UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-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: 1-844-457-6383
Date of fiscal year end: October 31
Date of reporting period: November 1, 2021 through April 30, 2022
Form N-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 Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-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.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Reports. Not Applicable. Notices do not incorporate disclosures from the shareholder report.
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2022 (Unaudited)
| | Ticker | Listing Exchange |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | JEMA | Cboe BZX Exchange, Inc. |
| JPMorgan ActiveBuilders International Equity ETF | JIDA | NYSE Arca |
| JPMorgan BetaBuilders Canada ETF | BBCA | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF) | BBAX | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Europe ETF | BBEU | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders International Equity ETF | BBIN | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders Japan ETF | BBJP | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Equity ETF | BBUS | Cboe BZX Exchange, Inc. |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | BBMC | NYSE Arca |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | BBSC | NYSE Arca |
| JPMorgan Carbon Transition U.S. Equity ETF | JCTR | NYSE Arca |
| JPMorgan Climate Change Solutions ETF | TEMP | NYSE Arca |
| JPMorgan Diversified Return Emerging Markets Equity ETF | JPEM | NYSE Arca |
| JPMorgan Diversified Return International Equity ETF | JPIN | NYSE Arca |
| JPMorgan Diversified Return U.S. Equity ETF | JPUS | NYSE Arca |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | JPME | NYSE Arca |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | JPSE | NYSE Arca |
| JPMorgan International Growth ETF | JIG | NYSE Arca |
| JPMorgan U.S. Dividend ETF | JDIV | NYSE Arca |
| JPMorgan U.S. Minimum Volatility ETF | JMIN | NYSE Arca |
| JPMorgan U.S. Momentum Factor ETF | JMOM | NYSE Arca |
| JPMorgan U.S. Quality Factor ETF | JQUA | NYSE Arca |
| JPMorgan U.S. Value Factor ETF | JVAL | NYSE Arca |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of 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.
President's Letter
June 21, 2022, (Unaudited)
Dear Shareholder,
 |
“While financial markets may experience near-term uncertainty, we believe it is critical for investors to maintain a long-term perspective and a well-diversified portfolio.”
— Brian S. Shlissel
|
The strong global economic recovery that marked 2021 has given way to accelerating inflation, pandemic uncertainty in China and the destabilizing impact of the conflict in Ukraine. While equity markets continued to outperform bond markets throughout the six months ended April 30, 2022, a broad sell-off in the wake of Russia’s invasion of Ukraine largely erased equity market gains realized in the final months of 2021.
Robust consumer spending, continued job growth and resilient corporate earnings in the U.S. bolstered equity markets in the final months of 2021 and provided a counterweight to weakening investor sentiment late in the reporting period.
In response to rising inflation and a tightening labor market, the U.S. Federal Reserve (the “Fed”) in March 2022 raised its benchmark interest rate for the first time since 2018 and raised it again in May 2022. Amid the highest levels of U.S. inflation in nearly 40 years, the Fed has indicated it plans to further raise interest rates in the months ahead, leaving investors to ponder the magnitude of such increases.
Similarly, the Bank of England raised interest rates multiple times since the start of 2022 and the European Central Bank signaled it is poised to raise interest rates in July 2022, which would mark its first rate increase in 11 years.
Emerging markets largely underperformed developed markets during the period as rising prices for energy and food weighed on economic growth. Moreover, a pandemic resurgence in China that began in late 2021 led to strict lockdowns in several large cities, which curtailed manufacturing and other economic activity and had a negative spillover effect on other emerging market economies.
Looking ahead, the ongoing pandemic, the conflict in Ukraine, the responses of leading central banks to inflationary pressures and disrupted supply chains appear most likely to influence global economic growth and financial markets. Notably, in mid-June 2022, the Fed raised its benchmark interest rate by the largest magnitude in nearly 30 years in an aggressive effort to tamp down inflation.
While financial markets may experience near-term uncertainty, we believe it is critical for investors to maintain a long-term perspective and a well-diversified portfolio. Our broad array of innovative investment solutions is designed to equip investors with the tools to build durable portfolios that can serve to meet their financial goals.
Sincerely,
Brian S. Shlissel
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, 2022 | J.P. Morgan Exchange-Traded Funds | 1 |
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2022 (Unaudited)
While developed market equities rallied in the final months of 2021, a resurgence in the pandemic, surging inflation and Russia’s invasion of Ukraine in late February 2022 dented the global economic outlook and erased equity market gains for the six month period. Overall, both global equity and fixed income markets largely generated negative returns for the period, with emerging markets largely underperforming developed markets.
U.S. equity prices largely maintained upward momentum in the final months of 2021 amid low interest rates, a boom in household wealth and record corporate earnings and revenues. However, investor concerns about the emergence of the Omicron variant of Covid-19 and surging inflationary pressure fueled market volatility in 2022 and Russia’s military build-up and invasion of Ukraine in February 2022 put further pressure on U.S. equity prices.
In mid-March 2022, the U.S. Federal Reserve followed through on its stated plan and raised interest rates for the first time since December 2018 and pledged to raise rates six more times in 2022. While U.S. equity prices rebounded somewhat for the month, both equity and bond markets slumped in April as negotiations to end the Ukraine conflict failed and global supply-chain disruptions increased. Notably, the U.S. dollar strengthened against other major currencies in early 2022, which provided a significant drag on both the domestic economy and corporate earnings. However, job growth in the U.S. continued throughout the six month period.
European and U.K. equities largely ended 2021 with gains but the reimposition of social restrictions in response to the spread of Omicron and the outbreak of fighting in Ukraine weighed on financial markets in early 2022. While initial multilateral trade
and financial sanctions against Russia excluded its energy sector, prices for natural gas and petroleum rose sharply across Europe and the potential disruption of energy supplies hurt investor sentiment.
Unemployment in both the Euro area and the U.K. had fallen to near multi-decade lows by the end of April 2022 but consumer sentiment across both regions tumbled lower in 2022. During the six month period, the European Central Bank maintained its ultra-low interest rate policy, while the Bank of England raised rates three times during the period amid the highest annual inflation rate in 30 years.
Within emerging markets, both equities and bonds underperformed throughout the six month period. China proved to be the largest drag on emerging markets during the period as investor concerns about tighter regulatory scrutiny of large technology companies in 2021 gave way to strict lockdowns in several large cities amid a resurgence in Covid-19 infections throughout the country. The expected slowdown in China’s economy, and in its manufacturing sector in particular, weighed down financial markets and in its emerging market trading partners. Rising prices for energy and a range of other commodities also raised investor concerns about economic growth across emerging market nations, particularly net importers of petroleum and natural gas. Additionally, the prospect of rising U.S. interest rates weighed on emerging market bond prices.
For the six months ended April 30, 2022, the S&P 500 returned -9.65%, the MSCI EAFE Index returned -11.58% and the MSCI Emerging Markets Index returned -14.04%.
| 2 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (19.18)% |
Market Price **
| (19.50)% |
MSCI Emerging Markets Index (net total return)
| (14.15)% |
Net Assets as of 4/30/2022
| $728,181,840 |
Fund Ticker
| JEMA |
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and style strategies and may invest across all market capitalizations.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2022, the Fund had a negative absolute return and underperformed the Benchmark.
Relative to the Benchmark, the Fund’s overweight position in the financials sector and its underweight position in the materials sector were leading detractors from performance, while the Fund’s security selection in the consumer discretionary sector and its underweight position and security selection in the communication services sector were leading contributors to relative performance.
By country, the Fund’s security selections in India and Taiwan were leading detractors from performance relative to the Index, while the Fund’s overweight position in Mexico and its underweight position in China were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight position in PJSC Sberbank and its out-of-Index positions in Sea Ltd. and Severstal. Shares of Sberbank, a Russian bank and financial services provider, fell after multilateral financial sanctions were imposed on Russia in response to its February 2022 invasion of Ukraine. Shares of Sea, a Singapore-based digital entertainment provider, fell after Tencent Holdings Ltd. reduced its stake in the company to about 19% from 21%. Shares of Severstal, a Russian steelmaker, fell after multilateral financial and trade sanctions were imposed on Russia in response to its February 2022 invasion of Ukraine.
Leading individual contributors to relative performance included the Fund’s underweight positions in Yandex NV, Alibaba Group Holding Ltd. and NIO Inc. Shares of Yandex, a Dutch e-commerce and taxi service provider, fell amid investor concerns about its exposure to Russia and the potential impact of multilateral sanctions on its business. Shares of Alibaba, a Chinese e-commerce provider, fell amid investor concerns about China’s increase regulatory scrutiny of large technology companies and expectations for a weaker Chinese economy due to renewed pandemic lockdowns. Shares of NIO, a Chinese electric vehicle maker, fell amid investor concerns the company would be delisted from U.S. stock exchanges for failing to meet U.S. Securities and Exchange Commission audit guidelines.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and consumer staples sectors and its largest underweight allocations were to the materials and
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 3 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
communication services sectors. By country, the Fund’s largest overweight allocations were to Hong Kong and Taiwan and its largest underweight positions were in Saudi Arabia and India.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
| | 5.7 % |
| 2. | Samsung Electronics Co. Ltd. (South Korea)
| | 3.7 |
| 3. | Tencent Holdings Ltd. (China)
| | 3.1 |
| 4. | Infosys Ltd. (India)
| | 1.8 |
| 5. | Wal-Mart de Mexico SAB de CV (Mexico)
| | 1.6 |
| 6. | Alibaba Group Holding Ltd. (China)
| | 1.5 |
| 7. | Housing Development Finance Corp. Ltd. (India)
| | 1.4 |
| 8. | NetEase, Inc. (China)
| | 1.3 |
| 9. | SK Hynix, Inc. (South Korea)
| | 1.2 |
| 10. | China Merchants Bank Co. Ltd., Class H (China)
| | 1.2 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
China
| | 30.9% |
Taiwan
| | 16.5 |
South Korea
| | 12.8 |
India
| | 11.6 |
Brazil
| | 5.3 |
Mexico
| | 4.4 |
South Africa
| | 3.0 |
Indonesia
| | 2.4 |
Hong Kong
| | 2.2 |
Saudi Arabia
| | 2.0 |
Thailand
| | 1.6 |
Others (each less than 1.0%)
| | 5.3 |
Short-Term Investments
| | 2.0 |
| * | The return shown is based on net asset value 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 $38.12 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $38.18. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 4 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | | | | |
Net Asset Value
| March 10, 2021 | | (19.18)% | | (21.64)% | | (17.17)% |
Market Price
| | | (19.50)% | | (21.74)% | | (17.07)% |
LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/22)
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 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 10, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to April 30, 2022. 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 MSCI Emerging Markets Index (net total return) 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. MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of
large- and mid- cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 5 |
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (13.12)% |
Market Price **
| (13.60)% |
MSCI EAFE Index (net total return)
| (11.80)% |
Net Assets as of 4/30/2022
| $25,275,445 |
Fund Ticker
| JIDA |
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders International Equity ETF (the “Fund”) seeks to provide long term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments of foreign companies across various market capitalizations and seeks to outperform the MSCI EAFE Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments opportunistically in the adviser’s actively managed international equity strategies, including country, region and styles strategies.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2022, the Fund had a negative absolute return and underperformed the Benchmark.
Relative to the Benchmark, the Fund’s security selection in the communication services and health care sectors was a leading detractor from performance, while the Fund’s security selection in the materials and information technology sectors was a leading contributor to relative performance.
By country, the Fund’s security selection in the U.K. and its underweight allocation to Australia were leading detractors from performance relative to the Benchmark. The Fund’s security selection in Sweden and its underweight allocation to Japan were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Sea Ltd., Delivery
Hero SE and Adyen NV. Shares of Sea, a Singapore-based digital entertainment and e-commerce platform provider, fell after Tencent Holdings Ltd. reduced its stake in the company to about 19% from 21%. Shares of Delivery Hero, a German food ordering and delivery service, fell after the company had forecast breakeven results for its food delivery business in the first half of 2022. Shares of Adyen, a Dutch payments and e-commerce, fell amid a broad sell-off in the information technology sector in the first quarter of 2022.
Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S and Diageo PLC, and its underweight position in Prosus NV. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2021. Shares of Diageo, a U.K. distilled spirits maker, rose in January 2022 after the company reported better-than-expected earnings and sales for the final six months of 2021. Shares of Prosus, a Dutch e-commerce and internet platforms operator, fell amid investor concerns about its exposures to Russian markets and to Tencent Holdings Ltd.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and industrials sectors and its largest underweight allocations were to the real estate and health care sectors. By country, the Fund’s largest overweight allocations were to Denmark and France and its largest underweight positions were in Australia and Japan.
| 6 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Nestle SA (Registered) (Switzerland)
| | 3.2 % |
| 2. | Roche Holding AG (Switzerland)
| | 2.5 |
| 3. | Novo Nordisk A/S, Class B (Denmark)
| | 2.3 |
| 4. | ASML Holding NV (Netherlands)
| | 2.1 |
| 5. | BHP Group Ltd. (Australia)
| | 1.9 |
| 6. | LVMH Moet Hennessy Louis Vuitton SE (France)
| | 1.9 |
| 7. | Diageo plc (United Kingdom)
| | 1.9 |
| 8. | TotalEnergies SE (France)
| | 1.4 |
| 9. | Shell plc (Netherlands)
| | 1.4 |
| 10. | Allianz SE (Registered) (Germany)
| | 1.4 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Japan
| | 18.3% |
United Kingdom
| | 12.2 |
Switzerland
| | 11.2 |
France
| | 11.0 |
Germany
| | 8.0 |
Netherlands
| | 6.4 |
Australia
| | 5.4 |
Denmark
| | 4.2 |
United States
| | 3.1 |
Sweden
| | 3.0 |
Hong Kong
| | 2.2 |
Spain
| | 1.9 |
Singapore
| | 1.5 |
Italy
| | 1.0 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Finland
| | 1.0% |
Others (each less than 1.0%)
| | 7.2 |
Short-Term Investments
| | 2.4 |
| * | The return shown is based on net asset value 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 $42.13 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $42.05. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 7 |
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
TOTAL RETURNS AS OF APRIL 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | SINCE
INCEPTION |
| JPMorgan ActiveBuilders International Equity ETF | | | | | |
Net Asset Value
| July 7, 2021 | | (13.12)% | | (11.25)% |
Market Price
| | | (13.60)% | | (11.42)% |
LIFE OF FUND PERFORMANCE (7/7/21 TO 4/30/22)
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 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 July 7, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE (Europe, Australia, Far East) Index (net total return) from July 7, 2021 to April 30, 2022. 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 MSCI EAFE Index (net total return) 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. MSCI EAFE Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid- cap stocks in
developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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.
| 8 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (3.59)% |
Market Price **
| (3.77)% |
Morningstar® Canada Target Market Exposure IndexSM (net total return)
| (2.99)% |
Net Assets as of 4/30/2022
| $6,546,694,501 |
Fund Ticker
| BBCA |
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, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and financials sectors were leading detractors from absolute performance, while their exposures to the energy and material 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 health care and real estate sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Royal Bank of Canada (Canada)
| | 6.8 % |
| 2. | Toronto-Dominion Bank (The) (Canada)
| | 6.3 |
| 3. | Enbridge, Inc. (Canada)
| | 4.2 |
| 4. | Bank of Nova Scotia (The) (Canada)
| | 3.6 |
| 5. | Brookfield Asset Management, Inc., Class A (Canada)
| | 3.5 |
| 6. | Canadian Natural Resources Ltd. (Canada)
| | 3.4 |
| 7. | Canadian National Railway Co. (Canada)
| | 3.4 |
| 8. | Bank of Montreal (Canada)
| | 3.4 |
| 9. | Canadian Pacific Railway Ltd. (Canada)
| | 3.2 |
| 10. | Nutrien Ltd. (Canada)
| | 2.6 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Financials
| | 34.1% |
Energy
| | 16.7 |
Industrials
| | 11.3 |
Materials
| | 10.8 |
Information Technology
| | 5.6 |
Consumer Staples
| | 4.0 |
Utilities
| | 3.3 |
Consumer Discretionary
| | 3.1 |
Communication Services
| | 3.0 |
Others (each less than 1.0%)
| | 0.9 |
Short-Term Investments
| | 6.8 |
| * | The return shown is based on net asset value 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 $64.63 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $64.68. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 9 |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 10 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders Canada ETF | | | | | | | |
Net Asset Value
| August 7, 2018 | | (3.59)% | | 7.09% | | 10.15% |
Market Price
| | | (3.77)% | | 7.14% | | 10.17% |
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/22)
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 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 (net total return) from August 7, 2018 to April 30, 2022. 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 (net total return) 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 (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the
Canada equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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.
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, 2022 | J.P. Morgan Exchange-Traded Funds | 11 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (5.55)% |
Market Price **
| (6.07)% |
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return)
| (3.77)% |
Net Assets as of 4/30/2022
| $4,290,527,026 |
Fund Ticker
| BBAX |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities 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, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and health care sectors were the leading detractors from absolute performance, while their exposures to the materials and energy sectors were leading contributors to absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to Hong Kong and New Zealand were leading detractors from absolute performance, while their exposures to Singapore and Australia 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 materials
sectors and their smallest allocations were to the information technology and energy sectors. The Fund and the Underlying Index’s largest allocations by country were to Australia and Hong Kong, followed by Singapore and China.
Effective March 1, 2022, the Fund's name was changed to be consistent with the name of the Underlying Index and to better reflect the Fund's underlying equity exposure.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | BHP Group Ltd. (Australia)
| | 8.8 % |
| 2. | Commonwealth Bank of Australia (Australia)
| | 6.5 |
| 3. | AIA Group Ltd. (Hong Kong)
| | 6.2 |
| 4. | CSL Ltd. (Australia)
| | 4.8 |
| 5. | National Australia Bank Ltd. (Australia)
| | 3.9 |
| 6. | Westpac Banking Corp. (Australia)
| | 3.1 |
| 7. | Australia & New Zealand Banking Group Ltd. (Australia)
| | 2.8 |
| 8. | Macquarie Group Ltd. (Australia)
| | 2.7 |
| 9. | Hong Kong Exchanges & Clearing Ltd. (Hong Kong)
| | 2.6 |
| 10. | DBS Group Holdings Ltd. (Singapore)
| | 2.3 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Australia
| | 63.6% |
Hong Kong
| | 19.0 |
Singapore
| | 10.1 |
China
| | 2.4 |
New Zealand
| | 2.0 |
United Kingdom
| | 1.0 |
Others (each less than 1.0%)
| | 1.6 |
Short-Term Investments
| | 0.3 |
| * | The return shown is based on net asset value 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 $52.07 as of April 30, 2022. |
| 12 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $52.00. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 13 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF) | | | | | | | |
Net Asset Value
| August 7, 2018 | | (5.55)% | | (6.16)% | | 4.86% |
Market Price
| | | (6.07)% | | (6.58)% | | 4.81% |
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/22)
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 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 Developed Asia Pacific ex-Japan ETF and Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) from August 7, 2018 to April 30, 2022. 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 (net total return) 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 (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan
equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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.
| 14 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (12.68)% |
Market Price **
| (13.28)% |
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return)
| (11.85)% |
Net Assets as of 4/30/2022
| $9,447,598,743 |
Fund Ticker
| BBEU |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. 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, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the consumer discretionary and financials sectors were leading detractors from absolute performance, while their exposure to the energy sector was the sole sector contributor to absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to the Netherlands and Germany were leading detractors from absolute performance. There were no country 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 industrials
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 Switzerland and the smallest allocations were to Portugal and Austria.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Nestle SA (Registered) (Switzerland)
| | 3.5 % |
| 2. | Roche Holding AG (Switzerland)
| | 2.6 |
| 3. | ASML Holding NV (Netherlands)
| | 2.2 |
| 4. | Novartis AG (Registered) (Switzerland)
| | 2.1 |
| 5. | AstraZeneca plc (United Kingdom)
| | 2.0 |
| 6. | Shell plc (Netherlands)
| | 2.0 |
| 7. | Novo Nordisk A/S, Class B (Denmark)
| | 1.8 |
| 8. | LVMH Moet Hennessy Louis Vuitton SE (France)
| | 1.7 |
| 9. | HSBC Holdings plc (United Kingdom)
| | 1.2 |
| 10. | Unilever plc (United Kingdom)
| | 1.2 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
United Kingdom
| | 18.3% |
Switzerland
| | 14.6 |
France
| | 14.4 |
Germany
| | 10.8 |
Netherlands
| | 7.6 |
Sweden
| | 5.3 |
Denmark
| | 3.9 |
Spain
| | 3.6 |
Italy
| | 3.1 |
United States
| | 2.9 |
Finland
| | 1.9 |
Belgium
| | 1.4 |
Australia
| | 1.4 |
Norway
| | 1.2 |
Others (each less than 1.0%)
| | 3.9 |
Short-Term Investments
| | 5.7 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 15 |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| * | The return shown is based on net asset value 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 $51.54 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $51.34. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 16 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders Europe ETF | | | | | | | |
Net Asset Value
| June 15, 2018 | | (12.68)% | | (7.43)% | | 3.55% |
Market Price
| | | (13.28)% | | (8.05)% | | 3.44% |
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/22)
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 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 (net total return) from June 15, 2018 to April 30, 2022. 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 (net total return) 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 (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity markets.
Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 17 |
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (12.64)% |
Market Price **
| (13.05)% |
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return)
| (11.75)% |
Net Assets as of 4/30/2022
| $2,945,583,312 |
Fund Ticker
| BBIN |
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 adjusted market capitalization-weighted index consisting of equity securities 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 six months ended April 30, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the consumer discretionary and industrials sectors were leading detractors from absolute performance, while their exposures to the energy was the sole sector contributor to absolute performance. By country, the Fund’s and the Underlying Index’s exposures to Japan and Germany were leading detractors from absolute performance, while their exposures to Singapore and Australia were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest 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 New
Zealand.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Nestle SA (Registered) (Switzerland)
| | 2.3 % |
| 2. | Roche Holding AG (Switzerland)
| | 1.7 |
| 3. | ASML Holding NV (Netherlands)
| | 1.4 |
| 4. | Toyota Motor Corp. (Japan)
| | 1.4 |
| 5. | Novartis AG (Registered) (Switzerland)
| | 1.3 |
| 6. | AstraZeneca plc (United Kingdom)
| | 1.3 |
| 7. | Shell plc (Netherlands)
| | 1.3 |
| 8. | Novo Nordisk A/S, Class B (Denmark)
| | 1.2 |
| 9. | LVMH Moet Hennessy Louis Vuitton SE (France)
| | 1.1 |
| 10. | BHP Group Ltd. (Australia)
| | 1.1 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Japan
| | 22.9% |
United Kingdom
| | 12.1 |
Switzerland
| | 9.6 |
France
| | 9.4 |
Australia
| | 8.5 |
Germany
| | 7.1 |
Netherlands
| | 5.0 |
Sweden
| | 3.5 |
Denmark
| | 2.6 |
Spain
| | 2.4 |
Hong Kong
| | 2.3 |
Italy
| | 2.0 |
United States
| | 2.0 |
Singapore
| | 1.4 |
Finland
| | 1.3 |
Others (each less than 1.0%)
| | 4.9 |
Short-Term Investments
| | 3.0 |
| * | The return shown is based on net asset value 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 $51.86 as of April 30, 2022. |
| 18 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $51.71. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 19 |
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders International Equity ETF | | | | | | | |
Net Asset Value
| December 3, 2019 | | (12.64)% | | (8.83)% | | 3.93% |
Market Price
| | | (13.05)% | | (9.26)% | | 3.81% |
LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/22)
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 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 (net total return) from December 3, 2019 to April 30, 2022. 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 (net total return) 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 (net total return) is a rules-based,
float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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.
| 20 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (16.12)% |
Market Price **
| (16.10)% |
Morningstar® Japan Target Market Exposure IndexSM (net total return)
| (15.49)% |
Net Assets as of 4/30/2022
| $7,120,028,010 |
Fund Ticker
| BBJP |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the Underlying Index as closely as possible, before considering fees and expenses, and invests 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, 2022, the Fund performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, differences in the timing of foreign exchange rate calculations, as well as 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 energy and utilities 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.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Toyota Motor Corp. (Japan)
| | 6.0 % |
| 2. | Sony Group Corp. (Japan)
| | 2.9 |
| 3. | Keyence Corp. (Japan)
| | 2.1 |
| 4. | Mitsubishi UFJ Financial Group, Inc. (Japan)
| | 2.0 |
| 5. | Tokyo Electron Ltd. (Japan)
| | 1.8 |
| 6. | Recruit Holdings Co. Ltd. (Japan)
| | 1.7 |
| 7. | KDDI Corp. (Japan)
| | 1.5 |
| 8. | Shin-Etsu Chemical Co. Ltd. (Japan)
| | 1.5 |
| 9. | Nintendo Co. Ltd. (Japan)
| | 1.4 |
| 10. | SoftBank Group Corp. (Japan)
| | 1.4 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Industrials
| | 22.7% |
Consumer Discretionary
| | 19.2 |
Information Technology
| | 12.6 |
Financials
| | 9.7 |
Health Care
| | 8.9 |
Communication Services
| | 7.7 |
Consumer Staples
| | 6.7 |
Materials
| | 5.2 |
Real Estate
| | 4.0 |
Utilities
| | 1.1 |
Energy
| | 0.8 |
Short-Term Investments
| | 0.2 |
| * | The return shown is based on net asset value 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 $46.60 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $46.65. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 21 |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 22 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders Japan ETF | | | | | | | |
Net Asset Value
| June 15, 2018 | | (16.12)% | | (14.25)% | | 0.19% |
Market Price
| | | (16.10)% | | (14.29)% | | 0.22% |
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/22)
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 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 (net total return) from June 15, 2018 to April 30, 2022. 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 (net total return) 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 (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japan equity markets. Net total return figures assume the reinvestment of
dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 23 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (11.12)% |
Market Price **
| (11.08)% |
Morningstar® US Target Market Exposure IndexSM
| (11.13)% |
Net Assets as of 4/30/2022
| $1,081,726,160 |
Fund Ticker
| BBUS |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free-float adjusted market capitalization-weighted index consisting of equity securities traded primarily in the U.S. It targets 85% of those stocks by market capitalization, and primarily includes large- and mid-cap companies. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, 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, 2022, the Fund performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples 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 utilities and materials sectors
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Apple, Inc.
| | 6.6 % |
| 2. | Microsoft Corp.
| | 5.6 |
| 3. | Amazon.com, Inc.
| | 2.9 |
| 4. | Tesla, Inc.
| | 2.0 |
| 5. | Alphabet, Inc., Class A
| | 1.9 |
| 6. | Alphabet, Inc., Class C
| | 1.7 |
| 7. | Berkshire Hathaway, Inc., Class B
| | 1.6 |
| 8. | UnitedHealth Group, Inc.
| | 1.3 |
| 9. | Johnson & Johnson
| | 1.3 |
| 10. | NVIDIA Corp.
| | 1.3 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Information Technology
| | 27.5% |
Health Care
| | 13.8 |
Consumer Discretionary
| | 11.3 |
Financials
| | 11.0 |
Communication Services
| | 8.4 |
Industrials
| | 7.9 |
Consumer Staples
| | 6.5 |
Energy
| | 3.9 |
Real Estate
| | 3.0 |
Utilities
| | 2.8 |
Materials
| | 2.7 |
Short-Term Investments
| | 0.8 |
| * | The return shown is based on net asset value 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 $74.35 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2022, the closing price was $74.35. |
| 24 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 25 |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders U.S. Equity ETF | | | | | | | |
Net Asset Value
| March 12, 2019 | | (11.12)% | | (1.74)% | | 15.07% |
Market Price
| | | (11.08)% | | (1.82)% | | 15.07% |
LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/22)
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 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, 2022. 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.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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.
| 26 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (16.16)% |
Market Price **
| (16.31)% |
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM
| (16.16)% |
Net Assets as of 4/30/2022
| $1,504,652,074 |
Fund Ticker
| BBMC |
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 adjusted market capitalization-weighted index consisting of mid-cap equity securities traded primarily in the U.S. It targets those securities that fall between the 85th and 95th percentiles in market capitalization of the investible universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, 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, 2022, the Fund performed in line with the Underlying Index.
The Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading detractors from absolute performance, while their exposures to the energy and utilities sectors were the 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 information technology sectors and their smallest allocations were to the utilities and consumer staples sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Marathon Oil Corp.
| | 0.6 % |
| 2. | Targa Resources Corp.
| | 0.6 |
| 3. | LPL Financial Holdings, Inc.
| | 0.5 |
| 4. | APA Corp.
| | 0.5 |
| 5. | Zendesk, Inc.
| | 0.5 |
| 6. | ZoomInfo Technologies, Inc., Class A
| | 0.5 |
| 7. | Carlisle Cos., Inc.
| | 0.5 |
| 8. | Ovintiv, Inc.
| | 0.4 |
| 9. | Liberty Media Corp-Liberty Formula One, Class C
| | 0.4 |
| 10. | Rexford Industrial Realty, Inc.
| | 0.4 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Industrials
| | 16.8% |
Information Technology
| | 14.2 |
Financials
| | 12.9 |
Consumer Discretionary
| | 12.7 |
Health Care
| | 10.8 |
Real Estate
| | 9.8 |
Materials
| | 5.8 |
Energy
| | 4.8 |
Consumer Staples
| | 3.3 |
Communication Services
| | 3.2 |
Utilities
| | 2.6 |
Short-Term Investments
| | 2.8 |
| * | The return shown is based on net asset value 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 $78.06 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $77.99. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 27 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 28 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | | | | |
Net Asset Value
| April 14, 2020 | | (16.16)% | | (11.66)% | | 24.53% |
Market Price
| | | (16.31)% | | (11.76)% | | 24.47% |
LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/22)
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 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 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, 2022. 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.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 29 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (17.64)% |
Market Price **
| (17.81)% |
Morningstar® US Small Cap Target Market Exposure Extended IndexSM
| (17.64)% |
Net Assets as of 4/30/2022
| $499,764,617 |
Fund Ticker
| BBSC |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM (the “Underlying Index”).
INVESTMENT APPROACH
The Underlying Index is a free float adjusted market capitalization-weighted index consisting of small-cap equity securities traded primarily in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the investible universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, 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, 2022, the Fund had a negative absolute return and performed in line with the Underlying Index.
The Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading detractors from absolute performance, while their exposures to the energy and consumer staples 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 industrials sectors and their smallest allocations were to the utilities and communication services sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Southwestern Energy Co.
| | 0.6 % |
| 2. | Independence Realty Trust, Inc.
| | 0.4 |
| 3. | Sailpoint Technologies Holdings, Inc.
| | 0.4 |
| 4. | Murphy Oil Corp.
| | 0.4 |
| 5. | Matador Resources Co.
| | 0.4 |
| 6. | Murphy USA, Inc.
| | 0.4 |
| 7. | Chemours Co. (The)
| | 0.4 |
| 8. | Rogers Corp.
| | 0.4 |
| 9. | Commercial Metals Co.
| | 0.4 |
| 10. | Kite Realty Group Trust
| | 0.3 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Financials
| | 16.0% |
Industrials
| | 15.7 |
Information Technology
| | 13.3 |
Health Care
| | 13.1 |
Consumer Discretionary
| | 10.4 |
Energy
| | 7.3 |
Real Estate
| | 6.3 |
Materials
| | 4.9 |
Consumer Staples
| | 3.7 |
Communication Services
| | 2.8 |
Utilities
| | 1.9 |
Short-Term Investments
| | 2.9 |
| * | The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.22 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $55.16. |
| 30 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 31 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | | | | |
Net Asset Value
| November 16, 2020 | | (17.64)% | | (15.41)% | | 6.24% |
Market Price
| | | (17.81)% | | (15.48)% | | 6.16% |
LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/22)
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 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 16, 2020.
The graph illustrates comparative performance for $10,000 invested in shares
of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar® US Small Cap Target Market Exposure Extended IndexSM from November 16, 2020 to April 30, 2022. 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 Small 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 Small Cap Target Market Exposure Extended IndexSM is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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, 2022 |
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (10.31)% |
Market Price **
| (10.41)% |
JPMorgan Asset Management Carbon Transition U.S. Equity Index
| (10.25)% |
Russell 1000 Index
| (11.29)% |
Net Assets as of 4/30/2022
| $22,214,925 |
Fund Ticker
| JCTR |
INVESTMENT OBJECTIVE***
The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which primarily tracks large- and mid-cap equity securities of companies located in the U.S. and is designed to capture the performance of companies that have been identified through the Underlying Index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are then evaluated based on the rules-based process to determine how they effectively manage emissions, resources and carbon-related risks and are ranked within each sector.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2022, the Fund provided a negative absolute return 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.
The Fund’s and the Underlying Index’s exposures to the information technology and consumer discretionary sectors were leading detractors from absolute performance, while their exposures to the health care and energy sectors were the leading contributors to absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures to the health care and information technology sectors were leading contributors to performance, while their exposures to the materials and industrials sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the information technology and health care sectors and the smallest allocations were to the materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Apple, Inc.
| | 6.5 % |
| 2. | Microsoft Corp.
| | 5.7 |
| 3. | Alphabet, Inc., Class A
| | 3.7 |
| 4. | Amazon.com, Inc.
| | 3.0 |
| 5. | Tesla, Inc.
| | 1.7 |
| 6. | UnitedHealth Group, Inc.
| | 1.6 |
| 7. | Johnson & Johnson
| | 1.5 |
| 8. | NVIDIA Corp.
| | 1.3 |
| 9. | Visa, Inc., Class A
| | 1.3 |
| 10. | Exxon Mobil Corp.
| | 1.2 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Information Technology
| | 29.4% |
Health Care
| | 14.9 |
Consumer Discretionary
| | 11.8 |
Financials
| | 11.4 |
Communication Services
| | 7.3 |
Industrials
| | 6.6 |
Consumer Staples
| | 6.1 |
Energy
| | 4.1 |
Real Estate
| | 3.6 |
Utilities
| | 2.7 |
Materials
| | 2.0 |
Short-Term Investments
| | 0.0 **** |
| * | The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.54 as of April 30, 2022. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 33 |
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $55.49. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| **** | Amount rounds to less than 0.1%. |
| 34 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan Carbon Transition U.S. Equity ETF | | | | | | | |
Net Asset Value
| December 9, 2020 | | (10.31)% | | 0.12% | | 10.25% |
Market Price
| | | (10.41)% | | 0.06% | | 10.18% |
LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/22)
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 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 9, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to April 30, 2022. 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 JPMorgan Asset Management Carbon Transition U.S. 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 JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules-based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and midcap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. 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.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 35 |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (21.24)% |
Market Price **
| (21.16)% |
MSCI ACWI Index (net total return)
| (11.17)% |
Net Assets as of 4/30/2022
| $20,779,859 |
Fund Ticker
| TEMP |
INVESTMENT OBJECTIVE***
The JPMorgan Climate Change Solutions ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
INVESTMENT APPROACH
The Fund invests primarily in common stocks and depositary receipts that are currently, or in the process of, providing solutions to address climate change, or implementing business practices in response to climate change. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to climate change solutions and selects companies within key sub-themes, including sustainable transportation, sustainable construction, sustainable food and water, renewable energy, recycling and re-use.
HOW DID THE FUND PERFORM?
For the period from inception on December 13, 2021 to April 30, 2022, the Fund provided negative absolute return and underperformed the MSCI All Cap World Index (the “Index”).
Overall, the Fund’s exposure to growth stocks, which generally underperformed value stocks during the period, and its holdings of stock in companies most exposed to rising global supply chain costs were leading detractors from absolute performance.
Relative to the MSCI All Cap World Index, the Fund’s security selection in the industrials and materials sectors and its underweight position in the energy sector were leading detractors from relative performance. The Fund’s overweight positions in the materials and utilities sectors and its underweight position in the information technology sector were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the industrials and materials sectors and the smallest allocations were to the energy and consumer staples sectors.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Deere & Co.
| | 4.1 % |
| 2. | Linde plc (United Kingdom)
| | 3.7 |
| 3. | Schneider Electric SE
| | 3.6 |
| 4. | Weyerhaeuser Co.
| | 3.3 |
| 5. | NextEra Energy, Inc.
| | 3.3 |
| 6. | Johnson Controls International plc
| | 3.2 |
| 7. | Trane Technologies plc
| | 3.2 |
| 8. | AGCO Corp.
| | 3.1 |
| 9. | Boliden AB (Sweden)
| | 3.1 |
| 10. | CNH Industrial NV (United Kingdom)
| | 3.1 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
United States
| | 44.7% |
United Kingdom
| | 8.1 |
Sweden
| | 5.7 |
Netherlands
| | 5.3 |
Switzerland
| | 4.5 |
Spain
| | 4.0 |
France
| | 4.0 |
China
| | 3.8 |
Germany
| | 3.8 |
Finland
| | 3.3 |
Japan
| | 2.5 |
Canada
| | 2.1 |
Ireland
| | 2.1 |
Denmark
| | 2.0 |
Italy
| | 1.9 |
South Korea
| | 1.6 |
Norway
| | 0.6 |
| * | The return shown is based on net asset value 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 $37.78 as of April 30, 2022. |
| 36 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| ** | 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, 2022, the closing price was $37.82. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 37 |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
FOR THE PERIOD December 13, 2021 (FUND INCEPTION) THROUGH April 30, 2022 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | CUMULATIVE SINCE
INCEPTION |
| JPMorgan Climate Change Solutions ETF | | | |
Net Asset Value
| December 13, 2021 | | (21.24)% |
Market Price
| | | (21.16)% |
LIFE OF FUND PERFORMANCE (12/13/21 TO 4/30/22)
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 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 13, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Climate Change Solutions ETF and the MSCI All Country World Index (net total return) from December 13, 2021 to April 30, 2022. 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 MSCI All Country World Index (net total return) 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 MSCI All Country World Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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, 2022 |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (4.84)% |
Market Price **
| (5.33)% |
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return)
| (4.39)% |
FTSE Emerging Index (net total return)
| (12.14)% |
Net Assets as of 4/30/2022
| $164,987,400 |
Fund Ticker
| JPEM |
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 large- and mid-cap equity exposure, diversified across emerging market regions, supersectors 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, 2022, 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 outperformed the FTSE Emerging Index, which is a more traditional market capitalization-weighted index.
From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer super-sectors
were leading detractors from absolute performance, while their positions in the financials super-sector was the sole sector contributor to absolute performance.
From a regional perspective, the Fund’s and the Underlying Index’s positions in Asia Pacific, excluding China, and in China were leading detractors from absolute performance, while their positions in Latin America and in the Europe, Middle East and Africa (EMEA) region were leading contributors to absolute performance.
Relative to the FTSE Emerging Index, the Fund’s and Underlying Index’s multi-factor security selections in the consumer super-sector and their underweight positions in the industrials super-sector were leading contributors to performance, while their multi-factor security selections and underweight positions in financials super-sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the banks and telecommunications super-sectors, while their smallest allocations were to the media super-sector and the travel and leisure super-sector. The Fund’s and the Underlying Index’s largest regional allocations were to Asia Pacific, excluding China, and to EMEA and their smallest allocations were to China and Latin America.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 39 |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Infosys Ltd. (India)
| | 1.8 % |
| 2. | Vale SA (Brazil)
| | 1.5 |
| 3. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)
| | 1.3 |
| 4. | Al Rajhi Bank (Saudi Arabia)
| | 1.2 |
| 5. | Reliance Industries Ltd. (India)
| | 1.2 |
| 6. | Emirates Telecommunications Group Co. PJSC (United Arab Emirates)
| | 1.0 |
| 7. | Petroleo Brasileiro SA (Preference) (Brazil)
| | 0.9 |
| 8. | Tata Consultancy Services Ltd. (India)
| | 0.9 |
| 9. | Hindustan Unilever Ltd. (India)
| | 0.9 |
| 10. | Bank of China Ltd., Class H (China)
| | 0.9 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
China
| | 23.3% |
Taiwan
| | 11.3 |
India
| | 11.1 |
Brazil
| | 9.4 |
Saudi Arabia
| | 7.3 |
South Africa
| | 7.1 |
Mexico
| | 6.2 |
Turkey
| | 3.6 |
Indonesia
| | 3.2 |
United Arab Emirates
| | 2.9 |
Thailand
| | 2.5 |
Malaysia
| | 2.1 |
Qatar
| | 2.0 |
Kuwait
| | 2.0 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Chile
| | 1.4% |
Greece
| | 1.1 |
Others (each less than 1.0%)
| | 3.0 |
Short-Term Investments
| | 0.5 |
| * | The return shown is based on net asset value 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 $53.22 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $53.00. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 40 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION |
| JPMorgan Diversified Return Emerging Markets Equity ETF | | | | | | | | | |
Net Asset Value
| January 7, 2015 | | (4.84)% | | (3.98)% | | 4.05% | | 3.78% |
Market Price
| | | (5.33)% | | (3.83)% | | 3.86% | | 3.73% |
LIFE OF FUND PERFORMANCE (1/7/15 TO 4/30/22)
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 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 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 (net total return) and the FTSE Emerging Index (net total return) from January 7, 2015 to April 30, 2022. 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 (net total return) and the FTSE Emerging Index (net total return) 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 (net total return) 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 (net total return). JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid- cap equity securities selected from the FTSE Emerging Index (net total return). The index is
designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 41 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (9.39)% |
Market Price **
| (9.69)% |
JP Morgan Diversified Factor International Equity Index (net total return)
| (8.34)% |
FTSE Developed ex North America Index (net total return)
| (11.94)% |
Net Assets as of 4/30/2022
| $761,070,541 |
Fund Ticker
| JPIN |
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- 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, momentum and quality. 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, 2022, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index outperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization-weighted index.
From a sector perspective, the Fund’s and the Underlying Index’s positions in the technology and consumer staples
sectors were leading detractors from absolute performance, while their positions in the energy and telecommunications sectors were leading contributors to absolute performance.
From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading detractors from absolute performance and no regions contributed to absolute performance.
Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s multi-factor security selections in Asia Pacific, excluding Japan, and in Europe, excluding the U.K., were leading contributors to relative performance. The Fund’s and the Underlying Index’s multi-factor security selections in the U.K., and their overweight positions in Japan were leading detractors from relative performance. The Fund’s and the Underlying Index’s multi-factor security selections in the industrials sector and their overweight positions in the utilities sector were leading sector contributors to relative performance, while the Fund’s and the Underlying Index’s multi-factor security selections in the consumer staples and health care sectors were leading detractors from 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 staples and utilities sectors, while their smallest allocations were to the energy and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and their smallest allocations were to Norway.
| 42 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | AstraZeneca plc (United Kingdom)
| | 0.5 % |
| 2. | Shell plc (Netherlands)
| | 0.5 |
| 3. | GlaxoSmithKline plc
| | 0.5 |
| 4. | Diageo plc (United Kingdom)
| | 0.5 |
| 5. | NN Group NV (Netherlands)
| | 0.5 |
| 6. | SSE plc (United Kingdom)
| | 0.5 |
| 7. | Novo Nordisk A/S, Class B (Denmark)
| | 0.4 |
| 8. | Naturgy Energy Group SA (Spain)
| | 0.4 |
| 9. | Unilever plc (United Kingdom)
| | 0.4 |
| 10. | British American Tobacco plc (United Kingdom)
| | 0.4 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Japan
| | 27.8% |
United Kingdom
| | 15.7 |
Australia
| | 10.4 |
South Korea
| | 7.1 |
Sweden
| | 4.3 |
France
| | 3.9 |
Hong Kong
| | 3.7 |
Netherlands
| | 3.0 |
Germany
| | 2.9 |
Singapore
| | 2.1 |
Switzerland
| | 2.0 |
Italy
| | 2.0 |
Spain
| | 2.0 |
Finland
| | 1.9 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
China
| | 1.4% |
United States
| | 1.3 |
Norway
| | 1.1 |
Others (each less than 1.0%)
| | 5.2 |
Short-Term Investments
| | 2.2 |
| * | The return shown is based on net asset value 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 $53.60 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $53.48. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 43 |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION |
| JPMorgan Diversified Return International Equity ETF | | | | | | | | | |
Net Asset Value
| November 5, 2014 | | (9.39)% | | (9.34)% | | 3.16% | | 3.69% |
Market Price
| | | (9.69)% | | (9.40)% | | 3.06% | | 3.66% |
LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/22)
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 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 (net total return) and the FTSE Developed ex North America Index (net total return) from November 5, 2014 to April 30, 2022. 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 (net total return) and the FTSE Developed ex North America Index (net total return) 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 (net total return) 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 (net total return). JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid- cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of
factors: value, momentum and quality. The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid- cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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.
| 44 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (1.15)% |
Market Price **
| (1.26)% |
JP Morgan Diversified Factor US Equity Index
| (1.05)% |
Russell 1000 Index
| (11.29)% |
Net Assets as of 4/30/2022
| $555,789,865 |
Fund Ticker
| JPUS |
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 tracks large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual 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, 2022, 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.
The Fund’s and the Underlying Index’s positions in the consumer discretionary and technology sectors were leading detractors from absolute performance, while their positions in the consumer staplers and basic materials sectors were leading contributors to absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and utilities sectors were leading contributors to performance, while their multi-factor security selection in the health care and energy sectors were leading detractors from 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 staples and utilities sectors and their smallest allocations were to the
energy and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Olin Corp.
| | 0.5 % |
| 2. | Westlake Corp.
| | 0.5 |
| 3. | Corteva, Inc.
| | 0.5 |
| 4. | Nucor Corp.
| | 0.5 |
| 5. | Vistra Corp.
| | 0.5 |
| 6. | Eli Lilly & Co.
| | 0.5 |
| 7. | Steel Dynamics, Inc.
| | 0.5 |
| 8. | Coterra Energy, Inc.
| | 0.4 |
| 9. | McKesson Corp.
| | 0.4 |
| 10. | Southern Co. (The)
| | 0.4 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Consumer Staples
| | 13.9% |
Health Care
| | 12.4 |
Utilities
| | 11.3 |
Information Technology
| | 10.7 |
Materials
| | 10.0 |
Industrials
| | 8.3 |
Financials
| | 8.1 |
Real Estate
| | 8.1 |
Consumer Discretionary
| | 5.5 |
Energy
| | 4.8 |
Communication Services
| | 4.6 |
Short-Term Investments
| | 2.2 |
| * | The return shown is based on net asset value 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 $99.25 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $99.17. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 45 |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 46 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION |
| JPMorgan Diversified Return U.S. Equity ETF | | | | | | | | | |
Net Asset Value
| September 29, 2015 | | (1.15)% | | 6.42% | | 11.44% | | 12.87% |
Market Price
| | | (1.26)% | | 6.30% | | 11.41% | | 12.86% |
LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/22)
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 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, 2022. 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. FTSE Russell, the benchmark administrator,
administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 47 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (3.68)% |
Market Price **
| (3.80)% |
JP Morgan Diversified Factor US Mid Cap Equity Index
| (3.56)% |
Russell Midcap Index
| (12.54)% |
Net Assets as of 4/30/2022
| $246,644,357 |
Fund Ticker
| JPME |
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 individual 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, 2022, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell Midcap Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions the health care and technology sectors were leading detractors from absolute performance. The Fund’s and the Underlying Index’s positions in the basic materials and energy sectors were leading contributors to absolute performance.
Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and basic materials sectors were leading contributors to performance, while their multi-factor security selections in the consumer staples sector and their overweight positions in the telecommunications sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and industrials sector and their smallest allocations were to the
telecommunications and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Chemours Co. (The)
| | 0.5 % |
| 2. | Olin Corp.
| | 0.5 |
| 3. | Westlake Corp.
| | 0.5 |
| 4. | Corteva, Inc.
| | 0.4 |
| 5. | Vistra Corp.
| | 0.4 |
| 6. | Nucor Corp.
| | 0.4 |
| 7. | Steel Dynamics, Inc.
| | 0.4 |
| 8. | Coterra Energy, Inc.
| | 0.4 |
| 9. | McKesson Corp.
| | 0.4 |
| 10. | Ashland Global Holdings, Inc.
| | 0.4 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Health Care
| | 11.4% |
Industrials
| | 10.7 |
Consumer Staples
| | 10.3 |
Utilities
| | 10.3 |
Technology
| | 9.8 |
Basic Materials
| | 9.5 |
Real Estate
| | 9.1 |
Financials
| | 8.8 |
Consumer Discretionary
| | 7.5 |
Energy
| | 5.6 |
Telecommunications
| | 3.8 |
Short-Term Investments
| | 3.1 |
| * | The return shown is based on net asset value 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 $88.09 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $88.04. |
| 48 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 49 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | | | | | |
Net Asset Value
| May 11, 2016 | | (3.68)% | | 3.32% | | 10.47% | | 11.64% |
Market Price
| | | (3.80)% | | 3.21% | | 10.45% | | 11.63% |
LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/22)
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 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, 2022. 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 selected from the Russell Midcap Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (9.70)% |
Market Price **
| (9.89)% |
JP Morgan Diversified Factor US Small Cap Equity Index
| (9.61)% |
Russell 2000 Index
| (18.38)% |
Net Assets as of 4/30/2022
| $200,637,978 |
Fund Ticker
| JPSE |
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 individual 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, 2022, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 2000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the health care and technology sectors were leading detractors from absolute performance, while their positions in the energy and utilities sectors were leading contributors to absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s multi-factor security selections and underweight positions in the health care sector were leading contributors to performance, while their multi-factor security selections in the real estate sector and their underweight positions in the industrials sector were leading detractors from 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 technology sectors and their smallest allocations were to the utilities and
telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Antero Resources Corp.
| | 0.4 % |
| 2. | CONSOL Energy, Inc.
| | 0.4 |
| 3. | US Silica Holdings, Inc.
| | 0.4 |
| 4. | Lantheus Holdings, Inc.
| | 0.4 |
| 5. | Abercrombie & Fitch Co., Class A
| | 0.4 |
| 6. | CNX Resources Corp.
| | 0.3 |
| 7. | Dillard's, Inc., Class A
| | 0.3 |
| 8. | Southwest Gas Holdings, Inc.
| | 0.3 |
| 9. | PS Business Parks, Inc.
| | 0.3 |
| 10. | Plantronics, Inc.
| | 0.3 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Technology
| | 10.6% |
Industrials
| | 10.2 |
Financials
| | 10.1 |
Health Care
| | 9.6 |
Real Estate
| | 9.5 |
Basic Materials
| | 9.1 |
Consumer Staples
| | 8.7 |
Consumer Discretionary
| | 7.6 |
Energy
| | 6.9 |
Telecommunications
| | 5.1 |
Utilities
| | 4.9 |
Short-Term Investments
| | 7.6 |
| * | The return shown is based on net asset value 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 $40.53 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $40.48. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 51 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 52 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | | | | | |
Net Asset Value
| November 15, 2016 | | (9.70)% | | (4.54)% | | 9.70% | | 10.52% |
Market Price
| | | (9.89)% | | (4.61)% | | 9.64% | | 10.50% |
LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/22)
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 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, 2022. 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 are selected from the Russell 2000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 53 |
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (28.18)% |
Market Price **
| (28.56)% |
MSCI ACWI ex USA Growth Index (net total return)
| (18.00)% |
Net Assets as of 4/30/2022
| $58,826,196 |
Fund Ticker
| JIG |
INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long term capital appreciation.
INVESTMENT APPROACH
The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics. The Fund invests primarily in equity securities of foreign companies
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2022, the Fund underperformed the MSCI ACWI ex USA Growth Index (the “Benchmark”).
Relative to the Benchmark, the Fund’s security selection in the information technology and health care sectors was a leading detractor from performance, while the Fund’s security selection in the consumer staples sector was the sole sector contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Sea Ltd. and Delivery Hero SE, and its out-of-Benchmark position in EPAM Systems Inc. Shares of Sea, a Singapore-based digital entertainment provider, fell after Tencent Holdings Ltd. reduced
its stake in the company to about 19% from 21%. Shares of Delivery Hero, a German food ordering service, fell after the company forecast breakeven results for its food delivery business in the first half of 2022. Shares of EPAM Systems, a global provider of software development and digital platform services that largely operates from Belarus, fell after the company withdrew its earnings forecasts due to uncertainty about its exposure to Ukraine.
Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk A/S, Nestle SA and Diageo PLC. Shares of Novo Nordisk, a Danish pharmaceuticals company, rose after the company reported better-than-expected earnings and sales for the fourth quarter of 2021. Shares of Nestle, a Switzerland-based foods and beverages manufacturer, rose after the company reported better-than-expected results for 2021. Shares of Diageo, a U.K. distilled spirits maker, rose in January 2022 after the company reported better-than-expects earnings and sales for the final six months of 2021.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the information technology and health care sectors and the smallest allocations were to the real estate and utilities sectors. The Fund had no positions in the energy sector.
| 54 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Nestle SA (Registered) (Switzerland)
| | 4.8 % |
| 2. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)
| | 4.8 |
| 3. | ASML Holding NV (Netherlands)
| | 4.0 |
| 4. | Roche Holding AG (Switzerland)
| | 3.8 |
| 5. | Tencent Holdings Ltd. (China)
| | 3.7 |
| 6. | Novo Nordisk A/S, Class B (Denmark)
| | 3.7 |
| 7. | LVMH Moet Hennessy Louis Vuitton SE (France)
| | 3.6 |
| 8. | Diageo plc (United Kingdom)
| | 3.4 |
| 9. | L'Oreal SA (France)
| | 2.8 |
| 10. | AIA Group Ltd. (Hong Kong)
| | 2.8 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
United Kingdom
| | 12.9% |
Switzerland
| | 12.2 |
Japan
| | 11.1 |
China
| | 7.8 |
Netherlands
| | 6.7 |
Denmark
| | 6.4 |
France
| | 6.4 |
Hong Kong
| | 5.8 |
Taiwan
| | 5.7 |
Germany
| | 5.2 |
Canada
| | 3.3 |
Sweden
| | 3.0 |
United States
| | 2.6 |
Indonesia
| | 1.7 |
PORTFOLIO COMPOSTION BY COUNTRY
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Singapore
| | 1.5% |
Brazil
| | 1.1 |
South Africa
| | 1.0 |
India
| | 1.0 |
Australia
| | 1.0 |
South Korea
| | 0.8 |
Short-Term Investments
| | 2.8 |
| * | The return shown is based on net asset value 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 $56.02 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $55.95. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 55 |
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan International Growth ETF | | | | | | | |
Net Asset Value
| May 20, 2020 | | (28.18)% | | (24.53)% | | 4.84% |
Market Price
| | | (28.56)% | | (24.49)% | | 4.77% |
LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/22)
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 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 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to April 30, 2022. 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 MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and
mid- cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from 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.
| 56 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| 4.83% |
Market Price **
| 4.36% |
JP Morgan US Dividend Index
| 4.91% |
Russell 1000 Index
| (3.94)% |
Russell 1000 Value Index
| (11.29)% |
Net Assets as of 4/30/2022
| $63,927,522 |
Fund Ticker
| JDIV |
INVESTMENT OBJECTIVE***
The JPMorgan U.S. Dividend ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Dividend Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which consists of large- and mid-cap U.S. equity securities selected to provide exposure to the highest dividend yielding sectors on a risk adjusted basis. The Underlying Index uses a proprietary selection process that seeks to identify companies within each sector that have higher dividend yields over a rolling twelve month period. Within each sector, individual equity securities are also weighted to diversify risk. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute performance for the six months ended April 30, 2022 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed both the Russell 1000 Value Index and the Russell 1000 Index, which are more traditional market capitalization- weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the consumer staples and utilities sectors were leading contributors to performance, while their positions in the telecommunications and financials sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the utilities and consumer staples sectors were leading contributors to performance, while their security selections in the energy and telecommunications sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the utilities and consumer staples sectors and their smallest allocations were to the consumer discretionary and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Valero Energy Corp.
| | 0.8 % |
| 2. | Olin Corp.
| | 0.7 |
| 3. | Dow, Inc.
| | 0.7 |
| 4. | Vistra Corp.
| | 0.7 |
| 5. | Steel Dynamics, Inc.
| | 0.7 |
| 6. | International Paper Co.
| | 0.7 |
| 7. | Southern Co. (The)
| | 0.7 |
| 8. | Bristol-Myers Squibb Co.
| | 0.6 |
| 9. | Archer-Daniels-Midland Co.
| | 0.6 |
| 10. | Kimberly-Clark Corp.
| | 0.6 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Utilities
| | 17.9% |
Consumer Staples
| | 16.7 |
Materials
| | 9.9 |
Information Technology
| | 9.3 |
Health Care
| | 9.2 |
Real Estate
| | 8.1 |
Financials
| | 7.3 |
Industrials
| | 5.6 |
Energy
| | 5.2 |
Communication Services
| | 4.6 |
Consumer Discretionary
| | 4.1 |
Short-Term Investments
| | 1.9 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 57 |
JPMorgan U.S. Dividend ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| * | The return shown is based on net asset value 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 $33.65 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $33.53. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 58 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan U.S. Dividend ETF | | | | | | | |
Net Asset Value
| November 8, 2017 | | 4.83% | | 7.15% | | 10.69% |
Market Price
| | | 4.36% | | 6.86% | | 10.60% |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 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, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 to April 30, 2022. 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, Russell 1000 Index and Russell 1000 Value 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. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 59 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| 1.96% |
Market Price **
| 1.82% |
JP Morgan US Minimum Volatility Index
| 2.07% |
Russell 1000 Index
| (11.29)% |
Net Assets as of 4/30/2022
| $29,607,429 |
Fund Ticker
| JMIN |
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 rules-based process. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a positive absolute return for the six months ended April 30, 2022 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted equity index.
In terms of absolute performance, the Fund’s and the Underlying Index’s positions in the consumer staples and utilities sectors were leading contributors to performance, while their positions in the health care and telecommunications sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s overweight positions in the consumer staples and utilities sectors were leading contributors to performance, while their security selections in the basic materials and energy sectors were leading detractors from 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 staples and health care sectors and their smallest allocations were to the
real estate and basic materials sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Microsoft Corp.
| | 0.7 % |
| 2. | Eli Lilly & Co.
| | 0.7 |
| 3. | Johnson & Johnson
| | 0.7 |
| 4. | Bristol-Myers Squibb Co.
| | 0.7 |
| 5. | McKesson Corp.
| | 0.7 |
| 6. | Coterra Energy, Inc.
| | 0.7 |
| 7. | Walmart, Inc.
| | 0.7 |
| 8. | Merck & Co., Inc.
| | 0.7 |
| 9. | Archer-Daniels-Midland Co.
| | 0.7 |
| 10. | Procter & Gamble Co. (The)
| | 0.7 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Health Care
| | 21.5% |
Consumer Staples
| | 19.9 |
Utilities
| | 17.5 |
Information Technology
| | 8.0 |
Materials
| | 6.0 |
Real Estate
| | 5.1 |
Financials
| | 5.0 |
Energy
| | 4.7 |
Industrials
| | 4.5 |
Consumer Discretionary
| | 3.7 |
Communication Services
| | 3.2 |
Short-Term Investments
| | 0.8 |
| * | The return shown is based on net asset value 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 $37.01 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $36.99. |
| 60 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 61 |
JPMorgan U.S. Minimum Volatility ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan U.S. Minimum Volatility ETF | | | | | | | |
Net Asset Value
| November 8, 2017 | | 1.96% | | 8.12% | | 11.54% |
Market Price
| | | 1.82% | | 8.06% | | 11.52% |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 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, 2022. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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.
| 62 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (16.17)% |
Market Price **
| (16.22)% |
JP Morgan US Momentum Factor Index
| (16.14)% |
Russell 1000 Index
| (17.84)% |
Russell 1000 Growth Index
| (11.29)% |
Net Assets as of 4/30/2022
| $244,924,366 |
Fund Ticker
| JMOM |
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 tracks large- and mid-cap U.S. securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify companies that have higher risk-adjusted returns relative to those of their sector peers over a twelve month period. 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 30,2022 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 Growth Index and underperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading detractors from absolute performance, while the Fund’s and the Underlying Index’s positions in the energy and consumer staples sectors were leading contributors to performance.
Relative to the Russell 1000 Growth Index, the Fund’s and the Underlying Index’s security selections in the health care and technology sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selections in the consumer discretionary and real estate sectors were leading contributors to 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 consumer discretionary sectors and their smallest allocations were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Tesla, Inc.
| | 2.0 % |
| 2. | Apple, Inc.
| | 2.0 |
| 3. | Microsoft Corp.
| | 2.0 |
| 4. | Alphabet, Inc., Class A
| | 1.8 |
| 5. | NVIDIA Corp.
| | 1.7 |
| 6. | Home Depot, Inc. (The)
| | 1.6 |
| 7. | UnitedHealth Group, Inc.
| | 1.6 |
| 8. | Procter & Gamble Co. (The)
| | 1.5 |
| 9. | Berkshire Hathaway, Inc., Class B
| | 1.4 |
| 10. | AbbVie, Inc.
| | 1.4 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Information Technology
| | 28.7% |
Health Care
| | 14.3 |
Consumer Discretionary
| | 12.3 |
Financials
| | 11.3 |
Industrials
| | 9.8 |
Consumer Staples
| | 6.1 |
Energy
| | 4.0 |
Real Estate
| | 3.5 |
Communication Services
| | 3.1 |
Materials
| | 3.0 |
Utilities
| | 2.3 |
Short-Term Investments
| | 1.5 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 63 |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| * | The return shown is based on net asset value 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 $39.83 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $39.78. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 64 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan U.S. Momentum Factor ETF | | | | | | | |
Net Asset Value
| November 8, 2017 | | (16.17)% | | (3.41)% | | 12.13% |
Market Price
| | | (16.22)% | | (3.67)% | | 12.10% |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 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. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, the Russell 1000 Index and the Russell 1000 Growth Index from November 8, 2017 to April 30, 2022. 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 subset 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. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 65 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (7.49)% |
Market Price **
| (7.53)% |
JP Morgan US Quality Factor Index
| (7.44)% |
Russell 1000 Index
| (11.29)% |
Net Assets as of 4/30/2022
| $402,997,978 |
Fund Ticker
| JQUA |
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 tracks 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, earnings quality and solvency/financial 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, 2022, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in technology and consumer discretionary sectors were leading detractors from performance, while their positions in the energy and consumer staples sectors were leading contributors to performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary and industrials sectors were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the technology and utilities sectors were leading detractors from relative 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 consumer discretionary sectors and their smallest allocations
were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | Meta Platforms, Inc., Class A
| | 2.1 % |
| 2. | Apple, Inc.
| | 2.0 |
| 3. | Procter & Gamble Co. (The)
| | 1.9 |
| 4. | Microsoft Corp.
| | 1.9 |
| 5. | Johnson & Johnson
| | 1.9 |
| 6. | Berkshire Hathaway, Inc., Class B
| | 1.9 |
| 7. | Visa, Inc., Class A
| | 1.8 |
| 8. | Alphabet, Inc., Class A
| | 1.8 |
| 9. | Mastercard, Inc., Class A
| | 1.7 |
| 10. | Home Depot, Inc. (The)
| | 1.5 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Information Technology
| | 30.7% |
Health Care
| | 14.3 |
Consumer Discretionary
| | 10.5 |
Financials
| | 10.4 |
Industrials
| | 8.0 |
Consumer Staples
| | 7.2 |
Communication Services
| | 6.6 |
Energy
| | 4.1 |
Real Estate
| | 3.4 |
Utilities
| | 2.0 |
Materials
| | 1.7 |
Short-Term Investments
| | 1.0 |
| * | The return shown is based on net asset value 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 $39.90 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $39.91. |
| 66 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 67 |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan U.S. Quality Factor ETF | | | | | | | |
Net Asset Value
| November 8, 2017 | | (7.49)% | | 2.67% | | 12.91% |
Market Price
| | | (7.53)% | | 2.64% | | 12.91% |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 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, 2022. 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.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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.
| 68 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited)
| REPORTING PERIOD RETURN: | |
Net Asset Value *
| (5.00)% |
Market Price **
| (5.03)% |
JP Morgan US Value Factor Index
| (4.96)% |
Russell 1000 Index
| (3.94)% |
Russell 1000 Value Index
| (11.29)% |
Net Assets as of 4/30/2022
| $531,443,667 |
Fund Ticker
| JVAL |
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 relative valuation factor to identify companies with 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, 2022, 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 Value Index and outperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s positions in the energy and health care sectors were leading contributors to absolute performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the technology sector and their underweight positions in the energy sector were leading detractors from performance. The Fund’s and the Underlying Index’s security selections in the technology sector and their underweight positions in the financials 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 technology and consumer discretionary sectors and their smallest allocations were to the basic materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
| 1. | UnitedHealth Group, Inc.
| | 2.1 % |
| 2. | Apple, Inc.
| | 2.0 |
| 3. | Microsoft Corp.
| | 1.8 |
| 4. | Johnson & Johnson
| | 1.8 |
| 5. | Exxon Mobil Corp.
| | 1.8 |
| 6. | Alphabet, Inc., Class A
| | 1.7 |
| 7. | Meta Platforms, Inc., Class A
| | 1.6 |
| 8. | Pfizer, Inc.
| | 1.3 |
| 9. | Broadcom, Inc.
| | 1.2 |
| 10. | Walmart, Inc.
| | 1.1 |
PORTFOLIO COMPOSTION BY SECTOR
AS OF April 30, 2022 | | PERCENT OF
TOTAL
INVESTMENTS |
Information Technology
| | 23.6% |
Health Care
| | 14.4 |
Industrials
| | 11.6 |
Consumer Discretionary
| | 11.2 |
Financials
| | 10.8 |
Communication Services
| | 7.1 |
Consumer Staples
| | 5.6 |
Energy
| | 4.1 |
Real Estate
| | 3.4 |
Materials
| | 3.2 |
Utilities
| | 3.0 |
Short-Term Investments
| | 1.8 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 69 |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| * | The return shown is based on net asset value 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 $34.85 as of April 30, 2022. |
| ** | 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. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2022, the closing price was $34.83. |
| *** | The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved. |
| 70 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2022
| | INCEPTION DATE | | SIX MONTHS* | | 1 YEAR | | SINCE
INCEPTION |
| JPMorgan U.S. Value Factor ETF | | | | | | | |
Net Asset Value
| November 8, 2017 | | (5.00)% | | (0.02)% | | 10.41% |
Market Price
| | | (5.03)% | | (0.02)% | | 10.40% |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/22)
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 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, the Russell 1000 Index and the Russell 1000 Value Index from November 8, 2017 to April 30, 2022. 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, Russell 1000 Index and Russell 1000 Value 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. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, 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 on gains resulting from 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, 2022 | J.P. Morgan Exchange-Traded Funds | 71 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 97.7% |
| Austria — 0.0% ^ |
| Erste Group Bank AG | 10,313 | 321,103 |
| Brazil — 5.3% |
| Ambev SA | 517,058 | 1,527,972 |
| Atacadao SA | 377,633 | 1,574,251 |
| B3 SA - Brasil Bolsa Balcao | 1,809,708 | 4,868,398 |
| Banco Bradesco SA (Preference) | 352,302 | 1,287,654 |
| Banco BTG Pactual SA * | 71,039 | 333,070 |
| Banco do Brasil SA | 153,166 | 1,028,552 |
| BB Seguridade Participacoes SA | 134,274 | 685,771 |
| Bradespar SA (Preference) | 81,721 | 486,628 |
| Caixa Seguridade Participacoes S/A | 155,065 | 244,957 |
| EDP - Energias do Brasil SA | 121,311 | 521,908 |
| Gerdau SA (Preference) | 83,252 | 475,370 |
| Hapvida Participacoes e Investimentos SA (a) | 339,021 | 607,556 |
| Itau Unibanco Holding SA (Preference) * | 621,734 | 3,010,611 |
| Itausa SA (Preference) | 463,557 | 865,428 |
| Localiza Rent a Car SA | 162,362 | 1,749,087 |
| Locaweb Servicos de Internet SA * (a) | 193,291 | 282,277 |
| Lojas Renner SA * | 326,436 | 1,575,413 |
| Magazine Luiza SA * | 577,798 | 577,336 |
| MercadoLibre, Inc. * | 4,366 | 4,250,869 |
| Petroleo Brasileiro SA, ADR | 343,261 | 4,658,052 |
| Porto Seguro SA | 97,256 | 403,467 |
| Raia Drogasil SA | 245,658 | 1,039,486 |
| Rumo SA | 86,918 | 291,312 |
| Sao Martinho SA | 56,154 | 530,311 |
| SLC Agricola SA * | 33,614 | 361,708 |
| Sul America SA * | 56,933 | 305,511 |
| Suzano SA | 80,580 | 814,935 |
| TOTVS SA * | 36,328 | 234,106 |
| Vale SA, ADR | 130,826 | 2,209,651 |
| WEG SA | 169,023 | 1,035,892 |
| XP, Inc., Receipts * | 14,335 | 354,290 |
| XP, Inc., Class A * | 7,103 | 174,805 |
| | | 38,366,634 |
| Canada — 0.1% |
| B2Gold Corp. | 83,877 | 355,840 |
| Ivanhoe Mines Ltd., Class A * | 26,963 | 216,182 |
| | | 572,022 |
| Chile — 0.3% |
| Banco Santander Chile | 50,635,613 | 2,436,300 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| China — 30.8% |
| Advanced Micro-Fabrication Equipment, Inc., Class A * | 15,883 | 247,944 |
| Aier Eye Hospital Group Co. Ltd., Class A | 151,788 | 812,187 |
| Alibaba Group Holding Ltd. * | 899,300 | 10,969,382 |
| Amoy Diagnostics Co. Ltd., Class A | 16,509 | 112,919 |
| Angel Yeast Co. Ltd., Class A | 150,209 | 864,175 |
| Anhui Conch Cement Co. Ltd., Class H | 189,000 | 1,027,033 |
| Anjoy Foods Group Co. Ltd., Class A | 58,600 | 1,137,112 |
| ANTA Sports Products Ltd. | 118,400 | 1,360,711 |
| Asymchem Laboratories Tianjin Co. Ltd., Class H * (a) | 9,800 | 211,100 |
| Baidu, Inc., Class A * | 9,600 | 153,060 |
| Bank of Ningbo Co. Ltd., Class A | 229,340 | 1,242,043 |
| Baoshan Iron & Steel Co. Ltd., Class A | 458,000 | 441,886 |
| Beijing Kingsoft Office Software, Inc., Class A | 47,757 | 1,345,328 |
| Bilibili, Inc., Class Z * | 26,523 | 645,805 |
| BOC Hong Kong Holdings Ltd. | 87,000 | 314,928 |
| BOE Technology Group Co. Ltd., Class A | 3,568,800 | 2,027,213 |
| Bosideng International Holdings Ltd. | 756,000 | 377,071 |
| Brilliance China Automotive Holdings Ltd. ‡ * | 16,000 | 7,360 |
| BTG Hotels Group Co. Ltd., Class A * | 58,500 | 205,621 |
| Budweiser Brewing Co. APAC Ltd. (a) | 799,100 | 1,988,319 |
| Centre Testing International Group Co. Ltd., Class A | 8,300 | 27,114 |
| Chacha Food Co. Ltd., Class A | 111,600 | 888,071 |
| Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 5,800 | 110,963 |
| China Construction Bank Corp., Class H | 10,310,000 | 7,344,836 |
| China Hongqiao Group Ltd. | 379,500 | 472,185 |
| China Lesso Group Holdings Ltd. | 348,000 | 435,185 |
| China Merchants Bank Co. Ltd., Class H | 1,432,000 | 8,631,022 |
| China Molybdenum Co. Ltd., Class H | 306,000 | 152,173 |
| China Overseas Land & Investment Ltd. | 782,000 | 2,415,817 |
| China Pacific Insurance Group Co. Ltd., Class H | 722,800 | 1,602,429 |
| China Petroleum & Chemical Corp., Class H | 2,712,000 | 1,327,449 |
| China Resources Cement Holdings Ltd. | 326,000 | 270,494 |
| China Resources Gas Group Ltd. | 66,000 | 247,988 |
| China Resources Land Ltd. | 378,000 | 1,688,229 |
| China Resources Mixc Lifestyle Services Ltd. (a) | 423,200 | 2,033,186 |
| China State Construction Engineering Corp. Ltd., Class A | 266,700 | 251,046 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 72 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| China — continued |
| China Vanke Co. Ltd., Class H | 859,600 | 2,026,938 |
| China Yangtze Power Co. Ltd., Class A | 459,000 | 1,564,175 |
| China Yongda Automobiles Services Holdings Ltd. | 188,500 | 174,792 |
| Chongqing Brewery Co. Ltd., Class A * | 134,700 | 2,522,295 |
| Chongqing Fuling Zhacai Group Co. Ltd., Class A | 40,300 | 210,389 |
| CITIC Securities Co. Ltd., Class H | 472,500 | 1,038,146 |
| Contemporary Amperex Technology Co. Ltd., Class A | 37,904 | 2,297,294 |
| Country Garden Services Holdings Co. Ltd. | 410,000 | 1,728,060 |
| DaShenLin Pharmaceutical Group Co. Ltd., Class A | 55,100 | 217,862 |
| East Money Information Co. Ltd., Class A | 89,320 | 301,951 |
| ENN Energy Holdings Ltd. | 156,600 | 2,097,669 |
| ENN Natural Gas Co. Ltd., Class A | 151,300 | 371,091 |
| Fangda Special Steel Technology Co. Ltd., Class A | 436,200 | 547,885 |
| Flat Glass Group Co. Ltd., Class H | 56,000 | 200,246 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 313,335 | 3,820,213 |
| Fuyao Glass Industry Group Co. Ltd., Class H (a) | 459,600 | 1,877,786 |
| GF Securities Co. Ltd., Class H | 760,200 | 950,140 |
| Gigadevice Semiconductor Beijing, Inc., Class A | 17,400 | 321,049 |
| Glodon Co. Ltd., Class A | 26,100 | 179,942 |
| Guangdong Haid Group Co. Ltd., Class A | 19,000 | 175,544 |
| Guangdong Investment Ltd. | 756,000 | 967,939 |
| Guangzhou Automobile Group Co. Ltd., Class H | 780,000 | 661,359 |
| Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 16,300 | 199,526 |
| Haier Smart Home Co. Ltd., Class H | 2,221,400 | 7,847,752 |
| Haitong Securities Co. Ltd., Class H | 385,600 | 269,293 |
| Hangzhou Robam Appliances Co. Ltd., Class A | 95,800 | 442,340 |
| Hangzhou Tigermed Consulting Co. Ltd., Class H (a) | 19,200 | 186,077 |
| Hangzhou Tigermed Consulting Co. Ltd., Class A | 56,300 | 750,122 |
| Han's Laser Technology Industry Group Co. Ltd., Class A | 130,100 | 537,005 |
| Hefei Meiya Optoelectronic Technology, Inc., Class A | 427,748 | 1,449,401 |
| Hongfa Technology Co. Ltd., Class A * | 38,400 | 277,731 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| China — continued |
| Hualan Biological Engineering, Inc., Class A | 38,200 | 95,297 |
| Huatai Securities Co. Ltd., Class H (a) | 313,000 | 430,197 |
| Huayu Automotive Systems Co. Ltd., Class A | 417,046 | 1,219,540 |
| Huazhu Group Ltd. | 461,400 | 1,452,184 |
| Hundsun Technologies, Inc., Class A | 55,400 | 315,761 |
| Industrial & Commercial Bank of China Ltd., Class H | 380,000 | 229,067 |
| Industrial Bank Co. Ltd., Class A | 476,005 | 1,455,427 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 899,400 | 5,182,591 |
| Jade Bird Fire Co. Ltd., Class A | 46,573 | 228,410 |
| JD Health International, Inc. * (a) | 86,100 | 536,753 |
| JD.com, Inc., Class A * | 84,250 | 2,626,793 |
| Jiangsu Expressway Co. Ltd., Class H | 360,000 | 355,672 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 130,700 | 896,963 |
| Jiangsu Hengrui Medicine Co. Ltd., Class A | 35,680 | 157,588 |
| Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A | 18,800 | 446,171 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 75,400 | 269,568 |
| Joyoung Co. Ltd., Class A | 98,000 | 220,923 |
| Kanzhun Ltd., ADR * | 29,007 | 682,535 |
| Kingdee International Software Group Co. Ltd. * | 766,000 | 1,563,095 |
| Kingsoft Corp. Ltd. | 3,000 | 9,003 |
| Kunlun Energy Co. Ltd. | 1,460,000 | 1,211,635 |
| Kweichow Moutai Co. Ltd., Class A | 6,700 | 1,839,124 |
| KWG Group Holdings Ltd. | 941,500 | 336,883 |
| Laobaixing Pharmacy Chain JSC, Class A | 16,400 | 79,069 |
| Lenovo Group Ltd. | 758,000 | 736,020 |
| Li Ning Co. Ltd. | 88,500 | 689,784 |
| Livzon Pharmaceutical Group, Inc., Class H | 114,500 | 385,335 |
| Longfor Group Holdings Ltd. (a) | 189,500 | 938,515 |
| LONGi Green Energy Technology Co. Ltd., Class A | 117,240 | 1,178,934 |
| Maxscend Microelectronics Co. Ltd., Class A * | 19,980 | 550,547 |
| Meituan * (a) | 347,700 | 7,449,962 |
| Midea Group Co. Ltd., Class A | 191,812 | 1,632,147 |
| Minth Group Ltd. | 116,000 | 273,320 |
| Montage Technology Co. Ltd., Class A | 57,488 | 498,253 |
| NARI Technology Co. Ltd., Class A | 284,700 | 1,357,028 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 73 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| China — continued |
| NetEase, Inc. | 496,000 | 9,501,019 |
| NIO, Inc., ADR * | 43,522 | 726,817 |
| Oppein Home Group, Inc., Class A | 117,430 | 2,051,037 |
| Opple Lighting Co. Ltd., Class A | 61,300 | 147,249 |
| Pharmaron Beijing Co. Ltd., Class H (a) | 19,000 | 238,687 |
| PICC Property & Casualty Co. Ltd., Class H | 1,134,000 | 1,159,877 |
| Pinduoduo, Inc., ADR * | 37,658 | 1,622,683 |
| Ping An Bank Co. Ltd., Class A | 1,238,800 | 2,839,080 |
| Ping An Insurance Group Co. of China Ltd., Class H | 1,138,000 | 7,192,978 |
| Poly Developments and Holdings Group Co. Ltd., Class A | 326,400 | 891,050 |
| Postal Savings Bank of China Co. Ltd., Class H (a) | 4,805,000 | 3,643,055 |
| Proya Cosmetics Co. Ltd., Class A | 16,200 | 490,217 |
| Qingdao Haier Biomedical Co. Ltd., Class A | 42,453 | 411,122 |
| Sangfor Technologies, Inc., Class A | 38,100 | 507,116 |
| Seazen Holdings Co. Ltd., Class A | 56,500 | 234,979 |
| Shanghai Baosight Software Co. Ltd., Class A | 132,349 | 940,117 |
| Shanghai Liangxin Electrical Co. Ltd., Class A * | 166,200 | 264,751 |
| Shanghai M&G Stationery, Inc., Class A | 20,200 | 145,068 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 209,400 | 338,594 |
| Shanghai Putailai New Energy Technology Co. Ltd., Class A * | 19,400 | 341,242 |
| Shenzhen Inovance Technology Co. Ltd., Class A | 153,700 | 1,320,664 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 19,500 | 914,068 |
| Shenzhou International Group Holdings Ltd. | 172,000 | 2,333,862 |
| Sichuan Swellfun Co. Ltd., Class A | 76,000 | 801,063 |
| Silergy Corp. | 27,000 | 2,403,877 |
| SITC International Holdings Co. Ltd. | 78,000 | 259,309 |
| Skshu Paint Co. Ltd., Class A | 115,040 | 1,277,650 |
| StarPower Semiconductor Ltd., Class A | 36,700 | 1,873,331 |
| Sunny Optical Technology Group Co. Ltd. | 95,800 | 1,396,178 |
| TBEA Co. Ltd., Class A | 246,900 | 711,112 |
| Tencent Holdings Ltd. (b) | 477,300 | 22,492,708 |
| Tingyi Cayman Islands Holding Corp. | 1,138,000 | 2,077,034 |
| Tongwei Co. Ltd., Class A | 213,800 | 1,306,136 |
| Topsports International Holdings Ltd. (a) | 1,150,000 | 879,578 |
| Trip.com Group Ltd. * | 17,950 | 423,865 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| China — continued |
| Wanhua Chemical Group Co. Ltd., Class A | 174,400 | 2,028,882 |
| Want Want China Holdings Ltd. | 369,000 | 333,084 |
| Will Semiconductor Co. Ltd., Class A | 17,200 | 384,536 |
| Wuliangye Yibin Co. Ltd., Class A | 93,300 | 2,260,544 |
| Wuxi Biologics Cayman, Inc. * (a) | 590,500 | 4,358,372 |
| Xilinmen Furniture Co. Ltd., Class A | 78,500 | 276,921 |
| Xinyi Solar Holdings Ltd. | 2,296,000 | 3,412,834 |
| XPeng, Inc., Class A * | 16,210 | 201,422 |
| Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 57,800 | 591,003 |
| Yonyou Network Technology Co. Ltd., Class A | 56,800 | 161,928 |
| Yum China Holdings, Inc. | 59,973 | 2,506,871 |
| Yunnan Energy New Material Co. Ltd. * | 35,200 | 1,062,882 |
| Zhejiang Chint Electrics Co. Ltd., Class A | 39,800 | 193,253 |
| Zhejiang Dingli Machinery Co. Ltd., Class A | 35,700 | 198,462 |
| Zhejiang Supor Co. Ltd., Class A | 286,900 | 2,366,424 |
| Zhongsheng Group Holdings Ltd. | 94,500 | 624,439 |
| Zhuzhou Kibing Group Co. Ltd., Class A | 494,240 | 816,066 |
| Zijin Mining Group Co. Ltd., Class H | 840,000 | 1,223,132 |
| | | 224,289,718 |
| Colombia — 0.0% ^ |
| Ecopetrol SA | 321,293 | 260,249 |
| Czech Republic — 0.1% |
| CEZ A/S | 8,618 | 369,416 |
| Komercni Banka A/S | 8,946 | 293,786 |
| | | 663,202 |
| Egypt — 0.1% |
| Commercial International Bank Egypt SAE | 330,635 | 798,297 |
| Ghana — 0.1% |
| Kosmos Energy Ltd. * | 64,378 | 435,195 |
| Greece — 0.2% |
| Hellenic Telecommunications Organization SA | 37,472 | 720,889 |
| OPAP SA | 37,283 | 552,623 |
| | | 1,273,512 |
| Hong Kong — 2.2% |
| AIA Group Ltd. | 418,000 | 4,106,332 |
| ASM Pacific Technology Ltd. | 18,800 | 189,462 |
| Hang Seng Bank Ltd. | 56,900 | 1,007,441 |
| HKT Trust & HKT Ltd. | 382,000 | 548,148 |
| Hong Kong Exchanges & Clearing Ltd. | 114,900 | 4,873,940 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 74 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Hong Kong — continued |
| Techtronic Industries Co. Ltd. | 187,000 | 2,496,096 |
| Vitasoy International Holdings Ltd. (b) | 384,000 | 696,221 |
| WH Group Ltd. (a) | 487,577 | 336,721 |
| Xinyi Glass Holdings Ltd. | 805,000 | 1,781,313 |
| | | 16,035,674 |
| Hungary — 0.3% |
| MOL Hungarian Oil & Gas plc | 41,675 | 353,367 |
| OTP Bank Nyrt. * | 43,552 | 1,299,132 |
| Richter Gedeon Nyrt. | 19,462 | 388,308 |
| | | 2,040,807 |
| India — 11.5% |
| ACC Ltd. | 23,861 | 721,797 |
| Ambuja Cements Ltd. | 177,085 | 856,836 |
| Apollo Hospitals Enterprise Ltd. | 19,276 | 1,116,210 |
| Asian Paints Ltd. | 11,113 | 468,437 |
| AU Small Finance Bank Ltd. * (a) | 34,412 | 619,770 |
| Axis Bank Ltd. * | 167,916 | 1,582,868 |
| Bajaj Auto Ltd. | 11,096 | 538,558 |
| Bharat Electronics Ltd. | 321,487 | 995,011 |
| Bharat Petroleum Corp. Ltd. | 109,672 | 516,114 |
| Bharti Airtel Ltd. * | 139,981 | 1,343,442 |
| Biocon Ltd. * | 61,890 | 296,859 |
| Britannia Industries Ltd. | 18,877 | 805,629 |
| Colgate-Palmolive India Ltd. | 14,933 | 322,254 |
| Cummins India Ltd. | 28,851 | 384,636 |
| Eicher Motors Ltd. | 7,242 | 247,056 |
| GAIL India Ltd. | 464,142 | 959,533 |
| Godrej Properties Ltd. * | 18,317 | 372,550 |
| HCL Technologies Ltd. | 71,629 | 1,003,274 |
| HDFC Bank Ltd., ADR | 127,000 | 7,011,670 |
| HDFC Life Insurance Co. Ltd. (a) | 174,112 | 1,320,188 |
| Hero MotoCorp Ltd. | 15,663 | 508,804 |
| Hindalco Industries Ltd. | 76,948 | 479,058 |
| Hindustan Petroleum Corp. Ltd. | 109,447 | 384,664 |
| Hindustan Unilever Ltd. | 96,662 | 2,808,389 |
| Housing Development Finance Corp. Ltd. | 351,830 | 10,150,980 |
| ICICI Bank Ltd. | 322,969 | 3,104,723 |
| Indian Oil Corp. Ltd. | 217,741 | 355,216 |
| IndusInd Bank Ltd. | 30,592 | 386,958 |
| Infosys Ltd. | 628,770 | 12,743,405 |
| ITC Ltd. | 85,004 | 286,499 |
| Jubilant Foodworks Ltd. | 60,170 | 424,907 |
| Kajaria Ceramics Ltd. | 30,003 | 403,555 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| India — continued |
| Kotak Mahindra Bank Ltd. | 184,294 | 4,273,804 |
| Larsen & Toubro Ltd. | 75,085 | 1,650,185 |
| Maruti Suzuki India Ltd. | 19,329 | 1,935,916 |
| Motilal Oswal Financial Services Ltd. | 18,543 | 217,479 |
| Oil & Natural Gas Corp. Ltd. | 326,610 | 676,869 |
| Petronet LNG Ltd. | 95,481 | 253,087 |
| Power Grid Corp. of India Ltd. | 364,414 | 1,079,889 |
| Redington India Ltd. | 151,257 | 299,727 |
| Reliance Industries Ltd. | 142,667 | 5,169,176 |
| Shriram Transport Finance Co. Ltd. | 79,243 | 1,230,916 |
| Tata Consultancy Services Ltd. | 183,766 | 8,469,471 |
| Tech Mahindra Ltd. | 75,262 | 1,229,189 |
| UltraTech Cement Ltd. | 12,390 | 1,067,069 |
| United Spirits Ltd. * | 207,450 | 2,325,810 |
| UPL Ltd. | 43,201 | 461,258 |
| Wipro Ltd. | 32,510 | 213,603 |
| | | 84,073,298 |
| Indonesia — 2.3% |
| Astra International Tbk. PT | 786,400 | 410,612 |
| Bank Central Asia Tbk. PT | 9,548,400 | 5,355,426 |
| Bank Mandiri Persero Tbk. PT | 824,500 | 506,272 |
| Bank Negara Indonesia Persero Tbk. PT | 608,300 | 384,233 |
| Bank Rakyat Indonesia Persero Tbk. PT | 16,236,470 | 5,409,783 |
| Charoen Pokphand Indonesia Tbk. PT | 552,500 | 196,273 |
| Kalbe Farma Tbk. PT | 1,891,700 | 214,002 |
| Telkom Indonesia Persero Tbk. PT | 13,009,000 | 4,145,794 |
| Unilever Indonesia Tbk. PT | 634,200 | 169,753 |
| United Tractors Tbk. PT | 131,700 | 275,038 |
| | | 17,067,186 |
| Kazakhstan — 0.1% |
| Kaspi.KZ JSC, GDR (a) | 5,580 | 362,700 |
| Macau — 0.1% |
| Sands China Ltd. * | 227,200 | 500,789 |
| Malaysia — 0.5% |
| CIMB Group Holdings Bhd. | 266,000 | 317,062 |
| Hong Leong Bank Bhd. | 56,100 | 269,240 |
| IHH Healthcare Bhd. | 132,400 | 199,703 |
| Kuala Lumpur Kepong Bhd. | 38,800 | 262,558 |
| Malayan Banking Bhd. | 171,300 | 356,273 |
| Petronas Chemicals Group Bhd. | 152,300 | 357,530 |
| Press Metal Aluminium Holdings Bhd. | 170,400 | 233,605 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 75 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Malaysia — continued |
| Public Bank Bhd. | 1,185,600 | 1,274,339 |
| Tenaga Nasional Bhd. | 152,000 | 315,627 |
| | | 3,585,937 |
| Mexico — 4.4% |
| America Movil SAB de CV | 2,792,025 | 2,722,725 |
| Arca Continental SAB de CV | 69,876 | 444,016 |
| Fomento Economico Mexicano SAB de CV | 46,763 | 349,763 |
| Gruma SAB de CV, Class B | 27,508 | 327,618 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 26,897 | 187,455 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B * | 173,080 | 2,666,449 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 85,396 | 1,862,212 |
| Grupo Financiero Banorte SAB de CV, Class O | 1,135,495 | 7,484,090 |
| Grupo Mexico SAB de CV | 423,802 | 1,985,212 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 982,332 | 1,367,125 |
| Orbia Advance Corp. SAB de CV | 135,395 | 325,508 |
| Regional SAB de CV | 85,569 | 516,479 |
| Wal-Mart de Mexico SAB de CV | 3,250,284 | 11,520,498 |
| | | 31,759,150 |
| Nigeria — 0.0% ^ |
| Airtel Africa plc (a) | 92,655 | 169,534 |
| Panama — 0.0% ^ |
| Copa Holdings SA, Class A * | 4,184 | 315,348 |
| Peru — 0.2% |
| Credicorp Ltd. | 12,808 | 1,778,903 |
| Philippines — 0.2% |
| Ayala Corp. | 17,120 | 240,891 |
| Ayala Land, Inc. | 399,300 | 243,720 |
| Bank of the Philippine Islands | 112,590 | 204,670 |
| BDO Unibank, Inc. | 95,750 | 236,605 |
| International Container Terminal Services, Inc. | 78,660 | 322,977 |
| SM Prime Holdings, Inc. * | 342,000 | 227,961 |
| | | 1,476,824 |
| Poland — 0.5% |
| Allegro.eu SA * (a) | 101,960 | 524,430 |
| Bank Polska Kasa Opieki SA | 23,120 | 508,068 |
| Dino Polska SA * (a) | 4,561 | 295,059 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Poland — continued |
| Powszechna Kasa Oszczednosci Bank Polski SA * | 61,663 | 455,107 |
| Powszechny Zaklad Ubezpieczen SA | 215,869 | 1,492,463 |
| TEN Square Games SA | 5,952 | 208,680 |
| | | 3,483,807 |
| Portugal — 0.2% |
| Jeronimo Martins SGPS SA | 67,012 | 1,394,964 |
| Qatar — 0.5% |
| Industries Qatar QSC | 163,886 | 845,189 |
| Qatar Islamic Bank SAQ | 64,162 | 431,476 |
| Qatar National Bank QPSC | 327,373 | 2,090,045 |
| | | 3,366,710 |
| Russia — 0.0% ^ |
| Gazprom PJSC, ADR ‡ | 580,313 | 64,763 |
| Magnitogorsk Iron & Steel Works PJSC, GDR ‡ (a) | 12,378 | 1,869 |
| MMC Norilsk Nickel PJSC, ADR ‡ | 22,378 | 10,742 |
| Moscow Exchange MICEX-RTS PJSC ‡ | 571,670 | 13,582 |
| Rosneft Oil Co. PJSC, GDR ‡ (a) | 141,777 | 13,270 |
| Sberbank of Russia PJSC, ADR ‡ | 157,309 | 12,774 |
| Severstal PAO, GDR ‡ (a) | 98,048 | 31,375 |
| X5 Retail Group NV, GDR ‡ (a) | 13,771 | 3,324 |
| | | 151,699 |
| Saudi Arabia — 2.0% |
| Al Rajhi Bank | 100,864 | 4,725,088 |
| Alinma Bank | 118,238 | 1,296,993 |
| Almarai Co. JSC | 42,223 | 581,934 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 9,194 | 487,992 |
| Jarir Marketing Co. | 5,701 | 291,125 |
| Mouwasat Medical Services Co. | 18,318 | 1,170,233 |
| Saudi National Bank (The) | 182,587 | 3,826,993 |
| Saudi Tadawul Group Holding Co. * | 10,335 | 557,144 |
| Saudi Telecom Co. | 43,708 | 1,344,045 |
| | | 14,281,547 |
| South Africa — 3.0% |
| African Rainbow Minerals Ltd. | 923 | 15,306 |
| Anglo American plc | 9,169 | 406,104 |
| AVI Ltd. | 205,153 | 893,359 |
| Bid Corp. Ltd. | 67,838 | 1,419,690 |
| Bidvest Group Ltd. (The) | 24,276 | 332,790 |
| Capitec Bank Holdings Ltd. | 35,316 | 4,929,751 |
| Clicks Group Ltd. | 119,948 | 2,360,756 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 76 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| South Africa — continued |
| FirstRand Ltd. | 760,339 | 3,274,538 |
| Foschini Group Ltd. (The) | 2,451 | 21,561 |
| Gold Fields Ltd. | 28,076 | 380,418 |
| Impala Platinum Holdings Ltd. | 113,682 | 1,470,524 |
| Mr Price Group Ltd. | 33,791 | 460,204 |
| MTN Group Ltd. | 90,721 | 962,187 |
| Naspers Ltd., Class N | 10,734 | 1,082,588 |
| Nedbank Group Ltd. | 53,511 | 747,248 |
| Sanlam Ltd. | 1,917 | 7,941 |
| Sasol Ltd. * | 14,516 | 355,597 |
| Shoprite Holdings Ltd. | 60,921 | 879,945 |
| Sibanye Stillwater Ltd. | 100,677 | 348,308 |
| SPAR Group Ltd. (The) | 37,601 | 393,974 |
| Standard Bank Group Ltd. | 785 | 8,319 |
| Vodacom Group Ltd. | 134,466 | 1,294,041 |
| Woolworths Holdings Ltd. | 5,341 | 19,994 |
| | | 22,065,143 |
| South Korea — 12.7% |
| AfreecaTV Co. Ltd. | 7,866 | 674,249 |
| BGF retail Co. Ltd. | 9,399 | 1,344,439 |
| CJ CheilJedang Corp. | 2,850 | 896,242 |
| DL E&C Co. Ltd. | 14,514 | 682,626 |
| DL Holdings Co. Ltd. | 4,940 | 240,762 |
| Dongjin Semichem Co. Ltd. | 15,471 | 455,911 |
| E-MART, Inc. | 2,134 | 220,823 |
| Green Cross Corp. | 1,329 | 197,265 |
| Hana Financial Group, Inc. | 76,722 | 2,848,436 |
| Hankook Tire & Technology Co. Ltd. | 35,309 | 969,118 |
| Hanon Systems | 72,018 | 644,485 |
| HSD Engine Co. Ltd. * | 34,540 | 290,314 |
| Hugel, Inc. * | 6,273 | 617,531 |
| Hyundai Glovis Co. Ltd. | 5,132 | 840,822 |
| Hyundai Mobis Co. Ltd. | 6,914 | 1,124,819 |
| Hyundai Motor Co. | 3,422 | 496,490 |
| Industrial Bank of Korea | 63,201 | 560,775 |
| ISC Co. Ltd. | 18,561 | 517,713 |
| JYP Entertainment Corp. | 39,181 | 1,817,688 |
| K Car Co. Ltd. | 24,235 | 520,648 |
| KakaoBank Corp. * | 9,564 | 316,124 |
| Kakaopay Corp. * | 3,422 | 302,688 |
| Kangwon Land, Inc. * | 32,643 | 685,977 |
| KB Financial Group, Inc. | 24,471 | 1,138,492 |
| KCC Corp. | 923 | 246,084 |
| Kia Corp. | 78,720 | 5,163,267 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| South Korea — continued |
| KIWOOM Securities Co. Ltd. | 10,123 | 755,474 |
| Korea Electric Power Corp. * | 25,807 | 470,940 |
| Korea Investment Holdings Co. Ltd. | 13,571 | 752,390 |
| Korea Zinc Co. Ltd. | 1,149 | 524,562 |
| KT&G Corp. | 9,951 | 653,471 |
| LG Chem Ltd. | 9,750 | 3,993,262 |
| LG Household & Health Care Ltd. | 3,840 | 2,750,134 |
| LG Innotek Co. Ltd. | 1,179 | 319,908 |
| Lotte Rental Co. Ltd. | 6,493 | 226,546 |
| NAVER Corp. | 14,505 | 3,231,120 |
| NCSoft Corp. | 5,717 | 1,893,279 |
| Pan Ocean Co. Ltd. | 79,106 | 413,521 |
| POSCO Holdings, Inc. | 9,184 | 2,096,953 |
| Samsung Biologics Co. Ltd. * (a) | 1,692 | 1,116,024 |
| Samsung Electro-Mechanics Co. Ltd. | 13,185 | 1,706,604 |
| Samsung Electronics Co. Ltd. | 503,860 | 26,852,502 |
| Samsung Engineering Co. Ltd. * | 16,980 | 346,444 |
| Samsung Securities Co. Ltd. | 13,758 | 429,688 |
| Shinhan Financial Group Co. Ltd. | 43,172 | 1,434,373 |
| SK Hynix, Inc. | 102,001 | 8,938,156 |
| SK IE Technology Co. Ltd. * (a) | 2,857 | 281,424 |
| SK Innovation Co. Ltd. * | 7,439 | 1,183,963 |
| SK Square Co. Ltd. * | 15,697 | 648,362 |
| SK Telecom Co. Ltd. | 24,421 | 1,101,587 |
| SK, Inc. | 9,768 | 2,050,715 |
| SKC Co. Ltd. | 12,062 | 1,409,778 |
| S-Oil Corp. | 25,613 | 2,095,602 |
| Wonik Materials Co. Ltd. | 13,973 | 409,992 |
| Yuhan Corp. | 5,572 | 268,429 |
| Zinus, Inc. | 9,765 | 497,665 |
| | | 92,666,656 |
| Taiwan — 16.4% |
| Accton Technology Corp. | 221,000 | 1,723,772 |
| Advantech Co. Ltd. | 155,000 | 1,926,752 |
| ASE Technology Holding Co. Ltd. | 544,000 | 1,735,558 |
| ASMedia Technology, Inc. | 15,000 | 705,974 |
| ASPEED Technology, Inc. | 24,000 | 2,107,999 |
| AU Optronics Corp. | 360,000 | 205,628 |
| Cathay Financial Holding Co. Ltd. | 1,122,000 | 2,359,075 |
| Chailease Holding Co. Ltd. | 745,900 | 5,927,525 |
| Chicony Electronics Co. Ltd. * | 58,000 | 161,334 |
| China Development Financial Holding Corp. | 3,595,000 | 2,167,938 |
| Delta Electronics, Inc. | 378,000 | 3,155,387 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 77 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Taiwan — continued |
| E Ink Holdings, Inc. | 393,000 | 2,246,905 |
| Eclat Textile Co. Ltd. | 190,000 | 3,117,619 |
| eMemory Technology, Inc. | 10,000 | 420,269 |
| Formosa Plastics Corp. | 378,000 | 1,343,807 |
| Fubon Financial Holding Co. Ltd. | 1,510,000 | 3,791,485 |
| Genius Electronic Optical Co. Ltd. | 40,000 | 503,540 |
| Giant Manufacturing Co. Ltd. | 183,000 | 1,529,969 |
| Global Unichip Corp. | 185,000 | 2,533,419 |
| Hon Hai Precision Industry Co. Ltd. | 357,000 | 1,223,111 |
| Lite-On Technology Corp. | 189,000 | 414,100 |
| Lotes Co. Ltd. | 63,000 | 1,540,732 |
| Makalot Industrial Co. Ltd. | 159,000 | 978,101 |
| MediaTek, Inc. | 162,000 | 4,466,016 |
| Mega Financial Holding Co. Ltd. | 380,000 | 534,207 |
| Micro-Star International Co. Ltd. | 206,000 | 831,845 |
| momo.com, Inc. | 4,600 | 121,427 |
| Nan Ya Printed Circuit Board Corp. | 88,000 | 1,168,856 |
| Nanya Technology Corp. | 413,000 | 903,738 |
| Nien Made Enterprise Co. Ltd. | 160,000 | 1,685,176 |
| Novatek Microelectronics Corp. | 210,000 | 2,778,000 |
| President Chain Store Corp. | 181,000 | 1,674,727 |
| Quanta Computer, Inc. | 745,000 | 2,098,298 |
| Realtek Semiconductor Corp. | 214,000 | 2,903,876 |
| RichWave Technology Corp. | 44,000 | 295,205 |
| Sea Ltd., ADR * | 12,808 | 1,059,990 |
| Silicon Motion Technology Corp., ADR | 4,957 | 376,385 |
| Sinbon Electronics Co. Ltd. | 165,000 | 1,449,289 |
| Taishin Financial Holding Co. Ltd. | 1,313,000 | 858,849 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 2,280,000 | 41,228,463 |
| Taiwan Union Technology Corp. | 65,000 | 167,842 |
| Unimicron Technology Corp. | 218,000 | 1,529,081 |
| Uni-President Enterprises Corp. | 573,000 | 1,325,704 |
| United Microelectronics Corp. | 1,160,000 | 1,842,763 |
| Vanguard International Semiconductor Corp. | 756,000 | 2,660,015 |
| Visual Photonics Epitaxy Co. Ltd. | 366,000 | 1,050,312 |
| Win Semiconductors Corp. | 63,000 | 410,055 |
| Wiwynn Corp. | 85,000 | 2,906,630 |
| Yuanta Financial Holding Co. Ltd. | 1,690,000 | 1,487,527 |
| | | 119,634,275 |
| Tanzania, United Republic of — 0.0% ^ |
| AngloGold Ashanti Ltd. | 12,632 | 258,679 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Thailand — 1.6% |
| Advanced Info Service PCL | 94,800 | 592,700 |
| Airports of Thailand PCL * | 380,200 | 734,725 |
| Bangkok Dusit Medical Services PCL, Class F | 589,200 | 439,570 |
| BTS Group Holdings PCL | 723,200 | 189,093 |
| Central Retail Corp. PCL * | 190,600 | 217,806 |
| CP ALL PCL | 285,200 | 541,255 |
| Delta Electronics Thailand PCL | 700 | 7,330 |
| Energy Absolute PCL, NVDR | 78,600 | 201,656 |
| Gulf Energy Development PCL | 190,400 | 268,588 |
| Indorama Ventures PCL, NVDR | 132,600 | 173,643 |
| Minor International PCL * | 323,000 | 326,420 |
| PTT Exploration & Production PCL | 766,900 | 3,355,504 |
| PTT Global Chemical PCL | 133,100 | 192,970 |
| PTT PCL | 532,300 | 578,518 |
| SCB X PCL | 356,800 | 1,198,015 |
| Siam Cement PCL (The) (Registered) | 171,200 | 1,840,049 |
| Thai Oil PCL | 247,200 | 404,475 |
| | | 11,262,317 |
| Turkey — 0.2% |
| BIM Birlesik Magazalar A/S | 125,509 | 705,121 |
| D-MARKET Elektronik Hizmetler ve Ticaret A/S, ADR * | 4,762 | 7,619 |
| Ford Otomotiv Sanayi A/S | 28,657 | 576,875 |
| | | 1,289,615 |
| United Arab Emirates — 0.7% |
| Aldar Properties PJSC | 493,932 | 756,802 |
| Emaar Properties PJSC | 1,082,433 | 1,867,037 |
| Fertiglobe plc | 445,620 | 672,957 |
| First Abu Dhabi Bank PJSC | 287,720 | 1,757,786 |
| | | 5,054,582 |
| United Kingdom — 0.1% |
| HSBC Holdings plc | 33,200 | 208,266 |
| Prudential plc | 11,093 | 138,091 |
| | | 346,357 |
| United States — 0.9% |
| EPAM Systems, Inc. * | 7,442 | 1,972,056 |
| Globant SA * | 8,436 | 1,822,092 |
| JS Global Lifestyle Co. Ltd. (a) | 883,500 | 1,048,104 |
| NeoImmuneTech, Inc., Receipts * | 3,367 | 18,956 |
| Parade Technologies Ltd. | 42,000 | 1,997,378 |
| | | 6,858,586 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 78 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Zambia — 0.1% |
| First Quantum Minerals Ltd. | 22,758 | 652,456 |
Total Common Stocks
(Cost $823,873,143) | | 711,349,775 |
| | NO. OF WARRANTS | |
| Warrants — 0.0% ^ |
| Thailand — 0.0% ^ |
| BTS Group Holdings PCL | | |
| expiring 9/5/2022, price 9.90 THB * | 12,385 | 130 |
| expiring 11/7/2024, price 11.90 THB * | 24,870 | 385 |
| expiring 11/20/2026, price 14.90 THB * | 49,740 | 712 |
Total Warrants
(Cost $—) | | 1,227 |
| | SHARES | |
| Short-Term Investments — 2.0% |
| Investment Companies — 2.0% |
| JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (c) (d)(Cost $14,334,650) | 14,330,817 | 14,335,116 |
| Investment of Cash Collateral from Securities Loaned — 0.0% ^ |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $368,660) | 368,660 | 368,660 |
Total Short-Term Investments
(Cost $14,703,310) | | 14,703,776 |
Total Investments — 99.7%
(Cost $838,576,453) | | 726,054,778 |
| Other Assets Less Liabilities — 0.3% | | 2,127,062 |
| NET ASSETS — 100.0% | | 728,181,840 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| APAC | Asia Pacific |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary 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 |
| RTS | Russian Trading System |
| SGPS | Holding company |
| THB | Thai Baht |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (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, 2022. The total value of securities on loan at April 30, 2022 is $345,193. | |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of April 30, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 79 |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Banks | 15.0% |
| Semiconductors & Semiconductor Equipment | 12.7 |
| Technology Hardware, Storage & Peripherals | 5.0 |
| Internet & Direct Marketing Retail | 4.0 |
| IT Services | 3.8 |
| Interactive Media & Services | 3.7 |
| Insurance | 3.7 |
| Food & Staples Retailing | 3.5 |
| Food Products | 3.2 |
| Oil, Gas & Consumable Fuels | 3.1 |
| Electronic Equipment, Instruments & Components | 2.6 |
| Household Durables | 2.4 |
| Metals & Mining | 2.4 |
| Capital Markets | 2.3 |
| Chemicals | 2.3 |
| Real Estate Management & Development | 2.1 |
| Entertainment | 2.1 |
| Beverages | 2.1 |
| Automobiles | 1.7 |
| Diversified Financial Services | 1.5 |
| Thrifts & Mortgage Finance | 1.4 |
| Textiles, Apparel & Luxury Goods | 1.2 |
| Wireless Telecommunication Services | 1.2 |
| Hotels, Restaurants & Leisure | 1.1 |
| Machinery | 1.0 |
| Diversified Telecommunication Services | 1.0 |
| Transportation Infrastructure | 1.0 |
| Others (each less than 1.0%) | 10.9 |
| Short-Term Investments | 2.0 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 80 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 97.2% |
| Australia — 5.3% |
| Australia & New Zealand Banking Group Ltd. | 2,915 | 55,470 |
| BHP Group Ltd. | 14,419 | 481,817 |
| Commonwealth Bank of Australia | 1,125 | 81,769 |
| CSL Ltd. | 243 | 46,377 |
| Glencore plc * | 15,037 | 92,653 |
| Goodman Group, REIT | 2,703 | 44,988 |
| GPT Group (The), REIT | 7,546 | 26,825 |
| IDP Education Ltd. | 1,692 | 31,389 |
| Macquarie Group Ltd. | 281 | 40,454 |
| National Australia Bank Ltd. | 4,658 | 106,336 |
| Rio Tinto Ltd. | 794 | 62,808 |
| Rio Tinto plc | 2,332 | 164,770 |
| South32 Ltd. | 8,587 | 28,598 |
| Wesfarmers Ltd. | 421 | 14,568 |
| Westpac Banking Corp. | 4,094 | 68,534 |
| | | 1,347,356 |
| Austria — 0.5% |
| BAWAG Group AG * (a) | 354 | 16,809 |
| Erste Group Bank AG | 1,087 | 33,845 |
| OMV AG | 930 | 47,539 |
| Wienerberger AG | 713 | 20,127 |
| | | 118,320 |
| Belgium — 0.8% |
| Ageas SA | 379 | 18,136 |
| Bekaert SA | 771 | 28,580 |
| D'ieteren Group | 87 | 13,965 |
| KBC Group NV | 2,080 | 141,506 |
| | | 202,187 |
| Brazil — 0.1% |
| MercadoLibre, Inc. * | 20 | 19,473 |
| Canada — 0.6% |
| Canadian National Railway Co. | 589 | 69,269 |
| Toronto-Dominion Bank (The) | 1,228 | 88,698 |
| | | 157,967 |
| China — 0.9% |
| Alibaba Group Holding Ltd. * | 3,504 | 42,741 |
| BOC Hong Kong Holdings Ltd. | 12,500 | 45,248 |
| Prosus NV * | 359 | 17,314 |
| Tencent Holdings Ltd. | 2,270 | 106,973 |
| Yangzijiang Shipbuilding Holdings Ltd. | 34,200 | 22,313 |
| | | 234,589 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Denmark — 4.2% |
| AP Moller - Maersk A/S, Class B | 10 | 28,942 |
| Carlsberg A/S, Class B | 726 | 92,226 |
| Coloplast A/S, Class B | 707 | 95,253 |
| Genmab A/S * | 236 | 82,988 |
| Matas A/S | 1,569 | 21,840 |
| Novo Nordisk A/S, Class B | 5,149 | 588,151 |
| Orsted A/S (a) | 608 | 67,263 |
| Solar A/S, Class B | 268 | 31,783 |
| Spar Nord Bank A/S | 1,807 | 22,943 |
| Sydbank A/S | 306 | 10,518 |
| Vestas Wind Systems A/S | 288 | 7,344 |
| | | 1,049,251 |
| Finland — 0.9% |
| Elisa OYJ | 541 | 31,714 |
| Kone OYJ, Class B | 1,395 | 67,068 |
| Nokia OYJ * | 5,079 | 25,751 |
| Nordea Bank Abp | 8,715 | 86,889 |
| Outokumpu OYJ | 1,778 | 8,729 |
| Valmet OYJ | 645 | 17,274 |
| | | 237,425 |
| France — 11.0% |
| Air Liquide SA | 666 | 115,224 |
| Airbus SE | 277 | 30,324 |
| AXA SA | 5,072 | 134,180 |
| BNP Paribas SA (b) | 3,196 | 165,717 |
| Capgemini SE | 1,273 | 259,156 |
| Carrefour SA | 1,861 | 39,467 |
| Cie de Saint-Gobain | 745 | 43,462 |
| Credit Agricole SA | 1,147 | 12,385 |
| Dassault Systemes SE | 328 | 14,506 |
| Eiffage SA | 314 | 31,007 |
| EssilorLuxottica SA | 94 | 16,003 |
| IPSOS | 605 | 29,125 |
| Kering SA | 154 | 81,939 |
| L'Oreal SA | 881 | 320,517 |
| LVMH Moet Hennessy Louis Vuitton SE | 733 | 474,350 |
| Metropole Television SA | 1,374 | 25,497 |
| Orange SA | 3,703 | 44,086 |
| Pernod Ricard SA | 535 | 110,416 |
| Publicis Groupe SA | 643 | 38,604 |
| Safran SA | 1,097 | 117,816 |
| Sanofi | 447 | 47,246 |
| Societe Generale SA | 1,729 | 41,555 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 81 |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| France — continued |
| Technip Energies NV * | 1,471 | 17,875 |
| TotalEnergies SE | 7,426 | 364,639 |
| Veolia Environnement SA | 1,377 | 40,176 |
| Vinci SA | 1,632 | 158,359 |
| | | 2,773,631 |
| Germany — 8.0% |
| adidas AG | 780 | 157,294 |
| Allianz SE (Registered) | 1,509 | 340,482 |
| Aurubis AG | 256 | 29,092 |
| BASF SE * | 452 | 23,804 |
| Bayer AG (Registered) * | 1,178 | 77,596 |
| Bayerische Motoren Werke AG | 540 | 44,100 |
| Covestro AG (a) | 216 | 9,300 |
| Daimler Truck Holding AG * | 1,006 | 27,056 |
| Deutsche Boerse AG | 417 | 72,597 |
| Deutsche Post AG (Registered) | 2,723 | 116,333 |
| Deutsche Telekom AG (Registered) | 7,189 | 132,430 |
| E.ON SE | 992 | 10,324 |
| Infineon Technologies AG | 1,407 | 39,935 |
| Kloeckner & Co. SE * | 1,716 | 22,105 |
| Mercedes-Benz Group AG * | 1,265 | 88,299 |
| Merck KGaA | 212 | 39,332 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 517 | 123,119 |
| RWE AG | 3,283 | 136,308 |
| SAP SE | 431 | 43,680 |
| Sartorius AG (Preference) | 57 | 21,371 |
| Siemens AG (Registered) | 1,262 | 155,169 |
| Symrise AG | 837 | 99,598 |
| Volkswagen AG (Preference) | 958 | 148,362 |
| Vonovia SE * | 847 | 33,745 |
| Zalando SE * (a) | 847 | 33,326 |
| | | 2,024,757 |
| Hong Kong — 2.2% |
| AIA Group Ltd. | 30,800 | 302,572 |
| CK Asset Holdings Ltd. | 3,500 | 23,727 |
| CLP Holdings Ltd. | 2,500 | 24,396 |
| Hong Kong Exchanges & Clearing Ltd. | 4,200 | 178,159 |
| Hongkong Land Holdings Ltd. | 5,600 | 26,124 |
| | | 554,978 |
| India — 0.5% |
| HDFC Bank Ltd., ADR | 2,101 | 115,996 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Indonesia — 0.2% |
| Bank Central Asia Tbk. PT | 90,500 | 50,759 |
| Ireland — 0.1% |
| Kingspan Group plc | 352 | 32,767 |
| Italy — 1.0% |
| Assicurazioni Generali SpA | 2,102 | 39,797 |
| Azimut Holding SpA | 1,051 | 22,309 |
| Enel SpA | 3,362 | 21,863 |
| Eni SpA | 3,931 | 54,951 |
| FinecoBank Banca Fineco SpA | 1,466 | 20,379 |
| Intesa Sanpaolo SpA | 18,647 | 37,997 |
| Pirelli & C SpA (a) | 5,521 | 27,362 |
| UniCredit SpA | 3,477 | 32,180 |
| | | 256,838 |
| Japan — 18.3% |
| AGC, Inc. | 1,100 | 41,238 |
| Asahi Group Holdings Ltd. | 1,300 | 49,001 |
| Asahi Kasei Corp. | 1,500 | 12,307 |
| Bridgestone Corp. | 1,800 | 65,977 |
| Brother Industries Ltd. | 1,500 | 26,069 |
| Central Japan Railway Co. | 200 | 25,177 |
| Cosmo Energy Holdings Co. Ltd. | 1,300 | 32,298 |
| Dai-ichi Life Holdings, Inc. | 2,600 | 52,062 |
| Daiichi Sankyo Co. Ltd. | 1,100 | 27,697 |
| Daikin Industries Ltd. | 800 | 122,254 |
| Daiwa House Industry Co. Ltd. | 400 | 9,616 |
| Daiwa Securities Group, Inc. | 5,200 | 25,486 |
| Dentsu Group, Inc. | 1,200 | 43,250 |
| FANUC Corp. | 100 | 15,323 |
| Fuyo General Lease Co. Ltd. | 400 | 21,642 |
| Hitachi Ltd. | 1,700 | 80,625 |
| Honda Motor Co. Ltd. | 3,100 | 81,541 |
| Hoya Corp. | 2,000 | 198,484 |
| Isuzu Motors Ltd. | 3,100 | 36,164 |
| ITOCHU Corp. | 2,800 | 84,507 |
| Japan Post Holdings Co. Ltd. | 4,000 | 28,047 |
| Japan Post Insurance Co. Ltd. | 2,300 | 37,191 |
| Kao Corp. | 300 | 12,024 |
| KDDI Corp. | 3,000 | 99,344 |
| Keyence Corp. | 700 | 281,403 |
| Konami Holdings Corp. | 200 | 12,299 |
| Kubota Corp. | 3,000 | 50,966 |
| Kyowa Kirin Co. Ltd. | 4,200 | 88,522 |
| Makita Corp. | 1,700 | 50,247 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 82 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — continued |
| Mitsubishi Chemical Holdings Corp. | 5,500 | 33,537 |
| Mitsubishi Corp. | 3,200 | 107,442 |
| Mitsubishi UFJ Financial Group, Inc. | 25,100 | 145,916 |
| Mitsui & Co. Ltd. | 2,900 | 70,226 |
| Mitsui Fudosan Co. Ltd. | 2,900 | 61,462 |
| Mizuho Financial Group, Inc. | 4,400 | 53,428 |
| MS&AD Insurance Group Holdings, Inc. | 1,100 | 32,744 |
| Murata Manufacturing Co. Ltd. | 400 | 23,843 |
| Nidec Corp. | 700 | 45,254 |
| Nintendo Co. Ltd. | 100 | 45,639 |
| NIPPON EXPRESS HOLDINGS, Inc. | 300 | 17,589 |
| Nippon Telegraph & Telephone Corp. | 4,000 | 117,877 |
| Nitori Holdings Co. Ltd. | 100 | 10,288 |
| Nomura Holdings, Inc. | 2,400 | 9,241 |
| Nomura Real Estate Holdings, Inc. | 1,400 | 34,112 |
| Nomura Research Institute Ltd. | 300 | 8,483 |
| Ono Pharmaceutical Co. Ltd. | 1,400 | 35,967 |
| ORIX Corp. | 4,700 | 85,723 |
| Recruit Holdings Co. Ltd. | 1,800 | 65,307 |
| Rohm Co. Ltd. | 100 | 6,986 |
| Ryohin Keikaku Co. Ltd. | 500 | 4,494 |
| SBI Holdings, Inc. | 1,200 | 26,841 |
| Sekisui House Ltd. | 2,700 | 46,893 |
| Seven & i Holdings Co. Ltd. | 600 | 26,530 |
| Shimano, Inc. | 300 | 53,155 |
| Shin-Etsu Chemical Co. Ltd. | 700 | 96,204 |
| Shionogi & Co. Ltd. | 600 | 33,376 |
| SMC Corp. | 200 | 96,844 |
| SoftBank Corp. | 5,700 | 66,336 |
| SoftBank Group Corp. | 600 | 24,678 |
| Sojitz Corp. | 2,120 | 32,327 |
| Sompo Holdings, Inc. | 800 | 32,568 |
| Sony Group Corp. | 3,800 | 327,944 |
| Sumitomo Corp. | 2,700 | 42,724 |
| Sumitomo Metal Mining Co. Ltd. | 500 | 21,928 |
| Sumitomo Mitsui Financial Group, Inc. | 3,400 | 102,727 |
| Sumitomo Mitsui Trust Holdings, Inc. | 1,700 | 52,764 |
| Suzuki Motor Corp. | 500 | 15,073 |
| Sysmex Corp. | 400 | 26,239 |
| T&D Holdings, Inc. | 4,400 | 56,542 |
| Takeda Pharmaceutical Co. Ltd. | 2,600 | 75,443 |
| Terumo Corp. | 500 | 14,883 |
| Tokio Marine Holdings, Inc. | 1,300 | 70,289 |
| Tokyo Electron Ltd. | 500 | 210,973 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| Toyota Motor Corp. | 18,400 | 315,260 |
| Yamato Holdings Co. Ltd. | 1,200 | 22,454 |
| | | 4,617,314 |
| Luxembourg — 0.1% |
| ArcelorMittal SA | 1,168 | 34,056 |
| Malta — 0.0% ^ |
| Kindred Group plc, SDR | 1,086 | 9,521 |
| Netherlands — 6.4% |
| ABN AMRO Bank NV, CVA (a) | 737 | 9,162 |
| Adyen NV * (a) | 81 | 135,861 |
| Aegon NV | 2,742 | 14,216 |
| Akzo Nobel NV | 247 | 21,426 |
| Argenx SE * | 111 | 31,980 |
| ASM International NV | 70 | 21,035 |
| ASML Holding NV | 947 | 537,459 |
| ASR Nederland NV | 754 | 34,268 |
| Heijmans NV, CVA | 1,725 | 23,691 |
| ING Groep NV | 9,652 | 91,445 |
| Koninklijke Ahold Delhaize NV | 3,036 | 89,550 |
| Koninklijke DSM NV | 175 | 29,419 |
| Koninklijke KPN NV | 9,709 | 33,502 |
| NN Group NV | 1,808 | 88,559 |
| Randstad NV | 389 | 20,570 |
| Shell plc | 12,973 | 348,272 |
| Signify NV (a) | 381 | 16,119 |
| Wolters Kluwer NV | 674 | 68,062 |
| | | 1,614,596 |
| Norway — 0.9% |
| DNB Bank ASA | 1,794 | 34,763 |
| Equinor ASA | 2,831 | 95,687 |
| Norsk Hydro ASA | 4,600 | 38,629 |
| SpareBank 1 Nord Norge | 2,902 | 30,909 |
| SpareBank 1 SMN | 1,798 | 25,194 |
| | | 225,182 |
| Singapore — 1.5% |
| DBS Group Holdings Ltd. | 11,500 | 278,997 |
| Oversea-Chinese Banking Corp. Ltd. | 6,200 | 55,047 |
| United Overseas Bank Ltd. | 1,800 | 38,531 |
| Yangzijiang Financial Holding Pte. Ltd. * | 34,200 | 13,478 |
| | | 386,053 |
| South Africa — 0.9% |
| Anglo American plc | 4,968 | 220,038 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 83 |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| South Korea — 0.9% |
| Delivery Hero SE * (a) | 1,042 | 36,629 |
| Samsung Electronics Co. Ltd., GDR (a) | 144 | 188,102 |
| | | 224,731 |
| Spain — 1.9% |
| Banco Bilbao Vizcaya Argentaria SA | 13,520 | 70,943 |
| Banco Santander SA | 17,074 | 49,896 |
| CaixaBank SA | 8,091 | 26,117 |
| Endesa SA | 1,294 | 27,119 |
| Iberdrola SA | 16,985 | 195,171 |
| Industria de Diseno Textil SA | 1,643 | 34,449 |
| Repsol SA | 3,130 | 46,693 |
| Telefonica SA | 7,030 | 34,199 |
| | | 484,587 |
| Sweden — 2.9% |
| Assa Abloy AB, Class B | 4,021 | 101,619 |
| Atlas Copco AB, Class A | 3,965 | 179,761 |
| Boliden AB | 1,489 | 64,565 |
| Inwido AB | 1,455 | 20,088 |
| Loomis AB | 923 | 22,997 |
| Lundin Energy AB (b) | 2,117 | 87,529 |
| Securitas AB, Class B | 1,831 | 21,618 |
| Skandinaviska Enskilda Banken AB, Class A | 2,286 | 25,636 |
| Skanska AB, Class B | 1,099 | 20,993 |
| SKF AB, Class B | 1,112 | 18,162 |
| SSAB AB, Class B (b) | 3,611 | 21,235 |
| Svenska Handelsbanken AB, Class A | 7,031 | 70,917 |
| Volvo AB, Class B | 5,492 | 87,616 |
| | | 742,736 |
| Switzerland — 11.2% |
| ABB Ltd. (Registered) | 816 | 24,482 |
| Adecco Group AG (Registered) | 379 | 14,626 |
| Cie Financiere Richemont SA (Registered) | 370 | 42,991 |
| Givaudan SA (Registered) | 12 | 47,694 |
| Julius Baer Group Ltd. | 787 | 37,609 |
| Lonza Group AG (Registered) | 368 | 216,985 |
| Nestle SA (Registered) | 6,181 | 797,930 |
| Novartis AG (Registered) | 3,832 | 338,631 |
| Partners Group Holding AG | 34 | 36,023 |
| Roche Holding AG | 1,723 | 638,913 |
| SGS SA (Registered) | 43 | 110,489 |
| Sika AG (Registered) | 226 | 69,034 |
| Straumann Holding AG (Registered) | 450 | 53,051 |
| Swiss Life Holding AG (Registered) | 74 | 43,269 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Switzerland — continued |
| Swisscom AG (Registered) | 58 | 34,295 |
| UBS Group AG (Registered) | 8,010 | 135,983 |
| Zurich Insurance Group AG | 385 | 175,279 |
| | | 2,817,284 |
| Taiwan — 0.7% |
| Sea Ltd., ADR * | 663 | 54,870 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 1,380 | 128,243 |
| | | 183,113 |
| United Kingdom — 12.1% |
| 3i Group plc | 5,811 | 95,098 |
| Allfunds Group plc | 1,845 | 15,816 |
| Ashtead Group plc | 561 | 29,008 |
| AstraZeneca plc | 1,235 | 164,800 |
| Aviva plc | 1,616 | 8,670 |
| Barclays plc | 33,138 | 60,912 |
| Barratt Developments plc | 1,818 | 11,123 |
| Berkeley Group Holdings plc * | 1,208 | 61,266 |
| BP plc | 46,909 | 226,467 |
| British American Tobacco plc | 1,285 | 53,857 |
| BT Group plc | 11,314 | 25,090 |
| Centrica plc * | 37,771 | 37,423 |
| CK Hutchison Holdings Ltd. | 3,500 | 24,563 |
| DCC plc | 514 | 38,945 |
| Diageo plc | 9,442 | 471,050 |
| Drax Group plc | 3,036 | 30,681 |
| HSBC Holdings plc | 23,456 | 146,580 |
| InterContinental Hotels Group plc | 524 | 33,452 |
| Intertek Group plc | 904 | 56,333 |
| Investec plc | 1,947 | 11,468 |
| Land Securities Group plc, REIT | 3,088 | 28,961 |
| Legal & General Group plc | 18,465 | 57,557 |
| Linde plc | 748 | 234,601 |
| Lloyds Banking Group plc | 181,567 | 103,123 |
| London Stock Exchange Group plc | 994 | 98,000 |
| Man Group plc | 8,713 | 25,394 |
| Marks & Spencer Group plc * | 11,914 | 20,339 |
| Morgan Sindall Group plc | 862 | 23,241 |
| NatWest Group plc | 9,102 | 24,419 |
| Next plc | 187 | 14,006 |
| OSB Group plc | 3,983 | 27,803 |
| Oxford Nanopore Technologies plc * | 1,265 | 4,817 |
| Persimmon plc | 1,764 | 45,942 |
| Prudential plc | 3,625 | 45,126 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 84 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United Kingdom — continued |
| Reach plc | 4,292 | 8,775 |
| Reckitt Benckiser Group plc | 791 | 61,687 |
| RELX plc | 10,278 | 306,187 |
| Smith & Nephew plc | 1,664 | 26,971 |
| SSE plc | 1,291 | 29,985 |
| Standard Chartered plc | 7,832 | 53,542 |
| Taylor Wimpey plc | 8,971 | 14,109 |
| Tesco plc | 22,060 | 74,945 |
| Unilever plc | 1,241 | 57,694 |
| Vodafone Group plc | 21,036 | 31,848 |
| WPP plc | 3,427 | 42,717 |
| | | 3,064,391 |
| United States — 3.1% |
| Ferguson plc | 1,412 | 177,134 |
| GlaxoSmithKline plc | 10,534 | 237,464 |
| Schneider Electric SE | 1,878 | 269,435 |
| Stellantis NV | 6,739 | 90,475 |
| | | 774,508 |
Total Common Stocks
(Cost $27,713,962) | | 24,574,404 |
| Short-Term Investments — 2.4% |
| Investment Companies — 1.8% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $450,008) | 450,008 | 450,008 |
| Investment of Cash Collateral from Securities Loaned — 0.6% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $152,324) | 152,324 | 152,324 |
Total Short-Term Investments
(Cost $602,332) | | 602,332 |
| INVESTMENTS | SHARES | VALUE($) |
Total Investments — 99.6%
(Cost $28,316,294) | | 25,176,736 |
| Other Assets Less Liabilities — 0.4% | | 98,709 |
| NET ASSETS — 100.0% | | 25,275,445 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| CVA | Dutch Certification |
| GDR | Global Depositary Receipt |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
| ^ | Amount rounds to less than 0.1% of net assets. |
| * | Non-income producing security. | |
| (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, 2022. The total value of securities on loan at April 30, 2022 is $144,797. | |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of April 30, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 85 |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Banks | 11.0% |
| Pharmaceuticals | 9.4 |
| Insurance | 6.8 |
| Metals & Mining | 5.2 |
| Oil, Gas & Consumable Fuels | 5.1 |
| Semiconductors & Semiconductor Equipment | 3.7 |
| Capital Markets | 3.5 |
| Automobiles | 3.3 |
| Food Products | 3.2 |
| Chemicals | 3.2 |
| Textiles, Apparel & Luxury Goods | 3.1 |
| Beverages | 2.9 |
| Professional Services | 2.6 |
| Machinery | 2.6 |
| Trading Companies & Distributors | 2.3 |
| Household Durables | 2.0 |
| Health Care Equipment & Supplies | 1.8 |
| Diversified Telecommunication Services | 1.7 |
| Personal Products | 1.6 |
| IT Services | 1.5 |
| Electric Utilities | 1.5 |
| Electrical Equipment | 1.5 |
| Building Products | 1.5 |
| Electronic Equipment, Instruments & Components | 1.2 |
| Industrial Conglomerates | 1.2 |
| Construction & Engineering | 1.0 |
| Food & Staples Retailing | 1.0 |
| Others (each less than 1.0%) | 12.2 |
| Short-Term Investments | 2.4 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 86 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.5% |
| Aerospace & Defense — 0.4% |
| CAE, Inc. * (a) | 1,056,916 | 25,134,304 |
| Airlines — 0.3% |
| Air Canada * (a) | 1,121,224 | 19,637,676 |
| Auto Components — 0.9% |
| Magna International, Inc. | 923,662 | 55,664,899 |
| Banks — 25.2% |
| Bank of Montreal (a) | 2,222,550 | 235,654,486 |
| Bank of Nova Scotia (The) | 4,015,758 | 254,296,434 |
| Canadian Imperial Bank of Commerce | 1,502,935 | 166,151,737 |
| National Bank of Canada | 1,127,809 | 78,766,219 |
| Royal Bank of Canada | 4,738,473 | 478,587,064 |
| Toronto-Dominion Bank (The) | 6,083,933 | 439,441,204 |
| | | 1,652,897,144 |
| Capital Markets — 4.5% |
| Brookfield Asset Management, Inc., Class A | 4,867,695 | 242,806,909 |
| CI Financial Corp. | 596,812 | 7,781,576 |
| IGM Financial, Inc. (a) | 271,708 | 8,610,308 |
| Onex Corp. (a) | 246,006 | 14,781,616 |
| TMX Group Ltd. (a) | 186,418 | 18,979,185 |
| | | 292,959,594 |
| Chemicals — 2.8% |
| Nutrien Ltd. | 1,838,142 | 180,630,558 |
| Commercial Services & Supplies — 2.4% |
| GFL Environmental, Inc. (a) | 478,597 | 14,417,705 |
| Ritchie Bros Auctioneers, Inc. | 369,008 | 20,325,385 |
| Waste Connections, Inc. (a) | 867,840 | 119,726,994 |
| | | 154,470,084 |
| Construction & Engineering — 0.6% |
| SNC-Lavalin Group, Inc. (a) | 585,345 | 13,017,792 |
| WSP Global, Inc. | 247,685 | 28,885,819 |
| | | 41,903,611 |
| Containers & Packaging — 0.3% |
| CCL Industries, Inc., Class B | 493,943 | 21,535,630 |
| Diversified Telecommunication Services — 1.4% |
| BCE, Inc. (a) | 1,000,194 | 53,176,546 |
| TELUS Corp. | 1,507,876 | 37,724,777 |
| | | 90,901,323 |
| Electric Utilities — 2.2% |
| Emera, Inc. (a) | 870,469 | 42,031,053 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Electric Utilities — continued |
| Fortis, Inc. (a) | 1,583,301 | 77,042,109 |
| Hydro One Ltd. (a) (b) | 1,017,248 | 27,500,894 |
| | | 146,574,056 |
| Equity Real Estate Investment Trusts (REITs) — 0.4% |
| Canadian Apartment Properties | 283,313 | 11,097,427 |
| H&R (a) | 471,246 | 4,688,066 |
| RioCan | 505,315 | 9,440,361 |
| | | 25,225,854 |
| Food & Staples Retailing — 4.0% |
| Alimentation Couche-Tard, Inc. | 2,771,513 | 123,382,111 |
| Empire Co. Ltd., Class A | 551,796 | 18,224,967 |
| George Weston Ltd. | 234,995 | 29,235,123 |
| Loblaw Cos. Ltd. | 544,913 | 49,844,492 |
| Metro, Inc. | 804,747 | 44,232,426 |
| | | 264,919,119 |
| Food Products — 0.3% |
| Saputo, Inc. | 802,901 | 17,162,388 |
| Gas Utilities — 0.3% |
| AltaGas Ltd. (a) | 934,482 | 21,371,643 |
| Hotels, Restaurants & Leisure — 0.9% |
| Restaurant Brands International, Inc. | 1,031,427 | 58,923,775 |
| Independent Power and Renewable Electricity Producers — 0.2% |
| Brookfield Renewable Corp. | 424,911 | 15,257,965 |
| Insurance — 6.9% |
| Fairfax Financial Holdings Ltd. (a) | 83,306 | 45,773,718 |
| Great-West Lifeco, Inc. (a) | 899,952 | 24,827,228 |
| iA Financial Corp., Inc. | 358,862 | 18,763,679 |
| Intact Financial Corp. | 587,112 | 82,135,810 |
| Manulife Financial Corp. | 6,477,479 | 126,660,392 |
| Power Corp. of Canada | 1,906,747 | 56,104,804 |
| Sun Life Financial, Inc. | 1,953,969 | 97,207,924 |
| | | 451,473,555 |
| IT Services — 3.5% |
| CGI, Inc. * | 723,254 | 57,673,405 |
| Nuvei Corp. * (b) | 214,490 | 11,994,677 |
| Shopify, Inc., Class A * | 380,097 | 162,592,694 |
| | | 232,260,776 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 87 |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Media — 0.9% |
| Quebecor, Inc., Class B (a) | 541,062 | 12,732,109 |
| Shaw Communications, Inc., Class B | 1,494,160 | 44,499,717 |
| | | 57,231,826 |
| Metals & Mining — 8.5% |
| Agnico Eagle Mines Ltd. (a) | 1,516,321 | 88,265,663 |
| Barrick Gold Corp. | 5,932,740 | 132,310,747 |
| First Quantum Minerals Ltd. | 1,843,590 | 52,854,411 |
| Franco-Nevada Corp. | 637,960 | 96,479,873 |
| Ivanhoe Mines Ltd., Class A * (a) | 1,855,341 | 14,875,657 |
| Kinross Gold Corp. (a) | 4,366,186 | 22,057,795 |
| Lundin Mining Corp. | 2,132,044 | 19,467,463 |
| Teck Resources Ltd., Class B | 1,562,229 | 61,630,612 |
| Wheaton Precious Metals Corp. (a) | 1,503,297 | 67,380,097 |
| | | 555,322,318 |
| Multiline Retail — 1.2% |
| Canadian Tire Corp. Ltd., Class A | 188,136 | 25,914,191 |
| Dollarama, Inc. | 927,507 | 51,564,667 |
| | | 77,478,858 |
| Multi-Utilities — 0.7% |
| Algonquin Power & Utilities Corp. (a) | 2,240,226 | 32,435,452 |
| Canadian Utilities Ltd., Class A (a) | 394,013 | 11,845,080 |
| | | 44,280,532 |
| Oil, Gas & Consumable Fuels — 17.9% |
| Cameco Corp. | 1,327,985 | 34,288,921 |
| Canadian Natural Resources Ltd. | 3,892,223 | 240,898,806 |
| Cenovus Energy, Inc. | 4,203,524 | 77,712,758 |
| Enbridge, Inc. | 6,755,775 | 294,810,841 |
| Imperial Oil Ltd. (a) | 723,483 | 36,426,171 |
| Keyera Corp. (a) | 736,955 | 18,282,611 |
| Pembina Pipeline Corp. | 1,833,946 | 69,394,866 |
| Suncor Energy, Inc. | 4,807,612 | 172,821,797 |
| TC Energy Corp. | 3,270,289 | 172,977,961 |
| Tourmaline Oil Corp. | 1,025,939 | 52,836,278 |
| | | 1,170,451,010 |
| Pharmaceuticals — 0.4% |
| Bausch Health Cos., Inc. * | 959,183 | 18,225,709 |
| Canopy Growth Corp. * (a) | 826,271 | 4,766,020 |
| | | 22,991,729 |
| Professional Services — 0.8% |
| Thomson Reuters Corp. | 551,058 | 55,095,076 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Real Estate Management & Development — 0.3% |
| FirstService Corp. | 130,595 | 16,283,585 |
| Road & Rail — 7.4% |
| Canadian National Railway Co. | 2,011,359 | 236,543,897 |
| Canadian Pacific Railway Ltd. | 3,099,714 | 226,738,897 |
| TFI International, Inc. | 270,377 | 21,749,706 |
| | | 485,032,500 |
| Software — 2.4% |
| BlackBerry Ltd. * (a) | 1,724,755 | 9,868,018 |
| Constellation Software, Inc. | 65,701 | 103,404,726 |
| Lightspeed Commerce, Inc. * | 445,311 | 9,952,033 |
| Open Text Corp. | 903,604 | 36,189,176 |
| | | 159,413,953 |
| Textiles, Apparel & Luxury Goods — 0.3% |
| Gildan Activewear, Inc. | 641,936 | 21,751,819 |
| Trading Companies & Distributors — 0.2% |
| Finning International, Inc. | 525,915 | 14,795,133 |
| Wireless Telecommunication Services — 1.0% |
| Rogers Communications, Inc., Class B | 1,168,519 | 63,653,882 |
Total Common Stocks
(Cost $5,175,314,258) | | 6,512,686,175 |
| Short Term Investments — 7.3% |
| Investment of Cash Collateral from Securities Loaned — 7.3% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) | 221,169,116 | 221,014,297 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 257,252,232 | 257,252,232 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $478,272,533) | | 478,266,529 |
Total Investments — 106.8%
(Cost $5,653,586,791) | | 6,990,952,704 |
| Liabilities in Excess of Other Assets — (6.8)% | | (444,258,203) |
| NET ASSETS — 100.0% | | 6,546,694,501 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $440,727,186. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 88 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| (b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (d) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| S&P / TSX 60 Index | 154 | 06/16/2022 | CAD | 30,005,215 | (1,128,590) |
| Abbreviations | |
| CAD | Canadian Dollar |
| TSX | Toronto Stock Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 89 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022(Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.6% |
| Australia — 63.6% |
| Alumina Ltd. | 5,261,776 | 6,624,558 |
| Ampol Ltd. | 533,489 | 12,542,982 |
| APA Group | 2,641,439 | 21,224,293 |
| Aristocrat Leisure Ltd. | 1,499,091 | 34,782,419 |
| ASX Ltd. | 433,403 | 26,203,404 |
| Aurizon Holdings Ltd. | 4,120,801 | 11,637,621 |
| Australia & New Zealand Banking Group Ltd. | 6,303,464 | 119,949,823 |
| Bendigo & Adelaide Bank Ltd. | 1,255,511 | 9,360,869 |
| BHP Group Ltd. | 11,333,069 | 378,699,396 |
| BlueScope Steel Ltd. | 1,097,440 | 15,600,764 |
| Boral Ltd. (a) | 740,848 | 1,848,141 |
| Brambles Ltd. | 3,211,724 | 23,716,394 |
| Challenger Ltd. | 1,290,484 | 6,529,272 |
| Cochlear Ltd. | 147,251 | 23,717,342 |
| Coles Group Ltd. | 2,989,277 | 39,304,989 |
| Commonwealth Bank of Australia | 3,820,115 | 277,659,385 |
| Computershare Ltd. | 1,283,995 | 22,636,927 |
| Crown Resorts Ltd. * | 803,459 | 7,274,642 |
| CSL Ltd. | 1,071,778 | 204,549,097 |
| Dexus, REIT | 2,407,877 | 18,826,162 |
| Domino's Pizza Enterprises Ltd. | 141,452 | 7,415,077 |
| Endeavour Group Ltd. | 2,846,733 | 15,583,188 |
| Evolution Mining Ltd. | 4,103,572 | 11,611,479 |
| Fortescue Metals Group Ltd. | 3,791,099 | 57,295,171 |
| Goodman Group, REIT | 3,805,991 | 63,346,515 |
| GPT Group (The), REIT | 4,288,420 | 15,244,844 |
| Harvey Norman Holdings Ltd. | 1,450,513 | 5,166,822 |
| IDP Education Ltd. | 467,335 | 8,669,721 |
| Incitec Pivot Ltd. | 4,348,077 | 11,726,856 |
| Insurance Australia Group Ltd. | 5,518,642 | 17,622,630 |
| LendLease Corp. Ltd. | 1,542,039 | 13,209,666 |
| Macquarie Group Ltd. | 807,344 | 116,227,731 |
| Magellan Financial Group Ltd. | 324,291 | 3,668,711 |
| Medibank Pvt Ltd. | 6,165,412 | 13,854,568 |
| Mirvac Group, REIT | 8,826,487 | 14,917,572 |
| National Australia Bank Ltd. | 7,257,215 | 165,672,753 |
| Newcrest Mining Ltd. | 2,001,196 | 37,581,170 |
| Northern Star Resources Ltd. | 2,607,225 | 17,921,518 |
| Orica Ltd. | 915,254 | 10,517,024 |
| Origin Energy Ltd. | 3,942,839 | 18,859,191 |
| Qantas Airways Ltd. * | 2,068,930 | 8,016,742 |
| QBE Insurance Group Ltd. | 3,305,483 | 28,517,344 |
| Ramsay Health Care Ltd. | 415,044 | 23,552,609 |
| REA Group Ltd. | 115,351 | 10,334,062 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Australia — continued |
| Reece Ltd. | 636,315 | 7,730,977 |
| Rio Tinto Ltd. | 831,045 | 65,738,898 |
| Santos Ltd. | 6,824,100 | 38,133,549 |
| Scentre Group, REIT | 11,619,747 | 24,209,894 |
| SEEK Ltd. | 792,324 | 15,525,898 |
| Seven Group Holdings Ltd. | 349,691 | 4,878,860 |
| Sonic Healthcare Ltd. | 1,073,974 | 27,736,703 |
| South32 Ltd. | 10,409,843 | 34,668,290 |
| Stockland, REIT | 5,344,184 | 15,468,367 |
| Suncorp Group Ltd. | 2,826,605 | 22,694,786 |
| Tabcorp Holdings Ltd. | 4,982,856 | 19,055,534 |
| Telstra Corp. Ltd. | 9,205,398 | 26,130,895 |
| TPG Telecom Ltd. | 832,505 | 3,412,672 |
| Transurban Group | 6,872,510 | 69,011,093 |
| Treasury Wine Estates Ltd. | 1,616,008 | 12,785,351 |
| Vicinity Centres, REIT | 8,662,537 | 11,303,002 |
| Washington H Soul Pattinson & Co. Ltd. (a) | 549,354 | 10,704,780 |
| Wesfarmers Ltd. | 2,538,338 | 87,834,339 |
| Westpac Banking Corp. | 7,838,007 | 131,208,173 |
| WiseTech Global Ltd. | 365,276 | 11,324,584 |
| Woodside Petroleum Ltd. | 2,170,724 | 47,226,475 |
| Woolworths Group Ltd. | 2,713,262 | 73,402,053 |
| Worley Ltd. | 832,341 | 8,094,532 |
| | | 2,727,501,149 |
| China — 2.4% |
| Budweiser Brewing Co. APAC Ltd. (b) | 3,854,300 | 9,590,259 |
| ESR Cayman Ltd. * (b) | 5,905,800 | 17,927,696 |
| Wilmar International Ltd. | 7,055,600 | 22,491,091 |
| Wuxi Biologics Cayman, Inc. * (b) | 7,266,500 | 53,632,704 |
| | | 103,641,750 |
| Hong Kong — 18.9% |
| AIA Group Ltd. | 27,082,400 | 266,050,986 |
| CK Asset Holdings Ltd. | 4,404,500 | 29,858,728 |
| CK Infrastructure Holdings Ltd. | 1,297,500 | 8,723,628 |
| CLP Holdings Ltd. | 3,733,000 | 36,428,024 |
| Dairy Farm International Holdings Ltd. | 666,300 | 1,799,574 |
| Hang Lung Properties Ltd. | 4,130,000 | 7,898,919 |
| Hang Seng Bank Ltd. (a) | 1,626,400 | 28,796,172 |
| Henderson Land Development Co. Ltd. | 2,926,700 | 11,835,623 |
| HK Electric Investments & HK Electric Investments Ltd. (b) | 5,143,000 | 5,079,425 |
| HKT Trust & HKT Ltd. | 8,141,000 | 11,681,873 |
| Hong Kong & China Gas Co. Ltd. | 24,228,789 | 26,722,433 |
| Hong Kong Exchanges & Clearing Ltd. | 2,668,000 | 113,173,827 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 90 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Hong Kong — continued |
| Jardine Matheson Holdings Ltd. | 565,500 | 30,045,015 |
| Link, REIT | 4,724,100 | 40,805,760 |
| MTR Corp. Ltd. | 3,466,500 | 18,417,885 |
| New World Development Co. Ltd. | 3,155,250 | 12,068,178 |
| Power Assets Holdings Ltd. | 3,058,000 | 20,595,807 |
| Sino Land Co. Ltd. | 7,160,000 | 9,463,965 |
| Sun Hung Kai Properties Ltd. | 3,438,500 | 39,601,518 |
| Swire Pacific Ltd., Class B | 2,002,500 | 1,887,986 |
| Swire Pacific Ltd., Class A | 1,114,500 | 6,348,091 |
| Swire Properties Ltd. | 2,357,400 | 5,649,643 |
| Techtronic Industries Co. Ltd. | 3,860,500 | 51,530,362 |
| WH Group Ltd. (b) | 17,521,191 | 12,100,129 |
| Wharf Real Estate Investment Co. Ltd. | 3,467,000 | 16,338,474 |
| | | 812,902,025 |
| Macau — 0.9% |
| Galaxy Entertainment Group Ltd. | 4,489,000 | 25,614,996 |
| Sands China Ltd. * | 5,435,379 | 11,980,530 |
| | | 37,595,526 |
| New Zealand — 2.0% |
| a2 Milk Co. Ltd. (The) * | 1,664,832 | 5,275,339 |
| Auckland International Airport Ltd. * | 2,703,399 | 13,579,190 |
| Contact Energy Ltd. | 1,744,183 | 9,163,266 |
| Fisher & Paykel Healthcare Corp. Ltd. | 1,292,008 | 17,754,933 |
| Fletcher Building Ltd. | 1,811,725 | 7,217,043 |
| Mercury NZ Ltd. | 1,402,906 | 5,439,152 |
| Meridian Energy Ltd. | 2,709,939 | 8,224,824 |
| Ryman Healthcare Ltd. (a) | 940,258 | 5,564,700 |
| Spark New Zealand Ltd. | 4,185,094 | 13,236,168 |
| | | 85,454,615 |
| Singapore — 10.1% |
| Ascendas, REIT | 7,518,328 | 15,468,806 |
| CapitaLand Integrated Commercial Trust, REIT | 11,391,932 | 19,088,233 |
| Capitaland Investment Ltd. * | 5,582,500 | 16,927,270 |
| City Developments Ltd. | 1,055,700 | 6,472,623 |
| DBS Group Holdings Ltd. | 4,027,500 | 97,709,699 |
| Frasers Property Ltd. | 1,845,700 | 1,454,726 |
| Genting Singapore Ltd. * | 12,694,500 | 7,370,320 |
| Great Eastern Holdings Ltd. | 127,200 | 1,871,109 |
| Jardine Cycle & Carriage Ltd. | 221,200 | 4,610,341 |
| Keppel Corp. Ltd. | 3,216,000 | 15,860,677 |
| Mapletree Commercial Trust, REIT | 4,908,900 | 6,602,091 |
| Olam Group Ltd. | 1,982,800 | 2,423,032 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Singapore — continued |
| Oversea-Chinese Banking Corp. Ltd. | 8,950,200 | 79,465,149 |
| SATS Ltd. * | 1,509,900 | 4,929,938 |
| Singapore Airlines Ltd. * | 2,989,500 | 11,783,602 |
| Singapore Exchange Ltd. | 1,842,300 | 12,963,062 |
| Singapore Technologies Engineering Ltd. | 3,417,700 | 10,065,514 |
| Singapore Telecommunications Ltd. | 15,891,200 | 31,715,578 |
| United Overseas Bank Ltd. | 3,443,700 | 73,716,719 |
| UOL Group Ltd. * | 1,058,500 | 5,561,927 |
| Venture Corp. Ltd. | 604,900 | 7,425,709 |
| | | 433,486,125 |
| United Kingdom — 1.0% |
| CK Hutchison Holdings Ltd. | 6,009,000 | 42,170,723 |
| United States — 0.7% |
| James Hardie Industries plc, CHDI | 996,954 | 28,740,458 |
| JS Global Lifestyle Co. Ltd. (b) | 1,877,500 | 2,227,296 |
| | | 30,967,754 |
Total Common Stocks
(Cost $4,178,595,820) | | 4,273,719,667 |
| Short-Term Investments — 0.3% |
| Investment of Cash Collateral from Securities Loaned — 0.3% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) | 954,795 | 954,127 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 9,907,352 | 9,907,352 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $10,861,861) | | 10,861,479 |
Total Investments — 99.9%
(Cost $4,189,457,681) | | 4,284,581,146 |
| Other Assets Less Liabilities — 0.1% | | 5,945,880 |
| NET ASSETS — 100.0% | | 4,290,527,026 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| APAC | Asia Pacific |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
| REIT | Real Estate Investment Trust |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,721,703. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 91 |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
(formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022(Unaudited) (continued)
| (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, 2022. |
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Banks | 23.1% |
| Metals & Mining | 14.6 |
| Insurance | 8.1 |
| Capital Markets | 6.3 |
| Equity Real Estate Investment Trusts (REITs) | 5.9 |
| Biotechnology | 4.8 |
| Real Estate Management & Development | 4.6 |
| Food & Staples Retailing | 3.1 |
| Hotels, Restaurants & Leisure | 2.7 |
| Oil, Gas & Consumable Fuels | 2.5 |
| Electric Utilities | 2.4 |
| Industrial Conglomerates | 2.2 |
| Multiline Retail | 2.1 |
| Transportation Infrastructure | 2.0 |
| Diversified Telecommunication Services | 2.0 |
| Health Care Providers & Services | 1.3 |
| Life Sciences Tools & Services | 1.3 |
| Machinery | 1.2 |
| Gas Utilities | 1.1 |
| Health Care Equipment & Supplies | 1.0 |
| Others (each less than 1.0%) | 7.4 |
| Short-Term Investments | 0.3 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 92 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| MSCI Singapore Index | 246 | 05/30/2022 | SGD | 5,500,958 | 35,171 |
| SPI 200 Index | 82 | 06/16/2022 | AUD | 10,582,211 | 259,650 |
| | | | | | 294,821 |
| Abbreviations | |
| AUD | Australian Dollar |
| MSCI | Morgan Stanley Capital International |
| SGD | Singapore Dollar |
| SPI | Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 93 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.1% |
| Australia — 1.4% |
| Glencore plc * | 10,337,412 | 63,695,688 |
| Rio Tinto plc | 1,002,508 | 70,833,373 |
| | | 134,529,061 |
| Austria — 0.5% |
| ANDRITZ AG | 67,809 | 2,882,635 |
| BAWAG Group AG * (a) | 65,673 | 3,118,407 |
| Erste Group Bank AG | 320,860 | 9,990,223 |
| EVN AG | 35,601 | 906,270 |
| Mondi plc | 458,889 | 8,620,673 |
| OMV AG | 136,120 | 6,958,133 |
| Raiffeisen Bank International AG (b) | 127,485 | 1,451,202 |
| Strabag SE | 13,654 | 533,680 |
| Telekom Austria AG * | 131,280 | 935,992 |
| Verbund AG * (b) | 64,366 | 6,880,037 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 33,781 | 837,939 |
| voestalpine AG | 104,621 | 2,722,539 |
| | | 45,837,730 |
| Belgium — 1.5% |
| Ackermans & van Haaren NV | 21,173 | 3,774,642 |
| Ageas SA | 171,478 | 8,205,490 |
| Anheuser-Busch InBev SA (b) | 820,736 | 47,224,750 |
| D'ieteren Group | 22,523 | 3,615,227 |
| Elia Group SA/NV | 31,856 | 5,070,786 |
| Etablissements Franz Colruyt NV (b) | 54,317 | 1,994,565 |
| Groupe Bruxelles Lambert SA | 97,553 | 9,205,149 |
| KBC Group NV | 319,105 | 21,709,310 |
| Proximus SADP | 146,964 | 2,568,683 |
| Sofina SA (b) | 14,912 | 4,569,887 |
| Solvay SA | 68,966 | 6,485,371 |
| Telenet Group Holding NV | 45,070 | 1,343,195 |
| UCB SA | 119,505 | 13,584,454 |
| Umicore SA (b) | 188,576 | 7,249,514 |
| Warehouses De Pauw CVA, REIT | 132,775 | 5,107,880 |
| | | 141,708,903 |
| Brazil — 0.1% |
| Yara International ASA | 149,319 | 7,592,609 |
| Chile — 0.1% |
| Antofagasta plc | 326,033 | 6,241,545 |
| China — 0.4% |
| Prosus NV * | 822,988 | 39,691,612 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Colombia — 0.0% ^ |
| Millicom International Cellular SA, SDR * (b) | 96,228 | 2,169,436 |
| Denmark — 4.1% |
| AP Moller - Maersk A/S, Class A | 2,846 | 8,056,003 |
| AP Moller - Maersk A/S, Class B | 5,562 | 16,097,692 |
| Carlsberg A/S, Class B | 94,828 | 12,046,307 |
| Chr Hansen Holding A/S | 97,187 | 7,571,812 |
| Coloplast A/S, Class B | 112,309 | 15,131,243 |
| Danske Bank A/S | 643,661 | 9,873,017 |
| Demant A/S * | 95,301 | 4,187,863 |
| DSV A/S | 201,865 | 33,096,118 |
| Genmab A/S * | 62,077 | 21,828,859 |
| GN Store Nord A/S (b) | 130,616 | 4,901,959 |
| Novo Nordisk A/S, Class B | 1,557,711 | 177,931,547 |
| Novozymes A/S, Class B | 198,487 | 13,836,440 |
| Orsted A/S (a) (b) | 178,810 | 19,781,840 |
| Pandora A/S | 94,484 | 8,296,306 |
| ROCKWOOL A/S, Class A | 5,597 | 1,554,184 |
| ROCKWOOL A/S, Class B | 6,552 | 1,832,465 |
| Tryg A/S | 340,165 | 8,088,146 |
| Vestas Wind Systems A/S | 954,200 | 24,333,061 |
| | | 388,444,862 |
| Finland — 2.0% |
| Elisa OYJ | 142,240 | 8,338,308 |
| Fortum OYJ | 411,382 | 6,839,579 |
| Huhtamaki OYJ | 90,715 | 3,429,052 |
| Kesko OYJ, Class A | 88,856 | 2,086,471 |
| Kesko OYJ, Class B | 258,058 | 6,496,988 |
| Kone OYJ, Class B | 381,121 | 18,323,418 |
| Konecranes OYJ | 60,654 | 1,704,604 |
| Metso Outotec OYJ | 665,890 | 5,670,026 |
| Neste OYJ | 407,061 | 17,466,507 |
| Nokia OYJ * | 5,113,524 | 25,925,926 |
| Nokian Renkaat OYJ | 119,494 | 1,604,634 |
| Nordea Bank Abp | 3,268,781 | 32,590,023 |
| Orion OYJ, Class A | 28,509 | 1,155,271 |
| Orion OYJ, Class B (b) | 100,471 | 3,940,726 |
| Sampo OYJ, Class A | 476,514 | 23,138,311 |
| Stora Enso OYJ, Class A (b) | 48,370 | 997,596 |
| Stora Enso OYJ, Class R | 578,620 | 11,386,952 |
| UPM-Kymmene OYJ | 504,387 | 17,447,900 |
| Wartsila OYJ Abp | 458,535 | 3,681,964 |
| | | 192,224,256 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 94 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| France — 15.1% |
| Adevinta ASA * | 385,598 | 2,978,909 |
| Aeroports de Paris * | 24,366 | 3,446,569 |
| Air Liquide SA | 449,166 | 77,709,484 |
| Airbus SE | 579,413 | 63,429,445 |
| Alstom SA | 278,683 | 6,125,565 |
| Amundi SA (a) | 57,650 | 3,466,495 |
| Arkema SA | 60,356 | 6,877,225 |
| AXA SA (b) | 1,945,057 | 51,456,556 |
| BioMerieux | 44,819 | 4,266,853 |
| BNP Paribas SA (b) | 1,073,161 | 55,644,889 |
| Bollore SE | 863,421 | 4,029,091 |
| Bouygues SA (b) | 206,106 | 7,086,595 |
| Bureau Veritas SA | 273,627 | 7,860,403 |
| Capgemini SE | 151,430 | 30,827,975 |
| Carrefour SA | 586,549 | 12,439,275 |
| Cie de Saint-Gobain | 495,202 | 28,889,191 |
| Cie Generale des Etablissements Michelin SCA | 168,710 | 20,896,421 |
| CNP Assurances (b) | 136,319 | 2,995,543 |
| Covivio, REIT (b) | 44,761 | 3,187,769 |
| Credit Agricole SA | 1,324,046 | 14,297,139 |
| Danone SA | 649,889 | 39,299,591 |
| Dassault Aviation SA | 22,101 | 3,708,660 |
| Dassault Systemes SE | 655,389 | 28,984,159 |
| Edenred | 235,784 | 11,841,582 |
| Eiffage SA | 76,021 | 7,506,977 |
| Electricite de France SA | 529,680 | 4,815,345 |
| Engie SA | 1,679,996 | 19,824,757 |
| EssilorLuxottica SA | 284,281 | 48,398,220 |
| Gecina SA, REIT | 51,380 | 5,787,863 |
| Getlink SE | 410,582 | 7,513,286 |
| Hermes International | 32,912 | 40,582,385 |
| Ipsen SA | 37,965 | 3,935,596 |
| Kering SA | 69,505 | 36,981,690 |
| Legrand SA | 252,702 | 22,392,981 |
| L'Oreal SA | 222,702 | 81,021,207 |
| LVMH Moet Hennessy Louis Vuitton SE | 252,778 | 163,581,571 |
| Orange SA | 1,784,610 | 21,246,485 |
| Pernod Ricard SA | 190,536 | 39,323,624 |
| Publicis Groupe SA | 222,805 | 13,376,480 |
| Safran SA | 330,971 | 35,545,772 |
| Sanofi (b) | 1,086,466 | 114,833,951 |
| Sartorius Stedim Biotech | 22,718 | 7,433,988 |
| SEB SA | 31,398 | 3,770,500 |
| Societe Generale SA | 735,741 | 17,682,834 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| France — continued |
| Sodexo SA | 77,995 | 5,867,218 |
| Teleperformance | 55,560 | 19,941,096 |
| Thales SA | 100,834 | 12,909,270 |
| TotalEnergies SE (b) | 2,318,079 | 113,824,574 |
| Unibail-Rodamco-Westfield, REIT * | 110,014 | 7,764,234 |
| Veolia Environnement SA | 621,553 | 18,134,784 |
| Vinci SA (b) | 487,396 | 47,293,913 |
| Vivendi SE (b) | 764,742 | 8,783,505 |
| Worldline SA * (a) | 235,811 | 9,277,794 |
| | | 1,431,097,284 |
| Germany — 11.4% |
| adidas AG | 168,839 | 34,047,939 |
| Allianz SE (Registered) | 385,940 | 87,081,233 |
| Aroundtown SA | 915,064 | 4,601,429 |
| BASF SE * | 868,020 | 45,712,507 |
| Bayer AG (Registered) * | 928,439 | 61,157,247 |
| Bayerische Motoren Werke AG | 301,590 | 24,629,585 |
| Bayerische Motoren Werke AG (Preference) | 54,462 | 4,012,138 |
| Beiersdorf AG | 92,804 | 9,321,279 |
| Brenntag SE | 145,926 | 11,260,155 |
| Carl Zeiss Meditec AG | 34,633 | 4,350,065 |
| Commerzbank AG * | 934,912 | 6,103,409 |
| Continental AG * | 101,995 | 6,990,850 |
| Covestro AG (a) | 182,486 | 7,857,035 |
| Deutsche Bank AG (Registered) * | 1,953,102 | 19,529,718 |
| Deutsche Boerse AG | 179,532 | 31,255,545 |
| Deutsche Lufthansa AG (Registered) * | 564,870 | 4,202,392 |
| Deutsche Post AG (Registered) | 936,687 | 40,017,600 |
| Deutsche Telekom AG (Registered) | 3,204,154 | 59,024,232 |
| Deutsche Wohnen SE | 45,345 | 1,298,671 |
| E.ON SE | 2,121,621 | 22,079,626 |
| Evonik Industries AG | 180,641 | 4,724,916 |
| Fresenius Medical Care AG & Co. KGaA | 188,219 | 11,704,749 |
| Fresenius SE & Co. KGaA | 390,554 | 13,805,282 |
| GEA Group AG | 155,142 | 6,039,129 |
| Hannover Rueck SE | 56,996 | 8,858,925 |
| HeidelbergCement AG | 134,956 | 7,774,467 |
| Henkel AG & Co. KGaA | 93,267 | 5,918,831 |
| Henkel AG & Co. KGaA (Preference) | 168,326 | 10,808,434 |
| Infineon Technologies AG | 1,234,083 | 35,027,250 |
| KION Group AG | 68,227 | 3,795,192 |
| Mercedes-Benz Group AG * | 788,577 | 55,043,627 |
| Merck KGaA | 122,054 | 22,644,361 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 95 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Germany — continued |
| MTU Aero Engines AG * | 50,503 | 10,184,722 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 132,432 | 31,537,448 |
| Porsche Automobil Holding SE (Preference) | 144,684 | 11,933,526 |
| Puma SE | 96,887 | 7,128,812 |
| RWE AG | 638,920 | 26,527,568 |
| SAP SE | 1,033,117 | 104,702,281 |
| Sartorius AG (Preference) | 23,299 | 8,735,483 |
| Siemens AG (Registered) | 755,000 | 92,831,021 |
| Siemens Energy AG | 377,662 | 7,274,628 |
| Siemens Healthineers AG (a) | 266,552 | 14,252,521 |
| Symrise AG | 125,564 | 14,941,402 |
| Talanx AG | 50,305 | 2,091,666 |
| Telefonica Deutschland Holding AG | 871,428 | 2,620,846 |
| TUI AG * (b) | 1,073,439 | 3,060,377 |
| Uniper SE | 86,487 | 2,223,117 |
| Volkswagen AG (Preference) | 173,343 | 26,845,013 |
| Vonovia SE * | 733,920 | 29,240,102 |
| Zalando SE * (a) (b) | 183,220 | 7,209,021 |
| | | 1,074,017,372 |
| Ireland — 0.9% |
| CRH plc | 725,900 | 28,691,100 |
| Flutter Entertainment plc * | 144,360 | 14,506,661 |
| Kerry Group plc, Class A | 145,446 | 16,111,017 |
| Kingspan Group plc | 145,780 | 13,570,232 |
| Smurfit Kappa Group plc | 244,799 | 10,344,171 |
| | | 83,223,181 |
| Italy — 3.3% |
| A2A SpA | 1,480,235 | 2,529,068 |
| Amplifon SpA | 87,681 | 3,498,021 |
| Assicurazioni Generali SpA (b) | 1,150,333 | 21,779,357 |
| Atlantia SpA * (b) | 475,938 | 11,353,757 |
| Banca Mediolanum SpA | 203,355 | 1,476,224 |
| Banco BPM SpA | 1,431,802 | 4,511,174 |
| Brembo SpA | 135,687 | 1,358,061 |
| Buzzi Unicem SpA | 89,124 | 1,650,459 |
| Coca-Cola HBC AG * | 185,609 | 3,763,017 |
| Davide Campari-Milano NV | 505,015 | 5,698,176 |
| DiaSorin SpA (b) | 18,523 | 2,426,362 |
| Enel SpA | 7,301,422 | 47,480,368 |
| Eni SpA | 2,385,016 | 33,339,639 |
| Ferrari NV (b) | 120,940 | 25,464,490 |
| FinecoBank Banca Fineco SpA | 576,411 | 8,012,898 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Italy — continued |
| Hera SpA | 760,009 | 2,834,525 |
| Infrastrutture Wireless Italiane SpA��(a) | 335,748 | 3,582,542 |
| Intesa Sanpaolo SpA | 16,157,579 | 32,924,582 |
| Leonardo SpA * | 382,356 | 3,934,973 |
| Mediobanca Banca di Credito Finanziario SpA | 661,868 | 6,633,806 |
| Moncler SpA | 199,065 | 10,370,033 |
| Nexi SpA * (a) | 730,544 | 7,165,119 |
| Pirelli & C SpA (a) | 415,747 | 2,060,446 |
| Poste Italiane SpA (a) | 431,906 | 4,232,308 |
| Prysmian SpA | 253,431 | 8,242,818 |
| Recordati Industria Chimica e Farmaceutica SpA | 94,805 | 4,568,498 |
| Snam SpA | 1,937,253 | 10,625,061 |
| Telecom Italia SpA | 9,560,494 | 2,791,869 |
| Telecom Italia SpA | 5,696,088 | 1,585,547 |
| Terna - Rete Elettrica Nazionale (b) | 1,329,614 | 10,844,440 |
| UniCredit SpA | 2,103,519 | 19,468,236 |
| UnipolSai Assicurazioni SpA (b) | 399,985 | 1,125,092 |
| | | 307,330,966 |
| Jordan — 0.0% ^ |
| Hikma Pharmaceuticals plc | 170,095 | 3,995,601 |
| Luxembourg — 0.3% |
| ArcelorMittal SA | 576,072 | 16,796,936 |
| Eurofins Scientific SE | 121,799 | 11,319,732 |
| RTL Group SA | 35,123 | 1,826,307 |
| | | 29,942,975 |
| Mexico — 0.0% ^ |
| Fresnillo plc | 174,077 | 1,684,404 |
| Netherlands — 8.0% |
| Adyen NV * (a) | 29,245 | 49,052,443 |
| Aegon NV | 1,333,601 | 6,914,297 |
| Akzo Nobel NV | 171,539 | 14,880,404 |
| Argenx SE * | 47,484 | 13,680,545 |
| Argenx SE * | 699 | 202,345 |
| ASM International NV | 36,300 | 10,907,864 |
| ASML Holding NV | 384,108 | 217,996,085 |
| EXOR NV | 107,113 | 7,433,089 |
| HAL Trust | 81,899 | 11,812,643 |
| Heineken Holding NV | 95,256 | 7,435,896 |
| Heineken NV (b) | 223,112 | 21,778,194 |
| ING Groep NV (b) | 3,689,058 | 34,950,902 |
| JDE Peet's NV | 80,633 | 2,372,147 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 96 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Netherlands — continued |
| Koninklijke Ahold Delhaize NV | 988,183 | 29,147,421 |
| Koninklijke DSM NV | 165,186 | 27,769,353 |
| Koninklijke KPN NV | 3,277,591 | 11,309,631 |
| Koninklijke Philips NV | 835,180 | 21,824,184 |
| NN Group NV | 300,356 | 14,711,918 |
| Randstad NV | 118,303 | 6,255,760 |
| Shell plc | 7,228,888 | 194,065,968 |
| Universal Music Group NV | 1,250,984 | 29,030,856 |
| Wolters Kluwer NV | 248,132 | 25,057,065 |
| | | 758,589,010 |
| Norway — 1.3% |
| Aker ASA, Class A (b) | 22,526 | 1,836,114 |
| Aker BP ASA (b) | 119,097 | 4,267,113 |
| AutoStore Holdings Ltd. * (b) | 842,352 | 1,878,699 |
| DNB Bank ASA (b) | 849,684 | 16,464,597 |
| Equinor ASA | 1,015,903 | 34,337,099 |
| Gjensidige Forsikring ASA (b) | 179,532 | 3,838,289 |
| Kongsberg Gruppen ASA | 84,514 | 3,630,095 |
| Leroy Seafood Group ASA | 264,669 | 2,483,995 |
| Mowi ASA | 425,108 | 12,008,045 |
| Norsk Hydro ASA (b) | 1,290,367 | 10,835,890 |
| Orkla ASA | 709,770 | 5,759,532 |
| Salmar ASA (b) | 53,461 | 4,374,699 |
| Schibsted ASA, Class A | 72,120 | 1,502,900 |
| Schibsted ASA, Class B | 94,488 | 1,828,439 |
| Storebrand ASA | 446,058 | 3,874,547 |
| Telenor ASA | 608,290 | 8,578,999 |
| TOMRA Systems ASA | 110,555 | 4,347,623 |
| | | 121,846,675 |
| Poland — 0.4% |
| Allegro.eu SA * (a) | 367,524 | 1,890,355 |
| Bank Polska Kasa Opieki SA | 166,107 | 3,650,245 |
| CD Projekt SA | 66,706 | 1,805,391 |
| Cyfrowy Polsat SA | 253,918 | 1,387,611 |
| Dino Polska SA * (a) | 45,349 | 2,933,709 |
| ING Bank Slaski SA | 30,689 | 1,357,875 |
| KGHM Polska Miedz SA | 128,536 | 4,157,910 |
| LPP SA | 1,005 | 2,123,747 |
| mBank SA * | 12,371 | 828,012 |
| PGE Polska Grupa Energetyczna SA * | 759,847 | 1,689,850 |
| Polski Koncern Naftowy ORLEN SA | 274,820 | 4,642,931 |
| Polskie Gornictwo Naftowe i Gazownictwo SA | 1,528,886 | 2,142,073 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Poland — continued |
| Powszechna Kasa Oszczednosci Bank Polski SA * | 814,953 | 6,014,798 |
| Powszechny Zaklad Ubezpieczen SA | 538,514 | 3,723,149 |
| Santander Bank Polska SA | 31,942 | 1,945,178 |
| | | 40,292,834 |
| Portugal — 0.3% |
| EDP - Energias de Portugal SA | 2,773,042 | 12,924,216 |
| Galp Energia SGPS SA | 429,933 | 5,232,994 |
| Jeronimo Martins SGPS SA | 261,597 | 5,445,570 |
| | | 23,602,780 |
| Russia — 0.0% ^ |
| Evraz plc ‡ | 453,755 | 23,359 |
| Singapore — 0.2% |
| STMicroelectronics NV | 619,512 | 22,889,205 |
| South Africa — 0.6% |
| Anglo American plc | 1,274,355 | 56,442,441 |
| South Korea — 0.1% |
| Delivery Hero SE * (a) (b) | 180,314 | 6,338,573 |
| Spain — 3.8% |
| Acciona SA | 23,273 | 4,555,628 |
| ACS Actividades de Construccion y Servicios SA | 242,279 | 6,203,619 |
| Aena SME SA * (a) | 69,433 | 9,853,204 |
| Amadeus IT Group SA * | 425,750 | 26,678,739 |
| Banco Bilbao Vizcaya Argentaria SA (b) | 6,300,946 | 33,062,642 |
| Banco Santander SA (b) | 16,386,192 | 47,886,195 |
| CaixaBank SA | 4,113,143 | 13,276,801 |
| Cellnex Telecom SA (a) | 539,260 | 25,135,074 |
| Corp. ACCIONA Energias Renovables SA | 52,863 | 1,954,197 |
| EDP Renovaveis SA (b) | 226,881 | 5,369,628 |
| Enagas SA | 235,252 | 5,086,782 |
| Endesa SA | 300,091 | 6,289,142 |
| Ferrovial SA | 471,424 | 12,089,369 |
| Grifols SA (b) | 277,804 | 4,652,870 |
| Grifols SA (Preference), Class B | 246,990 | 2,681,126 |
| Iberdrola SA | 5,535,727 | 63,609,940 |
| Industria de Diseno Textil SA (b) | 1,060,316 | 22,231,934 |
| Mapfre SA | 931,218 | 1,699,341 |
| Naturgy Energy Group SA (b) | 311,513 | 9,371,033 |
| Red Electrica Corp. SA | 409,067 | 8,236,260 |
| Repsol SA | 1,327,938 | 19,810,031 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 97 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Spain — continued |
| Siemens Gamesa Renewable Energy SA * | 212,380 | 3,382,909 |
| Telefonica SA | 5,187,950 | 25,237,522 |
| | | 358,353,986 |
| Sweden — 5.6% |
| Alfa Laval AB (b) | 281,461 | 7,834,826 |
| Assa Abloy AB, Class B | 937,210 | 23,685,306 |
| Atlas Copco AB, Class A | 610,796 | 27,691,582 |
| Atlas Copco AB, Class B | 368,773 | 14,595,213 |
| Axfood AB (b) | 99,179 | 2,940,186 |
| Beijer Ref AB | 234,101 | 3,812,096 |
| Boliden AB (b) | 258,456 | 11,206,956 |
| Castellum AB (b) | 270,366 | 5,354,152 |
| Electrolux AB, Class B (b) | 238,752 | 3,641,065 |
| Elekta AB, Class B (b) | 327,325 | 2,204,624 |
| Embracer Group AB * (b) | 624,996 | 4,177,481 |
| Epiroc AB, Class A (b) | 591,551 | 11,992,550 |
| Epiroc AB, Class B | 368,515 | 6,429,059 |
| EQT AB (b) | 261,030 | 7,387,624 |
| Essity AB, Class A | 26,669 | 710,217 |
| Essity AB, Class B (b) | 569,259 | 15,011,922 |
| Evolution AB (a) | 170,777 | 17,521,432 |
| Fabege AB | 256,279 | 3,110,751 |
| Fastighets AB Balder, Class B * | 99,416 | 4,927,780 |
| Getinge AB, Class B | 206,476 | 5,972,895 |
| H & M Hennes & Mauritz AB, Class B (b) | 703,945 | 8,862,021 |
| Hexagon AB, Class B * (b) | 1,961,963 | 25,315,074 |
| Hexpol AB | 246,156 | 2,113,536 |
| Holmen AB, Class B | 87,493 | 5,056,988 |
| Husqvarna AB, Class A | 23,704 | 228,954 |
| Husqvarna AB, Class B (b) | 391,434 | 3,741,759 |
| Industrivarden AB, Class A (b) | 172,530 | 4,420,657 |
| Industrivarden AB, Class C (b) | 161,724 | 4,072,126 |
| Indutrade AB | 251,234 | 5,926,065 |
| Intrum AB * (b) | 70,218 | 1,697,384 |
| Investment AB Latour, Class B (b) | 128,751 | 3,410,945 |
| Investor AB, Class A (b) | 541,875 | 11,317,882 |
| Investor AB, Class B (b) | 1,721,698 | 33,130,470 |
| Kinnevik AB, Class A * | 8,044 | 175,237 |
| Kinnevik AB, Class B * | 228,792 | 4,478,023 |
| L E Lundbergforetagen AB, Class B | 60,308 | 2,820,386 |
| Lifco AB, Class B * | 200,302 | 4,201,465 |
| Lundin Energy AB (b) | 180,977 | 7,482,650 |
| Nibe Industrier AB, Class B | 1,331,013 | 13,049,791 |
| Nordnet AB publ | 153,510 | 2,662,593 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Sweden — continued |
| Saab AB, Class B | 76,925 | 3,253,845 |
| Sagax AB, Class B | 157,730 | 4,029,125 |
| Sagax AB, Class D | 105,049 | 323,616 |
| Samhallsbyggnadsbolaget i Norden AB (b) | 1,081,642 | 3,397,620 |
| Samhallsbyggnadsbolaget i Norden AB, Class D (b) | 141,051 | 370,021 |
| Sandvik AB (b) | 1,031,165 | 19,518,214 |
| Securitas AB, Class B (b) | 305,713 | 3,609,494 |
| Sinch AB * (a) (b) | 646,224 | 2,855,917 |
| Skandinaviska Enskilda Banken AB, Class C (b) | 13,207 | 160,920 |
| Skandinaviska Enskilda Banken AB, Class A | 1,517,390 | 17,016,156 |
| Skanska AB, Class B | 378,276 | 7,225,900 |
| SKF AB, Class A (b) | 13,625 | 267,417 |
| SKF AB, Class B (b) | 357,286 | 5,835,441 |
| SSAB AB, Class A | 209,236 | 1,328,882 |
| SSAB AB, Class B (b) | 596,657 | 3,508,717 |
| Storskogen Group AB, Class B * (b) | 936,528 | 1,975,409 |
| Svenska Cellulosa AB SCA, Class A | 29,240 | 574,071 |
| Svenska Cellulosa AB SCA, Class B | 566,501 | 10,963,381 |
| Svenska Handelsbanken AB, Class B (b) | 33,184 | 374,583 |
| Svenska Handelsbanken AB, Class A | 1,451,812 | 14,643,439 |
| Swedbank AB, Class A | 877,181 | 13,876,339 |
| Swedish Match AB | 1,493,070 | 11,891,976 |
| Tele2 AB, Class B (b) | 473,307 | 6,273,348 |
| Telefonaktiebolaget LM Ericsson, Class A | 57,112 | 483,120 |
| Telefonaktiebolaget LM Ericsson, Class B | 2,729,053 | 21,770,270 |
| Telia Co. AB | 2,357,370 | 9,784,533 |
| Trelleborg AB, Class B (b) | 229,230 | 5,027,836 |
| Vitrolife AB | 69,057 | 1,775,666 |
| Volvo AB, Class A | 180,742 | 2,971,514 |
| Volvo AB, Class B (b) | 1,501,006 | 23,946,211 |
| Volvo Car AB, Class B * | 506,889 | 3,718,629 |
| | | 527,123,333 |
| Switzerland — 15.4% |
| ABB Ltd. (Registered) | 1,687,886 | 50,639,889 |
| Adecco Group AG (Registered) | 158,909 | 6,132,284 |
| Alcon, Inc. | 472,116 | 33,709,494 |
| Baloise Holding AG (Registered) | 43,202 | 7,514,597 |
| Barry Callebaut AG (Registered) | 2,839 | 6,534,117 |
| Chocoladefabriken Lindt & Spruengli AG | 1,021 | 11,450,509 |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 104 | 12,337,805 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 98 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Switzerland — continued |
| Cie Financiere Richemont SA (Registered) | 493,287 | 57,315,378 |
| Credit Suisse Group AG (Registered) (b) | 2,379,636 | 16,151,357 |
| EMS-Chemie Holding AG (Registered) | 6,508 | 5,805,950 |
| Geberit AG (Registered) | 33,997 | 19,387,600 |
| Givaudan SA (Registered) (b) | 7,523 | 29,900,327 |
| Holcim AG * | 488,846 | 23,902,385 |
| Julius Baer Group Ltd. | 209,056 | 9,990,336 |
| Kuehne + Nagel International AG (Registered) | 47,954 | 13,414,953 |
| Lonza Group AG (Registered) | 70,447 | 41,537,968 |
| Mediclinic International plc * | 383,172 | 1,776,363 |
| Nestle SA (Registered) | 2,660,089 | 343,401,765 |
| Novartis AG (Registered) | 2,300,420 | 203,286,536 |
| Partners Group Holding AG | 21,386 | 22,658,412 |
| Roche Holding AG | 663,928 | 246,193,831 |
| Roche Holding AG | 25,155 | 10,105,908 |
| Schindler Holding AG | 38,474 | 7,391,841 |
| Schindler Holding AG (Registered) | 19,089 | 3,664,597 |
| SGS SA (Registered) | 5,762 | 14,805,581 |
| Sika AG (Registered) | 144,686 | 44,195,535 |
| Sonova Holding AG (Registered) | 50,214 | 18,108,481 |
| Straumann Holding AG (Registered) | 108,256 | 12,762,479 |
| Swatch Group AG (The) (b) | 27,327 | 7,013,277 |
| Swatch Group AG (The) (Registered) | 50,769 | 2,504,648 |
| Swiss Life Holding AG (Registered) | 29,844 | 17,450,250 |
| Swisscom AG (Registered) | 24,003 | 14,192,994 |
| Temenos AG (Registered) | 63,501 | 6,410,158 |
| UBS Group AG (Registered) | 3,498,563 | 59,393,847 |
| Vifor Pharma AG | 45,383 | 8,026,878 |
| Zurich Insurance Group AG | 142,147 | 64,715,254 |
| | | 1,453,783,584 |
| United Arab Emirates — 0.0% ^ |
| NMC Health plc * | 23,176 | — |
| United Kingdom — 19.3% |
| 3i Group plc | 919,570 | 15,048,986 |
| abrdn plc | 2,060,728 | 4,838,853 |
| Admiral Group plc | 257,630 | 8,109,491 |
| Allfunds Group plc | 178,502 | 1,530,212 |
| Ashtead Group plc | 424,505 | 21,949,987 |
| ASOS plc * | 66,120 | 1,151,314 |
| Associated British Foods plc | 336,576 | 6,735,137 |
| AstraZeneca plc | 1,464,066 | 195,366,779 |
| Auto Trader Group plc (a) | 915,679 | 7,226,687 |
| AVEVA Group plc | 116,764 | 3,138,157 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| United Kingdom — continued |
| Aviva plc | 3,553,305 | 19,063,938 |
| B&M European Value Retail SA | 804,145 | 4,927,067 |
| BAE Systems plc | 3,047,299 | 28,146,857 |
| Barclays plc | 15,060,917 | 27,684,112 |
| Barratt Developments plc | 966,278 | 5,911,731 |
| Berkeley Group Holdings plc * | 106,151 | 5,383,607 |
| BP plc | 18,727,176 | 90,410,974 |
| Bridgepoint Group plc (a) | 209,975 | 808,469 |
| British American Tobacco plc | 2,158,828 | 90,481,536 |
| British Land Co. plc (The), REIT | 886,346 | 5,709,322 |
| BT Group plc | 8,289,134 | 18,381,878 |
| Bunzl plc | 318,815 | 12,300,083 |
| Burberry Group plc | 382,526 | 7,549,328 |
| Centrica plc * | 5,557,761 | 5,506,573 |
| CNH Industrial NV | 941,280 | 13,334,449 |
| Coca-Cola Europacific Partners plc | 189,814 | 9,481,209 |
| Compass Group plc | 1,687,210 | 35,603,254 |
| ConvaTec Group plc (a) | 1,504,000 | 3,978,517 |
| Croda International plc | 134,786 | 13,091,298 |
| Darktrace plc * | 296,625 | 1,600,074 |
| DCC plc | 95,804 | 7,258,970 |
| Dechra Pharmaceuticals plc | 102,376 | 4,639,205 |
| Deliveroo plc * (a) | 377,652 | 521,939 |
| Derwent London plc, REIT | 106,002 | 4,021,922 |
| Diageo plc | 2,203,060 | 109,908,106 |
| Direct Line Insurance Group plc | 1,257,467 | 3,991,047 |
| Dr. Martens plc | 538,661 | 1,408,395 |
| DS Smith plc | 1,298,319 | 5,335,139 |
| easyJet plc * | 537,231 | 3,722,740 |
| Entain plc * | 554,342 | 10,416,266 |
| Experian plc | 916,115 | 31,637,439 |
| Halma plc | 358,691 | 11,010,215 |
| Harbour Energy plc | 533,509 | 3,345,636 |
| Hargreaves Lansdown plc | 336,235 | 3,849,334 |
| Hiscox Ltd. | 334,432 | 3,971,138 |
| Howden Joinery Group plc | 569,638 | 5,393,058 |
| HSBC Holdings plc | 19,465,284 | 121,641,042 |
| Imperial Brands plc | 897,223 | 18,676,169 |
| Informa plc * | 1,420,353 | 10,075,843 |
| InterContinental Hotels Group plc | 177,340 | 11,321,339 |
| Intermediate Capital Group plc | 277,846 | 5,316,993 |
| Intertek Group plc | 152,549 | 9,506,085 |
| ITV plc | 3,423,384 | 3,161,335 |
| J Sainsbury plc | 1,653,325 | 4,823,999 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 99 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United Kingdom — continued |
| JD Sports Fashion plc | 2,339,696 | 3,855,060 |
| Johnson Matthey plc | 187,977 | 5,170,926 |
| Kingfisher plc | 1,951,629 | 6,154,603 |
| Land Securities Group plc, REIT | 710,024 | 6,659,010 |
| Legal & General Group plc | 5,641,755 | 17,585,891 |
| Lloyds Banking Group plc | 67,127,871 | 38,126,195 |
| London Stock Exchange Group plc | 306,162 | 30,185,043 |
| M&G plc | 2,456,858 | 6,522,826 |
| Marks & Spencer Group plc * | 1,850,799 | 3,159,537 |
| Meggitt plc * | 739,001 | 7,164,554 |
| Melrose Industries plc | 4,131,770 | 6,003,867 |
| National Grid plc | 3,662,973 | 54,420,709 |
| NatWest Group plc | 4,862,683 | 13,045,546 |
| Next plc | 125,663 | 9,412,247 |
| Ocado Group plc * | 610,776 | 6,985,232 |
| Oxford Nanopore Technologies plc * | 355,752 | 1,354,595 |
| Pearson plc | 714,951 | 6,942,035 |
| Pepco Group NV * (a) | 92,447 | 863,363 |
| Persimmon plc | 301,622 | 7,855,527 |
| Phoenix Group Holdings plc | 802,844 | 6,081,061 |
| Prudential plc | 2,595,181 | 32,305,981 |
| Reckitt Benckiser Group plc | 695,934 | 54,272,832 |
| RELX plc | 1,873,285 | 55,806,063 |
| Rentokil Initial plc | 1,757,027 | 12,067,741 |
| Rightmove plc | 827,442 | 6,360,628 |
| Rolls-Royce Holdings plc * | 7,906,996 | 8,105,944 |
| Royal Mail plc | 746,567 | 3,200,010 |
| Sage Group plc (The) | 1,059,055 | 9,718,519 |
| Schroders plc | 115,318 | 4,070,752 |
| Schroders plc (Non-Voting) | 47,507 | 1,398,104 |
| Segro plc, REIT | 1,136,235 | 19,022,959 |
| Severn Trent plc | 239,306 | 9,405,094 |
| Smith & Nephew plc | 836,192 | 13,553,470 |
| Smiths Group plc | 374,611 | 6,855,120 |
| Spirax-Sarco Engineering plc | 69,550 | 10,494,785 |
| SSE plc | 990,639 | 23,008,408 |
| St James's Place plc | 510,584 | 8,204,875 |
| Standard Chartered plc | 2,415,075 | 16,510,229 |
| Tate & Lyle plc | 442,759 | 4,303,442 |
| Taylor Wimpey plc | 3,447,743 | 5,422,459 |
| Tesco plc | 7,228,520 | 24,557,597 |
| THG plc * | 677,886 | 910,130 |
| Travis Perkins plc | 212,641 | 3,243,290 |
| Unilever plc | 2,484,605 | 115,509,582 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| United Kingdom — continued |
| United Utilities Group plc | 644,391 | 9,260,166 |
| Vodafone Group plc | 25,324,449 | 38,340,185 |
| Weir Group plc (The) | 245,291 | 4,715,593 |
| Whitbread plc * | 190,311 | 6,643,154 |
| Wise plc, Class A * | 396,937 | 1,945,175 |
| WPP plc | 1,147,836 | 14,307,625 |
| | | 1,820,470,972 |
| United States — 3.0% |
| Avast plc (a) | 616,338 | 4,371,080 |
| Carnival plc * | 147,818 | 2,317,527 |
| Ferguson plc | 219,330 | 27,514,771 |
| GlaxoSmithKline plc | 4,733,532 | 106,706,010 |
| QIAGEN NV * (b) | 218,123 | 10,059,197 |
| Schneider Electric SE (b) | 537,780 | 77,154,805 |
| Stellantis NV | 2,101,654 | 28,216,080 |
| Swiss Re AG (b) | 273,008 | 22,388,526 |
| Tenaris SA | 435,136 | 6,649,828 |
| | | 285,377,824 |
Total Common Stocks
(Cost $10,215,627,530) | | 9,364,866,373 |
| Short-Term Investments — 6.1% |
| Investment of Cash Collateral from Securities Loaned — 6.1% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) | 239,737,326 | 239,569,509 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 331,157,863 | 331,157,863 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $570,721,952) | | 570,727,372 |
Total Investments — 105.2%
(Cost $10,786,349,482) | | 9,935,593,745 |
| Liabilities in Excess of Other Assets — (5.2)% | | (487,995,002) |
| NET ASSETS — 100.0% | | 9,447,598,743 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| CVA | Dutch Certification |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
SEE NOTES TO FINANCIAL STATEMENTS.
| 100 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| SCA | Limited partnership with share capital |
| SDR | Swedish Depositary Receipt |
| SGPS | Holding company |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (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, 2022. The total value of securities on loan at April 30, 2022 is $502,857,161. | |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of April 30, 2022. | |
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Pharmaceuticals | 11.9% |
| Banks | 6.8 |
| Oil, Gas & Consumable Fuels | 5.4 |
| Insurance | 4.9 |
| Food Products | 4.8 |
| Textiles, Apparel & Luxury Goods | 4.4 |
| Chemicals | 3.6 |
| Semiconductors & Semiconductor Equipment | 2.9 |
| Beverages | 2.6 |
| Metals & Mining | 2.6 |
| Capital Markets | 2.4 |
| Machinery | 2.3 |
| Electric Utilities | 2.3 |
| Diversified Telecommunication Services | 2.1 |
| Personal Products | 2.1 |
| Electrical Equipment | 1.9 |
| Automobiles | 1.9 |
| Professional Services | 1.9 |
| Aerospace & Defense | 1.8 |
| Software | 1.6 |
| Health Care Equipment & Supplies | 1.5 |
| Multi-Utilities | 1.5 |
| IT Services | 1.4 |
| Industrial Conglomerates | 1.3 |
| Tobacco | 1.2 |
| Hotels, Restaurants & Leisure | 1.2 |
| Diversified Financial Services | 1.0 |
| Construction & Engineering | 1.0 |
| Others (each less than 1.0%) | 14.0 |
| Short-Term Investments | 5.7 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 101 |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| EURO STOXX 50 Index | 1,348 | 06/17/2022 | EUR | 52,346,493 | 398,833 |
| FTSE 100 Index | 337 | 06/17/2022 | GBP | 31,423,971 | 1,022,771 |
| | | | | | 1,421,604 |
| Abbreviations | |
| EUR | Euro |
| FTSE | Financial Times and the London Stock Exchange |
| GBP | British Pound |
SEE NOTES TO FINANCIAL STATEMENTS.
| 102 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 98.9% |
| Australia — 8.6% |
| Alumina Ltd. | 442,367 | 556,939 |
| Ampol Ltd. | 44,563 | 1,047,731 |
| APA Group | 220,218 | 1,769,479 |
| Aristocrat Leisure Ltd. | 124,980 | 2,899,828 |
| ASX Ltd. | 36,202 | 2,188,761 |
| Aurizon Holdings Ltd. | 346,123 | 977,492 |
| Australia & New Zealand Banking Group Ltd. | 526,536 | 10,019,554 |
| Bendigo & Adelaide Bank Ltd. | 104,673 | 780,423 |
| BHP Group Ltd. | 946,664 | 31,633,186 |
| BlueScope Steel Ltd. | 91,494 | 1,300,642 |
| Boral Ltd. | 62,292 | 155,395 |
| Brambles Ltd. | 267,763 | 1,977,247 |
| Challenger Ltd. | 108,154 | 547,211 |
| Cochlear Ltd. | 12,276 | 1,977,264 |
| Coles Group Ltd. | 249,218 | 3,276,883 |
| Commonwealth Bank of Australia | 319,098 | 23,193,164 |
| Computershare Ltd. | 107,047 | 1,887,247 |
| Crown Resorts Ltd. * | 67,546 | 611,572 |
| CSL Ltd. | 89,527 | 17,086,250 |
| Dexus, REIT | 201,133 | 1,572,573 |
| Domino's Pizza Enterprises Ltd. | 11,753 | 616,106 |
| Endeavour Group Ltd. | 237,791 | 1,301,682 |
| Evolution Mining Ltd. | 342,775 | 969,917 |
| Fortescue Metals Group Ltd. | 316,674 | 4,785,919 |
| Glencore plc * | 2,045,734 | 12,605,131 |
| Goodman Group, REIT | 317,919 | 5,291,411 |
| GPT Group (The), REIT | 359,679 | 1,278,618 |
| Harvey Norman Holdings Ltd. | 121,957 | 434,419 |
| IDP Education Ltd. | 39,038 | 724,210 |
| Incitec Pivot Ltd. | 363,199 | 979,555 |
| Insurance Australia Group Ltd. | 460,978 | 1,472,037 |
| LendLease Corp. Ltd. | 128,808 | 1,103,416 |
| Macquarie Group Ltd. | 67,438 | 9,708,582 |
| Magellan Financial Group Ltd. (a) | 26,983 | 305,259 |
| Medibank Pvt Ltd. | 515,004 | 1,157,288 |
| Mirvac Group, REIT | 737,287 | 1,246,083 |
| National Australia Bank Ltd. | 606,204 | 13,838,847 |
| Newcrest Mining Ltd. | 167,163 | 3,139,213 |
| Northern Star Resources Ltd. | 217,366 | 1,494,128 |
| Orica Ltd. | 76,702 | 881,369 |
| Origin Energy Ltd. | 329,350 | 1,575,331 |
| Qantas Airways Ltd. * | 173,951 | 674,030 |
| QBE Insurance Group Ltd. | 276,111 | 2,382,088 |
| Ramsay Health Care Ltd. | 34,669 | 1,967,371 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Australia — continued |
| REA Group Ltd. | 9,635 | 863,180 |
| Reece Ltd. | 52,849 | 642,095 |
| Rio Tinto Ltd. | 69,448 | 5,493,607 |
| Rio Tinto plc | 198,393 | 14,017,689 |
| Santos Ltd. | 570,177 | 3,186,189 |
| Scentre Group, REIT | 970,611 | 2,022,281 |
| SEEK Ltd. | 66,183 | 1,296,882 |
| Seven Group Holdings Ltd. | 29,410 | 410,326 |
| Sonic Healthcare Ltd. | 89,538 | 2,312,429 |
| South32 Ltd. | 869,837 | 2,896,851 |
| Stockland, REIT | 446,405 | 1,292,088 |
| Suncorp Group Ltd. | 235,656 | 1,892,080 |
| Tabcorp Holdings Ltd. | 416,224 | 1,591,732 |
| Telstra Corp. Ltd. | 768,937 | 2,182,742 |
| TPG Telecom Ltd. | 70,000 | 286,950 |
| Transurban Group | 574,068 | 5,764,569 |
| Treasury Wine Estates Ltd. | 134,986 | 1,067,967 |
| Vicinity Centres, REIT | 723,591 | 944,152 |
| Washington H Soul Pattinson & Co. Ltd. | 45,888 | 894,179 |
| Wesfarmers Ltd. | 212,030 | 7,336,893 |
| Westpac Banking Corp. | 654,718 | 10,959,974 |
| WiseTech Global Ltd. | 30,453 | 944,129 |
| Woodside Petroleum Ltd. | 181,322 | 3,944,858 |
| Woolworths Group Ltd. | 226,641 | 6,131,334 |
| Worley Ltd. | 69,759 | 678,408 |
| | | 254,444,435 |
| Austria — 0.3% |
| ANDRITZ AG | 13,511 | 574,367 |
| BAWAG Group AG * (b) | 12,977 | 616,198 |
| Erste Group Bank AG | 63,373 | 1,973,167 |
| EVN AG | 7,110 | 180,994 |
| Mondi plc | 90,625 | 1,702,478 |
| OMV AG | 26,929 | 1,376,547 |
| Raiffeisen Bank International AG | 25,391 | 289,034 |
| Strabag SE | 2,715 | 106,118 |
| Telekom Austria AG * | 25,951 | 185,024 |
| Verbund AG * | 12,734 | 1,361,129 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | 6,741 | 167,211 |
| voestalpine AG | 20,844 | 542,421 |
| | | 9,074,688 |
| Belgium — 1.0% |
| Ackermans & van Haaren NV | 4,189 | 746,799 |
| Ageas SA | 33,872 | 1,620,828 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 103 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Belgium — continued |
| Anheuser-Busch InBev SA | 162,429 | 9,346,086 |
| D'ieteren Group | 4,415 | 708,663 |
| Elia Group SA/NV | 6,290 | 1,001,232 |
| Etablissements Franz Colruyt NV | 10,681 | 392,215 |
| Groupe Bruxelles Lambert SA | 19,260 | 1,817,383 |
| KBC Group NV | 63,147 | 4,296,008 |
| Proximus SADP | 29,267 | 511,538 |
| Sofina SA (a) | 2,947 | 903,129 |
| Solvay SA | 13,662 | 1,284,737 |
| Telenet Group Holding NV | 8,985 | 267,775 |
| UCB SA | 23,643 | 2,687,563 |
| Umicore SA (a) | 37,251 | 1,432,057 |
| Warehouses De Pauw CVA, REIT | 26,455 | 1,017,729 |
| | | 28,033,742 |
| Brazil — 0.1% |
| Yara International ASA | 29,533 | 1,501,701 |
| Chile — 0.0% ^ |
| Antofagasta plc | 64,524 | 1,235,241 |
| China — 0.6% |
| Budweiser Brewing Co. APAC Ltd. (b) | 320,500 | 797,467 |
| ESR Cayman Ltd. * (b) | 492,400 | 1,494,734 |
| Prosus NV * | 162,866 | 7,854,810 |
| Wilmar International Ltd. | 588,200 | 1,875,001 |
| Wuxi Biologics Cayman, Inc. * (b) | 607,000 | 4,480,156 |
| | | 16,502,168 |
| Colombia — 0.0% ^ |
| Millicom International Cellular SA, SDR * | 19,121 | 431,078 |
| Denmark — 2.6% |
| AP Moller - Maersk A/S, Class A | 567 | 1,604,973 |
| AP Moller - Maersk A/S, Class B | 1,099 | 3,180,756 |
| Carlsberg A/S, Class B | 18,776 | 2,385,176 |
| Chr Hansen Holding A/S | 19,232 | 1,498,360 |
| Coloplast A/S, Class B | 22,216 | 2,993,132 |
| Danske Bank A/S | 127,433 | 1,954,675 |
| Demant A/S * (a) | 18,859 | 828,731 |
| DSV A/S | 39,943 | 6,548,725 |
| Genmab A/S * | 12,290 | 4,321,676 |
| GN Store Nord A/S | 25,840 | 969,763 |
| Novo Nordisk A/S, Class B | 308,269 | 35,212,424 |
| Novozymes A/S, Class B | 39,270 | 2,737,494 |
| Orsted A/S (b) | 35,375 | 3,913,554 |
| Pandora A/S | 18,664 | 1,638,820 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Denmark — continued |
| ROCKWOOL A/S, Class A | 1,111 | 308,504 |
| ROCKWOOL A/S, Class B | 1,313 | 367,220 |
| Tryg A/S | 67,331 | 1,600,938 |
| Vestas Wind Systems A/S | 188,847 | 4,815,789 |
| | | 76,880,710 |
| Finland — 1.3% |
| Elisa OYJ | 28,109 | 1,647,789 |
| Fortum OYJ | 81,239 | 1,350,668 |
| Huhtamaki OYJ (a) | 18,042 | 681,993 |
| Kesko OYJ, Class A | 17,687 | 415,317 |
| Kesko OYJ, Class B | 51,076 | 1,285,913 |
| Kone OYJ, Class B | 75,424 | 3,626,212 |
| Konecranes OYJ | 12,089 | 339,746 |
| Metso Outotec OYJ | 131,767 | 1,121,991 |
| Neste OYJ | 80,398 | 3,449,783 |
| Nokia OYJ * | 1,011,951 | 5,130,663 |
| Nokian Renkaat OYJ | 23,502 | 315,598 |
| Nordea Bank Abp | 646,865 | 6,449,299 |
| Orion OYJ, Class A | 5,736 | 232,440 |
| Orion OYJ, Class B (a) | 19,982 | 783,744 |
| Sampo OYJ, Class A | 94,343 | 4,581,057 |
| Stora Enso OYJ, Class A (a) | 9,510 | 196,137 |
| Stora Enso OYJ, Class R | 114,298 | 2,249,327 |
| UPM-Kymmene OYJ | 99,810 | 3,452,656 |
| Wartsila OYJ Abp | 90,737 | 728,604 |
| | | 38,038,937 |
| France — 9.6% |
| Adevinta ASA * | 76,148 | 588,276 |
| Aeroports de Paris * | 4,844 | 685,183 |
| Air Liquide SA | 88,887 | 15,378,196 |
| Airbus SE | 114,659 | 12,551,939 |
| Alstom SA | 55,148 | 1,212,175 |
| Amundi SA (b) | 11,393 | 685,061 |
| Arkema SA | 11,924 | 1,358,672 |
| AXA SA | 384,913 | 10,182,888 |
| BioMerieux | 8,853 | 842,822 |
| BNP Paribas SA | 212,425 | 11,014,531 |
| Bollore SE | 170,866 | 797,334 |
| Bouygues SA (a) | 40,772 | 1,401,874 |
| Bureau Veritas SA | 54,139 | 1,555,235 |
| Capgemini SE | 29,981 | 6,103,503 |
| Carrefour SA | 115,852 | 2,456,939 |
| Cie de Saint-Gobain | 97,993 | 5,716,735 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 104 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| France — continued |
| Cie Generale des Etablissements Michelin SCA | 33,386 | 4,135,190 |
| CNP Assurances (a) | 26,815 | 589,246 |
| Covivio, REIT | 8,826 | 628,566 |
| Credit Agricole SA | 262,009 | 2,829,191 |
| Danone SA | 128,598 | 7,776,480 |
| Dassault Aviation SA | 4,363 | 732,134 |
| Dassault Systemes SE | 129,713 | 5,736,474 |
| Edenred | 46,584 | 2,339,549 |
| Eiffage SA | 15,221 | 1,503,055 |
| Electricite de France SA | 104,620 | 951,105 |
| Engie SA | 332,443 | 3,922,987 |
| EssilorLuxottica SA | 56,255 | 9,577,291 |
| Gecina SA, REIT | 10,147 | 1,143,041 |
| Getlink SE | 81,253 | 1,486,858 |
| Hermes International | 6,515 | 8,033,369 |
| Ipsen SA | 7,509 | 778,411 |
| Kering SA | 13,758 | 7,320,252 |
| Legrand SA | 50,013 | 4,431,861 |
| L'Oreal SA | 44,055 | 16,027,648 |
| LVMH Moet Hennessy Louis Vuitton SE | 50,027 | 32,374,239 |
| Orange SA | 353,180 | 4,204,747 |
| Pernod Ricard SA | 37,709 | 7,782,543 |
| Publicis Groupe SA | 44,081 | 2,646,478 |
| Safran SA | 65,514 | 7,036,102 |
| Sanofi (a) | 215,016 | 22,726,102 |
| Sartorius Stedim Biotech | 4,473 | 1,463,695 |
| SEB SA | 6,170 | 740,938 |
| Societe Generale SA | 145,586 | 3,499,021 |
| Sodexo SA | 15,442 | 1,161,633 |
| Teleperformance | 10,985 | 3,942,638 |
| Thales SA (a) | 19,955 | 2,554,738 |
| TotalEnergies SE | 458,749 | 22,525,940 |
| Unibail-Rodamco-Westfield, REIT * | 21,771 | 1,536,488 |
| Veolia Environnement SA | 122,998 | 3,588,660 |
| Vinci SA (a) | 96,457 | 9,359,595 |
| Vivendi SE (a) | 151,040 | 1,734,782 |
| Worldline SA * (b) | 46,589 | 1,833,007 |
| | | 283,185,417 |
| Germany — 7.2% |
| adidas AG | 33,409 | 6,737,232 |
| Allianz SE (Registered) | 76,383 | 17,234,611 |
| Aroundtown SA | 181,079 | 910,562 |
| BASF SE * | 171,758 | 9,045,286 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Germany — continued |
| Bayer AG (Registered) * | 183,716 | 12,101,565 |
| Bayerische Motoren Werke AG | 59,855 | 4,888,106 |
| Bayerische Motoren Werke AG (Preference) | 10,788 | 794,737 |
| Beiersdorf AG | 18,343 | 1,842,380 |
| Brenntag SE | 28,836 | 2,225,085 |
| Carl Zeiss Meditec AG | 6,858 | 861,396 |
| Commerzbank AG * | 185,013 | 1,207,825 |
| Continental AG * | 20,158 | 1,381,652 |
| Covestro AG (b) | 36,059 | 1,552,540 |
| Deutsche Bank AG (Registered) * | 386,491 | 3,864,652 |
| Deutsche Boerse AG | 35,530 | 6,185,580 |
| Deutsche Lufthansa AG (Registered) * | 111,143 | 826,856 |
| Deutsche Post AG (Registered) | 185,366 | 7,919,297 |
| Deutsche Telekom AG (Registered) | 634,085 | 11,680,581 |
| Deutsche Wohnen SE | 8,938 | 255,982 |
| E.ON SE | 419,842 | 4,369,279 |
| Evonik Industries AG | 35,814 | 936,765 |
| Fresenius Medical Care AG & Co. KGaA | 37,259 | 2,317,020 |
| Fresenius SE & Co. KGaA | 77,287 | 2,731,937 |
| GEA Group AG | 30,715 | 1,195,626 |
| Hannover Rueck SE | 11,254 | 1,749,216 |
| HeidelbergCement AG | 26,669 | 1,536,332 |
| Henkel AG & Co. KGaA | 18,462 | 1,171,620 |
| Henkel AG & Co. KGaA (Preference) | 33,253 | 2,135,219 |
| Infineon Technologies AG | 244,248 | 6,932,545 |
| KION Group AG | 13,493 | 750,561 |
| Mercedes-Benz Group AG * | 156,048 | 10,892,339 |
| Merck KGaA | 24,169 | 4,484,012 |
| MTU Aero Engines AG * | 9,992 | 2,015,043 |
| Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 26,199 | 6,239,048 |
| Porsche Automobil Holding SE (Preference) | 28,635 | 2,361,813 |
| Puma SE | 19,179 | 1,411,164 |
| RWE AG | 126,455 | 5,250,334 |
| SAP SE | 204,462 | 20,721,407 |
| Sartorius AG (Preference) | 4,612 | 1,729,175 |
| Siemens AG (Registered) | 149,415 | 18,371,320 |
| Siemens Energy AG | 74,593 | 1,436,831 |
| Siemens Healthineers AG (b) | 52,735 | 2,819,738 |
| Symrise AG | 24,830 | 2,954,629 |
| Talanx AG | 9,996 | 415,631 |
| Telefonica Deutschland Holding AG | 173,558 | 521,981 |
| TUI AG * (a) | 213,817 | 609,593 |
| Uniper SE | 17,214 | 442,480 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 105 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Germany — continued |
| Volkswagen AG (Preference) | 34,320 | 5,315,016 |
| Vonovia SE * | 145,225 | 5,785,908 |
| Zalando SE * (b) | 36,190 | 1,423,941 |
| | | 212,543,448 |
| Hong Kong — 2.3% |
| AIA Group Ltd. | 2,262,200 | 22,223,309 |
| CK Asset Holdings Ltd. | 368,000 | 2,494,724 |
| CK Infrastructure Holdings Ltd. | 108,000 | 726,129 |
| CLP Holdings Ltd. | 311,500 | 3,039,735 |
| Dairy Farm International Holdings Ltd. | 57,000 | 153,948 |
| Hang Lung Properties Ltd. | 346,000 | 661,750 |
| Hang Seng Bank Ltd. | 135,600 | 2,400,861 |
| Henderson Land Development Co. Ltd. | 245,000 | 990,784 |
| HK Electric Investments & HK Electric Investments Ltd. (b) | 433,000 | 427,647 |
| HKT Trust & HKT Ltd. | 681,000 | 977,196 |
| Hong Kong & China Gas Co. Ltd. | 2,020,100 | 2,228,010 |
| Hong Kong Exchanges & Clearing Ltd. | 222,800 | 9,450,948 |
| Jardine Matheson Holdings Ltd. | 47,200 | 2,507,736 |
| Link, REIT | 394,600 | 3,408,470 |
| MTR Corp. Ltd. | 289,500 | 1,538,144 |
| New World Development Co. Ltd. | 263,000 | 1,005,921 |
| Power Assets Holdings Ltd. | 255,000 | 1,717,440 |
| Sino Land Co. Ltd. | 596,000 | 787,783 |
| Sun Hung Kai Properties Ltd. | 287,000 | 3,305,405 |
| Swire Pacific Ltd., Class B | 170,000 | 160,278 |
| Swire Pacific Ltd., Class A | 93,000 | 529,720 |
| Swire Properties Ltd. | 196,600 | 471,163 |
| Techtronic Industries Co. Ltd. | 322,500 | 4,304,764 |
| WH Group Ltd. (b) | 1,463,924 | 1,010,985 |
| Wharf Real Estate Investment Co. Ltd. | 290,000 | 1,366,645 |
| | | 67,889,495 |
| Ireland — 0.6% |
| CRH plc | 143,698 | 5,679,644 |
| Flutter Entertainment plc * | 28,577 | 2,871,688 |
| Kerry Group plc, Class A | 28,771 | 3,186,957 |
| Kingspan Group plc | 28,830 | 2,683,700 |
| Smurfit Kappa Group plc | 48,438 | 2,046,785 |
| | | 16,468,774 |
| Israel — 0.5% |
| Azrieli Group Ltd. | 6,851 | 588,490 |
| Bank Hapoalim BM | 222,000 | 2,058,209 |
| Bank Leumi Le-Israel BM | 271,695 | 2,851,371 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Israel — continued |
| Bezeq The Israeli Telecommunication Corp. Ltd. * | 384,367 | 609,332 |
| Elbit Systems Ltd. | 4,630 | 1,005,024 |
| ICL Group Ltd. | 129,977 | 1,409,510 |
| Israel Discount Bank Ltd., Class A | 217,738 | 1,286,056 |
| Mizrahi Tefahot Bank Ltd. | 27,843 | 1,029,903 |
| Nice Ltd. * | 11,781 | 2,449,615 |
| Teva Pharmaceutical Industries Ltd. * | 206,325 | 1,817,726 |
| | | 15,105,236 |
| Italy — 2.1% |
| A2A SpA | 291,259 | 497,633 |
| Amplifon SpA | 17,357 | 692,455 |
| Assicurazioni Generali SpA | 227,661 | 4,310,326 |
| Atlantia SpA * | 94,017 | 2,242,826 |
| Banca Mediolanum SpA | 42,113 | 305,713 |
| Banco BPM SpA | 283,342 | 892,725 |
| Brembo SpA | 27,028 | 270,517 |
| Buzzi Unicem SpA | 17,771 | 329,096 |
| Coca-Cola HBC AG * | 36,505 | 740,098 |
| Davide Campari-Milano NV | 99,347 | 1,120,950 |
| DiaSorin SpA | 3,687 | 482,967 |
| Enel SpA | 1,444,902 | 9,396,043 |
| Eni SpA | 471,976 | 6,597,654 |
| Ferrari NV | 23,935 | 5,039,628 |
| FinecoBank Banca Fineco SpA | 113,833 | 1,582,434 |
| Hera SpA | 151,188 | 563,870 |
| Infrastrutture Wireless Italiane SpA (b) | 66,877 | 713,600 |
| Intesa Sanpaolo SpA | 3,197,508 | 6,515,618 |
| Leonardo SpA * | 75,535 | 777,360 |
| Mediobanca Banca di Credito Finanziario SpA | 130,725 | 1,310,237 |
| Moncler SpA | 39,332 | 2,048,950 |
| Nexi SpA * (b) | 144,277 | 1,415,058 |
| Pirelli & C SpA (b) | 82,807 | 410,392 |
| Poste Italiane SpA (b) | 85,633 | 839,130 |
| Prysmian SpA | 50,047 | 1,627,774 |
| Recordati Industria Chimica e Farmaceutica SpA | 18,771 | 904,544 |
| Snam SpA | 383,812 | 2,105,056 |
| Telecom Italia SpA | 1,881,141 | 549,333 |
| Telecom Italia SpA | 1,134,519 | 315,801 |
| Terna - Rete Elettrica Nazionale | 262,605 | 2,141,828 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 106 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Italy — continued |
| UniCredit SpA | 416,291 | 3,852,806 |
| UnipolSai Assicurazioni SpA (a) | 79,895 | 224,731 |
| | | 60,817,153 |
| Japan — 23.4% |
| ABC-Mart, Inc. | 5,900 | 244,673 |
| Acom Co. Ltd. | 85,500 | 219,882 |
| Advance Residence Investment Corp., REIT | 259 | 711,489 |
| Advantest Corp. | 37,200 | 2,538,829 |
| Aeon Co. Ltd. | 162,700 | 3,092,155 |
| Aeon Mall Co. Ltd. | 17,800 | 216,583 |
| AGC, Inc. | 42,500 | 1,593,300 |
| Air Water, Inc. | 42,900 | 569,408 |
| Aisin Corp. | 34,200 | 993,529 |
| Ajinomoto Co., Inc. | 102,500 | 2,663,109 |
| Alfresa Holdings Corp. | 39,500 | 537,149 |
| Amada Co. Ltd. | 67,300 | 522,582 |
| ANA Holdings, Inc. * | 29,800 | 561,750 |
| Asahi Group Holdings Ltd. | 94,700 | 3,569,512 |
| Asahi Intecc Co. Ltd. | 44,100 | 852,185 |
| Asahi Kasei Corp. | 260,200 | 2,134,861 |
| Asics Corp. | 35,600 | 561,653 |
| Astellas Pharma, Inc. | 348,100 | 5,300,072 |
| Bandai Namco Holdings, Inc. | 41,500 | 2,809,672 |
| Bank of Kyoto Ltd. (The) | 14,300 | 623,017 |
| Benefit One, Inc. | 14,300 | 216,823 |
| Bridgestone Corp. | 113,500 | 4,160,195 |
| Brother Industries Ltd. | 48,900 | 849,862 |
| Calbee, Inc. | 21,500 | 385,117 |
| Canon, Inc. | 194,600 | 4,477,583 |
| Capcom Co. Ltd. | 30,300 | 799,530 |
| Casio Computer Co. Ltd. | 43,000 | 445,904 |
| Central Japan Railway Co. | 38,500 | 4,846,580 |
| Chiba Bank Ltd. (The) | 138,700 | 799,368 |
| Chubu Electric Power Co., Inc. | 134,400 | 1,356,777 |
| Chugai Pharmaceutical Co. Ltd. | 119,300 | 3,574,844 |
| Chugoku Electric Power Co., Inc. (The) | 60,700 | 399,802 |
| Concordia Financial Group Ltd. | 226,300 | 823,529 |
| Cosmos Pharmaceutical Corp. | 4,100 | 377,969 |
| CyberAgent, Inc. | 76,500 | 808,212 |
| Dai Nippon Printing Co. Ltd. | 51,500 | 1,076,249 |
| Daifuku Co. Ltd. | 23,600 | 1,451,132 |
| Dai-ichi Life Holdings, Inc. | 208,800 | 4,181,015 |
| Daiichi Sankyo Co. Ltd. | 342,200 | 8,616,225 |
| Daikin Industries Ltd. | 54,800 | 8,374,410 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| Daito Trust Construction Co. Ltd. | 13,000 | 1,252,055 |
| Daiwa House Industry Co. Ltd. | 124,400 | 2,990,600 |
| Daiwa House REIT Investment Corp., REIT | 394 | 958,997 |
| Daiwa Securities Group, Inc. | 285,500 | 1,399,272 |
| Denso Corp. | 97,100 | 5,917,785 |
| Dentsu Group, Inc. | 46,300 | 1,668,729 |
| Disco Corp. | 5,600 | 1,370,602 |
| East Japan Railway Co. | 70,600 | 3,681,563 |
| Eisai Co. Ltd. | 55,400 | 2,412,722 |
| ENEOS Holdings, Inc. | 604,000 | 2,125,244 |
| FANUC Corp. | 35,900 | 5,500,887 |
| Fast Retailing Co. Ltd. | 12,400 | 5,709,037 |
| Fuji Electric Co. Ltd. | 27,900 | 1,223,435 |
| FUJIFILM Holdings Corp. | 75,100 | 4,128,341 |
| Fujitsu Ltd. | 34,500 | 5,214,646 |
| Fukuoka Financial Group, Inc. | 35,900 | 655,940 |
| GLP J-REIT, REIT | 839 | 1,132,125 |
| GMO Payment Gateway, Inc. | 8,400 | 704,759 |
| Hakuhodo DY Holdings, Inc. | 56,500 | 666,789 |
| Hamamatsu Photonics KK | 27,300 | 1,221,489 |
| Hankyu Hanshin Holdings, Inc. | 45,100 | 1,190,261 |
| Harmonic Drive Systems, Inc. | 9,300 | 235,210 |
| Haseko Corp. | 42,100 | 461,291 |
| Hikari Tsushin, Inc. | 3,800 | 444,954 |
| Hino Motors Ltd. | 53,900 | 278,232 |
| Hirose Electric Co. Ltd. | 6,300 | 799,306 |
| Hitachi Construction Machinery Co. Ltd. | 19,300 | 436,978 |
| Hitachi Ltd. | 181,100 | 8,588,933 |
| Hitachi Metals Ltd. * | 37,900 | 591,418 |
| Honda Motor Co. Ltd. | 321,900 | 8,467,114 |
| Hoshizaki Corp. | 11,200 | 709,434 |
| Hoya Corp. | 69,200 | 6,867,556 |
| Hulic Co. Ltd. | 110,500 | 932,996 |
| Ibiden Co. Ltd. | 25,000 | 934,297 |
| Idemitsu Kosan Co. Ltd. | 46,100 | 1,214,969 |
| Iida Group Holdings Co. Ltd. | 33,600 | 534,396 |
| Inpex Corp. | 191,500 | 2,278,500 |
| Isuzu Motors Ltd. | 116,400 | 1,357,897 |
| ITOCHU Corp. | 278,600 | 8,408,421 |
| Itochu Techno-Solutions Corp. | 17,900 | 419,143 |
| Japan Airlines Co. Ltd. * | 27,100 | 447,407 |
| Japan Airport Terminal Co. Ltd. * | 17,400 | 720,995 |
| Japan Exchange Group, Inc. | 98,700 | 1,469,683 |
| Japan Metropolitan Fund Invest, REIT | 1,304 | 1,036,457 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 107 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — continued |
| Japan Post Holdings Co. Ltd. | 225,000 | 1,577,668 |
| Japan Post Insurance Co. Ltd. | 37,600 | 607,984 |
| Japan Prime Realty Investment Corp., REIT | 186 | 564,279 |
| Japan Real Estate Investment Corp., REIT | 258 | 1,248,684 |
| Japan Tobacco, Inc. | 205,300 | 3,492,522 |
| JFE Holdings, Inc. | 107,800 | 1,318,260 |
| JSR Corp. | 40,100 | 1,088,920 |
| Kajima Corp. | 92,800 | 1,034,208 |
| Kakaku.com, Inc. | 24,100 | 504,698 |
| Kansai Electric Power Co., Inc. (The) | 154,200 | 1,351,717 |
| Kansai Paint Co. Ltd. | 48,300 | 665,184 |
| Kao Corp. | 88,700 | 3,554,961 |
| Kawasaki Heavy Industries Ltd. | 31,300 | 556,602 |
| KDDI Corp. | 310,200 | 10,272,180 |
| Keio Corp. | 22,800 | 874,439 |
| Keisei Electric Railway Co. Ltd. | 32,200 | 789,527 |
| Kewpie Corp. | 21,100 | 355,361 |
| Keyence Corp. | 36,000 | 14,472,153 |
| Kikkoman Corp. | 36,200 | 2,034,482 |
| Kinden Corp. | 24,700 | 292,683 |
| Kintetsu Group Holdings Co. Ltd. | 35,600 | 1,020,697 |
| Kirin Holdings Co. Ltd. | 155,300 | 2,263,921 |
| Kobayashi Pharmaceutical Co. Ltd. | 11,000 | 750,141 |
| Kobe Bussan Co. Ltd. | 23,500 | 572,914 |
| Koei Tecmo Holdings Co. Ltd. | 11,300 | 346,515 |
| Koito Manufacturing Co. Ltd. | 24,000 | 880,669 |
| Komatsu Ltd. | 182,000 | 4,096,180 |
| Konami Holdings Corp. | 18,800 | 1,156,076 |
| Kose Corp. | 6,500 | 667,297 |
| Kubota Corp. | 213,200 | 3,621,984 |
| Kuraray Co. Ltd. | 66,200 | 529,450 |
| Kurita Water Industries Ltd. | 20,000 | 682,326 |
| Kyocera Corp. | 65,700 | 3,449,707 |
| Kyowa Kirin Co. Ltd. | 47,400 | 999,039 |
| Kyushu Electric Power Co., Inc. | 88,500 | 555,461 |
| Kyushu Railway Co. | 29,400 | 576,262 |
| Lasertec Corp. | 14,500 | 1,937,220 |
| Lawson, Inc. | 9,500 | 349,412 |
| Lion Corp. | 55,800 | 574,932 |
| Lixil Corp. | 54,400 | 956,805 |
| M3, Inc. | 79,800 | 2,548,329 |
| Makita Corp. | 52,300 | 1,545,823 |
| Marubeni Corp. | 325,000 | 3,547,577 |
| Marui Group Co. Ltd. | 38,900 | 669,760 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| MatsukiyoCocokara & Co. | 24,000 | 793,329 |
| Mazda Motor Corp. | 112,200 | 796,705 |
| McDonald's Holdings Co. Japan Ltd. | 14,000 | 555,420 |
| Medipal Holdings Corp. | 39,200 | 645,561 |
| MEIJI Holdings Co. Ltd. | 27,100 | 1,350,852 |
| Mercari, Inc. * | 20,900 | 342,496 |
| MINEBEA MITSUMI, Inc. | 75,700 | 1,452,393 |
| MISUMI Group, Inc. | 53,100 | 1,331,447 |
| Mitsubishi Chemical Holdings Corp. | 264,700 | 1,614,046 |
| Mitsubishi Corp. | 277,900 | 9,330,638 |
| Mitsubishi Electric Corp. | 400,800 | 4,198,096 |
| Mitsubishi Estate Co. Ltd. | 260,300 | 3,791,681 |
| Mitsubishi Gas Chemical Co., Inc. | 39,100 | 570,976 |
| Mitsubishi HC Capital, Inc. | 148,400 | 667,722 |
| Mitsubishi Heavy Industries Ltd. | 63,000 | 2,153,979 |
| Mitsubishi Motors Corp. * | 129,600 | 324,131 |
| Mitsubishi UFJ Financial Group, Inc. | 2,359,500 | 13,716,662 |
| Mitsui & Co. Ltd. | 307,200 | 7,439,096 |
| Mitsui Chemicals, Inc. | 38,200 | 872,790 |
| Mitsui Fudosan Co. Ltd. | 180,600 | 3,827,592 |
| Mitsui OSK Lines Ltd. | 67,500 | 1,580,251 |
| Mizuho Financial Group, Inc. | 474,800 | 5,765,358 |
| MonotaRO Co. Ltd. | 45,800 | 786,755 |
| MS&AD Insurance Group Holdings, Inc. | 87,500 | 2,604,636 |
| Murata Manufacturing Co. Ltd. | 120,100 | 7,158,860 |
| Nabtesco Corp. | 22,600 | 515,452 |
| Nagoya Railroad Co. Ltd. | 36,700 | 589,444 |
| NEC Corp. | 50,900 | 1,974,710 |
| Nexon Co. Ltd. | 87,200 | 1,985,641 |
| NGK Insulators Ltd. | 50,300 | 676,617 |
| NGK Spark Plug Co. Ltd. | 32,000 | 491,047 |
| NH Foods Ltd. | 19,200 | 606,345 |
| Nidec Corp. | 102,600 | 6,632,999 |
| Nihon M&A Center Holdings, Inc. | 56,000 | 689,574 |
| Nikon Corp. | 65,100 | 731,517 |
| Nintendo Co. Ltd. | 21,900 | 9,994,957 |
| Nippon Building Fund, Inc., REIT | 318 | 1,650,836 |
| NIPPON EXPRESS HOLDINGS, Inc. | 15,300 | 897,051 |
| Nippon Paint Holdings Co. Ltd. | 270,400 | 2,141,929 |
| Nippon Prologis REIT, Inc., REIT | 498 | 1,378,350 |
| Nippon Sanso Holdings Corp. | 39,600 | 712,622 |
| Nippon Shinyaku Co. Ltd. | 11,500 | 777,789 |
| Nippon Steel Corp. | 177,800 | 2,823,214 |
| Nippon Telegraph & Telephone Corp. | 223,600 | 6,589,349 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 108 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — continued |
| Nippon Yusen KK | 31,900 | 2,301,393 |
| Nissan Chemical Corp. | 26,700 | 1,410,364 |
| Nissan Motor Co. Ltd. * | 449,000 | 1,797,593 |
| Nisshin Seifun Group, Inc. | 48,700 | 649,211 |
| Nissin Foods Holdings Co. Ltd. | 15,700 | 1,092,133 |
| Nitori Holdings Co. Ltd. | 16,300 | 1,676,933 |
| Nitto Denko Corp. | 28,100 | 1,886,099 |
| Nomura Holdings, Inc. | 574,500 | 2,212,087 |
| Nomura Real Estate Holdings, Inc. | 21,800 | 531,173 |
| Nomura Real Estate Master Fund, Inc., REIT | 878 | 1,102,364 |
| Nomura Research Institute Ltd. | 80,900 | 2,287,563 |
| NSK Ltd. | 91,600 | 506,890 |
| NTT Data Corp. | 120,300 | 2,218,081 |
| Obayashi Corp. | 134,700 | 926,351 |
| Obic Co. Ltd. | 12,600 | 1,861,516 |
| Odakyu Electric Railway Co. Ltd. | 64,800 | 981,270 |
| Oji Holdings Corp. | 189,700 | 898,610 |
| Olympus Corp. | 242,900 | 4,275,314 |
| Omron Corp. | 38,500 | 2,269,732 |
| Ono Pharmaceutical Co. Ltd. | 92,700 | 2,381,514 |
| Open House Group Co. Ltd. | 13,900 | 537,856 |
| Oracle Corp., Japan | 6,300 | 404,847 |
| Oriental Land Co. Ltd. | 42,900 | 6,489,491 |
| ORIX Corp. | 223,500 | 4,076,410 |
| Orix JREIT, Inc., REIT | 516 | 697,488 |
| Osaka Gas Co. Ltd. | 77,800 | 1,402,221 |
| Otsuka Corp. | 22,000 | 720,986 |
| Otsuka Holdings Co. Ltd. | 104,300 | 3,504,735 |
| Pan Pacific International Holdings Corp. | 99,700 | 1,526,743 |
| Panasonic Holdings Corp. | 436,000 | 3,886,154 |
| Persol Holdings Co. Ltd. | 35,500 | 704,307 |
| Pola Orbis Holdings, Inc. | 15,800 | 182,160 |
| Rakuten Group, Inc. | 171,200 | 1,203,516 |
| Recruit Holdings Co. Ltd. | 317,200 | 11,508,528 |
| Renesas Electronics Corp. * | 261,200 | 2,789,085 |
| Resona Holdings, Inc. | 448,100 | 1,948,531 |
| Ricoh Co. Ltd. | 139,200 | 1,016,426 |
| Rinnai Corp. | 7,300 | 466,612 |
| Rohm Co. Ltd. | 16,300 | 1,138,732 |
| Ryohin Keikaku Co. Ltd. | 49,200 | 442,167 |
| Santen Pharmaceutical Co. Ltd. | 74,700 | 607,661 |
| SBI Holdings, Inc. | 45,700 | 1,022,177 |
| SCSK Corp. | 28,900 | 459,462 |
| Secom Co. Ltd. | 40,200 | 2,828,250 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| Sega Sammy Holdings, Inc. | 32,800 | 581,204 |
| Seibu Holdings, Inc. | 50,700 | 503,708 |
| Seiko Epson Corp. | 58,000 | 817,077 |
| Sekisui Chemical Co. Ltd. | 82,800 | 1,121,206 |
| Sekisui House Ltd. | 121,300 | 2,106,731 |
| Seven & i Holdings Co. Ltd. | 148,900 | 6,583,899 |
| SG Holdings Co. Ltd. | 94,500 | 1,665,343 |
| Sharp Corp. | 40,000 | 338,452 |
| Shimadzu Corp. | 51,400 | 1,680,377 |
| Shimano, Inc. | 15,700 | 2,781,796 |
| Shimizu Corp. | 131,400 | 689,014 |
| Shin-Etsu Chemical Co. Ltd. | 74,100 | 10,183,897 |
| Shinsei Bank Ltd. | 23,600 | 413,848 |
| Shionogi & Co. Ltd. | 53,000 | 2,948,174 |
| Shiseido Co. Ltd. | 74,700 | 3,531,177 |
| Shizuoka Bank Ltd. (The) | 111,200 | 719,472 |
| Showa Denko KK | 34,800 | 677,151 |
| SMC Corp. | 11,700 | 5,665,379 |
| SoftBank Corp. | 519,200 | 6,042,379 |
| SoftBank Group Corp. | 235,300 | 9,677,946 |
| Sohgo Security Services Co. Ltd. | 16,200 | 450,017 |
| Sojitz Corp. | 40,180 | 612,679 |
| Sompo Holdings, Inc. | 64,900 | 2,642,079 |
| Sony Group Corp. | 235,800 | 20,349,796 |
| Square Enix Holdings Co. Ltd. | 16,700 | 666,760 |
| Stanley Electric Co. Ltd. | 28,000 | 482,807 |
| Subaru Corp. | 115,100 | 1,746,609 |
| SUMCO Corp. | 60,100 | 865,540 |
| Sumitomo Chemical Co. Ltd. | 309,000 | 1,313,931 |
| Sumitomo Corp. | 234,000 | 3,702,732 |
| Sumitomo Electric Industries Ltd. | 148,500 | 1,596,498 |
| Sumitomo Heavy Industries Ltd. | 22,800 | 482,480 |
| Sumitomo Metal Mining Co. Ltd. | 51,100 | 2,241,080 |
| Sumitomo Mitsui Financial Group, Inc. | 257,000 | 7,764,984 |
| Sumitomo Mitsui Trust Holdings, Inc. | 70,000 | 2,172,626 |
| Sumitomo Pharma Co. Ltd. | 35,600 | 317,111 |
| Sumitomo Realty & Development Co. Ltd. | 89,000 | 2,361,035 |
| Sumitomo Rubber Industries Ltd. | 34,900 | 302,506 |
| Sundrug Co. Ltd. | 12,800 | 298,011 |
| Suntory Beverage & Food Ltd. | 23,500 | 925,924 |
| Suzuki Motor Corp. | 91,800 | 2,767,322 |
| Sysmex Corp. | 31,800 | 2,086,003 |
| T&D Holdings, Inc. | 109,900 | 1,412,264 |
| Taisei Corp. | 38,600 | 1,045,597 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 109 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — continued |
| Taisho Pharmaceutical Holdings Co. Ltd. | 10,700 | 421,451 |
| Takeda Pharmaceutical Co. Ltd. | 295,800 | 8,583,094 |
| TDK Corp. | 72,600 | 2,242,739 |
| Terumo Corp. | 142,000 | 4,226,651 |
| TIS, Inc. | 40,800 | 916,342 |
| Tobu Railway Co. Ltd. | 39,200 | 881,144 |
| Toho Co. Ltd. | 26,100 | 968,504 |
| Tohoku Electric Power Co., Inc. | 93,900 | 522,323 |
| Tokio Marine Holdings, Inc. | 130,400 | 7,050,559 |
| Tokyo Century Corp. | 9,000 | 277,219 |
| Tokyo Electric Power Co. Holdings, Inc. * | 151,900 | 524,322 |
| Tokyo Electron Ltd. | 29,400 | 12,405,233 |
| Tokyo Gas Co. Ltd. | 76,500 | 1,465,316 |
| Tokyu Corp. | 106,100 | 1,297,477 |
| Tokyu Fudosan Holdings Corp. | 112,900 | 587,494 |
| TOPPAN, Inc. | 65,400 | 1,081,041 |
| Toray Industries, Inc. | 304,500 | 1,443,112 |
| Toshiba Corp. | 80,900 | 3,359,642 |
| Tosoh Corp. | 60,600 | 836,796 |
| TOTO Ltd. | 29,700 | 1,000,855 |
| Toyo Suisan Kaisha Ltd. | 19,000 | 586,651 |
| Toyota Boshoku Corp. | 18,900 | 301,217 |
| Toyota Industries Corp. | 38,300 | 2,297,112 |
| Toyota Motor Corp. | 2,410,200 | 41,295,670 |
| Toyota Tsusho Corp. | 44,300 | 1,591,577 |
| Trend Micro, Inc. | 26,300 | 1,466,407 |
| Tsuruha Holdings, Inc. | 7,600 | 388,421 |
| Unicharm Corp. | 83,400 | 2,901,653 |
| United Urban Investment Corp., REIT | 582 | 636,787 |
| USS Co. Ltd. | 41,500 | 690,894 |
| Welcia Holdings Co. Ltd. | 19,200 | 393,582 |
| West Japan Railway Co. | 45,500 | 1,688,914 |
| Workman Co. Ltd. | 4,400 | 150,239 |
| Yakult Honsha Co. Ltd. | 30,000 | 1,553,419 |
| Yamada Holdings Co. Ltd. | 134,400 | 401,329 |
| Yamaha Corp. | 30,100 | 1,150,030 |
| Yamaha Motor Co. Ltd. | 58,900 | 1,216,032 |
| Yamato Holdings Co. Ltd. | 64,700 | 1,210,666 |
| Yamazaki Baking Co. Ltd. | 33,300 | 411,659 |
| Yaskawa Electric Corp. | 49,800 | 1,690,982 |
| Yokogawa Electric Corp. | 44,600 | 711,035 |
| Z Holdings Corp. | 485,900 | 1,907,565 |
| ZOZO, Inc. | 20,900 | 437,594 |
| | | 688,919,431 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Jordan — 0.0% ^ |
| Hikma Pharmaceuticals plc | 33,778 | 793,459 |
| Luxembourg — 0.2% |
| ArcelorMittal SA | 113,992 | 3,323,745 |
| Eurofins Scientific SE | 24,088 | 2,238,686 |
| RTL Group SA | 6,983 | 363,098 |
| | | 5,925,529 |
| Macau — 0.1% |
| Galaxy Entertainment Group Ltd. | 375,000 | 2,139,813 |
| Sands China Ltd. * | 454,000 | 1,000,696 |
| | | 3,140,509 |
| Mexico — 0.0% ^ |
| Fresnillo plc | 34,675 | 335,522 |
| Netherlands — 5.1% |
| Adyen NV * (b) | 5,790 | 9,711,528 |
| Aegon NV | 263,903 | 1,368,253 |
| Akzo Nobel NV | 33,962 | 2,946,084 |
| Argenx SE * | 9,475 | 2,729,828 |
| Argenx SE * | 51 | 14,763 |
| ASM International NV | 7,177 | 2,156,632 |
| ASML Holding NV | 76,012 | 43,139,738 |
| EXOR NV | 21,182 | 1,469,921 |
| HAL Trust | 16,187 | 2,334,720 |
| Heineken Holding NV | 18,852 | 1,471,629 |
| Heineken NV | 44,163 | 4,310,797 |
| ING Groep NV (a) | 730,060 | 6,916,740 |
| JDE Peet's NV | 16,055 | 472,323 |
| Koninklijke Ahold Delhaize NV | 195,553 | 5,768,026 |
| Koninklijke DSM NV | 32,686 | 5,494,831 |
| Koninklijke KPN NV | 649,385 | 2,240,763 |
| Koninklijke Philips NV | 165,291 | 4,319,238 |
| NN Group NV | 59,709 | 2,924,643 |
| Randstad NV | 23,393 | 1,237,002 |
| Shell plc | 1,430,569 | 38,404,905 |
| Universal Music Group NV | 247,547 | 5,744,679 |
| Wolters Kluwer NV | 49,091 | 4,957,347 |
| | | 150,134,390 |
| New Zealand — 0.2% |
| a2 Milk Co. Ltd. (The) * | 139,935 | 443,411 |
| Auckland International Airport Ltd. * | 225,818 | 1,134,285 |
| Contact Energy Ltd. | 146,085 | 767,474 |
| Fisher & Paykel Healthcare Corp. Ltd. | 107,715 | 1,480,233 |
| Fletcher Building Ltd. | 152,259 | 606,527 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 110 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| New Zealand — continued |
| Mercury NZ Ltd. | 117,953 | 457,311 |
| Meridian Energy Ltd. | 226,649 | 687,893 |
| Ryman Healthcare Ltd. | 79,057 | 467,881 |
| Spark New Zealand Ltd. | 347,582 | 1,099,295 |
| | | 7,144,310 |
| Norway — 0.8% |
| Aker ASA, Class A (a) | 4,473 | 364,598 |
| Aker BP ASA (a) | 23,442 | 839,901 |
| AutoStore Holdings Ltd. * (a) | 166,377 | 371,071 |
| DNB Bank ASA (a) | 168,450 | 3,264,109 |
| Equinor ASA | 201,033 | 6,794,832 |
| Gjensidige Forsikring ASA (a) | 35,332 | 755,377 |
| Kongsberg Gruppen ASA | 16,836 | 723,150 |
| Leroy Seafood Group ASA | 52,694 | 494,548 |
| Mowi ASA | 83,968 | 2,371,848 |
| Norsk Hydro ASA | 254,867 | 2,140,252 |
| Orkla ASA | 140,452 | 1,139,718 |
| Salmar ASA | 10,573 | 865,186 |
| Schibsted ASA, Class A (a) | 14,351 | 299,059 |
| Schibsted ASA, Class B | 18,818 | 364,148 |
| Storebrand ASA | 88,261 | 766,652 |
| Telenor ASA | 120,151 | 1,694,546 |
| TOMRA Systems ASA | 21,867 | 859,929 |
| | | 24,108,924 |
| Poland — 0.3% |
| Allegro.eu SA * (b) | 73,179 | 376,395 |
| Bank Polska Kasa Opieki SA | 32,699 | 718,569 |
| CD Projekt SA | 13,267 | 359,070 |
| Cyfrowy Polsat SA | 49,941 | 272,918 |
| Dino Polska SA * (b) | 9,039 | 584,749 |
| ING Bank Slaski SA | 6,127 | 271,097 |
| KGHM Polska Miedz SA | 25,287 | 817,989 |
| LPP SA | 197 | 416,297 |
| mBank SA * | 2,466 | 165,054 |
| PGE Polska Grupa Energetyczna SA * | 151,323 | 336,532 |
| Polski Koncern Naftowy ORLEN SA | 54,389 | 918,872 |
| Polskie Gornictwo Naftowe i Gazownictwo SA | 304,524 | 426,659 |
| Powszechna Kasa Oszczednosci Bank Polski SA * | 161,240 | 1,190,039 |
| Powszechny Zaklad Ubezpieczen SA | 105,968 | 732,636 |
| Santander Bank Polska SA | 6,354 | 386,941 |
| | | 7,973,817 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Portugal — 0.2% |
| EDP - Energias de Portugal SA | 548,777 | 2,557,665 |
| Galp Energia SGPS SA | 85,084 | 1,035,613 |
| Jeronimo Martins SGPS SA | 51,779 | 1,077,864 |
| | | 4,671,142 |
| Russia — 0.0% ^ |
| Evraz plc ‡ | 96,418 | 4,964 |
| Singapore — 1.4% |
| Ascendas, REIT | 630,100 | 1,296,418 |
| CapitaLand Integrated Commercial Trust, REIT | 949,737 | 1,591,372 |
| Capitaland Investment Ltd. * | 466,400 | 1,414,219 |
| City Developments Ltd. | 88,700 | 543,830 |
| DBS Group Holdings Ltd. | 336,400 | 8,161,277 |
| Frasers Property Ltd. | 157,900 | 124,452 |
| Genting Singapore Ltd. * | 1,066,400 | 619,143 |
| Great Eastern Holdings Ltd. | 10,900 | 160,339 |
| Jardine Cycle & Carriage Ltd. | 18,400 | 383,500 |
| Keppel Corp. Ltd. | 267,700 | 1,320,243 |
| Mapletree Commercial Trust, REIT | 413,600 | 556,260 |
| Olam Group Ltd. | 166,400 | 203,345 |
| Oversea-Chinese Banking Corp. Ltd. | 747,600 | 6,637,633 |
| SATS Ltd. * | 127,600 | 416,624 |
| Singapore Airlines Ltd. * | 249,650 | 984,036 |
| Singapore Exchange Ltd. | 153,700 | 1,081,487 |
| Singapore Technologies Engineering Ltd. | 285,500 | 840,830 |
| Singapore Telecommunications Ltd. | 1,324,900 | 2,644,229 |
| STMicroelectronics NV | 122,599 | 4,529,684 |
| United Overseas Bank Ltd. | 287,600 | 6,156,439 |
| UOL Group Ltd. * | 88,000 | 462,399 |
| Venture Corp. Ltd. | 50,400 | 618,707 |
| | | 40,746,466 |
| South Africa — 0.4% |
| Anglo American plc | 252,181 | 11,169,345 |
| South Korea — 0.0% ^ |
| Delivery Hero SE * (b) | 35,601 | 1,251,481 |
| Spain — 2.4% |
| Acciona SA | 4,617 | 903,766 |
| ACS Actividades de Construccion y Servicios SA | 47,847 | 1,225,135 |
| Aena SME SA * (b) | 13,718 | 1,946,715 |
| Amadeus IT Group SA * | 84,244 | 5,278,975 |
| Banco Bilbao Vizcaya Argentaria SA | 1,246,907 | 6,542,833 |
| Banco Santander SA (a) | 3,242,732 | 9,476,399 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 111 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Spain — continued |
| CaixaBank SA (a) | 813,971 | 2,627,414 |
| Cellnex Telecom SA (b) | 106,710 | 4,973,786 |
| Corp. ACCIONA Energias Renovables SA | 10,402 | 384,533 |
| EDP Renovaveis SA (a) | 44,906 | 1,062,797 |
| Enagas SA | 47,326 | 1,023,316 |
| Endesa SA | 59,397 | 1,244,810 |
| Ferrovial SA | 93,106 | 2,387,644 |
| Grifols SA | 54,984 | 920,913 |
| Grifols SA (Preference), Class B | 49,209 | 534,174 |
| Iberdrola SA | 1,095,491 | 12,588,070 |
| Industria de Diseno Textil SA | 209,412 | 4,390,798 |
| Mapfre SA | 183,229 | 334,367 |
| Naturgy Energy Group SA (a) | 61,530 | 1,850,965 |
| Red Electrica Corp. SA | 80,947 | 1,629,808 |
| Repsol SA | 263,714 | 3,934,056 |
| Siemens Gamesa Renewable Energy SA * | 42,033 | 669,525 |
| Telefonica SA | 1,026,658 | 4,994,324 |
| | | 70,925,123 |
| Sweden — 3.5% |
| Alfa Laval AB (a) | 55,585 | 1,547,279 |
| Assa Abloy AB, Class B | 185,459 | 4,686,947 |
| Atlas Copco AB, Class A | 120,866 | 5,479,687 |
| Atlas Copco AB, Class B (a) | 72,831 | 2,882,489 |
| Axfood AB (a) | 19,747 | 585,405 |
| Beijer Ref AB | 46,337 | 754,551 |
| Boliden AB (a) | 51,147 | 2,217,794 |
| Castellum AB (a) | 53,487 | 1,059,222 |
| Electrolux AB, Class B (a) | 47,239 | 720,414 |
| Elekta AB, Class B (a) | 65,204 | 439,167 |
| Embracer Group AB * (a) | 123,337 | 824,386 |
| Epiroc AB, Class A (a) | 117,075 | 2,373,469 |
| Epiroc AB, Class B | 72,926 | 1,272,256 |
| EQT AB | 51,543 | 1,458,761 |
| Essity AB, Class A | 5,307 | 141,330 |
| Essity AB, Class B (a) | 112,846 | 2,975,860 |
| Evolution AB (b) | 33,790 | 3,466,797 |
| Fabege AB | 50,722 | 615,671 |
| Fastighets AB Balder, Class B * | 19,665 | 974,741 |
| Getinge AB, Class B | 40,795 | 1,180,109 |
| H & M Hennes & Mauritz AB, Class B (a) | 139,038 | 1,750,361 |
| Hexagon AB, Class B * (a) | 388,249 | 5,009,550 |
| Hexpol AB | 49,012 | 420,825 |
| Holmen AB, Class B | 17,323 | 1,001,248 |
| Husqvarna AB, Class A | 4,621 | 44,634 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Sweden — continued |
| Husqvarna AB, Class B (a) | 77,467 | 740,515 |
| Industrivarden AB, Class A (a) | 34,073 | 873,037 |
| Industrivarden AB, Class C (a) | 31,935 | 804,107 |
| Indutrade AB | 49,715 | 1,172,669 |
| Intrum AB * | 13,979 | 337,915 |
| Investment AB Latour, Class B | 25,327 | 670,977 |
| Investor AB, Class A (a) | 107,247 | 2,240,016 |
| Investor AB, Class B | 340,705 | 6,556,154 |
| Kinnevik AB, Class A * | 1,576 | 34,333 |
| Kinnevik AB, Class B * | 45,283 | 886,300 |
| L E Lundbergforetagen AB, Class B | 12,024 | 562,319 |
| Lifco AB, Class B * | 39,629 | 831,244 |
| Lundin Energy AB (a) | 35,823 | 1,481,133 |
| Nibe Industrier AB, Class B | 263,395 | 2,582,431 |
| Nordnet AB publ | 30,579 | 530,385 |
| Saab AB, Class B | 15,322 | 648,104 |
| Sagax AB, Class B | 31,212 | 797,293 |
| Sagax AB, Class D | 20,655 | 63,630 |
| Samhallsbyggnadsbolaget i Norden AB (a) | 213,637 | 671,070 |
| Samhallsbyggnadsbolaget i Norden AB, Class D (a) | 27,751 | 72,800 |
| Sandvik AB | 204,079 | 3,862,871 |
| Securitas AB, Class B | 60,507 | 714,394 |
| Sinch AB * (b) | 127,651 | 564,140 |
| Skandinaviska Enskilda Banken AB, Class C (a) | 2,654 | 32,337 |
| Skandinaviska Enskilda Banken AB, Class A | 300,304 | 3,367,638 |
| Skanska AB, Class B | 74,702 | 1,426,972 |
| SKF AB, Class A (a) | 2,719 | 53,366 |
| SKF AB, Class B | 70,708 | 1,154,852 |
| SSAB AB, Class A | 41,798 | 265,464 |
| SSAB AB, Class B (a) | 117,830 | 692,914 |
| Storskogen Group AB, Class B * (a) | 184,273 | 388,685 |
| Svenska Cellulosa AB SCA, Class A | 5,842 | 114,696 |
| Svenska Cellulosa AB SCA, Class B | 112,106 | 2,169,565 |
| Svenska Handelsbanken AB, Class B (a) | 6,947 | 78,418 |
| Svenska Handelsbanken AB, Class A | 287,304 | 2,897,840 |
| Swedbank AB, Class A | 173,584 | 2,745,967 |
| Swedish Match AB | 294,895 | 2,348,774 |
| Tele2 AB, Class B (a) | 93,658 | 1,241,370 |
| Telefonaktiebolaget LM Ericsson, Class A | 11,518 | 97,433 |
| Telefonaktiebolaget LM Ericsson, Class B | 540,071 | 4,308,268 |
| Telia Co. AB | 466,956 | 1,938,154 |
| Trelleborg AB, Class B | 45,362 | 994,951 |
| Vitrolife AB | 13,651 | 351,009 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 112 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Sweden — continued |
| Volvo AB, Class A | 36,012 | 592,060 |
| Volvo AB, Class B | 297,046 | 4,738,906 |
| Volvo Car AB, Class B * (a) | 100,099 | 734,344 |
| | | 104,314,773 |
| Switzerland — 9.8% |
| ABB Ltd. (Registered) | 334,029 | 10,021,525 |
| Adecco Group AG (Registered) | 31,458 | 1,213,961 |
| Alcon, Inc. | 93,445 | 6,672,054 |
| Baloise Holding AG (Registered) | 8,564 | 1,489,630 |
| Barry Callebaut AG (Registered) | 561 | 1,291,173 |
| Chocoladefabriken Lindt & Spruengli AG | 199 | 2,231,784 |
| Chocoladefabriken Lindt & Spruengli AG (Registered) | 21 | 2,491,288 |
| Cie Financiere Richemont SA (Registered) | 97,614 | 11,341,842 |
| Credit Suisse Group AG (Registered) | 470,909 | 3,196,211 |
| EMS-Chemie Holding AG (Registered) | 1,267 | 1,130,322 |
| Geberit AG (Registered) | 6,696 | 3,818,554 |
| Givaudan SA (Registered) | 1,486 | 5,906,139 |
| Holcim AG * | 96,752 | 4,730,740 |
| Julius Baer Group Ltd. | 41,290 | 1,973,160 |
| Kuehne + Nagel International AG (Registered) | 9,466 | 2,648,078 |
| Lonza Group AG (Registered) | 13,925 | 8,210,658 |
| Mediclinic International plc * | 76,313 | 353,783 |
| Nestle SA (Registered) | 526,407 | 67,956,032 |
| Novartis AG (Registered) | 455,241 | 40,229,335 |
| Partners Group Holding AG | 4,244 | 4,496,507 |
| Roche Holding AG | 131,380 | 48,717,550 |
| Roche Holding AG | 4,978 | 1,999,889 |
| Schindler Holding AG | 7,600 | 1,460,155 |
| Schindler Holding AG (Registered) | 3,744 | 718,752 |
| SGS SA (Registered) | 1,133 | 2,911,268 |
| Sika AG (Registered) | 28,635 | 8,746,797 |
| Sonova Holding AG (Registered) | 9,923 | 3,578,493 |
| Straumann Holding AG (Registered) | 21,430 | 2,526,418 |
| Swatch Group AG (The) | 5,411 | 1,388,694 |
| Swatch Group AG (The) (Registered) | 10,116 | 499,065 |
| Swiss Life Holding AG (Registered) | 5,885 | 3,441,051 |
| Swisscom AG (Registered) (a) | 4,738 | 2,801,583 |
| Temenos AG (Registered) | 12,579 | 1,269,797 |
| UBS Group AG (Registered) | 692,360 | 11,753,947 |
| Vifor Pharma AG | 8,735 | 1,544,957 |
| Zurich Insurance Group AG | 28,136 | 12,809,475 |
| | | 287,570,667 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| United Arab Emirates — 0.0% ^ |
| NMC Health plc ‡ * | 300 | — |
| United Kingdom — 12.3% |
| 3i Group plc | 181,990 | 2,978,311 |
| abrdn plc | 407,799 | 957,564 |
| Admiral Group plc | 50,878 | 1,601,501 |
| Allfunds Group plc | 35,543 | 304,693 |
| Ashtead Group plc | 84,022 | 4,344,547 |
| ASOS plc * | 13,160 | 229,148 |
| Associated British Foods plc | 66,621 | 1,333,136 |
| AstraZeneca plc | 289,740 | 38,663,264 |
| Auto Trader Group plc (b) | 181,685 | 1,433,887 |
| AVEVA Group plc | 22,983 | 617,693 |
| Aviva plc | 703,162 | 3,772,555 |
| B&M European Value Retail SA | 159,147 | 975,108 |
| BAE Systems plc | 603,028 | 5,569,963 |
| Barclays plc | 2,980,458 | 5,478,507 |
| Barratt Developments plc | 190,848 | 1,167,616 |
| Berkeley Group Holdings plc * | 21,009 | 1,065,503 |
| BP plc | 3,706,022 | 17,891,916 |
| Bridgepoint Group plc (b) | 41,337 | 159,160 |
| British American Tobacco plc | 427,229 | 17,906,168 |
| British Land Co. plc (The), REIT | 175,401 | 1,129,831 |
| BT Group plc | 1,640,370 | 3,637,664 |
| Bunzl plc | 63,094 | 2,434,206 |
| Burberry Group plc | 75,565 | 1,491,310 |
| Centrica plc * | 1,099,850 | 1,089,720 |
| CK Hutchison Holdings Ltd. | 503,000 | 3,530,017 |
| CNH Industrial NV | 186,256 | 2,638,557 |
| Coca-Cola Europacific Partners plc | 37,475 | 1,871,876 |
| Compass Group plc | 333,874 | 7,045,359 |
| ConvaTec Group plc (b) | 299,443 | 792,114 |
| Croda International plc | 26,654 | 2,588,811 |
| Darktrace plc * | 58,378 | 314,906 |
| DCC plc | 18,950 | 1,435,822 |
| Dechra Pharmaceuticals plc | 20,266 | 918,361 |
| Deliveroo plc * (b) | 75,087 | 103,775 |
| Derwent London plc, REIT | 21,221 | 805,166 |
| Diageo plc | 435,979 | 21,750,486 |
| Direct Line Insurance Group plc | 254,279 | 807,051 |
| Dr. Martens plc | 107,133 | 280,112 |
| DS Smith plc | 256,919 | 1,055,749 |
| easyJet plc * | 106,108 | 735,275 |
| Entain plc * | 109,476 | 2,057,089 |
| Experian plc | 181,301 | 6,261,113 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 113 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United Kingdom — continued |
| Halma plc | 70,858 | 2,175,025 |
| Harbour Energy plc | 106,265 | 666,388 |
| Hargreaves Lansdown plc | 66,523 | 761,578 |
| Hiscox Ltd. | 66,039 | 784,165 |
| Howden Joinery Group plc | 112,736 | 1,067,330 |
| HSBC Holdings plc | 3,852,066 | 24,072,052 |
| Imperial Brands plc | 177,539 | 3,695,568 |
| Informa plc * | 281,085 | 1,993,989 |
| InterContinental Hotels Group plc | 35,036 | 2,236,689 |
| Intermediate Capital Group plc | 55,000 | 1,052,506 |
| Intertek Group plc | 30,123 | 1,877,114 |
| ITV plc | 677,483 | 625,624 |
| J Sainsbury plc | 327,186 | 954,649 |
| JD Sports Fashion plc | 460,346 | 758,501 |
| Johnson Matthey plc | 37,202 | 1,023,364 |
| Kingfisher plc | 385,485 | 1,215,655 |
| Land Securities Group plc, REIT | 140,497 | 1,317,661 |
| Legal & General Group plc | 1,116,479 | 3,480,172 |
| Lloyds Banking Group plc | 13,284,265 | 7,544,980 |
| London Stock Exchange Group plc | 60,586 | 5,973,279 |
| M&G plc | 486,188 | 1,290,803 |
| Marks & Spencer Group plc * | 366,273 | 625,272 |
| Meggitt plc * | 145,958 | 1,415,051 |
| Melrose Industries plc | 817,653 | 1,188,130 |
| National Grid plc | 724,871 | 10,769,392 |
| NatWest Group plc | 962,306 | 2,581,663 |
| Next plc | 24,814 | 1,858,586 |
| Ocado Group plc * | 120,630 | 1,379,603 |
| Oxford Nanopore Technologies plc * | 70,002 | 266,546 |
| Pearson plc | 141,484 | 1,373,782 |
| Pepco Group NV * (b) | 18,175 | 169,736 |
| Persimmon plc | 59,577 | 1,551,640 |
| Phoenix Group Holdings plc | 158,879 | 1,203,413 |
| Prudential plc | 513,580 | 6,393,275 |
| Reckitt Benckiser Group plc | 137,734 | 10,741,269 |
| RELX plc | 370,715 | 11,043,778 |
| Rentokil Initial plc | 347,698 | 2,388,085 |
| Rightmove plc | 163,731 | 1,258,616 |
| Rolls-Royce Holdings plc * | 1,561,757 | 1,601,052 |
| Royal Mail plc | 146,888 | 629,606 |
| Sage Group plc (The) | 209,187 | 1,919,624 |
| Schroders plc | 22,824 | 805,692 |
| Schroders plc (Non-Voting) | 9,472 | 278,756 |
| Segro plc, REIT | 224,860 | 3,764,628 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| United Kingdom — continued |
| Severn Trent plc | 47,530 | 1,868,002 |
| Smith & Nephew plc | 165,472 | 2,682,063 |
| Smiths Group plc | 74,120 | 1,356,344 |
| Spirax-Sarco Engineering plc | 13,766 | 2,077,228 |
| SSE plc | 196,026 | 4,552,865 |
| St James's Place plc | 100,832 | 1,620,329 |
| Standard Chartered plc | 477,915 | 3,267,181 |
| Tate & Lyle plc | 87,441 | 849,892 |
| Taylor Wimpey plc | 682,293 | 1,073,081 |
| Tesco plc | 1,430,468 | 4,859,758 |
| THG plc * | 135,008 | 181,262 |
| Travis Perkins plc | 41,844 | 638,222 |
| Unilever plc | 491,674 | 22,857,983 |
| United Utilities Group plc | 127,269 | 1,828,908 |
| Vodafone Group plc | 5,011,583 | 7,587,333 |
| Weir Group plc (The) | 48,549 | 933,330 |
| Whitbread plc * | 37,668 | 1,314,871 |
| Wise plc, Class A * | 78,405 | 384,221 |
| WPP plc | 227,143 | 2,831,308 |
| | | 363,763,078 |
| United States — 2.0% |
| Avast plc (b) | 121,962 | 864,957 |
| Carnival plc * | 29,449 | 461,709 |
| Ferguson plc | 43,417 | 5,446,627 |
| GlaxoSmithKline plc | 936,727 | 21,116,241 |
| James Hardie Industries plc, CHDI | 83,104 | 2,395,744 |
| JS Global Lifestyle Co. Ltd. (b) | 159,000 | 188,623 |
| QIAGEN NV * | 43,165 | 1,990,644 |
| Schneider Electric SE | 106,411 | 15,266,689 |
| Stellantis NV | 415,922 | 5,584,025 |
| Swiss Re AG | 54,028 | 4,430,666 |
| Tenaris SA | 85,610 | 1,308,308 |
| | | 59,054,233 |
Total Common Stocks
(Cost $2,828,172,941) | | 2,914,099,386 |
| Short-Term Investments — 3.1% |
| Investment Companies — 0.4% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $9,889,216) | 9,889,216 | 9,889,216 |
| Investment of Cash Collateral from Securities Loaned — 2.7% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) | 61,030,734 | 60,988,012 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 114 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Short-Term Investments — continued |
| Investment of Cash Collateral from Securities Loaned — continued |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 19,464,695 | 19,464,695 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $80,457,110) | | 80,452,707 |
Total Short-Term Investments
(Cost $90,346,326) | | 90,341,923 |
Total Investments — 102.0%
(Cost $2,918,519,267) | | 3,004,441,309 |
| Liabilities in Excess of Other Assets — (2.0)% | | (58,857,997) |
| NET ASSETS — 100.0% | | 2,945,583,312 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| APAC | Asia Pacific |
| CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
| CVA | Dutch Certification |
| OYJ | Public Limited Company |
| Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| REIT | Real Estate Investment Trust |
| SCA | Limited partnership with share capital |
| SDR | Swedish Depositary Receipt |
| SGPS | Holding company |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $65,283,866. | |
| (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, 2022. | |
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Pharmaceuticals | 9.2% |
| Banks | 8.7 |
| Insurance | 5.0 |
| Oil, Gas & Consumable Fuels | 4.1 |
| Metals & Mining | 3.8 |
| Food Products | 3.7 |
| Automobiles | 3.5 |
| Chemicals | 3.2 |
| Machinery | 2.9 |
| Textiles, Apparel & Luxury Goods | 2.8 |
| Semiconductors & Semiconductor Equipment | 2.7 |
| Capital Markets | 2.6 |
| Electric Utilities | 2.0 |
| Beverages | 1.9 |
| Diversified Telecommunication Services | 1.9 |
| Health Care Equipment & Supplies | 1.9 |
| Electrical Equipment | 1.9 |
| Trading Companies & Distributors | 1.8 |
| IT Services | 1.7 |
| Personal Products | 1.6 |
| Professional Services | 1.6 |
| Food & Staples Retailing | 1.5 |
| Industrial Conglomerates | 1.5 |
| Electronic Equipment, Instruments & Components | 1.5 |
| Wireless Telecommunication Services | 1.3 |
| Equity Real Estate Investment Trusts (REITs) | 1.2 |
| Aerospace & Defense | 1.2 |
| Software | 1.2 |
| Real Estate Management & Development | 1.1 |
| Hotels, Restaurants & Leisure | 1.1 |
| Building Products | 1.1 |
| Household Durables | 1.0 |
| Others (each less than 1.0%) | 14.8 |
| Short-Term Investments | 3.0 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 115 |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| MSCI EAFE E-Mini Index | 318 | 06/17/2022 | USD | 31,723,680 | (1,004,203) |
| Abbreviations | |
| EAFE | Europe, Australasia, and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 116 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 98.7% |
| Air Freight & Logistics — 0.4% |
| SG Holdings Co. Ltd. | 966,100 | 17,025,270 |
| Yamato Holdings Co. Ltd. | 660,700 | 12,363,017 |
| | | 29,388,287 |
| Airlines — 0.1% |
| ANA Holdings, Inc. * (a) | 304,900 | 5,747,565 |
| Japan Airlines Co. Ltd. * | 276,100 | 4,558,268 |
| | | 10,305,833 |
| Auto Components — 2.2% |
| Aisin Corp. | 349,500 | 10,153,172 |
| Bridgestone Corp. | 1,157,100 | 42,411,995 |
| Denso Corp. | 992,200 | 60,469,888 |
| Koito Manufacturing Co. Ltd. | 245,000 | 8,990,164 |
| NGK Spark Plug Co. Ltd. | 326,600 | 5,011,749 |
| Stanley Electric Co. Ltd. | 287,700 | 4,960,843 |
| Sumitomo Electric Industries Ltd. | 1,515,200 | 16,289,660 |
| Sumitomo Rubber Industries Ltd. | 357,100 | 3,095,266 |
| Toyota Boshoku Corp. | 192,200 | 3,063,174 |
| | | 154,445,911 |
| Automobiles — 8.6% |
| Honda Motor Co. Ltd. | 3,283,300 | 86,362,456 |
| Isuzu Motors Ltd. | 1,185,500 | 13,829,786 |
| Mazda Motor Corp. | 1,145,200 | 8,131,785 |
| Mitsubishi Motors Corp. * | 1,307,700 | 3,270,570 |
| Nissan Motor Co. Ltd. * | 4,590,000 | 18,376,282 |
| Subaru Corp. | 1,173,200 | 17,802,971 |
| Suzuki Motor Corp. | 936,400 | 28,227,886 |
| Toyota Motor Corp. | 24,591,400 | 421,341,938 |
| Yamaha Motor Co. Ltd. | 601,700 | 12,422,516 |
| | | 609,766,190 |
| Banks — 5.1% |
| Bank of Kyoto Ltd. (The) | 144,900 | 6,312,950 |
| Chiba Bank Ltd. (The) | 1,414,800 | 8,153,902 |
| Concordia Financial Group Ltd. | 2,307,400 | 8,396,871 |
| Fukuoka Financial Group, Inc. | 365,200 | 6,672,678 |
| Mitsubishi UFJ Financial Group, Inc. | 24,073,900 | 139,950,647 |
| Mizuho Financial Group, Inc. | 4,843,800 | 58,816,852 |
| Resona Holdings, Inc. | 4,581,000 | 19,920,157 |
| Shinsei Bank Ltd. | 241,800 | 4,240,187 |
| Shizuoka Bank Ltd. (The) | 1,135,800 | 7,348,709 |
| Sumitomo Mitsui Financial Group, Inc. | 2,621,500 | 79,205,863 |
| Sumitomo Mitsui Trust Holdings, Inc. | 715,200 | 22,198,034 |
| | | 361,216,850 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Beverages — 1.0% |
| Asahi Group Holdings Ltd. | 968,100 | 36,490,444 |
| Kirin Holdings Co. Ltd. | 1,587,400 | 23,140,680 |
| Suntory Beverage & Food Ltd. | 241,400 | 9,511,406 |
| | | 69,142,530 |
| Building Products — 1.7% |
| AGC, Inc. | 434,600 | 16,292,903 |
| Daikin Industries Ltd. | 558,500 | 85,348,688 |
| Lixil Corp. | 555,300 | 9,766,797 |
| TOTO Ltd. | 304,000 | 10,244,437 |
| | | 121,652,825 |
| Capital Markets — 0.9% |
| Daiwa Securities Group, Inc. | 2,917,700 | 14,300,022 |
| Japan Exchange Group, Inc. | 1,008,100 | 15,011,021 |
| Nomura Holdings, Inc. | 5,861,600 | 22,569,834 |
| SBI Holdings, Inc. | 467,100 | 10,447,683 |
| | | 62,328,560 |
| Chemicals — 4.1% |
| Air Water, Inc. | 438,900 | 5,825,477 |
| Asahi Kasei Corp. | 2,660,000 | 21,824,479 |
| JSR Corp. | 409,100 | 11,109,161 |
| Kansai Paint Co. Ltd. | 493,100 | 6,790,937 |
| Kuraray Co. Ltd. | 677,400 | 5,417,667 |
| Mitsubishi Chemical Holdings Corp. | 2,700,700 | 16,467,908 |
| Mitsubishi Gas Chemical Co., Inc. | 395,800 | 5,779,853 |
| Mitsui Chemicals, Inc. | 390,200 | 8,915,251 |
| Nippon Paint Holdings Co. Ltd. (a) | 2,758,700 | 21,852,592 |
| Nippon Sanso Holdings Corp. | 404,200 | 7,273,780 |
| Nissan Chemical Corp. | 273,800 | 14,462,834 |
| Nitto Denko Corp. | 286,300 | 19,216,734 |
| Shin-Etsu Chemical Co. Ltd. | 755,500 | 103,831,767 |
| Showa Denko KK | 353,600 | 6,880,479 |
| Sumitomo Chemical Co. Ltd. | 3,157,700 | 13,427,188 |
| Toray Industries, Inc. | 3,113,300 | 14,754,812 |
| Tosoh Corp. | 620,000 | 8,561,284 |
| | | 292,392,203 |
| Commercial Services & Supplies — 0.8% |
| Dai Nippon Printing Co. Ltd. | 526,800 | 11,009,084 |
| Secom Co. Ltd. | 408,700 | 28,753,880 |
| Sohgo Security Services Co. Ltd. | 165,100 | 4,586,286 |
| TOPPAN, Inc. | 667,800 | 11,038,518 |
| | | 55,387,768 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 117 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Construction & Engineering — 0.6% |
| Kajima Corp. | 947,200 | 10,556,052 |
| Kinden Corp. | 249,900 | 2,961,199 |
| Obayashi Corp. | 1,376,600 | 9,467,074 |
| Shimizu Corp. | 1,337,800 | 7,014,935 |
| Taisei Corp. | 393,800 | 10,667,256 |
| | | 40,666,516 |
| Consumer Finance — 0.1% |
| Acom Co. Ltd. | 866,100 | 2,227,371 |
| Marui Group Co. Ltd. | 397,600 | 6,845,669 |
| | | 9,073,040 |
| Diversified Financial Services — 0.7% |
| Mitsubishi HC Capital, Inc. | 1,511,800 | 6,802,302 |
| ORIX Corp. | 2,281,000 | 41,603,094 |
| Tokyo Century Corp. | 91,100 | 2,806,072 |
| | | 51,211,468 |
| Diversified Telecommunication Services — 0.9% |
| Nippon Telegraph & Telephone Corp. | 2,280,800 | 67,213,716 |
| Electric Utilities — 0.7% |
| Chubu Electric Power Co., Inc. | 1,373,900 | 13,869,612 |
| Chugoku Electric Power Co., Inc. (The) (a) | 620,200 | 4,084,958 |
| Kansai Electric Power Co., Inc. (The) | 1,576,900 | 13,823,106 |
| Kyushu Electric Power Co., Inc. | 905,100 | 5,680,767 |
| Tohoku Electric Power Co., Inc. | 960,400 | 5,342,268 |
| Tokyo Electric Power Co. Holdings, Inc. * | 1,532,900 | 5,291,196 |
| | | 48,091,907 |
| Electrical Equipment — 1.7% |
| Fuji Electric Co. Ltd. | 285,400 | 12,514,996 |
| Mitsubishi Electric Corp. | 4,097,600 | 42,919,456 |
| Nidec Corp. | 1,047,300 | 67,707,012 |
| | | 123,141,464 |
| Electronic Equipment, Instruments & Components — 5.0% |
| Hamamatsu Photonics KK | 281,000 | 12,572,833 |
| Hirose Electric Co. Ltd. | 63,700 | 8,081,870 |
| Ibiden Co. Ltd. | 254,600 | 9,514,878 |
| Keyence Corp. | 367,000 | 147,535,557 |
| Kyocera Corp. | 670,500 | 35,205,914 |
| Murata Manufacturing Co. Ltd. | 1,224,900 | 73,013,223 |
| Omron Corp. | 393,200 | 23,180,742 |
| Shimadzu Corp. | 525,600 | 17,182,996 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Electronic Equipment, Instruments & Components — continued |
| TDK Corp. | 742,400 | 22,934,017 |
| Yokogawa Electric Corp. | 456,200 | 7,272,963 |
| | | 356,494,993 |
| Entertainment — 2.3% |
| Capcom Co. Ltd. | 310,000 | 8,180,007 |
| Koei Tecmo Holdings Co. Ltd. | 114,300 | 3,505,011 |
| Konami Holdings Corp. | 190,500 | 11,714,492 |
| Nexon Co. Ltd. | 892,400 | 20,320,937 |
| Nintendo Co. Ltd. | 223,200 | 101,866,406 |
| Square Enix Holdings Co. Ltd. | 170,100 | 6,791,374 |
| Toho Co. Ltd. | 265,800 | 9,863,159 |
| | | 162,241,386 |
| Equity Real Estate Investment Trusts (REITs) — 1.6% |
| Advance Residence Investment Corp. | 2,632 | 7,230,268 |
| Daiwa House REIT Investment Corp. | 4,022 | 9,789,558 |
| GLP J-REIT | 8,562 | 11,553,346 |
| Japan Metropolitan Fund Invest | 13,325 | 10,591,098 |
| Japan Prime Realty Investment Corp. | 1,890 | 5,733,807 |
| Japan Real Estate Investment Corp. | 2,632 | 12,738,511 |
| Nippon Building Fund, Inc. | 3,240 | 16,819,835 |
| Nippon Prologis REIT, Inc. | 5,102 | 14,121,164 |
| Nomura Real Estate Master Fund, Inc. | 9,001 | 11,301,111 |
| Orix JREIT, Inc. | 5,268 | 7,120,865 |
| United Urban Investment Corp. | 5,954 | 6,514,483 |
| | | 113,514,046 |
| Food & Staples Retailing — 1.8% |
| Aeon Co. Ltd. | 1,664,100 | 31,626,642 |
| Cosmos Pharmaceutical Corp. | 41,200 | 3,798,128 |
| Kobe Bussan Co. Ltd. | 239,800 | 5,846,159 |
| Lawson, Inc. | 95,100 | 3,497,798 |
| MatsukiyoCocokara & Co. | 245,000 | 8,098,563 |
| Seven & i Holdings Co. Ltd. | 1,522,300 | 67,311,418 |
| Sundrug Co. Ltd. | 130,400 | 3,035,988 |
| Tsuruha Holdings, Inc. | 76,400 | 3,904,653 |
| Welcia Holdings Co. Ltd. | 196,900 | 4,036,266 |
| | | 131,155,615 |
| Food Products — 1.7% |
| Ajinomoto Co., Inc. | 1,048,400 | 27,239,061 |
| Calbee, Inc. | 220,000 | 3,940,729 |
| Kewpie Corp. | 216,400 | 3,644,556 |
| Kikkoman Corp. | 370,300 | 20,811,289 |
| MEIJI Holdings Co. Ltd. | 277,600 | 13,837,508 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 118 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Food Products — continued |
| NH Foods Ltd. | 197,400 | 6,233,982 |
| Nisshin Seifun Group, Inc. | 498,200 | 6,641,418 |
| Nissin Foods Holdings Co. Ltd. | 159,100 | 11,067,416 |
| Toyo Suisan Kaisha Ltd. | 195,600 | 6,039,416 |
| Yakult Honsha Co. Ltd. | 306,700 | 15,881,119 |
| Yamazaki Baking Co. Ltd. | 339,400 | 4,195,709 |
| | | 119,532,203 |
| Gas Utilities — 0.4% |
| Osaka Gas Co. Ltd. | 794,100 | 14,312,391 |
| Tokyo Gas Co. Ltd. | 782,000 | 14,978,785 |
| | | 29,291,176 |
| Health Care Equipment & Supplies — 2.6% |
| Asahi Intecc Co. Ltd. | 451,100 | 8,717,027 |
| Hoya Corp. | 704,900 | 69,955,784 |
| Olympus Corp. | 2,478,000 | 43,615,594 |
| Sysmex Corp. | 323,500 | 21,220,814 |
| Terumo Corp. | 1,449,200 | 43,135,652 |
| | | 186,644,871 |
| Health Care Providers & Services — 0.2% |
| Alfresa Holdings Corp. | 402,900 | 5,478,918 |
| Medipal Holdings Corp. | 400,700 | 6,598,886 |
| | | 12,077,804 |
| Health Care Technology — 0.4% |
| M3, Inc. | 816,600 | 26,077,264 |
| Hotels, Restaurants & Leisure — 1.0% |
| McDonald's Holdings Co. Japan Ltd. | 142,400 | 5,649,415 |
| Oriental Land Co. Ltd. | 437,800 | 66,226,084 |
| | | 71,875,499 |
| Household Durables — 4.4% |
| Casio Computer Co. Ltd. | 440,400 | 4,566,884 |
| Haseko Corp. | 431,200 | 4,724,672 |
| Iida Group Holdings Co. Ltd. | 341,600 | 5,433,022 |
| Nikon Corp. | 664,800 | 7,470,240 |
| Open House Group Co. Ltd. | 142,300 | 5,506,250 |
| Panasonic Holdings Corp. | 4,447,300 | 39,639,657 |
| Rinnai Corp. | 73,600 | 4,704,470 |
| Sekisui Chemical Co. Ltd. | 845,500 | 11,449,031 |
| Sekisui House Ltd. | 1,240,500 | 21,544,930 |
| Sharp Corp. | 407,900 | 3,451,367 |
| Sony Group Corp. | 2,405,000 | 207,554,108 |
| | | 316,044,631 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Household Products — 0.5% |
| Lion Corp. | 569,700 | 5,869,867 |
| Unicharm Corp. | 852,500 | 29,660,181 |
| | | 35,530,048 |
| Industrial Conglomerates — 1.7% |
| Hitachi Ltd. | 1,846,900 | 87,591,943 |
| Toshiba Corp. | 826,500 | 34,323,163 |
| | | 121,915,106 |
| Insurance — 2.9% |
| Dai-ichi Life Holdings, Inc. | 2,131,300 | 42,677,194 |
| Japan Post Holdings Co. Ltd. | 2,300,200 | 16,128,679 |
| Japan Post Insurance Co. Ltd. | 381,300 | 6,165,542 |
| MS&AD Insurance Group Holdings, Inc. | 895,400 | 26,653,610 |
| Sompo Holdings, Inc. | 664,100 | 27,035,508 |
| T&D Holdings, Inc. | 1,124,400 | 14,449,039 |
| Tokio Marine Holdings, Inc. | 1,329,900 | 71,905,967 |
| | | 205,015,539 |
| Interactive Media & Services — 0.3% |
| Kakaku.com, Inc. | 246,200 | 5,155,875 |
| Z Holdings Corp. | 4,966,600 | 19,498,070 |
| | | 24,653,945 |
| Internet & Direct Marketing Retail — 0.3% |
| Mercari, Inc. * (a) | 214,100 | 3,508,540 |
| Rakuten Group, Inc. | 1,750,600 | 12,306,518 |
| ZOZO, Inc. | 214,500 | 4,491,093 |
| | | 20,306,151 |
| IT Services — 2.4% |
| Fujitsu Ltd. | 352,400 | 53,264,964 |
| GMO Payment Gateway, Inc. | 84,500 | 7,089,542 |
| Itochu Techno-Solutions Corp. | 182,300 | 4,268,702 |
| NEC Corp. | 521,000 | 20,212,648 |
| Nomura Research Institute Ltd. | 827,700 | 23,404,396 |
| NTT Data Corp. | 1,230,700 | 22,691,543 |
| Obic Co. Ltd. | 128,100 | 18,925,409 |
| Otsuka Corp. | 224,900 | 7,370,448 |
| SCSK Corp. | 292,700 | 4,653,440 |
| TIS, Inc. | 415,900 | 9,340,851 |
| | | 171,221,943 |
| Leisure Products — 1.0% |
| Bandai Namco Holdings, Inc. | 422,400 | 28,597,727 |
| Sega Sammy Holdings, Inc. | 334,400 | 5,925,442 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 119 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Leisure Products — continued |
| Shimano, Inc. | 159,500 | 28,260,921 |
| Yamaha Corp. | 307,300 | 11,741,004 |
| | | 74,525,094 |
| Machinery — 5.2% |
| Amada Co. Ltd. | 685,200 | 5,320,552 |
| Daifuku Co. Ltd. | 241,200 | 14,831,064 |
| FANUC Corp. | 366,400 | 56,142,758 |
| Harmonic Drive Systems, Inc. (a) | 95,000 | 2,402,681 |
| Hino Motors Ltd. | 547,700 | 2,827,225 |
| Hitachi Construction Machinery Co. Ltd. | 197,900 | 4,480,723 |
| Hoshizaki Corp. | 112,300 | 7,113,346 |
| Kawasaki Heavy Industries Ltd. | 320,000 | 5,690,498 |
| Komatsu Ltd. | 1,856,000 | 41,772,033 |
| Kubota Corp. | 2,174,500 | 36,941,864 |
| Kurita Water Industries Ltd. | 204,700 | 6,983,611 |
| Makita Corp. | 534,300 | 15,792,222 |
| MINEBEA MITSUMI, Inc. | 773,800 | 14,846,257 |
| MISUMI Group, Inc. | 542,400 | 13,600,313 |
| Mitsubishi Heavy Industries Ltd. | 642,700 | 21,974,008 |
| Nabtesco Corp. | 230,900 | 5,266,277 |
| NGK Insulators Ltd. | 515,000 | 6,927,587 |
| NSK Ltd. | 935,500 | 5,176,809 |
| SMC Corp. | 119,200 | 57,719,072 |
| Sumitomo Heavy Industries Ltd. | 234,300 | 4,958,115 |
| Toyota Industries Corp. | 391,400 | 23,474,929 |
| Yaskawa Electric Corp. | 509,600 | 17,303,707 |
| | | 371,545,651 |
| Marine — 0.6% |
| Mitsui OSK Lines Ltd. | 690,300 | 16,160,701 |
| Nippon Yusen KK | 323,900 | 23,367,441 |
| | | 39,528,142 |
| Media — 0.5% |
| CyberAgent, Inc. | 781,000 | 8,251,159 |
| Dentsu Group, Inc. | 472,800 | 17,040,497 |
| Hakuhodo DY Holdings, Inc. | 580,600 | 6,851,990 |
| | | 32,143,646 |
| Metals & Mining — 1.0% |
| Hitachi Metals Ltd. * | 384,500 | 6,000,004 |
| JFE Holdings, Inc. | 1,101,000 | 13,463,857 |
| Nippon Steel Corp. | 1,813,700 | 28,799,001 |
| Sumitomo Metal Mining Co. Ltd. | 521,900 | 22,888,840 |
| | | 71,151,702 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Multiline Retail — 0.3% |
| Pan Pacific International Holdings Corp. | 1,015,900 | 15,556,849 |
| Ryohin Keikaku Co. Ltd. | 504,500 | 4,534,008 |
| | | 20,090,857 |
| Oil, Gas & Consumable Fuels — 0.8% |
| ENEOS Holdings, Inc. | 6,163,900 | 21,688,394 |
| Idemitsu Kosan Co. Ltd. | 471,352 | 12,422,517 |
| Inpex Corp. | 1,958,600 | 23,303,763 |
| | | 57,414,674 |
| Paper & Forest Products — 0.1% |
| Oji Holdings Corp. | 1,934,600 | 9,164,208 |
| Personal Products — 1.2% |
| Kao Corp. | 906,600 | 36,335,144 |
| Kobayashi Pharmaceutical Co. Ltd. | 110,100 | 7,508,234 |
| Kose Corp. | 66,200 | 6,796,161 |
| Pola Orbis Holdings, Inc. | 161,500 | 1,861,954 |
| Shiseido Co. Ltd. | 763,200 | 36,077,568 |
| | | 88,579,061 |
| Pharmaceuticals — 5.8% |
| Astellas Pharma, Inc. | 3,551,100 | 54,068,042 |
| Chugai Pharmaceutical Co. Ltd. | 1,217,500 | 36,482,590 |
| Daiichi Sankyo Co. Ltd. | 3,492,600 | 87,939,878 |
| Eisai Co. Ltd. | 564,900 | 24,601,922 |
| Kyowa Kirin Co. Ltd. | 483,500 | 10,190,621 |
| Nippon Shinyaku Co. Ltd. | 115,500 | 7,811,709 |
| Ono Pharmaceutical Co. Ltd. | 946,700 | 24,321,245 |
| Otsuka Holdings Co. Ltd. | 1,064,500 | 35,769,800 |
| Santen Pharmaceutical Co. Ltd. | 764,000 | 6,214,898 |
| Shionogi & Co. Ltd. | 540,800 | 30,082,501 |
| Sumitomo Pharma Co. Ltd. | 364,900 | 3,250,385 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 107,900 | 4,249,957 |
| Takeda Pharmaceutical Co. Ltd. | 3,017,700 | 87,563,230 |
| | | 412,546,778 |
| Professional Services — 1.9% |
| Benefit One, Inc. | 146,700 | 2,224,328 |
| Nihon M&A Center Holdings, Inc. | 570,400 | 7,023,800 |
| Persol Holdings Co. Ltd. | 361,900 | 7,179,964 |
| Recruit Holdings Co. Ltd. | 3,235,000 | 117,371,020 |
| | | 133,799,112 |
| Real Estate Management & Development — 2.4% |
| Aeon Mall Co. Ltd. | 181,500 | 2,208,412 |
| Daito Trust Construction Co. Ltd. | 132,100 | 12,722,803 |
| Daiwa House Industry Co. Ltd. | 1,271,900 | 30,576,724 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 120 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Real Estate Management & Development — continued |
| Hulic Co. Ltd. | 1,128,700 | 9,530,064 |
| Mitsubishi Estate Co. Ltd. | 2,655,400 | 38,680,098 |
| Mitsui Fudosan Co. Ltd. | 1,841,800 | 39,034,660 |
| Nomura Real Estate Holdings, Inc. | 223,100 | 5,435,997 |
| Sumitomo Realty & Development Co. Ltd. | 908,600 | 24,103,778 |
| Tokyu Fudosan Holdings Corp. | 1,153,400 | 6,001,912 |
| | | 168,294,448 |
| Road & Rail — 2.8% |
| Central Japan Railway Co. | 392,700 | 49,435,115 |
| East Japan Railway Co. | 720,100 | 37,550,902 |
| Hankyu Hanshin Holdings, Inc. | 460,800 | 12,161,251 |
| Keio Corp. | 232,900 | 8,932,314 |
| Keisei Electric Railway Co. Ltd. | 328,300 | 8,049,739 |
| Kintetsu Group Holdings Co. Ltd. (a) | 364,300 | 10,444,938 |
| Kyushu Railway Co. | 300,300 | 5,886,105 |
| Nagoya Railroad Co. Ltd. | 375,500 | 6,030,960 |
| NIPPON EXPRESS HOLDINGS, Inc. | 155,500 | 9,117,085 |
| Odakyu Electric Railway Co. Ltd. (a) | 661,700 | 10,020,160 |
| Seibu Holdings, Inc. | 518,900 | 5,155,304 |
| Tobu Railway Co. Ltd. | 399,800 | 8,986,772 |
| Tokyu Corp. | 1,084,500 | 13,262,145 |
| West Japan Railway Co. | 465,300 | 17,271,462 |
| | | 202,304,252 |
| Semiconductors & Semiconductor Equipment — 3.3% |
| Advantest Corp. | 380,800 | 25,988,878 |
| Disco Corp. | 57,000 | 13,950,775 |
| Lasertec Corp. | 147,700 | 19,732,927 |
| Renesas Electronics Corp. * | 2,670,300 | 28,513,378 |
| Rohm Co. Ltd. | 166,600 | 11,638,821 |
| SUMCO Corp. | 614,600 | 8,851,266 |
| Tokyo Electron Ltd. | 300,100 | 126,626,205 |
| | | 235,302,250 |
| Software — 0.3% |
| Oracle Corp., Japan | 64,000 | 4,112,728 |
| Trend Micro, Inc. | 267,400 | 14,909,401 |
| | | 19,022,129 |
| Specialty Retail — 1.3% |
| ABC-Mart, Inc. | 60,300 | 2,500,639 |
| Fast Retailing Co. Ltd. | 126,300 | 58,149,304 |
| Hikari Tsushin, Inc. | 38,100 | 4,461,253 |
| Nitori Holdings Co. Ltd. | 165,600 | 17,036,821 |
| USS Co. Ltd. | 425,300 | 7,080,416 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Specialty Retail — continued |
| Workman Co. Ltd. (a) | 46,200 | 1,577,507 |
| Yamada Holdings Co. Ltd. | 1,456,800 | 4,350,122 |
| | | 95,156,062 |
| Technology Hardware, Storage & Peripherals — 1.6% |
| Brother Industries Ltd. | 501,300 | 8,712,392 |
| Canon, Inc. | 1,984,900 | 45,670,892 |
| FUJIFILM Holdings Corp. | 765,800 | 42,096,989 |
| Ricoh Co. Ltd. | 1,422,100 | 10,384,050 |
| Seiko Epson Corp. | 595,200 | 8,384,897 |
| | | 115,249,220 |
| Textiles, Apparel & Luxury Goods — 0.1% |
| Asics Corp. | 362,800 | 5,723,808 |
| Tobacco — 0.5% |
| Japan Tobacco, Inc. | 2,097,700 | 35,685,648 |
| Trading Companies & Distributors — 5.1% |
| ITOCHU Corp. | 2,842,000 | 85,774,347 |
| Marubeni Corp. | 3,316,000 | 36,196,203 |
| Mitsubishi Corp. | 2,834,400 | 95,166,462 |
| Mitsui & Co. Ltd. | 3,133,500 | 75,880,230 |
| MonotaRO Co. Ltd. (a) | 468,300 | 8,044,482 |
| Sojitz Corp. | 409,900 | 6,250,299 |
| Sumitomo Corp. | 2,387,000 | 37,771,033 |
| Toyota Tsusho Corp. | 452,800 | 16,267,858 |
| | | 361,350,914 |
| Transportation Infrastructure — 0.1% |
| Japan Airport Terminal Co. Ltd. * | 177,000 | 7,334,263 |
| Wireless Telecommunication Services — 3.7% |
| KDDI Corp. | 3,164,300 | 104,784,846 |
| SoftBank Corp. | 5,296,700 | 61,642,274 |
| SoftBank Group Corp. | 2,398,800 | 98,663,225 |
| | | 265,090,345 |
Total Common Stocks
(Cost $7,926,422,905) | | 7,030,019,552 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 121 |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Short Term Investments — 0.2% |
| Investment of Cash Collateral from Securities Loaned — 0.2% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (b) (c) | 10,093,724 | 10,086,658 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 1,597,340 | 1,597,340 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $11,682,989) | | 11,683,998 |
Total Investments — 98.9%
(Cost $7,938,105,894) | | 7,041,703,550 |
| Other Assets Less Liabilities — 1.1% | | 78,324,460 |
| NET ASSETS — 100.0% | | 7,120,028,010 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $11,113,596. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| TOPIX Index | 568 | 06/09/2022 | JPY | 84,647,428 | 466,375 |
| Abbreviations | |
| JPY | Japanese Yen |
| TOPIX | Tokyo Stock Price Index |
SEE NOTES TO FINANCIAL STATEMENTS.
| 122 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.5% |
| Aerospace & Defense — 1.6% |
| Boeing Co. (The) * | 16,036 | 2,386,798 |
| General Dynamics Corp. | 6,741 | 1,594,449 |
| HEICO Corp. | 1,236 | 174,560 |
| HEICO Corp., Class A | 2,177 | 253,925 |
| Howmet Aerospace, Inc. | 11,103 | 378,834 |
| Huntington Ingalls Industries, Inc. | 1,172 | 249,331 |
| L3Harris Technologies, Inc. | 5,750 | 1,335,495 |
| Lockheed Martin Corp. | 7,083 | 3,060,706 |
| Northrop Grumman Corp. | 4,301 | 1,889,859 |
| Raytheon Technologies Corp. | 43,673 | 4,145,005 |
| Textron, Inc. | 6,447 | 446,455 |
| TransDigm Group, Inc. * | 1,534 | 912,439 |
| | | 16,827,856 |
| Air Freight & Logistics — 0.6% |
| CH Robinson Worldwide, Inc. | 3,802 | 403,582 |
| Expeditors International of Washington, Inc. | 4,957 | 491,090 |
| FedEx Corp. | 7,120 | 1,415,029 |
| United Parcel Service, Inc., Class B | 21,331 | 3,839,153 |
| | | 6,148,854 |
| Airlines — 0.2% |
| Delta Air Lines, Inc. * | 18,721 | 805,565 |
| Southwest Airlines Co. * | 17,347 | 810,452 |
| United Airlines Holdings, Inc. * | 9,489 | 479,194 |
| | | 2,095,211 |
| Auto Components — 0.1% |
| Aptiv plc * | 7,912 | 841,837 |
| Autoliv, Inc. (Sweden) | 2,306 | 169,906 |
| BorgWarner, Inc. | 7,014 | 258,326 |
| Lear Corp. | 1,747 | 223,511 |
| | | 1,493,580 |
| Automobiles — 2.3% |
| Ford Motor Co. | 115,129 | 1,630,227 |
| General Motors Co. * | 42,522 | 1,612,009 |
| Lucid Group, Inc. * (a) | 16,375 | 296,060 |
| Tesla, Inc. * | 24,495 | 21,329,266 |
| | | 24,867,562 |
| Banks — 3.5% |
| Bank of America Corp. | 208,044 | 7,423,010 |
| Citigroup, Inc. | 58,089 | 2,800,471 |
| Citizens Financial Group, Inc. | 14,488 | 570,827 |
| Comerica, Inc. | 3,821 | 312,940 |
| East West Bancorp, Inc. | 4,146 | 295,610 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Banks — continued |
| Fifth Third Bancorp | 20,018 | 751,275 |
| First Republic Bank | 5,246 | 782,808 |
| Huntington Bancshares, Inc. | 42,089 | 553,470 |
| JPMorgan Chase & Co. (b) | 86,485 | 10,322,850 |
| KeyCorp | 27,173 | 524,711 |
| M&T Bank Corp. | 5,242 | 873,527 |
| PNC Financial Services Group, Inc. (The) | 12,286 | 2,040,704 |
| Regions Financial Corp. | 27,576 | 571,375 |
| Signature Bank | 1,828 | 442,833 |
| SVB Financial Group * | 1,722 | 839,716 |
| Truist Financial Corp. | 39,061 | 1,888,599 |
| US Bancorp | 39,528 | 1,919,480 |
| Wells Fargo & Co. | 113,730 | 4,962,040 |
| Zions Bancorp NA | 4,431 | 250,396 |
| | | 38,126,642 |
| Beverages — 1.7% |
| Brown-Forman Corp., Class A | 1,644 | 102,618 |
| Brown-Forman Corp., Class B | 5,338 | 359,995 |
| Coca-Cola Co. (The) | 113,775 | 7,351,003 |
| Constellation Brands, Inc., Class A | 4,795 | 1,180,002 |
| Keurig Dr Pepper, Inc. | 21,575 | 806,905 |
| Molson Coors Beverage Co., Class B | 5,515 | 298,582 |
| Monster Beverage Corp. * | 11,001 | 942,566 |
| PepsiCo, Inc. | 40,485 | 6,951,679 |
| | | 17,993,350 |
| Biotechnology — 2.1% |
| AbbVie, Inc. | 51,746 | 7,600,452 |
| Alnylam Pharmaceuticals, Inc. * | 3,516 | 469,140 |
| Amgen, Inc. | 16,494 | 3,846,236 |
| Biogen, Inc. * | 4,305 | 893,029 |
| BioMarin Pharmaceutical, Inc. * | 5,361 | 436,117 |
| Exact Sciences Corp. * (a) | 5,070 | 279,104 |
| Gilead Sciences, Inc. | 36,708 | 2,178,253 |
| Horizon Therapeutics plc * | 6,643 | 654,734 |
| Incyte Corp. * | 5,508 | 412,880 |
| Moderna, Inc. * | 10,311 | 1,385,902 |
| Neurocrine Biosciences, Inc. * | 2,762 | 248,663 |
| Regeneron Pharmaceuticals, Inc. * | 3,130 | 2,063,014 |
| Seagen, Inc. * | 3,910 | 512,249 |
| Vertex Pharmaceuticals, Inc. * | 7,461 | 2,038,494 |
| | | 23,018,267 |
| Building Products — 0.4% |
| Allegion plc | 2,625 | 299,880 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 123 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Building Products — continued |
| Carrier Global Corp. | 25,037 | 958,166 |
| Fortune Brands Home & Security, Inc. | 3,982 | 283,718 |
| Johnson Controls International plc | 20,573 | 1,231,706 |
| Lennox International, Inc. | 975 | 207,860 |
| Masco Corp. | 7,018 | 369,778 |
| Owens Corning | 2,938 | 267,152 |
| Trane Technologies plc | 6,822 | 954,330 |
| | | 4,572,590 |
| Capital Markets — 3.0% |
| Ameriprise Financial, Inc. | 3,242 | 860,719 |
| Bank of New York Mellon Corp. (The) | 21,641 | 910,220 |
| BlackRock, Inc. | 4,164 | 2,601,168 |
| Blackstone, Inc. | 20,618 | 2,094,170 |
| Carlyle Group, Inc. (The) | 4,068 | 147,628 |
| Charles Schwab Corp. (The) | 43,994 | 2,918,122 |
| CME Group, Inc. | 10,514 | 2,306,141 |
| Coinbase Global, Inc., Class A * (a) | 864 | 97,381 |
| FactSet Research Systems, Inc. | 1,112 | 448,681 |
| Franklin Resources, Inc. | 8,222 | 202,179 |
| Goldman Sachs Group, Inc. (The) | 9,931 | 3,033,821 |
| Intercontinental Exchange, Inc. | 16,430 | 1,902,758 |
| Invesco Ltd. | 9,980 | 183,432 |
| Jefferies Financial Group, Inc. | 5,650 | 173,794 |
| KKR & Co., Inc. | 17,126 | 872,912 |
| MarketAxess Holdings, Inc. | 1,118 | 294,716 |
| Moody's Corp. | 4,726 | 1,495,684 |
| Morgan Stanley | 41,500 | 3,344,485 |
| MSCI, Inc. | 2,374 | 1,000,048 |
| Nasdaq, Inc. | 3,432 | 540,094 |
| Northern Trust Corp. | 6,083 | 626,853 |
| Raymond James Financial, Inc. | 5,474 | 533,496 |
| S&P Global, Inc. | 10,376 | 3,906,564 |
| SEI Investments Co. | 3,091 | 172,231 |
| State Street Corp. | 10,716 | 717,651 |
| T. Rowe Price Group, Inc. | 6,707 | 825,229 |
| | | 32,210,177 |
| Chemicals — 1.8% |
| Air Products and Chemicals, Inc. | 6,481 | 1,517,008 |
| Albemarle Corp. | 3,430 | 661,407 |
| Celanese Corp. | 3,165 | 465,065 |
| CF Industries Holdings, Inc. | 6,289 | 608,964 |
| Corteva, Inc. | 21,274 | 1,227,297 |
| Dow, Inc. | 21,533 | 1,431,945 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Chemicals — continued |
| DuPont de Nemours, Inc. | 15,022 | 990,400 |
| Eastman Chemical Co. | 3,776 | 387,682 |
| Ecolab, Inc. | 7,295 | 1,235,335 |
| FMC Corp. | 3,716 | 492,519 |
| International Flavors & Fragrances, Inc. | 7,461 | 905,019 |
| Linde plc (United Kingdom) | 14,986 | 4,675,033 |
| LyondellBasell Industries NV, Class A | 7,682 | 814,522 |
| Mosaic Co. (The) | 10,834 | 676,258 |
| PPG Industries, Inc. | 6,951 | 889,658 |
| Sherwin-Williams Co. (The) | 7,053 | 1,939,293 |
| Westlake Corp. | 963 | 121,868 |
| | | 19,039,273 |
| Commercial Services & Supplies — 0.4% |
| Cintas Corp. | 2,584 | 1,026,520 |
| Copart, Inc. * | 6,235 | 708,608 |
| Republic Services, Inc. | 6,112 | 820,658 |
| Rollins, Inc. | 6,631 | 222,404 |
| Waste Management, Inc. | 11,271 | 1,853,403 |
| | | 4,631,593 |
| Communications Equipment — 0.8% |
| Arista Networks, Inc. * | 6,577 | 760,104 |
| Cisco Systems, Inc. | 123,431 | 6,045,650 |
| F5, Inc. * | 1,775 | 297,153 |
| Juniper Networks, Inc. | 9,525 | 300,228 |
| Motorola Solutions, Inc. | 4,943 | 1,056,270 |
| | | 8,459,405 |
| Construction & Engineering — 0.0% ^ |
| Quanta Services, Inc. | 4,162 | 482,709 |
| Construction Materials — 0.1% |
| Martin Marietta Materials, Inc. | 1,818 | 643,972 |
| Vulcan Materials Co. | 3,874 | 667,451 |
| | | 1,311,423 |
| Consumer Finance — 0.6% |
| Ally Financial, Inc. | 9,891 | 395,244 |
| American Express Co. | 18,005 | 3,145,653 |
| Capital One Financial Corp. | 12,124 | 1,510,893 |
| Discover Financial Services | 8,430 | 948,038 |
| SoFi Technologies, Inc. * (a) | 18,895 | 115,637 |
| Synchrony Financial | 15,244 | 561,132 |
| Upstart Holdings, Inc. * (a) | 1,441 | 108,104 |
| | | 6,784,701 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 124 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Containers & Packaging — 0.3% |
| Amcor plc | 44,296 | 525,351 |
| Avery Dennison Corp. | 2,414 | 435,968 |
| Ball Corp. | 9,491 | 770,289 |
| Crown Holdings, Inc. | 3,700 | 407,148 |
| International Paper Co. | 11,335 | 524,584 |
| Packaging Corp. of America | 2,792 | 449,987 |
| Sealed Air Corp. | 4,339 | 278,607 |
| Westrock Co. | 7,691 | 380,935 |
| | | 3,772,869 |
| Distributors — 0.1% |
| Genuine Parts Co. | 4,159 | 540,878 |
| LKQ Corp. | 7,849 | 389,546 |
| Pool Corp. | 1,172 | 474,918 |
| | | 1,405,342 |
| Diversified Financial Services — 1.7% |
| Apollo Global Management, Inc. | 10,854 | 540,095 |
| Berkshire Hathaway, Inc., Class B * | 53,593 | 17,301,428 |
| Equitable Holdings, Inc. | 11,021 | 317,736 |
| Voya Financial, Inc. | 3,165 | 199,838 |
| | | 18,359,097 |
| Diversified Telecommunication Services — 0.9% |
| AT&T, Inc. | 208,989 | 3,941,532 |
| Lumen Technologies, Inc. | 26,978 | 271,399 |
| Verizon Communications, Inc. | 122,857 | 5,688,279 |
| | | 9,901,210 |
| Electric Utilities — 1.7% |
| Alliant Energy Corp. | 7,322 | 430,607 |
| American Electric Power Co., Inc. | 14,750 | 1,461,873 |
| Avangrid, Inc. (a) | 2,040 | 90,474 |
| Duke Energy Corp. | 22,503 | 2,478,930 |
| Edison International | 11,113 | 764,463 |
| Entergy Corp. | 5,876 | 698,363 |
| Evergy, Inc. | 6,709 | 455,206 |
| Eversource Energy | 10,074 | 880,468 |
| Exelon Corp. | 28,653 | 1,340,387 |
| FirstEnergy Corp. | 16,678 | 722,324 |
| NextEra Energy, Inc. | 57,416 | 4,077,684 |
| NRG Energy, Inc. | 7,176 | 257,618 |
| PG&E Corp. * (a) | 44,167 | 558,713 |
| Pinnacle West Capital Corp. | 3,292 | 234,390 |
| PPL Corp. | 21,958 | 621,631 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Electric Utilities — continued |
| Southern Co. (The) | 31,028 | 2,277,145 |
| Xcel Energy, Inc. | 15,761 | 1,154,651 |
| | | 18,504,927 |
| Electrical Equipment — 0.6% |
| AMETEK, Inc. | 6,763 | 853,896 |
| Eaton Corp. plc | 11,663 | 1,691,368 |
| Emerson Electric Co. | 17,392 | 1,568,411 |
| Generac Holdings, Inc. * | 1,837 | 403,001 |
| Hubbell, Inc. | 1,580 | 308,669 |
| Plug Power, Inc. * (a) | 15,177 | 319,021 |
| Rockwell Automation, Inc. | 3,409 | 861,352 |
| Sensata Technologies Holding plc * | 4,617 | 209,658 |
| | | 6,215,376 |
| Electronic Equipment, Instruments & Components — 0.6% |
| Amphenol Corp., Class A | 17,523 | 1,252,895 |
| CDW Corp. | 3,982 | 649,783 |
| Cognex Corp. | 5,180 | 350,323 |
| Corning, Inc. | 21,859 | 769,218 |
| Flex Ltd. * | 13,591 | 224,116 |
| IPG Photonics Corp. * | 1,056 | 99,771 |
| Keysight Technologies, Inc. * | 5,346 | 749,883 |
| TE Connectivity Ltd. (Switzerland) | 9,535 | 1,189,777 |
| Teledyne Technologies, Inc. * | 1,374 | 592,950 |
| Trimble, Inc. * | 7,340 | 489,578 |
| Zebra Technologies Corp., Class A * | 1,544 | 570,755 |
| | | 6,939,049 |
| Energy Equipment & Services — 0.3% |
| Baker Hughes Co. | 26,504 | 822,154 |
| Halliburton Co. | 26,288 | 936,378 |
| Schlumberger NV | 41,069 | 1,602,102 |
| | | 3,360,634 |
| Entertainment — 1.3% |
| Activision Blizzard, Inc. | 22,791 | 1,723,000 |
| AMC Entertainment Holdings, Inc., Class A * (a) | 15,050 | 230,265 |
| Electronic Arts, Inc. | 8,223 | 970,725 |
| Live Nation Entertainment, Inc. * | 3,965 | 415,849 |
| Netflix, Inc. * | 13,003 | 2,475,251 |
| Playtika Holding Corp. * | 2,989 | 52,547 |
| Roku, Inc. * | 3,449 | 320,412 |
| Take-Two Interactive Software, Inc. * | 3,388 | 404,900 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 125 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Entertainment — continued |
| Walt Disney Co. (The) * | 53,281 | 5,947,758 |
| Warner Bros Discovery, Inc. * | 64,397 | 1,168,805 |
| | | 13,709,512 |
| Equity Real Estate Investment Trusts (REITs) — 3.0% |
| Alexandria Real Estate Equities, Inc. | 4,269 | 777,641 |
| American Tower Corp. | 13,334 | 3,213,761 |
| AvalonBay Communities, Inc. | 4,089 | 930,166 |
| Boston Properties, Inc. | 4,152 | 488,275 |
| Camden Property Trust | 2,983 | 468,003 |
| Crown Castle International Corp. | 12,637 | 2,340,499 |
| Digital Realty Trust, Inc. | 8,291 | 1,211,481 |
| Duke Realty Corp. | 11,138 | 609,805 |
| Equinix, Inc. | 2,634 | 1,894,057 |
| Equity LifeStyle Properties, Inc. | 5,043 | 389,723 |
| Equity Residential | 9,991 | 814,266 |
| Essex Property Trust, Inc. | 1,921 | 632,528 |
| Extra Space Storage, Inc. | 3,906 | 742,140 |
| Federal Realty Investment Trust | 2,068 | 242,080 |
| Healthpeak Properties, Inc. | 15,777 | 517,643 |
| Host Hotels & Resorts, Inc. | 20,903 | 425,376 |
| Invitation Homes, Inc. | 17,465 | 695,456 |
| Iron Mountain, Inc. | 8,471 | 455,147 |
| Kimco Realty Corp. | 18,047 | 457,131 |
| Mid-America Apartment Communities, Inc. | 3,386 | 665,958 |
| Prologis, Inc. | 21,646 | 3,469,637 |
| Public Storage | 4,456 | 1,655,404 |
| Realty Income Corp. | 16,561 | 1,148,671 |
| Regency Centers Corp. | 4,496 | 309,460 |
| SBA Communications Corp. | 3,185 | 1,105,545 |
| Simon Property Group, Inc. | 9,616 | 1,134,688 |
| Sun Communities, Inc. | 3,403 | 597,465 |
| UDR, Inc. | 8,750 | 465,588 |
| Ventas, Inc. | 11,679 | 648,768 |
| VICI Properties, Inc. | 24,665 | 735,264 |
| Vornado Realty Trust | 4,654 | 180,156 |
| Welltower, Inc. | 12,745 | 1,157,373 |
| Weyerhaeuser Co. | 21,867 | 901,358 |
| WP Carey, Inc. | 5,574 | 450,212 |
| | | 31,930,725 |
| Food & Staples Retailing — 1.5% |
| Albertsons Cos., Inc., Class A (a) | 2,964 | 92,714 |
| Costco Wholesale Corp. | 12,989 | 6,906,511 |
| Kroger Co. (The) | 19,574 | 1,056,213 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Food & Staples Retailing — continued |
| Sysco Corp. | 14,850 | 1,269,378 |
| Walgreens Boots Alliance, Inc. | 20,968 | 889,043 |
| Walmart, Inc. | 41,396 | 6,333,174 |
| | | 16,547,033 |
| Food Products — 1.1% |
| Archer-Daniels-Midland Co. | 16,369 | 1,466,008 |
| Bunge Ltd. | 4,109 | 464,810 |
| Campbell Soup Co. | 5,908 | 278,976 |
| Conagra Brands, Inc. | 14,033 | 490,173 |
| General Mills, Inc. | 17,663 | 1,249,304 |
| Hershey Co. (The) | 4,265 | 962,909 |
| Hormel Foods Corp. | 8,247 | 432,060 |
| J M Smucker Co. (The) | 3,174 | 434,616 |
| Kellogg Co. | 7,495 | 513,407 |
| Kraft Heinz Co. (The) | 20,767 | 885,297 |
| Lamb Weston Holdings, Inc. | 4,260 | 281,586 |
| McCormick & Co., Inc. (Non-Voting) | 7,306 | 734,764 |
| Mondelez International, Inc., Class A | 40,642 | 2,620,596 |
| Tyson Foods, Inc., Class A | 8,548 | 796,332 |
| | | 11,610,838 |
| Gas Utilities — 0.1% |
| Atmos Energy Corp. | 3,974 | 450,652 |
| UGI Corp. | 6,138 | 210,533 |
| | | 661,185 |
| Health Care Equipment & Supplies — 2.7% |
| Abbott Laboratories | 51,756 | 5,874,306 |
| ABIOMED, Inc. * | 1,344 | 385,164 |
| Align Technology, Inc. * | 2,136 | 619,248 |
| Baxter International, Inc. | 14,644 | 1,040,603 |
| Becton Dickinson and Co. | 8,344 | 2,062,553 |
| Boston Scientific Corp. * | 41,696 | 1,755,819 |
| Cooper Cos., Inc. (The) | 1,444 | 521,342 |
| DENTSPLY SIRONA, Inc. | 6,398 | 255,856 |
| Dexcom, Inc. * | 2,843 | 1,161,593 |
| Edwards Lifesciences Corp. * | 18,278 | 1,933,447 |
| Hologic, Inc. * | 7,312 | 526,391 |
| IDEXX Laboratories, Inc. * | 2,467 | 1,061,994 |
| Insulet Corp. * | 2,020 | 482,760 |
| Intuitive Surgical, Inc. * | 10,471 | 2,505,710 |
| Medtronic plc | 39,345 | 4,106,044 |
| Novocure Ltd. * | 2,614 | 200,180 |
| ResMed, Inc. | 4,288 | 857,471 |
| STERIS plc | 2,929 | 656,242 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 126 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Health Care Equipment & Supplies — continued |
| Stryker Corp. | 9,832 | 2,372,068 |
| Teleflex, Inc. | 1,379 | 393,870 |
| Zimmer Biomet Holdings, Inc. | 6,114 | 738,265 |
| Zimvie, Inc. * | 10 | 225 |
| | | 29,511,151 |
| Health Care Providers & Services — 3.1% |
| agilon health, Inc. * | 1,389 | 24,682 |
| AmerisourceBergen Corp. | 4,403 | 666,130 |
| Anthem, Inc. | 7,092 | 3,559,687 |
| Cardinal Health, Inc. | 8,112 | 470,902 |
| Centene Corp. * | 17,086 | 1,376,277 |
| Cigna Corp. | 9,439 | 2,329,356 |
| CVS Health Corp. | 38,413 | 3,692,642 |
| DaVita, Inc. * | 1,798 | 194,849 |
| HCA Healthcare, Inc. | 7,007 | 1,503,352 |
| Henry Schein, Inc. * | 4,060 | 329,266 |
| Humana, Inc. | 3,764 | 1,673,324 |
| Laboratory Corp. of America Holdings * | 2,715 | 652,360 |
| McKesson Corp. | 4,382 | 1,356,711 |
| Molina Healthcare, Inc. * | 1,713 | 536,940 |
| Oak Street Health, Inc. * | 4,088 | 73,952 |
| Quest Diagnostics, Inc. | 3,484 | 466,299 |
| UnitedHealth Group, Inc. | 27,572 | 14,021,741 |
| Universal Health Services, Inc., Class B | 2,130 | 260,989 |
| | | 33,189,459 |
| Health Care Technology — 0.2% |
| Cerner Corp. | 8,622 | 807,364 |
| Teladoc Health, Inc. * (a) | 4,683 | 158,098 |
| Veeva Systems, Inc., Class A * | 4,069 | 740,355 |
| | | 1,705,817 |
| Hotels, Restaurants & Leisure — 2.0% |
| Airbnb, Inc., Class A * | 10,154 | 1,555,694 |
| Aramark | 7,520 | 272,600 |
| Booking Holdings, Inc. * | 1,198 | 2,647,951 |
| Caesars Entertainment, Inc. * | 6,243 | 413,786 |
| Carnival Corp. * (a) | 23,662 | 409,353 |
| Chipotle Mexican Grill, Inc. * | 828 | 1,205,245 |
| Darden Restaurants, Inc. | 3,742 | 492,934 |
| Domino's Pizza, Inc. | 1,074 | 363,012 |
| DraftKings, Inc., Class A * (a) | 9,740 | 133,243 |
| Expedia Group, Inc. * | 4,394 | 767,852 |
| Hilton Worldwide Holdings, Inc. * | 8,156 | 1,266,545 |
| Las Vegas Sands Corp. * | 10,073 | 356,886 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Hotels, Restaurants & Leisure — continued |
| Marriott International, Inc., Class A * | 7,993 | 1,418,917 |
| McDonald's Corp. | 21,865 | 5,447,884 |
| MGM Resorts International | 11,027 | 452,548 |
| Royal Caribbean Cruises Ltd. * | 6,575 | 511,075 |
| Starbucks Corp. | 33,674 | 2,513,427 |
| Vail Resorts, Inc. | 1,182 | 300,417 |
| Wynn Resorts Ltd. * | 3,091 | 217,854 |
| Yum! Brands, Inc. | 8,456 | 989,437 |
| | | 21,736,660 |
| Household Durables — 0.3% |
| DR Horton, Inc. | 9,426 | 655,955 |
| Garmin Ltd. | 4,439 | 487,136 |
| Lennar Corp., Class A | 7,642 | 584,537 |
| Lennar Corp., Class B | 435 | 28,362 |
| Mohawk Industries, Inc. * | 1,592 | 224,568 |
| Newell Brands, Inc. | 11,079 | 256,479 |
| NVR, Inc. * | 87 | 380,730 |
| PulteGroup, Inc. | 7,277 | 303,887 |
| Whirlpool Corp. | 1,729 | 313,848 |
| | | 3,235,502 |
| Household Products — 1.5% |
| Church & Dwight Co., Inc. | 7,073 | 690,042 |
| Clorox Co. (The) | 3,591 | 515,201 |
| Colgate-Palmolive Co. | 24,674 | 1,901,132 |
| Kimberly-Clark Corp. | 9,860 | 1,368,864 |
| Procter & Gamble Co. (The) | 70,152 | 11,262,903 |
| | | 15,738,142 |
| Independent Power and Renewable Electricity Producers — 0.1% |
| AES Corp. (The) | 19,511 | 398,415 |
| Vistra Corp. | 14,110 | 353,032 |
| | | 751,447 |
| Industrial Conglomerates — 0.9% |
| 3M Co. | 16,702 | 2,408,762 |
| General Electric Co. | 32,185 | 2,399,392 |
| Honeywell International, Inc. | 20,072 | 3,884,133 |
| Roper Technologies, Inc. | 3,098 | 1,455,812 |
| | | 10,148,099 |
| Insurance — 2.2% |
| Aflac, Inc. | 17,550 | 1,005,264 |
| Alleghany Corp. * | 391 | 327,071 |
| Allstate Corp. (The) | 8,206 | 1,038,387 |
| American Financial Group, Inc. | 1,947 | 269,621 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 127 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Insurance — continued |
| American International Group, Inc. | 24,287 | 1,421,032 |
| Aon plc, Class A | 6,297 | 1,813,473 |
| Arch Capital Group Ltd. * | 11,305 | 516,299 |
| Arthur J Gallagher & Co. | 6,102 | 1,028,126 |
| Brown & Brown, Inc. | 6,874 | 426,051 |
| Chubb Ltd. | 12,598 | 2,600,857 |
| Cincinnati Financial Corp. | 4,384 | 537,741 |
| Everest Re Group Ltd. | 1,153 | 316,741 |
| Fidelity National Financial, Inc. | 8,338 | 332,019 |
| Globe Life, Inc. | 2,710 | 265,797 |
| Hartford Financial Services Group, Inc. (The) | 9,810 | 686,013 |
| Lincoln National Corp. | 4,882 | 293,652 |
| Loews Corp. | 5,746 | 361,079 |
| Markel Corp. * | 389 | 526,426 |
| Marsh & McLennan Cos., Inc. | 14,783 | 2,390,411 |
| MetLife, Inc. | 20,547 | 1,349,527 |
| Principal Financial Group, Inc. | 7,098 | 483,658 |
| Progressive Corp. (The) | 17,110 | 1,836,930 |
| Prudential Financial, Inc. | 11,062 | 1,200,338 |
| Reinsurance Group of America, Inc. | 1,972 | 211,635 |
| Travelers Cos., Inc. (The) | 7,052 | 1,206,315 |
| W R Berkley Corp. | 6,129 | 407,517 |
| Willis Towers Watson plc | 3,565 | 765,976 |
| | | 23,617,956 |
| Interactive Media & Services — 5.1% |
| Alphabet, Inc., Class A * | 8,795 | 20,071,861 |
| Alphabet, Inc., Class C * | 8,131 | 18,695,852 |
| InterActiveCorp. * | 2,440 | 202,227 |
| Match Group, Inc. * | 8,272 | 654,729 |
| Meta Platforms, Inc., Class A * | 67,573 | 13,546,360 |
| Pinterest, Inc., Class A * | 16,660 | 341,863 |
| Snap, Inc., Class A * | 31,678 | 901,556 |
| Twitter, Inc. * | 23,391 | 1,146,627 |
| | | 55,561,075 |
| Internet & Direct Marketing Retail — 3.2% |
| Amazon.com, Inc. * | 12,807 | 31,833,463 |
| DoorDash, Inc., Class A * (a) | 4,734 | 385,490 |
| eBay, Inc. | 18,322 | 951,278 |
| Etsy, Inc. * (a) | 3,717 | 346,387 |
| MercadoLibre, Inc. (Brazil) * | 1,368 | 1,331,926 |
| Wayfair, Inc., Class A * (a) | 2,287 | 175,962 |
| | | 35,024,506 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| IT Services — 4.7% |
| Accenture plc, Class A | 18,508 | 5,559,063 |
| Affirm Holdings, Inc. * (a) | 4,741 | 136,067 |
| Akamai Technologies, Inc. * | 4,746 | 532,881 |
| Automatic Data Processing, Inc. | 12,287 | 2,680,778 |
| Block, Inc., Class A * | 14,656 | 1,458,858 |
| Broadridge Financial Solutions, Inc. | 3,424 | 493,501 |
| Cloudflare, Inc., Class A * | 8,130 | 700,318 |
| Cognizant Technology Solutions Corp., Class A | 15,377 | 1,243,999 |
| DXC Technology Co. * | 7,166 | 205,664 |
| EPAM Systems, Inc. * | 1,668 | 442,003 |
| Fidelity National Information Services, Inc. | 17,815 | 1,766,357 |
| Fiserv, Inc. * | 17,397 | 1,703,514 |
| FleetCor Technologies, Inc. * | 2,372 | 591,862 |
| Gartner, Inc. * | 2,400 | 697,320 |
| Global Payments, Inc. | 8,343 | 1,142,824 |
| GoDaddy, Inc., Class A * | 4,890 | 395,161 |
| International Business Machines Corp. | 26,241 | 3,469,323 |
| Jack Henry & Associates, Inc. | 2,123 | 402,478 |
| Mastercard, Inc., Class A | 25,264 | 9,180,432 |
| MongoDB, Inc. * | 1,961 | 696,018 |
| Okta, Inc. * | 4,349 | 518,879 |
| Paychex, Inc. | 9,389 | 1,189,868 |
| PayPal Holdings, Inc. * | 34,091 | 2,997,622 |
| Snowflake, Inc., Class A * | 6,910 | 1,184,651 |
| Twilio, Inc., Class A * | 4,932 | 551,496 |
| VeriSign, Inc. * | 2,836 | 506,765 |
| Visa, Inc., Class A | 48,542 | 10,345,757 |
| Western Union Co. (The) | 11,536 | 193,343 |
| | | 50,986,802 |
| Leisure Products — 0.0% ^ |
| Hasbro, Inc. | 3,794 | 334,099 |
| Peloton Interactive, Inc., Class A * (a) | 8,855 | 155,494 |
| | | 489,593 |
| Life Sciences Tools & Services — 1.8% |
| Agilent Technologies, Inc. | 8,785 | 1,047,787 |
| Avantor, Inc. * | 17,829 | 568,389 |
| Bio-Rad Laboratories, Inc., Class A * | 628 | 321,574 |
| Bio-Techne Corp. | 1,151 | 437,023 |
| Charles River Laboratories International, Inc. * | 1,475 | 356,227 |
| Danaher Corp. | 18,624 | 4,677,045 |
| Illumina, Inc. * | 4,582 | 1,359,250 |
| IQVIA Holdings, Inc. * | 5,585 | 1,217,474 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 128 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Life Sciences Tools & Services — continued |
| Mettler-Toledo International, Inc. * | 664 | 848,280 |
| PerkinElmer, Inc. | 3,702 | 542,750 |
| Thermo Fisher Scientific, Inc. | 11,543 | 6,382,356 |
| Waters Corp. * | 1,783 | 540,285 |
| West Pharmaceutical Services, Inc. | 2,156 | 679,269 |
| | | 18,977,709 |
| Machinery — 1.5% |
| Caterpillar, Inc. | 15,821 | 3,330,953 |
| Cummins, Inc. | 4,160 | 787,030 |
| Deere & Co. | 8,203 | 3,097,043 |
| Donaldson Co., Inc. | 3,604 | 176,740 |
| Dover Corp. | 4,201 | 559,993 |
| Fortive Corp. | 10,493 | 603,348 |
| IDEX Corp. | 2,235 | 424,248 |
| Illinois Tool Works, Inc. | 8,367 | 1,649,219 |
| Ingersoll Rand, Inc. | 11,929 | 524,399 |
| Otis Worldwide Corp. | 12,444 | 906,421 |
| PACCAR, Inc. | 10,166 | 844,286 |
| Parker-Hannifin Corp. | 3,762 | 1,018,825 |
| Pentair plc | 4,853 | 246,290 |
| Snap-on, Inc. | 1,554 | 330,210 |
| Stanley Black & Decker, Inc. | 4,761 | 572,034 |
| Westinghouse Air Brake Technologies Corp. | 5,473 | 492,077 |
| Xylem, Inc. | 5,274 | 424,557 |
| | | 15,987,673 |
| Media — 0.9% |
| Charter Communications, Inc., Class A * | 3,489 | 1,495,002 |
| Comcast Corp., Class A | 132,398 | 5,264,144 |
| DISH Network Corp., Class A * (a) | 7,305 | 208,266 |
| Fox Corp., Class A | 9,249 | 331,484 |
| Fox Corp., Class B | 4,276 | 142,134 |
| Interpublic Group of Cos., Inc. (The) | 11,531 | 376,141 |
| Liberty Broadband Corp., Class A * | 674 | 72,563 |
| Liberty Broadband Corp., Class C * | 4,135 | 462,376 |
| Liberty Media Corp.-Liberty SiriusXM, Class A * | 2,293 | 95,916 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * | 4,657 | 195,035 |
| News Corp., Class A | 11,431 | 227,020 |
| News Corp., Class B | 3,539 | 70,461 |
| Omnicom Group, Inc. (a) | 6,116 | 465,611 |
| Paramount Global, Class A | 265 | 8,361 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Media — continued |
| Paramount Global, Class B | 17,756 | 517,055 |
| Sirius XM Holdings, Inc. (a) | 26,566 | 159,396 |
| | | 10,090,965 |
| Metals & Mining — 0.5% |
| Freeport-McMoRan, Inc. | 42,975 | 1,742,636 |
| Newmont Corp. | 23,333 | 1,699,809 |
| Nucor Corp. | 7,951 | 1,230,656 |
| Southern Copper Corp. (Peru) | 2,501 | 155,738 |
| Steel Dynamics, Inc. | 5,519 | 473,254 |
| | | 5,302,093 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^ |
| AGNC Investment Corp. | 15,269 | 167,654 |
| Annaly Capital Management, Inc. | 42,727 | 274,307 |
| | | 441,961 |
| Multiline Retail — 0.5% |
| Dollar General Corp. | 6,773 | 1,608,791 |
| Dollar Tree, Inc. * | 6,594 | 1,071,195 |
| Target Corp. | 14,017 | 3,204,987 |
| | | 5,884,973 |
| Multi-Utilities — 0.9% |
| Ameren Corp. | 7,542 | 700,652 |
| CenterPoint Energy, Inc. | 18,398 | 563,163 |
| CMS Energy Corp. | 8,477 | 582,285 |
| Consolidated Edison, Inc. | 10,365 | 961,250 |
| Dominion Energy, Inc. | 23,694 | 1,934,378 |
| DTE Energy Co. | 5,657 | 741,293 |
| NiSource, Inc. | 11,480 | 334,298 |
| Public Service Enterprise Group, Inc. | 14,803 | 1,031,177 |
| Sempra Energy | 9,343 | 1,507,586 |
| WEC Energy Group, Inc. | 9,239 | 924,362 |
| | | 9,280,444 |
| Oil, Gas & Consumable Fuels — 3.7% |
| Cheniere Energy, Inc. | 6,910 | 938,447 |
| Chevron Corp. | 56,421 | 8,839,478 |
| ConocoPhillips | 38,113 | 3,640,554 |
| Continental Resources, Inc. (a) | 1,715 | 95,303 |
| Coterra Energy, Inc. | 23,816 | 685,663 |
| Devon Energy Corp. | 18,418 | 1,071,375 |
| Diamondback Energy, Inc. | 4,981 | 628,752 |
| EOG Resources, Inc. | 17,128 | 1,999,865 |
| Exxon Mobil Corp. | 123,909 | 10,563,242 |
| Hess Corp. | 8,075 | 832,290 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 129 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Oil, Gas & Consumable Fuels — continued |
| Kinder Morgan, Inc. | 57,068 | 1,035,784 |
| Marathon Petroleum Corp. | 16,939 | 1,478,097 |
| Occidental Petroleum Corp. | 25,962 | 1,430,247 |
| ONEOK, Inc. | 13,055 | 826,773 |
| Phillips 66 | 13,691 | 1,187,831 |
| Pioneer Natural Resources Co. | 6,649 | 1,545,693 |
| Texas Pacific Land Corp. | 192 | 262,387 |
| Valero Energy Corp. | 11,962 | 1,333,524 |
| Williams Cos., Inc. (The) | 35,555 | 1,219,181 |
| | | 39,614,486 |
| Personal Products — 0.2% |
| Estee Lauder Cos., Inc. (The), Class A | 6,792 | 1,793,496 |
| Olaplex Holdings, Inc. * | 2,082 | 30,605 |
| | | 1,824,101 |
| Pharmaceuticals — 4.1% |
| Bristol-Myers Squibb Co. | 63,787 | 4,801,247 |
| Catalent, Inc. * | 5,241 | 474,625 |
| Elanco Animal Health, Inc. * | 13,857 | 350,721 |
| Eli Lilly & Co. | 23,241 | 6,789,393 |
| Jazz Pharmaceuticals plc * | 1,794 | 287,435 |
| Johnson & Johnson | 77,054 | 13,905,165 |
| Merck & Co., Inc. | 73,925 | 6,556,408 |
| Pfizer, Inc. | 164,257 | 8,060,091 |
| Royalty Pharma plc, Class A | 10,437 | 444,407 |
| Viatris, Inc. | 35,443 | 366,126 |
| Zoetis, Inc. | 13,858 | 2,456,331 |
| | | 44,491,949 |
| Professional Services — 0.4% |
| Clarivate plc * | 11,655 | 182,750 |
| CoStar Group, Inc. * | 11,566 | 735,829 |
| Dun & Bradstreet Holdings, Inc. * | 4,412 | 69,665 |
| Equifax, Inc. | 3,563 | 725,142 |
| Jacobs Engineering Group, Inc. | 3,782 | 523,996 |
| Leidos Holdings, Inc. | 4,104 | 424,805 |
| Nielsen Holdings plc | 10,499 | 281,478 |
| TransUnion | 5,600 | 490,112 |
| Verisk Analytics, Inc. | 4,711 | 961,280 |
| | | 4,395,057 |
| Real Estate Management & Development — 0.1% |
| CBRE Group, Inc., Class A * | 9,804 | 814,124 |
| Opendoor Technologies, Inc. * (a) | 11,388 | 79,602 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Real Estate Management & Development — continued |
| Zillow Group, Inc., Class A * (a) | 1,088 | 42,051 |
| Zillow Group, Inc., Class C * | 4,879 | 194,282 |
| | | 1,130,059 |
| Road & Rail — 1.1% |
| CSX Corp. | 64,911 | 2,229,044 |
| JB Hunt Transport Services, Inc. | 2,447 | 418,070 |
| Lyft, Inc., Class A * | 8,758 | 285,511 |
| Norfolk Southern Corp. | 7,014 | 1,808,770 |
| Old Dominion Freight Line, Inc. | 2,716 | 760,806 |
| Uber Technologies, Inc. * | 48,837 | 1,537,389 |
| Union Pacific Corp. | 18,639 | 4,366,931 |
| XPO Logistics, Inc. * | 2,889 | 155,399 |
| | | 11,561,920 |
| Semiconductors & Semiconductor Equipment — 5.3% |
| Advanced Micro Devices, Inc. * | 47,834 | 4,090,764 |
| Analog Devices, Inc. | 15,379 | 2,374,210 |
| Applied Materials, Inc. | 25,980 | 2,866,893 |
| Broadcom, Inc. | 12,069 | 6,690,933 |
| Enphase Energy, Inc. * | 3,907 | 630,590 |
| Entegris, Inc. | 3,976 | 442,887 |
| Intel Corp. | 119,160 | 5,194,184 |
| KLA Corp. | 4,407 | 1,406,979 |
| Lam Research Corp. | 4,082 | 1,901,232 |
| Marvell Technology, Inc. | 24,699 | 1,434,518 |
| Microchip Technology, Inc. | 16,274 | 1,061,065 |
| Micron Technology, Inc. | 32,783 | 2,235,473 |
| Monolithic Power Systems, Inc. | 1,258 | 493,438 |
| NVIDIA Corp. | 73,155 | 13,568,058 |
| NXP Semiconductors NV (China) | 7,790 | 1,331,311 |
| ON Semiconductor Corp. * | 12,600 | 656,586 |
| Qorvo, Inc. * | 3,176 | 361,365 |
| QUALCOMM, Inc. | 32,974 | 4,606,138 |
| Skyworks Solutions, Inc. | 4,787 | 542,367 |
| SolarEdge Technologies, Inc. * | 1,529 | 382,877 |
| Teradyne, Inc. | 4,760 | 501,989 |
| Texas Instruments, Inc. | 27,032 | 4,602,198 |
| | | 57,376,055 |
| Software — 9.3% |
| Adobe, Inc. * | 13,793 | 5,461,338 |
| ANSYS, Inc. * | 2,560 | 705,766 |
| AppLovin Corp., Class A * (a) | 1,048 | 39,981 |
| Autodesk, Inc. * | 6,435 | 1,218,017 |
| Bentley Systems, Inc., Class B (a) | 5,374 | 227,804 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 130 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Software — continued |
| Bill.com Holdings, Inc. * | 2,691 | 459,381 |
| Cadence Design Systems, Inc. * | 8,114 | 1,223,997 |
| Ceridian HCM Holding, Inc. * | 4,010 | 225,081 |
| Citrix Systems, Inc. | 3,636 | 363,964 |
| Coupa Software, Inc. * | 2,172 | 187,444 |
| Crowdstrike Holdings, Inc., Class A * | 6,095 | 1,211,442 |
| Datadog, Inc., Class A * | 7,531 | 909,594 |
| DocuSign, Inc. * | 5,794 | 469,314 |
| Dynatrace, Inc. * | 5,775 | 221,529 |
| Fortinet, Inc. * | 3,981 | 1,150,549 |
| HubSpot, Inc. * | 1,300 | 493,259 |
| Intuit, Inc. | 8,274 | 3,464,737 |
| Microsoft Corp. | 219,410 | 60,890,663 |
| NortonLifeLock, Inc. | 17,015 | 426,056 |
| Oracle Corp. | 46,099 | 3,383,667 |
| Palantir Technologies, Inc., Class A * | 46,870 | 487,448 |
| Palo Alto Networks, Inc. * | 2,890 | 1,622,099 |
| Paycom Software, Inc. * | 1,413 | 397,717 |
| Paylocity Holding Corp. * | 1,162 | 220,350 |
| PTC, Inc. * | 3,092 | 353,137 |
| RingCentral, Inc., Class A * | 2,396 | 203,301 |
| Salesforce, Inc. * | 28,826 | 5,071,646 |
| ServiceNow, Inc. * | 5,850 | 2,796,885 |
| Splunk, Inc. * | 4,648 | 567,149 |
| SS&C Technologies Holdings, Inc. | 6,468 | 418,221 |
| Synopsys, Inc. * | 4,479 | 1,284,532 |
| Trade Desk, Inc. (The), Class A * | 12,766 | 752,173 |
| Tyler Technologies, Inc. * | 1,196 | 472,073 |
| UiPath, Inc., Class A * (a) | 7,783 | 138,771 |
| Unity Software, Inc. * | 4,782 | 317,573 |
| VMware, Inc., Class A | 5,897 | 637,112 |
| Workday, Inc., Class A * | 5,637 | 1,165,168 |
| Zoom Video Communications, Inc., Class A * | 6,383 | 635,555 |
| Zscaler, Inc. * | 2,336 | 473,601 |
| | | 100,748,094 |
| Specialty Retail — 2.1% |
| Advance Auto Parts, Inc. | 1,818 | 362,927 |
| AutoZone, Inc. * | 602 | 1,177,193 |
| Bath & Body Works, Inc. | 7,545 | 399,055 |
| Best Buy Co., Inc. | 6,342 | 570,336 |
| Burlington Stores, Inc. * | 1,962 | 399,385 |
| CarMax, Inc. * | 4,725 | 405,310 |
| Carvana Co. * | 2,515 | 145,769 |
| Home Depot, Inc. (The) | 30,561 | 9,180,524 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Specialty Retail — continued |
| Lowe's Cos., Inc. | 19,725 | 3,900,224 |
| O'Reilly Automotive, Inc. * | 1,978 | 1,199,756 |
| Ross Stores, Inc. | 10,326 | 1,030,225 |
| TJX Cos., Inc. (The) | 34,913 | 2,139,469 |
| Tractor Supply Co. | 3,319 | 668,613 |
| Ulta Beauty, Inc. * | 1,572 | 623,770 |
| | | 22,202,556 |
| Technology Hardware, Storage & Peripherals — 6.9% |
| Apple, Inc. | 453,731 | 71,530,692 |
| Dell Technologies, Inc., Class C | 8,482 | 398,739 |
| Hewlett Packard Enterprise Co. | 37,853 | 583,315 |
| HP, Inc. | 31,691 | 1,160,841 |
| NetApp, Inc. | 6,496 | 475,832 |
| Seagate Technology Holdings plc | 5,887 | 482,970 |
| Western Digital Corp. * | 9,145 | 485,325 |
| | | 75,117,714 |
| Textiles, Apparel & Luxury Goods — 0.6% |
| Lululemon Athletica, Inc. * | 3,448 | 1,222,764 |
| NIKE, Inc., Class B | 37,343 | 4,656,672 |
| Tapestry, Inc. | 7,711 | 253,846 |
| Under Armour, Inc., Class A * | 5,522 | 84,818 |
| Under Armour, Inc., Class C * | 6,304 | 89,454 |
| VF Corp. | 9,434 | 490,568 |
| | | 6,798,122 |
| Tobacco — 0.7% |
| Altria Group, Inc. | 53,349 | 2,964,604 |
| Philip Morris International, Inc. | 45,362 | 4,536,200 |
| | | 7,500,804 |
| Trading Companies & Distributors — 0.2% |
| Fastenal Co. | 16,848 | 931,863 |
| United Rentals, Inc. * | 2,112 | 668,490 |
| Watsco, Inc. | 958 | 255,575 |
| WW Grainger, Inc. | 1,257 | 628,538 |
| | | 2,484,466 |
| Water Utilities — 0.1% |
| American Water Works Co., Inc. | 5,306 | 817,548 |
| Wireless Telecommunication Services — 0.2% |
| T-Mobile US, Inc. * | 17,182 | 2,115,792 |
Total Common Stocks
(Cost $1,070,253,861) | | 1,076,821,740 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 131 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Short Term Investments — 0.8% |
| Investment Companies — 0.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)
(Cost $4,124,457) | 4,124,457 | 4,124,457 |
| Investment of Cash Collateral from Securities Loaned — 0.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)
(Cost $4,273,902) | 4,273,902 | 4,273,902 |
Total Short Term Investments
(Cost $8,398,359) | | 8,398,359 |
Total Investments — 100.3%
(Cost $1,078,652,220) | | 1,085,220,099 |
| Liabilities in Excess of Other Assets — (0.3)% | | (3,493,939) |
| NET ASSETS — 100.0% | | 1,081,726,160 |
Percentages indicated are based on net assets. |
| ^ | Amount rounds to less than 0.1% of net assets. |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,968,472. | |
| (b) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of April 30, 2022. | |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| S&P 500 E-Mini Index | 21 | 06/17/2022 | USD | 4,337,288 | (151,298) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 132 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.7% |
| Aerospace & Defense — 1.4% |
| Axon Enterprise, Inc. * | 35,274 | 3,957,743 |
| BWX Technologies, Inc. | 47,503 | 2,466,356 |
| Curtiss-Wright Corp. | 20,204 | 2,887,354 |
| Hexcel Corp. | 43,209 | 2,348,841 |
| Mercury Systems, Inc. * | 29,235 | 1,631,021 |
| Moog, Inc., Class A | 14,950 | 1,194,056 |
| Rocket Lab USA, Inc. * | 74,037 | 546,393 |
| Spirit AeroSystems Holdings, Inc., Class A | 54,344 | 2,284,622 |
| Woodward, Inc. | 32,482 | 3,588,611 |
| | | 20,904,997 |
| Air Freight & Logistics — 0.2% |
| GXO Logistics, Inc. * | 50,786 | 3,006,023 |
| Airlines — 0.9% |
| Alaska Air Group, Inc. * | 64,846 | 3,526,974 |
| Allegiant Travel Co. * | 7,821 | 1,213,741 |
| American Airlines Group, Inc. * (a) | 333,632 | 6,262,272 |
| Frontier Group Holdings, Inc. * | 15,570 | 165,198 |
| JetBlue Airways Corp. * | 163,791 | 1,803,339 |
| Joby Aviation, Inc. * (a) | 136,843 | 717,057 |
| | | 13,688,581 |
| Auto Components — 1.0% |
| Adient plc * | 48,800 | 1,666,032 |
| Dana, Inc. | 74,278 | 1,100,057 |
| Fox Factory Holding Corp. * | 21,682 | 1,775,322 |
| Gentex Corp. | 121,823 | 3,575,505 |
| Goodyear Tire & Rubber Co. (The) * | 144,733 | 1,927,844 |
| Luminar Technologies, Inc. * (a) | 116,489 | 1,440,969 |
| QuantumScape Corp. * (a) | 131,926 | 1,970,975 |
| Visteon Corp. * | 14,430 | 1,510,965 |
| | | 14,967,669 |
| Automobiles — 0.3% |
| Harley-Davidson, Inc. | 79,263 | 2,889,136 |
| Thor Industries, Inc. (a) | 28,642 | 2,192,545 |
| | | 5,081,681 |
| Banks — 5.4% |
| Associated Banc-Corp. | 77,058 | 1,537,307 |
| Bank of Hawaii Corp. | 20,737 | 1,541,589 |
| Bank OZK | 62,323 | 2,394,450 |
| BankUnited, Inc. | 44,107 | 1,655,777 |
| BOK Financial Corp. | 15,513 | 1,286,493 |
| Cadence Bank | 97,012 | 2,429,181 |
| Commerce Bancshares, Inc. | 56,924 | 3,891,894 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Banks — continued |
| Cullen/Frost Bankers, Inc. | 29,347 | 3,882,315 |
| First Citizens BancShares, Inc., Class A | 6,861 | 4,386,786 |
| First Financial Bankshares, Inc. | 66,082 | 2,641,958 |
| First Hawaiian, Inc. | 65,666 | 1,550,374 |
| First Horizon Corp. | 275,053 | 6,155,686 |
| FNB Corp. | 175,008 | 2,016,092 |
| Glacier Bancorp, Inc. | 55,856 | 2,555,971 |
| Hancock Whitney Corp. | 44,721 | 2,091,601 |
| Home BancShares, Inc. | 77,583 | 1,677,345 |
| PacWest Bancorp | 61,598 | 2,025,958 |
| Pinnacle Financial Partners, Inc. | 39,220 | 3,041,511 |
| Popular, Inc. (Puerto Rico) | 41,117 | 3,206,715 |
| Prosperity Bancshares, Inc. | 47,488 | 3,104,765 |
| SouthState Corp. | 39,469 | 3,056,479 |
| Synovus Financial Corp. | 74,694 | 3,102,789 |
| Texas Capital Bancshares, Inc. * | 26,082 | 1,339,572 |
| UMB Financial Corp. | 22,208 | 2,002,717 |
| Umpqua Holdings Corp. | 111,586 | 1,845,632 |
| United Bankshares, Inc. | 70,247 | 2,336,415 |
| Valley National Bancorp | 217,050 | 2,600,259 |
| Webster Financial Corp. | 92,610 | 4,629,574 |
| Western Alliance Bancorp | 54,899 | 4,178,363 |
| Wintrust Financial Corp. | 29,360 | 2,563,715 |
| | | 80,729,283 |
| Beverages — 0.2% |
| Boston Beer Co., Inc. (The), Class A * | 4,826 | 1,809,750 |
| Celsius Holdings, Inc. * (a) | 19,658 | 1,022,216 |
| National Beverage Corp. | 12,030 | 530,282 |
| | | 3,362,248 |
| Biotechnology — 3.2% |
| ACADIA Pharmaceuticals, Inc. * | 60,431 | 1,114,348 |
| Agios Pharmaceuticals, Inc. * | 27,963 | 614,347 |
| Allakos, Inc. * (a) | 18,197 | 68,603 |
| Arrowhead Pharmaceuticals, Inc. * | 54,304 | 2,232,438 |
| Beam Therapeutics, Inc. * (a) | 23,161 | 869,232 |
| Biohaven Pharmaceutical Holding Co. Ltd. * | 31,616 | 2,819,199 |
| Blueprint Medicines Corp. * | 30,295 | 1,767,713 |
| Bridgebio Pharma, Inc. * (a) | 55,349 | 443,899 |
| Cerevel Therapeutics Holdings, Inc. * | 28,805 | 843,410 |
| ChemoCentryx, Inc. * | 25,258 | 466,263 |
| CRISPR Therapeutics AG (Switzerland) * | 36,262 | 1,799,320 |
| Denali Therapeutics, Inc. * | 47,806 | 1,137,783 |
| Exelixis, Inc. * | 162,953 | 3,640,370 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 133 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Biotechnology — continued |
| Fate Therapeutics, Inc. * | 41,800 | 1,193,808 |
| Global Blood Therapeutics, Inc. * | 30,200 | 927,140 |
| Halozyme Therapeutics, Inc. * | 72,513 | 2,893,269 |
| ImmunityBio, Inc. * (a) | 34,826 | 126,418 |
| Intellia Therapeutics, Inc. * | 35,640 | 1,747,429 |
| Ionis Pharmaceuticals, Inc. * | 72,721 | 2,673,224 |
| Iovance Biotherapeutics, Inc. * | 70,301 | 1,065,060 |
| Kodiak Sciences, Inc. * | 17,299 | 104,140 |
| Ligand Pharmaceuticals, Inc. * | 8,602 | 798,782 |
| Mirati Therapeutics, Inc. * | 25,589 | 1,581,144 |
| Natera, Inc. * | 45,320 | 1,591,638 |
| Novavax, Inc. * (a) | 38,926 | 1,754,395 |
| Recursion Pharmaceuticals, Inc., Class A * (a) | 13,145 | 81,499 |
| Relay Therapeutics, Inc. * | 39,503 | 941,357 |
| Sage Therapeutics, Inc. * | 26,713 | 841,994 |
| Sana Biotechnology, Inc. * (a) | 42,778 | 322,974 |
| Sarepta Therapeutics, Inc. * | 44,845 | 3,243,190 |
| Twist Bioscience Corp. * | 27,731 | 799,762 |
| Ultragenyx Pharmaceutical, Inc. * | 35,090 | 2,480,512 |
| United Therapeutics Corp. * | 23,194 | 4,118,327 |
| Vir Biotechnology, Inc. * | 37,752 | 768,253 |
| | | 47,871,240 |
| Building Products — 2.0% |
| A O Smith Corp. | 67,694 | 3,955,360 |
| Advanced Drainage Systems, Inc. | 29,266 | 2,998,594 |
| Armstrong World Industries, Inc. | 24,463 | 2,071,038 |
| AZEK Co., Inc. (The) * | 57,511 | 1,221,534 |
| Builders FirstSource, Inc. * | 98,638 | 6,073,142 |
| Carlisle Cos., Inc. | 26,933 | 6,985,343 |
| Hayward Holdings, Inc. * | 21,519 | 342,152 |
| JELD-WEN Holding, Inc. * | 47,185 | 980,976 |
| Trex Co., Inc. * | 59,296 | 3,450,434 |
| UFP Industries, Inc. | 31,865 | 2,465,395 |
| | | 30,543,968 |
| Capital Markets — 2.7% |
| Affiliated Managers Group, Inc. | 20,933 | 2,628,557 |
| Ares Management Corp. | 86,333 | 5,716,971 |
| Artisan Partners Asset Management, Inc., Class A | 34,369 | 1,104,620 |
| Blue Owl Capital, Inc. | 171,355 | 2,044,265 |
| Evercore, Inc., Class A | 20,095 | 2,125,046 |
| Federated Hermes, Inc. | 49,891 | 1,420,896 |
| Houlihan Lokey, Inc. | 26,090 | 2,173,036 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Capital Markets — continued |
| Interactive Brokers Group, Inc., Class A | 44,991 | 2,679,664 |
| Janus Henderson Group plc | 87,072 | 2,653,954 |
| LPL Financial Holdings, Inc. | 41,263 | 7,752,080 |
| Morningstar, Inc. | 12,214 | 3,092,951 |
| Open Lending Corp., Class A * | 52,637 | 717,969 |
| Stifel Financial Corp. | 53,830 | 3,329,385 |
| Tradeweb Markets, Inc., Class A | 54,141 | 3,854,298 |
| | | 41,293,692 |
| Chemicals — 2.5% |
| Amyris, Inc. * (a) | 100,030 | 343,103 |
| Ashland Global Holdings, Inc. | 27,255 | 2,860,957 |
| Avient Corp. | 47,120 | 2,320,189 |
| Axalta Coating Systems Ltd. * | 110,546 | 2,804,552 |
| Balchem Corp. | 16,691 | 2,056,331 |
| Cabot Corp. | 29,152 | 1,919,659 |
| Diversey Holdings Ltd. * | 24,531 | 189,870 |
| Element Solutions, Inc. | 112,166 | 2,312,863 |
| Huntsman Corp. | 106,673 | 3,613,015 |
| Ingevity Corp. * | 20,227 | 1,211,597 |
| NewMarket Corp. | 3,537 | 1,148,146 |
| Olin Corp. | 72,677 | 4,171,660 |
| RPM International, Inc. | 66,804 | 5,538,052 |
| Scotts Miracle-Gro Co. (The) | 20,896 | 2,171,721 |
| Sensient Technologies Corp. | 21,644 | 1,831,082 |
| Valvoline, Inc. | 92,386 | 2,792,829 |
| | | 37,285,626 |
| Commercial Services & Supplies — 1.1% |
| Brink's Co. (The) | 25,323 | 1,492,791 |
| Cimpress plc (Ireland) * | 10,080 | 509,141 |
| Clean Harbors, Inc. * | 25,769 | 2,703,941 |
| Driven Brands Holdings, Inc. * | 28,453 | 793,554 |
| IAA, Inc. * | 69,452 | 2,545,416 |
| MSA Safety, Inc. | 18,769 | 2,265,231 |
| Stericycle, Inc. * | 47,303 | 2,374,137 |
| Tetra Tech, Inc. | 27,811 | 3,873,516 |
| | | 16,557,727 |
| Communications Equipment — 0.7% |
| Ciena Corp. * | 79,759 | 4,400,304 |
| CommScope Holding Co., Inc. * | 105,343 | 635,218 |
| Lumentum Holdings, Inc. * | 37,180 | 3,019,388 |
| Viasat, Inc. * | 38,327 | 1,410,817 |
| Viavi Solutions, Inc. * | 118,482 | 1,699,032 |
| | | 11,164,759 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 134 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Construction & Engineering — 1.3% |
| AECOM | 72,787 | 5,135,851 |
| EMCOR Group, Inc. | 27,502 | 2,928,413 |
| MasTec, Inc. * | 30,301 | 2,181,975 |
| MDU Resources Group, Inc. | 104,744 | 2,698,205 |
| Valmont Industries, Inc. | 10,926 | 2,718,498 |
| WillScot Mobile Mini Holdings Corp. * | 114,936 | 4,034,254 |
| | | 19,697,196 |
| Construction Materials — 0.2% |
| Eagle Materials, Inc. | 20,335 | 2,507,712 |
| Consumer Finance — 0.7% |
| Credit Acceptance Corp. * | 4,131 | 2,117,137 |
| FirstCash Holdings, Inc. | 20,729 | 1,653,760 |
| Green Dot Corp., Class A * | 28,148 | 745,359 |
| LendingClub Corp. * | 52,028 | 793,427 |
| OneMain Holdings, Inc. | 55,790 | 2,562,435 |
| PROG Holdings, Inc. * | 29,217 | 773,374 |
| SLM Corp. | 143,641 | 2,403,114 |
| | | 11,048,606 |
| Containers & Packaging — 1.1% |
| AptarGroup, Inc. | 33,906 | 3,893,426 |
| Berry Global Group, Inc. * | 69,676 | 3,926,242 |
| Graphic Packaging Holding Co. | 145,530 | 3,172,554 |
| Silgan Holdings, Inc. | 43,218 | 1,917,583 |
| Sonoco Products Co. | 50,655 | 3,136,051 |
| | | 16,045,856 |
| Diversified Consumer Services — 1.5% |
| ADT, Inc. | 75,051 | 514,099 |
| Bright Horizons Family Solutions, Inc. * | 31,083 | 3,550,922 |
| Chegg, Inc. * | 70,523 | 1,744,739 |
| Coursera, Inc. * | 43,349 | 815,395 |
| Frontdoor, Inc. * | 43,631 | 1,348,634 |
| Graham Holdings Co., Class B | 2,066 | 1,223,837 |
| Grand Canyon Education, Inc. * | 20,393 | 1,957,116 |
| H&R Block, Inc. | 84,750 | 2,209,433 |
| Mister Car Wash, Inc. * | 19,915 | 286,776 |
| PowerSchool Holdings, Inc., Class A * | 21,134 | 319,969 |
| Service Corp. International | 84,935 | 5,572,585 |
| Terminix Global Holdings, Inc. * | 62,407 | 2,863,857 |
| Udemy, Inc. * | 7,865 | 85,807 |
| | | 22,493,169 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Diversified Telecommunication Services — 0.4% |
| Frontier Communications Parent, Inc. * | 107,010 | 2,823,994 |
| Iridium Communications, Inc. * | 68,082 | 2,431,208 |
| | | 5,255,202 |
| Electric Utilities — 1.0% |
| ALLETE, Inc. | 28,718 | 1,704,126 |
| Hawaiian Electric Industries, Inc. | 56,301 | 2,314,534 |
| IDACORP, Inc. | 26,027 | 2,737,520 |
| OGE Energy Corp. | 103,112 | 3,988,372 |
| PNM Resources, Inc. | 44,199 | 2,062,326 |
| Portland General Electric Co. | 46,061 | 2,180,067 |
| | | 14,986,945 |
| Electrical Equipment — 1.4% |
| Acuity Brands, Inc. | 18,024 | 3,108,779 |
| Array Technologies, Inc. * | 61,888 | 404,129 |
| Bloom Energy Corp., Class A * | 76,101 | 1,412,435 |
| ChargePoint Holdings, Inc. * (a) | 90,358 | 1,169,232 |
| EnerSys | 21,261 | 1,391,745 |
| Enovix Corp. * | 50,123 | 453,112 |
| GrafTech International Ltd. | 103,050 | 935,694 |
| nVent Electric plc | 86,640 | 2,926,699 |
| Regal Rexnord Corp. | 34,892 | 4,439,658 |
| Sunrun, Inc. * | 106,611 | 2,130,088 |
| Vertiv Holdings Co. | 156,723 | 1,963,739 |
| | | 20,335,310 |
| Electronic Equipment, Instruments & Components — 2.0% |
| Arrow Electronics, Inc. * | 35,043 | 4,130,168 |
| Avnet, Inc. | 50,969 | 2,225,307 |
| Belden, Inc. | 23,126 | 1,193,995 |
| Coherent, Inc. * | 12,775 | 3,422,423 |
| II-VI, Inc. * (a) | 54,768 | 3,352,349 |
| Jabil, Inc. | 73,908 | 4,266,709 |
| Littelfuse, Inc. | 12,672 | 2,905,056 |
| National Instruments Corp. | 67,924 | 2,454,773 |
| Novanta, Inc. * | 18,343 | 2,360,744 |
| TD SYNNEX Corp. | 21,359 | 2,137,822 |
| Vontier Corp. | 87,079 | 2,230,964 |
| | | 30,680,310 |
| Energy Equipment & Services — 0.4% |
| ChampionX Corp. | 104,079 | 2,196,067 |
| NOV, Inc. | 202,237 | 3,666,557 |
| | | 5,862,624 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 135 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Entertainment — 1.1% |
| Liberty Media Corp-Liberty Formula One, Class A * | 11,618 | 667,105 |
| Liberty Media Corp-Liberty Formula One, Class C * | 104,997 | 6,544,463 |
| Lions Gate Entertainment Corp., Class A * | 31,721 | 427,916 |
| Lions Gate Entertainment Corp., Class B * | 62,897 | 790,615 |
| Madison Square Garden Sports Corp. * | 8,808 | 1,427,865 |
| Skillz, Inc. * (a) | 134,595 | 275,920 |
| Warner Music Group Corp., Class A | 59,345 | 1,766,701 |
| Zynga, Inc., Class A * | 547,358 | 4,526,651 |
| | | 16,427,236 |
| Equity Real Estate Investment Trusts (REITs) — 9.3% |
| American Campus Communities, Inc. | 71,676 | 4,635,287 |
| American Homes 4 Rent, Class A | 152,082 | 6,023,968 |
| Americold Realty Trust | 137,396 | 3,624,506 |
| Apartment Income REIT Corp. | 80,862 | 3,975,984 |
| Apple Hospitality REIT, Inc. | 109,388 | 1,935,074 |
| Brixmor Property Group, Inc. | 153,410 | 3,893,546 |
| Cousins Properties, Inc. | 76,573 | 2,748,971 |
| CubeSmart | 112,696 | 5,354,187 |
| DigitalBridge Group, Inc. * | 264,477 | 1,840,760 |
| Douglas Emmett, Inc. | 90,379 | 2,662,565 |
| EastGroup Properties, Inc. | 20,949 | 3,927,937 |
| EPR Properties | 38,530 | 2,023,596 |
| Equity Commonwealth * | 58,267 | 1,526,013 |
| First Industrial Realty Trust, Inc. | 67,107 | 3,892,206 |
| Gaming and Leisure Properties, Inc. | 120,965 | 5,368,427 |
| Healthcare Realty Trust, Inc. | 76,008 | 2,058,297 |
| Healthcare Trust of America, Inc., Class A | 113,728 | 3,464,155 |
| Highwoods Properties, Inc. | 54,024 | 2,206,340 |
| Hudson Pacific Properties, Inc. | 78,541 | 1,828,434 |
| Innovative Industrial Properties, Inc. | 14,006 | 2,025,127 |
| JBG SMITH Properties | 58,790 | 1,549,704 |
| Kilroy Realty Corp. | 54,099 | 3,786,930 |
| Lamar Advertising Co., Class A | 44,717 | 4,937,204 |
| Life Storage, Inc. | 42,253 | 5,598,100 |
| Medical Properties Trust, Inc. | 307,408 | 5,653,233 |
| National Health Investors, Inc. | 23,628 | 1,217,551 |
| National Retail Properties, Inc. | 90,452 | 3,965,416 |
| National Storage Affiliates Trust | 42,215 | 2,389,369 |
| Omega Healthcare Investors, Inc. | 123,099 | 3,136,562 |
| Outfront Media, Inc. | 74,994 | 1,919,846 |
| Park Hotels & Resorts, Inc. | 121,803 | 2,400,737 |
| Pebblebrook Hotel Trust | 67,678 | 1,652,697 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Equity Real Estate Investment Trusts (REITs) — continued |
| Piedmont Office Realty Trust, Inc., Class A | 63,941 | 1,029,450 |
| PS Business Parks, Inc. | 10,345 | 1,936,584 |
| Rayonier, Inc. | 74,873 | 3,234,514 |
| Rexford Industrial Realty, Inc. | 82,543 | 6,441,656 |
| RLJ Lodging Trust | 85,790 | 1,202,776 |
| Ryman Hospitality Properties, Inc. * | 28,370 | 2,652,028 |
| Sabra Health Care REIT, Inc. | 117,792 | 1,375,811 |
| SITE Centers Corp. | 92,474 | 1,470,337 |
| SL Green Realty Corp. | 33,023 | 2,285,870 |
| Spirit Realty Capital, Inc. | 65,763 | 2,857,402 |
| STAG Industrial, Inc. | 90,774 | 3,387,686 |
| STORE Capital Corp. | 126,402 | 3,593,609 |
| Sunstone Hotel Investors, Inc. * | 112,954 | 1,383,686 |
| Terreno Realty Corp. | 38,871 | 2,827,865 |
| Uniti Group, Inc. | 121,602 | 1,506,649 |
| | | 140,408,652 |
| Food & Staples Retailing — 1.3% |
| BJ's Wholesale Club Holdings, Inc. * | 70,036 | 4,506,817 |
| Casey's General Stores, Inc. | 19,120 | 3,848,856 |
| Performance Food Group Co. * | 79,719 | 3,926,161 |
| PriceSmart, Inc. | 12,396 | 984,862 |
| Sprouts Farmers Market, Inc. * | 57,821 | 1,723,066 |
| US Foods Holding Corp. * | 114,757 | 4,317,158 |
| | | 19,306,920 |
| Food Products — 1.4% |
| Beyond Meat, Inc. * (a) | 30,982 | 1,142,616 |
| Darling Ingredients, Inc. * | 83,338 | 6,116,176 |
| Flowers Foods, Inc. | 102,358 | 2,714,534 |
| Freshpet, Inc. * | 22,349 | 2,086,279 |
| Hain Celestial Group, Inc. (The) * | 47,039 | 1,577,688 |
| Ingredion, Inc. | 34,256 | 2,915,528 |
| Lancaster Colony Corp. | 10,203 | 1,583,301 |
| Pilgrim's Pride Corp. * | 25,116 | 712,039 |
| Post Holdings, Inc. * | 29,312 | 2,180,520 |
| Seaboard Corp. | 126 | 532,349 |
| | | 21,561,030 |
| Gas Utilities — 0.8% |
| National Fuel Gas Co. | 47,097 | 3,302,913 |
| New Jersey Resources Corp. | 49,472 | 2,135,211 |
| ONE Gas, Inc. | 27,608 | 2,329,287 |
| Southwest Gas Holdings, Inc. | 33,935 | 2,990,013 |
| Spire, Inc. | 26,669 | 1,940,170 |
| | | 12,697,594 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 136 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Health Care Equipment & Supplies — 2.4% |
| Enovis Corp. * | 23,330 | 1,513,417 |
| Envista Holdings Corp. * | 83,122 | 3,293,294 |
| Figs, Inc., Class A * | 18,737 | 293,422 |
| Globus Medical, Inc., Class A * | 40,712 | 2,695,949 |
| Haemonetics Corp. * | 26,321 | 1,333,685 |
| ICU Medical, Inc. * | 10,260 | 2,195,537 |
| Inari Medical, Inc. * | 16,534 | 1,334,294 |
| Integra LifeSciences Holdings Corp. * | 37,530 | 2,295,335 |
| LivaNova plc * | 27,429 | 2,102,707 |
| Masimo Corp. * | 26,169 | 2,956,312 |
| Nevro Corp. * | 17,967 | 1,108,384 |
| NuVasive, Inc. * | 26,662 | 1,371,493 |
| Ortho Clinical Diagnostics Holdings plc * | 58,635 | 1,032,562 |
| Penumbra, Inc. * (a) | 18,073 | 3,118,677 |
| Quidel Corp. * | 19,522 | 1,964,304 |
| Shockwave Medical, Inc. * | 18,198 | 2,750,264 |
| STAAR Surgical Co. * | 24,524 | 1,400,075 |
| Tandem Diabetes Care, Inc. * | 32,709 | 3,155,764 |
| | | 35,915,475 |
| Health Care Providers & Services — 2.4% |
| 1Life Healthcare, Inc. * | 87,489 | 616,797 |
| Acadia Healthcare Co., Inc. * | 46,320 | 3,144,202 |
| Alignment Healthcare, Inc. * | 14,475 | 139,105 |
| Amedisys, Inc. * | 16,799 | 2,144,392 |
| Apollo Medical Holdings, Inc. * | 19,448 | 709,463 |
| Chemed Corp. | 7,920 | 3,891,809 |
| Encompass Health Corp. | 51,229 | 3,526,092 |
| Guardant Health, Inc. * | 52,362 | 3,230,735 |
| HealthEquity, Inc. * | 43,065 | 2,683,811 |
| Invitae Corp. * | 107,264 | 569,572 |
| LHC Group, Inc. * | 16,307 | 2,704,516 |
| LifeStance Health Group, Inc. * (a) | 21,182 | 143,402 |
| Option Care Health, Inc. * | 71,321 | 2,131,072 |
| Patterson Cos., Inc. | 44,694 | 1,375,234 |
| Premier, Inc., Class A | 61,350 | 2,221,484 |
| Privia Health Group, Inc. * | 13,721 | 301,725 |
| Progyny, Inc. * | 35,847 | 1,378,317 |
| R1 RCM, Inc. * | 68,779 | 1,548,903 |
| Signify Health, Inc., Class A * | 12,339 | 170,278 |
| Tenet Healthcare Corp. * | 55,191 | 4,001,899 |
| | | 36,632,808 |
| Health Care Technology — 0.9% |
| Certara, Inc. * | 53,448 | 980,771 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Health Care Technology — continued |
| Change Healthcare, Inc. * | 129,971 | 3,062,117 |
| Definitive Healthcare Corp. * | 13,807 | 326,535 |
| Doximity, Inc., Class A * | 47,732 | 1,903,075 |
| Inspire Medical Systems, Inc. * | 14,082 | 2,897,512 |
| Multiplan Corp. * (a) | 124,925 | 553,418 |
| Omnicell, Inc. * | 22,622 | 2,469,644 |
| Schrodinger, Inc. * | 24,154 | 597,087 |
| | | 12,790,159 |
| Hotels, Restaurants & Leisure — 3.2% |
| Boyd Gaming Corp. | 42,249 | 2,559,445 |
| Choice Hotels International, Inc. | 16,907 | 2,374,757 |
| Churchill Downs, Inc. | 17,731 | 3,598,329 |
| Cracker Barrel Old Country Store, Inc. | 12,125 | 1,345,754 |
| Hilton Grand Vacations, Inc. * | 45,668 | 2,138,633 |
| Hyatt Hotels Corp., Class A * | 25,921 | 2,461,458 |
| Life Time Group Holdings, Inc. * | 19,894 | 284,484 |
| Light & Wonder, Inc. * | 49,694 | 2,785,846 |
| Marriott Vacations Worldwide Corp. | 21,924 | 3,273,911 |
| Norwegian Cruise Line Holdings Ltd. * | 214,710 | 4,300,641 |
| Penn National Gaming, Inc. * | 85,565 | 3,129,112 |
| Planet Fitness, Inc., Class A * | 42,939 | 3,436,408 |
| SeaWorld Entertainment, Inc. * | 25,885 | 1,745,684 |
| Six Flags Entertainment Corp. * | 39,868 | 1,525,748 |
| Texas Roadhouse, Inc. | 35,854 | 2,951,860 |
| Travel + Leisure Co. | 44,461 | 2,466,696 |
| Wendy's Co. (The) | 90,915 | 1,796,481 |
| Wingstop, Inc. | 15,365 | 1,409,892 |
| Wyndham Hotels & Resorts, Inc. | 47,985 | 4,220,761 |
| | | 47,805,900 |
| Household Durables — 0.9% |
| Helen of Troy Ltd. * | 12,428 | 2,665,930 |
| Leggett & Platt, Inc. | 68,694 | 2,447,567 |
| Tempur Sealy International, Inc. | 99,168 | 2,688,445 |
| Toll Brothers, Inc. | 57,876 | 2,683,710 |
| TopBuild Corp. * | 16,959 | 3,071,953 |
| | | 13,557,605 |
| Household Products — 0.2% |
| Energizer Holdings, Inc. | 33,769 | 1,022,863 |
| Reynolds Consumer Products, Inc. | 28,076 | 830,769 |
| Spectrum Brands Holdings, Inc. | 20,994 | 1,785,959 |
| | | 3,639,591 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 137 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Independent Power and Renewable Electricity Producers — 0.2% |
| Ormat Technologies, Inc. (a) | 23,078 | 1,793,161 |
| Sunnova Energy International, Inc. * | 47,986 | 828,718 |
| | | 2,621,879 |
| Insurance — 3.1% |
| American National Group, Inc. | 6,660 | 1,256,143 |
| Assurant, Inc. | 29,345 | 5,337,269 |
| Assured Guaranty Ltd. | 35,967 | 1,983,580 |
| Axis Capital Holdings Ltd. | 39,717 | 2,276,976 |
| Brighthouse Financial, Inc. * | 40,107 | 2,059,896 |
| CNO Financial Group, Inc. | 62,000 | 1,496,680 |
| Enstar Group Ltd. * | 6,388 | 1,505,971 |
| Erie Indemnity Co., Class A (a) | 12,858 | 2,060,880 |
| First American Financial Corp. | 56,526 | 3,296,031 |
| Hanover Insurance Group, Inc. (The) | 18,334 | 2,691,798 |
| Kemper Corp. | 30,834 | 1,423,297 |
| Lemonade, Inc. * (a) | 19,663 | 410,170 |
| Mercury General Corp. | 13,698 | 690,790 |
| Old Republic International Corp. | 147,069 | 3,236,989 |
| Oscar Health, Inc., Class A * (a) | 19,867 | 146,221 |
| Primerica, Inc. | 20,327 | 2,633,566 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 22,641 | 3,249,436 |
| RLI Corp. | 20,540 | 2,357,581 |
| Ryan Specialty Group Holdings, Inc., Class A * | 30,005 | 1,109,885 |
| Selective Insurance Group, Inc. | 31,000 | 2,553,160 |
| Unum Group | 105,320 | 3,214,366 |
| White Mountains Insurance Group Ltd. | 1,535 | 1,608,711 |
| | | 46,599,396 |
| Interactive Media & Services — 1.0% |
| Bumble, Inc., Class A * | 37,267 | 894,035 |
| Cargurus, Inc. * | 45,028 | 1,471,515 |
| TripAdvisor, Inc. * | 51,012 | 1,309,478 |
| Vimeo, Inc. * | 80,291 | 818,165 |
| Yelp, Inc. * | 35,356 | 1,150,131 |
| Ziff Davis, Inc. * | 24,830 | 2,193,979 |
| ZoomInfo Technologies, Inc., Class A * | 155,761 | 7,383,072 |
| | | 15,220,375 |
| Internet & Direct Marketing Retail — 0.1% |
| Chewy, Inc., Class A * (a) | 45,647 | 1,326,502 |
| Qurate Retail, Inc. | 184,132 | 775,196 |
| | | 2,101,698 |
| IT Services — 1.5% |
| BigCommerce Holdings, Inc. * | 30,931 | 552,737 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| IT Services — continued |
| Bread Financial Holdings, Inc. | 25,634 | 1,404,743 |
| Concentrix Corp. | 22,108 | 3,481,568 |
| DigitalOcean Holdings, Inc. * | 9,007 | 355,146 |
| Euronet Worldwide, Inc. * | 27,214 | 3,310,583 |
| Fastly, Inc., Class A * | 55,059 | 875,438 |
| Flywire Corp. * | 5,583 | 170,337 |
| Genpact Ltd. | 87,826 | 3,536,753 |
| LiveRamp Holdings, Inc. * | 35,056 | 1,097,954 |
| Maximus, Inc. | 31,882 | 2,323,560 |
| Rackspace Technology, Inc. * (a) | 32,451 | 320,941 |
| SolarWinds Corp. | 22,952 | 283,916 |
| Squarespace, Inc., Class A * (a) | 14,457 | 288,706 |
| Thoughtworks Holding, Inc. * | 18,843 | 348,784 |
| WEX, Inc. * | 23,087 | 3,837,983 |
| | | 22,189,149 |
| Leisure Products — 0.9% |
| Brunswick Corp. | 39,692 | 3,001,112 |
| Callaway Golf Co. * | 60,350 | 1,324,079 |
| Mattel, Inc. * | 180,447 | 4,386,667 |
| Polaris, Inc. | 29,376 | 2,788,957 |
| YETI Holdings, Inc. * | 45,123 | 2,205,161 |
| | | 13,705,976 |
| Life Sciences Tools & Services — 1.5% |
| 10X Genomics, Inc., Class A * | 47,167 | 2,252,696 |
| Adaptive Biotechnologies Corp. * | 55,986 | 461,884 |
| Azenta, Inc. | 38,585 | 2,892,332 |
| Bruker Corp. | 52,339 | 3,008,969 |
| Maravai LifeSciences Holdings, Inc., Class A * | 56,203 | 1,727,118 |
| Medpace Holdings, Inc. * | 14,802 | 1,977,103 |
| NeoGenomics, Inc. * | 63,408 | 599,206 |
| Pacific Biosciences of California, Inc. * | 113,610 | 720,287 |
| Repligen Corp. * | 26,472 | 4,162,457 |
| Sotera Health Co. * | 50,997 | 1,039,319 |
| Syneos Health, Inc. * | 53,399 | 3,902,933 |
| | | 22,744,304 |
| Machinery — 3.8% |
| AGCO Corp. | 31,607 | 4,026,732 |
| Allison Transmission Holdings, Inc. | 53,712 | 2,010,977 |
| Chart Industries, Inc. * | 18,354 | 3,098,523 |
| Crane Co. | 25,700 | 2,473,111 |
| Evoqua Water Technologies Corp. * | 62,254 | 2,595,369 |
| Flowserve Corp. | 67,096 | 2,194,710 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 138 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Machinery — continued |
| Gates Industrial Corp. plc * | 49,503 | 631,163 |
| Graco, Inc. | 87,526 | 5,428,363 |
| ITT, Inc. | 44,083 | 3,095,508 |
| Kennametal, Inc. | 42,780 | 1,100,730 |
| Lincoln Electric Holdings, Inc. | 30,399 | 4,095,657 |
| Middleby Corp. (The) * | 28,646 | 4,408,333 |
| Nikola Corp. * (a) | 106,894 | 767,499 |
| Nordson Corp. | 27,868 | 6,010,849 |
| Oshkosh Corp. | 34,289 | 3,169,675 |
| RBC Bearings, Inc. * | 14,863 | 2,502,186 |
| Timken Co. (The) | 35,552 | 2,049,217 |
| Toro Co. (The) | 54,032 | 4,329,584 |
| Trinity Industries, Inc. | 42,140 | 1,168,964 |
| Watts Water Technologies, Inc., Class A | 14,181 | 1,807,510 |
| | | 56,964,660 |
| Marine — 0.1% |
| Kirby Corp. * | 30,956 | 2,018,331 |
| Media — 0.8% |
| Advantage Solutions, Inc. * | 50,868 | 255,866 |
| Altice USA, Inc., Class A * | 116,330 | 1,079,542 |
| Cable One, Inc. | 2,543 | 2,965,647 |
| John Wiley & Sons, Inc., Class A | 22,423 | 1,141,107 |
| Magnite, Inc. * | 59,079 | 570,112 |
| New York Times Co. (The), Class A | 86,077 | 3,298,471 |
| Nexstar Media Group, Inc., Class A | 21,051 | 3,334,899 |
| | | 12,645,644 |
| Metals & Mining — 2.1% |
| Alcoa Corp. | 94,824 | 6,429,067 |
| Cleveland-Cliffs, Inc. * | 246,251 | 6,276,938 |
| Compass Minerals International, Inc. | 17,554 | 1,037,968 |
| MP Materials Corp. * | 38,483 | 1,463,894 |
| Reliance Steel & Aluminum Co. | 32,276 | 6,398,717 |
| Royal Gold, Inc. | 33,812 | 4,411,790 |
| United States Steel Corp. | 134,386 | 4,097,429 |
| Worthington Industries, Inc. | 16,797 | 799,033 |
| | | 30,914,836 |
| Mortgage Real Estate Investment Trusts (REITs) — 0.7% |
| Blackstone Mortgage Trust, Inc., Class A | 86,856 | 2,609,154 |
| Chimera Investment Corp. | 122,003 | 1,222,470 |
| New Residential Investment Corp. | 240,417 | 2,500,337 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Mortgage Real Estate Investment Trusts (REITs) — continued |
| Starwood Property Trust, Inc. | 156,882 | 3,589,460 |
| Two Harbors Investment Corp. | 177,142 | 852,053 |
| | | 10,773,474 |
| Multiline Retail — 0.7% |
| Kohl's Corp. | 71,677 | 4,148,665 |
| Macy's, Inc. | 154,145 | 3,725,685 |
| Nordstrom, Inc. | 57,423 | 1,475,771 |
| Ollie's Bargain Outlet Holdings, Inc. * (a) | 30,230 | 1,452,551 |
| | | 10,802,672 |
| Multi-Utilities — 0.3% |
| Avista Corp. | 36,441 | 1,478,412 |
| Black Hills Corp. | 32,884 | 2,408,424 |
| | | 3,886,836 |
| Oil, Gas & Consumable Fuels — 4.5% |
| Antero Midstream Corp. | 167,246 | 1,717,616 |
| Antero Resources Corp. * | 147,147 | 5,179,574 |
| APA Corp. | 187,120 | 7,658,822 |
| Chesapeake Energy Corp. (a) | 53,695 | 4,404,064 |
| CNX Resources Corp. * | 104,287 | 2,143,098 |
| DT Midstream, Inc. | 49,836 | 2,678,685 |
| EQT Corp. | 154,942 | 6,158,945 |
| Equitrans Midstream Corp. | 209,414 | 1,645,994 |
| HF Sinclair Corp. * | 77,005 | 2,927,730 |
| Marathon Oil Corp. | 400,994 | 9,992,771 |
| New Fortress Energy, Inc. | 21,321 | 826,828 |
| Ovintiv, Inc. | 134,461 | 6,883,059 |
| PDC Energy, Inc. | 50,156 | 3,497,879 |
| Range Resources Corp. * | 128,663 | 3,852,170 |
| Targa Resources Corp. | 117,937 | 8,657,755 |
| | | 68,224,990 |
| Paper & Forest Products — 0.2% |
| Louisiana-Pacific Corp. | 45,327 | 2,924,498 |
| Personal Products — 0.2% |
| Beauty Health Co. (The) * | 49,328 | 646,197 |
| Coty, Inc., Class A * | 177,139 | 1,436,597 |
| Herbalife Nutrition Ltd. * | 50,828 | 1,351,008 |
| | | 3,433,802 |
| Pharmaceuticals — 0.8% |
| Organon & Co. | 130,582 | 4,221,716 |
| Pacira BioSciences, Inc. * | 22,951 | 1,711,456 |
| Perrigo Co. plc | 68,890 | 2,362,927 |
| Prestige Consumer Healthcare, Inc. * | 25,838 | 1,412,305 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 139 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Pharmaceuticals — continued |
| Reata Pharmaceuticals, Inc., Class A * (a) | 14,094 | 357,706 |
| Tilray Brands, Inc. (Canada) * (a) | 229,798 | 1,144,394 |
| | | 11,210,504 |
| Professional Services — 2.5% |
| Alight, Inc., Class A * | 126,567 | 1,087,211 |
| ASGN, Inc. * | 26,841 | 3,045,111 |
| Booz Allen Hamilton Holding Corp. | 68,636 | 5,602,757 |
| CACI International, Inc., Class A * | 12,029 | 3,191,294 |
| Exponent, Inc. | 26,847 | 2,572,211 |
| FTI Consulting, Inc. * | 17,664 | 2,785,789 |
| Insperity, Inc. | 18,370 | 1,948,138 |
| KBR, Inc. | 72,265 | 3,557,606 |
| ManpowerGroup, Inc. | 27,929 | 2,519,196 |
| Robert Half International, Inc. | 56,389 | 5,543,603 |
| Science Applications International Corp. | 29,327 | 2,440,886 |
| TriNet Group, Inc. * | 19,499 | 1,729,561 |
| Upwork, Inc. * | 62,069 | 1,301,587 |
| | | 37,324,950 |
| Real Estate Management & Development — 0.7% |
| Cushman & Wakefield plc * | 77,117 | 1,380,394 |
| eXp World Holdings, Inc. (a) | 34,184 | 457,724 |
| Howard Hughes Corp. (The) * | 21,308 | 2,136,979 |
| Jones Lang LaSalle, Inc. * | 26,004 | 5,687,855 |
| Redfin Corp. * (a) | 54,314 | 605,601 |
| WeWork, Inc. * (a) | 107,635 | 754,522 |
| | | 11,023,075 |
| Road & Rail — 1.4% |
| AMERCO | 5,065 | 2,712,206 |
| Avis Budget Group, Inc. * | 20,650 | 5,527,385 |
| Knight-Swift Transportation Holdings, Inc. | 85,483 | 4,093,781 |
| Landstar System, Inc. | 19,409 | 3,006,454 |
| Ryder System, Inc. | 27,660 | 1,933,434 |
| Saia, Inc. * | 13,579 | 2,796,731 |
| TuSimple Holdings, Inc., Class A * | 17,534 | 181,828 |
| | | 20,251,819 |
| Semiconductors & Semiconductor Equipment — 2.6% |
| Allegro MicroSystems, Inc. (Japan) * | 28,374 | 689,772 |
| Ambarella, Inc. * | 19,068 | 1,565,101 |
| Amkor Technology, Inc. | 51,639 | 971,330 |
| Cirrus Logic, Inc. * | 29,496 | 2,235,797 |
| CMC Materials, Inc. | 14,717 | 2,633,018 |
| First Solar, Inc. * | 50,930 | 3,719,418 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Semiconductors & Semiconductor Equipment — continued |
| Lattice Semiconductor Corp. * | 70,517 | 3,387,637 |
| MKS Instruments, Inc. | 28,563 | 3,255,611 |
| Power Integrations, Inc. | 30,454 | 2,436,320 |
| Semtech Corp. * | 33,188 | 1,978,005 |
| Silicon Laboratories, Inc. * | 19,657 | 2,651,926 |
| SiTime Corp. * | 7,719 | 1,301,192 |
| SunPower Corp. * (a) | 42,752 | 705,836 |
| Synaptics, Inc. * | 20,344 | 3,019,863 |
| Universal Display Corp. | 22,332 | 2,852,466 |
| Wolfspeed, Inc. * (a) | 63,664 | 5,838,625 |
| | | 39,241,917 |
| Software — 7.4% |
| ACI Worldwide, Inc. * | 60,536 | 1,672,004 |
| Alteryx, Inc., Class A * | 30,748 | 1,974,022 |
| Amplitude, Inc., Class A * | 11,652 | 203,444 |
| Anaplan, Inc. * | 76,067 | 4,943,594 |
| Asana, Inc., Class A * | 42,754 | 1,145,807 |
| Aspen Technology, Inc. * | 34,318 | 5,440,776 |
| Avalara, Inc. * | 44,765 | 3,405,274 |
| AvidXchange Holdings, Inc. * | 13,137 | 107,592 |
| Black Knight, Inc. * | 80,003 | 5,263,397 |
| Blackbaud, Inc. * | 23,031 | 1,336,028 |
| Blackline, Inc. * | 27,503 | 1,844,076 |
| C3.ai, Inc., Class A * (a) | 36,593 | 621,715 |
| CDK Global, Inc. | 60,151 | 3,272,816 |
| Clear Secure, Inc., Class A * (a) | 6,888 | 209,533 |
| CommVault Systems, Inc. * | 22,959 | 1,400,499 |
| CS Disco, Inc. * | 6,514 | 200,045 |
| Datto Holding Corp. * | 13,425 | 465,848 |
| Digital Turbine, Inc. * | 45,448 | 1,438,429 |
| Dolby Laboratories, Inc., Class A | 33,859 | 2,623,057 |
| Dropbox, Inc., Class A * | 145,394 | 3,162,320 |
| Duck Creek Technologies, Inc. * | 38,772 | 617,638 |
| Elastic NV * | 37,543 | 2,858,524 |
| Everbridge, Inc. * | 20,278 | 873,982 |
| Fair Isaac Corp. * | 13,551 | 5,061,434 |
| Five9, Inc. * | 35,034 | 3,857,243 |
| Guidewire Software, Inc. * | 42,920 | 3,731,465 |
| Informatica, Inc., Class A * (a) | 15,667 | 304,880 |
| Jamf Holding Corp. * (a) | 28,219 | 869,145 |
| JFrog Ltd. (Israel) * | 22,563 | 470,890 |
| Mandiant Corp. * | 123,598 | 2,716,684 |
| Manhattan Associates, Inc. * | 32,523 | 4,245,878 |
| Marathon Digital Holdings, Inc. * (a) | 52,876 | 824,866 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 140 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Software — continued |
| Matterport, Inc. * (a) | 94,924 | 544,864 |
| MicroStrategy, Inc., Class A * (a) | 4,794 | 1,697,891 |
| Mimecast Ltd. * | 32,082 | 2,556,294 |
| nCino, Inc. * | 29,384 | 1,101,606 |
| NCR Corp. * | 67,983 | 2,381,444 |
| New Relic, Inc. * | 30,683 | 1,941,313 |
| Nutanix, Inc., Class A * | 110,577 | 2,767,742 |
| Paycor HCM, Inc. * (a) | 16,215 | 399,375 |
| Pegasystems, Inc. | 21,025 | 1,610,305 |
| Qualtrics International, Inc., Class A * | 49,319 | 914,374 |
| Rapid7, Inc. * | 29,438 | 2,811,918 |
| Smartsheet, Inc., Class A * | 65,296 | 3,155,756 |
| Sprout Social, Inc., Class A * | 23,458 | 1,437,506 |
| SPS Commerce, Inc. * | 18,523 | 2,215,906 |
| Tenable Holdings, Inc. * | 47,695 | 2,634,195 |
| Teradata Corp. * | 55,869 | 2,310,183 |
| Varonis Systems, Inc. * | 55,382 | 2,392,502 |
| Verint Systems, Inc. * | 33,845 | 1,846,583 |
| Workiva, Inc. * | 23,250 | 2,243,858 |
| Zendesk, Inc. * | 62,622 | 7,642,389 |
| | | 111,768,909 |
| Specialty Retail — 2.8% |
| American Eagle Outfitters, Inc. (a) | 79,018 | 1,193,962 |
| AutoNation, Inc. * | 20,601 | 2,387,862 |
| Dick's Sporting Goods, Inc. (a) | 32,402 | 3,124,201 |
| Five Below, Inc. * | 28,842 | 4,531,078 |
| Floor & Decor Holdings, Inc., Class A * | 54,369 | 4,334,297 |
| Foot Locker, Inc. | 44,965 | 1,317,924 |
| GameStop Corp., Class A * (a) | 31,843 | 3,982,604 |
| Gap, Inc. (The) | 109,620 | 1,361,480 |
| Leslie's, Inc. * | 70,499 | 1,381,780 |
| Lithia Motors, Inc. | 15,589 | 4,413,714 |
| National Vision Holdings, Inc. * | 42,588 | 1,603,438 |
| Penske Automotive Group, Inc. | 15,714 | 1,647,142 |
| Petco Health & Wellness Co., Inc. * (a) | 42,004 | 808,997 |
| RH * | 8,970 | 3,014,996 |
| Urban Outfitters, Inc. * | 33,785 | 804,083 |
| Victoria's Secret & Co. * | 37,400 | 1,762,288 |
| Vroom, Inc. * | 65,578 | 102,302 |
| Warby Parker, Inc., Class A * (a) | 5,336 | 124,275 |
| Williams-Sonoma, Inc. | 37,585 | 4,904,091 |
| | | 42,800,514 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Technology Hardware, Storage & Peripherals — 0.4% |
| Pure Storage, Inc., Class A * | 140,379 | 4,113,105 |
| Xerox Holdings Corp. | 63,216 | 1,099,958 |
| | | 5,213,063 |
| Textiles, Apparel & Luxury Goods — 1.6% |
| Capri Holdings Ltd. * | 76,044 | 3,627,299 |
| Carter's, Inc. | 21,762 | 1,833,231 |
| Columbia Sportswear Co. | 17,800 | 1,462,448 |
| Crocs, Inc. * | 30,300 | 2,012,829 |
| Deckers Outdoor Corp. * | 14,024 | 3,726,878 |
| Hanesbrands, Inc. | 179,854 | 2,384,864 |
| PVH Corp. | 36,052 | 2,623,864 |
| Ralph Lauren Corp. | 23,843 | 2,487,779 |
| Skechers U.S.A., Inc., Class A * | 69,480 | 2,661,084 |
| Wolverine World Wide, Inc. | 42,425 | 840,863 |
| | | 23,661,139 |
| Thrifts & Mortgage Finance — 0.6% |
| Essent Group Ltd. | 56,887 | 2,305,630 |
| MGIC Investment Corp. | 164,994 | 2,154,822 |
| New York Community Bancorp, Inc. | 239,525 | 2,213,211 |
| Radian Group, Inc. | 92,375 | 1,975,901 |
| TFS Financial Corp. | 24,595 | 368,679 |
| | | 9,018,243 |
| Trading Companies & Distributors — 1.3% |
| Air Lease Corp. | 55,202 | 2,223,536 |
| Beacon Roofing Supply, Inc. * | 28,658 | 1,708,876 |
| Core & Main, Inc., Class A * | 29,335 | 697,000 |
| GATX Corp. | 18,294 | 1,891,417 |
| Herc Holdings, Inc. | 12,861 | 1,643,893 |
| MSC Industrial Direct Co., Inc., Class A | 24,262 | 2,010,349 |
| SiteOne Landscape Supply, Inc. * | 23,028 | 3,247,639 |
| Univar Solutions, Inc. * | 88,048 | 2,563,958 |
| WESCO International, Inc. * | 22,861 | 2,817,847 |
| | | 18,804,515 |
| Water Utilities — 0.4% |
| Essential Utilities, Inc. | 118,475 | 5,302,941 |
Total Common Stocks
(Cost $1,584,975,117) | | 1,499,507,503 |
| Short Term Investments — 2.8% |
| Investment Companies — 0.3% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)
(Cost $4,118,599) | 4,118,599 | 4,118,599 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 141 |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Short Term Investments — continued |
| Investment of Cash Collateral from Securities Loaned — 2.5% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (b) (c) | 33,492,149 | 33,468,705 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 5,221,826 | 5,221,826 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $38,690,417) | | 38,690,531 |
Total Short Term Investments
(Cost $42,809,016) | | 42,809,130 |
Total Investments — 102.5%
(Cost $1,627,784,133) | | 1,542,316,633 |
| Liabilities in Excess of Other Assets — (2.5)% | | (37,664,559) |
| NET ASSETS — 100.0% | | 1,504,652,074 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $36,202,057. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| S&P Midcap 400 E-Mini Index | 17 | 06/17/2022 | USD | 4,240,480 | (111,095) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 142 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 98.2% |
| Aerospace & Defense — 1.0% |
| AAR Corp. * | 11,877 | 557,981 |
| Aerojet Rocketdyne Holdings, Inc. * | 26,663 | 1,065,987 |
| AeroVironment, Inc. * | 8,233 | 661,275 |
| Astra Space, Inc. * (a) | 44,556 | 142,579 |
| Kaman Corp. | 9,878 | 385,341 |
| Kratos Defense & Security Solutions, Inc. * | 44,114 | 669,209 |
| Maxar Technologies, Inc. | 25,815 | 831,501 |
| Parsons Corp. * | 9,447 | 348,878 |
| Virgin Galactic Holdings, Inc. * (a) | 63,329 | 474,334 |
| | | 5,137,085 |
| Air Freight & Logistics — 0.6% |
| Air Transport Services Group, Inc. * | 20,596 | 644,655 |
| Atlas Air Worldwide Holdings, Inc. * | 9,562 | 659,204 |
| Forward Air Corp. | 9,552 | 926,257 |
| Hub Group, Inc., Class A * | 12,037 | 808,405 |
| | | 3,038,521 |
| Airlines — 0.4% |
| Hawaiian Holdings, Inc. * | 18,192 | 308,537 |
| SkyWest, Inc. * | 17,882 | 521,260 |
| Spirit Airlines, Inc. * | 38,651 | 912,550 |
| Sun Country Airlines Holdings, Inc. * | 11,013 | 302,968 |
| Wheels Up Experience, Inc. * | 62,945 | 191,982 |
| | | 2,237,297 |
| Auto Components — 0.8% |
| American Axle & Manufacturing Holdings, Inc. * | 40,565 | 268,540 |
| Dorman Products, Inc. * | 10,126 | 999,639 |
| Gentherm, Inc. * | 11,846 | 798,657 |
| Holley, Inc. * (a) | 13,150 | 138,601 |
| LCI Industries | 9,002 | 876,075 |
| Patrick Industries, Inc. | 7,987 | 497,191 |
| Standard Motor Products, Inc. | 6,822 | 291,163 |
| XPEL, Inc. * (b) | 5,872 | 254,081 |
| | | 4,123,947 |
| Automobiles — 0.4% |
| Canoo, Inc. * (a) | 50,977 | 244,690 |
| Electric Last Mile Solutions, Inc. * (a) | 18,515 | 17,034 |
| Faraday Future Intelligent Electric, Inc. * | 61,133 | 157,723 |
| Fisker, Inc. * | 50,287 | 505,887 |
| Lordstown Motors Corp. * (a) | 43,077 | 93,908 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Automobiles — continued |
| Winnebago Industries, Inc. | 11,879 | 631,725 |
| Workhorse Group, Inc. * (a) | 51,558 | 155,189 |
| | | 1,806,156 |
| Banks — 8.6% |
| 1st Source Corp. | 6,089 | 263,471 |
| Ameris Bancorp | 23,530 | 981,201 |
| Atlantic Union Bankshares Corp. | 26,887 | 908,243 |
| BancFirst Corp. | 6,758 | 552,467 |
| Bancorp, Inc. (The) * | 20,378 | 462,377 |
| Banner Corp. | 12,209 | 655,623 |
| Berkshire Hills Bancorp, Inc. | 17,324 | 428,596 |
| Brookline Bancorp, Inc. | 27,587 | 398,908 |
| Cathay General Bancorp | 26,911 | 1,078,862 |
| Central Pacific Financial Corp. | 9,840 | 237,931 |
| City Holding Co. | 5,388 | 416,923 |
| Columbia Banking System, Inc. | 27,620 | 775,570 |
| Community Bank System, Inc. | 19,169 | 1,234,484 |
| Community Trust Bancorp, Inc. | 5,402 | 215,054 |
| Customers Bancorp, Inc. * | 10,789 | 453,893 |
| CVB Financial Corp. | 48,180 | 1,109,104 |
| Dime Community Bancshares, Inc. | 11,621 | 365,364 |
| Eagle Bancorp, Inc. | 11,334 | 570,667 |
| Eastern Bankshares, Inc. | 60,451 | 1,158,241 |
| Enterprise Financial Services Corp. | 13,440 | 593,645 |
| FB Financial Corp. | 12,682 | 488,637 |
| First Bancorp | 12,296 | 460,608 |
| First BanCorp (Puerto Rico) | 71,765 | 976,722 |
| First Busey Corp. | 17,976 | 403,921 |
| First Commonwealth Financial Corp. | 33,549 | 452,241 |
| First Financial Bancorp | 33,450 | 684,052 |
| First Interstate BancSystem, Inc., Class A | 29,009 | 943,373 |
| First Merchants Corp. | 20,139 | 789,247 |
| Flushing Financial Corp. | 10,900 | 234,350 |
| Fulton Financial Corp. | 57,337 | 869,802 |
| Heartland Financial USA, Inc. | 14,250 | 623,722 |
| Hilltop Holdings, Inc. | 21,647 | 551,782 |
| Hope Bancorp, Inc. | 42,692 | 610,496 |
| Independent Bank Corp. | 16,788 | 1,295,362 |
| Independent Bank Group, Inc. | 13,069 | 886,078 |
| International Bancshares Corp. | 18,910 | 752,429 |
| Lakeland Financial Corp. | 9,010 | 656,108 |
| Live Oak Bancshares, Inc. | 11,503 | 486,922 |
| Meta Financial Group, Inc. | 10,592 | 462,341 |
| National Bank Holdings Corp., Class A | 10,623 | 387,846 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 143 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Banks — continued |
| NBT Bancorp, Inc. | 15,450 | 543,840 |
| Northwest Bancshares, Inc. | 45,004 | 570,651 |
| OFG Bancorp (Puerto Rico) | 17,673 | 469,748 |
| Old National Bancorp | 105,004 | 1,591,861 |
| Origin Bancorp, Inc. | 7,737 | 291,530 |
| Pacific Premier Bancorp, Inc. | 33,593 | 1,053,476 |
| Park National Corp. | 5,121 | 603,510 |
| Renasant Corp. | 19,848 | 591,272 |
| S&T Bancorp, Inc. | 14,022 | 396,262 |
| Sandy Spring Bancorp, Inc. | 16,023 | 629,223 |
| Seacoast Banking Corp. of Florida | 20,773 | 675,122 |
| ServisFirst Bancshares, Inc. | 17,363 | 1,394,596 |
| Silvergate Capital Corp., Class A * | 10,824 | 1,265,975 |
| Simmons First National Corp., Class A | 44,924 | 1,072,336 |
| Stock Yards Bancorp, Inc. | 8,700 | 454,836 |
| Tompkins Financial Corp. | 4,249 | 310,177 |
| Towne Bank | 23,520 | 648,446 |
| Triumph Bancorp, Inc. * | 8,394 | 582,879 |
| Trustmark Corp. | 21,960 | 612,245 |
| United Community Banks, Inc. | 37,277 | 1,123,529 |
| Veritex Holdings, Inc. | 17,522 | 575,598 |
| Washington Trust Bancorp, Inc. | 6,162 | 289,244 |
| WesBanco, Inc. | 22,145 | 713,955 |
| Westamerica BanCorp | 9,526 | 561,272 |
| | | 42,898,246 |
| Beverages — 0.3% |
| Coca-Cola Consolidated, Inc. | 1,684 | 743,486 |
| Duckhorn Portfolio, Inc. (The) * | 11,009 | 213,795 |
| MGP Ingredients, Inc. | 4,430 | 404,592 |
| | | 1,361,873 |
| Biotechnology — 5.3% |
| Adagio Therapeutics, Inc. * | 6,759 | 19,331 |
| Akero Therapeutics, Inc. * | 8,219 | 86,217 |
| Alector, Inc. * | 20,777 | 199,459 |
| Alkermes plc * | 57,526 | 1,659,625 |
| Allogene Therapeutics, Inc. * | 26,374 | 220,223 |
| Allovir, Inc. * | 10,468 | 47,629 |
| ALX Oncology Holdings, Inc. * | 7,514 | 96,029 |
| Amicus Therapeutics, Inc. * | 89,168 | 631,309 |
| AnaptysBio, Inc. * | 6,882 | 161,039 |
| Apellis Pharmaceuticals, Inc. * | 31,608 | 1,375,896 |
| Applied Molecular Transport, Inc. * (a) | 5,759 | 24,706 |
| Arcus Biosciences, Inc. * | 16,252 | 393,461 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Biotechnology — continued |
| Arcutis Biotherapeutics, Inc. * | 9,826 | 198,387 |
| Atara Biotherapeutics, Inc. * | 31,459 | 200,079 |
| Avid Bioservices, Inc. * | 21,865 | 294,303 |
| Avidity Biosciences, Inc. * | 15,317 | 219,033 |
| BioAtla, Inc. * | 6,258 | 21,778 |
| BioCryst Pharmaceuticals, Inc. * | 64,017 | 594,718 |
| Bioxcel Therapeutics, Inc. * (a) | 6,791 | 89,030 |
| Bluebird Bio, Inc. * | 24,945 | 90,550 |
| C4 Therapeutics, Inc. * | 13,121 | 112,447 |
| CareDx, Inc. * | 18,790 | 571,968 |
| Caribou Biosciences, Inc. * | 7,271 | 53,805 |
| Celldex Therapeutics, Inc. * | 16,609 | 507,405 |
| Century Therapeutics, Inc. * | 3,856 | 46,349 |
| Coherus Biosciences, Inc. * | 22,698 | 205,190 |
| Cullinan Oncology, Inc. * | 8,576 | 84,131 |
| Cytokinetics, Inc. * | 29,805 | 1,188,325 |
| Day One Biopharmaceuticals, Inc. * | 3,719 | 31,686 |
| Deciphera Pharmaceuticals, Inc. * | 14,798 | 149,756 |
| DermTech, Inc. * (a) | 9,082 | 77,651 |
| Design Therapeutics, Inc. * | 4,353 | 51,975 |
| Dynavax Technologies Corp. * | 39,709 | 350,630 |
| Dyne Therapeutics, Inc. * | 8,775 | 70,024 |
| Eagle Pharmaceuticals, Inc. * | 4,030 | 177,844 |
| Editas Medicine, Inc. * | 24,313 | 321,904 |
| Emergent BioSolutions, Inc. * | 17,027 | 551,334 |
| Enanta Pharmaceuticals, Inc. * | 6,497 | 418,407 |
| Erasca, Inc. * | 6,896 | 50,203 |
| FibroGen, Inc. * | 30,689 | 285,408 |
| Generation Bio Co. * | 15,582 | 98,634 |
| Gossamer Bio, Inc. * | 18,488 | 127,752 |
| Heron Therapeutics, Inc. * (a) | 36,246 | 163,832 |
| Icosavax, Inc. * | 4,423 | 32,067 |
| IGM Biosciences, Inc. * | 5,900 | 98,766 |
| Inhibrx, Inc. * | 7,280 | 115,388 |
| Insmed, Inc. * | 42,081 | 924,520 |
| Instil Bio, Inc. * | 5,926 | 41,897 |
| Ironwood Pharmaceuticals, Inc. * | 58,225 | 698,700 |
| iTeos Therapeutics, Inc. * | 7,170 | 191,367 |
| IVERIC bio, Inc. * | 38,339 | 530,995 |
| Janux Therapeutics, Inc. * | 4,303 | 42,342 |
| Karuna Therapeutics, Inc. * | 7,756 | 864,484 |
| Keros Therapeutics, Inc. * | 4,670 | 247,557 |
| Kinnate Biopharma, Inc. * | 5,759 | 43,020 |
| Kronos Bio, Inc. * | 14,599 | 69,053 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 144 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Biotechnology — continued |
| Kura Oncology, Inc. * | 23,643 | 339,277 |
| Kymera Therapeutics, Inc. * | 12,624 | 395,762 |
| MacroGenics, Inc. * | 19,597 | 140,119 |
| Madrigal Pharmaceuticals, Inc. * | 4,371 | 305,970 |
| MiMedx Group, Inc. * | 29,086 | 114,890 |
| Monte Rosa Therapeutics, Inc. * (a) | 4,310 | 46,979 |
| Morphic Holding, Inc. * | 9,351 | 283,429 |
| Myovant Sciences Ltd. * | 15,671 | 145,897 |
| Myriad Genetics, Inc. * | 28,369 | 581,564 |
| Nurix Therapeutics, Inc. * | 14,355 | 158,910 |
| Nuvalent, Inc., Class A * (a) | 3,333 | 34,297 |
| Ocugen, Inc. * (a) | 70,871 | 155,207 |
| Olema Pharmaceuticals, Inc. * | 10,582 | 26,984 |
| Omega Therapeutics, Inc. * | 2,680 | 9,139 |
| OPKO Health, Inc. * | 145,433 | 392,669 |
| Organogenesis Holdings, Inc. * | 22,426 | 144,423 |
| PMV Pharmaceuticals, Inc. * | 9,704 | 140,611 |
| Praxis Precision Medicines, Inc. * | 12,744 | 103,226 |
| Precigen, Inc. * | 33,793 | 44,945 |
| Protagonist Therapeutics, Inc. * | 15,952 | 145,004 |
| Prothena Corp. plc (Ireland) * | 12,742 | 371,557 |
| PTC Therapeutics, Inc. * | 25,111 | 887,172 |
| Radius Health, Inc. * | 16,800 | 114,912 |
| REGENXBIO, Inc. * | 13,389 | 371,679 |
| REVOLUTION Medicines, Inc. * | 22,030 | 439,939 |
| Rocket Pharmaceuticals, Inc. * | 16,021 | 164,696 |
| Rubius Therapeutics, Inc. * | 14,733 | 24,457 |
| Sangamo Therapeutics, Inc. * | 43,022 | 178,541 |
| Shattuck Labs, Inc. * | 10,082 | 38,715 |
| Sorrento Therapeutics, Inc. * (a) | 108,962 | 164,533 |
| SpringWorks Therapeutics, Inc. * | 9,311 | 399,535 |
| Stoke Therapeutics, Inc. * | 7,714 | 111,390 |
| Tango Therapeutics, Inc. * | 22,747 | 167,418 |
| Tenaya Therapeutics, Inc. * | 4,584 | 42,264 |
| TG Therapeutics, Inc. * | 47,314 | 328,359 |
| Travere Therapeutics, Inc. * | 18,253 | 458,698 |
| Turning Point Therapeutics, Inc. * | 17,629 | 518,998 |
| Veracyte, Inc. * | 25,284 | 517,563 |
| Vericel Corp. * | 16,652 | 474,582 |
| Verve Therapeutics, Inc. * | 5,125 | 76,465 |
| Xencor, Inc. * | 20,766 | 518,735 |
| Y-mAbs Therapeutics, Inc. * | 12,273 | 103,093 |
| Zentalis Pharmaceuticals, Inc. * | 13,176 | 349,427 |
| | | 26,751,648 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Building Products — 1.6% |
| AAON, Inc. | 14,755 | 719,159 |
| American Woodmark Corp. * | 5,872 | 275,103 |
| Apogee Enterprises, Inc. | 8,811 | 387,684 |
| Cornerstone Building Brands, Inc. * | 19,280 | 470,239 |
| Gibraltar Industries, Inc. * | 11,616 | 439,549 |
| Griffon Corp. | 16,787 | 314,085 |
| Janus International Group, Inc. * | 19,831 | 187,601 |
| Masonite International Corp. * | 8,430 | 653,494 |
| Quanex Building Products Corp. | 11,891 | 228,545 |
| Resideo Technologies, Inc. * | 51,367 | 1,155,244 |
| Simpson Manufacturing Co., Inc. | 15,475 | 1,604,293 |
| Tecnoglass, Inc. | 7,491 | 167,274 |
| View, Inc. * (a) | 21,641 | 33,327 |
| Zurn Water Solutions Corp. | 44,771 | 1,397,751 |
| | | 8,033,348 |
| Capital Markets — 1.6% |
| AssetMark Financial Holdings, Inc. * | 6,818 | 131,110 |
| B Riley Financial, Inc. | 5,738 | 259,128 |
| Bakkt Holdings, Inc. * (a) | 12,222 | 46,688 |
| BGC Partners, Inc., Class A | 114,820 | 416,797 |
| Blucora, Inc. * | 17,339 | 351,115 |
| Brightsphere Investment Group, Inc. | 12,426 | 249,017 |
| Cohen & Steers, Inc. | 8,952 | 695,481 |
| Focus Financial Partners, Inc., Class A * | 19,692 | 776,849 |
| Freedom Holding Corp. (Kazakhstan) * (a) | 5,901 | 276,934 |
| Hamilton Lane, Inc., Class A | 12,409 | 851,009 |
| Moelis & Co., Class A | 21,692 | 960,088 |
| Piper Sandler Cos. | 5,026 | 577,890 |
| PJT Partners, Inc., Class A | 8,644 | 570,418 |
| StepStone Group, Inc., Class A | 17,315 | 443,610 |
| Virtu Financial, Inc., Class A | 29,289 | 845,866 |
| Virtus Investment Partners, Inc. | 2,536 | 449,278 |
| WisdomTree Investments, Inc. | 38,715 | 225,708 |
| | | 8,126,986 |
| Chemicals — 2.1% |
| Aspen Aerogels, Inc. * | 8,796 | 189,994 |
| Chemours Co. (The) | 56,900 | 1,881,683 |
| Danimer Scientific, Inc. * (a) | 30,353 | 118,984 |
| Ecovyst, Inc. | 18,973 | 190,868 |
| GCP Applied Technologies, Inc. * | 19,195 | 602,147 |
| HB Fuller Co. | 18,798 | 1,253,827 |
| Innospec, Inc. | 8,750 | 833,962 |
| Koppers Holdings, Inc. | 7,583 | 183,963 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 145 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Chemicals — continued |
| Kronos Worldwide, Inc. | 7,842 | 119,355 |
| Livent Corp. * | 57,489 | 1,227,965 |
| Minerals Technologies, Inc. | 11,864 | 754,669 |
| PureCycle Technologies, Inc. * (a) | 27,987 | 218,299 |
| Quaker Chemical Corp. | 4,759 | 774,337 |
| Stepan Co. | 7,580 | 773,994 |
| Trinseo plc | 13,802 | 654,905 |
| Tronox Holdings plc, Class A | 40,509 | 696,755 |
| | | 10,475,707 |
| Commercial Services & Supplies — 2.2% |
| ABM Industries, Inc. | 23,934 | 1,155,294 |
| ACCO Brands Corp. | 34,046 | 249,557 |
| Brady Corp., Class A | 17,143 | 767,149 |
| BrightView Holdings, Inc. * | 16,966 | 214,790 |
| Casella Waste Systems, Inc., Class A * | 17,890 | 1,471,274 |
| CoreCivic, Inc., REIT * | 42,770 | 531,631 |
| Deluxe Corp. | 15,165 | 410,668 |
| GEO Group, Inc. (The), REIT * (a) | 34,283 | 223,868 |
| Harsco Corp. * | 28,186 | 288,061 |
| Healthcare Services Group, Inc. | 26,495 | 452,799 |
| HNI Corp. | 15,509 | 552,741 |
| Interface, Inc. | 21,003 | 266,528 |
| KAR Auction Services, Inc. * | 43,090 | 631,699 |
| Matthews International Corp., Class A | 11,222 | 334,528 |
| MillerKnoll, Inc. | 26,909 | 853,823 |
| Montrose Environmental Group, Inc. * | 9,435 | 428,066 |
| Pitney Bowes, Inc. | 58,897 | 310,387 |
| SP Plus Corp. * | 8,274 | 235,809 |
| Steelcase, Inc., Class A | 30,915 | 362,633 |
| UniFirst Corp. | 5,414 | 932,832 |
| US Ecology, Inc. * | 11,143 | 534,753 |
| | | 11,208,890 |
| Communications Equipment — 0.7% |
| ADTRAN, Inc. | 17,446 | 303,386 |
| Calix, Inc. * | 19,512 | 778,724 |
| Cambium Networks Corp. * | 3,981 | 60,790 |
| Infinera Corp. * | 74,967 | 576,496 |
| NETGEAR, Inc. * | 10,428 | 226,288 |
| NetScout Systems, Inc. * | 26,220 | 807,576 |
| Plantronics, Inc. * | 15,214 | 606,430 |
| | | 3,359,690 |
| Construction & Engineering — 1.6% |
| Ameresco, Inc., Class A * | 10,956 | 552,621 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Construction & Engineering — continued |
| API Group Corp. * | 72,689 | 1,349,108 |
| Arcosa, Inc. | 17,154 | 918,254 |
| Comfort Systems USA, Inc. | 12,788 | 1,079,563 |
| Dycom Industries, Inc. * | 10,761 | 913,716 |
| Fluor Corp. * | 50,303 | 1,244,999 |
| Granite Construction, Inc. | 16,298 | 483,236 |
| MYR Group, Inc. * | 6,033 | 477,150 |
| NV5 Global, Inc. * | 4,245 | 508,551 |
| Primoris Services Corp. | 19,153 | 443,966 |
| Tutor Perini Corp. * | 14,885 | 137,984 |
| | | 8,109,148 |
| Construction Materials — 0.2% |
| Summit Materials, Inc., Class A * | 42,135 | 1,171,353 |
| Consumer Finance — 0.8% |
| Atlanticus Holdings Corp. * | 1,907 | 82,077 |
| Encore Capital Group, Inc. * | 8,793 | 508,323 |
| Enova International, Inc. * | 12,103 | 452,652 |
| LendingTree, Inc. * | 4,059 | 322,366 |
| Moneylion, Inc. * | 32,976 | 68,590 |
| Navient Corp. | 54,753 | 870,025 |
| Nelnet, Inc., Class A | 7,329 | 601,491 |
| PRA Group, Inc. * | 15,524 | 652,474 |
| World Acceptance Corp. * (a) | 1,463 | 276,083 |
| | | 3,834,081 |
| Containers & Packaging — 0.5% |
| Greif, Inc., Class A | 9,437 | 572,637 |
| Myers Industries, Inc. | 12,920 | 283,336 |
| O-I Glass, Inc. * | 55,361 | 746,266 |
| Pactiv Evergreen, Inc. | 15,147 | 149,349 |
| Ranpak Holdings Corp. * | 14,212 | 214,317 |
| TriMas Corp. | 15,236 | 450,072 |
| | | 2,415,977 |
| Diversified Consumer Services — 0.6% |
| 2U, Inc. * | 26,912 | 268,582 |
| Adtalem Global Education, Inc. * | 17,721 | 519,403 |
| Duolingo, Inc. * (a) | 3,050 | 263,733 |
| European Wax Center, Inc., Class A | 4,990 | 136,975 |
| Laureate Education, Inc., Class A | 52,188 | 591,290 |
| OneSpaWorld Holdings Ltd. (Bahamas) * | 20,591 | 206,734 |
| Rover Group, Inc. * | 27,510 | 174,138 |
| Stride, Inc. * | 15,216 | 597,989 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 146 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Diversified Consumer Services — continued |
| Vivint Smart Home, Inc. * | 14,109 | 73,931 |
| WW International, Inc. * | 18,907 | 185,100 |
| | | 3,017,875 |
| Diversified Financial Services — 0.5% |
| Cannae Holdings, Inc. * | 29,719 | 665,706 |
| Compass Diversified Holdings | 19,933 | 435,735 |
| Jackson Financial, Inc., Class A | 33,079 | 1,399,572 |
| | | 2,501,013 |
| Diversified Telecommunication Services — 0.5% |
| Bandwidth, Inc., Class A * | 8,259 | 182,689 |
| Cogent Communications Holdings, Inc. | 15,116 | 884,286 |
| EchoStar Corp., Class A * | 13,771 | 321,553 |
| Globalstar, Inc. * | 235,982 | 273,739 |
| Liberty Latin America Ltd., Class A (Chile) * | 14,524 | 134,202 |
| Liberty Latin America Ltd., Class C (Chile) * | 55,325 | 511,203 |
| | | 2,307,672 |
| Electric Utilities — 0.4% |
| MGE Energy, Inc. | 12,822 | 998,449 |
| Otter Tail Corp. | 14,789 | 857,171 |
| | | 1,855,620 |
| Electrical Equipment — 1.1% |
| Atkore, Inc. * | 16,177 | 1,554,610 |
| AZZ, Inc. | 8,763 | 399,943 |
| Blink Charging Co. * | 12,935 | 247,059 |
| Encore Wire Corp. | 7,212 | 813,586 |
| ESS Tech, Inc. * | 21,153 | 117,822 |
| Fluence Energy, Inc. * (a) | 12,094 | 110,902 |
| FREYR Battery SA (Norway) * (a) | 28,582 | 256,666 |
| FTC Solar, Inc. * | 7,925 | 22,190 |
| FuelCell Energy, Inc. * (a) | 130,402 | 532,040 |
| Shoals Technologies Group, Inc., Class A * | 37,028 | 369,539 |
| Stem, Inc. * | 47,389 | 339,779 |
| TPI Composites, Inc. * | 13,288 | 152,015 |
| Vicor Corp. * | 7,623 | 461,344 |
| | | 5,377,495 |
| Electronic Equipment, Instruments & Components — 3.0% |
| 908 Devices, Inc. * | 5,928 | 105,222 |
| Advanced Energy Industries, Inc. | 13,398 | 1,025,215 |
| Aeva Technologies, Inc. * | 32,700 | 107,256 |
| Badger Meter, Inc. | 10,424 | 841,113 |
| Benchmark Electronics, Inc. | 12,559 | 298,402 |
| CTS Corp. | 11,488 | 406,331 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Electronic Equipment, Instruments & Components — continued |
| ePlus, Inc. * | 9,532 | 538,367 |
| Fabrinet (Thailand) * | 13,132 | 1,289,431 |
| FARO Technologies, Inc. * | 6,484 | 222,336 |
| Insight Enterprises, Inc. * | 12,388 | 1,230,995 |
| Itron, Inc. * | 16,066 | 767,633 |
| Knowles Corp. * | 32,641 | 604,511 |
| Lightwave Logic, Inc. * | 35,967 | 408,945 |
| Methode Electronics, Inc. | 13,285 | 592,644 |
| MicroVision, Inc. * (a) | 58,352 | 188,477 |
| OSI Systems, Inc. * | 5,836 | 461,628 |
| Ouster, Inc. * | 26,208 | 86,748 |
| PAR Technology Corp. * | 9,072 | 299,739 |
| Plexus Corp. * | 10,024 | 813,347 |
| Rogers Corp. * | 6,631 | 1,795,145 |
| Sanmina Corp. * | 22,572 | 922,969 |
| ScanSource, Inc. * | 9,095 | 311,413 |
| SmartRent, Inc. * | 31,748 | 154,295 |
| TTM Technologies, Inc. * | 37,079 | 517,252 |
| Velodyne Lidar, Inc. * | 35,202 | 66,180 |
| Vishay Intertechnology, Inc. | 47,174 | 878,852 |
| | | 14,934,446 |
| Energy Equipment & Services — 2.2% |
| Archrock, Inc. | 47,695 | 415,423 |
| Cactus, Inc., Class A | 20,974 | 1,047,232 |
| Core Laboratories NV | 16,425 | 427,050 |
| Dril-Quip, Inc. * | 12,604 | 364,004 |
| Helmerich & Payne, Inc. | 37,553 | 1,728,565 |
| Liberty Energy, Inc., Class A * | 37,392 | 603,507 |
| NexTier Oilfield Solutions, Inc. * | 56,810 | 626,614 |
| Noble Corp. * | 21,393 | 683,078 |
| Oceaneering International, Inc. * | 35,493 | 402,136 |
| Patterson-UTI Energy, Inc. | 76,486 | 1,257,430 |
| ProPetro Holding Corp. * | 30,128 | 426,010 |
| RPC, Inc. * | 24,998 | 258,479 |
| Transocean Ltd. * | 214,540 | 806,670 |
| Valaris Ltd. * | 23,200 | 1,177,400 |
| Weatherford International plc * | 23,201 | 748,928 |
| | | 10,972,526 |
| Entertainment — 0.6% |
| Cinemark Holdings, Inc. * | 37,899 | 601,078 |
| IMAX Corp. * | 17,671 | 279,555 |
| Liberty Media Corp-Liberty Braves, Class C * | 13,294 | 333,813 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 147 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Entertainment — continued |
| Madison Square Garden Entertainment Corp. * | 9,045 | 662,546 |
| World Wrestling Entertainment, Inc., Class A | 15,567 | 908,957 |
| | | 2,785,949 |
| Equity Real Estate Investment Trusts (REITs) — 5.8% |
| Acadia Realty Trust | 31,469 | 658,331 |
| Agree Realty Corp. | 25,352 | 1,721,908 |
| Alexander & Baldwin, Inc. | 25,778 | 546,494 |
| Alexander's, Inc. | 755 | 187,368 |
| American Assets Trust, Inc. | 18,749 | 686,213 |
| Brandywine Realty Trust | 60,857 | 710,201 |
| CareTrust REIT, Inc. | 34,488 | 559,050 |
| Centerspace | 5,356 | 494,145 |
| Corporate Office Properties Trust | 39,925 | 1,065,598 |
| DiamondRock Hospitality Co. * | 74,920 | 795,650 |
| Diversified Healthcare Trust | 85,022 | 191,300 |
| Empire State Realty Trust, Inc., Class A | 50,307 | 434,652 |
| Essential Properties Realty Trust, Inc. | 43,208 | 1,036,992 |
| Four Corners Property Trust, Inc. | 27,514 | 755,534 |
| Getty Realty Corp. | 14,050 | 378,086 |
| Global Net Lease, Inc. | 36,867 | 517,244 |
| Independence Realty Trust, Inc. | 78,507 | 2,140,101 |
| Industrial Logistics Properties Trust | 23,244 | 375,623 |
| iStar, Inc. | 24,692 | 415,813 |
| Kite Realty Group Trust | 77,886 | 1,736,858 |
| LTC Properties, Inc. | 14,029 | 462,957 |
| LXP Industrial Trust | 100,605 | 1,262,593 |
| Macerich Co. (The) (a) | 75,751 | 950,675 |
| Necessity Retail REIT, Inc. (The) | 43,903 | 327,955 |
| NexPoint Residential Trust, Inc. | 8,059 | 718,540 |
| Office Properties Income Trust | 17,257 | 373,096 |
| Paramount Group, Inc. | 58,384 | 555,232 |
| Physicians Realty Trust | 78,321 | 1,342,422 |
| PotlatchDeltic Corp. | 24,576 | 1,361,265 |
| Retail Opportunity Investments Corp. | 43,166 | 804,183 |
| RPT Realty | 29,995 | 398,634 |
| Safehold, Inc. (a) | 5,038 | 216,886 |
| Seritage Growth Properties, Class A * (a) | 12,913 | 127,839 |
| Service Properties Trust | 58,706 | 476,693 |
| Summit Hotel Properties, Inc. * | 37,895 | 374,024 |
| Tanger Factory Outlet Centers, Inc. | 36,974 | 596,391 |
| Universal Health Realty Income Trust | 4,590 | 230,372 |
| Urban Edge Properties | 39,151 | 731,732 |
| Urstadt Biddle Properties, Inc., Class A | 10,756 | 186,617 |
| Veris Residential, Inc. * | 28,495 | 456,205 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Equity Real Estate Investment Trusts (REITs) — continued |
| Washington | 30,092 | 724,916 |
| Xenia Hotels & Resorts, Inc. * | 40,607 | 783,309 |
| | | 28,869,697 |
| Food & Staples Retailing — 0.8% |
| Andersons, Inc. (The) | 10,831 | 544,041 |
| Chefs' Warehouse, Inc. (The) * | 11,588 | 424,121 |
| Grocery Outlet Holding Corp. * | 31,090 | 1,046,800 |
| Rite Aid Corp. * (a) | 19,856 | 126,483 |
| SpartanNash Co. | 12,761 | 437,447 |
| United Natural Foods, Inc. * | 20,655 | 886,719 |
| Weis Markets, Inc. | 5,827 | 465,461 |
| | | 3,931,072 |
| Food Products — 1.5% |
| B&G Foods, Inc. (a) | 23,101 | 622,110 |
| Benson Hill, Inc. * | 48,137 | 174,256 |
| Calavo Growers, Inc. | 6,260 | 226,862 |
| Fresh Del Monte Produce, Inc. | 11,861 | 308,979 |
| Hostess Brands, Inc. * | 49,222 | 1,116,847 |
| J & J Snack Foods Corp. | 5,329 | 797,751 |
| Mission Produce, Inc. * | 13,057 | 166,085 |
| Sanderson Farms, Inc. | 7,557 | 1,431,069 |
| Simply Good Foods Co. (The) * | 30,081 | 1,252,874 |
| Sovos Brands, Inc. * | 8,629 | 130,298 |
| Tattooed Chef, Inc. * | 16,015 | 127,960 |
| Tootsie Roll Industries, Inc. | 6,301 | 220,724 |
| TreeHouse Foods, Inc. * | 19,856 | 625,464 |
| Utz Brands, Inc. | 22,369 | 315,850 |
| Vital Farms, Inc. * | 8,431 | 96,957 |
| | | 7,614,086 |
| Gas Utilities — 0.4% |
| Chesapeake Utilities Corp. | 6,239 | 780,936 |
| Northwest Natural Holding Co. | 10,916 | 522,112 |
| South Jersey Industries, Inc. | 27,941 | 955,303 |
| | | 2,258,351 |
| Health Care Equipment & Supplies — 3.2% |
| AtriCure, Inc. * | 16,328 | 847,913 |
| Atrion Corp. | 466 | 292,005 |
| Avanos Medical, Inc. * | 17,113 | 499,015 |
| Axonics, Inc. * | 16,430 | 851,403 |
| BioLife Solutions, Inc. * | 10,631 | 134,695 |
| Butterfly Network, Inc. * | 47,401 | 157,845 |
| Cardiovascular Systems, Inc. * | 14,443 | 270,084 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 148 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Health Care Equipment & Supplies — continued |
| CONMED Corp. | 10,423 | 1,385,842 |
| CryoPort, Inc. * | 17,521 | 395,274 |
| Establishment Labs Holdings, Inc. (Costa Rica) * | 7,734 | 547,258 |
| Glaukos Corp. * | 16,673 | 788,466 |
| Heska Corp. * | 3,770 | 414,097 |
| Inogen, Inc. * | 7,267 | 183,710 |
| Integer Holdings Corp. * | 11,711 | 880,316 |
| iRhythm Technologies, Inc. * | 10,473 | 1,292,054 |
| Lantheus Holdings, Inc. * | 24,038 | 1,596,364 |
| Meridian Bioscience, Inc. * | 15,504 | 396,747 |
| Merit Medical Systems, Inc. * | 18,079 | 1,121,079 |
| Mesa Laboratories, Inc. | 1,854 | 396,070 |
| Natus Medical, Inc. * | 12,181 | 405,262 |
| Neogen Corp. * | 38,337 | 1,012,097 |
| Outset Medical, Inc. * | 14,554 | 507,644 |
| PROCEPT BioRobotics Corp. * | 2,488 | 88,473 |
| Pulmonx Corp. * | 12,419 | 299,298 |
| Senseonics Holdings, Inc. * (a) | 145,931 | 204,303 |
| Sight Sciences, Inc. * | 3,685 | 25,721 |
| Silk Road Medical, Inc. * | 12,390 | 434,269 |
| Treace Medical Concepts, Inc. * (a) | 4,123 | 80,811 |
| Varex Imaging Corp. * | 14,092 | 279,726 |
| Vicarious Surgical, Inc. * | 12,659 | 62,282 |
| | | 15,850,123 |
| Health Care Providers & Services — 2.6% |
| 23andMe Holding Co. * (a) | 75,073 | 224,468 |
| Accolade, Inc. * | 20,702 | 115,103 |
| AdaptHealth Corp. * | 34,343 | 434,782 |
| Addus HomeCare Corp. * | 5,692 | 479,722 |
| Agiliti, Inc. * | 9,762 | 192,702 |
| AMN Healthcare Services, Inc. * | 16,781 | 1,640,343 |
| Aveanna Healthcare Holdings, Inc. * | 13,756 | 40,167 |
| Brookdale Senior Living, Inc. * | 65,922 | 407,398 |
| Cano Health, Inc. * | 64,151 | 340,000 |
| Castle Biosciences, Inc. * | 8,381 | 187,231 |
| Clover Health Investments Corp. * | 96,371 | 259,238 |
| Community Health Systems, Inc. * | 44,169 | 338,776 |
| CorVel Corp. * | 3,323 | 515,331 |
| Covetrus, Inc. * | 36,716 | 506,681 |
| Ensign Group, Inc. (The) | 18,582 | 1,492,692 |
| Fulgent Genetics, Inc. * | 6,893 | 378,288 |
| Hanger, Inc. * | 13,070 | 214,871 |
| Hims & Hers Health, Inc. * | 44,084 | 185,594 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Health Care Providers & Services — continued |
| MEDNAX, Inc. * | 30,338 | 561,860 |
| ModivCare, Inc. * | 4,374 | 454,765 |
| National HealthCare Corp. | 4,802 | 326,824 |
| Owens & Minor, Inc. | 26,828 | 952,126 |
| RadNet, Inc. * | 16,597 | 323,641 |
| Select Medical Holdings Corp. | 37,685 | 852,058 |
| Sema4 Holdings Corp. * | 44,872 | 96,475 |
| Surgery Partners, Inc. * | 12,606 | 644,923 |
| Tivity Health, Inc. * | 15,711 | 504,794 |
| US Physical Therapy, Inc. | 4,615 | 478,899 |
| | | 13,149,752 |
| Health Care Technology — 0.7% |
| Allscripts Healthcare Solutions, Inc. * | 43,565 | 900,053 |
| American Well Corp., Class A * | 69,571 | 217,757 |
| Evolent Health, Inc., Class A * | 28,945 | 796,566 |
| Health Catalyst, Inc. * | 18,504 | 307,907 |
| HealthStream, Inc. * | 8,996 | 171,824 |
| NextGen Healthcare, Inc. * | 19,964 | 376,321 |
| OptimizeRx Corp. * | 6,286 | 176,700 |
| Phreesia, Inc. * | 18,199 | 416,393 |
| Sharecare, Inc. * | 102,491 | 280,825 |
| Tabula Rasa HealthCare, Inc. * | 8,397 | 28,298 |
| | | 3,672,644 |
| Hotels, Restaurants & Leisure — 1.8% |
| Bally's Corp. * | 10,454 | 311,947 |
| BJ's Restaurants, Inc. * | 8,297 | 230,574 |
| Bloomin' Brands, Inc. | 28,903 | 635,577 |
| Brinker International, Inc. * | 15,877 | 576,811 |
| Cheesecake Factory, Inc. (The) * | 17,282 | 637,879 |
| Dave & Buster's Entertainment, Inc. * | 13,774 | 626,717 |
| Denny's Corp. * | 22,525 | 288,771 |
| Dine Brands Global, Inc. | 6,130 | 439,460 |
| Dutch Bros, Inc., Class A * | 8,424 | 402,414 |
| Everi Holdings, Inc. * | 32,331 | 561,266 |
| F45 Training Holdings, Inc. * | 7,373 | 64,809 |
| First Watch Restaurant Group, Inc. * | 3,339 | 43,407 |
| Golden Entertainment, Inc. * | 7,236 | 347,039 |
| Jack in the Box, Inc. | 7,526 | 622,852 |
| Krispy Kreme, Inc. | 10,740 | 142,627 |
| Papa John's International, Inc. | 11,527 | 1,049,533 |
| Portillo's, Inc., Class A * (a) | 7,633 | 158,995 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 149 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Hotels, Restaurants & Leisure — continued |
| Red Rock Resorts, Inc., Class A | 18,797 | 826,316 |
| Shake Shack, Inc., Class A * | 13,887 | 803,085 |
| | | 8,770,079 |
| Household Durables — 2.4% |
| Cavco Industries, Inc. * | 3,003 | 709,459 |
| Century Communities, Inc. | 10,554 | 556,407 |
| GoPro, Inc., Class A * | 46,267 | 412,701 |
| Installed Building Products, Inc. | 8,343 | 671,361 |
| iRobot Corp. * | 9,552 | 483,809 |
| KB Home | 30,469 | 988,110 |
| La-Z-Boy, Inc. | 15,606 | 410,126 |
| LGI Homes, Inc. * | 7,599 | 712,102 |
| M/I Homes, Inc. * | 10,382 | 459,715 |
| MDC Holdings, Inc. | 20,067 | 740,673 |
| Meritage Homes Corp. * | 13,297 | 1,097,667 |
| Purple Innovation, Inc. * | 20,585 | 84,810 |
| Skyline Champion Corp. * | 18,804 | 959,756 |
| Snap One Holdings Corp. * | 4,827 | 57,683 |
| Sonos, Inc. * | 45,360 | 1,035,115 |
| Taylor Morrison Home Corp. * | 43,731 | 1,145,315 |
| Traeger, Inc. * | 8,355 | 50,046 |
| Tri Pointe Homes, Inc. * | 39,516 | 816,796 |
| Tupperware Brands Corp. * | 17,384 | 305,611 |
| Vizio Holding Corp., Class A * | 13,012 | 94,207 |
| Vuzix Corp. * (a) | 21,038 | 108,766 |
| | | 11,900,235 |
| Household Products — 0.3% |
| Central Garden & Pet Co. * | 3,500 | 153,265 |
| Central Garden & Pet Co., Class A * | 14,105 | 583,665 |
| WD-40 Co. | 4,834 | 889,359 |
| | | 1,626,289 |
| Independent Power and Renewable Electricity Producers — 0.2% |
| Clearway Energy, Inc. | 12,307 | 349,765 |
| Clearway Energy, Inc., Class C | 29,061 | 887,232 |
| | | 1,236,997 |
| Insurance — 1.9% |
| Ambac Financial Group, Inc. * | 16,432 | 127,019 |
| American Equity Investment Life Holding Co. | 29,315 | 1,105,762 |
| AMERISAFE, Inc. | 6,886 | 319,166 |
| Argo Group International Holdings Ltd. | 12,384 | 530,035 |
| BRP Group, Inc., Class A * | 19,067 | 440,829 |
| Employers Holdings, Inc. | 9,910 | 389,859 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Insurance — continued |
| Genworth Financial, Inc., Class A * | 180,512 | 669,699 |
| Goosehead Insurance, Inc., Class A (a) | 7,008 | 402,890 |
| Hippo Holdings, Inc. * | 132,098 | 248,344 |
| Horace Mann Educators Corp. | 14,748 | 587,708 |
| James River Group Holdings Ltd. | 13,291 | 315,130 |
| Kinsale Capital Group, Inc. | 7,624 | 1,690,165 |
| ProAssurance Corp. | 19,198 | 471,695 |
| Safety Insurance Group, Inc. | 5,064 | 435,707 |
| Selectquote, Inc. * | 44,289 | 91,235 |
| SiriusPoint Ltd. (Bermuda) * | 30,550 | 191,854 |
| Stewart Information Services Corp. | 9,533 | 491,903 |
| Trupanion, Inc. * | 12,226 | 777,818 |
| | | 9,286,818 |
| Interactive Media & Services — 0.2% |
| Angi, Inc. * (a) | 26,553 | 117,099 |
| Cars.com, Inc. * | 23,118 | 257,072 |
| Eventbrite, Inc., Class A * | 27,135 | 287,088 |
| fuboTV, Inc. * (a) | 54,713 | 207,362 |
| MediaAlpha, Inc., Class A * | 7,575 | 111,656 |
| ZipRecruiter, Inc., Class A * | 4,311 | 97,041 |
| | | 1,077,318 |
| Internet & Direct Marketing Retail — 0.5% |
| BARK, Inc. * | 29,008 | 89,635 |
| Overstock.com, Inc. * | 15,280 | 512,797 |
| Porch Group, Inc. * | 27,195 | 100,621 |
| RealReal, Inc. (The) * | 28,927 | 156,784 |
| Rent the Runway, Inc., Class A * (a) | 6,190 | 39,245 |
| Revolve Group, Inc. * | 14,059 | 594,133 |
| Shutterstock, Inc. | 8,287 | 627,492 |
| Stitch Fix, Inc., Class A * | 29,644 | 281,618 |
| Xometry, Inc., Class A * | 2,526 | 82,903 |
| | | 2,485,228 |
| IT Services — 2.5% |
| Conduent, Inc. * | 57,531 | 323,900 |
| CSG Systems International, Inc. | 11,564 | 710,839 |
| Cyxtera Technologies, Inc. * | 12,696 | 152,733 |
| EVERTEC, Inc. (Puerto Rico) | 21,271 | 838,077 |
| ExlService Holdings, Inc. * | 11,867 | 1,615,692 |
| Grid Dynamics Holdings, Inc. * | 16,256 | 226,283 |
| Marqeta, Inc., Class A * | 82,663 | 768,766 |
| Paya Holdings, Inc. * | 30,052 | 152,965 |
| Payoneer Global, Inc. * | 68,742 | 287,342 |
| Perficient, Inc. * | 11,688 | 1,161,904 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 150 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| IT Services — continued |
| Repay Holdings Corp. * | 26,434 | 353,687 |
| Sabre Corp. * | 115,059 | 1,204,668 |
| Shift4 Payments, Inc., Class A * | 18,355 | 962,903 |
| Switch, Inc., Class A | 47,026 | 1,404,196 |
| TaskUS, Inc., Class A (Philippines) * | 9,712 | 280,580 |
| Toast, Inc., Class A * | 26,191 | 487,938 |
| TTEC Holdings, Inc. | 6,518 | 481,094 |
| Unisys Corp. * | 23,887 | 339,434 |
| Verra Mobility Corp. * | 45,539 | 638,912 |
| | | 12,391,913 |
| Leisure Products — 0.5% |
| Acushnet Holdings Corp. | 12,309 | 501,469 |
| Latham Group, Inc. * | 11,529 | 138,348 |
| Malibu Boats, Inc., Class A * | 7,393 | 371,794 |
| Smith & Wesson Brands, Inc. | 17,144 | 235,387 |
| Solo Brands, Inc., Class A * (a) | 4,729 | 28,232 |
| Sturm Ruger & Co., Inc. | 6,237 | 425,051 |
| Vista Outdoor, Inc. * | 19,990 | 704,248 |
| | | 2,404,529 |
| Life Sciences Tools & Services — 0.3% |
| Absci Corp. * | 4,631 | 27,369 |
| Berkeley Lights, Inc. * | 14,872 | 73,988 |
| Bionano Genomics, Inc. * (a) | 102,850 | 167,645 |
| Codexis, Inc. * | 20,998 | 252,606 |
| Cytek Biosciences, Inc. * | 5,198 | 49,121 |
| NanoString Technologies, Inc. * | 16,249 | 305,156 |
| Personalis, Inc. * | 12,728 | 71,277 |
| Quanterix Corp. * | 11,983 | 265,903 |
| Seer, Inc. * | 12,595 | 91,692 |
| | | 1,304,757 |
| Machinery — 4.1% |
| Alamo Group, Inc. | 3,541 | 447,724 |
| Albany International Corp., Class A | 11,531 | 901,955 |
| Altra Industrial Motion Corp. | 23,108 | 901,212 |
| Astec Industries, Inc. | 8,069 | 315,498 |
| Barnes Group, Inc. | 16,585 | 556,924 |
| Berkshire Grey, Inc. * | 14,367 | 34,912 |
| Desktop Metal, Inc., Class A * | 66,348 | 232,881 |
| Enerpac Tool Group Corp. | 21,435 | 430,415 |
| EnPro Industries, Inc. | 7,310 | 681,365 |
| ESCO Technologies, Inc. | 9,204 | 574,790 |
| Federal Signal Corp. | 21,722 | 739,200 |
| Franklin Electric Co., Inc. | 13,848 | 968,529 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Machinery — continued |
| Gorman-Rupp Co. (The) | 8,060 | 256,792 |
| Greenbrier Cos., Inc. (The) | 11,578 | 494,496 |
| Helios Technologies, Inc. | 11,537 | 775,056 |
| Hillenbrand, Inc. | 25,858 | 1,055,524 |
| Hillman Solutions Corp. * | 36,561 | 425,204 |
| Hydrofarm Holdings Group, Inc. * | 12,794 | 122,183 |
| Hyzon Motors, Inc. * (a) | 31,741 | 126,012 |
| Ideanomics, Inc. * (a) | 157,533 | 113,298 |
| John Bean Technologies Corp. | 11,283 | 1,330,153 |
| Kadant, Inc. | 4,097 | 757,945 |
| Lindsay Corp. | 3,919 | 529,653 |
| Markforged Holding Corp. * | 23,818 | 81,219 |
| Meritor, Inc. * | 25,133 | 902,526 |
| Microvast Holdings, Inc. * | 84,425 | 418,748 |
| Mueller Industries, Inc. | 20,377 | 1,103,414 |
| Mueller Water Products, Inc., Class A | 55,777 | 670,997 |
| Proterra, Inc. * | 65,212 | 404,966 |
| Proto Labs, Inc. * | 9,805 | 417,791 |
| SPX Corp. * | 16,182 | 678,026 |
| Standex International Corp. | 4,350 | 409,074 |
| Tennant Co. | 6,577 | 424,743 |
| Terex Corp. | 24,859 | 845,206 |
| Velo3D, Inc. * | 21,470 | 75,145 |
| Wabash National Corp. | 17,405 | 249,066 |
| Welbilt, Inc. * | 46,041 | 1,087,488 |
| | | 20,540,130 |
| Marine — 0.3% |
| Matson, Inc. | 14,928 | 1,284,107 |
| Media — 1.3% |
| AMC Networks, Inc., Class A * | 10,418 | 339,939 |
| Cardlytics, Inc. * | 11,857 | 404,679 |
| Clear Channel Outdoor Holdings, Inc. * | 167,388 | 411,775 |
| EW Scripps Co. (The), Class A * | 20,324 | 334,533 |
| Gray Television, Inc. | 31,525 | 583,843 |
| iHeartMedia, Inc., Class A * | 38,867 | 621,483 |
| Scholastic Corp. | 10,800 | 397,980 |
| Sinclair Broadcast Group, Inc., Class A | 17,322 | 385,241 |
| TechTarget, Inc. * | 9,471 | 637,493 |
| TEGNA, Inc. | 78,676 | 1,734,806 |
| Thryv Holdings, Inc. * | 6,065 | 156,659 |
| WideOpenWest, Inc. * | 18,572 | 372,369 |
| | | 6,380,800 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 151 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Metals & Mining — 2.0% |
| Allegheny Technologies, Inc. * | 45,259 | 1,230,140 |
| Alpha Metallurgical Resources, Inc. * | 6,152 | 951,961 |
| Arconic Corp. * | 37,905 | 953,690 |
| Carpenter Technology Corp. | 17,136 | 654,252 |
| Century Aluminum Co. * | 17,984 | 303,390 |
| Coeur Mining, Inc. * | 91,361 | 331,640 |
| Commercial Metals Co. | 43,182 | 1,770,462 |
| Hecla Mining Co. | 191,430 | 997,350 |
| Kaiser Aluminum Corp. | 5,674 | 547,541 |
| Materion Corp. | 7,264 | 618,530 |
| Piedmont Lithium, Inc. * | 5,675 | 371,202 |
| Schnitzer Steel Industries, Inc., Class A | 9,197 | 419,659 |
| Warrior Met Coal, Inc. | 18,247 | 621,675 |
| | | 9,771,492 |
| Mortgage Real Estate Investment Trusts (REITs) — 1.4% |
| Apollo Commercial Real Estate Finance, Inc. | 47,005 | 565,940 |
| Arbor Realty Trust, Inc. | 53,543 | 915,585 |
| ARMOUR Residential REIT, Inc. (a) | 31,892 | 234,087 |
| BrightSpire Capital, Inc. | 33,248 | 282,608 |
| Broadmark Realty Capital, Inc. | 47,169 | 368,390 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 30,108 | 1,204,019 |
| Invesco Mortgage Capital, Inc. | 110,861 | 192,898 |
| KKR Real Estate Finance Trust, Inc. | 15,934 | 302,746 |
| Ladder Capital Corp. | 39,738 | 452,616 |
| MFA Financial, Inc. | 35,265 | 502,519 |
| New York Mortgage Trust, Inc. | 134,934 | 434,488 |
| PennyMac Mortgage Investment Trust | 33,736 | 517,510 |
| Ready Capital Corp. | 23,908 | 348,340 |
| Redwood Trust, Inc. | 40,814 | 395,896 |
| TPG RE Finance Trust, Inc. | 21,080 | 222,394 |
| | | 6,940,036 |
| Multiline Retail — 0.2% |
| Big Lots, Inc. | 10,862 | 335,636 |
| Dillard's, Inc., Class A (a) | 1,433 | 435,360 |
| Franchise Group, Inc. | 9,563 | 356,604 |
| | | 1,127,600 |
| Multi-Utilities — 0.2% |
| NorthWestern Corp. | 19,226 | 1,089,922 |
| Oil, Gas & Consumable Fuels — 5.3% |
| Arch Resources, Inc. | 5,444 | 905,773 |
| Archaea Energy, Inc. * | 14,453 | 317,966 |
| California Resources Corp. | 28,596 | 1,149,845 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Oil, Gas & Consumable Fuels — continued |
| Callon Petroleum Co. * | 16,774 | 860,003 |
| Centennial Resource Development, Inc., Class A * | 65,649 | 508,123 |
| Civitas Resources, Inc. | 25,650 | 1,503,603 |
| Clean Energy Fuels Corp. * | 60,338 | 353,581 |
| Comstock Resources, Inc. * | 32,292 | 549,933 |
| CVR Energy, Inc. | 10,397 | 260,653 |
| Delek US Holdings, Inc. * | 26,378 | 638,348 |
| Denbury, Inc. * | 17,809 | 1,139,420 |
| Gevo, Inc. * | 71,775 | 266,285 |
| Green Plains, Inc. * | 19,089 | 535,828 |
| Gulfport Energy Corp. * | 4,076 | 383,062 |
| Kosmos Energy Ltd. (Ghana) * | 160,733 | 1,086,555 |
| Magnolia Oil & Gas Corp., Class A | 52,403 | 1,217,846 |
| Matador Resources Co. | 39,203 | 1,913,890 |
| Murphy Oil Corp. | 51,670 | 1,967,594 |
| Northern Oil and Gas, Inc. | 23,303 | 582,109 |
| Oasis Petroleum, Inc. | 6,585 | 873,566 |
| PBF Energy, Inc., Class A * | 33,763 | 981,153 |
| Peabody Energy Corp. * | 33,632 | 761,428 |
| Renewable Energy Group, Inc. * | 17,851 | 1,089,982 |
| SM Energy Co. | 43,180 | 1,534,185 |
| Southwestern Energy Co. * | 396,364 | 2,972,730 |
| Tellurian, Inc. * | 139,715 | 695,781 |
| Whiting Petroleum Corp. | 13,885 | 1,014,299 |
| World Fuel Services Corp. | 22,464 | 544,078 |
| | | 26,607,619 |
| Paper & Forest Products — 0.3% |
| Glatfelter Corp. | 15,856 | 174,416 |
| Mercer International, Inc. (Germany) | 14,360 | 229,904 |
| Neenah, Inc. | 5,926 | 209,780 |
| Schweitzer-Mauduit International, Inc. | 11,196 | 281,691 |
| Sylvamo Corp. * | 12,575 | 561,474 |
| | | 1,457,265 |
| Personal Products — 0.7% |
| Edgewell Personal Care Co. | 19,224 | 733,203 |
| elf Beauty, Inc. * | 17,047 | 414,754 |
| Inter Parfums, Inc. | 6,286 | 513,755 |
| Medifast, Inc. | 4,100 | 731,276 |
| Nu Skin Enterprises, Inc., Class A | 17,725 | 755,794 |
| USANA Health Sciences, Inc. * | 4,117 | 315,609 |
| | | 3,464,391 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 152 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Pharmaceuticals — 1.4% |
| Aclaris Therapeutics, Inc. * | 16,572 | 204,167 |
| Amneal Pharmaceuticals, Inc. * | 35,076 | 135,393 |
| Arvinas, Inc. * | 15,452 | 849,396 |
| Atea Pharmaceuticals, Inc. * | 18,898 | 110,931 |
| Axsome Therapeutics, Inc. * | 10,572 | 335,661 |
| Cassava Sciences, Inc. * (a) | 13,383 | 279,303 |
| Corcept Therapeutics, Inc. * | 33,936 | 729,963 |
| DICE Therapeutics, Inc. * | 4,457 | 90,566 |
| Edgewise Therapeutics, Inc. * | 4,022 | 32,096 |
| Endo International plc * | 83,146 | 166,292 |
| Harmony Biosciences Holdings, Inc. * | 8,080 | 363,923 |
| Innoviva, Inc. * | 22,212 | 378,937 |
| Intra-Cellular Therapies, Inc. * | 30,201 | 1,528,473 |
| Nektar Therapeutics * | 65,620 | 271,011 |
| NGM Biopharmaceuticals, Inc. * | 13,294 | 165,909 |
| Nuvation Bio, Inc. * | 41,025 | 191,177 |
| Phathom Pharmaceuticals, Inc. * | 5,554 | 71,869 |
| Revance Therapeutics, Inc. * | 23,502 | 384,963 |
| Supernus Pharmaceuticals, Inc. * | 18,897 | 527,226 |
| Ventyx Biosciences, Inc. * | 3,370 | 48,966 |
| | | 6,866,222 |
| Professional Services — 1.1% |
| BlackSky Technology, Inc. * | 19,843 | 31,154 |
| CBIZ, Inc. * | 18,515 | 775,593 |
| First Advantage Corp. * | 14,715 | 255,452 |
| Forrester Research, Inc. * | 3,961 | 220,588 |
| HireRight Holdings Corp. * | 7,919 | 136,920 |
| Huron Consulting Group, Inc. * | 7,755 | 401,554 |
| ICF International, Inc. | 6,066 | 599,381 |
| Kelly Services, Inc., Class A | 12,785 | 246,623 |
| Kforce, Inc. | 7,179 | 502,889 |
| Korn Ferry | 19,319 | 1,186,959 |
| ManTech International Corp., Class A | 9,797 | 787,091 |
| Sterling Check Corp. * | 5,103 | 132,576 |
| TrueBlue, Inc. * | 12,631 | 322,975 |
| | | 5,599,755 |
| Real Estate Management & Development — 0.7% |
| Doma Holdings, Inc. * | 61,946 | 115,220 |
| Kennedy-Wilson Holdings, Inc. | 43,097 | 971,837 |
| Marcus & Millichap, Inc. | 8,923 | 399,661 |
| Newmark Group, Inc., Class A | 58,516 | 710,969 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Real Estate Management & Development — continued |
| Realogy Holdings Corp. * | 41,503 | 454,873 |
| St. Joe Co. (The) | 11,698 | 622,451 |
| | | 3,275,011 |
| Road & Rail — 0.5% |
| ArcBest Corp. | 8,812 | 635,874 |
| Heartland Express, Inc. | 16,581 | 228,818 |
| Marten Transport Ltd. | 21,284 | 369,916 |
| Schneider National, Inc., Class B | 12,423 | 293,555 |
| Werner Enterprises, Inc. | 21,308 | 844,436 |
| | | 2,372,599 |
| Semiconductors & Semiconductor Equipment — 2.1% |
| ACM Research, Inc., Class A * | 13,098 | 197,911 |
| Axcelis Technologies, Inc. * | 11,869 | 646,267 |
| Cohu, Inc. * | 17,330 | 460,285 |
| Diodes, Inc. * | 15,995 | 1,168,115 |
| FormFactor, Inc. * | 27,830 | 1,060,601 |
| Ichor Holdings Ltd. * | 10,112 | 294,360 |
| Impinj, Inc. * | 6,654 | 327,776 |
| indie Semiconductor, Inc., Class A (China) * | 21,132 | 145,811 |
| Kulicke & Soffa Industries, Inc. (Singapore) | 22,143 | 1,027,657 |
| MACOM Technology Solutions Holdings, Inc. * | 17,356 | 884,288 |
| MaxLinear, Inc. * | 25,096 | 1,201,345 |
| Meta Materials, Inc. * (a) | 83,006 | 99,607 |
| Onto Innovation, Inc. * | 17,496 | 1,244,665 |
| Rambus, Inc. * | 38,865 | 968,127 |
| Ultra Clean Holdings, Inc. * | 15,962 | 497,536 |
| Veeco Instruments, Inc. * | 17,993 | 412,400 |
| | | 10,636,751 |
| Software — 5.1% |
| 8x8, Inc. * | 42,069 | 385,773 |
| Alarm.com Holdings, Inc. * | 16,362 | 999,391 |
| Altair Engineering, Inc., Class A * | 18,073 | 981,725 |
| Appfolio, Inc., Class A * | 6,844 | 710,818 |
| Appian Corp. * | 14,116 | 674,745 |
| Avaya Holdings Corp. * | 30,174 | 279,110 |
| AvePoint, Inc. * | 31,007 | 151,934 |
| Bottomline Technologies DE, Inc. * | 13,757 | 778,921 |
| Box, Inc., Class A * | 52,771 | 1,615,848 |
| BTRS Holdings, Inc., Class 1 * | 27,027 | 181,622 |
| Cerence, Inc. * | 13,895 | 409,903 |
| Cipher Mining, Inc. * | 15,144 | 45,886 |
| Confluent, Inc., Class A * | 21,757 | 679,689 |
| Consensus Cloud Solutions, Inc. * | 5,690 | 299,977 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 153 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Software — continued |
| Couchbase, Inc. * | 3,134 | 53,278 |
| Domo, Inc., Class B * | 10,451 | 432,880 |
| E2open Parent Holdings, Inc. * | 63,272 | 489,725 |
| Ebix, Inc. | 8,444 | 251,631 |
| Enfusion, Inc., Class A * (a) | 6,789 | 86,696 |
| Envestnet, Inc. * | 19,460 | 1,549,794 |
| Freshworks, Inc., Class A * | 12,271 | 222,964 |
| Gitlab, Inc., Class A * | 4,023 | 192,822 |
| Intapp, Inc. * | 3,943 | 98,338 |
| InterDigital, Inc. | 10,901 | 619,722 |
| IronNet, Inc. * | 12,307 | 32,983 |
| Latch, Inc. * | 32,342 | 106,405 |
| LivePerson, Inc. * | 23,974 | 542,292 |
| MeridianLink, Inc. * | 4,833 | 78,053 |
| Momentive Global, Inc. * | 46,574 | 736,801 |
| N-able, Inc. * | 24,204 | 242,040 |
| PagerDuty, Inc. * | 27,204 | 777,218 |
| Ping Identity Holding Corp. * | 21,395 | 559,051 |
| PROS Holdings, Inc. * | 14,224 | 397,276 |
| Q2 Holdings, Inc. * | 20,223 | 1,046,136 |
| Qualys, Inc. * | 11,891 | 1,620,506 |
| Riot Blockchain, Inc. * (a) | 35,623 | 361,217 |
| Sailpoint Technologies Holdings, Inc. * | 33,201 | 2,119,220 |
| SentinelOne, Inc., Class A * | 47,836 | 1,591,504 |
| Sumo Logic, Inc. * | 31,868 | 298,922 |
| Telos Corp. * | 18,772 | 146,234 |
| Vonage Holdings Corp. * | 76,654 | 1,530,014 |
| Xperi Holding Corp. | 37,203 | 580,367 |
| Zeta Global Holdings Corp., Class A * | 7,951 | 86,109 |
| Zuora, Inc., Class A * | 41,731 | 507,866 |
| | | 25,553,406 |
| Specialty Retail — 2.9% |
| Aaron's Co., Inc. (The) | 11,203 | 229,998 |
| Abercrombie & Fitch Co., Class A * | 20,056 | 693,536 |
| Academy Sports & Outdoors, Inc. | 31,167 | 1,164,399 |
| Arko Corp. | 23,472 | 217,585 |
| Asbury Automotive Group, Inc. * | 8,250 | 1,515,608 |
| Bed Bath & Beyond, Inc. * (a) | 34,293 | 466,728 |
| Boot Barn Holdings, Inc. * | 10,542 | 949,413 |
| Buckle, Inc. (The) | 10,458 | 324,825 |
| Camping World Holdings, Inc., Class A (a) | 14,636 | 375,852 |
| Children's Place, Inc. (The) * | 4,822 | 223,403 |
| Citi Trends, Inc. * | 2,997 | 83,826 |
| Designer Brands, Inc., Class A | 21,970 | 303,625 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Specialty Retail — continued |
| Group 1 Automotive, Inc. | 6,126 | 1,066,782 |
| GrowGeneration Corp. * | 18,910 | 111,758 |
| Guess?, Inc. | 13,843 | 311,052 |
| Monro, Inc. | 11,935 | 545,788 |
| Murphy USA, Inc. | 8,119 | 1,896,598 |
| ODP Corp. (The) * | 16,319 | 702,207 |
| Rent-A-Center, Inc. | 21,480 | 518,098 |
| Sally Beauty Holdings, Inc. * | 39,141 | 591,812 |
| Signet Jewelers Ltd. | 18,740 | 1,315,548 |
| Sleep Number Corp. * | 8,036 | 325,940 |
| Sonic Automotive, Inc., Class A | 7,351 | 312,785 |
| Volta, Inc. * | 43,361 | 90,625 |
| Zumiez, Inc. * | 6,933 | 253,956 |
| | | 14,591,747 |
| Technology Hardware, Storage & Peripherals — 0.3% |
| 3D Systems Corp. * | 45,394 | 514,768 |
| Corsair Gaming, Inc. * | 11,711 | 177,187 |
| IonQ, Inc. * | 40,426 | 318,153 |
| Super Micro Computer, Inc. * | 15,805 | 665,390 |
| | | 1,675,498 |
| Textiles, Apparel & Luxury Goods — 0.7% |
| G-III Apparel Group Ltd. * | 15,552 | 411,817 |
| Kontoor Brands, Inc. | 16,941 | 673,066 |
| Levi Strauss & Co., Class A | 34,894 | 631,930 |
| Oxford Industries, Inc. | 5,678 | 508,749 |
| PLBY Group, Inc. * | 7,976 | 70,508 |
| Steven Madden Ltd. | 27,200 | 1,116,832 |
| | | 3,412,902 |
| Thrifts & Mortgage Finance — 1.7% |
| Axos Financial, Inc. * | 19,077 | 722,637 |
| Columbia Financial, Inc. * | 13,758 | 260,714 |
| Flagstar Bancorp, Inc. | 18,902 | 667,241 |
| Kearny Financial Corp. | 25,841 | 306,474 |
| Merchants Bancorp | 8,938 | 210,222 |
| Mr. Cooper Group, Inc. * | 26,735 | 1,202,273 |
| NMI Holdings, Inc., Class A * | 30,480 | 560,222 |
| Northfield Bancorp, Inc. | 15,452 | 202,267 |
| PennyMac Financial Services, Inc. | 10,910 | 529,790 |
| Provident Financial Services, Inc. | 27,156 | 600,962 |
| Rocket Cos., Inc., Class A (a) | 48,083 | 425,535 |
| Walker & Dunlop, Inc. | 10,487 | 1,255,923 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 154 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Thrifts & Mortgage Finance — continued |
| Washington Federal, Inc. | 23,193 | 705,763 |
| WSFS Financial Corp. | 23,265 | 932,228 |
| | | 8,582,251 |
| Tobacco — 0.2% |
| Turning Point Brands, Inc. | 5,095 | 159,932 |
| Universal Corp. | 8,739 | 505,551 |
| Vector Group Ltd. | 46,579 | 592,485 |
| | | 1,257,968 |
| Trading Companies & Distributors — 1.6% |
| Applied Industrial Technologies, Inc. | 13,695 | 1,433,730 |
| Boise Cascade Co. | 14,017 | 1,059,405 |
| Custom Truck One Source, Inc. * | 17,624 | 115,790 |
| GMS, Inc. * | 15,291 | 733,203 |
| H&E Equipment Services, Inc. | 11,294 | 400,711 |
| McGrath RentCorp | 8,638 | 720,927 |
| NOW, Inc. * | 39,353 | 428,948 |
| Rush Enterprises, Inc., Class A | 15,295 | 778,210 |
| Triton International Ltd. (Bermuda) | 23,780 | 1,452,720 |
| Veritiv Corp. * | 4,960 | 697,078 |
| | | 7,820,722 |
| Water Utilities — 0.6% |
| American States Water Co. | 13,116 | 1,031,705 |
| California Water Service Group | 18,736 | 971,836 |
| Middlesex Water Co. | 6,209 | 552,290 |
| SJW Group | 9,763 | 576,017 |
| | | 3,131,848 |
| Wireless Telecommunication Services — 0.3% |
| Gogo, Inc. * (a) | 23,864 | 439,336 |
| Shenandoah Telecommunications Co. | 17,765 | 358,853 |
| Telephone and Data Systems, Inc. | 35,134 | 643,655 |
| United States Cellular Corp. * | 5,325 | 153,254 |
| | | 1,595,098 |
Total Common Stocks
(Cost $564,528,261) | | 490,707,577 |
| | NO. OF RIGHTS | |
| Rights — 0.0% ^ |
| Pharmaceuticals — 0.0% ^ |
| Zogenix, Inc., CVR ‡ *(Cost $—) (c) | 14,091 | 9,582 |
| INVESTMENTS | SHARES | VALUE($) |
| Short Term Investments — 3.0% |
| Investment Companies — 1.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e)
(Cost $6,867,283) | 6,867,283 | 6,867,283 |
| Investment of Cash Collateral from Securities Loaned — 1.6% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (d) (e) | 6,001,099 | 5,996,899 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e) | 1,999,074 | 1,999,074 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $7,996,972) | | 7,995,973 |
Total Short Term Investments
(Cost $14,864,255) | | 14,863,256 |
Total Investments — 101.2%
(Cost $579,392,516) | | 505,580,415 |
| Liabilities in Excess of Other Assets — (1.2)% | | (5,815,798) |
| NET ASSETS — 100.0% | | 499,764,617 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,449,030. | |
| (b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| (c) | Value is zero. | |
| (d) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (e) | The rate shown is the current yield as of April 30, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 155 |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Russell 2000 E-mini Index | 94 | 06/17/2022 | USD | 8,750,930 | (486,136) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 156 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 0.3% |
| Hexcel Corp. | 95 | 5,164 |
| L3Harris Technologies, Inc. | 225 | 52,259 |
| | | 57,423 |
| Air Freight & Logistics — 0.3% |
| CH Robinson Worldwide, Inc. | 148 | 15,710 |
| Expeditors International of Washington, Inc. | 190 | 18,824 |
| United Parcel Service, Inc., Class B | 197 | 35,456 |
| | | 69,990 |
| Auto Components — 0.2% |
| Aptiv plc * | 304 | 32,346 |
| BorgWarner, Inc. | 223 | 8,213 |
| | | 40,559 |
| Automobiles — 2.2% |
| Ford Motor Co. | 4,440 | 62,870 |
| General Motors Co. * | 1,416 | 53,681 |
| Harley-Davidson, Inc. | 155 | 5,650 |
| Tesla, Inc. * | 427 | 371,814 |
| | | 494,015 |
| Banks — 2.5% |
| Bank of America Corp. | 5,858 | 209,014 |
| Citigroup, Inc. | 2,291 | 110,449 |
| Fifth Third Bancorp | 774 | 29,048 |
| KeyCorp | 1,058 | 20,430 |
| PNC Financial Services Group, Inc. (The) | 493 | 81,887 |
| Regions Financial Corp. | 1,103 | 22,854 |
| SVB Financial Group * | 58 | 28,283 |
| Wells Fargo & Co. | 1,298 | 56,632 |
| | | 558,597 |
| Beverages — 1.9% |
| Brown-Forman Corp., Class B | 260 | 17,534 |
| Coca-Cola Co. (The) | 2,618 | 169,149 |
| Keurig Dr Pepper, Inc. | 783 | 29,284 |
| Monster Beverage Corp. * | 428 | 36,671 |
| PepsiCo, Inc. | 936 | 160,721 |
| | | 413,359 |
| Biotechnology — 2.4% |
| AbbVie, Inc. | 1,451 | 213,123 |
| Amgen, Inc. | 129 | 30,081 |
| Biogen, Inc. * | 128 | 26,552 |
| Gilead Sciences, Inc. | 1,415 | 83,966 |
| Incyte Corp. * | 208 | 15,592 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Biotechnology — continued |
| Moderna, Inc. * | 80 | 10,753 |
| Regeneron Pharmaceuticals, Inc. * | 114 | 75,138 |
| Vertex Pharmaceuticals, Inc. * | 294 | 80,327 |
| | | 535,532 |
| Building Products — 0.6% |
| Carrier Global Corp. | 895 | 34,252 |
| Johnson Controls International plc | 819 | 49,033 |
| Lennox International, Inc. | 38 | 8,101 |
| Masco Corp. | 253 | 13,331 |
| Trane Technologies plc | 269 | 37,630 |
| | | 142,347 |
| Capital Markets — 4.4% |
| Ares Management Corp. | 164 | 10,860 |
| Bank of New York Mellon Corp. (The) | 847 | 35,625 |
| BlackRock, Inc. | 165 | 103,072 |
| Blackstone, Inc. | 33 | 3,352 |
| Carlyle Group, Inc. (The) | 188 | 6,823 |
| Charles Schwab Corp. (The) | 1,344 | 89,148 |
| CME Group, Inc. | 337 | 73,918 |
| FactSet Research Systems, Inc. | 44 | 17,754 |
| Goldman Sachs Group, Inc. (The) | 379 | 115,781 |
| Intercontinental Exchange, Inc. | 314 | 36,364 |
| Invesco Ltd. | 380 | 6,984 |
| Lazard Ltd., Class A | 62 | 2,032 |
| LPL Financial Holdings, Inc. | 91 | 17,096 |
| Moody's Corp. | 187 | 59,182 |
| Morgan Stanley | 1,250 | 100,737 |
| Morningstar, Inc. | 27 | 6,837 |
| MSCI, Inc. | 91 | 38,334 |
| Nasdaq, Inc. | 128 | 20,143 |
| Northern Trust Corp. | 218 | 22,465 |
| S&P Global, Inc. | 373 | 140,434 |
| State Street Corp. | 421 | 28,194 |
| T. Rowe Price Group, Inc. | 262 | 32,236 |
| | | 967,371 |
| Chemicals — 1.7% |
| Air Products and Chemicals, Inc. | 255 | 59,688 |
| Albemarle Corp. | 134 | 25,839 |
| Ashland Global Holdings, Inc. | 59 | 6,193 |
| Ecolab, Inc. | 288 | 48,770 |
| Element Solutions, Inc. | 267 | 5,506 |
| FMC Corp. | 145 | 19,218 |
| International Flavors & Fragrances, Inc. | 294 | 35,662 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 157 |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Chemicals — continued |
| LyondellBasell Industries NV, Class A | 300 | 31,809 |
| NewMarket Corp. | 7 | 2,272 |
| Olin Corp. | 164 | 9,414 |
| PPG Industries, Inc. | 267 | 34,173 |
| Scotts Miracle-Gro Co. (The) | 49 | 5,093 |
| Sherwin-Williams Co. (The) | 278 | 76,439 |
| Valvoline, Inc. | 204 | 6,167 |
| Westlake Corp. | 38 | 4,809 |
| | | 371,052 |
| Commercial Services & Supplies — 0.6% |
| Clean Harbors, Inc. * | 57 | 5,981 |
| MSA Safety, Inc. | 40 | 4,828 |
| Republic Services, Inc. | 241 | 32,359 |
| Stericycle, Inc. * | 105 | 5,270 |
| Waste Management, Inc. | 491 | 80,740 |
| | | 129,178 |
| Communications Equipment — 1.2% |
| Arista Networks, Inc. * | 276 | 31,897 |
| Ciena Corp. * | 162 | 8,938 |
| Cisco Systems, Inc. | 3,685 | 180,491 |
| CommScope Holding Co., Inc. * | 240 | 1,447 |
| Juniper Networks, Inc. | 364 | 11,473 |
| Motorola Solutions, Inc. | 191 | 40,815 |
| | | 275,061 |
| Construction & Engineering — 0.0% ^ |
| AECOM | 135 | 9,526 |
| Consumer Finance — 0.9% |
| American Express Co. | 712 | 124,394 |
| Capital One Financial Corp. | 478 | 59,568 |
| Synchrony Financial | 600 | 22,086 |
| | | 206,048 |
| Containers & Packaging — 0.3% |
| AptarGroup, Inc. | 74 | 8,497 |
| Avery Dennison Corp. | 95 | 17,157 |
| Ball Corp. | 362 | 29,380 |
| International Paper Co. | 447 | 20,687 |
| | | 75,721 |
| Diversified Financial Services — 1.0% |
| Apollo Global Management, Inc. | 277 | 13,783 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Diversified Financial Services — continued |
| Berkshire Hathaway, Inc., Class B * | 613 | 197,895 |
| Voya Financial, Inc. | 128 | 8,082 |
| | | 219,760 |
| Diversified Telecommunication Services — 0.9% |
| AT&T, Inc. | 2,176 | 41,039 |
| Verizon Communications, Inc. | 3,547 | 164,226 |
| | | 205,265 |
| Electric Utilities — 1.1% |
| Alliant Energy Corp. | 289 | 16,996 |
| Avangrid, Inc. | 63 | 2,794 |
| Edison International | 428 | 29,442 |
| Eversource Energy | 396 | 34,610 |
| FirstEnergy Corp. | 625 | 27,069 |
| PG&E Corp. * | 2,292 | 28,994 |
| Southern Co. (The) | 1,227 | 90,049 |
| Xcel Energy, Inc. | 283 | 20,733 |
| | | 250,687 |
| Electrical Equipment — 0.8% |
| Eaton Corp. plc | 453 | 65,694 |
| Emerson Electric Co. | 695 | 62,675 |
| Regal Rexnord Corp. | 68 | 8,652 |
| Rockwell Automation, Inc. | 134 | 33,858 |
| | | 170,879 |
| Electronic Equipment, Instruments & Components — 0.3% |
| Keysight Technologies, Inc. * | 210 | 29,457 |
| Littelfuse, Inc. | 24 | 5,502 |
| National Instruments Corp. | 163 | 5,891 |
| Trimble, Inc. * | 289 | 19,276 |
| | | 60,126 |
| Energy Equipment & Services — 0.6% |
| Baker Hughes Co. | 846 | 26,243 |
| Halliburton Co. | 1,017 | 36,226 |
| Schlumberger NV | 1,625 | 63,391 |
| | | 125,860 |
| Entertainment — 1.0% |
| Liberty Media Corp-Liberty Formula One, Class C * | 228 | 14,211 |
| Netflix, Inc. * | 271 | 51,588 |
| Walt Disney Co. (The) * | 1,414 | 157,845 |
| | | 223,644 |
| Equity Real Estate Investment Trusts (REITs) — 3.4% |
| American Tower Corp. | 93 | 22,415 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 158 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Equity Real Estate Investment Trusts (REITs) — continued |
| AvalonBay Communities, Inc. | 160 | 36,397 |
| Boston Properties, Inc. | 179 | 21,050 |
| Brixmor Property Group, Inc. | 332 | 8,426 |
| Crown Castle International Corp. | 497 | 92,049 |
| Douglas Emmett, Inc. | 181 | 5,332 |
| Equity Residential | 413 | 33,660 |
| Essex Property Trust, Inc. | 73 | 24,037 |
| Federal Realty Investment Trust | 90 | 10,535 |
| Healthpeak Properties, Inc. | 618 | 20,277 |
| Host Hotels & Resorts, Inc. | 815 | 16,585 |
| Hudson Pacific Properties, Inc. | 164 | 3,818 |
| Iron Mountain, Inc. | 329 | 17,677 |
| JBG SMITH Properties | 141 | 3,717 |
| Kilroy Realty Corp. | 133 | 9,310 |
| Kimco Realty Corp. | 463 | 11,728 |
| Park Hotels & Resorts, Inc. | 65 | 1,281 |
| Prologis, Inc. | 852 | 136,567 |
| Public Storage | 62 | 23,033 |
| Rayonier, Inc. | 164 | 7,085 |
| Realty Income Corp. | 652 | 45,223 |
| Regency Centers Corp. | 189 | 13,009 |
| SBA Communications Corp. | 121 | 42,000 |
| Simon Property Group, Inc. | 366 | 43,188 |
| SL Green Realty Corp. | 73 | 5,053 |
| UDR, Inc. | 346 | 18,411 |
| Ventas, Inc. | 420 | 23,331 |
| Vornado Realty Trust | 197 | 7,626 |
| Welltower, Inc. | 468 | 42,499 |
| | | 745,319 |
| Food & Staples Retailing — 1.4% |
| Costco Wholesale Corp. | 294 | 156,326 |
| Sysco Corp. | 587 | 50,177 |
| Walgreens Boots Alliance, Inc. | 821 | 34,810 |
| Walmart, Inc. | 497 | 76,036 |
| | | 317,349 |
| Food Products — 0.7% |
| Hershey Co. (The) | 136 | 30,705 |
| McCormick & Co., Inc. (Non-Voting) | 287 | 28,863 |
| Mondelez International, Inc., Class A | 1,592 | 102,652 |
| | | 162,220 |
| Gas Utilities — 0.1% |
| Atmos Energy Corp. | 154 | 17,464 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Gas Utilities — continued |
| National Fuel Gas Co. | 100 | 7,013 |
| UGI Corp. | 240 | 8,232 |
| | | 32,709 |
| Health Care Equipment & Supplies — 1.9% |
| Abbott Laboratories | 1,376 | 156,176 |
| Becton Dickinson and Co. | 273 | 67,483 |
| Boston Scientific Corp. * | 1,609 | 67,755 |
| Edwards Lifesciences Corp. * | 693 | 73,306 |
| Embecta Corp. * | 54 | 1,643 |
| Intuitive Surgical, Inc. * | 38 | 9,093 |
| Medtronic plc | 400 | 41,744 |
| ResMed, Inc. | 31 | 6,199 |
| Stryker Corp. | 20 | 4,825 |
| | | 428,224 |
| Health Care Providers & Services — 4.0% |
| AmerisourceBergen Corp. | 171 | 25,871 |
| Anthem, Inc. | 268 | 134,517 |
| Cardinal Health, Inc. | 286 | 16,602 |
| Cigna Corp. | 374 | 92,296 |
| CVS Health Corp. | 1,416 | 136,120 |
| Humana, Inc. | 140 | 62,238 |
| McKesson Corp. | 173 | 53,563 |
| Quest Diagnostics, Inc. | 121 | 16,195 |
| UnitedHealth Group, Inc. | 686 | 348,865 |
| | | 886,267 |
| Hotels, Restaurants & Leisure — 2.1% |
| Booking Holdings, Inc. * | 46 | 101,674 |
| Chipotle Mexican Grill, Inc. * | 31 | 45,124 |
| McDonald's Corp. | 712 | 177,402 |
| Starbucks Corp. | 1,276 | 95,241 |
| Yum! Brands, Inc. | 331 | 38,730 |
| | | 458,171 |
| Household Durables — 0.3% |
| DR Horton, Inc. | 302 | 21,016 |
| Garmin Ltd. | 171 | 18,766 |
| Newell Brands, Inc. | 429 | 9,931 |
| Toll Brothers, Inc. | 126 | 5,843 |
| | | 55,556 |
| Household Products — 1.8% |
| Church & Dwight Co., Inc. | 278 | 27,122 |
| Clorox Co. (The) | 142 | 20,373 |
| Colgate-Palmolive Co. | 964 | 74,276 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 159 |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Household Products — continued |
| Procter & Gamble Co. (The) | 1,665 | 267,316 |
| Spectrum Brands Holdings, Inc. | 46 | 3,913 |
| | | 393,000 |
| Industrial Conglomerates — 0.4% |
| 3M Co. | 21 | 3,028 |
| General Electric Co. | 1,234 | 91,995 |
| | | 95,023 |
| Insurance — 2.6% |
| Aflac, Inc. | 752 | 43,075 |
| Allstate Corp. (The) | 322 | 40,746 |
| American International Group, Inc. | 966 | 56,521 |
| Aon plc, Class A | 254 | 73,149 |
| Arch Capital Group Ltd. * | 77 | 3,517 |
| Assurant, Inc. | 65 | 11,822 |
| Assured Guaranty Ltd. | 73 | 4,026 |
| Chubb Ltd. | 496 | 102,399 |
| Cincinnati Financial Corp. | 172 | 21,097 |
| First American Financial Corp. | 122 | 7,114 |
| Hartford Financial Services Group, Inc. (The) | 384 | 26,853 |
| Lincoln National Corp. | 206 | 12,391 |
| MetLife, Inc. | 815 | 53,529 |
| Principal Financial Group, Inc. | 296 | 20,169 |
| Prudential Financial, Inc. | 441 | 47,853 |
| Travelers Cos., Inc. (The) | 277 | 47,384 |
| W R Berkley Corp. | 237 | 15,758 |
| | | 587,403 |
| Interactive Media & Services — 4.8% |
| Alphabet, Inc., Class A * | 356 | 812,460 |
| Meta Platforms, Inc., Class A * | 1,267 | 253,995 |
| | | 1,066,455 |
| Internet & Direct Marketing Retail — 3.2% |
| Amazon.com, Inc. * | 266 | 661,177 |
| eBay, Inc. | 723 | 37,538 |
| Etsy, Inc. * | 146 | 13,606 |
| | | 712,321 |
| IT Services — 6.1% |
| Accenture plc, Class A | 589 | 176,912 |
| Amdocs Ltd. | 141 | 11,236 |
| Automatic Data Processing, Inc. | 484 | 105,599 |
| Block, Inc., Class A * | 553 | 55,046 |
| Bread Financial Holdings, Inc. | 55 | 3,014 |
| Cognizant Technology Solutions Corp., Class A | 591 | 47,812 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| IT Services — continued |
| Fidelity National Information Services, Inc. | 702 | 69,603 |
| Fiserv, Inc. * | 186 | 18,213 |
| Genpact Ltd. | 207 | 8,336 |
| Global Payments, Inc. | 326 | 44,655 |
| Globant SA * | 44 | 9,504 |
| International Business Machines Corp. | 828 | 109,470 |
| Mastercard, Inc., Class A | 712 | 258,727 |
| Paychex, Inc. | 371 | 47,017 |
| PayPal Holdings, Inc. * | 1,355 | 119,145 |
| Visa, Inc., Class A | 1,311 | 279,413 |
| | | 1,363,702 |
| Leisure Products — 0.1% |
| Brunswick Corp. | 88 | 6,654 |
| Hasbro, Inc. | 144 | 12,680 |
| | | 19,334 |
| Life Sciences Tools & Services — 2.4% |
| Agilent Technologies, Inc. | 343 | 40,909 |
| Charles River Laboratories International, Inc. * | 49 | 11,834 |
| Danaher Corp. | 428 | 107,484 |
| Illumina, Inc. * | 163 | 48,354 |
| IQVIA Holdings, Inc. * | 215 | 46,868 |
| Mettler-Toledo International, Inc. * | 26 | 33,216 |
| PerkinElmer, Inc. | 125 | 18,326 |
| Thermo Fisher Scientific, Inc. | 351 | 194,075 |
| Waters Corp. * | 70 | 21,211 |
| | | 522,277 |
| Machinery — 2.2% |
| Caterpillar, Inc. | 619 | 130,324 |
| Cummins, Inc. | 162 | 30,649 |
| Deere & Co. | 319 | 120,439 |
| Dover Corp. | 161 | 21,461 |
| Fortive Corp. | 377 | 21,678 |
| IDEX Corp. | 77 | 14,616 |
| Illinois Tool Works, Inc. | 354 | 69,777 |
| ITT, Inc. | 97 | 6,811 |
| Middleby Corp. (The) * | 63 | 9,695 |
| Nordson Corp. | 67 | 14,451 |
| PACCAR, Inc. | 344 | 28,569 |
| Xylem, Inc. | 202 | 16,261 |
| | | 484,731 |
| Media — 0.5% |
| Comcast Corp., Class A | 2,029 | 80,673 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 160 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Media — continued |
| Interpublic Group of Cos., Inc. (The) | 439 | 14,320 |
| Omnicom Group, Inc. | 238 | 18,119 |
| | | 113,112 |
| Multiline Retail — 0.6% |
| Target Corp. | 554 | 126,672 |
| Multi-Utilities — 1.2% |
| CenterPoint Energy, Inc. | 684 | 20,938 |
| CMS Energy Corp. | 332 | 22,805 |
| Consolidated Edison, Inc. | 407 | 37,745 |
| DTE Energy Co. | 223 | 29,222 |
| NiSource, Inc. | 449 | 13,075 |
| Public Service Enterprise Group, Inc. | 579 | 40,333 |
| Sempra Energy | 372 | 60,026 |
| WEC Energy Group, Inc. | 364 | 36,418 |
| | | 260,562 |
| Oil, Gas & Consumable Fuels — 3.5% |
| Chevron Corp. | 856 | 134,109 |
| ConocoPhillips | 1,442 | 137,740 |
| Coterra Energy, Inc. | 918 | 26,429 |
| Devon Energy Corp. | 786 | 45,722 |
| Diamondback Energy, Inc. | 173 | 21,838 |
| Exxon Mobil Corp. | 3,216 | 274,164 |
| Hess Corp. | 318 | 32,776 |
| ONEOK, Inc. | 227 | 14,376 |
| Pioneer Natural Resources Co. | 248 | 57,652 |
| Targa Resources Corp. | 260 | 19,087 |
| Texas Pacific Land Corp. | 7 | 9,566 |
| | | 773,459 |
| Paper & Forest Products — 0.0% ^ |
| Sylvamo Corp. * | 44 | 1,965 |
| Personal Products — 0.3% |
| Estee Lauder Cos., Inc. (The), Class A | 258 | 68,127 |
| Herbalife Nutrition Ltd. * | 117 | 3,110 |
| | | 71,237 |
| Pharmaceuticals — 4.2% |
| Bristol-Myers Squibb Co. | 2,121 | 159,648 |
| Eli Lilly & Co. | 747 | 218,221 |
| Johnson & Johnson | 1,882 | 339,626 |
| Merck & Co., Inc. | 890 | 78,934 |
| Pfizer, Inc. | 2,509 | 123,116 |
| Zoetis, Inc. | 55 | 9,749 |
| | | 929,294 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Professional Services — 0.6% |
| Booz Allen Hamilton Holding Corp. | 152 | 12,408 |
| Equifax, Inc. | 141 | 28,696 |
| FTI Consulting, Inc. * | 41 | 6,466 |
| ManpowerGroup, Inc. | 65 | 5,863 |
| Nielsen Holdings plc | 401 | 10,751 |
| Robert Half International, Inc. | 125 | 12,289 |
| Science Applications International Corp. | 38 | 3,163 |
| TransUnion | 221 | 19,342 |
| Verisk Analytics, Inc. | 183 | 37,341 |
| | | 136,319 |
| Real Estate Management & Development — 0.2% |
| CBRE Group, Inc., Class A * | 374 | 31,057 |
| Howard Hughes Corp. (The) * | 44 | 4,413 |
| Jones Lang LaSalle, Inc. * | 56 | 12,249 |
| | | 47,719 |
| Road & Rail — 0.5% |
| Uber Technologies, Inc. * | 1,803 | 56,759 |
| Union Pacific Corp. | 194 | 45,452 |
| | | 102,211 |
| Semiconductors & Semiconductor Equipment — 5.2% |
| Advanced Micro Devices, Inc. * | 1,577 | 134,865 |
| Analog Devices, Inc. | 605 | 93,400 |
| Applied Materials, Inc. | 984 | 108,584 |
| Broadcom, Inc. | 155 | 85,931 |
| Cirrus Logic, Inc. * | 68 | 5,154 |
| First Solar, Inc. * | 122 | 8,910 |
| Intel Corp. | 1,390 | 60,590 |
| Lam Research Corp. | 156 | 72,659 |
| Micron Technology, Inc. | 65 | 4,432 |
| NVIDIA Corp. | 1,584 | 293,785 |
| QUALCOMM, Inc. | 1,057 | 147,652 |
| Teradyne, Inc. | 183 | 19,299 |
| Texas Instruments, Inc. | 648 | 110,322 |
| | | 1,145,583 |
| Software — 9.8% |
| Adobe, Inc. * | 382 | 151,253 |
| Atlassian Corp. plc, Class A * | 149 | 33,500 |
| Autodesk, Inc. * | 245 | 46,374 |
| Cadence Design Systems, Inc. * | 310 | 46,763 |
| Dolby Laboratories, Inc., Class A | 69 | 5,345 |
| Guidewire Software, Inc. * | 67 | 5,825 |
| Intuit, Inc. | 264 | 110,550 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 161 |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Software — continued |
| Microsoft Corp. | 4,516 | 1,253,280 |
| NortonLifeLock, Inc. | 616 | 15,425 |
| Oracle Corp. | 1,774 | 130,212 |
| PTC, Inc. * | 118 | 13,477 |
| Salesforce, Inc. * | 782 | 137,585 |
| ServiceNow, Inc. * | 216 | 103,270 |
| Synopsys, Inc. * | 159 | 45,600 |
| Teradata Corp. * | 133 | 5,499 |
| VMware, Inc., Class A | 212 | 22,904 |
| Workday, Inc., Class A * | 208 | 42,994 |
| Zendesk, Inc. * | 133 | 16,231 |
| | | 2,186,087 |
| Specialty Retail — 2.3% |
| Advance Auto Parts, Inc. | 72 | 14,373 |
| Best Buy Co., Inc. | 277 | 24,911 |
| CarMax, Inc. * | 184 | 15,783 |
| Dick's Sporting Goods, Inc. | 66 | 6,364 |
| Home Depot, Inc. (The) | 802 | 240,921 |
| Lithia Motors, Inc. | 30 | 8,494 |
| Lowe's Cos., Inc. | 690 | 136,434 |
| TJX Cos., Inc. (The) | 494 | 30,272 |
| Tractor Supply Co. | 129 | 25,987 |
| Williams-Sonoma, Inc. | 83 | 10,830 |
| | | 514,369 |
| Technology Hardware, Storage & Peripherals — 6.7% |
| Apple, Inc. | 9,133 | 1,439,818 |
| Dell Technologies, Inc., Class C | 277 | 13,022 |
| HP, Inc. | 1,245 | 45,604 |
| | | 1,498,444 |
| Textiles, Apparel & Luxury Goods — 0.9% |
| Capri Holdings Ltd. * | 60 | 2,862 |
| Hanesbrands, Inc. | 386 | 5,118 |
| NIKE, Inc., Class B | 1,263 | 157,496 |
| PVH Corp. | 79 | 5,750 |
| Ralph Lauren Corp. | 50 | 5,217 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Textiles, Apparel & Luxury Goods — continued |
| Tapestry, Inc. | 303 | 9,975 |
| VF Corp. | 365 | 18,980 |
| | | 205,398 |
| Trading Companies & Distributors — 0.3% |
| Fastenal Co. | 592 | 32,743 |
| Univar Solutions, Inc. * | 209 | 6,086 |
| WW Grainger, Inc. | 53 | 26,502 |
| | | 65,331 |
| Water Utilities — 0.2% |
| American Water Works Co., Inc. | 209 | 32,203 |
| Essential Utilities, Inc. | 266 | 11,906 |
| | | 44,109 |
| Wireless Telecommunication Services — 0.1% |
| T-Mobile US, Inc. * | 179 | 22,042 |
Total Common Stocks
(Cost $21,629,947) | | 22,175,974 |
| Short Term Investments — 0.1% |
| Investment Companies — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b)
(Cost $11,653) | 11,653 | 11,653 |
Total Investments — 99.9%
(Cost $21,641,600) | | 22,187,627 |
| Other Assets Less Liabilities — 0.1% | | 27,298 |
| NET ASSETS — 100.0% | | 22,214,925 |
Percentages indicated are based on net assets. |
| ^ | Amount rounds to less than 0.1% of net assets. |
| * | Non-income producing security. | |
| (a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (b) | The rate shown is the current yield as of April 30, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| 162 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 1 | 06/17/2022 | USD | 20,636 | (328) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 163 |
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.0% |
| Canada — 2.1% |
| West Fraser Timber Co. Ltd. | 4,936 | 433,833 |
| China — 3.8% |
| Contemporary Amperex Technology Co. Ltd., Class A | 9,000 | 545,474 |
| Tongwei Co. Ltd., Class A | 18,000 | 109,965 |
| Xinyi Solar Holdings Ltd. | 90,000 | 133,778 |
| | | 789,217 |
| Denmark — 2.0% |
| Orsted A/S (a) | 1,057 | 116,936 |
| ROCKWOOL A/S, Class B | 314 | 87,820 |
| Vestas Wind Systems A/S | 8,229 | 209,848 |
| | | 414,604 |
| Finland — 3.3% |
| Neste OYJ | 2,607 | 111,863 |
| UPM-Kymmene OYJ | 16,345 | 565,411 |
| | | 677,274 |
| France — 3.9% |
| Neoen SA * (a) | 6,108 | 244,049 |
| Nexans SA | 1,438 | 130,984 |
| SPIE SA | 18,707 | 440,289 |
| | | 815,322 |
| Germany — 3.8% |
| Encavis AG | 7,554 | 164,909 |
| Infineon Technologies AG | 21,664 | 614,894 |
| | | 779,803 |
| Ireland — 2.0% |
| Kingspan Group plc | 4,563 | 424,756 |
| Italy — 1.8% |
| Iveco Group NV * | 5,756 | 33,864 |
| Prysmian SpA | 10,794 | 351,074 |
| | | 384,938 |
| Japan — 2.5% |
| Daikin Industries Ltd. | 2,300 | 351,481 |
| Kurita Water Industries Ltd. | 2,300 | 78,467 |
| RENOVA, Inc. * | 6,700 | 82,550 |
| | | 512,498 |
| Netherlands — 5.3% |
| Alfen Beheer BV * (a) | 1,393 | 125,277 |
| Arcadis NV | 2,901 | 121,041 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Netherlands — continued |
| Koninklijke DSM NV | 3,619 | 608,389 |
| Signify NV (a) | 5,847 | 247,372 |
| | | 1,102,079 |
| Norway — 0.6% |
| Aker Carbon Capture ASA * | 20,573 | 41,562 |
| TOMRA Systems ASA | 1,956 | 76,921 |
| | | 118,483 |
| South Korea — 1.5% |
| Samsung SDI Co. Ltd. | 675 | 321,539 |
| Spain — 4.0% |
| EDP Renovaveis SA | 10,861 | 257,049 |
| Iberdrola SA | 23,824 | 273,757 |
| Solaria Energia y Medio Ambiente SA * | 13,265 | 294,359 |
| | | 825,165 |
| Sweden — 5.7% |
| Boliden AB | 14,632 | 634,461 |
| Electrolux AB, Class B | 11,512 | 175,563 |
| Nibe Industrier AB, Class B | 38,021 | 372,773 |
| | | 1,182,797 |
| Switzerland — 4.4% |
| ABB Ltd. (Registered) | 18,415 | 552,486 |
| TE Connectivity Ltd. | 2,925 | 364,982 |
| | | 917,468 |
| United Kingdom — 8.1% |
| CNH Industrial NV | 44,315 | 628,830 |
| Linde plc | 2,428 | 757,439 |
| SSE plc | 12,456 | 289,301 |
| | | 1,675,570 |
| United States — 44.2% |
| A O Smith Corp. | 3,260 | 190,482 |
| AGCO Corp. | 5,051 | 643,497 |
| Aptiv plc * | 1,573 | 167,367 |
| Autodesk, Inc. * | 3,141 | 594,528 |
| Brookfield Renewable Corp. | 3,868 | 138,861 |
| Carrier Global Corp. | 15,536 | 594,563 |
| ChargePoint Holdings, Inc. * | 6,430 | 83,204 |
| Deere & Co. | 2,248 | 848,733 |
| Enphase Energy, Inc. * | 2,711 | 437,555 |
| Evoqua Water Technologies Corp. * | 9,933 | 414,107 |
| Johnson Controls International plc | 11,018 | 659,648 |
| Lennox International, Inc. | 874 | 186,328 |
SEE NOTES TO FINANCIAL STATEMENTS.
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United States — continued |
| NextEra Energy, Inc. | 9,421 | 669,079 |
| Plug Power, Inc. * | 1,844 | 38,761 |
| Schneider Electric SE | 5,186 | 744,031 |
| SolarEdge Technologies, Inc. * | 1,828 | 457,749 |
| Sunrun, Inc. * | 4,519 | 90,290 |
| Tetra Tech, Inc. | 1,438 | 200,285 |
| Trane Technologies plc | 4,678 | 654,405 |
| Trex Co., Inc. * | 1,911 | 111,201 |
| Weyerhaeuser Co., REIT | 16,621 | 685,118 |
| Xylem, Inc. | 7,205 | 580,003 |
| | | 9,189,795 |
Total Common Stocks
(Cost $25,003,052) | | 20,565,141 |
Total Investments — 99.0%
(Cost $25,003,052) | | 20,565,141 |
| Other Assets Less Liabilities — 1.0% | | 214,718 |
| NET ASSETS — 100.0% | | 20,779,859 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| * | Non-income producing security. |
| (a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Building Products | 17.7% |
| Machinery | 15.6 |
| Electrical Equipment | 15.2 |
| Semiconductors & Semiconductor Equipment | 7.9 |
| Chemicals | 6.6 |
| Electric Utilities | 6.6 |
| Independent Power and Renewable Electricity Producers | 5.8 |
| Paper & Forest Products | 4.9 |
| Commercial Services & Supplies | 3.8 |
| Electronic Equipment, Instruments & Components | 3.4 |
| Equity Real Estate Investment Trusts (REITs) | 3.3 |
| Metals & Mining | 3.1 |
| Software | 2.9 |
| Others (each less than 1.0%) | 3.2 |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.9% |
| Bahrain — 0.1% |
| Ahli United Bank BSC | 137,305 | 140,327 |
| Brazil — 9.4% |
| Ambev SA | 233,388 | 689,691 |
| Auren Energia SA * | 63,293 | 191,520 |
| Banco Bradesco SA (Preference) | 166,277 | 607,738 |
| Banco BTG Pactual SA * | 12,678 | 59,442 |
| Banco do Brasil SA | 61,790 | 414,937 |
| Banco Santander Brasil SA | 63,446 | 408,348 |
| Bradespar SA (Preference) | 37,584 | 223,803 |
| CCR SA | 128,970 | 326,863 |
| Centrais Eletricas Brasileiras SA | 47,653 | 392,100 |
| Cia Brasileira de Distribuicao | 26,452 | 109,843 |
| Cia de Saneamento Basico do Estado de Sao Paulo * | 33,311 | 301,177 |
| Cia de Transmissao de Energia Eletrica Paulista (Preference) | 75,900 | 396,238 |
| Cia Energetica de Minas Gerais (Preference) | 174,957 | 532,591 |
| Cia Energetica de Minas Gerais (Preference) * | 920 | 3,316 |
| Cia Paranaense de Energia (Preference) | 298,755 | 448,983 |
| Cielo SA * | 488,300 | 337,784 |
| CPFL Energia SA | 39,305 | 287,874 |
| Dexco SA | 130,507 | 332,870 |
| EDP - Energias do Brasil SA | 74,805 | 321,828 |
| Embraer SA * | 136,599 | 389,300 |
| Energisa SA | 29,532 | 286,482 |
| Engie Brasil Energia SA | 24,238 | 205,613 |
| Equatorial Energia SA | 73,786 | 383,410 |
| Getnet Adquirencia e Servicos para Meios de Pagamento SA * | 50,567 | 34,162 |
| Grendene SA | 104,493 | 197,829 |
| Hypera SA * | 2,697 | 20,544 |
| Itau Unibanco Holding SA (Preference) * | 132,863 | 643,360 |
| Itausa SA (Preference) | 160,774 | 300,154 |
| Marfrig Global Foods SA | 61,384 | 233,793 |
| Neoenergia SA | 7,506 | 28,512 |
| Petroleo Brasileiro SA (Preference) | 251,270 | 1,549,616 |
| Porto Seguro SA | 8,457 | 35,084 |
| Sao Martinho SA | 47,094 | 444,749 |
| SIMPAR SA | 51,960 | 123,070 |
| Telefonica Brasil SA | 55,111 | 585,114 |
| TIM SA * | 111,355 | 304,968 |
| TOTVS SA * | 27,757 | 178,873 |
| Transmissora Alianca de Energia Eletrica SA | 47,700 | 427,317 |
| Vale SA | 146,625 | 2,492,408 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Brazil — continued |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 61,021 | 169,340 |
| WEG SA | 11,970 | 73,361 |
| | | 15,494,005 |
| Chile — 1.4% |
| Banco de Chile | 3,123,279 | 311,866 |
| Banco Santander Chile | 6,231,457 | 299,823 |
| CAP SA | 10,531 | 130,619 |
| Cencosud SA | 244,945 | 392,080 |
| Cia Cervecerias Unidas SA | 21,911 | 146,457 |
| Cia Sud Americana de Vapores SA | 4,298,551 | 485,928 |
| Colbun SA | 2,079,480 | 148,580 |
| Embotelladora Andina SA (Preference), Class B | 64,132 | 116,568 |
| Enel Americas SA | 2,548,085 | 266,832 |
| Enel Chile SA | 1,751,262 | 46,186 |
| | | 2,344,939 |
| China — 23.4% |
| Agile Group Holdings Ltd. (a) | 70,000 | 33,522 |
| An Hui Wenergy Co. Ltd., Class A | 163,400 | 93,558 |
| Angang Steel Co. Ltd., Class H | 337,800 | 147,765 |
| Anhui Conch Cement Co. Ltd., Class H | 94,000 | 510,799 |
| Anhui Expressway Co. Ltd., Class A | 162,900 | 176,306 |
| ANTA Sports Products Ltd. | 21,600 | 248,238 |
| BAIC Motor Corp. Ltd., Class H (b) | 297,000 | 92,748 |
| Bank of China Ltd., Class H | 3,597,000 | 1,411,400 |
| Bank of Communications Co. Ltd., Class A | 333,200 | 253,770 |
| Bank of Hangzhou Co. Ltd., Class A | 121,300 | 277,010 |
| Baoshan Iron & Steel Co. Ltd., Class A | 232,600 | 224,416 |
| Beijing Enterprises Holdings Ltd. | 20,000 | 67,613 |
| BGI Genomics Co. Ltd., Class A | 10,100 | 95,309 |
| Blue Sail Medical Co. Ltd., Class A | 57,900 | 77,274 |
| Bosideng International Holdings Ltd. | 414,000 | 206,491 |
| BYD Electronic International Co. Ltd. | 69,000 | 137,541 |
| CGN Power Co. Ltd., Class H (b) | 1,152,000 | 323,716 |
| China CITIC Bank Corp. Ltd., Class H | 981,000 | 498,593 |
| China Coal Energy Co. Ltd., Class H | 58,000 | 48,828 |
| China Communications Services Corp. Ltd., Class H | 424,000 | 193,107 |
| China Construction Bank Corp., Class H | 1,668,000 | 1,188,282 |
| China Everbright Bank Co. Ltd., Class H | 298,000 | 107,956 |
| China Feihe Ltd. (b) | 215,000 | 204,415 |
| China Hongqiao Group Ltd. (a) | 280,500 | 349,006 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 166 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| China — continued |
| China International Marine Containers Group Co. Ltd., Class A | 119,300 | 222,906 |
| China Lesso Group Holdings Ltd. | 139,000 | 173,824 |
| China Longyuan Power Group Corp. Ltd., Class H | 153,000 | 295,108 |
| China Medical System Holdings Ltd. | 191,000 | 273,464 |
| China Merchants Bank Co. Ltd., Class H | 93,500 | 563,548 |
| China Merchants Port Holdings Co. Ltd. | 110,000 | 192,038 |
| China Minsheng Banking Corp. Ltd., Class H | 177,800 | 67,421 |
| China National Building Material Co. Ltd., Class H | 308,250 | 410,223 |
| China National Chemical Engineering Co. Ltd., Class A | 95,400 | 129,807 |
| China National Nuclear Power Co. Ltd., Class A | 227,400 | 241,667 |
| China Petroleum & Chemical Corp., Class H | 882,000 | 431,714 |
| China Resources Cement Holdings Ltd. | 202,000 | 167,607 |
| China Resources Double Crane Pharmaceutical Co. Ltd., Class A | 86,200 | 387,163 |
| China Resources Gas Group Ltd. | 82,000 | 308,106 |
| China Resources Land Ltd. | 74,000 | 330,500 |
| China Resources Pharmaceutical Group Ltd. (b) | 167,000 | 88,005 |
| China Resources Power Holdings Co. Ltd. | 164,000 | 308,374 |
| China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | 31,100 | 172,628 |
| China Shenhua Energy Co. Ltd., Class H | 228,500 | 730,025 |
| China Vanke Co. Ltd., Class H | 43,500 | 102,573 |
| China Yangtze Power Co. Ltd., Class A | 141,500 | 482,202 |
| Chinese Universe Publishing and Media Group Co. Ltd., Class A | 95,400 | 145,567 |
| Chongqing Changan Automobile Co. Ltd., Class A | 102,900 | 160,074 |
| Chongqing Rural Commercial Bank Co. Ltd., Class H | 76,000 | 29,511 |
| CITIC Ltd. | 381,000 | 394,148 |
| Citic Pacific Special Steel Group Co. Ltd., Class A | 75,376 | 203,003 |
| COSCO SHIPPING Energy Transportation Co. Ltd., Class H | 76,000 | 39,871 |
| COSCO SHIPPING Holdings Co. Ltd., Class H * (a) | 300,350 | 467,273 |
| COSCO SHIPPING Ports Ltd. | 202,000 | 144,034 |
| CSG Holding Co. Ltd., Class A | 112,500 | 94,149 |
| CSPC Pharmaceutical Group Ltd. | 118,000 | 120,637 |
| Daan Gene Co. Ltd., Class A | 67,260 | 181,707 |
| Dali Foods Group Co. Ltd. (b) | 345,500 | 175,826 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| China — continued |
| Datang International Power Generation Co. Ltd., Class H | 828,000 | 133,187 |
| Dongguan Development Holdings Co. Ltd., Class A | 103,500 | 143,070 |
| ENN Energy Holdings Ltd. | 54,900 | 735,390 |
| Foshan Haitian Flavouring & Food Co. Ltd., Class A | 22,028 | 268,568 |
| Fosun International Ltd. | 88,576 | 93,350 |
| Fujian Sunner Development Co. Ltd., Class A * | 45,100 | 110,034 |
| G-bits Network Technology Xiamen Co. Ltd., Class A | 3,200 | 161,373 |
| GD Power Development Co. Ltd., Class A | 465,100 | 209,748 |
| Great Wall Motor Co. Ltd., Class H | 254,000 | 355,708 |
| Guangdong Baolihua New Energy Stock Co. Ltd., Class A * | 275,400 | 173,897 |
| Guangdong Investment Ltd. | 112,000 | 143,398 |
| Guangxi Guiguan Electric Power Co. Ltd., Class A | 219,800 | 187,717 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H | 40,000 | 103,179 |
| Guangzhou R&F Properties Co. Ltd., Class H | 82,000 | 30,441 |
| Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A | 11,600 | 133,454 |
| Haitian International Holdings Ltd. | 93,000 | 228,913 |
| Heilongjiang Agriculture Co. Ltd., Class A | 102,500 | 216,252 |
| Hello Group, Inc., ADR | 10,033 | 53,376 |
| Henan Shuanghui Investment & Development Co. Ltd., Class A | 9,000 | 40,092 |
| Hopson Development Holdings Ltd. | 36,320 | 70,028 |
| Huabao Flavours & Fragrances Co. Ltd., Class A | 34,600 | 113,402 |
| Huadian Power International Corp. Ltd., Class H (a) | 530,000 | 183,933 |
| Huadong Medicine Co. Ltd., Class A | 38,500 | 195,930 |
| Huaibei Mining Holdings Co. Ltd., Class A | 79,500 | 168,410 |
| Huapont Life Sciences Co. Ltd., Class A * | 216,300 | 161,493 |
| Huaxin Cement Co. Ltd., Class H * | 124,500 | 231,643 |
| Huayu Automotive Systems Co. Ltd., Class A | 53,700 | 157,031 |
| Hubei Energy Group Co. Ltd., Class A | 241,100 | 148,174 |
| Hubei Jumpcan Pharmaceutical Co. Ltd., Class A | 44,000 | 150,088 |
| Hunan Valin Steel Co. Ltd., Class A | 171,000 | 148,628 |
| Industrial & Commercial Bank of China Ltd., Class H | 1,998,000 | 1,204,408 |
| Inner Mongolia Dian Tou Energy Corp. Ltd., Class A | 127,116 | 275,918 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 167 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| China — continued |
| Inner Mongolia Yitai Coal Co. Ltd., Class B | 83,100 | 111,431 |
| Intco Medical Technology Co. Ltd., Class A * | 25,600 | 110,332 |
| Jiangling Motors Corp. Ltd., Class A | 64,000 | 111,184 |
| Jiangsu Expressway Co. Ltd., Class A | 35,500 | 43,476 |
| Jiangsu Hengli Hydraulic Co. Ltd., Class A | 26,056 | 178,816 |
| Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | 42,600 | 152,302 |
| Jiangsu Zhongnan Construction Group Co. Ltd., Class A | 149,500 | 88,371 |
| Jiangsu Zhongtian Technology Co. Ltd., Class A | 127,900 | 310,691 |
| Joincare Pharmaceutical Group Industry Co. Ltd., Class A | 89,300 | 148,980 |
| Jointo Energy Investment Co. Ltd. Hebei, Class A | 185,500 | 115,387 |
| Joyoung Co. Ltd., Class A | 29,571 | 66,662 |
| JOYY, Inc., ADR | 3,340 | 132,164 |
| Kingboard Holdings Ltd. | 103,500 | 465,969 |
| KingClean Electric Co. Ltd., Class A | 45,918 | 140,738 |
| Kunlun Energy Co. Ltd. | 214,000 | 177,596 |
| Kweichow Moutai Co. Ltd., Class A | 4,500 | 1,235,233 |
| LB Group Co. Ltd., Class A | 71,300 | 194,366 |
| Li Ning Co. Ltd. | 132,000 | 1,028,830 |
| Livzon Pharmaceutical Group, Inc., Class A | 28,800 | 143,683 |
| Longfor Group Holdings Ltd. (b) | 45,500 | 225,343 |
| Luolai Lifestyle Technology Co. Ltd., Class A | 69,600 | 130,433 |
| Maanshan Iron & Steel Co. Ltd., Class H | 220,000 | 86,021 |
| Metallurgical Corp. of China Ltd., Class A | 288,500 | 151,021 |
| Nanjing Iron & Steel Co. Ltd., Class A | 347,500 | 186,339 |
| Ningbo Sanxing Medical Electric Co. Ltd., Class A | 76,000 | 99,572 |
| Pharmaron Beijing Co. Ltd., Class H (b) | 17,700 | 222,355 |
| Ping An Insurance Group Co. of China Ltd., Class H | 103,500 | 654,194 |
| Postal Savings Bank of China Co. Ltd., Class H (a) (b) | 614,000 | 465,523 |
| Sansteel Minguang Co. Ltd. Fujian, Class A | 126,100 | 129,888 |
| Sany Heavy Industry Co. Ltd., Class A | 75,900 | 187,233 |
| SDIC Power Holdings Co. Ltd., Class A | 204,600 | 296,934 |
| Seazen Group Ltd. * | 132,000 | 55,755 |
| Seazen Holdings Co. Ltd., Class A | 37,200 | 154,712 |
| Shaanxi Coal Industry Co. Ltd., Class A | 150,000 | 388,537 |
| Shandong Buchang Pharmaceuticals Co. Ltd., Class A | 48,600 | 132,908 |
| Shandong Chenming Paper Holdings Ltd., Class A | 201,500 | 159,088 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| China — continued |
| Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | 65,840 | 296,585 |
| Shandong Publishing & Media Co. Ltd., Class A | 103,000 | 91,634 |
| Shandong Weigao Group Medical Polymer Co. Ltd., Class H | 160,800 | 171,308 |
| Shanghai Pharmaceuticals Holding Co. Ltd., Class H | 16,900 | 27,327 |
| Shenzhen Gas Corp. Ltd., Class A | 167,800 | 160,838 |
| Shenzhen Jinjia Group Co. Ltd., Class A | 100,600 | 131,690 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 7,700 | 360,940 |
| Shenzhen New Nanshan Holding Group Co. Ltd., Class A | 290,400 | 204,624 |
| Shenzhen Overseas Chinese Town Co. Ltd., Class A | 175,800 | 159,218 |
| Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | 36,000 | 123,777 |
| Shenzhou International Group Holdings Ltd. | 41,800 | 567,183 |
| Sinoma International Engineering Co., Class A | 65,500 | 76,388 |
| Sino-Ocean Group Holding Ltd. | 356,000 | 67,229 |
| Sinopharm Group Co. Ltd., Class H | 74,000 | 170,287 |
| Sinotruk Hong Kong Ltd. | 137,000 | 165,705 |
| Tangshan Jidong Cement Co. Ltd., Class A ‡ | 80,300 | 129,385 |
| TangShan Port Group Co. Ltd., Class A | 735,200 | 302,685 |
| Tian Di Science & Technology Co. Ltd., Class A | 306,600 | 206,134 |
| Tianhe Chemicals Group Ltd. ‡ * | 20,000 | —(c) |
| Wanxiang Qianchao Co. Ltd., Class A | 194,000 | 149,752 |
| Weichai Power Co. Ltd., Class A | 116,856 | 194,634 |
| Weifu High-Technology Group Co. Ltd., Class A | 59,600 | 180,816 |
| Wuliangye Yibin Co. Ltd., Class A | 19,300 | 467,615 |
| Xinhua Winshare Publishing and Media Co. Ltd., Class A | 117,700 | 156,305 |
| Xinxing Ductile Iron Pipes Co. Ltd., Class A | 275,500 | 198,529 |
| Yangzijiang Shipbuilding Holdings Ltd. | 370,000 | 241,397 |
| Yankuang Energy Group Co. Ltd., Class H | 192,000 | 541,664 |
| Yintai Gold Co. Ltd., Class A * | 102,820 | 143,731 |
| Yuexiu Property Co. Ltd. | 69,400 | 72,212 |
| Yunnan Baiyao Group Co. Ltd., Class A | 11,900 | 135,944 |
| Zhejiang Expressway Co. Ltd., Class H * | 242,000 | 200,150 |
| Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A | 103,200 | 97,362 |
| Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | 80,880 | 201,809 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 168 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| China — continued |
| Zhejiang Semir Garment Co. Ltd., Class A | 134,700 | 131,324 |
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | 54,097 | 153,785 |
| Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | 135,600 | 235,655 |
| Zhongsheng Group Holdings Ltd. | 51,000 | 336,999 |
| Zhuzhou Kibing Group Co. Ltd., Class A | 84,000 | 138,697 |
| Zijin Mining Group Co. Ltd., Class H | 238,000 | 346,554 |
| Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | 301,400 | 176,230 |
| | | 38,528,767 |
| Colombia — 0.3% |
| Bancolombia SA (Preference) | 34,714 | 336,791 |
| Grupo Aval Acciones y Valores SA (Preference) | 330,887 | 71,059 |
| | | 407,850 |
| Czech Republic — 0.4% |
| CEZ A/S | 12,560 | 538,392 |
| Moneta Money Bank A/S (b) | 33,154 | 124,358 |
| | | 662,750 |
| Egypt — 0.1% |
| Commercial International Bank Egypt SAE | 29,154 | 70,391 |
| ElSewedy Electric Co. | 311,345 | 131,498 |
| | | 201,889 |
| Greece — 1.1% |
| Hellenic Telecommunications Organization SA | 28,426 | 546,861 |
| JUMBO SA | 19,258 | 312,131 |
| Mytilineos SA | 24,160 | 447,392 |
| OPAP SA | 32,578 | 482,884 |
| | | 1,789,268 |
| Hong Kong — 0.2% |
| Kingboard Laminates Holdings Ltd. | 159,500 | 244,666 |
| Nine Dragons Paper Holdings Ltd. | 88,000 | 77,716 |
| | | 322,382 |
| Hungary — 0.7% |
| Magyar Telekom Telecommunications plc | 79,604 | 86,153 |
| MOL Hungarian Oil & Gas plc | 35,993 | 305,189 |
| OTP Bank Nyrt. * | 17,112 | 510,441 |
| Richter Gedeon Nyrt. | 15,707 | 313,387 |
| | | 1,215,170 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| India — 11.2% |
| Asian Paints Ltd. | 1,141 | 48,096 |
| Aurobindo Pharma Ltd. | 11,436 | 93,508 |
| Bajaj Auto Ltd. | 6,999 | 339,705 |
| Bajaj Holdings & Investment Ltd. | 673 | 45,211 |
| Bharat Petroleum Corp. Ltd. | 38,216 | 179,844 |
| Castrol India Ltd. | 11,296 | 15,919 |
| Cipla Ltd. | 27,440 | 350,219 |
| Colgate-Palmolive India Ltd. | 4,614 | 99,570 |
| Dabur India Ltd. | 37,133 | 268,820 |
| Divi's Laboratories Ltd. | 6,946 | 406,604 |
| Dr. Reddy's Laboratories Ltd. | 6,481 | 349,047 |
| GAIL India Ltd. | 11,025 | 22,792 |
| Glenmark Pharmaceuticals Ltd. | 8,901 | 50,937 |
| HCL Technologies Ltd. | 40,978 | 573,960 |
| Hindalco Industries Ltd. | 15,819 | 98,485 |
| Hindustan Petroleum Corp. Ltd. | 23,611 | 82,984 |
| Hindustan Unilever Ltd. | 52,938 | 1,538,045 |
| Hindustan Zinc Ltd. | 11,278 | 47,111 |
| Housing Development Finance Corp. Ltd. | 35,925 | 1,036,506 |
| ICICI Lombard General Insurance Co. Ltd. (b) | 3,178 | 52,825 |
| Indian Oil Corp. Ltd. | 55,521 | 90,575 |
| Indus Towers Ltd. * | 68,027 | 184,940 |
| Infosys Ltd. | 147,792 | 2,995,330 |
| ITC Ltd. | 202,516 | 682,563 |
| Jindal Steel & Power Ltd. | 17,110 | 119,309 |
| JSW Steel Ltd. | 27,187 | 255,883 |
| Motherson Sumi Systems Ltd. | 49,672 | 88,724 |
| Mphasis Ltd. | 2,480 | 91,068 |
| Muthoot Finance Ltd. | 718 | 11,774 |
| Nestle India Ltd. | 1,688 | 402,462 |
| NHPC Ltd. | 200,618 | 86,618 |
| NMDC Ltd. | 49,351 | 102,381 |
| NTPC Ltd. | 158,375 | 321,455 |
| Oil & Natural Gas Corp. Ltd. | 94,294 | 195,416 |
| Oil India Ltd. | 11,242 | 33,196 |
| Petronet LNG Ltd. | 46,002 | 121,936 |
| Piramal Enterprises Ltd. | 3,537 | 99,069 |
| Power Grid Corp. of India Ltd. | 89,448 | 265,066 |
| REC Ltd. | 41,633 | 68,754 |
| Reliance Industries Ltd. | 53,221 | 1,928,328 |
| Steel Authority of India Ltd. | 64,129 | 79,925 |
| Sun Pharmaceutical Industries Ltd. | 27,155 | 328,249 |
| Tata Consultancy Services Ltd. | 33,469 | 1,542,531 |
| Tata Power Co. Ltd. (The) | 197,981 | 620,316 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 169 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| India — continued |
| Tata Steel Ltd. | 28,170 | 462,528 |
| Tech Mahindra Ltd. | 5,072 | 82,837 |
| Titan Co. Ltd. | 11,188 | 356,993 |
| Torrent Power Ltd. | 10,027 | 69,572 |
| United Breweries Ltd. | 1,897 | 39,272 |
| UPL Ltd. | 17,307 | 184,787 |
| Vedanta Ltd. | 89,133 | 468,867 |
| Wipro Ltd. | 43,197 | 283,821 |
| Zydus Lifesciences Ltd. | 10,992 | 50,412 |
| | | 18,415,145 |
| Indonesia — 3.2% |
| Adaro Energy Indonesia Tbk. PT | 2,164,100 | 494,443 |
| Astra International Tbk. PT | 1,340,400 | 699,878 |
| Bank Central Asia Tbk. PT | 1,606,300 | 900,928 |
| Bukit Asam Tbk. PT * | 977,400 | 255,823 |
| Charoen Pokphand Indonesia Tbk. PT | 827,300 | 293,895 |
| Gudang Garam Tbk. PT | 58,600 | 123,995 |
| Hanjaya Mandala Sampoerna Tbk. PT | 1,697,500 | 113,488 |
| Indofood CBP Sukses Makmur Tbk. PT | 143,700 | 75,596 |
| Indofood Sukses Makmur Tbk. PT | 557,000 | 242,378 |
| Kalbe Farma Tbk. PT | 2,579,200 | 291,777 |
| Media Nusantara Citra Tbk. PT | 2,337,800 | 161,928 |
| Perusahaan Gas Negara Tbk. PT * | 335,500 | 33,400 |
| Sarana Menara Nusantara Tbk. PT | 3,397,700 | 236,566 |
| Telkom Indonesia Persero Tbk. PT | 3,181,400 | 1,013,870 |
| Unilever Indonesia Tbk. PT | 312,200 | 83,565 |
| XL Axiata Tbk. PT | 1,187,500 | 261,390 |
| | | 5,282,920 |
| Kuwait — 2.0% |
| Agility Public Warehousing Co. KSC | 155,553 | 631,121 |
| Humansoft Holding Co. KSC | 17,743 | 194,630 |
| Kuwait Finance House KSCP | 260,130 | 835,012 |
| Mobile Telecommunications Co. KSCP | 251,303 | 558,778 |
| National Bank of Kuwait SAKP | 336,275 | 1,152,530 |
| | | 3,372,071 |
| Malaysia — 2.1% |
| Astro Malaysia Holdings Bhd. | 279,300 | 64,155 |
| Axiata Group Bhd. | 291,800 | 235,263 |
| DiGi.Com Bhd. | 259,300 | 226,727 |
| Hartalega Holdings Bhd. | 191,800 | 193,848 |
| Hong Leong Financial Group Bhd. | 7,600 | 33,867 |
| Kuala Lumpur Kepong Bhd. | 20,600 | 139,399 |
| Malayan Banking Bhd. | 37,408 | 77,802 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Malaysia — continued |
| Maxis Bhd. | 328,500 | 285,566 |
| Nestle Malaysia Bhd. | 6,200 | 189,696 |
| Petronas Gas Bhd. | 97,900 | 381,360 |
| PPB Group Bhd. | 86,960 | 343,166 |
| Press Metal Aluminium Holdings Bhd. | 57,700 | 79,102 |
| RHB Bank Bhd. | 87,500 | 125,360 |
| Supermax Corp. Bhd. | 337,380 | 86,021 |
| Telekom Malaysia Bhd. | 226,800 | 258,938 |
| Tenaga Nasional Bhd. | 282,900 | 587,439 |
| Top Glove Corp. Bhd. | 484,900 | 187,121 |
| | | 3,494,830 |
| Mexico — 6.2% |
| Alfa SAB de CV, Class A | 619,781 | 417,308 |
| America Movil SAB de CV | 1,216,817 | 1,186,615 |
| Arca Continental SAB de CV | 73,892 | 469,535 |
| Cemex SAB de CV * | 1,284,666 | 567,213 |
| Coca-Cola Femsa SAB de CV | 62,405 | 340,580 |
| El Puerto de Liverpool SAB de CV, Class C1 | 16,939 | 85,814 |
| Fibra Uno Administracion SA de CV, REIT | 406,152 | 443,838 |
| Fomento Economico Mexicano SAB de CV | 21,488 | 160,719 |
| Gruma SAB de CV, Class B | 37,320 | 444,479 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 55,538 | 387,064 |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B * | 41,087 | 632,981 |
| Grupo Aeroportuario del Sureste SAB de CV, Class B | 25,659 | 559,540 |
| Grupo Bimbo SAB de CV | 201,482 | 620,347 |
| Grupo Carso SAB de CV | 37,652 | 122,717 |
| Grupo Financiero Banorte SAB de CV, Class O | 183,832 | 1,211,644 |
| Grupo Mexico SAB de CV | 59,736 | 279,821 |
| Kimberly-Clark de Mexico SAB de CV, Class A | 115,507 | 160,753 |
| Megacable Holdings SAB de CV | 81,539 | 231,753 |
| Orbia Advance Corp. SAB de CV | 176,612 | 424,599 |
| Promotora y Operadora de Infraestructura SAB de CV | 35,690 | 261,451 |
| Qualitas Controladora SAB de CV | 24,081 | 129,807 |
| Wal-Mart de Mexico SAB de CV | 328,302 | 1,163,653 |
| | | 10,302,231 |
| Pakistan — 0.0% ^ |
| Oil & Gas Development Co. Ltd. | 99,681 | 45,378 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 170 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Panama — 0.0% ^ |
| BAC Holding International Corp. * | 330,887 | 24,027 |
| Philippines — 0.6% |
| Globe Telecom, Inc. | 4,985 | 216,724 |
| Manila Electric Co. | 36,670 | 246,853 |
| Metro Pacific Investments Corp. | 2,685,200 | 194,208 |
| PLDT, Inc. | 9,750 | 346,928 |
| Puregold Price Club, Inc. | 21,200 | 13,357 |
| San Miguel Corp. | 14,660 | 29,851 |
| | | 1,047,921 |
| Qatar — 2.1% |
| Commercial Bank PSQC (The) | 130,989 | 276,563 |
| Industries Qatar QSC | 135,678 | 699,715 |
| Masraf Al Rayan QSC | 223,410 | 330,660 |
| Mesaieed Petrochemical Holding Co. | 226,163 | 159,969 |
| Ooredoo QPSC | 113,219 | 232,827 |
| Qatar Aluminum Manufacturing Co. | 293,976 | 193,737 |
| Qatar Electricity & Water Co. QSC | 49,046 | 229,347 |
| Qatar Fuel QSC | 34,317 | 172,727 |
| Qatar Gas Transport Co. Ltd. | 457,594 | 429,731 |
| Qatar International Islamic Bank QSC | 30,012 | 94,966 |
| Qatar Islamic Bank SAQ | 73,644 | 495,240 |
| Qatar National Bank QPSC | 6,680 | 42,647 |
| United Development Co. QSC | 53,011 | 21,107 |
| | | 3,379,236 |
| Russia — 0.1% |
| Alrosa PJSC ‡ | 200,448 | 4,122 |
| Federal Grid Co. Unified Energy System PJSC ‡ | 127,925,624 | 2,782 |
| Inter RAO UES PJSC ‡ | 6,142,220 | 4,185 |
| LUKOIL PJSC ‡ | 17,853 | 21,998 |
| M.Video PJSC ‡ | 8,526 | 539 |
| Magnit PJSC ‡ | 7,858 | 5,824 |
| Magnitogorsk Iron & Steel Works PJSC ‡ | 334,440 | 3,866 |
| MMC Norilsk Nickel PJSC ‡ | 3,087 | 14,762 |
| Mobile TeleSystems PJSC ‡ | 120,496 | 6,770 |
| Novolipetsk Steel PJSC ‡ | 155,019 | 6,950 |
| PhosAgro PJSC ‡ | 1,940 | 2,387 |
| ROSSETI PJSC ‡ | 6,397,653 | 1,040 |
| Rostelecom PJSC ‡ | 157,186 | 2,668 |
| RusHydro PJSC ‡ | 35,715,691 | 5,977 |
| Sberbank of Russia PJSC ‡ | 537,391 | 16,767 |
| Severstal PAO ‡ | 20,498 | 6,910 |
| Sistema PJSFC ‡ | 308,352 | 918 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Russia — continued |
| Surgutneftegas PJSC (Preference) ‡ | 655,737 | 4,970 |
| Tatneft PJSC ‡ | 17,275 | 1,549 |
| Unipro PJSC ‡ | 4,941,067 | 1,948 |
| | | 116,932 |
| Saudi Arabia — 7.3% |
| Abdullah Al Othaim Markets Co. | 3,404 | 101,463 |
| Al Rajhi Bank | 41,946 | 1,965,008 |
| Alinma Bank | 59,139 | 648,716 |
| Almarai Co. JSC | 24,309 | 335,036 |
| Arab National Bank | 14,882 | 139,204 |
| Arabian Internet & Communications Services Co. * | 4,009 | 257,857 |
| Bank Al-Jazira | 40,851 | 341,453 |
| Banque Saudi Fransi | 13,337 | 191,629 |
| Dr. Sulaiman Al Habib Medical Services Group Co. | 7,712 | 409,332 |
| Etihad Etisalat Co. | 54,520 | 628,663 |
| Jarir Marketing Co. | 8,859 | 452,391 |
| Mobile Telecommunications Co. Saudi Arabia * | 12,873 | 47,483 |
| Mouwasat Medical Services Co. | 4,966 | 317,250 |
| Riyad Bank | 35,036 | 379,688 |
| SABIC Agri-Nutrients Co. | 13,456 | 579,666 |
| Sahara International Petrochemical Co. | 32,122 | 481,178 |
| Saudi Airlines Catering Co. * | 11,088 | 277,537 |
| Saudi Arabian Mining Co. * | 11,499 | 418,755 |
| Saudi Arabian Oil Co. (b) | 97,098 | 1,160,300 |
| Saudi Cement Co. | 18,073 | 277,080 |
| Saudi Electricity Co. * | 50,859 | 364,470 |
| Saudi Ground Services Co. * | 23,475 | 213,930 |
| Saudi Industrial Investment Group | 27,247 | 236,192 |
| Saudi Investment Bank (The) | 41,606 | 254,040 |
| Saudi Telecom Co. | 36,291 | 1,115,968 |
| United Electronics Co. | 5,404 | 185,739 |
| Yanbu Cement Co. | 23,763 | 266,200 |
| | | 12,046,228 |
| Singapore — 0.1% |
| Yangzijiang Financial Holding Pte. Ltd. * | 370,000 | 145,811 |
| South Africa — 7.1% |
| African Rainbow Minerals Ltd. | 23,372 | 387,582 |
| Anglo American Platinum Ltd. | 3,875 | 430,545 |
| Aspen Pharmacare Holdings Ltd. | 29,803 | 321,063 |
| AVI Ltd. | 74,297 | 323,534 |
| Barloworld Ltd. | 54,757 | 397,558 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 171 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| South Africa — continued |
| Bidvest Group Ltd. (The) | 38,648 | 529,810 |
| Capitec Bank Holdings Ltd. | 383 | 53,463 |
| Clicks Group Ltd. | 18,763 | 369,284 |
| Distell Group Holdings Ltd. * | 15,745 | 172,589 |
| Exxaro Resources Ltd. | 22,592 | 322,844 |
| Foschini Group Ltd. (The) | 50,153 | 441,175 |
| Impala Platinum Holdings Ltd. | 43,771 | 566,196 |
| Investec Ltd. | 23,122 | 140,892 |
| Kumba Iron Ore Ltd. | 6,164 | 204,636 |
| Life Healthcare Group Holdings Ltd. | 76,563 | 104,330 |
| Mr Price Group Ltd. | 31,646 | 430,991 |
| MTN Group Ltd. | 90,041 | 954,974 |
| MultiChoice Group | 53,575 | 438,642 |
| Naspers Ltd., Class N | 6,245 | 629,845 |
| Nedbank Group Ltd. | 29,507 | 412,047 |
| Pepkor Holdings Ltd. (b) | 194,034 | 263,176 |
| Pick n Pay Stores Ltd. | 65,301 | 238,048 |
| Royal Bafokeng Platinum Ltd. | 8,474 | 84,780 |
| Sasol Ltd. * | 9,599 | 235,146 |
| Shoprite Holdings Ltd. | 44,813 | 647,280 |
| Sibanye Stillwater Ltd. | 148,600 | 514,104 |
| SPAR Group Ltd. (The) | 24,495 | 256,653 |
| Telkom SA SOC Ltd. * | 73,967 | 221,351 |
| Tiger Brands Ltd. | 22,909 | 224,847 |
| Truworths International Ltd. | 104,047 | 370,531 |
| Vodacom Group Ltd. | 61,813 | 594,861 |
| Woolworths Holdings Ltd. | 123,215 | 461,261 |
| | | 11,744,038 |
| Taiwan — 11.4% |
| Asia Cement Corp. | 189,000 | 307,131 |
| Capital Securities Corp. | 402,000 | 212,115 |
| Cheng Shin Rubber Industry Co. Ltd. | 299,000 | 336,968 |
| Chicony Electronics Co. Ltd. * | 13,551 | 37,694 |
| China Airlines Ltd. * | 403,000 | 370,122 |
| China Motor Corp. | 49,000 | 97,165 |
| China Steel Corp. | 128,000 | 155,055 |
| Chunghwa Telecom Co. Ltd. | 249,000 | 1,103,809 |
| CTBC Financial Holding Co. Ltd. | 1,159,395 | 1,140,403 |
| E.Sun Financial Holding Co. Ltd. | 674,945 | 770,870 |
| Eclat Textile Co. Ltd. | 25,000 | 410,213 |
| Eva Airways Corp. * | 249,000 | 292,522 |
| Far Eastern New Century Corp. | 389,000 | 394,334 |
| Far EasTone Telecommunications Co. Ltd. | 149,000 | 418,653 |
| Feng TAY Enterprise Co. Ltd. | 39,000 | 251,086 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Taiwan — continued |
| First Financial Holding Co. Ltd. | 587,743 | 551,963 |
| Formosa Chemicals & Fibre Corp. | 112,000 | 301,634 |
| Formosa Taffeta Co. Ltd. | 158,000 | 144,954 |
| Fubon Financial Holding Co. Ltd. | 209,700 | 526,539 |
| Giant Manufacturing Co. Ltd. | 31,000 | 259,175 |
| Globalwafers Co. Ltd. | 13,000 | 226,559 |
| Hotai Motor Co. Ltd. | 12,000 | 234,012 |
| Lite-On Technology Corp. | 161,000 | 352,752 |
| Mega Financial Holding Co. Ltd. | 624,233 | 877,551 |
| momo.com, Inc. | 8,400 | 221,736 |
| Nan Ya Plastics Corp. | 345,000 | 1,007,946 |
| Nien Made Enterprise Co. Ltd. | 31,000 | 326,503 |
| Novatek Microelectronics Corp. | 9,000 | 119,057 |
| Pou Chen Corp. | 379,000 | 395,237 |
| President Chain Store Corp. | 57,000 | 527,400 |
| Realtek Semiconductor Corp. | 33,000 | 447,794 |
| SinoPac Financial Holdings Co. Ltd. | 607,580 | 374,162 |
| Taiwan Cooperative Financial Holding Co. Ltd. | 558,650 | 537,212 |
| Taiwan Fertilizer Co. Ltd. | 164,000 | 412,804 |
| Taiwan Mobile Co. Ltd. | 163,000 | 598,843 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 115,000 | 2,079,506 |
| Uni-President Enterprises Corp. | 341,000 | 788,945 |
| Yang Ming Marine Transport Corp. * | 59,000 | 246,143 |
| Yuanta Financial Holding Co. Ltd. | 864,291 | 760,743 |
| Yulon Motor Co. Ltd. | 88,000 | 117,131 |
| | | 18,734,441 |
| Thailand — 2.5% |
| Advanced Info Service PCL | 99,000 | 618,959 |
| Bangkok Dusit Medical Services PCL, Class F | 248,200 | 185,169 |
| Bumrungrad Hospital PCL | 29,200 | 136,055 |
| Digital Telecommunications Infrastructure Fund, Class F | 494,400 | 202,929 |
| Electricity Generating PCL | 15,900 | 76,929 |
| Home Product Center PCL | 674,300 | 293,162 |
| Intouch Holdings PCL, NVDR | 129,600 | 263,820 |
| Krung Thai Bank PCL | 490,400 | 216,198 |
| PTT Exploration & Production PCL | 133,400 | 583,680 |
| Ratch Group PCL | 73,200 | 93,883 |
| SCB X PCL | 194,600 | 653,401 |
| Sri Trang Gloves Thailand PCL, NVDR | 349,800 | 248,179 |
| Thai Union Group PCL, Class F | 519,300 | 255,390 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 172 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Thailand — continued |
| Total Access Communication PCL | 41,300 | 55,348 |
| Total Access Communication PCL, NVDR | 124,000 | 166,177 |
| | | 4,049,279 |
| Turkey — 3.6% |
| Anadolu Efes Biracilik ve Malt Sanayii A/S | 162,545 | 323,377 |
| Arcelik A/S | 95,315 | 431,427 |
| Aselsan Elektronik Sanayi ve Ticaret A/S | 222,084 | 366,444 |
| BIM Birlesik Magazalar A/S | 60,841 | 341,810 |
| Coca-Cola Icecek A/S | 38,129 | 316,302 |
| Enerjisa Enerji A/S (b) | 269,267 | 255,517 |
| Enka Insaat ve Sanayi A/S | 293,093 | 311,553 |
| Eregli Demir ve Celik Fabrikalari TAS | 176,412 | 398,726 |
| Ford Otomotiv Sanayi A/S | 21,989 | 442,646 |
| Haci Omer Sabanci Holding A/S | 191,642 | 257,985 |
| Iskenderun Demir ve Celik A/S | 47,885 | 88,428 |
| KOC Holding A/S | 112,936 | 305,762 |
| Koza Altin Isletmeleri A/S * | 15,430 | 178,238 |
| Tofas Turk Otomobil Fabrikasi A/S | 61,040 | 323,324 |
| Turk Hava Yollari AO * | 153,506 | 426,559 |
| Turk Telekomunikasyon A/S | 427,436 | 290,173 |
| Turkcell Iletisim Hizmetleri A/S | 290,768 | 423,768 |
| Turkiye Sise ve Cam Fabrikalari A/S | 435,031 | 530,888 |
| | | 6,012,927 |
| United Arab Emirates — 2.9% |
| Abu Dhabi Commercial Bank PJSC | 206,751 | 571,528 |
| Abu Dhabi Islamic Bank PJSC | 116,027 | 276,354 |
| Aldar Properties PJSC | 303,017 | 464,282 |
| Alpha Dhabi Holding PJSC * | 66,614 | 491,120 |
| Dubai Islamic Bank PJSC | 219,350 | 383,679 |
| Emirates Telecommunications Group Co. PJSC | 171,890 | 1,644,087 |
| First Abu Dhabi Bank PJSC | 161,112 | 984,292 |
| | | 4,815,342 |
| United States — 0.4% |
| JBS SA | 95,285 | 730,449 |
Total Common Stocks
(Cost $158,606,537) | | 164,866,553 |
| Short-Term Investments — 0.5% |
| Investment of Cash Collateral from Securities Loaned — 0.5% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (d) (e)(Cost $780,542) | 780,542 | 780,542 |
| INVESTMENTS | SHARES | VALUE($) |
Total Investments — 100.4%
(Cost $159,387,079) | | 165,647,095 |
| Liabilities in Excess of Other Assets — (0.4)% | | (659,695) |
| NET ASSETS — 100.0% | | 164,987,400 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| NVDR | Non-Voting Depositary 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 |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $728,207. | |
| (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) | Value is zero. | |
| (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, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 173 |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Banks | 16.8% |
| Oil, Gas & Consumable Fuels | 6.6 |
| Metals & Mining | 6.5 |
| Wireless Telecommunication Services | 5.2 |
| Diversified Telecommunication Services | 4.5 |
| Food Products | 4.2 |
| Electric Utilities | 4.0 |
| IT Services | 3.7 |
| Chemicals | 2.8 |
| Industrial Conglomerates | 2.8 |
| Pharmaceuticals | 2.8 |
| Beverages | 2.7 |
| Independent Power and Renewable Electricity Producers | 2.7 |
| Food & Staples Retailing | 2.5 |
| Textiles, Apparel & Luxury Goods | 2.4 |
| Transportation Infrastructure | 2.1 |
| Specialty Retail | 2.1 |
| Construction Materials | 1.9 |
| Semiconductors & Semiconductor Equipment | 1.8 |
| Automobiles | 1.8 |
| Personal Products | 1.2 |
| Machinery | 1.1 |
| Real Estate Management & Development | 1.0 |
| Gas Utilities | 1.0 |
| Others (each less than 1.0%) | 15.7 |
| Short-Term Investments | 0.5 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| MSCI Emerging Markets E-Mini Index | 2 | 06/17/2022 | USD | 105,610 | (1,524) |
| Abbreviations | |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 174 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 99.1% |
| Australia — 10.5% |
| AGL Energy Ltd. | 522,593 | 3,176,784 |
| Altium Ltd. | 22,130 | 498,529 |
| Alumina Ltd. | 1,319,675 | 1,661,466 |
| Ampol Ltd. | 114,327 | 2,687,968 |
| Ansell Ltd. | 111,706 | 2,139,530 |
| APA Group | 333,811 | 2,682,213 |
| Aurizon Holdings Ltd. | 118,743 | 335,344 |
| Australia & New Zealand Banking Group Ltd. | 27,502 | 523,341 |
| BHP Group Ltd. | 85,391 | 2,853,377 |
| BlueScope Steel Ltd. | 73,546 | 1,045,500 |
| Charter Hall Group, REIT | 61,090 | 656,559 |
| Cochlear Ltd. | 7,233 | 1,165,001 |
| Coles Group Ltd. | 214,878 | 2,825,358 |
| Crown Resorts Ltd. * | 8,521 | 77,150 |
| CSL Ltd. | 13,544 | 2,584,876 |
| CSR Ltd. | 494,698 | 2,118,587 |
| Dexus, REIT | 401,377 | 3,138,195 |
| Endeavour Group Ltd. | 46,512 | 254,610 |
| Evolution Mining Ltd. | 34,438 | 97,446 |
| Fortescue Metals Group Ltd. | 161,756 | 2,444,631 |
| Glencore plc * | 475,925 | 2,932,491 |
| GPT Group (The), REIT | 764,039 | 2,716,072 |
| Harvey Norman Holdings Ltd. | 476,166 | 1,696,134 |
| JB Hi-Fi Ltd. | 43,394 | 1,607,156 |
| Macquarie Group Ltd. | 2,538 | 365,378 |
| Metcash Ltd. | 663,075 | 2,225,924 |
| Mirvac Group, REIT | 1,005,443 | 1,699,291 |
| Origin Energy Ltd. | 376,205 | 1,799,445 |
| Ramsay Health Care Ltd. | 50,469 | 2,863,977 |
| REA Group Ltd. | 9,816 | 879,396 |
| Rio Tinto Ltd. | 33,906 | 2,682,097 |
| Rio Tinto plc | 41,033 | 2,899,235 |
| Santos Ltd. | 548,418 | 3,064,598 |
| Sonic Healthcare Ltd. | 109,799 | 2,835,695 |
| South32 Ltd. | 544,484 | 1,813,316 |
| Stockland, REIT | 214,382 | 620,514 |
| Tabcorp Holdings Ltd. | 589,983 | 2,256,224 |
| Telstra Corp. Ltd. | 803,738 | 2,281,530 |
| TPG Telecom Ltd. | 103,102 | 422,644 |
| Treasury Wine Estates Ltd. | 20,841 | 164,888 |
| Vicinity Centres, REIT | 55,669 | 72,638 |
| Wesfarmers Ltd. | 75,785 | 2,622,395 |
| Whitehaven Coal Ltd. | 232,346 | 797,887 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Australia — continued |
| Woodside Petroleum Ltd. | 130,156 | 2,831,686 |
| Woolworths Group Ltd. | 115,591 | 3,127,091 |
| | | 80,244,167 |
| Austria — 0.5% |
| Mondi plc | 121,257 | 2,277,930 |
| OMV AG | 31,857 | 1,628,454 |
| | | 3,906,384 |
| Belgium — 0.6% |
| D'ieteren Group | 2,737 | 439,323 |
| Etablissements Franz Colruyt NV | 22,877 | 840,062 |
| Groupe Bruxelles Lambert SA | 13,110 | 1,237,066 |
| Proximus SADP | 107,272 | 1,874,934 |
| | | 4,391,385 |
| Brazil — 0.4% |
| Yara International ASA | 65,446 | 3,327,814 |
| Cambodia — 0.0% ^ |
| NagaCorp Ltd. | 124,000 | 110,823 |
| Chile — 0.4% |
| Antofagasta plc | 149,083 | 2,854,031 |
| China — 1.4% |
| Chow Tai Fook Jewellery Group Ltd. * | 219,000 | 367,203 |
| Lenovo Group Ltd. | 3,088,000 | 2,998,458 |
| SITC International Holdings Co. Ltd. | 199,000 | 661,570 |
| Tingyi Cayman Islands Holding Corp. | 1,170,000 | 2,135,439 |
| Uni-President China Holdings Ltd. | 1,083,000 | 949,035 |
| Want Want China Holdings Ltd. | 2,393,000 | 2,160,082 |
| Wilmar International Ltd. | 515,400 | 1,642,937 |
| | | 10,914,724 |
| Denmark — 0.6% |
| Carlsberg A/S, Class B | 10,671 | 1,355,572 |
| DSV A/S | 570 | 93,452 |
| Novo Nordisk A/S, Class B | 29,850 | 3,409,655 |
| | | 4,858,679 |
| Finland — 1.9% |
| Elisa OYJ | 46,975 | 2,753,740 |
| Fortum OYJ | 141,400 | 2,350,896 |
| Kesko OYJ, Class B | 98,889 | 2,489,675 |
| Neste OYJ | 27,354 | 1,173,728 |
| Orion OYJ, Class B | 13,145 | 515,580 |
| Stora Enso OYJ, Class R | 117,583 | 2,313,975 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 175 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Finland — continued |
| UPM-Kymmene OYJ | 71,738 | 2,481,581 |
| Valmet OYJ | 16,095 | 431,037 |
| | | 14,510,212 |
| France — 3.9% |
| Air Liquide SA | 4,202 | 726,981 |
| Arkema SA | 21,314 | 2,428,610 |
| Atos SE | 24,725 | 602,339 |
| Capgemini SE | 15,879 | 3,232,632 |
| Carrefour SA | 121,699 | 2,580,939 |
| Covivio, REIT | 10,401 | 740,734 |
| Eiffage SA | 26,862 | 2,652,588 |
| EssilorLuxottica SA | 2,335 | 397,529 |
| Gecina SA, REIT | 21,506 | 2,422,612 |
| Klepierre SA, REIT * | 73,165 | 1,751,252 |
| Orange SA | 132,654 | 1,579,298 |
| Pernod Ricard SA | 15,225 | 3,142,200 |
| Publicis Groupe SA | 31,125 | 1,868,643 |
| TotalEnergies SE | 41,177 | 2,021,913 |
| Unibail-Rodamco-Westfield, REIT * | 7,893 | 557,048 |
| Vinci SA (a) | 22,395 | 2,173,073 |
| Vivendi SE (a) | 92,965 | 1,067,757 |
| | | 29,946,148 |
| Germany — 2.9% |
| Aroundtown SA | 109,445 | 550,348 |
| Bayerische Motoren Werke AG | 12,087 | 987,094 |
| Covestro AG (b) | 13,970 | 601,486 |
| Daimler Truck Holding AG * | 23,409 | 629,579 |
| Deutsche Telekom AG (Registered) | 178,858 | 3,294,772 |
| Deutsche Wohnen SE | 6,896 | 197,500 |
| E.ON SE | 47,313 | 492,385 |
| Evonik Industries AG | 27,667 | 723,669 |
| Fresenius Medical Care AG & Co. KGaA | 32,367 | 2,012,802 |
| Hannover Rueck SE | 3,384 | 525,977 |
| Hella GmbH & Co. KGaA | 7,523 | 474,945 |
| Infineon Technologies AG | 10,410 | 295,469 |
| LEG Immobilien SE | 12,884 | 1,321,003 |
| Mercedes-Benz Group AG * | 46,683 | 3,258,530 |
| Merck KGaA | 8,561 | 1,588,300 |
| SAP SE | 20,344 | 2,061,783 |
| Telefonica Deutschland Holding AG | 597,689 | 1,797,568 |
| Uniper SE | 57,858 | 1,487,219 |
| | | 22,300,429 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Hong Kong — 3.8% |
| ASM Pacific Technology Ltd. | 100,800 | 1,015,841 |
| CK Asset Holdings Ltd. | 377,000 | 2,555,736 |
| CK Infrastructure Holdings Ltd. | 429,000 | 2,884,344 |
| CLP Holdings Ltd. | 312,500 | 3,049,493 |
| Hong Kong & China Gas Co. Ltd. | 1,553,393 | 1,713,269 |
| Hutchison Port Holdings Trust | 2,806,800 | 669,019 |
| Hysan Development Co. Ltd. | 14,000 | 41,303 |
| Link, REIT | 213,600 | 1,845,031 |
| MTR Corp. Ltd. | 208,000 | 1,105,126 |
| New World Development Co. Ltd. | 113,750 | 435,070 |
| PCCW Ltd. | 3,618,000 | 2,049,824 |
| Power Assets Holdings Ltd. | 492,000 | 3,313,649 |
| Sun Hung Kai Properties Ltd. | 170,500 | 1,963,664 |
| Techtronic Industries Co. Ltd. | 143,500 | 1,915,453 |
| WH Group Ltd. (b) | 2,391,500 | 1,651,569 |
| Xinyi Glass Holdings Ltd. | 905,000 | 2,002,595 |
| Yue Yuen Industrial Holdings Ltd. * | 344,500 | 506,720 |
| | | 28,717,706 |
| Indonesia — 0.2% |
| First Pacific Co. Ltd. | 428,000 | 172,572 |
| Golden Agri-Resources Ltd. | 4,161,700 | 972,327 |
| | | 1,144,899 |
| Ireland — 0.5% |
| CRH plc | 42,714 | 1,688,265 |
| Flutter Entertainment plc * | 7,791 | 786,942 |
| Smurfit Kappa Group plc | 23,422 | 989,715 |
| | | 3,464,922 |
| Italy — 2.0% |
| A2A SpA | 335,820 | 573,768 |
| Assicurazioni Generali SpA | 44,804 | 848,278 |
| Banca Mediolanum SpA | 64,710 | 469,752 |
| Coca-Cola HBC AG * | 97,469 | 1,976,076 |
| Davide Campari-Milano NV | 155,788 | 1,757,784 |
| Enel SpA | 10,165 | 66,102 |
| Eni SpA | 4,234 | 59,186 |
| Italgas SpA | 353,921 | 2,291,524 |
| Poste Italiane SpA (b) | 164,853 | 1,615,418 |
| Recordati Industria Chimica e Farmaceutica SpA | 28,868 | 1,391,102 |
| Snam SpA | 367,159 | 2,013,721 |
| Telecom Italia SpA | 3,883,727 | 1,134,131 |
| Terna - Rete Elettrica Nazionale | 119,442 | 974,179 |
| | | 15,171,021 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 176 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — 28.1% |
| Activia Properties, Inc., REIT | 207 | 661,473 |
| Advance Residence Investment Corp., REIT | 237 | 651,054 |
| Advantest Corp. | 5,500 | 375,365 |
| Aeon Mall Co. Ltd. | 44,600 | 542,673 |
| AEON REIT Investment Corp., REIT | 486 | 557,983 |
| AGC, Inc. | 26,900 | 1,008,465 |
| Ajinomoto Co., Inc. | 101,700 | 2,642,324 |
| Alfresa Holdings Corp. | 53,000 | 720,731 |
| Anritsu Corp. | 170,200 | 2,140,183 |
| Aozora Bank Ltd. | 27,900 | 558,573 |
| Asahi Group Holdings Ltd. | 53,200 | 2,005,259 |
| Astellas Pharma, Inc. | 197,400 | 3,005,556 |
| Brother Industries Ltd. | 37,900 | 658,687 |
| Canon Marketing Japan, Inc. | 54,700 | 1,190,265 |
| Canon, Inc. | 38,700 | 890,455 |
| Capcom Co. Ltd. | 70,100 | 1,849,737 |
| Casio Computer Co. Ltd. | 43,000 | 445,904 |
| Chubu Electric Power Co., Inc. | 300,200 | 3,030,539 |
| Chugai Pharmaceutical Co. Ltd. | 65,900 | 1,974,704 |
| COMSYS Holdings Corp. | 93,400 | 1,939,188 |
| Cosmo Energy Holdings Co. Ltd. | 93,900 | 2,332,887 |
| Cosmos Pharmaceutical Corp. | 10,200 | 940,313 |
| CyberAgent, Inc. | 142,100 | 1,501,267 |
| Dai Nippon Printing Co. Ltd. | 44,900 | 938,322 |
| Daito Trust Construction Co. Ltd. | 29,200 | 2,812,308 |
| Daiwa House REIT Investment Corp., REIT | 680 | 1,655,122 |
| Daiwa Securities Group, Inc. | 487,900 | 2,391,261 |
| Denka Co. Ltd. | 11,500 | 308,292 |
| DIC Corp. | 46,200 | 880,976 |
| Electric Power Development Co. Ltd. | 160,400 | 2,197,932 |
| ENEOS Holdings, Inc. | 343,700 | 1,209,348 |
| Fuji Media Holdings, Inc. | 17,300 | 149,417 |
| FUJIFILM Holdings Corp. | 41,700 | 2,292,301 |
| Fujitsu Ltd. | 18,700 | 2,826,489 |
| Fukuoka Financial Group, Inc. | 21,400 | 391,006 |
| GLP J-REIT, REIT | 562 | 758,349 |
| H.U. Group Holdings, Inc. | 62,500 | 1,392,655 |
| Hachijuni Bank Ltd. (The) | 137,900 | 454,758 |
| Hikari Tsushin, Inc. | 5,200 | 608,885 |
| Hoya Corp. | 19,400 | 1,925,298 |
| Idemitsu Kosan Co. Ltd. | 60,637 | 1,598,093 |
| Iida Group Holdings Co. Ltd. | 96,100 | 1,528,435 |
| Industrial & Infrastructure Fund Investment Corp., REIT | 273 | 391,724 |
| Inpex Corp. | 269,400 | 3,205,368 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| ITOCHU Corp. | 83,500 | 2,520,112 |
| Itochu Techno-Solutions Corp. | 23,200 | 543,247 |
| Iwatani Corp. | 33,100 | 1,316,943 |
| Japan Metropolitan Fund Invest, REIT | 1,726 | 1,371,875 |
| Japan Post Holdings Co. Ltd. | 261,100 | 1,830,796 |
| Japan Post Insurance Co. Ltd. | 121,100 | 1,958,162 |
| Japan Real Estate Investment Corp., REIT | 100 | 483,986 |
| Japan Tobacco, Inc. | 167,700 | 2,852,878 |
| Kajima Corp. | 80,200 | 893,787 |
| Kaken Pharmaceutical Co. Ltd. | 14,900 | 451,502 |
| Kaneka Corp. | 16,500 | 441,500 |
| Kansai Electric Power Co., Inc. (The) | 305,300 | 2,676,260 |
| KDDI Corp. | 93,600 | 3,099,536 |
| Kikkoman Corp. | 23,700 | 1,331,967 |
| Kinden Corp. | 54,100 | 641,060 |
| Kirin Holdings Co. Ltd. | 52,200 | 760,957 |
| K's Holdings Corp. | 165,200 | 1,635,995 |
| Kyowa Kirin Co. Ltd. | 96,200 | 2,027,586 |
| Kyushu Electric Power Co., Inc. | 271,300 | 1,702,787 |
| Lawson, Inc. | 14,700 | 540,669 |
| Lintec Corp. | 48,400 | 901,577 |
| Mani, Inc. | 22,300 | 254,667 |
| Marubeni Corp. | 279,600 | 3,052,008 |
| Matsui Securities Co. Ltd. | 59,000 | 364,904 |
| MatsukiyoCocokara & Co. | 27,700 | 915,633 |
| Mebuki Financial Group, Inc. | 165,400 | 333,032 |
| Medipal Holdings Corp. | 94,500 | 1,556,263 |
| MEIJI Holdings Co. Ltd. | 41,400 | 2,063,663 |
| Mitsubishi Chemical Holdings Corp. | 247,000 | 1,506,118 |
| Mitsubishi Corp. | 30,500 | 1,024,053 |
| Mitsubishi Estate Co. Ltd. | 17,300 | 252,002 |
| Mitsubishi Gas Chemical Co., Inc. | 46,600 | 680,498 |
| Mitsubishi HC Capital, Inc. | 376,900 | 1,695,851 |
| Mitsubishi UFJ Financial Group, Inc. | 226,600 | 1,317,311 |
| Mitsui & Co. Ltd. | 119,500 | 2,893,789 |
| Mitsui Chemicals, Inc. | 23,300 | 532,356 |
| Mitsui Fudosan Co. Ltd. | 28,200 | 597,664 |
| Mitsui Fudosan Logistics Park, Inc., REIT | 106 | 454,467 |
| Morinaga Milk Industry Co. Ltd. | 15,000 | 604,076 |
| NH Foods Ltd. | 28,000 | 884,253 |
| Nifco, Inc. | 8,500 | 179,468 |
| Nintendo Co. Ltd. | 5,400 | 2,464,510 |
| Nippon Electric Glass Co. Ltd. | 70,800 | 1,425,235 |
| NIPPON EXPRESS HOLDINGS, Inc. | 2,400 | 140,714 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 177 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Japan — continued |
| Nippon Shinyaku Co. Ltd. | 6,700 | 453,147 |
| Nippon Shokubai Co. Ltd. | 9,800 | 394,267 |
| Nippon Steel Corp. | 162,400 | 2,578,683 |
| Nippon Telegraph & Telephone Corp. | 104,200 | 3,070,707 |
| Nippon Yusen KK | 24,100 | 1,738,670 |
| Nisshin Seifun Group, Inc. | 42,400 | 565,227 |
| Nissin Foods Holdings Co. Ltd. | 22,800 | 1,586,028 |
| Nitto Denko Corp. | 37,200 | 2,496,900 |
| NOF Corp. | 15,100 | 566,771 |
| Nomura Holdings, Inc. | 104,900 | 403,913 |
| Nomura Real Estate Holdings, Inc. | 70,000 | 1,705,602 |
| Nomura Research Institute Ltd. | 77,400 | 2,188,595 |
| Obayashi Corp. | 112,400 | 772,991 |
| Ono Pharmaceutical Co. Ltd. | 93,700 | 2,407,205 |
| Open House Group Co. Ltd. | 67,200 | 2,600,281 |
| ORIX Corp. | 147,100 | 2,682,953 |
| Osaka Gas Co. Ltd. | 155,900 | 2,809,850 |
| Rakuten Group, Inc. | 227,500 | 1,599,299 |
| RENOVA, Inc. * | 66,500 | 819,338 |
| Resona Holdings, Inc. | 463,400 | 2,015,062 |
| Rinnai Corp. | 5,000 | 319,597 |
| Sankyo Co. Ltd. | 28,000 | 805,700 |
| Sawai Group Holdings Co. Ltd. | 25,300 | 848,680 |
| SBI Holdings, Inc. | 65,300 | 1,460,573 |
| SCREEN Holdings Co. Ltd. | 25,100 | 2,051,405 |
| SCSK Corp. | 48,500 | 771,069 |
| Sekisui Chemical Co. Ltd. | 51,000 | 690,598 |
| Sekisui House Ltd. | 81,500 | 1,415,487 |
| Sekisui House Reit, Inc., REIT | 620 | 362,794 |
| Shimamura Co. Ltd. | 7,800 | 691,770 |
| Shionogi & Co. Ltd. | 43,000 | 2,391,915 |
| Ship Healthcare Holdings, Inc. | 20,400 | 340,760 |
| Skylark Holdings Co. Ltd. | 66,000 | 783,136 |
| SoftBank Corp. | 227,400 | 2,646,450 |
| SoftBank Group Corp. | 55,500 | 2,282,728 |
| Sojitz Corp. | 139,320 | 2,124,400 |
| Sony Group Corp. | 27,200 | 2,347,390 |
| Sugi Holdings Co. Ltd. | 35,800 | 1,534,405 |
| Sumitomo Chemical Co. Ltd. | 686,100 | 2,917,438 |
| Sumitomo Mitsui Financial Group, Inc. | 55,700 | 1,682,917 |
| Sumitomo Pharma Co. Ltd. | 149,800 | 1,334,359 |
| Suntory Beverage & Food Ltd. | 26,500 | 1,044,127 |
| Suzuken Co. Ltd. | 20,800 | 613,959 |
| Taisho Pharmaceutical Holdings Co. Ltd. | 7,300 | 287,532 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| Takeda Pharmaceutical Co. Ltd. | 79,900 | 2,318,422 |
| Teijin Ltd. | 77,900 | 832,462 |
| TIS, Inc. | 5,600 | 125,772 |
| Toho Gas Co. Ltd. | 26,400 | 619,319 |
| Tohoku Electric Power Co., Inc. | 354,500 | 1,971,922 |
| Tokyo Electric Power Co. Holdings, Inc. * | 711,600 | 2,456,269 |
| Tokyo Electron Ltd. | 6,200 | 2,616,070 |
| Tokyo Gas Co. Ltd. | 127,100 | 2,434,531 |
| Tokyo Tatemono Co. Ltd. | 61,100 | 861,445 |
| Tosoh Corp. | 95,800 | 1,322,856 |
| Toyo Suisan Kaisha Ltd. | 59,600 | 1,840,231 |
| Toyota Boshoku Corp. | 25,800 | 411,186 |
| Toyota Industries Corp. | 28,000 | 1,679,351 |
| Tsumura & Co. | 56,000 | 1,377,869 |
| UBE Corp. | 80,600 | 1,249,688 |
| Unicharm Corp. | 62,200 | 2,164,063 |
| United Urban Investment Corp., REIT | 695 | 760,424 |
| USS Co. Ltd. | 58,600 | 975,576 |
| Welcia Holdings Co. Ltd. | 43,700 | 895,809 |
| Yamada Holdings Co. Ltd. | 428,100 | 1,278,341 |
| Yamaguchi Financial Group, Inc. | 7,700 | 42,220 |
| Yamaha Motor Co. Ltd. | 111,500 | 2,301,995 |
| Yokohama Rubber Co. Ltd. (The) | 71,700 | 959,963 |
| Zeon Corp. | 59,700 | 635,731 |
| | | 214,051,834 |
| Jordan — 0.3% |
| Hikma Pharmaceuticals plc | 94,349 | 2,216,297 |
| Luxembourg — 0.2% |
| RTL Group SA | 24,899 | 1,294,685 |
| Mexico — 0.1% |
| Fresnillo plc | 64,840 | 627,405 |
| Netherlands — 3.1% |
| ASML Holding NV | 1,938 | 1,099,890 |
| ASR Nederland NV | 30,748 | 1,397,456 |
| BE Semiconductor Industries NV (a) | 16,000 | 975,338 |
| Heineken Holding NV | 26,352 | 2,057,096 |
| Koninklijke Ahold Delhaize NV | 98,328 | 2,900,280 |
| Koninklijke DSM NV | 7,983 | 1,342,019 |
| Koninklijke KPN NV | 961,030 | 3,316,123 |
| Koninklijke Philips NV | 22,072 | 576,766 |
| NN Group NV | 71,428 | 3,498,658 |
| Shell plc | 138,754 | 3,724,975 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 178 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| Netherlands — continued |
| Universal Music Group NV | 4,065 | 94,334 |
| Wolters Kluwer NV | 24,676 | 2,491,852 |
| | | 23,474,787 |
| New Zealand — 0.6% |
| Fisher & Paykel Healthcare Corp. Ltd. | 141,245 | 1,941,006 |
| Spark New Zealand Ltd. | 771,515 | 2,440,065 |
| | | 4,381,071 |
| Norway — 1.2% |
| Aker BP ASA (a) | 14,337 | 513,679 |
| Equinor ASA | 82,421 | 2,785,795 |
| Mowi ASA | 40,357 | 1,139,966 |
| Norsk Hydro ASA | 112,609 | 945,637 |
| Orkla ASA | 208,305 | 1,690,321 |
| Salmar ASA | 8,014 | 655,783 |
| Telenor ASA | 72,231 | 1,018,708 |
| | | 8,749,889 |
| Poland — 0.1% |
| Polski Koncern Naftowy ORLEN SA | 24,711 | 417,479 |
| Portugal — 0.5% |
| EDP - Energias de Portugal SA | 296,520 | 1,381,980 |
| Galp Energia SGPS SA | 7,358 | 89,559 |
| Jeronimo Martins SGPS SA | 94,828 | 1,974,000 |
| | | 3,445,539 |
| Russia — 0.0% ^ |
| Evraz plc ‡ | 393,430 | 20,254 |
| Singapore — 2.2% |
| Ascendas, REIT | 603,542 | 1,241,775 |
| CapitaLand Integrated Commercial Trust, REIT | 676,408 | 1,133,384 |
| ComfortDelGro Corp. Ltd. | 191,700 | 202,501 |
| DBS Group Holdings Ltd. | 106,200 | 2,576,479 |
| Keppel Corp. Ltd. | 420,200 | 2,072,343 |
| Mapletree Commercial Trust, REIT | 817,100 | 1,098,936 |
| Mapletree Logistics Trust, REIT | 480,400 | 616,989 |
| Mapletree North Asia Commercial Trust, REIT (b) | 458,500 | 395,994 |
| Sembcorp Industries Ltd. | 1,405,000 | 2,975,518 |
| Singapore Telecommunications Ltd. | 569,800 | 1,137,204 |
| Suntec, REIT | 601,200 | 794,227 |
| Venture Corp. Ltd. | 182,800 | 2,244,040 |
| | | 16,489,390 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| South Africa — 0.4% |
| Anglo American plc | 63,470 | 2,811,149 |
| South Korea — 7.2% |
| CJ CheilJedang Corp. | 4,636 | 1,457,886 |
| Daewoo Engineering & Construction Co. Ltd. * | 108,886 | 577,219 |
| DL Holdings Co. Ltd. | 10,013 | 488,006 |
| E-MART, Inc. | 5,488 | 567,889 |
| GS Engineering & Construction Corp. | 59,099 | 1,946,114 |
| GS Holdings Corp. | 5,052 | 174,514 |
| GS Retail Co. Ltd. | 35,804 | 810,465 |
| Hana Financial Group, Inc. | 71,832 | 2,666,886 |
| Hanwha Corp. | 20,561 | 485,760 |
| Hanwha Life Insurance Co. Ltd. * | 226,921 | 525,834 |
| Hite Jinro Co. Ltd. | 27,221 | 800,938 |
| Hyundai Department Store Co. Ltd. | 3,680 | 219,022 |
| Hyundai Mobis Co. Ltd. | 5,208 | 847,275 |
| Industrial Bank of Korea | 172,345 | 1,529,197 |
| Kakao Corp. | 25,163 | 1,757,725 |
| KB Financial Group, Inc. | 60,142 | 2,798,053 |
| Kia Corp. | 40,977 | 2,687,693 |
| Korea Electric Power Corp. * | 75,528 | 1,378,275 |
| Korea Gas Corp. | 51,369 | 1,679,153 |
| Korea Investment Holdings Co. Ltd. | 12,789 | 709,035 |
| KT&G Corp. | 44,153 | 2,899,477 |
| LG Corp. | 36,904 | 2,131,148 |
| LG Innotek Co. Ltd. | 5,956 | 1,616,091 |
| LG Uplus Corp. | 111,394 | 1,230,591 |
| Mirae Asset Securities Co. Ltd. | 62,159 | 393,198 |
| NAVER Corp. | 8,357 | 1,861,597 |
| NH Investment & Securities Co. Ltd. | 68,011 | 580,453 |
| NongShim Co. Ltd. | 415 | 99,176 |
| Orion Corp. | 10,173 | 758,238 |
| POSCO Holdings, Inc. | 8,369 | 1,910,867 |
| Samsung Electronics Co. Ltd. | 49,940 | 2,661,481 |
| Samsung Engineering Co. Ltd. * | 41,427 | 845,236 |
| Samsung Life Insurance Co. Ltd. | 1,560 | 80,196 |
| Samsung Securities Co. Ltd. | 36,668 | 1,145,210 |
| SK Hynix, Inc. | 26,446 | 2,317,413 |
| SK Innovation Co. Ltd. * | 13 | 2,069 |
| SK Square Co. Ltd. * | 24,446 | 1,009,738 |
| SK Telecom Co. Ltd. | 49,853 | 2,248,779 |
| S-Oil Corp. | 13,640 | 1,115,996 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 179 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| South Korea — continued |
| Woori Financial Group, Inc. | 272,719 | 3,159,565 |
| Yuhan Corp. | 57,573 | 2,773,556 |
| | | 54,947,014 |
| Spain — 2.0% |
| Acciona SA | 10,682 | 2,090,973 |
| Enagas SA | 102,902 | 2,225,019 |
| Endesa SA | 138,126 | 2,894,769 |
| Iberdrola SA | 289,637 | 3,328,161 |
| Naturgy Energy Group SA | 112,653 | 3,388,863 |
| Red Electrica Corp. SA | 55,059 | 1,108,572 |
| | | 15,036,357 |
| Sweden — 4.3% |
| Boliden AB (a) | 67,444 | 2,924,451 |
| Castellum AB (a) | 121,052 | 2,397,235 |
| Fastighets AB Balder, Class B * | 24,660 | 1,222,329 |
| Getinge AB, Class B | 36,730 | 1,062,518 |
| H & M Hennes & Mauritz AB, Class B (a) | 163,785 | 2,061,903 |
| Hexagon AB, Class B * (a) | 231,925 | 2,992,512 |
| Husqvarna AB, Class B (a) | 60,387 | 577,246 |
| Investor AB, Class B | 169,783 | 3,267,118 |
| Kinnevik AB, Class B * (a) | 63,359 | 1,240,092 |
| Sagax AB, Class B | 38,522 | 984,023 |
| Samhallsbyggnadsbolaget i Norden AB (a) | 108,671 | 341,354 |
| Securitas AB, Class B (a) | 170,775 | 2,016,307 |
| Skanska AB, Class B | 128,959 | 2,463,399 |
| Swedish Match AB | 368,155 | 2,932,274 |
| Tele2 AB, Class B (a) | 156,013 | 2,067,842 |
| Telia Co. AB | 716,369 | 2,973,371 |
| Trelleborg AB, Class B | 70,219 | 1,540,154 |
| | | 33,064,128 |
| Switzerland — 2.0% |
| EMS-Chemie Holding AG (Registered) | 406 | 362,203 |
| Kuehne + Nagel International AG (Registered) | 3,670 | 1,026,669 |
| Logitech International SA (Registered) | 26,916 | 1,751,656 |
| Novartis AG (Registered) | 30,104 | 2,660,270 |
| Roche Holding AG | 8,258 | 3,062,182 |
| Sonova Holding AG (Registered) | 8,731 | 3,148,627 |
| Swiss Prime Site AG (Registered) | 4,478 | 437,700 |
| Swisscom AG (Registered) | 5,199 | 3,074,173 |
| | | 15,523,480 |
| United Kingdom — 15.9% |
| 3i Group plc | 202,917 | 3,320,786 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| United Kingdom — continued |
| abrdn plc | 457,584 | 1,074,466 |
| Admiral Group plc | 86,643 | 2,727,286 |
| Ashtead Group plc | 42,977 | 2,222,223 |
| Associated British Foods plc | 106,814 | 2,137,428 |
| AstraZeneca plc | 29,209 | 3,897,685 |
| Auto Trader Group plc (b) | 364,794 | 2,879,013 |
| AVEVA Group plc | 52,521 | 1,411,558 |
| Aviva plc | 517,824 | 2,778,192 |
| B&M European Value Retail SA | 314,705 | 1,928,225 |
| BAE Systems plc | 97,650 | 901,960 |
| Barratt Developments plc | 61,084 | 373,715 |
| Bellway plc | 24,820 | 753,840 |
| Berkeley Group Holdings plc * | 31,745 | 1,609,995 |
| BP plc | 359,330 | 1,734,772 |
| British American Tobacco plc | 79,858 | 3,347,036 |
| British Land Co. plc (The), REIT | 250,948 | 1,616,460 |
| BT Group plc | 1,423,559 | 3,156,866 |
| Centrica plc * | 3,235,821 | 3,206,019 |
| CK Hutchison Holdings Ltd. | 106,042 | 744,195 |
| ConvaTec Group plc (b) | 918,102 | 2,428,646 |
| Croda International plc | 26,433 | 2,567,346 |
| Dechra Pharmaceuticals plc | 21,786 | 987,240 |
| Deliveroo plc * (b) | 412,589 | 570,224 |
| Derwent London plc, REIT | 55,534 | 2,107,068 |
| Diageo plc | 70,407 | 3,512,523 |
| Direct Line Insurance Group plc | 560,770 | 1,779,816 |
| Halma plc | 48,882 | 1,500,460 |
| IMI plc | 89,652 | 1,509,267 |
| Imperial Brands plc | 156,613 | 3,259,982 |
| InterContinental Hotels Group plc | 17,861 | 1,140,242 |
| Intertek Group plc | 19,584 | 1,220,376 |
| J Sainsbury plc | 724,464 | 2,113,809 |
| Land Securities Group plc, REIT | 235,058 | 2,204,508 |
| Legal & General Group plc | 980,006 | 3,054,773 |
| M&G plc | 347,035 | 921,359 |
| National Grid plc | 62,562 | 929,482 |
| Next plc | 29,379 | 2,200,508 |
| Pearson plc | 304,339 | 2,955,072 |
| Pennon Group plc | 134,565 | 1,869,949 |
| Persimmon plc | 43,992 | 1,145,740 |
| Phoenix Group Holdings plc | 183,337 | 1,388,668 |
| Reckitt Benckiser Group plc | 37,401 | 2,916,739 |
| Rentokil Initial plc | 109,509 | 752,138 |
| Rightmove plc | 218,064 | 1,676,279 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 180 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United Kingdom — continued |
| Sage Group plc (The) | 267,359 | 2,453,445 |
| Segro plc, REIT | 190,153 | 3,183,560 |
| Severn Trent plc | 52,682 | 2,070,484 |
| Smith & Nephew plc | 70,732 | 1,146,464 |
| Smiths Group plc | 59,140 | 1,082,221 |
| Spirax-Sarco Engineering plc | 13,470 | 2,032,563 |
| SSE plc | 150,039 | 3,484,779 |
| St James's Place plc | 57,029 | 916,433 |
| Tate & Lyle plc | 292,480 | 2,842,790 |
| Taylor Wimpey plc | 229,669 | 361,213 |
| Tesco plc | 872,028 | 2,962,558 |
| Unilever plc | 24,758 | 1,149,120 |
| Unilever plc | 48,043 | 2,233,525 |
| United Utilities Group plc | 226,003 | 3,247,757 |
| Vodafone Group plc | 1,505,171 | 2,278,768 |
| WPP plc | 88,985 | 1,109,186 |
| | | 121,088,800 |
| United States — 1.3% |
| Avast plc (b) | 304,119 | 2,156,817 |
| Ferguson plc | 21,545 | 2,702,803 |
| GlaxoSmithKline plc | 164,302 | 3,703,790 |
| Schneider Electric SE | 7,435 | 1,066,693 |
| Sims Ltd. | 43,645 | 631,059 |
| | | 10,261,162 |
Total Common Stocks
(Cost $785,633,889) | | 753,764,064 |
| Short-Term Investments — 2.2% |
| Investment Companies — 0.0% ^ |
| JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (c) (d)(Cost $268,189) | 268,109 | 268,189 |
| Investment of Cash Collateral from Securities Loaned — 2.2% |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (c) (d) | 12,263,027 | 12,254,444 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 4,448,380 | 4,448,380 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $16,701,972) | | 16,702,824 |
Total Short-Term Investments
(Cost $16,970,161) | | 16,971,013 |
| INVESTMENTS | SHARES | VALUE($) |
Total Investments — 101.3%
(Cost $802,604,050) | | 770,735,077 |
| Liabilities in Excess of Other Assets — (1.3)% | | (9,664,536) |
| NET ASSETS — 100.0% | | 761,070,541 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| OYJ | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SGPS | Holding company |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $13,303,812. | |
| (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, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 181 |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Pharmaceuticals | 6.0% |
| Electric Utilities | 5.5 |
| Equity Real Estate Investment Trusts (REITs) | 5.1 |
| Diversified Telecommunication Services | 4.9 |
| Oil, Gas & Consumable Fuels | 4.6 |
| Metals & Mining | 4.3 |
| Food Products | 4.1 |
| Food & Staples Retailing | 3.9 |
| Chemicals | 3.7 |
| Insurance | 3.2 |
| Gas Utilities | 2.8 |
| Banks | 2.6 |
| Real Estate Management & Development | 2.5 |
| Beverages | 2.5 |
| Trading Companies & Distributors | 2.1 |
| Health Care Equipment & Supplies | 2.1 |
| Construction & Engineering | 2.1 |
| Tobacco | 2.0 |
| Wireless Telecommunication Services | 1.9 |
| Electronic Equipment, Instruments & Components | 1.8 |
| Household Durables | 1.6 |
| Capital Markets | 1.6 |
| Health Care Providers & Services | 1.6 |
| Diversified Financial Services | 1.5 |
| Multi-Utilities | 1.5 |
| Technology Hardware, Storage & Peripherals | 1.4 |
| Machinery | 1.4 |
| IT Services | 1.4 |
| Semiconductors & Semiconductor Equipment | 1.3 |
| Media | 1.2 |
| Specialty Retail | 1.2 |
| Software | 1.2 |
| Automobiles | 1.1 |
| Interactive Media & Services | 1.1 |
| Multiline Retail | 1.1 |
| Others (each less than 1.0%) | 9.9 |
| Short-Term Investments | 2.2 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 182 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| MSCI EAFE E-Mini Index | 62 | 06/17/2022 | USD | 6,185,120 | (196,403) |
| Abbreviations | |
| EAFE | Europe, Australasia, and Far East |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 183 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.9% |
| Aerospace & Defense — 0.4% |
| L3Harris Technologies, Inc. | 1,655 | 384,390 |
| Lockheed Martin Corp. | 3,718 | 1,606,622 |
| | | 1,991,012 |
| Automobiles & Parts — 0.6% |
| Ford Motor Co. | 123,874 | 1,754,056 |
| Gentex Corp. | 61,258 | 1,797,922 |
| | | 3,551,978 |
| Banks — 1.9% |
| Bank of America Corp. | 41,191 | 1,469,695 |
| Bank of Hawaii Corp. | 3,632 | 270,003 |
| Citizens Financial Group, Inc. | 9,476 | 373,354 |
| Discover Financial Services | 9,579 | 1,077,254 |
| Fifth Third Bancorp | 44,434 | 1,667,608 |
| Huntington Bancshares, Inc. | 114,740 | 1,508,831 |
| KeyCorp | 20,471 | 395,295 |
| Popular, Inc. (Puerto Rico) | 13,898 | 1,083,905 |
| Regions Financial Corp. | 24,551 | 508,697 |
| Truist Financial Corp. | 30,215 | 1,460,895 |
| US Bancorp | 14,180 | 688,581 |
| | | 10,504,118 |
| Beverages — 2.6% |
| Brown-Forman Corp., Class B | 24,318 | 1,640,006 |
| Coca-Cola Co. (The) | 36,723 | 2,372,673 |
| Constellation Brands, Inc., Class A | 8,238 | 2,027,289 |
| Keurig Dr Pepper, Inc. | 58,366 | 2,182,888 |
| Molson Coors Beverage Co., Class B | 38,623 | 2,091,049 |
| Monster Beverage Corp. * | 21,436 | 1,836,637 |
| PepsiCo, Inc. | 13,867 | 2,381,103 |
| | | 14,531,645 |
| Chemicals — 4.8% |
| Ashland Global Holdings, Inc. | 17,785 | 1,866,891 |
| Celanese Corp. | 13,242 | 1,945,779 |
| CF Industries Holdings, Inc. | 25,131 | 2,433,435 |
| Chemours Co. (The) | 60,847 | 2,012,210 |
| Dow, Inc. | 35,213 | 2,341,664 |
| Eastman Chemical Co. | 18,001 | 1,848,163 |
| Element Solutions, Inc. | 76,924 | 1,586,173 |
| Huntsman Corp. | 59,857 | 2,027,357 |
| LyondellBasell Industries NV, Class A | 20,095 | 2,130,673 |
| Mosaic Co. (The) | 38,337 | 2,392,996 |
| NewMarket Corp. | 1,748 | 567,418 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Chemicals — continued |
| Olin Corp. | 48,126 | 2,762,432 |
| Westlake Corp. | 20,494 | 2,593,516 |
| | | 26,508,707 |
| Construction & Materials — 1.7% |
| A O Smith Corp. | 27,549 | 1,609,688 |
| Carrier Global Corp. | 9,075 | 347,300 |
| Eagle Materials, Inc. | 4,512 | 556,420 |
| Fortune Brands Home & Security, Inc. | 11,133 | 793,226 |
| Louisiana-Pacific Corp. | 14,703 | 948,638 |
| Masco Corp. | 27,132 | 1,429,585 |
| Quanta Services, Inc. | 20,576 | 2,386,405 |
| Trane Technologies plc | 9,551 | 1,336,089 |
| | | 9,407,351 |
| Consumer Services — 0.3% |
| eBay, Inc. | 30,240 | 1,570,061 |
| H&R Block, Inc. | 12,301 | 320,687 |
| | | 1,890,748 |
| Electricity — 8.0% |
| AES Corp. (The) | 407 | 8,311 |
| Alliant Energy Corp. | 28,334 | 1,666,323 |
| American Electric Power Co., Inc. | 19,792 | 1,961,585 |
| Avangrid, Inc. (a) | 32,867 | 1,457,651 |
| Brookfield Renewable Corp. | 1,500 | 53,850 |
| CMS Energy Corp. | 27,130 | 1,863,560 |
| Consolidated Edison, Inc. | 25,565 | 2,370,898 |
| Constellation Energy Corp. | 13,149 | 778,552 |
| Dominion Energy, Inc. | 24,996 | 2,040,673 |
| DTE Energy Co. | 17,897 | 2,345,223 |
| Entergy Corp. | 13,743 | 1,633,356 |
| Evergy, Inc. | 35,074 | 2,379,771 |
| Eversource Energy | 1,404 | 122,710 |
| Exelon Corp. | 51,876 | 2,426,759 |
| FirstEnergy Corp. | 53,599 | 2,321,373 |
| Hawaiian Electric Industries, Inc. | 27,673 | 1,137,637 |
| IDACORP, Inc. | 16,047 | 1,687,823 |
| NextEra Energy, Inc. | 26,256 | 1,864,701 |
| NRG Energy, Inc. | 61,225 | 2,197,977 |
| OGE Energy Corp. | 46,586 | 1,801,946 |
| Pinnacle West Capital Corp. | 22,095 | 1,573,164 |
| PPL Corp. | 80,239 | 2,271,566 |
| Public Service Enterprise Group, Inc. | 32,719 | 2,279,206 |
| Southern Co. (The) | 33,979 | 2,493,719 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 184 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Electricity — continued |
| Vistra Corp. | 101,880 | 2,549,038 |
| Xcel Energy, Inc. | 17,169 | 1,257,801 |
| | | 44,545,173 |
| Electronic & Electrical Equipment — 0.9% |
| AMETEK, Inc. | 8,688 | 1,096,947 |
| Emerson Electric Co. | 8,199 | 739,386 |
| Hubbell, Inc. | 5,063 | 989,108 |
| IDEX Corp. | 4,209 | 798,952 |
| Rockwell Automation, Inc. | 5,822 | 1,471,045 |
| | | 5,095,438 |
| Finance & Credit Services — 0.6% |
| Ally Financial, Inc. | 45,615 | 1,822,775 |
| FactSet Research Systems, Inc. | 1,263 | 509,608 |
| Moody's Corp. | 974 | 308,252 |
| OneMain Holdings, Inc. | 13,245 | 608,343 |
| | | 3,248,978 |
| Food Producers — 7.2% |
| Archer-Daniels-Midland Co. | 27,741 | 2,484,484 |
| Bunge Ltd. | 21,210 | 2,399,275 |
| Campbell Soup Co. (a) | 41,355 | 1,952,783 |
| Conagra Brands, Inc. | 55,882 | 1,951,958 |
| Corteva, Inc. | 44,597 | 2,572,801 |
| Darling Ingredients, Inc. * | 25,472 | 1,869,390 |
| Flowers Foods, Inc. | 64,959 | 1,722,713 |
| General Mills, Inc. | 31,949 | 2,259,753 |
| Hain Celestial Group, Inc. (The) * | 39,071 | 1,310,441 |
| Herbalife Nutrition Ltd. * | 25,175 | 669,152 |
| Hershey Co. (The) | 10,792 | 2,436,510 |
| Hormel Foods Corp. | 34,317 | 1,797,868 |
| Ingredion, Inc. | 19,346 | 1,646,538 |
| J M Smucker Co. (The) | 17,177 | 2,352,047 |
| Kellogg Co. | 26,954 | 1,846,349 |
| Kraft Heinz Co. (The) | 57,650 | 2,457,619 |
| McCormick & Co., Inc. (Non-Voting) | 16,457 | 1,655,080 |
| Mondelez International, Inc., Class A | 35,063 | 2,260,862 |
| Pilgrim's Pride Corp. * | 6,183 | 175,288 |
| Post Holdings, Inc. * | 25,157 | 1,871,429 |
| Tyson Foods, Inc., Class A | 24,587 | 2,290,525 |
| | | 39,982,865 |
| Gas, Water & Multi-utilities — 3.5% |
| Ameren Corp. | 23,252 | 2,160,111 |
| American Water Works Co., Inc. | 11,843 | 1,824,770 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Gas, Water & Multi-utilities — continued |
| CenterPoint Energy, Inc. | 72,302 | 2,213,164 |
| Duke Energy Corp. | 21,826 | 2,404,352 |
| Essential Utilities, Inc. | 24,379 | 1,091,204 |
| National Fuel Gas Co. | 31,223 | 2,189,669 |
| NiSource, Inc. | 74,452 | 2,168,042 |
| Sempra Energy | 12,687 | 2,047,174 |
| UGI Corp. | 43,421 | 1,489,340 |
| WEC Energy Group, Inc. | 19,239 | 1,924,862 |
| | | 19,512,688 |
| General Industrials — 2.6% |
| Carlisle Cos., Inc. | 2,490 | 645,806 |
| Eaton Corp. plc | 14,252 | 2,066,825 |
| Honeywell International, Inc. | 5,295 | 1,024,635 |
| Illinois Tool Works, Inc. | 8,165 | 1,609,403 |
| ITT, Inc. | 21,254 | 1,492,456 |
| Packaging Corp. of America | 8,545 | 1,377,198 |
| Parker-Hannifin Corp. | 3,778 | 1,023,158 |
| PPG Industries, Inc. | 13,166 | 1,685,116 |
| RPM International, Inc. | 22,240 | 1,843,696 |
| Sherwin-Williams Co. (The) | 6,588 | 1,811,437 |
| Sonoco Products Co. | 1,455 | 90,079 |
| | | 14,669,809 |
| Health Care Providers — 3.0% |
| Anthem, Inc. | 4,815 | 2,416,793 |
| Cerner Corp. | 18,534 | 1,735,524 |
| Chemed Corp. | 1,725 | 847,648 |
| Cigna Corp. | 8,501 | 2,097,877 |
| DaVita, Inc. * | 15,004 | 1,625,983 |
| HCA Healthcare, Inc. | 8,661 | 1,858,217 |
| Humana, Inc. | 760 | 337,866 |
| IQVIA Holdings, Inc. * | 4,150 | 904,658 |
| Molina Healthcare, Inc. * | 2,719 | 852,270 |
| UnitedHealth Group, Inc. | 4,607 | 2,342,890 |
| Universal Health Services, Inc., Class B | 11,288 | 1,383,119 |
| | | 16,402,845 |
| Household Goods & Home Construction — 0.9% |
| Leggett & Platt, Inc. | 17,839 | 635,604 |
| Lennar Corp., Class A | 20,835 | 1,593,669 |
| NVR, Inc. * | 178 | 778,965 |
| PulteGroup, Inc. | 1,337 | 55,833 |
| Toll Brothers, Inc. | 5,690 | 263,845 |
| Whirlpool Corp. | 9,178 | 1,665,991 |
| | | 4,993,907 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 185 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Industrial Engineering — 0.5% |
| Caterpillar, Inc. | 5,017 | 1,056,279 |
| Cummins, Inc. | 8,126 | 1,537,358 |
| Otis Worldwide Corp. | 4,663 | 339,653 |
| | | 2,933,290 |
| Industrial Materials — 0.7% |
| Avery Dennison Corp. | 10,034 | 1,812,140 |
| International Paper Co. | 39,234 | 1,815,750 |
| Sylvamo Corp. * | 4,346 | 194,049 |
| | | 3,821,939 |
| Industrial Metals & Mining — 2.9% |
| Alcoa Corp. | 6,030 | 408,834 |
| Fastenal Co. | 36,978 | 2,045,253 |
| Freeport-McMoRan, Inc. | 45,282 | 1,836,185 |
| Nucor Corp. | 16,541 | 2,560,216 |
| Reliance Steel & Aluminum Co. | 12,157 | 2,410,125 |
| Southern Copper Corp. (Peru) | 26,070 | 1,623,379 |
| Steel Dynamics, Inc. | 29,650 | 2,542,488 |
| Timken Co. (The) | 12,120 | 698,597 |
| United States Steel Corp. (a) | 73,015 | 2,226,227 |
| | | 16,351,304 |
| Industrial Support Services — 2.3% |
| Accenture plc, Class A | 6,618 | 1,987,783 |
| Booz Allen Hamilton Holding Corp. | 13,609 | 1,110,903 |
| Capital One Financial Corp. | 15,991 | 1,992,798 |
| MSC Industrial Direct Co., Inc., Class A | 8,715 | 722,125 |
| Robert Half International, Inc. | 19,394 | 1,906,624 |
| Synchrony Financial | 53,403 | 1,965,764 |
| Western Union Co. (The) | 66,750 | 1,118,730 |
| WW Grainger, Inc. | 4,191 | 2,095,626 |
| | | 12,900,353 |
| Industrial Transportation — 0.8% |
| CSX Corp. | 24,665 | 846,996 |
| Norfolk Southern Corp. | 4,420 | 1,139,830 |
| PACCAR, Inc. | 2,329 | 193,424 |
| Ryder System, Inc. | 6,376 | 445,682 |
| Schneider National, Inc., Class B | 9,207 | 217,561 |
| Union Pacific Corp. | 7,198 | 1,686,419 |
| | | 4,529,912 |
| Investment Banking & Brokerage Services — 1.7% |
| Ameriprise Financial, Inc. | 3,339 | 886,471 |
| BlackRock, Inc. | 1,535 | 958,884 |
| Broadridge Financial Solutions, Inc. | 1,246 | 179,586 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Investment Banking & Brokerage Services — continued |
| Jefferies Financial Group, Inc. | 26,344 | 810,342 |
| Morgan Stanley | 23,327 | 1,879,923 |
| Nasdaq, Inc. | 3,844 | 604,930 |
| Raymond James Financial, Inc. | 7,281 | 709,606 |
| State Street Corp. | 25,192 | 1,687,108 |
| Virtu Financial, Inc., Class A | 55,687 | 1,608,241 |
| | | 9,325,091 |
| Leisure Goods — 1.0% |
| Activision Blizzard, Inc. | 16,961 | 1,282,252 |
| Electronic Arts, Inc. | 7,022 | 828,947 |
| Garmin Ltd. | 13,248 | 1,453,835 |
| Harley-Davidson, Inc. | 5,239 | 190,962 |
| Pool Corp. | 1,617 | 655,241 |
| Take-Two Interactive Software, Inc. * | 7,503 | 896,683 |
| | | 5,307,920 |
| Life Insurance — 0.6% |
| Aflac, Inc. | 22,872 | 1,310,108 |
| Globe Life, Inc. | 5,396 | 529,240 |
| MetLife, Inc. | 8,855 | 581,596 |
| Principal Financial Group, Inc. | 8,479 | 577,759 |
| Prudential Financial, Inc. | 4,569 | 495,782 |
| | | 3,494,485 |
| Media — 0.5% |
| Interpublic Group of Cos., Inc. (The) | 53,903 | 1,758,316 |
| Nexstar Media Group, Inc., Class A | 6,770 | 1,072,503 |
| | | 2,830,819 |
| Medical Equipment & Services — 4.5% |
| Abbott Laboratories | 18,151 | 2,060,138 |
| Becton Dickinson and Co. | 5,431 | 1,342,489 |
| Bio-Rad Laboratories, Inc., Class A * | 3,031 | 1,552,054 |
| Bio-Techne Corp. | 4,865 | 1,847,192 |
| Danaher Corp. | 7,641 | 1,918,884 |
| Embecta Corp. * | 1,086 | 33,047 |
| IDEXX Laboratories, Inc. * | 3,643 | 1,568,239 |
| Laboratory Corp. of America Holdings * | 7,752 | 1,862,651 |
| Medtronic plc | 17,544 | 1,830,892 |
| PerkinElmer, Inc. | 11,972 | 1,755,215 |
| Quest Diagnostics, Inc. | 12,997 | 1,739,518 |
| Quidel Corp. * | 9,215 | 927,213 |
| STERIS plc | 7,469 | 1,673,429 |
| Stryker Corp. | 5,022 | 1,211,608 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 186 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Medical Equipment & Services — continued |
| Thermo Fisher Scientific, Inc. | 3,734 | 2,064,603 |
| West Pharmaceutical Services, Inc. | 5,294 | 1,667,928 |
| | | 25,055,100 |
| Mortgage Real Estate Investment Trusts — 0.3% |
| Starwood Property Trust, Inc. | 64,520 | 1,476,218 |
| Non-life Insurance — 2.6% |
| Allstate Corp. (The) | 6,296 | 796,696 |
| Aon plc, Class A | 6,854 | 1,973,883 |
| Assurant, Inc. | 6,206 | 1,128,747 |
| Chubb Ltd. | 5,911 | 1,220,326 |
| Fidelity National Financial, Inc. | 32,405 | 1,290,367 |
| Hanover Insurance Group, Inc. (The) | 3,268 | 479,808 |
| Hartford Financial Services Group, Inc. (The) | 27,471 | 1,921,047 |
| Marsh & McLennan Cos., Inc. | 10,331 | 1,670,523 |
| Old Republic International Corp. | 15,489 | 340,913 |
| Progressive Corp. (The) | 21,399 | 2,297,396 |
| W R Berkley Corp. | 19,628 | 1,305,066 |
| | | 14,424,772 |
| Non-Renewable Energy — 4.9% |
| Antero Midstream Corp. | 172,903 | 1,775,714 |
| Baker Hughes Co. | 64,174 | 1,990,677 |
| Chevron Corp. | 8,991 | 1,408,620 |
| Continental Resources, Inc. (a) | 22,795 | 1,266,718 |
| Coterra Energy, Inc. | 87,933 | 2,531,591 |
| Devon Energy Corp. | 38,536 | 2,241,639 |
| DT Midstream, Inc. | 7,367 | 395,976 |
| EOG Resources, Inc. | 19,529 | 2,280,206 |
| Halliburton Co. | 67,184 | 2,393,094 |
| HF Sinclair Corp. * | 12,679 | 482,056 |
| Marathon Oil Corp. | 96,341 | 2,400,818 |
| Pioneer Natural Resources Co. | 9,517 | 2,212,417 |
| Targa Resources Corp. | 33,017 | 2,423,778 |
| Texas Pacific Land Corp. | 653 | 892,390 |
| Williams Cos., Inc. (The) | 68,661 | 2,354,386 |
| | | 27,050,080 |
| Personal Care, Drug & Grocery Stores — 4.9% |
| Albertsons Cos., Inc., Class A | 53,623 | 1,677,327 |
| AmerisourceBergen Corp. | 14,785 | 2,236,823 |
| Casey's General Stores, Inc. | 8,935 | 1,798,615 |
| Church & Dwight Co., Inc. | 18,551 | 1,809,836 |
| Clorox Co. (The) | 11,758 | 1,686,920 |
| Colgate-Palmolive Co. | 22,513 | 1,734,627 |
| CVS Health Corp. | 21,574 | 2,073,909 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Personal Care, Drug & Grocery Stores — continued |
| Kimberly-Clark Corp. | 13,183 | 1,830,196 |
| Kroger Co. (The) | 38,975 | 2,103,091 |
| McKesson Corp. | 8,141 | 2,520,535 |
| Olaplex Holdings, Inc. * (a) | 21,647 | 318,211 |
| Procter & Gamble Co. (The) | 14,815 | 2,378,548 |
| Spectrum Brands Holdings, Inc. | 19,273 | 1,639,554 |
| Sysco Corp. (a) | 18,542 | 1,584,970 |
| Walgreens Boots Alliance, Inc. | 47,554 | 2,016,290 |
| | | 27,409,452 |
| Personal Goods — 0.7% |
| Carter's, Inc. | 2,943 | 247,918 |
| Estee Lauder Cos., Inc. (The), Class A | 7,229 | 1,908,890 |
| NIKE, Inc., Class B | 14,538 | 1,812,889 |
| | | 3,969,697 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 4.0% |
| AbbVie, Inc. | 15,236 | 2,237,864 |
| Amgen, Inc. | 8,375 | 1,952,966 |
| Bristol-Myers Squibb Co. | 29,692 | 2,234,917 |
| Eli Lilly & Co. | 8,725 | 2,548,834 |
| Gilead Sciences, Inc. | 27,515 | 1,632,740 |
| Johnson & Johnson | 13,556 | 2,446,316 |
| Moderna, Inc. * | 8,208 | 1,103,237 |
| Pfizer, Inc. | 42,208 | 2,071,146 |
| Regeneron Pharmaceuticals, Inc. * | 2,744 | 1,808,598 |
| United Therapeutics Corp. * | 10,528 | 1,869,352 |
| Vertex Pharmaceuticals, Inc. * | 2,469 | 674,580 |
| Zoetis, Inc. | 10,223 | 1,812,027 |
| | | 22,392,577 |
| Precious Metals & Mining — 0.4% |
| Newmont Corp. | 28,378 | 2,067,337 |
| Royal Gold, Inc. | 130 | 16,963 |
| | | 2,084,300 |
| Real Estate Investment & Services — 0.7% |
| CBRE Group, Inc., Class A * | 21,719 | 1,803,546 |
| Jones Lang LaSalle, Inc. * | 10,164 | 2,223,171 |
| | | 4,026,717 |
| Real Estate Investment Trusts — 7.6% |
| Alexandria Real Estate Equities, Inc. | 5,107 | 930,291 |
| American Homes 4 Rent, Class A | 17,815 | 705,652 |
| American Tower Corp. | 5,036 | 1,213,777 |
| Brixmor Property Group, Inc. | 30,146 | 765,105 |
| Camden Property Trust | 1,599 | 250,867 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 187 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Real Estate Investment Trusts — continued |
| Crown Castle International Corp. | 9,883 | 1,830,430 |
| CubeSmart | 18,791 | 892,760 |
| Digital Realty Trust, Inc. | 11,725 | 1,713,257 |
| Duke Realty Corp. | 21,624 | 1,183,914 |
| Extra Space Storage, Inc. | 10,668 | 2,026,920 |
| First Industrial Realty Trust, Inc. | 10,951 | 635,158 |
| Gaming and Leisure Properties, Inc. | 26,697 | 1,184,813 |
| Healthpeak Properties, Inc. | 47,063 | 1,544,137 |
| Iron Mountain, Inc. | 44,067 | 2,367,720 |
| Kimco Realty Corp. | 76,785 | 1,944,964 |
| Lamar Advertising Co., Class A | 15,799 | 1,744,368 |
| Life Storage, Inc. | 12,206 | 1,617,173 |
| Medical Properties Trust, Inc. | 80,705 | 1,484,165 |
| Mid-America Apartment Communities, Inc. | 7,450 | 1,465,266 |
| Omega Healthcare Investors, Inc. (a) | 20,872 | 531,819 |
| Prologis, Inc. | 14,700 | 2,356,263 |
| Public Storage | 6,017 | 2,235,316 |
| Simon Property Group, Inc. | 15,452 | 1,823,336 |
| Spirit Realty Capital, Inc. (a) | 18,738 | 814,166 |
| Ventas, Inc. | 27,604 | 1,533,402 |
| VICI Properties, Inc. | 66,342 | 1,977,655 |
| Welltower, Inc. | 22,076 | 2,004,722 |
| Weyerhaeuser Co. | 44,991 | 1,854,529 |
| WP Carey, Inc. | 18,766 | 1,515,730 |
| | | 42,147,675 |
| Renewable Energy — 0.2% |
| Enphase Energy, Inc. * | 4,791 | 773,267 |
| First Solar, Inc. * | 1,857 | 135,617 |
| | | 908,884 |
| Retailers — 2.9% |
| Best Buy Co., Inc. | 16,728 | 1,504,349 |
| Dick's Sporting Goods, Inc. (a) | 17,467 | 1,684,168 |
| Foot Locker, Inc. | 27,161 | 796,089 |
| Kohl's Corp. | 30,495 | 1,765,051 |
| Lowe's Cos., Inc. | 9,416 | 1,861,826 |
| O'Reilly Automotive, Inc. * | 2,526 | 1,532,145 |
| Penske Automotive Group, Inc. | 8,622 | 903,758 |
| Qurate Retail, Inc., Series A | 94,815 | 399,171 |
| Target Corp. | 8,371 | 1,914,029 |
| Tractor Supply Co. | 9,393 | 1,892,220 |
| Williams-Sonoma, Inc. (a) | 12,285 | 1,602,947 |
| | | 15,855,753 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Software & Computer Services — 4.0% |
| Alphabet, Inc., Class A * | 863 | 1,969,530 |
| Cadence Design Systems, Inc. * | 12,862 | 1,940,233 |
| Cognizant Technology Solutions Corp., Class A | 16,142 | 1,305,888 |
| Dolby Laboratories, Inc., Class A | 5,213 | 403,851 |
| Gartner, Inc. * | 4,019 | 1,167,720 |
| Hewlett Packard Enterprise Co. | 103,646 | 1,597,185 |
| InterActiveCorp. * | 7,790 | 645,635 |
| International Business Machines Corp. | 13,442 | 1,777,167 |
| Intuit, Inc. | 3,738 | 1,565,287 |
| Kyndryl Holdings, Inc. * | 1,838 | 21,854 |
| Leidos Holdings, Inc. | 362 | 37,471 |
| Meta Platforms, Inc., Class A * | 8,247 | 1,653,276 |
| Microsoft Corp. | 7,915 | 2,196,571 |
| NortonLifeLock, Inc. | 58,305 | 1,459,957 |
| Oracle Corp. | 24,279 | 1,782,079 |
| Roper Technologies, Inc. | 2,865 | 1,346,321 |
| SS&C Technologies Holdings, Inc. | 15,656 | 1,012,317 |
| Vimeo, Inc. * | 12,854 | 130,982 |
| | | 22,013,324 |
| Technology Hardware & Equipment — 4.7% |
| Amphenol Corp., Class A | 21,485 | 1,536,178 |
| Analog Devices, Inc. | 13,280 | 2,050,166 |
| Apple, Inc. | 14,062 | 2,216,874 |
| Applied Materials, Inc. | 17,047 | 1,881,136 |
| Broadcom, Inc. | 3,851 | 2,134,956 |
| Cirrus Logic, Inc. * | 535 | 40,553 |
| Concentrix Corp. | 2,888 | 454,802 |
| HP, Inc. | 46,531 | 1,704,431 |
| Intel Corp. | 31,477 | 1,372,082 |
| KLA Corp. | 6,055 | 1,933,119 |
| Lam Research Corp. | 3,751 | 1,747,066 |
| NetApp, Inc. | 21,183 | 1,551,655 |
| NVIDIA Corp. | 8,649 | 1,604,130 |
| Skyworks Solutions, Inc. | 11,526 | 1,305,896 |
| TD SYNNEX Corp. | 8,195 | 820,238 |
| Teradyne, Inc. | 16,271 | 1,715,940 |
| Texas Instruments, Inc. | 11,558 | 1,967,749 |
| Xerox Holdings Corp. | 16,571 | 288,335 |
| | | 26,325,306 |
| Telecommunications Equipment — 2.5% |
| Arista Networks, Inc. * | 19,349 | 2,236,164 |
| Ciena Corp. * | 34,415 | 1,898,676 |
| Cisco Systems, Inc. | 40,156 | 1,966,841 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 188 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Telecommunications Equipment — continued |
| Juniper Networks, Inc. | 66,447 | 2,094,410 |
| Lumentum Holdings, Inc. * | 24,315 | 1,974,621 |
| Motorola Solutions, Inc. | 9,283 | 1,983,684 |
| Ubiquiti, Inc. (a) | 5,437 | 1,534,593 |
| Viasat, Inc. * | 7,441 | 273,903 |
| | | 13,962,892 |
| Telecommunications Service Providers — 2.9% |
| Altice USA, Inc., Class A * | 152,307 | 1,413,409 |
| AT&T, Inc. | 74,663 | 1,408,144 |
| Cable One, Inc. | 750 | 874,650 |
| Charter Communications, Inc., Class A * | 3,097 | 1,327,034 |
| Comcast Corp., Class A | 43,880 | 1,744,669 |
| DISH Network Corp., Class A * | 59,106 | 1,685,112 |
| Liberty Broadband Corp., Class C * | 12,528 | 1,400,881 |
| Lumen Technologies, Inc. | 214,891 | 2,161,803 |
| T-Mobile US, Inc. * | 15,654 | 1,927,634 |
| Verizon Communications, Inc. | 41,178 | 1,906,541 |
| | | 15,849,877 |
| Tobacco — 0.8% |
| Altria Group, Inc. | 42,952 | 2,386,843 |
| Philip Morris International, Inc. | 23,033 | 2,303,300 |
| | | 4,690,143 |
| Travel & Leisure — 0.1% |
| Travel + Leisure Co. | 9,639 | 534,772 |
| Waste & Disposal Services — 1.2% |
| Clean Harbors, Inc. * | 13,305 | 1,396,094 |
| Republic Services, Inc. | 17,668 | 2,372,282 |
| Stericycle, Inc. * | 9,279 | 465,713 |
| Waste Management, Inc. | 14,553 | 2,393,095 |
| | | 6,627,184 |
Total Common Stocks
(Cost $473,370,734) | | 555,137,098 |
| INVESTMENTS | SHARES | VALUE ($) |
| Short-Term Investments — 2.3% |
| Investment Companies — 0.2% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,137,701) | 1,137,701 | 1,137,701 |
| Investment of Cash Collateral from Securities Loaned — 2.1% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) | 9,706,181 | 9,699,387 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 1,933,516 | 1,933,516 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $11,632,413) | | 11,632,903 |
Total Short-Term Investments
(Cost $12,770,114) | | 12,770,604 |
Total Investments — 102.2%
(Cost $486,140,848) | | 567,907,702 |
| Liabilities in Excess of Other Assets — (2.2)% | | (12,117,837) |
| NET ASSETS — 100.0% | | 555,789,865 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $10,915,468. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 189 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| S&P 500 E-Mini Index | 2 | 06/17/2022 | USD | 413,075 | (6,194) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 190 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 0.1% |
| Textron, Inc. | 4,256 | 294,728 |
| Automobiles & Parts — 0.6% |
| BorgWarner, Inc. | 9,929 | 365,685 |
| Gentex Corp. | 28,536 | 837,532 |
| LKQ Corp. | 3,038 | 150,776 |
| | | 1,353,993 |
| Banks — 2.2% |
| Bank of Hawaii Corp. | 2,397 | 178,193 |
| Citizens Financial Group, Inc. | 6,544 | 257,834 |
| Comerica, Inc. | 3,073 | 251,679 |
| Discover Financial Services | 5,620 | 632,025 |
| Fifth Third Bancorp | 11,253 | 422,325 |
| First Horizon Corp. | 10,191 | 228,074 |
| First Republic Bank | 921 | 137,432 |
| FNB Corp. | 12,638 | 145,590 |
| Huntington Bancshares, Inc. | 60,064 | 789,841 |
| KeyCorp | 14,130 | 272,850 |
| M&T Bank Corp. | 3,837 | 639,398 |
| Popular, Inc. (Puerto Rico) | 8,720 | 680,073 |
| Prosperity Bancshares, Inc. | 2,217 | 144,947 |
| Regions Financial Corp. | 17,817 | 369,168 |
| Zions Bancorp NA | 4,462 | 252,148 |
| | | 5,401,577 |
| Beverages — 0.7% |
| Brown-Forman Corp., Class B | 10,884 | 734,017 |
| Molson Coors Beverage Co., Class B | 17,435 | 943,931 |
| | | 1,677,948 |
| Chemicals — 5.7% |
| Ashland Global Holdings, Inc. | 10,624 | 1,115,201 |
| Celanese Corp. | 6,459 | 949,085 |
| CF Industries Holdings, Inc. | 11,134 | 1,078,105 |
| Chemours Co. (The) | 40,177 | 1,328,653 |
| Eastman Chemical Co. | 8,832 | 906,781 |
| Element Solutions, Inc. | 46,101 | 950,603 |
| FMC Corp. | 6,272 | 831,291 |
| Huntsman Corp. | 26,763 | 906,463 |
| LyondellBasell Industries NV, Class A | 10,437 | 1,106,635 |
| Mosaic Co. (The) | 16,986 | 1,060,266 |
| NewMarket Corp. | 810 | 262,934 |
| Olin Corp. | 21,289 | 1,221,989 |
| Univar Solutions, Inc. * | 12,536 | 365,048 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Chemicals — continued |
| Valvoline, Inc. | 31,024 | 937,856 |
| Westlake Corp. | 9,058 | 1,146,290 |
| | | 14,167,200 |
| Construction & Materials — 2.4% |
| A O Smith Corp. | 11,623 | 679,132 |
| Eagle Materials, Inc. | 1,968 | 242,694 |
| Fortune Brands Home & Security, Inc. | 9,349 | 666,116 |
| Lennox International, Inc. | 1,580 | 336,840 |
| Louisiana-Pacific Corp. | 10,167 | 655,975 |
| Masco Corp. | 12,483 | 657,729 |
| Owens Corning | 8,764 | 796,910 |
| Quanta Services, Inc. | 9,018 | 1,045,908 |
| Trane Technologies plc | 5,394 | 754,567 |
| | | 5,835,871 |
| Consumer Services — 0.6% |
| Frontdoor, Inc. * | 8,887 | 274,697 |
| H&R Block, Inc. | 10,584 | 275,925 |
| IAA, Inc. * | 7,450 | 273,043 |
| Service Corp. International | 8,099 | 531,375 |
| | | 1,355,040 |
| Electricity — 6.5% |
| Alliant Energy Corp. | 13,302 | 782,291 |
| Avangrid, Inc. (a) | 15,312 | 679,087 |
| Brookfield Renewable Corp. | 796 | 28,576 |
| CMS Energy Corp. | 15,129 | 1,039,211 |
| Consolidated Edison, Inc. | 11,352 | 1,052,784 |
| DTE Energy Co. | 7,949 | 1,041,637 |
| Edison International | 11,378 | 782,693 |
| Entergy Corp. | 7,103 | 844,191 |
| Evergy, Inc. | 15,772 | 1,070,130 |
| Eversource Energy | 3,194 | 279,156 |
| FirstEnergy Corp. | 23,702 | 1,026,534 |
| Hawaiian Electric Industries, Inc. | 16,818 | 691,388 |
| IDACORP, Inc. | 8,149 | 857,112 |
| NRG Energy, Inc. | 27,017 | 969,910 |
| OGE Energy Corp. | 23,544 | 910,682 |
| Pinnacle West Capital Corp. | 11,177 | 795,802 |
| PPL Corp. | 35,945 | 1,017,603 |
| Public Service Enterprise Group, Inc. | 15,054 | 1,048,662 |
| Vistra Corp. | 45,485 | 1,138,035 |
| | | 16,055,484 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 191 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Electronic & Electrical Equipment — 2.1% |
| AMETEK, Inc. | 6,870 | 867,406 |
| Crane Co. (a) | 2,627 | 252,796 |
| Hubbell, Inc. | 3,631 | 709,352 |
| IDEX Corp. | 4,110 | 780,160 |
| Keysight Technologies, Inc. * | 5,450 | 764,472 |
| nVent Electric plc | 6,958 | 235,041 |
| Pentair plc | 4,893 | 248,320 |
| Regal Rexnord Corp. | 4,141 | 526,901 |
| Rockwell Automation, Inc. | 2,849 | 719,857 |
| | | 5,104,305 |
| Finance & Credit Services — 0.6% |
| Ally Financial, Inc. | 9,469 | 378,381 |
| Morningstar, Inc. | 1,879 | 475,819 |
| OneMain Holdings, Inc. | 15,053 | 691,385 |
| | | 1,545,585 |
| Food Producers — 6.5% |
| Archer-Daniels-Midland Co. | 12,306 | 1,102,125 |
| Bunge Ltd. | 9,374 | 1,060,387 |
| Campbell Soup Co. (a) | 18,850 | 890,097 |
| Conagra Brands, Inc. | 25,277 | 882,925 |
| Corteva, Inc. | 19,775 | 1,140,820 |
| Darling Ingredients, Inc. * | 13,393 | 982,912 |
| Flowers Foods, Inc. | 37,634 | 998,054 |
| Hain Celestial Group, Inc. (The) * | 22,587 | 757,568 |
| Herbalife Nutrition Ltd. * | 15,827 | 420,682 |
| Hershey Co. (The) | 4,781 | 1,079,406 |
| Hormel Foods Corp. (a) | 16,794 | 879,838 |
| Ingredion, Inc. | 11,433 | 973,063 |
| J M Smucker Co. (The) | 7,589 | 1,039,162 |
| Kellogg Co. | 12,449 | 852,756 |
| McCormick & Co., Inc. (Non-Voting) | 8,105 | 815,120 |
| Pilgrim's Pride Corp. * | 8,029 | 227,622 |
| Post Holdings, Inc. * | 12,400 | 922,436 |
| Tyson Foods, Inc., Class A | 10,873 | 1,012,929 |
| | | 16,037,902 |
| Gas, Water & Multi-utilities — 3.0% |
| Ameren Corp. | 11,006 | 1,022,457 |
| American Water Works Co., Inc. | 5,453 | 840,198 |
| CenterPoint Energy, Inc. | 33,999 | 1,040,709 |
| Essential Utilities, Inc. | 15,577 | 697,227 |
| National Fuel Gas Co. | 15,512 | 1,087,857 |
| NiSource, Inc. | 33,257 | 968,444 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Gas, Water & Multi-utilities — continued |
| UGI Corp. | 25,365 | 870,019 |
| WEC Energy Group, Inc. | 9,351 | 935,568 |
| | | 7,462,479 |
| General Industrials — 2.0% |
| AptarGroup, Inc. | 1,519 | 174,427 |
| Carlisle Cos., Inc. | 948 | 245,873 |
| ITT, Inc. | 3,261 | 228,987 |
| Packaging Corp. of America | 5,145 | 829,220 |
| Parker-Hannifin Corp. | 2,454 | 664,592 |
| PPG Industries, Inc. | 6,299 | 806,209 |
| RPM International, Inc. | 10,321 | 855,611 |
| Silgan Holdings, Inc. | 8,869 | 393,518 |
| Sonoco Products Co. | 7,497 | 464,139 |
| Westrock Co. | 4,555 | 225,609 |
| | | 4,888,185 |
| Health Care Providers — 3.2% |
| Acadia Healthcare Co., Inc. * | 9,131 | 619,812 |
| Amedisys, Inc. * | 3,175 | 405,289 |
| Cerner Corp. | 10,985 | 1,028,636 |
| Chemed Corp. | 1,586 | 779,345 |
| DaVita, Inc. * | 7,728 | 837,483 |
| Encompass Health Corp. | 9,518 | 655,124 |
| IQVIA Holdings, Inc. * | 4,071 | 887,437 |
| Molina Healthcare, Inc. * | 3,139 | 983,920 |
| Premier, Inc., Class A | 8,706 | 315,244 |
| Universal Health Services, Inc., Class B | 5,362 | 657,006 |
| Veeva Systems, Inc., Class A * | 4,513 | 821,140 |
| | | 7,990,436 |
| Household Goods & Home Construction — 1.1% |
| Leggett & Platt, Inc. | 9,391 | 334,601 |
| Lennar Corp., Class A | 9,407 | 719,542 |
| NVR, Inc. * | 25 | 109,405 |
| Toll Brothers, Inc. | 15,104 | 700,373 |
| Whirlpool Corp. (a) | 4,318 | 783,803 |
| | | 2,647,724 |
| Industrial Engineering — 1.6% |
| Cummins, Inc. | 4,078 | 771,517 |
| Graco, Inc. | 12,416 | 770,040 |
| Lincoln Electric Holdings, Inc. | 4,005 | 539,593 |
| Nordson Corp. | 616 | 132,865 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 192 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Industrial Engineering — continued |
| Snap-on, Inc. | 4,065 | 863,772 |
| Toro Co. (The) | 9,798 | 785,114 |
| | | 3,862,901 |
| Industrial Materials — 0.9% |
| Avery Dennison Corp. | 4,959 | 895,595 |
| International Paper Co. | 17,828 | 825,080 |
| Sylvamo Corp. * | 11,777 | 525,843 |
| | | 2,246,518 |
| Industrial Metals & Mining — 3.0% |
| Alcoa Corp. | 11,202 | 759,496 |
| Cleveland-Cliffs, Inc. * | 39,102 | 996,710 |
| Fastenal Co. | 16,582 | 917,150 |
| Nucor Corp. | 7,339 | 1,135,930 |
| Reliance Steel & Aluminum Co. | 5,375 | 1,065,594 |
| Steel Dynamics, Inc. | 13,123 | 1,125,297 |
| Timken Co. (The) | 8,849 | 510,056 |
| United States Steel Corp. (a) | 32,291 | 984,553 |
| | | 7,494,786 |
| Industrial Support Services — 1.7% |
| ADT, Inc. (a) | 10,069 | 68,973 |
| Booz Allen Hamilton Holding Corp. | 2,589 | 211,340 |
| FTI Consulting, Inc. * | 1,603 | 252,809 |
| MSC Industrial Direct Co., Inc., Class A | 6,386 | 529,144 |
| Paychex, Inc. | 5,454 | 691,185 |
| Robert Half International, Inc. | 5,992 | 589,074 |
| Synchrony Financial | 20,452 | 752,838 |
| Western Union Co. (The) | 8,939 | 149,818 |
| WW Grainger, Inc. | 1,846 | 923,055 |
| | | 4,168,236 |
| Industrial Transportation — 1.2% |
| Allison Transmission Holdings, Inc. | 6,348 | 237,669 |
| Expeditors International of Washington, Inc. | 5,514 | 546,272 |
| Landstar System, Inc. | 4,816 | 745,999 |
| Old Dominion Freight Line, Inc. | 2,909 | 814,869 |
| PACCAR, Inc. | 2,690 | 223,405 |
| Ryder System, Inc. | 4,358 | 304,624 |
| Schneider National, Inc., Class B | 6,329 | 149,554 |
| | | 3,022,392 |
| Investment Banking & Brokerage Services — 2.5% |
| Ameriprise Financial, Inc. | 2,484 | 659,477 |
| Broadridge Financial Solutions, Inc. | 1,139 | 164,164 |
| Invesco Ltd. | 40,742 | 748,838 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Investment Banking & Brokerage Services — continued |
| Jefferies Financial Group, Inc. | 29,270 | 900,345 |
| LPL Financial Holdings, Inc. | 4,088 | 768,013 |
| Nasdaq, Inc. | 3,051 | 480,136 |
| Raymond James Financial, Inc. | 5,269 | 513,517 |
| State Street Corp. | 12,149 | 813,619 |
| T. Rowe Price Group, Inc. | 3,560 | 438,022 |
| Virtu Financial, Inc., Class A | 23,807 | 687,546 |
| | | 6,173,677 |
| Leisure Goods — 1.0% |
| Garmin Ltd. | 6,071 | 666,231 |
| Harley-Davidson, Inc. | 1,566 | 57,081 |
| Polaris, Inc. (a) | 3,505 | 332,765 |
| Pool Corp. | 1,877 | 760,598 |
| Take-Two Interactive Software, Inc. * | 5,274 | 630,296 |
| | | 2,446,971 |
| Life Insurance — 0.2% |
| Lincoln National Corp. | 3,077 | 185,081 |
| Principal Financial Group, Inc. | 5,856 | 399,028 |
| | | 584,109 |
| Media — 0.9% |
| Interpublic Group of Cos., Inc. (The) | 29,626 | 966,400 |
| Liberty Media Corp.-Liberty SiriusXM, Class A * (a) | 8,977 | 375,508 |
| Nexstar Media Group, Inc., Class A | 4,154 | 658,076 |
| Warner Bros Discovery, Inc. * | 17,885 | 324,613 |
| | | 2,324,597 |
| Medical Equipment & Services — 6.4% |
| Agilent Technologies, Inc. | 5,973 | 712,400 |
| Bio-Rad Laboratories, Inc., Class A * | 1,445 | 739,927 |
| Bio-Techne Corp. | 2,222 | 843,671 |
| Bruker Corp. | 11,957 | 687,408 |
| Cooper Cos., Inc. (The) | 1,567 | 565,750 |
| DENTSPLY SIRONA, Inc. | 14,731 | 589,093 |
| Envista Holdings Corp. * | 21,857 | 865,974 |
| Globus Medical, Inc., Class A * | 9,470 | 627,103 |
| Henry Schein, Inc. * | 8,757 | 710,193 |
| Hologic, Inc. * | 13,401 | 964,738 |
| ICU Medical, Inc. * | 2,977 | 637,048 |
| IDEXX Laboratories, Inc. * | 1,678 | 722,345 |
| Integra LifeSciences Holdings Corp. * | 6,765 | 413,747 |
| Laboratory Corp. of America Holdings * | 3,514 | 844,344 |
| Masimo Corp. * | 3,047 | 344,220 |
| PerkinElmer, Inc. | 5,761 | 844,620 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 193 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Medical Equipment & Services — continued |
| QIAGEN NV * | 15,459 | 701,375 |
| Quest Diagnostics, Inc. | 7,077 | 947,186 |
| Quidel Corp. * | 4,109 | 413,447 |
| ResMed, Inc. | 3,620 | 723,891 |
| STERIS plc | 4,144 | 928,463 |
| Teleflex, Inc. | 553 | 157,948 |
| West Pharmaceutical Services, Inc. | 2,427 | 764,651 |
| | | 15,749,542 |
| Mortgage Real Estate Investment Trusts — 0.6% |
| Annaly Capital Management, Inc. | 31,928 | 204,978 |
| New Residential Investment Corp. | 43,448 | 451,859 |
| Starwood Property Trust, Inc. | 35,585 | 814,185 |
| | | 1,471,022 |
| Non-life Insurance — 3.0% |
| American Financial Group, Inc. | 4,751 | 657,919 |
| Arch Capital Group Ltd. * | 2,022 | 92,345 |
| Arthur J Gallagher & Co. | 6,281 | 1,058,286 |
| Assurant, Inc. | 3,497 | 636,034 |
| Assured Guaranty Ltd. | 4,908 | 270,676 |
| Axis Capital Holdings Ltd. | 3,356 | 192,400 |
| Brown & Brown, Inc. | 14,080 | 872,678 |
| CNA Financial Corp. | 112 | 5,313 |
| Everest Re Group Ltd. | 1,310 | 359,870 |
| Fidelity National Financial, Inc. | 7,344 | 292,438 |
| First American Financial Corp. | 4,233 | 246,826 |
| Hanover Insurance Group, Inc. (The) | 1,761 | 258,550 |
| Hartford Financial Services Group, Inc. (The) | 13,880 | 970,629 |
| Mercury General Corp. | 1,490 | 75,141 |
| Old Republic International Corp. | 37,612 | 827,840 |
| Reinsurance Group of America, Inc. | 2,416 | 259,285 |
| W R Berkley Corp. | 3,172 | 210,906 |
| | | 7,287,136 |
| Non-Renewable Energy — 5.3% |
| Antero Midstream Corp. | 99,319 | 1,020,006 |
| Baker Hughes Co. | 29,591 | 917,913 |
| Continental Resources, Inc. (a) | 16,653 | 925,407 |
| Coterra Energy, Inc. | 38,915 | 1,120,363 |
| Devon Energy Corp. | 17,094 | 994,358 |
| Diamondback Energy, Inc. | 7,376 | 931,072 |
| DT Midstream, Inc. | 3,534 | 189,953 |
| Halliburton Co. | 29,802 | 1,061,547 |
| HF Sinclair Corp. * | 14,836 | 564,065 |
| Marathon Oil Corp. | 42,663 | 1,063,162 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Non-Renewable Energy — continued |
| Marathon Petroleum Corp. | 6,549 | 571,466 |
| Pioneer Natural Resources Co. | 4,228 | 982,883 |
| Targa Resources Corp. | 14,606 | 1,072,226 |
| Texas Pacific Land Corp. | 438 | 598,571 |
| Williams Cos., Inc. (The) | 30,427 | 1,043,342 |
| | | 13,056,334 |
| Personal Care, Drug & Grocery Stores — 3.5% |
| Albertsons Cos., Inc., Class A | 27,945 | 874,120 |
| AmerisourceBergen Corp. | 6,898 | 1,043,598 |
| Casey's General Stores, Inc. | 4,035 | 812,246 |
| Church & Dwight Co., Inc. | 10,033 | 978,819 |
| Clorox Co. (The) | 5,267 | 755,656 |
| Grocery Outlet Holding Corp. * | 17,346 | 584,040 |
| Kroger Co. (The) | 17,283 | 932,591 |
| McKesson Corp. | 3,614 | 1,118,931 |
| Olaplex Holdings, Inc. * (a) | 14,966 | 220,000 |
| Reynolds Consumer Products, Inc. | 11,192 | 331,171 |
| Spectrum Brands Holdings, Inc. | 10,966 | 932,878 |
| | | 8,584,050 |
| Personal Goods — 0.4% |
| Carter's, Inc. | 1,985 | 167,217 |
| Tapestry, Inc. | 21,810 | 717,985 |
| | | 885,202 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 2.1% |
| Cardinal Health, Inc. | 14,111 | 819,144 |
| Charles River Laboratories International, Inc. * | 2,581 | 623,337 |
| Horizon Therapeutics plc * | 9,440 | 930,406 |
| Jazz Pharmaceuticals plc * | 4,184 | 670,361 |
| Maravai LifeSciences Holdings, Inc., Class A * | 15,188 | 466,727 |
| Royalty Pharma plc | 10,377 | 441,853 |
| Syneos Health, Inc. * | 5,729 | 418,733 |
| United Therapeutics Corp. * | 4,781 | 848,914 |
| | | 5,219,475 |
| Precious Metals & Mining — 0.1% |
| Royal Gold, Inc. | 2,221 | 289,796 |
| Real Estate Investment & Services — 0.8% |
| CBRE Group, Inc., Class A * | 11,338 | 941,508 |
| Jones Lang LaSalle, Inc. * | 4,544 | 993,909 |
| | | 1,935,417 |
| Real Estate Investment Trusts — 8.6% |
| Alexandria Real Estate Equities, Inc. | 2,383 | 434,087 |
| American Campus Communities, Inc. | 1,613 | 104,313 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 194 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Real Estate Investment Trusts — continued |
| American Homes 4 Rent, Class A | 12,286 | 486,648 |
| Brixmor Property Group, Inc. | 31,613 | 802,338 |
| Camden Property Trust | 4,422 | 693,768 |
| CubeSmart | 16,720 | 794,367 |
| Duke Realty Corp. | 16,840 | 921,990 |
| Extra Space Storage, Inc. | 5,021 | 953,990 |
| First Industrial Realty Trust, Inc. | 7,579 | 439,582 |
| Gaming and Leisure Properties, Inc. | 15,754 | 699,162 |
| Healthpeak Properties, Inc. | 23,526 | 771,888 |
| Highwoods Properties, Inc. | 7,793 | 318,266 |
| Iron Mountain, Inc. | 19,474 | 1,046,338 |
| Kimco Realty Corp. | 42,784 | 1,083,719 |
| Lamar Advertising Co., Class A | 9,232 | 1,019,305 |
| Life Storage, Inc. | 7,158 | 948,363 |
| Medical Properties Trust, Inc. | 38,140 | 701,395 |
| Mid-America Apartment Communities, Inc. | 4,744 | 933,050 |
| National Retail Properties, Inc. | 3,588 | 157,298 |
| Omega Healthcare Investors, Inc. | 18,621 | 474,463 |
| Rayonier, Inc. | 12,564 | 542,765 |
| Regency Centers Corp. | 6,433 | 442,783 |
| Rexford Industrial Realty, Inc. | 7,272 | 567,507 |
| Simon Property Group, Inc. | 7,078 | 835,204 |
| SL Green Realty Corp. (a) | 6,226 | 430,964 |
| Spirit Realty Capital, Inc. | 9,966 | 433,023 |
| Ventas, Inc. | 13,868 | 770,367 |
| VICI Properties, Inc. | 26,590 | 792,648 |
| Welltower, Inc. | 11,116 | 1,009,444 |
| Weyerhaeuser Co. | 22,461 | 925,842 |
| WP Carey, Inc. | 8,841 | 714,088 |
| | | 21,248,965 |
| Renewable Energy — 0.5% |
| Enphase Energy, Inc. * | 5,065 | 817,491 |
| First Solar, Inc. * | 4,883 | 356,605 |
| | | 1,174,096 |
| Retailers — 2.7% |
| AutoNation, Inc. * | 8,454 | 979,903 |
| Bath & Body Works, Inc. | 2,801 | 148,145 |
| Best Buy Co., Inc. | 8,038 | 722,857 |
| Dick's Sporting Goods, Inc. (a) | 7,936 | 765,189 |
| Foot Locker, Inc. | 13,650 | 400,082 |
| Gap, Inc. (The) | 6,627 | 82,307 |
| Kohl's Corp. | 14,496 | 839,029 |
| O'Reilly Automotive, Inc. * | 598 | 362,717 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Retailers — continued |
| Penske Automotive Group, Inc. | 7,759 | 813,298 |
| Tractor Supply Co. | 4,200 | 846,090 |
| Williams-Sonoma, Inc. (a) | 5,470 | 713,726 |
| | | 6,673,343 |
| Software & Computer Services — 5.1% |
| Akamai Technologies, Inc. * | 3,421 | 384,110 |
| Amdocs Ltd. | 11,880 | 946,717 |
| ANSYS, Inc. * | 2,824 | 778,549 |
| CACI International, Inc., Class A * | 1,477 | 391,848 |
| Cadence Design Systems, Inc. * | 5,785 | 872,667 |
| Citrix Systems, Inc. | 5,757 | 576,276 |
| Dolby Laboratories, Inc., Class A | 7,973 | 617,668 |
| EPAM Systems, Inc. * | 1,819 | 482,017 |
| Fortinet, Inc. * | 3,036 | 877,434 |
| Gartner, Inc. * | 2,827 | 821,385 |
| Hewlett Packard Enterprise Co. | 46,451 | 715,810 |
| InterActiveCorp. * | 3,621 | 300,108 |
| Leidos Holdings, Inc. | 7,075 | 732,333 |
| Manhattan Associates, Inc. * | 6,867 | 896,487 |
| NortonLifeLock, Inc. | 26,108 | 653,744 |
| Paycom Software, Inc. * | 409 | 115,121 |
| SS&C Technologies Holdings, Inc. | 13,407 | 866,897 |
| Synopsys, Inc. * | 3,086 | 885,034 |
| Tyler Technologies, Inc. * | 1,728 | 682,059 |
| Vimeo, Inc. * | 5,967 | 60,804 |
| | | 12,657,068 |
| Technology Hardware & Equipment — 4.9% |
| Amphenol Corp., Class A | 12,942 | 925,353 |
| CDW Corp. | 5,333 | 870,239 |
| Cirrus Logic, Inc. * | 7,431 | 563,270 |
| Concentrix Corp. | 3,638 | 572,912 |
| Corning, Inc. | 19,657 | 691,730 |
| Entegris, Inc. | 7,879 | 877,642 |
| HP, Inc. | 17,715 | 648,900 |
| Jabil, Inc. | 13,892 | 801,985 |
| Marvell Technology, Inc. | 13,637 | 792,037 |
| Microchip Technology, Inc. | 7,679 | 500,671 |
| Monolithic Power Systems, Inc. | 2,121 | 831,941 |
| National Instruments Corp. | 1,911 | 69,064 |
| NetApp, Inc. | 9,488 | 694,996 |
| ON Semiconductor Corp. * | 13,145 | 684,986 |
| Qorvo, Inc. * | 5,828 | 663,110 |
| Skyworks Solutions, Inc. | 5,454 | 617,938 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 195 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Technology Hardware & Equipment — continued |
| TD SYNNEX Corp. | 5,912 | 591,732 |
| Teradyne, Inc. | 7,301 | 769,963 |
| | | 12,168,469 |
| Telecommunications Equipment — 2.4% |
| Arista Networks, Inc. * | 8,644 | 998,987 |
| Ciena Corp. * | 15,391 | 849,121 |
| CommScope Holding Co., Inc. * | 4,262 | 25,700 |
| Juniper Networks, Inc. | 29,719 | 936,743 |
| Lumentum Holdings, Inc. * | 10,869 | 882,671 |
| Motorola Solutions, Inc. | 4,546 | 971,435 |
| Ubiquiti, Inc. (a) | 3,422 | 965,859 |
| Viasat, Inc. * | 6,250 | 230,063 |
| | | 5,860,579 |
| Telecommunications Service Providers — 1.5% |
| Altice USA, Inc., Class A * | 68,208 | 632,970 |
| Cable One, Inc. | 524 | 611,089 |
| DISH Network Corp., Class A * | 33,638 | 959,019 |
| Liberty Broadband Corp., Class C * | 5,613 | 627,646 |
| Lumen Technologies, Inc. | 96,081 | 966,575 |
| | | 3,797,299 |
| Travel & Leisure — 0.6% |
| Choice Hotels International, Inc. | 2,196 | 308,450 |
| Copa Holdings SA, Class A (Panama) * (a) | 5,189 | 391,095 |
| Travel + Leisure Co. | 4,294 | 238,231 |
| Wendy's Co. (The) | 1,150 | 22,724 |
| Yum China Holdings, Inc. (China) | 12,685 | 530,233 |
| | | 1,490,733 |
| Waste & Disposal Services — 1.0% |
| Clean Harbors, Inc. * | 10,008 | 1,050,139 |
| Republic Services, Inc. | 7,798 | 1,047,037 |
| Stericycle, Inc. * | 9,350 | 469,277 |
| | | 2,566,453 |
Total Common Stocks
(Cost $215,083,918) | | 246,257,623 |
| INVESTMENTS | SHARES | VALUE ($) |
| Short-Term Investments — 3.3% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $250,728) | 250,728 | 250,728 |
| Investment of Cash Collateral from Securities Loaned — 3.2% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) | 5,951,580 | 5,947,413 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 1,816,951 | 1,816,951 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $7,764,543) | | 7,764,364 |
Total Short-Term Investments
(Cost $8,015,271) | | 8,015,092 |
Total Investments — 103.1%
(Cost $223,099,189) | | 254,272,715 |
| Liabilities in Excess of Other Assets — (3.1)% | | (7,628,358) |
| NET ASSETS — 100.0% | | 246,644,357 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $7,354,015. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 196 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| S&P Midcap 400 E-Mini Index | 1 | 06/17/2022 | USD | 249,440 | (6,692) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 197 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 0.1% |
| Moog, Inc., Class A | 1,111 | 88,736 |
| National Presto Industries, Inc. | 1,380 | 98,159 |
| | | 186,895 |
| Automobiles & Parts — 0.5% |
| Dorman Products, Inc. * | 3,942 | 389,154 |
| Gentherm, Inc. * | 9,155 | 617,230 |
| | | 1,006,384 |
| Banks — 4.6% |
| 1st Source Corp. | 1,428 | 61,790 |
| Ameris Bancorp | 8,744 | 364,625 |
| Atlantic Union Bankshares Corp. | 5,326 | 179,912 |
| Axos Financial, Inc. * | 5,639 | 213,605 |
| BancFirst Corp. | 972 | 79,461 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 8,946 | 286,540 |
| Banner Corp. | 3,228 | 173,344 |
| Brookline Bancorp, Inc. | 7,737 | 111,877 |
| Capital City Bank Group, Inc. | 603 | 15,443 |
| Cathay General Bancorp | 9,027 | 361,892 |
| Community Trust Bancorp, Inc. | 2,184 | 86,945 |
| First BanCorp (Puerto Rico) | 15,191 | 206,749 |
| First Busey Corp. | 2,164 | 48,625 |
| First Financial Bancorp | 5,623 | 114,990 |
| First Financial Bankshares, Inc. | 11,344 | 453,533 |
| First Financial Corp. | 877 | 37,378 |
| First Merchants Corp. | 2,501 | 98,014 |
| Flagstar Bancorp, Inc. | 8,385 | 295,990 |
| Fulton Financial Corp. | 11,423 | 173,287 |
| Hancock Whitney Corp. | 5,207 | 243,531 |
| Hilltop Holdings, Inc. | 18,816 | 479,620 |
| Home BancShares, Inc. | 802 | 17,339 |
| Hope Bancorp, Inc. | 27,193 | 388,860 |
| Independent Bank Group, Inc. | 3,773 | 255,809 |
| Lakeland Financial Corp. | 1,907 | 138,868 |
| NBT Bancorp, Inc. | 2,461 | 86,627 |
| OceanFirst Financial Corp. | 10,538 | 197,377 |
| OFG Bancorp (Puerto Rico) | 6,745 | 179,282 |
| Old National Bancorp | 36,808 | 558,019 |
| Renasant Corp. | 6,761 | 201,410 |
| Republic Bancorp, Inc., Class A | 1,695 | 70,648 |
| Sandy Spring Bancorp, Inc. | 2,154 | 84,588 |
| Simmons First National Corp., Class A | 12,723 | 303,698 |
| TrustCo Bank Corp. | 2,178 | 67,845 |
| Trustmark Corp. | 11,002 | 306,736 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Banks — continued |
| UMB Financial Corp. | 5,297 | 477,683 |
| United Bankshares, Inc. | 15,933 | 529,932 |
| United Community Banks, Inc. | 7,772 | 234,248 |
| Valley National Bancorp | 47,057 | 563,743 |
| Washington Federal, Inc. | 6,776 | 206,194 |
| WesBanco, Inc. | 6,444 | 207,755 |
| | | 9,163,812 |
| Beverages — 1.4% |
| Celsius Holdings, Inc. * (a) | 10,335 | 537,420 |
| Coca-Cola Consolidated, Inc. | 1,414 | 624,281 |
| Duckhorn Portfolio, Inc. (The) * | 13,052 | 253,470 |
| MGP Ingredients, Inc. (a) | 5,334 | 487,154 |
| National Beverage Corp. | 10,585 | 466,587 |
| Primo Water Corp. | 29,684 | 434,574 |
| | | 2,803,486 |
| Chemicals — 3.6% |
| AdvanSix, Inc. | 10,211 | 454,798 |
| American Vanguard Corp. | 9,446 | 202,144 |
| Avient Corp. | 12,718 | 626,234 |
| Balchem Corp. | 4,252 | 523,846 |
| Cabot Corp. | 8,130 | 535,361 |
| GCP Applied Technologies, Inc. * | 11,371 | 356,708 |
| Ingevity Corp. * | 9,696 | 580,790 |
| Innospec, Inc. | 5,547 | 528,685 |
| Livent Corp. * (a) | 18,783 | 401,205 |
| Orion Engineered Carbons SA (Germany) | 22,741 | 343,389 |
| Quaker Chemical Corp. | 1,179 | 191,835 |
| Rayonier Advanced Materials, Inc. * | 40,611 | 208,335 |
| Sensient Technologies Corp. | 7,334 | 620,457 |
| Stepan Co. | 4,260 | 434,989 |
| Trinseo plc | 13,763 | 653,054 |
| Tronox Holdings plc, Class A | 33,096 | 569,251 |
| | | 7,231,081 |
| Construction & Materials — 1.9% |
| Comfort Systems USA, Inc. | 6,341 | 535,307 |
| EMCOR Group, Inc. | 4,331 | 461,165 |
| Exponent, Inc. | 3,651 | 349,802 |
| GMS, Inc. * | 5,616 | 269,287 |
| Great Lakes Dredge & Dock Corp. * | 3,532 | 48,777 |
| Griffon Corp. | 4,150 | 77,647 |
| Installed Building Products, Inc. | 2,597 | 208,981 |
| JELD-WEN Holding, Inc. * | 6,299 | 130,956 |
| Masonite International Corp. * | 2,657 | 205,971 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 198 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Construction & Materials — continued |
| Mueller Water Products, Inc., Class A | 16,495 | 198,435 |
| Patrick Industries, Inc. | 3,120 | 194,220 |
| Quanex Building Products Corp. | 4,970 | 95,524 |
| Simpson Manufacturing Co., Inc. | 4,617 | 478,644 |
| Tetra Tech, Inc. | 3,787 | 527,453 |
| | | 3,782,169 |
| Consumer Services — 0.4% |
| Carriage Services, Inc. | 1,699 | 72,870 |
| Laureate Education, Inc., Class A | 37,566 | 425,623 |
| Perdoceo Education Corp. * | 12,044 | 134,652 |
| Rent-A-Center, Inc. | 10,890 | 262,667 |
| | | 895,812 |
| Electricity — 1.6% |
| ALLETE, Inc. | 7,202 | 427,367 |
| Clearway Energy, Inc., Class C | 18,024 | 550,273 |
| MGE Energy, Inc. | 4,539 | 353,452 |
| NorthWestern Corp. | 10,156 | 575,744 |
| PNM Resources, Inc. | 13,870 | 647,174 |
| Portland General Electric Co. | 12,141 | 574,633 |
| Via Renewables, Inc. | 17,339 | 123,800 |
| | | 3,252,443 |
| Electronic & Electrical Equipment — 1.3% |
| Atkore, Inc. * | 6,305 | 605,910 |
| AZZ, Inc. | 4,241 | 193,559 |
| Badger Meter, Inc. | 5,224 | 421,525 |
| Brady Corp., Class A | 4,546 | 203,433 |
| Encore Wire Corp. | 5,654 | 637,828 |
| Watts Water Technologies, Inc., Class A | 3,495 | 445,473 |
| | | 2,507,728 |
| Finance & Credit Services — 1.5% |
| Encore Capital Group, Inc. * | 1,218 | 70,413 |
| Enova International, Inc. * | 7,528 | 281,547 |
| Mr. Cooper Group, Inc. * | 13,174 | 592,435 |
| Navient Corp. | 39,253 | 623,730 |
| PennyMac Financial Services, Inc. | 9,101 | 441,945 |
| Radian Group, Inc. | 24,162 | 516,825 |
| Walker & Dunlop, Inc. | 3,204 | 383,711 |
| | | 2,910,606 |
| Food Producers — 3.7% |
| Andersons, Inc. (The) | 8,896 | 446,846 |
| B&G Foods, Inc. (a) | 15,707 | 422,990 |
| BellRing Brands, Inc. * | 16,735 | 358,631 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Food Producers — continued |
| Cal-Maine Foods, Inc. | 9,521 | 511,563 |
| Fresh Del Monte Produce, Inc. | 14,974 | 390,073 |
| Hostess Brands, Inc. * | 29,312 | 665,089 |
| J & J Snack Foods Corp. | 3,235 | 484,280 |
| John B Sanfilippo & Son, Inc. | 3,684 | 286,026 |
| Lancaster Colony Corp. | 3,137 | 486,800 |
| Medifast, Inc. | 2,298 | 409,871 |
| Nature's Sunshine Products, Inc. * | 4,613 | 76,391 |
| Sanderson Farms, Inc. | 3,603 | 682,300 |
| Simply Good Foods Co. (The) * | 16,750 | 697,637 |
| Tattooed Chef, Inc. * (a) | 8,132 | 64,975 |
| Tootsie Roll Industries, Inc. (a) | 13,275 | 465,023 |
| TreeHouse Foods, Inc. * | 12,852 | 404,838 |
| USANA Health Sciences, Inc. * | 5,471 | 419,407 |
| Utz Brands, Inc. (a) | 17,036 | 240,548 |
| | | 7,513,288 |
| Gas, Water & Multi-utilities — 3.4% |
| American States Water Co. | 6,412 | 504,368 |
| Avista Corp. | 11,826 | 479,781 |
| Black Hills Corp. | 8,428 | 617,267 |
| Brookfield Infrastructure Corp., Class A (Canada) | 8,124 | 576,154 |
| California Water Service Group | 7,900 | 409,773 |
| Chesapeake Utilities Corp. | 3,301 | 413,186 |
| Evoqua Water Technologies Corp. * | 14,918 | 621,931 |
| Middlesex Water Co. | 4,039 | 359,269 |
| New Jersey Resources Corp. | 12,491 | 539,112 |
| Northwest Natural Holding Co. | 8,104 | 387,614 |
| ONE Gas, Inc. | 1,819 | 153,469 |
| SJW Group | 3,120 | 184,080 |
| South Jersey Industries, Inc. (a) | 17,388 | 594,496 |
| Southwest Gas Holdings, Inc. (a) | 8,202 | 722,678 |
| Spire, Inc. | 4,567 | 332,249 |
| | | 6,895,427 |
| General Industrials — 1.2% |
| Apogee Enterprises, Inc. | 4,784 | 210,496 |
| Barnes Group, Inc. | 2,155 | 72,365 |
| CSW Industrials, Inc. | 1,574 | 166,073 |
| Greif, Inc., Class A | 6,257 | 379,675 |
| HB Fuller Co. | 9,227 | 615,441 |
| Kronos Worldwide, Inc. | 16,279 | 247,766 |
| Myers Industries, Inc. | 4,338 | 95,132 |
| Otter Tail Corp. | 7,923 | 459,217 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 199 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| General Industrials — continued |
| Standex International Corp. | 1,597 | 150,182 |
| TriMas Corp. | 1,670 | 49,332 |
| | | 2,445,679 |
| Health Care Providers — 3.2% |
| Addus HomeCare Corp. * | 2,647 | 223,089 |
| Apollo Medical Holdings, Inc. * (a) | 10,295 | 375,562 |
| Brookdale Senior Living, Inc. * | 5,069 | 31,326 |
| Community Health Systems, Inc. * | 29,318 | 224,869 |
| Computer Programs and Systems, Inc. * | 3,949 | 126,052 |
| CorVel Corp. * | 2,288 | 354,823 |
| Ensign Group, Inc. (The) | 7,646 | 614,203 |
| Healthcare Services Group, Inc. | 7,364 | 125,851 |
| LHC Group, Inc. * | 3,149 | 522,262 |
| ModivCare, Inc. * | 3,526 | 366,598 |
| NextGen Healthcare, Inc. * | 8,246 | 155,437 |
| Omnicell, Inc. * | 3,746 | 408,951 |
| Option Care Health, Inc. * | 17,997 | 537,750 |
| Pennant Group, Inc. (The) * | 6,856 | 112,370 |
| RadNet, Inc. * | 5,998 | 116,961 |
| Select Medical Holdings Corp. | 16,914 | 382,425 |
| Surgery Partners, Inc. * | 11,654 | 596,219 |
| Tenet Healthcare Corp. * | 6,868 | 497,999 |
| Tivity Health, Inc. * | 13,153 | 422,606 |
| US Physical Therapy, Inc. | 1,606 | 166,655 |
| | | 6,362,008 |
| Household Goods & Home Construction — 1.6% |
| Beazer Homes USA, Inc. * | 4,172 | 62,914 |
| Central Garden & Pet Co., Class A * | 6,854 | 283,619 |
| CompX International, Inc. | 1,658 | 35,199 |
| Ethan Allen Interiors, Inc. (a) | 17,886 | 424,614 |
| Hamilton Beach Brands Holding Co., Class A | 2,906 | 27,200 |
| HNI Corp. | 9,119 | 325,001 |
| Interface, Inc. | 23,272 | 295,322 |
| La-Z-Boy, Inc. | 15,047 | 395,435 |
| LGI Homes, Inc. * | 1,004 | 94,085 |
| M/I Homes, Inc. * | 6,166 | 273,030 |
| MDC Holdings, Inc. | 3,624 | 133,762 |
| MillerKnoll, Inc. | 9,911 | 314,476 |
| Sleep Number Corp. * (a) | 1,115 | 45,224 |
| Steelcase, Inc., Class A | 15,749 | 184,736 |
| Taylor Morrison Home Corp. * | 5,948 | 155,778 |
| Tri Pointe Homes, Inc. * | 6,507 | 134,500 |
| | | 3,184,895 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Industrial Engineering — 1.3% |
| Albany International Corp., Class A | 2,591 | 202,668 |
| Astec Industries, Inc. | 7,252 | 283,553 |
| Columbus McKinnon Corp. | 7,431 | 263,429 |
| EnPro Industries, Inc. | 3,180 | 296,408 |
| Franklin Electric Co., Inc. | 5,937 | 415,234 |
| Hillenbrand, Inc. | 10,913 | 445,469 |
| John Bean Technologies Corp. | 2,104 | 248,040 |
| Tennant Co. | 1,720 | 111,078 |
| Titan Machinery, Inc. * | 2,807 | 66,189 |
| Zurn Water Solutions Corp. | 9,124 | 284,851 |
| | | 2,616,919 |
| Industrial Materials — 1.9% |
| Boise Cascade Co. | 8,390 | 634,116 |
| Clearwater Paper Corp. * | 10,083 | 333,848 |
| Glatfelter Corp. | 12,391 | 136,301 |
| Koppers Holdings, Inc. | 11,084 | 268,898 |
| Materion Corp. | 6,978 | 594,177 |
| Meta Materials, Inc. * (a) | 124,356 | 149,227 |
| Minerals Technologies, Inc. | 8,101 | 515,305 |
| Neenah, Inc. | 6,932 | 245,393 |
| Schweitzer-Mauduit International, Inc. | 12,306 | 309,619 |
| Tredegar Corp. | 8,147 | 93,283 |
| UFP Industries, Inc. | 7,766 | 600,855 |
| | | 3,881,022 |
| Industrial Metals & Mining — 4.0% |
| Arconic Corp. * | 872 | 21,939 |
| Carpenter Technology Corp. | 16,913 | 645,738 |
| Century Aluminum Co. * | 22,049 | 371,967 |
| Commercial Metals Co. | 16,443 | 674,163 |
| Compass Minerals International, Inc. | 8,530 | 504,379 |
| Constellium SE * | 25,014 | 417,484 |
| Energy Fuels, Inc. * (a) | 46,863 | 351,941 |
| GrafTech International Ltd. | 50,045 | 454,409 |
| Haynes International, Inc. | 6,386 | 249,565 |
| Kaiser Aluminum Corp. | 4,862 | 469,183 |
| Mueller Industries, Inc. | 11,743 | 635,883 |
| Olympic Steel, Inc. | 4,078 | 139,998 |
| RBC Bearings, Inc. * | 3,264 | 549,494 |
| Schnitzer Steel Industries, Inc., Class A | 12,224 | 557,781 |
| TimkenSteel Corp. * | 15,871 | 328,054 |
| Uranium Energy Corp. * (a) | 87,993 | 373,970 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 200 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Industrial Metals & Mining — continued |
| US Silica Holdings, Inc. * | 45,747 | 849,979 |
| Worthington Industries, Inc. | 9,240 | 439,547 |
| | | 8,035,474 |
| Industrial Support Services — 2.8% |
| ABM Industries, Inc. | 6,522 | 314,817 |
| Applied Industrial Technologies, Inc. | 6,493 | 679,752 |
| ASGN, Inc. * | 4,581 | 519,715 |
| CoreCivic, Inc., REIT * | 28,742 | 357,263 |
| CRA International, Inc. | 2,499 | 205,843 |
| Deluxe Corp. | 3,398 | 92,018 |
| DXP Enterprises, Inc. * | 926 | 21,881 |
| EVERTEC, Inc. (Puerto Rico) | 6,312 | 248,693 |
| ExlService Holdings, Inc. * | 3,070 | 417,981 |
| Forrester Research, Inc. * | 2,469 | 137,499 |
| Heidrick & Struggles International, Inc. | 3,389 | 108,312 |
| Insperity, Inc. | 2,698 | 286,123 |
| Korn Ferry | 3,807 | 233,902 |
| Lawson Products, Inc. * | 1,166 | 44,296 |
| Maximus, Inc. | 7,431 | 541,571 |
| Pitney Bowes, Inc. | 28,219 | 148,714 |
| Resources Connection, Inc. | 3,802 | 65,356 |
| TriNet Group, Inc. * | 4,532 | 401,988 |
| TrueBlue, Inc. * | 2,495 | 63,797 |
| TTEC Holdings, Inc. | 5,115 | 377,538 |
| UniFirst Corp. | 1,885 | 324,786 |
| | | 5,591,845 |
| Industrial Transportation — 2.5% |
| ArcBest Corp. | 4,550 | 328,328 |
| Atlas Air Worldwide Holdings, Inc. * | 7,883 | 543,454 |
| Costamare, Inc. (Monaco) | 12,469 | 167,209 |
| DHT Holdings, Inc. | 96,644 | 543,139 |
| Federal Signal Corp. | 5,506 | 187,369 |
| Forward Air Corp. | 3,461 | 335,613 |
| Frontline Ltd. (Norway) * (a) | 35,757 | 297,856 |
| GATX Corp. | 2,820 | 291,560 |
| Genco Shipping & Trading Ltd. | 11,651 | 256,672 |
| Hub Group, Inc., Class A * | 1,225 | 82,271 |
| Matson, Inc. | 6,069 | 522,055 |
| McGrath RentCorp | 2,654 | 221,503 |
| Saia, Inc. * | 2,370 | 488,125 |
| Scorpio Tankers, Inc. (Monaco) | 2,862 | 70,777 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Industrial Transportation — continued |
| Triton International Ltd. (Bermuda) | 10,076 | 615,543 |
| Wabash National Corp. | 4,366 | 62,478 |
| | | 5,013,952 |
| Investment Banking & Brokerage Services — 1.3% |
| Artisan Partners Asset Management, Inc., Class A | 13,931 | 447,742 |
| B Riley Financial, Inc. | 2,218 | 100,165 |
| Brightsphere Investment Group, Inc. | 17,217 | 345,029 |
| Cohen & Steers, Inc. (a) | 4,352 | 338,107 |
| Cowen, Inc., Class A | 13,431 | 306,898 |
| Federated Hermes, Inc. | 13,369 | 380,749 |
| Houlihan Lokey, Inc. | 3,713 | 309,256 |
| Moelis & Co., Class A | 7,274 | 321,947 |
| Virtus Investment Partners, Inc. | 801 | 141,905 |
| | | 2,691,798 |
| Leisure Goods — 1.4% |
| Camping World Holdings, Inc., Class A (a) | 16,167 | 415,169 |
| Fox Factory Holding Corp. * | 3,505 | 286,989 |
| LCI Industries | 2,489 | 242,229 |
| Nautilus, Inc. * | 26,419 | 79,521 |
| Smith & Wesson Brands, Inc. | 41,470 | 569,383 |
| Sonos, Inc. * (a) | 15,111 | 344,833 |
| Sturm Ruger & Co., Inc. | 9,314 | 634,749 |
| Universal Electronics, Inc. * | 4,569 | 134,786 |
| | | 2,707,659 |
| Life Insurance — 0.5% |
| American Equity Investment Life Holding Co. | 9,926 | 374,409 |
| CNO Financial Group, Inc. | 27,237 | 657,501 |
| National Western Life Group, Inc., Class A | 190 | 37,764 |
| | | 1,069,674 |
| Media — 0.1% |
| Gray Television, Inc. | 12,647 | 234,222 |
| QuinStreet, Inc. * | 2,599 | 24,717 |
| | | 258,939 |
| Medical Equipment & Services — 3.8% |
| Accuray, Inc. * | 14,155 | 37,652 |
| AdaptHealth Corp. * | 15,284 | 193,495 |
| Anika Therapeutics, Inc. * | 1,690 | 36,386 |
| AtriCure, Inc. * | 7,127 | 370,105 |
| Atrion Corp. | 188 | 117,805 |
| Avanos Medical, Inc. * | 5,264 | 153,498 |
| CONMED Corp. | 4,571 | 607,760 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 201 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Medical Equipment & Services — continued |
| Fulgent Genetics, Inc. * | 8,248 | 452,650 |
| Inogen, Inc. * | 1,255 | 31,726 |
| Integer Holdings Corp. * | 5,556 | 417,645 |
| Intersect ENT, Inc. * | 2,385 | 65,277 |
| Invacare Corp. * (a) | 14,139 | 23,471 |
| Lantheus Holdings, Inc. * | 12,446 | 826,539 |
| Meridian Bioscience, Inc. * | 23,390 | 598,550 |
| Merit Medical Systems, Inc. * | 9,452 | 586,119 |
| Natus Medical, Inc. * | 8,905 | 296,269 |
| Neogen Corp. * | 13,573 | 358,327 |
| NeoGenomics, Inc. * | 16,802 | 158,779 |
| OraSure Technologies, Inc. * | 34,534 | 212,039 |
| Orthofix Medical, Inc. * | 3,183 | 98,673 |
| Owens & Minor, Inc. | 15,253 | 541,329 |
| Patterson Cos., Inc. | 19,346 | 595,276 |
| STAAR Surgical Co. * | 4,973 | 283,909 |
| Surmodics, Inc. * | 3,892 | 150,465 |
| Varex Imaging Corp. * | 15,346 | 304,618 |
| Zynex, Inc. (a) | 6,316 | 40,233 |
| | | 7,558,595 |
| Mortgage Real Estate Investment Trusts — 2.0% |
| Apollo Commercial Real Estate Finance, Inc. | 20,507 | 246,904 |
| Arbor Realty Trust, Inc. | 19,898 | 340,256 |
| Blackstone Mortgage Trust, Inc., Class A | 13,497 | 405,450 |
| Dynex Capital, Inc. (a) | 6,756 | 109,650 |
| Ellington Financial, Inc. (a) | 31,027 | 502,327 |
| Granite Point Mortgage Trust, Inc. | 9,183 | 89,351 |
| iStar, Inc. (a) | 26,893 | 452,878 |
| KKR Real Estate Finance Trust, Inc. | 21,873 | 415,587 |
| Ladder Capital Corp. | 20,726 | 236,069 |
| MFA Financial, Inc. (a) | 34,557 | 492,437 |
| New York Mortgage Trust, Inc. | 88,394 | 284,629 |
| PennyMac Mortgage Investment Trust | 6,524 | 100,078 |
| Redwood Trust, Inc. | 28,193 | 273,472 |
| TPG RE Finance Trust, Inc. | 7,726 | 81,509 |
| | | 4,030,597 |
| Non-life Insurance — 1.0% |
| American National Group, Inc. | 968 | 182,574 |
| Employers Holdings, Inc. | 5,396 | 212,279 |
| Enstar Group Ltd. * | 1,160 | 273,470 |
| Essent Group Ltd. | 4,352 | 176,386 |
| Horace Mann Educators Corp. | 4,068 | 162,110 |
| Safety Insurance Group, Inc. | 2,273 | 195,569 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Non-life Insurance — continued |
| Selective Insurance Group, Inc. | 4,344 | 357,772 |
| Stewart Information Services Corp. | 9,846 | 508,054 |
| | | 2,068,214 |
| Non-Renewable Energy — 7.0% |
| Antero Resources Corp. * | 25,769 | 907,069 |
| Archrock, Inc. | 57,240 | 498,560 |
| Berry Corp. | 28,347 | 310,967 |
| Brigham Minerals, Inc., Class A | 9,020 | 223,516 |
| Cactus, Inc., Class A | 11,895 | 593,917 |
| Centennial Resource Development, Inc., Class A * | 75,649 | 585,523 |
| ChampionX Corp. | 13,555 | 286,010 |
| Civitas Resources, Inc. (a) | 10,849 | 635,968 |
| CNX Resources Corp. * | 36,676 | 753,692 |
| CONSOL Energy, Inc. * | 18,058 | 858,658 |
| DMC Global, Inc. * | 7,147 | 142,869 |
| Dril-Quip, Inc. * | 1,618 | 46,728 |
| Helix Energy Solutions Group, Inc. * | 51,207 | 210,461 |
| Magnolia Oil & Gas Corp., Class A | 27,389 | 636,520 |
| Matador Resources Co. | 12,228 | 596,971 |
| Matrix Service Co. * | 2,060 | 14,008 |
| MRC Global, Inc. * | 14,361 | 172,188 |
| Nabors Industries Ltd. * | 3,759 | 581,217 |
| Newpark Resources, Inc. * | 9,383 | 32,747 |
| Northern Oil and Gas, Inc. | 8,357 | 208,758 |
| NOW, Inc. * | 22,213 | 242,122 |
| Oceaneering International, Inc. * | 14,830 | 168,024 |
| Ovintiv, Inc. | 13,642 | 698,334 |
| Patterson-UTI Energy, Inc. | 43,107 | 708,679 |
| PDC Energy, Inc. | 9,289 | 647,815 |
| ProPetro Holding Corp. * | 46,756 | 661,130 |
| Ranger Oil Corp. * | 19,518 | 621,648 |
| RPC, Inc. * | 14,929 | 154,366 |
| SM Energy Co. | 16,384 | 582,123 |
| Solaris Oilfield Infrastructure, Inc., Class A | 30,642 | 344,722 |
| SunCoke Energy, Inc. | 46,977 | 390,849 |
| Warrior Met Coal, Inc. | 3,843 | 130,931 |
| World Fuel Services Corp. | 19,319 | 467,906 |
| | | 14,114,996 |
| Personal Care, Drug & Grocery Stores — 3.5% |
| ACCO Brands Corp. | 36,637 | 268,549 |
| Beauty Health Co. (The) * | 22,991 | 301,182 |
| Chefs' Warehouse, Inc. (The) * (a) | 13,690 | 501,054 |
| Edgewell Personal Care Co. | 12,589 | 480,144 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 202 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Personal Care, Drug & Grocery Stores — continued |
| Energizer Holdings, Inc. | 13,532 | 409,884 |
| Ingles Markets, Inc., Class A | 5,880 | 547,546 |
| Nu Skin Enterprises, Inc., Class A | 10,042 | 428,191 |
| Performance Food Group Co. * | 12,380 | 609,715 |
| PetMed Express, Inc. (a) | 16,728 | 366,343 |
| PLBY Group, Inc. * (a) | 28,991 | 256,280 |
| Rite Aid Corp. * (a) | 46,404 | 295,594 |
| SpartanNash Co. | 18,024 | 617,863 |
| Sprouts Farmers Market, Inc. * | 16,042 | 478,052 |
| United Natural Foods, Inc. * | 13,122 | 563,328 |
| Veru, Inc. * | 44,456 | 521,024 |
| WD-40 Co. (a) | 2,440 | 448,911 |
| | | 7,093,660 |
| Personal Goods — 0.8% |
| Movado Group, Inc. | 5,140 | 184,886 |
| Oxford Industries, Inc. | 4,638 | 415,565 |
| Signet Jewelers Ltd. (a) | 8,398 | 589,539 |
| Steven Madden Ltd. | 8,746 | 359,111 |
| Vera Bradley, Inc. * | 7,309 | 44,950 |
| | | 1,594,051 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 3.4% |
| Amphastar Pharmaceuticals, Inc. * | 6,105 | 216,544 |
| ANI Pharmaceuticals, Inc. * | 3,645 | 107,564 |
| Arcus Biosciences, Inc. * (a) | 6,796 | 164,531 |
| Arrowhead Pharmaceuticals, Inc. * | 10,307 | 423,721 |
| Arvinas, Inc. * | 5,907 | 324,708 |
| Castle Biosciences, Inc. * | 4,779 | 106,763 |
| Catalyst Pharmaceuticals, Inc. * | 35,606 | 271,318 |
| Codexis, Inc. * | 3,583 | 43,103 |
| Collegium Pharmaceutical, Inc. * | 13,512 | 217,543 |
| Corcept Therapeutics, Inc. * | 13,236 | 284,706 |
| Eagle Pharmaceuticals, Inc. * | 2,608 | 115,091 |
| Emergent BioSolutions, Inc. * | 5,129 | 166,077 |
| Halozyme Therapeutics, Inc. * | 10,370 | 413,763 |
| Heska Corp. * (a) | 1,319 | 144,879 |
| Innoviva, Inc. * (a) | 24,714 | 421,621 |
| Kodiak Sciences, Inc. * | 6,185 | 37,234 |
| Ligand Pharmaceuticals, Inc. * | 2,199 | 204,199 |
| Medpace Holdings, Inc. * | 3,340 | 446,124 |
| Myriad Genetics, Inc. * | 8,297 | 170,088 |
| Pacific Biosciences of California, Inc. * (a) | 28,353 | 179,758 |
| Pacira BioSciences, Inc. * | 8,004 | 596,858 |
| PDL BioPharma, Inc. ‡ * | 22,361 | 55,232 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Pharmaceuticals, Biotechnology & Marijuana Producers — continued |
| Prestige Consumer Healthcare, Inc. * | 9,519 | 520,309 |
| Prothena Corp. plc (Ireland) * | 13,300 | 387,828 |
| Supernus Pharmaceuticals, Inc. * | 14,130 | 394,227 |
| Travere Therapeutics, Inc. * (a) | 8,405 | 211,218 |
| Vanda Pharmaceuticals, Inc. * | 15,544 | 154,196 |
| Xencor, Inc. * | 5,144 | 128,497 |
| | | 6,907,700 |
| Precious Metals & Mining — 0.3% |
| Hecla Mining Co. | 95,437 | 497,227 |
| Real Estate Investment & Services — 1.1% |
| Cushman & Wakefield plc * | 15,674 | 280,564 |
| Douglas Elliman, Inc. | 30,847 | 186,933 |
| eXp World Holdings, Inc. (a) | 17,171 | 229,920 |
| Kennedy-Wilson Holdings, Inc. | 14,993 | 338,092 |
| Newmark Group, Inc., Class A | 39,032 | 474,239 |
| Realogy Holdings Corp. * | 37,505 | 411,055 |
| St. Joe Co. (The) | 6,955 | 370,075 |
| | | 2,290,878 |
| Real Estate Investment Trusts — 9.1% |
| Agree Realty Corp. | 7,922 | 538,062 |
| American Assets Trust, Inc. | 5,388 | 197,201 |
| Apartment Investment and Management Co., Class A * | 35,673 | 224,740 |
| Ares Commercial Real Estate Corp. | 8,818 | 132,887 |
| Brandywine Realty Trust | 20,064 | 234,147 |
| Broadstone Net Lease, Inc. | 29,605 | 612,528 |
| CareTrust REIT, Inc. | 21,154 | 342,906 |
| Centerspace | 3,015 | 278,164 |
| Community Healthcare Trust, Inc. | 3,570 | 131,447 |
| DiamondRock Hospitality Co. * | 9,931 | 105,467 |
| DigitalBridge Group, Inc. * | 73,979 | 514,894 |
| Easterly Government Properties, Inc. | 8,838 | 168,364 |
| EastGroup Properties, Inc. | 3,330 | 624,375 |
| Essential Properties Realty Trust, Inc. | 20,543 | 493,032 |
| Four Corners Property Trust, Inc. | 16,751 | 459,983 |
| GEO Group, Inc. (The) * (a) | 81,159 | 529,968 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9,783 | 391,222 |
| Healthcare Realty Trust, Inc. (a) | 17,389 | 470,894 |
| Independence Realty Trust, Inc. | 24,638 | 671,632 |
| Industrial Logistics Properties Trust | 6,772 | 109,436 |
| Innovative Industrial Properties, Inc. | 2,763 | 399,502 |
| Kite Realty Group Trust | 28,887 | 644,180 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 203 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Real Estate Investment Trusts — continued |
| LTC Properties, Inc. | 10,286 | 339,438 |
| LXP Industrial Trust | 41,156 | 516,508 |
| Macerich Co. (The) (a) | 30,727 | 385,624 |
| National Health Investors, Inc. | 6,846 | 352,774 |
| National Storage Affiliates Trust | 10,282 | 581,961 |
| NexPoint Residential Trust, Inc. | 1,600 | 142,656 |
| Office Properties Income Trust | 8,412 | 181,868 |
| Pebblebrook Hotel Trust | 23,520 | 574,358 |
| Physicians Realty Trust | 28,945 | 496,117 |
| Piedmont Office Realty Trust, Inc., Class A | 26,512 | 426,843 |
| PotlatchDeltic Corp. | 11,806 | 653,934 |
| PS Business Parks, Inc. | 3,856 | 721,843 |
| Retail Opportunity Investments Corp. | 25,539 | 475,792 |
| RPT Realty | 19,136 | 254,318 |
| Sabra Health Care REIT, Inc. | 30,128 | 351,895 |
| SITE Centers Corp. | 30,733 | 488,655 |
| STAG Industrial, Inc. | 16,161 | 603,129 |
| Summit Hotel Properties, Inc. * | 18,768 | 185,240 |
| Tanger Factory Outlet Centers, Inc. (a) | 33,187 | 535,306 |
| Terreno Realty Corp. | 9,214 | 670,319 |
| Uniti Group, Inc. | 33,531 | 415,449 |
| Urban Edge Properties | 20,674 | 386,397 |
| Washington (a) | 12,070 | 290,766 |
| Xenia Hotels & Resorts, Inc. * | 358 | 6,906 |
| | | 18,313,127 |
| Renewable Energy — 0.4% |
| Arcosa, Inc. | 10,162 | 543,972 |
| Green Plains, Inc. * | 3,813 | 107,031 |
| REX American Resources Corp. * | 2,649 | 224,185 |
| | | 875,188 |
| Retailers — 3.4% |
| Abercrombie & Fitch Co., Class A * | 22,664 | 783,721 |
| America's Car-Mart, Inc. * | 1,365 | 110,360 |
| Asbury Automotive Group, Inc. * | 890 | 163,502 |
| Big 5 Sporting Goods Corp. (a) | 25,959 | 375,627 |
| Big Lots, Inc. | 6,574 | 203,137 |
| BJ's Wholesale Club Holdings, Inc. * | 8,512 | 547,747 |
| Buckle, Inc. (The) | 15,915 | 494,320 |
| Caleres, Inc. | 1,855 | 42,535 |
| Citi Trends, Inc. * (a) | 5,490 | 153,555 |
| Dillard's, Inc., Class A (a) | 2,420 | 735,220 |
| Genesco, Inc. * | 5,612 | 348,112 |
| Global Industrial Co. | 1,113 | 34,347 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Retailers — continued |
| Group 1 Automotive, Inc. | 2,094 | 364,649 |
| Haverty Furniture Cos., Inc. (a) | 11,576 | 287,432 |
| Hibbett, Inc. | 4,966 | 214,432 |
| LL Flooring Holdings, Inc. * | 11,105 | 153,360 |
| Macy's, Inc. | 17,545 | 424,063 |
| ODP Corp. (The) * | 6,314 | 271,692 |
| PriceSmart, Inc. | 1,232 | 97,883 |
| Shoe Carnival, Inc. | 17,113 | 516,642 |
| Sportsman's Warehouse Holdings, Inc. * | 4,174 | 40,112 |
| Zumiez, Inc. * | 11,410 | 417,948 |
| | | 6,780,396 |
| Software & Computer Services — 4.1% |
| Agilysys, Inc. * | 5,625 | 207,056 |
| Alarm.com Holdings, Inc. * | 2,069 | 126,375 |
| Appfolio, Inc., Class A * (a) | 1,597 | 165,864 |
| Avid Technology, Inc. * | 8,710 | 276,194 |
| Blackline, Inc. * | 1,679 | 112,577 |
| Cerence, Inc. * | 7,740 | 228,330 |
| ChannelAdvisor Corp. * | 19,053 | 276,459 |
| Consensus Cloud Solutions, Inc. * | 1,670 | 88,042 |
| CoreCard Corp. * | 1,566 | 35,689 |
| CSG Systems International, Inc. | 7,699 | 473,258 |
| MicroStrategy, Inc., Class A * (a) | 1,154 | 408,712 |
| Mimecast Ltd. * | 5,059 | 403,101 |
| Mitek Systems, Inc. * | 8,737 | 97,592 |
| NetScout Systems, Inc. * | 12,001 | 369,631 |
| OneSpan, Inc. * | 9,727 | 137,443 |
| Perficient, Inc. * | 5,334 | 530,253 |
| Progress Software Corp. | 10,500 | 503,790 |
| Qualys, Inc. * | 4,742 | 646,240 |
| Sailpoint Technologies Holdings, Inc. * | 3,704 | 236,426 |
| Sapiens International Corp. NV (Israel) * | 3,830 | 89,009 |
| Shutterstock, Inc. | 6,513 | 493,164 |
| Simulations Plus, Inc. (a) | 4,946 | 230,780 |
| SPS Commerce, Inc. * | 5,068 | 606,285 |
| Verint Systems, Inc. * | 8,112 | 442,591 |
| VirnetX Holding Corp. * (a) | 8,847 | 12,563 |
| Workiva, Inc. * | 5,738 | 553,774 |
| Ziff Davis, Inc. * | 5,568 | 491,989 |
| | | 8,243,187 |
| Technology Hardware & Equipment — 7.4% |
| Advanced Energy Industries, Inc. | 5,710 | 436,929 |
| Alpha & Omega Semiconductor Ltd. * | 9,094 | 390,133 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 204 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Technology Hardware & Equipment — continued |
| Amkor Technology, Inc. | 25,742 | 484,207 |
| Axcelis Technologies, Inc. * | 10,543 | 574,066 |
| Benchmark Electronics, Inc. | 7,303 | 173,519 |
| CEVA, Inc. * | 4,513 | 164,002 |
| CMC Materials, Inc. | 3,668 | 656,242 |
| Cohu, Inc. * | 11,281 | 299,623 |
| CTS Corp. | 5,027 | 177,805 |
| Daktronics, Inc. * | 7,070 | 23,685 |
| Diodes, Inc. * | 6,755 | 493,318 |
| Fabrinet (Thailand) * | 4,665 | 458,056 |
| FormFactor, Inc. * | 15,429 | 587,999 |
| Ichor Holdings Ltd. * | 9,876 | 287,490 |
| Insight Enterprises, Inc. * | 6,232 | 619,274 |
| Kulicke & Soffa Industries, Inc. (Singapore) (a) | 9,380 | 435,326 |
| Lattice Semiconductor Corp. * | 10,373 | 498,319 |
| MaxLinear, Inc. * | 11,134 | 532,985 |
| Methode Electronics, Inc. | 8,755 | 390,561 |
| NeoPhotonics Corp. * | 39,603 | 599,589 |
| Novanta, Inc. * | 3,245 | 417,631 |
| Onto Innovation, Inc. * | 8,024 | 570,827 |
| PC Connection, Inc. | 2,588 | 128,080 |
| Photronics, Inc. * | 21,904 | 328,341 |
| Plexus Corp. * | 4,555 | 369,593 |
| Power Integrations, Inc. | 7,063 | 565,040 |
| Rambus, Inc. * | 23,195 | 577,787 |
| Rogers Corp. * | 957 | 259,079 |
| ScanSource, Inc. * | 5,011 | 171,577 |
| Semtech Corp. * | 7,486 | 446,166 |
| SiTime Corp. * | 2,526 | 425,808 |
| SMART Global Holdings, Inc. * | 11,527 | 261,202 |
| Super Micro Computer, Inc. * | 1,791 | 75,401 |
| Synaptics, Inc. * | 2,597 | 385,499 |
| TTM Technologies, Inc. * | 20,909 | 291,681 |
| Ultra Clean Holdings, Inc. * | 14,371 | 447,944 |
| Vishay Intertechnology, Inc. | 20,469 | 381,337 |
| Xperi Holding Corp. | 23,540 | 367,224 |
| | | 14,753,345 |
| Telecommunications Equipment — 2.9% |
| ADTRAN, Inc. | 23,666 | 411,552 |
| Aviat Networks, Inc. * | 7,603 | 227,330 |
| Calix, Inc. * | 11,394 | 454,734 |
| Cambium Networks Corp. * | 16,707 | 255,116 |
| Clearfield, Inc. * | 5,227 | 304,368 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Telecommunications Equipment — continued |
| Comtech Telecommunications Corp. | 11,385 | 154,836 |
| EchoStar Corp., Class A * | 23,472 | 548,071 |
| Extreme Networks, Inc. * | 55,029 | 528,278 |
| Harmonic, Inc. * | 49,402 | 410,037 |
| Infinera Corp. * (a) | 50,629 | 389,337 |
| InterDigital, Inc. | 7,916 | 450,025 |
| NETGEAR, Inc. * (a) | 12,284 | 266,563 |
| Plantronics, Inc. * | 17,976 | 716,523 |
| Ribbon Communications, Inc. * | 1,005 | 3,467 |
| Telesat Corp. (Canada) * (a) | 5,411 | 60,820 |
| Viavi Solutions, Inc. * | 40,825 | 585,430 |
| | | 5,766,487 |
| Telecommunications Service Providers — 2.6% |
| Anterix, Inc. * | 2,517 | 130,481 |
| Cogent Communications Holdings, Inc. | 8,889 | 520,006 |
| Consolidated Communications Holdings, Inc. * | 65,524 | 389,868 |
| Globalstar, Inc. * (a) | 415,863 | 482,401 |
| Gogo, Inc. * (a) | 36,369 | 669,553 |
| IDT Corp., Class B * | 15,937 | 422,012 |
| Iridium Communications, Inc. * | 16,170 | 577,431 |
| Liberty Latin America Ltd., Class C (Chile) * | 42,730 | 394,825 |
| Shenandoah Telecommunications Co. | 19,040 | 384,608 |
| Telephone and Data Systems, Inc. (a) | 24,086 | 441,256 |
| Vonage Holdings Corp. * (a) | 31,430 | 627,343 |
| WideOpenWest, Inc. * | 10,279 | 206,094 |
| | | 5,245,878 |
| Tobacco — 0.8% |
| 22nd Century Group, Inc. * (a) | 107,736 | 205,776 |
| Turning Point Brands, Inc. | 11,557 | 362,774 |
| Universal Corp. | 7,620 | 440,817 |
| Vector Group Ltd. | 44,506 | 566,116 |
| | | 1,575,483 |
| Travel & Leisure — 0.1% |
| Biglari Holdings, Inc., Class B * | 106 | 14,458 |
| Chuy's Holdings, Inc. * | 1,221 | 30,537 |
| El Pollo Loco Holdings, Inc. * | 2,838 | 30,225 |
| Ruth's Hospitality Group, Inc. | 2,357 | 49,426 |
| | | 124,646 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 205 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Waste & Disposal Services — 0.3% |
| Casella Waste Systems, Inc., Class A * | 6,049 | 497,470 |
Total Common Stocks
(Cost $198,558,611) | | 200,340,120 |
| INVESTMENTS | NO. OF RIGHTS | VALUE ($) |
| Rights—0.0% ^ |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% ^ |
| Achillion Pharmaceuticals, Inc., CVR ‡ *(Cost $—(b)) | 12,757 | 6,378 |
| Investments | Shares | Value ($) |
| Short-Term Investments — 8.2% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d)(Cost $96,528) | 96,528 | 96,528 |
| Investment of Cash Collateral from Securities Loaned — 8.1% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (c) (d) | 13,345,264 | 13,335,922 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (c) (d) | 2,980,846 | 2,980,846 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $16,318,337) | | 16,316,768 |
Total Short-Term Investments
(Cost $16,414,865) | | 16,413,296 |
Total Investments — 108.0%
(Cost $214,973,476) | | 216,759,794 |
| Liabilities in Excess of Other Assets — (8.0)% | | (16,121,816) |
| NET ASSETS — 100.0% | | 200,637,978 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable inputs. | |
| * | Non-income producing security. | |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $15,285,821. | |
| (b) | Value is zero. | |
| (c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| (d) | The rate shown is the current yield as of April 30, 2022. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| 206 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Russell 2000 E-mini Index | 2 | 06/17/2022 | USD | 186,190 | (4,769) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 207 |
JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — 97.3% |
| Australia — 1.0% |
| IDP Education Ltd. | 30,556 | 566,857 |
| Brazil — 1.1% |
| MercadoLibre, Inc. * | 682 | 664,016 |
| Canada — 3.3% |
| Canadian National Railway Co. | 12,684 | 1,491,689 |
| Shopify, Inc., Class A * | 1,065 | 455,571 |
| | | 1,947,260 |
| China — 7.8% |
| Kingdee International Software Group Co. Ltd. * | 264,000 | 538,717 |
| NXP Semiconductors NV | 2,790 | 476,811 |
| Silergy Corp. | 8,000 | 712,260 |
| Tencent Holdings Ltd. | 46,400 | 2,186,594 |
| Wuxi Biologics Cayman, Inc. * (a) | 94,500 | 697,487 |
| | | 4,611,869 |
| Denmark — 6.4% |
| Coloplast A/S, Class B | 5,981 | 805,813 |
| Genmab A/S * | 2,271 | 798,578 |
| Novo Nordisk A/S, Class B | 19,140 | 2,186,291 |
| | | 3,790,682 |
| France — 6.4% |
| L'Oreal SA | 4,568 | 1,661,884 |
| LVMH Moet Hennessy Louis Vuitton SE | 3,252 | 2,104,484 |
| | | 3,766,368 |
| Germany — 5.2% |
| adidas AG | 4,968 | 1,001,843 |
| Sartorius AG (Preference) | 1,697 | 636,255 |
| Symrise AG | 8,650 | 1,029,301 |
| Zalando SE * (a) | 10,070 | 396,217 |
| | | 3,063,616 |
| Hong Kong — 5.8% |
| AIA Group Ltd. | 165,400 | 1,624,850 |
| Hong Kong Exchanges & Clearing Ltd. | 26,200 | 1,111,377 |
| Techtronic Industries Co. Ltd. | 49,000 | 654,057 |
| | | 3,390,284 |
| India — 1.0% |
| HDFC Bank Ltd., ADR | 10,743 | 593,121 |
| Indonesia — 1.7% |
| Bank Central Asia Tbk. PT | 1,744,700 | 978,553 |
| Japan — 11.1% |
| Daikin Industries Ltd. | 5,400 | 825,215 |
| INVESTMENTS | SHARES | VALUE($) |
| |
| Japan — continued |
| Hoya Corp. | 9,700 | 962,649 |
| Keyence Corp. | 3,400 | 1,366,814 |
| Kyowa Kirin Co. Ltd. | 29,000 | 611,226 |
| Shin-Etsu Chemical Co. Ltd. | 5,700 | 783,377 |
| Sony Group Corp. | 16,300 | 1,406,708 |
| Sysmex Corp. | 8,700 | 570,699 |
| | | 6,526,688 |
| Netherlands — 6.7% |
| Adyen NV * (a) | 529 | 887,288 |
| Argenx SE * | 2,390 | 688,580 |
| ASML Holding NV | 4,188 | 2,376,851 |
| | | 3,952,719 |
| Singapore — 1.5% |
| DBS Group Holdings Ltd. | 37,200 | 902,496 |
| South Africa — 1.0% |
| Anglo American plc | 13,631 | 603,730 |
| South Korea — 0.8% |
| Delivery Hero SE * (a) | 12,643 | 444,439 |
| Sweden — 3.0% |
| Assa Abloy AB, Class B | 34,616 | 874,821 |
| Atlas Copco AB, Class A | 19,174 | 869,289 |
| | | 1,744,110 |
| Switzerland — 12.2% |
| Lonza Group AG (Registered) | 1,576 | 929,264 |
| Nestle SA (Registered) | 21,994 | 2,839,295 |
| Partners Group Holding AG | 595 | 630,401 |
| Roche Holding AG | 5,978 | 2,216,726 |
| Straumann Holding AG (Registered) | 4,910 | 578,848 |
| | | 7,194,534 |
| Taiwan — 5.7% |
| Sea Ltd., ADR * | 6,716 | 555,816 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 30,366 | 2,821,912 |
| | | 3,377,728 |
| United Kingdom — 12.9% |
| Allfunds Group plc | 68,760 | 589,446 |
| Diageo plc | 39,812 | 1,986,174 |
| Intertek Group plc | 14,394 | 896,962 |
| Linde plc | 4,233 | 1,327,628 |
| London Stock Exchange Group plc | 9,453 | 931,988 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 208 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE($) |
| Common Stocks — continued |
| United Kingdom — continued |
| Oxford Nanopore Technologies plc * | 82,654 | 314,721 |
| RELX plc | 51,872 | 1,546,202 |
| | | 7,593,121 |
| United States — 2.7% |
| Cadence Design Systems, Inc. * | 5,419 | 817,456 |
| EPAM Systems, Inc. * | 1,094 | 289,899 |
| Unity Software, Inc. * | 6,777 | 450,061 |
| | | 1,557,416 |
Total Common Stocks
(Cost $61,837,165) | | 57,269,607 |
| Short-Term Investments — 2.8% |
| Investment Companies — 2.8% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,633,814) | 1,633,814 | 1,633,814 |
Total Investments — 100.1%
(Cost $63,470,979) | | 58,903,421 |
| Liabilities in Excess of Other Assets — (0.1)% | | (77,225) |
| NET ASSETS — 100.0% | | 58,826,196 |
Percentages indicated are based on net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| 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 |
| * | Non-income producing security. |
| (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) | 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, 2022. |
Summary of Investments by Industry, April 30, 2022
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| INDUSTRY | PERCENT OF
TOTAL
INVESTMENTS |
| Semiconductors & Semiconductor Equipment | 10.8% |
| Pharmaceuticals | 8.5 |
| Health Care Equipment & Supplies | 6.1 |
| Capital Markets | 5.6 |
| Chemicals | 5.3 |
| Textiles, Apparel & Luxury Goods | 5.3 |
| Food Products | 4.8 |
| Banks | 4.2 |
| Professional Services | 4.1 |
| Interactive Media & Services | 3.7 |
| Beverages | 3.4 |
| Life Sciences Tools & Services | 3.3 |
| Software | 3.0 |
| Building Products | 2.9 |
| Personal Products | 2.8 |
| IT Services | 2.8 |
| Insurance | 2.8 |
| Machinery | 2.6 |
| Internet & Direct Marketing Retail | 2.6 |
| Road & Rail | 2.5 |
| Biotechnology | 2.5 |
| Household Durables | 2.4 |
| Electronic Equipment, Instruments & Components | 2.3 |
| Metals & Mining | 1.0 |
| Diversified Consumer Services | 1.0 |
| Entertainment | 0.9 |
| Short-Term Investments | 2.8 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 209 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.7% |
| Aerospace & Defense — 0.6% |
| Lockheed Martin Corp. | 847 | 366,006 |
| Automobiles & Parts — 0.3% |
| Genuine Parts Co. | 1,713 | 222,776 |
| Banks — 1.9% |
| Comerica, Inc. | 2,101 | 172,072 |
| First Horizon Corp. | 11,183 | 250,275 |
| FNB Corp. | 3,931 | 45,285 |
| Huntington Bancshares, Inc. | 17,978 | 236,411 |
| New York Community Bancorp, Inc. (a) | 26,494 | 244,805 |
| PacWest Bancorp | 7,937 | 261,048 |
| | | 1,209,896 |
| Beverages — 2.0% |
| Coca-Cola Co. (The) | 6,210 | 401,228 |
| Constellation Brands, Inc., Class A | 80 | 19,687 |
| Keurig Dr Pepper, Inc. | 9,997 | 373,888 |
| Molson Coors Beverage Co., Class B | 1,448 | 78,395 |
| PepsiCo, Inc. | 2,345 | 402,660 |
| | | 1,275,858 |
| Chemicals — 5.2% |
| Celanese Corp. | 923 | 135,626 |
| CF Industries Holdings, Inc. | 4,257 | 412,205 |
| Chemours Co. (The) | 12,060 | 398,824 |
| Dow, Inc. | 6,604 | 439,166 |
| Eastman Chemical Co. | 3,194 | 327,928 |
| Huntsman Corp. | 10,255 | 347,337 |
| International Flavors & Fragrances, Inc. | 1,593 | 193,231 |
| LyondellBasell Industries NV, Class A | 3,922 | 415,850 |
| NewMarket Corp. | 119 | 38,629 |
| Olin Corp. | 8,150 | 467,810 |
| Scotts Miracle-Gro Co. (The) | 421 | 43,754 |
| Valvoline, Inc. | 2,943 | 88,967 |
| | | 3,309,327 |
| Construction & Materials — 0.4% |
| MDU Resources Group, Inc. | 10,264 | 264,401 |
| Consumer Services — 0.4% |
| H&R Block, Inc. | 10,742 | 280,044 |
| Electricity — 13.7% |
| AES Corp. (The) | 14,847 | 303,176 |
| Alliant Energy Corp. | 5,647 | 332,100 |
| American Electric Power Co., Inc. | 4,034 | 399,810 |
| Avangrid, Inc. (a) | 4,601 | 204,054 |
| CMS Energy Corp. | 5,220 | 358,562 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Electricity — continued |
| Consolidated Edison, Inc. | 4,323 | 400,915 |
| Constellation Energy Corp. | 2,138 | 126,591 |
| Dominion Energy, Inc. | 4,699 | 383,626 |
| DTE Energy Co. | 3,039 | 398,230 |
| Edison International | 5,923 | 407,443 |
| Entergy Corp. | 3,462 | 411,459 |
| Evergy, Inc. | 6,097 | 413,681 |
| Eversource Energy | 3,771 | 329,585 |
| Exelon Corp. | 8,774 | 410,448 |
| FirstEnergy Corp. | 9,060 | 392,388 |
| Hawaiian Electric Industries, Inc. | 5,233 | 215,129 |
| IDACORP, Inc. | 1,840 | 193,531 |
| NRG Energy, Inc. | 10,344 | 371,350 |
| OGE Energy Corp. | 8,407 | 325,183 |
| Pinnacle West Capital Corp. | 5,219 | 371,593 |
| PPL Corp. | 14,687 | 415,789 |
| Public Service Enterprise Group, Inc. | 5,748 | 400,406 |
| Southern Co. (The) | 5,748 | 421,846 |
| Vistra Corp. | 17,259 | 431,820 |
| Xcel Energy, Inc. | 4,550 | 333,333 |
| | | 8,752,048 |
| Electronic & Electrical Equipment — 1.1% |
| Emerson Electric Co. | 3,703 | 333,936 |
| Hubbell, Inc. | 1,830 | 357,509 |
| | | 691,445 |
| Finance & Credit Services — 0.5% |
| OneMain Holdings, Inc. | 6,567 | 301,622 |
| Food Producers — 9.2% |
| Archer-Daniels-Midland Co. | 4,690 | 420,036 |
| Bunge Ltd. | 3,585 | 405,535 |
| Campbell Soup Co. | 8,531 | 402,834 |
| Conagra Brands, Inc. | 11,295 | 394,534 |
| Flowers Foods, Inc. | 11,907 | 315,774 |
| General Mills, Inc. | 5,705 | 403,515 |
| Hershey Co. (The) | 1,790 | 404,128 |
| Hormel Foods Corp. | 7,513 | 393,606 |
| Ingredion, Inc. | 2,813 | 239,414 |
| J M Smucker Co. (The) | 2,903 | 397,508 |
| Kellogg Co. | 5,982 | 409,767 |
| Kraft Heinz Co. (The) | 9,755 | 415,856 |
| Lamb Weston Holdings, Inc. | 2,882 | 190,500 |
| McCormick & Co., Inc. (Non-Voting) | 3,335 | 335,401 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 210 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Food Producers — continued |
| Mondelez International, Inc., Class A | 6,089 | 392,619 |
| Tyson Foods, Inc., Class A | 4,155 | 387,080 |
| | | 5,908,107 |
| Gas, Water & Multi-utilities — 4.6% |
| Ameren Corp. | 3,619 | 336,205 |
| Atmos Energy Corp. | 1,535 | 174,069 |
| CenterPoint Energy, Inc. | 5,158 | 157,886 |
| Duke Energy Corp. | 3,691 | 406,601 |
| National Fuel Gas Co. | 4,114 | 288,515 |
| NiSource, Inc. | 12,746 | 371,164 |
| Sempra Energy | 2,557 | 412,597 |
| UGI Corp. | 10,693 | 366,770 |
| WEC Energy Group, Inc. | 4,107 | 410,905 |
| | | 2,924,712 |
| General Industrials — 3.1% |
| 3M Co. | 2,209 | 318,582 |
| Amcor plc | 17,816 | 211,298 |
| Eaton Corp. plc | 2,331 | 338,041 |
| Packaging Corp. of America | 2,498 | 402,603 |
| RPM International, Inc. | 1,418 | 117,552 |
| Sonoco Products Co. | 4,823 | 298,592 |
| Westrock Co. | 6,689 | 331,306 |
| | | 2,017,974 |
| Health Care Providers — 1.1% |
| Encompass Health Corp. | 4,427 | 304,710 |
| UnitedHealth Group, Inc. | 778 | 395,652 |
| | | 700,362 |
| Household Goods & Home Construction — 1.0% |
| Leggett & Platt, Inc. | 7,150 | 254,754 |
| Newell Brands, Inc. | 11,545 | 267,267 |
| Whirlpool Corp. | 844 | 153,203 |
| | | 675,224 |
| Industrial Engineering — 0.7% |
| Caterpillar, Inc. | 906 | 190,749 |
| Cummins, Inc. | 1,430 | 270,542 |
| | | 461,291 |
| Industrial Materials — 0.7% |
| International Paper Co. | 9,203 | 425,915 |
| Industrial Metals & Mining — 2.0% |
| Fastenal Co. | 2,915 | 161,228 |
| Reliance Steel & Aluminum Co. | 1,223 | 242,460 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Industrial Metals & Mining — continued |
| Southern Copper Corp. (Peru) | 5,073 | 315,896 |
| Steel Dynamics, Inc. | 5,021 | 430,551 |
| Timken Co. (The) | 1,765 | 101,734 |
| | | 1,251,869 |
| Industrial Support Services — 1.2% |
| MSC Industrial Direct Co., Inc., Class A | 618 | 51,207 |
| Paychex, Inc. | 3,026 | 383,485 |
| Western Union Co. (The) | 18,243 | 305,753 |
| | | 740,445 |
| Industrial Transportation — 1.1% |
| PACCAR, Inc. | 1,793 | 148,909 |
| Ryder System, Inc. | 3,197 | 223,470 |
| United Parcel Service, Inc., Class B | 1,849 | 332,783 |
| | | 705,162 |
| Investment Banking & Brokerage Services — 1.1% |
| Apollo Global Management, Inc. | 2,162 | 107,581 |
| Franklin Resources, Inc. | 5,183 | 127,450 |
| Invesco Ltd. | 15,494 | 284,780 |
| Lazard Ltd., Class A | 5,091 | 166,832 |
| | | 686,643 |
| Leisure Goods — 0.7% |
| Garmin Ltd. | 1,220 | 133,883 |
| Harley-Davidson, Inc. | 4,599 | 167,633 |
| Hasbro, Inc. | 1,360 | 119,762 |
| | | 421,278 |
| Life Insurance — 1.1% |
| Principal Financial Group, Inc. | 2,444 | 166,534 |
| Prudential Financial, Inc. | 3,651 | 396,170 |
| Unum Group | 3,769 | 115,030 |
| | | 677,734 |
| Media — 0.6% |
| Nielsen Holdings plc | 2,507 | 67,213 |
| Omnicom Group, Inc. | 4,172 | 317,614 |
| | | 384,827 |
| Medical Equipment & Services — 1.9% |
| Abbott Laboratories | 2,875 | 326,312 |
| Becton Dickinson and Co. | 1,163 | 287,482 |
| Embecta Corp. * | 229 | 6,968 |
| Medtronic plc | 2,882 | 300,766 |
| Quest Diagnostics, Inc. | 2,246 | 300,605 |
| | | 1,222,133 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 211 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Mortgage Real Estate Investment Trusts — 1.8% |
| AGNC Investment Corp. | 22,374 | 245,667 |
| Annaly Capital Management, Inc. | 45,912 | 294,755 |
| New Residential Investment Corp. | 30,660 | 318,864 |
| Starwood Property Trust, Inc. | 13,923 | 318,558 |
| | | 1,177,844 |
| Non-life Insurance — 1.1% |
| Old Republic International Corp. | 14,724 | 324,075 |
| Progressive Corp. (The) | 3,579 | 384,242 |
| | | 708,317 |
| Non-Renewable Energy — 5.2% |
| Antero Midstream Corp. | 33,235 | 341,323 |
| Chevron Corp. | 2,447 | 383,371 |
| Exxon Mobil Corp. | 4,622 | 394,025 |
| HF Sinclair Corp. * | 38 | 1,445 |
| Kinder Morgan, Inc. | 19,094 | 346,556 |
| ONEOK, Inc. | 5,678 | 359,588 |
| Phillips 66 | 4,609 | 399,877 |
| Targa Resources Corp. | 2,983 | 218,982 |
| Valero Energy Corp. | 4,518 | 503,667 |
| Williams Cos., Inc. (The) | 11,606 | 397,970 |
| | | 3,346,804 |
| Personal Care, Drug & Grocery Stores — 5.2% |
| AmerisourceBergen Corp. | 751 | 113,619 |
| Clorox Co. (The) | 2,686 | 385,361 |
| Colgate-Palmolive Co. | 5,023 | 387,022 |
| CVS Health Corp. | 3,695 | 355,200 |
| Kimberly-Clark Corp. | 3,010 | 417,878 |
| Kroger Co. (The) | 6,431 | 347,017 |
| Procter & Gamble Co. (The) | 2,506 | 402,338 |
| Spectrum Brands Holdings, Inc. | 2,138 | 181,880 |
| Sysco Corp. | 4,573 | 390,900 |
| Walgreens Boots Alliance, Inc. | 8,146 | 345,390 |
| | | 3,326,605 |
| Personal Goods — 0.4% |
| Hanesbrands, Inc. (a) | 18,468 | 244,886 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7% |
| AbbVie, Inc. | 2,582 | 379,244 |
| Amgen, Inc. | 1,507 | 351,417 |
| Bristol-Myers Squibb Co. | 5,593 | 420,985 |
| Cardinal Health, Inc. | 6,664 | 386,845 |
| Eli Lilly & Co. | 1,030 | 300,894 |
| Gilead Sciences, Inc. | 5,239 | 310,882 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Pharmaceuticals, Biotechnology & Marijuana Producers — continued |
| Johnson & Johnson | 2,167 | 391,057 |
| Merck & Co., Inc. | 4,398 | 390,059 |
| Perrigo Co. plc | 7,880 | 270,284 |
| Pfizer, Inc. | 6,736 | 330,536 |
| Viatris, Inc. | 8,731 | 90,191 |
| | | 3,622,394 |
| Precious Metals & Mining — 0.6% |
| Newmont Corp. | 5,110 | 372,264 |
| Real Estate Investment Trusts — 8.2% |
| Brixmor Property Group, Inc. | 10,210 | 259,130 |
| EPR Properties | 3,188 | 167,434 |
| Gaming and Leisure Properties, Inc. | 6,574 | 291,754 |
| Healthcare Trust of America, Inc., Class A | 3,354 | 102,163 |
| Healthpeak Properties, Inc. | 8,789 | 288,367 |
| Highwoods Properties, Inc. | 840 | 34,306 |
| Iron Mountain, Inc. | 7,451 | 400,342 |
| Kimco Realty Corp. | 13,330 | 337,649 |
| Medical Properties Trust, Inc. | 18,969 | 348,840 |
| National Retail Properties, Inc. | 6,827 | 299,296 |
| Omega Healthcare Investors, Inc. | 13,734 | 349,942 |
| Park Hotels & Resorts, Inc. | 3,224 | 63,545 |
| Rayonier, Inc. | 6,238 | 269,482 |
| Simon Property Group, Inc. | 2,534 | 299,012 |
| SL Green Realty Corp. (a) | 1,983 | 137,263 |
| Spirit Realty Capital, Inc. | 6,011 | 261,178 |
| Ventas, Inc. | 1,450 | 80,547 |
| VICI Properties, Inc. | 12,450 | 371,134 |
| Vornado Realty Trust | 5,621 | 217,589 |
| Welltower, Inc. | 3,094 | 280,966 |
| WP Carey, Inc. | 4,805 | 388,100 |
| | | 5,248,039 |
| Retailers — 0.7% |
| Bath & Body Works, Inc. | 3,891 | 205,795 |
| Foot Locker, Inc. | 2,091 | 61,287 |
| Gap, Inc. (The) | 2,857 | 35,484 |
| Kohl's Corp. | 2,541 | 147,073 |
| | | 449,639 |
| Software & Computer Services — 1.1% |
| Hewlett Packard Enterprise Co. | 23,025 | 354,815 |
| International Business Machines Corp. | 2,559 | 338,326 |
| | | 693,141 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 212 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Technology Hardware & Equipment — 4.7% |
| Analog Devices, Inc. | 2,131 | 328,984 |
| Broadcom, Inc. | 650 | 360,353 |
| Corning, Inc. | 4,247 | 149,452 |
| HP, Inc. | 9,473 | 346,996 |
| Intel Corp. | 6,716 | 292,750 |
| KLA Corp. | 987 | 315,110 |
| Microchip Technology, Inc. | 1,438 | 93,758 |
| National Instruments Corp. | 1,097 | 39,646 |
| NetApp, Inc. | 4,018 | 294,318 |
| QUALCOMM, Inc. | 2,270 | 317,096 |
| Texas Instruments, Inc. | 1,205 | 205,151 |
| Xerox Holdings Corp. | 16,395 | 285,273 |
| | | 3,028,887 |
| Telecommunications Equipment — 2.6% |
| Arista Networks, Inc. * | 3,211 | 371,095 |
| Ciena Corp. * | 650 | 35,861 |
| Cisco Systems, Inc. | 6,879 | 336,933 |
| Juniper Networks, Inc. | 11,377 | 358,603 |
| Lumentum Holdings, Inc. * (a) | 408 | 33,134 |
| Motorola Solutions, Inc. | 1,739 | 371,607 |
| Ubiquiti, Inc. (a) | 532 | 150,157 |
| | | 1,657,390 |
| Telecommunications Service Providers — 4.2% |
| AT&T, Inc. | 16,294 | 307,305 |
| Cable One, Inc. | 180 | 209,916 |
| Charter Communications, Inc., Class A * | 588 | 251,952 |
| Comcast Corp., Class A | 8,234 | 327,384 |
| DISH Network Corp., Class A * (a) | 1,810 | 51,603 |
| Liberty Broadband Corp., Class C * | 2,384 | 266,579 |
| Lumen Technologies, Inc. | 36,827 | 370,480 |
| Roku, Inc. * | 2,657 | 246,835 |
| T-Mobile US, Inc. * | 2,780 | 342,329 |
| Verizon Communications, Inc. | 7,054 | 326,600 |
| | | 2,700,983 |
| Tobacco — 1.2% |
| Altria Group, Inc. | 7,263 | 403,605 |
| Philip Morris International, Inc. | 3,892 | 389,200 |
| | | 792,805 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Travel & Leisure — 0.8% |
| Copa Holdings SA, Class A (Panama) * (a) | 1,783 | 134,385 |
| Darden Restaurants, Inc. | 710 | 93,528 |
| Six Flags Entertainment Corp. * | 3,216 | 123,076 |
| Travel + Leisure Co. | 2,629 | 145,857 |
| | | 496,846 |
Total Common Stocks
(Cost $62,644,819) | | 63,743,943 |
| Short-Term Investments — 1.9% |
| Investment Companies — 0.2% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $117,552) | 117,552 | 117,552 |
| Investment of Cash Collateral from Securities Loaned — 1.7% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $1,118,762) | 1,118,762 | 1,118,762 |
Total Short-Term Investments
(Cost $1,236,314) | | 1,236,314 |
Total Investments — 101.6%
(Cost $63,881,133) | | 64,980,257 |
| Liabilities in Excess of Other Assets — (1.6)% | | (1,052,735) |
| NET ASSETS — 100.0% | | 63,927,522 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $1,052,590. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 213 |
JPMorgan U.S. Dividend ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 5 | 06/17/2022 | USD | 103,181 | (2,525) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 214 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 1.1% |
| L3Harris Technologies, Inc. | 681 | 158,169 |
| Lockheed Martin Corp. | 398 | 171,984 |
| | | 330,153 |
| Automobiles & Parts — 0.6% |
| Gentex Corp. | 2,694 | 79,069 |
| Genuine Parts Co. | 813 | 105,731 |
| | | 184,800 |
| Banks — 0.1% |
| TFS Financial Corp. | 2,258 | 33,847 |
| Beverages — 3.9% |
| Brown-Forman Corp., Class B | 1,954 | 131,778 |
| Coca-Cola Co. (The) | 2,976 | 192,279 |
| Constellation Brands, Inc., Class A | 734 | 180,630 |
| Keurig Dr Pepper, Inc. | 4,625 | 172,975 |
| Molson Coors Beverage Co., Class B | 2,396 | 129,720 |
| Monster Beverage Corp. * | 1,887 | 161,678 |
| PepsiCo, Inc. | 1,120 | 192,315 |
| | | 1,161,375 |
| Chemicals — 3.0% |
| Air Products and Chemicals, Inc. | 658 | 154,018 |
| Ashland Global Holdings, Inc. | 1,764 | 185,167 |
| Celanese Corp. | 156 | 22,923 |
| Ecolab, Inc. | 895 | 151,559 |
| FMC Corp. | 428 | 56,727 |
| International Flavors & Fragrances, Inc. | 1,215 | 147,380 |
| NewMarket Corp. | 176 | 57,131 |
| Scotts Miracle-Gro Co. (The) | 1,004 | 104,346 |
| | | 879,251 |
| Consumer Services — 0.6% |
| Rollins, Inc. | 817 | 27,402 |
| Service Corp. International | 2,132 | 139,881 |
| | | 167,283 |
| Electricity — 12.2% |
| Alliant Energy Corp. | 2,912 | 171,255 |
| American Electric Power Co., Inc. | 1,872 | 185,534 |
| Avangrid, Inc. (a) | 2,369 | 105,065 |
| Brookfield Renewable Corp. | 1,157 | 41,536 |
| CMS Energy Corp. | 2,684 | 184,364 |
| Consolidated Edison, Inc. | 2,019 | 187,242 |
| Constellation Energy Corp. | 1,025 | 60,690 |
| Dominion Energy, Inc. | 2,003 | 163,525 |
| DTE Energy Co. | 1,277 | 167,338 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Electricity — continued |
| Edison International | 2,540 | 174,727 |
| Entergy Corp. | 1,362 | 161,874 |
| Evergy, Inc. | 2,354 | 159,719 |
| Eversource Energy | 1,745 | 152,513 |
| Exelon Corp. | 3,404 | 159,239 |
| FirstEnergy Corp. | 3,797 | 164,448 |
| Hawaiian Electric Industries, Inc. | 1,743 | 71,655 |
| IDACORP, Inc. | 886 | 93,189 |
| NextEra Energy, Inc. | 2,063 | 146,514 |
| NRG Energy, Inc. | 1,077 | 38,664 |
| OGE Energy Corp. | 3,795 | 146,791 |
| Pinnacle West Capital Corp. | 2,148 | 152,938 |
| PPL Corp. | 5,664 | 160,348 |
| Public Service Enterprise Group, Inc. | 2,684 | 186,967 |
| Southern Co. (The) | 2,440 | 179,072 |
| Xcel Energy, Inc. | 2,528 | 185,201 |
| | | 3,600,408 |
| Electronic & Electrical Equipment — 0.5% |
| Hubbell, Inc. | 235 | 45,910 |
| Waters Corp. * | 302 | 91,512 |
| | | 137,422 |
| Finance & Credit Services — 0.1% |
| Morningstar, Inc. | 107 | 27,096 |
| Food Producers — 9.5% |
| Archer-Daniels-Midland Co. | 2,177 | 194,972 |
| Bunge Ltd. | 1,660 | 187,779 |
| Campbell Soup Co. | 3,588 | 169,425 |
| Conagra Brands, Inc. | 4,853 | 169,515 |
| Corteva, Inc. | 925 | 53,363 |
| Flowers Foods, Inc. | 4,157 | 110,244 |
| General Mills, Inc. | 2,645 | 187,081 |
| Hain Celestial Group, Inc. (The) * | 2,051 | 68,791 |
| Hershey Co. (The) | 846 | 191,001 |
| Hormel Foods Corp. (a) | 3,471 | 181,846 |
| Ingredion, Inc. | 1,636 | 139,240 |
| J M Smucker Co. (The) | 1,279 | 175,134 |
| Kellogg Co. | 2,374 | 162,619 |
| Kraft Heinz Co. (The) | 4,396 | 187,402 |
| McCormick & Co., Inc. (Non-Voting) | 1,585 | 159,403 |
| Mondelez International, Inc., Class A | 2,800 | 180,544 |
| Pilgrim's Pride Corp. * | 924 | 26,195 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 215 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Food Producers — continued |
| Post Holdings, Inc. * | 1,293 | 96,186 |
| Tyson Foods, Inc., Class A | 1,911 | 178,029 |
| | | 2,818,769 |
| Gas, Water & Multi-utilities — 5.5% |
| Ameren Corp. | 1,766 | 164,061 |
| American Water Works Co., Inc. | 945 | 145,606 |
| Atmos Energy Corp. | 1,539 | 174,523 |
| CenterPoint Energy, Inc. | 1,124 | 34,406 |
| Duke Energy Corp. | 1,733 | 190,907 |
| Essential Utilities, Inc. | 2,957 | 132,355 |
| National Fuel Gas Co. | 2,002 | 140,400 |
| NiSource, Inc. | 5,759 | 167,702 |
| Sempra Energy | 1,166 | 188,146 |
| UGI Corp. | 3,758 | 128,899 |
| WEC Energy Group, Inc. | 1,597 | 159,780 |
| | | 1,626,785 |
| General Industrials — 1.5% |
| 3M Co. | 770 | 111,049 |
| AptarGroup, Inc. | 500 | 57,415 |
| PPG Industries, Inc. | 820 | 104,952 |
| RPM International, Inc. | 1,492 | 123,687 |
| Silgan Holdings, Inc. | 940 | 41,708 |
| Sonoco Products Co. | 153 | 9,472 |
| | | 448,283 |
| Health Care Providers — 2.4% |
| Cerner Corp. | 1,923 | 180,070 |
| Chemed Corp. | 179 | 87,959 |
| DaVita, Inc. * | 1,104 | 119,640 |
| Encompass Health Corp. | 1,980 | 136,283 |
| IQVIA Holdings, Inc. * | 31 | 6,758 |
| UnitedHealth Group, Inc. | 382 | 194,266 |
| | | 724,976 |
| Household Goods & Home Construction — 0.5% |
| Leggett & Platt, Inc. | 932 | 33,207 |
| NVR, Inc. * | 25 | 109,405 |
| | | 142,612 |
| Industrial Materials — 0.7% |
| Avery Dennison Corp. | 798 | 144,119 |
| International Paper Co. | 1,086 | 50,260 |
| Sylvamo Corp. * | 93 | 4,152 |
| | | 198,531 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Industrial Metals & Mining — 1.0% |
| Fastenal Co. | 2,796 | 154,647 |
| Reliance Steel & Aluminum Co. | 669 | 132,629 |
| | | 287,276 |
| Industrial Support Services — 0.9% |
| Automatic Data Processing, Inc. | 715 | 155,999 |
| Jack Henry & Associates, Inc. | 425 | 80,571 |
| Verisk Analytics, Inc. | 190 | 38,770 |
| | | 275,340 |
| Industrial Transportation — 1.0% |
| Expeditors International of Washington, Inc. | 1,329 | 131,664 |
| United Parcel Service, Inc., Class B | 876 | 157,663 |
| | | 289,327 |
| Investment Banking & Brokerage Services — 0.8% |
| Berkshire Hathaway, Inc., Class B * | 585 | 188,855 |
| Broadridge Financial Solutions, Inc. | 238 | 34,303 |
| | | 223,158 |
| Leisure Goods — 0.8% |
| Electronic Arts, Inc. | 250 | 29,512 |
| Garmin Ltd. | 1,054 | 115,666 |
| Hasbro, Inc. | 232 | 20,430 |
| Pool Corp. | 212 | 85,907 |
| | | 251,515 |
| Medical Equipment & Services — 10.9% |
| Abbott Laboratories | 1,437 | 163,099 |
| Agilent Technologies, Inc. | 1,122 | 133,821 |
| Baxter International, Inc. | 1,907 | 135,511 |
| Becton Dickinson and Co. | 618 | 152,763 |
| Bio-Rad Laboratories, Inc., Class A * | 257 | 131,599 |
| Bio-Techne Corp. | 381 | 144,662 |
| Boston Scientific Corp. * | 4,030 | 169,703 |
| Cooper Cos., Inc. (The) | 385 | 139,000 |
| Danaher Corp. | 604 | 151,683 |
| Edwards Lifesciences Corp. * | 1,584 | 167,556 |
| Embecta Corp. * | 124 | 3,773 |
| Henry Schein, Inc. * | 1,858 | 150,684 |
| Hologic, Inc. * | 1,085 | 78,109 |
| IDEXX Laboratories, Inc. * | 285 | 122,687 |
| Integra LifeSciences Holdings Corp. * | 691 | 42,262 |
| Masimo Corp. * | 578 | 65,297 |
| Medtronic plc | 1,424 | 148,609 |
| PerkinElmer, Inc. | 991 | 145,290 |
| QIAGEN NV * | 2,754 | 124,949 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 216 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Medical Equipment & Services — continued |
| Quest Diagnostics, Inc. | 1,088 | 145,618 |
| STERIS plc | 734 | 164,453 |
| Stryker Corp. | 569 | 137,277 |
| Teleflex, Inc. | 385 | 109,964 |
| Thermo Fisher Scientific, Inc. | 297 | 164,217 |
| West Pharmaceutical Services, Inc. | 414 | 130,435 |
| �� | | 3,223,021 |
| Mortgage Real Estate Investment Trusts — 0.2% |
| AGNC Investment Corp. | 604 | 6,632 |
| Annaly Capital Management, Inc. | 879 | 5,643 |
| Starwood Property Trust, Inc. | 2,384 | 54,546 |
| | | 66,821 |
| Non-life Insurance — 4.0% |
| Allstate Corp. (The) | 1,356 | 171,588 |
| American Financial Group, Inc. | 21 | 2,908 |
| Aon plc, Class A | 219 | 63,070 |
| Arch Capital Group Ltd. * | 1,541 | 70,377 |
| Arthur J Gallagher & Co. | 894 | 150,630 |
| Brown & Brown, Inc. | 2,625 | 162,697 |
| Markel Corp. * | 63 | 85,257 |
| Marsh & McLennan Cos., Inc. | 1,088 | 175,930 |
| RenaissanceRe Holdings Ltd. (Bermuda) | 929 | 133,330 |
| W R Berkley Corp. | 1,165 | 77,461 |
| White Mountains Insurance Group Ltd. | 76 | 79,650 |
| | | 1,172,898 |
| Non-Renewable Energy — 4.7% |
| Baker Hughes Co. | 3,869 | 120,016 |
| Cheniere Energy, Inc. | 1,298 | 176,281 |
| Chevron Corp. | 1,182 | 185,184 |
| Coterra Energy, Inc. | 6,882 | 198,133 |
| Exxon Mobil Corp. | 2,227 | 189,852 |
| Kinder Morgan, Inc. | 8,812 | 159,938 |
| Phillips 66 | 2,153 | 186,794 |
| Williams Cos., Inc. (The) | 5,380 | 184,480 |
| | | 1,400,678 |
| Personal Care, Drug & Grocery Stores — 6.2% |
| Albertsons Cos., Inc., Class A | 1,350 | 42,228 |
| AmerisourceBergen Corp. | 1,230 | 186,087 |
| Casey's General Stores, Inc. | 388 | 78,104 |
| Church & Dwight Co., Inc. | 1,743 | 170,047 |
| Clorox Co. (The) | 899 | 128,980 |
| Colgate-Palmolive Co. | 2,336 | 179,989 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Personal Care, Drug & Grocery Stores — continued |
| CVS Health Corp. | 1,749 | 168,131 |
| Grocery Outlet Holding Corp. * | 1,502 | 50,572 |
| Kimberly-Clark Corp. | 1,342 | 186,310 |
| Kroger Co. (The) | 2,964 | 159,938 |
| McKesson Corp. | 640 | 198,150 |
| Procter & Gamble Co. (The) | 1,214 | 194,908 |
| Walgreens Boots Alliance, Inc. | 1,935 | 82,044 |
| | | 1,825,488 |
| Personal Goods — 0.1% |
| Columbia Sportswear Co. | 220 | 18,075 |
| VF Corp. | 351 | 18,252 |
| | | 36,327 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 6.1% |
| AbbVie, Inc. | 1,231 | 180,809 |
| Amgen, Inc. | 745 | 173,727 |
| Bristol-Myers Squibb Co. | 2,644 | 199,014 |
| Eli Lilly & Co. | 702 | 205,075 |
| Gilead Sciences, Inc. | 2,445 | 145,086 |
| Johnson & Johnson | 1,121 | 202,296 |
| Merck & Co., Inc. | 2,223 | 197,158 |
| Pfizer, Inc. | 3,405 | 167,083 |
| Regeneron Pharmaceuticals, Inc. * | 277 | 182,573 |
| United Therapeutics Corp. * | 114 | 20,242 |
| Zoetis, Inc. | 814 | 144,282 |
| | | 1,817,345 |
| Precious Metals & Mining — 0.6% |
| Newmont Corp. | 2,431 | 177,098 |
| Real Estate Investment Trusts — 5.1% |
| Alexandria Real Estate Equities, Inc. | 770 | 140,263 |
| American Homes 4 Rent, Class A | 988 | 39,135 |
| American Tower Corp. | 609 | 146,781 |
| Crown Castle International Corp. | 877 | 162,429 |
| CubeSmart | 1,612 | 76,586 |
| Digital Realty Trust, Inc. | 972 | 142,029 |
| Equinix, Inc. | 207 | 148,850 |
| Extra Space Storage, Inc. | 748 | 142,120 |
| First Industrial Realty Trust, Inc. | 575 | 33,350 |
| Healthcare Trust of America, Inc., Class A | 898 | 27,353 |
| Life Storage, Inc. | 558 | 73,929 |
| Mid-America Apartment Communities, Inc. | 188 | 36,976 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 217 |
JPMorgan U.S. Minimum Volatility ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Real Estate Investment Trusts — continued |
| Public Storage | 479 | 177,949 |
| SBA Communications Corp. | 465 | 161,406 |
| | | 1,509,156 |
| Renewable Energy — 0.5% |
| First Solar, Inc. * | 1,916 | 139,925 |
| Retailers — 1.6% |
| Costco Wholesale Corp. | 351 | 186,634 |
| Dollar General Corp. | 398 | 94,537 |
| Walmart, Inc. | 1,294 | 197,969 |
| | | 479,140 |
| Software & Computer Services — 4.7% |
| Amdocs Ltd. | 1,946 | 155,077 |
| ANSYS, Inc. * | 491 | 135,364 |
| Black Knight, Inc. * | 2,227 | 146,514 |
| CDK Global, Inc. | 1,797 | 97,775 |
| Citrix Systems, Inc. | 835 | 83,584 |
| Cognizant Technology Solutions Corp., Class A | 316 | 25,564 |
| International Business Machines Corp. | 669 | 88,448 |
| Intuit, Inc. | 295 | 123,531 |
| Kyndryl Holdings, Inc. * | 127 | 1,510 |
| Microsoft Corp. | 777 | 215,633 |
| Synopsys, Inc. * | 537 | 154,006 |
| Tyler Technologies, Inc. * | 290 | 114,466 |
| VeriSign, Inc. * | 355 | 63,435 |
| | | 1,404,907 |
| Technology Hardware & Equipment — 0.4% |
| Texas Instruments, Inc. | 660 | 112,365 |
| Telecommunications Equipment — 1.6% |
| Cisco Systems, Inc. | 3,008 | 147,332 |
| Juniper Networks, Inc. | 5,263 | 165,889 |
| Motorola Solutions, Inc. | 720 | 153,857 |
| | | 467,078 |
| Telecommunications Service Providers — 3.1% |
| AT&T, Inc. | 6,596 | 124,401 |
| Cable One, Inc. | 58 | 67,640 |
| Charter Communications, Inc., Class A * | 274 | 117,406 |
| Comcast Corp., Class A | 3,266 | 129,856 |
| Liberty Broadband Corp., Class C * | 1,103 | 123,337 |
| Lumen Technologies, Inc. | 4,899 | 49,284 |
| T-Mobile US, Inc. * | 1,346 | 165,746 |
| Verizon Communications, Inc. | 3,360 | 155,568 |
| | | 933,238 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Tobacco — 1.2% |
| Altria Group, Inc. | 3,342 | 185,715 |
| Philip Morris International, Inc. | 1,756 | 175,600 |
| | | 361,315 |
| Travel & Leisure — 1.0% |
| Choice Hotels International, Inc. | 562 | 78,939 |
| McDonald's Corp. | 780 | 194,345 |
| Yum! Brands, Inc. | 128 | 14,977 |
| | | 288,261 |
| Waste & Disposal Services — 1.1% |
| Republic Services, Inc. | 1,232 | 165,421 |
| Waste Management, Inc. | 1,021 | 167,893 |
| | | 333,314 |
Total Common Stocks
(Cost $28,701,746) | | 29,556,582 |
| Short-Term Investments — 0.9% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $21,295) | 21,295 | 21,295 |
| Investment of Cash Collateral from Securities Loaned — 0.8% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) | 24,948 | 24,930 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 208,935 | 208,935 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $233,890) | | 233,865 |
Total Short-Term Investments
(Cost $255,185) | | 255,160 |
Total Investments — 100.7%
(Cost $28,956,931) | | 29,811,742 |
| Liabilities in Excess of Other Assets — (0.7)% | | (204,313) |
| NET ASSETS — 100.0% | | 29,607,429 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $224,302. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 218 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 1 | 06/17/2022 | USD | 20,636 | (1,304) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 219 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 1.8% |
| Axon Enterprise, Inc. * | 686 | 76,969 |
| General Dynamics Corp. | 4,998 | 1,182,177 |
| Howmet Aerospace, Inc. | 10,411 | 355,224 |
| Northrop Grumman Corp. | 2,803 | 1,231,638 |
| Raytheon Technologies Corp. | 11,378 | 1,079,886 |
| Textron, Inc. | 7,240 | 501,370 |
| | | 4,427,264 |
| Automobiles & Parts — 2.6% |
| Ford Motor Co. | 76,045 | 1,076,797 |
| Gentex Corp. | 9,054 | 265,735 |
| Tesla, Inc. * | 5,771 | 5,025,156 |
| | | 6,367,688 |
| Banks — 1.4% |
| Bank OZK | 4,615 | 177,308 |
| Discover Financial Services | 3,289 | 369,881 |
| East West Bancorp, Inc. | 5,700 | 406,410 |
| Pinnacle Financial Partners, Inc. | 2,578 | 199,924 |
| Popular, Inc. (Puerto Rico) | 3,611 | 281,622 |
| Regions Financial Corp. | 26,798 | 555,254 |
| Signature Bank | 2,391 | 579,220 |
| SVB Financial Group * | 1,614 | 787,051 |
| | | 3,356,670 |
| Chemicals — 0.6% |
| Albemarle Corp. | 3,024 | 583,118 |
| Ashland Global Holdings, Inc. | 958 | 100,561 |
| Element Solutions, Inc. | 14,099 | 290,722 |
| Olin Corp. | 7,495 | 430,213 |
| | | 1,404,614 |
| Construction & Materials — 2.4% |
| Acuity Brands, Inc. | 1,713 | 295,458 |
| Advanced Drainage Systems, Inc. | 2,665 | 273,056 |
| AECOM | 8,871 | 625,938 |
| Builders FirstSource, Inc. * | 9,243 | 569,092 |
| Carrier Global Corp. | 19,179 | 733,980 |
| Eagle Materials, Inc. | 3,912 | 482,428 |
| Louisiana-Pacific Corp. | 8,422 | 543,387 |
| Masco Corp. | 1,123 | 59,171 |
| MasTec, Inc. * | 2,553 | 183,842 |
| Quanta Services, Inc. | 6,344 | 735,777 |
| Trane Technologies plc | 5,365 | 750,510 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Construction & Materials — continued |
| Trex Co., Inc. * | 6,781 | 394,586 |
| Watsco, Inc. | 1,325 | 353,483 |
| | | 6,000,708 |
| Consumer Services — 0.5% |
| AMERCO | 502 | 268,811 |
| Copart, Inc. * | 6,455 | 733,611 |
| H&R Block, Inc. | 7,204 | 187,808 |
| Rollins, Inc. | 1,126 | 37,766 |
| | | 1,227,996 |
| Electricity — 1.3% |
| Consolidated Edison, Inc. | 9,898 | 917,940 |
| Exelon Corp. | 23,055 | 1,078,513 |
| FirstEnergy Corp. | 9,428 | 408,327 |
| OGE Energy Corp. | 6,960 | 269,213 |
| Southern Co. (The) | 7,610 | 558,498 |
| | | 3,232,491 |
| Electronic & Electrical Equipment — 1.3% |
| Coherent, Inc. * | 613 | 164,223 |
| Johnson Controls International plc | 16,298 | 975,761 |
| Keysight Technologies, Inc. * | 5,197 | 728,983 |
| Mettler-Toledo International, Inc. * | 622 | 794,624 |
| nVent Electric plc | 4,659 | 157,381 |
| Waters Corp. * | 1,326 | 401,804 |
| | | 3,222,776 |
| Finance & Credit Services — 1.5% |
| Ally Financial, Inc. | 15,572 | 622,257 |
| Moody's Corp. | 3,093 | 978,873 |
| Morningstar, Inc. | 858 | 217,271 |
| MSCI, Inc. | 1,889 | 795,741 |
| OneMain Holdings, Inc. | 6,829 | 313,656 |
| SLM Corp. | 32,368 | 541,517 |
| Upstart Holdings, Inc. * (a) | 4,290 | 321,836 |
| | | 3,791,151 |
| Food Producers — 1.8% |
| Archer-Daniels-Midland Co. | 11,428 | 1,023,492 |
| Bunge Ltd. | 6,334 | 716,502 |
| Corteva, Inc. | 18,572 | 1,071,419 |
| Darling Ingredients, Inc. * | 8,646 | 634,530 |
| Hershey Co. (The) | 768 | 173,391 |
| Kraft Heinz Co. (The) | 12,954 | 552,229 |
| Pilgrim's Pride Corp. * | 5,258 | 149,064 |
| | | 4,320,627 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 220 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Gas, Water & Multi-utilities — 1.0% |
| American Water Works Co., Inc. | 4,763 | 733,883 |
| CenterPoint Energy, Inc. | 24,902 | 762,250 |
| National Fuel Gas Co. | 3,508 | 246,016 |
| NiSource, Inc. | 21,674 | 631,147 |
| WEC Energy Group, Inc. | 695 | 69,535 |
| | | 2,442,831 |
| General Industrials — 0.9% |
| Carlisle Cos., Inc. | 2,828 | 733,470 |
| Crown Holdings, Inc. | 5,560 | 611,823 |
| RPM International, Inc. | 3,166 | 262,461 |
| Sealed Air Corp. | 6,241 | 400,735 |
| Valmont Industries, Inc. | 641 | 159,487 |
| | | 2,167,976 |
| Health Care Providers — 2.4% |
| Acadia Healthcare Co., Inc. * | 1,855 | 125,917 |
| HCA Healthcare, Inc. | 1,856 | 398,205 |
| Humana, Inc. | 1,269 | 564,146 |
| IQVIA Holdings, Inc. * | 4,499 | 980,737 |
| UnitedHealth Group, Inc. | 7,694 | 3,912,784 |
| | | 5,981,789 |
| Household Goods & Home Construction — 0.4% |
| DR Horton, Inc. | 3,707 | 257,970 |
| PulteGroup, Inc. | 12,011 | 501,580 |
| Tempur Sealy International, Inc. (a) | 8,521 | 231,004 |
| | | 990,554 |
| Industrial Engineering — 0.8% |
| Deere & Co. | 4,159 | 1,570,230 |
| Generac Holdings, Inc. * | 2,170 | 476,055 |
| | | 2,046,285 |
| Industrial Materials — 0.2% |
| Avery Dennison Corp. | 3,398 | 613,679 |
| Industrial Metals & Mining — 1.0% |
| Cleveland-Cliffs, Inc. * | 10,436 | 266,014 |
| Fastenal Co. | 3,571 | 197,512 |
| Freeport-McMoRan, Inc. | 20,478 | 830,383 |
| Nucor Corp. | 6,850 | 1,060,243 |
| | | 2,354,152 |
| Industrial Support Services — 3.2% |
| Accenture plc, Class A | 9,023 | 2,710,148 |
| American Express Co. | 5,151 | 899,931 |
| Bill.com Holdings, Inc. * | 3,620 | 617,970 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Industrial Support Services — continued |
| Capital One Financial Corp. | 8,625 | 1,074,848 |
| Cintas Corp. | 2,109 | 837,822 |
| Equifax, Inc. | 3,316 | 674,872 |
| Paylocity Holding Corp. * | 2,668 | 505,933 |
| Robert Half International, Inc. | 5,726 | 562,923 |
| | | 7,884,447 |
| Industrial Transportation — 1.9% |
| JB Hunt Transport Services, Inc. | 3,490 | 596,266 |
| Norfolk Southern Corp. | 4,079 | 1,051,893 |
| Old Dominion Freight Line, Inc. | 2,743 | 768,369 |
| Ryder System, Inc. | 3,771 | 263,593 |
| United Parcel Service, Inc., Class B | 10,497 | 1,889,250 |
| | | 4,569,371 |
| Investment Banking & Brokerage Services — 5.7% |
| Affiliated Managers Group, Inc. | 2,409 | 302,498 |
| Ameriprise Financial, Inc. | 2,477 | 657,619 |
| Ares Management Corp. | 5,609 | 371,428 |
| Berkshire Hathaway, Inc., Class B * | 11,042 | 3,564,689 |
| BlackRock, Inc. | 2,376 | 1,484,239 |
| Blackstone, Inc. | 12,375 | 1,256,929 |
| Charles Schwab Corp. (The) | 19,506 | 1,293,833 |
| Evercore, Inc., Class A | 153 | 16,180 |
| Goldman Sachs Group, Inc. (The) | 2,616 | 799,162 |
| Jefferies Financial Group, Inc. | 18,009 | 553,957 |
| KKR & Co., Inc. | 15,419 | 785,906 |
| LPL Financial Holdings, Inc. | 4,197 | 788,490 |
| Morgan Stanley | 21,256 | 1,713,021 |
| Nasdaq, Inc. | 2,584 | 406,644 |
| | | 13,994,595 |
| Leisure Goods — 0.6% |
| Garmin Ltd. | 4,832 | 530,264 |
| Mattel, Inc. * (a) | 14,350 | 348,848 |
| Pool Corp. | 1,467 | 594,458 |
| | | 1,473,570 |
| Media — 0.7% |
| Interpublic Group of Cos., Inc. (The) | 19,811 | 646,235 |
| Liberty Media Corp-Liberty Formula One, Class C * | 7,460 | 464,982 |
| Trade Desk, Inc. (The), Class A * | 11,929 | 702,856 |
| | | 1,814,073 |
| Medical Equipment & Services — 5.4% |
| Agilent Technologies, Inc. | 6,578 | 784,558 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 221 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Medical Equipment & Services — continued |
| Bio-Rad Laboratories, Inc., Class A * | 1,024 | 524,349 |
| Bio-Techne Corp. | 1,596 | 605,985 |
| Danaher Corp. | 9,220 | 2,315,419 |
| Dexcom, Inc. * | 2,001 | 817,569 |
| IDEXX Laboratories, Inc. * | 1,848 | 795,527 |
| Insulet Corp. * | 2,726 | 651,487 |
| Intuitive Surgical, Inc. * | 5,117 | 1,224,498 |
| Quest Diagnostics, Inc. | 4,346 | 581,669 |
| Repligen Corp. * | 3,030 | 476,437 |
| ResMed, Inc. | 3,448 | 689,497 |
| STERIS plc | 847 | 189,770 |
| Thermo Fisher Scientific, Inc. | 5,363 | 2,965,310 |
| West Pharmaceutical Services, Inc. | 2,170 | 683,680 |
| | | 13,305,755 |
| Non-life Insurance — 2.0% |
| American Financial Group, Inc. | 3,289 | 455,461 |
| Aon plc, Class A | 4,146 | 1,194,006 |
| Arthur J Gallagher & Co. | 5,577 | 939,669 |
| Brown & Brown, Inc. | 10,218 | 633,311 |
| Marsh & McLennan Cos., Inc. | 9,203 | 1,488,125 |
| Old Republic International Corp. | 11,568 | 254,612 |
| | | 4,965,184 |
| Non-Renewable Energy — 4.1% |
| Antero Midstream Corp. | 45,573 | 468,035 |
| Baker Hughes Co. | 13,241 | 410,736 |
| Cheniere Energy, Inc. | 6,447 | 875,567 |
| Chevron Corp. | 13,718 | 2,149,199 |
| ConocoPhillips | 18,736 | 1,789,663 |
| Continental Resources, Inc. (a) | 9,201 | 511,300 |
| Devon Energy Corp. | 16,559 | 963,237 |
| Diamondback Energy, Inc. | 1,671 | 210,930 |
| Hess Corp. | 6,277 | 646,970 |
| Pioneer Natural Resources Co. | 3,941 | 916,164 |
| Targa Resources Corp. | 9,985 | 732,999 |
| Texas Pacific Land Corp. | 203 | 277,420 |
| | | 9,952,220 |
| Personal Care, Drug & Grocery Stores — 3.4% |
| Albertsons Cos., Inc., Class A | 10,053 | 314,458 |
| Casey's General Stores, Inc. | 661 | 133,059 |
| Church & Dwight Co., Inc. | 1,366 | 133,267 |
| CVS Health Corp. | 14,966 | 1,438,682 |
| Kroger Co. (The) | 15,099 | 814,742 |
| McKesson Corp. | 3,580 | 1,108,404 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Personal Care, Drug & Grocery Stores — continued |
| Procter & Gamble Co. (The) | 23,837 | 3,827,030 |
| Spectrum Brands Holdings, Inc. | 6,271 | 533,474 |
| | | 8,303,116 |
| Personal Goods — 2.1% |
| Capri Holdings Ltd. * (a) | 11,066 | 527,848 |
| Deckers Outdoor Corp. * | 2,038 | 541,598 |
| Estee Lauder Cos., Inc. (The), Class A | 4,408 | 1,163,976 |
| NIKE, Inc., Class B | 18,248 | 2,275,526 |
| Tapestry, Inc. | 17,405 | 572,973 |
| | | 5,081,921 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 5.1% |
| AbbVie, Inc. | 23,910 | 3,511,901 |
| Alnylam Pharmaceuticals, Inc. * | 4,185 | 558,405 |
| Catalent, Inc. * | 6,149 | 556,853 |
| Charles River Laboratories International, Inc. * | 1,798 | 434,235 |
| Eli Lilly & Co. | 11,384 | 3,325,608 |
| Horizon Therapeutics plc * | 6,940 | 684,006 |
| Moderna, Inc. * | 6,590 | 885,762 |
| Seagen, Inc. * | 4,375 | 573,169 |
| United Therapeutics Corp. * | 2,626 | 466,273 |
| Zoetis, Inc. | 7,838 | 1,389,285 |
| | | 12,385,497 |
| Real Estate Investment & Services — 0.5% |
| CBRE Group, Inc., Class A * | 9,563 | 794,112 |
| Jones Lang LaSalle, Inc. * | 2,185 | 477,925 |
| | | 1,272,037 |
| Real Estate Investment Trusts — 3.1% |
| Alexandria Real Estate Equities, Inc. | 3,070 | 559,231 |
| Camden Property Trust | 2,763 | 433,487 |
| Crown Castle International Corp. | 3,215 | 595,450 |
| CubeSmart | 8,594 | 408,301 |
| Extra Space Storage, Inc. | 4,105 | 779,950 |
| Gaming and Leisure Properties, Inc. | 7,049 | 312,835 |
| Invitation Homes, Inc. | 15,563 | 619,719 |
| Iron Mountain, Inc. | 12,522 | 672,807 |
| Life Storage, Inc. | 4,754 | 629,857 |
| Prologis, Inc. | 10,196 | 1,634,317 |
| Weyerhaeuser Co. | 21,981 | 906,057 |
| | | 7,552,011 |
| Retailers — 7.4% |
| AutoNation, Inc. * | 5,012 | 580,941 |
| AutoZone, Inc. * | 513 | 1,003,156 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 222 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Retailers — continued |
| Bath & Body Works, Inc. | 11,295 | 597,393 |
| Burlington Stores, Inc. * | 2,440 | 496,686 |
| Costco Wholesale Corp. | 6,106 | 3,246,682 |
| Dick's Sporting Goods, Inc. (a) | 5,371 | 517,872 |
| Five Below, Inc. * | 3,356 | 527,228 |
| GameStop Corp., Class A * (a) | 4,518 | 565,066 |
| Home Depot, Inc. (The) | 13,261 | 3,983,604 |
| Kohl's Corp. | 10,348 | 598,942 |
| Lowe's Cos., Inc. | 4,640 | 917,467 |
| O'Reilly Automotive, Inc. * | 1,540 | 934,087 |
| Penske Automotive Group, Inc. | 2,000 | 209,640 |
| Target Corp. | 7,083 | 1,619,528 |
| TJX Cos., Inc. (The) | 20,013 | 1,226,397 |
| Tractor Supply Co. | 1,600 | 322,320 |
| Victoria's Secret & Co. * | 3,674 | 173,119 |
| Williams-Sonoma, Inc. (a) | 3,791 | 494,650 |
| | | 18,014,778 |
| Software & Computer Services — 14.1% |
| Adobe, Inc. * | 6,607 | 2,616,042 |
| Alphabet, Inc., Class A * | 1,962 | 4,477,657 |
| ANSYS, Inc. * | 2,615 | 720,929 |
| Atlassian Corp. plc, Class A * | 3,556 | 799,495 |
| CACI International, Inc., Class A * | 966 | 256,280 |
| Cadence Design Systems, Inc. * | 6,331 | 955,031 |
| Ceridian HCM Holding, Inc. * | 7,051 | 395,773 |
| Cloudflare, Inc., Class A * | 7,659 | 659,746 |
| Crowdstrike Holdings, Inc., Class A * | 4,909 | 975,713 |
| Datadog, Inc., Class A * | 6,544 | 790,384 |
| Dell Technologies, Inc., Class C | 12,518 | 588,471 |
| DXC Technology Co. * | 13,610 | 390,607 |
| Dynatrace, Inc. * | 11,607 | 445,244 |
| F5, Inc. * | 2,245 | 375,835 |
| Fortinet, Inc. * | 3,101 | 896,220 |
| Gartner, Inc. * | 2,856 | 829,811 |
| HubSpot, Inc. * | 1,483 | 562,695 |
| InterActiveCorp. * | 1,315 | 108,987 |
| Intuit, Inc. | 4,085 | 1,710,594 |
| Manhattan Associates, Inc. * | 4,616 | 602,619 |
| Microsoft Corp. | 17,858 | 4,955,952 |
| MongoDB, Inc. * | 1,992 | 707,021 |
| NCR Corp. * | 7,220 | 252,917 |
| NortonLifeLock, Inc. | 24,296 | 608,372 |
| Oracle Corp. | 25,375 | 1,862,525 |
| Palo Alto Networks, Inc. * (a) | 2,055 | 1,153,430 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Software & Computer Services — continued |
| Paycom Software, Inc. * | 1,704 | 479,625 |
| Roper Technologies, Inc. | 1,127 | 529,600 |
| Salesforce, Inc. * | 6,062 | 1,066,548 |
| ServiceNow, Inc. * | 3,249 | 1,553,347 |
| Smartsheet, Inc., Class A * | 1,342 | 64,859 |
| Synopsys, Inc. * | 3,423 | 981,682 |
| Tyler Technologies, Inc. * | 1,631 | 643,772 |
| Zscaler, Inc. * | 2,923 | 592,609 |
| | | 34,610,392 |
| Technology Hardware & Equipment — 13.2% |
| Advanced Micro Devices, Inc. * | 20,800 | 1,778,816 |
| Apple, Inc. | 31,720 | 5,000,658 |
| Applied Materials, Inc. | 14,368 | 1,585,509 |
| Broadcom, Inc. | 5,548 | 3,075,756 |
| CDW Corp. | 4,601 | 750,791 |
| Cirrus Logic, Inc. * | 1,375 | 104,225 |
| Concentrix Corp. | 2,468 | 388,661 |
| Corning, Inc. | 21,678 | 762,849 |
| Entegris, Inc. | 5,981 | 666,224 |
| HP, Inc. | 26,902 | 985,420 |
| Jabil, Inc. | 11,146 | 643,459 |
| KLA Corp. | 3,325 | 1,061,539 |
| Lam Research Corp. | 2,616 | 1,218,428 |
| Marvell Technology, Inc. | 17,140 | 995,491 |
| Monolithic Power Systems, Inc. | 1,735 | 680,536 |
| NetApp, Inc. | 8,746 | 640,644 |
| NVIDIA Corp. | 22,563 | 4,184,760 |
| NXP Semiconductors NV (China) | 5,659 | 967,123 |
| ON Semiconductor Corp. * | 13,687 | 713,229 |
| Pure Storage, Inc., Class A * | 18,689 | 547,588 |
| QUALCOMM, Inc. | 9,553 | 1,334,458 |
| Switch, Inc., Class A | 20,070 | 599,290 |
| TD SYNNEX Corp. | 2,163 | 216,495 |
| Teradyne, Inc. | 5,969 | 629,491 |
| Texas Instruments, Inc. | 12,680 | 2,158,770 |
| Wolfspeed, Inc. * (a) | 6,784 | 622,161 |
| | | 32,312,371 |
| Telecommunications Equipment — 1.8% |
| Arista Networks, Inc. * | 7,113 | 822,049 |
| Cisco Systems, Inc. | 41,656 | 2,040,311 |
| Juniper Networks, Inc. | 18,988 | 598,502 |
| Motorola Solutions, Inc. | 4,215 | 900,703 |
| | | 4,361,565 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 223 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Telecommunications Service Providers — 0.9% |
| Charter Communications, Inc., Class A * | 2,265 | 970,530 |
| Comcast Corp., Class A | 16,072 | 639,022 |
| Liberty Broadband Corp., Class C * | 4,746 | 530,698 |
| | | 2,140,250 |
| Tobacco — 0.7% |
| Altria Group, Inc. | 5,373 | 298,578 |
| Philip Morris International, Inc. | 13,542 | 1,354,200 |
| | | 1,652,778 |
| Travel & Leisure — 1.1% |
| Boyd Gaming Corp. | 8,624 | 522,442 |
| Chipotle Mexican Grill, Inc. * | 675 | 982,537 |
| Choice Hotels International, Inc. | 2,179 | 306,062 |
| Hilton Worldwide Holdings, Inc. * | 6,322 | 981,743 |
| | | 2,792,784 |
| Waste & Disposal Services — 0.9% |
| Republic Services, Inc. | 6,372 | 855,568 |
| Waste Management, Inc. | 7,765 | 1,276,877 |
| | | 2,132,445 |
Total Common Stocks
(Cost $255,339,077) | | 244,520,411 |
| Short-Term Investments — 1.5% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $214,672) | 214,672 | 214,672 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Investment of Cash Collateral from Securities Loaned — 1.4% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $3,349,802) | 3,349,802 | 3,349,802 |
Total Short-Term Investments
(Cost $3,564,474) | | 3,564,474 |
Total Investments — 101.3%
(Cost $258,903,551) | | 248,084,885 |
| Liabilities in Excess of Other Assets — (1.3)% | | (3,160,519) |
| NET ASSETS — 100.0% | | 244,924,366 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,148,692. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 16 | 06/17/2022 | USD | 330,180 | (9,957) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| 224 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 0.6% |
| Lockheed Martin Corp. | 6,100 | 2,635,932 |
| Automobiles & Parts — 0.5% |
| Gentex Corp. | 32,110 | 942,428 |
| Genuine Parts Co. | 9,277 | 1,206,474 |
| | | 2,148,902 |
| Banks — 0.6% |
| Bank of Hawaii Corp. | 5,931 | 440,910 |
| Commerce Bancshares, Inc. | 13,432 | 918,370 |
| US Bancorp | 23,552 | 1,143,685 |
| | | 2,502,965 |
| Beverages — 0.7% |
| Brown-Forman Corp., Class B | 9,827 | 662,733 |
| Coca-Cola Co. (The) | 12,833 | 829,140 |
| Monster Beverage Corp. * | 16,102 | 1,379,619 |
| | | 2,871,492 |
| Chemicals — 0.9% |
| Air Products and Chemicals, Inc. | 5,127 | 1,200,077 |
| Celanese Corp. | 6,780 | 996,253 |
| CF Industries Holdings, Inc. | 13,041 | 1,262,760 |
| NewMarket Corp. | 699 | 226,903 |
| | | 3,685,993 |
| Construction & Materials — 0.7% |
| A O Smith Corp. | 9,161 | 535,277 |
| Acuity Brands, Inc. | 3,841 | 662,496 |
| Lennox International, Inc. | 1,923 | 409,965 |
| Louisiana-Pacific Corp. | 4,937 | 318,535 |
| Watsco, Inc. | 3,113 | 830,486 |
| | | 2,756,759 |
| Consumer Services — 0.8% |
| Copart, Inc. * | 10,353 | 1,176,618 |
| Frontdoor, Inc. * | 8,790 | 271,699 |
| Grand Canyon Education, Inc. * | 10,090 | 968,337 |
| Rollins, Inc. | 28,555 | 957,735 |
| | | 3,374,389 |
| Electricity — 1.5% |
| AES Corp. (The) | 13,483 | 275,323 |
| CMS Energy Corp. | 11,087 | 761,566 |
| Evergy, Inc. | 6,114 | 414,835 |
| Hawaiian Electric Industries, Inc. | 11,213 | 460,966 |
| IDACORP, Inc. | 5,499 | 578,385 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Electricity — continued |
| NextEra Energy, Inc. | 39,761 | 2,823,826 |
| PPL Corp. | 20,329 | 575,514 |
| | | 5,890,415 |
| Electronic & Electrical Equipment — 1.4% |
| Allegion plc | 6,568 | 750,328 |
| Donaldson Co., Inc. | 12,698 | 622,710 |
| IDEX Corp. | 5,050 | 958,591 |
| Keysight Technologies, Inc. * | 8,199 | 1,150,074 |
| Mettler-Toledo International, Inc. * | 975 | 1,245,592 |
| Waters Corp. * | 3,079 | 932,998 |
| | | 5,660,293 |
| Finance & Credit Services — 1.4% |
| FactSet Research Systems, Inc. | 2,555 | 1,030,917 |
| Moody's Corp. | 5,128 | 1,622,909 |
| Morningstar, Inc. | 1,543 | 390,734 |
| S&P Global, Inc. | 7,247 | 2,728,496 |
| | | 5,773,056 |
| Food Producers — 0.5% |
| Flowers Foods, Inc. | 12,086 | 320,521 |
| General Mills, Inc. | 4,598 | 325,217 |
| Hershey Co. (The) | 5,377 | 1,213,965 |
| | | 1,859,703 |
| Gas, Water & Multi-utilities — 0.6% |
| National Fuel Gas Co. | 13,464 | 944,230 |
| UGI Corp. | 8,015 | 274,914 |
| WEC Energy Group, Inc. | 11,152 | 1,115,758 |
| | | 2,334,902 |
| General Industrials — 1.1% |
| 3M Co. | 14,474 | 2,087,440 |
| Honeywell International, Inc. | 1,845 | 357,026 |
| Illinois Tool Works, Inc. | 9,377 | 1,848,301 |
| | | 4,292,767 |
| Health Care Providers — 0.8% |
| Cerner Corp. | 14,661 | 1,372,856 |
| Chemed Corp. | 1,934 | 950,348 |
| DaVita, Inc. * | 7,518 | 814,726 |
| Premier, Inc., Class A | 5,983 | 216,644 |
| | | 3,354,574 |
| Household Goods & Home Construction — 0.2% |
| NVR, Inc. * | 226 | 989,023 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 225 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Industrial Engineering — 0.8% |
| Cummins, Inc. | 5,508 | 1,042,059 |
| Graco, Inc. | 13,953 | 865,365 |
| Lincoln Electric Holdings, Inc. | 6,657 | 896,898 |
| Toro Co. (The) | 4,018 | 321,962 |
| | | 3,126,284 |
| Industrial Metals & Mining — 0.4% |
| Fastenal Co. | 5,955 | 329,371 |
| Freeport-McMoRan, Inc. | 11,880 | 481,734 |
| Southern Copper Corp. (Peru) | 12,374 | 770,529 |
| | | 1,581,634 |
| Industrial Support Services — 7.1% |
| Accenture plc, Class A | 14,111 | 4,238,380 |
| Automatic Data Processing, Inc. | 11,414 | 2,490,307 |
| Cintas Corp. | 3,459 | 1,374,122 |
| Jack Henry & Associates, Inc. | 4,625 | 876,807 |
| Mastercard, Inc., Class A | 18,576 | 6,750,147 |
| Paychex, Inc. | 12,701 | 1,609,598 |
| Robert Half International, Inc. | 9,107 | 895,309 |
| Verisk Analytics, Inc. | 6,242 | 1,273,680 |
| Visa, Inc., Class A | 35,001 | 7,459,763 |
| Western Union Co. (The) | 31,610 | 529,784 |
| WW Grainger, Inc. | 2,430 | 1,215,073 |
| | | 28,712,970 |
| Industrial Transportation — 1.2% |
| Allison Transmission Holdings, Inc. | 13,194 | 493,983 |
| Landstar System, Inc. | 3,589 | 555,936 |
| Union Pacific Corp. | 14,400 | 3,373,776 |
| United Parcel Service, Inc., Class B | 1,611 | 289,948 |
| | | 4,713,643 |
| Investment Banking & Brokerage Services — 4.0% |
| Berkshire Hathaway, Inc., Class B * | 23,418 | 7,560,033 |
| BlackRock, Inc. | 3,285 | 2,052,074 |
| Broadridge Financial Solutions, Inc. | 7,059 | 1,017,414 |
| Cboe Global Markets, Inc. | 5,223 | 590,094 |
| Intercontinental Exchange, Inc. | 11,896 | 1,377,676 |
| MarketAxess Holdings, Inc. | 1,540 | 405,959 |
| Nasdaq, Inc. | 6,481 | 1,019,915 |
| SEI Investments Co. | 11,697 | 651,757 |
| T. Rowe Price Group, Inc. | 7,723 | 950,238 |
| Virtu Financial, Inc., Class A | 17,152 | 495,350 |
| | | 16,120,510 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Leisure Goods — 0.8% |
| Activision Blizzard, Inc. | 24,534 | 1,854,770 |
| Electronic Arts, Inc. | 10,776 | 1,272,107 |
| | | 3,126,877 |
| Life Insurance — 0.5% |
| Aflac, Inc. | 24,131 | 1,382,224 |
| Globe Life, Inc. | 8,153 | 799,646 |
| | | 2,181,870 |
| Media — 0.9% |
| Interpublic Group of Cos., Inc. (The) | 31,540 | 1,028,835 |
| Omnicom Group, Inc. | 14,223 | 1,082,797 |
| Sirius XM Holdings, Inc. (a) | 150,383 | 902,298 |
| World Wrestling Entertainment, Inc., Class A (a) | 11,633 | 679,251 |
| | | 3,693,181 |
| Medical Equipment & Services — 2.0% |
| Abbott Laboratories | 19,342 | 2,195,317 |
| Bio-Techne Corp. | 2,498 | 948,466 |
| Edwards Lifesciences Corp. * | 18,580 | 1,965,392 |
| IDEXX Laboratories, Inc. * | 2,891 | 1,244,518 |
| Quidel Corp. * | 4,791 | 482,070 |
| ResMed, Inc. | 5,413 | 1,082,438 |
| | | 7,918,201 |
| Non-life Insurance — 4.2% |
| Allstate Corp. (The) | 11,371 | 1,438,886 |
| Aon plc, Class A | 6,885 | 1,982,811 |
| Arch Capital Group Ltd. * | 19,795 | 904,038 |
| Arthur J Gallagher & Co. | 8,962 | 1,510,007 |
| Brown & Brown, Inc. | 16,486 | 1,021,802 |
| Chubb Ltd. | 8,336 | 1,720,967 |
| Erie Indemnity Co., Class A | 3,625 | 581,015 |
| Fidelity National Financial, Inc. | 14,760 | 587,743 |
| Hanover Insurance Group, Inc. (The) | 1,831 | 268,828 |
| Marsh & McLennan Cos., Inc. | 14,310 | 2,313,927 |
| Progressive Corp. (The) | 18,588 | 1,995,608 |
| Travelers Cos., Inc. (The) | 7,851 | 1,342,992 |
| W R Berkley Corp. | 16,387 | 1,089,572 |
| White Mountains Insurance Group Ltd. | 60 | 62,881 |
| | | 16,821,077 |
| Non-Renewable Energy — 4.1% |
| Antero Midstream Corp. | 48,556 | 498,670 |
| APA Corp. | 27,695 | 1,133,556 |
| Chevron Corp. | 29,767 | 4,663,596 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 226 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Non-Renewable Energy — continued |
| Coterra Energy, Inc. | 46,557 | 1,340,376 |
| EOG Resources, Inc. | 17,873 | 2,086,852 |
| Exxon Mobil Corp. | 52,712 | 4,493,698 |
| Kinder Morgan, Inc. | 31,402 | 569,946 |
| Targa Resources Corp. | 15,645 | 1,148,500 |
| Texas Pacific Land Corp. | 475 | 649,135 |
| | | 16,584,329 |
| Personal Care, Drug & Grocery Stores — 3.3% |
| Albertsons Cos., Inc., Class A | 8,159 | 255,214 |
| Church & Dwight Co., Inc. | 7,679 | 749,163 |
| Clorox Co. (The) | 5,784 | 829,831 |
| Colgate-Palmolive Co. | 23,763 | 1,830,939 |
| Kimberly-Clark Corp. | 486 | 67,471 |
| McKesson Corp. | 5,736 | 1,775,923 |
| Procter & Gamble Co. (The) | 48,468 | 7,781,537 |
| | | 13,290,078 |
| Personal Goods — 1.5% |
| Carter's, Inc. | 3,713 | 312,783 |
| Deckers Outdoor Corp. * | 3,206 | 851,994 |
| Estee Lauder Cos., Inc. (The), Class A | 5,895 | 1,556,634 |
| NIKE, Inc., Class B | 12,847 | 1,602,021 |
| Tapestry, Inc. | 27,878 | 917,744 |
| Under Armour, Inc., Class A * | 47,623 | 731,489 |
| | | 5,972,665 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 10.7% |
| AbbVie, Inc. | 34,068 | 5,003,908 |
| Amgen, Inc. | 12,878 | 3,003,021 |
| Biogen, Inc. * | 4,010 | 831,834 |
| Bristol-Myers Squibb Co. | 27,432 | 2,064,807 |
| CureVac NV (Germany) * (a) | 14,269 | 243,857 |
| Eli Lilly & Co. | 16,432 | 4,800,280 |
| Gilead Sciences, Inc. | 29,147 | 1,729,583 |
| Johnson & Johnson | 42,109 | 7,598,990 |
| Merck & Co., Inc. | 55,724 | 4,942,162 |
| Moderna, Inc. * | 10,204 | 1,371,520 |
| Pfizer, Inc. | 115,293 | 5,657,427 |
| Regeneron Pharmaceuticals, Inc. * | 2,244 | 1,479,043 |
| Vertex Pharmaceuticals, Inc. * | 7,916 | 2,162,809 |
| Zoetis, Inc. | 12,437 | 2,204,458 |
| | | 43,093,699 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Precious Metals & Mining — 0.4% |
| Newmont Corp. | 18,440 | 1,343,354 |
| Royal Gold, Inc. | 860 | 112,213 |
| | | 1,455,567 |
| Real Estate Investment & Services — 0.3% |
| CBRE Group, Inc., Class A * | 14,917 | 1,238,708 |
| Real Estate Investment Trusts — 3.2% |
| American Tower Corp. | 10,314 | 2,485,880 |
| Camden Property Trust | 3,842 | 602,771 |
| Crown Castle International Corp. | 5,494 | 1,017,544 |
| Equity LifeStyle Properties, Inc. | 10,542 | 814,686 |
| Equity Residential | 6,908 | 563,002 |
| Extra Space Storage, Inc. | 6,323 | 1,201,370 |
| Gaming and Leisure Properties, Inc. | 7,894 | 350,336 |
| Lamar Advertising Co., Class A | 9,040 | 998,106 |
| Life Storage, Inc. | 4,470 | 592,230 |
| Public Storage | 4,954 | 1,840,411 |
| Rayonier, Inc. | 5,428 | 234,490 |
| Simon Property Group, Inc. | 8,958 | 1,057,044 |
| Weyerhaeuser Co. | 23,742 | 978,645 |
| | | 12,736,515 |
| Retailers — 7.2% |
| AutoZone, Inc. * | 824 | 1,611,307 |
| Best Buy Co., Inc. | 11,009 | 990,039 |
| Costco Wholesale Corp. | 9,691 | 5,152,899 |
| Dick's Sporting Goods, Inc. | 8,653 | 834,322 |
| Dollar General Corp. | 7,702 | 1,829,456 |
| Etsy, Inc. * | 6,230 | 580,574 |
| Foot Locker, Inc. | 16,266 | 476,756 |
| Home Depot, Inc. (The) | 20,903 | 6,279,261 |
| Kohl's Corp. | 2,283 | 132,140 |
| Lowe's Cos., Inc. | 481 | 95,108 |
| Ollie's Bargain Outlet Holdings, Inc. * | 11,314 | 543,638 |
| O'Reilly Automotive, Inc. * | 2,468 | 1,496,965 |
| Ross Stores, Inc. | 14,092 | 1,405,959 |
| Target Corp. | 11,110 | 2,540,302 |
| Tractor Supply Co. | 5,444 | 1,096,694 |
| Ulta Beauty, Inc. * | 3,232 | 1,282,458 |
| Victoria's Secret & Co. * | 17,796 | 838,548 |
| Walmart, Inc. | 6,386 | 976,994 |
| Williams-Sonoma, Inc. (a) | 6,800 | 887,264 |
| | | 29,050,684 |
| Software & Computer Services — 15.7% |
| Adobe, Inc. * | 10,614 | 4,202,613 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 227 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Software & Computer Services — continued |
| Akamai Technologies, Inc. * | 8,590 | 964,485 |
| Alphabet, Inc., Class A * | 3,154 | 7,198,027 |
| Amdocs Ltd. | 8,114 | 646,605 |
| Aspen Technology, Inc. * | 6,755 | 1,070,938 |
| Autodesk, Inc. * | 7,401 | 1,400,861 |
| Cadence Design Systems, Inc. * | 10,473 | 1,579,852 |
| CDK Global, Inc. | 6,859 | 373,198 |
| Cognizant Technology Solutions Corp., Class A | 18,508 | 1,497,297 |
| Crowdstrike Holdings, Inc., Class A * | 6,902 | 1,371,841 |
| Dell Technologies, Inc., Class C | 11,791 | 554,295 |
| DocuSign, Inc. * | 7,566 | 612,846 |
| Dolby Laboratories, Inc., Class A | 11,695 | 906,012 |
| DoubleVerify Holdings, Inc. * | 9,056 | 196,968 |
| Dropbox, Inc., Class A * | 43,161 | 938,752 |
| Dynatrace, Inc. * | 11,779 | 451,842 |
| EPAM Systems, Inc. * | 2,522 | 668,305 |
| F5, Inc. * | 3,186 | 533,368 |
| Fortinet, Inc. * | 4,972 | 1,436,958 |
| Gartner, Inc. * | 4,607 | 1,338,564 |
| International Business Machines Corp. | 19,870 | 2,627,013 |
| Intuit, Inc. | 6,377 | 2,670,369 |
| Manhattan Associates, Inc. * | 7,506 | 979,908 |
| Meta Platforms, Inc., Class A * | 41,535 | 8,326,521 |
| Microsoft Corp. | 27,969 | 7,761,956 |
| NortonLifeLock, Inc. | 27,131 | 679,360 |
| Palo Alto Networks, Inc. * | 3,287 | 1,844,927 |
| Paycom Software, Inc. * | 2,566 | 722,252 |
| Pinterest, Inc., Class A * | 23,934 | 491,126 |
| Roper Technologies, Inc. | 2,665 | 1,252,337 |
| ServiceNow, Inc. * | 4,436 | 2,120,852 |
| SS&C Technologies Holdings, Inc. | 9,724 | 628,754 |
| Synopsys, Inc. * | 5,504 | 1,578,492 |
| Teradata Corp. * | 19,889 | 822,410 |
| VeriSign, Inc. * | 5,004 | 894,165 |
| VMware, Inc., Class A | 11,070 | 1,196,003 |
| Zoom Video Communications, Inc., Class A * | 7,026 | 699,579 |
| | | 63,239,651 |
| Technology Hardware & Equipment — 11.3% |
| Advanced Micro Devices, Inc. * | 28,429 | 2,431,248 |
| Amphenol Corp., Class A | 8,654 | 618,761 |
| Analog Devices, Inc. | 15,145 | 2,338,085 |
| Apple, Inc. | 51,022 | 8,043,618 |
| Applied Materials, Inc. | 23,055 | 2,544,119 |
| Broadcom, Inc. | 8,892 | 4,929,636 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Technology Hardware & Equipment — continued |
| Cirrus Logic, Inc. * | 670 | 50,786 |
| Corning, Inc. | 15,719 | 553,152 |
| Intel Corp. | 81,498 | 3,552,498 |
| IPG Photonics Corp. * | 4,038 | 381,510 |
| KLA Corp. | 5,228 | 1,669,091 |
| Microchip Technology, Inc. | 15,039 | 980,543 |
| NetApp, Inc. | 9,024 | 661,008 |
| NVIDIA Corp. | 30,300 | 5,619,741 |
| NXP Semiconductors NV (China) | 6,872 | 1,174,425 |
| Qorvo, Inc. * | 6,714 | 763,919 |
| QUALCOMM, Inc. | 26,171 | 3,655,827 |
| Skyworks Solutions, Inc. | 5,993 | 679,007 |
| TD SYNNEX Corp. | 1,851 | 185,267 |
| Teradyne, Inc. | 10,429 | 1,099,842 |
| Texas Instruments, Inc. | 22,029 | 3,750,437 |
| | | 45,682,520 |
| Telecommunications Equipment — 1.7% |
| Cisco Systems, Inc. | 87,397 | 4,280,705 |
| Lumentum Holdings, Inc. * (a) | 10,223 | 830,210 |
| Motorola Solutions, Inc. | 5,685 | 1,214,828 |
| Ubiquiti, Inc. (a) | 2,337 | 659,618 |
| | | 6,985,361 |
| Telecommunications Service Providers — 0.9% |
| Verizon Communications, Inc. | 76,597 | 3,546,441 |
| Tobacco — 1.3% |
| Altria Group, Inc. | 46,526 | 2,585,450 |
| Philip Morris International, Inc. | 25,563 | 2,556,300 |
| | | 5,141,750 |
| Travel & Leisure — 3.0% |
| Choice Hotels International, Inc. | 6,075 | 853,295 |
| Copa Holdings SA, Class A (Panama) * (a) | 7,300 | 550,201 |
| Domino's Pizza, Inc. | 2,674 | 903,812 |
| Expedia Group, Inc. * | 7,389 | 1,291,228 |
| Live Nation Entertainment, Inc. * | 5,848 | 613,338 |
| McDonald's Corp. | 17,452 | 4,348,340 |
| Starbucks Corp. | 30,788 | 2,298,016 |
| Yum! Brands, Inc. | 12,281 | 1,437,000 |
| | | 12,295,230 |
| Waste & Disposal Services — 1.0% |
| Clean Harbors, Inc. * | 5,624 | 590,126 |
| Republic Services, Inc. | 9,557 | 1,283,219 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 228 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Waste & Disposal Services — continued |
| Stericycle, Inc. * | 3,306 | 165,928 |
| Waste Management, Inc. | 11,063 | 1,819,200 |
| | | 3,858,473 |
Total Common Stocks
(Cost $399,008,342) | | 402,299,083 |
| Short-Term Investments — 1.0% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $442,519) | 442,519 | 442,519 |
| Investment of Cash Collateral from Securities Loaned — 0.9% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) | 497,925 | 497,576 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 3,004,452 | 3,004,452 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $3,502,177) | | 3,502,028 |
Total Short-Term Investments
(Cost $3,944,696) | | 3,944,547 |
Total Investments — 100.8%
(Cost $402,953,038) | | 406,243,630 |
| Liabilities in Excess of Other Assets — (0.8)% | | (3,245,652) |
| NET ASSETS — 100.0% | | 402,997,978 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $3,301,227. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 24 | 06/17/2022 | USD | 495,270 | (19,707) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 229 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — 99.8% |
| Aerospace & Defense — 2.0% |
| General Dynamics Corp. | 7,928 | 1,875,210 |
| Huntington Ingalls Industries, Inc. (a) | 3,967 | 843,939 |
| L3Harris Technologies, Inc. | 8,407 | 1,952,610 |
| Northrop Grumman Corp. | 4,771 | 2,096,377 |
| Raytheon Technologies Corp. | 27,382 | 2,598,826 |
| Textron, Inc. | 14,291 | 989,652 |
| | | 10,356,614 |
| Automobiles & Parts — 2.0% |
| BorgWarner, Inc. | 34,466 | 1,269,383 |
| Ford Motor Co. | 156,603 | 2,217,498 |
| General Motors Co. * | 51,112 | 1,937,656 |
| Gentex Corp. | 40,378 | 1,185,094 |
| Genuine Parts Co. | 11,962 | 1,555,658 |
| Lear Corp. | 8,563 | 1,095,550 |
| LKQ Corp. | 27,277 | 1,353,758 |
| | | 10,614,597 |
| Banks — 4.7% |
| Bank OZK | 9,835 | 377,861 |
| BOK Financial Corp. | 7,500 | 621,975 |
| Citigroup, Inc. | 68,384 | 3,296,793 |
| Citizens Financial Group, Inc. | 33,351 | 1,314,029 |
| Comerica, Inc. | 15,435 | 1,264,127 |
| Fifth Third Bancorp | 41,527 | 1,558,508 |
| First Hawaiian, Inc. | 27,326 | 645,167 |
| First Horizon Corp. | 59,536 | 1,332,416 |
| FNB Corp. | 95,556 | 1,100,805 |
| KeyCorp | 70,322 | 1,357,918 |
| M&T Bank Corp. | 15,419 | 2,569,422 |
| New York Community Bancorp, Inc. (a) | 103,242 | 953,956 |
| PacWest Bancorp | 11,264 | 370,473 |
| Popular, Inc. (Puerto Rico) | 14,967 | 1,167,276 |
| Prosperity Bancshares, Inc. | 5,792 | 378,681 |
| Regions Financial Corp. | 72,432 | 1,500,791 |
| Synovus Financial Corp. | 23,686 | 983,916 |
| Truist Financial Corp. | 43,972 | 2,126,046 |
| Umpqua Holdings Corp. | 36,549 | 604,521 |
| US Bancorp | 10,493 | 509,540 |
| Zions Bancorp NA | 15,947 | 901,165 |
| | | 24,935,386 |
| Beverages — 0.3% |
| Molson Coors Beverage Co., Class B | 26,072 | 1,411,538 |
| Chemicals — 0.7% |
| Chemours Co. (The) | 25,442 | 841,367 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Chemicals — continued |
| Eastman Chemical Co. | 1,386 | 142,301 |
| Huntsman Corp. | 28,588 | 968,275 |
| LyondellBasell Industries NV, Class A | 17,858 | 1,893,484 |
| | | 3,845,427 |
| Construction & Materials — 0.7% |
| Acuity Brands, Inc. | 4,251 | 733,212 |
| MDU Resources Group, Inc. | 21,195 | 545,983 |
| Mohawk Industries, Inc. * | 7,186 | 1,013,657 |
| Owens Corning | 15,150 | 1,377,590 |
| | | 3,670,442 |
| Consumer Services — 0.9% |
| AMERCO | 825 | 441,771 |
| eBay, Inc. | 30,734 | 1,595,709 |
| Grand Canyon Education, Inc. * | 8,660 | 831,100 |
| H&R Block, Inc. | 25,509 | 665,020 |
| Service Corp. International | 19,989 | 1,311,478 |
| | | 4,845,078 |
| Electricity — 2.1% |
| Avangrid, Inc. | 10,468 | 464,256 |
| Consolidated Edison, Inc. | 16,839 | 1,561,649 |
| Evergy, Inc. | 13,792 | 935,787 |
| FirstEnergy Corp. | 25,141 | 1,088,857 |
| Hawaiian Electric Industries, Inc. | 20,604 | 847,030 |
| NRG Energy, Inc. | 35,332 | 1,268,419 |
| OGE Energy Corp. | 17,418 | 673,728 |
| Pinnacle West Capital Corp. | 17,571 | 1,251,055 |
| PPL Corp. | 55,552 | 1,572,677 |
| Southern Co. (The) | 22,132 | 1,624,268 |
| | | 11,287,726 |
| Electronic & Electrical Equipment — 1.8% |
| Crane Co. (a) | 12,067 | 1,161,207 |
| Emerson Electric Co. | 23,654 | 2,133,118 |
| Hubbell, Inc. | 6,625 | 1,294,260 |
| Johnson Controls International plc | 31,724 | 1,899,316 |
| MKS Instruments, Inc. | 5,483 | 624,952 |
| nVent Electric plc | 35,750 | 1,207,635 |
| Pentair plc | 19,200 | 974,400 |
| | | 9,294,888 |
| Finance & Credit Services — 0.6% |
| Ally Financial, Inc. | 28,890 | 1,154,444 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 230 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Finance & Credit Services — continued |
| MGIC Investment Corp. | 55,302 | 722,244 |
| OneMain Holdings, Inc. | 24,208 | 1,111,874 |
| | | 2,988,562 |
| Food Producers — 2.9% |
| Archer-Daniels-Midland Co. | 21,700 | 1,943,452 |
| Bunge Ltd. | 3,212 | 363,341 |
| Campbell Soup Co. (a) | 23,428 | 1,106,270 |
| Conagra Brands, Inc. | 36,868 | 1,287,799 |
| Corteva, Inc. | 23,652 | 1,364,484 |
| Flowers Foods, Inc. | 37,489 | 994,208 |
| General Mills, Inc. | 28,339 | 2,004,418 |
| Ingredion, Inc. | 6,933 | 590,068 |
| J M Smucker Co. (The) | 10,185 | 1,394,632 |
| Kellogg Co. | 14,144 | 968,864 |
| Kraft Heinz Co. (The) | 41,590 | 1,772,982 |
| Tyson Foods, Inc., Class A | 18,983 | 1,768,456 |
| | | 15,558,974 |
| Gas, Water & Multi-utilities — 1.0% |
| Duke Energy Corp. | 29,446 | 3,243,771 |
| National Fuel Gas Co. | 10,413 | 730,264 |
| UGI Corp. | 35,456 | 1,216,141 |
| | | 5,190,176 |
| General Industrials — 2.8% |
| 3M Co. | 15,884 | 2,290,790 |
| Amcor plc | 78,167 | 927,061 |
| Berry Global Group, Inc. * | 12,322 | 694,345 |
| Carlisle Cos., Inc. | 767 | 198,929 |
| Dover Corp. | 10,066 | 1,341,798 |
| DuPont de Nemours, Inc. | 5,962 | 393,075 |
| Eaton Corp. plc | 16,287 | 2,361,941 |
| Graphic Packaging Holding Co. | 19,499 | 425,078 |
| Packaging Corp. of America | 9,124 | 1,470,515 |
| Parker-Hannifin Corp. | 6,782 | 1,836,701 |
| Silgan Holdings, Inc. | 21,262 | 943,395 |
| Sonoco Products Co. | 5,818 | 360,192 |
| Westrock Co. | 31,611 | 1,565,693 |
| | | 14,809,513 |
| Health Care Providers — 4.9% |
| Anthem, Inc. | 8,094 | 4,062,621 |
| Centene Corp. * | 21,255 | 1,712,090 |
| Cerner Corp. | 16,406 | 1,536,258 |
| Cigna Corp. | 12,224 | 3,016,639 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Health Care Providers — continued |
| Encompass Health Corp. | 6,830 | 470,109 |
| Humana, Inc. | 4,851 | 2,156,561 |
| Premier, Inc., Class A | 17,674 | 639,976 |
| UnitedHealth Group, Inc. | 22,144 | 11,261,331 |
| Universal Health Services, Inc., Class B | 7,744 | 948,872 |
| | | 25,804,457 |
| Household Goods & Home Construction — 1.5% |
| DR Horton, Inc. | 18,770 | 1,306,204 |
| Leggett & Platt, Inc. | 29,827 | 1,062,736 |
| Lennar Corp., Class A | 16,437 | 1,257,266 |
| Newell Brands, Inc. | 56,971 | 1,318,879 |
| PulteGroup, Inc. | 27,555 | 1,150,697 |
| Toll Brothers, Inc. | 19,463 | 902,499 |
| Whirlpool Corp. (a) | 6,359 | 1,154,286 |
| | | 8,152,567 |
| Industrial Engineering — 1.7% |
| AGCO Corp. | 8,712 | 1,109,909 |
| Brunswick Corp. | 8,459 | 639,585 |
| Caterpillar, Inc. | 17,039 | 3,587,391 |
| Cummins, Inc. | 7,506 | 1,420,060 |
| Snap-on, Inc. | 6,603 | 1,403,071 |
| Stanley Black & Decker, Inc. | 8,946 | 1,074,862 |
| | | 9,234,878 |
| Industrial Materials — 0.3% |
| International Paper Co. | 35,538 | 1,644,699 |
| Industrial Metals & Mining — 0.8% |
| Nucor Corp. | 14,654 | 2,268,146 |
| Reliance Steel & Aluminum Co. | 7,373 | 1,461,697 |
| Timken Co. (The) | 10,042 | 578,821 |
| | | 4,308,664 |
| Industrial Support Services — 1.6% |
| ADT, Inc. (a) | 71,279 | 488,261 |
| Bread Financial Holdings, Inc. | 19,306 | 1,057,969 |
| Capital One Financial Corp. | 18,347 | 2,286,403 |
| ManpowerGroup, Inc. | 12,914 | 1,164,843 |
| MSC Industrial Direct Co., Inc., Class A | 12,084 | 1,001,280 |
| Robert Half International, Inc. | 4,291 | 421,848 |
| Synchrony Financial | 42,371 | 1,559,677 |
| Western Union Co. (The) | 28,382 | 475,682 |
| | | 8,455,963 |
| Industrial Transportation — 2.1% |
| Allison Transmission Holdings, Inc. | 18,443 | 690,506 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 231 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Industrial Transportation — continued |
| Knight-Swift Transportation Holdings, Inc. | 14,025 | 671,657 |
| Norfolk Southern Corp. | 8,712 | 2,246,651 |
| Oshkosh Corp. | 10,725 | 991,419 |
| PACCAR, Inc. | 17,247 | 1,432,363 |
| Ryder System, Inc. | 15,179 | 1,061,012 |
| Schneider National, Inc., Class B | 22,715 | 536,756 |
| Union Pacific Corp. | 14,021 | 3,284,980 |
| | | 10,915,344 |
| Investment Banking & Brokerage Services — 1.1% |
| Bank of New York Mellon Corp. (The) | 39,776 | 1,672,979 |
| Franklin Resources, Inc. | 26,984 | 663,537 |
| Invesco Ltd. | 59,643 | 1,096,238 |
| Jefferies Financial Group, Inc. | 37,053 | 1,139,750 |
| State Street Corp. | 19,364 | 1,296,807 |
| | | 5,869,311 |
| Leisure Goods — 1.5% |
| Activision Blizzard, Inc. | 32,561 | 2,461,611 |
| Garmin Ltd. | 11,820 | 1,297,127 |
| Harley-Davidson, Inc. | 32,071 | 1,168,988 |
| Hasbro, Inc. | 15,060 | 1,326,184 |
| Polaris, Inc. (a) | 10,771 | 1,022,599 |
| Thor Industries, Inc. (a) | 12,018 | 919,978 |
| | | 8,196,487 |
| Life Insurance — 1.6% |
| Lincoln National Corp. | 22,297 | 1,341,164 |
| MetLife, Inc. | 34,441 | 2,262,085 |
| Principal Financial Group, Inc. | 22,783 | 1,552,434 |
| Prudential Financial, Inc. | 19,669 | 2,134,283 |
| Unum Group | 45,063 | 1,375,323 |
| | | 8,665,289 |
| Media — 2.2% |
| Fox Corp., Class A | 33,481 | 1,199,959 |
| Interpublic Group of Cos., Inc. (The) | 42,135 | 1,374,444 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * | 10,549 | 441,792 |
| News Corp., Class A | 62,169 | 1,234,677 |
| Nexstar Media Group, Inc., Class A | 6,984 | 1,106,405 |
| Nielsen Holdings plc | 66,851 | 1,792,275 |
| Omnicom Group, Inc. | 18,923 | 1,440,608 |
| Paramount Global, Class B | 44,551 | 1,297,325 |
| Warner Bros Discovery, Inc. * | 90,508 | 1,642,720 |
| | | 11,530,205 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Medical Equipment & Services — 2.2% |
| Baxter International, Inc. | 9,387 | 667,040 |
| Becton Dickinson and Co. | 9,116 | 2,253,384 |
| Embecta Corp. * | 1,841 | 56,022 |
| Laboratory Corp. of America Holdings * | 3,890 | 934,689 |
| Medtronic plc | 39,064 | 4,076,719 |
| PerkinElmer, Inc. | 6,448 | 945,342 |
| Quest Diagnostics, Inc. | 11,011 | 1,473,712 |
| Quidel Corp. * | 5,176 | 520,809 |
| Zimmer Biomet Holdings, Inc. | 7,892 | 952,959 |
| | | 11,880,676 |
| Mortgage Real Estate Investment Trusts — 0.8% |
| AGNC Investment Corp. | 84,913 | 932,345 |
| Annaly Capital Management, Inc. | 190,894 | 1,225,540 |
| New Residential Investment Corp. | 95,558 | 993,803 |
| Starwood Property Trust, Inc. | 41,421 | 947,712 |
| | | 4,099,400 |
| Non-life Insurance — 1.5% |
| American International Group, Inc. | 28,346 | 1,658,524 |
| Assured Guaranty Ltd. | 19,941 | 1,099,746 |
| Axis Capital Holdings Ltd. | 6,789 | 389,213 |
| Everest Re Group Ltd. | 3,053 | 838,690 |
| First American Financial Corp. | 17,780 | 1,036,752 |
| Hartford Financial Services Group, Inc. (The) | 10,857 | 759,230 |
| Mercury General Corp. | 10,512 | 530,120 |
| Old Republic International Corp. | 48,652 | 1,070,831 |
| Reinsurance Group of America, Inc. | 6,141 | 659,052 |
| | | 8,042,158 |
| Non-Renewable Energy — 4.2% |
| Antero Midstream Corp. | 85,713 | 880,273 |
| Chevron Corp. | 29,312 | 4,592,311 |
| ConocoPhillips | 5,004 | 477,982 |
| Exxon Mobil Corp. | 111,362 | 9,493,610 |
| HF Sinclair Corp. * | 28,357 | 1,078,133 |
| Kinder Morgan, Inc. | 106,444 | 1,931,959 |
| ONEOK, Inc. | 19,104 | 1,209,856 |
| Valero Energy Corp. | 8,597 | 958,394 |
| Williams Cos., Inc. (The) | 43,794 | 1,501,696 |
| | | 22,124,214 |
| Personal Care, Drug & Grocery Stores — 1.6% |
| Albertsons Cos., Inc., Class A | 28,121 | 879,625 |
| CVS Health Corp. | 43,102 | 4,143,395 |
| Kroger Co. (The) | 31,886 | 1,720,568 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 232 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Personal Care, Drug & Grocery Stores — continued |
| Spectrum Brands Holdings, Inc. | 1,628 | 138,494 |
| Walgreens Boots Alliance, Inc. | 40,764 | 1,728,394 |
| | | 8,610,476 |
| Personal Goods — 1.2% |
| Capri Holdings Ltd. * | 15,205 | 725,279 |
| Carter's, Inc. | 12,171 | 1,025,285 |
| Columbia Sportswear Co. | 6,203 | 509,638 |
| Hanesbrands, Inc. | 59,124 | 783,984 |
| PVH Corp. | 15,646 | 1,138,716 |
| Ralph Lauren Corp. | 10,611 | 1,107,152 |
| Tapestry, Inc. | 36,754 | 1,209,942 |
| | | 6,499,996 |
| Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5% |
| Amgen, Inc. | 13,531 | 3,155,294 |
| Biogen, Inc. * | 3,916 | 812,335 |
| Bristol-Myers Squibb Co. | 43,339 | 3,262,126 |
| Cardinal Health, Inc. | 16,738 | 971,641 |
| Gilead Sciences, Inc. | 38,255 | 2,270,052 |
| Johnson & Johnson | 54,099 | 9,762,706 |
| Merck & Co., Inc. | 68,202 | 6,048,835 |
| Perrigo Co. plc | 6,973 | 239,174 |
| Pfizer, Inc. | 141,189 | 6,928,144 |
| Sage Therapeutics, Inc. * | 6,786 | 213,895 |
| United Therapeutics Corp. * | 4,733 | 840,391 |
| | | 34,504,593 |
| Real Estate Investment & Services — 0.2% |
| Jones Lang LaSalle, Inc. * | 4,137 | 904,886 |
| Real Estate Investment Trusts — 3.3% |
| Brixmor Property Group, Inc. | 30,218 | 766,933 |
| Cousins Properties, Inc. | 10,003 | 359,108 |
| EPR Properties (a) | 8,033 | 421,893 |
| Equity Residential | 14,438 | 1,176,697 |
| Gaming and Leisure Properties, Inc. | 11,738 | 520,932 |
| Highwoods Properties, Inc. | 18,389 | 751,007 |
| Iron Mountain, Inc. | 17,224 | 925,446 |
| Kilroy Realty Corp. | 10,090 | 706,300 |
| Kimco Realty Corp. | 60,754 | 1,538,899 |
| Medical Properties Trust, Inc. | 49,048 | 901,993 |
| National Retail Properties, Inc. | 16,444 | 720,905 |
| Omega Healthcare Investors, Inc. | 25,292 | 644,440 |
| Regency Centers Corp. | 11,418 | 785,901 |
| Simon Property Group, Inc. | 10,499 | 1,238,882 |
| SL Green Realty Corp. (a) | 15,626 | 1,081,632 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Real Estate Investment Trusts — continued |
| Ventas, Inc. | 16,235 | 901,854 |
| VICI Properties, Inc. | 34,637 | 1,032,529 |
| Vornado Realty Trust | 12,940 | 500,907 |
| Welltower, Inc. | 15,850 | 1,439,338 |
| Weyerhaeuser Co. | 7,742 | 319,125 |
| WP Carey, Inc. | 10,538 | 851,154 |
| | | 17,585,875 |
| Retailers — 4.6% |
| Advance Auto Parts, Inc. | 6,322 | 1,262,061 |
| AutoNation, Inc. * | 10,167 | 1,178,457 |
| Best Buy Co., Inc. | 14,841 | 1,334,651 |
| Dick's Sporting Goods, Inc. (a) | 11,042 | 1,064,669 |
| Dollar General Corp. | 8,243 | 1,957,960 |
| Foot Locker, Inc. | 29,362 | 860,600 |
| Gap, Inc. (The) | 73,176 | 908,846 |
| Kohl's Corp. | 22,147 | 1,281,868 |
| Lithia Motors, Inc. | 4,013 | 1,136,201 |
| Penske Automotive Group, Inc. | 11,579 | 1,213,711 |
| Qurate Retail, Inc., Series A | 163,725 | 689,282 |
| Target Corp. | 14,317 | 3,273,582 |
| Victoria's Secret & Co. * | 23,666 | 1,115,142 |
| Walmart, Inc. | 39,727 | 6,077,834 |
| Williams-Sonoma, Inc. (a) | 7,529 | 982,384 |
| | | 24,337,248 |
| Software & Computer Services — 13.1% |
| Akamai Technologies, Inc. * | 10,631 | 1,193,649 |
| Alphabet, Inc., Class A * | 4,032 | 9,201,790 |
| Amdocs Ltd. | 16,489 | 1,314,008 |
| Aspen Technology, Inc. * | 1,035 | 164,089 |
| Black Knight, Inc. * | 10,034 | 660,137 |
| CACI International, Inc., Class A * | 4,190 | 1,111,607 |
| CDK Global, Inc. | 26,362 | 1,434,356 |
| Change Healthcare, Inc. * | 37,430 | 881,851 |
| Citrix Systems, Inc. | 9,902 | 991,190 |
| Clarivate plc * | 37,382 | 586,150 |
| Cognizant Technology Solutions Corp., Class A | 25,382 | 2,053,404 |
| Dell Technologies, Inc., Class C | 15,330 | 720,663 |
| Dolby Laboratories, Inc., Class A | 16,800 | 1,301,496 |
| Dun & Bradstreet Holdings, Inc. * | 35,976 | 568,061 |
| DXC Technology Co. * | 28,479 | 817,347 |
| F5, Inc. * | 5,223 | 874,382 |
| Hewlett Packard Enterprise Co. | 99,142 | 1,527,778 |
| InterActiveCorp. * | 7,100 | 588,448 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 233 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| INVESTMENTS | SHARES | VALUE ($) |
| Common Stocks — continued |
| Software & Computer Services — continued |
| International Business Machines Corp. | 30,758 | 4,066,515 |
| Intuit, Inc. | 7,284 | 3,050,175 |
| Leidos Holdings, Inc. | 13,707 | 1,418,812 |
| Meta Platforms, Inc., Class A * | 44,199 | 8,860,574 |
| Microsoft Corp. | 35,651 | 9,893,866 |
| N-able, Inc. * | 12,587 | 125,870 |
| NCR Corp. * | 21,871 | 766,141 |
| NortonLifeLock, Inc. | 44,159 | 1,105,741 |
| Oracle Corp. | 51,346 | 3,768,796 |
| PTC, Inc. * | 7,486 | 854,976 |
| Roper Technologies, Inc. | 3,585 | 1,684,663 |
| Salesforce, Inc. * | 25,458 | 4,479,081 |
| Science Applications International Corp. | 13,390 | 1,114,450 |
| SolarWinds Corp. | 23,784 | 294,208 |
| SS&C Technologies Holdings, Inc. | 20,028 | 1,295,011 |
| Teradata Corp. * | 21,827 | 902,546 |
| | | 69,671,831 |
| Technology Hardware & Equipment — 14.4% |
| Amphenol Corp., Class A | 21,212 | 1,516,658 |
| Analog Devices, Inc. | 19,196 | 2,963,478 |
| Apple, Inc. | 67,682 | 10,670,067 |
| Applied Materials, Inc. | 30,621 | 3,379,027 |
| Arrow Electronics, Inc. * | 9,789 | 1,153,732 |
| Avnet, Inc. | 26,200 | 1,143,892 |
| Azenta, Inc. | 9,176 | 687,833 |
| Broadcom, Inc. | 11,254 | 6,239,105 |
| CDW Corp. | 8,811 | 1,437,779 |
| Cirrus Logic, Inc. * | 9,093 | 689,249 |
| Concentrix Corp. | 3,820 | 601,574 |
| Corning, Inc. | 47,121 | 1,658,188 |
| Entegris, Inc. | 12,004 | 1,337,126 |
| HP, Inc. | 53,683 | 1,966,408 |
| Intel Corp. | 122,973 | 5,360,393 |
| IPG Photonics Corp. * | 5,162 | 487,706 |
| Jabil, Inc. | 23,564 | 1,360,350 |
| KLA Corp. | 6,658 | 2,125,633 |
| Lam Research Corp. | 5,341 | 2,487,624 |
| Marvell Technology, Inc. | 30,608 | 1,777,713 |
| Microchip Technology, Inc. | 24,845 | 1,619,894 |
| Micron Technology, Inc. | 41,063 | 2,800,086 |
| National Instruments Corp. | 17,332 | 626,378 |
| NetApp, Inc. | 19,195 | 1,406,034 |
| NXP Semiconductors NV (China) | 9,723 | 1,661,661 |
| ON Semiconductor Corp. * | 29,324 | 1,528,074 |
| INVESTMENTS | SHARES | VALUE ($) |
| |
| Technology Hardware & Equipment — continued |
| Qorvo, Inc. * | 9,003 | 1,024,361 |
| QUALCOMM, Inc. | 34,743 | 4,853,250 |
| Skyworks Solutions, Inc. | 12,170 | 1,378,861 |
| TD SYNNEX Corp. | 11,630 | 1,164,047 |
| Teradyne, Inc. | 11,850 | 1,249,701 |
| Texas Instruments, Inc. | 27,609 | 4,700,432 |
| Universal Display Corp. | 4,804 | 613,615 |
| Vertiv Holdings Co. | 35,446 | 444,138 |
| Western Digital Corp. * | 29,612 | 1,571,509 |
| Xerox Holdings Corp. | 62,678 | 1,090,597 |
| | | 76,776,173 |
| Telecommunications Equipment — 1.1% |
| Cisco Systems, Inc. | 99,021 | 4,850,049 |
| Juniper Networks, Inc. | 34,777 | 1,096,171 |
| | | 5,946,220 |
| Telecommunications Service Providers — 1.4% |
| AT&T, Inc. | 188,701 | 3,558,901 |
| Comcast Corp., Class A | 49,486 | 1,967,563 |
| DISH Network Corp., Class A * (a) | 32,695 | 932,135 |
| Lumen Technologies, Inc. | 94,789 | 953,577 |
| Verizon Communications, Inc. | 5,269 | 243,955 |
| | | 7,656,131 |
| Tobacco — 0.8% |
| Altria Group, Inc. | 54,692 | 3,039,234 |
| Philip Morris International, Inc. | 12,156 | 1,215,600 |
| | | 4,254,834 |
| Travel & Leisure — 1.1% |
| Boyd Gaming Corp. | 13,283 | 804,684 |
| Copa Holdings SA, Class A (Panama) * (a) | 13,382 | 1,008,601 |
| Darden Restaurants, Inc. | 11,465 | 1,510,285 |
| Travel + Leisure Co. | 23,524 | 1,305,112 |
| Wendy's Co. (The) | 55,586 | 1,098,379 |
| Wyndham Hotels & Resorts, Inc. | 2,368 | 208,289 |
| | | 5,935,350 |
Total Common Stocks
(Cost $564,237,538) | | 530,416,846 |
| Short-Term Investments — 1.9% |
| Investment Companies — 0.1% |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c)(Cost $512,860) | 512,860 | 512,860 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 234 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| INVESTMENTS | SHARES | VALUE ($) |
| Short-Term Investments — continued |
| Investment of Cash Collateral from Securities Loaned — 1.8% |
| JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 0.37% (b) (c) | 6,299,773 | 6,295,363 |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 3,034,556 | 3,034,556 |
Total Investment of Cash Collateral from Securities Loaned
(Cost $9,328,789) | | 9,329,919 |
Total Short-Term Investments
(Cost $9,841,649) | | 9,842,779 |
Total Investments — 101.7%
(Cost $574,079,187) | | 540,259,625 |
| Liabilities in Excess of Other Assets — (1.7)% | | (8,815,958) |
| NET ASSETS — 100.0% | | 531,443,667 |
Percentages indicated are based on net assets. |
| * | Non-income producing security. |
| (a) | The security or a portion of this security is on loan at April 30, 2022. The total value of securities on loan at April 30, 2022 is $8,759,167. |
| (b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| (c) | The rate shown is the current yield as of April 30, 2022. |
Futures contracts outstanding as of April 30, 2022:
| DESCRIPTION | NUMBER OF
CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL
AMOUNT ($) | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| Long Contracts | | | | | |
| Micro E-Mini S&P 500 Index | 39 | 06/17/2022 | USD | 804,814 | (14,854) |
| Abbreviations | |
| USD | United States Dollar |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 235 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited)
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | | JPMorgan
ActiveBuilders
International
Equity ETF | | JPMorgan
BetaBuilders
Canada ETF | | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF) |
| ASSETS: | | | | | | | |
| Investments in non-affiliates, at value | $ 711,351,002 | | $24,574,404 | | $6,512,686,175 | | $4,273,719,667 |
| Investments in affiliates, at value | 14,335,116 | | 450,008 | | — | | — |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 368,660 | | 152,324 | | 478,266,529 | | 10,861,479 |
| Cash | 1,093,614 | | 56,260 | | 3,920 | | 10,000 |
| Foreign currency, at value | 639,700 | | 83,344 | | 22,271,527 | | 10,914,300 |
| Deposits at broker for futures contracts | — | | — | | 1,675,824 | | 1,139,534 |
| Segregated cash balance with Authorized Participant for deposit securities | 241,731 | | — | | 371,477 | | — |
| Receivables: | | | | | | | |
| Investment securities sold | 67,365 | | — | | — | | — |
| Fund shares sold | 76,826 | | — | | — | | — |
| Dividends from non-affiliates | 1,207,846 | | 90,503 | | 10,911,706 | | 5,084,969 |
| Dividends from affiliates | 164 | | 5 | | — | | — |
| Tax reclaims | 4,803 | | 26,084 | | — | | 317,370 |
| Securities lending income (See Note 2.C) | 273 | | 96 | | 111,327 | | 4,561 |
| Due from Authorized Participant | 214,336 | | — | | — | | — |
| Other assets | 29,596 | | — | | 205,668 | | 196,488 |
| Total Assets | 729,631,032 | | 25,433,028 | | 7,026,504,153 | | 4,302,248,368 |
| LIABILITIES: | | | | | | | |
| Payables: | | | | | | | |
| Investment securities purchased | 638,814 | | — | | — | | 65,714 |
| Collateral received on securities loaned (See Note 2.C) | 368,660 | | 152,324 | | 478,266,529 | | 10,861,479 |
| Variation margin on futures contracts | — | | — | | 68,591 | | 52,564 |
| Collateral upon return of deposit securities | 241,731 | | — | | 371,477 | | — |
| Accrued liabilities: | | | | | | | |
| Management fees (See Note 3.A) | 199,987 | | 4,897 | | 1,103,055 | | 725,289 |
| Other | — | | 362 | | — | | 16,296 |
| Total Liabilities | 1,449,192 | | 157,583 | | 479,809,652 | | 11,721,342 |
| Net Assets | $ 728,181,840 | | $25,275,445 | | $6,546,694,501 | | $4,290,527,026 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 236 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | | JPMorgan
ActiveBuilders
International
Equity ETF | | JPMorgan
BetaBuilders
Canada ETF | | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF) |
| NET ASSETS: | | | | | | | |
| Paid-in-Capital | $ 858,279,180 | | $28,789,940 | | $5,304,819,830 | | $4,394,889,597 |
| Total distributable earnings (loss) | (130,097,340) | | (3,514,495) | | 1,241,874,671 | | (104,362,571) |
| Total Net Assets: | $ 728,181,840 | | $25,275,445 | | $6,546,694,501 | | $4,290,527,026 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 19,100,000 | | 600,000 | | 101,298,911 | | 82,398,641 |
| Net asset value, per share | $ 38.12 | | $ 42.13 | | $ 64.63 | | $ 52.07 |
| Cost of investments in non-affiliates | $ 823,873,143 | | $27,713,962 | | $5,175,314,258 | | $4,178,595,820 |
| Cost of investments in affiliates | 14,334,650 | | 450,008 | | — | | — |
| Cost of foreign currency | 641,310 | | 84,526 | | 22,446,757 | | 11,167,513 |
| Investment securities on loan, at value (See Note 2.C) | 345,193 | | 144,797 | | 440,727,186 | | 7,721,703 |
| Cost of investment of cash collateral (See Note 2.C) | 368,660 | | 152,324 | | 478,272,533 | | 10,861,861 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 237 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
| | JPMorgan
BetaBuilders
Europe ETF | | JPMorgan
BetaBuilders
International
Equity ETF | | JPMorgan
BetaBuilders
Japan ETF | | JPMorgan
BetaBuilders
U.S. Equity ETF |
| ASSETS: | | | | | | | |
| Investments in non-affiliates, at value | $ 9,364,866,373 | | $2,914,099,386 | | $7,030,019,552 | | $1,066,498,890 |
| Investments in affiliates, at value | — | | 9,889,216 | | — | | 14,447,307 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 570,727,372 | | 80,452,707 | | 11,683,998 | | 4,273,902 |
| Cash | 213,331 | | 1,497,240 | | 110,284 | | 5,653 |
| Foreign currency, at value | 31,789,856 | | 1,917,003 | | 13,541,930 | | — |
| Deposits at broker for futures contracts | 8,690,807 | | — | | 4,290,941 | | 380,000 |
| Receivables: | | | | | | | |
| Dividends from non-affiliates | 23,900,926 | | 12,145,683 | | 70,972,945 | | 722,688 |
| Dividends from affiliates | — | | 99 | | — | | 41 |
| Tax reclaims | 18,910,667 | | 4,832,214 | | 71,906 | | — |
| Securities lending income (See Note 2.C) | 447,091 | | 73,973 | | 31,580 | | 1,919 |
| Variation margin on futures contracts | — | | 1,330,327 | | 2,016,091 | | — |
| Other assets | 118,837 | | — | | 148,340 | | 34,967 |
| Total Assets | 10,019,665,260 | | 3,026,237,848 | | 7,132,887,567 | | 1,086,365,367 |
| LIABILITIES: | | | | | | | |
| Payables: | | | | | | | |
| Investment securities purchased | — | | — | | — | | 186,750 |
| Collateral received on securities loaned (See Note 2.C) | 570,727,372 | | 80,452,707 | | 11,683,998 | | 4,273,902 |
| Variation margin on futures contracts | 524,356 | | — | | — | | 160,411 |
| Accrued liabilities: | | | | | | | |
| Management fees (See Note 3.A) | 814,789 | | 176,056 | | 1,175,559 | | 18,144 |
| Other | — | | 25,773 | | — | | — |
| Total Liabilities | 572,066,517 | | 80,654,536 | | 12,859,557 | | 4,639,207 |
| Net Assets | $ 9,447,598,743 | | $2,945,583,312 | | $7,120,028,010 | | $1,081,726,160 |
| NET ASSETS: | | | | | | | |
| Paid-in-Capital | $10,167,136,425 | | $2,834,769,236 | | $8,112,232,251 | | $1,070,585,940 |
| Total distributable earnings (loss) | (719,537,682) | | 110,814,076 | | (992,204,241) | | 11,140,220 |
| Total Net Assets: | $ 9,447,598,743 | | $2,945,583,312 | | $7,120,028,010 | | $1,081,726,160 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 183,299,596 | | 56,800,000 | | 152,797,548 | | 14,550,000 |
| Net asset value, per share | $ 51.54 | | $ 51.86 | | $ 46.60 | | $ 74.35 |
| Cost of investments in non-affiliates | $10,215,627,530 | | $2,828,172,941 | | $7,926,422,905 | | $1,058,374,731 |
| Cost of investments in affiliates | — | | 9,889,216 | | — | | 16,003,587 |
| Cost of foreign currency | 32,014,874 | | 1,922,933 | | 13,935,313 | | — |
| Investment securities on loan, at value (See Note 2.C) | 502,857,161 | | 65,283,866 | | 11,113,596 | | 3,968,472 |
| Cost of investment of cash collateral (See Note 2.C) | 570,721,952 | | 80,457,110 | | 11,682,989 | | 4,273,902 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 238 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF | | JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF | | JPMorgan
Carbon
Transition U.S.
Equity ETF | | JPMorgan
Climate Change
Solutions ETF |
| ASSETS: | | | | | | | |
| Investments in non-affiliates, at value | $1,499,507,503 | | $490,717,159 | | $22,175,974 | | $20,565,141 |
| Investments in affiliates, at value | 4,118,599 | | 6,867,283 | | 11,653 | | — |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 38,690,531 | | 7,995,973 | | — | | — |
| Cash | 5,365 | | 745 | | 343 | | 180,630 |
| Deposits at broker for futures contracts | 429,000 | | 460,000 | | 12,000 | | — |
| Receivables: | | | | | | | |
| Fund shares sold | 64,401,591 | | 73,170,185 | | — | | — |
| Dividends from non-affiliates | 469,756 | | 111,351 | | 18,452 | | 32,052 |
| Dividends from affiliates | 41 | | 69 | | — | | — |
| Tax reclaims | — | | — | | — | | 15,583 |
| Securities lending income (See Note 2.C) | 49,916 | | 37,662 | | — | | — |
| Total Assets | 1,607,672,302 | | 579,360,427 | | 22,218,422 | | 20,793,406 |
| LIABILITIES: | | | | | | | |
| Payables: | | | | | | | |
| Foreign currency due to custodian, at value | — | | — | | — | | 4,669 |
| Investment securities purchased | 64,096,659 | | 71,359,839 | | — | | — |
| Collateral received on securities loaned (See Note 2.C) | 38,690,531 | | 7,995,973 | | — | | — |
| Variation margin on futures contracts | 119,850 | | 199,026 | | 798 | | — |
| Accrued liabilities: | | | | | | | |
| Management fees (See Note 3.A) | 87,211 | | 33,432 | | 2,401 | | 8,878 |
| Other | 25,977 | | 7,540 | | 298 | | — |
| Total Liabilities | 103,020,228 | | 79,595,810 | | 3,497 | | 13,547 |
| Net Assets | $1,504,652,074 | | $499,764,617 | | $22,214,925 | | $20,779,859 |
| NET ASSETS: | | | | | | | |
| Paid-in-Capital | $1,518,123,680 | | $571,162,967 | | $20,477,261 | | $26,388,065 |
| Total distributable earnings (loss) | (13,471,606) | | (71,398,350) | | 1,737,664 | | (5,608,206) |
| Total Net Assets: | $1,504,652,074 | | $499,764,617 | | $22,214,925 | | $20,779,859 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 19,275,000 | | 9,050,000 | | 400,000 | | 550,000 |
| Net asset value, per share | $ 78.06 | | $ 55.22 | | $ 55.54 | | $ 37.78 |
| Cost of investments in non-affiliates | $1,584,975,117 | | $564,528,261 | | $21,629,947 | | $25,003,052 |
| Cost of investments in affiliates | 4,118,599 | | 6,867,283 | | 11,653 | | — |
| Investment securities on loan, at value (See Note 2.C) | 36,202,057 | | 7,449,030 | | — | | — |
| Cost of investment of cash collateral (See Note 2.C) | 38,690,417 | | 7,996,972 | | — | | — |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 239 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
| | 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 |
| ASSETS: | | | | | | | |
| Investments in non-affiliates, at value | $164,866,553 | | $ 753,764,064 | | $555,137,098 | | $246,257,623 |
| Investments in affiliates, at value | — | | 268,189 | | 1,137,701 | | 250,728 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 780,542 | | 16,702,824 | | 11,632,903 | | 7,764,364 |
| Cash | 278,125 | | 506,321 | | 1,940 | | 7,172 |
| Foreign currency, at value | 175,224 | | 52,027 | | — | | — |
| Deposits at broker for futures contracts | — | | 424,600 | | 132,400 | | 15,000 |
| Receivables: | | | | | | | |
| Investment securities sold | — | | 541,238 | | — | | — |
| Fund shares sold | — | | — | | — | | 18,128,281 |
| Dividends from non-affiliates | 425,293 | | 4,925,420 | | 511,030 | | 139,041 |
| Dividends from affiliates | — | | 3 | | 11 | | 2 |
| Tax reclaims | 5,735 | | 1,444,991 | | — | | — |
| Securities lending income (See Note 2.C) | 216 | | 8,836 | | 1,041 | | 724 |
| Other assets | 3,921 | | 8,581 | | — | | 4,553 |
| Total Assets | 166,535,609 | | 778,647,094 | | 568,554,124 | | 272,567,488 |
| LIABILITIES: | | | | | | | |
| Payables: | | | | | | | |
| Due to custodian | — | | 539,914 | | — | | — |
| Investment securities purchased | 20,112 | | — | | 1,016,778 | | 18,104,027 |
| Collateral received on securities loaned (See Note 2.C) | 780,542 | | 16,702,824 | | 11,632,903 | | 7,764,364 |
| Variation margin on futures contracts | 1,524 | | 88,278 | | 26,275 | | 7,050 |
| Accrued liabilities: | | | | | | | |
| Management fees (See Note 3.A) | 62,140 | | 242,813 | | 87,384 | | 47,690 |
| Deferred foreign capital gains tax | 683,891 | | — | | — | | — |
| Other | — | | 2,724 | | 919 | | — |
| Total Liabilities | 1,548,209 | | 17,576,553 | | 12,764,259 | | 25,923,131 |
| Net Assets | $164,987,400 | | $ 761,070,541 | | $555,789,865 | | $246,644,357 |
| NET ASSETS: | | | | | | | |
| Paid-in-Capital | $188,786,760 | | $ 902,054,675 | | $430,673,873 | | $215,140,517 |
| Total distributable earnings (loss) | (23,799,360) | | (140,984,134) | | 125,115,992 | | 31,503,840 |
| Total Net Assets: | $164,987,400 | | $ 761,070,541 | | $555,789,865 | | $246,644,357 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 3,100,000 | | 14,200,000 | | 5,600,000 | | 2,800,000 |
| Net asset value, per share | $ 53.22 | | $ 53.60 | | $ 99.25 | | $ 88.09 |
| Cost of investments in non-affiliates | $158,606,537 | | $ 785,633,889 | | $473,370,734 | | $215,083,918 |
| Cost of investments in affiliates | — | | 268,189 | | 1,137,701 | | 250,728 |
| Cost of foreign currency | 142,838 | | 50,806 | | — | | — |
| Investment securities on loan, at value (See Note 2.C) | 728,207 | | 13,303,812 | | 10,915,468 | | 7,354,015 |
| Cost of investment of cash collateral (See Note 2.C) | 780,542 | | 16,701,972 | | 11,632,413 | | 7,764,543 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 240 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF | | JPMorgan
International
Growth ETF | | JPMorgan U.S.
Dividend ETF |
| ASSETS: | | | | | |
| Investments in non-affiliates, at value | $200,346,498 | | $57,269,607 | | $63,743,943 |
| Investments in affiliates, at value | 96,528 | | 1,633,814 | | 117,552 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 16,316,768 | | — | | 1,118,762 |
| Cash | 69,565 | | 113,953 | | 5,099 |
| Foreign currency, at value | — | | 10,266 | | — |
| Deposits at broker for futures contracts | 79,200 | | — | | 25,280 |
| Receivables: | | | | | |
| Investment securities sold | — | | 102,279 | | — |
| Dividends from non-affiliates | 87,866 | | 59,415 | | 95,418 |
| Dividends from affiliates | 1 | | 16 | | 1 |
| Tax reclaims | — | | 64,905 | | — |
| Securities lending income (See Note 2.C) | 7,398 | | — | | 71 |
| Other assets | 4,610 | | 1,466 | | 1,916 |
| Total Assets | 217,008,434 | | 59,255,721 | | 65,108,042 |
| LIABILITIES: | | | | | |
| Payables: | | | | | |
| Investment securities purchased | — | | 401,366 | | 51,856 |
| Collateral received on securities loaned (See Note 2.C) | 16,316,768 | | — | | 1,118,762 |
| Variation margin on futures contracts | 5,301 | | — | | 3,850 |
| Accrued liabilities: | | | | | |
| Management fees (See Note 3.A) | 48,387 | | 28,159 | | 6,052 |
| Total Liabilities | 16,370,456 | | 429,525 | | 1,180,520 |
| Net Assets | $200,637,978 | | $58,826,196 | | $63,927,522 |
| NET ASSETS: | | | | | |
| Paid-in-Capital | $204,974,054 | | $67,390,279 | | $62,900,818 |
| Total distributable earnings (loss) | (4,336,076) | | (8,564,083) | | 1,026,704 |
| Total Net Assets: | $200,637,978 | | $58,826,196 | | $63,927,522 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 4,950,000 | | 1,050,000 | | 1,900,000 |
| Net asset value, per share | $ 40.53 | | $ 56.02 | | $ 33.65 |
| Cost of investments in non-affiliates | $198,558,611 | | $61,837,165 | | $62,644,819 |
| Cost of investments in affiliates | 96,528 | | 1,633,814 | | 117,552 |
| Cost of foreign currency | — | | 10,348 | | — |
| Investment securities on loan, at value (See Note 2.C) | 15,285,821 | | — | | 1,052,590 |
| Cost of investment of cash collateral (See Note 2.C) | 16,318,337 | | — | | 1,118,762 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 241 |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2022 (Unaudited) (continued)
| | 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 in non-affiliates, at value | $29,556,582 | | $244,520,411 | | $402,299,083 | | $530,416,846 |
| Investments in affiliates, at value | 21,295 | | 214,672 | | 442,519 | | 512,860 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C) | 233,865 | | 3,349,802 | | 3,502,028 | | 9,329,919 |
| Cash | 1,256 | | — | | 7,508 | | — |
| Deposits at broker for futures contracts | 5,320 | | 30,360 | | 55,440 | | 98,640 |
| Receivables: | | | | | | | |
| Investment securities sold | 1,850,319 | | — | | 10,259,128 | | — |
| Dividends from non-affiliates | 26,227 | | 188,030 | | 308,723 | | 505,984 |
| Dividends from affiliates | —(a) | | 2 | | 5 | | 5 |
| Securities lending income (See Note 2.C) | 25 | | 2,903 | | 4,671 | | 911 |
| Other assets | 411 | | 4,411 | | 4,606 | | — |
| Total Assets | 31,695,300 | | 248,310,591 | | 416,883,711 | | 540,865,165 |
| LIABILITIES: | | | | | | | |
| Payables: | | | | | | | |
| Due to custodian | — | | 3,027 | | — | | 803 |
| Collateral received on securities loaned (See Note 2.C) | 233,865 | | 3,349,802 | | 3,502,028 | | 9,329,919 |
| Fund shares redeemed | 1,850,505 | | — | | 10,322,079 | | — |
| Variation margin on futures contracts | 781 | | 7,296 | | 18,692 | | 25,730 |
| Accrued liabilities: | | | | | | | |
| Management fees (See Note 3.A) | 2,720 | | 26,100 | | 42,934 | | 56,129 |
| Other | — | | — | | — | | 8,917 |
| Total Liabilities | 2,087,871 | | 3,386,225 | | 13,885,733 | | 9,421,498 |
| Net Assets | $29,607,429 | | $244,924,366 | | $402,997,978 | | $531,443,667 |
| NET ASSETS: | | | | | | | |
| Paid-in-Capital | $31,267,215 | | $246,019,366 | | $381,941,177 | | $578,320,806 |
| Total distributable earnings (loss) | (1,659,786) | | (1,095,000) | | 21,056,801 | | (46,877,139) |
| Total Net Assets: | $29,607,429 | | $244,924,366 | | $402,997,978 | | $531,443,667 |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | 800,000 | | 6,150,000 | | 10,100,000 | | 15,250,000 |
| Net asset value, per share | $ 37.01 | | $ 39.83 | | $ 39.90 | | $ 34.85 |
| Cost of investments in non-affiliates | $28,701,746 | | $255,339,077 | | $399,008,342 | | $564,237,538 |
| Cost of investments in affiliates | 21,295 | | 214,672 | | 442,519 | | 512,860 |
| Investment securities on loan, at value (See Note 2.C) | 224,302 | | 3,148,692 | | 3,301,227 | | 8,759,167 |
| Cost of investment of cash collateral (See Note 2.C) | 233,890 | | 3,349,802 | | 3,502,177 | | 9,328,789 |
| (a) | Amount rounds to less than $1. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 242 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited)
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | | JPMorgan
ActiveBuilders
International
Equity ETF | | JPMorgan
BetaBuilders
Canada ETF | | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF
(formerly known as
JPMorgan
BetaBuilders
Developed Asia
ex-Japan ETF) |
| INVESTMENT INCOME: | | | | | | | |
| Interest income from non-affiliates | $ 46 | | $ — | | $ 7,286 | | $ — |
| Interest income from affiliates | 41 | | — | | 661 | | 1 |
| Dividend income from non-affiliates | 4,802,184 | | 430,102 | | 91,010,856 | | 80,305,974 |
| Dividend income from affiliates | 6,203 | | 204 | | — | | — |
| Non-cash dividend income from non-affiliates | 309,770 | | 26,050 | | — | | — |
| Income from securities lending (net) (See Note 2.C) | 3,952 | | 158 | | 814,800 | | 303,979 |
| Foreign taxes withheld (net) | (448,750) | | (50,437) | | (12,623,127) | | (588,100) |
| Total investment income | 4,673,446 | | 406,077 | | 79,210,476 | | 80,021,854 |
| EXPENSES: | | | | | | | |
| Management fees (See Note 3.A) | 750,332 | | 34,116 | | 6,010,115 | | 3,958,615 |
| Interest expense to non-affiliates | — | | — | | 999 | | 4,662 |
| Interest expense to affiliates | 261 | | 22 | | 11 | | — |
| Other | 5,948 | | 281 | | 97,957 | | 73,833 |
| Total expenses | 756,541 | | 34,419 | | 6,109,082 | | 4,037,110 |
| Net investment income (loss) | 3,916,905 | | 371,658 | | 73,101,394 | | 75,984,744 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | |
| Net realized gain (loss) on transactions from: | | | | | | | |
| Investments in non-affiliates | (18,406,338)(a) | | (548,817) | | (13,031,222) | | (99,741,059) |
| Investments in affiliates | (2,729) | | — | | — | | — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | — | | — | | 5,817,982 | | — |
| Futures contracts | — | | — | | 2,546,850 | | (294,699) |
| Foreign currency transactions | 5,851 | | (6,045) | | (987,386) | | (334,386) |
| Net realized gain (loss) | (18,403,216) | | (554,862) | | (5,653,776) | | (100,370,144) |
| Change in net unrealized appreciation/depreciation on: | | | | | | | |
| Investments in non-affiliates | (99,620,753)(b) | | (3,636,852) | | (308,154,117) | | (208,696,637) |
| Investments in affiliates | 466 | | — | | (6,004) | | (382) |
| Futures contracts | — | | — | | (2,003,535) | | 270,195 |
| Foreign currency translations | (13,817) | | (5,075) | | (785,982) | | (922,174) |
| Change in net unrealized appreciation/depreciation | (99,634,104) | | (3,641,927) | | (310,949,638) | | (209,348,998) |
| Net realized/unrealized gains (losses) | (118,037,320) | | (4,196,789) | | (316,603,414) | | (309,719,142) |
| Change in net assets resulting from operations | $(114,120,415) | | $(3,825,131) | | $(243,502,020) | | $(233,734,398) |
| (a) | Net of foreign capital gains tax of $(4,890). |
| (b) | Net of change in foreign capital gains tax of $109,430. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 243 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| | JPMorgan
BetaBuilders
Europe ETF | | JPMorgan
BetaBuilders
International
Equity ETF | | JPMorgan
BetaBuilders
Japan ETF | | JPMorgan
BetaBuilders
U.S. Equity ETF |
| INVESTMENT INCOME: | | | | | | | |
| Interest income from non-affiliates | $ — | | $ — | | $ — | | $ 7 |
| Interest income from affiliates | 205 | | 1,484 | | — | | — |
| Dividend income from non-affiliates | 160,620,203 | | 49,622,606 | | 98,281,247 | | 6,037,870 |
| Dividend income from affiliates | — | | 4,956 | | — | | 144,221 |
| Non-cash dividend income from non-affiliates | 13,063,074 | | 3,108,124 | | — | | — |
| Income from securities lending (net) (See Note 2.C) | 944,816 | | 185,845 | | 197,332 | | 13,186 |
| Foreign taxes withheld (net) | (17,264,704) | | (4,621,935) | | (9,821,854) | | — |
| Total investment income | 157,363,594 | | 48,301,080 | | 88,656,725 | | 6,195,284 |
| EXPENSES: | | | | | | | |
| Management fees (See Note 3.A) | 4,379,223 | | 1,168,811 | | 7,141,316 | | 92,547 |
| Interest expense to non-affiliates | 27,397 | | 1,705 | | 5,451 | | — |
| Interest expense to affiliates | 43,401 | | 2,514 | | 7,682 | | 62 |
| Other | 136,532 | | 50,664 | | 139,721 | | 11,942 |
| Total expenses | 4,586,553 | | 1,223,694 | | 7,294,170 | | 104,551 |
| Net investment income (loss) | 152,777,041 | | 47,077,386 | | 81,362,555 | | 6,090,733 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | |
| Net realized gain (loss) on transactions from: | | | | | | | |
| Investments in non-affiliates | (42,969,071) | | (14,252,071) | | (75,497,022) | | (2,611,754) |
| Investments in affiliates | — | | — | | — | | (30,497) |
In-kind redemptions of investments in non-affiliates (See Note
4) | 205,154,273 | | 51,554,143 | | 60,801,700 | | 8,205,590 |
| In-kind redemptions of investments in affiliates (See Note 4) | — | | — | | — | | 32,735 |
| Futures contracts | (1,215,926) | | (2,151,875) | | (4,858,794) | | (126,571) |
| Foreign currency transactions | (3,776,347) | | (235,009) | | (4,380,927) | | — |
| Net realized gain (loss) | 157,192,929 | | 34,915,188 | | (23,935,043) | | 5,469,503 |
| Change in net unrealized appreciation/depreciation on: | | | | | | | |
| Investments in non-affiliates | (1,580,172,171) | | (521,827,848) | | (1,370,870,730) | | (128,226,497) |
| Investments in affiliates | 5,420 | | (4,403) | | 1,009 | | (3,629,975) |
| Futures contracts | (325,286) | | (1,188,320) | | 1,197,554 | | (275,870) |
| Foreign currency translations | (2,475,332) | | (695,769) | | (3,795,957) | | — |
| Change in net unrealized appreciation/depreciation | (1,582,967,369) | | (523,716,340) | | (1,373,468,124) | | (132,132,342) |
| Net realized/unrealized gains (losses) | (1,425,774,440) | | (488,801,152) | | (1,397,403,167) | | (126,662,839) |
| Change in net assets resulting from operations | $(1,272,997,399) | | $(441,723,766) | | $(1,316,040,612) | | $(120,572,106) |
SEE NOTES TO FINANCIAL STATEMENTS.
| 244 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF | | JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF | | JPMorgan
Carbon
Transition U.S.
Equity ETF | | JPMorgan
Climate Change
Solutions ETF (a) |
| INVESTMENT INCOME: | | | | | | | |
| Interest income from non-affiliates | $ 61 | | $ 7 | | $ 60 | | $ — |
| Dividend income from non-affiliates | 8,419,212 | | 2,249,623 | | 171,350 | | 162,148 |
| Dividend income from affiliates | 5,491 | | 2,305 | | 15 | | 19 |
| Non-cash dividend income from non-affiliates | — | | 386,369 | | — | | — |
| Income from securities lending (net) (See Note 2.C) | 170,823 | | 266,714 | | — | | — |
| Foreign taxes withheld (net) | — | | — | | — | | (11,321) |
| Total investment income | 8,595,587 | | 2,905,018 | | 171,425 | | 150,846 |
| EXPENSES: | | | | | | | |
| Management fees (See Note 3.A) | 531,325 | | 188,600 | | 17,775 | | 42,773 |
| Interest expense to non-affiliates | 217 | | 40 | | — | | — |
| Interest expense to affiliates | — | | — | | — | | 3 |
| Other | 21,677 | | 5,664 | | 368 | | — |
| Total expenses | 553,219 | | 194,304 | | 18,143 | | 42,776 |
| Net investment income (loss) | 8,042,368 | | 2,710,714 | | 153,282 | | 108,070 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | |
| Net realized gain (loss) on transactions from: | | | | | | | |
| Investments in non-affiliates | (30,529,976) | | (9,969,603) | | (227,577) | | (1,264,368) |
| Investments in affiliates | — | | — | | — | | (24) |
| In-kind redemptions of investments in non-affiliates (See Note 4) | 110,972,068 | | 18,242,048 | | 1,437,323 | | — |
| Futures contracts | (852,934) | | 97,566 | | (2,028) | | — |
| Foreign currency transactions | (9) | | — | | — | | 1,997 |
| Net realized gain (loss) | 79,589,149 | | 8,370,011 | | 1,207,718 | | (1,262,395) |
| Change in net unrealized appreciation/depreciation on: | | | | | | | |
| Investments in non-affiliates | (354,545,416) | | (94,751,398) | | (3,908,414) | | (4,437,911) |
| Investments in affiliates | 114 | | (999) | | — | | — |
| Futures contracts | (293,637) | | (630,535) | | (1,383) | | — |
| Foreign currency translations | — | | — | | — | | (682) |
| Change in net unrealized appreciation/depreciation | (354,838,939) | | (95,382,932) | | (3,909,797) | | (4,438,593) |
| Net realized/unrealized gains (losses) | (275,249,790) | | (87,012,921) | | (2,702,079) | | (5,700,988) |
| Change in net assets resulting from operations | $(267,207,422) | | $(84,302,207) | | $(2,548,797) | | $(5,592,918) |
| (a) | Commencement of operations was December 13, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 245 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| | 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 |
| INVESTMENT INCOME: | | | | | | | |
| Interest income from non-affiliates | $ 15 | | $ — | | $ — | | $ 502 |
| Interest income from affiliates | 70 | | — | | — | | — |
| Dividend income from non-affiliates | 3,051,771 | | 17,653,782 | | 6,851,525 | | 1,956,302 |
| Dividend income from affiliates | 68 | | 1,696 | | 571 | | 230 |
| Non-cash dividend income from non-affiliates | 249,283 | | — | | — | | — |
| Income from securities lending (net) (See Note 2.C) | 2,605 | | 43,525 | | 7,915 | | 4,750 |
| Foreign taxes withheld (net) | (289,561) | | (1,339,300) | | — | | — |
| Total investment income | 3,014,251 | | 16,359,703 | | 6,860,011 | | 1,961,784 |
| EXPENSES: | | | | | | | |
| Management fees (See Note 3.A) | 377,781 | | 1,507,084 | | 587,588 | | 280,656 |
| Interest expense to non-affiliates | — | | 488 | | 206 | | — |
| Interest expense to affiliates | — | | 434 | | — | | — |
| Other | 2,765 | | 13,596 | | 9,971 | | 3,716 |
| Total expenses | 380,546 | | 1,521,602 | | 597,765 | | 284,372 |
| Net investment income (loss) | 2,633,705 | | 14,838,101 | | 6,262,246 | | 1,677,412 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | |
| Net realized gain (loss) on transactions from: | | | | | | | |
| Investments in non-affiliates | 1,866,748(a) | | (3,689,290) | | 7,775,886 | | 5,137,266 |
| Investments in affiliates | — | | (465) | | — | | — |
| In-kind redemptions of investments in non-affiliates (See Note 4) | — | | 1,329,604 | | 66,927,376 | | 7,934,111 |
| Futures contracts | (30,838) | | (341,484) | | 144,424 | | 40,884 |
| Foreign currency transactions | 42,923 | | (305,511) | | — | | — |
| Net realized gain (loss) | 1,878,833 | | (3,007,146) | | 74,847,686 | | 13,112,261 |
| Change in net unrealized appreciation/depreciation on: | | | | | | | |
| Investments in non-affiliates | (13,136,407)(b) | | (91,110,071) | | (82,635,892) | | (23,762,135) |
| Investments in affiliates | — | | 852 | | 490 | | (159) |
| Futures contracts | 2,627 | | (271,892) | | (51,334) | | (5,195) |
| Foreign currency translations | 5,374 | | (269,137) | | — | | — |
| Change in net unrealized appreciation/depreciation | (13,128,406) | | (91,650,248) | | (82,686,736) | | (23,767,489) |
| Net realized/unrealized gains (losses) | (11,249,573) | | (94,657,394) | | (7,839,050) | | (10,655,228) |
| Change in net assets resulting from operations | $ (8,615,868) | | $(79,819,293) | | $ (1,576,804) | | $ (8,977,816) |
| (a) | Net of foreign capital gains tax of $(74,102). |
| (b) | Net of change in foreign capital gains tax of $151,105. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 246 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF | | JPMorgan
International
Growth ETF | | JPMorgan U.S.
Dividend ETF |
| INVESTMENT INCOME: | | | | | |
| Interest income from non-affiliates | $ — | | $ 52 | | $ — |
| Interest income from affiliates | — | | 29 | | — |
| Dividend income from non-affiliates | 1,528,680 | | 412,097 | | 759,096 |
| Dividend income from affiliates | 259 | | 808 | | 47 |
| Non-cash dividend income from non-affiliates | — | | 47,776 | | — |
| Income from securities lending (net) (See Note 2.C) | 39,628 | | — | | 131 |
| Foreign taxes withheld (net) | — | | (41,994) | | — |
| Total investment income | 1,568,567 | | 418,768 | | 759,274 |
| EXPENSES: | | | | | |
| Management fees (See Note 3.A) | 273,078 | | 162,001 | | 32,575 |
| Interest expense to non-affiliates | — | | — | | 108 |
| Interest expense to affiliates | — | | 66 | | — |
| Other | 2,855 | | 1,002 | | 669 |
| Total expenses | 275,933 | | 163,069 | | 33,352 |
| Net investment income (loss) | 1,292,634 | | 255,699 | | 725,922 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | |
| Net realized gain (loss) on transactions from: | | | | | |
| Investments in non-affiliates | 405,848 | | (4,003,325) | | (369,199) |
| In-kind redemptions of investments in non-affiliates (See Note 4) | 4,260,006 | | — | | 2,226,154 |
| Futures contracts | (94,707) | | — | | 2,744 |
| Foreign currency transactions | — | | (252) | | — |
| Net realized gain (loss) | 4,571,147 | | (4,003,577) | | 1,859,699 |
| Change in net unrealized appreciation/depreciation on: | | | | | |
| Investments in non-affiliates | (25,590,865) | | (15,517,417) | | (424,967) |
| Investments in affiliates | (1,569) | | — | | — |
| Futures contracts | (11,073) | | — | | (6,307) |
| Foreign currency translations | — | | (4,735) | | — |
| Change in net unrealized appreciation/depreciation | (25,603,507) | | (15,522,152) | | (431,274) |
| Net realized/unrealized gains (losses) | (21,032,360) | | (19,525,729) | | 1,428,425 |
| Change in net assets resulting from operations | $(19,739,726) | | $(19,270,030) | | $2,154,347 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 247 |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2022 (Unaudited) (continued)
| | 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: | | | | | | | |
| Dividend income from non-affiliates | $ 206,406 | | $ 1,381,061 | | $ 3,307,367 | | $ 5,220,880 |
| Dividend income from affiliates | 20 | | 184 | | 305 | | 464 |
| Income from securities lending (net) (See Note 2.C) | 144 | | 5,350 | | 14,256 | | 6,084 |
| Total investment income | 206,570 | | 1,386,595 | | 3,321,928 | | 5,227,428 |
| EXPENSES: | | | | | | | |
| Management fees (See Note 3.A) | 12,753 | | 148,890 | | 243,688 | | 297,187 |
| Interest expense to non-affiliates | — | | — | | — | | 26 |
| Other | 341 | | 3,173 | | 5,638 | | 15,102 |
| Total expenses | 13,094 | | 152,063 | | 249,326 | | 312,315 |
| Net investment income (loss) | 193,476 | | 1,234,532 | | 3,072,602 | | 4,915,113 |
| REALIZED/UNREALIZED GAINS (LOSSES): | | | | | | | |
| Net realized gain (loss) on transactions from: | | | | | | | |
| Investments in non-affiliates | 299,935 | | (6,616,406) | | (2,918,439) | | 2,061,453 |
| In-kind redemptions of investments in non-affiliates (See Note 4) | 640,756 | | 20,804,400 | | 28,587,651 | | 6,736,899 |
| Futures contracts | 3,913 | | 61,515 | | 60,645 | | 73,163 |
| Net realized gain (loss) | 944,604 | | 14,249,509 | | 25,729,857 | | 8,871,515 |
| Change in net unrealized appreciation/depreciation on: | | | | | | | |
| Investments in non-affiliates | (1,382,944) | | (59,681,580) | | (61,039,713) | | (42,804,105) |
| Investments in affiliates | (18) | | — | | (149) | | 1,130 |
| Futures contracts | (2,521) | | (18,861) | | (35,184) | | (47,375) |
| Change in net unrealized appreciation/depreciation | (1,385,483) | | (59,700,441) | | (61,075,046) | | (42,850,350) |
| Net realized/unrealized gains (losses) | (440,879) | | (45,450,932) | | (35,345,189) | | (33,978,835) |
| Change in net assets resulting from operations | $ (247,403) | | $(44,216,400) | | $(32,272,587) | | $(29,063,722) |
SEE NOTES TO FINANCIAL STATEMENTS.
| 248 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED
| | JPMorgan ActiveBuilders
Emerging Markets Equity
ETF | | JPMorgan ActiveBuilders
International Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Period Ended
October 31, 2021 (a) | | Six Months Ended
April 30, 2022
(Unaudited) | | Period Ended
October 31, 2021 (b) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 3,916,905 | | $ 2,679,156 | | $ 371,658 | | $ 203,012 |
| Net realized gain (loss) | (18,403,216) | | (593,949) | | (554,862) | | (69,347) |
| Change in net unrealized appreciation/depreciation | (99,634,104) | | (12,896,276) | | (3,641,927) | | 496,351 |
| Change in net assets resulting from operations | (114,120,415) | | (10,811,069) | | (3,825,131) | | 630,016 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (5,165,856) | | — | | (319,380) | | — |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 521,604,151 | | 336,675,029 | | — | | 28,789,940 |
| NET ASSETS: | | | | | | | |
| Change in net assets | 402,317,880 | | 325,863,960 | | (4,144,511) | | 29,419,956 |
| Beginning of period | 325,863,960 | | — | | 29,419,956 | | — |
| End of period | $ 728,181,840 | | $325,863,960 | | $25,275,445 | | $29,419,956 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 521,604,151 | | $336,675,029 | | $ — | | $28,789,940 |
| Total change in net assets resulting from capital transactions | $ 521,604,151 | | $336,675,029 | | $ — | | $28,789,940 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 12,300,000 | | 6,800,000 | | — | | 600,000 |
| Net increase (decrease) in shares from share transactions | 12,300,000 | | 6,800,000 | | — | | 600,000 |
| (a) | Commencement of operations was March 10, 2021. |
| (b) | Commencement of operations was July 7, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 249 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan BetaBuilders
Canada ETF | | JPMorgan BetaBuilders Developed
Asia Pacific ex-Japan ETF (formerly
known as JPMorgan BetaBuilders
Developed Asia ex-Japan ETF) |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 73,101,394 | | $ 116,418,038 | | $ 75,984,744 | | $ 145,165,781 |
| Net realized gain (loss) | (5,653,776) | | 55,416,108 | | (100,370,144) | | (6,954,174) |
| Change in net unrealized appreciation/depreciation | (310,949,638) | | 1,736,255,618 | | (209,348,998) | | 397,969,872 |
| Change in net assets resulting from operations | (243,502,020) | | 1,908,089,764 | | (233,734,398) | | 536,181,479 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (70,149,474) | | (113,624,161) | | (130,290,202) | | (130,441,819) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 789,077,376 | | 636,591,756 | | 541,433,079 | | 2,241,407,993 |
| NET ASSETS: | | | | | | | |
| Change in net assets | 475,425,882 | | 2,431,057,359 | | 177,408,479 | | 2,647,147,653 |
| Beginning of period | 6,071,268,619 | | 3,640,211,260 | | 4,113,118,547 | | 1,465,970,894 |
| End of period | $6,546,694,501 | | $6,071,268,619 | | $4,290,527,026 | | $4,113,118,547 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 802,380,856 | | $ 758,394,817 | | $ 541,433,079 | | $2,313,974,196 |
| Cost of shares redeemed | (13,303,480) | | (121,803,061) | | — | | (72,566,203) |
| Total change in net assets resulting from capital transactions | $ 789,077,376 | | $ 636,591,756 | | $ 541,433,079 | | $2,241,407,993 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 11,950,000 | | 12,300,000(a) | | 10,100,000 | | 41,000,000(a) |
| Redeemed | (200,000) | | (1,901,089)(a) | | — | | (1,301,359)(a) |
| Net increase (decrease) in shares from share transactions | 11,750,000 | | 10,398,911 | | 10,100,000 | | 39,698,641 |
| (a) | Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 250 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan BetaBuilders
Europe ETF | | JPMorgan BetaBuilders
International Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 152,777,041 | | $ 186,741,805 | | $ 47,077,386 | | $ 93,794,835 |
| Net realized gain (loss) | 157,192,929 | | 173,173,700 | | 34,915,188 | | 57,414,713 |
| Change in net unrealized appreciation/depreciation | (1,582,967,369) | | 1,265,712,790 | | (523,716,340) | | 604,876,597 |
| Change in net assets resulting from operations | (1,272,997,399) | | 1,625,628,295 | | (441,723,766) | | 756,086,145 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (118,052,301) | | (162,749,406) | | (67,259,388) | | (83,978,586) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 1,411,195,065 | | 4,263,568,980 | | (225,574,212) | | 1,141,362,817 |
| NET ASSETS: | | | | | | | |
| Change in net assets | 20,145,365 | | 5,726,447,869 | | (734,557,366) | | 1,813,470,376 |
| Beginning of period | 9,427,453,378 | | 3,701,005,509 | | 3,680,140,678 | | 1,866,670,302 |
| End of period | $ 9,447,598,743 | | $ 9,427,453,378 | | $2,945,583,312 | | $3,680,140,678 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 2,541,825,012 | | $ 5,534,506,823 | | $ 23,901,233 | | $1,372,694,023 |
| Cost of shares redeemed | (1,130,629,947) | | (1,270,937,843) | | (249,475,445) | | (231,331,206) |
| Total change in net assets resulting from capital transactions | $ 1,411,195,065 | | $ 4,263,568,980 | | $ (225,574,212) | | $1,141,362,817 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 46,500,000 | | 96,500,000(a) | | 400,000 | | 24,400,000 |
| Redeemed | (21,000,000) | | (24,200,404)(a) | | (4,400,000) | | (4,000,000) |
| Net increase (decrease) in shares from share transactions | 25,500,000 | | 72,299,596 | | (4,000,000) | | 20,400,000 |
| (a) | Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 251 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan BetaBuilders
Japan ETF | | JPMorgan BetaBuilders
U.S. Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 81,362,555 | | $ 147,334,454 | | $ 6,090,733 | | $ 6,535,651 |
| Net realized gain (loss) | (23,935,043) | | 467,914,152 | | 5,469,503 | | 15,444,975 |
| Change in net unrealized appreciation/depreciation | (1,373,468,124) | | 440,258,321 | | (132,132,342) | | 123,924,342 |
| Change in net assets resulting from operations | (1,316,040,612) | | 1,055,506,927 | | (120,572,106) | | 145,904,968 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (220,078,397) | | (70,569,312) | | (5,648,092) | | (5,799,680) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 791,609,166 | | 1,556,564,791 | | 425,340,386 | | 404,128,109 |
| NET ASSETS: | | | | | | | |
| Change in net assets | (744,509,843) | | 2,541,502,406 | | 299,120,188 | | 544,233,397 |
| Beginning of period | 7,864,537,853 | | 5,323,035,447 | | 782,605,972 | | 238,372,575 |
| End of period | $ 7,120,028,010 | | $ 7,864,537,853 | | $1,081,726,160 | | $782,605,972 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 1,013,706,529 | | $ 3,261,931,039 | | $ 449,220,384 | | $453,678,097 |
| Cost of shares redeemed | (222,097,363) | | (1,705,366,248) | | (23,879,998) | | (49,549,988) |
| Total change in net assets resulting from capital transactions | $ 791,609,166 | | $ 1,556,564,791 | | $ 425,340,386 | | $404,128,109 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 19,000,000 | | 57,400,000(a) | | 5,550,000 | | 6,000,000 |
| Redeemed | (3,800,000) | | (29,802,452)(a) | | (300,000) | | (700,000) |
| Net increase (decrease) in shares from share transactions | 15,200,000 | | 27,597,548 | | 5,250,000 | | 5,300,000 |
| (a) | Reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 252 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan BetaBuilders U.S.
Mid Cap Equity ETF | | JPMorgan BetaBuilders U.S. Small
Cap Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Period Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 8,042,368 | | $ 16,342,792 | | $ 2,710,714 | | $ 2,804,780 |
| Net realized gain (loss) | 79,589,149 | | 191,521,497 | | 8,370,011 | | 10,807,502 |
| Change in net unrealized appreciation/depreciation | (354,838,939) | | 308,087,619 | | (95,382,932) | | 21,084,695 |
| Change in net assets resulting from operations | (267,207,422) | | 515,951,908 | | (84,302,207) | | 34,696,977 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (8,099,081) | | (13,365,064) | | (2,803,371) | | (2,261,493) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 81,334,463 | | 207,905,317 | | 144,808,705 | | 409,626,006 |
| NET ASSETS: | | | | | | | |
| Change in net assets | (193,972,040) | | 710,492,161 | | 57,703,127 | | 442,061,490 |
| Beginning of period | 1,698,624,114 | | 988,131,953 | | 442,061,490 | | — |
| End of period | $1,504,652,074 | | $1,698,624,114 | | $499,764,617 | | $ 442,061,490 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 431,896,604 | | $1,062,480,424 | | $235,676,522 | | $ 537,840,503 |
| Cost of shares redeemed | (350,562,141) | | (854,575,107) | | (90,867,817) | | (128,214,497) |
| Total change in net assets resulting from capital transactions | $ 81,334,463 | | $ 207,905,317 | | $144,808,705 | | $ 409,626,006 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 5,000,000 | | 12,750,000 | | 3,925,000 | | 8,500,000 |
| Redeemed | (3,875,000) | | (10,000,000) | | (1,425,000) | | (1,950,000) |
| Net increase (decrease) in shares from share transactions | 1,125,000 | | 2,750,000 | | 2,500,000 | | 6,550,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 253 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan Carbon Transition
U.S. Equity ETF | | JPMorgan
Climate Change Solutions ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Period Ended
October 31, 2021 (a) | | Period Ended
April 30, 2022
(Unaudited)(b) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | |
| Net investment income (loss) | $ 153,282 | | $ 283,722 | | $ 108,070 |
| Net realized gain (loss) | 1,207,718 | | 1,302,566 | | (1,262,395) |
| Change in net unrealized appreciation/depreciation | (3,909,797) | | 4,455,496 | | (4,438,593) |
| Change in net assets resulting from operations | (2,548,797) | | 6,041,784 | | (5,592,918) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | |
| Total distributions to shareholders | (162,100) | | (242,528) | | (15,288) |
| CAPITAL TRANSACTIONS: | | | | | |
| Change in net assets resulting from capital transactions | (7,572) | | 19,134,138 | | 26,388,065 |
| NET ASSETS: | | | | | |
| Change in net assets | (2,718,469) | | 24,933,394 | | 20,779,859 |
| Beginning of period | 24,933,394 | | — | | — |
| End of period | $22,214,925 | | $24,933,394 | | $20,779,859 |
| CAPITAL TRANSACTIONS: | | | | | |
| Proceeds from shares issued | $ 6,145,953 | | $28,088,814 | | $26,388,065 |
| Cost of shares redeemed | (6,153,525) | | (8,954,676) | | — |
| Total change in net assets resulting from capital transactions | $ (7,572) | | $19,134,138 | | $26,388,065 |
| SHARE TRANSACTIONS: | | | | | |
| Issued | 100,000 | | 550,000 | | 550,000 |
| Redeemed | (100,000) | | (150,000) | | — |
| Net increase (decrease) in shares from share transactions | — | | 400,000 | | 550,000 |
| (a) | Commencement of operations was December 9, 2020. |
| (b) | Commencement of operations was December 13, 2021. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 254 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan Diversified Return
Emerging Markets Equity ETF | | JPMorgan Diversified Return
International Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 2,633,705 | | $ 6,411,783 | | $ 14,838,101 | | $ 27,890,593 |
| Net realized gain (loss) | 1,878,833 | | 12,861,727 | | (3,007,146) | | 48,317,967 |
| Change in net unrealized appreciation/depreciation | (13,128,406) | | 35,165,878 | | (91,650,248) | | 134,443,885 |
| Change in net assets resulting from operations | (8,615,868) | | 54,439,388 | | (79,819,293) | | 210,652,445 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (3,277,041) | | (6,292,381) | | (25,631,531) | | (25,542,042) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 22,997,561 | | (108,024,401) | | 24,505,143 | | (210,294,305) |
| NET ASSETS: | | | | | | | |
| Change in net assets | 11,104,652 | | (59,877,394) | | (80,945,681) | | (25,183,902) |
| Beginning of period | 153,882,748 | | 213,760,142 | | 842,016,222 | | 867,200,124 |
| End of period | $164,987,400 | | $ 153,882,748 | | $761,070,541 | | $ 842,016,222 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 22,997,561 | | $ — | | $ 35,440,916 | | $ 12,477,390 |
| Cost of shares redeemed | — | | (108,024,401) | | (10,935,773) | | (222,771,695) |
| Total change in net assets resulting from capital transactions | $ 22,997,561 | | $(108,024,401) | | $ 24,505,143 | | $(210,294,305) |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 400,000 | | — | | 600,000 | | 200,000 |
| Redeemed | — | | (1,900,000) | | (200,000) | | (3,800,000) |
| Net increase (decrease) in shares from share transactions | 400,000 | | (1,900,000) | | 400,000 | | (3,600,000) |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 255 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan Diversified Return
U.S. Equity ETF | | JPMorgan Diversified Return
U.S. Mid Cap Equity ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 6,262,246 | | $ 12,226,454 | | $ 1,677,412 | | $ 3,862,473 |
| Net realized gain (loss) | 74,847,686 | | 54,114,412 | | 13,112,261 | | 40,618,595 |
| Change in net unrealized appreciation/depreciation | (82,686,736) | | 144,832,764 | | (23,767,489) | | 45,263,900 |
| Change in net assets resulting from operations | (1,576,804) | | 211,173,630 | | (8,977,816) | | 89,744,968 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (6,843,465) | | (11,091,933) | | (2,010,115) | | (3,596,501) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | (145,802,440) | | (26,778,764) | | 17,823,576 | | (66,547,601) |
| NET ASSETS: | | | | | | | |
| Change in net assets | (154,222,709) | | 173,302,933 | | 6,835,645 | | 19,600,866 |
| Beginning of period | 710,012,574 | | 536,709,641 | | 239,808,712 | | 220,207,846 |
| End of period | $ 555,789,865 | | $ 710,012,574 | | $246,644,357 | | $ 239,808,712 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 40,679,940 | | $ 90,741,445 | | $ 36,612,482 | | $ 41,422,965 |
| Cost of shares redeemed | (186,482,380) | | (117,520,209) | | (18,788,906) | | (107,970,566) |
| Total change in net assets resulting from capital transactions | $(145,802,440) | | $ (26,778,764) | | $ 17,823,576 | | $ (66,547,601) |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 400,000 | | 1,000,000 | | 400,000 | | 500,000 |
| Redeemed | (1,800,000) | | (1,300,000) | | (200,000) | | (1,300,000) |
| Net increase (decrease) in shares from share transactions | (1,400,000) | | (300,000) | | 200,000 | | (800,000) |
SEE NOTES TO FINANCIAL STATEMENTS.
| 256 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan Diversified Return
U.S. Small Cap Equity ETF | | JPMorgan
International Growth ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 1,292,634 | | $ 1,963,738 | | $ 255,699 | | $ 140,679 |
| Net realized gain (loss) | 4,571,147 | | 34,553,371 | | (4,003,577) | | 3,165,822 |
| Change in net unrealized appreciation/depreciation | (25,603,507) | | 42,626,246 | | (15,522,152) | | 7,129,158 |
| Change in net assets resulting from operations | (19,739,726) | | 79,143,355 | | (19,270,030) | | 10,435,659 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (1,287,924) | | (2,069,847) | | (823,639) | | (18,324) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 45,403,442 | | (49,484,147) | | 17,627,915 | | 13,086,957 |
| NET ASSETS: | | | | | | | |
| Change in net assets | 24,375,792 | | 27,589,361 | | (2,465,754) | | 23,504,292 |
| Beginning of period | 176,262,186 | | 148,672,825 | | 61,291,950 | | 37,787,658 |
| End of period | $200,637,978 | | $176,262,186 | | $ 58,826,196 | | $61,291,950 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $ 54,291,204 | | $ 36,921,776 | | $ 17,627,915 | | $22,434,133 |
| Cost of shares redeemed | (8,887,762) | | (86,405,923) | | — | | (9,347,176) |
| Total change in net assets resulting from capital transactions | $ 45,403,442 | | $ (49,484,147) | | $ 17,627,915 | | $13,086,957 |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 1,250,000 | | 850,000 | | 275,000 | | 300,000 |
| Redeemed | (200,000) | | (2,100,000) | | — | | (125,000) |
| Net increase (decrease) in shares from share transactions | 1,050,000 | | (1,250,000) | | 275,000 | | 175,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 257 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan
U.S. Dividend ETF | | JPMorgan U.S. Minimum
Volatility ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 725,922 | | $ 852,711 | | $ 193,476 | | $ 394,980 |
| Net realized gain (loss) | 1,859,699 | | 4,235,475 | | 944,604 | | 1,731,969 |
| Change in net unrealized appreciation/depreciation | (431,274) | | 4,638,990 | | (1,385,483) | | 4,325,880 |
| Change in net assets resulting from operations | 2,154,347 | | 9,727,176 | | (247,403) | | 6,452,829 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (761,209) | | (743,457) | | (204,699) | | (383,526) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 13,692,106 | | 4,893,156 | | 9,898,883 | | (23,682,193) |
| NET ASSETS: | | | | | | | |
| Change in net assets | 15,085,244 | | 13,876,875 | | 9,446,781 | | (17,612,890) |
| Beginning of period | 48,842,278 | | 34,965,403 | | 20,160,648 | | 37,773,538 |
| End of period | $63,927,522 | | $ 48,842,278 | | $29,607,429 | | $ 20,160,648 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $22,070,844 | | $ 33,651,535 | | $13,581,532 | | $ 1,784,387 |
| Cost of shares redeemed | (8,378,738) | | (28,758,379) | | (3,682,649) | | (25,466,580) |
| Total change in net assets resulting from capital transactions | $13,692,106 | | $ 4,893,156 | | $ 9,898,883 | | $(23,682,193) |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 650,000 | | 1,050,000 | | 350,000 | | 50,000 |
| Redeemed | (250,000) | | (1,050,000) | | (100,000) | | (800,000) |
| Net increase (decrease) in shares from share transactions | 400,000 | | — | | 250,000 | | (750,000) |
SEE NOTES TO FINANCIAL STATEMENTS.
| 258 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | JPMorgan
U.S. Momentum Factor ETF | | JPMorgan
U.S. Quality Factor ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 | | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | | | | |
| Net investment income (loss) | $ 1,234,532 | | $ 1,432,327 | | $ 3,072,602 | | $ 6,171,280 |
| Net realized gain (loss) | 14,249,509 | | 30,365,700 | | 25,729,857 | | 78,968,597 |
| Change in net unrealized appreciation/depreciation | (59,700,441) | | 28,802,240 | | (61,075,046) | | 47,024,395 |
| Change in net assets resulting from operations | (44,216,400) | | 60,600,267 | | (32,272,587) | | 132,164,272 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
| Total distributions to shareholders | (1,079,079) | | (1,301,587) | | (3,078,455) | | (6,236,190) |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Change in net assets resulting from capital transactions | 68,361,674 | | 27,816,405 | | 45,144,929 | | (117,395,200) |
| NET ASSETS: | | | | | | | |
| Change in net assets | 23,066,195 | | 87,115,085 | | 9,793,887 | | 8,532,882 |
| Beginning of period | 221,858,171 | | 134,743,086 | | 393,204,091 | | 384,671,209 |
| End of period | $244,924,366 | | $221,858,171 | | $ 402,997,978 | | $ 393,204,091 |
| CAPITAL TRANSACTIONS: | | | | | | | |
| Proceeds from shares issued | $126,908,115 | | $ 98,690,820 | | $ 148,475,017 | | $ 173,997,583 |
| Cost of shares redeemed | (58,546,441) | | (70,874,415) | | (103,330,088) | | (291,392,783) |
| Total change in net assets resulting from capital transactions | $ 68,361,674 | | $ 27,816,405 | | $ 45,144,929 | | $(117,395,200) |
| SHARE TRANSACTIONS: | | | | | | | |
| Issued | 2,800,000 | | 2,300,000 | | 3,500,000 | | 4,500,000 |
| Redeemed | (1,300,000) | | (1,650,000) | | (2,450,000) | | (7,650,000) |
| Net increase (decrease) in shares from share transactions | 1,500,000 | | 650,000 | | 1,050,000 | | (3,150,000) |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 259 |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICIATED (continued)
| | JPMorgan
U.S. Value Factor ETF |
| | Six Months Ended
April 30, 2022
(Unaudited) | | Year Ended
October 31, 2021 |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | |
| Net investment income (loss) | $ 4,915,113 | | $ 11,282,222 |
| Net realized gain (loss) | 8,871,515 | | 73,664,284 |
| Change in net unrealized appreciation/depreciation | (42,850,350) | | 11,907,585 |
| Change in net assets resulting from operations | (29,063,722) | | 96,854,091 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | |
| Total distributions to shareholders | (5,407,928) | | (9,906,929) |
| CAPITAL TRANSACTIONS: | | | |
| Change in net assets resulting from capital transactions | 165,335,830 | | 251,164,170 |
| NET ASSETS: | | | |
| Change in net assets | 130,864,180 | | 338,111,332 |
| Beginning of period | 400,579,487 | | 62,468,155 |
| End of period | $531,443,667 | | $ 400,579,487 |
| CAPITAL TRANSACTIONS: | | | |
| Proceeds from shares issued | $230,396,689 | | $1,140,325,211 |
| Cost of shares redeemed | (65,060,859) | | (889,161,041) |
| Total change in net assets resulting from capital transactions | $165,335,830 | | $ 251,164,170 |
| SHARE TRANSACTIONS: | | | |
| Issued | 6,200,000 | | 32,750,000 |
| Redeemed | (1,750,000) | | (24,450,000) |
| Net increase (decrease) in shares from share transactions | 4,450,000 | | 8,300,000 |
SEE NOTES TO FINANCIAL STATEMENTS.
| 260 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| | Per share operating performance |
| | | Investment operations | | Distributions |
| | Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | | Net
investment
income | Net realized gain |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | $47.92 | $0.37 | $ (9.45) | $ (9.08) | | $(0.63) | $(0.09) |
| March 10, 2021 (g) through October 31, 2021 | 48.00 | 0.66 | (0.74) | (0.08) | | — | — |
| JPMorgan ActiveBuilders International Equity ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 49.03 | 0.62 | (6.99) | (6.37) | | (0.53) | — |
| July 7, 2021 (g) through October 31, 2021 | 48.00 | 0.35 | 0.68 | 1.03 | | — | — |
| JPMorgan BetaBuilders Canada ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 67.80 | 0.77 | (3.19) | (2.42) | | (0.75) | — |
| Year Ended October 31, 2021 (j) | 45.99 | 1.38 | 21.78 | 23.16 | | (1.35) | — |
| Year Ended October 31, 2020 (j) | 49.78 | 1.29 | (3.82) | (2.53) | | (1.26) | — |
| Year Ended October 31, 2019 (j) | 45.19 | 1.31 | 4.47 | 5.78 | | (1.19) | — |
| August 7, 2018 (g) through October 31, 2018 (j) | 49.31 | 0.29 | (4.31) | (4.02) | | (0.10) | — |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF) | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 56.89 | 0.98 | (4.10) | (3.12) | | (1.70) | — |
| Year Ended October 31, 2021 (j) | 44.97 | 2.44 | 11.48 | 13.92 | | (2.00) | — |
| Year Ended October 31, 2020 (j) | 50.63 | 1.58 | (5.65) | (4.07) | | (1.59) | — |
| Year Ended October 31, 2019 (j) | 45.36 | 2.10 | 5.17 | 7.27 | | (2.00) | — |
| August 7, 2018 (g) through October 31, 2018 (j) | 50.73 | 0.44 | (5.48) | (5.04) | | (0.33) | — |
| JPMorgan BetaBuilders Europe ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 59.74 | 0.88 | (8.39) | (7.51) | | (0.69) | — |
| Year Ended October 31, 2021 (j) | 43.29 | 1.67 | 16.19 | 17.86 | | (1.41) | — |
| Year Ended October 31, 2020 (j) | 48.71 | 1.08 | (5.43) | (4.35) | | (1.07) | — |
| Year Ended October 31, 2019 (j) | 45.19 | 1.79 | 3.28 | 5.07 | | (1.55) | — |
| June 15, 2018 (g) through October 31, 2018 (j) | 49.58 | 0.26 | (4.58) | (4.32) | | (0.07) | — |
|
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | 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. |
| (d) | Not annualized for periods less than one year. |
| (e) | Prior to December 9, 2019, 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. 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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (g) | Commencement of operations. |
| (h) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
| (i) | Does not include expenses of unaffiliated Underlying Funds. |
| (j) | Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
| (k) | Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 262 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | Ratios/Supplemental data | |
| | | | | | | Ratios to average net assets (a) |
Total
distributions | Net asset
value,
end of
period | Market
price,
end of
period | Total
return (c)(d) | Market
price
total
return (d)(e) | Net assets,
end of
period | Net
expenses | Net
investment
income
(loss) | Expenses
without waives
and reimbursements | Portfolio
turnover
rate (d) | |
| | | | | | | | | | | |
| $(0.72) | $38.12 | $38.18 | (19.20)% | (19.50)% | $ 728,181,840 | 0.33(f)% | 1.72% | 0.33(f)% | 11% | |
| — | 47.92 | 48.17 | (0.17) | 0.35(h) | 325,863,960 | 0.30(i) | 2.11 | 0.33(i) | 40 | |
| | | | | | | | | | | |
| (0.53) | 42.13 | 42.05 | (13.12) | (13.60) | 25,275,445 | 0.25(f) | 2.68 | 0.25(f) | 14 | |
| — | 49.03 | 49.21 | 2.15 | 2.52(h) | 29,419,956 | 0.25 | 2.23 | 0.25 | 9 | |
| | | | | | | | | | | |
| (0.75) | 64.63 | 64.68 | (3.59) | (3.77) | 6,546,694,501 | 0.19(f) | 2.31 | 0.19(f) | 3 | |
| (1.35) | 67.80 | 67.98 | 50.77 | 50.84 | 6,071,268,619 | 0.19 | 2.28 | 0.19 | 2 | |
| (1.26) | 45.99 | 46.10 | (4.98) | (4.81) | 3,640,211,260 | 0.19 | 2.74 | 0.19 | 4 | |
| (1.19) | 49.78 | 49.80 | 13.08 | 12.97 | 3,800,754,020 | 0.19 | 2.73 | 0.34(k) | 7 | |
| (0.10) | 45.19 | 45.24 | (8.18) | (8.05)(h) | 2,044,698,826 | 0.19(f) | 2.55 | 0.37(k) | 1 | |
| | | | | | | | | | | |
| (1.70) | 52.07 | 52.00 | (5.55) | (6.07) | 4,290,527,026 | 0.19(f) | 3.65 | 0.19(f) | 10 | |
| (2.00) | 56.89 | 57.12 | 31.14 | 31.26 | 4,113,118,547 | 0.19 | 4.26 | 0.19 | 6 | |
| (1.59) | 44.97 | 45.10 | (7.87) | (7.45) | 1,465,970,894 | 0.19 | 3.40 | 0.19 | 6 | |
| (2.00) | 50.63 | 50.54 | 16.18 | 15.94 | 1,442,853,830 | 0.19 | 4.22 | 0.39(k) | 7 | |
| (0.33) | 45.36 | 45.38 | (9.97) | (9.93)(h) | 603,313,934 | 0.19(f) | 3.94 | 0.45(f)(k) | 2 | |
| | | | | | | | | | | |
| (0.69) | 51.54 | 51.34 | (12.68) | (13.28) | 9,447,598,743 | 0.09(f) | 3.14 | 0.09(f) | 4 | |
| (1.41) | 59.74 | 59.92 | 41.54 | 41.77 | 9,427,453,378 | 0.09 | 2.92 | 0.09 | 6 | |
| (1.07) | 43.29 | 43.34 | (8.92) | (8.90) | 3,701,005,509 | 0.09 | 2.33 | 0.09 | 5 | |
| (1.55) | 48.71 | 48.78 | 11.43 | 11.32 | 3,853,145,624 | 0.09 | 3.83 | 0.25(k) | 7 | |
| (0.07) | 45.19 | 45.28 | (8.75) | (8.55)(h) | 1,314,930,292 | 0.09(f) | 1.45 | 0.34(f)(k) | 2 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 263 |
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 BetaBuilders International Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | $60.53 | $0.80 | $ (8.33) | $ (7.53) | | $(1.14) |
| Year Ended October 31, 2021 | 46.20 | 1.67 | 14.10 | 15.77 | | (1.44) |
| December 3, 2019 (g) through October 31, 2020 | 49.79 | 1.05 | (4.26)(h) | (3.21) | | (0.38) |
| JPMorgan BetaBuilders Japan ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 57.16 | 0.57 | (9.54) | (8.97) | | (1.59) |
| Year Ended October 31, 2021 (j) | 48.39 | 1.04 | 8.36 | 9.40 | | (0.63) |
| Year Ended October 31, 2020 (j) | 49.07 | 0.84 | (0.39) | 0.45 | | (1.13) |
| Year Ended October 31, 2019 (j) | 45.45 | 0.97 | 2.93 | 3.90 | | (0.28) |
| June 15, 2018 (g) through October 31, 2018 (j) | 49.58 | 0.48 | (4.61) | (4.13) | | — |
| JPMorgan BetaBuilders U.S. Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 84.15 | 0.53 | (9.83) | (9.30) | | (0.50) |
| Year Ended October 31, 2021 | 59.59 | 1.02 | 24.48 | 25.50 | | (0.94) |
| Year Ended October 31, 2020 | 54.60 | 1.14 | 4.83 | 5.97 | | (0.98) |
| March 12, 2019 (g) through October 31, 2019 | 50.14 | 0.68 | 4.29 | 4.97 | | (0.51) |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 93.59 | 0.46 | (15.53) | (15.07) | | (0.46) |
| Year Ended October 31, 2021 | 64.16 | 0.90 | 29.27 | 30.17 | | (0.74) |
| April 14, 2020 (g) through October 31, 2020 | 50.78 | 0.33 | 13.32(h) | 13.65 | | (0.27) |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 67.49 | 0.40 | (12.25) | (11.85) | | (0.42) |
| November 16, 2020 (g) through October 31, 2021 | 51.27 | 0.62 | 16.04 | 16.66 | | (0.44) |
|
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | 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. |
| (d) | Not annualized for periods less than one year. |
| (e) | Prior to December 9, 2019, 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. 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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (g) | Commencement of operations. |
| (h) | 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. |
| (i) | 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. |
| (j) | Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
| (k) | Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 264 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | 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 (d)(e) | Net assets,
end of
period | Net
expenses | Net
investment
income
(loss) | Expenses
without waives
and reimbursements | Portfolio
turnover
rate (d) | |
| | | | | | | | | | |
| $51.86 | $51.71 | (12.64)% | (13.05)% | $2,945,583,312 | 0.07(f)% | 2.81% | 0.07(f)% | 3% | |
| 60.53 | 60.64 | 34.26 | 34.24 | 3,680,140,678 | 0.07 | 2.85 | 0.07 | 5 | |
| 46.20 | 46.29 | (6.45) | (6.27)(i) | 1,866,670,302 | 0.07 | 2.40 | 0.07 | 8 | |
| | | | | | | | | | |
| 46.60 | 46.65 | (16.12) | (16.10) | 7,120,028,010 | 0.19(f) | 2.17 | 0.19(f) | 1 | |
| 57.16 | 57.21 | 19.47 | 18.98 | 7,864,537,853 | 0.19 | 1.83 | 0.19 | 3 | |
| 48.39 | 48.64 | 0.87 | 1.24 | 5,323,035,447 | 0.19 | 1.77 | 0.19 | 5 | |
| 49.07 | 49.14 | 8.74 | 9.07 | 4,318,521,919 | 0.19 | 2.14 | 0.33(f)(k) | 4 | |
| 45.45 | 45.36 | (8.35) | (8.51)(i) | 2,336,087,667 | 0.19(f) | 2.63 | 0.37(f)(k) | 5 | |
| | | | | | | | | | |
| 74.35 | 74.35 | (11.12) | (11.08) | 1,081,726,160 | 0.02(f) | 1.30 | 0.02(f) | 2 | |
| 84.15 | 84.11 | 43.02 | 42.97 | 782,605,972 | 0.02 | 1.34 | 0.02 | 4 | |
| 59.59 | 59.58 | 11.09 | 11.05 | 238,372,575 | 0.02 | 1.99 | 0.02 | 4 | |
| 54.60 | 54.61 | 9.95 | 9.97(i) | 46,409,125 | 0.02 | 2.01 | 0.02 | 3 | |
| | | | | | | | | | |
| 78.06 | 77.99 | (16.16) | (16.31) | 1,504,652,074 | 0.07(f) | 1.06 | 0.07(f) | 17 | |
| 93.59 | 93.68 | 47.15 | 47.52 | 1,698,624,114 | 0.07 | 1.05 | 0.07 | 27 | |
| 64.16 | 64.06 | 26.91 | 26.71(i) | 988,131,953 | 0.07 | 0.91 | 0.07 | 7 | |
| | | | | | | | | | |
| 55.22 | 55.16 | (17.64) | (17.81) | 499,764,617 | 0.09(f) | 1.29 | 0.09(f) | 17 | |
| 67.49 | 67.56 | 32.56 | 32.70(i) | 442,061,490 | 0.09 | 0.98 | 0.09 | 27 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 265 |
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 Carbon Transition U.S. Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | $ 62.33 | $0.38 | $ (6.76) | $ (6.38) | | $(0.41) |
| December 9, 2020 (g) through October 31, 2021 | 49.29 | 0.63 | 12.95 | 13.58 | | (0.54) |
| JPMorgan Climate Change Solutions ETF | | | | | | |
| December 13, 2021 (g) through April 30, 2022 (Unaudited) | 48.00 | 0.20 | (10.39) | (10.19) | | (0.03) |
| JPMorgan Diversified Return Emerging Markets Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 56.99 | 0.86 | (3.57) | (2.71) | | (1.06) |
| Year Ended October 31, 2021 | 46.47 | 1.81 | 10.70 | 12.51 | | (1.99) |
| Year Ended October 31, 2020 | 54.43 | 1.46 | (7.48) | (6.02) | | (1.94) |
| 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) |
| JPMorgan Diversified Return International Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 61.02 | 1.05 | (6.65) | (5.60) | | (1.82) |
| Year Ended October 31, 2021 | 49.84 | 1.91 | 11.03 | 12.94 | | (1.76) |
| Year Ended October 31, 2020 | 55.06 | 1.35 | (5.01) | (3.66) | | (1.56) |
| 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) |
| JPMorgan Diversified Return U.S. Equity ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 101.43 | 0.98 | (2.11) | (1.13) | | (1.05) |
| Year Ended October 31, 2021 | 73.52 | 1.71 | 27.76 | 29.47 | | (1.56) |
| Year Ended October 31, 2020 | 76.44 | 1.65 | (2.82) | (1.17) | | (1.75) |
| 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) |
|
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | 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. |
| (d) | Not annualized for periods less than one year. |
| (e) | Prior to December 9, 2019, 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. 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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (g) | Commencement of operations. |
| (h) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
| (i) | Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 266 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | 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 (d)(e) | Net assets,
end of
period | Net
expenses | Net
investment
income
(loss) | Expenses
without waives
and reimbursements | Portfolio
turnover
rate (d) | |
| | | | | | | | | | |
| $ 55.54 | $ 55.49 | (10.31)% | (10.41)% | $ 22,214,925 | 0.15(f)% | 1.26% | 0.15(f)% | 7% | |
| 62.33 | 62.34 | 27.68 | 27.70(h) | 24,933,394 | 0.15 | 1.26 | 0.15 | 27 | |
| | | | | | | | | | |
| 37.78 | 37.82 | (21.24) | (21.16)(h) | 20,779,859 | 0.49 | 1.23 | 0.49 | 15 | |
| | | | | | | | | | |
| 53.22 | 53.00 | (4.84) | (5.33) | 164,987,400 | 0.44(f) | 3.07 | 0.44(f) | 15 | |
| 56.99 | 57.05 | 26.93 | 27.80 | 153,882,748 | 0.44 | 3.18 | 0.44 | 29 | |
| 46.47 | 46.21 | (11.20) | (11.80) | 213,760,142 | 0.44 | 2.97 | 0.44 | 26 | |
| 54.43 | 54.50 | 10.00 | 10.31 | 353,795,416 | 0.45 | 3.87 | 0.87(i) | 51 | |
| 50.91 | 50.83 | (6.93) | (7.43) | 213,804,252 | 0.45 | 2.80 | 0.96(i) | 53 | |
| 57.15 | 57.36 | 18.95 | 18.65 | 165,741,046 | 0.45 | 2.85 | 1.06(i) | 60 | |
| | | | | | | | | | |
| 53.60 | 53.48 | (9.40) | (9.69) | 761,070,541 | 0.37(f) | 3.64 | 0.37(f) | 15 | |
| 61.02 | 61.08 | 26.00 | 26.08 | 842,016,222 | 0.37 | 3.14 | 0.37 | 35 | |
| 49.84 | 49.86 | (6.72) | (6.62) | 867,200,124 | 0.37 | 2.61 | 0.37 | 23 | |
| 55.06 | 55.02 | 7.05 | 7.23 | 1,282,867,303 | 0.38 | 3.27 | 0.41(i) | 25 | |
| 53.10 | 52.98 | (6.72) | (7.22) | 1,444,332,261 | 0.40 | 2.57 | 0.44(i) | 28 | |
| 59.18 | 59.36 | 20.35 | 20.30 | 1,159,887,006 | 0.43 | 2.63 | 0.51(i) | 29 | |
| | | | | | | | | | |
| 99.25 | 99.17 | (1.15) | (1.26) | 555,789,865 | 0.18(f) | 1.92 | 0.18(f) | 13 | |
| 101.43 | 101.46 | 40.36 | 40.44 | 710,012,574 | 0.18 | 1.86 | 0.18 | 33 | |
| 73.52 | 73.50 | (1.40) | (1.44) | 536,709,641 | 0.18 | 2.26 | 0.18 | 21 | |
| 76.44 | 76.45 | 11.65 | 11.65 | 802,625,997 | 0.19 | 2.27 | 0.37(i) | 24 | |
| 69.92 | 69.93 | 4.74 | 4.70 | 559,362,329 | 0.19 | 1.95 | 0.41(i) | 32 | |
| 68.52 | 68.55 | 20.99 | 21.02 | 356,298,771 | 0.21 | 1.83 | 0.47(i) | 27 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 267 |
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 | Net realized gain |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | $92.23 | $0.66 | $ (4.01) | $ (3.35) | | $(0.79) | $ — |
| Year Ended October 31, 2021 | 64.77 | 1.30 | 27.36 | 28.66 | | (1.20) | — |
| Year Ended October 31, 2020 | 67.13 | 1.18 | (2.38) | (1.20) | | (1.16) | — |
| 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) | — |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 45.20 | 0.30 | (4.65) | (4.35) | | (0.32) | — |
| Year Ended October 31, 2021 | 28.87 | 0.46 | 16.35 | 16.81 | | (0.48) | — |
| Year Ended October 31, 2020 | 30.84 | 0.44 | (2.01) | (1.57) | | (0.40) | — |
| 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 (h) through October 31, 2017 | 25.00 | 0.28 | 3.71 | 3.99 | | (0.04) | — |
| JPMorgan International Growth ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 79.09 | 0.29 | (22.33) | (22.04) | | (0.49) | (0.54) |
| Year Ended October 31, 2021 | 62.98 | 0.19 | 15.95 | 16.14 | | (0.03) | — |
| May 20, 2020 (h) through October 31, 2020 | 51.83 | 0.05 | 11.10 | 11.15 | | — | — |
| JPMorgan U.S. Dividend ETF | | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | 32.56 | 0.45 | 1.12 | 1.57 | | (0.48) | — |
| Year Ended October 31, 2021 | 23.31 | 0.90 | 9.35 | 10.25 | | (1.00) | — |
| Year Ended October 31, 2020 | 27.09 | 0.91 | (3.79) | (2.88) | | (0.90) | — |
| Year Ended October 31, 2019 | 24.92 | 0.93 | 2.11 | 3.04 | | (0.87) | — |
| November 8, 2017 (h) 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, 2022 (Unaudited) | 36.66 | 0.34 | 0.38(j) | 0.72 | | (0.37) | — |
| Year Ended October 31, 2021 | 29.06 | 0.63 | 7.67 | 8.30 | | (0.70) | — |
| Year Ended October 31, 2020 | 30.21 | 0.67 | (1.10) | (0.43) | | (0.72) | — |
| Year Ended October 31, 2019 | 26.14 | 0.64 | 3.95 | 4.59 | | (0.52) | — |
| November 8, 2017 (h) through October 31, 2018 | 25.00 | 0.59 | 1.08 | 1.67 | | (0.53) | — |
|
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | 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. |
| (d) | Not annualized for periods less than one year. |
| (e) | Prior to December 9, 2019, 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. 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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (g) | Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor. |
| (h) | Commencement of operations. |
| (i) | 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. |
| (j) | Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement 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.
| 268 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | Ratios/Supplemental data | |
| | | | | | | Ratios to average net assets (a) |
Total
distributions | Net asset
value,
end of
period | Market
price,
end of
period | Total
return (c)(d) | Market
price
total
return (d)(e) | Net assets,
end of
period | Net
expenses | Net
investment
income
(loss) | Expenses
without waives
and reimbursements | Portfolio
turnover
rate (d) | |
| | | | | | | | | | | |
| $(0.79) | $88.09 | $88.04 | (3.67)% | (3.80)% | $246,644,357 | 0.24(f)% | 1.44% | 0.24(f)% | 13% | |
| — | 92.23 | 92.30 | 44.51 | 44.73 | 239,808,712 | 0.24 | 1.57 | 0.24 | 34 | |
| — | 64.77 | 64.72 | (1.66) | (1.79) | 220,207,846 | 0.24 | 1.86 | 0.24 | 28 | |
| — | 67.13 | 67.17 | 9.73 | 9.780 | 187,973,791 | 0.24 | 1.82 | 0.43(g) | 25 | |
| — | 62.24 | 62.25 | 2.59 | 2.57 | 112,028,180 | 0.24 | 1.64 | 0.50(g) | 35 | |
| — | 62.06 | 62.08 | 21.25 | 21.31 | 62,063,250 | 0.26 | 1.54 | 0.62(g) | 31 | |
| | | | | | | | | | | |
| (0.32) | 40.53 | 40.48 | (9.70) | (9.89) | 200,637,978 | 0.29(f) | 1.37 | 0.29(f) | 14 | |
| — | 45.20 | 45.24 | 58.49 | 58.25 | 176,262,186 | 0.29 | 1.13 | 0.29 | 37 | |
| — | 28.87 | 28.94 | (4.99) | (4.85) | 148,672,825 | 0.29 | 1.54 | 0.29 | 30 | |
| — | 30.84 | 30.87 | 5.64 | 5.75 | 140,343,327 | 0.29 | 1.40 | 0.54(g) | 43 | |
| — | 29.58 | 29.58 | 3.61 | 3.43 | 96,135,254 | 0.29 | 1.08 | 0.61(g) | 30 | |
| — | 28.95 | 29.00 | 15.96 | 16.16(i) | 55,011,105 | 0.31(f) | 1.08 | 0.97(f)(g) | 24 | |
| | | | | | | | | | | |
| (1.03) | 56.02 | 55.95 | (28.20) | (28.56) | 58,826,196 | 0.55(f) | 0.87 | 0.55(f) | 16 | |
| (0.03) | 79.09 | 79.40 | 25.63 | 25.85 | 61,291,950 | 0.55 | 0.25 | 0.55 | 37 | |
| — | 62.98 | 63.12 | 21.51 | 21.78(i) | 37,787,658 | 0.55 | 0.16 | 0.55 | 12 | |
| | | | | | | | | | | |
| (0.48) | 33.65 | 33.53 | 4.83 | 4.36 | 63,927,522 | 0.12(f) | 2.67 | 0.12(f) | 10 | |
| (1.00) | 32.56 | 32.59 | 44.70 | 45.15 | 48,842,278 | 0.12 | 2.92 | 0.12 | 32 | |
| (0.90) | 23.31 | 23.26 | (10.50) | (10.72) | 34,965,403 | 0.12 | 3.78 | 0.12 | 26 | |
| (0.87) | 27.09 | 27.10 | 12.57 | 12.69 | 40,631,525 | 0.12 | 3.59 | 0.63(g) | 20 | |
| (0.87) | 24.92 | 24.90 | 3.08 | 2.99(i) | 27,411,126 | 0.12(f) | 3.81 | 0.76(f)(g) | 24 | |
| | | | | | | | | | | |
| (0.37) | 37.01 | 36.99 | 1.96 | 1.82 | 29,607,429 | 0.12(f) | 1.82 | 0.12(f) | 8 | |
| (0.70) | 36.66 | 36.69 | 28.87 | 29.38 | 20,160,648 | 0.12 | 1.88 | 0.12 | 22 | |
| (0.72) | 29.06 | 28.97 | (1.32) | (1.69) | 37,773,538 | 0.12 | 2.29 | 0.12 | 23 | |
| (0.52) | 30.21 | 30.23 | 17.82 | 17.90 | 107,244,658 | 0.12 | 2.22 | 0.54(g) | 15 | |
| (0.53) | 26.14 | 26.14 | 6.69 | 6.69(i) | 27,445,770 | 0.12(f) | 2.33 | 0.76(f)(g) | 17 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 269 |
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. Momentum Factor ETF | | | | | | |
| Six Months Ended April 30, 2022 (Unaudited) | $47.71 | $0.22 | $ (7.91) | $ (7.69) | | $(0.19) |
| Year Ended October 31, 2021 | 33.68 | 0.34 | 14.00 | 14.34 | | (0.31) |
| Year Ended October 31, 2020 | 29.04 | 0.35 | 4.63 | 4.98 | | (0.34) |
| Year Ended October 31, 2019 | 25.98 | 0.37 | 2.99 | 3.36 | | (0.30) |
| November 8, 2017 (h) 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, 2022 (Unaudited) | 43.45 | 0.32 | (3.55) | (3.23) | | (0.32) |
| Year Ended October 31, 2021 | 31.53 | 0.60 | 11.91 | 12.51 | | (0.59) |
| Year Ended October 31, 2020 | 29.74 | 0.56 | 1.70 | 2.26 | | (0.47) |
| Year Ended October 31, 2019 | 26.56 | 0.58 | 3.11 | 3.69 | | (0.51) |
| November 8, 2017 (h) 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, 2022 (Unaudited) | 37.09 | 0.37 | (2.20) | (1.83) | | (0.41) |
| Year Ended October 31, 2021 | 24.99 | 0.72 | 12.03 | 12.75 | | (0.65) |
| Year Ended October 31, 2020 | 27.29 | 0.77 | (2.29) | (1.52) | | (0.78) |
| Year Ended October 31, 2019 | 25.21 | 0.75 | 1.97 | 2.72 | | (0.64) |
| November 8, 2017 (h) through October 31, 2018 | 25.00 | 0.64 | 0.16 | 0.80 | | (0.59) |
|
| (a) | Annualized for periods less than one year, unless otherwise noted. |
| (b) | Calculated based upon average shares outstanding. |
| (c) | 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. |
| (d) | Not annualized for periods less than one year. |
| (e) | Prior to December 9, 2019, 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. 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) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| (g) | Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the fund based on prior day net assets and other expenses are paid by the Advisor. |
| (h) | Commencement of operations. |
| (i) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
SEE NOTES TO FINANCIAL STATEMENTS.
| 270 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | 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 (d)(e) | Net assets,
end of
period | Net
expenses | Net
investment
income
(loss) | Expenses
without waives
and reimbursements | Portfolio
turnover
rate (d) | |
| | | | | | | | | | |
| $39.83 | $39.78 | (16.17)% | (16.22)% | $244,924,366 | 0.12(f)% | 1.00% | 0.12(f)% | 21% | |
| 47.71 | 47.68 | 42.72 | 42.38 | 221,858,171 | 0.12 | 0.80 | 0.12 | 44 | |
| 33.68 | 33.74 | 17.33 | 17.50 | 134,743,086 | 0.12 | 1.11 | 0.12 | 39 | |
| 29.04 | 29.05 | 13.06 | 13.06 | 56,620,589 | 0.12 | 1.35 | 0.55(g) | 52 | |
| 25.98 | 25.99 | 5.17 | 5.21(i) | 28,575,370 | 0.12(f) | 1.32 | 0.74(f)(g) | 44 | |
| | | | | | | | | | |
| 39.90 | 39.91 | (7.49) | (7.53) | 402,997,978 | 0.12(f) | 1.51 | 0.12(f) | 11 | |
| 43.45 | 43.48 | 39.97 | 40.02 | 393,204,091 | 0.12 | 1.56 | 0.12 | 21 | |
| 31.53 | 31.54 | 7.72 | 7.68 | 384,671,209 | 0.12 | 1.81 | 0.12 | 20 | |
| 29.74 | 29.76 | 14.10 | 14.18 | 107,067,872 | 0.12 | 2.05 | 0.50(g) | 21 | |
| 26.56 | 26.56 | 8.15 | 8.15(i) | 29,215,267 | 0.12(f) | 2.01 | 0.74(f)(g) | 22 | |
| | | | | | | | | | |
| 34.85 | 34.83 | (5.00) | (5.03) | 531,443,667 | 0.12(f) | 1.99 | 0.12(f) | 13 | |
| 37.09 | 37.08 | 51.38 | 51.88 | 400,579,487 | 0.12 | 2.01 | 0.12 | 34 | |
| 24.99 | 24.90 | (5.39) | (5.76) | 62,468,155 | 0.12 | 2.99 | 0.12 | 25 | |
| 27.29 | 27.30 | 11.01 | 11.05 | 66,849,642 | 0.12 | 2.90 | 0.52(g) | 22 | |
| 25.21 | 25.21 | 3.12 | 3.12(i) | 28,986,509 | 0.12(f) | 2.52 | 0.75(f)(g) | 26 | |
SEE NOTES TO FINANCIAL STATEMENTS.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 271 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (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 an open-end management investment company.
The following are 23 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| | Diversification Classification |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | Diversified |
| JPMorgan ActiveBuilders International Equity ETF | Diversified |
| JPMorgan BetaBuilders Canada ETF | Diversified |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF)(1) | Diversified |
| JPMorgan BetaBuilders Europe ETF | Diversified |
| JPMorgan BetaBuilders International Equity ETF | Diversified |
| JPMorgan BetaBuilders Japan ETF | Diversified |
| JPMorgan BetaBuilders U.S. Equity ETF | Diversified |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | Diversified |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | Diversified |
| JPMorgan Carbon Transition U.S. Equity ETF | Diversified |
| JPMorgan Climate Change Solutions ETF(2) | Non-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 International Growth 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 |
|
| (1) | Effective March 1, 2022, JPMorgan BetaBuilders Developed Asia ex-Japan ETF changed its name to JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF. |
| (2) | Commencement of operations was December 13, 2021. |
The investment objective of JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan ActiveBuilders International Equity ETF (“ActiveBuilders International Equity ETF”) and JPMorgan International Growth ETF (“International Growth ETF”) is to seek long-term capital appreciation.
The investment objective of JPMorgan BetaBuilders Canada ETF (“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 JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (“BetaBuilders Developed Asia Pacific ex-Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Europe ETF (“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.
The investment objective of JPMorgan BetaBuilders International Equity ETF (“BetaBuilders International Equity ETF”) is to seek 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 investment objective of JPMorgan BetaBuilders Japan ETF (“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.
| 272 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
The investment objective of JPMorgan BetaBuilders U.S. Equity ETF (“BetaBuilders U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (“BetaBuilders U.S. Mid Cap Equity ETF”) 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 BetaBuilders U.S. Small Cap Equity ETF (“BetaBuilders U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.
The investment objective of JPMorgan Climate Change Solutions ETF (“Climate Change Solutions ETF”) is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“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 (“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 (“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 (“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.
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“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 JPMorgan U.S. Dividend ETF (“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 JPMorgan U.S. Minimum Volatility ETF (“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 JPMorgan U.S. Momentum Factor ETF (“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 JPMorgan U.S. Quality Factor ETF (“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 JPMorgan U.S. Value Factor ETF (“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 Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 273 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
Shares of each Fund are listed and traded at market price on an exchange as follows:
| | Listing Exchange |
| ActiveBuilders Emerging Markets Equity ETF | Cboe BZX Exchange, Inc. |
| ActiveBuilders International Equity ETF | NYSE Arca |
| BetaBuilders Canada ETF | Cboe BZX Exchange, Inc. |
| BetaBuilders Developed Asia Pacific ex-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 |
| BetaBuilders U.S. Small Cap Equity ETF | NYSE Arca |
| Carbon Transition U.S. Equity ETF | NYSE Arca |
| Climate Change Solutions ETF | NYSE Arca |
| Emerging Markets Equity ETF | NYSE Arca |
| International Equity ETF | NYSE Arca |
| U.S. Equity ETF | NYSE Arca |
| U.S. Mid Cap Equity ETF | NYSE Arca |
| U.S. Small Cap Equity ETF | NYSE Arca |
| International Growth ETF | NYSE Arca |
| U.S. Dividend ETF | NYSE Arca |
| U.S. Minimum Volatility ETF | NYSE Arca |
| U.S. Momentum Factor ETF | NYSE Arca |
| U.S. Quality Factor ETF | NYSE Arca |
| U.S. Value Factor ETF | NYSE Arca |
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
Effective April 12, 2021, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF and BetaBuilders Japan ETF each underwent a 1:2 reverse stock split which resulted in a decrease to each Fund’s shares outstanding and an increase to each Fund’s NAV per share. There was no change to the net assets of each Fund or the value of a shareholder’s investment as a result of this reverse stock split, except to the extent that shareholders held quantities of shares that were not an exact multiple of the reverse split ratio as described below.
The historical share transactions presented in the Statements of Changes in Net Assets and the per share data presented in the Financial Highlights have been adjusted accordingly to give effect to the reverse stock splits.
For shareholders who held quantities of shares that were not an exact multiple of the reverse split ratio (for example, not a multiple of two for a 1:2 reverse split), the reverse split resulted in the creation of a fractional share. Post-split fractional shares were redeemed for cash and sent to the broker of record.
| 274 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
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 |
| ActiveBuilders Emerging Markets Equity ETF | 100,000 |
| ActiveBuilders International Equity ETF | 100,000 |
| BetaBuilders Canada ETF | 50,000 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 100,000 |
| BetaBuilders Europe ETF | 100,000 |
| BetaBuilders International Equity ETF | 200,000 |
| BetaBuilders Japan ETF | 200,000 |
| BetaBuilders U.S. Equity ETF | 50,000 |
| BetaBuilders U.S. Mid Cap Equity ETF | 25,000 |
| BetaBuilders U.S. Small Cap Equity ETF | 25,000 |
| Carbon Transition U.S. Equity ETF | 50,000 |
| Climate Change Solutions 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 |
| International Growth ETF | 25,000 |
| U.S. Dividend ETF | 50,000 |
| U.S. Minimum Volatility ETF | 50,000 |
| U.S. Momentum Factor ETF | 50,000 |
| U.S. Quality Factor ETF | 50,000 |
| U.S. Value Factor ETF | 50,000 |
Creation Units are issued and redeemed principally in-kind for a basket of securities. A cash amount may be substituted if the Fund has sizable 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 Boards. This may include the use of related or
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 275 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
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.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
| • | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
| • | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
| • | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| ActiveBuilders 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 | | | | |
| Austria | $ — | $ 321,103 | $ — | $ 321,103 |
| Brazil | 38,366,634 | — | — | 38,366,634 |
| Canada | 572,022 | — | — | 572,022 |
| Chile | 2,436,300 | — | — | 2,436,300 |
| China | 5,738,432 | 218,543,926 | 7,360 | 224,289,718 |
| Colombia | 260,249 | — | — | 260,249 |
| Czech Republic | — | 663,202 | — | 663,202 |
| Egypt | — | 798,297 | — | 798,297 |
| Ghana | 435,195 | — | — | 435,195 |
| Greece | — | 1,273,512 | — | 1,273,512 |
| Hong Kong | 548,148 | 15,487,526 | — | 16,035,674 |
| Hungary | — | 2,040,807 | — | 2,040,807 |
| India | 7,011,670 | 77,061,628 | — | 84,073,298 |
| Indonesia | 4,831,107 | 12,236,079 | — | 17,067,186 |
| Kazakhstan | 362,700 | — | — | 362,700 |
| Macau | — | 500,789 | — | 500,789 |
| Malaysia | 935,715 | 2,650,222 | — | 3,585,937 |
| Mexico | 31,759,150 | — | — | 31,759,150 |
| Nigeria | — | 169,534 | — | 169,534 |
| Panama | 315,348 | — | — | 315,348 |
| Peru | 1,778,903 | — | — | 1,778,903 |
| Philippines | 204,670 | 1,272,154 | — | 1,476,824 |
| Poland | — | 3,483,807 | — | 3,483,807 |
| 276 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| ActiveBuilders Emerging Markets Equity ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Portugal | $ — | | $ 1,394,964 | | $ — | | $ 1,394,964 |
| Qatar | 2,521,521 | | 845,189 | | — | | 3,366,710 |
| Russia | — | | — | | 151,699 | | 151,699 |
| Saudi Arabia | 557,144 | | 13,724,403 | | — | | 14,281,547 |
| South Africa | 6,858,891 | | 15,206,252 | | — | | 22,065,143 |
| South Korea | — | | 92,666,656 | | — | | 92,666,656 |
| Taiwan | 1,436,375 | | 118,197,900 | | — | | 119,634,275 |
| Tanzania, United Republic of | — | | 258,679 | | — | | 258,679 |
| Thailand | 9,868,930 | | 1,393,387 | | — | | 11,262,317 |
| Turkey | 584,494 | | 705,121 | | — | | 1,289,615 |
| United Arab Emirates | 1,757,786 | | 3,296,796 | | — | | 5,054,582 |
| United Kingdom | — | | 346,357 | | — | | 346,357 |
| United States | 3,794,148 | | 3,064,438 | | — | | 6,858,586 |
| Zambia | 652,456 | | — | | — | | 652,456 |
| Total Common Stocks | 123,587,988 | | 587,602,728 | | 159,059 | | 711,349,775 |
| Warrants | 1,227 | | — | | — | | 1,227 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 14,335,116 | | — | | — | | 14,335,116 |
| Investment of Cash Collateral from Securities Loaned | 368,660 | | — | | — | | 368,660 |
| Total Short-Term Investments | 14,703,776 | | — | | — | | 14,703,776 |
| Total Investments in Securities | $138,292,991 | | $587,602,728 | | $159,059 | | $726,054,778 |
Transfers between level 2 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2022.
| ActiveBuilders 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 | $ — | $ 1,347,356 | $— | $ 1,347,356 |
| Austria | — | 118,320 | — | 118,320 |
| Belgium | — | 202,187 | — | 202,187 |
| Brazil | 19,473 | — | — | 19,473 |
| Canada | 157,967 | — | — | 157,967 |
| China | — | 234,589 | — | 234,589 |
| Denmark | 21,840 | 1,027,411 | — | 1,049,251 |
| Finland | — | 237,425 | — | 237,425 |
| France | — | 2,773,631 | — | 2,773,631 |
| Germany | — | 2,024,757 | — | 2,024,757 |
| Hong Kong | — | 554,978 | — | 554,978 |
| India | 115,996 | — | — | 115,996 |
| Indonesia | — | 50,759 | — | 50,759 |
| Ireland | — | 32,767 | — | 32,767 |
| Italy | — | 256,838 | — | 256,838 |
| Japan | — | 4,617,314 | — | 4,617,314 |
| Luxembourg | — | 34,056 | — | 34,056 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 277 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| ActiveBuilders International Equity ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Malta | $ — | | $ 9,521 | | $— | | $ 9,521 |
| Netherlands | — | | 1,614,596 | | — | | 1,614,596 |
| Norway | 30,909 | | 194,273 | | — | | 225,182 |
| Singapore | 13,478 | | 372,575 | | — | | 386,053 |
| South Africa | — | | 220,038 | | — | | 220,038 |
| South Korea | — | | 224,731 | | — | | 224,731 |
| Spain | — | | 484,587 | | — | | 484,587 |
| Sweden | — | | 742,736 | | — | | 742,736 |
| Switzerland | — | | 2,817,284 | | — | | 2,817,284 |
| Taiwan | 183,113 | | — | | — | | 183,113 |
| United Kingdom | 8,775 | | 3,055,616 | | — | | 3,064,391 |
| United States | — | | 774,508 | | — | | 774,508 |
| Total Common Stocks | 551,551 | | 24,022,853 | | — | | 24,574,404 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 450,008 | | — | | — | | 450,008 |
| Investment of Cash Collateral from Securities Loaned | 152,324 | | — | | — | | 152,324 |
| Total Short-Term Investments | 602,332 | | — | | — | | 602,332 |
| Total Investments in Securities | $1,153,883 | | $24,022,853 | | $— | | $25,176,736 |
| BetaBuilders Canada ETF | | | | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Total Investments in Securities (a) | $6,990,952,704 | | $— | | $— | | $6,990,952,704 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (1,128,590) | | $— | | $— | | $ (1,128,590) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Investments in Securities | | | | | | | |
| Common Stocks | | | | | | | |
| Australia | $ — | | $2,727,501,149 | | $— | | $2,727,501,149 |
| China | — | | 103,641,750 | | — | | 103,641,750 |
| Hong Kong | 67,402,120 | | 745,499,905 | | — | | 812,902,025 |
| Macau | — | | 37,595,526 | | — | | 37,595,526 |
| New Zealand | — | | 85,454,615 | | — | | 85,454,615 |
| Singapore | 3,877,758 | | 429,608,367 | | — | | 433,486,125 |
| United Kingdom | — | | 42,170,723 | | — | | 42,170,723 |
| United States | — | | 30,967,754 | | — | | 30,967,754 |
| Total Common Stocks | 71,279,878 | | 4,202,439,789 | | — | | 4,273,719,667 |
| Short-Term Investments | | | | | | | |
| Investment of Cash Collateral from Securities Loaned | 10,861,479 | | — | | — | | 10,861,479 |
| 278 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Total Investments in Securities | $82,141,357 | | $4,202,439,789 | | $— | | $4,284,581,146 |
| Appreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ 294,821 | | $ — | | $— | | $ 294,821 |
| 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 | $ — | | $ 134,529,061 | | $ — | | $ 134,529,061 |
| Austria | — | | 45,837,730 | | — | | 45,837,730 |
| Belgium | — | | 141,708,903 | | — | | 141,708,903 |
| Brazil | — | | 7,592,609 | | — | | 7,592,609 |
| Chile | — | | 6,241,545 | | — | | 6,241,545 |
| China | — | | 39,691,612 | | — | | 39,691,612 |
| Colombia | — | | 2,169,436 | | — | | 2,169,436 |
| Denmark | — | | 388,444,862 | | — | | 388,444,862 |
| Finland | 997,596 | | 191,226,660 | | — | | 192,224,256 |
| France | — | | 1,431,097,284 | | — | | 1,431,097,284 |
| Germany | — | | 1,074,017,372 | | — | | 1,074,017,372 |
| Ireland | 16,111,017 | | 67,112,164 | | — | | 83,223,181 |
| Italy | — | | 307,330,966 | | — | | 307,330,966 |
| Jordan | — | | 3,995,601 | | — | | 3,995,601 |
| Luxembourg | — | | 29,942,975 | | — | | 29,942,975 |
| Mexico | — | | 1,684,404 | | — | | 1,684,404 |
| Netherlands | 202,345 | | 758,386,665 | | — | | 758,589,010 |
| Norway | 1,828,439 | | 120,018,236 | | — | | 121,846,675 |
| Poland | 1,387,611 | | 38,905,223 | | — | | 40,292,834 |
| Portugal | — | | 23,602,780 | | — | | 23,602,780 |
| Russia | — | | — | | 23,359 | | 23,359 |
| Singapore | — | | 22,889,205 | | — | | 22,889,205 |
| South Africa | — | | 56,442,441 | | — | | 56,442,441 |
| South Korea | — | | 6,338,573 | | — | | 6,338,573 |
| Spain | — | | 358,353,986 | | — | | 358,353,986 |
| Sweden | 3,974,019 | | 523,149,314 | | — | | 527,123,333 |
| Switzerland | 20,364,683 | | 1,433,418,901 | | — | | 1,453,783,584 |
| United Arab Emirates | — | | — | | — | | — |
| United Kingdom | 10,289,678 | | 1,810,181,294 | | — | | 1,820,470,972 |
| United States | 4,371,080 | | 281,006,744 | | — | | 285,377,824 |
| Total Common Stocks | 59,526,468 | | 9,305,316,546 | | 23,359 | | 9,364,866,373 |
| Short-Term Investments | | | | | | | |
| Investment of Cash Collateral from Securities Loaned | 570,727,372 | | — | | — | | 570,727,372 |
| Total Investments in Securities | $630,253,840 | | $9,305,316,546 | | $23,359 | | $9,935,593,745 |
| Appreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ 1,421,604 | | $ — | | $ — | | $ 1,421,604 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 279 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
| 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 | $ — | | $ 254,444,435 | | $ — | | $ 254,444,435 |
| Austria | — | | 9,074,688 | | — | | 9,074,688 |
| Belgium | — | | 28,033,742 | | — | | 28,033,742 |
| Brazil | — | | 1,501,701 | | — | | 1,501,701 |
| Chile | — | | 1,235,241 | | — | | 1,235,241 |
| China | — | | 16,502,168 | | — | | 16,502,168 |
| Colombia | — | | 431,078 | | — | | 431,078 |
| Denmark | — | | 76,880,710 | | — | | 76,880,710 |
| Finland | 196,137 | | 37,842,800 | | — | | 38,038,937 |
| France | — | | 283,185,417 | | — | | 283,185,417 |
| Germany | — | | 212,543,448 | | — | | 212,543,448 |
| Hong Kong | 5,630,019 | | 62,259,476 | | — | | 67,889,495 |
| Ireland | 3,186,957 | | 13,281,817 | | — | | 16,468,774 |
| Israel | — | | 15,105,236 | | — | | 15,105,236 |
| Italy | — | | 60,817,153 | | — | | 60,817,153 |
| Japan | 711,489 | | 688,207,942 | | — | | 688,919,431 |
| Jordan | — | | 793,459 | | — | | 793,459 |
| Luxembourg | — | | 5,925,529 | | — | | 5,925,529 |
| Macau | — | | 3,140,509 | | — | | 3,140,509 |
| Mexico | — | | 335,522 | | — | | 335,522 |
| Netherlands | 14,763 | | 150,119,627 | | — | | 150,134,390 |
| New Zealand | — | | 7,144,310 | | — | | 7,144,310 |
| Norway | 364,148 | | 23,744,776 | | — | | 24,108,924 |
| Poland | 272,918 | | 7,700,899 | | — | | 7,973,817 |
| Portugal | — | | 4,671,142 | | — | | 4,671,142 |
| Russia | — | | — | | 4,964 | | 4,964 |
| Singapore | 327,797 | | 40,418,669 | | — | | 40,746,466 |
| South Africa | — | | 11,169,345 | | — | | 11,169,345 |
| South Korea | — | | 1,251,481 | | — | | 1,251,481 |
| Spain | — | | 70,925,123 | | — | | 70,925,123 |
| Sweden | 790,365 | | 103,524,408 | | — | | 104,314,773 |
| Switzerland | 4,036,245 | | 283,534,422 | | — | | 287,570,667 |
| United Arab Emirates | — | | — | | — | | — |
| United Kingdom | 2,031,036 | | 361,732,042 | | — | | 363,763,078 |
| United States | 864,957 | | 58,189,276 | | — | | 59,054,233 |
| Total Common Stocks | 18,426,831 | | 2,895,667,591 | | 4,964 | | 2,914,099,386 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 9,889,216 | | — | | — | | 9,889,216 |
| Investment of Cash Collateral from Securities Loaned | 80,452,707 | | — | | — | | 80,452,707 |
| Total Short-Term Investments | 90,341,923 | | — | | — | | 90,341,923 |
| Total Investments in Securities | $108,768,754 | | $2,895,667,591 | | $4,964 | | $3,004,441,309 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ (1,004,203) | | $ — | | $ — | | $ (1,004,203) |
| 280 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
| BetaBuilders Japan ETF | | | | |
| | Level 1
Quoted prices | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | Total |
| Investments in Securities | | | | |
| Common Stocks | | | | |
| Air Freight & Logistics | $ — | $ 29,388,287 | $— | $ 29,388,287 |
| Airlines | — | 10,305,833 | — | 10,305,833 |
| Auto Components | — | 154,445,911 | — | 154,445,911 |
| Automobiles | — | 609,766,190 | — | 609,766,190 |
| Banks | — | 361,216,850 | — | 361,216,850 |
| Beverages | — | 69,142,530 | — | 69,142,530 |
| Building Products | — | 121,652,825 | — | 121,652,825 |
| Capital Markets | — | 62,328,560 | — | 62,328,560 |
| Chemicals | — | 292,392,203 | — | 292,392,203 |
| Commercial Services & Supplies | — | 55,387,768 | — | 55,387,768 |
| Construction & Engineering | — | 40,666,516 | — | 40,666,516 |
| Consumer Finance | — | 9,073,040 | — | 9,073,040 |
| Diversified Financial Services | — | 51,211,468 | — | 51,211,468 |
| Diversified Telecommunication Services | — | 67,213,716 | — | 67,213,716 |
| Electric Utilities | — | 48,091,907 | — | 48,091,907 |
| Electrical Equipment | — | 123,141,464 | — | 123,141,464 |
| Electronic Equipment, Instruments & Components | — | 356,494,993 | — | 356,494,993 |
| Entertainment | — | 162,241,386 | — | 162,241,386 |
| Equity Real Estate Investment Trusts (REITs) | 7,230,268 | 106,283,778 | — | 113,514,046 |
| Food & Staples Retailing | — | 131,155,615 | — | 131,155,615 |
| Food Products | — | 119,532,203 | — | 119,532,203 |
| Gas Utilities | — | 29,291,176 | — | 29,291,176 |
| Health Care Equipment & Supplies | — | 186,644,871 | — | 186,644,871 |
| Health Care Providers & Services | — | 12,077,804 | — | 12,077,804 |
| Health Care Technology | — | 26,077,264 | — | 26,077,264 |
| Hotels, Restaurants & Leisure | — | 71,875,499 | — | 71,875,499 |
| Household Durables | — | 316,044,631 | — | 316,044,631 |
| Household Products | — | 35,530,048 | — | 35,530,048 |
| Industrial Conglomerates | — | 121,915,106 | — | 121,915,106 |
| Insurance | — | 205,015,539 | — | 205,015,539 |
| Interactive Media & Services | — | 24,653,945 | — | 24,653,945 |
| Internet & Direct Marketing Retail | — | 20,306,151 | — | 20,306,151 |
| IT Services | — | 171,221,943 | — | 171,221,943 |
| Leisure Products | — | 74,525,094 | — | 74,525,094 |
| Machinery | — | 371,545,651 | — | 371,545,651 |
| Marine | — | 39,528,142 | — | 39,528,142 |
| Media | — | 32,143,646 | — | 32,143,646 |
| Metals & Mining | — | 71,151,702 | — | 71,151,702 |
| Multiline Retail | — | 20,090,857 | — | 20,090,857 |
| Oil, Gas & Consumable Fuels | — | 57,414,674 | — | 57,414,674 |
| Paper & Forest Products | — | 9,164,208 | — | 9,164,208 |
| Personal Products | — | 88,579,061 | — | 88,579,061 |
| Pharmaceuticals | — | 412,546,778 | — | 412,546,778 |
| Professional Services | — | 133,799,112 | — | 133,799,112 |
| Real Estate Management & Development | — | 168,294,448 | — | 168,294,448 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 281 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| BetaBuilders Japan ETF (continued) | | | | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Road & Rail | $ — | | $ 202,304,252 | | $— | | $ 202,304,252 |
| Semiconductors & Semiconductor Equipment | — | | 235,302,250 | | — | | 235,302,250 |
| Software | — | | 19,022,129 | | — | | 19,022,129 |
| Specialty Retail | — | | 95,156,062 | | — | | 95,156,062 |
| Technology Hardware, Storage & Peripherals | — | | 115,249,220 | | — | | 115,249,220 |
| Textiles, Apparel & Luxury Goods | — | | 5,723,808 | | — | | 5,723,808 |
| Tobacco | — | | 35,685,648 | | — | | 35,685,648 |
| Trading Companies & Distributors | — | | 361,350,914 | | — | | 361,350,914 |
| Transportation Infrastructure | — | | 7,334,263 | | — | | 7,334,263 |
| Wireless Telecommunication Services | — | | 265,090,345 | | — | | 265,090,345 |
| Total Common Stocks | 7,230,268 | | 7,022,789,284 | | — | | 7,030,019,552 |
| Short-Term Investments | | | | | | | |
| Investment of Cash Collateral from Securities Loaned | 11,683,998 | | — | | — | | 11,683,998 |
| Total Investments in Securities | $18,914,266 | | $7,022,789,284 | | $— | | $7,041,703,550 |
| Appreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ 466,375 | | $ — | | $— | | $ 466,375 |
| 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) | $1,085,220,099 | | $— | | $— | | $1,085,220,099 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (151,298) | | $— | | $— | | $ (151,298) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $1,542,316,633 | | $— | | $— | | $1,542,316,633 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (111,095) | | $— | | $— | | $ (111,095) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| BetaBuilders 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 | $490,707,577 | $— | $ — | $490,707,577 |
| Rights | — | — | 9,582 | 9,582 |
| Short-Term Investments | | | | |
| Investment Companies | 6,867,283 | — | — | 6,867,283 |
| 282 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
BetaBuilders U.S. Small Cap Equity ETF
(continued) | | | | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Investment of Cash Collateral from Securities Loaned | $ 7,995,973 | | $— | | $ — | | $ 7,995,973 |
| Total Short-Term Investments | 14,863,256 | | — | | — | | 14,863,256 |
| Total Investments in Securities | $505,570,833 | | $— | | $9,582 | | $505,580,415 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ (486,136) | | $— | | $ — | | $ (486,136) |
| Carbon Transition 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) | $22,187,627 | | $— | | $— | | $22,187,627 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (328) | | $— | | $— | | $ (328) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| Climate Change Solutions ETF | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Investments in Securities | | | | | | | |
| Common Stocks | | | | | | | |
| Canada | $ 433,833 | | $ — | | $— | | $ 433,833 |
| China | — | | 789,217 | | — | | 789,217 |
| Denmark | — | | 414,604 | | — | | 414,604 |
| Finland | — | | 677,274 | | — | | 677,274 |
| France | — | | 815,322 | | — | | 815,322 |
| Germany | — | | 779,803 | | — | | 779,803 |
| Ireland | — | | 424,756 | | — | | 424,756 |
| Italy | — | | 384,938 | | — | | 384,938 |
| Japan | — | | 512,498 | | — | | 512,498 |
| Netherlands | — | | 1,102,079 | | — | | 1,102,079 |
| Norway | — | | 118,483 | | — | | 118,483 |
| South Korea | — | | 321,539 | | — | | 321,539 |
| Spain | — | | 825,165 | | — | | 825,165 |
| Sweden | — | | 1,182,797 | | — | | 1,182,797 |
| Switzerland | 364,982 | | 552,486 | | — | | 917,468 |
| United Kingdom | 1,386,269 | | 289,301 | | — | | 1,675,570 |
| United States | 8,445,764 | | 744,031 | | — | | 9,189,795 |
| Total Common Stocks | 10,630,848 | | 9,934,293 | | — | | 20,565,141 |
| Total Investments in Securities | $10,630,848 | | $9,934,293 | | $— | | $20,565,141 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 283 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (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 | $ — | | $ 140,327 | | $ — | | $ 140,327 |
| Brazil | 15,490,689 | | 3,316 | | — | | 15,494,005 |
| Chile | 2,344,939 | | — | | — | | 2,344,939 |
| China | 1,311,406 | | 37,087,976 | | 129,385 | | 38,528,767 |
| Colombia | 407,850 | | — | | — | | 407,850 |
| Czech Republic | 124,358 | | 538,392 | | — | | 662,750 |
| Egypt | — | | 201,889 | | — | | 201,889 |
| Greece | — | | 1,789,268 | | — | | 1,789,268 |
| Hong Kong | — | | 322,382 | | — | | 322,382 |
| Hungary | — | | 1,215,170 | | — | | 1,215,170 |
| India | — | | 18,415,145 | | — | | 18,415,145 |
| Indonesia | 1,599,542 | | 3,683,378 | | — | | 5,282,920 |
| Kuwait | — | | 3,372,071 | | — | | 3,372,071 |
| Malaysia | 2,059,975 | | 1,434,855 | | — | | 3,494,830 |
| Mexico | 10,302,231 | | — | | — | | 10,302,231 |
| Pakistan | 45,378 | | — | | — | | 45,378 |
| Panama | 24,027 | | — | | — | | 24,027 |
| Philippines | 29,851 | | 1,018,070 | | — | | 1,047,921 |
| Qatar | 2,195,239 | | 1,183,997 | | — | | 3,379,236 |
| Russia | — | | — | | 116,932 | | 116,932 |
| Saudi Arabia | 730,126 | | 11,316,102 | | — | | 12,046,228 |
| Singapore | 145,811 | | — | | — | | 145,811 |
| South Africa | 6,212,432 | | 5,531,606 | | — | | 11,744,038 |
| Taiwan | — | | 18,734,441 | | — | | 18,734,441 |
| Thailand | 3,231,184 | | 818,095 | | — | | 4,049,279 |
| Turkey | 3,852,235 | | 2,160,692 | | — | | 6,012,927 |
| United Arab Emirates | 1,475,412 | | 3,339,930 | | — | | 4,815,342 |
| United States | 730,449 | | — | | — | | 730,449 |
| Total Common Stocks | 52,313,134 | | 112,307,102 | | 246,317 | | 164,866,553 |
| Short-Term Investments | | | | | | | |
| Investment of Cash Collateral from Securities Loaned | 780,542 | | — | | — | | 780,542 |
| Total Investments in Securities | $53,093,676 | | $112,307,102 | | $246,317 | | $165,647,095 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ (1,524) | | $ — | | $ — | | $ (1,524) |
Transfers between level 1 and level 3 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack or increase of available market inputs to determine the price for the six months ended April 30, 2022.
| 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 | $ — | $ 80,244,167 | $ — | $ 80,244,167 |
| Austria | — | 3,906,384 | — | 3,906,384 |
| 284 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| International Equity ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Belgium | $ — | | $ 4,391,385 | | $ — | | $ 4,391,385 |
| Brazil | — | | 3,327,814 | | — | | 3,327,814 |
| Cambodia | — | | 110,823 | | — | | 110,823 |
| Chile | — | | 2,854,031 | | — | | 2,854,031 |
| China | — | | 10,914,724 | | — | | 10,914,724 |
| Denmark | — | | 4,858,679 | | — | | 4,858,679 |
| Finland | — | | 14,510,212 | | — | | 14,510,212 |
| France | — | | 29,946,148 | | — | | 29,946,148 |
| Germany | — | | 22,300,429 | | — | | 22,300,429 |
| Hong Kong | 3,354,952 | | 25,362,754 | | — | | 28,717,706 |
| Indonesia | — | | 1,144,899 | | — | | 1,144,899 |
| Ireland | — | | 3,464,922 | | — | | 3,464,922 |
| Italy | — | | 15,171,021 | | — | | 15,171,021 |
| Japan | 651,054 | | 213,400,780 | | — | | 214,051,834 |
| Jordan | — | | 2,216,297 | | — | | 2,216,297 |
| Luxembourg | — | | 1,294,685 | | — | | 1,294,685 |
| Mexico | — | | 627,405 | | — | | 627,405 |
| Netherlands | — | | 23,474,787 | | — | | 23,474,787 |
| New Zealand | — | | 4,381,071 | | — | | 4,381,071 |
| Norway | — | | 8,749,889 | | — | | 8,749,889 |
| Poland | — | | 417,479 | | — | | 417,479 |
| Portugal | — | | 3,445,539 | | — | | 3,445,539 |
| Russia | — | | — | | 20,254 | | 20,254 |
| Singapore | — | | 16,489,390 | | — | | 16,489,390 |
| South Africa | — | | 2,811,149 | | — | | 2,811,149 |
| South Korea | — | | 54,947,014 | | — | | 54,947,014 |
| Spain | — | | 15,036,357 | | — | | 15,036,357 |
| Sweden | — | | 33,064,128 | | — | | 33,064,128 |
| Switzerland | — | | 15,523,480 | | — | | 15,523,480 |
| United Kingdom | — | | 121,088,800 | | — | | 121,088,800 |
| United States | 2,156,817 | | 8,104,345 | | — | | 10,261,162 |
| Total Common Stocks | 6,162,823 | | 747,580,987 | | 20,254 | | 753,764,064 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 268,189 | | — | | — | | 268,189 |
| Investment of Cash Collateral from Securities Loaned | 16,702,824 | | — | | — | | 16,702,824 |
| Total Short-Term Investments | 16,971,013 | | — | | — | | 16,971,013 |
| Total Investments in Securities | $23,133,836 | | $747,580,987 | | $20,254 | | $770,735,077 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ (196,403) | | $ — | | $ — | | $ (196,403) |
There were no significant transfers into or out of level 3 for the six months ended April 30, 2022.
| 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) | $567,907,702 | | $— | | $— | | $567,907,702 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 285 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| U.S. Equity ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (6,194) | | $— | | $— | | $ (6,194) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $254,272,715 | | $— | | $— | | $254,272,715 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (6,692) | | $— | | $— | | $ (6,692) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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 | | | | |
| Aerospace & Defense | $ 186,895 | $— | $ — | $ 186,895 |
| Automobiles & Parts | 1,006,384 | — | — | 1,006,384 |
| Banks | 9,163,812 | — | — | 9,163,812 |
| Beverages | 2,803,486 | — | — | 2,803,486 |
| Chemicals | 7,231,081 | — | — | 7,231,081 |
| Construction & Materials | 3,782,169 | — | — | 3,782,169 |
| Consumer Services | 895,812 | — | — | 895,812 |
| Electricity | 3,252,443 | — | — | 3,252,443 |
| Electronic & Electrical Equipment | 2,507,728 | — | — | 2,507,728 |
| Finance & Credit Services | 2,910,606 | — | — | 2,910,606 |
| Food Producers | 7,513,288 | — | — | 7,513,288 |
| Gas, Water & Multi-utilities | 6,895,427 | — | — | 6,895,427 |
| General Industrials | 2,445,679 | — | — | 2,445,679 |
| Health Care Providers | 6,362,008 | — | — | 6,362,008 |
| Household Goods & Home Construction | 3,184,895 | — | — | 3,184,895 |
| Industrial Engineering | 2,616,919 | — | — | 2,616,919 |
| Industrial Materials | 3,881,022 | — | — | 3,881,022 |
| Industrial Metals & Mining | 8,035,474 | — | — | 8,035,474 |
| Industrial Support Services | 5,591,845 | — | — | 5,591,845 |
| Industrial Transportation | 5,013,952 | — | — | 5,013,952 |
| Investment Banking & Brokerage Services | 2,691,798 | — | — | 2,691,798 |
| Leisure Goods | 2,707,659 | — | — | 2,707,659 |
| Life Insurance | 1,069,674 | — | — | 1,069,674 |
| Media | 258,939 | — | — | 258,939 |
| Medical Equipment & Services | 7,558,595 | — | — | 7,558,595 |
| Mortgage Real Estate Investment Trusts | 4,030,597 | — | — | 4,030,597 |
| Non-life Insurance | 2,068,214 | — | — | 2,068,214 |
| 286 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| U.S. Small Cap Equity ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Non-Renewable Energy | $ 14,114,996 | | $— | | $ — | | $ 14,114,996 |
| Personal Care, Drug & Grocery Stores | 7,093,660 | | — | | — | | 7,093,660 |
| Personal Goods | 1,594,051 | | — | | — | | 1,594,051 |
| Pharmaceuticals, Biotechnology & Marijuana Producers | 6,852,468 | | — | | 55,232 | | 6,907,700 |
| Precious Metals & Mining | 497,227 | | — | | — | | 497,227 |
| Real Estate Investment & Services | 2,290,878 | | — | | — | | 2,290,878 |
| Real Estate Investment Trusts | 18,313,127 | | — | | — | | 18,313,127 |
| Renewable Energy | 875,188 | | — | | — | | 875,188 |
| Retailers | 6,780,396 | | — | | — | | 6,780,396 |
| Software & Computer Services | 8,243,187 | | — | | — | | 8,243,187 |
| Technology Hardware & Equipment | 14,753,345 | | — | | — | | 14,753,345 |
| Telecommunications Equipment | 5,766,487 | | — | | — | | 5,766,487 |
| Telecommunications Service Providers | 5,245,878 | | — | | — | | 5,245,878 |
| Tobacco | 1,575,483 | | — | | — | | 1,575,483 |
| Travel & Leisure | 124,646 | | — | | — | | 124,646 |
| Waste & Disposal Services | 497,470 | | — | | — | | 497,470 |
| Total Common Stocks | 200,284,888 | | — | | 55,232 | | 200,340,120 |
| Rights | — | | — | | 6,378 | | 6,378 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 96,528 | | — | | — | | 96,528 |
| Investment of Cash Collateral from Securities Loaned | 16,316,768 | | — | | — | | 16,316,768 |
| Total Short-Term Investments | 16,413,296 | | — | | — | | 16,413,296 |
| Total Investments in Securities | $216,698,184 | | $— | | $61,610 | | $216,759,794 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts | $ (4,769) | | $— | | $ — | | $ (4,769) |
| International Growth ETF | | |
| | Level 1
Quoted prices | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | Total |
| Investments in Securities | | | | |
| Common Stocks | | | | |
| Australia | $ — | $ 566,857 | $— | $ 566,857 |
| Brazil | 664,016 | — | — | 664,016 |
| Canada | 1,947,260 | — | — | 1,947,260 |
| China | 476,811 | 4,135,058 | — | 4,611,869 |
| Denmark | — | 3,790,682 | — | 3,790,682 |
| France | — | 3,766,368 | — | 3,766,368 |
| Germany | — | 3,063,616 | — | 3,063,616 |
| Hong Kong | — | 3,390,284 | — | 3,390,284 |
| India | 593,121 | — | — | 593,121 |
| Indonesia | — | 978,553 | — | 978,553 |
| Japan | — | 6,526,688 | — | 6,526,688 |
| Netherlands | — | 3,952,719 | — | 3,952,719 |
| Singapore | — | 902,496 | — | 902,496 |
| South Africa | — | 603,730 | — | 603,730 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 287 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| International Growth ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| South Korea | $ — | | $ 444,439 | | $— | | $ 444,439 |
| Sweden | — | | 1,744,110 | | — | | 1,744,110 |
| Switzerland | — | | 7,194,534 | | — | | 7,194,534 |
| Taiwan | 3,377,728 | | — | | — | | 3,377,728 |
| United Kingdom | — | | 7,593,121 | | — | | 7,593,121 |
| United States | 1,557,416 | | — | | — | | 1,557,416 |
| Total Common Stocks | 8,616,352 | | 48,653,255 | | — | | 57,269,607 |
| Short-Term Investments | | | | | | | |
| Investment Companies | 1,633,814 | | — | | — | | 1,633,814 |
| Total Investments in Securities | $10,250,166 | | $48,653,255 | | $— | | $58,903,421 |
| 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) | $64,980,257 | | $— | | $— | | $64,980,257 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (2,525) | | $— | | $— | | $ (2,525) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $29,811,742 | | $— | | $— | | $29,811,742 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (1,304) | | $— | | $— | | $ (1,304) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $248,084,885 | | $— | | $— | | $248,084,885 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (9,957) | | $— | | $— | | $ (9,957) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $406,243,630 | | $— | | $— | | $406,243,630 |
| 288 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| U.S. Quality Factor ETF (continued) | | | | |
| | Level 1
Quoted prices | | Level 2
Other significant
observable inputs | | Level 3
Significant
unobservable inputs | | Total |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (19,707) | | $— | | $— | | $ (19,707) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
| 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) | $540,259,625 | | $— | | $— | | $540,259,625 |
| Depreciation in Other Financial Instruments | | | | | | | |
| Futures Contracts (a) | $ (14,854) | | $— | | $— | | $ (14,854) |
|
| (a) | Please refer to the SOI for specific of portfolio holdings. |
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, 2022, 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. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the 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 the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the 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 Statements of Operations 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 Statements of Operations.
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 of non-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 of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on 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 they 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. Securities lending activity is subject to master netting arrangements.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 289 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
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, 2022.
| | 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) |
| ActiveBuilders Emerging Markets Equity ETF | $ 345,193 | $ (345,193) | $— |
| ActiveBuilders International Equity ETF | 144,797 | (144,797) | — |
| BetaBuilders Canada ETF | 440,727,186 | (440,727,186) | — |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 7,721,703 | (7,721,703) | — |
| BetaBuilders Europe ETF | 502,857,161 | (502,857,161) | — |
| BetaBuilders International Equity ETF | 65,283,866 | (65,283,866) | — |
| BetaBuilders Japan ETF | 11,113,596 | (11,113,596) | — |
| BetaBuilders U.S. Equity ETF | 3,968,472 | (3,968,472) | — |
| BetaBuilders U.S. Mid Cap Equity ETF | 36,202,057 | (36,202,057) | — |
| BetaBuilders U.S. Small Cap Equity ETF | 7,449,030 | (7,449,030) | — |
| Emerging Markets Equity ETF | 728,207 | (728,207) | — |
| International Equity ETF | 13,303,812 | (13,303,812) | — |
| U.S. Equity ETF | 10,915,468 | (10,915,468) | — |
| U.S. Mid Cap Equity ETF | 7,354,015 | (7,354,015) | — |
| U.S. Small Cap Equity ETF | 15,285,821 | (15,285,821) | — |
| U.S. Dividend ETF | 1,052,590 | (1,052,590) | — |
| U.S. Minimum Volatility ETF | 224,302 | (224,302) | — |
| U.S. Momentum Factor ETF | 3,148,692 | (3,148,692) | — |
| U.S. Quality Factor ETF | 3,301,227 | (3,301,227) | — |
| U.S. Value Factor ETF | 8,759,167 | (8,759,167) | — |
|
| * | 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.
| 290 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
| ActiveBuilders Emerging Markets Equity ETF | $ 252 |
| ActiveBuilders International Equity ETF | 4 |
| BetaBuilders Canada ETF | 72,245 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 9,753 |
| BetaBuilders Europe ETF | 15,860 |
| BetaBuilders International Equity ETF | 2,044 |
| BetaBuilders Japan ETF | 4,112 |
| BetaBuilders U.S. Equity ETF | 409 |
| BetaBuilders U.S. Mid Cap Equity ETF | 2,493 |
| BetaBuilders U.S. Small Cap Equity ETF | 2,669 |
| Emerging Markets Equity ETF | 213 |
| International Equity ETF | 618 |
| U.S. Equity ETF | 956 |
| U.S. Mid Cap Equity ETF | 708 |
| U.S. Small Cap Equity ETF | 986 |
| U.S. Dividend ETF | 16 |
| U.S. Minimum Volatility ETF | 29 |
| U.S. Momentum Factor ETF | 301 |
| U.S. Quality Factor ETF | 465 |
| U.S. Value Factor ETF | 761 |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Carbon Transition U.S. Equity ETF, Climate Change Solutions ETF and International Growth ETF did not lend out any securities during the six months ended April 30, 2022.
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
| ActiveBuilders Emerging Markets Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (a) (b) | $3,609,948 | | $87,532,066 | | $76,804,635 | | $(2,729) | | $466 | | $14,335,116 | 14,330,817 | $6,203 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,214,086 | | 8,421,271 | | 9,266,697 | | — | | — | | 368,660 | 368,660 | 627* | | — |
| Total | $4,824,034 | | $95,953,337 | | $86,071,332 | | $(2,729) | | $466 | | $14,703,776 | | $6,830 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 291 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| ActiveBuilders International Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $429,423 | | $ 963,923 | | $ 943,338 | | $— | | $— | | $450,008 | 450,008 | $204 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 124,086 | | 358,928 | | 330,690 | | — | | — | | 152,324 | 152,324 | 46* | | — |
| Total | $553,509 | | $1,322,851 | | $1,274,028 | | $— | | $— | | $602,332 | | $250 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| BetaBuilders Canada ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $184,490,813 | | $2,114,499,999 | | $2,077,799,999 | | $(170,512)* | | $(6,004) | | $221,014,297 | 221,169,116 | $167,566* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 347,161,083 | | 3,488,649,902 | | 3,578,558,753 | | — | | — | | 257,252,232 | 257,252,232 | 78,868* | | — |
| Total | $531,651,896 | | $5,603,149,901 | | $5,656,358,752 | | $(170,512) | | $(6,004) | | $478,266,529 | | $246,434 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| 292 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $110,984,304 | | $256,000,000 | | $366,000,000 | | $(29,795)* | | $(382) | | $ 954,127 | 954,795 | $23,762* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 41,285,887 | | 383,378,291 | | 414,756,826 | | — | | — | | 9,907,352 | 9,907,352 | 4,387* | | — |
| Total | $152,270,191 | | $639,378,291 | | $780,756,826 | | $(29,795) | | $(382) | | $10,861,479 | | $28,149 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| BetaBuilders Europe ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $110,100,856 | | $ 587,000,000 | | $ 457,510,000 | | $(26,767)* | | $5,420 | | $239,569,509 | 239,737,326 | $ 96,440* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 53,626,708 | | 1,074,193,785 | | 796,662,630 | | — | | — | | 331,157,863 | 331,157,863 | 61,428* | | — |
| Total | $163,727,564 | | $1,661,193,785 | | $1,254,172,630 | | $(26,767) | | $5,420 | | $570,727,372 | | $157,868 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 293 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| BetaBuilders International Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $30,493,852 | | $159,500,000 | | $129,000,000 | | $(1,437)* | | $(4,403) | | $60,988,012 | 61,030,734 | $18,696* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 20,389,345 | | 100,378,553 | | 110,878,682 | | — | | — | | 9,889,216 | 9,889,216 | 4,956 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 4,253,477 | | 141,202,044 | | 125,990,826 | | — | | — | | 19,464,695 | 19,464,695 | 6,536* | | — |
| Total | $55,136,674 | | $401,080,597 | | $365,869,508 | | $(1,437) | | $(4,403) | | $90,341,923 | | $30,188 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| BetaBuilders Japan ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $ 9,087,914 | | $267,000,000 | | $266,000,000 | | $(2,265)* | | $1,009 | | $10,086,658 | 10,093,724 | $20,591* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 10,903,860 | | 270,273,473 | | 279,579,993 | | — | | — | | 1,597,340 | 1,597,340 | 6,600* | | — |
| Total | $19,991,774 | | $537,273,473 | | $545,579,993 | | $(2,265) | | $1,009 | | $11,683,998 | | $27,191 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| 294 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| BetaBuilders U.S. Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Chase & Co. Class (a) | $ 9,582,475 | | $ 4,861,324 | | $ 493,212 | | $2,238 | | $(3,629,975) | | $10,322,850 | 86,485 | $142,410 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 2,841,848 | | 14,152,912 | | 12,870,303 | | — | | — | | 4,124,457 | 4,124,457 | 1,811 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (b) (c) | 561,034 | | 12,183,986 | | 8,471,118 | | — | | — | | 4,273,902 | 4,273,902 | 1,013* | | — |
| Total | $12,985,357 | | $31,198,222 | | $21,834,633 | | $2,238 | | $(3,629,975) | | $18,721,209 | | $145,234 | | $— |
|
| (a) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| BetaBuilders U.S. Mid Cap Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $62,497,450 | | $ 97,000,000 | | $126,000,000 | | $(28,859)* | | $114 | | $33,468,705 | 33,492,149 | $31,975* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 4,743,180 | | 54,428,045 | | 55,052,626 | | — | | — | | 4,118,599 | 4,118,599 | 5,491 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 7,753,502 | | 75,683,449 | | 78,215,125 | | — | | — | | 5,221,826 | 5,221,826 | 3,069* | | — |
| Total | $74,994,132 | | $227,111,494 | | $259,267,751 | | $(28,859) | | $114 | | $42,809,130 | | $40,535 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 295 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| BetaBuilders U.S. Small Cap Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $ — | | $17,000,000 | | $11,000,000 | | $(2,102)* | | $(999) | | $ 5,996,899 | 6,001,099 | $4,006* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 5,825,244 | | 18,111,705 | | 17,069,666 | | — | | — | | 6,867,283 | 6,867,283 | 2,305 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 11,679,894 | | 35,576,317 | | 45,257,137 | | — | | — | | 1,999,074 | 1,999,074 | 1,617* | | — |
| Total | $17,505,138 | | $70,688,022 | | $73,326,803 | | $(2,102) | | $(999) | | $14,863,256 | | $7,928 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| Carbon Transition U.S. Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $9,966 | | $398,314 | | $396,627 | | $— | | $— | | $11,653 | 11,653 | $15 | | $— |
|
| (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, 2022. |
| Climate Change Solutions ETF |
| | For the period ended April 30, 2022 |
| Security Description | Value at
December 13,
2021(a) | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (b) (c) | $— | | $241,534 | | $241,510 | | $(24) | | $— | | $— | — | $19 | | $— |
|
| (a) | Commencement of operations was December 13, 2021. |
| (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, 2022. |
| 296 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| Emerging Markets Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $ 703,142 | | $ 942,844 | | $1,645,986 | | $— | | $— | | $ — | — | $ 68 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 449,126 | | 1,552,514 | | 1,221,098 | | — | | — | | 780,542 | 780,542 | 347* | | — |
| Total | $1,152,268 | | $2,495,358 | | $2,867,084 | | $— | | $— | | $780,542 | | $415 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| International Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Prime Money Market Fund Class IM Shares, 0.42% (a) (b) | $ 332,532 | | $ 48,027,976 | | $ 48,091,854 | | $ (465) | | $ — | | $ 268,189 | 268,109 | $1,696 | | $— |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | 6,757,673 | | 32,500,000 | | 27,000,000 | | (4,081)* | | 852 | | 12,254,444 | 12,263,027 | 6,112* | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,350,975 | | 43,405,787 | | 40,308,382 | | — | | — | | 4,448,380 | 4,448,380 | 1,724* | | — |
| Total | $8,441,180 | | $123,933,763 | | $115,400,236 | | $(4,546) | | $852 | | $16,971,013 | | $9,532 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 297 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| U.S. Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $20,205,079 | | $ 60,500,000 | | $ 71,000,000 | | $(6,182)* | | $490 | | $ 9,699,387 | 9,706,181 | $7,039* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,191,071 | | 24,797,789 | | 24,851,159 | | — | | — | | 1,137,701 | 1,137,701 | 571 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 3,486,227 | | 50,044,437 | | 51,597,148 | | — | | — | | 1,933,516 | 1,933,516 | 1,350* | | — |
| Total | $24,882,377 | | $135,342,226 | | $147,448,307 | | $(6,182) | | $490 | | $12,770,604 | | $8,960 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| U.S. Mid Cap Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $ 200,580 | | $15,999,999 | | $10,250,000 | | $(3,007)* | | $(159) | | $5,947,413 | 5,951,580 | $2,696* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 356,647 | | 9,052,327 | | 9,158,246 | | — | | — | | 250,728 | 250,728 | 230 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 3,674,212 | | 26,587,676 | | 28,444,937 | | — | | — | | 1,816,951 | 1,816,951 | 968* | | — |
| Total | $4,231,439 | | $51,640,002 | | $47,853,183 | | $(3,007) | | $(159) | | $8,015,092 | | $3,894 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| 298 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| U.S. Small Cap Equity ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $16,344,863 | | $21,000,000 | | $24,000,000 | | $(7,372)* | | $(1,569) | | $13,335,922 | 13,345,264 | $ 9,429* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 337,403 | | 7,670,144 | | 7,911,019 | | — | | — | | 96,528 | 96,528 | 259 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 3,231,887 | | 36,785,948 | | 37,036,989 | | — | | — | | 2,980,846 | 2,980,846 | 1,420* | | — |
| Total | $19,914,153 | | $65,456,092 | | $68,948,008 | | $(7,372) | | $(1,569) | | $16,413,296 | | $11,108 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| International Growth ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $446,263 | | $6,960,552 | | $5,773,001 | | $— | | $— | | $1,633,814 | 1,633,814 | $808 | | $— |
|
| (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, 2022. |
| U.S. Dividend ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $80,127 | | $2,416,193 | | $2,378,768 | | $— | | $— | | $ 117,552 | 117,552 | $ 47 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | — | | 1,863,729 | | 744,967 | | — | | — | | 1,118,762 | 1,118,762 | 143* | | — |
| Total | $80,127 | | $4,279,922 | | $3,123,735 | | $— | | $— | | $1,236,314 | | $190 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 299 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| U.S. Minimum Volatility ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $24,948 | | $ — | | $ — | | $— | | $(18) | | $ 24,930 | 24,948 | $ 18* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 24,381 | | 489,203 | | 492,289 | | — | | — | | 21,295 | 21,295 | 20 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 26,822 | | 630,075 | | 447,962 | | — | | — | | 208,935 | 208,935 | 69* | | — |
| Total | $76,151 | | $1,119,278 | | $940,251 | | $— | | $(18) | | $255,160 | | $107 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| U.S. Momentum Factor ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | $ 155,476 | | $ 5,245,369 | | $ 5,186,173 | | $— | | $— | | $ 214,672 | 214,672 | $ 184 | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,686,209 | | 10,854,031 | | 9,190,438 | | — | | — | | 3,349,802 | 3,349,802 | 844* | | — |
| Total | $1,841,685 | | $16,099,400 | | $14,376,611 | | $— | | $— | | $3,564,474 | | $1,028 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| 300 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| U.S. Quality Factor ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $6,249,325 | | $16,000,000 | | $21,750,000 | | $(1,600)* | | $(149) | | $ 497,576 | 497,925 | $1,216* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 244,069 | | 12,323,076 | | 12,124,626 | | — | | — | | 442,519 | 442,519 | 305 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,942,017 | | 24,381,805 | | 23,319,370 | | — | | — | | 3,004,452 | 3,004,452 | 1,046* | | — |
| Total | $8,435,411 | | $52,704,881 | | $57,193,996 | | $(1,600) | | $(149) | | $3,944,547 | | $2,567 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| U.S. Value Factor ETF |
| | For the six months ended April 30, 2022 |
| Security Description | Value at
October 31,
2021 | | Purchases at
Cost | | Proceeds from
Sales | | Net Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
April 30,
2022 | Shares at
April 30,
2022 | Dividend
Income | | Capital Gain
Distributions |
| JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.37% (a) (b) | $7,298,070 | | $34,000,001 | | $35,000,000 | | $(3,838)* | | $1,130 | | $6,295,363 | 6,299,773 | $4,609* | | $— |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 682,276 | | 13,999,735 | | 14,169,151 | | — | | — | | 512,860 | 512,860 | 464 | | — |
| JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.37% (a) (b) | 1,292,238 | | 43,700,782 | | 41,958,464 | | — | | — | | 3,034,556 | 3,034,556 | 1,031* | | — |
| Total | $9,272,584 | | $91,700,518 | | $91,127,615 | | $(3,838) | | $1,130 | | $9,842,779 | | $6,104 | | $— |
|
| (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, 2022. |
| * | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. 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 on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
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 Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 301 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Futures Contracts — The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, Climate Change Solutions ETF and International Growth ETF, used index futures 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 futures contracts on the Statements of Operations. 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 Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate 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 Statements of Assets and Liabilities, 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, 2022:
| | BetaBuilders
Canada ETF | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | BetaBuilders
Europe ETF | BetaBuilders
International
Equity ETF | BetaBuilders
Japan ETF | BetaBuilders
U.S. Equity ETF |
| Futures Contracts: | | | | | | |
| Average Notional Balance Long | $26,729,186 | $23,223,583 | $60,531,149 | $25,700,964 | $59,352,459 | $4,276,208 |
| Ending Notional Balance Long | 30,005,215 | 16,083,169 | 83,770,464 | 31,723,680 | 84,647,428 | 4,337,288 |
| | BetaBuilders U.S.
Mid Cap Equity
ETF | BetaBuilders U.S.
Small Cap
Equity ETF | Carbon
Transition U.S.
Equity ETF | Emerging
Markets
Equity ETF | International
Equity ETF | U.S.
Equity ETF |
| Futures Contracts: | | | | | | |
| Average Notional Balance Long | $7,186,860 | $4,230,057 | $25,905 | $224,347 | $6,160,197 | $1,728,773 |
| Ending Notional Balance Long | 4,240,480 | 8,750,930 | 20,636 | 105,610 | 6,185,120 | 413,075 |
| | 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 |
| Futures Contracts: | | | | | |
| Average Notional Balance Long | $509,879 | $775,269 | $168,237 | $32,384 | $473,687 |
| Ending Notional Balance Long | 249,440 | 186,190 | 103,181 | 20,636 | 330,180 |
| | U.S. Quality
Factor ETF | U.S. Value
Factor ETF |
| Futures Contracts: | | |
| Average Notional Balance Long | $739,589 | $1,212,123 |
| Ending Notional Balance Long | 495,270 | 804,814 |
| 302 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
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.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-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, 2022, 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 Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain 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 gains 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 at least quarterly, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Japan ETF, Climate Change Solutions ETF and International Growth ETF, for which distributions are generally declared and paid at least 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.
3. Fees and Other Transactions with Affiliates
A. Management Fee— JPMIM manages the investments of each Fund pursuant to a 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:
| ActiveBuilders Emerging Markets Equity ETF | 0.33% |
| ActiveBuilders International Equity ETF | 0.25 |
| BetaBuilders Canada ETF | 0.19 |
| BetaBuilders Developed Asia Pacific ex-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 |
| BetaBuilders U.S. Small Cap Equity ETF | 0.09 |
| Carbon Transition U.S. Equity ETF | 0.15 |
| Climate Change Solutions ETF | 0.49 |
| 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 |
| International Growth ETF | 0.55 |
| 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 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 303 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
| U.S. Value Factor ETF | 0.12 |
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each 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 each Fund’s business. Additionally, each Fund is responsible for its non-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.
In the case of ActiveBuilders Emerging Markets Equity ETF, the Adviser has contractually agreed to waive fees through February 28, 2023 in the amount of the acquired fund fees and expenses for any unaffiliated investment company that the Fund invests in so that the total operating expenses do not exceed 0.33%.
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each 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 as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-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 certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. 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 the 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.
E. 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 the affiliated money market funds are covered under each Management Agreement as described in Note 3.A.
F. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
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.
| 304 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
4. Investment Transactions
During the six months ended April 30, 2022, purchases and sales of investments (excluding short-term investments) were as follows:
| | Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| ActiveBuilders Emerging Markets Equity ETF | $463,809,079 | $ 48,450,364 |
| ActiveBuilders International Equity ETF | 3,830,331 | 3,802,713 |
| BetaBuilders Canada ETF | 193,234,877 | 190,982,389 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 475,592,279 | 411,379,688 |
| BetaBuilders Europe ETF | 381,813,636 | 367,650,009 |
| BetaBuilders International Equity ETF | 97,585,500 | 122,705,658 |
| BetaBuilders Japan ETF | 63,575,255 | 222,922,726 |
| BetaBuilders U.S. Equity ETF | 21,987,359 | 22,454,743 |
| BetaBuilders U.S. Mid Cap Equity ETF | 260,475,489 | 272,246,783 |
| BetaBuilders U.S. Small Cap Equity ETF | 69,804,659 | 70,677,497 |
| Carbon Transition U.S. Equity ETF | 1,760,646 | 2,292,763 |
| Climate Change Solutions ETF | 27,523,014 | 3,387,463 |
| Emerging Markets Equity ETF | 40,978,811 | 24,843,300 |
| International Equity ETF | 120,662,205 | 127,694,027 |
| U.S. Equity ETF | 81,960,801 | 82,930,380 |
| U.S. Mid Cap Equity ETF | 30,750,969 | 29,889,306 |
| U.S. Small Cap Equity ETF | 25,973,180 | 25,366,248 |
| International Growth ETF | 10,296,394 | 9,461,148 |
| U.S. Dividend ETF | 5,571,065 | 5,466,474 |
| U.S. Minimum Volatility ETF | 1,835,004 | 1,788,189 |
| U.S. Momentum Factor ETF | 51,731,145 | 58,736,006 |
| U.S. Quality Factor ETF | 44,635,141 | 48,210,506 |
| U.S. Value Factor ETF | 63,117,672 | 66,140,385 |
During the six months ended April 30, 2022, there were no purchases or sales of U.S. Government securities.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 305 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
For the six months ended April 30, 2022, in-kind transactions associated with creations and redemptions were as follows:
| | In-Kind
Creations | In-Kind
Redemptions |
| ActiveBuilders Emerging Markets Equity ETF | $ 92,425,952 | $ — |
| BetaBuilders Canada ETF | 798,890,135 | 13,235,687 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 432,888,920 | — |
| BetaBuilders Europe ETF | 2,516,436,211 | 1,117,207,994 |
| BetaBuilders International Equity ETF | 22,894,050 | 244,349,517 |
| BetaBuilders Japan ETF | 1,003,400,313 | 221,731,268 |
| BetaBuilders U.S. Equity ETF | 445,026,687 | 20,086,681 |
| BetaBuilders U.S. Mid Cap Equity ETF | 426,025,599 | 332,692,597 |
| BetaBuilders U.S. Small Cap Equity ETF | 231,394,937 | 88,585,745 |
| Carbon Transition U.S. Equity ETF | 6,007,203 | 5,686,763 |
| Climate Change Solutions ETF | 2,129,732 | — |
| Emerging Markets Equity ETF | 6,484,624 | — |
| International Equity ETF | 30,267,354 | 9,900,953 |
| U.S. Equity ETF | 40,089,480 | 183,563,455 |
| U.S. Mid Cap Equity ETF | 36,116,456 | 18,204,417 |
| U.S. Small Cap Equity ETF | 53,527,128 | 8,434,985 |
| International Growth ETF | 15,180,301 | — |
| U.S. Dividend ETF | 21,953,823 | 8,115,135 |
| U.S. Minimum Volatility ETF | 13,510,613 | 3,648,405 |
| U.S. Momentum Factor ETF | 124,792,353 | 56,442,193 |
| U.S. Quality Factor ETF | 147,379,713 | 100,590,451 |
| U.S. Value Factor ETF | 226,659,457 | 57,676,312 |
During the six months ended April 30, 2022, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
| 306 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
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, 2022 were as follows:
| | Aggregate
Cost | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| ActiveBuilders Emerging Markets Equity ETF | $ 838,576,453 | $ 10,781,495 | $ 123,303,170 | $ (112,521,675) |
| ActiveBuilders International Equity ETF | 28,316,294 | 771,578 | 3,911,136 | (3,139,558) |
| BetaBuilders Canada ETF | 5,653,586,791 | 1,431,149,314 | 94,911,991 | 1,336,237,323 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 4,189,457,681 | 308,440,243 | 213,021,957 | 95,418,286 |
| BetaBuilders Europe ETF | 10,786,349,482 | 316,704,904 | 1,166,039,037 | (849,334,133) |
| BetaBuilders International Equity ETF | 2,918,519,267 | 323,694,688 | 238,776,849 | 84,917,839 |
| BetaBuilders Japan ETF | 7,938,105,894 | 279,212,228 | 1,175,148,197 | (895,935,969) |
| BetaBuilders U.S. Equity ETF | 1,078,652,220 | 79,335,895 | 72,919,314 | 6,416,581 |
| BetaBuilders U.S. Mid Cap Equity ETF | 1,627,784,133 | 151,203,688 | 236,782,283 | (85,578,595) |
| BetaBuilders U.S. Small Cap Equity ETF | 579,392,516 | 26,163,443 | 100,461,679 | (74,298,236) |
| Carbon Transition U.S. Equity ETF | 21,641,600 | 1,902,875 | 1,357,176 | 545,699 |
| Climate Change Solutions ETF | 25,003,052 | 316,937 | 4,754,848 | (4,437,911) |
| Emerging Markets Equity ETF | 159,387,079 | 29,989,347 | 23,730,855 | 6,258,492 |
| International Equity ETF | 802,604,050 | 76,789,864 | 108,855,240 | (32,065,376) |
| U.S. Equity ETF | 486,140,848 | 102,488,374 | 20,727,714 | 81,760,660 |
| U.S. Mid Cap Equity ETF | 223,099,189 | 40,029,434 | 8,862,600 | 31,166,834 |
| U.S. Small Cap Equity ETF | 214,973,476 | 21,909,128 | 20,127,579 | 1,781,549 |
| International Growth ETF | 63,470,979 | 3,350,848 | 7,918,406 | (4,567,558) |
| U.S. Dividend ETF | 63,881,133 | 4,306,870 | 3,210,271 | 1,096,599 |
| U.S. Minimum Volatility ETF | 28,956,931 | 1,923,404 | 1,069,897 | 853,507 |
| U.S. Momentum Factor ETF | 258,903,551 | 10,287,548 | 21,116,171 | (10,828,623) |
| U.S. Quality Factor ETF | 402,953,038 | 27,032,753 | 23,761,868 | 3,270,885 |
| U.S. Value Factor ETF | 574,079,187 | 21,926,073 | 55,760,489 | (33,834,416) |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 307 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
At October 31, 2021, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| | Capital Loss Carryforward Character |
| | Short-Term | Long-Term |
| ActiveBuilders International Equity ETF | $ 68,769 | $ — |
| BetaBuilders Canada ETF | 20,845,190 | 86,600,099 |
| BetaBuilders Developed Asia Pacific ex-Japan ETF | 18,171,779 | 21,324,799 |
| BetaBuilders Europe ETF | 27,609,126 | 59,635,553 |
| BetaBuilders International Equity ETF | 4,525,044 | — |
| BetaBuilders Japan ETF | 30,273,156 | 32,151,593 |
| BetaBuilders U.S. Equity ETF | 2,147,526 | — |
| BetaBuilders U.S. Mid Cap Equity ETF | 9,867,052 | — |
| BetaBuilders U.S. Small Cap Equity ETF | 5,458,075 | — |
| Carbon Transition U.S. Equity ETF | 45,097 | — |
| Emerging Markets Equity ETF | 24,533,444 | 5,007,738 |
| International Equity ETF | 36,165,399 | 62,789,489 |
| U.S. Equity ETF | 20,891,686 | 11,518,882 |
| U.S. Mid Cap Equity ETF | 8,423,388 | 4,365,390 |
| U.S. Small Cap Equity ETF | 7,633,472 | 3,234,916 |
| U.S. Dividend ETF | 978,409 | 1,070,914 |
| U.S. Minimum Volatility ETF | 2,963,724 | 528,648 |
| U.S. Momentum Factor ETF | 4,832,703 | — |
| U.S. Quality Factor ETF | 7,102,747 | 1,383,423 |
| U.S. Value Factor ETF | 20,097,834 | 1,606,270 |
During the year ended October 31, 2021, the following Funds utilized capital loss carryforwards as follows:
| | Capital Loss Utilized |
| | Short-Term | Long-Term |
| BetaBuilders Canada ETF | $8,268,163 | $ — |
| BetaBuilders International Equity ETF | — | 120,369 |
| BetaBuilders U.S. Equity ETF | — | 254,472 |
| BetaBuilders U.S. Mid Cap Equity ETF | — | 24,134 |
| Emerging Markets Equity ETF | 615,867 | 4,743,289 |
| International Equity ETF | — | 17,034,366 |
| U.S. Equity ETF | 4,231,236 | 6,514,973 |
| U.S. Mid Cap Equity ETF | 1,644,600 | 769,407 |
| U.S. Small Cap Equity ETF | 223,894 | 1,443,492 |
| International Growth ETF | 52,976 | — |
| U.S. Dividend ETF | 242,692 | — |
| U.S. Minimum Volatility ETF | 148,103 | 180,118 |
| U.S. Momentum Factor ETF | — | 1,038,813 |
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.
| 308 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
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 ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF, Climate Change Solutions ETF, International Equity ETF and International Growth ETF, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF and 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, 2022, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| | JPMorgan
SmartRetirement
Funds | JPMorgan
SmartRetirement
Blend Funds |
| ActiveBuilders Emerging Markets Equity ETF | 59.5% | —% |
| BetaBuilders International Equity ETF | — | 81.6 |
| BetaBuilders U.S. Mid Cap Equity ETF | 57.3 | 36.5 |
| BetaBuilders U.S. Small Cap Equity ETF | — | 84.5 |
Significant shareholder transactions by these shareholders may impact the Funds’ performance and liquidity.
As of April 30, 2022, the Adviser owned shares representing more than 10% of net assets of the following Funds:
| | % of Ownership |
| ActiveBuilders International Equity ETF | 81% |
| Carbon Transition U.S. Equity ETF | 75 |
| Climate Change Solutions ETF | 87 |
ActiveBuilders Emerging Markets Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacifc ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth 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. Such concentrations may subject each of these Funds 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.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 309 |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2022 (Unaudited) (continued)
As of April 30, 2022, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
| | ActiveBuilders
Emerging
Markets
Equity ETF | ActiveBuilders
International
Equity ETF | BetaBuilders
Canada ETF | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | BetaBuilders
Europe ETF | BetaBuilders
International
Equity ETF | BetaBuilders
Japan ETF |
| Australia | —% | —% | —% | 63.8% | —% | —% | —% |
| Canada | — | — | 95.5 | — | — | — | — |
| China | 30.9 | — | — | — | — | — | — |
| France | — | 11.1 | — | — | 15.3 | — | — |
| Germany | — | — | — | — | 11.5 | — | — |
| Hong Kong | — | — | — | 19.0 | — | — | — |
| India | 11.6 | — | — | — | — | — | — |
| Japan | — | 18.5 | — | — | — | 23.6 | 100.0 |
| Singapore | — | — | — | 10.1 | — | — | — |
| South Korea | 12.8 | — | — | — | — | — | — |
| Switzerland | — | 11.3 | — | — | 15.5 | — | — |
| Taiwan | 16.5 | — | — | — | — | — | — |
| United Kingdom | — | 12.2 | — | — | 19.4 | 12.4 | — |
| | Emerging
Markets
Equity ETF | International
Equity ETF | International
Growth ETF |
| Australia | —% | 10.6% | —% |
| China | 23.4 | — | — |
| India | 11.2 | — | — |
| Japan | — | 28.4 | 11.1 |
| Switzerland | — | — | 12.2 |
| Taiwan | 11.4 | — | — |
| United Kingdom | — | 16.1 | 12.9 |
As of April 30, 2022, a significant portion of the investments of the ActiveBuilders Emerging Markets Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Climate Change Solutions ETF, Emerging Markets Equity ETF, International Equity ETF and International Growth ETF 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.
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. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. 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.
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 Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds, except for ActiveBuilders Emerging Markets Equity ETF, ActiveBuilders International Equity ETF, Climate Change Solutions ETF and International Growth ETF, may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each 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 may differ from the return of the underlying index.
ActiveBuilders Emerging Market Equity ETF, ActiveBuilders International Equity ETF, BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Carbon Transition ETF, Climate Change
| 310 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
Solutions ETF, Diversified Return Emerging Markets Equity ETF, Diversified International Equity ETF and International Growth ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile ActiveBuilders Emerging Market Equity ETF and Diversified Return Emerging Markets Equity ETF each invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or 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 duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
8. Subsequent Event
Subsequent to April 30, 2022, BetaBuilders Europe ETF had net redemptions of $ 3,768,224,114, which represented 40% of the Fund’s net assets as of April 30, 2022.
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 311 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2021, and continued to hold your shares at the end of the reporting period, April 30, 2022.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “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 of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ 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 Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| | Beginning
Account Value
November 1, 2021 | Ending
Account Value
April 30, 2022 | Expenses
Paid During
the Period | Annualized
Expense
Ratio |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | |
| Actual * | $1,000.00 | $ 808.00 | $1.48 | 0.33% |
| Hypothetical * | 1,000.00 | 1,023.16 | 1.66 | 0.33 |
| JPMorgan ActiveBuilders International Equity ETF | | | | |
| Actual * | 1,000.00 | 868.80 | 1.16 | 0.25 |
| Hypothetical * | 1,000.00 | 1,023.56 | 1.25 | 0.25 |
| JPMorgan BetaBuilders Canada ETF | | | | |
| Actual * | 1,000.00 | 964.10 | 0.93 | 0.19 |
| Hypothetical * | 1,000.00 | 1,023.85 | 0.95 | 0.19 |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (formerly known as JPMorgan BetaBuilders Developed Asia ex-Japan ETF) | | | | |
| Actual * | 1,000.00 | 944.50 | 0.92 | 0.19 |
| Hypothetical * | 1,000.00 | 1,023.85 | 0.95 | 0.19 |
| JPMorgan BetaBuilders Europe ETF | | | | |
| Actual * | 1,000.00 | 873.20 | 0.42 | 0.09 |
| Hypothetical * | 1,000.00 | 1,024.35 | 0.45 | 0.09 |
| JPMorgan BetaBuilders International Equity ETF | | | | |
| Actual * | 1,000.00 | 873.60 | 0.33 | 0.07 |
| Hypothetical * | 1,000.00 | 1,024.45 | 0.35 | 0.07 |
| JPMorgan BetaBuilders Japan ETF | | | | |
| Actual * | 1,000.00 | 838.80 | 0.87 | 0.19 |
| Hypothetical * | 1,000.00 | 1,023.85 | 0.95 | 0.19 |
| 312 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
| | Beginning
Account Value
November 1, 2021 | Ending
Account Value
April 30, 2022 | Expenses
Paid During
the Period | Annualized
Expense
Ratio |
| JPMorgan BetaBuilders U.S. Equity ETF | | | | |
| Actual * | $1,000.00 | $ 888.80 | $0.09 | 0.02% |
| Hypothetical * | 1,000.00 | 1,024.70 | 0.10 | 0.02 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | |
| Actual * | 1,000.00 | 838.40 | 0.32 | 0.07 |
| Hypothetical * | 1,000.00 | 1,024.45 | 0.35 | 0.07 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | |
| Actual * | 1,000.00 | 823.60 | 0.41 | 0.09 |
| Hypothetical * | 1,000.00 | 1,024.35 | 0.45 | 0.09 |
| JPMorgan Carbon Transition U.S. Equity ETF | | | | |
| Actual * | 1,000.00 | 896.90 | 0.71 | 0.15 |
| Hypothetical * | 1,000.00 | 1,024.05 | 0.75 | 0.15 |
| JPMorgan Climate Change Solutions ETF | | | | |
| Actual ** | 1,000.00 | 787.60 | 1.67 | 0.49 |
| Hypothetical * | 1,000.00 | 1,017.17 | 1.88 | 0.49 |
| JPMorgan Diversified Return Emerging Markets Equity ETF | | | | |
| Actual * | 1,000.00 | 951.60 | 2.13 | 0.44 |
| Hypothetical * | 1,000.00 | 1,022.61 | 2.21 | 0.44 |
| JPMorgan Diversified Return International Equity ETF | | | | |
| Actual * | 1,000.00 | 906.00 | 1.75 | 0.37 |
| Hypothetical * | 1,000.00 | 1,022.96 | 1.86 | 0.37 |
| JPMorgan Diversified Return U.S. Equity ETF | | | | |
| Actual * | 1,000.00 | 988.50 | 0.89 | 0.18 |
| Hypothetical * | 1,000.00 | 1,023.90 | 0.90 | 0.18 |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | |
| Actual * | 1,000.00 | 963.30 | 1.17 | 0.24 |
| Hypothetical * | 1,000.00 | 1,023.60 | 1.20 | 0.24 |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | |
| Actual * | 1,000.00 | 903.00 | 1.37 | 0.29 |
| Hypothetical * | 1,000.00 | 1,023.36 | 1.45 | 0.29 |
| JPMorgan International Growth ETF | | | | |
| Actual * | 1,000.00 | 718.00 | 2.34 | 0.55 |
| Hypothetical * | 1,000.00 | 1,022.07 | 2.76 | 0.55 |
| JPMorgan U.S. Dividend ETF | | | | |
| Actual * | 1,000.00 | 1,048.30 | 0.61 | 0.12 |
| Hypothetical * | 1,000.00 | 1,024.20 | 0.60 | 0.12 |
| JPMorgan U.S. Minimum Volatility ETF | | | | |
| Actual * | 1,000.00 | 1,019.60 | 0.60 | 0.12 |
| Hypothetical * | 1,000.00 | 1,024.20 | 0.60 | 0.12 |
| JPMorgan U.S. Momentum Factor ETF | | | | |
| Actual * | 1,000.00 | 838.30 | 0.55 | 0.12 |
| Hypothetical * | 1,000.00 | 1,024.20 | 0.60 | 0.12 |
| JPMorgan U.S. Quality Factor ETF | | | | |
| Actual * | 1,000.00 | 925.10 | 0.57 | 0.12 |
| Hypothetical * | 1,000.00 | 1,024.20 | 0.60 | 0.12 |
| April 30, 2022 | J.P. Morgan Exchange-Traded Funds | 313 |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
| | Beginning
Account Value
November 1, 2021 | Ending
Account Value
April 30, 2022 | Expenses
Paid During
the Period | Annualized
Expense
Ratio |
| JPMorgan U.S. Value Factor ETF | | | | |
| Actual * | $1,000.00 | $ 950.00 | $0.58 | 0.12% |
| Hypothetical * | 1,000.00 | 1,024.20 | 0.60 | 0.12 |
|
| * | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| ** | Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 139/365 (to reflect the actual period). The Fund commenced operations on December 13, 2021. |
| 314 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (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 Liquid 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”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (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. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The Report discussed the implementation of these changes. No
other material changes were made 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 an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program); (5) whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (6) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (7) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.
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.
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BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT
(Unaudited)
JPMorgan Climate Change Solutions ETF
On July 29, 2021, the Board of Trustees (the “Board” or the “Trustees”) of JPMorgan Exchange-Traded Fund Trust (the “Trust”) held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan Climate Change Solutions ETF (the “Fund”). The meetings were held by video conference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to that Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
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 the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information
furnished for the Trustees, 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 to be primarily responsible for the day-to-day management of the Fund; |
| (iii) | The investment strategy for the Fund, and the infrastructure supporting the portfolio management team; |
| (iv) | Information about the structure and distribution strategy of the Fund and how it fits within the Trust’s other fund offerings; |
| (v) | The administration services to be provided by the Adviser under the Management Agreement; |
| (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 Fund; |
| (ix) | Their overall confidence in the Adviser’s integrity; |
| (x) | The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and |
| (xi) | The Adviser’s business continuity plan, steps the Adviser and its affiliates would be taking to provide services to the Fund during the COVID-19 pandemic and the Adviser’s and its affiliates’ success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period. |
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
| 316 | J.P. Morgan Exchange-Traded Funds | April 30, 2022 |
The Trustees also considered the benefits the Adviser is expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which the Fund will benefit from economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of the Fund.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fees and Expense Ratios
The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s proposed management fee compared favorably with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was reasonable.
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BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited)
JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific 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 BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. 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 International Growth ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF
The Board of Trustees of the JPMorgan Exchange-Traded Fund Trust (the “Trust”) met regularly throughout the year ended December 31, 2021 ( the “Board of Trustees” or the “Board”) and considered factors that are relevant to their annual consideration of the continuation of the management agreements at each meeting. The Board also meets specifically to consider the continuation of the management agreements annually. The Board of Trustees held meetings on November 9, 2021 and December 14-15, 2021, at which the Trustees considered the continuation of management agreements (each a “Management Agreement” and collectively, the “Management Agreements”) for JPMorgan BetaBuilders Canada ETF, JPMorgan BetaBuilders Developed Asia Pacific 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 BetaBuilders U.S. Small Cap Equity ETF, JPMorgan Carbon Transition U.S. 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 International Growth ETF, JPMorgan U.S. Dividend ETF, JPMorgan U.S. Minimum Volatility ETF, JPMorgan U.S. Momentum Factor ETF, JPMorgan U.S. Quality Factor ETF and JPMorgan U.S. Value Factor ETF (the “Funds”). The meetings were held by videoconference in reliance upon the Division of Investment Management Staff Statement on Fund Board Meetings and Unforeseen or Emergency Circumstances Related to Coronavirus Disease 2019. In connection with these meetings, the Board reviewed and considered performance, expense and other information individually for each of the Funds. The Trustees, including a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreements or any of their affiliates, approved the continuation of each Management Agreement.
As part of their review of the Management Agreements, the Trustees considered and reviewed performance and other information about each Fund received from the Adviser. This information included each Fund’s performance as compared to the performance of its benchmark and analyses by the Adviser of each Fund’s performance. In addition, in preparation for the December meeting, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, and met with representatives of Broadridge. Before voting on the Management Agreements, the Trustees reviewed the Management Agreements with representatives of the Adviser, counsel to the Trust and independent legal counsel and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Management Agreements. The Trustees also discussed the Management Agreements in executive sessions with independent legal counsel at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve each Management Agreement is provided below. The Trustees considered information provided with respect to the Funds over the course of the year, as well as the materials furnished specifically in connection with this annual renewal process. Each Trustee attributed his or her own evaluation of the significance of the various factors and no factor alone was considered determinative. As part of their review process, the Trustees considered and placed emphasis on relevant information in light of changing circumstances in market and economic conditions. The Trustees determined that the compensation received by the Adviser from each Fund under the Management Agreement was fair and reasonable and that the continuance of the Management Agreement was in the best interests of each Fund and its shareholders.
The factors summarized below were considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
The Trustees received and considered information regarding the nature, extent and quality of the services provided to each Fund under its respective Management Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. 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 |
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BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)
| | portfolio management team primarily responsible for the day-to-day management each of the Funds; |
| (iii) | The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams; |
| (iv) | Information about the structure and distribution strategy each of the Funds and how it fits within the Trust’s other fund offerings; |
| (v) | The administration services 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; |
| (x) | The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and |
| (xi) | The Adviser’s business continuity plan and steps the Adviser and its affiliates were taking to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser’s and its affiliates’ success in continuing to provide services to the Funds and their shareholders throughout this period. |
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Funds by the Adviser.
Costs of Services Provided and Profitability to the Adviser and its Affiliates
The Trustees received, reviewed, considered and discussed information regarding the profitability to the Adviser and its affiliates in providing services to the Funds. The Trustees recognized that this information is not audited and represents the Adviser’s determination of its and its affiliates’ revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using allocation methodologies developed by the Adviser. The Trustees also recognized that it is difficult to make direct comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that
publicly-traded fund managers’ operating profits and net income are net of distribution and marketing expenses. Based upon their review, the Trustees concluded that the profitability to the Adviser under each Management Agreement was not unreasonable in light of the services and benefits provided to each Fund.
The Trustees also considered (i) that under the Management Agreements, the Adviser earns fees from the Funds for providing administrative services and (ii) that J.P. Morgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, earns fees for custody, transfer agency and other related services for each Fund.
Fall-Out Benefits
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits received by the Adviser and its affiliates as a result of their relationships with the Funds. Additionally, the Trustees considered that any fall-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 receives as the result of JPMCB’s roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which each Fund will benefit from potential economies of scale. The Trustees noted that the management fee schedule for the Funds does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses are limited even when a Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under the Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees requested, received and considered information about the nature and extent of investment advisory services and fee rates offered to other investment companies and/or institutional accounts advised by the Adviser in the same asset class as each Fund. The Trustees noted the Adviser’s view that it does not manage other accounts with substantially similar investment strategies as that of the Funds. The Trustees concluded that the fees charged to each Fund in comparison to those charged to such other clients were reasonable.
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Investment Performance
For all Funds with the exception of the JPMorgan International Growth ETF, the Trustees considered each Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by management. As part of this review, the Trustees also reviewed each Fund’s performance against its benchmark and considered each Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that each Fund’s performance was consistent with its investment objective and supported renewal of each Fund’s Management Agreement.
For the JPMorgan International Growth ETF (the “Fund”), the Trustees received and considered absolute and relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included ranking the Fund within a performance universe comprised of funds with the same Morningstar investment classification and objective (the “Universe”), as well as a subset of funds within the Universe (the “Peer Group”), by total return for applicable one-year periods. The Trustees reviewed a description of Broadridge’s methodology for selecting exchange-traded funds in the Fund’s Peer Group and Universe and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum. The Trustees also considered the Fund’s investment strategy and processes, portfolio management teams and competitive positioning against peer funds, as identified by Broadridge and/or management. As part of this review, the Trustees reviewed the Fund’s performance against its benchmark and considered the Fund’s performance information provided at regular Board meetings by the Adviser. After consideration, the Trustees determined that the Fund’s performance was consistent with its investment objective. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to the Fund’s performance are summarized below:
The Trustees noted that the Fund’s performance was in the third quintile based upon the Universe for the one-year period ended August 31, 2021. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.) The Trustees discussed the performance and investment strategy of the Fund with the Adviser and based upon these discussions and various other factors, the Trustees concluded that the Fund’s performance was satisfactory.
Management Fees and Expense Ratios
The Trustees considered the contractual management fee rate paid by each Fund to the Adviser and compared the rate to the information prepared by Broadridge concerning management
fee rates paid by other funds in the same Morningstar category as each Fund. This review included a ranking of each Fund within its Universe, as well as its Peer Group. The Trustees reviewed a description of Broadridge’s methodology for selecting funds in the Peer Group and Universe, as applicable, and noted that the Peer Group quintile rankings were not calculated if the number of funds in the Peer Group did not meet a predetermined minimum. The Trustees also reviewed information about other expenses and the total expense ratio for each Fund. The Trustees compared the management fee for each Fund to fees charged to mutual funds and/or institutional accounts with similar investment objectives or in similar asset classes managed by the Adviser. The Trustees recognized that it is difficult to make comparisons of management fees because there are variations in the services that are included in the fees paid by other accounts. The Trustees considered how the Funds are positioned against peer funds, as identified by management and/or Broadridge and noted that each Fund’s management fee was appropriate as compared to identified peer funds. The Trustees’ determinations as a result of the review of each Fund’s management fees and expense ratios are summarized below:
The Trustees noted that the JPMorgan BetaBuilders Canada ETF’s net management fee and actual total expenses were in the first quintile of the Universe. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders Europe ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders International Equity ETF’s net management fee was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
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BOARD APPROVAL OF MANAGEMENT AGREEMENTS
(Unaudited) (continued)
The Trustees noted that the JPMorgan BetaBuilders Japan ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Equity ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF’s net management fee was in the third and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan BetaBuilders U.S. Small Cap Equity ETF’s net management fee was in the fourth and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Carbon Transition U.S. Equity ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return Emerging Markets Equity ETF’s net management fee was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and second quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return International Equity ETF’s net management fee was in the third and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the third and fourth quintiles of the Peer Group and Universe, respectively.
After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Equity ETF’s net management fee and actual total expenses were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Mid Cap Equity ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan Diversified Return U.S. Small Cap Equity ETF’s net management fee was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan International Growth ETF’s net management fee and actual total expenses were in the third quintile of the Universe. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the limited number of Fund peers.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Dividend ETF’s net management fee and actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Minimum Volatility ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Momentum Factor ETF’s net management fee and actual total expenses were in the first quintile of the Universe. (Broadridge did not calculate a quintile ranking for the Peer Group for this fund due to the
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limited number of Fund peers.) After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Quality Factor ETF’s net management fee was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
The Trustees noted that the JPMorgan U.S. Value Factor ETF’s net management fee was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the management fee was reasonable.
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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 as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Funds' 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 Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
| © JPMorgan Chase & Co., 2022. All rights reserved. April 2022. | SAN-ETF-422 |
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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2).
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(b) A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
J.P. Morgan Exchange-Traded Fund Trust
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | July 5, 2022 |
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/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | July 5, 2022 |
| | |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | July 5, 2022 |
