UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-22903
J.P. Morgan Exchange-Traded Fund Trust
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
J.P. Morgan Investment Management Inc.
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
With copies to:
| | |
| Elizabeth A. Davin, Esq. | | Jon S. Rand, Esq. |
| JPMorgan Chase & Co. | | Dechert LLP |
| 1111 Polaris Parkway | | 1095 Avenue of the Americas |
| Columbus, OH 43240 | | New York, NY 10036 |
Registrant’s telephone number, including area code: 1-844-457-6383
Date of fiscal year end: October 31
Date of reporting period: November 1, 2022 through April 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Reports. Not Applicable. Notices do not incorporate disclosures from the shareholder report.
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023 (Unaudited)
| | |
JPMorgan BetaBuilders Canada ETF | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
JPMorgan BetaBuilders Europe ETF | | |
JPMorgan BetaBuilders International Equity ETF | | |
JPMorgan BetaBuilders Japan ETF | | |
JPMorgan BetaBuilders U.S. Equity ETF | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | |
JPMorgan Carbon Transition U.S. Equity ETF | | |
JPMorgan Diversified Return Emerging Markets Equity ETF | | |
JPMorgan Diversified Return International Equity ETF | | |
JPMorgan Diversified Return U.S. Equity ETF | | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | | |
JPMorgan U.S. Momentum Factor ETF | | |
JPMorgan U.S. Quality Factor ETF | | |
JPMorgan U.S. Value Factor ETF | | |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period.
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“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel
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While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade. Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
| J.P. Morgan Exchange-Traded Funds | |
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited)
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while European equity markets largely outperformed U.S. equities.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six-month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022, and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® Canada Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Canada ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists of stocks traded primarily on the Toronto Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the timing of foreign exchange rate calculations, operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and materials sectors were leading contributors to absolute performance, while their exposures to the energy sector were the sole sector detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and energy sectors and their smallest allocations were to the health care
and real estate sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Royal Bank of Canada (Canada) | |
| Toronto-Dominion Bank (The) (Canada) | |
| | |
| Canadian Pacific Kansas City Ltd. (Canada) | |
| Canadian National Railway Co. (Canada) | |
| Canadian Natural Resources Ltd. (Canada) | |
| Bank of Montreal (Canada) | |
| Bank of Nova Scotia (The) (Canada) | |
| Shopify, Inc., Class A (Canada) | |
| Brookfield Corp. (Canada) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $61.32 as of April 30, 2023.
**
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
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $61.38.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders Canada ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Canada ETF and Morningstar® Canada Target Market Exposure IndexSM (net total return) from August 7, 2018 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Canada Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Canada Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the
Canada equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index that consists of equity securities from developed Asia-Pacific countries or regions other than Japan, including: Australia, Hong Kong, New Zealand and Singapore. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the materials and financials sectors were leading contributors to absolute performance, while their exposures to the information technology and energy sectors were the smallest contributors and no sectors detracted from absolute performance.
By country or region, the Fund’s and the Underlying Index’s exposures to Australia and Hong Kong were leading contributors to absolute performance, while their exposures to Singapore and New Zealand were the smallest contributors and no country or regional exposures detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and materials
sectors and their smallest allocations were to the information technology and communication services sectors. The Fund and the Underlying Index’s largest allocations by country or region were to Australia and Hong Kong and the smallest allocations were to New Zealand and Singapore.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| BHP Group Ltd. (Australia) | |
| AIA Group Ltd. (Hong Kong) | |
| Commonwealth Bank of Australia (Australia) | |
| | |
| National Australia Bank Ltd. (Australia) | |
| Westpac Banking Corp. (Australia) | |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | |
| ANZ Group Holdings Ltd. (Australia) | |
| DBS Group Holdings Ltd. (Singapore) | |
| Macquarie Group Ltd. (Australia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $49.63 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $49.75.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Amount rounds to less than 0.1%.
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on August 7, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF and Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) from August 7, 2018 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Asia Pacific ex-Japan
equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Europe ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index consisting of equity securities from developed European countries or regions, including Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the U.K. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposure to the financials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and real estate sectors were the smallest contributors and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to France and the U.K. were leading contributors to absolute performance, while their exposures to Norway were the sole country detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and health
care sectors and their smallest allocations were to the real estate and communication services sectors. The Fund’s and the Underlying Index’s largest country allocations were to the U.K. and France and their smallest allocations were to Portugal and
Poland.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Novartis AG (Registered) (Switzerland) | |
| AstraZeneca plc (United Kingdom) | |
| | |
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| TotalEnergies SE (France) | |
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PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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JPMorgan BetaBuilders Europe ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.66 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $55.67.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan BetaBuilders Europe ETF | | | | |
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LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Europe ETF and Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) from June 15, 2018 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) is a rules-based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Europe equity markets.
Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists of equity securities from developed countries or regions outside the U.S. and Canada. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the consumer discretionary and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate sector were the smallest contributors and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to France and Germany were leading contributors to absolute performance, while their exposures to Israel and Norway detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest sector allocations were to the financials and industrials sectors, while their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to Japan and the U.K. and their smallest allocations were to New Zealand and
Portugal.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Novartis AG (Registered) (Switzerland) | |
| AstraZeneca plc (United Kingdom) | |
| | |
| | |
| Toyota Motor Corp. (Japan) | |
| BHP Group Ltd. (Australia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $55.31 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $55.36.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders International Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on December 3, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders International Equity ETF and Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) from December 3, 2019 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) is a rules-based,
float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Developed Markets ex-North America equity markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some foreign markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® Japan Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Japan ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index, which consists stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the constituent securities of the Underlying Index as closely as possible, before considering fees and expenses, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations and in the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and real estate sectors were the smallest contributors and no sectors detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and consumer discretionary sectors and their smallest allocations were to the energy and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Toyota Motor Corp. (Japan) | |
| | |
| | |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | |
| Daiichi Sankyo Co. Ltd. (Japan) | |
| Shin-Etsu Chemical Co. Ltd. (Japan) | |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | |
| | |
| Tokyo Electron Ltd. (Japan) | |
| Daikin Industries Ltd. (Japan) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $48.34 as of April 30, 2023.
**
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
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $48.60.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders Japan ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on June 15, 2018.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Japan ETF and Morningstar® Japan Target Market Exposure IndexSM (net total return) from June 15, 2018 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® Japan Target Market Exposure IndexSM (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® Japan Target Market Exposure IndexSM (net total return) is a rule based, float-adjusted market capitalization-weighted index designed to cover 85% of the equity float-adjusted market capitalization of the Japan equity markets. Net total return figures assume the reinvestment of
dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® US Target Market Exposure IndexSM | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index is a free float adjusted, market capitalization weighted index consisting of equity securities traded primarily in the U.S. It targets 85% of those stocks by market capitalization and primarily includes large- and mid-cap companies. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the information technology and communication services sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors detracted from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and health care sectors, while their smallest allocations were to
the materials and real estate sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| Berkshire Hathaway, Inc., Class B | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $74.55 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last
day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $74.50.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders U.S. Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on March 12, 2019.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Equity ETF and the Morningstar® US Target Market Exposure IndexSM from March 12, 2019 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® US Target Market Exposure IndexSM does not
reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. Morningstar® US Target Market Exposure IndexSM is a free float-adjusted market capitalization-weighted index which consists of stocks traded primarily on the U.S. stock exchanges. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index consists of mid-cap equity securities traded in the U.S. It targets those securities that fall between the 85th and 95th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index, and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund had a positive absolute return for the six months ended April 30, 2023 and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the financials and energy sectors were leading detractors from absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the industrials and financials sectors, while their smallest allocations were to the utilities and
communication services sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Liberty Media Corp.-Liberty Formula One, Class C | |
| Reliance Steel & Aluminum Co. | |
| | |
| Builders FirstSource, Inc. | |
| | |
| Gaming and Leisure Properties, Inc. | |
| | |
| | |
| First Citizens BancShares, Inc., Class A | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $74.63 as of April 30, 2023.
**
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
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $74.62.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on April 14, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM from April 14, 2020 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® US Mid Cap Target Market Exposure
Extended IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® US Mid Cap Target Market Exposure Extended IndexSM is a free float adjusted market capitalization weighted index that consists of mid cap U.S. equity securities. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
Morningstar® US Small Cap Target Market Exposure Extended IndexSM | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM (the "Underlying Index").
INVESTMENT APPROACH
The Underlying Index primarily consists of small-cap equity securities traded in the U.S. It targets those securities that fall between the 95th and 99th percentiles in market capitalization of the free float adjusted investable universe. Using a "passive" investment approach, the Fund attempts to closely correspond to the performance of the Underlying Index and invests in substantially all of the securities in the Underlying Index in approximately the same proportions as the Underlying Index.
HOW DID THE FUND PERFORM?
The Fund had a negative absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
The Fund’s and the Underlying Index’s exposures to the financials and energy sectors were leading detractors from absolute performance, while their exposures to the consumer discretionary and industrials sectors were leading contributors to absolute performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors and their smallest allocations were to the utilities and
communication services sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Prometheus Biosciences, Inc. | |
| | |
| Academy Sports & Outdoors, Inc. | |
| Super Micro Computer, Inc. | |
| Triton International Ltd. (Bermuda) | |
| | |
| | |
| | |
| Taylor Morrison Home Corp. | |
| World Wrestling Entertainment, Inc., Class A | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.03 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market
price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $52.99.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 16, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF and Morningstar® US Small Cap Target Market Exposure Extended IndexSM from November 16, 2020 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the Morningstar® US Small Cap Target
Market Exposure Extended IndexSM does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Morningstar® US Small Cap Target Market Exposure Extended IndexSM is a free float-adjusted market capitalization-weighted index that consists of small cap U.S. equity securities. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
JPMorgan Asset Management Carbon Transition U.S. Equity Index | |
| |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Carbon Transition U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which primarily tracks large- and mid-cap equity securities of companies located in the U.S. and is designed to capture the performance of companies that have been identified through the Underlying Index’s rules-based process as better positioned to benefit from a transition to a lower carbon economy while also providing broader U.S. market exposure. Companies are then evaluated based on the rules-based process to determine how they effectively manage emissions, resources and carbon-related risks and are ranked within each sector.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index performed in line with the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s exposures to the technology and consumer discretionary sectors were leading contributors to absolute performance, while their exposures to the energy and financials sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s exposures within the information technology and consumer discretionary sectors were leading contributors to performance, while their exposures within the health care and industrials sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the information technology and financials sectors, while their smallest allocations were to
the materials and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Procter & Gamble Co. (The) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $56.15 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $56.12.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan Carbon Transition U.S. Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on December 9, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the JPMorgan Asset Management Carbon Transition U.S. Equity Index and the Russell 1000 Index from December 9, 2020 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain
distributions of the securities included in the Index, if applicable. The JPMorgan Asset Management Carbon Transition U.S. Equity Index is a rules-based, proprietary index built to achieve a meaningful reduction in carbon intensity without relying on exclusions or sector deviations. It is a proprietary index designed to reflect the performance of a subset of the U.S. large and midcap companies in developed markets that, based on the index rules, are determined to be best positioned to benefit from a transition to a low-carbon economy. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) | |
FTSE Emerging Index (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return Emerging Markets Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities from emerging markets, diversified across regions, super-sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering differences in the net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Emerging Index, which is a more traditional market capitalization-weighted index.
From a super-sector perspective, the Fund’s and the Underlying Index’s positions in the industrials and consumer super-sectors were leading contributors to absolute performance, while their
positions in the commodities and financials super-sectors were the smallest contributors to absolute performance and no super-sector detracted from absolute performance.
From a regional perspective, the Fund’s and the Underlying Index’s positions in China and in Asia-Pacific, excluding China, were leading contributors to absolute performance, while their positions in Latin America and Europe, Middle East and Africa were the smallest regional contributors to absolute performance and no region detracted from absolute performance.
Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions in China and their multi-factor security selections within China were leading detractors from performance, while their multi-factor security selections in Latin America and their underweight positions in Asia-Pacific, excluding China, were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the defensives and the industrials super-sector, while their smallest allocations were to the commodities and consumer super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to Asia-Pacific, excluding China, and to Europe, Middle East and Africa. Their smallest allocations were to China and Latin America.
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.22 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $51.52.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Amount rounds to less than 0.1%.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Hindustan Unilever Ltd. (India) | |
| Grupo Financiero Banorte SAB de CV, Class O (Mexico) | |
| Bank of China Ltd., Class H (China) | |
| America Movil SAB de CV (Mexico) | |
| Tata Consultancy Services Ltd. (India) | |
| Petroleo Brasileiro SA (Preference) (Brazil) | |
| Wal-Mart de Mexico SAB de CV (Mexico) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan Diversified Return Emerging Markets Equity ETF | | | | | |
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LIFE OF FUND PERFORMANCE (1/7/15 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on January 7, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) from January 7, 2015 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and the FTSE Emerging Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return). JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Emerging Index (net total return). The index is
designed to reflect the performance of emerging market securities representing the following diversified set of factors: value, momentum and quality. The FTSE Emerging Index (net total return) provides investors with a comprehensive means of measuring the performance of the most liquid companies in the emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan Diversified Factor International Equity Index (net total return) | |
FTSE Developed ex North America Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return International Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities in developed markets outside of North America, diversified across regions, sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Underlying Index’s valuation calculations, as well as differences due to specific trading limits, the Fund’s small cash allocation and fees and operating expenses incurred by the Fund. The Fund and the Underlying Index underperformed the FTSE Developed ex North America Index, which is a more traditional market capitalization-weighted index.
From a sector perspective, the Fund’s and the Underlying Index’s positions in the consumer staples and industrials sectors were leading contributors to absolute performance, while their positions in the energy and real estate sectors were the smallest contributors to absolute performance and no sectors detracted from absolute performance.
From a regional perspective, the Fund’s and Underlying Index’s positions in Japan and Europe, excluding the U.K., were leading contributors to absolute performance. Their positions in Asia-Pacific, excluding Japan, and the U.K. were the smallest contributors to absolute performance and no regions detracted from absolute performance.
Relative to the FTSE Developed ex North America Index, the Fund’s and the Underlying Index’s underweight positions in the real estate sector and their multi-factor security selections in the consumer discretionary sector were leading detractors from performance, while their overweight positions in the utilities sector and their multi-factor security selections in the telecommunications sector were leading contributors to relative performance.
The Fund’s and the Underlying Index’s underweight position and multi-factor security selections in Europe, excluding the U.K., and their overweight positions in Asia Pacific, excluding Japan, were leading detractors from relative performance, while their multi-factor security selections in the U.K. and Japan were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and industrials sectors, while their smallest allocations were to the energy and telecommunications sectors. By region, the Fund’s and the Underlying Index’s largest allocations were to Japan and Asia-Pacific, excluding Japan, and their smallest allocations
were to Europe and the U.K.
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.62 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $53.73.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| BAE Systems plc (United Kingdom) | |
| Sembcorp Industries Ltd. (Singapore) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| Centrica plc (United Kingdom) | |
| | |
| AstraZeneca plc (United Kingdom) | |
| 3i Group plc (United Kingdom) | |
| Wolters Kluwer NV (Netherlands) | |
| Kansai Electric Power Co., Inc. (The) (Japan) | |
| United Utilities Group plc (United Kingdom) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan Diversified Return International Equity ETF | | | | | |
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LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 5, 2014.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) from November 5, 2014 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor International Equity Index (net total return) and the FTSE Developed ex North America Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor International Equity Index (net total return) and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor International Equity Index (net total return). JP Morgan Diversified Factor International Equity Index (net total return) is comprised of large- and mid-cap equity securities selected from the FTSE Developed ex North America Index (net total return). The index is designed to reflect the performance of stocks representing the following diversified set of
factors: value, momentum and quality. The FTSE Developed ex North America Index (net total return) is part of a range of indices designed to help investors benchmark their international investments. The index comprises large- and mid-cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world's investable market capitalization. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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| |
JP Morgan Diversified Factor US Equity Index | |
| |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a rules-based proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the technology and basic materials sectors were leading contributors to absolute performance, while their positions in the financials and energy sectors were leading detractors from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s underweight positions in the technology sector and their multi-factor security selections in the telecommunication sector were leading detractors from performance, while their multi-factor security selections in the consumer discretionary sector and their underweight positions in the financials sector were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and health care sectors, while their smallest allocations were to the
energy and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Mondelez International, Inc., Class A | |
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PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $96.13 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last
day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $96.09.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan Diversified Return U.S. Equity ETF | | | | | |
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LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on September 29, 2015.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the JP Morgan Diversified Factor US Equity Index, and the Russell 1000 Index from September 29, 2015 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Equity Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Equity Index and developed the proprietary factors on which the index is based. FTSE Russell, the benchmark administrator,
administers, calculates and governs the JP Morgan Diversified Factor US Equity Index. JP Morgan Diversified Factor US Equity Index is comprised of U.S. large and mid-cap equity securities selected from the constituents of the Russell 1000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan Diversified Factor US Mid Cap Equity Index | |
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Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks mid-cap U.S. equity securities diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.
The Fund’s and the Underlying Index’s positions in the health care and industrials sectors were leading contributors to absolute performance. The Fund’s and the Underlying Index’s positions in the telecommunications and energy sectors were leading detractors from absolute performance.
Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s multi-factor security selections in the technology sector and their overweight positions in the financials sector were leading contributors to performance, while their multi-factor security selections in the telecommunications sector and their underweight positions in the consumer discretionary sector were leading detractors from performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the health care and industrials sectors and their smallest allocations were to the
telecommunications and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| Manhattan Associates, Inc. | |
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| Molson Coors Beverage Co., Class B | |
| Lamb Weston Holdings, Inc. | |
| Dick's Sporting Goods, Inc. | |
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PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $85.92 as of April 30, 2023.
**
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
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $85.92.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | |
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LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on May 11, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Mid Cap Equity Index and Russell Midcap Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Mid Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell,
the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Mid Cap Equity Index. The JP Morgan Diversified Factor US Mid Cap Equity Index is comprised of U.S. mid-cap equity securities selected from the Russell Midcap Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell Midcap Index is a market capitalization-weighted index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan Diversified Factor US Small Cap Equity Index | |
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Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan Diversified Return U.S. Small Cap Equity ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks small-cap equity securities of U.S. companies, diversified across sectors and individual securities. The Underlying Index uses a proprietary multi-factor selection process that utilizes the following characteristics: value, momentum and quality. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund posted a negative absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 2000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the financials and telecommunications sectors were leading detractors from absolute performance, while their positions in the industrials and technology sectors were leading contributors to absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s multi-factor security selections and underweight positions in the financials sector and their multi-factor security selections in the industrials sector were leading contributors to performance, while their underweight positions in the consumer discretionary and telecommunications sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and industrials sectors, while their smallest allocations were to the
telecommunications and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Triton International Ltd. (Bermuda) | |
| Taylor Morrison Home Corp. | |
| Merit Medical Systems, Inc. | |
| Casella Waste Systems, Inc., Class A | |
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| Cogent Communications Holdings, Inc. | |
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PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $38.96 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last
day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $38.92.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | |
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LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 15, 2016.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan Diversified Factor US Small Cap Equity Index and Russell 2000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan Diversified Factor US Small Cap Equity Index and developed the proprietary factors on which the index is based. FTSE Russell,
the benchmark administrator, administers, calculates and governs the JP Morgan Diversified Factor US Small Cap Equity Index. The JP Morgan Diversified Factor US Small Cap Equity Index is comprised of U.S. small cap equity securities selected from the Russell 2000 Index. The index is designed to reflect the performance of stocks representing the following diversified set of factors: value, momentum and quality. The Russell 2000 Index is an unmanaged index, measuring performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan US Momentum Factor Index | |
Russell 1000 Growth Index | |
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Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan U.S. Momentum Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. securities selected to represent positive momentum factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a momentum factor to identify companies that have higher risk-adjusted returns relative to those of their sector peers over a twelve month period. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed both the Russell 1000 Growth Index and the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading contributors to performance, while their positions in the financials and energy sector were leading detractors from performance.
Relative to the Russell 1000 Growth Index, the Fund’s and the Underlying Index’s security selections and underweight positions in the technology sector and their overweight positions in the energy sector were leading detractors from performance, while their security selections and underweight positions in the consumer discretionary sector were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and consumer discretionary sectors and their smallest allocations were to the
basic materials and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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| Berkshire Hathaway, Inc., Class B | |
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PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $39.52 as of April 30, 2023.
**
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
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $39.49.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan U.S. Momentum Factor ETF | | | | | |
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LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the JP Morgan US Momentum Factor Index, the Russell 1000 Growth Index and the Russell 1000 Index from November 8, 2017 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Momentum Factor Index, Russell 1000 Growth Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Momentum Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Momentum Factor Index. The JP Morgan US
Momentum Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a subset of U.S. securities selected utilizing a momentum factor to identify companies that have had better recent performance compared to other securities without undue concentration in individual securities. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan US Quality Factor Index | |
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Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan U.S. Quality Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent quality factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a quality factor to identify higher quality companies relative to their sector peers as measured by profitability, earnings quality and solvency/financial risk. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund provided a positive absolute performance for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index outperformed the Russell 1000 Index, which is a more traditional market capitalization-weighted index.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading contributors to performance, while their positions in the energy sector were the sole sector detractors from performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the consumer discretionary and financials sectors were leading contributors to performance. The Fund’s and the Underlying Index’s security selections in the industrials and telecommunications sectors were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and consumer discretionary sectors, while their smallest allocations
were to the basic materials and telecommunications sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Meta Platforms, Inc., Class A | |
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| Berkshire Hathaway, Inc., Class B | |
| Procter & Gamble Co. (The) | |
| | |
| Mastercard, Inc., Class A | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $41.78 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last
day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $41.80.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan U.S. Quality Factor ETF | | | | | |
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LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the JP Morgan US Quality Factor Index and the Russell 1000 Index from November 8, 2017 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Quality Factor Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Quality Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and
governs the JP Morgan US Quality Factor Index. The JP Morgan US Quality Factor Index contains U.S. large- and mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a quality factor to identifying higher quality companies as measured by profitability, solvency, and earnings quality without undue concentration in individual securities. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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JP Morgan US Value Factor Index | |
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Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan U.S. Value Factor ETF (the “Fund”) seeks investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index (the “Underlying Index”).
INVESTMENT APPROACH
The Fund is passively managed to the Underlying Index, which tracks large- and mid-cap U.S. equity securities selected to represent value factor characteristics. The Underlying Index uses a proprietary selection process that utilizes a relative valuation factor to identify companies with attractive prices relative to their sector peers based on fundamental characteristics of book yield, earnings yield, dividend yield and cash flow yield. The Underlying Index’s methodology includes quarterly rebalancing.
HOW DID THE FUND PERFORM?
The Fund delivered a positive absolute return for the six months ended April 30, 2023, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed the Russell 1000 Value Index and underperformed the Russell 1000 Index, which are more traditional market capitalization-weighted indexes.
On an absolute basis, the Fund’s and the Underlying Index’s positions in the technology and consumer discretionary sectors were leading contributors to performance, while their positions in the financials and health care sectors were leading detractors from performance.
Relative to the Russell 1000 Value Index, the Fund’s and the Underlying Index’s overweight positions in the technology sector and their underweight positions in the financials sector were leading contributors to performance. The Fund’s and the Underlying Index’s security selection in the technology and health care sectors was a leading detractor from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the technology and consumer discretionary sectors, while their smallest allocations
were to the basic materials and telecommunication sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Meta Platforms, Inc., Class A | |
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PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects
JPMorgan U.S. Value Factor ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $34.02 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $34.00.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan U.S. Value Factor ETF | | | | | |
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LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on November 8, 2017.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the JP Morgan US Value Factor Index, the Russell 1000 Value Index and the Russell 1000 Index from November 8, 2017 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the JP Morgan US Value Factor Index, Russell 1000 Value Index and Russell 1000 Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The JP Morgan US Value Factor Index contains U.S. large- and
mid-cap equity securities selected from the Russell 1000 Index, using a rules-based risk allocation and factor selection process. It is designed to reflect a sub-set of U.S. securities selected utilizing a value factor to identify companies with attractive valuations without undue concentration in individual securities. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. Investors cannot invest directly in an index.
For periods presented prior to November 1, 2019, the date on which a unitary fee structure was adopted, Fund performance reflects the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
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Aerospace & Defense — 0.4% |
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Automobile Components — 0.8% |
Magna International, Inc. | | |
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Bank of Nova Scotia (The) | | |
Canadian Imperial Bank of Commerce | | |
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Toronto-Dominion Bank (The) | | |
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Canadian Tire Corp. Ltd., Class A (a) | | |
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Commercial Services & Supplies — 2.9% |
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Ritchie Bros Auctioneers, Inc. (a) | | |
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Construction & Engineering — 0.9% |
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Consumer Staples Distribution & Retail — 4.3% |
Alimentation Couche-Tard, Inc. | | |
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Containers & Packaging — 0.4% |
CCL Industries, Inc., Class B | | |
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|
Diversified Telecommunication Services — 1.3% |
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Electric Utilities — 2.3% |
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Financial Services — 0.1% |
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|
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Ground Transportation — 8.4% |
Canadian National Railway Co. | | |
Canadian Pacific Kansas City Ltd. | | |
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Health Care Equipment & Supplies — 0.0% ^ |
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Hotels, Restaurants & Leisure — 1.2% |
Restaurant Brands International, Inc. | | |
Independent Power and Renewable Electricity Producers — 0.2% |
Brookfield Renewable Corp. | | |
|
Fairfax Financial Holdings Ltd. | | |
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Sun Life Financial, Inc. (a) | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
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First Quantum Minerals Ltd. | | |
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Ivanhoe Mines Ltd., Class A * (a) | | |
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Teck Resources Ltd., Class B | | |
Wheaton Precious Metals Corp. | | |
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Algonquin Power & Utilities Corp. (a) | | |
Canadian Utilities Ltd., Class A (a) | | |
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Oil, Gas & Consumable Fuels — 17.6% |
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Canadian Natural Resources Ltd. | | |
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Paper & Forest Products — 0.2% |
West Fraser Timber Co. Ltd. | | |
Passenger Airlines — 0.3% |
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Professional Services — 1.1% |
Thomson Reuters Corp. * (a) | | |
Real Estate Management & Development — 0.3% |
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Canadian Apartment Properties (a) | | |
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Constellation Software, Inc. | | |
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Textiles, Apparel & Luxury Goods — 0.3% |
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Trading Companies & Distributors — 0.2% |
Finning International, Inc. | | |
Wireless Telecommunication Services — 1.0% |
Rogers Communications, Inc., Class B | | |
Total Common Stocks
(Cost $5,256,236,889) | | |
Short-Term Investments — 7.2% |
Investment of Cash Collateral from Securities Loaned — 7.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $445,246,044) | | |
Total Investments — 106.7%
(Cost $5,701,482,933) | | |
Liabilities in Excess of Other Assets — (6.7)% | | |
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Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $426,409,614. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
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Bendigo & Adelaide Bank Ltd. | | |
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Commonwealth Bank of Australia | | |
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Domino's Pizza Enterprises Ltd. | | |
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Fortescue Metals Group Ltd. | | |
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Harvey Norman Holdings Ltd. | | |
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Insurance Australia Group Ltd. | | |
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National Australia Bank Ltd. | | |
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Northern Star Resources Ltd. | | |
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Seven Group Holdings Ltd. | | |
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Treasury Wine Estates Ltd. | | |
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Washington H Soul Pattinson & Co. Ltd. | | |
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Woodside Energy Group Ltd. | | |
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Budweiser Brewing Co. APAC Ltd. (b) | | |
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Wharf Holdings Ltd. (The) | | |
Wilmar International Ltd. | | |
Wuxi Biologics Cayman, Inc. * (b) | | |
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CK Infrastructure Holdings Ltd. | | |
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DFI Retail Group Holdings Ltd. | | |
Hang Lung Properties Ltd. | | |
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Henderson Land Development Co. Ltd. | | |
HK Electric Investments & HK Electric Investments Ltd. (b) | | |
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Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Jardine Matheson Holdings Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
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New World Development Co. Ltd. | | |
Power Assets Holdings Ltd. | | |
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Sun Hung Kai Properties Ltd. | | |
Swire Pacific Ltd., Class A | | |
Swire Pacific Ltd., Class B | | |
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Techtronic Industries Co. Ltd. | | |
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Wharf Real Estate Investment Co. Ltd. | | |
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Galaxy Entertainment Group Ltd. * | | |
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Auckland International Airport Ltd. * | | |
| | |
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
| | |
| | |
|
CapitaLand Ascendas, REIT | | |
CapitaLand Ascott Trust, REIT | | |
CapitaLand Integrated Commercial Trust, REIT | | |
Capitaland Investment Ltd. | | |
| | |
| | |
| | |
Great Eastern Holdings Ltd. | | |
Jardine Cycle & Carriage Ltd. | | |
| | |
Mapletree Pan Asia Commercial Trust, REIT | | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
| | |
Singapore Technologies Engineering Ltd. | | |
| | |
|
|
Singapore Telecommunications Ltd. | | |
United Overseas Bank Ltd. | | |
| | |
| | |
| | |
|
CK Hutchison Holdings Ltd. | | |
|
| | |
James Hardie Industries plc, CHDI | | |
| | |
Total Common Stocks
(Cost $4,492,483,279) | | |
Short-Term Investments — 0.0% ^ |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d)(Cost $69,050) | | |
Total Investments — 99.2%
(Cost $4,492,552,329) | | |
Other Assets Less Liabilities — 0.8% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Clearing House Electronic Subregister System (CHESS) Depository Interest |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $66,231. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
Real Estate Management & Development | |
Oil, Gas & Consumable Fuels | |
Consumer Staples Distribution & Retail | |
Hotels, Restaurants & Leisure | |
| |
Transportation Infrastructure | |
| |
| |
| |
Diversified Telecommunication Services | |
| |
Life Sciences Tools & Services | |
Health Care Equipment & Supplies | |
| |
Health Care Providers & Services | |
| |
| |
Others (each less than 1.0%) | |
| |
|
| Amount rounds to less than 0.1%. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Morgan Stanley Capital International |
| |
| Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
Flutter Entertainment plc * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Raiffeisen Bank International AG * | | |
| | |
| | |
| | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | |
| | |
| | |
|
Ackermans & van Haaren NV * | | |
| | |
| | |
| | |
| | |
| | |
Etablissements Franz Colruyt NV | | |
Groupe Bruxelles Lambert NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
Warehouses De Pauw CVA, REIT | | |
| | |
|
| | |
|
| | |
|
| | |
| | |
|
|
AP Moller - Maersk A/S, Class A | | |
AP Moller - Maersk A/S, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
| | |
| | |
| | |
Vestas Wind Systems A/S * | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
Bayerische Motoren Werke AG (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Daimler Truck Holding AG * | | |
Deutsche Bank AG (Registered) | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
Deutsche Post AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Henkel AG & Co. KGaA (Preference) | | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
Porsche Automobil Holding SE (Preference) * | | |
| | |
| | |
| | |
Sartorius AG (Preference) (b) | | |
| | |
| | |
Siemens Healthineers AG (a) | | |
| | |
| | |
Telefonica Deutschland Holding AG | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Volkswagen AG (Preference) | | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
FinecoBank Banca Fineco SpA | | |
| | |
Infrastrutture Wireless Italiane SpA (a) | | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
| | |
| | |
| | |
| | |
| | |
Recordati Industria Chimica e Farmaceutica SpA | | |
| | |
| | |
| | |
Terna - Rete Elettrica Nazionale | | |
| | |
|
|
| | |
UnipolSai Assicurazioni SpA (b) | | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
AutoStore Holdings Ltd. * (b) (c) | | |
| | |
| | |
Gjensidige Forsikring ASA | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Bank Polska Kasa Opieki SA | | |
| | |
| | |
| | |
| | |
Polski Koncern Naftowy ORLEN SA * | | |
Powszechna Kasa Oszczednosci Bank Polski SA | | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
| | |
|
EDP - Energias de Portugal SA | | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
ACS Actividades de Construccion y Servicios SA | | |
| | |
| | |
|
|
| | |
Banco Bilbao Vizcaya Argentaria SA (b) | | |
| | |
| | |
| | |
Corp. ACCIONA Energias Renovables SA * | | |
| | |
| | |
| | |
| | |
Grifols SA (Preference), Class B * | | |
| | |
Industria de Diseno Textil SA (b) | | |
| | |
Naturgy Energy Group SA (b) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fastighets AB Balder, Class B * (b) | | |
| | |
H & M Hennes & Mauritz AB, Class B (b) | | |
| | |
| | |
| | |
Industrivarden AB, Class A | | |
Industrivarden AB, Class C (b) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Investment AB Latour, Class B | | |
| | |
| | |
| | |
L E Lundbergforetagen AB, Class B | | |
| | |
Nibe Industrier AB, Class B | | |
| | |
| | |
| | |
| | |
| | |
Securitas AB, Class B (b) | | |
Skandinaviska Enskilda Banken AB, Class A | | |
Skandinaviska Enskilda Banken AB, Class C | | |
| | |
| | |
| | |
| | |
| | |
Svenska Cellulosa AB SCA, Class A | | |
Svenska Cellulosa AB SCA, Class B (b) | | |
Svenska Handelsbanken AB, Class A (b) | | |
Svenska Handelsbanken AB, Class B (b) | | |
| | |
Swedish Orphan Biovitrum AB * | | |
| | |
Telefonaktiebolaget LM Ericsson, Class A | | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
| | |
Volvo Car AB, Class B * (b) | | |
| | |
|
| | |
| | |
Baloise Holding AG (Registered) | | |
Barry Callebaut AG (Registered) | | |
Chocoladefabriken Lindt & Spruengli AG | | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | | |
| | |
|
|
Cie Financiere Richemont SA (Registered) | | |
Credit Suisse Group AG (Registered) * | | |
| | |
EMS-Chemie Holding AG (Registered) * | | |
| | |
| | |
| | |
Kuehne + Nagel International AG (Registered) (b) | | |
Lonza Group AG (Registered) | | |
Mediclinic International plc | | |
| | |
Partners Group Holding AG | | |
| | |
Schindler Holding AG (Registered) | | |
| | |
| | |
Sonova Holding AG (Registered) | | |
Straumann Holding AG (Registered) | | |
Swatch Group AG (The) (b) | | |
Swatch Group AG (The) (Registered) | | |
Swiss Life Holding AG (Registered) (b) | | |
| | |
UBS Group AG (Registered) * | | |
Zurich Insurance Group AG | | |
| | |
United Arab Emirates — 0.0% ^ |
| | |
|
| | |
| | |
| | |
| | |
Associated British Foods plc | | |
| | |
Auto Trader Group plc (a) | | |
| | |
B&M European Value Retail SA | | |
| | |
| | |
| | |
Berkeley Group Holdings plc | | |
| | |
British American Tobacco plc | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
United Kingdom — continued |
British Land Co. plc (The), REIT | | |
| | |
| | |
| | |
| | |
| | |
Coca-Cola Europacific Partners plc | | |
| | |
| | |
| | |
| | |
Dechra Pharmaceuticals plc | | |
| | |
Direct Line Insurance Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
Intermediate Capital Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
Land Securities Group plc, REIT | | |
Legal & General Group plc | | |
| | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United Kingdom — continued |
| | |
| | |
Phoenix Group Holdings plc | | |
Reckitt Benckiser Group plc | | |
| | |
| | |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Utilities Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
Total Common Stocks
(Cost $9,449,758,046) | | |
Short-Term Investments — 3.5% |
Investment of Cash Collateral from Securities Loaned — 3.5% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (d) (e) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $341,234,279) | | |
Total Investments — 102.7%
(Cost $9,790,992,325) | | |
Liabilities in Excess of Other Assets — (2.7)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $322,961,901. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Textiles, Apparel & Luxury Goods | |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
| |
| |
Diversified Telecommunication Services | |
| |
| |
| |
Health Care Equipment & Supplies | |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Construction & Engineering | |
| |
Consumer Staples Distribution & Retail | |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Financial Times and the London Stock Exchange |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Bendigo & Adelaide Bank Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
Domino's Pizza Enterprises Ltd. | | |
| | |
Flutter Entertainment plc * | | |
Fortescue Metals Group Ltd. | | |
| | |
| | |
| | |
Harvey Norman Holdings Ltd. | | |
| | |
| | |
| | |
Insurance Australia Group Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
National Australia Bank Ltd. | | |
| | |
Northern Star Resources Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Seven Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
Washington H Soul Pattinson & Co. Ltd. | | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Raiffeisen Bank International AG * | | |
| | |
| | |
| | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | |
| | |
| | |
|
Ackermans & van Haaren NV * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Etablissements Franz Colruyt NV | | |
Groupe Bruxelles Lambert NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
Warehouses De Pauw CVA, REIT | | |
| | |
|
| | |
|
| | |
|
Budweiser Brewing Co. APAC Ltd. (b) | | |
| | |
| | |
Wharf Holdings Ltd. (The) | | |
Wilmar International Ltd. | | |
Wuxi Biologics Cayman, Inc. * (b) | | |
| | |
|
AP Moller - Maersk A/S, Class A | | |
AP Moller - Maersk A/S, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
| | |
| | |
| | |
Vestas Wind Systems A/S * | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Stora Enso OYJ, Class A (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
Bayerische Motoren Werke AG (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Daimler Truck Holding AG * | | |
Deutsche Bank AG (Registered) | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
Deutsche Post AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
Henkel AG & Co. KGaA (Preference) | | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
Porsche Automobil Holding SE (Preference) * | | |
| | |
| | |
| | |
Sartorius AG (Preference) | | |
| | |
| | |
Siemens Healthineers AG (b) | | |
| | |
| | |
Telefonica Deutschland Holding AG | | |
| | |
Volkswagen AG (Preference) | | |
| | |
| | |
| | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
DFI Retail Group Holdings Ltd. | | |
Hang Lung Properties Ltd. | | |
| | |
Henderson Land Development Co. Ltd. | | |
HK Electric Investments & HK Electric Investments Ltd. (b) | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Jardine Matheson Holdings Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
New World Development Co. Ltd. | | |
Power Assets Holdings Ltd. | | |
| | |
| | |
Sun Hung Kai Properties Ltd. | | |
Swire Pacific Ltd., Class A | | |
Swire Pacific Ltd., Class B | | |
| | |
Techtronic Industries Co. Ltd. | | |
| | |
Wharf Real Estate Investment Co. Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Bezeq The Israeli Telecommunication Corp. Ltd. | | |
| | |
| | |
Israel Discount Bank Ltd., Class A | | |
Mizrahi Tefahot Bank Ltd. | | |
| | |
Teva Pharmaceutical Industries Ltd. * | | |
| | |
|
| | |
| | |
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
FinecoBank Banca Fineco SpA | | |
| | |
Infrastrutture Wireless Italiane SpA (b) | | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
| | |
| | |
| | |
| | |
| | |
Recordati Industria Chimica e Farmaceutica SpA | | |
| | |
| | |
| | |
Terna - Rete Elettrica Nazionale | | |
| | |
UnipolSai Assicurazioni SpA | | |
| | |
|
| | |
| | |
Advance Residence Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
Bandai Namco Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Central Japan Railway Co. | | |
| | |
Chubu Electric Power Co., Inc. | | |
Chugai Pharmaceutical Co. Ltd. | | |
Concordia Financial Group Ltd. | | |
Cosmos Pharmaceutical Corp. | | |
| | |
Dai Nippon Printing Co. Ltd. | | |
| | |
Dai-ichi Life Holdings, Inc. | | |
| | |
| | |
Daito Trust Construction Co. Ltd. | | |
Daiwa House Industry Co. Ltd. | | |
Daiwa House REIT Investment Corp., REIT | | |
Daiwa Securities Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fukuoka Financial Group, Inc. | | |
| | |
GMO Payment Gateway, Inc. | | |
Hakuhodo DY Holdings, Inc. | | |
| | |
Hankyu Hanshin Holdings, Inc. | | |
| | |
| | |
| | |
Hitachi Construction Machinery Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Iida Group Holdings Co. Ltd. | | |
| | |
| | |
| | |
Itochu Techno-Solutions Corp. | | |
| | |
Japan Airport Terminal Co. Ltd. | | |
Japan Exchange Group, Inc. | | |
Japan Metropolitan Fund Invest, REIT | | |
| | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
Japan Prime Realty Investment Corp., REIT | | |
Japan Real Estate Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
| | |
| | |
Kawasaki Heavy Industries Ltd. | | |
| | |
| | |
Keisei Electric Railway Co. Ltd. | | |
| | |
| | |
Kintetsu Group Holdings Co. Ltd. | | |
| | |
Kobayashi Pharmaceutical Co. Ltd. | | |
| | |
Koei Tecmo Holdings Co. Ltd. | | |
Koito Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
Kurita Water Industries Ltd. | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
McDonald's Holdings Co. Japan Ltd. | | |
| | |
| | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
| | |
Mitsubishi Electric Corp. | | |
Mitsubishi Estate Co. Ltd. | | |
Mitsubishi Gas Chemical Co., Inc. | | |
Mitsubishi HC Capital, Inc. | | |
Mitsubishi Heavy Industries Ltd. | | |
Mitsubishi Motors Corp. * | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
Mizuho Financial Group, Inc. | | |
| | |
MS&AD Insurance Group Holdings, Inc. | | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Nihon M&A Center Holdings, Inc. | | |
| | |
| | |
Nippon Building Fund, Inc., REIT | | |
Nippon Express Holdings, Inc. | | |
Nippon Paint Holdings Co. Ltd. | | |
Nippon Prologis REIT, Inc., REIT | | |
Nippon Sanso Holdings Corp. | | |
| | |
| | |
|
|
| | |
Nippon Telegraph & Telephone Corp. | | |
| | |
| | |
| | |
Nisshin Seifun Group, Inc. | | |
Nissin Foods Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
Nomura Real Estate Holdings, Inc. | | |
Nomura Real Estate Master Fund, Inc., REIT | | |
Nomura Research Institute Ltd. | | |
| | |
| | |
| | |
| | |
Odakyu Electric Railway Co. Ltd. | | |
| | |
| | |
| | |
Ono Pharmaceutical Co. Ltd. | | |
Open House Group Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pan Pacific International Holdings Corp. | | |
| | |
| | |
| | |
Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. * | | |
| | |
| | |
| | |
| | |
| | |
Santen Pharmaceutical Co. Ltd. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Sega Sammy Holdings, Inc. | | |
| | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Square Enix Holdings Co. Ltd. | | |
Stanley Electric Co. Ltd. | | |
| | |
| | |
Sumitomo Chemical Co. Ltd. | | |
| | |
Sumitomo Electric Industries Ltd. | | |
Sumitomo Metal Mining Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Mitsui Trust Holdings, Inc. | | |
| | |
Sumitomo Realty & Development Co. Ltd. | | |
Suntory Beverage & Food Ltd. | | |
| | |
| | |
| | |
| | |
Taisho Pharmaceutical Holdings Co. Ltd. | | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
| | |
| | |
Tokyu Fudosan Holdings Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Urban Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Galaxy Entertainment Group Ltd. * | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Auckland International Airport Ltd. * | | |
| | |
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
AutoStore Holdings Ltd. * (b) (c) | | |
| | |
| | |
Gjensidige Forsikring ASA | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Bank Polska Kasa Opieki SA | | |
| | |
| | |
| | |
| | |
Polski Koncern Naftowy ORLEN SA * | | |
Powszechna Kasa Oszczednosci Bank Polski SA | | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
| | |
|
EDP - Energias de Portugal SA | | |
| | |
| | |
| | |
|
| | |
|
CapitaLand Ascendas, REIT | | |
CapitaLand Ascott Trust, REIT | | |
CapitaLand Integrated Commercial Trust, REIT | | |
Capitaland Investment Ltd. | | |
| | |
| | |
| | |
Great Eastern Holdings Ltd. | | |
Jardine Cycle & Carriage Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Mapletree Pan Asia Commercial Trust, REIT | | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
| | |
Singapore Technologies Engineering Ltd. | | |
Singapore Telecommunications Ltd. | | |
| | |
United Overseas Bank Ltd. | | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
ACS Actividades de Construccion y Servicios SA | | |
| | |
| | |
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
Corp. ACCIONA Energias Renovables SA * | | |
| | |
| | |
| | |
| | |
Grifols SA (Preference), Class B * | | |
| | |
Industria de Diseno Textil SA (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fastighets AB Balder, Class B * | | |
| | |
H & M Hennes & Mauritz AB, Class B (a) | | |
| | |
| | |
Husqvarna AB, Class B (a) | | |
Industrivarden AB, Class A | | |
Industrivarden AB, Class C (a) | | |
| | |
Investment AB Latour, Class B | | |
| | |
| | |
| | |
L E Lundbergforetagen AB, Class B | | |
| | |
Nibe Industrier AB, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | |
Skandinaviska Enskilda Banken AB, Class C | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Svenska Cellulosa AB SCA, Class A | | |
Svenska Cellulosa AB SCA, Class B | | |
Svenska Handelsbanken AB, Class A | | |
Svenska Handelsbanken AB, Class B (a) | | |
| | |
Swedish Orphan Biovitrum AB * | | |
| | |
Telefonaktiebolaget LM Ericsson, Class A | | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Baloise Holding AG (Registered) | | |
Barry Callebaut AG (Registered) | | |
Chocoladefabriken Lindt & Spruengli AG | | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | | |
Cie Financiere Richemont SA (Registered) | | |
Credit Suisse Group AG (Registered) * | | |
| | |
EMS-Chemie Holding AG (Registered) * | | |
| | |
| | |
| | |
Kuehne + Nagel International AG (Registered) (a) | | |
Lonza Group AG (Registered) | | |
Mediclinic International plc | | |
| | |
Partners Group Holding AG | | |
| | |
Schindler Holding AG (Registered) | | |
| | |
| | |
Sonova Holding AG (Registered) | | |
Straumann Holding AG (Registered) | | |
| | |
Swatch Group AG (The) (Registered) | | |
| | |
|
|
Swiss Life Holding AG (Registered) | | |
| | |
UBS Group AG (Registered) * | | |
Zurich Insurance Group AG | | |
| | |
United Arab Emirates — 0.0% ^ |
| | |
|
| | |
| | |
| | |
| | |
Associated British Foods plc | | |
| | |
Auto Trader Group plc (b) | | |
| | |
B&M European Value Retail SA | | |
| | |
| | |
| | |
Berkeley Group Holdings plc | | |
| | |
British American Tobacco plc | | |
British Land Co. plc (The), REIT | | |
| | |
| | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
| | |
Coca-Cola Europacific Partners plc | | |
| | |
| | |
| | |
| | |
Dechra Pharmaceuticals plc | | |
| | |
Direct Line Insurance Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
Intermediate Capital Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
Land Securities Group plc, REIT | | |
Legal & General Group plc | | |
| | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Phoenix Group Holdings plc | | |
Reckitt Benckiser Group plc | | |
| | |
| | |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United Kingdom — continued |
| | |
| | |
United Utilities Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
James Hardie Industries plc, CHDI | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $3,211,937,245) | | |
Short-Term Investments — 2.7% |
Investment Companies — 0.5% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e)(Cost $18,160,002) | | |
Investment of Cash Collateral from Securities Loaned — 2.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (d) (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Short-Term Investments — continued |
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $76,636,647) | | |
Total Short-Term Investments
(Cost $94,796,649) | | |
Total Investments — 101.5%
(Cost $3,306,733,894) | | |
Liabilities in Excess of Other Assets — (1.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Clearing House Electronic Subregister System (CHESS) Depository Interest |
| |
| |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $72,676,586. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Health Care Equipment & Supplies | |
Diversified Telecommunication Services | |
Trading Companies & Distributors | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
Consumer Staples Distribution & Retail | |
| |
| |
| |
Real Estate Management & Development | |
| |
| |
Wireless Telecommunication Services | |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Air Freight & Logistics — 0.5% |
Nippon Express Holdings, Inc. | | |
| | |
| | |
| | |
Automobile Components — 2.2% |
| | |
| | |
| | |
Koito Manufacturing Co. Ltd. | | |
| | |
Stanley Electric Co. Ltd. | | |
Sumitomo Electric Industries Ltd. | | |
| | |
|
| | |
| | |
| | |
Mitsubishi Motors Corp. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Concordia Financial Group Ltd. | | |
Fukuoka Financial Group, Inc. | | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
Mizuho Financial Group, Inc. | | |
| | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Mitsui Trust Holdings, Inc. | | |
| | |
|
Asahi Group Holdings Ltd. | | |
| | |
Suntory Beverage & Food Ltd. | | |
| | |
| | |
|
|
Pan Pacific International Holdings Corp. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
Daiwa Securities Group, Inc. | | |
Japan Exchange Group, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
Mitsubishi Gas Chemical Co., Inc. | | |
| | |
Nippon Paint Holdings Co. Ltd. | | |
Nippon Sanso Holdings Corp. | | |
| | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
Sumitomo Chemical Co. Ltd. | | |
| | |
| | |
| | |
Commercial Services & Supplies — 0.8% |
Dai Nippon Printing Co. Ltd. | | |
| | |
| | |
| | |
Construction & Engineering — 0.6% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Construction & Engineering — continued |
| | |
| | |
| | |
|
| | |
| | |
| | |
Consumer Staples Distribution & Retail — 1.9% |
| | |
Cosmos Pharmaceutical Corp. | | |
| | |
| | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
| | |
|
Daiwa House REIT Investment Corp. | | |
Nomura Real Estate Master Fund, Inc. | | |
United Urban Investment Corp. | | |
| | |
Diversified Telecommunication Services — 1.0% |
Nippon Telegraph & Telephone Corp. | | |
Electric Utilities — 0.5% |
Chubu Electric Power Co., Inc. | | |
Kansai Electric Power Co., Inc. (The) | | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
Electrical Equipment — 1.6% |
| | |
Mitsubishi Electric Corp. | | |
| | |
| | |
Electronic Equipment, Instruments & Components — 5.3% |
| | |
| | |
| | |
| | |
| | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
|
Electronic Equipment, Instruments & Components — continued |
| | |
| | |
| | |
| | |
|
| | |
Koei Tecmo Holdings Co. Ltd. | | |
| | |
| | |
| | |
Square Enix Holdings Co. Ltd. | | |
| | |
| | |
Financial Services — 0.8% |
GMO Payment Gateway, Inc. | | |
Mitsubishi HC Capital, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Nisshin Seifun Group, Inc. | | |
Nissin Foods Holdings Co. Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Ground Transportation — 3.0% |
Central Japan Railway Co. | | |
| | |
Hankyu Hanshin Holdings, Inc. | | |
| | |
Keisei Electric Railway Co. Ltd. | | |
Kintetsu Group Holdings Co. Ltd. | | |
| | |
| | |
Odakyu Electric Railway Co. Ltd. (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Ground Transportation — continued |
| | |
| | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 2.6% |
Asahi Intecc Co. Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
Health Care Providers & Services — 0.1% |
| | |
Health Care Technology — 0.3% |
| | |
Hotels, Restaurants & Leisure — 1.2% |
McDonald's Holdings Co. Japan Ltd. (a) | | |
| | |
| | |
Household Durables — 4.6% |
| | |
Iida Group Holdings Co. Ltd. | | |
| | |
Open House Group Co. Ltd. | | |
| | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
Household Products — 0.6% |
| | |
| | |
| | |
Industrial Conglomerates — 1.8% |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
Nippon Prologis REIT, Inc. | | |
| | |
|
Dai-ichi Life Holdings, Inc. | | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
MS&AD Insurance Group Holdings, Inc. | | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
Interactive Media & Services — 0.2% |
| | |
| | |
| | |
|
| | |
Itochu Techno-Solutions Corp. | | |
| | |
Nomura Research Institute Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Bandai Namco Holdings, Inc. | | |
Sega Sammy Holdings, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
Hitachi Construction Machinery Co. Ltd. | | |
| | |
Kawasaki Heavy Industries Ltd. | | |
| | |
| | |
Kurita Water Industries Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Mitsubishi Heavy Industries Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Marine Transportation — 0.6% |
Mitsui OSK Lines Ltd. (a) | | |
| | |
| | |
|
| | |
| | |
Hakuhodo DY Holdings, Inc. | | |
| | |
|
| | |
| | |
Sumitomo Metal Mining Co. Ltd. | | |
| | |
|
Japan Prime Realty Investment Corp. | | |
Japan Real Estate Investment Corp. | | |
Nippon Building Fund, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 0.7% |
| | |
| | |
| | |
| | |
Paper & Forest Products — 0.1% |
| | |
Passenger Airlines — 0.2% |
| | |
| | |
| | |
| | |
|
Personal Care Products — 1.2% |
| | |
Kobayashi Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
|
| | |
Chugai Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
| | |
Ono Pharmaceutical Co. Ltd. | | |
| | |
Santen Pharmaceutical Co. Ltd. | | |
| | |
| | |
Taisho Pharmaceutical Holdings Co. Ltd. | | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
Professional Services — 1.4% |
Nihon M&A Center Holdings, Inc. | | |
| | |
Recruit Holdings Co. Ltd. | | |
| | |
Real Estate Management & Development — 2.1% |
Daito Trust Construction Co. Ltd. | | |
Daiwa House Industry Co. Ltd. | | |
| | |
Mitsubishi Estate Co. Ltd. | | |
| | |
Nomura Real Estate Holdings, Inc. | | |
Sumitomo Realty & Development Co. Ltd. | | |
Tokyu Fudosan Holdings Corp. | | |
| | |
|
Advance Residence Investment Corp. | | |
|
Japan Metropolitan Fund Invest | | |
Semiconductors & Semiconductor Equipment — 3.2% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — continued |
| | |
Renesas Electronics Corp. * | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.1% |
| | |
|
| | |
Trading Companies & Distributors — 5.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Transportation Infrastructure — 0.1% |
Japan Airport Terminal Co. Ltd. | | |
Wireless Telecommunication Services — 3.3% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $7,967,112,205) | | |
Short-Term Investments — 0.5% |
Investment of Cash Collateral from Securities Loaned — 0.5% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $40,494,214) | | |
Total Investments — 99.2%
(Cost $8,007,606,419) | | |
Other Assets Less Liabilities — 0.8% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $38,169,726. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 1.7% |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
| | |
| | |
Raytheon Technologies Corp. | | |
| | |
| | |
| | |
Air Freight & Logistics — 0.6% |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.1% |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Rivian Automotive, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
| | |
| | |
| | |
First Republic Bank (a) (b) | | |
Huntington Bancshares, Inc. | | |
| | |
| | |
| | |
|
|
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Brown-Forman Corp., Class A | | |
Brown-Forman Corp., Class B | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
Alnylam Pharmaceuticals, Inc. * | | |
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
| | |
| | |
Horizon Therapeutics plc * | | |
| | |
| | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
Coupang, Inc. (South Korea) * | | |
| | |
| | |
MercadoLibre, Inc. (Brazil) * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
Fortune Brands Innovations, Inc. | | |
Johnson Controls International plc | | |
Lennox International, Inc. | | |
| | |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
Carlyle Group, Inc. (The) | | |
Charles Schwab Corp. (The) | | |
| | |
Coinbase Global, Inc., Class A * (a) | | |
FactSet Research Systems, Inc. | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
Jefferies Financial Group, Inc. | | |
| | |
LPL Financial Holdings, Inc. | | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
| | |
| | |
T. Rowe Price Group, Inc. | | |
| | |
|
Air Products and Chemicals, Inc. | | |
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
International Flavors & Fragrances, Inc. | | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Sherwin-Williams Co. (The) | | |
| | |
| | |
Commercial Services & Supplies — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 0.1% |
| | |
Construction Materials — 0.1% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
|
| | |
| | |
Capital One Financial Corp. | | |
Discover Financial Services | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Consumer Staples Distribution & Retail — 1.9% |
Albertsons Cos., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
| | |
Containers & Packaging — 0.3% |
| | |
| | |
| | |
| | |
| | |
Packaging Corp. of America | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Diversified REITs — 0.0% ^ |
| | |
Diversified Telecommunication Services — 0.8% |
| | |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — 1.8% |
| | |
American Electric Power Co., Inc. | | |
| | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Electric Utilities — continued |
| | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
Sensata Technologies Holding plc | | |
| | |
Electronic Equipment, Instruments & Components — 0.6% |
| | |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
Teledyne Technologies, Inc. * | | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.4% |
| | |
| | |
| | |
| | |
|
Activision Blizzard, Inc. * | | |
| | |
Live Nation Entertainment, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Entertainment — continued |
| | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
Financial Services — 4.4% |
Apollo Global Management, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Corebridge Financial, Inc. | | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
FleetCor Technologies, Inc. * | | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
McCormick & Co., Inc. (Non-Voting) | | |
Mondelez International, Inc., Class A | | |
Tyson Foods, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
| | |
|
Ground Transportation — 0.9% |
| | |
JB Hunt Transport Services, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.8% |
| | |
| | |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
Edwards Lifesciences Corp. * | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 3.0% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — continued |
Molina Healthcare, Inc. * | | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
|
Healthpeak Properties, Inc. | | |
| | |
| | |
| | |
Health Care Technology — 0.1% |
Veeva Systems, Inc., Class A * | | |
Hotel & Resort REITs — 0.0% ^ |
Host Hotels & Resorts, Inc. | | |
Hotels, Restaurants & Leisure — 2.3% |
| | |
| | |
| | |
Caesars Entertainment, Inc. * | | |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
| | |
DoorDash, Inc., Class A * | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
| | |
Marriott International, Inc., Class A | | |
| | |
MGM Resorts International | | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
| | |
| | |
| | |
| | |
| | |
|
Household Durables — continued |
| | |
| | |
| | |
Household Products — 1.4% |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
| | |
| | |
Industrial Conglomerates — 0.8% |
| | |
| | |
Honeywell International, Inc. | | |
| | |
|
| | |
|
| | |
| | |
American Financial Group, Inc. | | |
American International Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
Cincinnati Financial Corp. | | |
| | |
Fidelity National Financial, Inc. | | |
| | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
| | |
| | |
Marsh & McLennan Cos., Inc. | | |
| | |
Principal Financial Group, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Prudential Financial, Inc. | | |
Reinsurance Group of America, Inc. | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 4.9% |
Alphabet, Inc., Class A * | | |
Alphabet, Inc., Class C * | | |
| | |
Meta Platforms, Inc., Class A * | | |
Pinterest, Inc., Class A * | | |
| | |
ZoomInfo Technologies, Inc. * | | |
| | |
|
| | |
Akamai Technologies, Inc. * | | |
Cloudflare, Inc., Class A * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
Snowflake, Inc., Class A * | | |
| | |
| | |
| | |
Leisure Products — 0.0% ^ |
| | |
Life Sciences Tools & Services — 1.7% |
Agilent Technologies, Inc. | | |
| | |
Bio-Rad Laboratories, Inc., Class A * | | |
| | |
Charles River Laboratories International, Inc. * | | |
| | |
| | |
| | |
| | |
|
Life Sciences Tools & Services — continued |
Mettler-Toledo International, Inc. * | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. | | |
Westinghouse Air Brake Technologies Corp. | | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
| | |
| | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
Liberty Broadband Corp., Class A * | | |
Liberty Broadband Corp., Class C * | | |
Liberty Media Corp.-Liberty SiriusXM, Class A * | | |
Liberty Media Corp.-Liberty SiriusXM, Class C * | | |
| | |
| | |
| | |
Paramount Global, Class A | | |
Paramount Global, Class B | | |
Sirius XM Holdings, Inc. (a) | | |
Trade Desk, Inc. (The), Class A * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Southern Copper Corp. (Mexico) | | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^ |
Annaly Capital Management, Inc. | | |
|
| | |
| | |
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
| | |
|
Alexandria Real Estate Equities, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 4.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Passenger Airlines — 0.1% |
| | |
| | |
United Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 0.2% |
Estee Lauder Cos., Inc. (The), Class A | | |
|
| | |
| | |
Elanco Animal Health, Inc. * | | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
| | |
| | |
Royalty Pharma plc, Class A | | |
| | |
| | |
| | |
Professional Services — 0.9% |
Automatic Data Processing, Inc. | | |
Booz Allen Hamilton Holding Corp. | | |
Broadridge Financial Solutions, Inc. | | |
Ceridian HCM Holding, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Paylocity Holding Corp. * | | |
SS&C Technologies Holdings, Inc. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Real Estate Management & Development — 0.1% |
CBRE Group, Inc., Class A * | | |
Zillow Group, Inc., Class A * | | |
Zillow Group, Inc., Class C * | | |
| | |
|
AvalonBay Communities, Inc. | | |
| | |
Equity LifeStyle Properties, Inc. | | |
| | |
Essex Property Trust, Inc. | | |
| | |
Mid-America Apartment Communities, Inc. | | |
| | |
| | |
| | |
|
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 5.9% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
| | |
|
Semiconductors & Semiconductor Equipment — continued |
SolarEdge Technologies, Inc. * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Atlassian Corp., Class A * | | |
| | |
Bentley Systems, Inc., Class B | | |
| | |
Cadence Design Systems, Inc. * | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Palantir Technologies, Inc., Class A * | | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Tyler Technologies, Inc. * | | |
Unity Software, Inc. * (a) | | |
| | |
| | |
Zoom Video Communications, Inc., Class A * | | |
| | |
| | |
|
| | |
| | |
Digital Realty Trust, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Specialized REITs — continued |
Extra Space Storage, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.2% |
| | |
Dell Technologies, Inc., Class C | | |
Hewlett Packard Enterprise Co. | | |
| | |
| | |
Seagate Technology Holdings plc | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.6% |
Lululemon Athletica, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
| | |
|
Trading Companies & Distributors — 0.3% |
| | |
| | |
| | |
| | |
| | |
|
American Water Works Co., Inc. | | |
Wireless Telecommunication Services — 0.2% |
| | |
Total Common Stocks
(Cost $1,514,873,360) | | |
| | |
|
Health Care Equipment & Supplies — 0.0% ^ |
ABIOMED, Inc., CVR ‡ *
(Cost $1,764) | | |
| | |
Short-Term Investments — 0.5% |
Investment Companies — 0.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e)
(Cost $6,814,015) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e)
(Cost $1,224,256) | | |
Total Short-Term Investments
(Cost $8,038,271) | | |
Total Investments — 100.0%
(Cost $1,522,913,395) | | |
Other Assets Less Liabilities — 0.0% ^ | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $1,144,759. | |
| Subsequent to April 30, 2023, First Republic Bank became affiliated with JPMorgan Chase & Co. | |
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 1.9% |
Aerojet Rocketdyne Holdings, Inc. * | | |
Axon Enterprise, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Rocket Lab USA, Inc. * (a) | | |
Spirit AeroSystems Holdings, Inc., Class A | | |
| | |
| | |
Air Freight & Logistics — 0.2% |
| | |
Automobile Components — 1.2% |
| | |
| | |
| | |
Fox Factory Holding Corp. * | | |
| | |
Goodyear Tire & Rubber Co. (The) * | | |
Luminar Technologies, Inc. * (a) | | |
| | |
| | |
| | |
|
| | |
Thor Industries, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Commerce Bancshares, Inc. | | |
Cullen/Frost Bankers, Inc. | | |
| | |
First Citizens BancShares, Inc., Class A (a) | | |
First Financial Bankshares, Inc. | | |
| | |
| | |
| | |
|
|
First Interstate BancSystem, Inc., Class A | | |
| | |
| | |
| | |
Home BancShares, Inc. (a) | | |
Independent Bank Corp. (a) | | |
New York Community Bancorp, Inc. | | |
| | |
| | |
Pinnacle Financial Partners, Inc. | | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
ServisFirst Bancshares, Inc. | | |
| | |
| | |
Texas Capital Bancshares, Inc. * (a) | | |
| | |
| | |
United Community Banks, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Boston Beer Co., Inc. (The), Class A * | | |
Celsius Holdings, Inc. * (a) | | |
Coca-Cola Consolidated, Inc. | | |
National Beverage Corp. * | | |
| | |
|
ACADIA Pharmaceuticals, Inc. * | | |
| | |
Apellis Pharmaceuticals, Inc. * | | |
Arrowhead Pharmaceuticals, Inc. * | | |
Beam Therapeutics, Inc. * | | |
Blueprint Medicines Corp. * | | |
Cerevel Therapeutics Holdings, Inc. * | | |
CRISPR Therapeutics AG (Switzerland) * (a) | | |
| | |
Denali Therapeutics, Inc. * | | |
| | |
Fate Therapeutics, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Biotechnology — continued |
Halozyme Therapeutics, Inc. * | | |
Intellia Therapeutics, Inc. * | | |
Ionis Pharmaceuticals, Inc. * | | |
Karuna Therapeutics, Inc. * (a) | | |
Mirati Therapeutics, Inc. * | | |
| | |
| | |
Relay Therapeutics, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Ultragenyx Pharmaceutical, Inc. * | | |
United Therapeutics Corp. * | | |
Vir Biotechnology, Inc. * | | |
| | |
|
Dillard's, Inc., Class A (a) | | |
| | |
| | |
| | |
Ollie's Bargain Outlet Holdings, Inc. * | | |
| | |
|
| | |
Advanced Drainage Systems, Inc. (a) | | |
Armstrong World Industries, Inc. | | |
| | |
Builders FirstSource, Inc. * | | |
| | |
Hayward Holdings, Inc. * (a) | | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
Zurn Elkay Water Solutions Corp. | | |
| | |
|
Affiliated Managers Group, Inc. | | |
| | |
Artisan Partners Asset Management, Inc., Class A | | |
Blue Owl Capital, Inc. (a) | | |
| | |
| | |
| | |
Interactive Brokers Group, Inc., Class A | | |
| | |
|
Capital Markets — continued |
Janus Henderson Group plc | | |
| | |
Robinhood Markets, Inc., Class A * (a) | | |
| | |
Tradeweb Markets, Inc., Class A | | |
| | |
|
| | |
| | |
Axalta Coating Systems Ltd. * | | |
| | |
| | |
| | |
| | |
| | |
Ginkgo Bioworks Holdings, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Scotts Miracle-Gro Co. (The) (a) | | |
Sensient Technologies Corp. | | |
| | |
Commercial Services & Supplies — 1.1% |
| | |
Casella Waste Systems, Inc., Class A * | | |
| | |
Driven Brands Holdings, Inc. * | | |
| | |
Ritchie Bros Auctioneers, Inc. (Canada) | | |
| | |
| | |
| | |
Communications Equipment — 0.6% |
| | |
| | |
Lumentum Holdings, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Construction & Engineering — 2.1% |
| | |
| | |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
MDU Resources Group, Inc. | | |
| | |
WillScot Mobile Mini Holdings Corp. * | | |
| | |
Construction Materials — 0.2% |
| | |
|
Bread Financial Holdings, Inc. | | |
Credit Acceptance Corp. * (a) | | |
| | |
OneMain Holdings, Inc. (a) | | |
| | |
SoFi Technologies, Inc. * (a) | | |
Upstart Holdings, Inc. * (a) | | |
| | |
Consumer Staples Distribution & Retail — 1.5% |
BJ's Wholesale Club Holdings, Inc. * | | |
Casey's General Stores, Inc. | | |
Performance Food Group Co. * | | |
| | |
Sprouts Farmers Market, Inc. * | | |
| | |
| | |
Containers & Packaging — 1.1% |
| | |
| | |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
| | |
Diversified Consumer Services — 1.2% |
| | |
Bright Horizons Family Solutions, Inc. * | | |
| | |
| | |
| | |
|
Diversified Consumer Services — continued |
| | |
Graham Holdings Co., Class B | | |
Grand Canyon Education, Inc. * | | |
| | |
Mister Car Wash, Inc. * (a) | | |
Service Corp. International | | |
| | |
|
Broadstone Net Lease, Inc. | | |
Diversified Telecommunication Services — 0.5% |
Frontier Communications Parent, Inc. * (a) | | |
| | |
Iridium Communications, Inc. | | |
| | |
Electric Utilities — 1.0% |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
| | |
Portland General Electric Co. | | |
| | |
Electrical Equipment — 1.6% |
| | |
| | |
Bloom Energy Corp., Class A * | | |
ChargePoint Holdings, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 2.2% |
Arrow Electronics, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Electronic Equipment, Instruments & Components — continued |
| | |
National Instruments Corp. | | |
| | |
| | |
| | |
| | |
Energy Equipment & Services — 0.7% |
| | |
| | |
| | |
| | |
| | |
|
AMC Entertainment Holdings, Inc., Class A * (a) | | |
Endeavor Group Holdings, Inc., Class A * | | |
Liberty Media Corp.-Liberty Formula One, Class A * | | |
Liberty Media Corp.-Liberty Formula One, Class C * | | |
Lions Gate Entertainment Corp., Class A * | | |
Lions Gate Entertainment Corp., Class B * | | |
Madison Square Garden Sports Corp. | | |
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 1.4% |
Affirm Holdings, Inc. * (a) | | |
| | |
| | |
Euronet Worldwide, Inc. * | | |
| | |
| | |
| | |
| | |
Toast, Inc., Class A * (a) | | |
| | |
| | |
| | |
|
Darling Ingredients, Inc. * (a) | | |
| | |
| | |
| | |
|
Food Products — continued |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
New Jersey Resources Corp. (a) | | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
| | |
Ground Transportation — 1.5% |
Avis Budget Group, Inc. * | | |
Hertz Global Holdings, Inc. * (a) | | |
Knight-Swift Transportation Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 3.3% |
| | |
| | |
Globus Medical, Inc., Class A * | | |
| | |
| | |
| | |
Inspire Medical Systems, Inc. * | | |
Integra LifeSciences Holdings Corp. * | | |
Lantheus Holdings, Inc. * | | |
| | |
| | |
Merit Medical Systems, Inc. * | | |
| | |
| | |
| | |
| | |
Shockwave Medical, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
| | |
Tandem Diabetes Care, Inc. * | | |
| | |
Health Care Providers & Services — 2.6% |
Acadia Healthcare Co., Inc. * | | |
| | |
AMN Healthcare Services, Inc. * | | |
Apollo Medical Holdings, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
LifeStance Health Group, Inc. * | | |
Oak Street Health, Inc. * (a) | | |
Option Care Health, Inc. * | | |
| | |
| | |
Privia Health Group, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Medical Properties Trust, Inc. (a) | | |
National Health Investors, Inc. | | |
Omega Healthcare Investors, Inc. (a) | | |
Sabra Health Care REIT, Inc. (a) | | |
| | |
Health Care Technology — 0.4% |
| | |
Doximity, Inc., Class A * (a) | | |
| | |
Teladoc Health, Inc. * (a) | | |
| | |
Hotel & Resort REITs — 0.6% |
Apple Hospitality REIT, Inc. | | |
Park Hotels & Resorts, Inc. | | |
Pebblebrook Hotel Trust (a) | | |
| | |
| | |
|
Hotel & Resort REITs — continued |
Ryman Hospitality Properties, Inc. | | |
Sunstone Hotel Investors, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 3.5% |
| | |
Choice Hotels International, Inc. (a) | | |
| | |
Cracker Barrel Old Country Store, Inc. (a) | | |
DraftKings, Inc., Class A * | | |
Hilton Grand Vacations, Inc. * | | |
Hyatt Hotels Corp., Class A * | | |
Life Time Group Holdings, Inc. * (a) | | |
| | |
Marriott Vacations Worldwide Corp. | | |
Norwegian Cruise Line Holdings Ltd. * (a) | | |
Penn Entertainment, Inc. * | | |
Planet Fitness, Inc., Class A * | | |
SeaWorld Entertainment, Inc. * (a) | | |
Six Flags Entertainment Corp. * | | |
| | |
| | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. * | | |
| | |
Household Durables — 1.3% |
| | |
| | |
Mohawk Industries, Inc. * | | |
| | |
Tempur Sealy International, Inc. | | |
| | |
| | |
| | |
Household Products — 0.2% |
| | |
Reynolds Consumer Products, Inc. | | |
Spectrum Brands Holdings, Inc. | | |
| | |
Independent Power and Renewable Electricity Producers — 0.3% |
| | |
Clearway Energy, Inc., Class C | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Independent Power and Renewable Electricity Producers — continued |
Ormat Technologies, Inc. (a) | | |
Sunnova Energy International, Inc. * (a) | | |
| | |
|
Americold Realty Trust, Inc. | | |
EastGroup Properties, Inc. | | |
First Industrial Realty Trust, Inc. | | |
Innovative Industrial Properties, Inc. | | |
Rexford Industrial Realty, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
Axis Capital Holdings Ltd. | | |
Brighthouse Financial, Inc. * | | |
CNO Financial Group, Inc. | | |
| | |
Erie Indemnity Co., Class A | | |
First American Financial Corp. | | |
Hanover Insurance Group, Inc. (The) | | |
| | |
Kinsale Capital Group, Inc. | | |
Old Republic International Corp. | | |
| | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
| | |
Ryan Specialty Holdings, Inc. * | | |
Selective Insurance Group, Inc. | | |
| | |
White Mountains Insurance Group Ltd. | | |
| | |
Interactive Media & Services — 0.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
DigitalOcean Holdings, Inc. * (a) | | |
Thoughtworks Holding, Inc. * | | |
| | |
|
| | |
| | |
Peloton Interactive, Inc., Class A * (a) | | |
| | |
Topgolf Callaway Brands Corp. * | | |
| | |
| | |
Life Sciences Tools & Services — 1.3% |
10X Genomics, Inc., Class A * | | |
| | |
| | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Allison Transmission Holdings, Inc. | | |
| | |
| | |
| | |
Evoqua Water Technologies Corp. * | | |
| | |
Gates Industrial Corp. plc * | | |
| | |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
Watts Water Technologies, Inc., Class A | | |
| | |
Marine Transportation — 0.1% |
| | |
|
Altice USA, Inc., Class A * | | |
| | |
DISH Network Corp., Class A * (a) | | |
John Wiley & Sons, Inc., Class A | | |
New York Times Co. (The), Class A | | |
Nexstar Media Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Reliance Steel & Aluminum Co. | | |
| | |
United States Steel Corp. | | |
Worthington Industries, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.6% |
AGNC Investment Corp. (a) | | |
Blackstone Mortgage Trust, Inc., Class A | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Highwoods Properties, Inc. | | |
| | |
| | |
| | |
|
|
SL Green Realty Corp. (a) | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.5% |
| | |
| | |
Chesapeake Energy Corp. (a) | | |
| | |
Civitas Resources, Inc. (a) | | |
| | |
Comstock Resources, Inc. (a) | | |
| | |
| | |
| | |
| | |
Equitrans Midstream Corp. | | |
| | |
Magnolia Oil & Gas Corp., Class A (a) | | |
| | |
| | |
New Fortress Energy, Inc. (a) | | |
| | |
PBF Energy, Inc., Class A | | |
| | |
| | |
| | |
Southwestern Energy Co. * | | |
| | |
Paper & Forest Products — 0.1% |
| | |
Passenger Airlines — 0.6% |
| | |
American Airlines Group, Inc. * (a) | | |
Frontier Group Holdings, Inc. * | | |
| | |
Joby Aviation, Inc. * (a) | | |
| | |
Personal Care Products — 0.4% |
Beauty Health Co. (The) * (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Personal Care Products — continued |
| | |
| | |
| | |
|
Intra-Cellular Therapies, Inc. * | | |
| | |
Pacira BioSciences, Inc. * | | |
| | |
Prestige Consumer Healthcare, Inc. * | | |
Tilray Brands, Inc. (Canada) * (a) | | |
| | |
Professional Services — 3.0% |
| | |
| | |
CACI International, Inc., Class A * | | |
| | |
Dun & Bradstreet Holdings, Inc. | | |
ExlService Holdings, Inc. * | | |
| | |
FTI Consulting, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Robert Half International, Inc. | | |
Science Applications International Corp. | | |
| | |
| | |
| | |
Real Estate Management & Development — 0.5% |
Cushman & Wakefield plc * | | |
DigitalBridge Group, Inc. | | |
eXp World Holdings, Inc. (a) | | |
Howard Hughes Corp. (The) * | | |
Jones Lang LaSalle, Inc. * (a) | | |
| | |
| | |
|
American Homes 4 Rent, Class A | | |
| | |
|
Residential REITs — continued |
Apartment Income REIT Corp. | | |
Independence Realty Trust, Inc. | | |
| | |
|
| | |
Brixmor Property Group, Inc. | | |
| | |
National Retail Properties, Inc. | | |
Phillips Edison & Co., Inc. | | |
| | |
Spirit Realty Capital, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 2.0% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
Amkor Technology, Inc. (a) | | |
| | |
Lattice Semiconductor Corp. * | | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
| | |
Silicon Laboratories, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
AppLovin Corp., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
CCC Intelligent Solutions Holdings, Inc. * (a) | | |
Clear Secure, Inc., Class A (a) | | |
CommVault Systems, Inc. * | | |
Cvent Holding Corp. * (a) | | |
Dolby Laboratories, Inc., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
DoubleVerify Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Guidewire Software, Inc. * | | |
Informatica, Inc., Class A * | | |
| | |
| | |
Manhattan Associates, Inc. * | | |
MicroStrategy, Inc., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
PowerSchool Holdings, Inc., Class A * | | |
Procore Technologies, Inc. * (a) | | |
Qualtrics International, Inc., Class A * | | |
| | |
| | |
RingCentral, Inc., Class A * | | |
SentinelOne, Inc., Class A * | | |
Smartsheet, Inc., Class A * | | |
Sprout Social, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Gaming and Leisure Properties, Inc. | | |
Lamar Advertising Co., Class A | | |
| | |
National Storage Affiliates Trust | | |
| | |
| | |
|
Specialized REITs — continued |
| | |
| | |
| | |
|
American Eagle Outfitters, Inc. | | |
| | |
Chewy, Inc., Class A * (a) | | |
Dick's Sporting Goods, Inc. | | |
| | |
Floor & Decor Holdings, Inc., Class A * | | |
| | |
GameStop Corp., Class A * (a) | | |
| | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
National Vision Holdings, Inc. * | | |
Penske Automotive Group, Inc. (a) | | |
Petco Health & Wellness Co., Inc. * | | |
| | |
| | |
| | |
Victoria's Secret & Co. * (a) | | |
Wayfair, Inc., Class A * (a) | | |
Williams-Sonoma, Inc. (a) | | |
| | |
Technology Hardware, Storage & Peripherals — 0.3% |
Pure Storage, Inc., Class A * | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Skechers U.S.A., Inc., Class A * | | |
Under Armour, Inc., Class A * | | |
Under Armour, Inc., Class C * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Trading Companies & Distributors — 1.6% |
| | |
Applied Industrial Technologies, Inc. | | |
Beacon Roofing Supply, Inc. * | | |
Core & Main, Inc., Class A * (a) | | |
| | |
| | |
MSC Industrial Direct Co., Inc., Class A | | |
Rush Enterprises, Inc., Class B | | |
SiteOne Landscape Supply, Inc. * (a) | | |
| | |
WESCO International, Inc. | | |
| | |
|
Essential Utilities, Inc. | | |
Total Common Stocks
(Cost $1,642,708,518) | | |
Short-Term Investments — 10.1% |
Investment Companies — 0.9% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)
(Cost $14,096,298) | | |
Investment of Cash Collateral from Securities Loaned — 9.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (b) (c) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $146,466,813) | | |
Total Short-Term Investments
(Cost $160,563,111) | | |
Total Investments — 109.1%
(Cost $1,803,271,629) | | |
Liabilities in Excess of Other Assets — (9.1)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $143,449,282. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
S&P Midcap 400 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 1.0% |
| | |
| | |
| | |
| | |
| | |
Kratos Defense & Security Solutions, Inc. * | | |
| | |
| | |
| | |
Virgin Galactic Holdings, Inc. * (a) | | |
| | |
Air Freight & Logistics — 0.5% |
Air Transport Services Group, Inc. * | | |
| | |
Hub Group, Inc., Class A * | | |
| | |
Automobile Components — 1.1% |
American Axle & Manufacturing Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Mobileye Global, Inc., Class A (Israel) * (a) | | |
| | |
| | |
Standard Motor Products, Inc. | | |
| | |
| | |
|
| | |
Winnebago Industries, Inc. | | |
| | |
|
| | |
Amalgamated Financial Corp. | | |
| | |
| | |
Atlantic Union Bankshares Corp. | | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
Berkshire Hills Bancorp, Inc. | | |
| | |
Capitol Federal Financial, Inc. | | |
| | |
Central Pacific Financial Corp. | | |
| | |
Columbia Banking System, Inc. | | |
Columbia Financial, Inc. * (a) | | |
Community Bank System, Inc. | | |
Community Trust Bancorp, Inc. | | |
Customers Bancorp, Inc. * | | |
Dime Community Bancshares, Inc. | | |
| | |
| | |
Enterprise Financial Services Corp. | | |
| | |
| | |
First BanCorp (Puerto Rico) | | |
| | |
First Commonwealth Financial Corp. | | |
| | |
| | |
| | |
| | |
| | |
German American Bancorp, Inc. | | |
Heartland Financial USA, Inc. | | |
| | |
| | |
| | |
Independent Bank Group, Inc. | | |
International Bancshares Corp. | | |
| | |
| | |
| | |
Live Oak Bancshares, Inc. | | |
National Bank Holdings Corp., Class A | | |
| | |
Nicolet Bankshares, Inc. * (a) | | |
| | |
Northwest Bancshares, Inc. | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Pacific Premier Bancorp, Inc. | | |
| | |
| | |
| | |
| | |
Provident Financial Services, Inc. | | |
| | |
Republic Bancorp, Inc., Class A | | |
| | |
Sandy Spring Bancorp, Inc. | | |
Seacoast Banking Corp. of Florida | | |
Simmons First National Corp., Class A | | |
Southside Bancshares, Inc. | | |
| | |
Stock Yards Bancorp, Inc. | | |
| | |
| | |
| | |
Triumph Financial, Inc. * | | |
| | |
| | |
| | |
Washington Trust Bancorp, Inc. | | |
| | |
| | |
| | |
| | |
|
Duckhorn Portfolio, Inc. (The) * | | |
| | |
| | |
|
Agios Pharmaceuticals, Inc. * | | |
| | |
Allogene Therapeutics, Inc. * (a) | | |
Amicus Therapeutics, Inc. * | | |
| | |
| | |
Arcus Biosciences, Inc. * | | |
Arcutis Biotherapeutics, Inc. * | | |
Aurinia Pharmaceuticals, Inc. (Canada) * | | |
| | |
| | |
|
Biotechnology — continued |
Avidity Biosciences, Inc. * | | |
BioCryst Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
Catalyst Pharmaceuticals, Inc. * | | |
Celldex Therapeutics, Inc. * | | |
Chinook Therapeutics, Inc. * | | |
Cogent Biosciences, Inc. * | | |
Coherus Biosciences, Inc. * | | |
Deciphera Pharmaceuticals, Inc. * | | |
Dynavax Technologies Corp. * | | |
Editas Medicine, Inc. * (a) | | |
Emergent BioSolutions, Inc. * | | |
Enanta Pharmaceuticals, Inc. * | | |
Entrada Therapeutics, Inc. * (a) | | |
| | |
| | |
| | |
IGM Biosciences, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
Iovance Biotherapeutics, Inc. * | | |
Ironwood Pharmaceuticals, Inc. * | | |
iTeos Therapeutics, Inc. * | | |
| | |
Keros Therapeutics, Inc. * | | |
| | |
| | |
Kymera Therapeutics, Inc. * | | |
Lyell Immunopharma, Inc. * (a) | | |
Madrigal Pharmaceuticals, Inc. * (a) | | |
Mersana Therapeutics, Inc. * | | |
| | |
| | |
PMV Pharmaceuticals, Inc. * | | |
Prime Medicine, Inc. * (a) | | |
Prometheus Biosciences, Inc. * | | |
Prothena Corp. plc (Ireland) * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Biotechnology — continued |
| | |
REVOLUTION Medicines, Inc. * | | |
Rhythm Pharmaceuticals, Inc. * | | |
Rocket Pharmaceuticals, Inc. * | | |
| | |
Sage Therapeutics, Inc. * | | |
Sana Biotechnology, Inc. * (a) | | |
Sangamo Therapeutics, Inc. * | | |
Seres Therapeutics, Inc. * | | |
SpringWorks Therapeutics, Inc. * | | |
Stoke Therapeutics, Inc. * | | |
Syndax Pharmaceuticals, Inc. * | | |
Tango Therapeutics, Inc. * (a) | | |
| | |
Travere Therapeutics, Inc. * | | |
| | |
| | |
| | |
| | |
Verve Therapeutics, Inc. * (a) | | |
Viridian Therapeutics, Inc. * (a) | | |
| | |
Zentalis Pharmaceuticals, Inc. * | | |
| | |
|
| | |
ContextLogic, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
American Woodmark Corp. * | | |
| | |
| | |
Gibraltar Industries, Inc. * | | |
| | |
Janus International Group, Inc. * | | |
| | |
Masonite International Corp. * (a) | | |
| | |
Quanex Building Products Corp. | | |
| | |
|
Building Products — continued |
Resideo Technologies, Inc. * | | |
| | |
| | |
|
AssetMark Financial Holdings, Inc. * | | |
| | |
B. Riley Financial, Inc. (a) | | |
BGC Partners, Inc., Class A | | |
Brightsphere Investment Group, Inc. | | |
| | |
Donnelley Financial Solutions, Inc. * | | |
Focus Financial Partners, Inc., Class A * | | |
Freedom Holding Corp. (Kazakhstan) * (a) | | |
Hamilton Lane, Inc., Class A | | |
| | |
Open Lending Corp., Class A * | | |
| | |
PJT Partners, Inc., Class A | | |
StepStone Group, Inc., Class A | | |
| | |
| | |
Victory Capital Holdings, Inc., Class A | | |
Virtu Financial, Inc., Class A | | |
Virtus Investment Partners, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Minerals Technologies, Inc. | | |
Perimeter Solutions SA * (a) | | |
PureCycle Technologies, Inc. * (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Commercial Services & Supplies — 1.8% |
| | |
ACV Auctions, Inc., Class A * (a) | | |
Aurora Innovation, Inc. * (a) | | |
| | |
BrightView Holdings, Inc. * | | |
Cimpress plc (Ireland) * (a) | | |
| | |
| | |
GEO Group, Inc. (The) * (a) | | |
Healthcare Services Group, Inc. | | |
| | |
| | |
KAR Auction Services, Inc. * (a) | | |
Matthews International Corp., Class A | | |
| | |
Montrose Environmental Group, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
CommScope Holding Co., Inc. * | | |
Digi International, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 1.1% |
Ameresco, Inc., Class A * | | |
| | |
Construction Partners, Inc., Class A * | | |
| | |
Granite Construction, Inc. | | |
| | |
|
Construction & Engineering — continued |
| | |
| | |
| | |
Construction Materials — 0.3% |
Summit Materials, Inc., Class A * | | |
|
Encore Capital Group, Inc. * | | |
Enova International, Inc. * | | |
Green Dot Corp., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.8% |
| | |
Chefs' Warehouse, Inc. (The) * | | |
Grocery Outlet Holding Corp. * | | |
Ingles Markets, Inc., Class A | | |
| | |
United Natural Foods, Inc. * | | |
| | |
| | |
Containers & Packaging — 0.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Diversified Consumer Services — 1.1% |
| | |
Adtalem Global Education, Inc. * | | |
| | |
European Wax Center, Inc., Class A * (a) | | |
Laureate Education, Inc., Class A | | |
OneSpaWorld Holdings Ltd. (Bahamas) * | | |
| | |
Strategic Education, Inc. (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Diversified Consumer Services — continued |
| | |
| | |
| | |
|
Alexander & Baldwin, Inc. | | |
American Assets Trust, Inc. | | |
Empire State Realty Trust, Inc., Class A (a) | | |
Essential Properties Realty Trust, Inc. | | |
| | |
| | |
Diversified Telecommunication Services — 0.4% |
Cogent Communications Holdings, Inc. | | |
EchoStar Corp., Class A * | | |
Liberty Latin America Ltd., Class A (Puerto Rico) * | | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
| | |
Electric Utilities — 0.5% |
| | |
| | |
| | |
Electrical Equipment — 1.2% |
Amprius Technologies, Inc. * | | |
Array Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
FREYR Battery SA (Norway) * (a) | | |
FuelCell Energy, Inc. * (a) | | |
GrafTech International Ltd. | | |
| | |
Shoals Technologies Group, Inc., Class A * | | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 2.9% |
| | |
Advanced Energy Industries, Inc. | | |
| | |
Benchmark Electronics, Inc. | | |
| | |
|
Electronic Equipment, Instruments & Components — continued |
| | |
| | |
FARO Technologies, Inc. * | | |
Insight Enterprises, Inc. * | | |
| | |
| | |
Lightwave Logic, Inc. * (a) | | |
Methode Electronics, Inc. | | |
| | |
Mirion Technologies, Inc. * (a) | | |
Napco Security Technologies, Inc. * | | |
| | |
PAR Technology Corp. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Vishay Intertechnology, Inc. | | |
| | |
Energy Equipment & Services — 2.4% |
| | |
| | |
| | |
Diamond Offshore Drilling, Inc. * | | |
| | |
Helix Energy Solutions Group, Inc. * | | |
| | |
| | |
NexTier Oilfield Solutions, Inc. * | | |
Oceaneering International, Inc. * | | |
Patterson-UTI Energy, Inc. | | |
ProFrac Holding Corp., Class A * (a) | | |
| | |
| | |
| | |
| | |
US Silica Holdings, Inc. * | | |
Weatherford International plc * | | |
| | |
|
Cinemark Holdings, Inc. * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Entertainment — continued |
| | |
Liberty Media Corp.-Liberty Braves, Class A * | | |
Liberty Media Corp.-Liberty Braves, Class C * | | |
Sphere Entertainment Co. * | | |
Vivid Seats, Inc., Class A * (a) | | |
World Wrestling Entertainment, Inc., Class A (a) | | |
| | |
Financial Services — 2.4% |
AvidXchange Holdings, Inc. * | | |
| | |
Compass Diversified Holdings | | |
EVERTEC, Inc. (Puerto Rico) | | |
Federal Agricultural Mortgage Corp., Class C | | |
International Money Express, Inc. * | | |
Jackson Financial, Inc., Class A | | |
| | |
| | |
MoneyGram International, Inc. * (a) | | |
| | |
NMI Holdings, Inc., Class A * | | |
| | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
Rocket Cos., Inc., Class A * (a) | | |
Shift4 Payments, Inc., Class A * (a) | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Fresh Del Monte Produce, Inc. | | |
Hain Celestial Group, Inc. (The) * | | |
| | |
| | |
| | |
Simply Good Foods Co. (The) * | | |
| | |
Tootsie Roll Industries, Inc. | | |
| | |
| | |
|
Food Products — continued |
| | |
VZS Enterprises, Inc. ‡ * | | |
| | |
|
Chesapeake Utilities Corp. | | |
Northwest Natural Holding Co. | | |
| | |
Ground Transportation — 0.6% |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
TuSimple Holdings, Inc., Class A * (a) | | |
Universal Logistics Holdings, Inc. | | |
| | |
| | |
Health Care Equipment & Supplies — 3.3% |
Alphatec Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Butterfly Network, Inc. * (a) | | |
| | |
| | |
| | |
Establishment Labs Holdings, Inc. (Costa Rica) * | | |
| | |
| | |
| | |
| | |
| | |
iRhythm Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
PROCEPT BioRobotics Corp. * (a) | | |
| | |
Senseonics Holdings, Inc. * (a) | | |
Silk Road Medical, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
TransMedics Group, Inc. * | | |
Treace Medical Concepts, Inc. * | | |
| | |
| | |
Health Care Providers & Services — 1.9% |
23andMe Holding Co. * (a) | | |
| | |
| | |
| | |
Alignment Healthcare, Inc. * | | |
Brookdale Senior Living, Inc. * | | |
| | |
Castle Biosciences, Inc. * | | |
Clover Health Investments Corp. * (a) | | |
| | |
Cross Country Healthcare, Inc. * | | |
| | |
Fulgent Genetics, Inc. * (a) | | |
Hims & Hers Health, Inc. * | | |
| | |
| | |
National HealthCare Corp. | | |
| | |
| | |
| | |
| | |
Pediatrix Medical Group, Inc. * | | |
| | |
Select Medical Holdings Corp. | | |
US Physical Therapy, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
Universal Health Realty Income Trust | | |
| | |
Health Care Technology — 1.0% |
American Well Corp., Class A * | | |
Definitive Healthcare Corp. * | | |
Evolent Health, Inc., Class A * | | |
GoodRx Holdings, Inc., Class A * | | |
| | |
| | |
|
Health Care Technology — continued |
| | |
NextGen Healthcare, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Hotel & Resort REITs — 0.4% |
DiamondRock Hospitality Co. | | |
| | |
Summit Hotel Properties, Inc. | | |
Xenia Hotels & Resorts, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 2.2% |
| | |
| | |
| | |
| | |
Brinker International, Inc. * | | |
Cheesecake Factory, Inc. (The) (a) | | |
Dave & Buster's Entertainment, Inc. * (a) | | |
| | |
| | |
Dutch Bros, Inc., Class A * (a) | | |
| | |
Golden Entertainment, Inc. * | | |
| | |
| | |
Monarch Casino & Resort, Inc. | | |
Papa John's International, Inc. | | |
Portillo's, Inc., Class A * | | |
Red Rock Resorts, Inc., Class A | | |
| | |
Shake Shack, Inc., Class A * | | |
Sonder Holdings, Inc. * (a) | | |
Sweetgreen, Inc., Class A * | | |
Target Hospitality Corp. * (a) | | |
Vacasa, Inc., Class A * (a) | | |
| | |
Household Durables — 3.3% |
| | |
Century Communities, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Household Durables — continued |
Green Brick Partners, Inc. * | | |
Installed Building Products, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Snap One Holdings Corp. * (a) | | |
| | |
Taylor Morrison Home Corp. * | | |
| | |
Vizio Holding Corp., Class A * (a) | | |
| | |
Household Products — 0.4% |
Central Garden & Pet Co. * | | |
Central Garden & Pet Co., Class A * | | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.0% ^ |
| | |
Montauk Renewables, Inc. * (a) | | |
| | |
|
| | |
|
American Equity Investment Life Holding Co. | | |
| | |
Argo Group International Holdings Ltd. (a) | | |
Bright Health Group, Inc. * (a) | | |
BRP Group, Inc., Class A * | | |
| | |
Genworth Financial, Inc., Class A * | | |
Goosehead Insurance, Inc., Class A * | | |
Hagerty, Inc., Class A * (a) | | |
Horace Mann Educators Corp. | | |
James River Group Holdings Ltd. | | |
| | |
| | |
Oscar Health, Inc., Class A * | | |
| | |
| | |
|
|
| | |
Safety Insurance Group, Inc. | | |
SiriusPoint Ltd. (Bermuda) * | | |
Stewart Information Services Corp. | | |
| | |
| | |
Interactive Media & Services — 0.5% |
| | |
| | |
Eventbrite, Inc., Class A * | | |
| | |
MediaAlpha, Inc., Class A * | | |
| | |
| | |
ZipRecruiter, Inc., Class A * | | |
| | |
|
BigCommerce Holdings, Inc. * | | |
| | |
Grid Dynamics Holdings, Inc. * | | |
| | |
| | |
Rackspace Technology, Inc. * (a) | | |
Squarespace, Inc., Class A * | | |
| | |
| | |
|
| | |
| | |
Malibu Boats, Inc., Class A * | | |
Smith & Wesson Brands, Inc. | | |
| | |
| | |
| | |
Life Sciences Tools & Services — 0.6% |
AbCellera Biologics, Inc. (Canada) * (a) | | |
Adaptive Biotechnologies Corp. * | | |
BioLife Solutions, Inc. * | | |
| | |
NanoString Technologies, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Life Sciences Tools & Services — continued |
Pacific Biosciences of California, Inc. * | | |
| | |
| | |
|
| | |
| | |
Albany International Corp., Class A | | |
| | |
| | |
Desktop Metal, Inc., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Franklin Electric Co., Inc. | | |
| | |
Greenbrier Cos., Inc. (The) (a) | | |
Helios Technologies, Inc. | | |
| | |
Hillman Solutions Corp. * (a) | | |
| | |
John Bean Technologies Corp. | | |
| | |
| | |
Microvast Holdings, Inc. * (a) | | |
| | |
Mueller Water Products, Inc., Class A | | |
| | |
| | |
| | |
| | |
Standex International Corp. | | |
| | |
| | |
| | |
| | |
| | |
Marine Transportation — 0.2% |
| | |
|
Advantage Solutions, Inc. * | | |
| | |
|
|
AMC Networks, Inc., Class A * | | |
Clear Channel Outdoor Holdings, Inc. * | | |
EW Scripps Co. (The), Class A * | | |
| | |
iHeartMedia, Inc., Class A * | | |
Integral Ad Science Holding Corp. * | | |
| | |
| | |
Sinclair Broadcast Group, Inc., Class A (a) | | |
| | |
| | |
| | |
| | |
| | |
|
Alpha Metallurgical Resources, Inc. | | |
| | |
| | |
Carpenter Technology Corp. | | |
| | |
| | |
Compass Minerals International, Inc. | | |
| | |
Ivanhoe Electric, Inc. * (a) | | |
| | |
| | |
| | |
| | |
Schnitzer Steel Industries, Inc., Class A | | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 1.6% |
Apollo Commercial Real Estate Finance, Inc. (a) | | |
Arbor Realty Trust, Inc. (a) | | |
ARMOUR Residential REIT, Inc. (a) | | |
Brightspire Capital, Inc. | | |
Broadmark Realty Capital, Inc. | | |
Chimera Investment Corp. (a) | | |
Claros Mortgage Trust, Inc. (a) | | |
Franklin BSP Realty Trust, Inc. (a) | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Mortgage Real Estate Investment Trusts (REITs) — continued |
| | |
New York Mortgage Trust, Inc. (a) | | |
PennyMac Mortgage Investment Trust (a) | | |
| | |
| | |
TPG RE Finance Trust, Inc. | | |
Two Harbors Investment Corp. (a) | | |
| | |
|
| | |
|
| | |
Corporate Office Properties Trust | | |
Easterly Government Properties, Inc. (a) | | |
Hudson Pacific Properties, Inc. | | |
Office Properties Income Trust | | |
| | |
Piedmont Office Realty Trust, Inc., Class A | | |
| | |
Oil, Gas & Consumable Fuels — 2.8% |
| | |
California Resources Corp. | | |
| | |
Clean Energy Fuels Corp. * | | |
| | |
| | |
Earthstone Energy, Inc., Class A * | | |
| | |
| | |
| | |
HighPeak Energy, Inc. (a) | | |
International Seaways, Inc. | | |
Kinetik Holdings, Inc. (a) | | |
Kosmos Energy Ltd. (Ghana) * | | |
| | |
Northern Oil and Gas, Inc. (a) | | |
Par Pacific Holdings, Inc. * | | |
Peabody Energy Corp. * (a) | | |
| | |
| | |
| | |
| | |
Uranium Energy Corp. * (a) | | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
| | |
World Fuel Services Corp. | | |
| | |
Paper & Forest Products — 0.1% |
Mercer International, Inc. (Germany) | | |
| | |
| | |
Passenger Airlines — 0.5% |
| | |
Hawaiian Holdings, Inc. * | | |
| | |
| | |
Sun Country Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 1.1% |
Edgewell Personal Care Co. | | |
| | |
| | |
| | |
Nu Skin Enterprises, Inc., Class A | | |
USANA Health Sciences, Inc. * | | |
| | |
|
Aclaris Therapeutics, Inc. * | | |
Amphastar Pharmaceuticals, Inc. * | | |
Amylyx Pharmaceuticals, Inc. * | | |
| | |
Axsome Therapeutics, Inc. * (a) | | |
Cassava Sciences, Inc. * (a) | | |
Corcept Therapeutics, Inc. * (a) | | |
DICE Therapeutics, Inc. * | | |
Harmony Biosciences Holdings, Inc. * | | |
| | |
Ligand Pharmaceuticals, Inc. * | | |
| | |
Pliant Therapeutics, Inc. * | | |
Reata Pharmaceuticals, Inc., Class A * (a) | | |
Revance Therapeutics, Inc. * | | |
Supernus Pharmaceuticals, Inc. * | | |
Third Harmonic Bio, Inc. * (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Professional Services — 1.7% |
| | |
| | |
CSG Systems International, Inc. | | |
| | |
Forrester Research, Inc. * | | |
HireRight Holdings Corp. * | | |
Huron Consulting Group, Inc. * | | |
| | |
Kelly Services, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
TaskUS, Inc., Class A (Philippines) * | | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.6% |
Anywhere Real Estate, Inc. * (a) | | |
| | |
| | |
Kennedy-Wilson Holdings, Inc. | | |
| | |
Newmark Group, Inc., Class A | | |
Opendoor Technologies, Inc. * (a) | | |
| | |
| | |
| | |
|
Apartment Investment and Management Co., Class A | | |
| | |
| | |
NexPoint Residential Trust, Inc. | | |
Veris Residential, Inc. * | | |
| | |
|
| | |
| | |
CBL & Associates Properties, Inc. (a) | | |
| | |
|
|
| | |
InvenTrust Properties Corp. | | |
| | |
Necessity Retail REIT, Inc. (The) | | |
Retail Opportunity Investments Corp. | | |
| | |
| | |
Tanger Factory Outlet Centers, Inc. | | |
| | |
Urstadt Biddle Properties, Inc., Class A | | |
| | |
Semiconductors & Semiconductor Equipment — 2.6% |
Axcelis Technologies, Inc. * | | |
| | |
Credo Technology Group Holding Ltd. * | | |
| | |
| | |
| | |
| | |
indie Semiconductor, Inc., Class A (China) * (a) | | |
Kulicke & Soffa Industries, Inc. (Singapore) | | |
| | |
Navitas Semiconductor Corp. * (a) | | |
| | |
| | |
| | |
Ultra Clean Holdings, Inc. * | | |
Veeco Instruments, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
Alarm.com Holdings, Inc. * | | |
Alkami Technology, Inc. * | | |
Altair Engineering, Inc., Class A * (a) | | |
Amplitude, Inc., Class A * | | |
Appfolio, Inc., Class A * | | |
Appian Corp., Class A * (a) | | |
| | |
Braze, Inc., Class A * (a) | | |
C3.ai, Inc., Class A * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Confluent, Inc., Class A * (a) | | |
Consensus Cloud Solutions, Inc. * | | |
| | |
| | |
| | |
E2open Parent Holdings, Inc. * | | |
| | |
Enfusion, Inc., Class A * (a) | | |
| | |
| | |
Expensify, Inc., Class A * | | |
ForgeRock, Inc., Class A * (a) | | |
Freshworks, Inc., Class A * | | |
Gitlab, Inc., Class A * (a) | | |
HashiCorp, Inc., Class A * | | |
Instructure Holdings, Inc. * (a) | | |
| | |
| | |
| | |
LiveRamp Holdings, Inc. * | | |
Marathon Digital Holdings, Inc. * (a) | | |
| | |
| | |
| | |
Momentive Global, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
Riot Platforms, Inc. * (a) | | |
Samsara, Inc., Class A * (a) | | |
| | |
Sprinklr, Inc., Class A * | | |
| | |
| | |
Zeta Global Holdings Corp., Class A * | | |
| | |
| | |
|
Four Corners Property Trust, Inc. | | |
| | |
| | |
|
Specialized REITs — continued |
| | |
| | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
Academy Sports & Outdoors, Inc. | | |
| | |
Asbury Automotive Group, Inc. * | | |
Boot Barn Holdings, Inc. * | | |
| | |
| | |
Camping World Holdings, Inc., Class A | | |
| | |
Children's Place, Inc. (The) * | | |
Designer Brands, Inc., Class A | | |
Franchise Group, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Sally Beauty Holdings, Inc. * | | |
| | |
| | |
Sonic Automotive, Inc., Class A | | |
| | |
Warby Parker, Inc., Class A * (a) | | |
| | |
Technology Hardware, Storage & Peripherals — 0.6% |
| | |
Corsair Gaming, Inc. * (a) | | |
| | |
Super Micro Computer, Inc. * | | |
| | |
Textiles, Apparel & Luxury Goods — 0.8% |
G-III Apparel Group Ltd. * | | |
| | |
Levi Strauss & Co., Class A (a) | | |
| | |
| | |
Wolverine World Wide, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Trading Companies & Distributors — 1.6% |
| | |
Custom Truck One Source, Inc. * (a) | | |
| | |
| | |
H&E Equipment Services, Inc. | | |
| | |
| | |
Rush Enterprises, Inc., Class A | | |
Triton International Ltd. (Bermuda) | | |
| | |
Xometry, Inc., Class A * (a) | | |
| | |
|
American States Water Co. | | |
California Water Service Group | | |
| | |
| | |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Shenandoah Telecommunications Co. | | |
Telephone and Data Systems, Inc. | | |
United States Cellular Corp. * | | |
| | |
Total Common Stocks
(Cost $756,300,377) | | |
Short-Term Investments — 11.1% |
Investment Companies — 1.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d)
(Cost $8,341,702) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 9.9% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $69,125,995) | | |
Total Short-Term Investments
(Cost $77,467,697) | | |
Total Investments — 109.8%
(Cost $833,768,074) | | |
Liabilities in Excess of Other Assets — (9.8)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $66,919,624. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 0.2% |
L3Harris Technologies, Inc. | | |
Air Freight & Logistics — 0.3% |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.2% |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
|
Brown-Forman Corp., Class B | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
| | |
| | |
| | |
|
| | |
Alnylam Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
Ionis Pharmaceuticals, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
| | |
Lennox International, Inc. | | |
| | |
| | |
| | |
|
| | |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
Carlyle Group, Inc. (The) | | |
Charles Schwab Corp. (The) | | |
| | |
FactSet Research Systems, Inc. | | |
Goldman Sachs Group, Inc. (The) | | |
| | |
| | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Robinhood Markets, Inc., Class A * | | |
| | |
| | |
T. Rowe Price Group, Inc. | | |
Tradeweb Markets, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
International Flavors & Fragrances, Inc. | | |
| | |
| | |
Scotts Miracle-Gro Co. (The) | | |
Sherwin-Williams Co. (The) | | |
| | |
Commercial Services & Supplies — 0.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 1.3% |
| | |
| | |
| | |
| | |
Lumentum Holdings, Inc. * | | |
| | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.7% |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.1% |
| | |
|
| | |
Diversified Telecommunication Services — 0.7% |
| | |
Verizon Communications, Inc. | | |
| | |
| | |
|
Electric Utilities — 1.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
Electronic Equipment, Instruments & Components — 0.5% |
| | |
Keysight Technologies, Inc. * | | |
Teledyne Technologies, Inc. * | | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.6% |
| | |
| | |
| | |
|
Activision Blizzard, Inc. * | | |
| | |
Liberty Media Corp.-Liberty Formula One, Class C * | | |
| | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
Financial Services — 5.0% |
Apollo Global Management, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Financial Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
McCormick & Co., Inc. (Non-Voting) | | |
Mondelez International, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
| | |
Ground Transportation — 0.5% |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 1.5% |
| | |
Boston Scientific Corp. * | | |
Edwards Lifesciences Corp. * | | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
Health Care Providers & Services — 3.6% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Health Care Providers & Services — continued |
| | |
| | |
| | |
|
Healthcare Realty Trust, Inc. | | |
Medical Properties Trust, Inc. | | |
Omega Healthcare Investors, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 2.5% |
| | |
Chipotle Mexican Grill, Inc. * | | |
DoorDash, Inc., Class A * | | |
| | |
| | |
Planet Fitness, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Household Durables — 0.1% |
| | |
Household Products — 1.9% |
Church & Dwight Co., Inc. | | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
Industrial Conglomerates — 0.6% |
| | |
|
| | |
Rexford Industrial Realty, Inc. | | |
| | |
|
| | |
| | |
American International Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Hartford Financial Services Group, Inc. (The) | | |
| | |
Marsh & McLennan Cos., Inc. | | |
| | |
Principal Financial Group, Inc. | | |
| | |
Prudential Financial, Inc. | | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
Interactive Media & Services — 4.2% |
Alphabet, Inc., Class A * | | |
| | |
Meta Platforms, Inc., Class A * | | |
Pinterest, Inc., Class A * | | |
| | |
|
| | |
| | |
Cloudflare, Inc., Class A * | | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
| | |
|
| | |
Peloton Interactive, Inc., Class A * | | |
| | |
| | |
Life Sciences Tools & Services — 2.2% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
Mettler-Toledo International, Inc. * | | |
| | |
| | |
| | |
|
Life Sciences Tools & Services — continued |
Thermo Fisher Scientific, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp.-Liberty SiriusXM, Class C * | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| | |
Annaly Capital Management, Inc. | | |
| | |
|
| | |
Consolidated Edison, Inc. | | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Alexandria Real Estate Equities, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.8% |
| | |
| | |
| | |
| | |
| | |
| | |
New Fortress Energy, Inc. | | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care Products — 0.3% |
| | |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Professional Services — 1.3% |
Automatic Data Processing, Inc. | | |
Booz Allen Hamilton Holding Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Robert Half International, Inc. | | |
Science Applications International Corp. | | |
| | |
| | |
| | |
| | |
|
Real Estate Management & Development — 0.2% |
CBRE Group, Inc., Class A * | | |
Jones Lang LaSalle, Inc. * | | |
Zillow Group, Inc., Class C * | | |
| | |
|
American Homes 4 Rent, Class A | | |
AvalonBay Communities, Inc. | | |
Equity LifeStyle Properties, Inc. | | |
| | |
Essex Property Trust, Inc. | | |
| | |
| | |
| | |
|
Brixmor Property Group, Inc. | | |
Federal Realty Investment Trust | | |
| | |
National Retail Properties, Inc. | | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 5.2% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Atlassian Corp., Class A * | | |
| | |
Bentley Systems, Inc., Class B | | |
Cadence Design Systems, Inc. * | | |
Confluent, Inc., Class A * | | |
Dolby Laboratories, Inc., Class A | | |
| | |
| | |
Guidewire Software, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
| | |
| | |
Tyler Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Extra Space Storage, Inc. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Floor & Decor Holdings, Inc., Class A * | | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
Penske Automotive Group, Inc. | | |
| | |
| | |
|
Specialty Retail — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 7.0% |
| | |
Textiles, Apparel & Luxury Goods — 1.1% |
| | |
Lululemon Athletica, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Trading Companies & Distributors — 0.4% |
| | |
| | |
| | |
WESCO International, Inc. | | |
| | |
| | |
|
Essential Utilities, Inc. | | |
Wireless Telecommunication Services — 0.1% |
| | |
Total Common Stocks
(Cost $20,944,126) | | |
Short-Term Investments — 0.1% |
Investment Companies — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b)
(Cost $22,283) | | |
Total Investments — 99.9%
(Cost $20,966,409) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Micro E-mini S&P 500 Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
Banco Santander Brasil SA | | |
BB Seguridade Participacoes SA | | |
Bradespar SA (Preference) | | |
| | |
Centrais Eletricas Brasileiras SA | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | |
Cia Energetica de Minas Gerais (Preference) | | |
Cia Paranaense de Energia (Preference) | | |
| | |
| | |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) | | |
EDP - Energias do Brasil SA | | |
| | |
| | |
| | |
| | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
Metalurgica Gerdau SA (Preference) | | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica SA | | |
Unipar Carbocloro SA (Preference), Class B | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Cia Cervecerias Unidas SA | | |
Cia Sud Americana de Vapores SA | | |
| | |
|
|
| | |
Embotelladora Andina SA (Preference), Class B | | |
| | |
Sociedad Quimica y Minera de Chile SA (Preference), Class B | | |
| | |
|
| | |
Agile Group Holdings Ltd. * | | |
Agricultural Bank of China Ltd., Class A | | |
An Hui Wenergy Co. Ltd., Class A * | | |
Angang Steel Co. Ltd., Class H | | |
Anhui Conch Cement Co. Ltd., Class H | | |
Anhui Expressway Co. Ltd., Class A * | | |
ANTA Sports Products Ltd. | | |
BAIC Motor Corp. Ltd., Class H (a) | | |
Bank of Beijing Co. Ltd., Class A * | | |
Bank of China Ltd., Class H | | |
Bank of Communications Co. Ltd., Class A * | | |
Bank of Hangzhou Co. Ltd., Class A * | | |
Baoshan Iron & Steel Co. Ltd., Class A * | | |
Beijing Enterprises Holdings Ltd. | | |
Bosideng International Holdings Ltd. | | |
BYD Electronic International Co. Ltd. | | |
CGN Power Co. Ltd., Class H (a) | | |
China CITIC Bank Corp. Ltd., Class H | | |
China Coal Energy Co. Ltd., Class H * | | |
China Communications Services Corp. Ltd., Class H | | |
China Construction Bank Corp., Class H | | |
China Everbright Bank Co. Ltd., Class H * | | |
| | |
China Hongqiao Group Ltd. | | |
China International Marine Containers Group Co. Ltd., Class A * | | |
China Lesso Group Holdings Ltd. | | |
China Medical System Holdings Ltd. | | |
China Merchants Energy Shipping Co. Ltd., Class A * | | |
China Merchants Port Group Co. Ltd., Class A * | | |
China Merchants Port Holdings Co. Ltd. | | |
China Minsheng Banking Corp. Ltd., Class H | | |
China National Accord Medicines Corp. Ltd., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
China National Building Material Co. Ltd., Class H | | |
China National Chemical Engineering Co. Ltd., Class A * | | |
China National Nuclear Power Co. Ltd., Class A * | | |
China Petroleum & Chemical Corp., Class H | | |
China Resources Cement Holdings Ltd. | | |
China Resources Double Crane Pharmaceutical Co. Ltd., Class A * | | |
China Resources Gas Group Ltd. | | |
China Resources Land Ltd. | | |
China Resources Pharmaceutical Group Ltd. (a) | | |
China Resources Power Holdings Co. Ltd. | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A * | | |
China Shenhua Energy Co. Ltd., Class H | | |
China South Publishing & Media Group Co. Ltd., Class A * | | |
China United Network Communications Ltd., Class A * | | |
China Vanke Co. Ltd., Class H * | | |
China Yangtze Power Co. Ltd., Class A * | | |
Chinese Universe Publishing and Media Group Co. Ltd., Class A * | | |
Chongqing Changan Automobile Co. Ltd., Class A * | | |
Chongqing Rural Commercial Bank Co. Ltd., Class H | | |
| | |
Citic Pacific Special Steel Group Co. Ltd., Class A | | |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H * | | |
COSCO SHIPPING Holdings Co. Ltd., Class H * | | |
COSCO SHIPPING Ports Ltd. | | |
CSG Holding Co. Ltd., Class A * | | |
CSPC Pharmaceutical Group Ltd. | | |
Daan Gene Co. Ltd., Class A * | | |
Dali Foods Group Co. Ltd. (a) | | |
Daqin Railway Co. Ltd., Class A * | | |
Datang International Power Generation Co. Ltd., Class H * | | |
Dongfeng Motor Group Co. Ltd., Class H | | |
Dongguan Development Holdings Co. Ltd., Class A * | | |
| | |
|
|
| | |
| | |
Fujian Sunner Development Co. Ltd., Class A | | |
G-bits Network Technology Xiamen Co. Ltd., Class A * | | |
GD Power Development Co. Ltd., Class A * | | |
Great Wall Motor Co. Ltd., Class H | | |
Guangdong Baolihua New Energy Stock Co. Ltd., Class A * | | |
Guangxi Guiguan Electric Power Co. Ltd., Class A * | | |
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H * | | |
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A * | | |
Haitian International Holdings Ltd. | | |
Heilongjiang Agriculture Co. Ltd., Class A * | | |
Henan Shuanghui Investment & Development Co. Ltd., Class A | | |
Hengan International Group Co. Ltd. | | |
Hopson Development Holdings Ltd. | | |
Huabao Flavours & Fragrances Co. Ltd., Class A * | | |
Huadian Power International Corp. Ltd., Class H * | | |
Huadong Medicine Co. Ltd., Class A * | | |
Huaibei Mining Holdings Co. Ltd., Class A * | | |
Huapont Life Sciences Co. Ltd., Class A * | | |
Huaxin Cement Co. Ltd., Class H | | |
Huayu Automotive Systems Co. Ltd., Class A * | | |
Hubei Energy Group Co. Ltd., Class A | | |
Hubei Jumpcan Pharmaceutical Co. Ltd., Class A * | | |
Hunan Valin Steel Co. Ltd., Class A * | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
Inner Mongolia Dian Tou Energy Corp. Ltd., Class A * | | |
Inner Mongolia ERDOS Resources Co. Ltd., Class A * | | |
Inner Mongolia Yitai Coal Co. Ltd., Class B * | | |
Jiangling Motors Corp. Ltd., Class A * | | |
Jiangsu Expressway Co. Ltd., Class A | | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A * | | |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Jiangsu Zhongnan Construction Group Co. Ltd., Class A * | | |
Jiangsu Zhongtian Technology Co. Ltd., Class A * | | |
Joincare Pharmaceutical Group Industry Co. Ltd., Class A * | | |
Jointo Energy Investment Co. Ltd. Hebei, Class A * | | |
Joyoung Co. Ltd., Class A * | | |
| | |
| | |
KingClean Electric Co. Ltd., Class A * | | |
| | |
Kweichow Moutai Co. Ltd., Class A * | | |
LB Group Co. Ltd., Class A | | |
| | |
Livzon Pharmaceutical Group, Inc., Class A * | | |
Longfor Group Holdings Ltd. (b) | | |
Maanshan Iron & Steel Co. Ltd., Class H * | | |
Metallurgical Corp. of China Ltd., Class A * | | |
Nanjing Iron & Steel Co. Ltd., Class A | | |
Ningbo Sanxing Medical Electric Co. Ltd., Class A * | | |
PetroChina Co. Ltd., Class A | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | |
Qingdao Port International Co. Ltd., Class A * | | |
Qinhuangdao Port Co. Ltd., Class A | | |
Sany Heavy Industry Co. Ltd., Class A * | | |
| | |
Seazen Holdings Co. Ltd., Class A * | | |
Shaanxi Coal Industry Co. Ltd., Class A * | | |
Shandong Buchang Pharmaceuticals Co. Ltd., Class A * | | |
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A | | |
Shandong Publishing & Media Co. Ltd., Class A * | | |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | | |
Shanghai International Port Group Co. Ltd., Class A * | | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H * | | |
| | |
|
|
Shanghai Tunnel Engineering Co. Ltd., Class A * | | |
Shanghai Waigaoqiao Free Trade Zone Group Co. Ltd., Class A * | | |
Shanxi Coking Coal Energy Group Co. Ltd., Class A * | | |
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A * | | |
Shenzhen Jinjia Group Co. Ltd., Class A * | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A * | | |
Shenzhen Overseas Chinese Town Co. Ltd., Class A * | | |
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | | |
Sinoma International Engineering Co., Class A * | | |
Sino-Ocean Group Holding Ltd. | | |
Sinopharm Group Co. Ltd., Class H | | |
| | |
Skyworth Digital Co. Ltd., Class A * | | |
Tangshan Jidong Cement Co. Ltd., Class A * | | |
TangShan Port Group Co. Ltd., Class A * | | |
Tian Di Science & Technology Co. Ltd., Class A * | | |
Tianhe Chemicals Group Ltd. ‡ * | | |
Wanxiang Qianchao Co. Ltd., Class A * | | |
Weichai Power Co. Ltd., Class A * | | |
Weifu High-Technology Group Co. Ltd., Class A * | | |
Wuliangye Yibin Co. Ltd., Class A | | |
Xiamen C & D, Inc., Class A * | | |
Xinhua Winshare Publishing and Media Co. Ltd., Class A * | | |
Xinxing Ductile Iron Pipes Co. Ltd., Class A * | | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
Yankuang Energy Group Co. Ltd., Class H * | | |
Yintai Gold Co. Ltd., Class A | | |
Yuexiu Property Co. Ltd. (c) | | |
Yunnan Baiyao Group Co. Ltd., Class A * | | |
Zhejiang Expressway Co. Ltd., Class H | | |
Zhejiang Hisoar Pharmaceutical Co. Ltd., Class A * | | |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | | |
Zhejiang Semir Garment Co. Ltd., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Zhejiang Weixing New Building Materials Co. Ltd., Class A * | | |
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A * | | |
Zhongsheng Group Holdings Ltd. | | |
Zijin Mining Group Co. Ltd., Class H * | | |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H * | | |
| | |
|
Bancolombia SA (Preference) | | |
Grupo Aval Acciones y Valores SA (Preference) | | |
| | |
|
| | |
Moneta Money Bank A/S (a) | | |
| | |
|
Commercial International Bank Egypt SAE | | |
|
Hellenic Telecommunications Organization SA | | |
| | |
| | |
| | |
| | |
|
Kingboard Laminates Holdings Ltd. | | |
|
Magyar Telekom Telecommunications plc | | |
MOL Hungarian Oil & Gas plc | | |
| | |
| | |
|
| | |
| | |
| | |
Bajaj Holdings & Investment Ltd. | | |
Bharat Petroleum Corp. Ltd. | | |
| | |
| | |
Colgate-Palmolive India Ltd. | | |
| | |
|
|
| | |
| | |
Dr Reddy's Laboratories Ltd. | | |
| | |
Glenmark Pharmaceuticals Ltd. | | |
| | |
| | |
Hindustan Petroleum Corp. Ltd. | | |
| | |
| | |
Housing Development Finance Corp. Ltd. | | |
ICICI Lombard General Insurance Co. Ltd. * (a) | | |
| | |
| | |
| | |
| | |
Jindal Steel & Power Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Oil & Natural Gas Corp. Ltd. | | |
| | |
| | |
| | |
Power Grid Corp. of India Ltd. | | |
| | |
| | |
Steel Authority of India Ltd. | | |
Sun Pharmaceutical Industries Ltd. | | |
Tata Consultancy Services Ltd. * | | |
Tata Power Co. Ltd. (The) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Adaro Energy Indonesia Tbk. PT | | |
Astra International Tbk. PT | | |
Bank Central Asia Tbk. PT | | |
| | |
Charoen Pokphand Indonesia Tbk. PT | | |
| | |
Hanjaya Mandala Sampoerna Tbk. PT | | |
Indofood CBP Sukses Makmur Tbk. PT | | |
Indofood Sukses Makmur Tbk. PT | | |
| | |
Media Nusantara Citra Tbk. PT * | | |
Perusahaan Gas Negara Tbk. PT | | |
Sarana Menara Nusantara Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
Unilever Indonesia Tbk. PT | | |
| | |
| | |
| | |
| | |
|
Agility Public Warehousing Co. KSC | | |
Humansoft Holding Co. KSC | | |
Kuwait Finance House KSCP | | |
Mobile Telecommunications Co. KSCP | | |
National Bank of Kuwait SAKP | | |
| | |
|
Astro Malaysia Holdings Bhd. | | |
| | |
| | |
Hong Leong Financial Group Bhd. | | |
| | |
| | |
| | |
| | |
| | |
Petronas Chemicals Group Bhd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
Arca Continental SAB de CV | | |
| | |
| | |
Coca-Cola Femsa SAB de CV | | |
El Puerto de Liverpool SAB de CV, Class C1 | | |
Fibra Uno Administracion SA de CV, REIT | | |
Fomento Economico Mexicano SAB de CV | | |
| | |
Grupo Aeroportuario del Centro Norte SAB de CV | | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | |
| | |
| | |
Grupo Financiero Banorte SAB de CV, Class O | | |
| | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
Megacable Holdings SAB de CV | | |
Orbia Advance Corp. SAB de CV | | |
Promotora y Operadora de Infraestructura SAB de CV | | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
Oil & Gas Development Co. Ltd. | | |
|
| | |
| | |
Metro Pacific Investments Corp. | | |
| | |
Puregold Price Club, Inc. | | |
| | |
|
Commercial Bank PSQC (The) | | |
| | |
Mesaieed Petrochemical Holding Co. | | |
| | |
Qatar Electricity & Water Co. QSC | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Qatar Gas Transport Co. Ltd. | | |
Qatar International Islamic Bank QSC | | |
| | |
| | |
| | |
|
| | |
Federal Grid Co. ROSSETI PJSC ‡ * | | |
Federal Grid Co. Unified Energy System PJSC ‡ * | | |
| | |
| | |
| | |
| | |
Magnitogorsk Iron & Steel Works PJSC ‡ * | | |
MMC Norilsk Nickel PJSC ‡ | | |
Mobile TeleSystems PJSC ‡ | | |
Novolipetsk Steel PJSC ‡ * | | |
| | |
| | |
| | |
Sberbank of Russia PJSC ‡ * | | |
| | |
| | |
Surgutneftegas PJSC (Preference) ‡ | | |
| | |
| | |
| | |
|
Abdullah Al Othaim Markets Co. | | |
| | |
| | |
| | |
Arabian Internet & Communications Services Co. | | |
| | |
Dr Sulaiman Al Habib Medical Services Group Co. | | |
| | |
| | |
| | |
Mouwasat Medical Services Co. | | |
| | |
| | |
| | |
|
|
Sahara International Petrochemical Co. | | |
Saudi Airlines Catering Co. | | |
Saudi Arabian Mining Co. * | | |
Saudi Arabian Oil Co. (a) | | |
| | |
| | |
Saudi Investment Bank (The) | | |
| | |
| | |
| | |
|
Yangzijiang Financial Holding Ltd. * | | |
|
African Rainbow Minerals Ltd. | | |
Anglo American Platinum Ltd. | | |
Aspen Pharmacare Holdings Ltd. | | |
| | |
| | |
| | |
Foschini Group Ltd. (The) | | |
Impala Platinum Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Royal Bafokeng Platinum Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Accton Technology Corp. * | | |
| | |
Capital Securities Corp. * | | |
Catcher Technology Co. Ltd. * | | |
Cheng Shin Rubber Industry Co. Ltd. | | |
Chicony Electronics Co. Ltd. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
Chunghwa Telecom Co. Ltd. * | | |
CTBC Financial Holding Co. Ltd. | | |
E.Sun Financial Holding Co. Ltd. * | | |
| | |
| | |
Evergreen Marine Corp. Taiwan Ltd. * | | |
Far Eastern New Century Corp. * | | |
Far EasTone Telecommunications Co. Ltd. * | | |
Feng TAY Enterprise Co. Ltd. * | | |
First Financial Holding Co. Ltd. * | | |
Formosa Chemicals & Fibre Corp. * | | |
Formosa Taffeta Co. Ltd. * | | |
Fubon Financial Holding Co. Ltd. * | | |
| | |
| | |
Largan Precision Co. Ltd. | | |
| | |
Mega Financial Holding Co. Ltd. * | | |
| | |
Nien Made Enterprise Co. Ltd. * | | |
Novatek Microelectronics Corp. * | | |
| | |
President Chain Store Corp. * | | |
Realtek Semiconductor Corp. * | | |
SinoPac Financial Holdings Co. Ltd. * | | |
Taiwan Cooperative Financial Holding Co. Ltd. * | | |
Taiwan Fertilizer Co. Ltd. * | | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
Uni-President Enterprises Corp. * | | |
Yang Ming Marine Transport Corp. * | | |
Yuanta Financial Holding Co. Ltd. * | | |
| | |
| | |
|
Advanced Info Service PCL | | |
| | |
Bangkok Dusit Medical Services PCL, Class F | | |
| | |
| | |
| | |
|
|
Digital Telecommunications Infrastructure Fund, Class F | | |
Electricity Generating PCL | | |
Gulf Energy Development PCL | | |
| | |
Intouch Holdings PCL, NVDR | | |
| | |
PTT Exploration & Production PCL | | |
| | |
| | |
Thai Union Group PCL, Class F | | |
| | |
| | |
|
AG Anadolu Grubu Holding A/S | | |
| | |
| | |
| | |
| | |
Anadolu Efes Biracilik ve Malt Sanayii A/S | | |
| | |
Aselsan Elektronik Sanayi ve Ticaret A/S | | |
| | |
| | |
BIM Birlesik Magazalar A/S | | |
| | |
Cimsa Cimento Sanayi ve Ticaret A/S | | |
| | |
Dogan Sirketler Grubu Holding A/S * | | |
Dogus Otomotiv Servis ve Ticaret A/S | | |
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S | | |
| | |
Enka Insaat ve Sanayi A/S | | |
Eregli Demir ve Celik Fabrikalari TAS * | | |
Europen Endustri Insaat Sanayi ve Ticaret A/S * | | |
| | |
Girisim Elektrik Taahhut Ticaret ve Sanayi A/S * | | |
Haci Omer Sabanci Holding A/S | | |
Kimteks Poliuretan Sanayi ve Ticaret A/S | | |
| | |
Kontrolmatik Enerji ve Muhendislik A/S | | |
Koza Altin Isletmeleri A/S | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Koza Anadolu Metal Madencilik Isletmeleri A/S * | | |
Mavi Giyim Sanayi ve Ticaret A/S, Class B (a) | | |
| | |
MLP Saglik Hizmetleri A/S * (a) | | |
| | |
Otokar Otomotiv ve Savunma Sanayi AS * | | |
Oyak Cimento Fabrikalari A/S * | | |
Penta Teknoloji Urunleri Dagitim Ticaret A/S * | | |
TAV Havalimanlari Holding A/S * | | |
| | |
Tofas Turk Otomobil Fabrikasi A/S | | |
| | |
Turk Telekomunikasyon A/S * | | |
Turk Traktor ve Ziraat Makineleri A/S | | |
Turkcell Iletisim Hizmetleri A/S | | |
Turkiye Halk Bankasi A/S * | | |
Turkiye Is Bankasi A/S, Class C | | |
Turkiye Petrol Rafinerileri A/S | | |
Turkiye Sise ve Cam Fabrikalari A/S | | |
Yapi ve Kredi Bankasi A/S | | |
| | |
United Arab Emirates — 2.3% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
Abu Dhabi Ports Co. PJSC * | | |
| | |
| | |
| | |
Emirates Telecommunications Group Co. PJSC | | |
| | |
National Marine Dredging Co. * | | |
| | |
| | |
|
| | |
Total Common Stocks
(Cost $268,636,369) | | |
Short-Term Investments — 0.0% ^ |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e)(Cost $102,725) | | |
| | |
Total Investments — 99.7%
(Cost $268,739,094) | | |
Other Assets Less Liabilities — 0.3% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Non-Voting Depositary Receipt |
| Public Joint Stock Company |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Limited liability company |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $84,919. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Oil, Gas & Consumable Fuels | |
| |
Wireless Telecommunication Services | |
| |
| |
Transportation Infrastructure | |
| |
Independent Power and Renewable Electricity Producers | |
Diversified Telecommunication Services | |
| |
| |
| |
| |
Consumer Staples Distribution & Retail | |
| |
| |
| |
| |
Health Care Providers & Services | |
Semiconductors & Semiconductor Equipment | |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
|
| Amount rounds to less than 0.1%. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
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| | |
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| | |
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| | |
| | |
Flutter Entertainment plc * | | |
Fortescue Metals Group Ltd. | | |
| | |
| | |
Harvey Norman Holdings Ltd. | | |
| | |
| | |
| | |
| | |
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| | |
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
| | |
| | |
| | |
|
|
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
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|
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|
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|
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|
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|
Budweiser Brewing Co. APAC Ltd. (a) | | |
Chow Tai Fook Jewellery Group Ltd. | | |
| | |
SITC International Holdings Co. Ltd. | | |
Want Want China Holdings Ltd. | | |
Wilmar International Ltd. | | |
Xinyi Glass Holdings Ltd. | | |
| | |
|
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
| | |
| | |
| | |
|
Bayerische Motoren Werke AG | | |
| | |
Deutsche Telekom AG (Registered) | | |
| | |
Fresenius Medical Care AG & Co. KGaA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telefonica Deutschland Holding AG | | |
| | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hutchison Port Holdings Trust | | |
| | |
New World Development Co. Ltd. | | |
| | |
|
|
Orient Overseas International Ltd. | | |
| | |
Power Assets Holdings Ltd. | | |
Sun Hung Kai Properties Ltd. | | |
Swire Pacific Ltd., Class A | | |
| | |
Yue Yuen Industrial Holdings Ltd. | | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
Recordati Industria Chimica e Farmaceutica SpA | | |
| | |
Terna - Rete Elettrica Nazionale | | |
| | |
| | |
|
Activia Properties, Inc., REIT | | |
Advance Residence Investment Corp., REIT | | |
| | |
| | |
AEON REIT Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Canon Marketing Japan, Inc. | | |
| | |
| | |
| | |
Chubu Electric Power Co., Inc. | | |
Chugai Pharmaceutical Co. Ltd. | | |
| | |
Cosmo Energy Holdings Co. Ltd. | | |
Dai Nippon Printing Co. Ltd. | | |
| | |
Daito Trust Construction Co. Ltd. | | |
Daiwa House REIT Investment Corp., REIT | | |
Daiwa Securities Group, Inc. | | |
| | |
| | |
Electric Power Development Co. Ltd. | | |
| | |
Fuji Media Holdings, Inc. | | |
| | |
| | |
Fukuoka Financial Group, Inc. | | |
H.U. Group Holdings, Inc. | | |
Hachijuni Bank Ltd. (The) | | |
| | |
| | |
| | |
| | |
Iida Group Holdings Co. Ltd. | | |
| | |
| | |
Itochu Techno-Solutions Corp. | | |
| | |
Japan Metropolitan Fund Invest, REIT | | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
Japan Real Estate Investment Corp., REIT | | |
| | |
| | |
Kaken Pharmaceutical Co. Ltd. | | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
Kawasaki Kisen Kaisha Ltd. | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
Kyushu Electric Power Co., Inc. * | | |
| | |
| | |
| | |
| | |
Matsui Securities Co. Ltd. | | |
| | |
Mebuki Financial Group, Inc. | | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
| | |
Mitsubishi Gas Chemical Co., Inc. | | |
Mitsubishi HC Capital, Inc. | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
Mitsui Mining & Smelting Co. Ltd. | | |
Morinaga Milk Industry Co. Ltd. | | |
MS&AD Insurance Group Holdings, Inc. | | |
| | |
| | |
| | |
Nippon Electric Glass Co. Ltd. | | |
| | |
| | |
| | |
Nippon Telegraph & Telephone Corp. | | |
| | |
Nisshin Seifun Group, Inc. | | |
Nissin Foods Holdings Co. Ltd. | | |
| | |
| | |
| | |
Nomura Real Estate Holdings, Inc. | | |
Nomura Real Estate Master Fund, Inc., REIT | | |
| | |
Ono Pharmaceutical Co. Ltd. | | |
Open House Group Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
Rohto Pharmaceutical Co. Ltd. | | |
| | |
| | |
Sawai Group Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
Sekisui House REIT, Inc., REIT (b) | | |
| | |
| | |
Ship Healthcare Holdings, Inc. | | |
Skylark Holdings Co. Ltd. * (b) | | |
| | |
| | |
| | |
| | |
| | |
Sumitomo Chemical Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
| | |
Suntory Beverage & Food Ltd. | | |
| | |
Taisho Pharmaceutical Holdings Co. Ltd. | | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
Tohoku Electric Power Co., Inc. * | | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
| | |
| | |
Tokyu Fudosan Holdings Corp. | | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
United Urban Investment Corp., REIT | | |
| | |
| | |
| | |
Yamaguchi Financial Group, Inc. | | |
| | |
Yokohama Rubber Co. Ltd. (The) | | |
| | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
|
| | |
|
| | |
| | |
BE Semiconductor Industries NV (b) | | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
CapitaLand Ascendas, REIT | | |
CapitaLand Integrated Commercial Trust, REIT | | |
| | |
| | |
| | |
Jardine Cycle & Carriage Ltd. | | |
| | |
Mapletree Pan Asia Commercial Trust, REIT | | |
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
| | |
Singapore Telecommunications Ltd. | | |
| | |
| | |
| | |
| | |
|
| | |
|
Daewoo Engineering & Construction Co. Ltd. * | | |
| | |
| | |
| | |
GS Engineering & Construction Corp. | | |
| | |
| | |
Hana Financial Group, Inc. | | |
| | |
Hanwha Life Insurance Co. Ltd. * | | |
| | |
Hyundai Department Store Co. Ltd. | | |
| | |
| | |
|
|
| | |
| | |
| | |
Korea Electric Power Corp. * | | |
| | |
Korea Investment Holdings Co. Ltd. | | |
Korean Air Lines Co. Ltd. | | |
| | |
| | |
| | |
| | |
Mirae Asset Securities Co. Ltd. | | |
| | |
NH Investment & Securities Co. Ltd. | | |
| | |
| | |
| | |
Samsung Electronics Co. Ltd. | | |
Samsung Engineering Co. Ltd. * | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Samsung Securities Co. Ltd. | | |
| | |
| | |
| | |
Woori Financial Group, Inc. | | |
| | |
| | |
|
| | |
Corp. ACCIONA Energias Renovables SA * | | |
| | |
| | |
| | |
Merlin Properties Socimi SA, REIT | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
H & M Hennes & Mauritz AB, Class B (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Kuehne + Nagel International AG (Registered) (b) | | |
| | |
Sonova Holding AG (Registered) | | |
Swiss Prime Site AG (Registered) | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Associated British Foods plc | | |
| | |
Auto Trader Group plc (a) | | |
| | |
B&M European Value Retail SA | | |
| | |
| | |
| | |
British American Tobacco plc | | |
British Land Co. plc (The), REIT | | |
| | |
| | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
| | |
| | |
Dechra Pharmaceuticals plc | | |
| | |
| | |
Direct Line Insurance Group plc | | |
| | |
|
United Kingdom — continued |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
| | |
| | |
| | |
Land Securities Group plc, REIT | | |
Legal & General Group plc | | |
| | |
| | |
| | |
| | |
| | |
Phoenix Group Holdings plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
UNITE Group plc (The), REIT | | |
United Utilities Group plc | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
Total Common Stocks
(Cost $797,656,875) | | |
Short-Term Investments — 1.8% |
Investment Companies — 0.1% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (c) (d)(Cost $569,151) | | |
Investment of Cash Collateral from Securities Loaned — 1.7% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $13,887,359) | | |
Total Short-Term Investments
(Cost $14,456,510) | | |
Total Investments — 100.9%
(Cost $812,113,385) | | |
Liabilities in Excess of Other Assets — (0.9)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| |
| Real Estate Investment Trust |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $13,213,390. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Diversified Telecommunication Services | |
| |
Oil, Gas & Consumable Fuels | |
| |
| |
Consumer Staples Distribution & Retail | |
| |
| |
| |
Real Estate Management & Development | |
Trading Companies & Distributors | |
| |
| |
Semiconductors & Semiconductor Equipment | |
Health Care Equipment & Supplies | |
Wireless Telecommunication Services | |
| |
Construction & Engineering | |
Technology Hardware, Storage & Peripherals | |
Health Care Providers & Services | |
| |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 0.8% |
| | |
L3Harris Technologies, Inc. | | |
| | |
| | |
Automobiles & Parts — 0.6% |
| | |
| | |
| | |
|
| | |
| | |
Citizens Financial Group, Inc. | | |
Discover Financial Services | | |
| | |
Huntington Bancshares, Inc. | | |
| | |
Popular, Inc. (Puerto Rico) (a) | | |
| | |
| | |
| | |
| | |
|
Brown-Forman Corp., Class B | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
Construction & Materials — 1.7% |
| | |
| | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Grand Canyon Education, Inc. * | | |
| | |
Service Corp. International | | |
| | |
|
| | |
| | |
American Electric Power Co., Inc. | | |
| | |
| | |
Consolidated Edison, Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Electronic & Electrical Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
Finance & Credit Services — 0.4% |
| | |
FactSet Research Systems, Inc. | | |
OneMain Holdings, Inc. (a) | | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
Darling Ingredients, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
Mondelez International, Inc., Class A | | |
| | |
| | |
| | |
Gas, Water & Multi-utilities — 3.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Gas, Water & Multi-utilities — continued |
| | |
| | |
| | |
General Industrials — 2.0% |
| | |
| | |
Honeywell International, Inc. | | |
Illinois Tool Works, Inc. | | |
| | |
Packaging Corp. of America | | |
| | |
| | |
| | |
| | |
Health Care Providers — 2.7% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
Household Goods & Home Construction — 1.1% |
Leggett & Platt, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 0.6% |
| | |
| | |
| | |
| | |
Industrial Materials — 0.2% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Metals & Mining — 2.5% |
| | |
| | |
| | |
Reliance Steel & Aluminum Co. | | |
Southern Copper Corp. (Mexico) | | |
| | |
| | |
United States Steel Corp. | | |
| | |
Industrial Support Services — 2.1% |
| | |
Booz Allen Hamilton Holding Corp. | | |
Capital One Financial Corp. | | |
MSC Industrial Direct Co., Inc., Class A | | |
Robert Half International, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.3% |
Allison Transmission Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Investment Banking & Brokerage Services — 1.4% |
Ameriprise Financial, Inc. | | |
Jefferies Financial Group, Inc. | | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
Virtu Financial, Inc., Class A | | |
| | |
|
Activision Blizzard, Inc. * | | |
| | |
| | |
|
Leisure Goods — continued |
| | |
| | |
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
Prudential Financial, Inc. | | |
| | |
| | |
|
Interpublic Group of Cos., Inc. (The) | | |
Nexstar Media Group, Inc. | | |
| | |
Medical Equipment & Services — 4.1% |
| | |
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
| | |
| | |
Thermo Fisher Scientific, Inc. | | |
West Pharmaceutical Services, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.4% |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
Non-life Insurance — 2.6% |
| | |
American Financial Group, Inc. | | |
| | |
| | |
Fidelity National Financial, Inc. | | |
Hanover Insurance Group, Inc. (The) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Non-life Insurance — continued |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
Old Republic International Corp. | | |
| | |
| | |
| | |
Non-Renewable Energy — 4.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
Pioneer Natural Resources Co. | | |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care, Drug & Grocery Stores — 4.6% |
Albertsons Cos., Inc., Class A | | |
| | |
Casey's General Stores, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
Spectrum Brands Holdings, Inc. | | |
Walgreens Boots Alliance, Inc. | | |
| | |
|
| | |
| | |
|
Personal Goods — continued |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.7% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
United Therapeutics Corp. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
Precious Metals & Mining — 0.2% |
| | |
Real Estate Investment & Services — 0.6% |
CBRE Group, Inc., Class A * | | |
Jones Lang LaSalle, Inc. * | | |
| | |
Real Estate Investment Trusts — 7.5% |
| | |
Brixmor Property Group, Inc. | | |
| | |
| | |
| | |
Extra Space Storage, Inc. (a) | | |
First Industrial Realty Trust, Inc. | | |
Gaming and Leisure Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
| | |
| | |
Lamar Advertising Co., Class A | | |
| | |
Mid-America Apartment Communities, Inc. | | |
National Retail Properties, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Omega Healthcare Investors, Inc. (a) | | |
| | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
Spirit Realty Capital, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Penske Automotive Group, Inc. (a) | | |
| | |
| | |
| | |
| | |
Software & Computer Services — 4.4% |
Alphabet, Inc., Class A * | | |
| | |
CACI International, Inc., Class A * | | |
Cadence Design Systems, Inc. * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Dolby Laboratories, Inc., Class A | | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
International Business Machines Corp. | | |
| | |
| | |
Meta Platforms, Inc., Class A * | | |
| | |
| | |
| | |
|
Software & Computer Services — continued |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
Technology Hardware & Equipment — 4.7% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 2.0% |
| | |
| | |
| | |
| | |
Lumentum Holdings, Inc. * | | |
| | |
| | |
| | |
Telecommunications Service Providers — 3.3% |
Altice USA, Inc., Class A * (a) | | |
| | |
| | |
Charter Communications, Inc., Class A * | | |
| | |
DISH Network Corp., Class A * | | |
Frontier Communications Parent, Inc. * (a) | | |
| | |
| | |
Verizon Communications, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Philip Morris International, Inc. | | |
| | |
|
| | |
Waste & Disposal Services — 1.3% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $457,100,047) | | |
Short-Term Investments — 2.5% |
Investment Companies — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $360,914) | | |
Investment of Cash Collateral from Securities Loaned — 2.4% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.01% (b) (c) | | |
| | |
|
|
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $12,138,793) | | |
Total Short-Term Investments
(Cost $12,499,707) | | |
Total Investments — 102.3%
(Cost $469,599,754) | | |
Liabilities in Excess of Other Assets — (2.3)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $11,942,167. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 0.1% |
| | |
Automobiles & Parts — 0.6% |
| | |
| | |
| | |
| | |
|
| | |
Citizens Financial Group, Inc. | | |
| | |
Discover Financial Services | | |
| | |
| | |
| | |
Huntington Bancshares, Inc. | | |
| | |
| | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
| | |
| | |
| | |
|
Brown-Forman Corp., Class B | | |
Molson Coors Beverage Co., Class B | | |
| | |
|
| | |
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Construction & Materials — 2.6% |
| | |
Builders FirstSource, Inc. * | | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Service Corp. International | | |
| | |
|
| | |
| | |
| | |
Brookfield Renewable Corp. | | |
Consolidated Edison, Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Electronic & Electrical Equipment — 1.8% |
| | |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
| | |
Finance & Credit Services — 0.4% |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Darling Ingredients, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
| | |
| | |
Tyson Foods, Inc., Class A | | |
| | |
| | |
Gas, Water & Multi-utilities — 2.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
General Industrials — 1.6% |
| | |
| | |
| | |
|
General Industrials — continued |
| | |
Packaging Corp. of America | | |
| | |
| | |
| | |
| | |
| | |
| | |
Health Care Providers — 3.5% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
Veeva Systems, Inc., Class A * | | |
| | |
Household Goods & Home Construction — 1.3% |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 1.9% |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Materials — 0.7% |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Metals & Mining — 2.4% |
| | |
| | |
| | |
| | |
Reliance Steel & Aluminum Co. | | |
| | |
| | |
United States Steel Corp. | | |
| | |
Industrial Support Services — 1.6% |
| | |
Booz Allen Hamilton Holding Corp. | | |
| | |
MSC Industrial Direct Co., Inc., Class A | | |
| | |
Robert Half International, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.6% |
Allison Transmission Holdings, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
Investment Banking & Brokerage Services — 2.1% |
Ameriprise Financial, Inc. | | |
| | |
Jefferies Financial Group, Inc. | | |
LPL Financial Holdings, Inc. | | |
| | |
Raymond James Financial, Inc. | | |
| | |
Virtu Financial, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
|
Leisure Goods — continued |
| | |
| | |
| | |
|
| | |
Principal Financial Group, Inc. | | |
| | |
| | |
|
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp.-Liberty SiriusXM, Class A * | | |
Nexstar Media Group, Inc. | | |
| | |
Medical Equipment & Services — 6.2% |
Agilent Technologies, Inc. | | |
Bio-Rad Laboratories, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
Globus Medical, Inc., Class A * | | |
| | |
| | |
Integra LifeSciences Holdings Corp. * | | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.6% |
Annaly Capital Management, Inc. | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Non-life Insurance — 2.8% |
American Financial Group, Inc. | | |
Arch Capital Group Ltd. * | | |
| | |
| | |
Axis Capital Holdings Ltd. | | |
| | |
| | |
| | |
Fidelity National Financial, Inc. | | |
First American Financial Corp. | | |
Hanover Insurance Group, Inc. (The) | | |
Hartford Financial Services Group, Inc. (The) | | |
Old Republic International Corp. | | |
Reinsurance Group of America, Inc. | | |
White Mountains Insurance Group Ltd. | | |
| | |
| | |
Non-Renewable Energy — 5.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care, Drug & Grocery Stores — 3.2% |
Albertsons Cos., Inc., Class A | | |
| | |
Casey's General Stores, Inc. | | |
Church & Dwight Co., Inc. | | |
| | |
|
Personal Care, Drug & Grocery Stores — continued |
| | |
Grocery Outlet Holding Corp. * | | |
| | |
| | |
Performance Food Group Co. * | | |
Reynolds Consumer Products, Inc. | | |
Spectrum Brands Holdings, Inc. | | |
| | |
|
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.3% |
| | |
| | |
| | |
Horizon Therapeutics plc * | | |
| | |
Jazz Pharmaceuticals plc * | | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
Neurocrine Biosciences, Inc. * | | |
| | |
| | |
| | |
United Therapeutics Corp. * | | |
| | |
| | |
Precious Metals & Mining — 0.1% |
SSR Mining, Inc. (Canada) | | |
Real Estate Investment & Services — 0.6% |
CBRE Group, Inc., Class A * | | |
Jones Lang LaSalle, Inc. * | | |
| | |
Real Estate Investment Trusts — 8.6% |
American Homes 4 Rent, Class A | | |
Brixmor Property Group, Inc. | | |
| | |
| | |
| | |
Extra Space Storage, Inc. | | |
First Industrial Realty Trust, Inc. | | |
Gaming and Leisure Properties, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Highwoods Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
| | |
| | |
Lamar Advertising Co., Class A | | |
| | |
Medical Properties Trust, Inc. (a) | | |
Mid-America Apartment Communities, Inc. | | |
National Retail Properties, Inc. | | |
Omega Healthcare Investors, Inc. | | |
| | |
| | |
| | |
Rexford Industrial Realty, Inc. | | |
Simon Property Group, Inc. | | |
Spirit Realty Capital, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Penske Automotive Group, Inc. | | |
| | |
| | |
| | |
Software & Computer Services — 5.5% |
Akamai Technologies, Inc. * | | |
| | |
| | |
CACI International, Inc., Class A * | | |
Cadence Design Systems, Inc. * | | |
| | |
Dolby Laboratories, Inc., Class A | | |
| | |
|
Software & Computer Services — continued |
| | |
| | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
| | |
Manhattan Associates, Inc. * | | |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
Tyler Technologies, Inc. * | | |
| | |
Technology Hardware & Equipment — 4.4% |
| | |
| | |
| | |
| | |
Dell Technologies, Inc., Class C | | |
| | |
| | |
Microchip Technology, Inc. | | |
Monolithic Power Systems, Inc. | | |
National Instruments Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 2.0% |
| | |
| | |
| | |
Lumentum Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Telecommunications Service Providers — 1.8% |
Altice USA, Inc., Class A * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Telecommunications Service Providers — continued |
DISH Network Corp., Class A * | | |
Frontier Communications Parent, Inc. * | | |
Liberty Broadband Corp., Class C * | | |
| | |
| | |
|
| | |
Choice Hotels International, Inc. | | |
Copa Holdings SA, Class A (Panama) | | |
| | |
| | |
| | |
Waste & Disposal Services — 0.9% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $333,769,852) | | |
Short-Term Investments — 0.6% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $659,852) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 0.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $1,355,792) | | |
Total Short-Term Investments
(Cost $2,015,644) | | |
Total Investments — 100.3%
(Cost $335,785,496) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $1,323,835. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
S&P Midcap 400 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 0.1% |
| | |
National Presto Industries, Inc. | | |
| | |
Automobiles & Parts — 0.4% |
| | |
| | |
| | |
|
| | |
| | |
Atlantic Union Bankshares Corp. | | |
| | |
| | |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | | |
| | |
| | |
Capital City Bank Group, Inc. | | |
| | |
Community Trust Bancorp, Inc. | | |
First BanCorp (Puerto Rico) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Independent Bank Group, Inc. | | |
International Bancshares Corp. | | |
| | |
| | |
Northwest Bancshares, Inc. | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
| | |
| | |
Republic Bancorp, Inc., Class A | | |
Simmons First National Corp., Class A | | |
| | |
| | |
| | |
| | |
|
|
| | |
United Community Banks, Inc. | | |
| | |
| | |
| | |
| | |
|
| | |
Celsius Holdings, Inc. * (a) | | |
Coca-Cola Consolidated, Inc. | | |
Duckhorn Portfolio, Inc. (The) * | | |
| | |
National Beverage Corp. * | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Intrepid Potash, Inc. * (a) | | |
| | |
| | |
Orion Engineered Carbons SA (Germany) | | |
| | |
Rayonier Advanced Materials, Inc. * | | |
Sensient Technologies Corp. | | |
| | |
| | |
| | |
Construction & Materials — 1.9% |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
| | |
Installed Building Products, Inc. | | |
Masonite International Corp. * | | |
Mueller Water Products, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Construction & Materials — continued |
Quanex Building Products Corp. | | |
Simpson Manufacturing Co., Inc. | | |
| | |
|
| | |
Laureate Education, Inc., Class A | | |
Perdoceo Education Corp. * | | |
Strategic Education, Inc. | | |
| | |
| | |
|
| | |
Clearway Energy, Inc., Class C | | |
| | |
| | |
| | |
| | |
Portland General Electric Co. | | |
| | |
| | |
Electronic & Electrical Equipment — 1.4% |
| | |
| | |
| | |
| | |
| | |
Watts Water Technologies, Inc., Class A | | |
| | |
Finance & Credit Services — 1.8% |
Encore Capital Group, Inc. * | | |
Enova International, Inc. * | | |
Federal Agricultural Mortgage Corp., Class C | | |
| | |
| | |
| | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Food Producers — continued |
Cal-Maine Foods, Inc. (a) | | |
Fresh Del Monte Produce, Inc. | | |
GrowGeneration Corp. * (a) | | |
Hain Celestial Group, Inc. (The) * | | |
| | |
| | |
| | |
John B Sanfilippo & Son, Inc. | | |
| | |
| | |
Nature's Sunshine Products, Inc. * | | |
Simply Good Foods Co. (The) * | | |
| | |
SunOpta, Inc. (Canada) * (a) | | |
Tootsie Roll Industries, Inc. (a) | | |
| | |
USANA Health Sciences, Inc. * | | |
| | |
| | |
Gas, Water & Multi-utilities — 3.8% |
American States Water Co. | | |
Aris Water Solutions, Inc., Class A (a) | | |
| | |
| | |
Brookfield Infrastructure Corp., Class A (Canada) | | |
California Water Service Group | | |
Chesapeake Utilities Corp. | | |
Evoqua Water Technologies Corp. * | | |
Excelerate Energy, Inc., Class A | | |
| | |
New Jersey Resources Corp. | | |
Northwest Natural Holding Co. | | |
| | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
| | |
General Industrials — 1.4% |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
General Industrials — continued |
| | |
| | |
| | |
Standex International Corp. | | |
| | |
| | |
| | |
Health Care Providers — 2.9% |
| | |
Apollo Medical Holdings, Inc. * (a) | | |
Brookdale Senior Living, Inc. * | | |
Computer Programs and Systems, Inc. * | | |
| | |
| | |
Healthcare Services Group, Inc. | | |
| | |
| | |
NextGen Healthcare, Inc. * | | |
| | |
Option Care Health, Inc. * | | |
Pennant Group, Inc. (The) * | | |
| | |
Select Medical Holdings Corp. | | |
| | |
US Physical Therapy, Inc. | | |
| | |
Household Goods & Home Construction — 2.0% |
| | |
Central Garden & Pet Co., Class A * | | |
CompX International, Inc. (a) | | |
Ethan Allen Interiors, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Taylor Morrison Home Corp. * | | |
| | |
| | |
| | |
|
Industrial Engineering — 1.1% |
Albany International Corp., Class A | | |
| | |
| | |
| | |
Franklin Electric Co., Inc. | | |
| | |
John Bean Technologies Corp. | | |
| | |
| | |
| | |
Industrial Materials — 2.1% |
| | |
| | |
| | |
| | |
| | |
Minerals Technologies, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Metals & Mining — 3.6% |
| | |
Carpenter Technology Corp. | | |
| | |
Compass Minerals International, Inc. | | |
| | |
GrafTech International Ltd. | | |
Haynes International, Inc. | | |
| | |
| | |
| | |
Piedmont Lithium, Inc. * (a) | | |
| | |
| | |
Schnitzer Steel Industries, Inc., Class A | | |
| | |
US Silica Holdings, Inc. * | | |
Worthington Industries, Inc. | | |
| | |
Industrial Support Services — 2.4% |
| | |
Applied Industrial Technologies, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Industrial Support Services — continued |
| | |
| | |
| | |
| | |
EVERTEC, Inc. (Puerto Rico) | | |
ExlService Holdings, Inc. * | | |
Forrester Research, Inc. * | | |
Heidrick & Struggles International, Inc. | | |
| | |
| | |
| | |
| | |
Resources Connection, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Transportation — 2.8% |
| | |
| | |
| | |
| | |
| | |
Frontline plc (Norway) (a) | | |
| | |
Genco Shipping & Trading Ltd. | | |
Hub Group, Inc., Class A * | | |
| | |
| | |
| | |
Scorpio Tankers, Inc. (Monaco) | | |
Triton International Ltd. (Bermuda) | | |
| | |
| | |
Investment Banking & Brokerage Services — 1.2% |
Artisan Partners Asset Management, Inc., Class A | | |
Brightsphere Investment Group, Inc. | | |
| | |
| | |
| | |
| | |
|
Investment Banking & Brokerage Services — continued |
| | |
Virtus Investment Partners, Inc. | | |
| | |
|
Camping World Holdings, Inc., Class A (a) | | |
Fox Factory Holding Corp. * | | |
| | |
Smith & Wesson Brands, Inc. | | |
| | |
Universal Electronics, Inc. * | | |
| | |
|
American Equity Investment Life Holding Co. | | |
CNO Financial Group, Inc. | | |
Genworth Financial, Inc., Class A * | | |
Jackson Financial, Inc., Class A (a) | | |
National Western Life Group, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Medical Equipment & Services — 3.5% |
| | |
Anika Therapeutics, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lantheus Holdings, Inc. * | | |
Merit Medical Systems, Inc. * | | |
| | |
| | |
OraSure Technologies, Inc. * | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Medical Equipment & Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts — 1.6% |
Apollo Commercial Real Estate Finance, Inc. (a) | | |
Arbor Realty Trust, Inc. (a) | | |
| | |
Ellington Financial, Inc. (a) | | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
| | |
New York Mortgage Trust, Inc. (a) | | |
PennyMac Mortgage Investment Trust | | |
| | |
| | |
TPG RE Finance Trust, Inc. | | |
Two Harbors Investment Corp. (a) | | |
| | |
Nonequity Investment Instruments — 0.0% ^ |
| | |
| | |
| | |
Non-life Insurance — 1.3% |
| | |
| | |
Horace Mann Educators Corp. | | |
| | |
Safety Insurance Group, Inc. | | |
Selective Insurance Group, Inc. | | |
Stewart Information Services Corp. | | |
| | |
Non-Renewable Energy — 5.9% |
Alpha Metallurgical Resources, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Non-Renewable Energy — continued |
| | |
| | |
Comstock Resources, Inc. (a) | | |
| | |
| | |
| | |
| | |
Helix Energy Solutions Group, Inc. * | | |
Magnolia Oil & Gas Corp., Class A | | |
| | |
| | |
| | |
Newpark Resources, Inc. * | | |
Northern Oil and Gas, Inc. | | |
| | |
Patterson-UTI Energy, Inc. | | |
PBF Energy, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Solaris Oilfield Infrastructure, Inc., Class A | | |
| | |
| | |
World Fuel Services Corp. | | |
| | |
Personal Care, Drug & Grocery Stores — 2.8% |
| | |
Chefs' Warehouse, Inc. (The) * | | |
Edgewell Personal Care Co. | | |
| | |
Ingles Markets, Inc., Class A | | |
Nu Skin Enterprises, Inc., Class A | | |
| | |
| | |
| | |
Sprouts Farmers Market, Inc. * | | |
United Natural Foods, Inc. * | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.6% |
Amphastar Pharmaceuticals, Inc. * | | |
ANI Pharmaceuticals, Inc. * | | |
Arcus Biosciences, Inc. * | | |
Arrowhead Pharmaceuticals, Inc. * | | |
Castle Biosciences, Inc. * | | |
Catalyst Pharmaceuticals, Inc. * | | |
Collegium Pharmaceutical, Inc. * | | |
Corcept Therapeutics, Inc. * (a) | | |
Dynavax Technologies Corp. * | | |
Eagle Pharmaceuticals, Inc. * | | |
Halozyme Therapeutics, Inc. * | | |
Harmony Biosciences Holdings, Inc. * | | |
| | |
| | |
Ironwood Pharmaceuticals, Inc. * | | |
Ligand Pharmaceuticals, Inc. * | | |
| | |
| | |
Pacira BioSciences, Inc. * | | |
| | |
Prestige Consumer Healthcare, Inc. * | | |
Prothena Corp. plc (Ireland) * | | |
Supernus Pharmaceuticals, Inc. * | | |
Travere Therapeutics, Inc. * | | |
Vanda Pharmaceuticals, Inc. * | | |
Vir Biotechnology, Inc. * | | |
VZS Enterprises, Inc. ‡ * | | |
| | |
| | |
Precious Metals & Mining — 0.3% |
| | |
Real Estate Investment & Services — 0.8% |
Anywhere Real Estate, Inc. * | | |
| | |
eXp World Holdings, Inc. (a) | | |
Kennedy-Wilson Holdings, Inc. | | |
| | |
| | |
|
Real Estate Investment & Services — continued |
Newmark Group, Inc., Class A | | |
| | |
| | |
Real Estate Investment Trusts — 9.4% |
| | |
Alexander & Baldwin, Inc. | | |
American Assets Trust, Inc. | | |
Apartment Investment and Management Co., Class A | | |
Apple Hospitality REIT, Inc. | | |
Ares Commercial Real Estate Corp. | | |
Bluerock Homes Trust, Inc. * | | |
| | |
Broadstone Net Lease, Inc. | | |
| | |
Community Healthcare Trust, Inc. | | |
Corporate Office Properties Trust | | |
DiamondRock Hospitality Co. | | |
Easterly Government Properties, Inc. (a) | | |
| | |
Essential Properties Realty Trust, Inc. | | |
Four Corners Property Trust, Inc. | | |
GEO Group, Inc. (The) * (a) | | |
| | |
Global Net Lease, Inc. (a) | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | | |
Independence Realty Trust, Inc. | | |
Industrial Logistics Properties Trust | | |
Innovative Industrial Properties, Inc. | | |
| | |
| | |
| | |
| | |
National Health Investors, Inc. | | |
NexPoint Residential Trust, Inc. | | |
Office Properties Income Trust (a) | | |
| | |
Phillips Edison & Co., Inc. | | |
| | |
Piedmont Office Realty Trust, Inc., Class A | | |
| | |
Retail Opportunity Investments Corp. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
| | |
Ryman Hospitality Properties, Inc. | | |
Sabra Health Care REIT, Inc. | | |
| | |
| | |
| | |
Summit Hotel Properties, Inc. | | |
Sunstone Hotel Investors, Inc. | | |
Tanger Factory Outlet Centers, Inc. (a) | | |
| | |
| | |
| | |
| | |
|
| | |
REX American Resources Corp. * | | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
Academy Sports & Outdoors, Inc. | | |
America's Car-Mart, Inc. * (a) | | |
Asbury Automotive Group, Inc. * | | |
Big 5 Sporting Goods Corp. (a) | | |
| | |
| | |
| | |
Dillard's, Inc., Class A (a) | | |
| | |
| | |
| | |
Haverty Furniture Cos., Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Software & Computer Services — 3.9% |
| | |
| | |
Alarm.com Holdings, Inc. * | | |
Appfolio, Inc., Class A * | | |
| | |
|
Software & Computer Services — continued |
| | |
| | |
Consensus Cloud Solutions, Inc. * | | |
CSG Systems International, Inc. | | |
MicroStrategy, Inc., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Simulations Plus, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware & Equipment — 6.6% |
| | |
Advanced Energy Industries, Inc. | | |
Alpha & Omega Semiconductor Ltd. * | | |
| | |
Axcelis Technologies, Inc. * | | |
Benchmark Electronics, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Insight Enterprises, Inc. * | | |
Kulicke & Soffa Industries, Inc. (Singapore) | | |
| | |
Methode Electronics, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Technology Hardware & Equipment — continued |
| | |
| | |
| | |
| | |
SMART Global Holdings, Inc. * | | |
Super Micro Computer, Inc. * | | |
| | |
| | |
Ultra Clean Holdings, Inc. * | | |
Vishay Intertechnology, Inc. | | |
| | |
Telecommunications Equipment — 2.7% |
| | |
| | |
| | |
| | |
| | |
CommScope Holding Co., Inc. * | | |
Comtech Telecommunications Corp. | | |
Digi International, Inc. * | | |
EchoStar Corp., Class A * | | |
| | |
| | |
| | |
| | |
Lightwave Logic, Inc. * (a) | | |
| | |
Ribbon Communications, Inc. * | | |
| | |
| | |
Telecommunications Service Providers — 2.3% |
| | |
Cogent Communications Holdings, Inc. (a) | | |
Consolidated Communications Holdings, Inc. * | | |
| | |
| | |
| | |
Iridium Communications, Inc. | | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
Shenandoah Telecommunications Co. | | |
Telephone and Data Systems, Inc. | | |
| | |
|
Telecommunications Service Providers — continued |
| | |
| | |
| | |
|
22nd Century Group, Inc. * (a) | | |
Turning Point Brands, Inc. | | |
| | |
| | |
| | |
|
Biglari Holdings, Inc., Class B * | | |
| | |
| | |
El Pollo Loco Holdings, Inc. | | |
Ruth's Hospitality Group, Inc. | | |
| | |
Waste & Disposal Services — 0.5% |
Casella Waste Systems, Inc., Class A * | | |
Vertex Energy, Inc. * (a) | | |
| | |
Total Common Stocks
(Cost $390,189,700) | | |
| | |
|
Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% ^ |
Achillion Pharmaceuticals, Inc. ‡ *(Cost $—) | | |
| | |
Short-Term Investments — 6.2% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $685,213) | | |
Investment of Cash Collateral from Securities Loaned — 6.0% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.01% (b) (c) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Short-Term Investments — continued |
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $22,951,188) | | |
Total Short-Term Investments
(Cost $23,636,401) | | |
Total Investments — 106.0%
(Cost $413,826,101) | | |
Liabilities in Excess of Other Assets — (6.0)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $22,458,095. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Russell 2000 E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 3.3% |
| | |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
| | |
| | |
Raytheon Technologies Corp. | | |
| | |
| | |
Automobiles & Parts — 0.9% |
| | |
| | |
| | |
| | |
| | |
|
| | |
Discover Financial Services | | |
| | |
| | |
Popular, Inc. (Puerto Rico) | | |
| | |
| | |
|
| | |
Constellation Brands, Inc., Class A | | |
| | |
| | |
| | |
|
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Construction & Materials — 1.5% |
| | |
| | |
Builders FirstSource, Inc. * | | |
| | |
| | |
MDU Resources Group, Inc. | | |
| | |
| | |
| | |
|
Avis Budget Group, Inc. * | | |
| | |
Grand Canyon Education, Inc. * | | |
| | |
| | |
| | |
| | |
|
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Electronic & Electrical Equipment — 1.1% |
| | |
Keysight Technologies, Inc. * | | |
Mettler-Toledo International, Inc. * | | |
| | |
| | |
Finance & Credit Services — 0.1% |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Food Producers — continued |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
| | |
| | |
| | |
Gas, Water & Multi-utilities — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
General Industrials — 0.7% |
| | |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
Health Care Providers — 3.0% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Household Goods & Home Construction — 0.7% |
| | |
| | |
Tempur Sealy International, Inc. | | |
| | |
Industrial Engineering — 1.5% |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
Industrial Metals & Mining — 0.7% |
| | |
| | |
|
Industrial Metals & Mining — continued |
Reliance Steel & Aluminum Co. | | |
| | |
| | |
Industrial Support Services — 2.7% |
| | |
Automatic Data Processing, Inc. | | |
Booz Allen Hamilton Holding Corp. | | |
| | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
| | |
Paylocity Holding Corp. * | | |
| | |
| | |
Industrial Transportation — 1.9% |
Allison Transmission Holdings, Inc. | | |
CH Robinson Worldwide, Inc. | | |
JB Hunt Transport Services, Inc. | | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
| | |
WillScot Mobile Mini Holdings Corp. * | | |
| | |
Investment Banking & Brokerage Services — 4.0% |
Ameriprise Financial, Inc. | | |
| | |
Berkshire Hathaway, Inc., Class B * | | |
Charles Schwab Corp. (The) | | |
Jefferies Financial Group, Inc. | | |
LPL Financial Holdings, Inc. | | |
| | |
| | |
| | |
|
Activision Blizzard, Inc. * | | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Life Insurance — continued |
Principal Financial Group, Inc. | | |
| | |
| | |
|
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp.-Liberty Formula One, Class C * | | |
Nexstar Media Group, Inc. | | |
| | |
Trade Desk, Inc. (The), Class A * | | |
World Wrestling Entertainment, Inc., Class A | | |
| | |
Medical Equipment & Services — 3.9% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
Non-life Insurance — 4.8% |
American Financial Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
| | |
Erie Indemnity Co., Class A | | |
| | |
Marsh & McLennan Cos., Inc. | | |
Old Republic International Corp. | | |
| | |
Reinsurance Group of America, Inc. | | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
Ryan Specialty Holdings, Inc. * | | |
| | |
| | |
Non-Renewable Energy — 4.5% |
| | |
| | |
| | |
|
Non-Renewable Energy — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
| | |
| | |
| | |
Personal Care, Drug & Grocery Stores — 1.2% |
| | |
Casey's General Stores, Inc. | | |
Grocery Outlet Holding Corp. * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.9% |
| | |
Alnylam Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
United Therapeutics Corp. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
Real Estate Investment & Services — 0.3% |
CBRE Group, Inc., Class A * | | |
Real Estate Investment Trusts — 2.8% |
| | |
| | |
Extra Space Storage, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Gaming and Leisure Properties, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
BJ's Wholesale Club Holdings, Inc. * | | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
GameStop Corp., Class A * (a) | | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Penske Automotive Group, Inc. | | |
| | |
| | |
| | |
| | |
Software & Computer Services — 11.9% |
| | |
| | |
Bentley Systems, Inc., Class B | | |
| | |
CACI International, Inc., Class A * | | |
Cadence Design Systems, Inc. * | | |
Ceridian HCM Holding, Inc. * | | |
Cloudflare, Inc., Class A * | | |
| | |
Dolby Laboratories, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
|
Software & Computer Services — continued |
| | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
International Business Machines Corp. | | |
| | |
| | |
| | |
Manhattan Associates, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
Pinterest, Inc., Class A * | | |
Procore Technologies, Inc. * | | |
| | |
| | |
Science Applications International Corp. | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware & Equipment — 14.5% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Dell Technologies, Inc., Class C | | |
GLOBALFOUNDRIES, Inc. * (a) | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Technology Hardware & Equipment — continued |
Lattice Semiconductor Corp. * | | |
| | |
Microchip Technology, Inc. | | |
Monolithic Power Systems, Inc. | | |
National Instruments Corp. | | |
| | |
| | |
| | |
Pure Storage, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 1.9% |
| | |
| | |
| | |
| | |
| | |
Telecommunications Service Providers — 0.6% |
| | |
| | |
| | |
|
| | |
| | |
Chipotle Mexican Grill, Inc. * | | |
Choice Hotels International, Inc. | | |
Hilton Worldwide Holdings, Inc. | | |
Hyatt Hotels Corp., Class A * | | |
| | |
| | |
| | |
| | |
|
Waste & Disposal Services — 0.9% |
| | |
| | |
| | |
Total Common Stocks
(Cost $229,768,423) | | |
Short-Term Investments — 0.4% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $430,636) | | |
Investment of Cash Collateral from Securities Loaned — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $509,082) | | |
Total Short-Term Investments
(Cost $939,718) | | |
Total Investments — 100.1%
(Cost $230,708,141) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $494,406. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
Micro E-mini S&P 500 Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 0.7% |
| | |
Automobiles & Parts — 0.7% |
| | |
| | |
| | |
| | |
|
| | |
Commerce Bancshares, Inc. | | |
| | |
| | |
|
Brown-Forman Corp., Class B | | |
| | |
| | |
|
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
Construction & Materials — 0.9% |
| | |
| | |
Advanced Drainage Systems, Inc. (a) | | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
|
| | |
Grand Canyon Education, Inc. * | | |
| | |
| | |
| | |
|
Consolidated Edison, Inc. | | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Electronic & Electrical Equipment — 1.2% |
| | |
| | |
Keysight Technologies, Inc. * | | |
Mettler-Toledo International, Inc. * | | |
| | |
| | |
Finance & Credit Services — 1.5% |
FactSet Research Systems, Inc. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Gas, Water & Multi-utilities — 0.6% |
| | |
| | |
| | |
| | |
General Industrials — 1.0% |
| | |
Honeywell International, Inc. | | |
Illinois Tool Works, Inc. | | |
| | |
Health Care Providers — 0.4% |
| | |
| | |
| | |
| | |
Household Goods & Home Construction — 0.3% |
| | |
Industrial Engineering — 0.6% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Engineering — continued |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
Industrial Metals & Mining — 0.5% |
| | |
Reliance Steel & Aluminum Co. | | |
Southern Copper Corp. (Mexico) | | |
| | |
Industrial Support Services — 6.9% |
| | |
Automatic Data Processing, Inc. | | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
Verisk Analytics, Inc. (a) | | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.7% |
Allison Transmission Holdings, Inc. | | |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Investment Banking & Brokerage Services — 4.1% |
Ameriprise Financial, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Broadridge Financial Solutions, Inc. | | |
Intercontinental Exchange, Inc. | | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
Virtu Financial, Inc., Class A | | |
| | |
| | |
|
|
Activision Blizzard, Inc. * | | |
| | |
| | |
|
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
|
| | |
Sirius XM Holdings, Inc. (a) | | |
World Wrestling Entertainment, Inc., Class A (a) | | |
| | |
Medical Equipment & Services — 2.0% |
| | |
| | |
Edwards Lifesciences Corp. * | | |
| | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
| | |
Non-life Insurance — 4.1% |
American Financial Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
Erie Indemnity Co., Class A (a) | | |
Fidelity National Financial, Inc. | | |
Hanover Insurance Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
Non-Renewable Energy — 4.9% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Non-Renewable Energy — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
| | |
Personal Care, Drug & Grocery Stores — 3.3% |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
|
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 11.3% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
Precious Metals & Mining — 0.2% |
| | |
| | |
|
Real Estate Investment & Services — 0.5% |
CBRE Group, Inc., Class A * | | |
Zillow Group, Inc., Class C * | | |
| | |
Real Estate Investment Trusts — 2.4% |
| | |
| | |
Equity LifeStyle Properties, Inc. | | |
| | |
Extra Space Storage, Inc. (a) | | |
Gaming and Leisure Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
Lamar Advertising Co., Class A | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
Williams-Sonoma, Inc. (a) | | |
| | |
Software & Computer Services — 16.4% |
| | |
Akamai Technologies, Inc. * | | |
Alphabet, Inc., Class A * | | |
| | |
| | |
Atlassian Corp., Class A * | | |
| | |
Cadence Design Systems, Inc. * | | |
Cognizant Technology Solutions Corp., Class A | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
Dolby Laboratories, Inc., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Software & Computer Services — continued |
| | |
| | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
Manhattan Associates, Inc. * | | |
Meta Platforms, Inc., Class A * | | |
| | |
Palo Alto Networks, Inc. * | | |
| | |
Pinterest, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware & Equipment — 10.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lattice Semiconductor Corp. * | | |
Microchip Technology, Inc. | | |
| | |
| | |
Pure Storage, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 1.3% |
| | |
| | |
|
Telecommunications Equipment — continued |
| | |
| | |
| | |
Telecommunications Service Providers — 1.1% |
| | |
Charter Communications, Inc., Class A * | | |
Verizon Communications, Inc. | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
|
| | |
| | |
| | |
Choice Hotels International, Inc. (a) | | |
Copa Holdings SA, Class A (Panama) | | |
| | |
| | |
Live Nation Entertainment, Inc. * | | |
Madison Square Garden Sports Corp. | | |
Marriott International, Inc., Class A | | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. * | | |
| | |
| | |
Waste & Disposal Services — 1.1% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $1,141,379,066) | | |
Short-Term Investments — 3.2% |
Investment Companies — 0.0% ^ |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $807,992) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Short-Term Investments — continued |
Investment of Cash Collateral from Securities Loaned — 3.2% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.01% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $38,169,895) | | |
Total Short-Term Investments
(Cost $38,977,887) | | |
Total Investments — 103.1%
(Cost $1,180,356,953) | | |
Liabilities in Excess of Other Assets — (3.1)% | | |
| | |
Percentages indicated are based on net assets. |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $37,814,933. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2023. | |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Aerospace & Defense — 1.5% |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
Raytheon Technologies Corp. | | |
| | |
| | |
Automobiles & Parts — 2.1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Citizens Financial Group, Inc. | | |
Columbia Banking System, Inc. | | |
| | |
| | |
| | |
| | |
Huntington Bancshares, Inc. | | |
| | |
New York Community Bancorp, Inc. | | |
| | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
|
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
Construction & Materials — 1.1% |
| | |
Builders FirstSource, Inc. * | | |
Fortune Brands Innovations, Inc. | | |
| | |
MDU Resources Group, Inc. | | |
| | |
| | |
|
| | |
Grand Canyon Education, Inc. * | | |
| | |
Service Corp. International | | |
| | |
| | |
|
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
| | |
Electronic & Electrical Equipment — 1.8% |
| | |
| | |
| | |
| | |
Johnson Controls International plc | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Electronic & Electrical Equipment — continued |
| | |
| | |
| | |
Finance & Credit Services — 0.7% |
| | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Tyson Foods, Inc., Class A | | |
| | |
Gas, Water & Multi-utilities — 0.9% |
| | |
| | |
| | |
| | |
General Industrials — 2.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Packaging Corp. of America | | |
| | |
| | |
| | |
| | |
Health Care Providers — 4.6% |
| | |
| | |
| | |
| | |
|
Health Care Providers — continued |
| | |
| | |
| | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
Household Goods & Home Construction — 2.0% |
| | |
Leggett & Platt, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 1.8% |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. | | |
| | |
Industrial Materials — 0.2% |
| | |
Industrial Metals & Mining — 0.9% |
| | |
| | |
Reliance Steel & Aluminum Co. | | |
United States Steel Corp. | | |
| | |
Industrial Support Services — 1.5% |
| | |
Capital One Financial Corp. | | |
Fidelity National Information Services, Inc. | | |
| | |
MSC Industrial Direct Co., Inc., Class A | | |
Robert Half International, Inc. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Transportation — 2.6% |
Allison Transmission Holdings, Inc. | | |
| | |
Knight-Swift Transportation Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
| | |
Investment Banking & Brokerage Services — 1.6% |
Bank of New York Mellon Corp. (The) | | |
Carlyle Group, Inc. (The) | | |
| | |
| | |
Janus Henderson Group plc | | |
Jefferies Financial Group, Inc. | | |
| | |
| | |
|
Activision Blizzard, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Principal Financial Group, Inc. | | |
Prudential Financial, Inc. | | |
| | |
| | |
|
| | |
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp.-Liberty SiriusXM, Class C * | | |
| | |
Nexstar Media Group, Inc. | | |
| | |
Paramount Global, Class B (a) | | |
| | |
| | |
|
Medical Equipment & Services — 2.2% |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.8% |
| | |
Annaly Capital Management, Inc. | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
Non-life Insurance — 1.6% |
American International Group, Inc. | | |
| | |
Axis Capital Holdings Ltd. | | |
Fidelity National Financial, Inc. | | |
First American Financial Corp. | | |
Old Republic International Corp. | | |
Reinsurance Group of America, Inc. | | |
| | |
Non-Renewable Energy — 4.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Personal Care, Drug & Grocery Stores — 1.5% |
Albertsons Cos., Inc., Class A | | |
| | |
| | |
Walgreens Boots Alliance, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 7.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Therapeutics Corp. * | | |
| | |
| | |
Real Estate Investment & Services — 0.1% |
Jones Lang LaSalle, Inc. * | | |
Real Estate Investment Trusts — 2.8% |
Brixmor Property Group, Inc. | | |
| | |
| | |
| | |
Gaming and Leisure Properties, Inc. | | |
Highwoods Properties, Inc. | | |
| | |
| | |
Medical Properties Trust, Inc. | | |
National Retail Properties, Inc. | | |
Omega Healthcare Investors, Inc. | | |
Park Hotels & Resorts, Inc. | | |
| | |
| | |
|
Real Estate Investment Trusts — continued |
Simon Property Group, Inc. | | |
SL Green Realty Corp. (a) | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
| | |
Penske Automotive Group, Inc. | | |
Victoria's Secret & Co. * | | |
| | |
| | |
Software & Computer Services — 13.9% |
Akamai Technologies, Inc. * | | |
Alphabet, Inc., Class A * | | |
| | |
| | |
CACI International, Inc., Class A * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Dolby Laboratories, Inc., Class A | | |
Dun & Bradstreet Holdings, Inc. | | |
| | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
International Business Machines Corp. | | |
| | |
| | |
| | |
Meta Platforms, Inc., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
Software & Computer Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
| | |
Technology Hardware & Equipment — 14.0% |
| | |
| | |
| | |
| | |
Arrow Electronics, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Dell Technologies, Inc., Class C | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
National Instruments Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Telecommunications Equipment — 1.0% |
| | |
| | |
| | |
Telecommunications Service Providers — 1.4% |
| | |
| | |
DISH Network Corp., Class A * | | |
| | |
Verizon Communications, Inc. | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
|
| | |
Copa Holdings SA, Class A (Panama) | | |
| | |
Marriott Vacations Worldwide Corp. | | |
MGM Resorts International | | |
Penn Entertainment, Inc. * | | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. * | | |
| | |
Total Common Stocks
(Cost $600,214,203) | | |
Short-Term Investments — 0.6% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $1,149,786) | | |
Investment of Cash Collateral from Securities Loaned — 0.4% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.01% (b) (c) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Short-Term Investments — continued |
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $2,586,738) | | |
Total Short-Term Investments
(Cost $3,736,524) | | |
Total Investments — 100.5%
(Cost $603,950,727) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $2,557,017. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited)
| JPMorgan
BetaBuilders
Canada ETF | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF | JPMorgan
BetaBuilders
Europe ETF | JPMorgan
BetaBuilders
International
Equity ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
| | | | |
Foreign currency, at value | | | | |
Deposits at broker for futures contracts | | | | |
Segregated cash balance with Authorized Participant for deposit securities | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Collateral upon return of deposit securities | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
| | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan
BetaBuilders
Japan ETF | JPMorgan
BetaBuilders
U.S. Equity ETF | JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF | JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
| | | | |
Foreign currency, at value | | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
| | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited) (continued)
| JPMorgan
Carbon
Transition U.S.
Equity ETF | JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF | JPMorgan
Diversified Return
International
Equity ETF | JPMorgan
Diversified
Return U.S.
Equity ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
| | | | |
Foreign currency, at value | | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Deferred foreign capital gains tax | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
| | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF | JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF | JPMorgan U.S.
Momentum
Factor ETF | JPMorgan U.S.
Quality Factor
ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | | | | |
| | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited) (continued)
| JPMorgan U.S.
Value Factor
ETF |
| |
Investments in non-affiliates, at value | |
Investments in affiliates, at value | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | |
| |
Deposits at broker for futures contracts | |
| |
Investment securities sold | |
Dividends from non-affiliates | |
Dividends from affiliates | |
Securities lending income (See Note 2.C.) | |
Variation margin on futures contracts | |
| |
| |
| |
Investment securities purchased | |
Collateral received on securities loaned (See Note 2.C.) | |
| |
| |
Management fees (See Note 3.A.) | |
| |
| |
| |
| |
Total distributable earnings (loss) | |
| |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | |
Net asset value, per share | |
Cost of investments in non-affiliates | |
Cost of investments in affiliates | |
Investment securities on loan, at value (See Note 2.C.) | |
Cost of investment of cash collateral (See Note 2.C.) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
| JPMorgan
BetaBuilders
Canada ETF | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF | JPMorgan
BetaBuilders
Europe ETF | JPMorgan
BetaBuilders
International
Equity ETF |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Interest expense to non-affiliates | | | | |
Interest expense to affiliates | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
| JPMorgan
BetaBuilders
Japan ETF | JPMorgan
BetaBuilders
U.S. Equity ETF | JPMorgan
BetaBuilders U.S.
Mid Cap Equity
ETF | JPMorgan
BetaBuilders U.S.
Small Cap
Equity ETF |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Interest expense to non-affiliates | | | | |
Interest expense to affiliates | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
In-kind redemptions of investments in affiliates (See Note 4) | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan
Carbon
Transition U.S.
Equity ETF | JPMorgan
Diversified
Return
Emerging
Markets Equity
ETF | JPMorgan
Diversified Return
International
Equity ETF | JPMorgan
Diversified
Return U.S.
|
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Interest expense to affiliates | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Net of foreign capital gains tax of $(69,424).
(b)
Net of change in foreign capital gains tax of $156,902.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
| JPMorgan
Diversified
Return U.S. Mid
Cap Equity ETF | JPMorgan
Diversified
Return U.S. Small
Cap Equity ETF | JPMorgan U.S.
Momentum
Factor ETF | JPMorgan U.S.
Quality Factor
ETF |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan U.S.
Value Factor
ETF |
| |
Interest income from non-affiliates | |
Interest income from affiliates | |
Dividend income from non-affiliates | |
Dividend income from affiliates | |
Income from securities lending (net) (See Note 2.C.) | |
| |
| |
Management fees (See Note 3.A.) | |
Interest expense to affiliates | |
| |
Net investment income (loss) | |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | |
In-kind redemptions of investments in non-affiliates (See Note 4) | |
| |
| |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | |
Investments in affiliates | |
| |
Change in net unrealized appreciation/depreciation | |
Net realized/unrealized gains (losses) | |
Change in net assets resulting from operations | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
| JPMorgan BetaBuilders
Canada ETF | JPMorgan BetaBuilders Developed
Asia Pacific ex-Japan ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan BetaBuilders
Europe ETF | JPMorgan BetaBuilders
International Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan BetaBuilders
Japan ETF | JPMorgan BetaBuilders
U.S. Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan BetaBuilders U.S.
Mid Cap Equity ETF | JPMorgan BetaBuilders U.S. Small
Cap Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan Carbon Transition
U.S. Equity ETF | JPMorgan Diversified Return
Emerging Markets Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan Diversified Return
International Equity ETF | JPMorgan Diversified Return
U.S. Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Distributions of capital gains received from investment company affiliates | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan Diversified Return
U.S. Mid Cap Equity ETF | JPMorgan Diversified Return
U.S. Small Cap Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan
U.S. Momentum Factor ETF | JPMorgan
U.S. Quality Factor ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan
U.S. Value Factor ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Distributions of capital gains received from investment company affiliates | | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
Proceeds from shares issued | | |
| | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
Net increase (decrease) in shares from share transactions | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan BetaBuilders Canada ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (f) | | | | | |
August 7, 2018 (h) through October 31, 2018 (f) | | | | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (f) | | | | | |
August 7, 2018 (h) through October 31, 2018 (f) | | | | | |
JPMorgan BetaBuilders Europe ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (f) | | | | | |
June 15, 2018 (h) through October 31, 2018 (f) | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
| Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
| Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor. |
| Commencement of operations. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan BetaBuilders International Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
December 3, 2019 (f) through October 31, 2020 | | | | | |
JPMorgan BetaBuilders Japan ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (i) | | | | | |
Year Ended October 31, 2020 (i) | | | | | |
Year Ended October 31, 2019 (i) | | | | | |
June 15, 2018 (f) through October 31, 2018 (i) | | | | | |
JPMorgan BetaBuilders U.S. Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 12, 2019 (f) through October 31, 2019 | | | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
April 14, 2020 (f) through October 31, 2020 | | | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
November 16, 2020 (f) through October 31, 2021 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
| Commencement of operations. |
| 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. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
| Per share amounts reflects a 1:2 reverse stock split that occurred on April 12, 2021. See Note 1. |
| Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan Carbon Transition U.S. Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
December 9, 2020 (f) through October 31, 2021 | | | | | |
JPMorgan Diversified Return Emerging Markets Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
Year Ended October 31, 2018 | | | | | |
JPMorgan Diversified Return International Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
Year Ended October 31, 2018 | | | | | |
JPMorgan Diversified Return U.S. Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
Year Ended October 31, 2018 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
| Commencement of operations. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
| Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
Year Ended October 31, 2018 | | | | | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
Year Ended October 31, 2018 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
| Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan U.S. Momentum Factor ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
November 8, 2017 (g) through October 31, 2018 | | | | | |
JPMorgan U.S. Quality Factor ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
November 8, 2017 (g) through October 31, 2018 | | | | | |
JPMorgan U.S. Value Factor ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
November 8, 2017 (g) through October 31, 2018 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Prior to December 9, 2019, market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the midpoint of the bid/ask spread at the close of business on the listing exchange of the Fund. Effective December 9, 2019, the closing price was used to calculate the market price return; however, any prices used in the calculation for market price return prior to December 9, 2019, would have used the midpoint of the bid/ask spread at the close of business on the exchange. |
| Prior to November 1, 2019, the Fund may have waived fees if expenses exceeded the expense cap. On November 1, 2019, the Fund adopted a unitary fee structure where a management fee is accrued by the Fund based on prior day net assets and other expenses are paid by the Advisor. |
| Commencement of operations. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 17 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| Diversification Classification |
JPMorgan BetaBuilders Canada ETF | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | |
JPMorgan BetaBuilders Europe ETF | |
JPMorgan BetaBuilders International Equity ETF | |
JPMorgan BetaBuilders Japan ETF | |
JPMorgan BetaBuilders U.S. Equity ETF | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | |
JPMorgan Carbon Transition U.S. Equity ETF | |
JPMorgan Diversified Return Emerging Markets Equity ETF | |
JPMorgan Diversified Return International Equity ETF | |
JPMorgan Diversified Return U.S. Equity ETF | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | |
JPMorgan U.S. Momentum Factor ETF | |
JPMorgan U.S. Quality Factor ETF | |
JPMorgan U.S. Value Factor ETF | |
The investment objective of JPMorgan BetaBuilders Canada ETF (“BetaBuilders Canada ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Canada Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (“BetaBuilders Developed Asia Pacific ex-Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Europe ETF (“BetaBuilders Europe ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Europe Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders International Equity ETF (“BetaBuilders International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders Japan ETF (“BetaBuilders Japan ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Japan Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Equity ETF (“BetaBuilders U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Target Market Exposure IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (“BetaBuilders U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan BetaBuilders U.S. Small Cap Equity ETF (“BetaBuilders U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® US Small Cap Target Market Exposure Extended IndexSM.
The investment objective of JPMorgan Carbon Transition U.S. Equity ETF (“Carbon Transition U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JPMorgan Asset Management Carbon Transition U.S. Equity Index.
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.
The investment objective of JPMorgan Diversified Return International Equity ETF (“International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.
| J.P. Morgan Exchange-Traded Funds | |
The investment objective of JPMorgan Diversified Return U.S. Equity ETF (“U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.
The investment objective of JPMorgan U.S. Momentum Factor ETF (“U.S. Momentum Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Momentum Factor Index.
The investment objective of JPMorgan U.S. Quality Factor ETF (“U.S. Quality Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Quality Factor Index.
The investment objective of JPMorgan U.S. Value Factor ETF (“U.S. Value Factor ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan US Value Factor Index.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows:
| |
| |
BetaBuilders Developed Asia Pacific ex-Japan ETF | |
| |
BetaBuilders International Equity ETF | |
| |
BetaBuilders U.S. Equity ETF | |
BetaBuilders U.S. Mid Cap Equity ETF | |
BetaBuilders U.S. Small Cap Equity ETF | |
Carbon Transition U.S. Equity ETF | |
Emerging Markets Equity ETF | |
| |
| |
| |
U.S. Small Cap Equity ETF | |
| |
| |
| |
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
| J.P. Morgan Exchange-Traded Funds | |
BetaBuilders Canada ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
BetaBuilders Europe ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
BetaBuilders International Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
BetaBuilders International Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
BetaBuilders U.S. Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
BetaBuilders U.S. Mid Cap Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
BetaBuilders U.S. Small Cap Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
Carbon Transition U.S. Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Exchange-Traded Funds | |
Emerging Markets Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
There were no significant transfers into or out of level 3 for the six months ended April 30, 2023.
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
International Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Exchange-Traded Funds | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
U.S. Small Cap Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Electronic & Electrical Equipment | | | | |
Finance & Credit Services | | | | |
| | | | |
Gas, Water & Multi-utilities | | | | |
| | | | |
| | | | |
Household Goods & Home Construction | | | | |
| | | | |
| | | | |
Industrial Metals & Mining | | | | |
Industrial Support Services | | | | |
Industrial Transportation | | | | |
Investment Banking & Brokerage Services | | | | |
| | | | |
| | | | |
| | | | |
Medical Equipment & Services | | | | |
Mortgage Real Estate Investment Trusts | | | | |
Nonequity Investment Instruments | | | | |
| | | | |
| | | | |
Personal Care, Drug & Grocery Stores | | | | |
| | | | |
Pharmaceuticals, Biotechnology & Marijuana Producers | | | | |
| | | | |
Real Estate Investment & Services | | | | |
Real Estate Investment Trusts | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
U.S. Small Cap Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
Software & Computer Services | | | | |
Technology Hardware & Equipment | | | | |
Telecommunications Equipment | | | | |
Telecommunications Service Providers | | | | |
| | | | |
| | | | |
Waste & Disposal Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
| J.P. Morgan Exchange-Traded Funds | |
U.S. Value Factor ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2023.
| Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities | Cash Collateral
Posted by Borrower* | Net Amount Due
to Counterparty
(not less than zero) |
| | | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | | |
| | | |
BetaBuilders International Equity ETF | | | |
| | | |
BetaBuilders U.S. Equity ETF | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) |
BetaBuilders U.S. Mid Cap Equity ETF | | | |
BetaBuilders U.S. Small Cap Equity ETF | | | |
Emerging Markets Equity ETF | | | |
| | | |
| | | |
| | | |
U.S. Small Cap Equity ETF | | | |
| | | |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
| |
BetaBuilders Developed Asia Pacific ex-Japan ETF | |
| |
BetaBuilders International Equity ETF | |
| |
BetaBuilders U.S. Equity ETF | |
BetaBuilders U.S. Mid Cap Equity ETF | |
BetaBuilders U.S. Small Cap Equity ETF | |
Emerging Markets Equity ETF | |
| |
| |
| |
U.S. Small Cap Equity ETF | |
| |
| |
| |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Carbon Transition U.S. Equity ETF did not lend out any securities during the six months ended April 30, 2023.
| J.P. Morgan Exchange-Traded Funds | |
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
BetaBuilders Developed Asia Pacific ex-Japan ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
BetaBuilders International Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Exchange-Traded Funds | |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
BetaBuilders U.S. Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
| | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (b) (c) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
BetaBuilders U.S. Mid Cap Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
BetaBuilders U.S. Mid Cap Equity ETF (continued) |
For the six months ended April 30, 2023 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
BetaBuilders U.S. Small Cap Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Carbon Transition U.S. Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| J.P. Morgan Exchange-Traded Funds | |
Emerging Markets Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
U.S. Small Cap Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Exchange-Traded Funds | |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
F. Futures Contracts — The Funds used index futures contracts to obtain long exposure to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity, minimize transaction costs or to manage and hedge interest rate risk associated with portfolio investments.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' futures contracts activity during the six months ended April 30, 2023:
| | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | | BetaBuilders
International
Equity ETF | | BetaBuilders
U.S. Equity ETF |
| | | | | | |
Average Notional Balance Long | | | | | | |
Ending Notional Balance Long | | | | | | |
| BetaBuilders U.S.
Mid Cap Equity
ETF | BetaBuilders U.S.
Small Cap
Equity ETF | Carbon
Transition U.S.
Equity ETF | Emerging
Markets
Equity ETF | | |
| | | | | | |
Average Notional Balance Long | | | | | | |
Ending Notional Balance Long | | | | | | |
| | | | | |
| | | | | |
Average Notional Balance Long | | | | | |
Ending Notional Balance Long | | | | | |
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
| J.P. Morgan Exchange-Traded Funds | |
H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
I. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for BetaBuilders Japan ETF, for which distributions are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:
| |
| |
BetaBuilders Developed Asia Pacific ex-Japan ETF | |
| |
BetaBuilders International Equity ETF | |
| |
BetaBuilders U.S. Equity ETF | |
BetaBuilders U.S. Mid Cap Equity ETF | |
BetaBuilders U.S. Small Cap Equity ETF | |
Carbon Transition U.S. Equity ETF | |
Emerging Markets Equity ETF | |
| |
| |
| |
U.S. Small Cap Equity ETF | |
| |
| |
| |
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
| | |
BetaBuilders International Equity ETF | | |
| | |
BetaBuilders U.S. Equity ETF | | |
BetaBuilders U.S. Mid Cap Equity ETF | | |
BetaBuilders U.S. Small Cap Equity ETF | | |
Carbon Transition U.S. Equity ETF | | |
Emerging Markets Equity ETF | | |
| | |
| | |
| | |
U.S. Small Cap Equity ETF | | |
| | |
| | |
| | |
During the six months ended April 30, 2023, there were no purchases or sales of U.S. Government securities.
For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:
| | |
| | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
| | |
BetaBuilders International Equity ETF | | |
| J.P. Morgan Exchange-Traded Funds | |
| | |
| | |
BetaBuilders U.S. Equity ETF | | |
BetaBuilders U.S. Mid Cap Equity ETF | | |
BetaBuilders U.S. Small Cap Equity ETF | | |
Carbon Transition U.S. Equity ETF | | |
Emerging Markets Equity ETF | | |
| | |
| | |
| | |
U.S. Small Cap Equity ETF | | |
| | |
| | |
| | |
During the six months ended April 30, 2023, the Funds delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Funds recorded net realized gains and losses in connection with each in-kind redemption transaction.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2023 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
| | | | |
BetaBuilders International Equity ETF | | | | |
| | | | |
BetaBuilders U.S. Equity ETF | | | | |
BetaBuilders U.S. Mid Cap Equity ETF | | | | |
BetaBuilders U.S. Small Cap Equity ETF | | | | |
Carbon Transition U.S. Equity ETF | | | | |
Emerging Markets Equity ETF | | | | |
| | | | |
| | | | |
| | | | |
U.S. Small Cap Equity ETF | | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
At October 31, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
| | |
BetaBuilders International Equity ETF | | |
| | |
BetaBuilders U.S. Equity ETF | | |
BetaBuilders U.S. Mid Cap Equity ETF | | |
BetaBuilders U.S. Small Cap Equity ETF | | |
Carbon Transition U.S. Equity ETF | | |
Emerging Markets Equity ETF | | |
| | |
| | |
| | |
U.S. Small Cap Equity ETF | | |
| | |
| | |
| | |
During the year ended October 31, 2022, the following Funds utilized capital loss carryforwards as follows:
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
7. Borrowings
Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
As of April 30, 2023, the Funds had no borrowings outstanding from another fund, or loans outstanding to another fund. Average borrowings from the Facility during the six months ended April 30, 2023 were as follows:
| J.P. Morgan Exchange-Traded Funds | |
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2023, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| JPMorgan
SmartRetirement
Funds | JPMorgan
SmartRetirement
Blend Funds |
BetaBuilders International Equity ETF | | |
BetaBuilders U.S. Mid Cap Equity ETF | | |
BetaBuilders U.S. Small Cap Equity ETF | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of April 30, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
| |
Carbon Transition U.S. Equity ETF | |
Significant shareholder transactions by the Adviser may impact the Funds' performance and liquidity.
BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
As of April 30, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
| | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | | BetaBuilders
International
Equity ETF | | Emerging
Markets
Equity ETF | |
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As of April 30, 2023, a significant portion of the investments of the BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds may not track the return of their underlying index for a number of reasons and therefore may not achieve their investment objective. For example, the Funds incur a number of operating expenses not applicable to their underlying index, and incur costs in buying and selling securities, especially when rebalancing the Funds’ securities holdings to reflect changes in the composition of the underlying index. In addition, each Fund’s return may differ from the return of its underlying index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the underlying index due to regulatory or other restrictions. To the extent of the previously outlined items, each Fund’s return may differ from the return of the underlying index.
BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Diversified Return Emerging Markets Equity ETF and Diversified International Equity ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Diversified Return Emerging Markets Equity ETF invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2022, and continued to hold your shares at the end of the reporting period, April 30, 2023.
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
| Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | | |
JPMorgan BetaBuilders Canada ETF | | | | |
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JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
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JPMorgan BetaBuilders Europe ETF | | | | |
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JPMorgan BetaBuilders International Equity ETF | | | | |
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JPMorgan BetaBuilders Japan ETF | | | | |
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JPMorgan BetaBuilders U.S. Equity ETF | | | | |
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JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | |
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JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | |
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JPMorgan Carbon Transition U.S. Equity ETF | | | | |
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| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period* | |
JPMorgan Diversified Return Emerging Markets Equity ETF | | | | |
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JPMorgan Diversified Return International Equity ETF | | | | |
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JPMorgan Diversified Return U.S. Equity ETF | | | | |
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JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | |
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JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | |
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JPMorgan U.S. Momentum Factor ETF | | | | |
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JPMorgan U.S. Quality Factor ETF | | | | |
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JPMorgan U.S. Value Factor ETF | | | | |
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| Expenses are equal to each Fund's respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| J.P. Morgan Exchange-Traded Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. April 2023.
SAN-ETF-423
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023 (Unaudited)
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JPMorgan Climate Change Solutions ETF | | |
JPMorgan Social Advancement ETF | | |
JPMorgan Sustainable Consumption ETF | | |
JPMorgan Sustainable Infrastructure ETF | | |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period.
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“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel
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While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade. Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
| J.P. Morgan Exchange-Traded Funds | |
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited)
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while European equity markets outperformed U.S. equity.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six-month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022, and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE ***
The JPMorgan Climate Change Solutions ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks and depositary receipts that the adviser believes are currently, or in the process of, providing solutions to address climate change, or implementing business practices in response to climate change. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of climate change solutions and selects companies within key sub-themes, including sustainable transportation, sustainable construction, sustainable food and water, renewable energy and electrification, recycling and re-use.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the industrials and information technology sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate sector was the sole sector detractor from absolute performance.
Leading individual contributors to Fund performance included Infineon Technologies AG, Schneider Electric SE and Mercedes-Benz Group AG. Shares of Infineon Technologies, a German semiconductor manufacturer, rose after the company raised its earnings and revenue forecast for the second quarter and full year 2023. Shares of Schneider Electric, a French electric components and equipment manufacturer, rose after
the company reported better-than-expected results for the fourth quarter and full year 2022. Shares of Mercedes-Benz Group, a German auto maker, rose after the company reported growth in sales for the first quarter of 2023 and reiterated its full-year 2023 forecast amid consumer demand for electric automobiles.
Leading individual detractors from Fund performance included Enphase Energy Inc., Autodesk Inc. and Alfen Beheer BV (also known as Alfen NV). Shares of Enphase Energy, a manufacturer of semiconductor materials and equipment for the solar energy industry, fell after the company issued a weaker-than-expected forecast for the second quarter of 2023. Shares of Autodesk, an application software developer, fell after the company issued a weaker-than-expected forecast for earnings and sales in 2023. Shares of Alfen Beheer, a Dutch industrial electrical equipment manufacturer, fell after the company reported quarterly revenue in line with analysts’ expectations.
Relative to the Index, the Fund’s security selection in the information technology and materials sectors was a leading detractor from performance, while the Fund’s underweight position in the health care and financials sectors was a leading contributor to relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment approach, the Fund’s largest allocations during the period were to the industrials and information technology sectors and the smallest allocations were to the health care and consumer discretionary sectors. The Fund had no holdings in the communication services, energy, consumer staples and financials sectors.
The Fund’s largest thematic allocations were to the renewable energy and electrification and the sustainable construction sub-themes, while its smallest allocations were to the recycling and re-use and the sustainable transportation sub-themes.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $39.21 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $39.33.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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| Infineon Technologies AG (Germany) | |
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| Mercedes-Benz Group AG (Germany) | |
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| Sika AG (Registered) (Switzerland) | |
| Siemens AG (Registered) (Germany) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan Climate Change Solutions ETF | | | | |
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LIFE OF FUND PERFORMANCE (12/13/21 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on December 13, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Climate Change Solutions ETF and the MSCI ACWI Index (net total return) from December 13, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to
measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Social Advancement ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE ***
The JPMorgan Social Advancement ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are facilitating social and economic advancement.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks, depositary receipts and real estate investment trusts of companies that the adviser believes are facilitating the social and economic empowerment of people and communities across all levels of society through access to goods and services that allow people to survive and thrive. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of social advancement, and selects companies within key sub-themes, such as essential amenities, affordable housing and infrastructure, health care and wellbeing, education and training talent, attainable financing, and accessing the digital ecosystem.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and outperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the information technology and consumer discretionary sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate and materials sectors was the smallest contributor to performance. The Fund had no holdings in the energy and utilities sectors.
Leading individual contributors to the Fund’s performance included Microsoft Corp., Novo Nordisk AS and Vinci SA. Shares of Microsoft, an information technology conglomerate, rose after the company reported strong results from its cloud computing business and amid a general rebound in large capitalization technology stocks during the period. Shares of
Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Vinci, a French engineering and construction company, rose after the company reported better-than-expected earnings and revenue for 2022.
Leading individual detractors from the Fund’s performance included Charles Schwab Corp., UnitedHealth Group Inc. and M&T Bank Corp. Shares of Charles Schwab, a discount financial services provider, fell in March 2023 amid investor concerns about the value of bond holdings at U.S. banks. Shares of UnitedHealth Group, a health insurance provider, fell after U.S. regulators authorized a smaller-than-expected increase in 2024 insurer payments under the Medicare Advantage program. Shares of M&T Bank, a Buffalo, N.Y. regional bank, fell amid the collapse of Silicon Valley Bank and investor concerns about the stability of U.S. regional banks.
Relative to the Index, the Fund’s security selection in the consumer discretionary and information technology sectors was a leading contributor to performance, while the Fund’s security selection in the communication services sector and its overweight positions in the health care sector and real estate sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment process, the Fund’s largest allocations during the period were to the financials and health care sectors and its smallest allocations were to the materials and real estate sectors. The Fund had no allocations to the utilities and energy sectors.
The Fund’s largest thematic allocations were to the health and well-being and the attainable financing sub-themes, while its smallest allocations were to the affordable housing and infrastructure and education and training talent sub-themes.
| J.P. Morgan Exchange-Traded Funds | |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.87 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $53.96.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| RELX plc (United Kingdom) | |
| | |
| | |
| ASML Holding NV (Netherlands) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| HDFC Bank Ltd., ADR (India) | |
| | |
| | |
| IDP Education Ltd. (Australia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Social Advancement ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2023
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan Social Advancement ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Social Advancement ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Consumption ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE ***
The JPMorgan Sustainable Consumption ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions that help preserve natural resources, improve resource use, or reduce waste.
INVESTMENT APPROACH
The Fund invests primarily in common stocks, and depositary receipts and real estate investment trusts of companies that the adviser believes are developing solutions that reduce human impact on natural resources in specific communities, regions or around the globe. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of sustainable consumption and selects companies within key sub-themes, such as sustainable water systems, sustainable agriculture and food, sustainable production technologies, sustainable materials and design, and recycling and re-use.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the industrials and information technology sectors was a leading contributor to absolute performance, while the Fund’s security selection in the real estate sector was the sole sector detractor from absolute performance.
Leading individual contributors to Fund performance included the Fund’s positions in SIG Group AG, Novo Nordisk AS and Nike Inc. Shares of SIG Group, a Swiss maker of food packaging, rose after the company reported better-than-expected revenue for 2022. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Nike, a footwear and apparel maker, rose after the company reported better-than-expected earnings and revenue for its fiscal third quarter.
Leading individual detractors from Fund performance included Trimble, Daring Ingredients Inc. and UnitedHealth Group Inc. Shares of Trimble, an electronic equipment and instruments manufacturer, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2022. Shares of Daring Ingredients, an agricultural products and services provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2022. Shares of UnitedHealth Group, a health insurance provider, fell after U.S. regulators authorized a smaller-than-expected increase in 2024 insurer payments under the Medicare Advantage program.
Relative to the Index, the Fund’s security selection in the information technology and industrials sectors was a leading detractor from performance, while the Fund’s underweight position in the financials sector, where it had no holdings, and its underweight position in the energy sector were leading contributors to relative performance.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Consumption ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $51.17 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $51.20.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment approach, the Fund’s largest allocations during the period were to the industrials and information technology sectors and the smallest allocations were to the energy and consumer discretionary sectors. The Fund had no allocations to the utilities, financials and communication services sectors.
The Fund’s largest thematic allocations were to the sustainable food and agriculture and the sustainable production sub-themes and its smallest allocations were to the sustainable
materials and recycling and re-use sub-themes.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| SIG Group AG (Switzerland) | |
| Brambles Ltd. (Australia) | |
| | |
| Tate & Lyle plc (United Kingdom) | |
| ASML Holding NV (Netherlands) | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| J.P. Morgan Exchange-Traded Funds | |
TOTAL RETURNS AS OF April 30, 2023
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan Sustainable Consumption ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Sustainable Consumption ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
| |
| |
| |
MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2023 | |
| |
INVESTMENT OBJECTIVE ***
The JPMorgan Sustainable Infrastructure ETF (the “Fund”) seeks to achieve long-term capital appreciation by investing in companies that the adviser believes are well-positioned to develop the infrastructure required to facilitate a sustainable and inclusive economy.
INVESTMENT APPROACH
The Fund may invest primarily in common stocks, real estate investment trusts and depositary receipts of companies that the adviser believes are facilitating access to essential goods and services, improved connectivity, social infrastructure, and environmental resilience, or are in the process of developing products or services to facilitate such access. The Fund uses a "thematic" investment approach that seeks to identify and invest in companies that are relevant to the investment theme of sustainable infrastructure and selects companies within key sub-themes, such as electricity infrastructure, renewables infrastructure, transport infrastructure, water infrastructure, digital infrastructure, sustainable logistics, medical infrastructure, and social housing and education infrastructure.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund provided a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s positions in the utilities and real estate sectors were leading contributors to absolute performance, while the Fund’s positions in the financials and consumer discretionary sectors were the smallest contributors to absolute performance. The Fund had no positions in the energy, materials and consumer staples sectors.
Leading individual contributors to Fund performance included Enel SpA, HCA Healthcare Inc. and Iberdrola SA. Shares of Enel, an Italian electricity and natural gas utility, rose after the company reported earnings and revenue growth during the period. HCA Healthcare, a U.S. operator of hospitals and related facilities and services, rose after the company reported a surge
in revenue for the first quarter of 2022 and raised its forecast for 2023 earnings. Shares of Iberdrola, a Spanish electric utility, rose after the company reported earnings growth for the first quarter of 2023 and forecast profit growth for the full year.
Leading individual detractors from Fund performance included Alexandria Real Estate Equities Inc., Alfen Beheer BV (also known as Alfen NV) and Enphase Energy Inc. Shares of Alexandria Real Estate Equities, an office real estate investment trust, fell amid investor concerns about commercial property vacancies in the U.S. Shares of Alfen Beheer, a Dutch industrial electrical equipment manufacturer, fell after the company reported revenues that were in line with analysts’ expectations. Shares of Enphase Energy, a manufacturer of semiconductor materials and equipment for the solar energy industry, fell after the company issued a weaker-than-expected forecast for the second quarter of 2023.
Relative to the Index, the Fund’s security selection in the industrials sector and its overweight position in the real estate sector were leading detractors from performance, while the Fund’s security selection in the utilities and health care sectors was a leading detractor from relative performance.
HOW WAS THE FUND POSITIONED?
As a result of the adviser’s thematic investment process, the Fund’s largest allocations during the period were to the utilities and real estate sectors and the smallest allocations were to the consumer discretionary and financials sectors. The Fund has no allocations to the materials, energy and consumer staples sectors.
The Fund’s largest thematic allocations were to environmental resilience themes, including electricity infrastructure, water infrastructure and renewables infrastructure. The Fund’s smallest sub-thematic allocations were to social housing (Affordable Housing and Infrastructure sub-theme), education infrastructure (Education and Training Talent sub-theme) and medical infrastructure (Healthcare and Wellbeing sub-theme).
| J.P. Morgan Exchange-Traded Funds | |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.78 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Nasdaq Stock Market® LLC. As of April 30, 2023, the closing price was $47.91.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| Canadian National Railway Co. (Canada) | |
| | |
| Cellnex Telecom SA (Spain) | |
| Alexandria Real Estate Equities, Inc. | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2023
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan Sustainable Infrastructure ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on September 7, 2022.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Sustainable Infrastructure ETF and the MSCI ACWI Index (net total return) from September 7, 2022 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect
reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI ACWI Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in developed and emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
West Fraser Timber Co. Ltd. | | |
|
Contemporary Amperex Technology Co. Ltd., Class A | | |
NARI Technology Co. Ltd., Class A * | | |
| | |
|
| | |
Vestas Wind Systems A/S * | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
| | |
Kurita Water Industries Ltd. | | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
|
|
LG Energy Solution Ltd. * | | |
| | |
| | |
|
| | |
| | |
Solaria Energia y Medio Ambiente SA * | | |
| | |
|
| | |
Nibe Industrier AB, Class B | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
|
| | |
Array Technologies, Inc. * | | |
| | |
Brookfield Renewable Corp. | | |
| | |
| | |
| | |
| | |
| | |
Evoqua Water Technologies Corp. * | | |
Johnson Controls International plc | | |
| | |
| | |
| | |
| | |
Shoals Technologies Group, Inc., Class A * | | |
SolarEdge Technologies, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $22,305,287) | | |
Short-Term Investments — 0.3% |
Investment Companies — 0.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (b) (c)(Cost $70,422) | | |
Total Investments — 98.0%
(Cost $22,375,709) | | |
Other Assets Less Liabilities — 2.0% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
| |
Commercial Services & Supplies | |
Independent Power and Renewable Electricity Producers | |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Social Advancement ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
Novo Nordisk A/S, Class B | | |
|
| | |
|
| | |
|
| | |
|
| | |
|
Bank Rakyat Indonesia Persero Tbk. PT | | |
|
| | |
| | |
| | |
|
| | |
| | |
Recruit Holdings Co. Ltd. | | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
| | |
|
Wal-Mart de Mexico SAB de CV | | |
|
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
|
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
Reckitt Benckiser Group plc | | |
| | |
| | |
| | |
|
| | |
Alphabet, Inc., Class A * | | |
| | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Sun Communities, Inc., REIT | | |
Thermo Fisher Scientific, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Social Advancement ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
Total Common Stocks
(Cost $10,411,087) | | |
Short-Term Investments — 1.6% |
Investment Companies — 1.6% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (b) (c)(Cost $189,162) | | |
Total Investments — 99.2%
(Cost $10,600,249) | | |
Other Assets Less Liabilities — 0.8% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Limited liability company |
| Real Estate Investment Trust |
| |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
Semiconductors & Semiconductor Equipment | |
Consumer Staples Distribution & Retail | |
| |
| |
| |
| |
| |
| |
| |
Health Care Equipment & Supplies | |
| |
Health Care Providers & Services | |
Construction & Engineering | |
Textiles, Apparel & Luxury Goods | |
Diversified Consumer Services | |
Interactive Media & Services | |
Commercial Services & Supplies | |
| |
Wireless Telecommunication Services | |
| |
| |
Life Sciences Tools & Services | |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Consumption ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
|
Ritchie Bros Auctioneers, Inc. | | |
West Fraser Timber Co. Ltd. | | |
| | |
|
Chacha Food Co. Ltd., Class A * | | |
| | |
| | |
|
Novo Nordisk A/S, Class B | | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Kurita Water Industries Ltd. | | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
Darling Ingredients, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Evoqua Water Technologies Corp. * | | |
| | |
| | |
International Flavors & Fragrances, Inc. | | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
Sprouts Farmers Market, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Consumption ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $10,631,916) | | |
Short-Term Investments — 0.9% |
Investment Companies — 0.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (b)(Cost $97,937) | | |
Total Investments — 99.1%
(Cost $10,729,853) | | |
Other Assets Less Liabilities — 0.9% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
Commercial Services & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
| |
Health Care Providers & Services | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
Life Sciences Tools & Services | |
| |
Health Care Equipment & Supplies | |
Construction & Engineering | |
| |
Oil, Gas & Consumable Fuels | |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Warehouses De Pauw CVA, REIT | | |
| | |
|
Transmissora Alianca de Energia Eletrica SA | | |
|
Canadian National Railway Co. | | |
|
China Longyuan Power Group Corp. Ltd., Class H | | |
Contemporary Amperex Technology Co. Ltd., Class A | | |
NARI Technology Co. Ltd., Class A * | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Infrastrutture Wireless Italiane SpA (a) | | |
Terna - Rete Elettrica Nazionale | | |
| | |
|
Kurita Water Industries Ltd. | | |
| | |
|
|
| | |
|
| | |
|
| | |
|
| | |
Corp. ACCIONA Energias Renovables SA * | | |
| | |
| | |
| | |
Solaria Energia y Medio Ambiente SA * | | |
| | |
|
| | |
| | |
LondonMetric Property plc, REIT | | |
| | |
| | |
UNITE Group plc (The), REIT | | |
United Utilities Group plc | | |
| | |
|
Alexandria Real Estate Equities, Inc., REIT | | |
American Tower Corp., REIT | | |
| | |
| | |
| | |
Essential Utilities, Inc. | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | | |
| | |
| | |
Medical Properties Trust, Inc., REIT | | |
| | |
| | |
Physicians Realty Trust, REIT | | |
| | |
SBA Communications Corp., REIT | | |
| | |
| | |
SolarEdge Technologies, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $10,441,323) | | |
Short-Term Investments — 2.2% |
Investment Companies — 2.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (b) (c)(Cost $229,764) | | |
Total Investments — 99.8%
(Cost $10,671,087) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
Independent Power and Renewable Electricity Producers | |
| |
Health Care Providers & Services | |
Real Estate Management & Development | |
| |
Diversified Telecommunication Services | |
| |
Electronic Equipment, Instruments & Components | |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited)
| JPMorgan
Climate Change
Solutions ETF | JPMorgan Social
Advancement ETF | JPMorgan Sustainable
Consumption ETF | JPMorgan Sustainable
Infrastructure ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
Foreign currency, at value | | | | |
| | | | |
Investment securities sold | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Foreign currency due to custodian, at value | | | | |
Investment securities purchased | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
| JPMorgan
Climate Change
Solutions ETF | JPMorgan Social
Advancement ETF | JPMorgan Sustainable
Consumption ETF | JPMorgan Sustainable
Infrastructure ETF |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Non-cash dividend income from non-affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
Foreign currency transactions | | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
| JPMorgan
Climate Change Solutions ETF | JPMorgan Social
Advancement ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Period Ended
October 31, 2022 (a) | Six Months Ended
April 30, 2023
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
(a)
Commencement of operations was December 13, 2021.
(b)
Commencement of operations was September 7, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan Sustainable
Consumption ETF | JPMorgan Sustainable
Infrastructure ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Period Ended
October 31, 2022 (a) | Six Months Ended
April 30, 2023
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
Net increase (decrease) in shares from share transactions | | | | |
(a)
Commencement of operations was September 7, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | |
JPMorgan Climate Change Solutions ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
December 13, 2021 (f) through October 31, 2022 | | | | | |
JPMorgan Social Advancement ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
September 7, 2022 (f) through October 31, 2022 | | | | | |
JPMorgan Sustainable Consumption ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
September 7, 2022 (f) through October 31, 2022 | | | | | |
JPMorgan Sustainable Infrastructure ETF | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
September 7, 2022 (f) through October 31, 2022 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| 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. |
| Commencement of operations. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Portfolio
turnover
rate (c) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
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| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| Diversification Classification |
JPMorgan Climate Change Solutions ETF | |
JPMorgan Social Advancement ETF | |
JPMorgan Sustainable Consumption ETF | |
JPMorgan Sustainable Infrastructure ETF | |
The investment objective of JPMorgan Climate Change Solutions ETF (“Climate Change Solutions ETF”) is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions to address climate change.
The investment objective of JPMorgan Social Advancement ETF ("Social Advancement ETF") is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are facilitating social and economic advancement.
The investment objective of JPMorgan Sustainable Consumption ETF ("Sustainable Consumption ETF") is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are developing solutions that help preserve natural resources, improve resource use, or reduce waste.
The investment objective of JPMorgan Sustainable Infrastructure ETF ("Sustainable Infrastructure ETF") is to seek to achieve long-term capital appreciation by investing in companies that the adviser believes are well-positioned to develop the infrastructure required to facilitate a sustainable and inclusive economy.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows:
| |
Climate Change Solutions ETF | |
| |
Sustainable Consumption ETF | |
Sustainable Infrastructure ETF | |
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan Exchange-Traded Funds | |
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
Climate Change Solutions ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Climate Change Solutions ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
| J.P. Morgan Exchange-Traded Funds | |
Sustainable Consumption ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Sustainable Infrastructure ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Sustainable Infrastructure ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
Climate Change Solutions ETF | |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Social Advancement ETF, Sustainable Consumption ETF and Sustainable Infrastructure ETF did not lend out any securities during the six months ended April 30, 2023.
| J.P. Morgan Exchange-Traded Funds | |
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
Climate Change Solutions ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
Sustainable Consumption ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
Sustainable Infrastructure ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.
H. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
I. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Management Fee— JPMIM manages the investments of each Fund pursuant to a Management Agreement. For such services, JPMIM is paid a fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:
| |
Climate Change Solutions ETF | |
| |
Sustainable Consumption ETF | |
Sustainable Infrastructure ETF | |
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
| J.P. Morgan Exchange-Traded Funds | |
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
Climate Change Solutions ETF | | |
| | |
Sustainable Consumption ETF | | |
Sustainable Infrastructure ETF | | |
During the six months ended April 30, 2023, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2023 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
Climate Change Solutions ETF | | | | |
| | | | |
Sustainable Consumption ETF | | | | |
Sustainable Infrastructure ETF | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
At October 31, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| |
Climate Change Solutions ETF | |
| |
Sustainable Consumption ETF | |
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
7. Borrowings
Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of April 30, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
| |
Climate Change Solutions ETF | |
| |
Sustainable Consumption ETF | |
Sustainable Infrastructure ETF | |
Climate Change Solutions ETF’s investment strategy may result in the Climate Change Solutions ETF investing in securities or industry sectors that underperform the market. The Climate Change Solutions ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to address climate change and benefit from growing demand for such solutions will result in exposure to certain market segments including transportation, construction, food and water, renewable energy and electrification and recycling and reuse. Climate Change Solutions ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. Climate Change Solutions ETF is particularly exposed to, and may be negatively impacted by changes in global and regional climates, environmental protection regulatory actions, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. Companies involved in renewable energy and electrification also may be adversely affected by the increased use of, or decreases in prices for, oil or other fossil fuels. In addition, scientific developments, such as breakthroughs in the remediation of climate change, and changes in governmental policies relating to the effects of pollution may affect investments in pollution control, which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, pollution control and mitigation of climate change. Because society’s focus on climate change issues is relatively new, the emphasis and direction of governmental policies is subject to significant change, and rapid technological change could render even new approaches and products obsolete. The Adviser may consider certain factors related to climate change that may cause it to perform differently compared to funds that do not have such considerations. The consideration of these factors may result in the Climate Change Solutions ETF forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for climate change reasons when it
| J.P. Morgan Exchange-Traded Funds | |
might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies identified by the Adviser do not operate as expected when addressing climate changes issues. There are significant differences in interpretations of what it means for a company to have solutions that address climate change.
Social Advancement ETF’s investment strategy and the Adviser’s determinations of what is considered social advancement may result in Social Advancement ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Social Advancement ETF's focus on securities of issuers that, in the Adviser’s opinion, are facilitating social and economic advancement and benefit from growing demand for investments that are furthering social advancement will result in exposure to certain market segments, including essential amenities, housing and infrastructure, healthcare and wellbeing, education and training, financing, and digital technology. Such focus may result in Social Advancement ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for social advancement reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing social advancement issues. Social Advancement ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating social advancement and exposure to a sub-theme may change over time. There may also be differences in interpretations of what it means for a company to “facilitate social and economic advancement.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Social Advancement ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions, government regulation of affordable housing and medical facilities, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in electrical and water engineering and advancements in technology, including digital technology and changes in governmental policies relating to Social Advancement ETF’s sub-themes, may affect investments which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on essential amenities, affordable housing, education and training, medical and wellbeing, and digital infrastructure.
Sustainable Consumption ETF’s investment strategy and the Adviser’s determinations of what is considered sustainable consumption may result in Sustainable Consumption ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Sustainable Consumption ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to facilitate sustainable consumption and benefit from growing demand for such investments will result in exposure to certain market segments, including water, agriculture, production, materials and design, and recycling and reuse. Such focus may result in Sustainable Consumption ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for sustainability reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing sustainability issues. Sustainable Consumption ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating sustainable consumption and exposure to a sub-theme may change over time. There may also be differences in interpretations of what it means for a company to help “preserve natural resources, improve resource use, or reduce waste.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Sustainable Consumption ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions and government regulation of natural resources, agriculture and manufacturing, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in water, agricultural, or industrial engineering and advancements in technology, including digital technology and changes in governmental policies relating to Sustainable Consumption ETF’s sub-themes, may affect investments which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on water systems, agriculture, production, materials and design, and recycling and reuse.
Sustainable Infrastructure ETF’s investment strategy and the Adviser’s determinations of what is considered sustainable infrastructure may result in Sustainable Infrastructure ETF investing in securities or industry sectors that underperform the market and other funds that do not have the same considerations. Sustainable Infrastructure ETF’s focus on securities of issuers that, in the Adviser’s opinion, are developing solutions to address sustainable infrastructure and benefit from growing demand for such solutions will result in exposure to certain market segments, including certain types of utilities, electricity, renewables, transportation, water, digital, sustainable logistics, and medical. Such focus may result in Sustainable Infrastructure ETF’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for sustainability reasons when it might otherwise be disadvantageous for it to do so. In addition, there is a risk that the companies selected for their relation to the sub-themes do not operate as expected when addressing sustainability issues. Sustainable Infrastructure ETF will be more susceptible to events or factors affecting such market segments, and the market prices of its portfolio securities may be more volatile than those of funds that are more diversified. The factors that the Adviser considers in evaluating sustainable infrastructure may change over time. There may also be differences in interpretations of what it means for a company to “facilitate a sustainable and inclusive economy.” The portfolio decisions that the Adviser makes may differ with other investors’ or investment managers’ views. Sustainable Infrastructure ETF is particularly exposed to, and may be negatively impacted by changes in global and regional standards, environmental protection regulatory actions, government regulation of medical facilities, changes in government standards and subsidy levels, changes in taxation and other domestic and international political, regulatory and economic developments. In addition, scientific developments, such as breakthroughs in electrical and water engineering and advancements in technology, including digital technology and changes in governmental policies relating to infrastructure, may affect investments in infrastructure
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
which could in turn affect these companies. Such companies also may be significantly affected by technological changes in industries focusing on energy, transportation, and digital infrastructure.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments as follows:
| Climate
Change Solutions
ETF | Sustainable
Infrastructure ETF |
| | |
| | |
| | |
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. The Funds each invest a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2022, and continued to hold your shares at the end of the reporting period, April 30, 2023.
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
| Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | | |
JPMorgan Climate Change Solutions ETF | | | | |
| | | | |
| | | | |
JPMorgan Social Advancement ETF | | | | |
| | | | |
| | | | |
JPMorgan Sustainable Consumption ETF | | | | |
| | | | |
| | | | |
JPMorgan Sustainable Infrastructure ETF | | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Fund's respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| J.P. Morgan Exchange-Traded Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
| J.P. Morgan Exchange-Traded Funds | |
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J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. April 2023.
SAN-SUS-ETF-423
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023 (Unaudited)
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JPMorgan Active China ETF | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | |
JPMorgan ActiveBuilders International Equity ETF | | |
JPMorgan International Growth ETF | | |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.
President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period.
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“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel
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While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade. Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
| J.P. Morgan Exchange-Traded Funds | |
J.P. Morgan Exchange-Traded Funds
MARKET OVERVIEW
SIX MONTHS ENDED April 30, 2023 (Unaudited)
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while emerging markets debt mostly outperformed developed markets debt.
However, equity markets performance was mixed on a month-to-month basis, even if the overall trend was upward. For the six months ended April 30, 2023, the MSCI EAFE Index returned 24.19%, the MSCI Emerging Markets Index returned 16.36% and the S&P 500 Index returned 8.63%.
Leading central banks continued to raise interest rates throughout the six month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022 and price data in the U.S. and the Euro Area indicated a slowing trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices were a leading contributor to declining global inflation in the second half of the period. Following Russia’s invasion of Ukraine in late February 2022, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
Meanwhile, economic activity and aggregate demand in China accelerated after the country’s leadership lifted strict anti-pandemic policies in late 2022. The rebound in China helped to lift equity prices in China and its leading emerging market trading partners. Additionally, investor expectations that central banks in emerging markets may begin to lower interest rates sooner than in developed markets provided support for emerging markets debt.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH April 30, 2023 (Unaudited)
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MSCI China All Shares Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan Active China ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are economically tied to China and seeks to add value through an investment approach primarily driven by bottom-up stock selection, while being mindful of macro and policy considerations. The Fund leverages research analysts with local expertise to identify what the sub-adviser believes are attractively valued industry leaders.
HOW DID THE FUND PERFORM?
For the period from inception on March 15, 2023 to April 30, 2023, the Fund had a negative absolute return and underperformed the MSCI China All Shares Index (the “Benchmark").
The Fund’s security selection in the financials and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the communication services sector was the sole sector contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Kingdee International Software Group Co., China Merchants Bank Co. and China Resources Gas Group Ltd. Shares of Kingdee
International Software Group, a Shenzhen applications software developer, fell amid broad weakness in China’s technology sector during the period. Shares of China Merchants Bank, a Shenzhen commercial and consumer bank, fell after the company reported lower-than-expected income for the first quarter of 2023. Shares of China Resources Gas Group, a China natural gas utility listed in Hong Kong, fell after the company reported a decline in net income for 2022.
Leading individual contributors to relative performance included the Fund’s underweight positions in PDD Holdings Inc. and Baidu Inc., and its overweight position in Flat Glass Group Co. Shares of PDD Holdings, a Shanghai e-commerce retailer that was not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2023. Shares of Baidu, a Beijing interactive media and services provider not held in the Fund, fell amid broad weakness in China’s technology sector and investor concerns about regulation of artificial intelligence technologies. Shares of Flat Glass Group, a Jiaxing semiconductor materials and equipment manufacturer, rose amid increased global demand for photovoltaic and other so-called flat glass products.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the information technology and utilities sectors and its largest underweight allocations were to the industrials and financials sectors.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
FUND COMMENTARY
FOR THE PERIOD March 15, 2023 (FUND INCEPTION) THROUGH April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $47.72 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $47.81.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Tencent Holdings Ltd. (China) | |
| Alibaba Group Holding Ltd. (China) | |
| China Merchants Bank Co. Ltd., Class H (China) | |
| Ping An Insurance Group Co. of China Ltd., Class H (China) | |
| Kweichow Moutai Co. Ltd., Class A (China) | |
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| Wanhua Chemical Group Co. Ltd., Class A (China) | |
| China Petroleum & Chemical Corp., Class H (China) | |
| Haier Smart Home Co. Ltd., Class H (China) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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| J.P. Morgan Exchange-Traded Funds | |
TOTAL RETURNS AS OF April 30, 2023
| | CUMULATIVE SINCE INCEPTION |
JPMorgan Active China ETF | | |
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LIFE OF FUND PERFORMANCE (3/15/23 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on March 15, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active China ETF and MSCI China All Shares Index (net total return) from March 15, 2023 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI China All Shares Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI China All Shares Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid-cap Chinese securities represented across China A-shares, B-shares, H-shares, Redchips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
Because the Fund invests at least 80% of the value of its assets in equity securities and equity-related instruments that are tied economically to China, it presents different risks than funds that do not so invest. Investments in Mainland China, Hong Kong, Taiwan and Macau are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.
Chinese operating companies sometimes rely on Variable Interest Entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. There may also be conflicts of interest between the legal owners of the Mainland Chinese company and non-Chinese investors (such as the Fund). It is unclear whether the Mainland China government will withdraw its implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of non-Chinese investors. The market value of the Fund’s associated portfolio holdings would likely fall, causing substantial investment losses.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI Emerging Markets Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments that are tied economically to emerging markets and seeks to construct a portfolio of holdings that will outperform the MSCI Emerging Markets Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments to the adviser’s actively managed emerging market equity strategies across countries, regions and styles and may invest across all market capitalizations.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and outperformed the Benchmark.
The Fund’s security selection in the utilities and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the communication services sector and its security selection in the industrials sector were leading detractors from relative performance.
By country, the Fund’s security selection in India and Taiwan was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in China and South Africa was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight position in NetEase Inc., its out-of-Benchmark position in Global Unichip Corp. and its
underweight position in Adani Total Gas Ltd. Shares of NetEase, a Chinese online services platform provider, rose after the company reported better-than-expected earnings for the third quarter of 2022 and after Chinese regulators granted the company licenses to publish new online games in 2023. Shares of Global UniChip, a Taiwanese semiconductor design services provider, rose after the company reported better-than-expected earnings for the fourth quarter of 2022 and unveiled plans to reduce spending in 2023. Shares of Adani Total Gas, an Indian natural gas utility not held in the Fund, fell sharply in the second half of the period amid investor concerns about business practices across the parent Adani Group of companies.
Leading individual detractors from relative performance included the Fund’s underweight position in Tencent Holdings Ltd. and its overweight positions in Infosys Inc. and Lojas Renner AS. Shares of Tencent Holdings, a Chinese e-commerce provider, rose amid sales growth and a broad rebound in China’s technology sector during the second half of the period. Shares of Infosys, an Indian digital services and consulting company, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2022. Shares of Lojas Renner, a Brazilian department store chain, fell amid investor concerns about the company’s outlook for growth.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the consumer staples and information technology sectors and its largest underweight allocations were to the materials and communication services sectors. By country, the Fund’s largest overweight allocations were to Mexico and Taiwan and its
largest underweight positions were in Saudi Arabia and India.
| J.P. Morgan Exchange-Traded Funds | |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $35.58 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the Cboe BZX Exchange, Inc. As of April 30, 2023, the closing price was $35.78.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN POSITIONS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Tencent Holdings Ltd. (China) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| Housing Development Finance Corp. Ltd. (India) | |
| Alibaba Group Holding Ltd. (China) | |
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| HDFC Bank Ltd., ADR (India) | |
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| Ping An Insurance Group Co. of China Ltd., Class H (China) | |
| Wal-Mart de Mexico SAB de CV (Mexico) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | |
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LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on March 10, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders Emerging Markets Equity ETF and MSCI Emerging Markets Index (net total return) from March 10, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI Emerging Markets Index (net total return) is a free float-adjusted market
capitalization-weighted index that is designed to measure the performance of large- and mid-cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI EAFE Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders International Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in equity securities and equity-related instruments of foreign companies across various market capitalizations and seeks to outperform the MSCI EAFE Index (the “Benchmark”) over time while maintaining similar risk characteristics. The Fund allocates investments in the adviser’s actively managed international equity strategies, including country, region and style strategies.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund had a positive absolute return and outperformed the Benchmark.
The Fund’s security selection in the financials and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the consumer discretionary sector and its overweight position in the energy sector were leading detractors from relative performance.
By country, the Fund’s security selection in Japan and its overweight position in France were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in Switzerland and the Netherlands was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Novo Nordisk AS, LVMH Moet Hennessey Louis Vuitton SE and L’Oreal SA. Shares
of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of LVMH Moet Hennessey Louis Vuitton, a luxury goods manufacturer, rose amid strong consumer demand and record revenue through the first quarter of 2023. Shares of L’Oreal, a French hair and cosmetic products manufacturer, rose after the company reported strong sales growth during the period.
Leading individual detractors from relative performance included the Fund’s overweight positions in Roche Holding AG and DBS Group Holdings Ltd., and its underweight position in Hermes International SCA. Shares of Roche Holdings, a Swiss pharmaceutical and diagnostics company, fell after the company forecast weaker earnings in 2023 amid a drop in sales of Covid treatments. Shares of DBS Group Holdings, a Singapore financial services provider, fell after the company reported a disruption in its digital services to customers. Shares of Hermes International, a French luxury brand apparel retailer not held in the Fund, rose after the company reported better-than-expected sales during the period and forecast sales growth in 2023.
HOW WAS THE FUND POSITIONED?
At the end of the reporting period, the Fund’s largest overweight allocations relative to the Benchmark were to the financials and energy sectors and its largest underweight allocations were to the real estate and consumer discretionary sectors. By country, the Fund’s largest overweight allocations were to Denmark and France and its largest underweight
positions were in Australia and Japan.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $45.32 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $45.40.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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| Novo Nordisk A/S, Class B (Denmark) | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| ASML Holding NV (Netherlands) | |
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| Novartis AG (Registered) (Switzerland) | |
| TotalEnergies SE (France) | |
| AstraZeneca plc (United Kingdom) | |
| BHP Group Ltd. (Australia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
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JPMorgan ActiveBuilders International Equity ETF | | | | |
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LIFE OF FUND PERFORMANCE (7/7/21 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on July 7, 2021.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders International Equity ETF and MSCI EAFE Index (net total return) from July 7, 2021 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. MSCI EAFE Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure
the performance of large- and mid-cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI ACWI ex USA Growth Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long-term capital appreciation.
INVESTMENT APPROACH
The Fund employs a fundamental bottom-up approach that seeks to identify companies with strong growth and quality characteristics at attractive valuations. The Fund invests primarily in equity securities of foreign companies.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2023, the Fund outperformed the MSCI ACWI ex-USA Growth Index (the “Benchmark”).
The Fund’s security selection in the financials sector and its underweight position in the utilities sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials and consumer staples sectors was a leading detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in LVMH Moet Hennessey Louis Vuitton SE, Novo Nordisk AS and Zalando SE. Shares of LVMH Moet Hennessey Louis Vuitton, a luxury goods
manufacturer, rose amid strong consumer demand and record revenue through the first quarter of 2023. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products provider, rose amid consumer demand for the company’s weight-loss drug and after the company reported revenue growth for the first quarter of 2023. Shares of Zalando, a German e-commerce retailer of apparel and cosmetics, rose amid investor demand for lower valuation stocks within the luxury/fashion portion of consumer discretionary sector.
Leading individual detractors from relative performance included the Fund’s overweight positions in Meituan, Canadian National Railway Co. and Roche Holding AG. Shares of Meituan, a Chinese food-delivery and e-commerce retailer, fell after the company reported a weaker-than-expected earnings forecast for 2023. Shares of Canadian National Railway, a freight rail operator, underperformed amid a retreat in commodities prices during the period and investor expectations for lower 2023 earnings among large freight railroads. Shares of Roche Holding, a Swiss pharmaceutical and diagnostics company, fell after the company forecast weaker earnings in 2023 amid a drop in sales of Covid treatments.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the health care and industrials sectors and the smallest
| J.P. Morgan Exchange-Traded Funds | |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $58.42 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $58.56.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
allocations were to the real estate and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Tencent Holdings Ltd. (China) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
| AstraZeneca plc (United Kingdom) | |
| | |
| Canadian National Railway Co. (Canada) | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | |
JPMorgan International Growth ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
Fund commenced operations on May 20, 2020.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to April 30, 2023. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and
mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
Automobile Components — 1.4% |
Fuyao Glass Industry Group Co. Ltd., Class A * | | |
|
China Merchants Bank Co. Ltd., Class H * | | |
Ping An Bank Co. Ltd., Class A * | | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | |
| | |
|
Kweichow Moutai Co. Ltd., Class A * | | |
Wuliangye Yibin Co. Ltd., Class A | | |
| | |
|
Alibaba Group Holding Ltd. * | | |
| | |
| | |
|
Xinyi Glass Holdings Ltd. | | |
|
Skshu Paint Co. Ltd., Class A * | | |
Wanhua Chemical Group Co. Ltd., Class A * | | |
| | |
Consumer Staples Distribution & Retail — 1.3% |
Yifeng Pharmacy Chain Co. Ltd., Class A * | | |
Electronic Equipment, Instruments & Components — 3.2% |
BOE Technology Group Co. Ltd., Class A * | | |
Sunny Optical Technology Group Co. Ltd. | | |
| | |
|
| | |
|
Angel Yeast Co. Ltd., Class A * | | |
Anjoy Foods Group Co. Ltd., Class A * | | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A * | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A * | | |
| | |
|
China Resources Gas Group Ltd. | | |
| | |
| | |
| | |
|
Health Care Equipment & Supplies — 2.2% |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A * | | |
Health Care Providers & Services — 2.2% |
Aier Eye Hospital Group Co. Ltd., Class A * | | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A * | | |
| | |
Hotels, Restaurants & Leisure — 4.5% |
H World Group Ltd., ADR * | | |
| | |
| | |
Household Durables — 5.2% |
Haier Smart Home Co. Ltd., Class H * | | |
Jason Furniture Hangzhou Co. Ltd., Class A * | | |
Oppein Home Group, Inc., Class A * | | |
| | |
Independent Power and Renewable Electricity Producers — 2.2% |
China Yangtze Power Co. Ltd., Class A * | | |
|
China Pacific Insurance Group Co. Ltd., Class H | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
| | |
Interactive Media & Services — 10.7% |
| | |
| | |
| | |
Life Sciences Tools & Services — 1.5% |
Wuxi Biologics Cayman, Inc. * (a) | | |
|
Han's Laser Technology Industry Group Co. Ltd., Class A * | | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A * | | |
Zhuzhou CRRC Times Electric Co. Ltd. * | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class A * | | |
| | |
|
Focus Media Information Technology Co. Ltd., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Baoshan Iron & Steel Co. Ltd., Class A * | | |
Zijin Mining Group Co. Ltd., Class H * | | |
| | |
Oil, Gas & Consumable Fuels — 2.5% |
China Petroleum & Chemical Corp., Class H | | |
|
Asymchem Laboratories Tianjin Co. Ltd., Class A * | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A * | | |
| | |
Real Estate Management & Development — 1.6% |
| | |
Semiconductors & Semiconductor Equipment — 5.4% |
Flat Glass Group Co. Ltd., Class H | | |
Hangzhou First Applied Material Co. Ltd., Class A * | | |
LONGi Green Energy Technology Co. Ltd., Class A * | | |
Montage Technology Co. Ltd., Class A * | | |
| | |
|
Beijing Kingsoft Office Software, Inc., Class A * | | |
Hundsun Technologies, Inc., Class A * | | |
Kingdee International Software Group Co. Ltd. * | | |
| | |
Textiles, Apparel & Luxury Goods — 1.2% |
Shenzhou International Group Holdings Ltd. | | |
Total Common Stocks
(Cost $12,501,452) | | |
Short-Term Investments — 1.3% |
Investment Companies — 1.3% |
JPMorgan Prime Money Market Fund Class IM, 4.95% (b) (c)(Cost $155,553) | | |
Total Investments — 99.8%
(Cost $12,657,005) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
|
| | |
| | |
B3 SA - Brasil Bolsa Balcao | | |
Banco Bradesco SA (Preference) | | |
| | |
| | |
BB Seguridade Participacoes SA | | |
Bradespar SA (Preference) | | |
Centrais Eletricas Brasileiras SA (Preference) | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | |
Cia Energetica de Minas Gerais (Preference) | | |
EDP - Energias do Brasil SA | | |
| | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
| | |
Natura & Co. Holding SA * | | |
NU Holdings Ltd., Class A * | | |
Petroleo Brasileiro SA, ADR | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica SA | | |
| | |
| | |
| | |
| | |
|
| | |
Ivanhoe Mines Ltd., Class A * | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
Aier Eye Hospital Group Co. Ltd., Class A * | | |
Airtac International Group * | | |
Alibaba Group Holding Ltd. * | | |
Angel Yeast Co. Ltd., Class A * | | |
Anhui Guangxin Agrochemical Co. Ltd., Class A * | | |
Anjoy Foods Group Co. Ltd., Class A * | | |
ANTA Sports Products Ltd. | | |
Autobio Diagnostics Co. Ltd., Class A * | | |
Bank of Jiangsu Co. Ltd., Class A * | | |
Baoshan Iron & Steel Co. Ltd., Class A * | | |
Beijing Huafeng Test & Control Technology Co. Ltd., Class A * | | |
Beijing Kingsoft Office Software, Inc., Class A * | | |
BOC Hong Kong Holdings Ltd. | | |
BOE Technology Group Co. Ltd., Class A * | | |
Budweiser Brewing Co. APAC Ltd. (a) | | |
Centre Testing International Group Co. Ltd., Class A * | | |
Chacha Food Co. Ltd., Class A * | | |
China Construction Bank Corp., Class H | | |
China Merchants Bank Co. Ltd., Class H * | | |
China Merchants Energy Shipping Co. Ltd., Class A * | | |
China Overseas Land & Investment Ltd. | | |
China Pacific Insurance Group Co. Ltd., Class H | | |
China Petroleum & Chemical Corp., Class H | | |
China Railway Group Ltd., Class H * | | |
China Resources Gas Group Ltd. | | |
China Resources Land Ltd. | | |
China Resources Mixc Lifestyle Services Ltd. (a) | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A * | | |
China State Construction Engineering Corp. Ltd., Class A * | | |
China Vanke Co. Ltd., Class H * | | |
China Yangtze Power Co. Ltd., Class A * | | |
Chongqing Brewery Co. Ltd., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Chongqing Fuling Zhacai Group Co. Ltd., Class A * | | |
CITIC Securities Co. Ltd., Class H * | | |
CRRC Corp. Ltd., Class H * | | |
DaShenLin Pharmaceutical Group Co. Ltd., Class A * | | |
Dongfang Electric Corp. Ltd., Class H * | | |
| | |
ENN Natural Gas Co. Ltd., Class A * | | |
Fangda Special Steel Technology Co. Ltd., Class A * | | |
Focus Media Information Technology Co. Ltd., Class A | | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A * | | |
Full Truck Alliance Co. Ltd., ADR * | | |
Fuyao Glass Industry Group Co. Ltd., Class H * (a) | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | |
Greentown Management Holdings Co. Ltd. (a) | | |
Guangdong Investment Ltd. | | |
| | |
Haier Smart Home Co. Ltd., Class H * | | |
Hangzhou Tigermed Consulting Co. Ltd., Class H (a) | | |
Han's Laser Technology Industry Group Co. Ltd., Class A * | | |
Hefei Meiya Optoelectronic Technology, Inc., Class A * | | |
Hongfa Technology Co. Ltd., Class A * | | |
Huayu Automotive Systems Co. Ltd., Class A * | | |
Hubei Xingfa Chemicals Group Co. Ltd., Class A * | | |
Hundsun Technologies, Inc., Class A * | | |
Imeik Technology Development Co. Ltd., Class A * | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A * | | |
Jade Bird Fire Co. Ltd., Class A * | | |
JD Health International, Inc. * (a) | | |
| | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A * | | |
Jiangxi Copper Co. Ltd., Class H | | |
Joyoung Co. Ltd., Class A * | | |
| | |
|
|
| | |
Kingdee International Software Group Co. Ltd. * | | |
| | |
Kweichow Moutai Co. Ltd., Class A * | | |
Laobaixing Pharmacy Chain JSC, Class A * | | |
Livzon Pharmaceutical Group, Inc., Class H * | | |
LONGi Green Energy Technology Co. Ltd., Class A * | | |
Luzhou Laojiao Co. Ltd., Class A | | |
| | |
Midea Group Co. Ltd., Class A | | |
| | |
Montage Technology Co. Ltd., Class A * | | |
NARI Technology Co. Ltd., Class A * | | |
| | |
New Horizon Health Ltd. * (a) | | |
Ningbo Tuopu Group Co. Ltd., Class A * | | |
Nongfu Spring Co. Ltd., Class H (a) | | |
Oppein Home Group, Inc., Class A * | | |
Opple Lighting Co. Ltd., Class A * | | |
PDD Holdings, Inc., ADR * | | |
PetroChina Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H * | | |
Ping An Bank Co. Ltd., Class A * | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Poly Developments and Holdings Group Co. Ltd., Class A * | | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | |
Qingdao Haier Biomedical Co. Ltd., Class A * | | |
Sany Heavy Industry Co. Ltd., Class A * | | |
Shanghai Baosight Software Co. Ltd., Class A * | | |
Shanghai Liangxin Electrical Co. Ltd., Class A | | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H * | | |
Shenzhen Inovance Technology Co. Ltd., Class A * | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A * | | |
Shenzhou International Group Holdings Ltd. | | |
Sichuan Swellfun Co. Ltd., Class A * | | |
| | |
Skshu Paint Co. Ltd., Class A * | | |
StarPower Semiconductor Ltd., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Suzhou Maxwell Technologies Co. Ltd., Class A * | | |
| | |
Tingyi Cayman Islands Holding Corp. | | |
Topsports International Holdings Ltd. (a) | | |
| | |
Tsingtao Brewery Co. Ltd. * | | |
Vipshop Holdings Ltd., ADR * | | |
Wanhua Chemical Group Co. Ltd., Class A * | | |
Warom Technology, Inc. Co., Class A * | | |
Wuliangye Yibin Co. Ltd., Class A | | |
WuXi AppTec Co. Ltd., Class H (a) | | |
Wuxi Biologics Cayman, Inc. * (a) | | |
Xiamen Xiangyu Co. Ltd., Class A | | |
Xinyi Glass Holdings Ltd. | | |
Xinyi Solar Holdings Ltd. | | |
| | |
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A * | | |
Yixintang Pharmaceutical Group Co. Ltd., Class A * | | |
YTO Express Group Co. Ltd., Class A * | | |
| | |
Zhejiang Dingli Machinery Co. Ltd., Class A * | | |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A * | | |
Zhejiang Supcon Technology Co. Ltd., Class A * | | |
Zhejiang Supor Co. Ltd., Class A * | | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A * | | |
Zhuhai Huafa Properties Co. Ltd., Class A | | |
Zhuzhou CRRC Times Electric Co. Ltd. * | | |
Zijin Mining Group Co. Ltd., Class H * | | |
| | |
| | |
|
| | |
|
| | |
|
Hellenic Telecommunications Organization SA | | |
| | |
Motor Oil Hellas Corinth Refineries SA * | | |
| | |
|
|
National Bank of Greece SA * | | |
| | |
| | |
|
| | |
| | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | |
| | |
Techtronic Industries Co. Ltd. | | |
| | |
| | |
|
MOL Hungarian Oil & Gas plc | | |
| | |
| | |
| | |
|
| | |
| | |
Apollo Hospitals Enterprise Ltd. | | |
| | |
| | |
| | |
| | |
Britannia Industries Ltd. | | |
| | |
Colgate-Palmolive India Ltd. | | |
| | |
| | |
Dr Reddy's Laboratories Ltd. | | |
| | |
Embassy Office Parks, REIT | | |
| | |
HDFC Asset Management Co. Ltd. * (a) | | |
| | |
HDFC Life Insurance Co. Ltd. * (a) | | |
| | |
| | |
Housing Development Finance Corp. Ltd. | | |
| | |
ICICI Prudential Life Insurance Co. Ltd. * (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Lemon Tree Hotels Ltd. * (a) | | |
| | |
Metropolis Healthcare Ltd. (a) | | |
Multi Commodity Exchange of India Ltd. | | |
Oil & Natural Gas Corp. Ltd. | | |
| | |
Power Grid Corp. of India Ltd. | | |
| | |
| | |
Tata Consultancy Services Ltd. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Astra International Tbk. PT | | |
Bank Central Asia Tbk. PT | | |
Bank Mandiri Persero Tbk. PT | | |
Bank Negara Indonesia Persero Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
Indofood CBP Sukses Makmur Tbk. PT | | |
| | |
Merdeka Copper Gold Tbk. PT * | | |
Telkom Indonesia Persero Tbk. PT | | |
Unilever Indonesia Tbk. PT | | |
| | |
| | |
|
National Bank of Kuwait SAKP | | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Petronas Chemicals Group Bhd. | | |
Press Metal Aluminium Holdings Bhd. | | |
| | |
| | |
| | |
|
| | |
Arca Continental SAB de CV | | |
Bolsa Mexicana de Valores SAB de CV | | |
| | |
Coca-Cola Femsa SAB de CV | | |
Corp. Inmobiliaria Vesta SAB de CV | | |
Fomento Economico Mexicano SAB de CV | | |
| | |
| | |
Grupo Aeroportuario del Centro Norte SAB de CV | | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | |
Grupo Financiero Banorte SAB de CV, Class O | | |
| | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
Qualitas Controladora SAB de CV | | |
| | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
| | |
|
Copa Holdings SA, Class A | | |
|
| | |
|
| | |
| | |
Bank of the Philippine Islands | | |
| | |
International Container Terminal Services, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
Bank Polska Kasa Opieki SA | | |
| | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
|
| | |
|
| | |
Qatar Gas Transport Co. Ltd. | | |
| | |
| | |
|
| | |
| | |
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * | | |
MMC Norilsk Nickel PJSC, ADR ‡ * | | |
MMC Norilsk Nickel PJSC ‡ | | |
Moscow Exchange MICEX-RTS PJSC ‡ * | | |
| | |
Sberbank of Russia PJSC ‡ * | | |
Severstal PAO, GDR ‡ * (a) | | |
| | |
X5 Retail Group NV, GDR ‡ * (a) | | |
| | |
|
| | |
| | |
| | |
Arabian Contracting Services Co. | | |
| | |
| | |
| | |
| | |
| | |
Mouwasat Medical Services Co. | | |
| | |
| | |
|
|
Riyadh Cables Group Co. * | | |
| | |
Saudi Arabian Mining Co. * | | |
Saudi Arabian Oil Co. (a) | | |
Saudi Basic Industries Corp. | | |
| | |
Saudi National Bank (The) | | |
| | |
United International Transportation Co. | | |
| | |
|
| | |
|
| | |
African Rainbow Minerals Ltd. | | |
| | |
| | |
| | |
| | |
Capitec Bank Holdings Ltd. | | |
| | |
| | |
Foschini Group Ltd. (The) | | |
| | |
Impala Platinum Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Truworths International Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
Eugene Technology Co. Ltd. | | |
| | |
Hana Financial Group, Inc. | | |
Hankook Tire & Technology Co. Ltd. | | |
| | |
| | |
| | |
Hyundai Engineering & Construction Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
KIWOOM Securities Co. Ltd. | | |
| | |
Korea Investment Holdings Co. Ltd. | | |
Kumho Petrochemical Co. Ltd. | | |
| | |
LG Energy Solution Ltd. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Samsung Biologics Co. Ltd. * (a) | | |
Samsung Electro-Mechanics Co. Ltd. | | |
Samsung Electronics Co. Ltd. | | |
Samsung Engineering Co. Ltd. * | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Samsung Life Insurance Co. Ltd. | | |
Shinhan Financial Group Co. Ltd. | | |
| | |
SK IE Technology Co. Ltd. * (a) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Accton Technology Corp. * | | |
| | |
ASE Technology Holding Co. Ltd. * | | |
ASMedia Technology, Inc. * | | |
ASPEED Technology, Inc. * | | |
| | |
Chailease Holding Co. Ltd. * | | |
| | |
Chunghwa Telecom Co. Ltd. * | | |
CTBC Financial Holding Co. Ltd. | | |
Delta Electronics, Inc. * | | |
E.Sun Financial Holding Co. Ltd. * | | |
| | |
eMemory Technology, Inc. * | | |
| | |
Faraday Technology Corp. * | | |
Feng TAY Enterprise Co. Ltd. * | | |
Fubon Financial Holding Co. Ltd. * | | |
Giant Manufacturing Co. Ltd. * | | |
Gigabyte Technology Co. Ltd. * | | |
| | |
Hon Hai Precision Industry Co. Ltd. * | | |
Largan Precision Co. Ltd. | | |
| | |
Makalot Industrial Co. Ltd. | | |
| | |
Mega Financial Holding Co. Ltd. * | | |
Micro-Star International Co. Ltd. * | | |
| | |
| | |
Nien Made Enterprise Co. Ltd. * | | |
Novatek Microelectronics Corp. * | | |
Nuvoton Technology Corp. * | | |
| | |
Poya International Co. Ltd. * | | |
President Chain Store Corp. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Realtek Semiconductor Corp. * | | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
Unimicron Technology Corp. * | | |
Uni-President Enterprises Corp. * | | |
United Microelectronics Corp. * | | |
Vanguard International Semiconductor Corp. * | | |
Voltronic Power Technology Corp. * | | |
| | |
| | |
| | |
Zhen Ding Technology Holding Ltd. | | |
| | |
|
Advanced Info Service PCL | | |
Airports of Thailand PCL * | | |
Bangkok Dusit Medical Services PCL, Class F | | |
Bangkok Expressway & Metro PCL, NVDR | | |
Central Pattana PCL, NVDR | | |
Central Retail Corp. PCL, NVDR | | |
| | |
Energy Absolute PCL, NVDR | | |
Global Power Synergy PCL, NVDR | | |
Gulf Energy Development PCL | | |
Intouch Holdings PCL, NVDR | | |
| | |
Krung Thai Bank PCL, NVDR | | |
PTT Exploration & Production PCL | | |
| | |
| | |
| | |
| | |
Siam Cement PCL (The) (Registered) | | |
| | |
| | |
United Arab Emirates — 1.1% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
Abu Dhabi National Oil Co. for Distribution PJSC | | |
| | |
| | |
Al Ansari Financial Services PJSC * | | |
| | |
| | |
|
United Arab Emirates — continued |
| | |
Dubai Electricity & Water Authority PJSC * | | |
| | |
| | |
| | |
First Abu Dhabi Bank PJSC | | |
| | |
| | |
|
| | |
| | |
| | |
JS Global Lifestyle Co. Ltd. * (a) | | |
| | |
| | |
|
First Quantum Minerals Ltd. | | |
Total Common Stocks
(Cost $966,030,035) | | |
| | |
|
|
Localiza Rent a Car SA, expiring 5/11/2023*(Cost $—) | | |
| | |
Short-Term Investments — 0.3% |
Investment Companies — 0.3% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (b) (c)(Cost $2,625,587) | | |
Total Investments — 99.6%
(Cost $968,655,622) | | |
Other Assets Less Liabilities — 0.4% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Global Depositary Receipt |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| Non-Voting Depositary Receipt |
| Public Joint Stock Company |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Limited liability company |
| Real Estate Investment Trust |
| |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| 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. | |
| The rate shown is the current yield as of April 30, 2023. | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Semiconductors & Semiconductor Equipment | |
Technology Hardware, Storage & Peripherals | |
Interactive Media & Services | |
| |
| |
Consumer Staples Distribution & Retail | |
| |
Oil, Gas & Consumable Fuels | |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
| |
Real Estate Management & Development | |
| |
Textiles, Apparel & Luxury Goods | |
| |
Transportation Infrastructure | |
Diversified Telecommunication Services | |
| |
| |
Life Sciences Tools & Services | |
Wireless Telecommunication Services | |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
| | |
National Australia Bank Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
Alimentation Couche-Tard, Inc. | | |
Canadian National Railway Co. | | |
Toronto-Dominion Bank (The) | | |
| | |
|
BOC Hong Kong Holdings Ltd. | | |
| | |
| | |
| | |
|
|
| | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
| | |
| | |
Vestas Wind Systems A/S * | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
| | |
Daimler Truck Holding AG * | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
Deutsche Post AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
| | |
| | |
Sartorius AG (Preference) | | |
| | |
Volkswagen AG (Preference) | | |
| | |
| | |
|
| | |
| | |
Hong Kong Exchanges & Clearing Ltd. | | |
| | |
|
|
Pacific Basin Shipping Ltd. | | |
| | |
Sun Hung Kai Properties Ltd. | | |
Techtronic Industries Co. Ltd. | | |
| | |
|
| | |
|
Bank Central Asia Tbk. PT | | |
|
Bank of Ireland Group plc | | |
| | |
| | |
| | |
|
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
| | |
FinecoBank Banca Fineco SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
Central Japan Railway Co. | | |
Cosmo Energy Holdings Co. Ltd. | | |
| | |
| | |
| | |
Daiwa House Industry Co. Ltd. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
Fuyo General Lease Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mitsubishi Estate Co. Ltd. | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
Mizuho Financial Group, Inc. | | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
Nippon Express Holdings, Inc. | | |
| | |
Nippon Telegraph & Telephone Corp. | | |
Ono Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. * | | |
| | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
|
|
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Sumitomo Electric Industries Ltd. | | |
Sumitomo Forestry Co. Ltd. | | |
Sumitomo Metal Mining Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Mitsui Trust Holdings, Inc. | | |
Sumitomo Warehouse Co. Ltd. (The) | | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
Tokyu Fudosan Holdings Corp. | | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
Wal-Mart de Mexico SAB de CV | | |
|
ABN AMRO Bank NV, CVA (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Oversea-Chinese Banking Corp. Ltd. | | |
United Overseas Bank Ltd. | | |
| | |
|
| | |
|
| | |
Samsung Electronics Co. Ltd., GDR (a) | | |
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
Industria de Diseno Textil SA | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | |
| | |
| | |
|
|
| | |
Svenska Handelsbanken AB, Class A | | |
| | |
| | |
|
| | |
Cie Financiere Richemont SA (Registered) | | |
| | |
| | |
Lonza Group AG (Registered) | | |
Mobilezone Holding AG (Registered) | | |
| | |
| | |
| | |
Straumann Holding AG (Registered) | | |
Swiss Life Holding AG (Registered) | | |
| | |
UBS Group AG (Registered) * | | |
Zurich Insurance Group AG | | |
| | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Berkeley Group Holdings plc | | |
| | |
British American Tobacco plc | | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
| | |
InterContinental Hotels Group plc | | |
| | |
| | |
| | |
Legal & General Group plc | | |
| | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
Reckitt Benckiser Group plc | | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $25,384,052) | | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $715,865) | | |
| | |
Total Investments — 99.1%
(Cost $26,099,917) | | |
Other Assets Less Liabilities — 0.9% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Global Depositary Receipt |
| |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Limited liability company |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Semiconductors & Semiconductor Equipment | |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
Diversified Telecommunication Services | |
| |
| |
| |
Trading Companies & Distributors | |
| |
| |
Construction & Engineering | |
| |
| |
| |
Consumer Staples Distribution & Retail | |
Health Care Equipment & Supplies | |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
| | |
|
|
| | |
Woodside Energy Group Ltd. | | |
| | |
|
| | |
NU Holdings Ltd., Class A * | | |
| | |
|
Alimentation Couche-Tard, Inc. | | |
Canadian National Railway Co. | | |
Canadian Pacific Kansas City Ltd. | | |
| | |
|
ANTA Sports Products Ltd. | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
|
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
Hong Kong Exchanges & Clearing Ltd. | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
|
Bank Central Asia Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT, ADR | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
Recruit Holdings Co. Ltd. | | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
|
Grupo Aeroportuario del Sureste SAB de CV, ADR | | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
Industria de Diseno Textil SA | | |
| | |
|
| | |
| | |
| | |
| | |
|
Cie Financiere Richemont SA (Registered) | | |
Lonza Group AG (Registered) | | |
| | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
|
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
London Stock Exchange Group plc | | |
Oxford Nanopore Technologies plc * | | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
|
Cadence Design Systems, Inc. * | | |
ExlService Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $81,776,867) | | |
Short-Term Investments — 2.2% |
Investment Companies — 2.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (b) (c)(Cost $2,017,691) | | |
| | |
Total Investments — 99.8%
(Cost $83,794,558) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Limited liability company |
| Non-income producing security. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
Interactive Media & Services | |
Hotels, Restaurants & Leisure | |
| |
Consumer Staples Distribution & Retail | |
Electronic Equipment, Instruments & Components | |
| |
Health Care Equipment & Supplies | |
| |
| |
| |
| |
Construction & Engineering | |
| |
| |
| |
Diversified Telecommunication Services | |
Life Sciences Tools & Services | |
Oil, Gas & Consumable Fuels | |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited)
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | JPMorgan
ActiveBuilders
International
Equity ETF | JPMorgan
International
Growth ETF |
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
| | | | |
Foreign currency, at value | | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Variation margin on futures contracts | | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Deferred foreign capital gains tax | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | | | | |
Net asset value, per share | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
| JPMorgan
Active
China ETF (a) | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | JPMorgan
ActiveBuilders
International
Equity ETF | |
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
Management fees (See Note 3.A.) | | | | |
Interest expense to affiliates | | | | |
| | | | |
Net investment income (loss) | | | | |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
Foreign currency translations | | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Commencement of operations was March 15, 2023.
(b)
Net of change in foreign capital gains tax of $(53,240).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
| | JPMorgan ActiveBuilders
Emerging Markets Equity
ETF |
| Period Ended
April 30, 2023
(Unaudited)(a) | Six Months Ended
April 30, 2023
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | |
Net investment income (loss) | | | |
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Change in net unrealized appreciation/depreciation | | | |
Change in net assets resulting from operations | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | |
Total distributions to shareholders | | | |
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Change in net assets resulting from capital transactions | | | |
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Proceeds from shares issued | | | |
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Total change in net assets resulting from capital transactions | | | |
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Net increase (decrease) in shares from share transactions | | | |
(a)
Commencement of operations was March 15, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan ActiveBuilders
International Equity ETF | JPMorgan
International Growth ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 | Six Months Ended
April 30, 2023
(Unaudited) | Year Ended
October 31, 2022 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
Total distributions to shareholders | | | | |
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Change in net assets resulting from capital transactions | | | | |
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Proceeds from shares issued | | | | |
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Total change in net assets resulting from capital transactions | | | | |
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Net increase (decrease) in shares from share transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net investment
income
(loss) (b) | Net realized
and unrealized
gains
(losses)
on investments | Total from
investment
operations | | | |
JPMorgan Active China ETF | | | | | | | |
March 15, 2023 (f) through April 30, 2023 (Unaudited) | | | | | | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
March 10, 2021 (f) through October 31, 2021 | | | | | | | |
JPMorgan ActiveBuilders International Equity ETF | | | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
July 7, 2021 (f) through October 31, 2021 | | | | | | | |
JPMorgan International Growth ETF | | | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
May 20, 2020 (f) through October 31, 2020 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the listing exchange of the Fund. |
| Commencement of operations. |
| 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 net asset value is used as a proxy for the secondary market trading price to calculate the market returns. |
| Does not include expenses of unaffiliated Underlying Funds. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| | | | | Ratios to average net assets (a) | |
Net asset
value,
end of
period | | | Market
price
total
return (c)(e) | | | Net
investment
income
(loss) | Expenses
without waivers
and reimbursements | Portfolio
turnover
rate (c) |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| Diversification Classification |
JPMorgan Active China ETF | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | |
JPMorgan ActiveBuilders International Equity ETF | |
JPMorgan International Growth ETF | |
The investment objective of Active China ETF (“Active China ETF”), JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan ActiveBuilders International Equity ETF (“ActiveBuilders International Equity ETF”) and JPMorgan International Growth ETF (“International Growth ETF”) is to seek to provide long-term capital appreciation.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
Shares of each Fund are listed and traded at market price on an exchange as follows:
| |
| |
ActiveBuilders Emerging Markets Equity ETF | |
ActiveBuilders International Equity ETF | |
| |
Market prices for the Funds’ shares may be different from their net asset value (“NAV”).
The Funds issue and redeem their shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units”. Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
| J.P. Morgan Exchange-Traded Funds | |
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAVs of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
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| | | | |
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Consumer Staples Distribution & Retail | | | | |
Electronic Equipment, Instruments & Components | | | | |
| | | | |
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Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Active China ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
Independent Power and Renewable Electricity Producers | | | | |
| | | | |
Interactive Media & Services | | | | |
Life Sciences Tools & Services | | | | |
| | | | |
| | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
Real Estate Management & Development | | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
Textiles, Apparel & Luxury Goods | | | | |
| | | | |
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| | | | |
Total Investments in Securities | | | | |
ActiveBuilders Emerging Markets Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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| J.P. Morgan Exchange-Traded Funds | |
ActiveBuilders Emerging Markets Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
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Total Investments in Securities | | | | |
ActiveBuilders International Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
ActiveBuilders International Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
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Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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Total Investments in Securities | | | | |
| J.P. Morgan Exchange-Traded Funds | |
B. Restricted Securities — Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2023, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2023, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
ActiveBuilders Emerging Markets Equity ETF | |
ActiveBuilders International Equity ETF | |
| |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
D. Investment Transactions with Affiliates — The Funds invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
|
For the six months ended April 30, 2023 |
| Value at
March 15,
2023(a) | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (b) (c) | | | | | | | | | |
|
| Commencement of operations was March 15, 2023. |
| 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. |
| The rate shown is the current yield as of April 30, 2023. |
ActiveBuilders Emerging Markets Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
ActiveBuilders International Equity ETF |
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| J.P. Morgan Exchange-Traded Funds | |
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Futures Contracts— ActiveBuilders International Equity ETF used index futures contracts to obtain long exposure to gain or reduce exposure to the stock market, to gain or reduce exposure to particular countries or regions, maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Fund to equity price risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Fund's futures contracts activity during the six months ended April 30, 2023:
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| ActiveBuilders
International
Equity ETF |
| |
Average Notional Balance Long | |
Ending Notional Balance Long | |
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2023, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
I. Foreign Taxes —The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
J. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Management Fee — Pursuant to each Fund’s Management Agreement, the Adviser is paid a management fee which is accrued daily and paid no more frequently than monthly based on each Fund's respective average daily net assets at the following rate:
| |
| |
ActiveBuilders Emerging Markets Equity ETF | |
ActiveBuilders International Equity ETF | |
| |
Under each Management Agreement, JPMIM is responsible for substantially all expenses of each Fund, (including expenses of the Trust relating to each Fund), except for the management fees, payments under the Funds' 12b-1 plan (if any), interest expenses, dividend and interest expenses related to short sales, taxes, acquired fund fees and expenses (other than fees for funds advised by the Adviser and/or its affiliates), costs of holding shareholder meetings, and litigation and potential litigation and other extraordinary expenses not incurred in the ordinary course of each Fund’s business. Additionally, each Fund is responsible for its non-operating expenses, including brokerage commissions and fees and expenses associated with each Fund’s securities lending program, if applicable. For the avoidance of doubt, the Adviser’s payment of such expenses may be accomplished through a Fund’s payment of such expenses and a corresponding reduction in the fee payable to the Adviser, provided, however, that if the amount of expenses paid by a Fund exceeds the fee payable to the Adviser, the Adviser will reimburse that Fund for such amount.
The Adviser, with respect to Active China ETF, has entered into an investment sub-advisory agreement with JPMorgan Asset Management (Asia Pacific) Limited (“JPMAM (AP)”), an indirect, wholly-owned subsidiary of JPMorgan Asset Management Holdings Inc. (“Sub-Advisory Agreement”). For its services as sub-adviser, JPMAM (AP) receives a portion of the fees payable to the Adviser.
Pursuant to the Sub-Advisory agreement, JPMAM (AP) is responsible for the day-to-day investment decisions of Active China ETF. JPMIM has obtained a “managers of managers” exemptive order from the SEC, as expanded by subsequent SEC staff no-action relief (the “Exemptive Order”), upon which Active China ETF may rely, which grants exemptions from certain provisions of the 1940 Act. Pursuant to the Exemptive Order, JPMIM is permitted, subject to supervision and approval of the Board, to enter into and materially amend sub-advisory agreements with affiliated and
| J.P. Morgan Exchange-Traded Funds | |
unaffiliated sub-advisers without such agreements being approved by the shareholders of Active China ETF. Accordingly, Active China ETF and JPMIM may hire, terminate, or replace affiliated and unaffiliated sub-advisers without shareholder approval, including, without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment. JPMIM will continue to have ultimate responsibility, subject to oversight of the Board, to oversee the sub-advisers and recommend their hiring, termination and replacement.
Active China ETF has selected JPMAM (AP) to manage all of Active China ETF’s assets. Shareholders will be notified of any changes in sub-advisers. Shareholders of Active China ETF have the right to terminate a sub-advisory agreement for Active China ETF at any time by a vote of the majority of the outstanding voting securities of Active China ETF. The Exemptive Order also permits Active China ETF to disclose to shareholders the management fees only in the aggregate.
B. Administration Fee — JPMIM provides administration services to the Funds. Pursuant to each Management Agreement, JPMIM is compensated as described in Note 3.A.
JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the management fees payable to JPMIM.
C. Custodian, Accounting and Transfer Agent Fees— JPMCB provides custody, accounting and transfer agency services to the Funds. For performing these services, JPMIM pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are paid to JPMIM to offset certain custodian charges that are covered by each Management Agreement.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
D. Distribution Services — The Distributor or its agent distributes Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of each Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
E. Waivers and Reimbursements — The Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The fees for the affiliated money market funds, except for investments of securities lending cash collateral, are covered under each Management Agreement as described in Note 3.A.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. The fees associated with the office of the Chief Compliance Officer are paid for by JPMIM as described in Note 3.A.
The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
ActiveBuilders Emerging Markets Equity ETF | | |
ActiveBuilders International Equity ETF | | |
| | |
|
| Commencement of operations was March 15, 2023. |
During the six months ended April 30, 2023, there were no purchases or sales of U.S. Government securities.
For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:
| | |
ActiveBuilders Emerging Markets Equity ETF | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
During the six months ended April 30, 2023, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2023 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
ActiveBuilders Emerging Markets Equity ETF | | | | |
ActiveBuilders International Equity ETF | | | | |
| | | | |
At October 31, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
ActiveBuilders Emerging Markets Equity ETF | | |
ActiveBuilders International Equity ETF | | |
| | |
6. Capital Share Transactions
The Trust issues and redeems shares of the Funds only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statements of Changes in Net Assets.
Shares of the Funds may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the Funds' shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Funds. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
7. Borrowings
Effective November 1, 2022, the Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
| J.P. Morgan Exchange-Traded Funds | |
As of April 30, 2023, JPMorgan SmartRetirement Funds, an affiliated fund of fund, owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:
| JPMorgan
SmartRetirement
Funds |
ActiveBuilders Emerging Markets Equity ETF | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
As of April 30, 2023, the Adviser owned shares representing more than 10% of net assets of the following Funds:
| |
| |
ActiveBuilders International Equity ETF | |
Significant shareholder transactions by the Adviser may impact the Funds' performance.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.
Investments in Mainland China, Hong Kong, Taiwan and Macau are subject to significant legal, regulatory, monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.
Chinese operating companies sometimes rely on Variable Interest Entity (VIE) structures to raise capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the structures will otherwise work as intended. There may also be conflicts of interest between the legal owners of the Mainland Chinese company and non-Chinese investors (such as Active China ETF). It is unclear whether the Mainland China government will withdraw its implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would have on the interests of non-Chinese investors. The market value of Active China ETF’s associated portfolio holdings would likely fall, causing substantial investment losses.
As of April 30, 2023, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
| | ActiveBuilders
Emerging
Markets
Equity ETF | ActiveBuilders
International
Equity ETF | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
As of April 30, 2023, a significant portion of the investments of the Funds consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Funds’ holdings. During such periods, investors may incur significant losses if shares are sold.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. ActiveBuilders Emerging Markets Equity ETF invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
In addition, a Fund is limited in its ability to exercise its legal rights or enforce a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world. The effects of this, or any future pandemic to public health and business and market conditions may have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2022, and continued to hold your shares at the end of the reporting period, April 30, 2023.
Actual Expenses
For each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of a Fund.
| Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | Expenses Paid During the Period | |
JPMorgan Active China ETF | | | | |
| | | | |
| | | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | |
| | | | |
| | | | |
JPMorgan ActiveBuilders International Equity ETF | | | | |
| | | | |
| | | | |
JPMorgan International Growth ETF | | | | |
| | | | |
| | | | |
|
| Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 46/365 (to reflect the actual period). The Fund commenced operations on March 15, 2023. |
| 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). |
| J.P. Morgan Exchange-Traded Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
| J.P. Morgan Exchange-Traded Funds | |
BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT AND INITIAL SUB-ADVISORY AGREEMENT
(Unaudited)
JPMorgan Active China ETF
On November 15-17, 2022, the Board of Trustees (the “Board” or the “Trustees”) of J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) held meetings and approved the initial management agreement (the “Management Agreement”) and initial sub-advisory agreement (the “Sub-Advisory Agreement”) (each an “Agreement” and together the “Agreements”) for the JPMorgan Active China ETF (the “Fund”). The Agreements were approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Agreements or any of their affiliates. In connection with the approval of the Agreements, the Trustees reviewed written materials prepared by the Adviser and received oral presentations from Adviser personnel. Such materials and presentations included information relating to JPMorgan Asset Management (Asia Pacific) Limited, an affiliate of the Adviser and the proposed sub-adviser for the Fund (the “Sub-Adviser”). Before voting on the proposed Agreements, the Trustees reviewed the Agreements with representatives of the Adviser and Sub-Adviser, with counsel to the Trust and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Agreements. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Agreements with independent legal counsel in executive session at which no representatives of the Adviser or Sub-Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Agreements is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Agreements. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement, and by the Sub-Adviser from the Adviser under the Sub-Advisory Agreement, was fair and reasonable and that initial approval of the Agreements was in the best interests of the Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser and Sub-Adviser
In connection with the approval of the Fund’s initial Agreements, the Trustees considered the materials furnished specifically in connection with the approval of the Agreements, as well as other relevant information furnished for the Trustees,
regarding the nature, extent, and quality of services provided by the Adviser and Sub-Adviser. Among other things, the Trustees considered:
(i)
The background and experience of the Adviser’s and Sub-Adviser’s senior management and investment personnel;
(ii)
The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
(iii)
The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
(iv)
Information about the structure and distribution strategy of the Fund and how it fits within the Trust’s other fund offerings;
(v)
The administration services to be provided by the Adviser under the Management Agreement;
(vi)
Their knowledge of the nature and quality of the services provided by the Adviser, Sub-Adviser and their affiliates, gained from their experience as Trustees of the Trust and in the financial industry generally;
(vii)
The overall reputation and capabilities of the Adviser, Sub-Adviser and their affiliates;
(viii)
The commitment of the Adviser and Sub-Adviser to provide high quality service to the Fund;
(ix)
Their overall confidence in the Adviser’s and Sub-Adviser’s integrity;
(x)
The Adviser’s and Sub-Adviser’s responsiveness to requests for additional information, questions or concerns raised by them; and
(xi)
The Adviser’s and Sub-Adviser’s business continuity plan, steps the Adviser and its affiliates have taken to provide services to the other J.P. Morgan ETFs during the COVID-19 pandemic and the Adviser’s and its affiliates’ success in continuing to provide services to the other J.P. Morgan ETFs and their shareholders throughout this period.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser and Sub-Adviser.
Fall-Out Benefits
The Trustees considered potential “fall-out” or ancillary benefits expected to be received by the Adviser, the Sub-Adviser and their affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex. The Trustees also
| J.P. Morgan Exchange-Traded Funds | |
BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT AND INITIAL SUB-ADVISORY AGREEMENT
(Unaudited) (continued)
considered the benefits the Adviser and Sub-Adviser are expected to receive as the result of JPMorgan Chase Bank, N.A.’s (“JPMCB”), an affiliate of the Adviser and Sub-Adviser, roles as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
Economies of Scale
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. The Trustees noted that the proposed unitary management fee schedule for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund is new and not achieving economies of scale. The Trustees considered the fact that increases in assets would not lead to management fee decreases even if economies of scale are achieved, but also that the Trustees would have the opportunity to further review the appropriateness of the fee payable to the Adviser under its Management Agreement in the future. After considering the factors identified above, the Trustees concluded that the Fund’s shareholders will receive the benefits of potential economies of scale.
Fees Relative to Adviser’s Other Clients
The Trustees considered the Adviser’s view that it does not manage other accounts with a substantially similar investment strategy as that of the Fund.
Investment Performance
The Trustees considered the Fund’s investment strategy and processes, the portfolio management team and competitive positioning against identified peer funds and concluded that the prospects for competitive future performance were acceptable.
Management Fees and Expense Ratios
The Trustees considered that under the Management Agreement, the Adviser will provide advisory and administrative services and will be responsible for substantially all expenses of the Fund (“unitary fee structure”). The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees considered the fees paid by the Adviser to the Sub-Adviser out of the management fee. The Trustees also considered the fees paid to JPMCB, for custody, transfer agency and other related services for the Fund and the profitability of these arrangements to JPMCB.
The Trustees considered how the Fund will be positioned against peer funds, as identified by management and/or Broadridge and noted that the Fund’s proposed management fee compared favorably with identified peer funds. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the proposed management fee to be paid by the Fund to the Adviser, and the proposed fee to be paid by the Adviser to the Sub-Adviser, were reasonable.
| J.P. Morgan Exchange-Traded Funds | |
J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. April 2023.
SAN-ACT-ETF-423
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2023 (Unaudited)
| | |
JPMorgan International Research Enhanced Equity ETF | | |
CONTENTS
Investments in the Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.
Prospective investors should refer to the Fund's prospectus for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.
Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from the Fund. Shares may only be subscribed and redeemed directly from the Fund by Authorized Participants, in large creation/redemption units. Brokerage commissions will reduce returns.
President's Letter
June 15, 2023 (Unaudited)
Dear Shareholder,
Financial markets largely generated positive returns for the six months ended April 30, 2023, even as rising interest rates, weaker corporate earnings and geopolitical uncertainty weighed on global economic growth. Overall, global equity markets – led by European stocks – generally outperformed bond markets for the reporting period.
|
“While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade.” — Brian S. Shlissel
|
While economic growth has slowed in recent quarters, to date, the U.S. has avoided formal entry into a recession. Moreover, inflation has decelerated from last year’s historical highs as energy and electricity prices receded in 2023, allowing the U.S. Federal Reserve in June 2023 to refrain from further raising interest rates for the first time since January 2022, though the central bank stated it may find it necessary to raise rates in the future. The job market in the U.S. remained strong throughout the period as the reported monthly unemployment rate ranged between 3.6% and 3.4% for the six months ended April 30, 2023.
Across Europe, inflationary pressures remained high and both the European Central Bank and the Bank of England continued to raise interest rates during the period. Unemployment across the EU stood at 6%, while the U.K. jobless rate fell to 3.8% in
April 2023. Notably, European equity markets generally outperformed other developed markets during the period, potentially driven by more attractive valuations relative to U.S. companies.
The International Monetary Fund’s (IMF) April 2023 economic outlook warned that global output is likely to decline to 2.8% for 2023, amid weakness in parts of the financial sector, continued inflationary pressures and the ongoing war in Ukraine. Further, the IMF forecast developed market economies to decelerate at a faster pace than emerging market economies.
While the effects of rising interest rates is likely to adversely impact economic growth in the months ahead, other factors may aid the global economic outlook, as energy prices have trended downward in recent months and the re-opening of China’s economy may provide support for increased global trade. Regardless of the economic backdrop, we believe investors who hold a well-diversified portfolio and a long-term outlook may be better positioned to benefit from opportunities presented by global financial markets. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Exchange-Traded Funds
J.P. Morgan Asset Management
1-844-4JPM-ETF or jpmorgan.com/etfs for more information
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited)
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MSCI EAFE Index (net total return) | |
Net Assets as of 4/30/2023 | |
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INVESTMENT OBJECTIVE***
The JPMorgan International Research Enhanced Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
INVESTMENT APPROACH
The Fund invests primarily in foreign companies and may modestly overweight equity securities that the adviser considers undervalued, while modestly underweighting or not holding equity securities that appear overvalued. The Fund seeks to outperform the MSCI Europe, Australasia, Far East (EAFE) Index (net total return) (the “Benchmark”) over time, while maintaining similar risk characteristics, including sector and geographic risks.
HOW DID MARKETS PERFORM?
Global financial markets largely generated positive returns for the period and completed a rebound from the sell-offs that marked the middle of 2022. Developed markets equity generally outperformed emerging markets equity, while emerging markets debt mostly outperformed developed markets debt.
However, equity markets performance was mixed on a month-to-month basis, even as the overall trend was upward. For the six months ended April 30, 2023, the Benchmark returned 24.19%
Leading central banks continued to raise interest rates throughout the six month period, though the size of increases narrowed in 2023 as the policy response to inflationary pressure grew less aggressive. Notably, the Bank of Japan maintained its negative interest rate policy amid weak consumption data and marginal economic growth.
While global inflation rates remained elevated during the period, they retreated from the 40-year highs reached in 2022 and price pressures in the U.S. and the Europe indicated a downward trend. Though inflation in the U.K. declined in the final months of 2022, the U.K. consumer price index rose more than expected in 2023.
Lower energy prices was a leading contributor to declining global inflation. In response to Russia’s invasion of Ukraine, the European Union and the U.K. largely avoided an extended energy crisis by securing alternative sources to Russian natural gas and moved to build up reserves of both natural gas and petroleum ahead of the winter months.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund outperformed the Benchmark for the six months ended April 30, 2023.
By sector, the Fund’s security selection in the banks and financial services sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the pharmaceuticals/medical technology and industrial cyclical sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in Europe and Japan was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the Pacific, excluding Japan, was the sole regional detractor from relative performance.
Due to the Fund holding a relatively large number of securities during the reporting period, the impact of individual holdings on the Fund’s relative performance tended to be small.
HOW WAS THE FUND POSITIONED?
Using the fundamental equity insights generated by analysts, the Fund’s adviser took overweight positions in securities included within the universe of the Benchmark that it considered undervalued, while underweighting or not holding securities in the Benchmark that the adviser considered
overvalued.
| J.P. Morgan Exchange-Traded Funds | |
*
The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $56.81 as of April 30, 2023.
**
Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of April 30, 2023, the closing price was $56.82.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
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| AstraZeneca plc (United Kingdom) | |
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| Novartis AG (Registered) (Switzerland) | |
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PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2023 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
FUND COMMENTARY
SIX MONTHS ENDED April 30, 2023 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2023
| | | | | |
JPMorgan International Research Enhanced Equity ETF | | | | | |
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| Inception date for Class R6 Shares of the predecessor Fund (as defined below). |
TEN YEAR FUND PERFORMANCE (4/30/13 TO 4/30/23)
The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information, please call 1-844-457-6383.
JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 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 performance for the Fund prior to close of business on June 10, 2022 is the performance of the Predecessor Fund’s Class R6 Shares. Inception date for the Predecessor Fund’s Class R6 Shares is November 1, 2017. Returns for the Predecessor Fund’s Class R6 Shares prior to their inception date are based on the performance of the Predecessors Fund’s Class I Shares. The actual returns of the Predecessor Fund’s Class R6 Shares would have been different than those shown because the Predecessor Fund’s Class R6 Shares had different expenses than the Predecessor Fund’s Class I Shares. Inception date for the Predecessor Fund’s Class I Shares is October 28, 1992.
Performance for the Fund’s shares has not been adjusted to reflect the Fund’s shares’ lower expenses than those of the Predecessor Fund’s Class R6 Shares and Class I Shares. Had the Predecessor Fund been structured as an exchange-traded fund (“ETF”), its performance may have differed. Performance for the Predecessor Fund is based on the net asset value ("NAV") per share of the Predecessor Fund Shares rather than on market-determined prices. Prior to
the Fund’s listing on June 13, 2022, the NAV performance of the Fund and the Class R6 Shares of the Predecessor Fund are used as proxy market price returns.
The graph illustrates comparative performance for $10,000 invested in shares of the Fund and the MSCI EAFE Index (net total return) from April 30, 2013 to April 30, 2023. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses associated with an ETF and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI EAFE (Europe, Australia, Far East) Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited)
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Commonwealth Bank of Australia | | |
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Insurance Australia Group Ltd. | | |
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National Australia Bank Ltd. | | |
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Woodside Energy Group Ltd. | | |
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BOC Hong Kong Holdings Ltd. | | |
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Xinyi Glass Holdings Ltd. | | |
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|
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Novo Nordisk A/S, Class B | | |
Vestas Wind Systems A/S * | | |
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LVMH Moet Hennessy Louis Vuitton SE (a) | | |
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Deutsche Post AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
Dr Ing hc F Porsche AG (Preference) * (b) | | |
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Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
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Volkswagen AG (Preference) | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
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Common Stocks — continued |
|
Hong Kong Exchanges & Clearing Ltd. | | |
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Sun Hung Kai Properties Ltd. | | |
Techtronic Industries Co. Ltd. | | |
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FinecoBank Banca Fineco SpA | | |
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Asahi Group Holdings Ltd. | | |
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Central Japan Railway Co. | | |
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Daiwa House Industry Co. Ltd. | | |
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Mitsubishi UFJ Financial Group, Inc. | | |
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Murata Manufacturing Co. Ltd. | | |
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Nippon Express Holdings, Inc. | | |
Nippon Paint Holdings Co. Ltd. | | |
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Nippon Telegraph & Telephone Corp. | | |
Nomura Research Institute Ltd. | | |
Ono Pharmaceutical Co. Ltd. | | |
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Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. * | | |
Seven & i Holdings Co. Ltd. | | |
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Shin-Etsu Chemical Co. Ltd. | | |
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Sumitomo Electric Industries Ltd. | | |
Sumitomo Metal Mining Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
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Takeda Pharmaceutical Co. Ltd. | | |
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Tokio Marine Holdings, Inc. | | |
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Koninklijke Ahold Delhaize NV | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
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Oversea-Chinese Banking Corp. Ltd. | | |
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United Overseas Bank Ltd. | | |
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|
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|
Banco Bilbao Vizcaya Argentaria SA | | |
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Industria de Diseno Textil SA (a) | | |
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Cie Financiere Richemont SA (Registered) | | |
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Lonza Group AG (Registered) | | |
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UBS Group AG (Registered) * | | |
Zurich Insurance Group AG | | |
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|
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Berkeley Group Holdings plc | | |
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British American Tobacco plc | | |
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InterContinental Hotels Group plc | | |
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|
United Kingdom — continued |
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London Stock Exchange Group plc | | |
Reckitt Benckiser Group plc | | |
| | |
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Total Common Stocks
(Cost $4,630,777,032) | | |
Short-Term Investments — 5.5% |
Investment Companies — 2.4% |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (d) (e)(Cost $130,243,056) | | |
Investment of Cash Collateral from Securities Loaned — 3.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (d) (e) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (d) (e) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $173,986,040) | | |
Total Short-Term Investments
(Cost $304,229,096) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
Total Investments — 102.3%
(Cost $4,935,006,128) | | |
Liabilities in Excess of Other Assets — (2.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2023. The total value of securities on loan at April 30, 2023 is $165,212,182. |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2023. |
Summary of Investments by Industry, April 30, 2023
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Oil, Gas & Consumable Fuels | |
Textiles, Apparel & Luxury Goods | |
Semiconductors & Semiconductor Equipment | |
| |
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Diversified Telecommunication Services | |
| |
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Consumer Staples Distribution & Retail | |
| |
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Electronic Equipment, Instruments & Components | |
| |
Trading Companies & Distributors | |
| |
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Real Estate Management & Development | |
Construction & Engineering | |
| |
Health Care Equipment & Supplies | |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2023:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| |
| Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENT OF ASSETS AND LIABILITIES
AS OF April 30, 2023 (Unaudited)
| JPMorgan
International
Research
Enhanced
Equity ETF |
| |
Investments in non-affiliates, at value | |
Investments in affiliates, at value | |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | |
| |
Foreign currency, at value | |
Deposits at broker for futures contracts | |
Segregated cash balance with Authorized Participant for deposit securities | |
| |
Dividends from non-affiliates | |
Dividends from affiliates | |
| |
Securities lending income (See Note 2.C.) | |
Variation margin on futures contracts | |
| |
| |
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Investment securities purchased | |
Collateral received on securities loaned (See Note 2.C.) | |
Collateral upon return of deposit securities | |
| |
| |
| |
Printing and mailing costs | |
Custodian and accounting fees | |
| |
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| |
| |
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Total distributable earnings (loss) | |
| |
Outstanding number of shares
(unlimited number of shares authorized - par value $0.0001) | |
Net asset value, per share | |
Cost of investments in non-affiliates | |
Cost of investments in affiliates | |
| |
Investment securities on loan, at value (See Note 2.C.) | |
Cost of investment of cash collateral (See Note 2.C.) | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED April 30, 2023 (Unaudited)
| JPMorgan
International
Research
Enhanced
Equity ETF |
| |
Interest income from non-affiliates | |
Interest income from affiliates | |
Dividend income from non-affiliates | |
Dividend income from affiliates | |
Income from securities lending (net) (See Note 2.C.) | |
Foreign taxes withheld (net) | |
| |
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Custodian and accounting fees | |
Interest expense to non-affiliates | |
Interest expense to affiliates | |
| |
Trustees’ and Chief Compliance Officer’s fees | |
Printing and mailing costs | |
Registration and filing fees | |
| |
| |
| |
Less expense reimbursements | |
| |
Net investment income (loss) | |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | |
Investments in affiliates | |
In-kind redemptions of investments in non-affiliates (See Note 4) | |
| |
Foreign currency transactions | |
| |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | |
Investments in affiliates | |
| |
Foreign currency translations | |
Change in net unrealized appreciation/depreciation | |
Net realized/unrealized gains (losses) | |
Change in net assets resulting from operations | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
| JPMorgan International Research
Enhanced Equity ETF |
| Six Months Ended
April 30, 2023
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
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(a)
JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund ("Predecessor Fund") in a reorganization that occurred as of the close of business on June 10, 2022. Performance and financial history of the Predecessor Fund’s Class R6 Shares have been adopted by JPMorgan International Research Enhanced Equity ETF and will be used going forward. As a result, the information prior to June 10, 2022, reflects that of the Predecessor Fund's Class R6 Shares. The Predecessor Fund ceased operations as of the date of the reorganization. (See Note 1).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan International Research
Enhanced Equity ETF |
| Six Months Ended April 30, 2023
(Unaudited) | |
CAPITAL TRANSACTIONS: (b) | | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
Total change in net assets resulting from capital transactions | | |
(a)
JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 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 November 1, 2017 up through the reorganization.
(b)
Reflects reorganization from JPMorgan International Research Enhanced Equity Fund on June 10, 2022. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
| JPMorgan International Research Enhanced Equity ETF |
| Six Months Ended April 30, 2023 (Unaudited) | |
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(a)
JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 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 November 1, 2017 up through the reorganization.
(b)
Reflects reorganization from JPMorgan International Research Enhanced Equity Fund on June 10, 2022. See Note 1.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
| Per share operating performance (a) |
| | | |
| Net
asset
value
beginning of
period | Net
investment
income
loss(c) | Net
realized
and unrealized
gains (losses)
on investments | Total
from
investment
operations | |
JPMorgan International Research Enhanced Equity ETF (g) | | | | | |
Six Months Ended April 30, 2023 (Unaudited) | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
November 1, 2017 through (i) October 31, 2018 | | | | | |
|
| Per share amounts reflect the conversion of the Predecessor Fund into the Fund as of the close of business on June 10, 2022. See Note 1. |
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| JPMorgan International Research Enhanced Equity ETF acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 2022. Market price returns are calculated using the official closing price of the JPMorgan International Research Enhanced Equity ETF on the listing exchange as of the time that the JPMorgan International Research Enhanced Equity ETF's NAV is calculated. Prior to the JPMorgan International Research Enhanced Equity ETF's listing on June 13, 2022, the NAV performance of the Class R6 Shares of the Predecessor Fund are used as proxy market price returns. |
| JPMorgan International Research Enhanced Equity ETF (the “Fund”) acquired all of the assets and liabilities of the JPMorgan International Research Enhanced Equity Fund (“Predecessor Fund”) in a reorganization that occurred as of the close of business on June 10, 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 November 1, 2017 up through the reorganization. |
| Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have remained the same and the net investment income (loss) ratio would have been 2.44%. |
| Commencement of offering of class of shares. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| Ratios to average net assets (b) |
| | Net asset
value,
end of
period | | | Market
price
total
return(d)(f) | | | Net
investment
income (loss) | Expenses
without waivers
and
reimbursements | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited)
1. Organization
J.P. Morgan Exchange-Traded Fund Trust (the “Trust”) was formed on February 25, 2010, and is governed by a Declaration of Trust as amended and restated February 19, 2014, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. JPMorgan International Research Enhanced Equity ETF (the "Fund") is a separate diversified series of the Trust covered in this report.
As of the close of business on June 10, 2022 (the "Closing Date"), pursuant to an Agreement and Plan of Reorganization and Liquidation previously approved by the Board of Trustees of the Trust, JPMorgan International Research Enhanced Equity Fund (a mutual fund) (the “Acquired Fund” or “International Research Enhanced Equity Fund”), a series of JPMorgan Trust II, was reorganized (the "Reorganization") into the Fund, a newly created exchange-traded fund. Following the Reorganization, the Acquired Fund’s performance (Class R6 Shares) and financial history were adopted by the Fund. In connection with the Reorganization, each shareholder of the Acquired Fund (except as noted below) received shares of the Fund equal in value to the number of shares of the Acquired Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of the Fund, which cash payment might have been taxable. Shareholders of the Acquired Fund who did not hold their shares through a brokerage account that could accept shares of the Fund on the Closing Date had their Acquired Fund shares liquidated, and such shareholders received cash equal in value to their Acquired Fund shares, which cash payment might have been taxable. Shareholders of the Acquired Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their Acquired Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their Acquired Fund shares. The Fund has the same investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the Acquired Fund. Effective as of the close of business on the Closing Date, the Acquired Fund ceased operations in connection with the consummation of the Reorganization.
Costs incurred by the Fund and the Acquired Fund associated with the Reorganization (including the legal costs associated with the Reorganization) were borne by the Adviser by waiving fees or reimbursing expenses to offset the costs incurred by the Fund and Acquired Fund associated with the Reorganization, including any brokerage fees and expenses incurred by the Fund and Acquired Fund related to the disposition and acquisition of assets as part of a Reorganization. Brokerage fees and expenses related to the disposition and acquisition of assets (including any disposition to raise cash to pay redemption proceeds) that were incurred in the ordinary course of business were borne by the Fund and the Acquired Fund. The management fee of the Fund is the same as the management fee of the Acquired Fund. The total annual fund operating expenses of the Fund are expected to be lower than the net expenses of each share class of the Acquired Fund after taking into consideration the expense limitation agreement the Adviser has entered into with the Fund for a term ending on June 30, 2025. The Reorganization did not result in the material change to the Acquired Fund's portfolio holdings. There are no material differences in accounting policies of the Acquired Fund as compared to those of the Fund.
The Fund did not purchase or sell securities following the Reorganization for purposes of realigning its investment portfolio. Accordingly, the Reorganization of the Acquired Fund did not affect the Fund’s portfolio turnover ratio for the six months ended April 30, 2023.
The investment objective of the Fund is to seek to provide long-term capital appreciation.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Fund.
Shares of the Fund are listed and traded at market price on the NYSE Arca. Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems its shares on a continuous basis, through JPMorgan Distribution Services, Inc. (the “Distributor” or “JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, at NAV in large blocks of shares, referred to as “Creation Units". Creation Units are issued and redeemed in exchange for a basket of securities and/or cash. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Fund (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
| J.P. Morgan Exchange-Traded Funds | |
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the NAV of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
| | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
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Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
B. Restricted Securities — Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.
As of April 30, 2023, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower
| J.P. Morgan Exchange-Traded Funds | |
for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of April 30, 2023.
| 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) |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived management fees charged to the Fund to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2023, JPMIM waived fees associated with the Fund's investment in the JPMorgan U.S. Government Money Market Fund as follows:
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statement of Operations as Income from securities lending (net).
D. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
|
For the six months ended April 30, 2023 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 4.95% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.01% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 4.78% (a) (b) | | | | | | | | | |
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| 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. |
| The rate shown is the current yield as of April 30, 2023. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
E. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statement of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.
F. Futures Contracts — The Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.
The use of futures contracts exposes the Fund to equity price and foreign exchange risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Fund's futures contracts activity during the six months ended April 30, 2023:
| |
| |
Average Notional Balance Long | |
Ending Notional Balance Long | |
G. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
| J.P. Morgan Exchange-Traded Funds | |
H. Allocation of Income and Expenses — Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds.
I. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2023, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
J. Foreign Taxes —The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gains tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
K. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.20% of the Fund's average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.E.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended April 30, 2023, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.E.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees paid to the Administrator.
C. Distribution Fees — The Distributor or its agent distributes Creation Units for the Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Fund. JPMDS receives no fees for their distribution services under the distribution agreement with the Trust (the “Distribution Agreement”). Although the Trust does not pay any fees under the Distribution Agreement, JPMIM pays JPMDS for certain distribution related services.
D. Custodian, Accounting and Transfer Agent Fees — JPMCB provides portfolio custody, accounting and transfer agency (effective as of the Closing Date) services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations. The amounts paid directly to JPMCB by the Fund for transfer agency services are included in Transfer agency fees on the Statement of Operations.
Additionally, Authorized Participants generally pay transaction fees associated with the creation and redemption of Fund shares. These fees are used to offset certain custodian charges incurred by the Fund for these transactions.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
E. Waivers and Reimbursements — The Adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, costs of shareholder meetings, and extraordinary expenses) exceed 0.24% of the Fund’s average daily net assets.
For the six months ended April 30, 2023, the service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
| |
| Contractual
Reimbursements |
| |
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such affiliated money market funds. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. None of these parties expect the Fund to repay any such waived fees and/ or reimbursed expenses in future years.
The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2023 was $97,421.
JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the six months ended April 30, 2023, the amount of this reimbursement was $1,211.
F. Other — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with certain other affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2023, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
For the six months ended April 30, 2023, in-kind transactions associated with creations and redemptions were as follows:
During the six months ended April 30, 2023, the Fund delivered portfolio securities for the redemption of Fund Shares (in-kind redemptions). Cash and portfolio securities were transferred for redemptions at fair value. For financial reporting purposes, the Fund recorded net realized gains and losses in connection with each in-kind redemption transaction.
| J.P. Morgan Exchange-Traded Funds | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2023 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
At October 31, 2022, the Fund had net capital loss carryforwards which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
During the year ended October 31, 2022, the Fund utilized capital loss carryforwards as follows:
6. Capital Share Transactions
The Trust issues and redeems shares of the Fund only in Creation Units through the Distributor at NAV. Capital shares transactions detail can be found in the Statement of Changes in Net Assets.
Shares of the Fund may only be purchased or redeemed by Authorized Participants. Such Authorized Participants may from time to time hold, of record or beneficially, a substantial percentage of the shares outstanding and act as executing or clearing broker for investment transactions on behalf of the Fund. An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation (“NSCC”); or (2) a DTC Participant; which, in either case, must have executed an agreement with the Distributor.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Fund's registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for the Fund of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. Borrowings
Effective November 1, 2022, the Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2023.
8. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTS
AS OF April 30, 2023 (Unaudited) (continued)
As of April 30, 2023, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Fund as follows:
| | JPMorgan
SmartRetirement
Funds |
| | |
Significant shareholder transactions by the Adviser may impact the Fund's performance and liquidity.
The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2023, the Fund had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
Disruptions to creations and redemptions, the existence of significant market volatility or potential lack of an active trading market for the Shares (including through a trading halt), as well as other factors, may result in Shares trading significantly above (at a premium) or below (at a discount) to the NAV or to the intraday value of the Fund's holdings. During such periods, investors may incur significant losses if shares are sold.
The Fund is subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world. The effects of this, or any future, pandemic to public health and business and market conditions may have a significant negative impact on the performance of the Fund's investments, increase the Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund's investment performance. The ultimate impact of any pandemic and the extent to which the associated conditions and governmental responses impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on your purchase and sales of Fund shares and (2) ongoing costs, primarily management fees. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other funds. The examples assume that you had a $1,000 investment at the beginning of the reporting period, November 1, 2022, and continued to hold your shares at the end of the reporting period, April 30, 2023.
Actual Expenses
For the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the Fund under the heading titled “Expenses Paid During the
Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The examples also assume all dividends and distributions have been reinvested. The examples do not take into account brokerage commissions that you pay when purchasing or selling shares of the Fund.
| Beginning Account Value November 1, 2022 | Ending Account Value April 30, 2023 | | |
JPMorgan International Research Enhanced Equity ETF | | | | |
| | | | |
| | | | |
|
| Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
| J.P. Morgan Exchange-Traded Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the effectiveness of the Program with respect to the identification of each Fund that qualifies as an “In-Kind ETF” (as defined in the Liquidity Rule); (2) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (3) the methodology and inputs for classifying the investments of a Fund (other than an In-Kind ETF) into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions (and, for In-Kind ETFs, the methodology and inputs for determining whether any investments should be classified as “Illiquid Investments” (as defined or modified under the Program)); (4) whether a Fund (other than an In-Kind ETF) invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether a Fund invested more than 15% of its assets in “Illiquid Investments” and the procedures for monitoring for this limit; and (6) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
| J.P. Morgan Exchange-Traded Funds | |
J.P. Morgan Exchange-Traded Funds are distributed by JPMorgan Distribution Services, Inc., an indirect, wholly-owned subsidiary of JPMorgan Chase & Co.
Contact J.P. Morgan Exchange-Traded Funds at 1-844-457-6383 (844-4JPM ETF) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the fund before investing. The prospectus contains this and other information about the fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of the Fund's policies and procedures with respect to the disclosure of the Fund's holdings is available in the prospectus and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-844-457-6383 and on the Fund's website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund's voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2023. All rights reserved. April 2023.
SAN-CONV-ETF-423
ITEM 2. CODE OF ETHICS.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to a semi-annual report.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant`s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the last fiscal quarter covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
| | (a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
Not applicable.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(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. |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| J.P. Morgan Exchange-Traded Fund Trust |
| |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | July 5, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By: | | /s/ Brian S. Shlissel |
| | Brian S. Shlissel |
| | President and Principal Executive Officer |
| | July 5, 2023 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | July 5, 2023 |
