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: June 30
Date of reporting period: July 1, 2021 through June 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.
Fund | Ticker | Listing Exchange |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | JUSA | NYSE Arca |
JPMorgan Active Value ETF | JAVA | NYSE Arca |
JPMorgan Equity Premium Income ETF | JEPI | NYSE Arca |
JPMorgan Nasdaq Equity Premium Income ETF | JEPQ | Nasdaq Stock Market® LLC |
1 | |
2 | |
3 | |
3 | |
6 | |
9 | |
12 | |
15 | |
30 | |
34 | |
36 | |
46 | |
47 | |
50 | |
52 | |
53 | |
54 | |
55 |
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.
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.
August 9, 2022 (Unaudited)
“Amid the current backdrop, we believe investors should recognize the potential benefits of a well-diversified portfolio that adjusts to near-term market challenges while pursuing long-term opportunities.” — Brian S. Shlissel |
the conflict in Ukraine and its broader impact on energy supplies to Europe and grain exports to large parts of the world remains a key driver of geopolitical uncertainty.
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 1 |
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
2 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
FOR THE PERIOD July 7, 2021 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Net Asset Value * | (11.67)% |
Market Price ** | (11.85)% |
S&P 500 Index | (11.88)% |
Net Assets as of 6/30/2022 | $23,679,162 |
Fund Ticker | JUSA |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 3 |
FOR THE PERIOD July 7, 2021 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Microsoft Corp. | 6.9% |
2. | Apple, Inc. | 5.7 |
3. | AbbVie, Inc. | 2.8 |
4. | Alphabet, Inc., Class A | 2.7 |
5. | Amazon.com, Inc. | 2.6 |
6. | Alphabet, Inc., Class C | 2.4 |
7. | Tesla, Inc. | 1.7 |
8. | Coca-Cola Co. (The) | 1.7 |
9. | Bristol-Myers Squibb Co. | 1.7 |
10. | Deere & Co. | 1.6 |
PORTFOLIO COMPOSITION BY SECTOR AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 23.1% |
Health Care | 17.0 |
Financials | 12.3 |
Consumer Discretionary | 12.2 |
Industrials | 10.2 |
Communication Services | 8.0 |
Consumer Staples | 4.6 |
Energy | 4.1 |
Utilities | 3.1 |
Materials | 2.9 |
Real Estate | 2.0 |
Short-Term Investments | 0.5 |
4 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | ||
Net Asset Value | July 7, 2021 | (11.67)% |
Market Price | (11.85) |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 5 |
FOR THE PERIOD October 4, 2021 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Net Asset Value * | (2.37)% |
Market Price ** | (2.57)% |
Russell 1000 Value Index | (6.81)% |
Net Assets as of 6/30/2022 | $44,225,127 |
Fund Ticker | JAVA |
6 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Bristol-Myers Squibb Co. | 3.5% |
2. | Wells Fargo & Co. | 2.8 |
3. | Raytheon Technologies Corp. | 2.5 |
4. | Exxon Mobil Corp. | 2.2 |
5. | Chevron Corp. | 2.1 |
6. | Comcast Corp., Class A | 2.1 |
7. | Bank of America Corp. | 2.0 |
8. | AbbVie, Inc. | 1.9 |
9. | Hess Corp. | 1.9 |
10. | Cigna Corp. | 1.9 |
PORTFOLIO COMPOSTION BY SECTOR AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS |
Health Care | 22.2% |
Financials | 20.6 |
Industrials | 11.2 |
Energy | 10.0 |
Consumer Staples | 6.8 |
Information Technology | 5.4 |
Consumer Discretionary | 5.3 |
Materials | 4.1 |
Utilities | 4.0 |
Communication Services | 3.6 |
Real Estate | 3.6 |
Short-Term Investments | 3.2 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 7 |
FOR THE PERIOD October 4, 2021 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited) (continued)
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |
JPMorgan Active Value ETF | ||
Net Asset Value | October 4, 2021 | (2.37)% |
Market Price | (2.57) |
8 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Net Asset Value * | (0.49)% |
Market Price ** | (0.62)% |
S&P 500 Index | (10.62)% |
ICE BofAML 3-Month US Treasury Bill Index | 0.17% |
Net Assets as of 6/30/2022 | $10,206,410,953 |
Fund Ticker | JEPI |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 9 |
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
**** | Equity-Linked Notes that are linked to the S&P 500 Index. |
ELN | Equity-Linked Note |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Canadian Imperial Bank of Commerce, ELN, 68.70%, 7/11/2022, (linked to S&P 500 Index) (Canada) | 1.7% |
2. | Progressive Corp. (The) | 1.7 |
3. | AbbVie, Inc. | 1.7 |
4. | Bristol-Myers Squibb Co. | 1.6 |
5. | UnitedHealth Group, Inc. | 1.6 |
6. | Credit Suisse AG, ELN, 67.80%, 7/8/2022, (linked to S&P 500 Index) (Switzerland) | 1.6 |
7. | Credit Suisse AG, ELN, 65.60%, 7/18/2022, (linked to S&P 500 Index) (Switzerland) | 1.6 |
8. | Coca-Cola Co. (The) | 1.6 |
9. | Hershey Co. (The) | 1.6 |
10. | Societe Generale SA, ELN, 64.80%, 7/15/2022, (linked to S&P 500 Index) | 1.6 |
PORTFOLIO COMPOSTION BY SECTOR AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS |
Health Care | 13.0% |
Consumer Staples | 12.0 |
Industrials | 11.8 |
Information Technology | 10.7 |
Financials | 9.6 |
Utilities | 8.5 |
Consumer Discretionary | 4.8 |
Communication Services | 4.6 |
Materials | 3.5 |
Real Estate | 2.8 |
Energy | 2.7 |
Other **** | 14.8 |
Short-Term Investments | 1.2 |
10 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INCEPTION DATE | 1 YEAR | SINCE INCEPTION | |
JPMorgan Equity Premium Income ETF | |||
Net Asset Value | May 20, 2020 | (0.49)% | 13.86% |
Market Price | (0.62) | 13.85 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 11 |
FOR THE PERIOD May 3, 2022 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Net Asset Value * | (8.33)% |
Market Price ** | (7.77)% |
Nasdaq-100 Index® | (11.95)% |
ICE BofAML 3-Month US Treasury Bill Index | 0.08% |
Net Assets as of 6/30/2022 | $101,155,729 |
Fund Ticker | JEPQ |
12 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
**** | Equity-Linked Notes that are linked to the Nasdaq-100 Index. |
ELN | Equity-Linked Note |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Apple, Inc. | 9.6% |
2. | Microsoft Corp. | 9.2 |
3. | Alphabet, Inc., Class C | 6.8 |
4. | Amazon.com, Inc. | 5.1 |
5. | BNP Paribas, ELN, 117.90%, 8/9/2022, (linked to Nasdaq-100 Index) | 4.8 |
6. | GS Finance Corp., ELN, 120.92%, 7/26/2022, (linked to Nasdaq-100 Index) | 4.1 |
7. | Credit Suisse AG, ELN, 114.00%, 8/2/2022, (linked to Nasdaq-100 Index) (Switzerland) | 3.7 |
8. | Tesla, Inc. | 3.0 |
9. | Meta Platforms, Inc., Class A | 2.7 |
10. | UBS AG, ELN, 93.25%, 7/19/2022, (linked to Nasdaq-100 Index) (Switzerland) | 2.4 |
PORTFOLIO COMPOSTION BY SECTOR AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 39.7% |
Communication Services | 13.2 |
Consumer Discretionary | 12.2 |
Health Care | 5.8 |
Consumer Staples | 5.4 |
Industrials | 3.1 |
Utilities | 1.6 |
Real Estate | 0.4 |
Other **** | 16.9 |
Short-Term Investments | 1.7 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 13 |
FOR THE PERIOD May 3, 2022 (FUND INCEPTION) THROUGH June 30, 2022 (Unaudited) (continued)
INCEPTION DATE | CUMULATIVE SINCE INCEPTION | |
JPMorgan Nasdaq Equity Premium Income ETF | ||
Net Asset Value | May 3, 2022 | (8.33)% |
Market Price | (7.77) |
14 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
AS OF June 30, 2022
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.4% | ||
Aerospace & Defense — 1.8% | ||
General Dynamics Corp. | 275 | 60,844 |
Northrop Grumman Corp. | 471 | 225,406 |
Raytheon Technologies Corp. | 1,341 | 128,883 |
Textron, Inc. | 294 | 17,955 |
433,088 | ||
Air Freight & Logistics — 1.0% | ||
FedEx Corp. | 108 | 24,485 |
United Parcel Service, Inc., Class B | 1,211 | 221,056 |
245,541 | ||
Airlines — 0.2% | ||
Southwest Airlines Co. * | 1,278 | 46,161 |
Auto Components — 0.0% ^ | ||
Magna International, Inc. (Canada) | 197 | 10,815 |
Automobiles — 1.8% | ||
General Motors Co. * | 353 | 11,211 |
Tesla, Inc. * | 609 | 410,113 |
421,324 | ||
Banks — 4.6% | ||
Bank of America Corp. | 4,702 | 146,373 |
Citigroup, Inc. | 1,565 | 71,975 |
Citizens Financial Group, Inc. | 462 | 16,489 |
Fifth Third Bancorp | 570 | 19,152 |
M&T Bank Corp. | 180 | 28,690 |
PNC Financial Services Group, Inc. (The) | 323 | 50,960 |
SVB Financial Group * | 191 | 75,443 |
Truist Financial Corp. | 5,503 | 261,007 |
US Bancorp | 2,498 | 114,958 |
Wells Fargo & Co. | 7,902 | 309,521 |
1,094,568 | ||
Beverages — 2.3% | ||
Coca-Cola Co. (The) | 6,450 | 405,770 |
Constellation Brands, Inc., Class A | 124 | 28,899 |
Monster Beverage Corp. * | 568 | 52,654 |
PepsiCo, Inc. | 388 | 64,664 |
551,987 | ||
Biotechnology — 5.3% | ||
AbbVie, Inc. | 4,265 | 653,228 |
Amgen, Inc. | 391 | 95,130 |
Biogen, Inc. * | 101 | 20,598 |
Regeneron Pharmaceuticals, Inc. * | 510 | 301,476 |
INVESTMENTS | SHARES | VALUE($) |
Biotechnology — continued | ||
Seagen, Inc. * | 257 | 45,474 |
Vertex Pharmaceuticals, Inc. * | 471 | 132,723 |
1,248,629 | ||
Building Products — 0.9% | ||
Masco Corp. | 313 | 15,838 |
Trane Technologies plc | 1,512 | 196,363 |
212,201 | ||
Capital Markets — 4.5% | ||
Ameriprise Financial, Inc. | 319 | 75,820 |
BlackRock, Inc. | 123 | 74,912 |
Blackstone, Inc. | 1,190 | 108,564 |
Charles Schwab Corp. (The) | 2,184 | 137,985 |
Goldman Sachs Group, Inc. (The) | 158 | 46,929 |
Intercontinental Exchange, Inc. | 228 | 21,441 |
Morgan Stanley | 3,945 | 300,057 |
MSCI, Inc. | 36 | 14,837 |
S&P Global, Inc. | 583 | 196,506 |
State Street Corp. | 389 | 23,982 |
T. Rowe Price Group, Inc. | 540 | 61,349 |
1,062,382 | ||
Chemicals — 2.0% | ||
Air Products and Chemicals, Inc. | 270 | 64,930 |
Axalta Coating Systems Ltd. * | 2,347 | 51,892 |
Celanese Corp. | 50 | 5,880 |
DuPont de Nemours, Inc. | 213 | 11,838 |
Eastman Chemical Co. | 1,076 | 96,592 |
Linde plc (United Kingdom) | 188 | 54,056 |
PPG Industries, Inc. | 1,161 | 132,749 |
Sherwin-Williams Co. (The) | 203 | 45,454 |
463,391 | ||
Commercial Services & Supplies — 0.2% | ||
Cintas Corp. | 23 | 8,591 |
Republic Services, Inc. | 221 | 28,922 |
37,513 | ||
Communications Equipment — 0.0% ^ | ||
Motorola Solutions, Inc. | 39 | 8,174 |
Construction Materials — 0.5% | ||
Martin Marietta Materials, Inc. | 62 | 18,553 |
Vulcan Materials Co. | 726 | 103,164 |
121,717 |
June 30, 2022 | 15 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Consumer Finance — 0.7% | ||
American Express Co. | 638 | 88,440 |
Capital One Financial Corp. | 684 | 71,266 |
159,706 | ||
Containers & Packaging — 0.1% | ||
Avery Dennison Corp. | 74 | 11,978 |
Ball Corp. | 240 | 16,505 |
28,483 | ||
Diversified Financial Services — 0.8% | ||
Berkshire Hathaway, Inc., Class B * | 668 | 182,378 |
Voya Financial, Inc. | 108 | 6,429 |
188,807 | ||
Diversified Telecommunication Services — 0.8% | ||
Verizon Communications, Inc. | 3,620 | 183,715 |
Electric Utilities — 2.5% | ||
Entergy Corp. | 138 | 15,544 |
Evergy, Inc. | 145 | 9,461 |
Exelon Corp. | 1,192 | 54,021 |
FirstEnergy Corp. | 520 | 19,963 |
NextEra Energy, Inc. | 4,312 | 334,008 |
Xcel Energy, Inc. | 2,184 | 154,540 |
587,537 | ||
Electrical Equipment — 1.3% | ||
Eaton Corp. plc | 2,156 | 271,634 |
Rockwell Automation, Inc. | 202 | 40,261 |
311,895 | ||
Electronic Equipment, Instruments & Components — 0.2% | ||
Amphenol Corp., Class A | 891 | 57,363 |
Energy Equipment & Services — 0.4% | ||
Baker Hughes Co. | 3,654 | 105,491 |
Entertainment — 0.2% | ||
Netflix, Inc. * | 136 | 23,782 |
Walt Disney Co. (The) * | 345 | 32,568 |
56,350 | ||
Equity Real Estate Investment Trusts (REITs) — 2.0% | ||
AvalonBay Communities, Inc. | 77 | 14,957 |
Camden Property Trust | 196 | 26,358 |
Equinix, Inc. | 34 | 22,339 |
Equity LifeStyle Properties, Inc. | 207 | 14,587 |
Host Hotels & Resorts, Inc. | 2,202 | 34,527 |
Kimco Realty Corp. | 574 | 11,348 |
INVESTMENTS | SHARES | VALUE($) |
Equity Real Estate Investment Trusts (REITs) — continued | ||
Prologis, Inc. | 2,266 | 266,595 |
SBA Communications Corp. | 50 | 16,003 |
Sun Communities, Inc. | 120 | 19,123 |
Ventas, Inc. | 843 | 43,356 |
469,193 | ||
Food & Staples Retailing — 0.6% | ||
Costco Wholesale Corp. | 127 | 60,869 |
Walmart, Inc. | 597 | 72,583 |
133,452 | ||
Food Products — 0.4% | ||
Hershey Co. (The) | 59 | 12,694 |
Mondelez International, Inc., Class A | 1,384 | 85,933 |
98,627 | ||
Health Care Equipment & Supplies — 2.5% | ||
Abbott Laboratories | 316 | 34,334 |
ABIOMED, Inc. * | 42 | 10,396 |
Baxter International, Inc. | 488 | 31,344 |
Becton Dickinson and Co. | 144 | 35,500 |
Boston Scientific Corp. * | 5,571 | 207,631 |
Dexcom, Inc. * | 385 | 28,694 |
Intuitive Surgical, Inc. * | 654 | 131,264 |
Medtronic plc | 703 | 63,094 |
Zimmer Biomet Holdings, Inc. | 461 | 48,433 |
590,690 | ||
Health Care Providers & Services — 4.7% | ||
Centene Corp. * | 2,608 | 220,663 |
Cigna Corp. | 245 | 64,562 |
CVS Health Corp. | 959 | 88,861 |
Elevance Health, Inc. | 169 | 81,556 |
HCA Healthcare, Inc. | 451 | 75,795 |
Humana, Inc. | 121 | 56,637 |
McKesson Corp. | 524 | 170,934 |
UnitedHealth Group, Inc. | 697 | 358,000 |
1,117,008 | ||
Hotels, Restaurants & Leisure — 2.5% | ||
Booking Holdings, Inc. * | 31 | 54,219 |
Chipotle Mexican Grill, Inc. * | 49 | 64,056 |
Expedia Group, Inc. * | 130 | 12,328 |
Hilton Worldwide Holdings, Inc. | 165 | 18,387 |
Marriott International, Inc., Class A | 818 | 111,256 |
16 | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Hotels, Restaurants & Leisure — continued | ||
McDonald's Corp. | 1,353 | 334,029 |
Yum! Brands, Inc. | 67 | 7,605 |
601,880 | ||
Household Durables — 0.2% | ||
Lennar Corp., Class A | 359 | 25,335 |
Newell Brands, Inc. | 829 | 15,784 |
Toll Brothers, Inc. | 163 | 7,270 |
48,389 | ||
Household Products — 0.6% | ||
Kimberly-Clark Corp. | 196 | 26,489 |
Procter & Gamble Co. (The) | 874 | 125,673 |
152,162 | ||
Industrial Conglomerates — 0.1% | ||
Honeywell International, Inc. | 131 | 22,769 |
Insurance — 1.7% | ||
Aon plc, Class A | 76 | 20,496 |
Arthur J Gallagher & Co. | 66 | 10,761 |
Chubb Ltd. | 242 | 47,572 |
Hartford Financial Services Group, Inc. (The) | 1,164 | 76,160 |
Loews Corp. | 347 | 20,563 |
Marsh & McLennan Cos., Inc. | 132 | 20,493 |
MetLife, Inc. | 554 | 34,786 |
Progressive Corp. (The) | 958 | 111,387 |
Prudential Financial, Inc. | 269 | 25,738 |
Travelers Cos., Inc. (The) | 170 | 28,752 |
396,708 | ||
Interactive Media & Services — 6.0% | ||
Alphabet, Inc., Class A * | 288 | 627,627 |
Alphabet, Inc., Class C * | 259 | 566,550 |
Match Group, Inc. * | 82 | 5,715 |
Meta Platforms, Inc., Class A * | 1,161 | 187,211 |
Snap, Inc., Class A * | 1,831 | 24,041 |
ZoomInfo Technologies, Inc., Class A * | 214 | 7,113 |
1,418,257 | ||
Internet & Direct Marketing Retail — 2.6% | ||
Amazon.com, Inc. * | 5,690 | 604,335 |
IT Services — 2.7% | ||
Accenture plc, Class A | 240 | 66,636 |
Automatic Data Processing, Inc. | 95 | 19,954 |
Cognizant Technology Solutions Corp., Class A | 805 | 54,329 |
Fidelity National Information Services, Inc. | 146 | 13,384 |
INVESTMENTS | SHARES | VALUE($) |
IT Services — continued | ||
FleetCor Technologies, Inc. * | 99 | 20,801 |
International Business Machines Corp. | 420 | 59,300 |
Mastercard, Inc., Class A | 882 | 278,253 |
MongoDB, Inc. * | 38 | 9,861 |
Visa, Inc., Class A | 550 | 108,290 |
630,808 | ||
Life Sciences Tools & Services — 0.7% | ||
Danaher Corp. | 223 | 56,535 |
Thermo Fisher Scientific, Inc. | 201 | 109,199 |
165,734 | ||
Machinery — 2.5% | ||
Deere & Co. | 1,290 | 386,316 |
Dover Corp. | 582 | 70,608 |
Ingersoll Rand, Inc. | 245 | 10,310 |
Otis Worldwide Corp. | 492 | 34,770 |
Parker-Hannifin Corp. | 342 | 84,149 |
586,153 | ||
Media — 0.7% | ||
Charter Communications, Inc., Class A * | 97 | 45,447 |
Comcast Corp., Class A | 2,925 | 114,777 |
160,224 | ||
Metals & Mining — 0.4% | ||
Freeport-McMoRan, Inc. | 2,594 | 75,900 |
Nucor Corp. | 65 | 6,787 |
82,687 | ||
Multiline Retail — 0.8% | ||
Dollar General Corp. | 614 | 150,700 |
Target Corp. | 274 | 38,697 |
189,397 | ||
Multi-Utilities — 0.6% | ||
Ameren Corp. | 269 | 24,307 |
CenterPoint Energy, Inc. | 753 | 22,274 |
CMS Energy Corp. | 782 | 52,785 |
Public Service Enterprise Group, Inc. | 247 | 15,630 |
Sempra Energy | 227 | 34,111 |
149,107 | ||
Oil, Gas & Consumable Fuels — 3.6% | ||
Cheniere Energy, Inc. | 83 | 11,041 |
Chevron Corp. | 720 | 104,242 |
ConocoPhillips | 3,197 | 287,123 |
Diamondback Energy, Inc. | 340 | 41,191 |
June 30, 2022 | 17 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Oil, Gas & Consumable Fuels — continued | ||
EOG Resources, Inc. | 1,046 | 115,520 |
Exxon Mobil Corp. | 1,358 | 116,299 |
Phillips 66 | 128 | 10,495 |
Pioneer Natural Resources Co. | 701 | 156,379 |
Valero Energy Corp. | 114 | 12,116 |
854,406 | ||
Personal Products — 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 139 | 35,399 |
Pharmaceuticals — 3.8% | ||
Bristol-Myers Squibb Co. | 5,142 | 395,934 |
Eli Lilly & Co. | 701 | 227,285 |
Johnson & Johnson | 936 | 166,150 |
Merck & Co., Inc. | 549 | 50,052 |
Pfizer, Inc. | 1,102 | 57,778 |
897,199 | ||
Professional Services — 0.8% | ||
Booz Allen Hamilton Holding Corp. | 121 | 10,934 |
Equifax, Inc. | 183 | 33,449 |
Leidos Holdings, Inc. | 923 | 92,955 |
Verisk Analytics, Inc. | 355 | 61,447 |
198,785 | ||
Road & Rail — 1.4% | ||
CSX Corp. | 1,439 | 41,817 |
Norfolk Southern Corp. | 869 | 197,515 |
Uber Technologies, Inc. * | 2,806 | 57,411 |
Union Pacific Corp. | 129 | 27,513 |
324,256 | ||
Semiconductors & Semiconductor Equipment — 5.6% | ||
Advanced Micro Devices, Inc. * | 2,964 | 226,657 |
Analog Devices, Inc. | 1,441 | 210,516 |
Applied Materials, Inc. | 67 | 6,096 |
ASML Holding NV (Registered), NYRS (Netherlands) | 77 | 36,643 |
Enphase Energy, Inc. * | 51 | 9,957 |
Lam Research Corp. | 222 | 94,605 |
Microchip Technology, Inc. | 431 | 25,032 |
Micron Technology, Inc. | 244 | 13,488 |
NVIDIA Corp. | 1,203 | 182,363 |
NXP Semiconductors NV (China) | 1,803 | 266,898 |
QUALCOMM, Inc. | 155 | 19,800 |
INVESTMENTS | SHARES | VALUE($) |
Semiconductors & Semiconductor Equipment — continued | ||
Teradyne, Inc. | 393 | 35,193 |
Texas Instruments, Inc. | 1,240 | 190,526 |
1,317,774 | ||
Software — 8.7% | ||
Adobe, Inc. * | 101 | 36,972 |
Fortinet, Inc. * | 155 | 8,770 |
Intuit, Inc. | 269 | 103,683 |
Microsoft Corp. | 6,336 | 1,627,275 |
Oracle Corp. | 1,901 | 132,823 |
Salesforce, Inc. * | 400 | 66,016 |
Synopsys, Inc. * | 234 | 71,066 |
Workday, Inc., Class A * | 135 | 18,843 |
2,065,448 | ||
Specialty Retail — 3.5% | ||
AutoZone, Inc. * | 117 | 251,447 |
Best Buy Co., Inc. | 325 | 21,187 |
Home Depot, Inc. (The) | 259 | 71,036 |
Lowe's Cos., Inc. | 1,777 | 310,389 |
O'Reilly Automotive, Inc. * | 165 | 104,240 |
TJX Cos., Inc. (The) | 1,212 | 67,690 |
825,989 | ||
Technology Hardware, Storage & Peripherals — 5.8% | ||
Apple, Inc. | 9,888 | 1,351,887 |
Seagate Technology Holdings plc | 439 | 31,362 |
1,383,249 | ||
Textiles, Apparel & Luxury Goods — 0.8% | ||
NIKE, Inc., Class B | 1,471 | 150,336 |
Tapestry, Inc. | 927 | 28,292 |
178,628 | ||
Tobacco — 0.5% | ||
Altria Group, Inc. | 613 | 25,605 |
Philip Morris International, Inc. | 973 | 96,074 |
121,679 | ||
Wireless Telecommunication Services — 0.3% | ||
T-Mobile US, Inc. * | 540 | 72,652 |
Total Common Stocks (Cost $26,131,760) | 23,529,882 |
18 | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Short Term Investments — 0.4% | ||
Investment Companies — 0.4% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) (Cost $108,091) | 108,091 | 108,091 |
Total Investments — 99.8% (Cost $26,239,851) | 23,637,973 | |
Other Assets Less Liabilities — 0.2% | 41,189 | |
NET ASSETS — 100.0% | 23,679,162 |
Percentages indicated are based on net assets. |
Abbreviations | |
NYRS | New York Registry Shares |
^ | Amount rounds to less than 0.1% of net assets. |
* | Non-income producing security. | |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2022. |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Micro E-Mini S&P 500 Index | 6 | 09/16/2022 | USD | 113,813 | (10) |
Abbreviations | |
USD | United States Dollar |
June 30, 2022 | 19 |
AS OF June 30, 2022
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 96.7% | ||
Aerospace & Defense — 4.4% | ||
General Dynamics Corp. | 1,404 | 310,635 |
Lockheed Martin Corp. | 452 | 194,342 |
Northrop Grumman Corp. | 564 | 269,914 |
Raytheon Technologies Corp. | 11,266 | 1,082,775 |
Textron, Inc. | 1,733 | 105,834 |
1,963,500 | ||
Air Freight & Logistics — 0.7% | ||
FedEx Corp. | 158 | 35,820 |
United Parcel Service, Inc., Class B | 1,584 | 289,144 |
324,964 | ||
Airlines — 0.8% | ||
Delta Air Lines, Inc. * | 5,644 | 163,507 |
Southwest Airlines Co. * | 5,025 | 181,503 |
345,010 | ||
Automobiles — 0.0% ^ | ||
General Motors Co. * | 83 | 2,636 |
Banks — 10.0% | ||
Bank of America Corp. | 27,979 | 870,986 |
Citigroup, Inc. | 6,908 | 317,699 |
Citizens Financial Group, Inc. | 2,353 | 83,979 |
First Republic Bank | 771 | 111,178 |
M&T Bank Corp. | 3,702 | 590,062 |
PNC Financial Services Group, Inc. (The) | 1,648 | 260,005 |
Regions Financial Corp. | 5,027 | 94,256 |
Truist Financial Corp. | 10,114 | 479,707 |
US Bancorp | 7,961 | 366,365 |
Wells Fargo & Co. | 31,811 | 1,246,037 |
4,420,274 | ||
Beverages — 1.9% | ||
Coca-Cola Co. (The) | 6,794 | 427,410 |
Keurig Dr Pepper, Inc. | 3,445 | 121,918 |
Monster Beverage Corp. * | 1,238 | 114,763 |
PepsiCo, Inc. | 1,048 | 174,660 |
838,751 | ||
Biotechnology — 5.3% | ||
AbbVie, Inc. | 5,422 | 830,434 |
Amgen, Inc. | 541 | 131,625 |
Biogen, Inc. * | 178 | 36,301 |
BioMarin Pharmaceutical, Inc. * | 1,328 | 110,051 |
Neurocrine Biosciences, Inc. * | 817 | 79,641 |
INVESTMENTS | SHARES | VALUE($) |
Biotechnology — continued | ||
Regeneron Pharmaceuticals, Inc. * | 796 | 470,540 |
Vertex Pharmaceuticals, Inc. * | 2,459 | 692,922 |
2,351,514 | ||
Building Products — 0.4% | ||
Carrier Global Corp. | 2,355 | 83,980 |
Trane Technologies plc | 590 | 76,623 |
160,603 | ||
Capital Markets — 3.6% | ||
BlackRock, Inc. | 628 | 382,477 |
Charles Schwab Corp. (The) | 2,873 | 181,516 |
Goldman Sachs Group, Inc. (The) | 809 | 240,289 |
Intercontinental Exchange, Inc. | 1,263 | 118,773 |
Morgan Stanley | 4,740 | 360,525 |
S&P Global, Inc. | 423 | 142,576 |
T. Rowe Price Group, Inc. | 1,539 | 174,846 |
1,601,002 | ||
Chemicals — 2.3% | ||
Air Products and Chemicals, Inc. | 1,119 | 269,097 |
Axalta Coating Systems Ltd. * | 11,992 | 265,143 |
Dow, Inc. | 2,084 | 107,556 |
DuPont de Nemours, Inc. | 2,552 | 141,840 |
FMC Corp. | 1,999 | 213,913 |
997,549 | ||
Commercial Services & Supplies — 0.3% | ||
Republic Services, Inc. | 1,127 | 147,490 |
Construction Materials — 0.5% | ||
Vulcan Materials Co. | 1,435 | 203,914 |
Consumer Finance — 0.9% | ||
American Express Co. | 1,530 | 212,088 |
Capital One Financial Corp. | 1,767 | 184,104 |
396,192 | ||
Containers & Packaging — 0.2% | ||
Ball Corp. | 1,222 | 84,037 |
Diversified Financial Services — 1.4% | ||
Berkshire Hathaway, Inc., Class B * | 2,239 | 611,292 |
Electric Utilities — 2.1% | ||
Alliant Energy Corp. | 90 | 5,275 |
Entergy Corp. | 705 | 79,411 |
Exelon Corp. | 7,356 | 333,374 |
20 | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Electric Utilities — continued | ||
NextEra Energy, Inc. | 4,807 | 372,350 |
Xcel Energy, Inc. | 1,844 | 130,482 |
920,892 | ||
Electrical Equipment — 0.7% | ||
Eaton Corp. plc | 1,754 | 220,986 |
Rockwell Automation, Inc. | 460 | 91,683 |
312,669 | ||
Entertainment — 0.2% | ||
Walt Disney Co. (The) * | 1,097 | 103,557 |
Equity Real Estate Investment Trusts (REITs) — 3.6% | ||
AvalonBay Communities, Inc. | 390 | 75,758 |
Equity LifeStyle Properties, Inc. | 6,500 | 458,055 |
Host Hotels & Resorts, Inc. | 18,885 | 296,117 |
Kite Realty Group Trust | 3,960 | 68,468 |
Sun Communities, Inc. | 1,656 | 263,900 |
UDR, Inc. | 1,722 | 79,281 |
Ventas, Inc. | 4,436 | 228,143 |
Weyerhaeuser Co. | 3,789 | 125,492 |
1,595,214 | ||
Food & Staples Retailing — 2.2% | ||
BJ's Wholesale Club Holdings, Inc. * | 4,150 | 258,628 |
US Foods Holding Corp. * | 7,223 | 221,602 |
Walmart, Inc. | 3,985 | 484,496 |
964,726 | ||
Food Products — 1.4% | ||
Bunge Ltd. | 953 | 86,428 |
Lamb Weston Holdings, Inc. | 4,540 | 324,428 |
Mondelez International, Inc., Class A | 3,605 | 223,834 |
634,690 | ||
Health Care Equipment & Supplies — 3.1% | ||
Becton Dickinson and Co. | 733 | 180,707 |
Boston Scientific Corp. * | 5,148 | 191,866 |
Medtronic plc | 5,007 | 449,378 |
Zimmer Biomet Holdings, Inc. | 5,356 | 562,701 |
1,384,652 | ||
Health Care Providers & Services — 7.7% | ||
Cardinal Health, Inc. | 4,514 | 235,947 |
Centene Corp. * | 7,579 | 641,259 |
Cigna Corp. | 3,112 | 820,074 |
Elevance Health, Inc. | 395 | 190,619 |
HCA Healthcare, Inc. | 562 | 94,450 |
INVESTMENTS | SHARES | VALUE($) |
Health Care Providers & Services — continued | ||
Humana, Inc. | 1,338 | 626,278 |
McKesson Corp. | 596 | 194,421 |
UnitedHealth Group, Inc. | 1,131 | 580,915 |
3,383,963 | ||
Hotels, Restaurants & Leisure — 1.2% | ||
Booking Holdings, Inc. * | 83 | 145,166 |
McDonald's Corp. | 960 | 237,005 |
Royal Caribbean Cruises Ltd. * | 3,751 | 130,947 |
513,118 | ||
Household Durables — 0.3% | ||
KB Home | 1,525 | 43,401 |
Newell Brands, Inc. | 4,223 | 80,406 |
123,807 | ||
Household Products — 0.6% | ||
Procter & Gamble Co. (The) | 1,728 | 248,469 |
Industrial Conglomerates — 0.5% | ||
Honeywell International, Inc. | 1,397 | 242,813 |
Insurance — 4.7% | ||
Allstate Corp. (The) | 2,159 | 273,610 |
American International Group, Inc. | 4,133 | 211,320 |
Chubb Ltd. | 1,235 | 242,776 |
Hartford Financial Services Group, Inc. (The) | 5,825 | 381,130 |
Loews Corp. | 1,770 | 104,890 |
Marsh & McLennan Cos., Inc. | 675 | 104,794 |
MetLife, Inc. | 2,827 | 177,507 |
Progressive Corp. (The) | 2,092 | 243,237 |
Prudential Financial, Inc. | 1,018 | 97,402 |
Travelers Cos., Inc. (The) | 1,336 | 225,958 |
2,062,624 | ||
Interactive Media & Services — 0.9% | ||
Alphabet, Inc., Class C * | 127 | 277,806 |
Meta Platforms, Inc., Class A * | 720 | 116,100 |
393,906 | ||
IT Services — 1.5% | ||
Fidelity National Information Services, Inc. | 5,675 | 520,227 |
International Business Machines Corp. | 1,082 | 152,768 |
672,995 | ||
Machinery — 2.5% | ||
Deere & Co. | 304 | 91,039 |
Dover Corp. | 2,358 | 286,072 |
Flowserve Corp. | 2,916 | 83,485 |
June 30, 2022 | 21 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Machinery — continued | ||
Parker-Hannifin Corp. | 2,363 | 581,416 |
Terex Corp. | 2,226 | 60,926 |
1,102,938 | ||
Media — 2.1% | ||
Comcast Corp., Class A | 23,714 | 930,537 |
Metals & Mining — 1.1% | ||
Alcoa Corp. | 387 | 17,639 |
Freeport-McMoRan, Inc. | 15,477 | 452,857 |
470,496 | ||
Multiline Retail — 0.4% | ||
Dollar General Corp. | 805 | 197,579 |
Multi-Utilities — 1.9% | ||
Ameren Corp. | 3,416 | 308,670 |
CenterPoint Energy, Inc. | 6,824 | 201,854 |
CMS Energy Corp. | 3,993 | 269,527 |
Public Service Enterprise Group, Inc. | 1,257 | 79,543 |
859,594 | ||
Oil, Gas & Consumable Fuels — 10.0% | ||
Chevron Corp. | 6,502 | 941,360 |
ConocoPhillips | 6,268 | 562,929 |
Diamondback Energy, Inc. | 3,969 | 480,844 |
EOG Resources, Inc. | 3,482 | 384,552 |
Exxon Mobil Corp. | 11,556 | 989,656 |
Hess Corp. | 7,741 | 820,081 |
Pioneer Natural Resources Co. | 753 | 167,979 |
Valero Energy Corp. | 592 | 62,918 |
4,410,319 | ||
Pharmaceuticals — 6.1% | ||
Bristol-Myers Squibb Co. | 20,262 | 1,560,174 |
Eli Lilly & Co. | 804 | 260,681 |
Johnson & Johnson | 3,667 | 650,929 |
Merck & Co., Inc. | 751 | 68,469 |
Pfizer, Inc. | 3,225 | 169,087 |
2,709,340 | ||
Professional Services — 0.3% | ||
Leidos Holdings, Inc. | 1,477 | 148,749 |
Road & Rail — 0.5% | ||
CSX Corp. | 7,347 | 213,504 |
Semiconductors & Semiconductor Equipment — 2.2% | ||
Analog Devices, Inc. | 2,246 | 328,118 |
Lam Research Corp. | 195 | 83,099 |
INVESTMENTS | SHARES | VALUE($) |
Semiconductors & Semiconductor Equipment — continued | ||
NXP Semiconductors NV (China) | 1,397 | 206,798 |
Texas Instruments, Inc. | 2,191 | 336,647 |
954,662 | ||
Software — 0.6% | ||
Microsoft Corp. | 989 | 254,005 |
Specialty Retail — 2.4% | ||
AutoZone, Inc. * | 145 | 311,622 |
Home Depot, Inc. (The) | 894 | 245,197 |
Lowe's Cos., Inc. | 1,009 | 176,242 |
O'Reilly Automotive, Inc. * | 179 | 113,085 |
TJX Cos., Inc. (The) | 4,110 | 229,544 |
1,075,690 | ||
Technology Hardware, Storage & Peripherals — 1.1% | ||
Apple, Inc. | 672 | 91,876 |
Seagate Technology Holdings plc | 4,968 | 354,914 |
Western Digital Corp. * | 1,113 | 49,896 |
496,686 | ||
Textiles, Apparel & Luxury Goods — 1.0% | ||
Kontoor Brands, Inc. | 1,546 | 51,590 |
NIKE, Inc., Class B | 1,839 | 187,946 |
Tapestry, Inc. | 6,760 | 206,315 |
445,851 | ||
Tobacco — 0.7% | ||
Philip Morris International, Inc. | 3,219 | 317,844 |
Wireless Telecommunication Services — 0.4% | ||
T-Mobile US, Inc. * | 1,375 | 184,993 |
Total Common Stocks (Cost $44,723,510) | 42,779,610 | |
Short Term Investments — 3.2% | ||
Investment Companies — 3.2% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) (Cost $1,396,966) | 1,396,966 | 1,396,966 |
Total Investments — 99.9% (Cost $46,120,476) | 44,176,576 | |
Other Assets Less Liabilities — 0.1% | 48,551 | |
NET ASSETS — 100.0% | 44,225,127 |
Percentages indicated are based on net assets. |
^ | Amount rounds to less than 0.1% of net assets. | |
* | Non-income producing security. |
22 | June 30, 2022 |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(b) | The rate shown is the current yield as of June 30, 2022. |
June 30, 2022 | 23 |
AS OF June 30, 2022
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 83.1% | ||
Aerospace & Defense — 1.4% | ||
General Dynamics Corp. | 253,549 | 56,097,716 |
Northrop Grumman Corp. | 70,492 | 33,735,357 |
Raytheon Technologies Corp. | 375,211 | 36,061,529 |
Textron, Inc. | 231,243 | 14,122,010 |
140,016,612 | ||
Air Freight & Logistics — 1.3% | ||
United Parcel Service, Inc., Class B | 753,207 | 137,490,406 |
Banks — 1.1% | ||
US Bancorp | 1,762,168 | 81,094,972 |
Wells Fargo & Co. | 705,619 | 27,639,096 |
108,734,068 | ||
Beverages — 3.5% | ||
Coca-Cola Co. (The) | 2,543,168 | 159,990,699 |
Constellation Brands, Inc., Class A | 243,808 | 56,821,893 |
PepsiCo, Inc. | 871,579 | 145,257,356 |
362,069,948 | ||
Biotechnology — 3.4% | ||
AbbVie, Inc. | 1,102,557 | 168,867,630 |
Regeneron Pharmaceuticals, Inc. * | 105,770 | 62,523,820 |
Vertex Pharmaceuticals, Inc. * | 393,205 | 110,801,237 |
342,192,687 | ||
Building Products — 1.0% | ||
Trane Technologies plc | 792,098 | 102,869,767 |
Capital Markets — 1.4% | ||
Intercontinental Exchange, Inc. | 495,172 | 46,565,975 |
S&P Global, Inc. | 275,270 | 92,782,506 |
139,348,481 | ||
Chemicals — 2.6% | ||
Air Products and Chemicals, Inc. | 329,589 | 79,259,563 |
Ecolab, Inc. | 134,202 | 20,634,899 |
Linde plc (United Kingdom) | 437,432 | 125,774,823 |
PPG Industries, Inc. | 384,126 | 43,920,967 |
269,590,252 | ||
Construction Materials — 0.2% | ||
Martin Marietta Materials, Inc. | 57,475 | 17,198,819 |
Consumer Finance — 0.3% | ||
American Express Co. | 208,452 | 28,895,616 |
Containers & Packaging — 0.6% | ||
Avery Dennison Corp. | 367,607 | 59,504,545 |
INVESTMENTS | SHARES | VALUE($) |
Diversified Financial Services — 1.0% | ||
Berkshire Hathaway, Inc., Class B * | 365,819 | 99,875,903 |
Diversified Telecommunication Services — 1.0% | ||
Verizon Communications, Inc. | 2,104,765 | 106,816,824 |
Electric Utilities — 4.9% | ||
Alliant Energy Corp. | 1,557,756 | 91,300,079 |
Duke Energy Corp. | 336,354 | 36,060,512 |
Evergy, Inc. | 654,874 | 42,730,529 |
Exelon Corp. | 2,985,619 | 135,308,253 |
FirstEnergy Corp. | 1,140,822 | 43,796,157 |
NextEra Energy, Inc. | 1,386,156 | 107,371,644 |
Xcel Energy, Inc. | 687,587 | 48,653,656 |
505,220,830 | ||
Electrical Equipment — 1.2% | ||
Eaton Corp. plc | 950,251 | 119,722,124 |
Electronic Equipment, Instruments & Components — 0.5% | ||
Keysight Technologies, Inc. * | 406,689 | 56,062,079 |
Equity Real Estate Investment Trusts (REITs) — 2.8% | ||
Camden Property Trust | 292,211 | 39,296,535 |
Equinix, Inc. | 72 | 47,305 |
Mid-America Apartment Communities, Inc. | 162,502 | 28,384,224 |
Prologis, Inc. | 627,961 | 73,879,612 |
Public Storage | 235,729 | 73,705,386 |
SBA Communications Corp. | 46,291 | 14,815,435 |
Sun Communities, Inc. | 320,113 | 51,013,208 |
281,141,705 | ||
Food & Staples Retailing — 1.9% | ||
Costco Wholesale Corp. | 158,100 | 75,774,168 |
Walmart, Inc. | 977,444 | 118,837,642 |
194,611,810 | ||
Food Products — 3.1% | ||
Archer-Daniels-Midland Co. | 219,979 | 17,070,370 |
Hershey Co. (The) | 739,659 | 159,145,030 |
Mondelez International, Inc., Class A | 2,241,261 | 139,159,896 |
315,375,296 | ||
Health Care Equipment & Supplies — 0.3% | ||
Boston Scientific Corp. * | 698,431 | 26,030,523 |
Health Care Providers & Services — 2.6% | ||
Centene Corp. * | 511,927 | 43,314,143 |
24 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Health Care Providers & Services — continued | ||
Elevance Health, Inc. | 116,534 | 56,236,978 |
UnitedHealth Group, Inc. | 320,436 | 164,585,543 |
264,136,664 | ||
Hotels, Restaurants & Leisure — 0.8% | ||
McDonald's Corp. | 340,046 | 83,950,556 |
Household Products — 2.5% | ||
Kimberly-Clark Corp. | 864,140 | 116,788,521 |
Procter & Gamble Co. (The) | 948,994 | 136,455,847 |
253,244,368 | ||
Insurance — 5.7% | ||
Aon plc, Class A | 331,025 | 89,270,822 |
Arthur J Gallagher & Co. | 867,360 | 141,414,374 |
Hartford Financial Services Group, Inc. (The) | 721,685 | 47,219,850 |
Progressive Corp. (The) | 1,494,556 | 173,772,026 |
Travelers Cos., Inc. (The) | 772,367 | 130,630,431 |
582,307,503 | ||
Interactive Media & Services — 1.3% | ||
Alphabet, Inc., Class A * | 62,062 | 135,249,234 |
Internet & Direct Marketing Retail — 0.8% | ||
Amazon.com, Inc. * | 726,926 | 77,206,810 |
IT Services — 6.5% | ||
Accenture plc, Class A | 426,982 | 118,551,552 |
Automatic Data Processing, Inc. | 414,384 | 87,037,215 |
FleetCor Technologies, Inc. * | 78,612 | 16,517,167 |
International Business Machines Corp. | 217,255 | 30,674,234 |
Jack Henry & Associates, Inc. | 783,127 | 140,978,523 |
Mastercard, Inc., Class A | 435,226 | 137,305,099 |
Visa, Inc., Class A | 658,115 | 129,576,262 |
660,640,052 | ||
Life Sciences Tools & Services — 1.6% | ||
Danaher Corp. | 89,280 | 22,634,266 |
Thermo Fisher Scientific, Inc. | 257,488 | 139,888,080 |
162,522,346 | ||
Machinery — 2.4% | ||
Deere & Co. | 240,045 | 71,886,276 |
Dover Corp. | 918,447 | 111,425,990 |
Otis Worldwide Corp. | 866,636 | 61,245,166 |
244,557,432 |
INVESTMENTS | SHARES | VALUE($) |
Media — 1.7% | ||
Charter Communications, Inc., Class A * | 104,451 | 48,938,427 |
Comcast Corp., Class A | 3,230,642 | 126,770,392 |
175,708,819 | ||
Multi-Utilities — 3.4% | ||
Ameren Corp. | 1,100,490 | 99,440,276 |
CMS Energy Corp. | 102,206 | 6,898,905 |
Consolidated Edison, Inc. | 712,748 | 67,782,335 |
DTE Energy Co. | 507,241 | 64,292,797 |
Sempra Energy | 86,974 | 13,069,583 |
WEC Energy Group, Inc. | 981,647 | 98,792,954 |
350,276,850 | ||
Oil, Gas & Consumable Fuels — 2.7% | ||
Chevron Corp. | 499,420 | 72,306,028 |
Exxon Mobil Corp. | 1,446,180 | 123,850,855 |
TC Energy Corp. (Canada) | 1,517,175 | 78,604,837 |
274,761,720 | ||
Pharmaceuticals — 5.1% | ||
Bristol-Myers Squibb Co. | 2,164,545 | 166,669,965 |
Eli Lilly & Co. | 446,058 | 144,625,385 |
Johnson & Johnson | 763,380 | 135,507,584 |
Merck & Co., Inc. | 814,369 | 74,246,022 |
521,048,956 | ||
Professional Services — 0.6% | ||
Booz Allen Hamilton Holding Corp. | 505,171 | 45,647,251 |
Leidos Holdings, Inc. | 150,211 | 15,127,750 |
60,775,001 | ||
Road & Rail — 3.7% | ||
Norfolk Southern Corp. | 562,346 | 127,815,622 |
Old Dominion Freight Line, Inc. | 543,197 | 139,210,527 |
Union Pacific Corp. | 532,316 | 113,532,357 |
380,558,506 | ||
Semiconductors & Semiconductor Equipment — 1.7% | ||
Analog Devices, Inc. | 310,943 | 45,425,663 |
Texas Instruments, Inc. | 822,494 | 126,376,203 |
171,801,866 | ||
Software — 1.9% | ||
Intuit, Inc. | 142,765 | 55,027,342 |
Microsoft Corp. | 547,208 | 140,539,430 |
195,566,772 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 25 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Specialty Retail — 2.7% | ||
AutoZone, Inc. * | 17,781 | 38,213,503 |
Lowe's Cos., Inc. | 639,251 | 111,657,972 |
O'Reilly Automotive, Inc. * | 205,539 | 129,851,319 |
279,722,794 | ||
Technology Hardware, Storage & Peripherals — 0.1% | ||
Apple, Inc. | 113,789 | 15,557,232 |
Textiles, Apparel & Luxury Goods — 0.4% | ||
NIKE, Inc., Class B | 443,334 | 45,308,735 |
Tobacco — 0.9% | ||
Altria Group, Inc. | 931,935 | 38,926,925 |
Philip Morris International, Inc. | 553,584 | 54,660,884 |
93,587,809 | ||
Wireless Telecommunication Services — 0.5% | ||
T-Mobile US, Inc. * | 355,024 | 47,764,929 |
Total Common Stocks (Cost $8,816,368,988) | 8,489,023,249 | |
PRINCIPAL AMOUNT($) | ||
Equity-Linked Notes — 14.7% | ||
BNP Paribas, ELN, 76.60%, 7/25/2022, (linked to S&P 500 Index) (a) | 31,662 | 121,707,145 |
BNP Paribas, ELN, 79.00%, 8/5/2022, (linked to S&P 500 Index) (a) | 40,559 | 157,276,446 |
BofA Finance LLC, ELN, 81.02%, 8/1/2022, (linked to S&P 500 Index) (a) | 37,235 | 141,236,823 |
Canadian Imperial Bank of Commerce, ELN, 68.70%, 7/11/2022, (linked to S&P 500 Index) (Canada) (a) | 45,108 | 174,056,886 |
Citigroup Global Markets Holdings, Inc., ELN, 79.90%, 7/29/2022, (linked to S&P 500 Index) (a) | 37,186 | 141,803,233 |
Credit Suisse AG, ELN, 65.60%, 7/18/2022, (linked to S&P 500 Index) (Switzerland) (a) | 41,304 | 161,019,514 |
INVESTMENTS | PRINCIPAL AMOUNT($) | VALUE($) |
Credit Suisse AG, ELN, 67.80%, 7/8/2022, (linked to S&P 500 Index) (Switzerland) (a) | 42,351 | 162,649,439 |
GS Finance Corp., ELN, 84.4%, 7/22/2022, (linked to S&P 500 Index) (a) | 32,124 | 122,160,826 |
Societe Generale SA, ELN, 64.80%, 7/15/2022, (linked to S&P 500 Index) (a) | 40,859 | 158,783,794 |
UBS AG, ELN, 78.20%, 8/8/2022, (linked to S&P 500 Index) (Switzerland) (a) | 40,588 | 157,108,436 |
Total Equity-Linked Notes (Cost $1,529,989,082) | 1,497,802,542 | |
SHARES | ||
Short Term Investments — 1.2% | ||
Investment Companies — 1.2% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) (Cost $121,300,698) | 121,300,698 | 121,300,698 |
Total Investments — 99.0% (Cost $10,467,658,768) | 10,108,126,489 | |
Other Assets Less Liabilities — 1.0% | 98,284,464 | |
NET ASSETS — 100.0% | 10,206,410,953 |
Percentages indicated are based on net assets. |
Abbreviations | |
ELN | Equity-Linked Note |
* | Non-income producing security. |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of June 30, 2022. |
26 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
AS OF June 30, 2022
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 80.8% | ||
Air Freight & Logistics — 0.3% | ||
United Parcel Service, Inc., Class B | 1,609 | 293,707 |
Automobiles — 2.9% | ||
Tesla, Inc. * | 4,455 | 3,000,086 |
Beverages — 2.7% | ||
Coca-Cola Co. (The) | 12,210 | 768,131 |
Constellation Brands, Inc., Class A | 1,977 | 460,760 |
Monster Beverage Corp. * | 6,954 | 644,636 |
PepsiCo, Inc. | 5,443 | 907,130 |
2,780,657 | ||
Biotechnology — 3.2% | ||
AbbVie, Inc. | 5,072 | 776,828 |
Amgen, Inc. | 891 | 216,780 |
Biogen, Inc. * | 2,126 | 433,576 |
Regeneron Pharmaceuticals, Inc. * | 1,422 | 840,587 |
Seagen, Inc. * | 3,017 | 533,828 |
Vertex Pharmaceuticals, Inc. * | 1,434 | 404,087 |
3,205,686 | ||
Commercial Services & Supplies — 0.4% | ||
Copart, Inc. * | 3,561 | 386,938 |
Communications Equipment — 1.6% | ||
Cisco Systems, Inc. | 38,362 | 1,635,756 |
Electric Utilities — 1.6% | ||
NextEra Energy, Inc. | 8,916 | 690,633 |
Xcel Energy, Inc. | 13,790 | 975,781 |
1,666,414 | ||
Electrical Equipment — 0.5% | ||
Eaton Corp. plc | 3,906 | 492,117 |
Entertainment — 0.9% | ||
Electronic Arts, Inc. | 791 | 96,225 |
NetEase, Inc., ADR (China) | 1,978 | 184,666 |
Netflix, Inc. * | 3,546 | 620,089 |
900,980 | ||
Equity Real Estate Investment Trusts (REITs) — 0.4% | ||
Prologis, Inc. | 3,200 | 376,480 |
Food & Staples Retailing — 1.2% | ||
Costco Wholesale Corp. | 2,479 | 1,188,135 |
Food Products — 1.4% | ||
Kraft Heinz Co. (The) | 13,156 | 501,770 |
Mondelez International, Inc., Class A | 15,226 | 945,382 |
1,447,152 |
INVESTMENTS | SHARES | VALUE($) |
Health Care Equipment & Supplies — 1.2% | ||
Dexcom, Inc. * | 7,033 | 524,169 |
Intuitive Surgical, Inc. * | 3,641 | 730,785 |
1,254,954 | ||
Health Care Providers & Services — 0.7% | ||
UnitedHealth Group, Inc. | 1,343 | 689,805 |
Hotels, Restaurants & Leisure — 1.9% | ||
Airbnb, Inc., Class A * | 536 | 47,747 |
Booking Holdings, Inc. * | 534 | 933,961 |
Chipotle Mexican Grill, Inc. * | 352 | 460,155 |
Marriott International, Inc., Class A | 3,365 | 457,674 |
1,899,537 | ||
Industrial Conglomerates — 0.6% | ||
Honeywell International, Inc. | 3,401 | 591,128 |
Interactive Media & Services — 9.4% | ||
Alphabet, Inc., Class C * | 3,128 | 6,842,343 |
Meta Platforms, Inc., Class A * | 16,659 | 2,686,264 |
9,528,607 | ||
Internet & Direct Marketing Retail — 5.4% | ||
Amazon.com, Inc. * | 48,530 | 5,154,371 |
MercadoLibre, Inc. (Brazil) * | 443 | 282,134 |
5,436,505 | ||
IT Services — 1.7% | ||
Accenture plc, Class A | 1,347 | 373,995 |
Mastercard, Inc., Class A | 1,427 | 450,190 |
PayPal Holdings, Inc. * | 13,067 | 912,599 |
1,736,784 | ||
Life Sciences Tools & Services — 0.3% | ||
Thermo Fisher Scientific, Inc. | 545 | 296,088 |
Machinery — 0.5% | ||
Deere & Co. | 1,674 | 501,313 |
Media — 2.0% | ||
Charter Communications, Inc., Class A * | 985 | 461,502 |
Comcast Corp., Class A | 39,433 | 1,547,351 |
2,008,853 | ||
Multiline Retail — 0.4% | ||
Dollar Tree, Inc. * | 2,476 | 385,885 |
Pharmaceuticals — 0.4% | ||
Bristol-Myers Squibb Co. | 4,989 | 384,153 |
Professional Services — 0.4% | ||
Verisk Analytics, Inc. | 2,210 | 382,529 |
June 30, 2022 | 27 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Road & Rail — 0.4% | ||
CSX Corp. | 13,159 | 382,400 |
Semiconductors & Semiconductor Equipment — 11.8% | ||
Advanced Micro Devices, Inc. * | 19,756 | 1,510,741 |
Analog Devices, Inc. | 7,852 | 1,147,099 |
Applied Materials, Inc. | 3,722 | 338,628 |
ASML Holding NV (Registered), NYRS (Netherlands) | 1,087 | 517,282 |
Broadcom, Inc. | 2,125 | 1,032,346 |
Intel Corp. | 15,411 | 576,525 |
Lam Research Corp. | 1,977 | 842,498 |
Marvell Technology, Inc. | 9,788 | 426,072 |
Micron Technology, Inc. | 2,656 | 146,824 |
NVIDIA Corp. | 14,589 | 2,211,546 |
NXP Semiconductors NV (China) | 3,991 | 590,788 |
QUALCOMM, Inc. | 9,795 | 1,251,213 |
Teradyne, Inc. | 4,897 | 438,526 |
Texas Instruments, Inc. | 5,704 | 876,420 |
11,906,508 | ||
Software — 14.3% | ||
Adobe, Inc. * | 1,797 | 657,810 |
HubSpot, Inc. * | 1,074 | 322,898 |
Intuit, Inc. | 3,133 | 1,207,583 |
Microsoft Corp. | 35,970 | 9,238,175 |
Oracle Corp. | 5,619 | 392,600 |
Palo Alto Networks, Inc. * | 1,266 | 625,328 |
ServiceNow, Inc. * | 542 | 257,732 |
Synopsys, Inc. * | 3,491 | 1,060,217 |
Workday, Inc., Class A * | 3,633 | 507,094 |
Zscaler, Inc. * | 1,249 | 186,738 |
14,456,175 | ||
Specialty Retail — 1.1% | ||
Lowe's Cos., Inc. | 2,742 | 478,945 |
O'Reilly Automotive, Inc. * | 990 | 625,442 |
1,104,387 | ||
Technology Hardware, Storage & Peripherals — 10.0% | ||
Apple, Inc. | 70,566 | 9,647,783 |
Seagate Technology Holdings plc | 6,866 | 490,507 |
10,138,290 | ||
Textiles, Apparel & Luxury Goods — 0.4% | ||
NIKE, Inc., Class B | 3,738 | 382,024 |
INVESTMENTS | SHARES | VALUE($) |
Wireless Telecommunication Services — 0.8% | ||
T-Mobile US, Inc. * | 6,335 | 852,311 |
Total Common Stocks (Cost $86,534,884) | 81,692,344 | |
PRINCIPAL AMOUNT($) | ||
Equity-Linked Notes — 16.7% | ||
BNP Paribas, ELN, 117.90%, 8/9/2022, (linked to Nasdaq-100 Index) (a) | 417 | 4,797,051 |
Canadian Imperial Bank of Commerce, ELN, 89.00%, 7/12/2022, (linked to Nasdaq-100 Index) (Canada) (a) | 160 | 1,891,376 |
Credit Suisse AG, ELN, 114.00%, 8/2/2022, (linked to Nasdaq-100 Index) (Switzerland) (a) | 307 | 3,691,245 |
GS Finance Corp., ELN, 120.92%, 7/26/2022, (linked to Nasdaq-100 Index) (a) | 368 | 4,105,342 |
UBS AG, ELN, 93.25%, 7/19/2022, (linked to Nasdaq-100 Index) (Switzerland) (a) | 203 | 2,434,577 |
Total Equity-Linked Notes (Cost $16,700,713) | 16,919,591 | |
SHARES | ||
Short Term Investments — 1.7% | ||
Investment Companies — 1.7% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) (Cost $1,754,620) | 1,754,620 | 1,754,620 |
Total Investments — 99.2% (Cost $104,990,217) | 100,366,555 | |
Other Assets Less Liabilities — 0.8% | 789,174 | |
NET ASSETS — 100.0% | 101,155,729 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
ELN | Equity-Linked Note |
NYRS | New York Registry Shares |
* | Non-income producing security. |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of June 30, 2022. |
28 | June 30, 2022 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Micro E-Mini Nasdaq 100 Index | 15 | 09/16/2022 | USD | 346,328 | (15,350) |
Abbreviations | |
USD | United States Dollar |
June 30, 2022 | 29 |
AS OF June 30, 2022
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | JPMorgan Active Value ETF | JPMorgan Equity Premium Income ETF | JPMorgan Nasdaq Equity Premium Income ETF | |
ASSETS: | ||||
Investments in non-affiliates, at value | $23,529,882 | $42,779,610 | $9,986,825,791 | $98,611,935 |
Investments in affiliates, at value | 108,091 | 1,396,966 | 121,300,698 | 1,754,620 |
Cash | 34,042 | 1,202 | 129,451 | 2,010 |
Deposits at broker for futures contracts | 19,000 | — | — | 25,000 |
Receivables: | ||||
Investment securities sold | 3,647 | — | 378,009,739 | 1,852,099 |
Fund shares sold | — | — | 67,943,824 | 16,076,722 |
Interest from non-affiliates | — | — | 64,220,923 | 632,408 |
Dividends from non-affiliates | 22,795 | 63,066 | 11,076,375 | 24,293 |
Dividends from affiliates | 4 | 53 | 4,581 | 66 |
Due from adviser | 17 | — | — | — |
Other assets | — | — | 35,463 | — |
Total Assets | 23,717,478 | 44,240,897 | 10,629,546,845 | 118,979,153 |
LIABILITIES: | ||||
Payables: | ||||
Investment securities purchased | 33,922 | — | 420,354,576 | 17,800,728 |
Variation margin on futures contracts | 822 | — | — | 4,402 |
Accrued liabilities: | ||||
Management fees (See Note 3.A) | 3,397 | 15,770 | 2,781,316 | 18,294 |
Other | 175 | — | — | — |
Total Liabilities | 38,316 | 15,770 | 423,135,892 | 17,823,424 |
Net Assets | $23,679,162 | $44,225,127 | $10,206,410,953 | $101,155,729 |
NET ASSETS: | ||||
Paid-in-Capital | $26,962,153 | $46,771,557 | $11,068,996,333 | $105,439,455 |
Total distributable earnings (loss) | (3,282,991) | (2,546,430) | (862,585,380) | (4,283,726) |
Total Net Assets: | $23,679,162 | $44,225,127 | $10,206,410,953 | $101,155,729 |
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001) | 550,000 | 925,000 | 184,075,000 | 2,225,000 |
Net asset value, per share | $43.05 | $47.81 | $55.45 | $45.46 |
Cost of investments in non-affiliates | $26,131,760 | $44,723,510 | $10,346,358,070 | $103,235,597 |
Cost of investments in affiliates | 108,091 | 1,396,966 | 121,300,698 | 1,754,620 |
30 | June 30, 2022 |
FOR THE YEAR ENDED June 30, 2022
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (a) | JPMorgan Active Value ETF (b) | JPMorgan Equity Premium Income ETF | JPMorgan Nasdaq Equity Premium Income ETF (c) | |
INVESTMENT INCOME: | ||||
Interest income from non-affiliates | $8 | $— | $529,904,797 | $1,133,949 |
Dividend income from non-affiliates | 380,186 | 517,212 | 90,491,621 | 63,544 |
Dividend income from affiliates | 328 | 2,375 | 214,626 | 2,742 |
Income from securities lending (net) (See Note 2.C) | 17 | 13 | 1,362 | — |
Total investment income | 380,539 | 519,600 | 620,612,406 | 1,200,235 |
EXPENSES: | ||||
Management fees (See Note 3.A) | 45,331 | 109,171 | 20,404,391 | 27,241 |
Interest expense to non-affiliates | — | — | 1,168 | 31 |
Other | 217 | — | 86,354 | — |
Total expenses | 45,548 | 109,171 | 20,491,913 | 27,272 |
Net investment income (loss) | 334,991 | 410,429 | 600,120,493 | 1,172,963 |
REALIZED/UNREALIZED GAINS (LOSSES): | ||||
Net realized gain (loss) on transactions from: | ||||
Investments in non-affiliates | (846,986) | (635,535) | (590,903,022) | (504,077) |
In-kind redemptions of investments in non-affiliates (See Note 4) | — | — | 72,757,665 | — |
Futures contracts | (14,250) | — | (20,738,511) | 25,151 |
Net realized gain (loss) | (861,236) | (635,535) | (538,883,868) | (478,926) |
Change in net unrealized appreciation/depreciation on: | ||||
Investments in non-affiliates | (2,601,878) | (1,943,900) | (450,245,228) | (4,623,662) |
Futures contracts | (10) | — | 21,009 | (15,350) |
Change in net unrealized appreciation/depreciation | (2,601,888) | (1,943,900) | (450,224,219) | (4,639,012) |
Net realized/unrealized gains (losses) | (3,463,124) | (2,579,435) | (989,108,087) | (5,117,938) |
Change in net assets resulting from operations | $(3,128,133) | $(2,169,006) | $(388,987,594) | $(3,944,975) |
June 30, 2022 | 31 |
FOR THE PERIODS INDICATED
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | JPMorgan Active Value ETF | |
Period Ended June 30, 2022 (a) | Period Ended June 30, 2022 (b) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||
Net investment income (loss) | $334,991 | $410,429 |
Net realized gain (loss) | (861,236) | (635,535) |
Change in net unrealized appreciation/depreciation | (2,601,888) | (1,943,900) |
Change in net assets resulting from operations | (3,128,133) | (2,169,006) |
DISTRIBUTIONS TO SHAREHOLDERS: | ||
Total distributions to shareholders | (154,858) | (377,424) |
CAPITAL TRANSACTIONS: | ||
Change in net assets resulting from capital transactions | 26,962,153 | 46,771,557 |
NET ASSETS: | ||
Change in net assets | 23,679,162 | 44,225,127 |
Beginning of year | — | — |
End of period | $23,679,162 | $44,225,127 |
CAPITAL TRANSACTIONS: | ||
Proceeds from shares issued | $26,962,153 | $46,771,557 |
Total change in net assets resulting from capital transactions | $26,962,153 | $46,771,557 |
SHARE TRANSACTIONS: | ||
Issued | 550,000 | 925,000 |
Net increase in shares from transactions | 550,000 | 925,000 |
32 | June 30, 2022 |
JPMorgan Equity Premium Income ETF | JPMorgan Nasdaq Equity Premium Income ETF | ||
Year Ended June 30, 2022 | Year Ended June 30, 2021 | Period Ended June 30, 2022 (a) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | |||
Net investment income (loss) | $600,120,493 | $43,088,958 | $1,172,963 |
Net realized gain (loss) | (538,883,868) | (10,834,458) | (478,926) |
Change in net unrealized appreciation/depreciation | (450,224,219) | 90,353,453 | (4,639,012) |
Change in net assets resulting from operations | (388,987,594) | 122,607,953 | (3,944,975) |
DISTRIBUTIONS TO SHAREHOLDERS: | |||
Total distributions to shareholders | (493,807,029) | (30,358,853) | (338,751) |
CAPITAL TRANSACTIONS: | |||
Change in net assets resulting from capital transactions | 9,172,786,489 | 1,796,253,401 | 105,439,455 |
NET ASSETS: | |||
Change in net assets | 8,289,991,866 | 1,888,502,501 | 101,155,729 |
Beginning of year | 1,916,419,087 | 27,916,586 | — |
End of period | $10,206,410,953 | $1,916,419,087 | $101,155,729 |
CAPITAL TRANSACTIONS: | |||
Proceeds from shares issued | $9,663,664,928 | $1,800,470,830 | $105,439,455 |
Cost of shares redeemed | (490,878,439) | (4,217,429) | — |
Total change in net assets resulting from capital transactions | $9,172,786,489 | $1,796,253,401 | $105,439,455 |
SHARE TRANSACTIONS: | |||
Issued | 160,575,000 | 31,200,000 | 2,225,000 |
Redeemed | (8,175,000) | (75,000) | — |
Net increase in shares from transactions | 152,400,000 | 31,125,000 | 2,225,000 |
June 30, 2022 | 33 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss) (b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | |||||||
July 7, 2021 (f) through June 30, 2022 | $49.00 | $0.61 | $(6.28) | $(5.67) | $(0.28) | $— | $(0.28) |
JPMorgan Active Value ETF | |||||||
October 4, 2021 (f) through June 30, 2022 | 49.50 | 0.63 | (1.78) | (1.15) | (0.47) | (0.07) | (0.54) |
JPMorgan Equity Premium Income ETF | |||||||
Year Ended June 30, 2022 | 60.50 | 6.11 | (6.20) | (0.09) | (4.96) | — | (4.96) |
Year Ended June 30, 2021 | 50.76 | 5.17 | 9.42 | 14.59 | (4.85) | — | (4.85) |
May 20, 2020 (f) through June 30, 2020 | 50.00 | 0.63 | 0.13(i) | 0.76 | — | — | — |
JPMorgan Nasdaq Equity Premium Income ETF | |||||||
May 3, 2022 (f) through June 30, 2022 | 50.00 | 1.11 | (5.27) | (4.16) | (0.38) | — | (0.38) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The closing price was used to calculate the market price return. |
(f) | Commencement of operations. |
(g) | Since the Shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from the inception to the first day of secondary market trading, the NAV is used as a proxy for the secondary market trading price to calculate the market returns. |
(h) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(i) | Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments. |
34 | undefined | June 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 (c)(e) | Net assets, end of period | Net expenses | Net investment income (loss) | Portfolio turnover rate (c) |
$43.05 | $42.96 | (11.67)% | (11.85)(g)% | $23,679,162 | 0.17(h)% | 1.25(h)% | 40% |
47.81 | 47.71 | (2.37) | (2.57)(g) | 44,225,127 | 0.44 | 1.64 | 56 |
55.45 | 55.45 | (0.49) | (0.62) | 10,206,410,953 | 0.35 | 10.23 | 195 |
60.50 | 60.57 | 30.22 | 29.90 | 1,916,419,087 | 0.35 | 8.89 | 195 |
50.76 | 50.94 | 1.52 | 1.88(g) | 27,916,586 | 0.35 | 11.11 | 13 |
45.46 | 45.76 | (8.37) | (7.77)(g) | 101,155,729 | 0.35 | 14.59 | 12 |
June 30, 2022 | undefined | 35 |
AS OF June 30, 2022
Diversification Classification | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF(1) | Diversified |
JPMorgan Active Value ETF(2) | Diversified |
JPMorgan Equity Premium Income ETF | Diversified |
JPMorgan Nasdaq Equity Premium Income ETF(3) | Non-Diversified |
(1) | Commenced operations on July 7, 2021. |
(2) | Commenced operations on October 4, 2021. |
(3) | Commenced operations on May 3, 2022. |
Listing Exchange | |
ActiveBuilders U.S. Large Cap Equity ETF | NYSE Arca |
Active Value ETF | NYSE Arca |
Equity Premium Income ETF | NYSE Arca |
Nasdaq Equity Premium Income ETF | Nasdaq Stock Market® LLC |
Shares per Creation Unit | |
ActiveBuilders U.S. Large Cap Equity ETF | 50,000 |
Active Value ETF | 25,000 |
Equity Premium Income ETF | 25,000 |
Nasdaq Equity Premium Income ETF | 25,000 |
36 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
ActiveBuilders U.S. Large Cap Equity ETF | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $23,637,973 | $— | $— | $23,637,973 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $(10) | $— | $— | $(10) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 37 |
AS OF June 30, 2022 (continued)
Active Value ETF | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $44,176,576 | $— | $— | $44,176,576 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Equity Premium Income ETF | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $8,489,023,249 | $— | $— | $8,489,023,249 |
Equity-Linked Notes | — | 1,497,802,542 | — | 1,497,802,542 |
Short-Term Investments | ||||
Investment Companies | 121,300,698 | — | — | 121,300,698 |
Total Investments in Securities | $8,610,323,947 | $1,497,802,542 | $— | $10,108,126,489 |
Nasdaq Equity Premium Income ETF | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $81,692,344 | $— | $— | $81,692,344 |
Equity-Linked Notes | — | 16,919,591 | — | 16,919,591 |
Short-Term Investments | ||||
Investment Companies | 1,754,620 | — | — | 1,754,620 |
Total Investments in Securities | $83,446,964 | $16,919,591 | $— | $100,366,555 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(15,350) | $— | $— | $(15,350) |
38 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
ActiveBuilders U.S. Large Cap Equity ETF | |||||||||
For the year ended June 30, 2022 | |||||||||
Security Description | Value at July 7, 2021(a) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) | $— | $25,265,405 | $25,157,314 | $— | $— | $108,091 | 108,091 | $328 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) | — | 26,220 | 26,220 | — | — | — | — | 1* | — |
Total | $— | $25,291,625 | $25,183,534 | $— | $— | $108,091 | $329 | $— |
(a) | Commencement of operations was July 7, 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 June 30, 2022. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Active Value ETF | |||||||||
For the year ended June 30, 2022 | |||||||||
Security Description | Value at October 4, 2021(a) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) | $— | $2,181,165 | $784,199 | $— | $— | $1,396,966 | 1,396,966 | $2,375 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) | — | 94,423 | 94,423 | — | — | — | — | 1* | — |
Total | $— | $2,275,588 | $878,622 | $— | $— | $1,396,966 | $2,376 | $— |
(a) | Commencement of operations was October 4, 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 June 30, 2022. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 39 |
AS OF June 30, 2022 (continued)
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Equity Premium Income ETF | |||||||||
For the year ended June 30, 2022 | |||||||||
Security Description | Value at June 30, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.50% (a) (b) | $— | $15,000,000 | $15,000,000 | $— | $— | $— | — | $38* | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) | 26,638,228 | 3,346,214,715 | 3,251,552,245 | — | — | 121,300,698 | 121,300,698 | 214,626 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) | — | 25,229,884 | 25,229,884 | — | — | — | — | 211* | — |
Total | $26,638,228 | $3,386,444,599 | $3,291,782,129 | $— | $— | $121,300,698 | $214,875 | $— |
(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 June 30, 2022. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Nasdaq Equity Premium Income ETF | |||||||||
For the year ended June 30, 2022 | |||||||||
Security Description | Value at May 3, 2022(a) | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) | $— | $14,418,408 | $12,663,788 | $— | $— | $1,754,620 | 1,754,620 | $2,742 | $— |
(a) | Commencement of operations was May 3, 2022. |
(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 June 30, 2022. |
40 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
ActiveBuilders U.S. Large Cap Equity ETF | Equity Premium Income ETF | Nasdaq Equity Premium Income ETF | |
Futures Contracts: | |||
Average Notional Balance Long | $114,107(a) | $35,969,736 | $233,451(b) |
Average Notional Balance Short | — | (45,993,346) | — |
Ending Notional Balance Long | 113,813 | — | 346,328 |
(a) | For the period July 7, 2021 through June 30, 2022. |
(b) | For the period May 3, 2022 through June 30, 2022. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 41 |
AS OF June 30, 2022 (continued)
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
ActiveBuilders U.S. Large Cap Equity ETF | $— | $(167) | $167 |
Active Value ETF | — | (153) | 153 |
Equity Premium Income ETF | 71,663,444 | (54,683) | (71,608,761) |
ActiveBuilders U.S. Large Cap Equity ETF | 0.17% |
Active Value ETF | 0.44 |
Equity Premium Income ETF | 0.35 |
Nasdaq Equity Premium Income ETF | 0.35 |
42 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
ActiveBuilders U.S. Large Cap Equity ETF | $35,310,981 | $10,709,305 |
Active Value ETF | 42,838,940 | 18,247,579 |
Equity Premium Income ETF | 13,053,606,354 | 11,388,019,181 |
Nasdaq Equity Premium Income ETF | 45,235,539 | 6,801,083 |
In-Kind Creations | In-Kind Redemptions | |
ActiveBuilders U.S. Large Cap Equity ETF | $2,379,994 | $— |
Active Value ETF | 20,771,699 | — |
Equity Premium Income ETF | 7,803,671,548 | 404,680,179 |
Nasdaq Equity Premium Income ETF | 65,305,264 | — |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
ActiveBuilders U.S. Large Cap Equity ETF | $26,295,846 | $913,769 | $3,571,653 | $(2,657,884) |
Active Value ETF | 46,336,402 | 1,912,548 | 4,072,374 | (2,159,826) |
Equity Premium Income ETF | 10,504,272,035 | 248,486,093 | 644,631,639 | (396,145,546) |
Nasdaq Equity Premium Income ETF | 104,976,957 | 589,573 | 5,215,325 | (4,625,752) |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 43 |
AS OF June 30, 2022 (continued)
Ordinary Income* | Total Distributions Paid | |
ActiveBuilders U.S. Large Cap Equity ETF | $154,858 | $154,858 |
Active Value ETF | 377,424 | 377,424 |
Equity Premium Income ETF | 493,807,029 | 493,807,029 |
Nasdaq Equity Premium Income ETF | 338,751 | 338,751 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Ordinary Income* | Total Distributions Paid | |
Equity Premium Income ETF | $30,358,853 | $30,358,853 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
ActiveBuilders U.S. Large Cap Equity ETF | $183,769 | $(37,530) | $(2,657,884) |
Active Value ETF | 75,770 | — | (2,159,826) |
Equity Premium Income ETF | 119,259,233 | (55,810,874) | (398,104,687) |
Nasdaq Equity Premium Income ETF | 834,866 | (491,679) | (4,626,260) |
Capital Loss Carryforward Character | ||
Short-Term | Long-Term | |
ActiveBuilders U.S. Large Cap Equity ETF | $37,530 | $— |
Equity Premium Income ETF | 38,787,304 | 17,023,570 |
Nasdaq Equity Premium Income ETF | 491,679 | — |
Net Capital Losses (Gains) | ||
Short-Term | Long-Term | |
ActiveBuilders U.S. Large Cap Equity ETF | $754,043 | $13,501 |
Active Value ETF | 461,324 | (2,753) |
Equity Premium Income ETF | 469,512,656 | 58,409,907 |
44 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
% of Ownership | |
ActiveBuilders U.S. Large Cap Equity ETF | 91% |
Active Value ETF | 52 |
Nasdaq Equity Premium Income ETF | 22 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 45 |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF* |
JPMorgan Active Value ETF** |
JPMorgan Equity Premium Income ETF*** |
JPMorgan Nasdaq Equity Premium Income ETF**** |
* | Statement of operations and statement of changes in net assets for the period July 7, 2021 (commencement of operations) through June 30, 2022 |
** | Statement of operations and statement of changes in net assets for the period October 4, 2021 (commencement of operations) through June 30, 2022 |
*** | Statement of operations for the year ended June 30, 2022 and statement of changes in net assets for the years ended June 30, 2022 and June 30, 2021 |
**** | Statement of operations and statement of changes in net assets for the period May 3, 2022 (commencement of operations) through June 30, 2022 |
46 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 167 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present) |
Stephen P. Fisher (1959); Trustee since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered brokerdealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 167 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 167 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 167 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America U.S. Holdings (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 167 | None |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 167 | None |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 47 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 167 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 167 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014. | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 167 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 167 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 167 | None |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 167 | Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021);Trustee, Dartmouth- Hitchcock MedicalCenter (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 167 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
48 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 167 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 167 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 167 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee(2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (167 J.P. Morgan Funds). | ||
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. | ||
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 49 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2021)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020) (formerly Assistant Treasurer 2019-2020) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2022) **(formerly Assistant Secretary 2014-2022) | Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2014) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel,Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 to June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2022)*** (formerly Secretary 2018-2022) | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962), Assistant Secretary (2014)*** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2019)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2014)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 to March 2017. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)* | Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase since May 2006. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Shannon Gaines (1977), Assistant Treasurer (2019)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Nektarios E. Manolakakis (1972), Assistant Treasurer (2020) | Executive Director, J.P. Morgan Investment Management Inc. Mr. Manolakakis has been with JPMorgan Chase since 2010. |
Todd McEwen (1981), Assistant Treasurer (2020)*** | Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. | |
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
50 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 51 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During the Period | Annualized Expense Ratio | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | ||||
Actual | $1,000.00 | $805.70 | $0.76 | 0.17% |
Hypothetical * | 1,000.00 | 1,023.95 | 0.85 | 0.17 |
JPMorgan Active Value ETF | ||||
Actual | 1,000.00 | 919.20 | 2.09 | 0.44 |
Hypothetical * | 1,000.00 | 1,022.61 | 2.21 | 0.44 |
JPMorgan Equity Premium Income ETF | ||||
Actual | 1,000.00 | 914.40 | 1.66 | 0.35 |
Hypothetical * | 1,000.00 | 1,023.06 | 1.76 | 0.35 |
JPMorgan Nasdaq Equity Premium Income ETF | ||||
Actual ** | 1,000.00 | 916.30 | 0.56 | 0.35 |
Hypothetical * | 1,000.00 | 1,023.06 | 1.81 | 0.35 |
* | 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 59/365 (to reflect the actual period). The Fund commenced operations on May 3, 2022. |
52 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
(Unaudited)
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 53 |
(Unaudited)
Dividends Received Deduction | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | 100.00% |
JPMorgan Active Value ETF | 100.00 |
JPMorgan Equity Premium Income ETF | 15.84 |
JPMorgan Nasdaq Equity Premium Income ETF | 16.56 |
Qualified Dividend Income | |
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF | $154,858 |
JPMorgan Active Value ETF | 377,425 |
JPMorgan Equity Premium Income ETF | 82,664,751 |
JPMorgan Nasdaq Equity Premium Income ETF | 62,196 |
54 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
(Unaudited)
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 55 |
(Unaudited) (continued)
56 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Fund | Ticker | Listing Exchange |
JPMorgan Market Expansion Enhanced Equity ETF | JMEE | NYSE Arca |
1 | |
2 | |
5 | |
15 | |
20 | |
22 | |
31 | |
32 | |
36 | |
38 | |
39 | |
40 |
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.
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.
August 9, 2022 (Unaudited)
“Amid the current backdrop, we believe investors should recognize the potential benefits of a well-diversified portfolio that adjusts to near-term market challenges while pursuing long-term opportunities.” — Brian S. Shlissel |
the conflict in Ukraine and its broader impact on energy supplies to Europe and grain exports to large parts of the world remains a key driver of geopolitical uncertainty.
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 1 |
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Net Asset Value * | (13.80)% |
Market Price ** | (13.81)% |
S&P 1000 Index | (10.62)% |
Net Assets as of 6/30/2022 | $833,993,386 |
Fund Ticker | JMEE |
2 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | United Therapeutics Corp. | 0.8% |
2. | Targa Resources Corp. | 0.7 |
3. | Lantheus Holdings, Inc. | 0.6 |
4. | Exelixis, Inc. | 0.6 |
5. | First Horizon Corp. | 0.6 |
6. | Builders FirstSource, Inc. | 0.6 |
7. | Arrow Electronics, Inc. | 0.5 |
8. | Rexford Industrial Realty, Inc. | 0.5 |
9. | UGI Corp. | 0.5 |
10. | Life Storage, Inc. | 0.5 |
PORTFOLIO COMPOSTION BY SECTOR AS OF June 30, 2022 | PERCENT OF TOTAL INVESTMENTS |
Industrials | 18.9% |
Financials | 15.1 |
Information Technology | 12.3 |
Consumer Discretionary | 11.6 |
Health Care | 10.8 |
Real Estate | 8.6 |
Materials | 5.7 |
Energy | 4.5 |
Consumer Staples | 4.1 |
Utilities | 2.9 |
Communication Services | 1.4 |
Short-Term Investments | 4.1 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 3 |
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
INCEPTION DATE | 1 YEAR | 5 YEAR | 10 YEAR | |
JPMorgan Market Expansion Enhanced Equity ETF | ||||
Net Asset Value | July 31, 1998* | (13.80)% | 6.43% | 10.78% |
Market Price | (13.81) | 6.42 | 10.78 |
* | Inception date for Class I Shares of the predecessor Fund (as defined below). |
4 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
AS OF June 30, 2022
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 96.8% | ||
Aerospace & Defense — 0.7% | ||
Aerojet Rocketdyne Holdings, Inc. * | 21,790 | 884,674 |
AeroVironment, Inc. * | 6,200 | 509,640 |
Axon Enterprise, Inc. * | 17,139 | 1,596,841 |
Curtiss-Wright Corp. | 11,788 | 1,556,723 |
Hexcel Corp. | 22,090 | 1,155,528 |
Woodward, Inc. | 4,851 | 448,669 |
6,152,075 | ||
Air Freight & Logistics — 0.5% | ||
Atlas Air Worldwide Holdings, Inc. * | 8,023 | 495,099 |
Forward Air Corp. | 8,916 | 819,915 |
GXO Logistics, Inc. * | 22,090 | 955,834 |
Hub Group, Inc., Class A * | 23,825 | 1,690,146 |
3,960,994 | ||
Airlines — 0.3% | ||
Hawaiian Holdings, Inc. * | 24,069 | 344,427 |
JetBlue Airways Corp. * | 285,156 | 2,386,756 |
2,731,183 | ||
Auto Components — 1.0% | ||
Adient plc * | 25,855 | 766,084 |
American Axle & Manufacturing Holdings, Inc. * | 39,715 | 299,054 |
Dana, Inc. | 92,711 | 1,304,444 |
Fox Factory Holding Corp. * | 6,044 | 486,784 |
Gentherm, Inc. * | 9,209 | 574,734 |
Goodyear Tire & Rubber Co. (The) * | 195,826 | 2,097,296 |
LCI Industries | 6,837 | 764,923 |
Lear Corp. | 16,046 | 2,020,031 |
Patrick Industries, Inc. | 7,630 | 395,539 |
8,708,889 | ||
Automobiles — 0.4% | ||
Harley-Davidson, Inc. | 42,987 | 1,360,969 |
Thor Industries, Inc. | 16,085 | 1,202,032 |
Winnebago Industries, Inc. | 10,995 | 533,917 |
3,096,918 | ||
Banks — 8.0% | ||
Ameris Bancorp | 19,911 | 800,024 |
Associated Banc-Corp. | 61,389 | 1,120,963 |
Banc of California, Inc. | 61,705 | 1,087,242 |
Bancorp, Inc. (The) * | 32,192 | 628,388 |
Bank OZK | 44,103 | 1,655,186 |
Banner Corp. | 40,937 | 2,301,069 |
Berkshire Hills Bancorp, Inc. | 14,660 | 363,128 |
INVESTMENTS | SHARES | VALUE($) |
Banks — continued | ||
Brookline Bancorp, Inc. | 20,204 | 268,915 |
Cadence Bank | 70,560 | 1,656,749 |
Cathay General Bancorp | 11,423 | 447,210 |
Commerce Bancshares, Inc. | 11,583 | 760,424 |
Cullen/Frost Bankers, Inc. | 4,851 | 564,899 |
Customers Bancorp, Inc. * | 34,371 | 1,165,177 |
CVB Financial Corp. | 76,765 | 1,904,540 |
Dime Community Bancshares, Inc. | 13,402 | 397,369 |
Eagle Bancorp, Inc. | 24,369 | 1,155,334 |
East West Bancorp, Inc. | 58,590 | 3,796,632 |
FB Financial Corp. | 30,406 | 1,192,523 |
First Bancorp | 20,897 | 729,305 |
First BanCorp (Puerto Rico) | 66,063 | 852,873 |
First Commonwealth Financial Corp. | 30,406 | 408,049 |
First Financial Bancorp | 11,718 | 227,329 |
First Horizon Corp. | 214,342 | 4,685,516 |
FNB Corp. | 164,025 | 1,781,312 |
Fulton Financial Corp. | 57,583 | 832,074 |
Glacier Bancorp, Inc. | 10,502 | 498,005 |
Hancock Whitney Corp. | 41,894 | 1,857,161 |
Hanmi Financial Corp. | 38,906 | 873,051 |
HomeStreet, Inc. | 7,430 | 257,598 |
Hope Bancorp, Inc. | 45,266 | 626,481 |
Independent Bank Corp. | 7,723 | 613,438 |
Independent Bank Group, Inc. | 10,302 | 699,609 |
Meta Financial Group, Inc. | 33,878 | 1,310,062 |
National Bank Holdings Corp., Class A | 29,813 | 1,140,944 |
NBT Bancorp, Inc. | 9,528 | 358,158 |
OFG Bancorp (Puerto Rico) | 14,760 | 374,904 |
Old National Bancorp | 192,567 | 2,848,066 |
Pacific Premier Bancorp, Inc. | 54,945 | 1,606,592 |
PacWest Bancorp | 53,400 | 1,423,644 |
Pinnacle Financial Partners, Inc. | 27,082 | 1,958,299 |
Preferred Bank | 9,809 | 667,208 |
Prosperity Bancshares, Inc. | 26,536 | 1,811,613 |
Southside Bancshares, Inc. | 8,916 | 333,637 |
Synovus Financial Corp. | 47,359 | 1,707,292 |
Texas Capital Bancshares, Inc. * | 6,144 | 323,420 |
Triumph Bancorp, Inc. * | 6,337 | 396,443 |
UMB Financial Corp. | 10,203 | 878,478 |
Umpqua Holdings Corp. | 16,369 | 274,508 |
United Bankshares, Inc. | 11,988 | 420,419 |
United Community Banks, Inc. | 77,831 | 2,349,718 |
Valley National Bancorp | 220,679 | 2,297,268 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 5 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Banks — continued | ||
Veritex Holdings, Inc. | 25,281 | 739,722 |
Washington Federal, Inc. | 45,066 | 1,352,881 |
Webster Financial Corp. | 55,309 | 2,331,274 |
Westamerica BanCorp | 7,130 | 396,856 |
Wintrust Financial Corp. | 39,143 | 3,137,312 |
66,646,291 | ||
Beverages — 0.2% | ||
Boston Beer Co., Inc. (The), Class A * | 2,579 | 781,360 |
Coca-Cola Consolidated, Inc. | 1,486 | 837,955 |
1,619,315 | ||
Biotechnology — 2.3% | ||
Arrowhead Pharmaceuticals, Inc. * | 44,373 | 1,562,373 |
Eagle Pharmaceuticals, Inc. * | 30,806 | 1,368,711 |
Emergent BioSolutions, Inc. * | 4,158 | 129,064 |
Exelixis, Inc. * | 244,748 | 5,095,653 |
Neurocrine Biosciences, Inc. * | 29,220 | 2,848,366 |
REGENXBIO, Inc. * | 65,963 | 1,629,286 |
Spectrum Pharmaceuticals, Inc. * | 35,701 | 27,847 |
United Therapeutics Corp. * | 28,073 | 6,615,122 |
19,276,422 | ||
Building Products — 2.2% | ||
Builders FirstSource, Inc. * | 86,555 | 4,648,004 |
Carlisle Cos., Inc. | 16,968 | 4,048,735 |
Griffon Corp. | 14,167 | 397,101 |
Lennox International, Inc. | 6,987 | 1,443,444 |
Owens Corning | 28,920 | 2,149,045 |
Resideo Technologies, Inc. * | 44,078 | 855,995 |
Simpson Manufacturing Co., Inc. | 12,258 | 1,233,277 |
Trex Co., Inc. * | 11,488 | 625,177 |
UFP Industries, Inc. | 44,731 | 3,047,970 |
18,448,748 | ||
Capital Markets — 1.3% | ||
Affiliated Managers Group, Inc. | 8,023 | 935,482 |
Blucora, Inc. * | 35,164 | 649,127 |
Donnelley Financial Solutions, Inc. * | 13,667 | 400,306 |
Evercore, Inc., Class A | 22,446 | 2,101,170 |
Interactive Brokers Group, Inc., Class A | 32,392 | 1,781,884 |
Jefferies Financial Group, Inc. | 27,792 | 767,615 |
SEI Investments Co. | 11,831 | 639,111 |
Stifel Financial Corp. | 50,846 | 2,848,393 |
Virtus Investment Partners, Inc. | 2,079 | 355,551 |
10,478,639 |
INVESTMENTS | SHARES | VALUE($) |
Chemicals — 2.3% | ||
AdvanSix, Inc. | 38,429 | 1,285,066 |
Ashland Global Holdings, Inc. | 19,318 | 1,990,720 |
Avient Corp. | 44,273 | 1,774,462 |
Cabot Corp. | 29,366 | 1,873,257 |
Chemours Co. (The) | 67,056 | 2,147,133 |
Hawkins, Inc. | 5,351 | 192,797 |
HB Fuller Co. | 22,190 | 1,336,060 |
Ingevity Corp. * | 25,948 | 1,638,357 |
Minerals Technologies, Inc. | 15,494 | 950,402 |
RPM International, Inc. | 26,542 | 2,089,386 |
Schweitzer-Mauduit International, Inc. | 9,643 | 242,232 |
Scotts Miracle-Gro Co. (The) | 11,788 | 931,134 |
Sensient Technologies Corp. | 11,988 | 965,753 |
Trinseo plc | 10,895 | 419,022 |
Valvoline, Inc. | 54,875 | 1,582,046 |
19,417,827 | ||
Commercial Services & Supplies — 1.5% | ||
ABM Industries, Inc. | 18,008 | 781,907 |
Brady Corp., Class A | 15,453 | 730,000 |
Brink's Co. (The) | 14,760 | 896,080 |
Clean Harbors, Inc. * | 33,678 | 2,952,550 |
CoreCivic, Inc., REIT * | 124,203 | 1,379,895 |
Deluxe Corp. | 12,874 | 278,980 |
IAA, Inc. * | 37,936 | 1,243,163 |
Interface, Inc. | 18,125 | 227,287 |
KAR Auction Services, Inc. * | 35,957 | 531,085 |
Matthews International Corp., Class A | 9,309 | 266,889 |
MillerKnoll, Inc. | 23,732 | 623,440 |
Pitney Bowes, Inc. | 42,887 | 155,251 |
Stericycle, Inc. * | 6,837 | 299,802 |
Tetra Tech, Inc. | 15,231 | 2,079,793 |
Viad Corp. * | 5,644 | 155,831 |
12,601,953 | ||
Communications Equipment — 0.6% | ||
ADTRAN, Inc. | 15,653 | 274,397 |
Ciena Corp. * | 42,394 | 1,937,406 |
Comtech Telecommunications Corp. | 8,916 | 80,868 |
Digi International, Inc. * | 9,509 | 230,308 |
Extreme Networks, Inc. * | 33,578 | 299,516 |
Lumentum Holdings, Inc. * | 15,653 | 1,243,161 |
Viavi Solutions, Inc. * | 62,998 | 833,463 |
4,899,119 |
6 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Construction & Engineering — 2.0% | ||
AECOM | 37,021 | 2,414,510 |
Arcosa, Inc. | 15,153 | 703,554 |
Comfort Systems USA, Inc. | 28,063 | 2,333,438 |
EMCOR Group, Inc. | 34,035 | 3,504,244 |
Fluor Corp. * | 41,992 | 1,022,085 |
MasTec, Inc. * | 31,892 | 2,285,381 |
MDU Resources Group, Inc. | 146,593 | 3,956,545 |
MYR Group, Inc. * | 4,558 | 401,696 |
16,621,453 | ||
Construction Materials — 0.2% | ||
Eagle Materials, Inc. | 11,433 | 1,256,944 |
Consumer Finance — 0.5% | ||
Encore Capital Group, Inc. * | 9,209 | 532,004 |
Enova International, Inc. * | 9,902 | 285,376 |
EZCORP, Inc., Class A * | 25,062 | 188,216 |
Green Dot Corp., Class A * | 14,460 | 363,090 |
LendingTree, Inc. * | 1,979 | 86,720 |
Navient Corp. | 46,652 | 652,661 |
PROG Holdings, Inc. * | 19,260 | 317,790 |
SLM Corp. | 123,510 | 1,968,749 |
4,394,606 | ||
Containers & Packaging — 0.6% | ||
AptarGroup, Inc. | 2,279 | 235,216 |
Greif, Inc., Class A | 16,196 | 1,010,306 |
Myers Industries, Inc. | 10,900 | 247,757 |
Silgan Holdings, Inc. | 44,673 | 1,847,229 |
Sonoco Products Co. | 27,629 | 1,575,958 |
4,916,466 | ||
Diversified Consumer Services — 1.0% | ||
Adtalem Global Education, Inc. * | 14,560 | 523,723 |
American Public Education, Inc. * | 23,076 | 372,908 |
Graham Holdings Co., Class B | 1,786 | 1,012,376 |
Grand Canyon Education, Inc. * | 5,451 | 513,430 |
H&R Block, Inc. | 47,645 | 1,682,822 |
Service Corp. International | 46,852 | 3,238,410 |
Strategic Education, Inc. | 7,530 | 531,467 |
WW International, Inc. * | 15,253 | 97,467 |
7,972,603 | ||
Diversified Financial Services — 0.2% | ||
Voya Financial, Inc. | 31,400 | 1,869,242 |
Diversified Telecommunication Services — 0.3% | ||
ATN International, Inc. | 2,672 | 125,344 |
INVESTMENTS | SHARES | VALUE($) |
Diversified Telecommunication Services — continued | ||
Cogent Communications Holdings, Inc. | 11,588 | 704,087 |
Consolidated Communications Holdings, Inc. * | 36,075 | 252,525 |
Iridium Communications, Inc. * | 38,036 | 1,428,632 |
2,510,588 | ||
Electric Utilities — 1.2% | ||
Hawaiian Electric Industries, Inc. | 85,184 | 3,484,026 |
IDACORP, Inc. | 34,831 | 3,689,299 |
OGE Energy Corp. | 82,335 | 3,174,838 |
10,348,163 | ||
Electrical Equipment — 1.5% | ||
Acuity Brands, Inc. | 11,388 | 1,754,208 |
AZZ, Inc. | 6,937 | 283,168 |
Encore Wire Corp. | 20,704 | 2,151,560 |
Hubbell, Inc. | 6,628 | 1,183,628 |
nVent Electric plc | 125,889 | 3,944,103 |
Regal Rexnord Corp. | 19,481 | 2,211,483 |
Sunrun, Inc. * | 42,987 | 1,004,176 |
12,532,326 | ||
Electronic Equipment, Instruments & Components — 3.6% | ||
Advanced Energy Industries, Inc. | 11,883 | 867,221 |
Arrow Electronics, Inc. * | 40,554 | 4,545,698 |
Avnet, Inc. | 82,945 | 3,556,682 |
Belden, Inc. | 12,402 | 660,655 |
Benchmark Electronics, Inc. | 10,695 | 241,279 |
Cognex Corp. | 39,222 | 1,667,719 |
Fabrinet (Thailand) * | 28,820 | 2,337,302 |
II-VI, Inc. * | 20,604 | 1,049,774 |
Itron, Inc. * | 3,365 | 166,332 |
Jabil, Inc. | 76,072 | 3,895,647 |
Littelfuse, Inc. | 5,952 | 1,512,046 |
OSI Systems, Inc. * | 5,051 | 431,557 |
Sanmina Corp. * | 75,972 | 3,094,340 |
TD SYNNEX Corp. | 36,350 | 3,311,485 |
TTM Technologies, Inc. * | 24,662 | 308,275 |
Vishay Intertechnology, Inc. | 76,442 | 1,362,196 |
Vontier Corp. | 47,645 | 1,095,359 |
30,103,567 | ||
Energy Equipment & Services — 0.9% | ||
Bristow Group, Inc. * | 8,156 | 190,850 |
ChampionX Corp. | 133,219 | 2,644,397 |
Helmerich & Payne, Inc. | 19,511 | 840,144 |
Nabors Industries Ltd. * | 1,686 | 225,756 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 7 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Energy Equipment & Services — continued | ||
NOV, Inc. | 112,377 | 1,900,295 |
Oceaneering International, Inc. * | 30,406 | 324,736 |
Patterson-UTI Energy, Inc. | 58,933 | 928,784 |
ProPetro Holding Corp. * | 21,297 | 212,970 |
7,267,932 | ||
Entertainment — 0.1% | ||
Cinemark Holdings, Inc. * | 30,806 | 462,706 |
Marcus Corp. (The) * | 8,716 | 128,735 |
591,441 | ||
Equity Real Estate Investment Trusts (REITs) — 8.1% | ||
Agree Realty Corp. | 46,982 | 3,388,812 |
Alexander & Baldwin, Inc. | 20,604 | 369,842 |
American Assets Trust, Inc. | 13,474 | 400,178 |
American Campus Communities, Inc. | 33,618 | 2,167,352 |
Apartment Income REIT Corp. | 61,805 | 2,571,088 |
Armada Hoffler Properties, Inc. | 15,553 | 199,701 |
Brixmor Property Group, Inc. | 103,106 | 2,083,772 |
Centerspace | 13,374 | 1,090,650 |
Chatham Lodging Trust * | 12,874 | 134,533 |
Community Healthcare Trust, Inc. | 6,144 | 222,474 |
Corporate Office Properties Trust | 47,983 | 1,256,675 |
Cousins Properties, Inc. | 77,564 | 2,267,196 |
DiamondRock Hospitality Co. * | 54,977 | 451,361 |
Douglas Emmett, Inc. | 8,416 | 188,350 |
EastGroup Properties, Inc. | 11,888 | 1,834,675 |
EPR Properties | 21,313 | 1,000,219 |
Essential Properties Realty Trust, Inc. | 34,371 | 738,633 |
First Industrial Realty Trust, Inc. | 71,139 | 3,377,680 |
Four Corners Property Trust, Inc. | 38,136 | 1,014,036 |
Getty Realty Corp. | 12,904 | 341,956 |
Healthcare Realty Trust, Inc. | 55,568 | 1,511,450 |
Highwoods Properties, Inc. | 60,036 | 2,052,631 |
Hudson Pacific Properties, Inc. | 23,869 | 354,216 |
Independence Realty Trust, Inc. | 64,384 | 1,334,680 |
Innovative Industrial Properties, Inc. | 6,837 | 751,181 |
Kilroy Realty Corp. | 43,736 | 2,288,705 |
Kite Realty Group Trust | 104,814 | 1,812,234 |
Lamar Advertising Co., Class A | 25,355 | 2,230,479 |
Life Storage, Inc. | 39,422 | 4,401,861 |
Macerich Co. (The) | 43,380 | 377,840 |
Medical Properties Trust, Inc. | 148,372 | 2,265,640 |
National Retail Properties, Inc. | 22,583 | 971,069 |
National Storage Affiliates Trust | 62,598 | 3,134,282 |
INVESTMENTS | SHARES | VALUE($) |
Equity Real Estate Investment Trusts (REITs) — continued | ||
NexPoint Residential Trust, Inc. | 15,094 | 943,526 |
Park Hotels & Resorts, Inc. | 70,120 | 951,528 |
Pebblebrook Hotel Trust | 18,025 | 298,674 |
Physicians Realty Trust | 61,705 | 1,076,752 |
PotlatchDeltic Corp. | 19,362 | 855,607 |
Rayonier, Inc. | 53,913 | 2,015,268 |
Retail Opportunity Investments Corp. | 81,216 | 1,281,588 |
Rexford Industrial Realty, Inc. | 78,544 | 4,523,349 |
RPT Realty | 27,434 | 269,676 |
Saul Centers, Inc. | 3,156 | 148,679 |
SITE Centers Corp. | 103,706 | 1,396,920 |
Spirit Realty Capital, Inc. | 45,166 | 1,706,372 |
STORE Capital Corp. | 38,629 | 1,007,444 |
Summit Hotel Properties, Inc. * | 34,171 | 248,423 |
Tanger Factory Outlet Centers, Inc. | 8,616 | 122,520 |
Uniti Group, Inc. | 27,635 | 260,322 |
Urstadt Biddle Properties, Inc., Class A | 34,964 | 566,417 |
Xenia Hotels & Resorts, Inc. * | 106,408 | 1,546,108 |
67,804,624 | ||
Food & Staples Retailing — 1.2% | ||
Andersons, Inc. (The) | 34,664 | 1,143,565 |
BJ's Wholesale Club Holdings, Inc. * | 59,133 | 3,685,168 |
SpartanNash Co. | 55,535 | 1,675,491 |
Sprouts Farmers Market, Inc. * | 106,178 | 2,688,427 |
United Natural Foods, Inc. * | 17,039 | 671,337 |
9,863,988 | ||
Food Products — 1.8% | ||
Darling Ingredients, Inc. * | 47,245 | 2,825,251 |
Flowers Foods, Inc. | 72,017 | 1,895,488 |
Hain Celestial Group, Inc. (The) * | 23,276 | 552,572 |
Ingredion, Inc. | 33,643 | 2,965,967 |
John B Sanfilippo & Son, Inc. | 2,872 | 208,191 |
Pilgrim's Pride Corp. * | 53,782 | 1,679,612 |
Post Holdings, Inc. * | 16,246 | 1,337,858 |
Sanderson Farms, Inc. | 5,844 | 1,259,557 |
Seneca Foods Corp., Class A * | 8,371 | 464,925 |
Simply Good Foods Co. (The) * | 23,676 | 894,243 |
TreeHouse Foods, Inc. * | 29,518 | 1,234,443 |
15,318,107 | ||
Gas Utilities — 0.8% | ||
New Jersey Resources Corp. | 25,974 | 1,156,622 |
Southwest Gas Holdings, Inc. | 5,944 | 517,604 |
8 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Gas Utilities — continued | ||
Spire, Inc. | 7,630 | 567,443 |
UGI Corp. | 116,248 | 4,488,335 |
6,730,004 | ||
Health Care Equipment & Supplies — 4.0% | ||
Avanos Medical, Inc. * | 12,775 | 349,268 |
CONMED Corp. | 7,030 | 673,193 |
Cutera, Inc. * | 4,658 | 174,675 |
Enovis Corp. * | 12,247 | 673,585 |
Envista Holdings Corp. * | 101,127 | 3,897,435 |
Glaukos Corp. * | 22,283 | 1,012,094 |
Globus Medical, Inc., Class A * | 21,790 | 1,223,291 |
Haemonetics Corp. * | 32,192 | 2,098,275 |
Heska Corp. * | 2,972 | 280,884 |
Integer Holdings Corp. * | 9,116 | 644,137 |
Integra LifeSciences Holdings Corp. * | 20,104 | 1,086,219 |
Lantheus Holdings, Inc. * | 78,644 | 5,192,863 |
LivaNova plc * | 12,381 | 773,441 |
Masimo Corp. * | 29,713 | 3,882,598 |
Meridian Bioscience, Inc. * | 16,439 | 500,074 |
Merit Medical Systems, Inc. * | 14,260 | 773,890 |
Natus Medical, Inc. * | 10,002 | 327,766 |
Neogen Corp. * | 3,272 | 78,822 |
NuVasive, Inc. * | 49,324 | 2,424,768 |
Omnicell, Inc. * | 11,788 | 1,340,885 |
Orthofix Medical, Inc. * | 13,767 | 324,075 |
Penumbra, Inc. * | 6,937 | 863,795 |
Shockwave Medical, Inc. * | 10,400 | 1,988,168 |
Tandem Diabetes Care, Inc. * | 43,132 | 2,552,983 |
Varex Imaging Corp. * | 11,388 | 243,589 |
33,380,773 | ||
Health Care Providers & Services — 2.5% | ||
Acadia Healthcare Co., Inc. * | 24,962 | 1,688,180 |
Addus HomeCare Corp. * | 4,258 | 354,606 |
Amedisys, Inc. * | 23,502 | 2,470,530 |
AMN Healthcare Services, Inc. * | 36,710 | 4,027,454 |
Chemed Corp. | 4,658 | 2,186,419 |
Encompass Health Corp. | 26,841 | 1,504,438 |
Ensign Group, Inc. (The) | 14,360 | 1,055,029 |
HealthEquity, Inc. * | 42,318 | 2,597,902 |
LHC Group, Inc. * | 9,409 | 1,465,358 |
ModivCare, Inc. * | 12,874 | 1,087,853 |
Option Care Health, Inc. * | 38,629 | 1,073,500 |
R1 RCM, Inc. * | 32,885 | 689,270 |
INVESTMENTS | SHARES | VALUE($) |
Health Care Providers & Services — continued | ||
RadNet, Inc. * | 12,181 | 210,488 |
Select Medical Holdings Corp. | 2,859 | 67,529 |
20,478,556 | ||
Health Care Technology — 0.5% | ||
Allscripts Healthcare Solutions, Inc. * | 55,168 | 818,141 |
HealthStream, Inc. * | 8,416 | 182,711 |
NextGen Healthcare, Inc. * | 159,667 | 2,784,593 |
3,785,445 | ||
Hotels, Restaurants & Leisure — 2.2% | ||
BJ's Restaurants, Inc. * | 6,637 | 143,890 |
Bloomin' Brands, Inc. | 21,497 | 357,280 |
Boyd Gaming Corp. | 23,769 | 1,182,508 |
Brinker International, Inc. * | 38,529 | 848,794 |
Cheesecake Factory, Inc. (The) | 15,559 | 411,069 |
Churchill Downs, Inc. | 7,130 | 1,365,609 |
Cracker Barrel Old Country Store, Inc. | 4,683 | 390,984 |
Dave & Buster's Entertainment, Inc. * | 14,460 | 473,999 |
Dine Brands Global, Inc. | 20,504 | 1,334,400 |
Golden Entertainment, Inc. * | 9,709 | 383,991 |
Jack in the Box, Inc. | 7,130 | 399,708 |
Light & Wonder, Inc. * | 17,632 | 828,528 |
Marriott Vacations Worldwide Corp. | 11,588 | 1,346,525 |
Papa John's International, Inc. | 6,937 | 579,378 |
Ruth's Hospitality Group, Inc. | 6,437 | 104,665 |
Six Flags Entertainment Corp. * | 50,417 | 1,094,049 |
Texas Roadhouse, Inc. | 16,889 | 1,236,275 |
Travel + Leisure Co. | 33,178 | 1,287,970 |
Wendy's Co. (The) | 36,650 | 691,952 |
Wyndham Hotels & Resorts, Inc. | 53,982 | 3,547,697 |
18,009,271 | ||
Household Durables — 1.4% | ||
Cavco Industries, Inc. * | 2,279 | 446,661 |
Helen of Troy Ltd. * | 6,922 | 1,124,202 |
KB Home | 25,755 | 732,987 |
La-Z-Boy, Inc. | 13,064 | 309,747 |
Meritage Homes Corp. * | 10,595 | 768,138 |
Taylor Morrison Home Corp. * | 36,670 | 856,611 |
Tempur Sealy International, Inc. | 54,975 | 1,174,816 |
Toll Brothers, Inc. | 84,288 | 3,759,245 |
Tri Pointe Homes, Inc. * | 146,493 | 2,471,337 |
Tupperware Brands Corp. * | 15,653 | 99,240 |
Universal Electronics, Inc. * | 7,823 | 200,034 |
11,943,018 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 9 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Household Products — 0.5% | ||
Central Garden & Pet Co. * | 29,320 | 1,243,755 |
Central Garden & Pet Co., Class A * | 59,033 | 2,361,910 |
Energizer Holdings, Inc. | 18,818 | 533,490 |
4,139,155 | ||
Insurance — 3.6% | ||
Alleghany Corp. * | 2,432 | 2,026,099 |
American Financial Group, Inc. | 28,381 | 3,939,567 |
Assured Guaranty Ltd. | 19,318 | 1,077,751 |
CNO Financial Group, Inc. | 35,357 | 639,608 |
Employers Holdings, Inc. | 8,616 | 360,924 |
First American Financial Corp. | 38,929 | 2,060,123 |
Hanover Insurance Group, Inc. (The) | 10,531 | 1,540,159 |
Kinsale Capital Group, Inc. | 6,337 | 1,455,229 |
Old Republic International Corp. | 81,023 | 1,811,674 |
Palomar Holdings, Inc. * | 6,637 | 427,423 |
Primerica, Inc. | 10,302 | 1,233,046 |
Reinsurance Group of America, Inc. | 19,411 | 2,276,716 |
RenaissanceRe Holdings Ltd. (Bermuda) | 25,255 | 3,949,124 |
RLI Corp. | 30,213 | 3,522,534 |
Selective Insurance Group, Inc. | 17,178 | 1,493,455 |
Stewart Information Services Corp. | 7,030 | 349,743 |
Unum Group | 59,536 | 2,025,415 |
30,188,590 | ||
Interactive Media & Services — 0.3% | ||
QuinStreet, Inc. * | 37,936 | 381,636 |
TripAdvisor, Inc. * | 27,241 | 484,890 |
Yelp, Inc. * | 19,118 | 530,907 |
Ziff Davis, Inc. * | 13,867 | 1,033,507 |
2,430,940 | ||
IT Services — 1.9% | ||
Bread Financial Holdings, Inc. | 14,760 | 547,006 |
Concentrix Corp. | 14,760 | 2,002,046 |
Euronet Worldwide, Inc. * | 4,358 | 438,371 |
ExlService Holdings, Inc. * | 9,964 | 1,467,996 |
Genpact Ltd. | 100,927 | 4,275,268 |
Maximus, Inc. | 18,525 | 1,157,998 |
Perficient, Inc. * | 9,902 | 907,914 |
Sabre Corp. * | 100,634 | 586,696 |
TTEC Holdings, Inc. | 20,204 | 1,371,650 |
Unisys Corp. * | 34,418 | 414,049 |
WEX, Inc. * | 18,918 | 2,942,884 |
16,111,878 |
INVESTMENTS | SHARES | VALUE($) |
Leisure Products — 0.8% | ||
Brunswick Corp. | 25,455 | 1,664,248 |
Mattel, Inc. * | 95,876 | 2,140,911 |
Polaris, Inc. | 16,323 | 1,620,547 |
YETI Holdings, Inc. * | 19,611 | 848,568 |
6,274,274 | ||
Life Sciences Tools & Services — 0.7% | ||
Bruker Corp. | 28,300 | 1,776,108 |
Medpace Holdings, Inc. * | 7,530 | 1,127,015 |
Repligen Corp. * | 5,251 | 852,762 |
Syneos Health, Inc. * | 25,455 | 1,824,615 |
5,580,500 | ||
Machinery — 4.2% | ||
AGCO Corp. | 35,379 | 3,491,907 |
Alamo Group, Inc. | 2,479 | 288,630 |
Chart Industries, Inc. * | 9,902 | 1,657,397 |
Crane Holdings Co. | 37,505 | 3,283,938 |
Esab Corp. | 12,247 | 535,806 |
Federal Signal Corp. | 16,451 | 585,656 |
Flowserve Corp. | 37,443 | 1,071,993 |
Graco, Inc. | 49,237 | 2,925,170 |
Hillenbrand, Inc. | 30,013 | 1,229,332 |
ITT, Inc. | 39,929 | 2,684,826 |
John Bean Technologies Corp. | 8,516 | 940,337 |
Lincoln Electric Holdings, Inc. | 30,286 | 3,736,081 |
Meritor, Inc. * | 21,990 | 798,897 |
Middleby Corp. (The) * | 16,046 | 2,011,527 |
Mueller Industries, Inc. | 16,539 | 881,363 |
Oshkosh Corp. | 34,764 | 2,855,515 |
SPX Corp. * | 14,061 | 742,983 |
Standex International Corp. | 3,663 | 310,549 |
Terex Corp. | 41,776 | 1,143,409 |
Timken Co. (The) | 27,297 | 1,448,106 |
Titan International, Inc. * | 16,246 | 245,315 |
Toro Co. (The) | 8,223 | 623,221 |
Wabash National Corp. | 14,167 | 192,388 |
Watts Water Technologies, Inc., Class A | 13,567 | 1,666,570 |
35,350,916 | ||
Marine — 0.2% | ||
Kirby Corp. * | 14,560 | 885,830 |
Matson, Inc. | 12,775 | 931,042 |
1,816,872 |
10 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Media — 0.6% | ||
AMC Networks, Inc., Class A * | 8,916 | 259,634 |
Cable One, Inc. | 2,786 | 3,592,045 |
EW Scripps Co. (The), Class A * | 16,639 | 207,488 |
Gannett Co., Inc. * | 37,833 | 109,716 |
John Wiley & Sons, Inc., Class A | 12,081 | 576,989 |
Loyalty Ventures, Inc. * | 5,824 | 20,792 |
New York Times Co. (The), Class A | 11,388 | 317,725 |
5,084,389 | ||
Metals & Mining — 2.5% | ||
Alcoa Corp. | 53,768 | 2,450,745 |
Allegheny Technologies, Inc. * | 52,796 | 1,198,997 |
Arconic Corp. * | 44,313 | 1,242,980 |
Cleveland-Cliffs, Inc. * | 165,351 | 2,541,445 |
Commercial Metals Co. | 58,891 | 1,949,292 |
Haynes International, Inc. | 15,653 | 512,949 |
Materion Corp. | 12,874 | 949,200 |
Reliance Steel & Aluminum Co. | 25,193 | 4,279,283 |
Royal Gold, Inc. | 4,851 | 517,990 |
Steel Dynamics, Inc. | 61,166 | 4,046,131 |
SunCoke Energy, Inc. | 77,851 | 530,165 |
United States Steel Corp. | 38,036 | 681,225 |
20,900,402 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% | ||
Ellington Financial, Inc. | 13,567 | 199,028 |
KKR Real Estate Finance Trust, Inc. | 80,523 | 1,405,127 |
Ready Capital Corp. | 49,424 | 589,134 |
Redwood Trust, Inc. | 31,099 | 239,773 |
2,433,062 | ||
Multiline Retail — 0.8% | ||
Big Lots, Inc. | 11,888 | 249,291 |
Kohl's Corp. | 68,542 | 2,446,264 |
Macy's, Inc. | 155,309 | 2,845,261 |
Nordstrom, Inc. | 30,306 | 640,366 |
Ollie's Bargain Outlet Holdings, Inc. * | 9,902 | 581,742 |
6,762,924 | ||
Multi-Utilities — 0.1% | ||
NorthWestern Corp. | 20,051 | 1,181,605 |
Oil, Gas & Consumable Fuels — 3.7% | ||
Antero Midstream Corp. | 79,930 | 723,367 |
Callon Petroleum Co. * | 11,903 | 466,598 |
Civitas Resources, Inc. | 20,204 | 1,056,467 |
CNX Resources Corp. * | 54,218 | 892,428 |
INVESTMENTS | SHARES | VALUE($) |
Oil, Gas & Consumable Fuels — continued | ||
CONSOL Energy, Inc. * | 9,016 | 445,210 |
Dorian LPG Ltd. | 8,023 | 121,950 |
DT Midstream, Inc. | 15,553 | 762,408 |
EQT Corp. | 81,316 | 2,797,270 |
Equitrans Midstream Corp. | 110,836 | 704,917 |
Green Plains, Inc. * | 31,314 | 850,801 |
HF Sinclair Corp. | 51,903 | 2,343,939 |
Matador Resources Co. | 58,733 | 2,736,370 |
Murphy Oil Corp. | 62,998 | 1,901,910 |
PBF Energy, Inc., Class A * | 23,769 | 689,776 |
PDC Energy, Inc. | 53,313 | 3,284,614 |
Range Resources Corp. * | 68,742 | 1,701,365 |
REX American Resources Corp. * | 1,879 | 159,339 |
SM Energy Co. | 33,971 | 1,161,469 |
Southwestern Energy Co. * | 292,686 | 1,829,288 |
Talos Energy, Inc. * | 10,002 | 154,731 |
Targa Resources Corp. | 101,227 | 6,040,215 |
World Fuel Services Corp. | 17,603 | 360,157 |
31,184,589 | ||
Paper & Forest Products — 0.3% | ||
Louisiana-Pacific Corp. | 45,759 | 2,398,229 |
Mercer International, Inc. (Germany) | 13,967 | 183,666 |
2,581,895 | ||
Personal Products — 0.5% | ||
BellRing Brands, Inc. * | 20,504 | 510,344 |
Coty, Inc., Class A * | 82,702 | 662,443 |
Edgewell Personal Care Co. | 16,346 | 564,264 |
elf Beauty, Inc. * | 10,695 | 328,123 |
Medifast, Inc. | 3,804 | 686,660 |
Nu Skin Enterprises, Inc., Class A | 16,739 | 724,799 |
USANA Health Sciences, Inc. * | 3,172 | 229,526 |
3,706,159 | ||
Pharmaceuticals — 0.9% | ||
Innoviva, Inc. * | 173,827 | 2,565,686 |
Jazz Pharmaceuticals plc * | 23,869 | 3,723,803 |
Prestige Consumer Healthcare, Inc. * | 16,346 | 961,145 |
Supernus Pharmaceuticals, Inc. * | 13,767 | 398,142 |
7,648,776 | ||
Professional Services — 2.4% | ||
ASGN, Inc. * | 16,246 | 1,466,202 |
CACI International, Inc., Class A * | 13,186 | 3,715,551 |
FTI Consulting, Inc. * | 9,973 | 1,803,617 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 11 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Professional Services — continued | ||
Heidrick & Struggles International, Inc. | 35,557 | 1,150,625 |
Insperity, Inc. | 9,409 | 939,300 |
KBR, Inc. | 74,929 | 3,625,814 |
Kelly Services, Inc., Class A | 11,388 | 225,824 |
Korn Ferry | 39,222 | 2,275,660 |
ManpowerGroup, Inc. | 34,056 | 2,602,219 |
Resources Connection, Inc. | 33,307 | 678,464 |
Science Applications International Corp. | 14,250 | 1,326,675 |
19,809,951 | ||
Real Estate Management & Development — 0.6% | ||
Anywhere Real Estate, Inc. * | 86,867 | 853,903 |
Douglas Elliman, Inc. | 17,632 | 84,457 |
Jones Lang LaSalle, Inc. * | 20,192 | 3,530,773 |
RE/MAX Holdings, Inc., Class A | 6,237 | 152,931 |
4,622,064 | ||
Road & Rail — 1.5% | ||
ArcBest Corp. | 14,663 | 1,031,835 |
Avis Budget Group, Inc. * | 13,474 | 1,981,756 |
Knight-Swift Transportation Holdings, Inc. | 45,959 | 2,127,442 |
Landstar System, Inc. | 20,770 | 3,020,374 |
Ryder System, Inc. | 9,853 | 700,154 |
Saia, Inc. * | 7,230 | 1,359,240 |
Werner Enterprises, Inc. | 16,939 | 652,829 |
XPO Logistics, Inc. * | 30,999 | 1,492,912 |
12,366,542 | ||
Semiconductors & Semiconductor Equipment — 2.8% | ||
Axcelis Technologies, Inc. * | 10,202 | 559,478 |
Cirrus Logic, Inc. * | 45,996 | 3,336,550 |
CMC Materials, Inc. | 1,038 | 181,121 |
Cohu, Inc. * | 11,788 | 327,117 |
Diodes, Inc. * | 11,488 | 741,780 |
First Solar, Inc. * | 45,366 | 3,090,786 |
FormFactor, Inc. * | 24,762 | 959,032 |
Ichor Holdings Ltd. * | 38,036 | 988,175 |
Kulicke & Soffa Industries, Inc. (Singapore) | 66,093 | 2,829,441 |
MKS Instruments, Inc. | 15,427 | 1,583,273 |
Photronics, Inc. * | 16,739 | 326,076 |
Power Integrations, Inc. | 16,539 | 1,240,590 |
Rambus, Inc. * | 32,392 | 696,104 |
Semtech Corp. * | 19,511 | 1,072,520 |
SMART Global Holdings, Inc. * | 61,705 | 1,010,111 |
Synaptics, Inc. * | 9,809 | 1,157,952 |
Ultra Clean Holdings, Inc. * | 22,709 | 676,047 |
INVESTMENTS | SHARES | VALUE($) |
Semiconductors & Semiconductor Equipment — continued | ||
Universal Display Corp. | 11,988 | 1,212,466 |
Veeco Instruments, Inc. * | 1,960 | 38,024 |
Wolfspeed, Inc. * | 18,918 | 1,200,347 |
23,226,990 | ||
Software — 3.2% | ||
ACI Worldwide, Inc. * | 30,906 | 800,156 |
Alarm.com Holdings, Inc. * | 6,044 | 373,882 |
Aspen Technology, Inc. * | 8,294 | 1,523,442 |
Blackbaud, Inc. * | 13,567 | 787,836 |
CDK Global, Inc. | 80,200 | 4,392,554 |
Digital Turbine, Inc. * | 37,343 | 652,382 |
Ebix, Inc. (a) | 26,070 | 440,583 |
Envestnet, Inc. * | 23,209 | 1,224,739 |
Fair Isaac Corp. * | 8,278 | 3,318,650 |
InterDigital, Inc. | 9,209 | 559,907 |
Manhattan Associates, Inc. * | 18,718 | 2,145,083 |
NCR Corp. * | 58,635 | 1,824,135 |
Paylocity Holding Corp. * | 10,202 | 1,779,433 |
Progress Software Corp. | 8,903 | 403,306 |
Qualys, Inc. * | 9,309 | 1,174,237 |
SPS Commerce, Inc. * | 9,016 | 1,019,259 |
Teradata Corp. * | 29,813 | 1,103,379 |
Vonage Holdings Corp. * | 73,200 | 1,379,088 |
Xperi Holding Corp. | 106,191 | 1,532,336 |
26,434,387 | ||
Specialty Retail — 3.1% | ||
Aaron's Co., Inc. (The) | 9,580 | 139,389 |
Abercrombie & Fitch Co., Class A * | 16,939 | 286,608 |
American Eagle Outfitters, Inc. | 60,219 | 673,248 |
Asbury Automotive Group, Inc. * | 5,644 | 955,755 |
AutoNation, Inc. * | 34,864 | 3,896,401 |
Bed Bath & Beyond, Inc. * (a) | 31,099 | 154,562 |
Boot Barn Holdings, Inc. * | 8,323 | 573,538 |
Caleres, Inc. | 13,567 | 355,998 |
Cato Corp. (The), Class A | 5,644 | 65,527 |
Chico's FAS, Inc. * | 30,406 | 151,118 |
Children's Place, Inc. (The) * | 4,293 | 167,084 |
Conn's, Inc. * | 3,765 | 30,195 |
Designer Brands, Inc., Class A | 19,711 | 257,426 |
Dick's Sporting Goods, Inc. (a) | 19,133 | 1,442,054 |
Five Below, Inc. * | 12,281 | 1,393,034 |
Foot Locker, Inc. | 32,785 | 827,821 |
GameStop Corp., Class A * (a) | 15,653 | 1,914,362 |
12 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Specialty Retail — continued | ||
Genesco, Inc. * | 4,458 | 222,499 |
Group 1 Automotive, Inc. | 5,051 | 857,660 |
Guess?, Inc. (a) | 13,767 | 234,727 |
Haverty Furniture Cos., Inc. | 4,788 | 110,986 |
Hibbett, Inc. | 4,658 | 203,601 |
Lithia Motors, Inc., Class A | 7,430 | 2,041,838 |
Murphy USA, Inc. | 6,437 | 1,498,984 |
ODP Corp. (The) * | 15,823 | 478,487 |
Rent-A-Center, Inc. | 33,971 | 660,736 |
RH * | 4,358 | 925,029 |
Sally Beauty Holdings, Inc. * | 61,512 | 733,223 |
Shoe Carnival, Inc. | 5,544 | 119,806 |
Signet Jewelers Ltd. | 16,539 | 884,175 |
Sleep Number Corp. * | 6,537 | 202,320 |
Urban Outfitters, Inc. * | 20,011 | 373,405 |
Williams-Sonoma, Inc. | 23,969 | 2,659,361 |
Zumiez, Inc. * | 24,269 | 630,994 |
26,121,951 | ||
Technology Hardware, Storage & Peripherals — 0.1% | ||
3D Systems Corp. * | 19,911 | 193,137 |
Diebold Nixdorf, Inc. * | 24,862 | 56,437 |
Xerox Holdings Corp. | 61,805 | 917,804 |
1,167,378 | ||
Textiles, Apparel & Luxury Goods — 1.2% | ||
Capri Holdings Ltd. * | 44,866 | 1,839,955 |
Carter's, Inc. | 9,409 | 663,146 |
Columbia Sportswear Co. | 2,379 | 170,289 |
Crocs, Inc. * | 18,325 | 891,878 |
Deckers Outdoor Corp. * | 8,223 | 2,099,743 |
G-III Apparel Group Ltd. * | 12,281 | 248,445 |
Kontoor Brands, Inc. | 16,146 | 538,792 |
Oxford Industries, Inc. | 4,358 | 386,729 |
Skechers U.S.A., Inc., Class A * | 51,055 | 1,816,537 |
Steven Madden Ltd. | 23,431 | 754,712 |
Unifi, Inc. * | 6,237 | 87,692 |
Wolverine World Wide, Inc. | 23,476 | 473,276 |
9,971,194 | ||
Thrifts & Mortgage Finance — 1.3% | ||
Axos Financial, Inc. * | 33,378 | 1,196,601 |
Essent Group Ltd. | 52,296 | 2,034,314 |
Flagstar Bancorp, Inc. | 14,260 | 505,517 |
MGIC Investment Corp. | 162,639 | 2,049,252 |
Mr. Cooper Group, Inc. * | 42,504 | 1,561,597 |
INVESTMENTS | SHARES | VALUE($) |
Thrifts & Mortgage Finance — continued | ||
New York Community Bancorp, Inc. | 132,033 | 1,205,461 |
NMI Holdings, Inc., Class A * | 43,580 | 725,607 |
TrustCo Bank Corp. | 5,293 | 163,236 |
Walker & Dunlop, Inc. | 16,146 | 1,555,506 |
10,997,091 | ||
Tobacco — 0.0% ^ | ||
Vector Group Ltd. | 34,471 | 361,945 |
Trading Companies & Distributors — 1.9% | ||
Applied Industrial Technologies, Inc. | 11,388 | 1,095,184 |
Boise Cascade Co. | 18,718 | 1,113,534 |
DXP Enterprises, Inc. * | 3,665 | 112,259 |
GATX Corp. | 6,337 | 596,692 |
GMS, Inc. * | 50,691 | 2,255,749 |
MSC Industrial Direct Co., Inc., Class A | 13,279 | 997,386 |
NOW, Inc. * | 235,139 | 2,299,659 |
Univar Solutions, Inc. * | 77,358 | 1,923,893 |
Veritiv Corp. * | 13,074 | 1,419,183 |
Watsco, Inc. | 16,508 | 3,942,441 |
15,755,980 | ||
Water Utilities — 0.7% | ||
American States Water Co. | 10,246 | 835,152 |
California Water Service Group | 13,567 | 753,647 |
Essential Utilities, Inc. | 94,265 | 4,322,050 |
5,910,849 | ||
Wireless Telecommunication Services — 0.2% | ||
Shenandoah Telecommunications Co. | 13,767 | 305,627 |
Telephone and Data Systems, Inc. | 59,626 | 941,495 |
1,247,122 | ||
Total Common Stocks (Cost $645,137,219) | 807,107,860 | |
Short Term Investments — 4.1% | ||
Investment Companies — 3.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) (Cost $29,389,113) | 29,389,113 | 29,389,113 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 13 |
AS OF June 30, 2022 (continued)
INVESTMENTS | SHARES | VALUE($) |
Short Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — 0.6% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (b) (c) (Cost $4,706,771) | 4,706,771 | 4,706,771 |
Total Short Term Investments (Cost $34,095,884) | 34,095,884 | |
Total Investments — 100.9% (Cost $679,233,103) | 841,203,744 | |
Liabilities in Excess of Other Assets — (0.9)% | (7,210,358) | |
NET ASSETS — 100.0% | 833,993,386 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
^ | 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 June 30, 2022. The total value of securities on loan at June 30, 2022 is $4,411,454. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of June 30, 2022. |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Russell 2000 E-Mini Index | 74 | 09/16/2022 | USD | 6,322,560 | (296,440) |
S&P Midcap 400 E-Mini Index | 82 | 09/16/2022 | USD | 18,597,600 | (960,247) |
(1,256,687) |
Abbreviations | |
USD | United States Dollar |
14 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
AS OF June 30, 2022
JPMorgan Market Expansion Enhanced Equity ETF | |
ASSETS: | |
Investments in non-affiliates, at value | $807,107,860 |
Investments in affiliates, at value | 29,389,113 |
Investments of cash collateral received from securities loaned, at value (See Note 2.B) | 4,706,771 |
Deposits at broker for futures contracts | 1,600,000 |
Receivables: | |
Investment securities sold | 17,220,701 |
Dividends from non-affiliates | 906,749 |
Dividends from affiliates | 1,110 |
Due from adviser | 654 |
Other assets | 91,579 |
Total Assets | 861,024,537 |
LIABILITIES: | |
Payables: | |
Due to custodian | 51,729 |
Investment securities purchased | 21,733,056 |
Collateral received on securities loaned (See Note 2.B) | 4,706,771 |
Variation margin on futures contracts | 228,646 |
Accrued liabilities: | |
Investment advisory fees | 176,998 |
Administration fees | 53,838 |
Printing and mailing costs | 8,958 |
Custodian and accounting fees | 4,379 |
Trustees’ and Chief Compliance Officer’s fees | 29 |
Other | 66,747 |
Total Liabilities | 27,031,151 |
Net Assets | $833,993,386 |
NET ASSETS: | |
Paid-in-Capital | $653,931,537 |
Total distributable earnings (loss) | 180,061,849 |
Total Net Assets: | $833,993,386 |
Outstanding number of shares (unlimited number of shares authorized - par value $0.0001) (a) | 18,198,634 |
Net asset value, per share | $45.83 |
Cost of investments in non-affiliates | $645,137,219 |
Cost of investments in affiliates | 29,389,113 |
Investment securities on loan, at value (See Note 2.B) | 4,411,454 |
Cost of investment of cash collateral (See Note 2.B) | 4,706,771 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 15 |
FOR THE YEAR ENDED June 30, 2022
JPMorgan Market Expansion Enhanced Equity ETF (a) | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | $511 |
Dividend income from non-affiliates | 15,605,283 |
Dividend income from affiliates | 57,026 |
Income from securities lending (net) (See Note 2.B) | 45,347 |
Total investment income | 15,708,167 |
EXPENSES: | |
Investment advisory fees | 2,692,252 |
Administration fees | 807,680 |
Distribution fees (See Note 3.C) | 442,622 |
Service fees (See Note 3.D) | 709,355 |
Custodian and accounting fees | 37,969 |
Interest expense to affiliates | 143 |
Professional fees | 87,243 |
Trustees’ and Chief Compliance Officer’s fees | 27,654 |
Printing and mailing costs | 38,023 |
Registration and filing fees | 88,402 |
Transfer agency fees (See Note 2.F) | 34,637 |
Other | 32,753 |
Total expenses | 4,998,733 |
Less fees waived | (1,549,631) |
Less expense reimbursements | (168,344) |
Net expenses | 3,280,758 |
Net investment income (loss) | 12,427,409 |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | 98,523,480 |
Investments in affiliates | 1,756 |
In-kind redemptions of investments in non-affiliates (See Note 4) | 3,698,444 |
Futures contracts | (3,008,624) |
Net realized gain (loss) | 99,215,056 |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | (247,523,059) |
Investments in affiliates | (1,527) |
Futures contracts | (1,156,754) |
Change in net unrealized appreciation/depreciation | (248,681,340) |
Net realized/unrealized gains (losses) | (149,466,284) |
Change in net assets resulting from operations | $(137,038,875) |
16 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
FOR THE PERIODS INDICATED
JPMorgan Market Expansion Enhanced Equity ETF | ||
Year Ended June 30, 2022 (a) | Year Ended June 30, 2021 (a) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||
Net investment income (loss) | 12,427,409 | 10,612,143 |
Net realized gain (loss) | 99,215,056 | 119,551,246 |
Change in net unrealized appreciation/depreciation | (248,681,340) | 308,518,310 |
Change in net assets resulting from operations | (137,038,875) | 438,681,699 |
Total distributions to shareholders | (176,087,906) | (43,080,177) |
CAPITAL TRANSACTIONS: | ||
Change in net assets resulting from capital transactions | 26,187,530 | (73,377,885) |
NET ASSETS: | ||
Change in net assets | (286,939,251) | 322,223,637 |
Beginning of period | 1,120,932,637 | 798,709,000 |
End of period | 833,993,386 | 1,120,932,637 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 17 |
FOR THE PERIODS INDICATED (continued)
JPMorgan Market Expansion Enhanced Equity ETF | ||
Year Ended June 30, 2022(a) | Year Ended June 30, 2021(a) | |
CAPITAL TRANSACTIONS: (b) | ||
Proceeds from shares issued | $16,072,047 | $35,618,687 |
Distributions reinvested | 123,329,499 | 28,917,973 |
Cost of shares redeemed | (53,645,989) | (59,202,058) |
Change in net assets resulting from capital transactions | 85,755,557 | 5,334,602 |
Class A | ||
Proceeds from shares issued | 7,213,239 | 12,668,061 |
Distributions reinvested | 17,945,255 | 4,485,322 |
Cost of shares redeemed | (41,770,683) | (29,105,766) |
Change in net assets resulting from Class A capital transactions | (16,612,189) | (11,952,383) |
Class C | ||
Proceeds from shares issued | 1,510,970 | 1,380,581 |
Distributions reinvested | 3,548,357 | 1,042,705 |
Cost of shares redeemed | (11,945,898) | (8,236,539) |
Change in net assets resulting from Class C capital transactions | (6,886,571) | (5,813,253) |
Class I | ||
Proceeds from shares issued | 32,169,494 | 30,722,462 |
Distributions reinvested | 23,772,565 | 6,557,959 |
Cost of shares redeemed | (83,394,480) | (96,868,508) |
Change in net assets resulting from Class I capital transactions | (27,452,421) | (59,588,087) |
Class R2 | ||
Proceeds from shares issued | 2,031,211 | 2,267,590 |
Distributions reinvested | 1,950,085 | 505,153 |
Cost of shares redeemed | (12,598,142) | (4,131,507) |
Change in net assets resulting from Class R2 capital transactions | (8,616,846) | (1,358,764) |
Total change in net assets resulting from capital transactions | $26,187,530 | $(73,377,885) |
18 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
JPMorgan Market Expansion Enhanced Equity ETF | ||
Year Ended June 30, 2022(a) | Year Ended June 30, 2021(a) | |
SHARES TRANSACTIONS: (b) | ||
Issued | 267,214 | 3,304,217 |
Reinvested | 2,224,181 | 2,753,189 |
Redeemed | (1,008,937) | (5,521,527) |
Change in Shares | 1,482,458 | 535,879 |
Class A | ||
Issued | 120,263 | 1,153,277 |
Reinvested | 322,868 | 433,577 |
Redeemed | (750,550) | (2,804,760) |
Change in Class A Shares | (307,419) | (1,217,906) |
Class C | ||
Issued | 23,706 | 157,825 |
Reinvested | 63,214 | 127,550 |
Redeemed | (204,223) | (994,950) |
Change in Class C Shares | (117,303) | (709,575) |
Class I | ||
Issued | 541,296 | 2,879,898 |
Reinvested | 427,319 | 620,359 |
Redeemed | (1,480,505) | (9,173,501) |
Change in Class I Shares | (511,890) | (5,673,244) |
Class R2 | ||
Issued | 32,990 | 217,437 |
Reinvested | 34,939 | 49,961 |
Redeemed | (230,081) | (394,703) |
Change in Class R2 Shares | (162,152) | (127,305) |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 19 |
FOR THE PERIODS INDICATED
Per share operating performance(a) | ||||||
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 Market Expansion Enhanced Equity ETF(f) | ||||||
Year Ended June 30, 2022 | $62.87 | $0.70 | $(8.03) | $(7.33) | $(0.66) | $(9.05) |
Year Ended June 30, 2021 | 41.41 | 0.63 | 23.22 | 23.85 | (0.63) | (1.76) |
Year Ended June 30, 2020 | 48.77 | 0.63 | (4.82) | (4.19) | (0.68) | (2.49) |
October 1, 2018 through June 30, 2019 | 58.92 | 0.54 | (4.01) | (3.47) | (0.68) | (6.00) |
Year Ended June 30, 2019 | 57.67 | 0.63 | (3.24) | (2.61) | (0.44) | (5.95) |
Year Ended June 30, 2018 | 56.41 | 0.63 | 7.16 | 7.79 | (0.48) | (6.05) |
(a) | Per Share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on May 6, 2022. See Note 1. |
(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) | JPMorgan Market Expansion Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization on May 6, 2022. Market price returns are calculated using the official closing price of the JPMorgan Market Expansion Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan Market Expansion Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan Market Expansion Enhanced Equity ETF's listing on May 9, 2022, the NAV performance of the Class R6 and the Class I Shares of the Predecessor Fund are used as proxy market price returns. |
(e) | Annualized for periods less than one year, unless otherwise noted. |
(f) | JPMorgan Market Expansion Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan Market Expansion Enhanced Index Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on May 6, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by the Fund and will be used going forward. As a result, the financial highlight information reflects that of the Predecessor Fund’s Class R6 Shares for the period October 1, 2018 (“Predecessor Fund's Class R6 Shares inception date”) up through the reorganization and the Predecessor Fund's Class I Shares for the periods July 1, 2017 through June 30, 2018 and July 1, 2018 through June 30, 2019. |
20 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Per share operating performance(a) | Ratios/Supplemental data | ||||||||
Ratios to average net assets | |||||||||
Total Distributions | Net asset value, end of period | Market price, end of period | Total Return(c) | Market price total return(d) | Net asset, end of period | Net expenses(e) | Net investment income (loss)(e) | Expenses without waivers and reimbursements(e) | Portfolio turnover rate |
$(9.71) | $45.83 | $45.82 | (13.80)% | (13.81)% | $833,993,386 | 0.25% | 1.21% | 0.36% | 27% |
(2.39) | 62.87 | 62.87 | 58.97 | 58.97 | 766,008,977 | 0.25 | 1.18 | 0.35 | 35 |
(3.17) | 41.41 | 41.41 | (9.65) | (9.65) | 500,129,035 | 0.25 | 1.45 | 0.36 | 49 |
(6.68) | 48.77 | 48.77 | (4.81) | (4.81) | 512,511,625 | 0.25 | 1.51 | 0.37 | 36 |
(6.39) | 48.67 | 48.67 | (3.56) | (3.56) | 264,414,719 | 0.34 | 1.14 | 0.61 | 36 |
(6.53) | 57.67 | 57.67 | 14.31 | 14.31 | 864,315,757 | 0.35 | 1.10 | 0.61 | 33 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 21 |
AS OF June 30, 2022
22 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $841,203,744 | $— | $— | $841,203,744 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $(1,256,687) | $— | $— | $(1,256,687) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 23 |
AS OF June 30, 2022 (continued)
Investment Securities on Loan, at value, Presented on the Statement of Assets and Liabilities | Cash Collateral Posted by Borrower | Net Amount Due to Counterparty (not less than zero) | |
$4,411,454 | $(4,411,454) | $— |
$3,128 |
For the year ended June 30, 2022** | |||||||||
Security Description | Value at June 30, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 1.54% (a) (b) | $35,626,262 | $161,833,144 | $197,455,734 | $1,756 | $(5,428) | $— | — | $19,645 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 1.50% (a) (b) | 58,005,698 | 151,000,000 | 208,987,249 | (22,350)* | 3,901 | — | — | 30,530* | — |
24 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
For the year ended June 30, 2022** | |||||||||
Security Description | Value at June 30, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at June 30, 2022 | Shares at June 30, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) | $— | $44,815,966 | $15,426,853 | $— | $— | $29,389,113 | 29,389,113 | $37,381 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 1.38% (a) (b) | 4,936,849 | 110,940,315 | 111,170,393 | — | — | 4,706,771 | 4,706,771 | 3,968* | — |
Total | $98,568,809 | $468,589,425 | $533,040,229 | $(20,594) | $(1,527) | $34,095,884 | $91,524 | $— |
(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 June 30, 2022. |
* | Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
** | As of the close of business on May 6, 2022, JPMorgan Market Expansion Enhanced Index Fund (the "Acquired fund"), a series of JPMorgan Trust II Funds, reorganized ("the Reorganization") into a newly created exchange-traded fund, JPMorgan Market Expansion Enhanced Equity ETF (the "Fund"). Following the Reorganization, the Acquired Fund's performance and financial history were adopted by the Fund. The table includes transactions from the Acquired Fund for the period July 1, 2021 through May 6, 2022. |
Futures Contracts: | |
Average Notional Balance Long | $21,820,943 |
Ending Notional Balance Long | 24,920,160 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 25 |
AS OF June 30, 2022 (continued)
Class A | Class C | Class I | Class R2 | ETF Shares | Total | |
Transfer agency fees | $14,555 | $3,153 | $3,846 | $8,053 | $5,030 | $34,637 |
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
$7,066,157 | $(206,171) | $(6,859,986) |
26 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Class A | Class C | Class R2 | |
0.25% | 0.75% | 0.50% |
Class A | Class C | Class I | Class R2 | |
0.25% | 0.25% | 0.25% | 0.25% |
Class A | Class C | Class I | Class R2 | Class R6 | |
0.60% | 1.10% | 0.35% | 1.00% | 0.25% |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 27 |
AS OF June 30, 2022 (continued)
Contractual Waivers | Voluntary Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | 12b-1 | |
$570,174 | $379,212 | $436,925 | $1,386,311 | $168,344 | $141,109 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
$279,538,308 | $409,318,683 |
In-Kind Creations | In-Kind Redemptions | |
$— | $8,036,475 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
$685,931,959 | $215,053,806 | $61,038,708 | $154,015,098 |
28 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
$43,345,176 | $132,742,730 | $176,087,906 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
$10,680,175 | $32,400,002 | $43,080,177 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
$5,355,960 | $23,473,089 | $154,015,098 |
Net Capital Losses (Gains) | |
Short-Term | |
$2,728,600 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 29 |
AS OF June 30, 2022 (continued)
J.P. Morgan Investor Funds | |
72.6% |
30 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 31 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 167 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present) |
Stephen P. Fisher (1959); Trustee of Trust since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered brokerdealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 167 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 167 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 167 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 167 | None |
32 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 167 | None |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016). | 167 | Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 167 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014. | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 167 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021: Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 167 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 167 | None |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 33 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 167 | Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 167 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 167 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of the Global ETF Business for JPMorgan Asset Management (2013-2017); Head of the Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 167 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 167 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (167 J.P. Morgan Funds). |
34 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. | ||
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 35 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2021)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2020) (formerly Assistant Treasurer 2019-2020) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2022) **(formerly Assistant Secretary 2014-2022) | Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2014) | Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel,Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 to June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2022)*** (formerly Secretary 2018-2022) | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962), Assistant Secretary (2014)*** | Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2019)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2014)** | Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 to March 2017. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
Frederick J. Cavaliere (1978), Assistant Treasurer (2015)* | Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase since May 2006. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2014) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Shannon Gaines (1977), Assistant Treasurer (2019)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Nektarios E. Manolakakis (1972), Assistant Treasurer (2020) | Executive Director, J.P. Morgan Investment Management Inc. Mr. Manolakakis has been with JPMorgan Chase since 2010. |
Todd McEwen (1981), Assistant Treasurer (2020)*** | Vice President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with J.P. Morgan Investment Management Inc. since 2010. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. | |
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
36 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 37 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value January 1, 2022 | Ending Account Value June 30, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Market Expansion Enhanced Equity ETF | ||||
Actual | $1,000.00 | $813.30 | $1.12 | 0.25% |
Hypothetical | 1,000.00 | 1,023.56 | 1.25 | 0.25 |
* | 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). |
38 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
(Unaudited)
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 39 |
(Unaudited)
40 | J.P. Morgan Exchange-Traded Funds | June 30, 2022 |
June 30, 2022 | J.P. Morgan Exchange-Traded Funds | 41 |
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.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the 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. |
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(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)). |
The audit committee financial expert is Gary L. French for purposes of audit committee financial expert determinations.
(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.
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.
AUDIT FEES
2022 – $182,288
2021 – $52,068
(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.
AUDIT-RELATED FEES
2022 – $33,384
2021 – $4,879
Audit-related fees consist of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(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.
TAX FEES
2022 – $43,103
2021 – $13,812
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2022 and 2021, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(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.
ALL OTHER FEES
2022 – $0
2021 – $0
(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.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by- case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(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.
2022 – 0.0%
2021 – 0.0%
(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.
Not applicable.
(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.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2021 – $30.6 million
2020 – $30.0 million
(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.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
(1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
(2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
(3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
(4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
(5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
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.
The registrant has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The members of the Audit Committee are John F. Finn, Gary L. French, Kathleen M. Gallagher and Raymond Kanner.
(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.
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.
A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.
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.
(a) If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).
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.
(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), exactly as set forth below:
(1) 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.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
J.P. Morgan Exchange-Traded Fund Trust | ||
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
September 6, 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 | ||
September 6, 2022 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
September 6, 2022 |