreements in the future. After considering the factors identified above, the Trustees concluded that each Fund’s shareholders will receive the benefits of potential economies of scale.
220 | J.P. MORGAN EXCHANGE-TRADED FUNDS | APRIL 30, 2020 |
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., 2020. All rights reserved. April 2020. | SAN-ETF-420 |
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).
(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.
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 1, 2020 |
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 | |
Joanna M. Gallegos | ||
President and Principal Executive Officer | ||
July 1, 2020 |
By: | /s/ Lauren A. Paino | |
Lauren A. Paino | ||
Treasurer and Principal Financial Officer | ||
July 1, 2020 |