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. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 | | Jon S. Rand, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
Registrant’s telephone number, including area code: 1-844-457-6383
Date of fiscal year end: October 31
Date of reporting period: November 1, 2023 through April 30, 2024
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, 2024 (Unaudited)
| | |
JPMorgan BetaBuilders Canada ETF | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
JPMorgan BetaBuilders Emerging Markets Equity 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 LetterJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
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“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
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The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
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 OVERVIEWSIX MONTHS ENDED April 30, 2024 (Unaudited)
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period. However, prices for developed market equities fell in April 2024, while emerging markets equity rose slightly.
By the start of November 2023, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,100 and 5,200 points in March 2024.
The S&P 500 Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in early 2024 and the remaining five companies accounted for 74% of the S&P 500 Index’s return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed broader equity markets. Equity prices in China recovered somewhat as the government adopted new economic stimulus measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
For the six months ended April 30, 2024, the S&P 500 Index returned 20.98%, the MSCI World Index returned 20.29%, MSCI EAFE Index returned 18.63% and the MSCI Emerging Markets Index returned 15.40%.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
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Morningstar® Canada Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
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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 generated a positive absolute return for the six months ended April 30, 2024 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 financials and information technology sectors were leading contributors to absolute performance, while their exposures to the communication services and health care sectors were 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Royal Bank of Canada (Canada) | |
| Toronto-Dominion Bank (The) (Canada) | |
| Shopify, Inc., Class A (Canada) | |
| Canadian Natural Resources Ltd. (Canada) | |
| | |
| Canadian Pacific Kansas City Ltd. (Canada) | |
| Canadian National Railway Co. (Canada) | |
| Bank of Montreal (Canada) | |
| Brookfield Corp. (Canada) | |
| Bank of Nova Scotia (The) (Canada) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $64.30 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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, 2024, the closing price was $64.36.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan BetaBuilders Canada ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024, 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 financials and materials sectors were leading contributors to absolute performance, while their exposures to the energy sector were the sole sector detractors from absolute performance.
By country or region, the Fund’s and the Underlying Index’s exposures to Australia and Singapore were leading contributors to absolute performance, while their exposures to Hong Kong were the sole 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 materials
sectors and their smallest allocations were to the information technology and communication services sectors. The Fund’s and the Underlying Index’s largest allocations by country or region were to Australia and Hong Kong and their smallest
allocations were to New Zealand and Singapore.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| BHP Group Ltd. (Australia) | |
| Commonwealth Bank of Australia (Australia) | |
| | |
| AIA Group Ltd. (Hong Kong) | |
| National Australia Bank Ltd. (Australia) | |
| Westpac Banking Corp. (Australia) | |
| ANZ Group Holdings Ltd. (Australia) | |
| DBS Group Holdings Ltd. (Singapore) | |
| Wesfarmers Ltd. (Australia) | |
| Macquarie Group Ltd. (Australia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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 $46.76 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
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, 2024, the closing price was $46.73.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | | |
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LIFE OF FUND PERFORMANCE (8/7/18 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
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| |
| |
Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan BetaBuilders Emerging Markets Equity ETF (the "Fund") seeks investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Emerging Markets 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 emerging countries. Using a "representative sampling" investment approach, the Fund chooses securities in an attempt to approximate the investment characteristics of the constituent securities of the Underlying Index.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive absolute return and performed in line with 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.
By sector, the Fund’s and the Underlying Index’s exposures to the information technology and financials sectors were leading contributors to absolute performance, while their exposures to the real estate and consumer staples sectors were the smallest contributors, and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to Taiwan and India were leading contributors to absolute performance, while their exposures to Thailand and Egypt were leading detractors 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 information technology sectors and their smallest allocations were to the real estate and utilities sectors. The Fund’s and the Underlying Index’s largest country allocations were to China and India and their smallest allocations were to Egypt and the Czech Republic.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| Tencent Holdings Ltd. (China) | |
| Alibaba Group Holding Ltd. (China) | |
| Reliance Industries Ltd. (India) | |
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| International Holding Co. PJSC (United Arab Emirates) | |
| PDD Holdings, Inc., ADR (China) | |
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PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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 $50.43 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $50.25.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
TOTAL RETURNS AS OF April 30, 2024
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan BetaBuilders Emerging Markets Equity ETF | | | |
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| | | |
LIFE OF FUND PERFORMANCE (5/10/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on May 10, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders Emerging Markets Equity ETF and Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) from May 10, 2023 to April 30, 2024. 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® Emerging Markets 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® Emerging Markets Target Market Exposure IndexSM (net total return) is a rules based, float market capitalization-weighted index designed to provide exposure to large-
and mid-cap stocks in emerging markets representing the top 85% of the investable universe by float-adjusted 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.
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 BetaBuilders Europe ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
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| |
Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
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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, 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 generated a positive absolute performance for the six months ended April 30, 2024, 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 financials and industrials sectors were leading contributors to absolute performance, while their exposures to the real estate and utilities sectors were the smallest contributors, and no sectors detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to the U.K. and France were leading contributors to absolute performance, while their exposures to Portugal and Norway were the smallest contributors, and no sector 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
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 Austria.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
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| AstraZeneca plc (United Kingdom) | |
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| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Novartis AG (Registered) (Switzerland) | |
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| HSBC Holdings plc (United Kingdom) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
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Others (each less than 1.0%) | |
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| 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 $57.87 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $57.98.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan BetaBuilders Europe ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024, 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 financials sectors were leading contributors to absolute performance, while their exposures to the consumer staples and utilities sectors were the smallest contributors, and no sector detracted from absolute performance.
By country, the Fund’s and the Underlying Index’s exposures to Japan and the U.K. were leading contributors to absolute performance, while their exposures to Hong Kong were the sole regional detractors from 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 Portugal and New
Zealand.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
| Toyota Motor Corp. (Japan) | |
| | |
| AstraZeneca plc (United Kingdom) | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Novartis AG (Registered) (Switzerland) | |
| | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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 $58.20 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $58.16.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan BetaBuilders International Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (12/3/19 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® Japan Target Market Exposure IndexSM (net total return) | |
Net Assets as of 4/30/2024 | |
| |
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 of stocks traded primarily on the Tokyo Stock Exchange or the Nagoya Stock Exchange. Using a "passive" investment approach, the Fund attempts to replicate the 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 generated a positive absolute return for the six months ended April 30, 2024, 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 consumer staples and utilities 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Toyota Motor Corp. (Japan) | |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | |
| | |
| Tokyo Electron Ltd. (Japan) | |
| | |
| | |
| | |
| Shin-Etsu Chemical Co. Ltd. (Japan) | |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | |
| Mitsui & Co. Ltd. (Japan) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $55.40 as of April 30, 2024.
**
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 the
| J.P. Morgan Exchange-Traded Funds | |
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, 2024, the closing price was $55.34.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan BetaBuilders Japan ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (6/15/18 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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 Japanese 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® US Target Market Exposure IndexSM | |
Net Assets as of 4/30/2024 | |
| |
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. The Underlying Index 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?
The Fund generated a positive absolute return for the six months ended April 30, 2024 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 financials sectors were leading contributors to absolute performance, while their exposures to the real estate and utilities sectors were the smallest contributors to absolute performance, 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 information technology and financials sectors, while their smallest allocations were to
the utilities and materials sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| Berkshire Hathaway, Inc., Class B | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $90.67 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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, 2024, the closing price was $90.64.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan BetaBuilders U.S. Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (3/12/19 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® US Mid Cap Target Market Exposure Extended IndexSM | |
Net Assets as of 4/30/2024 | |
| |
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 primarily in the U.S. The Underlying Index 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 generated a positive absolute return for the six months ended April 30, 2024 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 communication services and utilities sectors were the smallest contributors to absolute performance, 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, while their smallest allocations were to
communication services and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Super Micro Computer, Inc. | |
| Vertiv Holdings Co., Class A | |
| Builders FirstSource, Inc. | |
| | |
| | |
| DraftKings, Inc., Class A | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $86.20 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of April 30, 2024, the closing price was $86.26.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (4/14/20 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
Morningstar® US Small Cap Target Market Exposure Extended IndexSM | |
Net Assets as of 4/30/2024 | |
| |
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 primarily traded in the U.S. The Underlying Index 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 generated a positive absolute return for the six months ended April 30, 2024, 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 health care sectors were leading contributors to absolute performance, while their exposures to the utilities 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 industrials sectors and their smallest allocations were to the utilities and
communications services sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Viking Therapeutics, Inc. | |
| | |
| | |
| | |
| Equitrans Midstream Corp. | |
| Abercrombie & Fitch Co., Class A | |
| | |
| | |
| NEXTracker, Inc., Class A | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $58.78 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of April 30, 2024, the closing price was $58.82.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (11/16/20 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JPMorgan Asset Management Carbon Transition U.S. Equity Index | |
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Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024, 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 industrials sectors were leading contributors to absolute performance, while their exposures to the telecommunications and real estate sectors were the smallest contributors and no sectors detracted from absolute performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections within the health care and industrials sectors were leading contributors to performance, while their security selections within the technology and financials 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
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| |
| |
| |
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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
| J.P. Morgan Exchange-Traded Funds | |
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 $67.91 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $67.99.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan Carbon Transition U.S. Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (12/9/20 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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 designed to achieve a meaningful reduction in carbon intensity without relying on significant 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) | |
FTSE Emerging Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024, and differences in net asset value calculations and foreign exchange pricing between the Underlying Index and the Fund, and fees and operating expenses incurred by the Fund were responsible for the performance variance. The Fund 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 financials and industrials super-sectors were leading contributors to absolute performance, while their positions in the basic materials and consumer super-sector 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 Asia-Pacific, excluding China (“APAC ex-China”) were leading contributors to absolute performance, while their positions in Latin America (“LATAM”) 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 allocations to the industrials super-sector and their multi-factor security selections in the industrials super-sectors were leading detractors from performance, while their multi-factor security selection in the financials and consumer super-sectors were leading contributors to relative performance.
Relative to the FTSE Emerging Index, the Fund’s and the Underlying Index’s underweight positions in the APAC ex-China region and their multi-factor security selections in APAC ex China were leading detractors from performance, while their multi-factor security selections in 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 consumer super-sectors, while their smallest allocations were to the industrials and materials super-sectors. The Fund’s and the Underlying Index’s largest regional allocations were to APAC ex-China and to the Europe, Middle East and Africa region,
while their smallest allocations were to China and LATAM.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (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 $54.25 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $54.29.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| | |
| Petroleo Brasileiro SA (Preference) (Brazil) | |
| Bank of China Ltd., Class H (China) | |
| Grupo Financiero Banorte SAB de CV, Class O (Mexico) | |
| | |
| Tata Consultancy Services Ltd. (India) | |
| Reliance Industries Ltd. (India) | |
| Hindustan Unilever Ltd. (India) | |
| Saudi Arabian Oil Co. (Saudi Arabia) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
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Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan Diversified Return Emerging Markets Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (1/7/15 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor International Equity Index (net total return) | |
FTSE Developed ex North America Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute performance for the six months ended April 30, 2024, 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 industrials and financials sectors were leading contributors to absolute performance, while their positions in the telecommunications and energy 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 Asia Pacific, excluding Japan, were leading contributors to absolute performance. Their positions in the U.K. and Europe, excluding 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 overweight positions in the consumer staples sector and their underweight positions in the industrials sector were leading detractors from performance, while their multi-factor security selections in the consumer staples and technology sectors were leading contributors to relative performance.
The Fund’s and the Underlying Index’s multi-factor security selections in Europe, excluding the U.K., and in Japan were leading detractors from performance relative to the FTSE Developed ex North America Index, while the Fund’s and the Underlying Index’s multi-factor security selections in the U.K. and in Asia Pacific, excluding Japan, were leading regional contributor to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer 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, excluding the U.K., and the U.K.
| 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 $54.98 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $54.86.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| HSBC Holdings plc (United Kingdom) | |
| | |
| AstraZeneca plc (United Kingdom) | |
| 3i Group plc (United Kingdom) | |
| KB Financial Group, Inc. (South Korea) | |
| | |
| | |
| | |
| Tokyu Fudosan Holdings Corp. (Japan) | |
| BAE Systems plc (United Kingdom) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
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| |
| |
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Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan Diversified Return International Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (11/5/14 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor US Equity Index | |
| |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute performance for the six months April 30, 2024, 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 industrials and consumer discretionary sectors were leading contributors to absolute performance, while their positions in the telecommunications sector were the smallest contributors and no sectors detracted 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 overweight positions in the consumer staples sector were leading detractors from performance, while their multi-factor security selections in the consumer discretionary and industrials sectors were leading contributors to relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the consumer staples and health care sectors, while their smallest allocations were to the
telecommunications and energy sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| Southern Copper Corp. (Mexico) | |
| | |
| | |
| | |
| Public Service Enterprise Group, Inc. | |
| Dick's Sporting Goods, Inc. | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $106.89 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of April 30, 2024, the closing price was $106.94.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan Diversified Return U.S. Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (9/29/15 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor US Mid Cap Equity Index | |
| |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute performance for the six months ended April 30, 2024, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index underperformed the Russell Midcap Index, which is a more traditional market capitalization weighted index.
The Fund’s and the Underlying Index’s positions in the consumer discretionary and industrials sectors were leading contributors to absolute performance, while the Fund’s and the Underlying Index’s positions in the telecommunications sector were the sole sectors detractors from absolute performance.
Relative to the Russell Midcap Index, the Fund’s and the Underlying Index’s multi-factor security selections in the financials sector and their underweight positions in the industrials sector were leading detractors from performance, while their multi-factor security selections in the consumer discretionary and real estate sectors 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 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| Dick's Sporting Goods, Inc. | |
| Public Service Enterprise Group, Inc. | |
| Constellation Energy Corp. | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $94.12 as of April 30, 2024.
**
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 the market price during the period, and sale at the market price on
| J.P. Morgan Exchange-Traded Funds | |
the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca, Inc. As of April 30, 2024, the closing price was $94.18.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (5/11/16 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan Diversified Factor US Small Cap Equity Index | |
| |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute performance for the six months ended April 30, 2024, and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. Both the Fund and the Underlying Index underperformed the Russell 2000 Index, which is a more traditional market capitalization-weighted index.
The Fund’s and the Underlying Index’s positions in the industrials and consumer discretionary sectors were leading contributors to absolute performance, while their positions in the telecommunication sector were the sole sector detractors from absolute performance.
Relative to the Russell 2000 Index, the Fund’s and the Underlying Index’s multi-factor security selections in the health care sector and their overweight positions in the telecommunications sector were leading detractors from relative performance, while their multi-factor security selections in the energy and consumer discretionary sectors were leading contributors to performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the financials and real estate sectors, while their smallest allocations were to the telecommunications and utilities sectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Jackson Financial, Inc., Class A | |
| | |
| | |
| | |
| | |
| Carpenter Technology Corp. | |
| | |
| | |
| National Health Investors, Inc. | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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 $42.78 as of April 30, 2024.
**
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 the
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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, Inc. As of April 30, 2024, the closing price was $42.84.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (11/15/16 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan US Momentum Factor Index | |
Russell 1000 Growth Index | |
| |
Net Assets as of 4/30/2024 | |
| |
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. equity 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 generated a positive absolute return for the six months ended April 30, 2024 and performed in line with the Underlying Index, before considering operating expenses, fees and tax management of the Fund’s portfolio. The Fund and the Underlying Index outperformed both the Russell 1000 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 industrials sectors were leading contributors to performance, while their positions in the telecommunications and real estate sectors were the smallest contributors to performance, and no sectors detracted from performance.
Relative to the Russell 1000 Growth Index, the Fund’s and the Underlying Index’s security selections in the industrials and technology sectors were leading contributors to performance, while their underweight positions in the technology sector and their security selections in the financials sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and Underlying Index’s largest allocations were to the technology and 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| Berkshire Hathaway, Inc., Class B | |
| | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
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 $49.98 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $50.03.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan U.S. Momentum Factor ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan US Quality Factor Index | |
| |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024 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.
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 telecommunications and basic materials sectors were the smallest contributors and no sectors detracted from performance.
Relative to the Russell 1000 Index, the Fund’s and the Underlying Index’s security selections in the financials and industrials sectors were leading detractors from performance, while the Fund’s and the Underlying Index’s security selections in the technology and real estate sectors were the 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 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| Berkshire Hathaway, Inc., Class B | |
| | |
| | |
| | |
| Mastercard, Inc., Class A | |
| Procter & Gamble Co. (The) | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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 $50.07 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $50.06.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan U.S. Quality Factor ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
JP Morgan US Value Factor Index | |
| |
| |
Net Assets as of 4/30/2024 | |
| |
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 generated a positive absolute return for the six months ended April 30, 2024, 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 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 telecommunications sector were the sole sector detractor 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 security selections in the consumer discretionary sector were leading contributors to performance. The Fund’s and the Underlying Index’s underweight positions in the financials sector and their security selections in the health care sector were leading detractors from relative performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s and the Underlying Index’s largest allocations were to the 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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
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 $39.41 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $39.42.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
JPMorgan U.S. Value Factor ETF | | | | | |
| | | | | |
| | | | | |
LIFE OF FUND PERFORMANCE (11/8/17 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.3% |
| | |
Automobile Components — 0.7% |
Magna International, Inc. | | |
|
| | |
Bank of Nova Scotia (The) | | |
Canadian Imperial Bank of Commerce | | |
| | |
| | |
Toronto-Dominion Bank (The) | | |
| | |
|
Canadian Tire Corp. Ltd., Class A (a) | | |
| | |
| | |
|
Brookfield Asset Management Ltd., Class A | | |
| | |
| | |
| | |
| | |
|
| | |
Commercial Services & Supplies — 3.2% |
| | |
| | |
Waste Connections, Inc. (a) | | |
| | |
Construction & Engineering — 1.0% |
| | |
Consumer Staples Distribution & Retail — 4.3% |
Alimentation Couche-Tard, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.4% |
CCL Industries, Inc., Class B | | |
| | |
|
Diversified Telecommunication Services — 1.1% |
| | |
| | |
| | |
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Ground Transportation — 7.8% |
Canadian National Railway Co. | | |
Canadian Pacific Kansas City Ltd. | | |
| | |
| | |
Hotels, Restaurants & Leisure — 1.1% |
Restaurant Brands International, Inc. | | |
Independent Power and Renewable Electricity Producers — 0.2% |
Brookfield Renewable Corp. | | |
|
Fairfax Financial Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
First Quantum Minerals Ltd. | | |
| | |
Ivanhoe Mines Ltd., Class A * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Metals & Mining — continued |
| | |
| | |
Teck Resources Ltd., Class B | | |
Wheaton Precious Metals Corp. | | |
| | |
|
Canadian Utilities Ltd., Class A (a) | | |
Oil, Gas & Consumable Fuels — 18.3% |
| | |
| | |
Canadian Natural Resources Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Paper & Forest Products — 0.2% |
West Fraser Timber Co. Ltd. | | |
Passenger Airlines — 0.1% |
| | |
Professional Services — 1.2% |
| | |
Real Estate Management & Development — 0.3% |
| | |
|
Canadian Apartment Properties (a) | | |
|
| | |
|
Constellation Software, Inc. | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.3% |
| | |
Trading Companies & Distributors — 0.2% |
Finning International, Inc. | | |
| | |
|
Wireless Telecommunication Services — 0.7% |
Rogers Communications, Inc., Class B | | |
Total Common Stocks
(Cost $5,738,303,526) | | |
| | |
|
|
Constellation Software, Inc., Zero Coupon, 3/31/2040 ‡ *
(Cost $-) | | |
| | |
Short-Term Investments — 1.3% |
Investment of Cash Collateral from Securities Loaned — 1.3% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $89,929,810) | | |
Total Investments — 100.7%
(Cost $5,828,233,336) | | |
Liabilities in Excess of Other Assets — (0.7)% | | |
| | |
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, 2024. The total value of securities on loan at April 30, 2024 is $81,758,457. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Insurance Australia Group Ltd. | | |
| | |
| | |
| | |
| | |
| | |
National Australia Bank Ltd. | | |
Northern Star Resources Ltd. | | |
| | |
| | |
Pilbara Minerals Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Seven Group Holdings Ltd. | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
Washington H Soul Pattinson & Co. Ltd. | | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
Budweiser Brewing Co. APAC Ltd. (b) | | |
| | |
Wharf Holdings Ltd. (The) | | |
Wilmar International Ltd. | | |
Wuxi Biologics Cayman, Inc. * (b) | | |
| | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
Hang Lung Properties Ltd. | | |
| | |
Henderson Land Development Co. Ltd. | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Jardine Matheson Holdings Ltd. | | |
| | |
| | |
Power Assets Holdings Ltd. | | |
| | |
Sun Hung Kai Properties Ltd. | | |
Swire Pacific Ltd., Class A | | |
Swire Pacific Ltd., Class B | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Techtronic Industries Co. Ltd. | | |
| | |
Wharf Real Estate Investment Co. Ltd. | | |
| | |
|
Galaxy Entertainment Group Ltd. | | |
| | |
| | |
|
Auckland International Airport Ltd. | | |
| | |
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
| | |
| | |
|
CapitaLand Ascendas, 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 $4,718,795,251) | | |
Short-Term Investments — 0.1% |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $5,874,935) | | |
Total Investments — 99.6%
(Cost $4,724,670,186) | | |
Other Assets Less Liabilities — 0.4% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Clearing House Electronic Subregister System (CHESS) Depository Interest |
| Real Estate Investment Trust |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $5,342,700. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
Real Estate Management & Development | |
Oil, Gas & Consumable Fuels | |
| |
Hotels, Restaurants & Leisure | |
| |
Consumer Staples Distribution & Retail | |
| |
| |
Transportation Infrastructure | |
Diversified Telecommunication Services | |
| |
Health Care Equipment & Supplies | |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Morgan Stanley Capital International |
| |
| Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Yancoal Australia Ltd. (a) | | |
|
| | |
| | |
B3 SA - Brasil Bolsa Balcao | | |
| | |
Banco Bradesco SA (Preference) | | |
| | |
| | |
BB Seguridade Participacoes SA | | |
Braskem SA (Preference), Class A * | | |
Caixa Seguridade Participacoes S/A | | |
| | |
Centrais Eletricas Brasileiras SA | | |
Centrais Eletricas Brasileiras SA (Preference) | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | |
Cia Energetica de Minas Gerais (Preference) | | |
Cia Siderurgica Nacional SA | | |
Companhia Paranaense de Energia | | |
Companhia Paranaense de Energia (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hapvida Participacoes e Investimentos SA * (a) | | |
| | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
Rede D'Or Sao Luiz SA (a) | | |
| | |
| | |
|
|
Sendas Distribuidora SA * | | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica S/A | | |
| | |
| | |
| | |
| | |
|
| | |
Banco de Credito e Inversiones SA | | |
| | |
| | |
| | |
Cia Sud Americana de Vapores SA | | |
| | |
| | |
| | |
| | |
| | |
Latam Airlines Group SA * | | |
| | |
Sociedad Quimica y Minera de Chile SA (Preference), Class B | | |
| | |
|
360 Security Technology, Inc., Class A * | | |
37 Interactive Entertainment Network Technology Group Co. Ltd. | | |
AAC Technologies Holdings, Inc. | | |
AECC Aviation Power Co. Ltd., Class A | | |
Agricultural Bank of China Ltd., Class A | | |
Agricultural Bank of China Ltd., Class H | | |
Airtac International Group | | |
| | |
Alibaba Group Holding Ltd. | | |
Alibaba Health Information Technology Ltd. * | | |
Aluminum Corp. of China Ltd., Class A | | |
Aluminum Corp. of China Ltd., Class H | | |
Anhui Conch Cement Co. Ltd., Class A | | |
Anhui Conch Cement Co. Ltd., Class H | | |
Anhui Gujing Distillery Co. Ltd., Class A | | |
Anhui Gujing Distillery Co. Ltd., Class B | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Anjoy Foods Group Co. Ltd., Class A | | |
ANTA Sports Products Ltd. | | |
Asymchem Laboratories Tianjin Co. Ltd., Class A | | |
Atour Lifestyle Holdings Ltd., ADR | | |
| | |
AviChina Industry & Technology Co. Ltd., Class H | | |
BAIC BluePark New Energy Technology Co. Ltd., Class A * | | |
| | |
Baiyin Nonferrous Group Co. Ltd., Class A | | |
Bank of Beijing Co. Ltd., Class A | | |
Bank of China Ltd., Class H | | |
Bank of Communications Co. Ltd., Class A | | |
Bank of Communications Co. Ltd., Class H | | |
Bank of Jiangsu Co. Ltd., Class A | | |
Bank of Nanjing Co. Ltd., Class A | | |
Bank of Ningbo Co. Ltd., Class A | | |
Baoshan Iron & Steel Co. Ltd., Class A | | |
| | |
Beijing Enterprises Holdings Ltd. | | |
Beijing Enterprises Water Group Ltd. | | |
Beijing Kingsoft Office Software, Inc., Class A | | |
Beijing Tongrentang Co. Ltd., Class A | | |
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A | | |
Bilibili, Inc., Class Z * | | |
| | |
BOC Hong Kong Holdings Ltd. | | |
BOE Technology Group Co. Ltd., Class A | | |
Bosideng International Holdings Ltd. | | |
| | |
| | |
BYD Electronic International Co. Ltd. | | |
C&D International Investment Group Ltd. | | |
Cambricon Technologies Corp. Ltd., Class A * | | |
CGN Power Co. Ltd., Class A | | |
CGN Power Co. Ltd., Class H (a) | | |
Changchun High-Tech Industry Group Co. Ltd. | | |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | | |
China CITIC Bank Corp. Ltd., Class H | | |
China Coal Energy Co. Ltd., Class H | | |
China Construction Bank Corp., Class H | | |
China CSSC Holdings Ltd., Class A | | |
China Eastern Airlines Corp. Ltd., Class A * | | |
| | |
|
|
China Everbright Bank Co. Ltd., Class A | | |
China Everbright Environment Group Ltd. | | |
| | |
China First Heavy Industries Co. Ltd., Class A * | | |
China Galaxy Securities Co. Ltd., Class H | | |
| | |
China Great Wall Securities Co. Ltd., Class A | | |
China Hongqiao Group Ltd. | | |
China International Capital Corp. Ltd., Class H (a) | | |
China International Marine Containers Group Co. Ltd., Class H | | |
China Jushi Co. Ltd., Class A | | |
China Lesso Group Holdings Ltd. | | |
China Life Insurance Co. Ltd., Class H | | |
China Literature Ltd. * (a) | | |
China Longyuan Power Group Corp. Ltd., Class A | | |
China Longyuan Power Group Corp. Ltd., Class H | | |
China Medical System Holdings Ltd. | | |
China Mengniu Dairy Co. Ltd. | | |
China Merchants Bank Co. Ltd., Class A | | |
China Merchants Bank Co. Ltd., Class H | | |
China Merchants Energy Shipping Co. Ltd., Class A | | |
China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A | | |
China Merchants Port Holdings Co. Ltd. | | |
China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A | | |
China Minsheng Banking Corp. Ltd., Class A | | |
China Minsheng Banking Corp. Ltd., Class H | | |
China National Building Material Co. Ltd., Class H | | |
China National Nuclear Power Co. Ltd., Class A | | |
China Northern Rare Earth Group High-Tech Co. Ltd., Class A | | |
China Oilfield Services Ltd., Class H | | |
China Overseas Land & Investment Ltd. | | |
China Pacific Insurance Group Co. Ltd., Class A | | |
China Pacific Insurance Group Co. Ltd., Class H | | |
China Petroleum & Chemical Corp., Class A | | |
China Petroleum & Chemical Corp., Class H | | |
China Power International Development Ltd. | | |
China Railway Group Ltd., Class A | | |
China Railway Group Ltd., Class H | | |
China Resources Beer Holdings Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
China Resources Gas Group Ltd. | | |
China Resources Land Ltd. | | |
China Resources Mixc Lifestyle Services Ltd. (a) | | |
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 A | | |
China Shenhua Energy Co. Ltd., Class H | | |
China Southern Airlines Co. Ltd., Class A * | | |
China Suntien Green Energy Corp. Ltd., Class A | | |
China Taiping Insurance Holdings Co. Ltd. | | |
China Three Gorges Renewables Group Co. Ltd., Class A | | |
China Tourism Group Duty Free Corp. Ltd., Class A | | |
China Tourism Group Duty Free Corp. Ltd., Class H (a) | | |
China Tower Corp. Ltd., Class H (a) | | |
China Vanke Co. Ltd., Class A | | |
China Vanke Co. Ltd., Class H | | |
China Yangtze Power Co. Ltd., Class A | | |
Chongqing Changan Automobile Co. Ltd., Class A | | |
Chow Tai Fook Jewellery Group Ltd. | | |
| | |
CITIC Securities Co. Ltd., Class A | | |
CITIC Securities Co. Ltd., Class H | | |
| | |
| | |
COSCO SHIPPING Energy Transportation Co. Ltd., Class A | | |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | | |
COSCO SHIPPING Holdings Co. Ltd., Class H | | |
Country Garden Holdings Co. Ltd. ‡ * (b) | | |
Country Garden Services Holdings Co. Ltd. | | |
CSC Financial Co. Ltd., Class A | | |
CSPC Pharmaceutical Group Ltd. | | |
Daqin Railway Co. Ltd., Class A | | |
East Buy Holding Ltd. * (a) | | |
| | |
ENN Natural Gas Co. Ltd., Class A | | |
Everdisplay Optronics Shanghai Co. Ltd., Class A * | | |
| | |
| | |
|
|
Flat Glass Group Co. Ltd., Class A | | |
Flat Glass Group Co. Ltd., Class H | | |
Focus Media Information Technology Co. Ltd., Class A | | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | |
Foxconn Industrial Internet Co. Ltd., Class A | | |
Full Truck Alliance Co. Ltd., ADR | | |
Fuyao Glass Industry Group Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | | |
Ganfeng Lithium Group Co. Ltd. (a) | | |
Ganfeng Lithium Group Co. Ltd., Class A | | |
GCL Technology Holdings Ltd. | | |
GD Power Development Co. Ltd., Class A | | |
Geely Automobile Holdings Ltd. | | |
Genscript Biotech Corp. * | | |
GF Securities Co. Ltd., Class H | | |
Giant Biogene Holding Co. Ltd. * (a) | | |
GigaDevice Semiconductor, Inc., Class A | | |
| | |
Great Wall Motor Co. Ltd., Class A | | |
Great Wall Motor Co. Ltd., Class H | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | |
Guangdong Haid Group Co. Ltd., Class A | | |
Guangdong Investment Ltd. | | |
Guanghui Energy Co. Ltd., Class A | | |
Guangzhou Tinci Materials Technology Co. Ltd., Class A | | |
Guosen Securities Co. Ltd., Class A | | |
Guoyuan Securities Co. Ltd., Class A | | |
| | |
Haidilao International Holding Ltd. (a) | | |
Haier Smart Home Co. Ltd., Class A | | |
Haier Smart Home Co. Ltd., Class H | | |
Hainan Airlines Holding Co. Ltd., Class A * | | |
Haitian International Holdings Ltd. | | |
Haitong Securities Co. Ltd., Class H | | |
Hangzhou First Applied Material Co. Ltd., Class A | | |
Hansoh Pharmaceutical Group Co. Ltd. (a) | | |
Henan Shuanghui Investment & Development Co. Ltd., Class A | | |
Hengan International Group Co. Ltd. | | |
Hengli Petrochemical Co. Ltd., Class A * | | |
Hisense Home Appliances Group Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Hoyuan Green Energy Co. Ltd. | | |
Hua Hong Semiconductor Ltd. * (a) | | |
Huadian Power International Corp. Ltd., Class A | | |
Huadian Power International Corp. Ltd., Class H | | |
Huadong Medicine Co. Ltd., Class A | | |
Hualan Biological Engineering, Inc., Class A | | |
Huaneng Power International, Inc., Class A * | | |
Huaneng Power International, Inc., Class H * | | |
Huatai Securities Co. Ltd., Class A | | |
Huatai Securities Co. Ltd., Class H (a) | | |
Huaxia Bank Co. Ltd., Class A | | |
Huayu Automotive Systems Co. Ltd., Class A | | |
Huizhou Desay Sv Automotive Co. Ltd., Class A | | |
Hundsun Technologies, Inc., Class A | | |
Hygeia Healthcare Holdings Co. Ltd. (a) | | |
IEIT Systems Co. Ltd., Class A | | |
Iflytek Co. Ltd., Class A | | |
Industrial & Commercial Bank of China Ltd., Class A | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
Industrial Bank Co. Ltd., Class A | | |
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A * | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
Inner Mongolia Yitai Coal Co. Ltd., Class B | | |
Innovent Biologics, Inc. * (a) | | |
| | |
JA Solar Technology Co. Ltd., Class A * | | |
JD Health International, Inc. * (a) | | |
| | |
| | |
Jiangsu Eastern Shenghong Co. Ltd., Class A | | |
Jiangsu Expressway Co. Ltd., Class H | | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A | | |
Jiangsu King's Luck Brewery JSC Ltd., Class A | | |
Jiangsu Yanghe Distillery Co. Ltd., Class A | | |
Jiangsu Zhongtian Technology Co. Ltd., Class A | | |
Jiangxi Copper Co. Ltd., Class H | | |
Jinko Solar Co. Ltd., Class A | | |
JiuGui Liquor Co. Ltd., Class A | | |
Jointown Pharmaceutical Group Co. Ltd., Class A | | |
| | |
|
|
KE Holdings, Inc., Class A | | |
| | |
Kingdee International Software Group Co. Ltd. * | | |
| | |
Kuaishou Technology * (a) | | |
| | |
Kweichow Moutai Co. Ltd., Class A | | |
| | |
| | |
| | |
Liaoning Cheng Da Co. Ltd., Class A | | |
Liaoning Port Co. Ltd., Class A | | |
Longfor Group Holdings Ltd. (a) | | |
LONGi Green Energy Technology Co. Ltd., Class A | | |
Luxshare Precision Industry Co. Ltd., Class A | | |
Luzhou Laojiao Co. Ltd., Class A | | |
| | |
Microport Scientific Corp. * | | |
MINISO Group Holding Ltd. | | |
| | |
Montage Technology Co. Ltd., Class A | | |
Muyuan Foods Co. Ltd., Class A | | |
NARI Technology Co. Ltd., Class A | | |
NAURA Technology Group Co. Ltd., Class A | | |
| | |
New China Life Insurance Co. Ltd., Class A | | |
New China Life Insurance Co. Ltd., Class H | | |
New Hope Liuhe Co. Ltd., Class A * | | |
New Oriental Education & Technology Group, Inc. * | | |
Ningbo Deye Technology Co. Ltd., Class A | | |
Ningbo Tuopu Group Co. Ltd., Class A | | |
Ningxia Baofeng Energy Group Co. Ltd., Class A | | |
| | |
Nongfu Spring Co. Ltd., Class H (a) | | |
PDD Holdings, Inc., ADR * | | |
People.cn Co. Ltd., Class A | | |
People's Insurance Co. Group of China Ltd. (The), Class H | | |
PetroChina Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H | | |
Ping An Bank Co. Ltd., Class A | | |
Ping An Healthcare and Technology Co. Ltd. * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Ping An Insurance Group Co. of China Ltd., Class A | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Poly Developments and Holdings Group Co. Ltd., Class A | | |
Pop Mart International Group Ltd. (a) | | |
Postal Savings Bank of China Co. Ltd., Class A | | |
Postal Savings Bank of China Co. Ltd., Class H (a) | | |
Power Construction Corp. of China Ltd., Class A | | |
Qingdao Rural Commercial Bank Corp., Class A * | | |
Qinghai Salt Lake Industry Co. Ltd., Class A * | | |
Remegen Co. Ltd., Class H * (a) | | |
Rongsheng Petrochemical Co. Ltd., Class A | | |
SAIC Motor Corp. Ltd., Class A | | |
Sanan Optoelectronics Co. Ltd., Class A | | |
Sany Heavy Equipment International Holdings Co. Ltd. | | |
Sany Heavy Industry Co. Ltd., Class A | | |
Seres Group Co. Ltd., Class A * | | |
SF Holding Co. Ltd., Class A | | |
Shaanxi Beiyuan Chemical Industry Group Co. Ltd., Class A | | |
Shaanxi Coal Industry Co. Ltd., Class A | | |
Shandong Gold Mining Co. Ltd., Class A | | |
Shandong Gold Mining Co. Ltd., Class H (a) | | |
Shandong Hi-Speed Holdings Group Ltd. * (b) | | |
Shandong Nanshan Aluminum Co. Ltd., Class A | | |
Shandong Weigao Group Medical Polymer Co. Ltd., Class H | | |
Shanghai Baosight Software Co. Ltd., Class A | | |
Shanghai Baosight Software Co. Ltd., Class B | | |
Shanghai Electric Group Co. Ltd., Class A * | | |
Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H | | |
Shanghai Fudan Microelectronics Group Co. Ltd., Class H | | |
Shanghai International Airport Co. Ltd., Class A * | | |
Shanghai Jahwa United Co. Ltd., Class A | | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | | |
Shanghai Pudong Development Bank Co. Ltd., Class A | | |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | | |
| | |
|
|
Shanxi Coking Coal Energy Group Co. Ltd., Class A | | |
Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A | | |
Shanxi Meijin Energy Co. Ltd., Class A * | | |
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A | | |
Shennan Circuits Co. Ltd., Class A | | |
Shenwan Hongyuan Group Co. Ltd., Class A | | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | |
Shenzhou International Group Holdings Ltd. | | |
Sichuan Chuantou Energy Co. Ltd., Class A | | |
Sichuan Road and Bridge Group Co. Ltd., Class A | | |
| | |
Sinomach Heavy Equipment Group Co. Ltd., Class A * | | |
Sinopec Oilfield Service Corp., Class A * | | |
Sinopharm Group Co. Ltd., Class H | | |
| | |
| | |
Smoore International Holdings Ltd. (a) | | |
StarPower Semiconductor Ltd., Class A | | |
Sunny Optical Technology Group Co. Ltd. | | |
TAL Education Group, ADR * | | |
| | |
TCL Technology Group Corp., Class A * | | |
TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A | | |
| | |
Tencent Music Entertainment Group, Class A * | | |
Tianqi Lithium Corp., Class A | | |
Tingyi Cayman Islands Holding Corp. | | |
Tongcheng Travel Holdings Ltd. * (a) | | |
Tonghua Dongbao Pharmaceutical Co. Ltd., Class A | | |
Tongwei Co. Ltd., Class A | | |
Topsports International Holdings Ltd. (a) | | |
| | |
Tsingtao Brewery Co. Ltd. | | |
| | |
Unigroup Guoxin Microelectronics Co. Ltd., Class A * | | |
Uni-President China Holdings Ltd. | | |
Unisplendour Corp. Ltd., Class A * | | |
Vipshop Holdings Ltd., ADR | | |
Wanhua Chemical Group Co. Ltd., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Want Want China Holdings Ltd. | | |
Weichai Power Co. Ltd., Class A | | |
Weichai Power Co. Ltd., Class H | | |
Will Semiconductor Co. Ltd., Class A | | |
Wingtech Technology Co. Ltd., Class A * | | |
Wuliangye Yibin Co. Ltd., Class A | | |
WUS Printed Circuit Kunshan Co. Ltd., Class A * | | |
WuXi AppTec Co. Ltd., Class A | | |
WuXi AppTec Co. Ltd., Class H (a) | | |
XCMG Construction Machinery Co. Ltd., Class A | | |
Xiamen Faratronic Co. Ltd., Class A | | |
Xinjiang Daqo New Energy Co. Ltd., Class A * | | |
Xinyi Glass Holdings Ltd. | | |
Xinyi Solar Holdings Ltd. | | |
| | |
Yadea Group Holdings Ltd. (a) | | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
Yankuang Energy Group Co. Ltd., Class A | | |
Yankuang Energy Group Co. Ltd., Class H | | |
Yongan Futures Co. Ltd., Class A | | |
| | |
| | |
Yunnan Energy New Material Co. Ltd., Class A | | |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A | | |
Zhaojin Mining Industry Co. Ltd., Class H | | |
Zhejiang Century Huatong Group Co. Ltd., Class A * | | |
Zhejiang China Commodities City Group Co. Ltd., Class A | | |
Zhejiang Dahua Technology Co. Ltd., Class A | | |
Zhejiang Huayou Cobalt Co. Ltd., Class A | | |
Zhejiang Leapmotor Technology Co. Ltd. * (a) | | |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | | |
Zhejiang Zheneng Electric Power Co. Ltd., Class A * | | |
ZhongAn Online P&C Insurance Co. Ltd., Class H * (a) | | |
Zhongsheng Group Holdings Ltd. | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | |
Zijin Mining Group Co. Ltd., Class A | | |
Zijin Mining Group Co. Ltd., Class H | | |
| | |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | | |
| | |
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|
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|
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| | |
Bancolombia SA (Preference) | | |
| | |
Grupo Energia Bogota SA ESP | | |
| | |
Interconexion Electrica SA ESP | | |
| | |
|
| | |
| | |
| | |
|
Commercial International Bank - Egypt (CIB) | | |
|
Eurobank Ergasias Services and Holdings SA * | | |
Hellenic Telecommunications Organization SA | | |
| | |
Motor Oil Hellas Corinth Refineries SA | | |
| | |
National Bank of Greece SA * | | |
| | |
| | |
| | |
|
J&T Global Express Ltd. * (b) | | |
Nine Dragons Paper Holdings Ltd. * | | |
Orient Overseas International Ltd. | | |
Sino Biopharmaceutical Ltd. | | |
| | |
|
MOL Hungarian Oil & Gas plc | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
Adani Energy Solutions Ltd. * | | |
| | |
Adani Green Energy Ltd. * | | |
Adani Ports & Special Economic Zone Ltd. | | |
| | |
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| | |
| | |
Apollo Hospitals Enterprise Ltd. | | |
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AU Small Finance Bank Ltd. (a) | | |
| | |
Avenue Supermarts Ltd. * (a) | | |
| | |
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Balkrishna Industries Ltd. | | |
| | |
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Bharat Petroleum Corp. Ltd. | | |
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Britannia Industries Ltd. * | | |
| | |
CG Power & Industrial Solutions Ltd. | | |
Cholamandalam Investment and Finance Co. Ltd. | | |
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Colgate-Palmolive India Ltd. | | |
Container Corp. of India Ltd. | | |
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Dr Reddy's Laboratories Ltd. | | |
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Embassy Office Parks, REIT | | |
FSN E-Commerce Ventures Ltd. * | | |
| | |
Godrej Consumer Products Ltd. | | |
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| | |
HDFC Asset Management Co. Ltd. (a) | | |
| | |
HDFC Life Insurance Co. Ltd. (a) | | |
| | |
| | |
Hindustan Aeronautics Ltd. (a) | | |
Hindustan Petroleum Corp. Ltd. | | |
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| | |
ICICI Lombard General Insurance Co. Ltd. (a) | | |
ICICI Prudential Life Insurance Co. Ltd. (a) | | |
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Indian Railway Catering & Tourism Corp. Ltd. | | |
Indian Railway Finance Corp. Ltd. (a) | | |
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InterGlobe Aviation Ltd. * (a) | | |
| | |
Jindal Steel & Power Ltd. | | |
Jio Financial Services Ltd. * | | |
| | |
| | |
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L&T Technology Services Ltd. (a) | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Macrotech Developers Ltd. (a) | | |
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Max Healthcare Institute Ltd. | | |
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Oil & Natural Gas Corp. Ltd. | | |
One 97 Communications Ltd. * | | |
Oracle Financial Services Software Ltd. | | |
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Power Grid Corp. of India Ltd. | | |
Procter & Gamble Hygiene & Health Care Ltd. | | |
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Samvardhana Motherson International Ltd. | | |
SBI Cards & Payment Services Ltd. | | |
SBI Life Insurance Co. Ltd. (a) | | |
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Solar Industries India Ltd. | | |
Sona Blw Precision Forgings Ltd. (a) | | |
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Star Health & Allied Insurance Co. Ltd. * | | |
| | |
Steel Authority of India Ltd. | | |
Sun Pharmaceutical Industries Ltd. | | |
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Tata Consultancy Services Ltd. | | |
Tata Consumer Products Ltd. | | |
| | |
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Tata Motors Ltd., Class A | | |
Tata Power Co. Ltd. (The) | | |
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Torrent Pharmaceuticals Ltd. | | |
Tube Investments of India Ltd. | | |
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|
Adaro Energy Indonesia Tbk. PT | | |
Adaro Minerals Indonesia Tbk. PT * | | |
Amman Mineral Internasional PT * | | |
| | |
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 | | |
| | |
| | |
| | |
Capital Financial Indonesia Tbk. PT * | | |
Charoen Pokphand Indonesia Tbk. PT | | |
Dayamitra Telekomunikasi PT | | |
Elang Mahkota Teknologi Tbk. PT | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
GoTo Gojek Tokopedia Tbk. PT * | | |
Indah Kiat Pulp & Paper Tbk. PT | | |
Indocement Tunggal Prakarsa Tbk. PT | | |
Indofood CBP Sukses Makmur Tbk. PT | | |
Indofood Sukses Makmur Tbk. PT | | |
| | |
| | |
Merdeka Battery Materials Tbk. PT * | | |
Merdeka Copper Gold Tbk. PT * | | |
Mitra Keluarga Karyasehat Tbk. PT (a) | | |
Pantai Indah Kapuk Dua Tbk. PT * | | |
Petrindo Jaya Kreasi Tbk. PT * | | |
Sarana Menara Nusantara Tbk. PT | | |
Semen Indonesia Persero Tbk. PT | | |
Sumber Alfaria Trijaya Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
Trimegah Bangun Persada Tbk. PT | | |
Unilever Indonesia Tbk. PT | | |
| | |
| | |
| | |
|
Agility Public Warehousing Co. KSC ‡ * | | |
Agility Public Warehousing Co. KSC | | |
| | |
| | |
Kuwait Finance House KSCP | | |
| | |
Mobile Telecommunications Co. KSCP | | |
National Bank of Kuwait SAKP | | |
| | |
|
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|
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|
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Malaysia Airports Holdings Bhd. | | |
| | |
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Petronas Chemicals Group Bhd. | | |
| | |
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Press Metal Aluminium Holdings Bhd. | | |
| | |
| | |
| | |
Sime Darby Plantation Bhd. | | |
| | |
| | |
YTL Power International 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 Pacifico SAB de CV, Class B | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | |
| | |
| | |
| | |
Grupo Financiero Banorte SAB de CV, Class O | | |
Grupo Financiero Inbursa SAB de CV, Class O * | | |
| | |
Industrias Penoles SAB de CV * | | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
Operadora De Sites Mexicanos SAB de CV | | |
Orbia Advance Corp. SAB de CV | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Promotora y Operadora de Infraestructura SAB de CV | | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
| | |
Enel Distribucion Peru SAA | | |
| | |
| | |
|
Aboitiz Equity Ventures, Inc. | | |
| | |
| | |
| | |
Bank of the Philippine Islands | | |
| | |
GT Capital Holdings, Inc. | | |
International Container Terminal Services, Inc. | | |
| | |
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| | |
Metropolitan Bank & Trust Co. | | |
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|
Commercial Bank PSQC (The) | | |
| | |
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| | |
Mesaieed Petrochemical Holding Co. | | |
| | |
Qatar Electricity & Water Co. QSC | | |
| | |
Qatar Gas Transport Co. Ltd. | | |
Qatar International Islamic Bank QSC | | |
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|
| | |
Advanced Petrochemical Co. | | |
| | |
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| | |
| | |
Arabian Internet & Communications Services Co. | | |
| | |
| | |
Bupa Arabia for Cooperative Insurance Co. | | |
Dr Sulaiman Al Habib Medical Services Group Co. | | |
| | |
| | |
| | |
Mouwasat Medical Services Co. | | |
| | |
Rabigh Refining & Petrochemical Co. * | | |
| | |
| | |
Sahara International Petrochemical Co. | | |
Saudi Arabian Mining Co. * | | |
Saudi Arabian Oil Co. (a) | | |
Saudi Aramco Base Oil Co. | | |
| | |
Saudi Basic Industries Corp. | | |
| | |
Saudi Industrial Investment Group | | |
Saudi Investment Bank (The) | | |
Saudi Kayan Petrochemical Co. * | | |
Saudi National Bank (The) | | |
Saudi Tadawul Group Holding Co. | | |
| | |
| | |
Yanbu National Petrochemical Co. | | |
| | |
|
| | |
African Rainbow Minerals Ltd. | | |
Anglo American Platinum Ltd. | | |
Aspen Pharmacare Holdings Ltd. | | |
| | |
| | |
Capitec Bank Holdings Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
Growthpoint Properties Ltd., REIT | | |
Impala Platinum Holdings Ltd. | | |
| | |
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| | |
Northam Platinum Holdings Ltd. | | |
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|
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| | |
BNK Financial Group, Inc. | | |
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| | |
Doosan Enerbility Co. Ltd. * | | |
| | |
| | |
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| | |
Hana Financial Group, Inc. | | |
| | |
Hankook Tire & Technology Co. Ltd. | | |
| | |
|
|
| | |
Hanmi Semiconductor Co. Ltd. | | |
Hanwha Aerospace Co. Ltd. | | |
| | |
| | |
| | |
HD Hyundai Heavy Industries Co. Ltd. * | | |
HD Korea Shipbuilding & Offshore Engineering Co. Ltd. * | | |
| | |
| | |
| | |
| | |
Hyundai Engineering & Construction Co. Ltd. | | |
| | |
Hyundai Marine & Fire Insurance Co. Ltd. | | |
| | |
| | |
Hyundai Motor Co. (Preference) | | |
Hyundai Motor Co. (Preference) | | |
| | |
| | |
| | |
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| | |
Korea Aerospace Industries Ltd. | | |
Korea Electric Power Corp. * | | |
Korea Investment Holdings Co. Ltd. | | |
| | |
Korean Air Lines Co. Ltd. | | |
| | |
| | |
| | |
Kumho Petrochemical Co. Ltd. | | |
| | |
| | |
LG Chem Ltd. (Preference) | | |
| | |
| | |
| | |
LG Energy Solution Ltd. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Meritz Financial Group, Inc. | | |
Mirae Asset Securities Co. Ltd. | | |
| | |
| | |
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| | |
Posco International Corp. | | |
Samsung Biologics Co. Ltd. * (a) | | |
| | |
| | |
Samsung Electro-Mechanics Co. Ltd. | | |
Samsung Electronics Co. Ltd. | | |
Samsung Electronics Co. Ltd. (Preference) | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Samsung Heavy Industries Co. Ltd. * | | |
Samsung Life Insurance Co. Ltd. | | |
| | |
| | |
Samsung Securities Co. Ltd. | | |
Shinhan Financial Group Co. Ltd. | | |
SK Biopharmaceuticals Co. Ltd. * | | |
| | |
| | |
SK IE Technology Co. Ltd. * (a) | | |
| | |
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| | |
Woori Financial Group, Inc. | | |
| | |
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|
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|
|
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Advanced Energy Solution Holding Co. Ltd. | | |
| | |
| | |
ASE Technology Holding Co. Ltd. | | |
| | |
| | |
| | |
Catcher Technology Co. Ltd. | | |
Cathay Financial Holding Co. Ltd. | | |
Chailease Holding Co. Ltd. | | |
Chang Hwa Commercial Bank Ltd. | | |
Cheng Shin Rubber Industry Co. Ltd. | | |
Chicony Electronics Co. Ltd. | | |
| | |
China Development Financial Holding Corp. * | | |
| | |
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. | | |
| | |
Foxconn Technology Co. Ltd. | | |
Fubon Financial Holding Co. Ltd. | | |
Giant Manufacturing Co. Ltd. | | |
Gigabyte Technology Co. Ltd. | | |
| | |
| | |
Highwealth Construction Corp. | | |
| | |
Hon Hai Precision Industry Co. Ltd. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Hua Nan Financial Holdings Co. Ltd. | | |
| | |
| | |
Largan Precision Co. Ltd. | | |
| | |
| | |
Mega Financial Holding Co. Ltd. | | |
Micro-Star International Co. Ltd. | | |
| | |
| | |
Nan Ya Printed Circuit Board Corp. | | |
| | |
Nien Made Enterprise Co. Ltd. | | |
Novatek Microelectronics Corp. | | |
| | |
| | |
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| | |
| | |
Powerchip Semiconductor Manufacturing Corp. * | | |
Powertech Technology, Inc. | | |
President Chain Store Corp. | | |
| | |
Radiant Opto-Electronics Corp. | | |
Realtek Semiconductor Corp. | | |
Ruentex Development Co. Ltd. | | |
| | |
Shanghai Commercial & Savings Bank Ltd. (The) | | |
Shin Kong Financial Holding Co. Ltd. * | | |
Simplo Technology Co. Ltd. | | |
Sino-American Silicon Products, Inc. | | |
SinoPac Financial Holdings Co. Ltd. | | |
Synnex Technology International Corp. | | |
Taishin Financial Holding Co. Ltd. | | |
| | |
| | |
Taiwan Cooperative Financial Holding Co. Ltd. | | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
| | |
Teco Electric and Machinery Co. Ltd. | | |
| | |
Unimicron Technology Corp. | | |
| | |
|
|
Uni-President Enterprises Corp. | | |
United Microelectronics Corp. | | |
Vanguard International Semiconductor Corp. | | |
Voltronic Power Technology Corp. | | |
| | |
| | |
| | |
Winbond Electronics Corp. | | |
| | |
| | |
| | |
| | |
Yang Ming Marine Transport Corp. | | |
Yuanta Financial Holding Co. Ltd. | | |
Zhen Ding Technology Holding Ltd. | | |
| | |
|
Advanced Info Service PCL, NVDR | | |
Airports of Thailand PCL, NVDR | | |
| | |
| | |
Bangkok Dusit Medical Services PCL, NVDR | | |
Bangkok Expressway & Metro PCL, NVDR | | |
| | |
BTS Group Holdings PCL, NVDR | | |
Bumrungrad Hospital PCL, NVDR | | |
| | |
Central Pattana PCL, NVDR | | |
Central Retail Corp. PCL, NVDR | | |
| | |
| | |
Delta Electronics Thailand PCL, NVDR | | |
Energy Absolute PCL, NVDR | | |
Global Power Synergy PCL, NVDR | | |
Gulf Energy Development PCL, NVDR | | |
Home Product Center PCL, NVDR | | |
Indorama Ventures PCL, NVDR | | |
Intouch Holdings PCL, NVDR | | |
| | |
Krung Thai Bank PCL, NVDR | | |
| | |
| | |
Minor International PCL, NVDR | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
PTT Exploration & Production PCL, NVDR | | |
PTT Global Chemical PCL, NVDR | | |
PTT Oil & Retail Business PCL, NVDR | | |
| | |
| | |
| | |
Siam Cement PCL (The), NVDR | | |
Siam Global House PCL, NVDR | | |
Thai Life Insurance PCL, NVDR | | |
| | |
Tisco Financial Group PCL, NVDR | | |
TMBThanachart Bank PCL, NVDR | | |
| | |
|
| | |
Aselsan Elektronik Sanayi ve Ticaret A/S | | |
BIM Birlesik Magazalar A/S | | |
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A/S * | | |
| | |
Enka Insaat ve Sanayi A/S | | |
Eregli Demir ve Celik Fabrikalari TAS | | |
| | |
| | |
Haci Omer Sabanci Holding A/S * | | |
| | |
| | |
Petkim Petrokimya Holding A/S * | | |
Sasa Polyester Sanayi A/S * | | |
Tofas Turk Otomobil Fabrikasi A/S | | |
| | |
Turkcell Iletisim Hizmetleri A/S | | |
Turkiye Garanti 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 — 2.4% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
Abu Dhabi National Oil Co. for Distribution PJSC | | |
| | |
ADNOC Logistics & Services | | |
| | |
|
United Arab Emirates — continued |
| | |
Alpha Dhabi Holding PJSC * | | |
Americana Restaurants International plc * | | |
Dubai Electricity & Water Authority PJSC | | |
| | |
| | |
| | |
| | |
Emirates Telecommunications Group Co. PJSC | | |
| | |
First Abu Dhabi Bank PJSC | | |
International Holding Co. PJSC * | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Total Common Stocks
(Cost $541,250,148) | | |
Short-Term Investments — 1.3% |
Investment Companies — 1.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $6,819,830) | | |
Investment of Cash Collateral from Securities Loaned — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $526,874) | | |
Total Short-Term Investments
(Cost $7,346,704) | | |
Total Investments — 100.5%
(Cost $548,596,852) | | |
Liabilities in Excess of Other Assets — (0.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| 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 |
| 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, 2024. The total value of securities on loan at April 30, 2024 is $152,773. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Semiconductors & Semiconductor Equipment | |
Oil, Gas & Consumable Fuels | |
Technology Hardware, Storage & Peripherals | |
Interactive Media & Services | |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
Independent Power and Renewable Electricity Producers | |
Real Estate Management & Development | |
| |
Wireless Telecommunication Services | |
| |
Consumer Staples Distribution & Retail | |
| |
Diversified Telecommunication Services | |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Raiffeisen Bank International AG | | |
| | |
| | |
| | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | |
| | |
| | |
|
Ackermans & van Haaren 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 | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Veolia Environnement SA (b) | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
Bayerische Motoren Werke AG (Preference) | | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
Deutsche Bank AG (Registered) | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
| | |
Deutsche Telekom AG (Registered) | | |
| | |
Dr Ing hc F Porsche AG (Preference) (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Henkel AG & Co. KGaA (Preference) | | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
Porsche Automobil Holding SE (Preference) | | |
| | |
| | |
| | |
Sartorius AG (Preference) | | |
| | |
| | |
Siemens Healthineers AG (a) | | |
| | |
| | |
Volkswagen AG (Preference) | | |
| | |
| | |
|
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
| | |
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 | | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
| | |
| | |
| | |
|
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
Koninklijke Philips NV * (b) | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
AutoStore Holdings Ltd. * (a) (b) | | |
| | |
| | |
Gjensidige Forsikring ASA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Bank Polska Kasa Opieki 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 | | |
| | |
| | |
| | |
Corp. ACCIONA Energias Renovables SA | | |
| | |
| | |
| | |
Industria de Diseno Textil SA (b) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
Assa Abloy AB, Class B (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fastighets AB Balder, Class B * | | |
| | |
H & M Hennes & Mauritz AB, Class B (b) | | |
| | |
| | |
| | |
Industrivarden AB, Class A | | |
Industrivarden AB, Class C (b) | | |
| | |
Investment AB Latour, Class B (b) | | |
| | |
| | |
L E Lundbergforetagen AB, Class B | | |
| | |
Nibe Industrier AB, Class B (b) | | |
| | |
| | |
| | |
| | |
| | |
Securitas AB, Class B (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 Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (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 (b) | | |
| | |
Swedish Orphan Biovitrum AB * | | |
| | |
Telefonaktiebolaget LM Ericsson, Class A (b) | | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Barry Callebaut AG (Registered) | | |
Chocoladefabriken Lindt & Spruengli AG | | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | | |
Cie Financiere Richemont SA (Registered) | | |
| | |
EMS-Chemie Holding AG (Registered) | | |
| | |
| | |
| | |
Kuehne + Nagel International AG (Registered) (b) | | |
Lonza Group AG (Registered) | | |
| | |
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) | | |
| | |
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 | | |
| | |
| | |
| | |
| | |
Coca-Cola Europacific Partners plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
Intermediate Capital Group plc | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
| | |
| | |
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 Utilities Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
United States — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $7,373,940,099) | | |
Short-Term Investments — 3.9% |
Investment of Cash Collateral from Securities Loaned — 3.9% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $291,473,953) | | |
Total Investments — 102.5%
(Cost $7,665,414,052) | | |
Liabilities in Excess of Other Assets — (2.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| 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 |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Europe ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| 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, 2024. The total value of securities on loan at April 30, 2024 is $269,215,464. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Textiles, Apparel & Luxury Goods | |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Health Care Equipment & Supplies | |
| |
Diversified Telecommunication Services | |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
Construction & Engineering | |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| |
| 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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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. (a) | | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Raiffeisen Bank International AG | | |
| | |
| | |
| | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | |
| | |
| | |
|
Ackermans & van Haaren NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
Groupe Bruxelles Lambert NV | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
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 * | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
Veolia Environnement SA (a) | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
Bayerische Motoren Werke AG (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Deutsche Bank AG (Registered) | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
| | |
Deutsche Telekom AG (Registered) | | |
| | |
Dr Ing hc F Porsche AG (Preference) (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Henkel AG & Co. KGaA (Preference) | | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
Porsche Automobil Holding SE (Preference) | | |
| | |
|
|
| | |
| | |
| | |
Sartorius AG (Preference) | | |
| | |
| | |
Siemens Healthineers AG (b) | | |
| | |
| | |
Volkswagen AG (Preference) | | |
| | |
| | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
Hang Lung Properties Ltd. | | |
| | |
Henderson Land Development Co. Ltd. | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Jardine Matheson Holdings 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. | | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
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 | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
Bandai Namco Holdings, Inc. | | |
| | |
| | |
| | |
| | |
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. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Fukuoka Financial Group, Inc. | | |
| | |
| | |
Hankyu Hanshin Holdings, Inc. | | |
| | |
| | |
| | |
Hitachi Construction Machinery Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Iida Group Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
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 Real Estate Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
| | |
| | |
Kawasaki Heavy Industries Ltd. | | |
Kawasaki Kisen Kaisha Ltd. | | |
| | |
| | |
Keisei Electric Railway Co. Ltd. | | |
| | |
| | |
|
|
| | |
Kintetsu Group Holdings Co. Ltd. | | |
| | |
| | |
Koei Tecmo Holdings Co. Ltd. | | |
Koito Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
Kurita Water Industries Ltd. | | |
| | |
Kyoto Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
McDonald's Holdings Co. Japan Ltd. | | |
| | |
| | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
| | |
Mitsubishi Electric Corp. | | |
Mitsubishi Estate Co. Ltd. | | |
Mitsubishi HC Capital, Inc. | | |
Mitsubishi Heavy Industries Ltd. | | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
Mizuho Financial Group, Inc. | | |
| | |
MS&AD Insurance Group Holdings, Inc. | | |
Murata Manufacturing Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
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. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Sega Sammy Holdings, Inc. | | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Square Enix Holdings 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. | | |
| | |
| | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
| | |
| | |
Tokyu Fudosan Holdings Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
| | |
| | |
|
Galaxy Entertainment Group Ltd. | | |
| | |
| | |
| | |
|
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
Koninklijke Philips NV * (a) | | |
| | |
| | |
Universal Music Group NV (a) | | |
| | |
| | |
|
Auckland International Airport Ltd. | | |
| | |
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
AutoStore Holdings Ltd. * (b) | | |
| | |
| | |
Gjensidige Forsikring ASA | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Bank Polska Kasa Opieki SA | | |
| | |
| | |
| | |
| | |
| | |
Powszechna Kasa Oszczednosci Bank Polski SA | | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
| | |
|
EDP - Energias de Portugal SA * | | |
| | |
| | |
| | |
|
| | |
|
CapitaLand Ascendas, 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. | | |
| | |
| | |
|
| | |
|
| | |
|
| | |
ACS Actividades de Construccion y Servicios SA | | |
| | |
| | |
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
Corp. ACCIONA Energias Renovables SA | | |
| | |
| | |
| | |
Industria de Diseno Textil SA (a) | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Assa Abloy AB, Class B (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fastighets AB Balder, Class B * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
H & M Hennes & Mauritz AB, Class B (a) | | |
| | |
| | |
| | |
Industrivarden AB, Class A | | |
Industrivarden AB, Class C (a) | | |
| | |
Investment AB Latour, Class B (a) | | |
| | |
| | |
L E Lundbergforetagen AB, Class B | | |
| | |
Nibe Industrier AB, Class B (a) | | |
| | |
| | |
| | |
| | |
| | |
Securitas AB, Class B (a) | | |
Skandinaviska Enskilda Banken AB, Class A | | |
Skandinaviska Enskilda Banken AB, Class C | | |
| | |
| | |
| | |
| | |
| | |
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 (a) | | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
|
|
| | |
Barry Callebaut AG (Registered) | | |
Chocoladefabriken Lindt & Spruengli AG (a) | | |
Chocoladefabriken Lindt & Spruengli AG (Registered) | | |
Cie Financiere Richemont SA (Registered) | | |
| | |
EMS-Chemie Holding AG (Registered) | | |
| | |
| | |
| | |
Kuehne + Nagel International AG (Registered) | | |
Lonza Group AG (Registered) | | |
| | |
Partners Group Holding AG | | |
| | |
| | |
Schindler Holding AG (Registered) | | |
| | |
| | |
Sonova Holding AG (Registered) | | |
Straumann Holding AG (Registered) | | |
Swatch Group AG (The) (a) | | |
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 | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
Berkeley Group Holdings plc | | |
British American Tobacco plc | | |
| | |
| | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
Coca-Cola Europacific Partners plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
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 | | |
| | |
| | |
| | |
|
United Kingdom — continued |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
United Utilities Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
James Hardie Industries plc, CHDI * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $3,451,212,546) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Short-Term Investments — 3.3% |
Investment Companies — 0.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $31,381,914) | | |
Investment of Cash Collateral from Securities Loaned — 2.5% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $99,998,033) | | |
Total Short-Term Investments
(Cost $131,379,947) | | |
Total Investments — 101.9%
(Cost $3,582,592,493) | | |
Liabilities in Excess of Other Assets — (1.9)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Clearing House Electronic Subregister System (CHESS) Depository Interest |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| 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, 2024. The total value of securities on loan at April 30, 2024 is $92,572,419. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Oil, Gas & Consumable Fuels | |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
Trading Companies & Distributors | |
| |
| |
Health Care Equipment & Supplies | |
| |
| |
| |
| |
Diversified Telecommunication Services | |
| |
| |
Hotels, Restaurants & Leisure | |
Electronic Equipment, Instruments & Components | |
Real Estate Management & Development | |
Consumer Staples Distribution & Retail | |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| |
| 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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Air Freight & Logistics — 0.3% |
Nippon Express Holdings, Inc. | | |
| | |
| | |
| | |
Automobile Components — 2.1% |
| | |
| | |
| | |
Koito Manufacturing Co. Ltd. | | |
| | |
Sumitomo Electric Industries Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Concordia Financial Group Ltd. | | |
Fukuoka Financial Group, Inc. | | |
| | |
Kyoto 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. | | |
| | |
Nippon Paint Holdings Co. Ltd. | | |
Nippon Sanso Holdings Corp. | | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
Sumitomo Chemical Co. Ltd. | | |
| | |
| | |
| | |
Commercial Services & Supplies — 0.7% |
Dai Nippon Printing Co. Ltd. | | |
| | |
| | |
| | |
Construction & Engineering — 0.7% |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Consumer Finance — 0.0% ^ |
| | |
Consumer Staples Distribution & Retail — 1.6% |
| | |
Cosmos Pharmaceutical Corp. | | |
| | |
| | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
| | |
|
Daiwa House REIT Investment Corp. | | |
Nomura Real Estate Master Fund, Inc. | | |
| | |
Diversified Telecommunication Services — 0.7% |
Nippon Telegraph & Telephone Corp. | | |
Electric Utilities — 0.6% |
Chubu Electric Power Co., Inc. | | |
Kansai Electric Power Co., Inc. (The) | | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
Electrical Equipment — 1.7% |
| | |
Mitsubishi Electric Corp. | | |
| | |
| | |
Electronic Equipment, Instruments & Components — 4.4% |
| | |
| | |
| | |
| | |
| | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Koei Tecmo Holdings Co. Ltd. | | |
| | |
|
Entertainment — continued |
| | |
| | |
| | |
Square Enix Holdings Co. Ltd. | | |
| | |
| | |
Financial Services — 0.8% |
Mitsubishi HC Capital, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Nisshin Seifun Group, Inc. | | |
Nissin Foods Holdings Co. Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Ground Transportation — 2.1% |
Central Japan Railway Co. | | |
| | |
Hankyu Hanshin Holdings, Inc. | | |
| | |
Keisei Electric Railway Co. Ltd. | | |
Kintetsu Group Holdings Co. Ltd. | | |
| | |
Odakyu Electric Railway Co. Ltd. | | |
| | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 2.3% |
Asahi Intecc Co. Ltd. (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Health Care Equipment & Supplies — continued |
| | |
| | |
| | |
Health Care Providers & Services — 0.1% |
| | |
Health Care Technology — 0.1% |
| | |
Hotels, Restaurants & Leisure — 0.9% |
McDonald's Holdings Co. Japan Ltd. (a) | | |
| | |
| | |
| | |
Household Durables — 3.8% |
| | |
Iida Group Holdings Co. Ltd. | | |
| | |
Open House Group Co. Ltd. | | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
Household Products — 0.3% |
| | |
Industrial Conglomerates — 2.2% |
| | |
| | |
| | |
|
| | |
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% |
| | |
|
| | |
| | |
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. | | |
| | |
| | |
| | |
Mitsubishi Heavy Industries Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Marine Transportation — 0.8% |
Kawasaki Kisen Kaisha Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Marine Transportation — continued |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
Sumitomo Metal Mining Co. Ltd. | | |
| | |
|
Japan Real Estate Investment Corp. | | |
Nippon Building Fund, Inc. | | |
| | |
Oil, Gas & Consumable Fuels — 0.8% |
| | |
| | |
| | |
| | |
Paper & Forest Products — 0.1% |
| | |
Passenger Airlines — 0.1% |
| | |
| | |
| | |
Personal Care Products — 0.8% |
| | |
| | |
| | |
| | |
|
| | |
Chugai Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
Ono Pharmaceutical Co. Ltd. | | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
| | |
|
Professional Services — 1.7% |
| | |
Recruit Holdings Co. Ltd. | | |
| | |
Real Estate Management & Development — 2.6% |
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. | | |
| | |
|
Japan Metropolitan Fund Invest | | |
Semiconductors & Semiconductor Equipment — 4.7% |
| | |
| | |
| | |
Renesas Electronics Corp. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.6% |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — continued |
| | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.2% |
| | |
|
| | |
Trading Companies & Distributors — 7.6% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Transportation Infrastructure — 0.1% |
Japan Airport Terminal Co. Ltd. | | |
Wireless Telecommunication Services — 3.0% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $10,355,489,844) | | |
| | |
Short-Term Investments — 0.2% |
Investment of Cash Collateral from Securities Loaned — 0.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $19,855,867) | | |
Total Investments — 99.0%
(Cost $10,375,345,711) | | |
Other Assets Less Liabilities — 1.0% | | |
| | |
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, 2024. The total value of securities on loan at April 30, 2024 is $18,842,417. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 0.4% |
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 Citizens BancShares, Inc., Class A | | |
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. * | | |
| | |
| | |
| | |
| | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
Coupang, Inc. (South Korea) * | | |
| | |
| | |
MercadoLibre, Inc. (Brazil) * | | |
| | |
|
| | |
| | |
Johnson Controls International plc | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Building Products — continued |
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 * | | |
FactSet Research Systems, Inc. | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, 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 — 0.6% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 0.1% |
| | |
Construction Materials — 0.2% |
Martin Marietta Materials, Inc. | | |
| | |
| | |
|
| | |
Capital One Financial Corp. | | |
Discover Financial Services | | |
| | |
| | |
Consumer Staples Distribution & Retail — 1.8% |
Albertsons Cos., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Consumer Staples Distribution & Retail — continued |
Walgreens Boots Alliance, Inc. | | |
| | |
| | |
Containers & Packaging — 0.2% |
| | |
| | |
| | |
| | |
| | |
Packaging Corp. of America | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Diversified REITs — 0.0% ^ |
| | |
Diversified Telecommunication Services — 0.7% |
| | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — 1.5% |
| | |
American Electric Power Co., Inc. | | |
| | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
| | |
| | |
|
Electric Utilities — continued |
| | |
| | |
| | |
Electrical Equipment — 0.6% |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
Electronic Equipment, Instruments & Components — 0.6% |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
Teledyne Technologies, Inc. * | | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
Energy Equipment & Services — 0.3% |
| | |
| | |
| | |
| | |
|
| | |
Liberty Media Corp-Liberty Formula One, Class A * | | |
Liberty Media Corp-Liberty Formula One, Class C * | | |
Live Nation Entertainment, Inc. * | | |
| | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
Financial Services — 4.3% |
Apollo Global Management, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Financial Services — continued |
Corebridge Financial, Inc. (a) | | |
| | |
| | |
Fidelity National Information Services, 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 — 1.0% |
| | |
JB Hunt Transport Services, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * | | |
| | |
|
Health Care Equipment & Supplies — continued |
| | |
| | |
Edwards Lifesciences Corp. * | | |
GE HealthCare Technologies, Inc. | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Health Care Providers & Services — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
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. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — 2.0% |
| | |
| | |
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 — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Household Products — 1.3% |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
| | |
| | |
| | |
|
Industrial Conglomerates — 0.4% |
| | |
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. | | |
| | |
Prudential Financial, Inc. | | |
Reinsurance Group of America, Inc. | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
| | |
Interactive Media & Services — 6.5% |
Alphabet, Inc., Class A * | | |
Alphabet, Inc., Class C * | | |
| | |
Meta Platforms, Inc., Class A | | |
Pinterest, Inc., Class A * | | |
| | |
| | |
|
| | |
Akamai Technologies, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Cloudflare, Inc., Class A * | | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
Snowflake, Inc., Class A * | | |
| | |
| | |
| | |
Life Sciences Tools & Services — 1.4% |
Agilent Technologies, Inc. | | |
| | |
Bio-Rad Laboratories, Inc., Class A * | | |
| | |
Charles River Laboratories International, Inc. * | | |
| | |
| | |
| | |
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 * | | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
| | |
| | |
Sirius XM Holdings, Inc. (a) | | |
Trade Desk, Inc. (The), Class A * | | |
| | |
|
| | |
| | |
| | |
Southern Copper Corp. (Mexico) | | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^ |
Annaly Capital Management, Inc. | | |
|
| | |
| | |
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Alexandria Real Estate Equities, Inc. (a) | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Passenger Airlines — 0.2% |
| | |
| | |
United Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 0.2% |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
|
| | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
| | |
| | |
|
Pharmaceuticals — continued |
| | |
Royalty Pharma plc, Class A | | |
| | |
| | |
| | |
Professional Services — 0.7% |
Automatic Data Processing, Inc. | | |
Booz Allen Hamilton Holding Corp. | | |
Broadridge Financial Solutions, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Paylocity Holding Corp. * | | |
SS&C Technologies Holdings, Inc. | | |
| | |
| | |
| | |
Real Estate Management & Development — 0.2% |
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 | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 9.9% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
NXP Semiconductors NV (China) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
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. * | | |
| | |
| | |
Zoom Video Communications, Inc., Class A * | | |
| | |
| | |
|
| | |
| | |
Digital Realty Trust, Inc. | | |
| | |
Extra Space Storage, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Technology Hardware, Storage & Peripherals — 5.9% |
| | |
Dell Technologies, Inc., Class C | | |
Hewlett Packard Enterprise Co. | | |
| | |
| | |
Seagate Technology Holdings plc | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.3% |
Lululemon Athletica, Inc. * | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.4% |
| | |
| | |
| | |
| | |
| | |
| | |
|
American Water Works Co., Inc. | | |
Wireless Telecommunication Services — 0.2% |
| | |
Total Common Stocks
(Cost $2,620,314,508) | | |
| | |
|
Health Care Equipment & Supplies — 0.0% ^ |
ABIOMED, Inc., CVR ‡ *
(Cost $1,765) | | |
| | |
Short-Term Investments — 1.6% |
Investment Companies — 0.7% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)
(Cost $22,371,012) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 0.9% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $28,617,265) | | |
Total Short-Term Investments
(Cost $50,988,277) | | |
Total Investments — 100.8%
(Cost $2,671,304,550) | | |
Liabilities in Excess of Other Assets — (0.8)% | | |
| | |
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, 2024. The total value of securities on loan at April 30, 2024 is $27,667,394. | |
| Investment in affiliate. This security is included in an index which the Fund, as an index fund, tracks. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
Spirit AeroSystems Holdings, Inc., Class A * | | |
| | |
| | |
Air Freight & Logistics — 0.2% |
| | |
Automobile Components — 0.8% |
| | |
| | |
Fox Factory Holding Corp. * | | |
| | |
Goodyear Tire & Rubber Co. (The) * | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Commerce Bancshares, Inc. | | |
Cullen/Frost Bankers, Inc. | | |
First Financial Bankshares, Inc. (a) | | |
| | |
| | |
Glacier Bancorp, Inc. (a) | | |
| | |
| | |
New York Community Bancorp, Inc. (a) | | |
| | |
Pinnacle Financial Partners, Inc. | | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Boston Beer Co., Inc. (The), Class A * | | |
| | |
Coca-Cola Consolidated, Inc. | | |
National Beverage Corp. * | | |
| | |
|
ACADIA Pharmaceuticals, Inc. * | | |
| | |
Amicus Therapeutics, Inc. * | | |
Apellis Pharmaceuticals, Inc. * | | |
Arrowhead Pharmaceuticals, Inc. * | | |
Blueprint Medicines Corp. * | | |
Cerevel Therapeutics Holdings, Inc. * (a) | | |
CRISPR Therapeutics AG (Switzerland) * (a) | | |
| | |
Denali Therapeutics, Inc. * | | |
| | |
Halozyme Therapeutics, Inc. * | | |
| | |
Intellia Therapeutics, Inc. * | | |
Ionis Pharmaceuticals, Inc. * | | |
Madrigal Pharmaceuticals, Inc. * | | |
| | |
| | |
Sarepta Therapeutics, Inc. * | | |
Ultragenyx Pharmaceutical, Inc. * | | |
United Therapeutics Corp. * | | |
| | |
| | |
|
Dillard's, Inc., Class A (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Broadline Retail — continued |
| | |
Ollie's Bargain Outlet Holdings, Inc. * | | |
| | |
|
| | |
| | |
Advanced Drainage Systems, Inc. | | |
Armstrong World Industries, Inc. | | |
| | |
Builders FirstSource, Inc. * | | |
| | |
Fortune Brands Innovations, Inc. | | |
Simpson Manufacturing Co., Inc. | | |
| | |
| | |
Zurn Elkay Water Solutions Corp. (a) | | |
| | |
|
Affiliated Managers Group, Inc. | | |
Blue Owl Capital, Inc. (a) | | |
| | |
| | |
| | |
Freedom Holding Corp. (Kazakhstan) * (a) | | |
| | |
Interactive Brokers Group, Inc., Class A | | |
| | |
Janus Henderson Group plc | | |
Jefferies Financial Group, Inc. | | |
| | |
Robinhood Markets, Inc., Class A * | | |
| | |
| | |
Tradeweb Markets, Inc., Class A | | |
| | |
|
Arcadium Lithium plc (Jersey) * (a) | | |
| | |
| | |
Axalta Coating Systems Ltd. * | | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Scotts Miracle-Gro Co. (The) (a) | | |
Sensient Technologies Corp. | | |
| | |
Commercial Services & Supplies — 1.1% |
Casella Waste Systems, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 0.3% |
| | |
| | |
Lumentum Holdings, Inc. * (a) | | |
| | |
Construction & Engineering — 2.4% |
| | |
| | |
| | |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
MDU Resources Group, Inc. | | |
| | |
WillScot Mobile Mini Holdings Corp. * | | |
| | |
Construction Materials — 0.4% |
| | |
Summit Materials, Inc., Class A * | | |
| | |
|
| | |
Credit Acceptance Corp. * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Consumer Finance — continued |
| | |
| | |
| | |
SoFi Technologies, 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 — 1.2% |
| | |
| | |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Diversified Consumer Services — 1.1% |
| | |
Bright Horizons Family Solutions, Inc. * | | |
| | |
Grand Canyon Education, Inc. * | | |
| | |
Service Corp. International | | |
| | |
|
Essential Properties Realty Trust, Inc. | | |
Diversified Telecommunication Services — 0.3% |
Cogent Communications Holdings, Inc. | | |
Frontier Communications Parent, Inc. * | | |
Iridium Communications, Inc. | | |
| | |
Electric Utilities — 0.8% |
| | |
| | |
| | |
| | |
| | |
|
Electric Utilities — continued |
| | |
Portland General Electric Co. | | |
| | |
Electrical Equipment — 2.8% |
| | |
Array Technologies, Inc. * | | |
| | |
Bloom Energy Corp., Class A * (a) | | |
| | |
| | |
| | |
| | |
| | |
Sensata Technologies Holding plc | | |
Shoals Technologies Group, Inc., Class A * | | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Electronic Equipment, Instruments & Components — 2.8% |
Advanced Energy Industries, Inc. | | |
Arrow Electronics, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Insight Enterprises, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Energy Equipment & Services — 1.1% |
| | |
| | |
| | |
Patterson-UTI Energy, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Energy Equipment & Services — continued |
| | |
Weatherford International plc * | | |
| | |
|
Endeavor Group Holdings, Inc., Class A | | |
Madison Square Garden Sports Corp. * | | |
| | |
| | |
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 2.1% |
| | |
| | |
Euronet Worldwide, Inc. * | | |
| | |
Jackson Financial, Inc., Class A | | |
| | |
| | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
Shift4 Payments, Inc., Class A * (a) | | |
Toast, Inc., Class A * (a) | | |
| | |
| | |
| | |
| | |
|
Darling Ingredients, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Simply Good Foods Co. (The) * | | |
| | |
| | |
| | |
|
|
| | |
New Jersey Resources Corp. | | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
| | |
| | |
Ground Transportation — 1.7% |
| | |
Hertz Global Holdings, Inc. * (a) | | |
Knight-Swift Transportation Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Health Care Equipment & Supplies — 2.4% |
| | |
| | |
| | |
| | |
Globus Medical, Inc., Class A * | | |
| | |
| | |
| | |
Inspire Medical Systems, Inc. * | | |
Integra LifeSciences Holdings Corp. * | | |
iRhythm Technologies, Inc. * | | |
Lantheus Holdings, Inc. * | | |
| | |
Merit Medical Systems, Inc. * | | |
| | |
| | |
| | |
Shockwave Medical, Inc. * | | |
| | |
| | |
Health Care Providers & Services — 2.4% |
Acadia Healthcare Co., Inc. * | | |
agilon health, Inc. * (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Health Care Providers & Services — continued |
AMN Healthcare Services, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
LifeStance Health Group, Inc. * (a) | | |
Option Care Health, Inc. * | | |
| | |
Privia Health Group, Inc. * (a) | | |
| | |
| | |
Select Medical Holdings Corp. | | |
| | |
| | |
| | |
|
Medical Properties Trust, Inc. (a) | | |
Omega Healthcare Investors, Inc. | | |
| | |
Health Care Technology — 0.2% |
Doximity, Inc., Class A * | | |
Evolent Health, Inc., Class A * | | |
| | |
| | |
Hotel & Resort REITs — 0.3% |
Apple Hospitality REIT, Inc. | | |
Ryman Hospitality Properties, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 3.5% |
| | |
| | |
| | |
Choice Hotels International, Inc. (a) | | |
| | |
DraftKings, Inc., Class A * | | |
Hilton Grand Vacations, Inc. * | | |
Hyatt Hotels Corp., Class A | | |
Life Time Group Holdings, Inc. * | | |
| | |
Marriott Vacations Worldwide Corp. | | |
| | |
|
Hotels, Restaurants & Leisure — continued |
Norwegian Cruise Line Holdings Ltd. * (a) | | |
Penn Entertainment, Inc. * | | |
Planet Fitness, Inc., Class A * | | |
| | |
| | |
United Parks & Resorts, Inc. * | | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. | | |
| | |
Household Durables — 2.3% |
Installed Building Products, Inc. | | |
| | |
| | |
| | |
Mohawk Industries, Inc. * | | |
| | |
| | |
Taylor Morrison Home Corp. * | | |
Tempur Sealy International, Inc. | | |
| | |
| | |
| | |
Worthington Enterprises, Inc. | | |
| | |
Household Products — 0.0% ^ |
Reynolds Consumer Products, Inc. | | |
Independent Power and Renewable Electricity Producers — 0.2% |
| | |
Clearway Energy, Inc., Class C | | |
Ormat Technologies, Inc. (a) | | |
| | |
|
Americold Realty Trust, Inc. | | |
EastGroup Properties, Inc. | | |
First Industrial Realty Trust, Inc. | | |
Rexford Industrial Realty, Inc. | | |
| | |
| | |
| | |
|
American Equity Investment Life Holding Co. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
Axis Capital Holdings Ltd. | | |
Brighthouse Financial, 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 — 0.3% |
| | |
| | |
ZoomInfo Technologies, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Topgolf Callaway Brands Corp. * | | |
| | |
| | |
Life Sciences Tools & Services — 0.9% |
10X Genomics, Inc., Class A * | | |
| | |
| | |
|
Life Sciences Tools & Services — continued |
| | |
| | |
| | |
| | |
| | |
|
| | |
Allison Transmission Holdings, Inc. | | |
Chart Industries, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
Franklin Electric Co., Inc. | | |
Gates Industrial Corp. plc * | | |
| | |
| | |
| | |
John Bean Technologies Corp. | | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Watts Water Technologies, Inc., Class A | | |
| | |
Marine Transportation — 0.2% |
| | |
|
| | |
New York Times Co. (The), Class A | | |
Nexstar Media Group, Inc. | | |
Paramount Global, Class B | | |
| | |
| | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Metals & Mining — continued |
| | |
| | |
| | |
| | |
| | |
| | |
United States Steel Corp. (a) | | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.6% |
AGNC Investment Corp. (a) | | |
Blackstone Mortgage Trust, Inc., Class A (a) | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
|
| | |
| | |
Northwestern Energy Group, Inc. | | |
| | |
|
| | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.7% |
| | |
| | |
California Resources Corp. | | |
Chesapeake Energy Corp. (a) | | |
| | |
| | |
Comstock Resources, Inc. (a) | | |
| | |
| | |
Magnolia Oil & Gas Corp., Class A (a) | | |
| | |
| | |
New Fortress Energy, Inc. (a) | | |
| | |
PBF Energy, Inc., Class A | | |
| | |
| | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
Southwestern Energy Co. * | | |
| | |
Paper & Forest Products — 0.1% |
| | |
Passenger Airlines — 0.4% |
| | |
American Airlines Group, Inc. * | | |
| | |
Personal Care Products — 0.6% |
| | |
| | |
| | |
| | |
| | |
|
Axsome Therapeutics, Inc. * | | |
| | |
Elanco Animal Health, Inc. * | | |
Intra-Cellular Therapies, Inc. * | | |
| | |
| | |
Prestige Consumer Healthcare, Inc. * | | |
| | |
Professional Services — 2.4% |
| | |
CACI International, Inc., Class A * | | |
| | |
| | |
Dun & Bradstreet Holdings, Inc. | | |
ExlService Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Professional Services — continued |
Science Applications International Corp. | | |
| | |
| | |
Real Estate Management & Development — 0.3% |
Howard Hughes Holdings, Inc. * | | |
Jones Lang LaSalle, Inc. * | | |
| | |
|
American Homes 4 Rent, Class A | | |
Apartment Income REIT Corp. | | |
Independence Realty Trust, Inc. | | |
| | |
|
| | |
Brixmor Property Group, Inc. | | |
| | |
| | |
Phillips Edison & Co., Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 2.4% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
Axcelis Technologies, Inc. * | | |
| | |
| | |
Lattice Semiconductor Corp. * | | |
MACOM Technology Solutions Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Silicon Laboratories, Inc. * | | |
SolarEdge Technologies, Inc. * (a) | | |
| | |
| | |
| | |
| | |
|
Altair Engineering, Inc., Class A * | | |
AppLovin Corp., Class A * | | |
| | |
| | |
| | |
|
|
| | |
CCC Intelligent Solutions Holdings, Inc. * | | |
Confluent, Inc., Class A * | | |
Dolby Laboratories, Inc., Class A | | |
DoubleVerify Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Guidewire Software, Inc. * | | |
Informatica, Inc., Class A * (a) | | |
Instructure Holdings, Inc. * | | |
Manhattan Associates, Inc. * | | |
MicroStrategy, Inc., Class A * (a) | | |
| | |
| | |
| | |
PowerSchool Holdings, Inc., Class A * (a) | | |
Procore Technologies, Inc. * | | |
| | |
SentinelOne, Inc., Class A * | | |
Smartsheet, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Gaming and Leisure Properties, Inc. | | |
Lamar Advertising Co., Class A | | |
National Storage Affiliates Trust (a) | | |
| | |
| | |
| | |
|
Academy Sports & Outdoors, Inc. | | |
| | |
Asbury Automotive Group, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Specialty Retail — continued |
Chewy, Inc., Class A * (a) | | |
Dick's Sporting Goods, Inc. | | |
| | |
Floor & Decor Holdings, Inc., Class A * (a) | | |
GameStop Corp., Class A * (a) | | |
| | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
Penske Automotive Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 1.7% |
Pure Storage, Inc., Class A * | | |
Super Micro Computer, Inc. * | | |
| | |
Textiles, Apparel & Luxury Goods — 2.1% |
| | |
| | |
| | |
| | |
| | |
| | |
Skechers U.S.A., Inc., Class A * | | |
| | |
Under Armour, Inc., Class A * | | |
Under Armour, Inc., Class C * | | |
| | |
| | |
Trading Companies & Distributors — 1.7% |
| | |
Applied Industrial Technologies, Inc. | | |
Beacon Roofing Supply, Inc. * | | |
Core & Main, Inc., Class A * | | |
| | |
| | |
MSC Industrial Direct Co., Inc., Class A | | |
Rush Enterprises, Inc., Class A | | |
Rush Enterprises, Inc., Class B | | |
| | |
|
Trading Companies & Distributors — continued |
SiteOne Landscape Supply, Inc. * | | |
WESCO International, Inc. | | |
| | |
|
American States Water Co. | | |
California Water Service Group | | |
Essential Utilities, Inc. | | |
| | |
Total Common Stocks
(Cost $1,444,442,509) | | |
Short-Term Investments — 6.1% |
Investment Companies — 0.8% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $12,042,783) | | |
Investment of Cash Collateral from Securities Loaned — 5.3% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $84,302,162) | | |
Total Short-Term Investments
(Cost $96,344,945) | | |
Total Investments — 105.3%
(Cost $1,540,787,454) | | |
Liabilities in Excess of Other Assets — (5.3)% | | |
| | |
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, 2024. The total value of securities on loan at April 30, 2024 is $79,189,425. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 1.4% |
| | |
| | |
| | |
| | |
| | |
Kratos Defense & Security Solutions, Inc. * | | |
| | |
| | |
Rocket Lab USA, Inc. * (a) | | |
| | |
Virgin Galactic Holdings, Inc. * (a) | | |
| | |
Air Freight & Logistics — 0.3% |
Air Transport Services Group, Inc. * | | |
| | |
| | |
| | |
Automobile Components — 1.9% |
American Axle & Manufacturing Holdings, Inc. * | | |
| | |
| | |
Garrett Motion, Inc. (Switzerland) * | | |
| | |
| | |
Luminar Technologies, Inc. * (a) | | |
Mobileye Global, Inc., Class A (Israel) * (a) | | |
Modine Manufacturing Co. * | | |
| | |
| | |
| | |
Standard Motor Products, Inc. | | |
| | |
| | |
|
Winnebago Industries, Inc. | | |
|
| | |
Amalgamated Financial Corp. | | |
| | |
| | |
| | |
Atlantic Union Bankshares Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Berkshire Hills Bancorp, Inc. | | |
| | |
| | |
|
|
Capitol Federal Financial, Inc. | | |
| | |
| | |
Columbia Financial, Inc. * | | |
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. | | |
| | |
| | |
First Interstate BancSystem, Inc., Class A | | |
| | |
| | |
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 | | |
| | |
| | |
Northwest Bancshares, Inc. | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
| | |
Pacific Premier Bancorp, Inc. | | |
| | |
| | |
| | |
| | |
Provident Financial Services, Inc. | | |
| | |
Republic Bancorp, Inc., Class A | | |
| | |
Sandy Spring Bancorp, Inc. | | |
Seacoast Banking Corp. of Florida | | |
ServisFirst Bancshares, Inc. | | |
Simmons First National Corp., Class A | | |
Southside Bancshares, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Stock Yards Bancorp, Inc. | | |
Texas Capital Bancshares, Inc. * | | |
| | |
| | |
| | |
Triumph Financial, Inc. * | | |
| | |
United Community Banks, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Duckhorn Portfolio, Inc. (The) * | | |
| | |
Vita Coco Co., Inc. (The) * | | |
| | |
|
| | |
Agios Pharmaceuticals, Inc. * | | |
Akero Therapeutics, Inc. * | | |
| | |
Arcus Biosciences, Inc. * | | |
| | |
Aurinia Pharmaceuticals, Inc. (Canada) * (a) | | |
Beam Therapeutics, Inc. * (a) | | |
BioCryst Pharmaceuticals, Inc. * | | |
| | |
| | |
Catalyst Pharmaceuticals, Inc. * | | |
Celldex Therapeutics, Inc. * | | |
Cogent Biosciences, Inc. * | | |
Crinetics Pharmaceuticals, Inc. * | | |
Day One Biopharmaceuticals, Inc. * | | |
Deciphera Pharmaceuticals, Inc. * | | |
| | |
Dynavax Technologies Corp. * | | |
| | |
Ideaya Biosciences, Inc. * | | |
| | |
| | |
| | |
Iovance Biotherapeutics, Inc. * | | |
Ironwood Pharmaceuticals, Inc. * | | |
Keros Therapeutics, Inc. * | | |
| | |
| | |
Kymera Therapeutics, Inc. * | | |
| | |
| | |
| | |
|
Biotechnology — continued |
| | |
Nuvalent, Inc., Class A * | | |
OmniAb Operations, Inc. ‡ * | | |
Protagonist Therapeutics, Inc. * | | |
Prothena Corp. plc (Ireland) * | | |
| | |
Recursion Pharmaceuticals, Inc., Class A * (a) | | |
| | |
Relay Therapeutics, Inc. * | | |
| | |
REVOLUTION Medicines, Inc. * | | |
Rhythm Pharmaceuticals, Inc. * (a) | | |
Rocket Pharmaceuticals, Inc. * | | |
Sage Therapeutics, Inc. * | | |
Sana Biotechnology, Inc. * (a) | | |
SpringWorks Therapeutics, Inc. * (a) | | |
Summit Therapeutics, Inc. * | | |
Syndax Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
Verve Therapeutics, Inc. * (a) | | |
Viking Therapeutics, Inc. * | | |
Vir Biotechnology, Inc. * | | |
Viridian Therapeutics, Inc. * | | |
| | |
Zentalis Pharmaceuticals, Inc. * | | |
| | |
|
| | |
| | |
Savers Value Village, Inc. * (a) | | |
| | |
|
American Woodmark Corp. * | | |
| | |
| | |
| | |
Gibraltar Industries, Inc. * | | |
| | |
| | |
Janus International Group, Inc. * | | |
| | |
Masonite International Corp. * | | |
| | |
Quanex Building Products Corp. | | |
Resideo Technologies, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Artisan Partners Asset Management, Inc., Class A | | |
AssetMark Financial Holdings, Inc. * | | |
B. Riley Financial, Inc. (a) | | |
| | |
Brightsphere Investment Group, Inc. | | |
Donnelley Financial Solutions, Inc. * | | |
Hamilton Lane, Inc., 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. | | |
| | |
| | |
|
| | |
| | |
Ginkgo Bioworks Holdings, Inc. * (a) | | |
| | |
| | |
| | |
| | |
Minerals Technologies, Inc. | | |
| | |
PureCycle Technologies, Inc. * (a) | | |
| | |
| | |
| | |
Commercial Services & Supplies — 2.6% |
| | |
ACV Auctions, Inc., Class A * | | |
| | |
BrightView Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Driven Brands Holdings, Inc. * | | |
| | |
Healthcare Services Group, Inc. * | | |
| | |
Matthews International Corp., Class A | | |
| | |
Montrose Environmental Group, Inc. * | | |
| | |
| | |
| | |
| | |
|
Commercial Services & Supplies — continued |
| | |
| | |
| | |
| | |
Communications Equipment — 0.7% |
Digi International, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 1.4% |
Ameresco, Inc., Class A * (a) | | |
Construction Partners, Inc., Class A * | | |
| | |
Granite Construction, Inc. | | |
| | |
| | |
| | |
Sterling Infrastructure, Inc. * | | |
| | |
Construction Materials — 0.1% |
United States Lime & Minerals, Inc. | | |
|
Bread Financial Holdings, Inc. | | |
Encore Capital Group, Inc. * | | |
Enova International, Inc. * | | |
Green Dot Corp., Class A * | | |
| | |
| | |
| | |
| | |
Upstart Holdings, Inc. * (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 — 0.2% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Containers & Packaging — continued |
| | |
| | |
| | |
Diversified Consumer Services — 1.4% |
Adtalem Global Education, Inc. * | | |
| | |
| | |
European Wax Center, Inc., Class A * | | |
| | |
Graham Holdings Co., Class B | | |
Laureate Education, Inc., Class A | | |
| | |
OneSpaWorld Holdings Ltd. (Bahamas) * | | |
Strategic Education, Inc. | | |
| | |
| | |
| | |
|
Alexander & Baldwin, Inc. | | |
American Assets Trust, Inc. | | |
Broadstone Net Lease, Inc. | | |
Empire State Realty Trust, Inc., Class A | | |
| | |
| | |
Diversified Telecommunication Services — 0.3% |
| | |
Liberty Latin America Ltd., Class A (Puerto Rico) * | | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
Lumen Technologies, Inc. * (a) | | |
Shenandoah Telecommunications Co. | | |
| | |
Electric Utilities — 0.3% |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
Electrical Equipment — 1.0% |
ChargePoint Holdings, Inc. * (a) | | |
| | |
| | |
Fluence Energy, Inc. * (a) | | |
GrafTech International Ltd. | | |
NEXTracker, Inc., Class A * | | |
| | |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 2.2% |
Benchmark Electronics, Inc. | | |
| | |
|
Electronic Equipment, Instruments & Components — continued |
| | |
| | |
| | |
| | |
| | |
Methode Electronics, Inc. | | |
Mirion Technologies, Inc. * | | |
Napco Security Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Vishay Intertechnology, Inc. | | |
| | |
Energy Equipment & Services — 1.8% |
| | |
| | |
| | |
Diamond Offshore Drilling, Inc. * | | |
| | |
Helix Energy Solutions Group, Inc. * | | |
Kodiak Gas Services, Inc. | | |
| | |
| | |
Oceaneering International, Inc. * | | |
ProFrac Holding Corp., Class A * (a) | | |
| | |
| | |
| | |
US Silica Holdings, Inc. * | | |
| | |
|
AMC Entertainment Holdings, Inc., Class A * (a) | | |
Atlanta Braves Holdings, Inc., Class A * | | |
Atlanta Braves Holdings, Inc., Class C * | | |
Cinemark Holdings, Inc. * (a) | | |
Eventbrite, Inc., Class A * | | |
| | |
Liberty Media Corp-Liberty Live, Class A * | | |
Liberty Media Corp-Liberty Live, Class C * | | |
Lions Gate Entertainment Corp., Class A * | | |
Lions Gate Entertainment Corp., Class B * | | |
Madison Square Garden Entertainment Corp. * | | |
Sphere Entertainment Co. * | | |
| | |
Financial Services — 2.2% |
| | |
AvidXchange Holdings, Inc. * | | |
| | |
Compass Diversified Holdings | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Financial Services — continued |
EVERTEC, Inc. (Puerto Rico) | | |
Federal Agricultural Mortgage Corp., Class C | | |
International Money Express, Inc. * | | |
| | |
| | |
| | |
NMI Holdings, Inc., Class A * | | |
| | |
| | |
Rocket Cos., Inc., Class A * (a) | | |
| | |
| | |
|
| | |
| | |
Fresh Del Monte Produce, Inc. | | |
Hain Celestial Group, Inc. (The) * | | |
| | |
Tootsie Roll Industries, Inc. | | |
| | |
| | |
| | |
|
Chesapeake Utilities Corp. | | |
Northwest Natural Holding Co. | | |
| | |
Ground Transportation — 0.7% |
| | |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
| | |
Health Care Equipment & Supplies — 2.5% |
Alphatec Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Establishment Labs Holdings, Inc. (Costa Rica) * | | |
| | |
| | |
LeMaitre Vascular, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
PROCEPT BioRobotics Corp. * | | |
| | |
|
Health Care Equipment & Supplies — continued |
Tandem Diabetes Care, Inc. * | | |
TransMedics Group, Inc. * | | |
Treace Medical Concepts, Inc. * | | |
| | |
| | |
Health Care Providers & Services — 2.0% |
| | |
| | |
| | |
Alignment Healthcare, Inc. * | | |
| | |
| | |
Brookdale Senior Living, Inc. * | | |
Cross Country Healthcare, Inc. * | | |
| | |
Fulgent Genetics, Inc. * (a) | | |
| | |
Hims & Hers Health, Inc. * | | |
| | |
National HealthCare Corp. | | |
| | |
| | |
| | |
| | |
| | |
Pediatrix Medical Group, Inc. * | | |
| | |
US Physical Therapy, Inc. | | |
| | |
|
| | |
| | |
National Health Investors, Inc. | | |
Sabra Health Care REIT, Inc. | | |
| | |
Health Care Technology — 0.4% |
| | |
Definitive Healthcare Corp. * | | |
| | |
| | |
| | |
| | |
| | |
Hotel & Resort REITs — 1.0% |
DiamondRock Hospitality Co. | | |
Park Hotels & Resorts, Inc. | | |
| | |
| | |
| | |
Summit Hotel Properties, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Hotel & Resort REITs — continued |
Sunstone Hotel Investors, Inc. | | |
Xenia Hotels & Resorts, Inc. | | |
| | |
Hotels, Restaurants & Leisure — 2.4% |
| | |
| | |
Bowlero Corp., Class A (a) | | |
Brinker International, Inc. * | | |
Cheesecake Factory, Inc. (The) (a) | | |
Cracker Barrel Old Country Store, Inc. (a) | | |
Dave & Buster's Entertainment, Inc. * | | |
| | |
Dutch Bros, Inc., Class A * (a) | | |
| | |
First Watch Restaurant Group, Inc. * | | |
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 * | | |
Six Flags Entertainment Corp. * | | |
Sweetgreen, Inc., Class A * | | |
Target Hospitality Corp. * (a) | | |
| | |
Household Durables — 1.7% |
| | |
Century Communities, Inc. | | |
Green Brick Partners, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Vizio Holding Corp., Class A * | | |
| | |
Household Products — 0.7% |
Central Garden & Pet Co. * | | |
Central Garden & Pet Co., Class A * | | |
| | |
Spectrum Brands Holdings, Inc. | | |
| | |
| | |
Independent Power and Renewable Electricity Producers — 0.1% |
| | |
| | |
|
Independent Power and Renewable Electricity Producers — continued |
Montauk Renewables, Inc. * | | |
Sunnova Energy International, Inc. * (a) | | |
| | |
|
Innovative Industrial Properties, Inc. (a) | | |
| | |
| | |
|
| | |
BRP Group, Inc., Class A * | | |
CNO Financial Group, Inc. | | |
| | |
F&G Annuities & Life, Inc. (a) | | |
Genworth Financial, Inc., Class A * | | |
Goosehead Insurance, Inc., Class A * | | |
| | |
Horace Mann Educators Corp. | | |
| | |
| | |
National Western Life Group, Inc., Class A | | |
Oscar Health, Inc., Class A * | | |
| | |
| | |
Safety Insurance Group, Inc. | | |
SiriusPoint Ltd. (Bermuda) * | | |
Skyward Specialty Insurance Group, Inc. * | | |
Stewart Information Services Corp. | | |
| | |
| | |
Interactive Media & Services — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
ZipRecruiter, Inc., Class A * | | |
| | |
|
BigCommerce Holdings, Inc. * | | |
DigitalOcean Holdings, Inc. * | | |
| | |
Grid Dynamics Holdings, Inc. * | | |
| | |
Squarespace, Inc., Class A * | | |
Thoughtworks Holding, Inc. * | | |
| | |
|
Malibu Boats, Inc., Class A * | | |
Peloton Interactive, Inc., Class A * | | |
Smith & Wesson Brands, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Leisure Products — continued |
| | |
| | |
| | |
Life Sciences Tools & Services — 0.4% |
Adaptive Biotechnologies Corp. * | | |
Cytek Biosciences, Inc. * | | |
| | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
| | |
Pacific Biosciences of California, Inc. * | | |
| | |
|
| | |
Albany International Corp., Class A | | |
| | |
Atmus Filtration Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Greenbrier Cos., Inc. (The) | | |
Helios Technologies, Inc. | | |
Hillman Solutions Corp. * | | |
| | |
| | |
| | |
Mueller Water Products, Inc., Class A | | |
| | |
| | |
| | |
Standex International Corp. | | |
| | |
| | |
| | |
| | |
| | |
Marine Transportation — 0.3% |
| | |
|
Altice USA, Inc., Class A * | | |
| | |
Integral Ad Science Holding Corp. * | | |
John Wiley & Sons, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Alpha Metallurgical Resources, Inc. | | |
| | |
Carpenter Technology Corp. | | |
| | |
| | |
Compass Minerals International, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 1.4% |
Apollo Commercial Real Estate Finance, Inc. | | |
Arbor Realty Trust, Inc. (a) | | |
ARMOUR Residential REIT, Inc. (a) | | |
Brightspire Capital, Inc. | | |
| | |
Claros Mortgage Trust, Inc. | | |
Franklin BSP Realty Trust, Inc. | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
| | |
New York Mortgage Trust, Inc. | | |
PennyMac Mortgage Investment Trust (a) | | |
| | |
| | |
Two Harbors Investment Corp. | | |
| | |
|
| | |
| | |
| | |
Easterly Government Properties, Inc. | | |
| | |
Highwoods Properties, Inc. | | |
Hudson Pacific Properties, Inc. | | |
| | |
| | |
Piedmont Office Realty Trust, Inc., Class A | | |
SL Green Realty Corp. (a) | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.0% |
Clean Energy Fuels Corp. * | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Oil, Gas & Consumable Fuels — continued |
| | |
Equitrans Midstream Corp. | | |
Granite Ridge Resources, Inc. | | |
| | |
| | |
HighPeak Energy, Inc. (a) | | |
International Seaways, Inc. | | |
| | |
Kosmos Energy Ltd. (Ghana) * | | |
| | |
| | |
Par Pacific Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Paper & Forest Products — 0.2% |
| | |
Passenger Airlines — 0.6% |
| | |
| | |
Joby Aviation, Inc. * (a) | | |
| | |
Spirit Airlines, Inc. (a) | | |
Sun Country Airlines Holdings, Inc. * | | |
| | |
Personal Care Products — 0.3% |
Edgewell Personal Care Co. | | |
| | |
| | |
Nu Skin Enterprises, Inc., Class A | | |
USANA Health Sciences, Inc. * | | |
| | |
|
Amphastar Pharmaceuticals, Inc. * | | |
Amylyx Pharmaceuticals, Inc. * | | |
ANI Pharmaceuticals, Inc. * | | |
| | |
Cassava Sciences, Inc. * (a) | | |
Corcept Therapeutics, Inc. * | | |
Harmony Biosciences Holdings, Inc. * (a) | | |
| | |
Ligand Pharmaceuticals, Inc. * | | |
Neumora Therapeutics, Inc. * | | |
Pacira BioSciences, Inc. * | | |
Pliant Therapeutics, Inc. * | | |
Revance Therapeutics, Inc. * | | |
Supernus Pharmaceuticals, Inc. * | | |
| | |
|
Pharmaceuticals — continued |
Tilray Brands, Inc. (Canada) * (a) | | |
Ventyx Biosciences, Inc. * (a) | | |
| | |
Professional Services — 1.8% |
| | |
| | |
CSG Systems International, Inc. | | |
| | |
Huron Consulting Group, Inc. * | | |
| | |
Kelly Services, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.9% |
| | |
Cushman & Wakefield plc * | | |
DigitalBridge Group, Inc. | | |
eXp World Holdings, Inc. (a) | | |
| | |
Kennedy-Wilson Holdings, Inc. | | |
| | |
Newmark Group, Inc., Class A | | |
Opendoor Technologies, Inc. * | | |
| | |
| | |
|
Apartment Investment and Management Co., Class A * | | |
| | |
| | |
NexPoint Residential Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
CBL & Associates Properties, Inc. | | |
| | |
InvenTrust Properties Corp. | | |
| | |
Retail Opportunity Investments Corp. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 2.2% |
| | |
| | |
Credo Technology Group Holding Ltd. * | | |
| | |
| | |
| | |
indie Semiconductor, Inc., Class A (China) * | | |
Kulicke & Soffa Industries, Inc. (Singapore) | | |
| | |
Navitas Semiconductor Corp. * | | |
| | |
| | |
| | |
| | |
Ultra Clean Holdings, Inc. * | | |
Veeco Instruments, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
Alarm.com Holdings, Inc. * | | |
Alkami Technology, Inc. * | | |
Amplitude, Inc., Class A * | | |
Appfolio, Inc., Class A * | | |
| | |
Asana, Inc., Class A * (a) | | |
Aurora Innovation, Inc. * | | |
| | |
| | |
C3.ai, Inc., Class A * (a) | | |
| | |
Clear Secure, Inc., Class A | | |
Clearwater Analytics Holdings, Inc., Class A * | | |
CommVault Systems, Inc. * | | |
E2open Parent Holdings, Inc. * | | |
| | |
| | |
Freshworks, Inc., Class A * | | |
| | |
HashiCorp, Inc., Class A * | | |
| | |
| | |
| | |
| | |
LiveRamp Holdings, Inc. * | | |
Marathon Digital Holdings, Inc. * (a) | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
RingCentral, Inc., Class A * | | |
Riot Platforms, Inc. * (a) | | |
| | |
| | |
Sprinklr, Inc., Class A * | | |
Sprout Social, Inc., Class A * (a) | | |
| | |
| | |
| | |
Zeta Global Holdings Corp., Class A * | | |
| | |
| | |
|
Four Corners Property Trust, Inc. | | |
| | |
| | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
American Eagle Outfitters, Inc. | | |
| | |
| | |
Boot Barn Holdings, Inc. * (a) | | |
| | |
| | |
Camping World Holdings, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
National Vision Holdings, Inc. * | | |
| | |
Petco Health & Wellness Co., Inc. * | | |
| | |
Sally Beauty Holdings, Inc. * | | |
Sonic Automotive, Inc., Class A | | |
| | |
| | |
Victoria's Secret & Co. * | | |
Warby Parker, Inc., Class A * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Specialty Retail — continued |
Wayfair, Inc., Class A * (a) | | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 0.2% |
| | |
| | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 1.3% |
| | |
Figs, Inc., Class A * (a) | | |
G-III Apparel Group Ltd. * | | |
| | |
| | |
Levi Strauss & Co., Class A | | |
Oxford Industries, Inc. (a) | | |
| | |
Wolverine World Wide, Inc. | | |
| | |
|
| | |
| | |
| | |
Trading Companies & Distributors — 1.8% |
| | |
Custom Truck One Source, Inc. * | | |
Distribution Solutions Group, Inc. * | | |
| | |
| | |
| | |
| | |
H&E Equipment Services, Inc. | | |
| | |
Xometry, Inc., Class A * (a) | | |
| | |
|
| | |
| | |
| | |
Wireless Telecommunication Services — 0.2% |
| | |
Telephone and Data Systems, Inc. | | |
United States Cellular Corp. * | | |
| | |
Total Common Stocks
(Cost $459,809,027) | | |
| | |
|
|
Mirati Therapeutics, Inc., CVR ‡ *
(Cost $27,613) | | |
| | |
Short-Term Investments — 7.2% |
Investment Companies — 1.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)
(Cost $5,327,256) | | |
Investment of Cash Collateral from Securities Loaned — 6.0% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $26,781,822) | | |
Total Short-Term Investments
(Cost $32,109,078) | | |
Total Investments — 105.9%
(Cost $491,945,718) | | |
Liabilities in Excess of Other Assets — (5.9)% | | |
| | |
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. | |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $25,267,248. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.0% ^ |
| | |
Air Freight & Logistics — 0.1% |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.0% ^ |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
Brown-Forman Corp., Class B | | |
Constellation Brands, Inc., Class A | | |
| | |
| | |
| | |
| | |
|
| | |
Alnylam Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
Ionis Pharmaceuticals, Inc. * | | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
Lennox International, Inc. | | |
| | |
| | |
| | |
|
Affiliated Managers Group, Inc. | | |
| | |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
Cboe Global Markets, Inc. | | |
Charles Schwab Corp. (The) | | |
| | |
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. | | |
Robinhood Markets, Inc., Class A * | | |
| | |
Tradeweb Markets, Inc., Class A | | |
XP, Inc., Class A (Brazil) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
International Flavors & Fragrances, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Scotts Miracle-Gro Co. (The) | | |
Sherwin-Williams Co. (The) | | |
| | |
Commercial Services & Supplies — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Communications Equipment — 1.3% |
| | |
| | |
| | |
| | |
| | |
| | |
Construction & Engineering — 0.1% |
| | |
| | |
| | |
|
| | |
| | |
Capital One Financial Corp. | | |
Discover Financial Services | | |
| | |
| | |
| | |
Consumer Staples Distribution & Retail — 0.9% |
| | |
| | |
| | |
Containers & Packaging — 0.1% |
| | |
| | |
|
|
| | |
| | |
| | |
Diversified REITs — 0.0% ^ |
| | |
Diversified Telecommunication Services — 0.3% |
| | |
Iridium Communications, Inc. | | |
Verizon Communications, Inc. | | |
| | |
Electric Utilities — 1.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Electrical Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Rockwell Automation, Inc. | | |
| | |
| | |
Electronic Equipment, Instruments & Components — 0.5% |
| | |
| | |
Keysight Technologies, Inc. * | | |
Teledyne Technologies, Inc. * | | |
| | |
| | |
Zebra Technologies Corp., Class A * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Energy Equipment & Services — 0.6% |
| | |
| | |
| | |
|
| | |
Liberty Media Corp-Liberty Formula One, Class C * | | |
| | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
Financial Services — 4.9% |
| | |
Apollo Global Management, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
McCormick & Co., Inc. (Non-Voting) | | |
Mondelez International, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
Ground Transportation — 0.7% |
| | |
| | |
| | |
|
Ground Transportation — continued |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.7% |
| | |
Boston Scientific Corp. * | | |
| | |
Edwards Lifesciences Corp. * | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
Shockwave Medical, Inc. * | | |
| | |
| | |
Health Care Providers & Services — 3.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Health Care REITs — 0.0% ^ |
Medical Properties Trust, Inc. | | |
Omega Healthcare Investors, Inc. | | |
| | |
Health Care Technology — 0.1% |
| | |
Veeva Systems, Inc., Class A * | | |
| | |
Hotels, Restaurants & Leisure — 2.2% |
| | |
| | |
Chipotle Mexican Grill, Inc. * | | |
Choice Hotels International, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Hotels, Restaurants & Leisure — continued |
| | |
| | |
| | |
Household Durables — 0.3% |
| | |
| | |
| | |
Household Products — 1.7% |
Church & Dwight Co., Inc. | | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
|
| | |
Rexford Industrial Realty, Inc. | | |
| | |
| | |
|
| | |
| | |
Arch Capital Group Ltd. * | | |
| | |
Axis Capital Holdings Ltd. | | |
Brighthouse Financial, Inc. * | | |
| | |
| | |
| | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
| | |
Prudential Financial, Inc. | | |
Reinsurance Group of America, Inc. | | |
RenaissanceRe Holdings Ltd. (Bermuda) | | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
Interactive Media & Services — 5.7% |
Alphabet, Inc., Class A * | | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
Interactive Media & Services — continued |
Pinterest, Inc., Class A * | | |
ZoomInfo Technologies, Inc. * | | |
| | |
|
| | |
Cloudflare, Inc., Class A * | | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Life Sciences Tools & Services — 1.3% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
Mettler-Toledo International, Inc. * | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp-Liberty SiriusXM * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Southern Copper Corp. (Mexico) | | |
| | |
Mortgage Real Estate Investment Trusts (REITs) — 0.1% |
| | |
Annaly Capital Management, Inc. | | |
Starwood Property Trust, Inc. | | |
| | |
|
| | |
Consolidated Edison, Inc. | | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
Oil, Gas & Consumable Fuels — 3.4% |
| | |
| | |
| | |
| | |
| | |
| | |
New Fortress Energy, Inc. | | |
| | |
| | |
|
Oil, Gas & Consumable Fuels — continued |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care Products — 0.2% |
| | |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Professional Services — 1.2% |
Automatic Data Processing, Inc. | | |
Booz Allen Hamilton Holding Corp. | | |
| | |
Dun & Bradstreet Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Paylocity Holding Corp. * | | |
| | |
| | |
| | |
| | |
Real Estate Management & Development — 0.4% |
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. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Carbon Transition U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Residential REITs — continued |
Essex Property Trust, Inc. | | |
| | |
| | |
|
Brixmor Property Group, Inc. | | |
Federal Realty Investment Trust | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
Semiconductors & Semiconductor Equipment — 9.1% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lattice Semiconductor Corp. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Atlassian Corp., Class A * | | |
| | |
Bentley Systems, Inc., Class B | | |
Cadence Design Systems, Inc. * | | |
Confluent, Inc., Class A * | | |
| | |
DoubleVerify Holdings, Inc. * | | |
| | |
Guidewire Software, Inc. * | | |
| | |
| | |
|
|
| | |
| | |
| | |
Palantir Technologies, Inc., Class A * | | |
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. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 5.8% |
| | |
Pure Storage, Inc., Class A * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Textiles, Apparel & Luxury Goods — 0.9% |
| | |
| | |
| | |
| | |
Lululemon Athletica, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Trading Companies & Distributors — 0.6% |
| | |
| | |
| | |
WESCO International, Inc. | | |
| | |
| | |
|
American Water Works Co., Inc. | | |
Essential Utilities, Inc. | | |
| | |
Total Common Stocks
(Cost $4,752,336) | | |
| | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)
(Cost $8,574) | | |
Total Investments — 100.0%
(Cost $4,760,910) | | |
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. |
| 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, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
BB Seguridade Participacoes SA | | |
Bradespar SA (Preference) | | |
Caixa Seguridade Participacoes S/A | | |
| | |
Centrais Eletricas Brasileiras SA | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | |
Cia Energetica de Minas Gerais (Preference) | | |
| | |
Companhia Paranaense de Energia (Preference) | | |
| | |
| | |
CTEEP-Cia de Transmissao de Energia Eletrica Paulista (Preference) | | |
| | |
| | |
| | |
| | |
| | |
GPS Participacoes e Empreendimentos SA (a) | | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
Metalurgica Gerdau SA (Preference) | | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica S/A | | |
Usinas Siderurgicas de Minas Gerais S (Preference) | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
|
Cia Cervecerias Unidas SA | | |
Cia Sud Americana de Vapores SA | | |
| | |
Embotelladora Andina SA (Preference), Class B | | |
| | |
| | |
| | |
| | |
|
| | |
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 (b) | | |
Bank of Beijing Co. Ltd., Class A | | |
Bank of Changsha Co. Ltd., Class A | | |
Bank of China Ltd., Class H | | |
Bank of Communications Co. Ltd., Class A | | |
Bank of Shanghai 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 (b) | | |
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 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 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
China National Accord Medicines Corp. Ltd., Class A | | |
China National Chemical Engineering Co. Ltd., Class A | | |
China National Medicines Corp. Ltd., Class A | | |
China Petroleum & Chemical Corp., Class H | | |
China Resources Pharmaceutical Group Ltd. (b) | | |
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 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 | | |
| | |
COSCO SHIPPING Energy Transportation Co. Ltd., Class H | | |
COSCO SHIPPING Holdings Co. Ltd., Class H | | |
COSCO SHIPPING Ports Ltd. | | |
CSPC Pharmaceutical Group Ltd. | | |
Daqin Railway Co. Ltd., Class A | | |
Datang International Power Generation Co. Ltd., Class H | | |
Dong-E-E-Jiao Co. Ltd., Class A | | |
Dongfeng Motor Group Co. Ltd., Class H | | |
Dongguan Development Holdings Co. Ltd., Class A | | |
| | |
Foxconn Industrial Internet 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 | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | |
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 | | |
Haitian International Holdings Ltd. | | |
Heilongjiang Agriculture Co. Ltd., Class A | | |
Henan Shuanghui Investment & Development Co. Ltd., Class A | | |
Hengan International Group Co. Ltd. | | |
| | |
Huabao Flavours & Fragrances Co. Ltd., Class A | | |
Huadian Power International Corp. Ltd., Class H | | |
Huaibei Mining Holdings Co. Ltd., Class A | | |
Huapont Life Sciences Co. Ltd., Class A | | |
Huaxia Bank Co. Ltd., Class A | | |
Huaxin Cement Co. Ltd., Class H | | |
Huayu Automotive Systems 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 Financial Leasing Co. Ltd., Class A | | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A | | |
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A | | |
Jiangsu Zhongtian Technology Co. Ltd., Class A | | |
Joincare Pharmaceutical Group Industry Co. Ltd., Class A | | |
Jointown Pharmaceutical Group Co. Ltd., Class A | | |
| | |
| | |
KingClean Electric Co. Ltd., Class A | | |
| | |
Kweichow Moutai 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 INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Lao Feng Xiang Co. Ltd., Class A | | |
| | |
Livzon Pharmaceutical Group, Inc., Class A | | |
Maanshan Iron & Steel Co. Ltd., Class H | | |
Meihua Holdings Group Co. Ltd., Class A | | |
Metallurgical Corp. of China Ltd., Class A | | |
Nanjing Iron & Steel Co. Ltd., Class A | | |
New China Life Insurance Co. Ltd., Class A | | |
Ningbo Sanxing Medical Electric Co. Ltd., Class A | | |
Offshore Oil Engineering Co. Ltd., Class A | | |
PetroChina Co. Ltd., Class A | | |
Postal Savings Bank of China Co. Ltd., Class A | | |
Qingdao Port International Co. Ltd., Class A | | |
Qinhuangdao Port Co. Ltd., Class A | | |
Shaanxi Coal Industry Co. Ltd., Class A | | |
Shandong Buchang Pharmaceuticals 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 Mechanical and Electrical Industry Co. Ltd., Class A | | |
Shanghai Pharmaceuticals Holding Co. Ltd., Class H | | |
Shanghai Rural Commercial Bank Co. Ltd., Class A | | |
Shanghai Tunnel Engineering Co. Ltd., Class A | | |
Shanxi Coal International Energy 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 Aisidi Co. Ltd., Class A | | |
Shenzhen Jinjia Group Co. Ltd., Class A | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A | | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | |
Sichuan Kelun Pharmaceutical Co. Ltd., Class A | | |
Sinoma International Engineering Co., Class A | | |
Sinopharm Group Co. Ltd., Class H | | |
| | |
|
|
| | |
| | |
Skyworth Digital Co. Ltd., Class A | | |
TangShan Port Group Co. Ltd., Class A | | |
Tasly Pharmaceutical Group Co. Ltd., Class A | | |
Tian Di Science & Technology Co. Ltd., Class A | | |
Tianhe Chemicals Group Ltd. ‡ * | | |
Triangle Tyre Co. Ltd., Class A | | |
Wanxiang Qianchao Co. Ltd., Class A ‡ | | |
Weichai Power 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 | | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
Yankuang Energy Group Co. Ltd., Class H | | |
Yintai Gold Co. Ltd., Class A * | | |
Youngor Fashion Co. Ltd., Class A | | |
Yunnan Baiyao Group Co. Ltd., Class A | | |
Yutong Bus Co. Ltd., Class A | | |
Zhejiang Conba Pharmaceutical Co. Ltd., Class A | | |
Zhejiang Expressway Co. Ltd., Class H | | |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | | |
Zhejiang Semir Garment Co. Ltd., Class A | | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | | |
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class A | | |
Zhongjin Gold Corp. Ltd., Class A | | |
Zhongsheng Group Holdings Ltd. | | |
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H | | |
| | |
|
Bancolombia SA (Preference) | | |
|
| | |
Moneta Money Bank A/S (b) | | |
| | |
|
Commercial International Bank - Egypt (CIB) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Eurobank Ergasias Services and Holdings SA * | | |
Hellenic Telecommunications Organization SA | | |
HELLENiQ ENERGY Holdings S.A. | | |
| | |
Motor Oil Hellas Corinth Refineries SA | | |
| | |
National Bank of Greece SA * | | |
| | |
Piraeus Financial Holdings SA * | | |
| | |
| | |
|
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. | | |
| | |
| | |
ICICI Lombard General Insurance Co. Ltd. (b) | | |
| | |
| | |
| | |
| | |
| | |
|
|
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) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Adaro Energy Indonesia Tbk. PT | | |
Astra International Tbk. PT | | |
Bank Central Asia Tbk. PT | | |
Bank Mandiri Persero Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
| | |
| | |
Hanjaya Mandala Sampoerna Tbk. PT | | |
Indofood CBP Sukses Makmur Tbk. PT | | |
Indofood Sukses Makmur Tbk. PT | | |
| | |
Perusahaan Gas Negara Tbk. PT | | |
Sarana Menara Nusantara Tbk. PT | | |
Sumber Alfaria Trijaya Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Unilever Indonesia Tbk. PT | | |
| | |
| | |
| | |
| | |
|
Agility Public Warehousing Co. KSC ‡ * | | |
Agility Public Warehousing Co. KSC | | |
Mobile Telecommunications Co. KSCP | | |
National Bank of Kuwait SAKP | | |
| | |
|
| | |
| | |
Hong Leong Financial Group Bhd. | | |
| | |
| | |
| | |
| | |
| | |
Petronas Chemicals Group Bhd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
YTL Power International 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 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 | | |
Qualitas Controladora SAB de CV | | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
Oil & Gas Development Co. Ltd. | | |
|
| | |
| | |
| | |
Puregold Price Club, Inc. | | |
| | |
|
Commercial Bank PSQC (The) | | |
| | |
Mesaieed Petrochemical Holding Co. | | |
| | |
Qatar Electricity & Water Co. QSC | | |
| | |
Qatar Gas Transport Co. Ltd. | | |
Qatar International Islamic Bank QSC | | |
| | |
| | |
| | |
|
| | |
|
| | |
Federal Grid Co. - Rosseti PJSC ‡ * | | |
GMK Norilskiy Nickel PAO ‡ | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
Magnitogorsk Iron & Steel Works PJSC ‡ * | | |
Mobile TeleSystems PJSC ‡ | | |
Novolipetsk Steel PJSC ‡ * | | |
| | |
| | |
| | |
Sberbank of Russia PJSC ‡ | | |
| | |
| | |
Surgutneftegas PJSC (Preference) ‡ | | |
| | |
| | |
| | |
|
Abdullah Al Othaim Markets Co. | | |
| | |
Arabian Internet & Communications Services Co. | | |
Catrion Catering Holding Co. | | |
| | |
Dr Sulaiman Al Habib Medical Services Group Co. | | |
| | |
| | |
| | |
Mouwasat Medical Services Co. | | |
| | |
| | |
| | |
Sahara International Petrochemical Co. | | |
Saudi Arabian Mining Co. * | | |
Saudi Arabian Oil Co. (b) | | |
Saudi Aramco Base Oil Co. | | |
| | |
| | |
Saudi Investment Bank (The) | | |
| | |
| | |
| | |
|
African Rainbow Minerals Ltd. | | |
| | |
|
|
Aspen Pharmacare Holdings Ltd. | | |
| | |
| | |
| | |
Foschini Group Ltd. (The) | | |
Harmony Gold Mining Co. Ltd. | | |
Impala Platinum Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Catcher Technology Co. Ltd. | | |
Cheng Shin Rubber Industry Co. Ltd. | | |
Chicony Electronics Co. Ltd. | | |
| | |
| | |
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. | | |
| | |
Fubon Financial Holding Co. Ltd. | | |
Largan Precision Co. Ltd. | | |
| | |
Mega Financial Holding Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
Nien Made Enterprise Co. Ltd. | | |
Novatek Microelectronics Corp. | | |
| | |
President Chain Store 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. | | |
Yuanta Financial Holding Co. Ltd. | | |
| | |
|
Advanced Info Service PCL | | |
| | |
| | |
| | |
| | |
| | |
Digital Telecommunications Infrastructure Fund, Class F | | |
Electricity Generating PCL | | |
Intouch Holdings PCL, NVDR | | |
| | |
Minor International PCL, NVDR | | |
| | |
PTT Exploration & Production PCL | | |
| | |
| | |
| | |
Thai Union Group PCL, Class F | | |
TMBThanachart Bank PCL, NVDR | | |
| | |
|
AG Anadolu Grubu Holding A/S | | |
Ahlatci Dogal Gaz Dagitim Enerji ve Yatirim A/S * | | |
| | |
| | |
| | |
| | |
Alfa Solar Enerji Sanayi ve Ticaret A/S | | |
Anadolu Efes Biracilik ve Malt Sanayii A/S | | |
| | |
|
|
Aselsan Elektronik Sanayi ve Ticaret A/S | | |
Astor Transformator Enerji Turizm Insaat ve Petrol Sanayi Ticaret A/S | | |
| | |
BIM Birlesik Magazalar A/S | | |
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret A/S * | | |
Cimsa Cimento Sanayi ve Ticaret A/S | | |
| | |
Dogan Sirketler Grubu Holding A/S | | |
Dogus Otomotiv Servis ve Ticaret A/S | | |
EGE Endustri ve Ticaret A/S * | | |
EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret A/S * | | |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S, REIT * | | |
Enerjisa Enerji A/S * (b) | | |
Enka Insaat ve Sanayi A/S | | |
| | |
Haci Omer Sabanci Holding A/S * | | |
Is Gayrimenkul Yatirim Ortakligi A/S, REIT * | | |
Is Yatirim Menkul Degerler A/S | | |
| | |
Kontrolmatik Enerji ve Muhendislik A/S | | |
Konya Cimento Sanayii A/S * | | |
Mavi Giyim Sanayi ve Ticaret A/S, Class B (b) | | |
| | |
| | |
MLP Saglik Hizmetleri A/S * (b) | | |
| | |
ODAS Elektrik Uretim ve Sanayi Ticaret A/S * | | |
Otokar Otomotiv ve Savunma Sanayi AS | | |
Oyak Cimento Fabrikalari A/S * | | |
Pegasus Hava Tasimaciligi A/S * | | |
Sok Marketler Ticaret A/S | | |
| | |
Tofas Turk Otomobil Fabrikasi A/S | | |
Torunlar Gayrimenkul Yatirim Ortakligi A/S, REIT | | |
| | |
Turk Telekomunikasyon A/S * | | |
Turk Traktor ve Ziraat Makineleri A/S | | |
Turkcell Iletisim Hizmetleri A/S | | |
Turkiye Is Bankasi A/S, Class C | | |
Turkiye Petrol Rafinerileri A/S | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Turkiye Sise ve Cam Fabrikalari A/S | | |
Ulker Biskuvi Sanayi A/S * | | |
Yapi ve Kredi Bankasi A/S | | |
Zorlu Enerji Elektrik Uretim A/S * | | |
| | |
United Arab Emirates — 2.3% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
Abu Dhabi Ports Co. PJSC * | | |
| | |
| | |
Americana Restaurants International plc * | | |
Dubai Electricity & Water Authority PJSC | | |
| | |
| | |
| | |
| | |
Emirates Telecommunications Group Co. PJSC | | |
National Marine Dredging Co. | | |
| | |
| | |
|
| | |
| | |
| | |
Total Common Stocks
(Cost $277,752,218) | | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $401,232) | | |
Total Investments — 100.1%
(Cost $278,153,450) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
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. | |
| 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, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2024
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 | |
| |
| |
Diversified Telecommunication Services | |
| |
| |
| |
| |
Independent Power and Renewable Electricity Producers | |
Consumer Staples Distribution & Retail | |
Transportation Infrastructure | |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
Semiconductors & Semiconductor Equipment | |
Health Care Providers & Services | |
| |
| |
| |
Real Estate Management & Development | |
| |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Harvey Norman Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pilbara Minerals Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
Seven Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
| | |
| | |
|
|
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
|
| | |
|
Budweiser Brewing Co. APAC Ltd. (b) | | |
Chow Tai Fook Jewellery Group Ltd. | | |
| | |
SITC International Holdings Co. 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 | |
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
| | |
| | |
| | |
|
Bayerische Motoren Werke AG | | |
| | |
| | |
| | |
Deutsche Telekom AG (Registered) | | |
| | |
Fresenius Medical Care AG | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
| | |
|
|
Hong Kong & China Gas Co. Ltd. | | |
Hutchison Port Holdings Trust | | |
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 | | |
| | |
| | |
| | |
| | |
Infrastrutture Wireless Italiane SpA (b) | | |
| | |
| | |
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. | | |
| | |
Canon Marketing Japan, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Chubu Electric Power Co., Inc. | | |
Chugai Pharmaceutical Co. Ltd. | | |
| | |
Cosmo Energy Holdings 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. | | |
| | |
Hachijuni Bank Ltd. (The) | | |
| | |
| | |
| | |
| | |
| | |
Invincible Investment Corp., REIT | | |
| | |
| | |
Japan Metropolitan Fund Invest, REIT | | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
Japan Real Estate Investment Corp., REIT | | |
| | |
| | |
| | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
Kawasaki Kisen Kaisha Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Kyushu Electric Power Co., Inc. | | |
| | |
| | |
| | |
| | |
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 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. | | |
| | |
| | |
| | |
Rohto Pharmaceutical Co. Ltd. | | |
| | |
Santen Pharmaceutical Co. Ltd. | | |
| | |
Sawai Group Holdings Co. Ltd. | | |
| | |
| | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
Sekisui House REIT, Inc., REIT | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Ship Healthcare Holdings, Inc. | | |
Skylark Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Sumitomo Mitsui Financial Group, Inc. | | |
Suntory Beverage & Food Ltd. | | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
Tohoku Electric Power Co., Inc. | | |
| | |
| | |
| | |
Tokyu Fudosan Holdings Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
United Urban Investment Corp., REIT | | |
| | |
| | |
| | |
Yamaguchi Financial Group, Inc. | | |
| | |
Yokohama Rubber Co. Ltd. (The) | | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
L'Occitane International SA | | |
| | |
| | |
|
| | |
| | |
|
|
ABN AMRO Bank NV, CVA (b) | | |
| | |
| | |
BE Semiconductor Industries NV | | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
| | |
| | |
|
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
| | |
|
CapitaLand Ascendas, REIT | | |
CapitaLand Integrated Commercial Trust, REIT | | |
| | |
| | |
| | |
Jardine Cycle & Carriage Ltd. | | |
| | |
Mapletree Logistics Trust, REIT | | |
Mapletree Pan Asia Commercial Trust, REIT | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
| | |
Singapore Telecommunications Ltd. | | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hana Financial Group, Inc. | | |
Hankook Tire & Technology Co. Ltd. | | |
| | |
Hanwha Aerospace Co. Ltd. | | |
| | |
| | |
HD Hyundai Infracore Co. Ltd. | | |
HD Korea Shipbuilding & Offshore Engineering 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. | | |
| | |
|
|
| | |
| | |
| | |
Posco International Corp. | | |
| | |
Samsung Electronics Co. Ltd. | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
| | |
Samsung Securities Co. Ltd. | | |
| | |
| | |
| | |
| | |
Woori Financial Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Industria de Diseno Textil SA | | |
Merlin Properties Socimi SA, REIT | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Fastighets AB Balder, Class B * | | |
| | |
H & M Hennes & Mauritz AB, Class B (a) | | |
| | |
| | |
Securitas AB, Class B (a) | | |
| | |
| | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
|
Kuehne + Nagel International AG (Registered) (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
PSP Swiss Property AG (Registered) | | |
| | |
Sonova Holding AG (Registered) | | |
Swiss Prime Site AG (Registered) | | |
| | |
| | |
|
| | |
| | |
| | |
Associated British Foods plc | | |
| | |
Auto Trader Group plc (b) | | |
| | |
B&M European Value Retail SA | | |
| | |
| | |
British American Tobacco plc | | |
British Land Co. plc (The), REIT | | |
| | |
| | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
Intermediate Capital Group plc | | |
International Consolidated Airlines Group SA * | | |
| | |
| | |
| | |
Land Securities Group plc, REIT | | |
Legal & General Group plc | | |
| | |
Marks & Spencer Group plc | | |
| | |
|
United Kingdom — continued |
| | |
| | |
| | |
| | |
Phoenix Group Holdings plc | | |
Reckitt Benckiser Group plc | | |
| | |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
UNITE Group plc (The), REIT | | |
United Utilities Group plc | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $354,747,316) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return International Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Short-Term Investments — 1.2% |
Investment of Cash Collateral from Securities Loaned — 1.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $4,258,883) | | |
Total Investments — 100.3%
(Cost $359,006,199) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| 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, 2024. The total value of securities on loan at April 30, 2024 is $4,017,022. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
Diversified Telecommunication Services | |
Consumer Staples Distribution & Retail | |
Real Estate Management & Development | |
| |
Trading Companies & Distributors | |
| |
| |
| |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
Technology Hardware, Storage & Peripherals | |
Health Care Equipment & Supplies | |
| |
Wireless Telecommunication Services | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Construction & Engineering | |
| |
Health Care Providers & Services | |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| |
| 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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.8% |
| | |
| | |
| | |
Automobiles & Parts — 0.6% |
| | |
| | |
| | |
|
| | |
Citizens Financial Group, Inc. | | |
Discover Financial Services | | |
| | |
First Citizens BancShares, Inc., Class A | | |
Huntington Bancshares, Inc. | | |
| | |
New York Community Bancorp, Inc. | | |
Popular, Inc. (Puerto Rico) | | |
| | |
| | |
| | |
|
Boston Beer Co., Inc. (The), Class A * | | |
| | |
| | |
Constellation Brands, Inc., Class A | | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
Construction & Materials — 2.2% |
| | |
Builders FirstSource, Inc. * | | |
| | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
Grand Canyon Education, Inc. * | | |
| | |
Service Corp. International | | |
| | |
|
Brookfield Renewable Corp. | | |
Clearway Energy, Inc., Class C | | |
| | |
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 — 0.6% |
| | |
| | |
| | |
| | |
Finance & Credit Services — 0.9% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
Mondelez International, Inc., Class A | | |
| | |
| | |
| | |
| | |
Gas, Water & Multi-utilities — 3.0% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
General Industrials — 2.0% |
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
Packaging Corp. of America | | |
| | |
| | |
| | |
| | |
Health Care Providers — 2.6% |
| | |
| | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
Household Goods & Home Construction — 2.0% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 0.7% |
| | |
| | |
| | |
| | |
Industrial Materials — 0.2% |
| | |
Industrial Metals & Mining — 2.9% |
| | |
| | |
| | |
| | |
| | |
Southern Copper Corp. (Mexico) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Metals & Mining — continued |
| | |
| | |
United States Steel Corp. | | |
| | |
Industrial Support Services — 2.6% |
| | |
Booz Allen Hamilton Holding Corp. | | |
Capital One Financial Corp. | | |
Core & Main, Inc., Class A * | | |
MSC Industrial Direct Co., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.1% |
Allison Transmission Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
| | |
Investment Banking & Brokerage Services — 1.7% |
Ameriprise Financial, Inc. | | |
Apollo Global Management, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
Cboe Global Markets, Inc. | | |
Jefferies Financial Group, Inc. | | |
| | |
Virtu Financial, Inc., Class A | | |
XP, Inc., Class A (Brazil) | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
Life Insurance — continued |
| | |
Principal Financial Group, Inc. | | |
Prudential Financial, Inc. | | |
| | |
| | |
|
Interpublic Group of Cos., Inc. (The) | | |
Nexstar Media Group, Inc. | | |
| | |
Medical Equipment & Services — 3.6% |
| | |
| | |
| | |
GE HealthCare Technologies, Inc. | | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
| | |
| | |
Thermo Fisher Scientific, Inc. | | |
West Pharmaceutical Services, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.5% |
| | |
Starwood Property Trust, Inc. | | |
| | |
Non-life Insurance — 3.1% |
American Financial Group, Inc. | | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
Fidelity National Financial, Inc. | | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
Old Republic International Corp. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Non-life Insurance — continued |
Reinsurance Group of America, Inc. | | |
| | |
| | |
Non-Renewable Energy — 6.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. | | |
| | |
Pioneer Natural Resources Co. | | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care, Drug & Grocery Stores — 5.9% |
Albertsons Cos., Inc., Class A | | |
Casey's General Stores, Inc. | | |
| | |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
| | |
Grocery Outlet Holding Corp. * | | |
| | |
| | |
| | |
| | |
| | |
Performance Food Group Co. * | | |
| | |
|
Personal Care, Drug & Grocery Stores — continued |
Procter & Gamble Co. (The) | | |
Spectrum Brands Holdings, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.4% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
United Therapeutics Corp. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
Precious Metals & Mining — 0.2% |
| | |
Real Estate Investment & Services — 1.0% |
CBRE Group, Inc., Class A * | | |
| | |
Jones Lang LaSalle, Inc. * | | |
Zillow Group, Inc., Class C * | | |
| | |
Real Estate Investment Trusts — 8.1% |
AvalonBay Communities, Inc. | | |
Brixmor Property Group, Inc. | | |
| | |
| | |
| | |
EastGroup Properties, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Essex Property Trust, Inc. | | |
First Industrial Realty Trust, Inc. | | |
Gaming and Leisure Properties, Inc. | | |
Highwoods Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
| | |
| | |
| | |
Lamar Advertising Co., Class A | | |
Mid-America Apartment Communities, Inc. | | |
NET Lease Office Properties | | |
| | |
Omega Healthcare Investors, Inc. | | |
Park Hotels & Resorts, Inc. | | |
| | |
| | |
| | |
Simon Property Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Penske Automotive Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Software & Computer Services — 3.7% |
| | |
Alphabet, Inc., Class A * | | |
| | |
|
Software & Computer Services — continued |
| | |
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 | | |
| | |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
Technology Hardware & Equipment — 3.7% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 1.7% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Service Providers — 2.7% |
| | |
| | |
Charter Communications, Inc., Class A * | | |
| | |
Frontier Communications Parent, Inc. * | | |
Iridium Communications, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Telecommunications Service Providers — continued |
Liberty Broadband Corp., Class C * | | |
| | |
| | |
Verizon Communications, Inc. | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
Waste & Disposal Services — 1.2% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $366,431,680) | | |
| | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)(Cost $905,882) | | |
Total Investments — 99.9%
(Cost $367,337,562) | | |
Assets in Excess of Other Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| Value determined using significant unobservable inputs. |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.1% |
| | |
Automobiles & Parts — 0.6% |
| | |
| | |
| | |
| | |
| | |
|
Citizens Financial Group, Inc. | | |
| | |
Discover Financial Services | | |
| | |
First Citizens BancShares, Inc., Class A | | |
| | |
Huntington Bancshares, Inc. | | |
| | |
| | |
New York Community Bancorp, Inc. (a) | | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
| | |
| | |
| | |
|
Boston Beer Co., Inc. (The), Class A * | | |
| | |
Molson Coors Beverage Co., Class B | | |
| | |
|
| | |
| | |
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
| | |
Scotts Miracle-Gro Co. (The) (a) | | |
| | |
|
|
| | |
| | |
| | |
Construction & Materials — 2.6% |
| | |
Builders FirstSource, Inc. * | | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Service Corp. International | | |
| | |
|
| | |
Brookfield Renewable Corp. | | |
Clearway Energy, Inc., Class C | | |
| | |
Consolidated Edison, Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. (a) | | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
| | |
| | |
Electronic & Electrical Equipment — 1.3% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Electronic & Electrical Equipment — continued |
| | |
| | |
| | |
| | |
Keysight Technologies, Inc. * | | |
| | |
| | |
Finance & Credit Services — 1.1% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
McCormick & Co., Inc. (Non-Voting) | | |
| | |
| | |
| | |
| | |
| | |
Gas, Water & Multi-utilities — 2.5% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
General Industrials — 1.8% |
| | |
| | |
| | |
| | |
|
General Industrials — continued |
Packaging Corp. of America | | |
| | |
| | |
| | |
| | |
| | |
| | |
Health Care Providers — 3.6% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
Premier, Inc., Class A (a) | | |
| | |
Universal Health Services, Inc., Class B | | |
Veeva Systems, Inc., Class A * | | |
| | |
Household Goods & Home Construction — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 1.5% |
| | |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
| | |
Industrial Materials — 0.8% |
| | |
| | |
| | |
| | |
Industrial Metals & Mining — 2.6% |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Industrial Metals & Mining — continued |
| | |
| | |
| | |
| | |
| | |
United States Steel Corp. | | |
| | |
Industrial Support Services — 2.0% |
| | |
Booz Allen Hamilton Holding Corp. | | |
Core & Main, Inc., Class A * | | |
MSC Industrial Direct Co., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.6% |
Allison Transmission Holdings, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
| | |
Investment Banking & Brokerage Services — 1.7% |
Ameriprise Financial, Inc. | | |
Apollo Global Management, Inc. | | |
Cboe Global Markets, Inc. | | |
Jefferies Financial Group, Inc. | | |
Virtu Financial, Inc., Class A | | |
XP, Inc., Class A (Brazil) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
| | |
|
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp-Liberty Live, Class A * | | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
Nexstar Media Group, Inc. | | |
| | |
| | |
Medical Equipment & Services — 4.7% |
Agilent Technologies, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Integra LifeSciences Holdings Corp. * | | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.7% |
Annaly Capital Management, Inc. | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
Non-life Insurance — 3.3% |
American Financial Group, Inc. | | |
Arch Capital Group Ltd. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Non-life Insurance — continued |
| | |
Axis Capital Holdings Ltd. | | |
| | |
| | |
| | |
Fidelity National Financial, Inc. | | |
First American Financial Corp. | | |
Hartford Financial Services Group, Inc. (The) | | |
| | |
Old Republic International Corp. | | |
Reinsurance Group of America, Inc. | | |
White Mountains Insurance Group Ltd. | | |
| | |
Non-Renewable Energy — 7.6% |
| | |
| | |
| | |
| | |
| | |
Chesapeake Energy Corp. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Southwestern Energy Co. * | | |
| | |
| | |
Williams Cos., Inc. (The) | | |
| | |
Personal Care, Drug & Grocery Stores — 3.7% |
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 — 2.8% |
| | |
| | |
| | |
| | |
| | |
Jazz Pharmaceuticals plc * | | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
| | |
Neurocrine Biosciences, Inc. * | | |
Royalty Pharma plc, Class A | | |
United Therapeutics Corp. * | | |
| | |
| | |
Precious Metals & Mining — 0.2% |
| | |
SSR Mining, Inc. (Canada) | | |
| | |
Real Estate Investment & Services — 1.3% |
CBRE Group, Inc., Class A * | | |
| | |
Jones Lang LaSalle, Inc. * | | |
Zillow Group, Inc., Class C * | | |
| | |
Real Estate Investment Trusts — 9.4% |
American Homes 4 Rent, Class A | | |
AvalonBay Communities, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Brixmor Property Group, Inc. | | |
| | |
| | |
| | |
EastGroup Properties, Inc. | | |
| | |
| | |
Essex Property Trust, Inc. | | |
First Industrial Realty Trust, Inc. | | |
Gaming and Leisure Properties, Inc. | | |
Highwoods Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
| | |
| | |
| | |
Lamar Advertising Co., Class A | | |
Mid-America Apartment Communities, Inc. | | |
NET Lease Office Properties | | |
| | |
Omega Healthcare Investors, Inc. (a) | | |
Park Hotels & Resorts, Inc. | | |
| | |
| | |
Rexford Industrial Realty, Inc. | | |
Simon Property Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
Penske Automotive Group, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
|
Software & Computer Services — 4.4% |
Akamai Technologies, Inc. * | | |
| | |
| | |
AppLovin Corp., Class A * | | |
CACI International, Inc., Class A * | | |
| | |
Dolby Laboratories, Inc., Class A | | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
| | |
Manhattan Associates, Inc. * | | |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
Tyler Technologies, Inc. * | | |
| | |
Technology Hardware & Equipment — 4.3% |
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 1.1% |
| | |
| | |
Lumentum Holdings, Inc. * (a) | | |
| | |
| | |
| | |
Telecommunications Service Providers — 1.2% |
| | |
Frontier Communications Parent, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Telecommunications Service Providers — continued |
Iridium Communications, Inc. | | |
Liberty Broadband Corp., Class C * | | |
| | |
| | |
|
| | |
| | |
MGM Resorts International * | | |
| | |
| | |
| | |
| | |
Waste & Disposal Services — 1.1% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $332,793,444) | | |
Short-Term Investments — 2.6% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $701,532) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 2.4% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $8,574,030) | | |
Total Short-Term Investments
(Cost $9,275,562) | | |
Total Investments — 102.3%
(Cost $342,069,006) | | |
Liabilities in Excess of Other Assets — (2.3)% | | |
| | |
Percentages indicated are based on 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, 2024. The total value of securities on loan at April 30, 2024 is $8,192,524. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.2% |
| | |
National Presto Industries, Inc. | | |
| | |
Automobiles & Parts — 0.1% |
| | |
| | |
| | |
|
| | |
| | |
Atlantic Union Bankshares Corp. | | |
| | |
| | |
| | |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | | |
| | |
Capital City Bank Group, Inc. | | |
| | |
| | |
Community Trust Bancorp, Inc. | | |
Enterprise Financial Services Corp. | | |
First BanCorp (Puerto Rico) | | |
| | |
First Commonwealth Financial Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
International Bancshares Corp. | | |
| | |
Northwest Bancshares, Inc. | | |
OceanFirst Financial Corp. | | |
OFG Bancorp (Puerto Rico) | | |
| | |
| | |
| | |
Republic Bancorp, Inc., Class A | | |
Simmons First National Corp., Class A | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Coca-Cola Consolidated, Inc. | | |
MGP Ingredients, Inc. (a) | | |
National Beverage Corp. * (a) | | |
| | |
Vita Coco Co., Inc. (The) * | | |
| | |
|
| | |
| | |
Arcadium Lithium plc (Jersey) * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Rayonier Advanced Materials, Inc. * | | |
Sensient Technologies Corp. | | |
| | |
| | |
| | |
Construction & Materials — 2.8% |
American Woodmark Corp. * | | |
| | |
BlueLinx Holdings, Inc. * | | |
Comfort Systems USA, Inc. | | |
| | |
| | |
| | |
Installed Building Products, Inc. | | |
Masonite International Corp. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Construction & Materials — continued |
| | |
Mueller Water Products, Inc., Class A | | |
| | |
Quanex Building Products Corp. | | |
Simpson Manufacturing Co., Inc. | | |
Sterling Infrastructure, Inc. * | | |
| | |
|
| | |
| | |
Laureate Education, Inc., Class A | | |
| | |
| | |
Strategic Education, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Northwestern Energy Group, Inc. | | |
NuScale Power Corp. * (a) | | |
Portland General Electric Co. | | |
| | |
Electronic & Electrical Equipment — 1.4% |
| | |
| | |
| | |
| | |
| | |
Watts Water Technologies, Inc., Class A | | |
| | |
Finance & Credit Services — 2.0% |
| | |
Encore Capital Group, Inc. * | | |
Enova International, Inc. * | | |
Federal Agricultural Mortgage Corp., Class C | | |
| | |
| | |
| | |
| | |
| | |
|
Finance & Credit Services — continued |
PennyMac Financial Services, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Fresh Del Monte Produce, Inc. | | |
| | |
| | |
| | |
John B Sanfilippo & Son, Inc. | | |
| | |
| | |
Nature's Sunshine Products, Inc. * | | |
Simply Good Foods Co. (The) * | | |
| | |
| | |
USANA Health Sciences, Inc. * | | |
| | |
| | |
Gas, Water & Multi-utilities — 3.4% |
American States Water Co. | | |
Aris Water Solutions, Inc., Class A | | |
| | |
| | |
Brookfield Infrastructure Corp., Class A (Canada) | | |
California Water Service Group | | |
Chesapeake Utilities Corp. | | |
Consolidated Water Co. Ltd., Class D | | |
Excelerate Energy, Inc., Class A | | |
| | |
New Jersey Resources Corp. | | |
Northwest Natural Holding Co. | | |
| | |
| | |
Southwest Gas Holdings, Inc. | | |
| | |
| | |
General Industrials — 1.5% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
General Industrials — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Standex International Corp. | | |
| | |
| | |
Health Care Providers — 2.6% |
| | |
Astrana Health, Inc. * (a) | | |
| | |
| | |
Healthcare Services Group, Inc. * | | |
| | |
National HealthCare Corp. | | |
| | |
Option Care Health, Inc. * | | |
Pennant Group, Inc. (The) * | | |
| | |
Select Medical Holdings Corp. | | |
| | |
| | |
US Physical Therapy, Inc. (a) | | |
| | |
Household Goods & Home Construction — 3.5% |
| | |
Central Garden & Pet Co., Class A * | | |
Century Communities, Inc. | | |
CompX International, Inc. | | |
Ethan Allen Interiors, Inc. (a) | | |
Green Brick Partners, Inc. * | | |
| | |
Hovnanian Enterprises, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Household Goods & Home Construction — continued |
Taylor Morrison Home Corp. * | | |
| | |
Worthington Enterprises, Inc. | | |
| | |
Industrial Engineering — 1.0% |
Albany International Corp., Class A | | |
| | |
| | |
Franklin Electric Co., Inc. | | |
| | |
| | |
| | |
Industrial Materials — 2.3% |
| | |
| | |
| | |
| | |
| | |
Minerals Technologies, Inc. | | |
| | |
| | |
| | |
| | |
Industrial Metals & Mining — 2.9% |
Carpenter Technology Corp. | | |
| | |
| | |
GrafTech International Ltd. (a) | | |
Haynes International, Inc. | | |
| | |
| | |
| | |
| | |
Piedmont Lithium, Inc. * (a) | | |
| | |
| | |
| | |
US Silica Holdings, 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 |
| | |
| | |
| | |
Cross Country Healthcare, Inc. * | | |
Donnelley Financial Solutions, Inc. * | | |
| | |
EVERTEC, Inc. (Puerto Rico) | | |
Heidrick & Struggles International, Inc. | | |
| | |
| | |
| | |
| | |
Resources Connection, Inc. | | |
Target Hospitality Corp. * (a) | | |
| | |
| | |
| | |
| | |
Industrial Transportation — 3.3% |
| | |
Ardmore Shipping Corp. (Ireland) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Genco Shipping & Trading Ltd. | | |
| | |
International Seaways, Inc. | | |
| | |
| | |
Nordic American Tankers Ltd. | | |
Scorpio Tankers, Inc. (Monaco) | | |
Teekay Tankers Ltd., Class A (Canada) | | |
| | |
| | |
| | |
Investment Banking & Brokerage Services — 1.2% |
Artisan Partners Asset Management, Inc., Class A (a) | | |
Brightsphere Investment Group, Inc. | | |
| | |
| | |
|
Investment Banking & Brokerage Services — continued |
| | |
Hamilton Lane, Inc., Class A | | |
Moelis & Co., Class A (a) | | |
| | |
Victory Capital Holdings, Inc., Class A | | |
Virtus Investment Partners, Inc. | | |
| | |
| | |
|
Camping World Holdings, Inc., Class A (a) | | |
| | |
Smith & Wesson Brands, Inc. | | |
| | |
Winnebago Industries, Inc. | | |
| | |
|
American Equity Investment Life Holding Co. | | |
CNO Financial Group, Inc. | | |
Genworth Financial, Inc., Class A * | | |
Jackson Financial, Inc., Class A | | |
National Western Life Group, Inc., Class A | | |
| | |
|
| | |
| | |
| | |
| | |
Medical Equipment & Services — 2.8% |
| | |
Anika Therapeutics, Inc. * | | |
| | |
| | |
| | |
| | |
Fulgent Genetics, Inc. * (a) | | |
| | |
| | |
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 INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Medical Equipment & Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mortgage Real Estate Investment Trusts — 2.0% |
Apollo Commercial Real Estate Finance, Inc. (a) | | |
Arbor Realty Trust, Inc. (a) | | |
Blackstone Mortgage Trust, Inc., Class A (a) | | |
| | |
Ellington Financial, Inc. (a) | | |
KKR Real Estate Finance Trust, Inc. | | |
| | |
| | |
New York Mortgage Trust, Inc. | | |
PennyMac Mortgage Investment Trust (a) | | |
| | |
| | |
TPG RE Finance Trust, Inc. | | |
Two Harbors Investment Corp. | | |
| | |
Nonequity Investment Instruments — 0.0% ^ |
| | |
| | |
| | |
Non-life Insurance — 1.6% |
| | |
| | |
| | |
Horace Mann Educators Corp. | | |
NMI Holdings, Inc., Class A * | | |
Safety Insurance Group, Inc. | | |
Selective Insurance Group, Inc. | | |
Stewart Information Services Corp. | | |
| | |
Non-Renewable Energy — 7.0% |
Alpha Metallurgical Resources, Inc. (a) | | |
| | |
| | |
| | |
| | |
|
Non-Renewable Energy — continued |
| | |
California Resources Corp. | | |
| | |
| | |
| | |
| | |
Comstock Resources, Inc. (a) | | |
| | |
| | |
| | |
| | |
Equitrans Midstream Corp. | | |
| | |
Helix Energy Solutions Group, Inc. * | | |
| | |
Magnolia Oil & Gas Corp., Class A (a) | | |
| | |
| | |
Newpark Resources, Inc. * | | |
| | |
Par Pacific Holdings, Inc. * | | |
Patterson-UTI Energy, Inc. | | |
PBF Energy, Inc., Class A | | |
| | |
| | |
| | |
Select Water Solutions, Inc. | | |
| | |
Solaris Oilfield Infrastructure, Inc., Class A | | |
| | |
| | |
| | |
| | |
Personal Care, Drug & Grocery Stores — 2.0% |
| | |
Edgewell Personal Care Co. | | |
Energizer Holdings, Inc. (a) | | |
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 |
Personal Care, Drug & Grocery Stores — continued |
| | |
| | |
| | |
|
| | |
| | |
| | |
Oxford Industries, Inc. (a) | | |
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.5% |
| | |
Amphastar Pharmaceuticals, Inc. * | | |
ANI Pharmaceuticals, Inc. * | | |
| | |
Arcturus Therapeutics Holdings, Inc. * | | |
Castle Biosciences, Inc. * | | |
Catalyst Pharmaceuticals, Inc. * | | |
Collegium Pharmaceutical, Inc. * | | |
Corcept Therapeutics, Inc. * | | |
Dynavax Technologies Corp. * | | |
Eagle Pharmaceuticals, Inc. * (a) | | |
Harmony Biosciences Holdings, Inc. * (a) | | |
| | |
Ironwood Pharmaceuticals, Inc. * | | |
Ligand Pharmaceuticals, Inc. * | | |
| | |
| | |
OmniAb Operations, Inc. ‡ * | | |
Pacira BioSciences, Inc. * | | |
| | |
Prestige Consumer Healthcare, Inc. * | | |
Supernus Pharmaceuticals, Inc. * | | |
Vanda Pharmaceuticals, Inc. * | | |
| | |
Precious Metals & Mining — 0.0% ^ |
| | |
Real Estate Investment & Services — 1.2% |
Anywhere Real Estate, Inc. * | | |
| | |
eXp World Holdings, Inc. (a) | | |
| | |
| | |
|
Real Estate Investment & Services — continued |
Newmark Group, Inc., Class A | | |
Opendoor Technologies, Inc. * (a) | | |
| | |
| | |
| | |
Real Estate Investment Trusts — 11.5% |
| | |
Alexander & Baldwin, Inc. | | |
American Assets Trust, Inc. | | |
Apartment Investment and Management Co., Class A * | | |
Apple Hospitality REIT, Inc. | | |
Ares Commercial Real Estate Corp. | | |
| | |
Broadstone Net Lease, Inc. | | |
| | |
Community Healthcare Trust, Inc. | | |
| | |
DiamondRock Hospitality Co. | | |
DigitalBridge Group, Inc. | | |
| | |
Easterly Government Properties, Inc. (a) | | |
Empire State Realty Trust, Inc., Class A | | |
| | |
Essential Properties Realty Trust, Inc. | | |
Four Corners Property Trust, Inc. | | |
| | |
| | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a) | | |
Hudson Pacific Properties, Inc. | | |
Independence Realty Trust, Inc. | | |
Innovative Industrial Properties, Inc. (a) | | |
InvenTrust Properties Corp. | | |
| | |
| | |
| | |
| | |
National Health Investors, Inc. | | |
| | |
| | |
Phillips Edison & Co., Inc. | | |
Piedmont Office Realty Trust, Inc., Class A | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Real Estate Investment Trusts — continued |
Retail Opportunity Investments Corp. | | |
| | |
Ryman Hospitality Properties, Inc. | | |
Sabra Health Care REIT, Inc. | | |
| | |
| | |
SL Green Realty Corp. (a) | | |
| | |
Summit Hotel Properties, Inc. | | |
Sunstone Hotel Investors, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Xenia Hotels & Resorts, Inc. | | |
| | |
|
| | |
REX American Resources Corp. * | | |
| | |
|
Abercrombie & Fitch Co., Class A * | | |
Academy Sports & Outdoors, Inc. | | |
American Eagle Outfitters, Inc. | | |
Asbury Automotive Group, Inc. * | | |
Big 5 Sporting Goods Corp. (a) | | |
| | |
| | |
Dillard's, Inc., Class A (a) | | |
| | |
| | |
Haverty Furniture Cos., Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Software & Computer Services — 3.2% |
| | |
| | |
| | |
|
Software & Computer Services — continued |
Appfolio, Inc., Class A * | | |
| | |
| | |
CommVault Systems, Inc. * | | |
Consensus Cloud Solutions, Inc. * | | |
CSG Systems International, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Simulations Plus, Inc. (a) | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware & Equipment — 6.4% |
| | |
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 |
| | |
| | |
Super Micro Computer, Inc. * | | |
| | |
| | |
Ultra Clean Holdings, Inc. * | | |
Vishay Intertechnology, Inc. | | |
| | |
| | |
Telecommunications Equipment — 2.3% |
| | |
| | |
| | |
CommScope Holding Co., Inc. * | | |
Comtech Telecommunications Corp. * | | |
Digi International, Inc. * | | |
EchoStar Corp., Class A * | | |
| | |
| | |
| | |
| | |
Lightwave Logic, Inc. * (a) | | |
| | |
Ribbon Communications, Inc. * | | |
| | |
| | |
Telecommunications Service Providers — 2.2% |
| | |
Cogent Communications Holdings, Inc. | | |
Consolidated Communications Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Liberty Latin America Ltd., Class C (Puerto Rico) * | | |
Lumen Technologies, Inc. * (a) | | |
Shenandoah Telecommunications Co. | | |
Telephone and Data Systems, Inc. | | |
| | |
| | |
| | |
| | |
|
|
Turning Point Brands, Inc. | | |
| | |
| | |
| | |
|
Biglari Holdings, Inc., Class B * | | |
| | |
| | |
International Game Technology plc | | |
| | |
Waste & Disposal Services — 0.3% |
Casella Waste Systems, Inc., Class A * | | |
Total Common Stocks
(Cost $453,374,656) | | |
Short-Term Investments — 7.7% |
Investment Companies — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $446,703) | | |
Investment of Cash Collateral from Securities Loaned — 7.6% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $35,813,377) | | |
Total Short-Term Investments
(Cost $36,260,080) | | |
Total Investments — 107.5%
(Cost $489,634,736) | | |
Liabilities in Excess of Other Assets — (7.5)% | | |
| | |
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. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $33,126,060. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
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 INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 3.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Huntington Ingalls Industries, Inc. | | |
| | |
| | |
| | |
Automobiles & Parts — 0.1% |
| | |
| | |
| | |
|
First Citizens BancShares, Inc., Class A | | |
|
| | |
| | |
Constellation Brands, Inc., Class A | | |
Molson Coors Beverage Co., Class B | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Construction & Materials — 2.4% |
| | |
| | |
| | |
Builders FirstSource, Inc. * | | |
| | |
| | |
Lennox International, Inc. | | |
| | |
| | |
| | |
| | |
|
Construction & Materials — continued |
| | |
| | |
| | |
|
| | |
Grand Canyon Education, Inc. * | | |
| | |
| | |
Uber Technologies, Inc. * | | |
| | |
|
Consolidated Edison, Inc. | | |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
Electronic & Electrical Equipment — 0.8% |
| | |
| | |
| | |
| | |
| | |
| | |
Finance & Credit Services — 0.4% |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Lamb Weston Holdings, Inc. | | |
Mondelez International, Inc., Class A | | |
| | |
| | |
| | |
Gas, Water & Multi-utilities — 0.5% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Gas, Water & Multi-utilities — continued |
| | |
| | |
| | |
General Industrials — 1.5% |
| | |
| | |
| | |
| | |
| | |
Health Care Providers — 2.6% |
Acadia Healthcare Co., Inc. * | | |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
| | |
| | |
| | |
Household Goods & Home Construction — 0.9% |
| | |
| | |
Tempur Sealy International, Inc. | | |
| | |
| | |
Industrial Engineering — 1.0% |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
Industrial Materials — 0.1% |
| | |
Industrial Metals & Mining — 1.1% |
| | |
| | |
Southern Copper Corp. (Mexico) | | |
| | |
| | |
| | |
Industrial Support Services — 2.3% |
| | |
Booz Allen Hamilton Holding Corp. | | |
| | |
| | |
|
Industrial Support Services — continued |
Core & Main, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Transportation — 2.2% |
Allison Transmission Holdings, Inc. | | |
| | |
Old Dominion Freight Line, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Investment Banking & Brokerage Services — 5.5% |
Ameriprise Financial, Inc. | | |
Apollo Global Management, Inc. | | |
| | |
Berkshire Hathaway, Inc., Class B * | | |
Broadridge Financial Solutions, Inc. | | |
Cboe Global Markets, Inc. | | |
Coinbase Global, Inc., Class A * | | |
| | |
Interactive Brokers Group, Inc., Class A | | |
Intercontinental Exchange, Inc. | | |
Jefferies Financial Group, Inc. | | |
| | |
Tradeweb Markets, Inc., Class A | | |
XP, Inc., Class A (Brazil) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
Liberty Media Corp-Liberty Formula One, Class C * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
| | |
Trade Desk, Inc. (The), Class A * | | |
| | |
Medical Equipment & Services — 4.4% |
Boston Scientific Corp. * | | |
| | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
Thermo Fisher Scientific, Inc. | | |
West Pharmaceutical Services, Inc. | | |
| | |
Non-life Insurance — 3.4% |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
| | |
Marsh & McLennan Cos., Inc. | | |
Old Republic International Corp. | | |
| | |
Reinsurance Group of America, Inc. | | |
Ryan Specialty Holdings, Inc. | | |
| | |
Non-Renewable Energy — 4.2% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
TechnipFMC plc (United Kingdom) | | |
| | |
Williams Cos., Inc. (The) | | |
| | |
| | |
|
Personal Care, Drug & Grocery Stores — 1.9% |
Casey's General Stores, Inc. | | |
| | |
Church & Dwight Co., Inc. | | |
| | |
| | |
| | |
Procter & Gamble Co. (The) | | |
Spectrum Brands Holdings, Inc. | | |
| | |
|
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.0% |
| | |
| | |
| | |
| | |
| | |
| | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
Real Estate Investment & Services — 0.4% |
CBRE Group, Inc., Class A * | | |
Zillow Group, Inc., Class C * | | |
| | |
Real Estate Investment Trusts — 1.9% |
Digital Realty Trust, Inc. | | |
| | |
| | |
| | |
NET Lease Office Properties | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Dick's Sporting Goods, Inc. | | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Penske Automotive Group, Inc. | | |
| | |
| | |
| | |
| | |
Software & Computer Services — 20.1% |
| | |
Akamai Technologies, Inc. * | | |
Alphabet, Inc., Class A * | | |
AppLovin Corp., Class A * | | |
Bentley Systems, Inc., Class B | | |
CACI International, Inc., Class A * | | |
Cadence Design Systems, Inc. * | | |
Cloudflare, Inc., Class A * | | |
Crowdstrike Holdings, Inc., Class A * | | |
Dolby Laboratories, Inc., Class A | | |
DoorDash, Inc., Class A * | | |
DoubleVerify Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
Guidewire Software, Inc. * | | |
| | |
Informatica, Inc., Class A * | | |
International Business Machines Corp. | | |
| | |
| | |
Manhattan Associates, Inc. * | | |
Meta Platforms, Inc., Class A | | |
| | |
| | |
| | |
| | |
Palantir Technologies, Inc., Class A * | | |
Palo Alto Networks, Inc. * | | |
Pinterest, Inc., Class A * | | |
| | |
| | |
| | |
| | |
|
Software & Computer Services — continued |
Science Applications International Corp. | | |
| | |
| | |
| | |
| | |
| | |
Technology Hardware & Equipment — 11.9% |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Monolithic Power Systems, Inc. | | |
| | |
| | |
Pure Storage, Inc., Class A * | | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Telecommunications Equipment — 1.7% |
| | |
| | |
| | |
| | |
| | |
Telecommunications Service Providers — 0.3% |
| | |
| | |
| | |
|
| | |
| | |
| | |
Chipotle Mexican Grill, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Travel & Leisure — continued |
DraftKings, Inc., Class A * | | |
Hilton Worldwide Holdings, Inc. | | |
Hyatt Hotels Corp., Class A | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Waste & Disposal Services — 0.9% |
| | |
| | |
| | |
Total Common Stocks
(Cost $782,651,197) | | |
Short-Term Investments — 0.1% |
Investment Companies — 0.1% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)(Cost $1,213,737) | | |
Total Investments — 99.9%
(Cost $783,864,934) | | |
Assets in Excess of Other Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| Value determined using significant unobservable inputs. |
| Non-income producing security. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
S&P 500 Micro E-Mini Index | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 0.6% |
| | |
Automobiles & Parts — 0.2% |
| | |
| | |
| | |
|
Commerce Bancshares, Inc. | | |
|
| | |
|
CF Industries Holdings, Inc. | | |
| | |
| | |
| | |
Construction & Materials — 1.2% |
| | |
| | |
Advanced Drainage Systems, Inc. | | |
Builders FirstSource, Inc. * | | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
|
| | |
| | |
Grand Canyon Education, Inc. * | | |
| | |
| | |
| | |
|
Consolidated Edison, Inc. | | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
Electronic & Electrical Equipment — 0.9% |
| | |
| | |
| | |
|
Electronic & Electrical Equipment — continued |
Keysight Technologies, Inc. * | | |
Mettler-Toledo International, Inc. * | | |
| | |
Finance & Credit Services — 1.3% |
FactSet Research Systems, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Gas, Water & Multi-utilities — 0.7% |
| | |
| | |
| | |
| | |
General Industrials — 0.9% |
| | |
| | |
Illinois Tool Works, Inc. | | |
| | |
Health Care Providers — 1.0% |
| | |
| | |
| | |
Molina Healthcare, Inc. * | | |
Premier, Inc., Class A (a) | | |
| | |
Household Goods & Home Construction — 0.6% |
| | |
| | |
| | |
| | |
Industrial Engineering — 0.6% |
| | |
Lincoln Electric Holdings, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Industrial Metals & Mining — 0.6% |
| | |
| | |
Southern Copper Corp. (Mexico) (a) | | |
| | |
Industrial Support Services — 7.0% |
| | |
Automatic Data Processing, Inc. | | |
| | |
Core & Main, Inc., Class A * | | |
Jack Henry & Associates, Inc. | | |
Mastercard, Inc., Class A | | |
MSC Industrial Direct Co., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.6% |
Allison Transmission Holdings, Inc. | | |
CH Robinson Worldwide, Inc. | | |
Expeditors International of Washington, Inc. | | |
| | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Investment Banking & Brokerage Services — 4.2% |
Ameriprise Financial, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
Broadridge Financial Solutions, Inc. | | |
Cboe Global Markets, Inc. | | |
Intercontinental Exchange, Inc. | | |
MarketAxess Holdings, Inc. | | |
| | |
| | |
Virtu Financial, Inc., Class A | | |
| | |
|
| | |
| | |
|
Leisure Goods — continued |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Sirius XM Holdings, Inc. (a) | | |
Medical Equipment & Services — 2.3% |
| | |
Agilent Technologies, Inc. | | |
| | |
Edwards Lifesciences Corp. * | | |
| | |
IDEXX Laboratories, Inc. * | | |
| | |
| | |
| | |
Non-life Insurance — 3.9% |
American Financial Group, Inc. | | |
| | |
Arch Capital Group Ltd. * | | |
| | |
| | |
| | |
Fidelity National Financial, Inc. | | |
Hartford Financial Services Group, Inc. (The) | | |
Marsh & McLennan Cos., Inc. | | |
| | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
| | |
Non-Renewable Energy — 4.3% |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
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) | | |
| | |
|
| | |
| | |
| | |
Skechers U.S.A., Inc., Class A * | | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 8.3% |
| | |
| | |
| | |
| | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
| | |
| | |
Regeneron Pharmaceuticals, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
| | |
Real Estate Investment & Services — 0.2% |
| | |
Real Estate Investment Trusts — 2.3% |
| | |
| | |
| | |
Equity LifeStyle Properties, Inc. | | |
| | |
| | |
|
Real Estate Investment Trusts — continued |
Extra Space Storage, Inc. | | |
Gaming and Leisure Properties, Inc. | | |
Host Hotels & Resorts, Inc. | | |
Lamar Advertising Co., Class A | | |
Mid-America Apartment Communities, Inc. | | |
| | |
Simon Property Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
O'Reilly Automotive, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Williams-Sonoma, Inc. (a) | | |
| | |
Software & Computer Services — 20.0% |
| | |
Akamai Technologies, Inc. * | | |
Alphabet, Inc., Class A * | | |
| | |
| | |
AppLovin Corp., Class A * | | |
| | |
Atlassian Corp., Class A * | | |
| | |
Bentley Systems, Inc., Class B | | |
Cadence Design Systems, Inc. * | | |
Cognizant Technology Solutions Corp., Class A | | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
Dolby Laboratories, Inc., Class A | | |
DoorDash, Inc., Class A * | | |
DoubleVerify Holdings, Inc. * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Software & Computer Services — continued |
| | |
| | |
| | |
| | |
| | |
| | |
International Business Machines Corp. | | |
| | |
Manhattan Associates, Inc. * | | |
Meta Platforms, Inc., Class A | | |
| | |
Palantir Technologies, Inc., Class A * | | |
Palo Alto Networks, Inc. * | | |
| | |
| | |
Pinterest, Inc., Class A * | | |
RingCentral, Inc., Class A * | | |
| | |
Science Applications International Corp. | | |
| | |
Smartsheet, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
ZoomInfo Technologies, Inc. * | | |
| | |
| | |
Technology Hardware & Equipment — 12.8% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Lattice Semiconductor Corp. * (a) | | |
Microchip Technology, Inc. | | |
| | |
| | |
|
Technology Hardware & Equipment — continued |
| | |
Pure Storage, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
Telecommunications Equipment — 1.1% |
| | |
| | |
| | |
Telecommunications Service Providers — 0.9% |
| | |
Verizon Communications, Inc. | | |
| | |
|
| | |
|
| | |
| | |
| | |
Choice Hotels International, Inc. (a) | | |
| | |
| | |
Live Nation Entertainment, Inc. * | | |
Madison Square Garden Sports Corp. * | | |
Marriott International, Inc., Class A | | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. | | |
| | |
| | |
Waste & Disposal Services — 1.2% |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $3,716,542,859) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Short-Term Investments — 1.7% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $8,565,577) | | |
Investment of Cash Collateral from Securities Loaned — 1.5% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $59,272,213) | | |
Total Short-Term Investments
(Cost $67,837,790) | | |
Total Investments — 101.6%
(Cost $3,784,380,649) | | |
Liabilities in Excess of Other Assets — (1.6)% | | |
| | |
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, 2024. The total value of securities on loan at April 30, 2024 is $56,687,542. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 1.5% |
| | |
Huntington Ingalls Industries, Inc. | | |
L3Harris Technologies, Inc. | | |
| | |
| | |
| | |
Automobiles & Parts — 2.1% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Citizens Financial Group, Inc. | | |
Columbia Banking System, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Huntington Bancshares, Inc. | | |
| | |
| | |
New York Community Bancorp, Inc. (a) | | |
PNC Financial Services Group, Inc. (The) | | |
Popular, Inc. (Puerto Rico) | | |
Prosperity Bancshares, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
Molson Coors Beverage Co., Class B | | |
| | |
|
CF Industries Holdings, Inc. | | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Construction & Materials — 1.0% |
| | |
Builders FirstSource, Inc. * | | |
Fortune Brands Innovations, Inc. | | |
MDU Resources Group, Inc. | | |
| | |
| | |
|
| | |
Grand Canyon Education, Inc. * | | |
| | |
Service Corp. International | | |
| | |
| | |
|
| | |
Brookfield Renewable Corp. | | |
Clearway Energy, Inc., Class C | | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
| | |
Pinnacle West Capital Corp. (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Electronic & Electrical Equipment — 1.6% |
| | |
| | |
Johnson Controls International plc | | |
| | |
| | |
Sensata Technologies Holding plc | | |
WESCO International, Inc. | | |
| | |
Finance & Credit Services — 0.7% |
| | |
| | |
| | |
| | |
|
Archer-Daniels-Midland Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Tyson Foods, Inc., Class A | | |
| | |
Gas, Water & Multi-utilities — 0.4% |
| | |
| | |
| | |
General Industrials — 3.1% |
| | |
| | |
| | |
| | |
| | |
| | |
Graphic Packaging Holding Co. | | |
Packaging Corp. of America | | |
| | |
| | |
| | |
|
General Industrials — continued |
| | |
| | |
| | |
Health Care Providers — 4.2% |
| | |
| | |
| | |
| | |
| | |
Premier, Inc., Class A (a) | | |
| | |
| | |
Universal Health Services, Inc., Class B | | |
| | |
Household Goods & Home Construction — 1.9% |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Industrial Engineering — 2.2% |
| | |
| | |
| | |
| | |
| | |
| | |
Stanley Black & Decker, Inc. | | |
| | |
Industrial Materials — 0.2% |
| | |
Industrial Metals & Mining — 0.6% |
| | |
| | |
| | |
| | |
Industrial Support Services — 2.0% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Industrial Support Services — continued |
Capital One Financial Corp. | | |
Fidelity National Information Services, Inc. | | |
Gates Industrial Corp. plc * | | |
| | |
| | |
MSC Industrial Direct Co., Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
Industrial Transportation — 1.7% |
Allison Transmission Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Schneider National, Inc., Class B | | |
| | |
| | |
Investment Banking & Brokerage Services — 1.3% |
Bank of New York Mellon Corp. (The) | | |
| | |
| | |
Janus Henderson Group plc | | |
Jefferies Financial Group, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
Corebridge Financial, Inc. (a) | | |
Principal Financial Group, Inc. | | |
Prudential Financial, Inc. | | |
| | |
| | |
| | |
|
|
| | |
Interpublic Group of Cos., Inc. (The) | | |
Liberty Media Corp-Liberty SiriusXM * | | |
| | |
Nexstar Media Group, Inc. | | |
| | |
Paramount Global, Class B | | |
Sirius XM Holdings, Inc. (a) | | |
| | |
Medical Equipment & Services — 1.7% |
Baxter International, Inc. | | |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
| | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Mortgage Real Estate Investment Trusts — 0.7% |
AGNC Investment Corp. (a) | | |
Annaly Capital Management, Inc. | | |
| | |
Starwood Property Trust, Inc. (a) | | |
| | |
Non-life Insurance — 1.4% |
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 — 4.1% |
Chesapeake Energy Corp. (a) | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Non-Renewable Energy — continued |
| | |
| | |
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
| | |
Personal Care, Drug & Grocery Stores — 1.2% |
Albertsons Cos., Inc., Class A | | |
| | |
| | |
Spectrum Brands Holdings, Inc. | | |
| | |
|
| | |
Columbia Sportswear Co. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.0% |
| | |
| | |
| | |
| | |
Jazz Pharmaceuticals plc * | | |
| | |
Maravai LifeSciences Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
United Therapeutics Corp. * | | |
| | |
| | |
Real Estate Investment Trusts — 2.6% |
Brixmor Property Group, Inc. | | |
| | |
| | |
|
Real Estate Investment Trusts — continued |
| | |
| | |
Gaming and Leisure Properties, Inc. | | |
Highwoods Properties, Inc. (a) | | |
Host Hotels & Resorts, Inc. | | |
| | |
| | |
Medical Properties Trust, Inc. (a) | | |
NET Lease Office Properties | | |
| | |
Omega Healthcare Investors, Inc. (a) | | |
Park Hotels & Resorts, Inc. | | |
| | |
Simon Property Group, Inc. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
| | |
| | |
| | |
Lithia Motors, Inc., Class A | | |
| | |
| | |
| | |
Penske Automotive Group, Inc. (a) | | |
| | |
Victoria's Secret & Co. * | | |
Williams-Sonoma, Inc. (a) | | |
| | |
Software & Computer Services — 17.6% |
Akamai Technologies, Inc. * | | |
Alphabet, Inc., Class A * | | |
| | |
| | |
AppLovin Corp., Class A * | | |
Bentley Systems, Inc., Class B | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Software & Computer Services — continued |
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 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Science Applications International Corp. | | |
SS&C Technologies Holdings, Inc. | | |
| | |
| | |
Zoom Video Communications, Inc., Class A * | | |
ZoomInfo Technologies, Inc. * | | |
| | |
Technology Hardware & Equipment — 14.9% |
Allegro MicroSystems, Inc. (Japan) * | | |
| | |
| | |
| | |
| | |
Arrow Electronics, Inc. * | | |
| | |
|
Technology Hardware & Equipment — continued |
| | |
| | |
| | |
| | |
| | |
| | |
GLOBALFOUNDRIES, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Microchip Technology, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Vertiv Holdings Co., Class A | | |
| | |
Telecommunications Equipment — 0.8% |
| | |
Telecommunications Service Providers — 1.2% |
| | |
| | |
Verizon Communications, Inc. | | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
|
| | |
| | |
Caesars Entertainment, Inc. * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Travel & Leisure — continued |
Marriott Vacations Worldwide Corp. | | |
MGM Resorts International * | | |
| | |
United Airlines Holdings, Inc. * | | |
| | |
| | |
Wyndham Hotels & Resorts, Inc. | | |
| | |
Total Common Stocks
(Cost $756,480,348) | | |
Short-Term Investments — 2.6% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $1,515,338) | | |
Investment of Cash Collateral from Securities Loaned — 2.4% |
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $18,598,240) | | |
Total Short-Term Investments
(Cost $20,113,578) | | |
Total Investments — 102.3%
(Cost $776,593,926) | | |
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, 2024. The total value of securities on loan at April 30, 2024 is $17,697,964. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
| JPMorgan
BetaBuilders
Canada ETF | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF | JPMorgan
BetaBuilders
Emerging Markets
Equity ETF | JPMorgan
BetaBuilders
Europe 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.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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.) | | | | |
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
BetaBuilders
International
Equity ETF | JPMorgan
BetaBuilders
Japan ETF | JPMorgan
BetaBuilders
U.S. Equity ETF | JPMorgan
BetaBuilders U.S.
Mid 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 | | | | |
| | | | |
Investment securities sold | | | | |
Interest from non-affiliates | | | | |
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.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
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 LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
| 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 |
| | | | |
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 | | | | |
| | | | |
Investment securities sold | | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Foreign currency due to custodian, at value | | | | |
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.
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 |
| | | | |
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 | | | | |
| | | | |
Interest from non-affiliates | | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
Variation margin on futures contracts | | | | |
| | | | |
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 LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
| JPMorgan U.S.
Quality Factor
ETF | 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 | | |
| | |
| | |
Interest from non-affiliates | | |
Dividends from non-affiliates | | |
Dividends from affiliates | | |
Securities lending income (See Note 2.C.) | | |
| | |
| | |
| | |
Investment securities purchased | | |
Collateral received on securities loaned (See Note 2.C.) | | |
Variation margin on futures contracts | | |
| | |
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 OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
| JPMorgan
BetaBuilders
Canada ETF | JPMorgan
BetaBuilders
Developed Asia
Pacific ex-Japan ETF | JPMorgan
BetaBuilders
Emerging Markets
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 | | | | |
(a)
Net of foreign capital gains tax of $(80,560).
(b)
Net of change in foreign capital gains tax of $(3,816,582).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
| JPMorgan
BetaBuilders
International
Equity ETF | JPMorgan
BetaBuilders
Japan ETF | JPMorgan
BetaBuilders
U.S. Equity ETF | JPMorgan
BetaBuilders U.S.
Mid 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 | | | | |
Investments in 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
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
|
| | | | |
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 | | | | |
Investments in affiliates | | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | | |
| | | | |
Foreign currency transactions | | | | |
Forward foreign currency exchange contracts | | | | |
| | | | |
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 $(112,615).
(b)
Net of change in foreign capital gains tax of $(933,890).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
| 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 |
| | | | |
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 | |
| JPMorgan U.S.
Quality Factor
ETF | JPMorgan U.S.
Value Factor
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.) | | |
| | |
| | |
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 ASSETSFOR THE PERIODS INDICATED
| JPMorgan BetaBuilders
Canada ETF | JPMorgan BetaBuilders Developed
Asia Pacific ex-Japan ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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
Emerging Markets Equity ETF | JPMorgan BetaBuilders
Europe ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Period Ended
October 31, 2023 (a) | Six Months Ended
April 30, 2024
(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 May 10, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan BetaBuilders
International Equity ETF | JPMorgan BetaBuilders
Japan ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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. Equity ETF | JPMorgan BetaBuilders U.S.
Mid Cap Equity ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan BetaBuilders U.S. Small
Cap Equity ETF | JPMorgan Carbon Transition
U.S. Equity ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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
Emerging Markets Equity ETF | JPMorgan Diversified Return
International Equity ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan Diversified Return
U.S. Equity ETF | JPMorgan Diversified Return
U.S. Mid Cap Equity ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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
U.S. Small Cap Equity ETF | JPMorgan
U.S. Momentum Factor ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan
U.S. Quality Factor ETF | JPMorgan
U.S. Value Factor ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR 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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (f) | | | | | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (f) | | | | | |
JPMorgan BetaBuilders Emerging Markets Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
May 10, 2023 (h) through October 31, 2023 | | | | | |
JPMorgan BetaBuilders Europe ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (f) | | | | | |
Year Ended October 31, 2020 (f) | | | | | |
Year Ended October 31, 2019 (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, the 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 the 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 the 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. |
| 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. |
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 HIGHLIGHTSFOR 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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 (i) | | | | | |
Year Ended October 31, 2020 (i) | | | | | |
Year Ended October 31, 2019 (i) | | | | | |
JPMorgan BetaBuilders U.S. Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
April 14, 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. |
| Prior to December 9, 2019, the 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 the 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 the 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 does not correlate with the Fund’s net realized and unrealized gains (losses) presented in the Statements of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund’s investments. |
| 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. |
| 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 HIGHLIGHTSFOR 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 U.S. Small Cap Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
November 16, 2020 (f) through October 31, 2021 | | | | | |
JPMorgan Carbon Transition U.S. Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
JPMorgan Diversified Return International Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| 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, the 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 the 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 the 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) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
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| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTSFOR 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. Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
JPMorgan Diversified Return U.S. Small Cap Equity ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| 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, the 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 the 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 the 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) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
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| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTSFOR 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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
JPMorgan U.S. Quality Factor ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
JPMorgan U.S. Value Factor ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| 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, the 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 the 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 the 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) |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
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| | | | | | | | |
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| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (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 18 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 Emerging Markets Equity 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 Emerging Markets Equity ETF (“BetaBuilders Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the Morningstar® Emerging Markets 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.
| J.P. Morgan Exchange-Traded Funds | |
The investment objective of JPMorgan Diversified Return Emerging Markets Equity ETF (“Emerging Markets Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor Emerging Markets Equity Index.
The investment objective of JPMorgan Diversified Return International Equity ETF (“International Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor International Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Equity ETF (“U.S. Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Mid Cap Equity ETF (“U.S. Mid Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Mid Cap Equity Index.
The investment objective of JPMorgan Diversified Return U.S. Small Cap Equity ETF (“U.S. Small Cap Equity ETF”) is to seek investment results that closely correspond, before fees and expenses, to the performance of the JP Morgan Diversified Factor US Small Cap Equity Index.
The investment objective of JPMorgan U.S. 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 Emerging Markets Equity 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
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(“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.
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.
| J.P. Morgan Exchange-Traded Funds | |
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 | | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Amount rounds to less than one thousand. |
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 | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
BetaBuilders Emerging Markets Equity ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
BetaBuilders Emerging Markets 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 | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
There were no significant transfers into or out of level 3 for the six months ended April 30, 2024.
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
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 | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation 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 | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
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 | | | | |
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 | |
BetaBuilders Japan ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Commercial Services & Supplies | | | | |
Construction & Engineering | | | | |
| | | | |
Consumer Staples Distribution & Retail | | | | |
| | | | |
Diversified Telecommunication Services | | | | |
| | | | |
| | | | |
Electronic Equipment, Instruments & Components | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
| | | | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Interactive Media & Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Real Estate Management & Development | | | | |
| | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
BetaBuilders Japan ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
Technology Hardware, Storage & Peripherals | | | | |
Textiles, Apparel & Luxury Goods | | | | |
| | | | |
Trading Companies & Distributors | | | | |
Transportation Infrastructure | | | | |
Wireless Telecommunication Services | | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
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 | | | | |
Depreciation 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) | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
|
| Please refer to the SOI for specifics of portfolio holdings. |
| J.P. Morgan Exchange-Traded Funds | |
BetaBuilders U.S. Small Cap Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Commercial Services & Supplies | | | | |
| | | | |
Construction & Engineering | | | | |
| | | | |
| | | | |
Consumer Staples Distribution & Retail | | | | |
| | | | |
Diversified Consumer Services | | | | |
| | | | |
Diversified Telecommunication Services | | | | |
| | | | |
| | | | |
Electronic Equipment, Instruments & Components | | | | |
Energy Equipment & Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
| | | | |
| | | | |
| | | | |
Hotels, Restaurants & Leisure | | | | |
| | | | |
| | | | |
Independent Power and Renewable Electricity Producers | | | | |
| | | | |
| | | | |
Interactive Media & Services | | | | |
| | | | |
| | | | |
Life Sciences Tools & Services | | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
BetaBuilders U.S. Small Cap Equity ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
Mortgage Real Estate Investment Trusts (REITs) | | | | |
| | | | |
Oil, Gas & Consumable Fuels | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Real Estate Management & Development | | | | |
| | | | |
| | | | |
Semiconductors & Semiconductor Equipment | | | | |
| | | | |
| | | | |
| | | | |
Technology Hardware, Storage & Peripherals | | | | |
Textiles, Apparel & Luxury Goods | | | | |
| | | | |
Trading Companies & Distributors | | | | |
| | | | |
Wireless Telecommunication Services | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Carbon Transition U.S. Equity ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
|
| 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 | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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, 2024.
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (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 Investments in Securities | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| | |
| | 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. |
| |
| J.P. Morgan Exchange-Traded Funds | |
| | |
| | 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. |
| |
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 | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
U.S. Small Cap Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Real Estate Investment Trusts | | | | |
| | | | |
| | | | |
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) | | | | |
Depreciation 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) | | | | |
Depreciation 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 | |
Depreciation 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, 2024, 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, 2024.
| 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 Emerging Markets Equity ETF | | | |
| | | |
BetaBuilders International Equity ETF | | | |
| | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (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. Equity ETF | | | |
BetaBuilders U.S. Mid Cap Equity ETF | | | |
BetaBuilders U.S. Small Cap 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, 2024, 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 Emerging Markets Equity ETF | |
| |
BetaBuilders International Equity ETF | |
| |
BetaBuilders U.S. Equity ETF | |
BetaBuilders U.S. Mid Cap Equity ETF | |
BetaBuilders U.S. Small Cap 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, 2024. Emerging Markets Equity ETF, U.S. Equity ETF and U.S. Momentum Factor ETF did not have any securities out on loan at April 30, 2024.
| J.P. Morgan Exchange-Traded Funds | |
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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 STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
BetaBuilders Emerging Markets Equity ETF |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
BetaBuilders International Equity ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
| | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (b) (c) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
BetaBuilders U.S. Equity ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | | | | | | | | |
| | | | | | | | | |
|
| Investment in affiliate. This security is included in an index 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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
BetaBuilders U.S. Small Cap Equity ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
Emerging Markets Equity ETF |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
International Equity ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
U.S. Mid Cap Equity ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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. |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
| The rate shown is the current yield as of April 30, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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
| J.P. Morgan Exchange-Traded Funds | |
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— 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, 2024:
| | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | BetaBuilders
Emerging Markets
Equity ETF | | BetaBuilders
International
Equity ETF | |
| | | | | | |
Average Notional Balance Long | | | | | | |
Ending Notional Balance Long | | | | | | |
| 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 | |
| | | | | | |
Average Notional Balance Long | | | | | | |
Ending Notional Balance Long | | | | | | |
Forward Foreign Currency Exchange Contracts: | | | | | | |
Average Settlement Value Purchased | | | | | | |
| | | | | | |
| | | | | | |
Average Notional Balance Long | | | | | | |
Ending Notional Balance Long | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
G. Summary of Derivatives Information—The following tables present the value of derivatives held as of April 30, 2024, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
| | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | BetaBuilders
Emerging Markets
Equity ETF | | BetaBuilders
International
Equity ETF | |
| | | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | | |
Unrealized Depreciation on Futures Contracts * | | | | | | |
Net Fair Value of Derivative Contracts: | | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | | |
| BetaBuilders
U.S. Equity ETF | BetaBuilders U.S.
Mid Cap Equity
ETF | BetaBuilders U.S.
Small Cap
Equity ETF | Emerging
Markets
Equity ETF | |
| | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | |
Unrealized Depreciation on Futures Contracts * | | | | | |
Net Fair Value of Derivative Contracts: | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | |
| | | | | | |
| | | | | | |
Unrealized Appreciation on Futures Contracts * | | | | | | |
Unrealized Depreciation on Futures Contracts * | | | | | | |
Net Fair Value of Derivative Contracts: | | | | | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | | | | | |
|
| Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2024, by primary underlying risk exposure:
| | BetaBuilders
Developed
Asia Pacific
ex-Japan
ETF | BetaBuilders
Emerging Markets
Equity ETF | | BetaBuilders
International
Equity ETF | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | | |
| 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 | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | | |
Foreign Exchange Rate Risk Exposure: |
Forward Foreign Currency Exchange Contracts | | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | | |
| | | | | | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | | | | | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | | | | | |
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
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 | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
I. 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, 2024, 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.
J. 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.
K. 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 Emerging Markets Equity 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 | |
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, 2024, 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 Emerging Markets Equity 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, 2024, there were no purchases or sales of U.S. Government securities.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | |
| | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | |
BetaBuilders Emerging Markets Equity 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, 2024, 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, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
BetaBuilders Emerging Markets Equity 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 | |
At October 31, 2023, 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 Emerging Markets Equity 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 | | |
| | |
| | |
| | |
|
| Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
During the year ended October 31, 2023, the following Fund 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.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, BetaBuilders U.S. Small Cap Equity ETF, Carbon Transition U.S. Equity ETF and International Equity ETF, and plus at least 110% for BetaBuilders Emerging Markets Equity ETF and Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
7. 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
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
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, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement 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. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate. Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2024.
Effective May 31, 2024, the Funds are no longer part of the Credit Facility.
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, 2024, 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 Emerging Markets Equity ETF | | |
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.
Significant shareholder transactions by the Adviser may impact the Funds' performance and liquidity.
BetaBuilders Canada ETF, BetaBuilders Developed Asia Pacific ex-Japan ETF, BetaBuilders Emerging Markets Equity 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.
| J.P. Morgan Exchange-Traded Funds | |
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, 2024, 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
Emerging Markets
Equity ETF | | BetaBuilders
International
Equity ETF | | Emerging
Markets
Equity ETF | |
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As of April 30, 2024, 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 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 Emerging Markets Equity ETF, BetaBuilders Europe ETF, BetaBuilders International Equity ETF, BetaBuilders Japan ETF, Emerging Markets Equity ETF and International Equity ETF invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, 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. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
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.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to 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 or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event 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, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
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, 2023 | Ending Account Value April 30, 2024 | | |
JPMorgan BetaBuilders Canada ETF | | | | |
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JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | | | | |
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JPMorgan BetaBuilders Emerging Markets Equity 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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| J.P. Morgan Exchange-Traded Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period* | |
JPMorgan Carbon Transition U.S. Equity ETF | | | | |
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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 annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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.1
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, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (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.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| 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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
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., 2024. All rights reserved. April 2024.
SAN-ETF-424
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2024 (Unaudited)
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JPMorgan Active China ETF | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | |
JPMorgan Global Select Equity ETF | | The NASDAQ Stock Market® LLC |
JPMorgan Healthcare Leaders ETF | | The NASDAQ Stock Market® LLC |
JPMorgan Hedged Equity Laddered Overlay ETF | | |
JPMorgan International Growth ETF | | |
JPMorgan International Value ETF | | The NASDAQ Stock Market® LLC |
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 LetterJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
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“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
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The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
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 OVERVIEWSIX MONTHS ENDED April 30, 2024 (Unaudited)
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period. However, prices for developed market equities fell in April 2024, while emerging markets equity rose slightly.
By the start of November 2023, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,100 and 5,200 points in March 2024.
The S&P 500 Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in 2024 and the remaining five companies accounted for 74% of the S&P 500 Index’s return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed. Equity prices in China recovered somewhat as the government adopted new measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
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MSCI China All Shares Index (net total return) | |
Net Assets as of 4/30/2024 | |
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INVESTMENT OBJECTIVE***
The JPMorgan Active China ETF (the “Fund”) seeks to provide long-term capital appreciation.
The Fund invests primarily in equity securities and equity-related instruments that are tied economically to China and seeks to add value through an investment process 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 six months ended April 30, 2024, the Fund generated a positive absolute return and outperformed the MSCI China All Shares Index (the “Benchmark”).
The Fund’s overweight position in the communication services sector and its security selection in the consumer discretionary sectors were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position in the materials sector and its overweight position in the information technology sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Foxconn Industrial Internet Co., Haier Smart Home Co. and PetroChina Co. Shares of Foxconn Industrial Internet, a Shenzhen manufacturer of
network and cloud computing equipment, rose amid global demand for artificial intelligence technologies. Shares of Haier Smart Home, a Qingdao manufacturer of household appliances, rose after the company reported better-than-expected earnings for the first quarter of 2024. Shares of PetroChina, an integrated oil and natural gas producer based in Beijing, rose after the company reported increased earnings for 2023 amid a surge in sales of fuel and natural gas.
Leading individual detractors from relative performance included the Fund’s overweight positions in Asymchem Laboratories (Tianjin) Co., Wuxi Biologics (Cayman) Inc. and Guangzhou Kingmed Diagnostics Group Co. Shares of Asymchem Laboratories, a pharmaceuticals company, fell after the company reported lower-than-expected earnings for 2023. Shares of Wuxi Biologics, a provider of technology and services to the pharmaceuticals industry, fell after the company warned of a drop in 2023 revenue amid broad weakness in the biotechnology contract manufacturing industry. Shares of Guangzhou Kingmed Diagnostics, a provider of medical testing and screening, fell amid declining demand for Covid tests and lower-than-expected earnings for the first quarter of 2024.
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 communication services sectors and its largest underweight allocations were to the industrials and materials sectors.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (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 $41.23 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $41.30.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Tencent Holdings Ltd. (China) | |
| Alibaba Group Holding Ltd. (China) | |
| China Merchants Bank Co. Ltd., Class H (China) | |
| China Construction Bank Corp., Class H (China) | |
| Kweichow Moutai Co. Ltd., Class A (China) | |
| | |
| Haier Smart Home Co. Ltd., Class H (China) | |
| China Yangtze Power Co. Ltd., Class A (China) | |
| Foxconn Industrial Internet Co. Ltd., Class A (China) | |
| | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan Active China ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (3/15/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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 the MSCI China All Shares Index (net total return) from March 15, 2023 to April 30, 2024. 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
MSCI Emerging Markets Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan ActiveBuilders Emerging Markets Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
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, including country, region and style strategies, among others, and may invest across all market capitalizations.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive absolute return and underperformed the Benchmark.
The Fund’s overweight allocation to the consumer staples sector and its security selection in the financials sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary sector and its underweight position in the health care sector were leading contributors to relative performance.
By country, the Fund’s security selection in India and Taiwan was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in South Korea and its overweight position in Mexico were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s underweight position in Taiwan Semiconductor Manufacturing Co., its overweight position in HDFC Bank Ltd. and its out-of-Benchmark position in AIA Group Ltd. Shares of Taiwan Semiconductor Manufacturing rose amid broad demand for semiconductors and related technologies during the period. Shares of HDFC Bank, an Indian financial services provider, fell after the company reported weaker-than-expected results during the period. Shares of AIA Group, a Hong Kong life and health insurance provider, fell amid investor concerns about the company’s lack of growth in new business.
Leading individual contributors to relative performance included the Fund’s overweight positions in KB Financial Group Inc. and SK Hynix Inc., and its underweight position in Li Auto Shares of KB Financial Group, a South Korean diversified
bank, rose after the company reported better-than-expected earnings for the fourth quarter of 2023. Shares of SK Hynix, a South Korean semiconductor manufacturer, rose amid strong global demand for semiconductors and relative technologies. Shares of Li Auto, a Chinese electric car manufacturer not held in the Fund, fell after the company cut prices on its vehicles amid competition from Tesla Inc.
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 health care sectors. By country, the Fund’s largest overweight allocations were to Mexico and Argentina and its largest underweight
positions were in India and Saudi Arabia.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| Tencent Holdings Ltd. (China) | |
| Alibaba Group Holding Ltd. (China) | |
| | |
| Tata Consultancy Services Ltd. (India) | |
| | |
| | |
| Reliance Industries Ltd. (India) | |
| China Merchants Bank Co. Ltd., Class H (China) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| 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 $36.49 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $36.55.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (3/10/21 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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 the MSCI Emerging Markets Index (net total return) from March 10, 2021 to April 30, 2024. 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. The 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Global Select Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
MSCI World Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Global Select Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
The Fund invests primarily in large-capitalization stocks across developed and emerging markets and seeks companies that the Fund’s adviser believes are attractively valued, possess strong free cash flow and have the potential for sustainable earnings growth, while seeking to maintain regional geographic and sector exposures similar to those of the MSCI World Index (the “Benchmark”).
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive return and outperformed the Benchmark.
By sector, the Fund’s security selection in the technology – semiconductors & hardware sector and the media sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the industrial cyclical and health services & systems sectors was a leading detractor from relative performance.
By region, the Fund’s security selection in the U.S. and its out-of-Benchmark allocation to emerging markets were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the U.K. and the Pacific, excluding Japan, was a leading detractor from relative performance.
The Fund’s underweight position in Apple Inc., its out-of-Benchmark position in Taiwan Semiconductor Manufacturing Co. and its overweight position in Uber Technologies Inc. were leading contributors to relative performance. Shares of Apple, an information technology conglomerate, fell amid a decline in iPhone sales, particularly in China. Shares of Taiwan Semiconductor Manufacturing rose amid broad demand for semiconductors and related technologies during the period. Shares of Uber Technologies, a ride hailing platform operator, rose after the company unveiled a $7 billion share repurchase plan and reported strong growth in bookings during the period.
The Fund’s overweight positions in CME Group Inc., UnitedHealth Group Inc. and Deere & Co. were leading detractors from relative performance. Shares of CME Group, a financial securities exchanges operator, fell early in the period after the company reported third-quarter 2023 revenue that
was in line with analysts’ expectations amid higher costs. Shares of UnitedHealth Group, a managed care and insurance provider, fell after a security breach compromised large amounts of the company’s patient data. Shares of Deere, an agricultural machinery manufacturer, fell after the company issued a weaker-than-expected earnings forecast for 2024.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the technology – semiconductors & hardware sector and the media sector, while the Fund’s smallest allocations were to the telecommunications sector and the automobiles & auto parts sector. The Fund had no holdings in the transportation sector. The Fund’s largest regional allocations were to the U.S. and Europe, excluding the U.K., while its smallest allocations were
to Canada and the Pacific, excluding Japan.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| | |
| Mastercard, Inc., Class A | |
| | |
| Meta Platforms, Inc., Class A | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Global Select Equity ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
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 $55.44 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $55.54.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
TOTAL RETURNS AS OF April 30, 2024
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan Global Select Equity ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/13/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on September 13, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Global Select Equity ETF and the MSCI World Index (net total return) from September 13, 2023 to April 30, 2024. 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 World Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Healthcare Leaders ETF
FUND COMMENTARYFOR THE PERIOD November 1, 2023 (FUND INCEPTION) THROUGH April 30, 2024 (Unaudited)
| |
| |
| |
MSCI World Healthcare Index (net total return) | |
MSCI World Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Healthcare Leaders ETF (the “Fund”) seeks to provide long-term capital appreciation.
The Fund primarily invests in equity securities issued by pharmaceutical, biotechnology, healthcare services, healthcare technology, medical technology and life sciences companies that the adviser believes are leaders whose magnitude and/or duration of future growth is underappreciated by the market.
HOW DID THE FUND PERFORM?
For the period from inception on November 1, 2023 to April 30, 2024, the Fund generated a positive absolute return and outperformed the MSCI World Healthcare Index (the “Index”).
The Fund’s security selection in the pharmaceuticals and medical technology subsectors was a leading contributor to performance relative to the Index, while the Fund’s overweight allocation to the healthcare services subsector was the sole overall detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s out-of-Index position in Natera Inc., its overweight position in Eli Lilly & Co. and its underweight position in Gilead Sciences Inc. Shares of Natera, a provider of molecular testing technology to the biotechnology industry, rose after the company reported better-than-expected earnings and revenue for the fourth quarter of 2023. Shares of Eli Lilly, a pharmaceuticals developer and manufacturer, rose amid surging consumer demand for the company’s diabetes and weight-loss drugs. Shares of Gilead Sciences, a biotechnology discovery and development company, fell after the company reported lower-than-expected earnings for the fourth quarter of 2023 and issued a weaker-than-expected forecast for 2024.
Leading individual detractors from relative performance included the Fund’s underweight positions in AbbVie Inc. and Elevance Health Inc. and its overweight position in Exact Sciences Shares of AbbVie, a pharmaceuticals developer and manufacturer, rose after the company reported better-than-expected earnings for the fourth quarter of 2023 and raised its earnings forecast for 2024. Shares of Elevance Health, a managed care provider not held in the Fund, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Exact Sciences, a cancer screening and diagnostics provider, fell after the
company reported lower-than-expected earnings for the first quarter of 2024.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the pharmaceutical and medical technology subsectors and its smallest allocations were to the healthcare services and
biotechnology subsectors.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| Novo Nordisk A/S, Class B (Denmark) | |
| AstraZeneca plc (United Kingdom) | |
| | |
| Regeneron Pharmaceuticals, Inc. | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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 $56.30 as of April 30, 2024.
**
Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at the 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, 2024, the closing price was $56.32.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Exchange-Traded Funds | |
TOTAL RETURNS AS OF April 30, 2024
| | CUMULATIVE SINCE INCEPTION |
JPMorgan Healthcare Leaders ETF | | |
| | |
| | |
LIFE OF FUND PERFORMANCE (11/1/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on November 1, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Healthcare Leaders ETF, the MSCI World Healthcare Index (net total return) and the MSCI World Index (net total return) from November 1, 2023 to April 30, 2024. 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 World Healthcare Index (net total return) and the MSCI World Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the Index, if applicable. The MSCI World Healthcare 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 health care stocks in developed 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. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Hedged Equity Laddered Overlay ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
| |
ICE BofA 3-Month US Treasury Bill Index | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan Hedged Equity Laddered Overlay ETF (the “Fund”) seeks to provide capital appreciation.
The Fund invests in a portfolio of large capitalization U.S. stocks, while employing a laddered options strategy that seeks to reduce downside risk in falling markets. The Fund’s adviser constructs the underlying equity portfolio through a proprietary process that seeks to identify overvalued and undervalued stocks, while maintaining characteristics similar to the S&P 500 Index (the “Benchmark”) and seeks to provide a majority of the Benchmark's returns with less volatility and less downside risk.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive return and underperformed the Benchmark and captured 56% of the Benchmark’s return with 52% of its volatility.
Relative to the Benchmark, the Fund’s security selection in the telecommunications and health services & systems sectors was a leading detractor from performance, while the Fund’s security selection in the technology and retail sectors was a leading contributor to relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Nvidia Corp. and Trane Technologies PLC, and its underweight position in Cisco Systems Inc. Shares of Nvidia, a semiconductor manufacturer, rose amid increased global demand for semiconductors and investor preference for large cap technology stocks during the period. Shares of Trane Technologies, an Irish heating, ventilation and air conditioning equipment provider, rose after the company reported better-than-expected earnings for the first quarter of 2024 and raised its forecast for 2024. Shares of Cisco Systems, a communications equipment manufacturer, fell after the company reported a slowdown in new orders and issued a weaker-than-expected earnings forecast for 2024.
Leading individual detractors from relative performance included the Fund’s underweight positions in Broadcom Inc. and General Electric Co., and its overweight position in Charter Communications Inc. Shares of Broadcom, a semiconductor manufacturer, rose amid increased global demand for semiconductors and related technologies. Shares of General Electric, an aerospace and defense manufacturer not held in the Fund, rose after the company reported better-than-
expected earnings and revenue for the first quarter of 2024 and issued a stronger-than-expected earnings forecast. Shares of Charter Communications, a cable and satellite TV provider, fell after the company reported lower-than-expected earnings for the fourth quarter of 2023.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the technology and media sectors and its smallest allocations were to the telecommunications sector and real estate investment trusts.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| Meta Platforms, Inc., Class A | |
| | |
| | |
| | |
| Mastercard, Inc., Class A | |
| Berkshire Hathaway, Inc., Class B | |
PORTFOLIO COMPOSITION BY SECTOR
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| 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 $54.94 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $55.01.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****
Put Options Purchased
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Hedged Equity Laddered Overlay ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2024
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan Hedged Equity Laddered Overlay ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/28/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on September 28, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Hedged Equity Laddered Overlay ETF, the S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index from September 28, 2023 to April 30, 2024. 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 S&P 500 Index and the ICE BofA 3-Month US Treasury Bill Index 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofA 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
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.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
MSCI ACWI ex USA Growth Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan International Growth ETF (the “Fund”) seeks long-term capital appreciation.
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, 2024, the Fund generated a positive return and underperformed the MSCI ACWI ex-USA Growth Index (the “Benchmark”).
The Fund’s security selection in the consumer discretionary and health care sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Yum China Holdings Inc. and Argenx SE, and its underweight position in AstraZeneca PLC. Shares of Yum China Holdings, an operator of fast-food restaurant chains, fell after the company reported
lower-than-expected revenue for the first quarter of 2024. Shares of Argenx, a Dutch drug development company, fell in December 2023 after the company’s proposed autoimmune disorder treatment failed in a clinical trial. Shares of AstraZeneca, a U.K. pharmaceuticals manufacturer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2024.
Leading individual contributors to relative performance included the Fund’s overweight positions in Taiwan Semiconductor Manufacturing Co. and InterContinental Hotels Group PLC, and its out-of-Benchmark position in 3i Group PLC. Shares of Taiwan Semiconductor Manufacturing rose amid broad demand for semiconductors and related technologies during the period. Shares of InterContinental Hotels Group, a U.K. hotels and resorts operator, rose after the company reported better-than-expected earnings and revenue during the period. Shares of 3i Group, a U.K. private equity and venture capital manager, rose after the company reported better-than-expected earnings for its fiscal third quarter.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the industrials and information technology sectors and its smallest allocations were to the energy and utilities sectors.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (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 $60.47 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $60.50.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| ASML Holding NV (Netherlands) | |
| Tencent Holdings Ltd. (China) | |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | |
| | |
| | |
| 3i Group plc (United Kingdom) | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | |
JPMorgan International Growth ETF | | | | |
| | | | |
| | | | |
LIFE OF FUND PERFORMANCE (5/20/20 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the MSCI ACWI ex USA Growth Index (net total return) does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The MSCI ACWI ex USA Growth Index (net total return) is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of growth-oriented large- and mid-cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the United States can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
| |
MSCI ACWI ex USA Index (net total return) | |
MSCI ACWI ex USA Value Index (net total return) | |
Net Assets as of 4/30/2024 | |
| |
INVESTMENT OBJECTIVE***
The JPMorgan International Value ETF (the “Fund”) seeks to provide long-term capital appreciation.
The Fund primarily invests in stocks of foreign developed and emerging market countries across all market capitalizations. The Fund’s adviser employs a global network of research analysts and seeks companies with what it believes are attractive valuations.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive absolute return and outperformed the MSCI ACWI ex USA Value Index (the “Index”).
The Fund’s security selection in the banks and insurance sectors was a leading contributor to performance relative to the Index, while the Fund’s overweight position in the energy sector and its security selection in the consumer discretionary distribution & retail sector were leading detractors from relative performance.
By region, the Fund’s security selection in Europe, excluding the U.K., and in emerging markets was a leading contributor to performance relative to the Index. There were no significant regional detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s out-of-Index positions in Fujikura Ltd. and Powertech Technology Inc., and its underweight position in
Roche Holdings AG. Shares of Fujikura, a Japanese electrical components and equipment supplier, rose after the company reported better-than-expected earnings during the period. Shares of Powertech Technology, a Taiwanese semiconductor manufacturer, rose amid strong global demand for semiconductors and related technologies. Shares of Roche Holding, a Swiss pharmaceuticals company, fell after the company issued a weaker-than-expected earnings forecast for 2024.
Leading individual detractors from relative performance included the Fund’s overweight position in Alibaba Group Holding Ltd. and its underweight positions in Toyota Motor Corp. and Siemens AG. Shares of Alibaba Group Holding, a Chinese online retail platform, fell amid investor concerns about the company’s ability to increase revenue. Shares of Toyota Motor, a Japanese automobile manufacturer, rose amid surging sales of its electric vehicles. Shares of Siemens, a German industrial conglomerate not held in the Fund, rose amid consecutive quarters of better-than-expected earnings.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s largest allocations were to the energy and materials sectors and the smallest allocations were to the consumer staples distribution & retail and the commercial & professional services sectors. By region, the Fund’s largest allocations were to Europe, excluding the U.K., and emerging markets and its smallest allocations were to North America and the Pacific, excluding Japan.
| 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 $54.15 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $54.23.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Novartis AG (Registered) (Switzerland) | |
| TotalEnergies SE (France) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| Alibaba Group Holding Ltd. (China) | |
| Toyota Motor Corp. (Japan) | |
| HSBC Holdings plc (United Kingdom) | |
| Rio Tinto plc (Australia) | |
| | |
| Allianz SE (Registered) (Germany) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
TOTAL RETURNS AS OF April 30, 2024
| | | CUMULATIVE SINCE INCEPTION |
JPMorgan International Value ETF | | | |
| | | |
| | | |
LIFE OF FUND PERFORMANCE (9/13/23 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-844-457-6383.
Fund commenced operations on September 13, 2023.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Value ETF, the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Value Index (net total return) from September 13, 2023 to April 30, 2024. 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 Index (net total return) and the MSCI ACWI ex USA Value 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 these securities included in the benchmarks, if applicable. The MSCI ACWI ex USA 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, 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. The MSCI ACWI ex USA Value Index (net total return) captures large and mid cap securities exhibiting overall value style characteristics across 22 Developed and 24 Emerging Markets countries. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Automobile Components — 2.2% |
Fuyao Glass Industry Group Co. Ltd., Class A | | |
|
Agricultural Bank of China Ltd., Class H | | |
China Construction Bank Corp., Class H | | |
China Merchants Bank Co. Ltd., Class H | | |
| | |
|
Chongqing Brewery Co. Ltd., Class A | | |
Kweichow Moutai Co. Ltd., Class A | | |
| | |
|
Alibaba Group Holding Ltd. | | |
|
Wanhua Chemical Group Co. Ltd., Class A | | |
Consumer Staples Distribution & Retail — 1.7% |
Yifeng Pharmacy Chain Co. Ltd., Class A | | |
Electrical Equipment — 1.0% |
Hongfa Technology Co. Ltd., Class A | | |
Electronic Equipment, Instruments & Components — 8.5% |
BOE Technology Group Co. Ltd., Class A | | |
Foxconn Industrial Internet Co. Ltd., Class A | | |
Luxshare Precision Industry Co. Ltd., Class A | | |
Sunny Optical Technology Group Co. Ltd. | | |
Xiamen Faratronic Co. Ltd., Class A | | |
| | |
|
| | |
| | |
| | |
|
Angel Yeast Co. Ltd., Class A | | |
Anjoy Foods Group Co. Ltd., Class A | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
| | |
|
| | |
Health Care Equipment & Supplies — 1.3% |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
| | |
|
Health Care Providers & Services — 0.8% |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | |
Hotels, Restaurants & Leisure — 4.6% |
| | |
| | |
| | |
Household Durables — 4.9% |
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 — 2.8% |
China Yangtze Power Co. Ltd., Class A | | |
|
China Pacific Insurance Group Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
| | |
Interactive Media & Services — 14.1% |
| | |
| | |
| | |
|
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class A | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | |
| | |
|
Focus Media Information Technology Co. Ltd., Class A | | |
Oil, Gas & Consumable Fuels — 4.4% |
China Petroleum & Chemical Corp., Class H | | |
PetroChina Co. Ltd., Class H | | |
| | |
|
Asymchem Laboratories Tianjin Co. Ltd., Class A | | |
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A | | |
| | |
Real Estate Management & Development — 2.3% |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Active China ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Semiconductors & Semiconductor Equipment — 3.8% |
Flat Glass Group Co. Ltd., Class H | | |
Hangzhou First Applied Material Co. Ltd., Class A | | |
Montage Technology Co. Ltd., Class A | | |
| | |
|
Kingdee International Software Group Co. Ltd. * | | |
Technology Hardware, Storage & Peripherals — 1.8% |
| | |
Textiles, Apparel & Luxury Goods — 1.5% |
Shenzhou International Group Holdings Ltd. | | |
Total Common Stocks
(Cost $11,639,725) | | |
Short-Term Investments — 0.1% |
Investment Companies — 0.1% |
JPMorgan Prime Money Market Fund Class IM, 5.41% (b) (c)(Cost $10,610) | | |
Total Investments — 100.1%
(Cost $11,650,335) | | |
Liabilities in Excess of Other Assets — (0.1)% | | |
| | |
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, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
|
| | |
Raiffeisen Bank International AG | | |
| | |
|
| | |
Arcos Dorados Holdings, Inc., Class A | | |
| | |
B3 SA - Brasil Bolsa Balcao | | |
| | |
| | |
BB Seguridade Participacoes SA | | |
| | |
Cury Construtora e Incorporadora SA | | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
NU Holdings Ltd., Class A * | | |
Petroleo Brasileiro SA, ADR | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica S/A | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
Agricultural Bank of China Ltd., Class H | | |
Airtac International Group | | |
Alibaba Group Holding Ltd. | | |
| | |
|
|
Angel Yeast Co. Ltd., Class A | | |
Anhui Heli Co. Ltd., Class A | | |
Anjoy Foods Group Co. Ltd., Class A | | |
Anker Innovations Technology Co. Ltd., Class A | | |
Asymchem Laboratories Tianjin Co. Ltd., Class H (a) | | |
Avary Holding Shenzhen Co. Ltd., Class A | | |
| | |
Bank of China Ltd., Class H | | |
Beijing Kingsoft Office Software, Inc., Class A | | |
BOE Technology Group Co. Ltd., Class A | | |
Budweiser Brewing Co. APAC Ltd. (a) | | |
BYD Electronic International Co. Ltd. | | |
Chacha Food Co. Ltd., Class A | | |
China CITIC Bank Corp. Ltd., Class H | | |
China Construction Bank Corp., Class H | | |
China Merchants Bank Co. Ltd., Class H | | |
China Merchants Energy Shipping Co. Ltd., Class A | | |
China Oilfield Services Ltd., Class H | | |
China Overseas Land & Investment Ltd. | | |
China Pacific Insurance Group Co. Ltd., Class H | | |
China Petroleum & Chemical Corp., 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 Shenhua Energy Co. Ltd., Class H | | |
China Yangtze Power Co. Ltd., Class A | | |
Chongqing Brewery Co. Ltd., Class A | | |
Chongqing Changan Automobile Co. Ltd., Class A | | |
CITIC Securities Co. Ltd., Class H | | |
| | |
Contemporary Amperex Technology Co. Ltd., Class A | | |
CSPC Pharmaceutical Group Ltd. | | |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | | |
| | |
Flat Glass Group Co. Ltd., Class H | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Focus Media Information Technology Co. Ltd., Class A | | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | |
Foxconn Industrial Internet Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | | |
Ganfeng Lithium Group Co. Ltd. (a) | | |
GF Securities Co. Ltd., Class H | | |
Great Wall Motor Co. Ltd., Class H | | |
Gree Electric Appliances, Inc. of Zhuhai, Class A | | |
Guangdong Dongpeng Holdings Co. Ltd., Class A | | |
Guangdong Investment Ltd. | | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | |
| | |
Haier Smart Home Co. Ltd., Class H | | |
Haitian International Holdings Ltd. | | |
Hangzhou First Applied Material Co. Ltd., Class A | | |
Hefei Meiya Optoelectronic Technology, Inc., Class A | | |
Hisense Home Appliances Group Co. Ltd. | | |
| | |
Hongfa Technology Co. Ltd., Class A | | |
Huayu Automotive Systems Co. Ltd., Class A | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
| | |
JA Solar Technology Co. Ltd., Class A * | | |
Jason Furniture Hangzhou Co. Ltd., Class A | | |
JD Health International, Inc. * (a) | | |
| | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
Jiangxi Copper Co. Ltd., Class H | | |
Jiayou International Logistics Co. Ltd., Class A | | |
| | |
KE Holdings, Inc., Class A | | |
Kingdee International Software Group Co. Ltd. * | | |
Kweichow Moutai Co. Ltd., Class A | | |
| | |
|
|
| | |
Lens Technology Co. Ltd., Class A | | |
| | |
Lingyi iTech Guangdong Co., Class A | | |
Livzon Pharmaceutical Group, Inc., Class H | | |
Luxshare Precision Industry 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 | | |
| | |
Ningbo Tuopu Group Co. Ltd., Class A | | |
Oppein Home Group, Inc., Class A | | |
PDD Holdings, Inc., ADR * | | |
PetroChina Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Qingdao Haier Biomedical Co. Ltd., Class A | | |
Sailun Group Co. Ltd., Class A | | |
Shanghai Baosight Software Co. Ltd., Class A | | |
Shenzhen Inovance Technology Co. Ltd., Class A | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | |
Shenzhou International Group Holdings Ltd. | | |
Sichuan Swellfun Co. Ltd., Class A | | |
| | |
Sinopharm Group Co. Ltd., Class H | | |
| | |
| | |
SITC International Holdings Co. Ltd. | | |
Sunny Optical Technology Group Co. Ltd. | | |
Sunresin New Materials Co. Ltd., Class A | | |
SUPCON Technology Co. Ltd., Class A | | |
| | |
Tianqi Lithium Corp., Class H | | |
Tingyi Cayman Islands Holding Corp. | | |
Tongwei Co. Ltd., Class A | | |
Topsports International Holdings Ltd. (a) | | |
| | |
Venustech Group, Inc., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Vipshop Holdings Ltd., ADR | | |
Wanhua Chemical Group Co. Ltd., Class A | | |
Warom Technology, Inc. Co., Class A | | |
Weichai Power Co. Ltd., Class H | | |
Wuliangye Yibin Co. Ltd., Class A | | |
Wuxi Biologics Cayman, Inc. * (a) | | |
| | |
Xiamen Faratronic Co. Ltd., Class A | | |
Xiaomi Corp., Class B * (a) | | |
Xinyi Solar Holdings Ltd. | | |
Yifeng Pharmacy Chain Co. Ltd., Class A | | |
| | |
Yutong Bus Co. Ltd., Class A | | |
Zhejiang Dingli Machinery Co. Ltd., Class A | | |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | | |
Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A | | |
Zhejiang Supor Co. Ltd., Class A | | |
Zhongji Innolight Co. Ltd., Class A | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | |
Zijin Mining Group Co. Ltd., Class H | | |
| | |
| | |
|
Bancolombia SA (Preference) | | |
| | |
| | |
|
| | |
|
Bank of Georgia Group plc | | |
|
Alpha Services and Holdings SA * | | |
Eurobank Ergasias Services and Holdings SA * | | |
Hellenic Telecommunications Organization SA | | |
| | |
Motor Oil Hellas Corinth Refineries SA | | |
| | |
National Bank of Greece SA * | | |
| | |
|
|
| | |
Piraeus Financial Holdings SA * | | |
| | |
|
| | |
| | |
Cathay Pacific Airways Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Techtronic Industries Co. Ltd. | | |
| | |
|
MOL Hungarian Oil & Gas plc | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Britannia Industries Ltd. * | | |
| | |
Cholamandalam Investment and Finance Co. Ltd. | | |
| | |
| | |
Colgate-Palmolive India Ltd. | | |
Computer Age Management Services Ltd. | | |
| | |
| | |
| | |
| | |
Dr Reddy's Laboratories Ltd. | | |
| | |
Endurance Technologies Ltd. (a) | | |
| | |
| | |
HDFC Asset Management Co. Ltd. (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
HDFC Life Insurance Co. Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
InterGlobe Aviation Ltd. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Metropolis Healthcare Ltd. (a) | | |
Multi Commodity Exchange of India Ltd. | | |
| | |
| | |
| | |
Oil & Natural Gas Corp. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Syngene International Ltd. (a) | | |
Tata Consultancy Services Ltd. | | |
| | |
| | |
Tube Investments of India Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Adaro Energy Indonesia Tbk. PT | | |
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 | | |
GoTo Gojek Tokopedia Tbk. PT * | | |
Indah Kiat Pulp & Paper Tbk. PT | | |
Indofood CBP Sukses Makmur Tbk. PT | | |
Sumber Alfaria Trijaya Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
| | |
| | |
|
NAC Kazatomprom JSC, GDR (a) | | |
|
| | |
|
| | |
| | |
| | |
| | |
Petronas Chemicals Group Bhd. | | |
Press Metal Aluminium Holdings Bhd. | | |
| | |
| | |
YTL Power International 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 Pacifico SAB de CV, Class B | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | |
Grupo Comercial Chedraui SA de CV | | |
Grupo Financiero Banorte SAB de CV, Class O | | |
| | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Qualitas Controladora SAB de CV | | |
| | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
Copa Holdings SA, Class A | | |
|
| | |
|
Bank Polska Kasa Opieki SA | | |
| | |
| | |
| | |
| | |
Powszechna Kasa Oszczednosci Bank Polski SA | | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
|
| | |
|
| | |
Qatar Gas Transport Co. Ltd. | | |
| | |
| | |
|
| | |
|
| | |
| | |
GMK Norilskiy Nickel PAO, ADR ‡ * | | |
GMK Norilskiy Nickel PAO ‡ | | |
Magnitogorsk Iron & Steel Works PJSC, GDR ‡ * (a) | | |
Moscow Exchange MICEX-RTS PJSC ‡ | | |
| | |
Sberbank of Russia PJSC ‡ | | |
Severstal PAO, GDR ‡ * (a) | | |
| | |
X5 Retail Group NV, GDR ‡ * (a) | | |
| | |
| | |
|
|
| | |
| | |
Al-Dawaa Medical Services Co. | | |
Aldrees Petroleum and Transport Services Co. | | |
| | |
Arabian Contracting Services Co. | | |
Bupa Arabia for Cooperative Insurance Co. | | |
Catrion Catering Holding Co. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Mouwasat Medical Services Co. | | |
| | |
| | |
Saudi Arabian Oil Co. (a) | | |
| | |
Saudi Basic Industries Corp. | | |
Saudi National Bank (The) | | |
| | |
Saudia Dairy & Foodstuff Co. | | |
United International Transportation Co. | | |
| | |
|
| | |
| | |
| | |
| | |
Capitec Bank Holdings Ltd. | | |
| | |
| | |
| | |
| | |
Harmony Gold Mining Co. Ltd. | | |
| | |
| | |
| | |
Standard Bank Group Ltd. (b) | | |
Truworths International Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
Daeduck Electronics Co. Ltd. | | |
| | |
Eugene Technology Co. Ltd. | | |
| | |
Hana Financial Group, Inc. | | |
Hankook Tire & Technology Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Hyundai Marine & Fire Insurance Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
KIWOOM Securities Co. Ltd. | | |
Korea Investment Holdings Co. Ltd. | | |
Korean Air Lines 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 Fire & Marine Insurance Co. Ltd. | | |
Samsung Heavy Industries Co. Ltd. * | | |
| | |
|
|
Samsung Life Insurance Co. Ltd. | | |
| | |
| | |
Samsung Securities Co. Ltd. | | |
Shinhan Financial Group Co. Ltd. | | |
| | |
SK IE Technology Co. Ltd. * (a) | | |
| | |
| | |
| | |
SM Entertainment Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Tokai Carbon Korea Co. Ltd. | | |
| | |
| | |
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
|
| | |
| | |
| | |
Arcadyan Technology Corp. | | |
ASE Technology Holding Co. Ltd. | | |
| | |
| | |
Chailease Holding Co. Ltd. | | |
| | |
Chunghwa Telecom Co. Ltd. | | |
CTBC Financial Holding Co. Ltd. | | |
| | |
E.Sun Financial Holding Co. Ltd. | | |
Elan Microelectronics Corp. | | |
| | |
| | |
Evergreen Marine Corp. Taiwan Ltd. | | |
| | |
Fubon Financial Holding Co. Ltd. | | |
| | |
Hon Hai Precision Industry Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Jentech Precision Industrial Co. Ltd. | | |
Kinsus Interconnect Technology Corp. | | |
Largan Precision Co. Ltd. | | |
| | |
| | |
Makalot Industrial Co. Ltd. | | |
Materials Analysis Technology, Inc. | | |
| | |
Mega Financial Holding Co. Ltd. | | |
| | |
Nien Made Enterprise Co. Ltd. | | |
Novatek Microelectronics Corp. | | |
Powertech Technology, Inc. | | |
Poya International Co. Ltd. | | |
President Chain Store Corp. | | |
| | |
Raydium Semiconductor Corp. | | |
Realtek Semiconductor Corp. | | |
Shiny Chemical Industrial Co. Ltd. | | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
Tong Yang Industry Co. Ltd. | | |
Unimicron Technology Corp. | | |
United Microelectronics Corp. | | |
Vanguard International Semiconductor Corp. | | |
| | |
| | |
| | |
Yuanta Financial Holding Co. Ltd. | | |
| | |
| | |
|
Advanced Info Service PCL | | |
| | |
| | |
Bangkok Dusit Medical Services PCL, Class F | | |
Bumrungrad Hospital PCL, NVDR | | |
Central Pattana PCL, NVDR | | |
Central Retail Corp. PCL, NVDR | | |
| | |
Delta Electronics Thailand PCL, NVDR | | |
Gulf Energy Development PCL | | |
Intouch Holdings PCL, NVDR | | |
| | |
|
|
Krung Thai Bank PCL, NVDR | | |
Minor International PCL, NVDR | | |
PTT Exploration & Production PCL | | |
| | |
| | |
| | |
Siam Cement PCL (The) (Registered) | | |
| | |
| | |
| | |
|
| | |
BIM Birlesik Magazalar A/S | | |
| | |
| | |
Turkiye Petrol Rafinerileri A/S | | |
| | |
Yapi ve Kredi Bankasi A/S | | |
| | |
United Arab Emirates — 0.8% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
| | |
| | |
| | |
Dubai Electricity & Water Authority PJSC | | |
| | |
| | |
| | |
First Abu Dhabi Bank PJSC | | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
ExlService Holdings, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
Total Common Stocks
(Cost $995,274,079) | | |
Short-Term Investments — 0.6% |
Investment Companies — 0.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (c) (d)(Cost $2,267,205) | | |
Investment of Cash Collateral from Securities Loaned — 0.4% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $4,030,602) | | |
Total Short-Term Investments
(Cost $6,297,807) | | |
Total Investments — 100.3%
(Cost $1,001,571,886) | | |
Liabilities in Excess of Other Assets — (0.3)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Global 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 |
| |
| |
| 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, 2024. The total value of securities on loan at April 30, 2024 is $2,943,659. | |
| 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, 2024. | |
Summary of Investments by Industry, April 30, 2024
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 | |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
Consumer Staples Distribution & Retail | |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Novo Nordisk A/S, Class B | | |
|
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
|
| | |
Hong Kong Exchanges & Clearing Ltd. | | |
| | |
|
| | |
|
Japan Exchange Group, Inc. | | |
Shin-Etsu Chemical Co. Ltd. | | |
Tokio Marine Holdings, Inc. | | |
| | |
|
Wal-Mart de Mexico SAB de CV | | |
|
| | |
| | |
| | |
|
| | |
|
Samsung Electronics Co. Ltd. | | |
| | |
| | |
|
UBS Group AG (Registered) | | |
| | |
|
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Boston Scientific Corp. * | | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
| | |
| | |
Digital Realty Trust, Inc., REIT | | |
| | |
| | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Hilton Worldwide Holdings, Inc. | | |
Honeywell International, Inc. | | |
| | |
Mastercard, Inc., Class A | | |
Meta Platforms, Inc., Class A | | |
| | |
| | |
Mondelez International, Inc., Class A | | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Global Select Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $2,660,631,935) | | |
Short-Term Investments — 1.4% |
Investment Companies — 1.4% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b)(Cost $41,448,250) | | |
Total Investments — 99.8%
(Cost $2,702,080,185) | | |
Other Assets Less Liabilities — 0.2% | | |
| | |
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, 2024. |
Summary of Investments by Industry, April 30, 2024
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 | |
| |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
Health Care Providers & Services | |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
Interactive Media & Services | |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
Construction & Engineering | |
| |
| |
| |
| |
| |
| |
Health Care Equipment & Supplies | |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Healthcare Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Novo Nordisk A/S, Class B | | |
| | |
| | |
|
Sartorius AG (Preference) | | |
|
| | |
|
| | |
|
Lonza Group AG (Registered) | | |
| | |
Sonova Holding AG (Registered) | | |
| | |
|
| | |
|
| | |
| | |
Acadia Healthcare Co., Inc. * | | |
| | |
Agios Pharmaceuticals, Inc. * | | |
| | |
Alnylam Pharmaceuticals, Inc. * | | |
| | |
Amicus Therapeutics, Inc. * | | |
Apellis Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Blueprint Medicines Corp. * | | |
Boston Scientific Corp. * | | |
| | |
| | |
| | |
| | |
| | |
Edwards Lifesciences Corp. * | | |
| | |
Evolent Health, Inc., Class A * | | |
| | |
|
United States — continued |
| | |
| | |
Halozyme Therapeutics, Inc. * | | |
| | |
IDEXX Laboratories, Inc. * | | |
Inspire Medical Systems, Inc. * | | |
Intra-Cellular Therapies, Inc. * | | |
Intuitive Surgical, Inc. * | | |
| | |
iRhythm Technologies, Inc. * | | |
| | |
| | |
| | |
| | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
REVOLUTION Medicines, Inc. * | | |
| | |
Sarepta Therapeutics, Inc. * | | |
Shockwave Medical, Inc. * | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
| | |
West Pharmaceutical Services, Inc. | | |
| | |
Total Common Stocks
(Cost $6,127,375) | | |
Short-Term Investments — 0.9% |
Investment Companies — 0.9% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b)(Cost $61,610) | | |
Total Investments — 99.1%
(Cost $6,188,985) | | |
Other Assets Less Liabilities — 0.9% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Healthcare Leaders ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| |
| 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. |
| 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, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Health Care Providers & Services | |
Health Care Equipment & Supplies | |
Life Sciences Tools & Services | |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
Aerospace & Defense — 1.3% |
| | |
| | |
| | |
| | |
| | |
| | |
Air Freight & Logistics — 1.0% |
| | |
United Parcel Service, Inc., Class B | | |
| | |
Automobile Components — 0.2% |
| | |
|
| | |
|
Bank of America Corp. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
Neurocrine Biosciences, Inc. * | | |
Regeneron Pharmaceuticals, Inc. * | | |
Sarepta Therapeutics, Inc. * | | |
Vertex Pharmaceuticals, Inc. * | | |
| | |
|
| | |
|
| | |
| | |
|
Building Products — continued |
| | |
| | |
| | |
|
Ameriprise Financial, Inc. | | |
| | |
Charles Schwab Corp. (The) | | |
| | |
Goldman Sachs Group, Inc. (The) | | |
Intercontinental Exchange, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Commercial Services & Supplies — 0.1% |
| | |
Communications Equipment — 0.2% |
| | |
Consumer Finance — 0.0% ^ |
Capital One Financial Corp. | | |
Consumer Staples Distribution & Retail — 1.1% |
Costco Wholesale Corp. (a) | | |
| | |
| | |
|
| | |
Electric Utilities — 2.1% |
Constellation Energy Corp. | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Electrical Equipment — 0.7% |
| | |
| | |
| | |
Electronic Equipment, Instruments & Components — 0.2% |
| | |
Keysight Technologies, Inc. * | | |
| | |
| | |
Energy Equipment & Services — 0.1% |
| | |
|
| | |
Warner Music Group Corp., Class A | | |
| | |
Financial Services — 5.0% |
Berkshire Hathaway, Inc., Class B * (a) | | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
Mastercard, Inc., Class A (a) | | |
| | |
| | |
|
Mondelez International, Inc., Class A (a) | | |
Ground Transportation — 1.1% |
| | |
| | |
Uber Technologies, Inc. * | | |
| | |
| | |
Health Care Equipment & Supplies — 2.4% |
Baxter International, Inc. | | |
| | |
Boston Scientific Corp. * (a) | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
| | |
| | |
|
Health Care Providers & Services — 2.6% |
| | |
| | |
| | |
| | |
| | |
| | |
UnitedHealth Group, Inc. (a) | | |
| | |
|
| | |
| | |
| | |
Hotels, Restaurants & Leisure — 3.0% |
| | |
Chipotle Mexican Grill, Inc. * | | |
| | |
Marriott International, Inc., Class A | | |
| | |
Royal Caribbean Cruises Ltd. * | | |
| | |
| | |
Household Durables — 0.3% |
| | |
| | |
| | |
Household Products — 0.6% |
Church & Dwight Co., Inc. | | |
Procter & Gamble Co. (The) | | |
| | |
Industrial Conglomerates — 0.9% |
Honeywell International, Inc. (a) | | |
|
| | |
|
| | |
| | |
| | |
Principal Financial Group, Inc. | | |
| | |
Travelers Cos., Inc. (The) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
Interactive Media & Services — 6.6% |
Alphabet, Inc., Class A * (a) | | |
Alphabet, Inc., Class C * (a) | | |
Meta Platforms, Inc., Class A (a) | | |
| | |
|
| | |
Cognizant Technology Solutions Corp., Class A | | |
| | |
Life Sciences Tools & Services — 1.3% |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
Charter Communications, Inc., Class A * | | |
Comcast Corp., Class A (a) | | |
Liberty Media Corp-Liberty SiriusXM, Class A * | | |
| | |
|
| | |
|
| | |
Oil, Gas & Consumable Fuels — 4.0% |
| | |
| | |
| | |
| | |
| | |
Pioneer Natural Resources Co. | | |
| | |
Passenger Airlines — 0.2% |
| | |
Personal Care Products — 0.2% |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
Professional Services — 0.3% |
| | |
|
Equity LifeStyle Properties, Inc. | | |
| | |
| | |
Semiconductors & Semiconductor Equipment — 10.8% |
Advanced Micro Devices, Inc. * (a) | | |
| | |
| | |
| | |
| | |
| | |
NXP Semiconductors NV (China) (a) | | |
| | |
Texas Instruments, Inc. (a) | | |
| | |
|
| | |
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
|
Digital Realty Trust, Inc. | | |
| | |
| | |
|
| | |
| | |
| | |
Burlington Stores, Inc. * | | |
| | |
O'Reilly Automotive, Inc. * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
Specialty Retail — continued |
| | |
| | |
| | |
Technology Hardware, Storage & Peripherals — 6.7% |
| | |
Hewlett Packard Enterprise Co. | | |
Seagate Technology Holdings plc | | |
| | |
| | |
|
| | |
Philip Morris International, Inc. | | |
| | |
Trading Companies & Distributors — 0.2% |
| | |
Wireless Telecommunication Services — 0.3% |
| | |
Total Common Stocks
(Cost $499,827,553) | | |
| | |
|
Put Options Purchased — 1.0% |
| | |
5/31/2024 at USD 481.00, American Style | | |
Notional Amount: USD 171,074,784 | | |
Counterparty: Exchange-Traded * | | |
6/28/2024 at USD 495.00, American Style | | |
Notional Amount: USD 180,261,018 | | |
Counterparty: Exchange-Traded * | | |
7/31/2024 at USD 476.00, American Style | | |
| | |
|
Put Options Purchased — continued |
Notional Amount: USD 172,179,140 | | |
Counterparty: Exchange-Traded * | | |
Total Put Options Purchased
(Cost $4,703,327) | | |
| | |
Short-Term Investments — 0.2% |
Investment Companies — 0.2% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
(Cost $1,240,933) | | |
Total Investments — 100.4%
(Cost $505,771,813) | | |
Liabilities in Excess of Other Assets — (0.4)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| |
| Real Estate Investment Trust |
| Standard & Poor's Depositary Receipt |
| |
| Amount rounds to less than 0.1% of net assets. |
| Non-income producing security. | |
| All or a portion of the security is segregated for options written. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Written Call Options Contracts as of April 30, 2024
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| |
Written Put Options Contracts as of April 30, 2024
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $4,144,366) | |
| |
| |
| Standard & Poor's Depositary Receipt |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
|
| | |
NU Holdings Ltd., Class A * | | |
| | |
|
Alimentation Couche-Tard, Inc. | | |
Canadian National Railway Co. | | |
Canadian Pacific Kansas City Ltd. | | |
| | |
| | |
|
ANTA Sports Products Ltd. | | |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | | |
| | |
PDD Holdings, Inc., ADR * | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
| | |
| | |
| | |
|
| | |
Novo Nordisk A/S, Class B | | |
| | |
|
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
| | |
| | |
| | |
|
|
Bank Central Asia Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
| | |
|
| | |
Ryanair Holdings plc, ADR | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Recruit Holdings Co. Ltd. | | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
|
Grupo Financiero Banorte SAB de CV, Class O | | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Samsung Electronics Co. Ltd., GDR (a) | | |
| | |
| | |
|
Industria de Diseno Textil SA | | |
|
| | |
| | |
| | |
|
Cie Financiere Richemont SA (Registered) | | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
| | |
|
| | |
InterContinental Hotels Group plc | | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
| | |
|
Cadence Design Systems, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $71,935,550) | | |
Short-Term Investments — 4.9% |
Investment Companies — 4.2% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (c) (d)(Cost $3,656,590) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — 0.7% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $576,057) | | |
Total Short-Term Investments
(Cost $4,232,647) | | |
Total Investments — 100.2%
(Cost $76,168,197) | | |
Liabilities in Excess of Other Assets — (0.2)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Global 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. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $550,870. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Growth ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
Semiconductors & Semiconductor Equipment | |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
Health Care Equipment & Supplies | |
Interactive Media & Services | |
| |
| |
| |
| |
Consumer Staples Distribution & Retail | |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Technology Hardware, Storage & Peripherals | |
| |
Construction & Engineering | |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| |
| International Financial Service Centre |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Ventia Services Group Pty. Ltd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Vienna Insurance Group AG Wiener Versicherung Gruppe | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
Cia de Saneamento de Minas Gerais Copasa MG | | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
| | |
|
| | |
| | |
Canadian Natural Resources Ltd. | | |
| | |
Dundee Precious Metals, Inc. | | |
| | |
Fairfax Financial Holdings Ltd. | | |
| | |
| | |
| | |
| | |
|
|
Precision Drilling Corp. * | | |
| | |
| | |
| | |
Teck Resources Ltd., Class B | | |
| | |
| | |
|
Agricultural Bank of China Ltd., Class H | | |
Alibaba Group Holding Ltd. | | |
BOC Hong Kong Holdings Ltd. | | |
China CITIC Bank Corp. Ltd., Class H | | |
China Construction Bank Corp., Class H | | |
| | |
China Merchants Bank Co. Ltd., Class H | | |
China Pacific Insurance Group Co. Ltd., Class H | | |
China Resources Pharmaceutical Group Ltd. (a) | | |
CSPC Pharmaceutical Group Ltd. | | |
Geely Automobile Holdings Ltd. | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
| | |
Jiangxi Copper Co. Ltd., Class H | | |
| | |
| | |
Livzon Pharmaceutical Group, Inc., Class H | | |
People's Insurance Co. Group of China Ltd. (The), Class H | | |
PetroChina Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
| | |
| | |
Vipshop Holdings Ltd., ADR | | |
Weichai Power Co. Ltd., Class H | | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
| | |
|
| | |
| | |
Jyske Bank A/S (Registered) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Bank of Georgia Group plc | | |
|
| | |
Bayerische Motoren Werke AG | | |
| | |
Deutsche Bank AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
Hornbach Holding AG & Co. KGaA | | |
| | |
| | |
| | |
Schaeffler AG (Preference) | | |
| | |
| | |
|
|
| | |
Volkswagen AG (Preference) | | |
| | |
|
Hellenic Telecommunications Organization SA | | |
National Bank of Greece SA * | | |
| | |
|
Bank of East Asia Ltd. (The) | | |
Cathay Pacific Airways Ltd. | | |
| | |
Pacific Basin Shipping Ltd. | | |
United Laboratories International Holdings Ltd. (The) | | |
| | |
|
| | |
|
| | |
Bharat Petroleum Corp. Ltd. | | |
| | |
| | |
| | |
| | |
Oil & Natural Gas Corp. Ltd. | | |
State Bank of India, GDR (a) | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Glenveagh Properties plc * (a) | | |
| | |
| | |
|
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
Danieli & C Officine Meccaniche SpA | | |
| | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
MFE-MediaForEurope NV, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Cosmo Energy Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Japan Petroleum Exploration Co. Ltd. | | |
| | |
| | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
Mizuho Financial Group, Inc. | | |
MS&AD Insurance Group Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
SBI Sumishin Net Bank Ltd. | | |
| | |
| | |
SKY Perfect JSAT Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Sumitomo Electric Industries Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Realty & Development Co. Ltd. | | |
| | |
| | |
| | |
Tokyo Steel Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Yokohama Rubber Co. Ltd. (The) | | |
| | |
|
| | |
|
ABN AMRO Bank NV, CVA (a) | | |
| | |
| | |
| | |
Koninklijke Heijmans N.V., CVA * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Norwegian Air Shuttle ASA * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
|
| | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | |
United Overseas Bank Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Hana Financial Group, Inc. | | |
Hankook Tire & Technology Co. Ltd. | | |
| | |
Hyundai Marine & Fire Insurance Co. Ltd. | | |
| | |
| | |
| | |
| | |
Korean Air Lines Co. Ltd. | | |
| | |
Kumho Petrochemical Co. Ltd. | | |
Samsung Electronics Co. Ltd. | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Samsung Life Insurance Co. Ltd. | | |
| | |
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
| | |
|
|
Grupo Catalana Occidente SA | | |
| | |
| | |
|
| | |
| | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | |
Svenska Handelsbanken AB, Class A | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
UBS Group AG (Registered) | | |
Zurich Insurance Group AG | | |
| | |
|
ASE Technology Holding Co. Ltd. | | |
Compeq Manufacturing Co. Ltd. * | | |
| | |
Hon Hai Precision Industry Co. Ltd. | | |
| | |
| | |
United Microelectronics Corp. | | |
| | |
|
| | |
Krung Thai Bank PCL, NVDR | | |
PTT Exploration & Production PCL, NVDR | | |
| | |
|
| | |
Tofas Turk Otomobil Fabrikasi A/S | | |
Turkiye Garanti Bankasi A/S | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
United Arab Emirates — 0.3% |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Direct Line Insurance Group plc | | |
| | |
| | |
| | |
| | |
| | |
International Consolidated Airlines Group SA * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Marks & Spencer Group plc | | |
| | |
Paragon Banking Group plc | | |
Shaftesbury Capital plc, REIT | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $12,041,814) | | |
| | |
Short-Term Investments — 1.2% |
Investment Companies — 0.9% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (c) (d)(Cost $117,227) | | |
Investment of Cash Collateral from Securities Loaned — 0.3% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $43,829) | | |
Total Short-Term Investments
(Cost $161,056) | | |
Total Investments — 99.0%
(Cost $12,202,870) | | |
Other Assets Less Liabilities — 1.0% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Certificaten Van Aandelen (Dutch Certificate) |
| Global 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 |
| 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. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $41,579. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Value ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
| |
Trading Companies & Distributors | |
| |
| |
| |
Diversified Telecommunication Services | |
Technology Hardware, Storage & Peripherals | |
| |
Construction & Engineering | |
| |
| |
| |
| |
Energy Equipment & Services | |
| |
Electronic Equipment, Instruments & Components | |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Financial Times and the London Stock Exchange |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | JPMorgan
Global Select
Equity ETF | JPMorgan
Healthcare
Leaders 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 | | | | |
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.) | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
Collateral upon return of deposit securities | | | | |
| | | | |
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 | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
| JPMorgan
Hedged Equity
Laddered Overlay ETF | JPMorgan
International
Growth ETF | JPMorgan
International
Value 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.) | | | |
Options purchased, 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.) | | | |
| | | |
| | | |
| | | |
| | | |
Foreign currency due to custodian, at value | | | |
Investment securities purchased | | | |
Collateral received on securities loaned (See Note 2.C.) | | | |
Variation margin on futures contracts | | | |
Outstanding options written, at fair value | | | |
| | | |
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 | | | |
Cost of options purchased | | | |
| | | |
Investment securities on loan, at value (See Note 2.C.) | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | |
Premiums received from options written | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
| | JPMorgan
ActiveBuilders
Emerging Markets
Equity ETF | JPMorgan
Global Select
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 November 1, 2023.
(b)
Net of foreign capital gains tax of $(708,057).
(c)
Net of change in foreign capital gains tax of $(1,983,620).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
| JPMorgan
Hedged Equity
Laddered Overlay ETF | JPMorgan
International
Growth 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 | | | |
Investments in affiliates | | | |
In-kind redemptions of investments in non-affiliates (See Note 4) | | | |
In-kind redemptions of options purchased (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)
(b)
Net of change in foreign capital gains tax of $(2,673).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
| | JPMorgan ActiveBuilders
Emerging Markets Equity
ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Period Ended
October 31, 2023 (a) | Six Months Ended
April 30, 2024
(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 March 15, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan
Global Select
Equity ETF | JPMorgan
Healthcare Leaders ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Period Ended
October 31, 2023 (a) | Period Ended
April 30, 2024
|
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 in shares from transactions | | | |
(a)
Commencement of operations was September 13, 2023.
(b)
Commencement of operations was November 1, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| JPMorgan Hedged Equity
Laddered Overlay ETF | JPMorgan
International Growth ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Period Ended
October 31, 2023 (a) | Six Months Ended
April 30, 2024
(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 28, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
| JPMorgan
International
Value ETF |
| Six Months Ended
April 30, 2024
(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 in shares from transactions | | |
(a)
Commencement of operations was September 13, 2023.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR 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 | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
March 15, 2023 (g) through October 31, 2023 | | | | | | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
March 10, 2021 (g) through October 31, 2021 | | | | | | | |
JPMorgan Global Select Equity ETF | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
September 13, 2023 (g) through October 31, 2023 | | | | | | | |
JPMorgan Healthcare Leaders ETF | | | | | | | |
November 1, 2023 (g) through April 30, 2024 (Unaudited) | | | | | | | |
JPMorgan Hedged Equity Laddered Overlay ETF | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
September 28, 2023 (g) through October 31, 2023 | | | | | | | |
JPMorgan International Growth ETF | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
May 20, 2020 (g) through October 31, 2020 | | | | | | | |
JPMorgan International Value ETF | | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
September 13, 2023 (g) through October 31, 2023 | | | | | | | |
|
| 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 the 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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. |
| Amount rounds to less than $0.005. |
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 STATEMENTSAS OF April 30, 2024 (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 7 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 Global Select Equity ETF | |
JPMorgan Healthcare Leaders ETF(1) | |
JPMorgan Hedged Equity Laddered Overlay ETF | |
JPMorgan International Growth ETF | |
JPMorgan International Value ETF | |
|
| Commencement of operations was November 1, 2023. |
The investment objective of JPMorgan Active China ETF (“Active China ETF”), JPMorgan ActiveBuilders Emerging Markets Equity ETF (“ActiveBuilders Emerging Markets Equity ETF”), JPMorgan Global Select Equity ETF ("Global Select Equity ETF"), JPMorgan Healthcare Leaders ETF ("Healthcare Leaders ETF"), JPMorgan International Growth ETF (“International Growth ETF”) and JPMorgan International Value ETF ("International Value ETF") is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Hedged Equity Laddered Overlay ETF (“Hedged Equity Laddered Overlay ETF”) is to seek to provide 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 | |
| The NASDAQ Stock Market® LLC |
| The NASDAQ Stock Market® LLC |
Hedged Equity Laddered Overlay ETF | |
| |
| The NASDAQ Stock Market® LLC |
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.
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 and options 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.
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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
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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.
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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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| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
Active China ETF (continued) | | | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
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Consumer Staples Distribution & Retail | | | | |
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Electronic Equipment, Instruments & Components | | | | |
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Health Care Equipment & Supplies | | | | |
Health Care Providers & Services | | | | |
Hotels, Restaurants & Leisure | | | | |
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Independent Power and Renewable Electricity Producers | | | | |
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Interactive Media & Services | | | | |
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Oil, Gas & Consumable Fuels | | | | |
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Real Estate Management & Development | | | | |
Semiconductors & Semiconductor Equipment | | | | |
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Technology Hardware, Storage & Peripherals | | | | |
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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Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
| | |
| | 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 STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
Global Select Equity ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
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Total Investments in Securities | | | | |
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| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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Total Investments in Securities | | | | |
Hedged Equity Laddered Overlay ETF | | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Total Investments in Securities (a) | | | | |
Depreciation in Other Financial Instruments | | | | |
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Total Depreciation in Other Financial Instruments | | | | |
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| Please refer to the SOI for specifics of portfolio holdings. |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
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| J.P. Morgan Exchange-Traded Funds | |
International Growth ETF (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 | | | | |
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| | |
| | 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 STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
International Value ETF (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 | | | | |
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Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
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, 2024, 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.
| J.P. Morgan Exchange-Traded Funds | |
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, 2024.
| Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities | Cash Collateral
Posted by Borrower* | Net Amount Due
to Counterparty
(not less than zero) |
ActiveBuilders Emerging Markets Equity ETF | | | |
| | | |
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| 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, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
ActiveBuilders Emerging Markets 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).
Active China ETF, Global Select Equity ETF, Healthcare Leaders ETF and Hedged Equity Laddered Overlay ETF did not lend out any securities during the six months ended April 30, 2024.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (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, 2024. |
ActiveBuilders Emerging Markets Equity ETF |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (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, 2024. |
| J.P. Morgan Exchange-Traded Funds | |
|
For the period ended April 30, 2024 |
| Value at
November 1,
2023(a) | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | | | | | | | | |
|
| Commencement of operations was November 1, 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, 2024. |
Hedged Equity Laddered Overlay ETF |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
International Value ETF (continued) |
For the six months ended April 30, 2024 |
| | | | | Change in Unrealized Appreciation/ (Depreciation) | | | | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| 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. Options— Hedged Equity Laddered Overlay ETF purchased and sold (“wrote”) put and call options on various instruments including options on indices to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
The Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.
| J.P. Morgan Exchange-Traded Funds | |
Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Fund’s exchange-traded option 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).
G. Futures Contracts— Hedged Equity Laddered Overlay ETF, International Growth ETF and International Value ETF used index futures contracts to manage and hedge equity price risk associated with portfolio investments. The Funds 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 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 risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
The table below discloses the volume of the Funds' options and futures contracts activity during the six months ended April 30, 2024:
| Hedged Equity
Laddered Overlay ETF | | |
| | | |
Average Notional Balance Long | | | |
Ending Notional Balance Long | | | |
| | | |
Average Number of Contracts Purchased | | | |
Average Number of Contracts Written | | | |
Ending Number of Contracts Purchased | | | |
Ending Number of Contracts Written | | | |
The Funds' derivatives contracts held at April 30, 2024 are not accounted for as hedging instruments under GAAP.
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
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 | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
I. 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, 2024, 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.
J. 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.
K. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually for Active China ETF, ActiveBuilders Emerging Markets Equity ETF, Global Select Equity ETF, Healthcare Leaders ETF, International Growth ETF and International Value ETF, and at least quarterly for Hedged Equity Laddered Overlay ETF. 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 | |
| |
| |
Hedged Equity Laddered Overlay ETF | |
| |
| |
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 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.
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
| J.P. Morgan Exchange-Traded Funds | |
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.
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, 2024, 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 | | |
| | |
| | |
Hedged Equity Laddered Overlay ETF | | |
| | |
| | |
During the six months ended April 30, 2024, there were no purchases or sales of U.S. Government securities.
For the six months ended April 30, 2024, in-kind transactions associated with creations and redemptions were as follows:
| | |
ActiveBuilders Emerging Markets Equity ETF | | |
| | |
| | |
Hedged Equity Laddered Overlay ETF | | |
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
During the six months ended April 30, 2024, 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, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
ActiveBuilders Emerging Markets Equity ETF | | | | |
| | | | |
| | | | |
Hedged Equity Laddered Overlay ETF | | | | |
| | | | |
| | | | |
At October 31, 2023, 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 | | |
| | |
Hedged Equity Laddered Overlay 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.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount, plus at least 105% for Active China ETF, Global Select Equity ETF, Healthcare Leaders ETF, Hedged Equity Laddered Overlay ETF (for negotiated redemptions only), International Growth ETF and International Value ETF, and plus at least 110% for ActiveBuilders Emerging Markets Equity ETF of the market value of undelivered Deposit Instruments. A transaction fee may be imposed to offset transfer and other transaction costs associated with the purchase or redemption of Creation Units.
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
| J.P. Morgan Exchange-Traded Funds | |
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, 2024, 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, 2024 were as follows:
| | | | |
ActiveBuilders Emerging Markets Equity ETF | | | | |
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement 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. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds, excluding JPMorgan Global Select Equity ETF, Hedged Equity Laddered Overlay ETF, Healthcare Leaders ETF and International Value ETF, (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2024.
Effective May 31, 2024, the Funds are no longer part of the Credit Facility.
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, 2024, JPMorgan SmartRetirement 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 |
ActiveBuilders Emerging Markets Equity ETF | |
| |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
As of April 30, 2024, the Adviser owned shares representing more than 10% of net assets of the following Funds:
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, 2024, 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 | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
As of April 30, 2024, 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.
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, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement,
| J.P. Morgan Exchange-Traded Funds | |
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. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
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 its 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.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to 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 or other global event that affect the instruments in which the
Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event 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, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
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, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period | |
JPMorgan Active China ETF | | | | |
| | | | |
| | | | |
JPMorgan ActiveBuilders Emerging Markets Equity ETF | | | | |
| | | | |
| | | | |
JPMorgan Global Select Equity ETF | | | | |
| | | | |
| | | | |
JPMorgan Healthcare Leaders ETF | | | | |
| | | | |
| | | | |
JPMorgan Hedged Equity Laddered Overlay ETF | | | | |
| | | | |
| | | | |
JPMorgan International Growth ETF | | | | |
| | | | |
| | | | |
JPMorgan International Value ETF | | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| Expenses are equal to the Fund’s annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/366 (to reflect the actual period). The Fund commenced operations on November 1, 2023. |
| 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.1
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, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (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.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| J.P. Morgan Exchange-Traded Funds | |
BOARD APPROVAL OF INITIAL MANAGEMENT AGREEMENT(Unaudited)
JPMorgan Healthcare Leaders ETF
On February 7-9, 2023, the Board of Trustees (the “Board” or the “Trustees”) held meetings and approved the initial management agreement (the “Management Agreement”) for the JPMorgan Healthcare Leaders ETF (the “Fund”). The Management Agreement was approved by a majority of the Trustees who are not “Interested Persons” (as defined in the Investment Company Act of 1940) of any party to the Management Agreement or any of their affiliates. In connection with the approval of the Management Agreement, the Trustees reviewed written materials prepared by J.P. Morgan Investment Management Inc. (the “Adviser”) and received oral presentations from Adviser personnel. Before voting on the proposed Management Agreement, the Trustees reviewed the Management Agreement with representatives of the Adviser and with counsel to the Fund and independent legal counsel to the Trustees and received a memorandum from independent legal counsel discussing the legal standards for their consideration of the proposed Management Agreement. They also considered information they received from the Adviser over the course of the year in connection with their oversight of other funds managed by the Adviser. The Trustees also discussed the proposed Management Agreement with independent legal counsel in executive session at which no representatives of the Adviser were present.
A summary of the material factors evaluated by the Trustees in determining whether to approve the Management Agreement is provided below. The Trustees considered information provided with respect to the Fund and the approval of the Management Agreement. Each Trustee attributed his or her own evaluation of the significance of the various factors, and no factor alone was considered determinative. The Trustees determined that the proposed compensation to be received by the Adviser from the Fund under its Management Agreement was fair and reasonable and that initial approval of the Management Agreement was in the best interests of the Fund and its potential shareholders.
Summarized below are the material factors considered and discussed by the Trustees in reaching their conclusions:
Nature, Extent and Quality of Services Provided by the Adviser
In connection with the approval of the Fund’s initial Management Agreement, the Trustees considered the materials furnished specifically in connection with the approval of the Management Agreement, as well as other relevant information furnished for the Trustees, regarding the nature, extent, and quality of services provided by the adviser. Among other things, the Trustees considered:
• The background and experience of the Adviser’s senior management and investment personnel;
• The qualifications, backgrounds and responsibilities of the portfolio management team to be primarily responsible for the day-to-day management of the Fund;
• The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;
• Information about the structure and distribution strategy of the Fund and how it fits within the Adviser’s other fund offerings within the J.P. Morgan Funds complex;
• The administration services to be provided by the Adviser under the Management Agreement;
• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Fund and in the financial industry generally;
• The overall reputation and capabilities of the Adviser and its affiliates;
• The commitment of the Adviser to provide high quality service to the Fund;
• Their overall confidence in the Adviser’s integrity; and
• The Adviser’s responsiveness to requests for additional information, questions or concerns raised by them.
Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of services to be provided to the Fund by the Adviser.
The Trustees reviewed information regarding potential “fall-out” or ancillary benefits expected to be received by the Adviser and its affiliates as a result of their relationship with the Fund. Additionally, the Trustees considered that any fall-out or ancillary benefits would be comparable to those related to the other funds in the complex.
The Trustees also considered the benefits the Adviser is expected to receive as the result of the roles JPMorgan Chase Bank, N.A. (“JPMCB”), an affiliate of the Adviser, plays as custodian, fund accountant and transfer agent for the Fund, including the profitability of those arrangements to JPMCB.
The Trustees considered the extent to which the Fund may benefit from potential economies of scale. 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 under a “unitary fee structure.” The Trustees noted that the proposed unitary management fee for the Fund does not contain breakpoints. The Trustees considered that shareholders would benefit because expenses would be limited even when the Fund
| J.P. Morgan Exchange-Traded Funds | |
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 received and considered information about the nature and extent of management services and fee rates offered to clients of the Adviser, including, to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for management styles substantially similar to that of the Fund. 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.
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 Fee
The Trustees considered the contractual management fee rate that will be paid by the Fund to the Adviser and compared that rate to information prepared by Broadridge Investor Communications Solutions Inc. (“Broadridge”), an independent provider of investment company data, providing management fee rates paid by other funds in the same Morningstar category as the Fund. The Trustees also considered the fees paid to JPMCB, for custody, fund accounting, 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, as well as how the peer funds included in the Broadridge data differed from the Fund. The Trustees also noted that because the Fund was not yet operational, no profitability information was available. After considering the factors identified above and other factors, in light of the information, the Trustees concluded that the Fund’s proposed management fee was fair and reasonable.
| J.P. Morgan Exchange-Traded Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses 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., 2024. All rights reserved. April 2024.
SAN-ACT-ETF-424
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2024 (Unaudited)
| | |
JPMorgan Climate Change Solutions ETF | | |
JPMorgan Sustainable Infrastructure ETF | | The NASDAQ Stock Market® LLC |
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’ prospectus 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 LetterJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
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“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
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The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
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 OVERVIEWSIX MONTHS ENDED April 30, 2024 (Unaudited)
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period. However, prices for developed market equities fell in April 2024, while emerging markets equity rose slightly.
By the start of November 2023, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,100 and 5,200 points in March 2024.
The S&P 500 Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in early 2024, and the remaining five companies accounted for 74% of the S&P 500 Index’s return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed. Equity prices in China recovered somewhat as the government adopted new economic stimulus measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
For the six months ended April 30, 2024, the S&P 500 Index returned 20.98%, the MSCI World Index returned 20.29%, MSCI EAFE Index returned 18.63% and the MSCI Emerging Markets Index returned 15.40%.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
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MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2024 | |
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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 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 and recycling and re-use.
HOW DID THE FUND PERFORM?
For the six months ended April 30, 2024, the Fund generated a positive absolute return and outperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the industrials and the information technology sectors was a leading contributor to absolute performance, while the Fund’s security selection in the consumer staples sector was the sole sector detractor from absolute performance.
Leading individual contributors to Fund performance included Trane Technologies PLC, Schneider Electric SE and Xylem Inc. Shares of Trane Technologies, an Irish heating, ventilation and air conditioning equipment provider, rose after the company reported better-than-expected earnings for the first quarter of 2024 and raised its forecast for the year ahead. Schneider Electric, a French electrical components and equipment manufacturer, rose after the company reported better-than-expected earnings during the period. Shares of Xylem, a manufacturer of industrial machinery and components used in water treatment and other infrastructure projects, rose amid consecutive quarters of better-than-expected earnings.
Leading individual detractors from Fund performance included Array Technologies Inc., SIG Group AG and Dassault Systemes
SE. Shares of Array Technologies, a manufacturer of electrical components for the solar energy industry, fell after the company lowered its 2024 earnings forecast. Shares of SIG Group, a Swiss packaging and materials manufacturer, fell as the company failed to meet investor expectations for growth. Shares of Dassault Systemes, a French software developer, fell after reporting weaker-than-expected results during the period.
Relative to the Index, the Fund’s security selection and overweight position in the industrials sector and its underweight position in the health care sector, where it had no holdings, were leading contributors to performance, while the Fund’s security selection in the information technology sector and its overweight position in the utilities sector were leading detractors from 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 utility sectors and the smallest allocations were to the consumer staples and consumer discretionary sectors. The Fund had no holdings in the health care, energy, communication services 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.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
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| Atlas Copco AB, Class A (Sweden) | |
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (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 $42.76 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $42.94.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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, 2024
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JPMorgan Climate Change Solutions ETF | | | | |
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LIFE OF FUND PERFORMANCE (12/13/21 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
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MSCI ACWI Index (net total return) | |
Net Assets as of 4/30/2024 | |
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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, 2024, the Fund generated a positive absolute return and underperformed the MSCI ACWI Index (the “Index”).
The Fund’s security selection in the real estate and industrials sectors was a leading contributor to absolute performance and no sectors detracted from absolute performance.
Leading individual contributors to Fund performance included Xylem Inc., Alexandria Real Estate Equities Inc. and Goodman Group. Shares of Xylem, a manufacturer of industrial machinery and components used in water treatment and other infrastructure projects, rose amid consecutive quarters of better-than-expected earnings. Shares of Alexandria Real Estate Equities, an office real estate investment trust, rose after the company reported better-than-expected results during the period. Shares of Goodman Group, an Australian industrial and
office real estate company, rose after the company reported better-than-expected quarterly earnings and raised its earnings forecast for 2024.
Leading individual detractors from Fund performance included Americold Realty Trust Inc., American Tower Corp. and Elia Group SA. Shares of Americold Realty Trust, an industrial real estate investment trust specializing in temperature-controlled warehouses, fell after the company reported weaker-than-expected cash flow during the period. Shares of American Tower, a telecommunications infrastructure real estate investment trust, fell after the company reported lower-than-expected cash flow for the fourth quarter of 2024. Shares of Elia Group, a Belgian electric utility, fell after the company reported weaker-than-expected quarterly earnings and revenue during the period.
Relative to the Index, the Fund’s security selection in and overweight allocation to the utilities sector and its overweight allocation to the real estate sector were leading detractors from performance, while the Fund’s underweight allocation to the health care sector was a leading contributor to relative performance. The Fund has no holdings in the consumer staples sector, which also contributed to 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 related to environmental resilience, including the electricity infrastructure, water infrastructure and renewables infrastructure sub-themes. The Fund’s smallest thematic allocations were related to the social housing and education infrastructure and medical infrastructure 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 $45.61 as of April 30, 2024.
**
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 the 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, 2024, the closing price was $45.69.
***
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, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
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| National Grid plc (United Kingdom) | |
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| Digital Realty Trust, Inc. | |
| NARI Technology Co. Ltd., Class A (China) | |
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PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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 Sustainable Infrastructure ETF
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
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JPMorgan Sustainable Infrastructure ETF | | | | |
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LIFE OF FUND PERFORMANCE (9/7/22 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2024. 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
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West Fraser Timber Co. Ltd. | | |
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Contemporary Amperex Technology Co. Ltd., Class A | | |
NARI Technology Co. Ltd., Class A | | |
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Kurita Water Industries Ltd. | | |
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Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
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Spirax-Sarco Engineering plc | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Climate Change Solutions ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
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Common Stocks — continued |
United States — continued |
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Watts Water Technologies, Inc., Class A | | |
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Total Common Stocks
(Cost $20,692,542) | | |
Short-Term Investments — 0.4% |
Investment Companies — 0.4% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (b) (c)(Cost $94,397) | | |
Total Investments — 99.1%
(Cost $20,786,939) | | |
Other Assets Less Liabilities — 0.9% | | |
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Percentages indicated are based on net assets. |
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| American Depositary Receipt |
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| 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, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
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Commercial Services & Supplies | |
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Electronic Equipment, Instruments & Components | |
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Semiconductors & Semiconductor Equipment | |
Construction & Engineering | |
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Independent Power and Renewable Electricity Producers | |
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| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
|
| | |
Warehouses De Pauw CVA, REIT | | |
| | |
|
Transmissora Alianca de Energia Eletrica S/A | | |
|
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 | | |
| | |
|
| | |
|
| | |
| | |
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| | |
| | |
|
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| | |
| | |
|
| | |
Infrastrutture Wireless Italiane SpA (a) | | |
Terna - Rete Elettrica Nazionale | | |
| | |
|
Kurita Water Industries Ltd. | | |
| | |
| | |
|
EDP - Energias de Portugal SA * | | |
| | |
|
|
| | |
|
| | |
|
| | |
Corp. ACCIONA Energias Renovables SA | | |
| | |
| | |
| | |
|
| | |
| | |
LondonMetric Property plc, REIT | | |
| | |
| | |
| | |
UNITE Group plc (The), REIT | | |
United Utilities Group plc | | |
| | |
|
Alexandria Real Estate Equities, Inc., REIT | | |
American Tower Corp., REIT | | |
Americold Realty Trust, Inc., REIT | | |
| | |
| | |
Digital Realty Trust, Inc., REIT | | |
| | |
| | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT | | |
| | |
Healthpeak Properties, Inc., REIT | | |
| | |
| | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
Rexford Industrial Realty, Inc., REIT | | |
Sabra Health Care REIT, Inc., REIT | | |
SBA Communications Corp., REIT | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan Sustainable Infrastructure ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
Total Common Stocks
(Cost $22,989,334) | | |
| | |
|
|
NEXTDC Ltd., expiring 5/2/2024*(Cost $—) | | |
| | |
Short-Term Investments — 1.0% |
Investment Companies — 1.0% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (b) (c)(Cost $231,260) | | |
Total Investments — 99.4%
(Cost $23,220,594) | | |
Other Assets Less Liabilities — 0.6% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Certificaten Van Aandelen (Dutch Certificate) |
| Real Estate Investment Trust |
| Amount rounds to less than 0.1% of net assets. |
| 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, 2024. | |
Summary of Investments by Industry, April 30, 2024
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 | |
Independent Power and Renewable Electricity Producers | |
Diversified Telecommunication Services | |
Transportation Infrastructure | |
| |
| |
Health Care Providers & Services | |
| |
Construction & Engineering | |
| |
Electronic Equipment, Instruments & Components | |
Mortgage Real Estate Investment Trusts (REITs) | |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
| JPMorgan
Climate Change
Solutions ETF | JPMorgan Sustainable
Infrastructure ETF |
| | |
Investments in non-affiliates, at value | | |
Investments in affiliates, at value | | |
| | |
Foreign currency, at value | | |
| | |
Dividends from non-affiliates | | |
Dividends from affiliates | | |
| | |
| | |
| | |
| | |
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 OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
| JPMorgan
Climate Change
Solutions 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 | | |
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 ASSETSFOR THE PERIODS INDICATED
| JPMorgan
Climate Change Solutions ETF | JPMorgan Sustainable
Infrastructure ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 in shares from transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
FINANCIAL HIGHLIGHTSFOR 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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
December 13, 2021 (f) through October 31, 2022 | | | | | |
JPMorgan Sustainable Infrastructure ETF | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
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 the 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) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (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 2 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| Diversification Classification |
JPMorgan Climate Change Solutions 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 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 Infrastructure ETF | The NASDAQ Stock Market® LLC |
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. A cash amount may be substituted if a Fund has sizable exposure to market or sponsor restricted securities. Shares are generally traded in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day. Only individuals or institutions that have entered into an authorized participant agreement with the Distributor may do business directly with the Funds (each, an “Authorized Participant”).
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
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.
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 STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
Climate Change Solutions ETF (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Total Investments in Securities | | | | |
Sustainable Infrastructure ETF | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
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, 2024, 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.
| J.P. Morgan Exchange-Traded Funds | |
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.
The Funds did not lend out any securities during the six months ended April 30, 2024.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (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, 2024. |
Sustainable Infrastructure ETF |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (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, 2024. |
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
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
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, 2024, 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 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.
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 | |
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, 2024, 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 Infrastructure ETF | | |
During the six months ended April 30, 2024, 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, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
Climate Change Solutions ETF | | | | |
Sustainable Infrastructure ETF | | | | |
At October 31, 2023, 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 Infrastructure 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.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
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.
Creation Units of a Fund may be created in advance of receipt by the Trust of all or a portion of the applicable basket of equity securities and other instruments (“Deposit Instruments”) and cash as described in the Funds’ registration statement. In these instances, the initial Deposit Instruments and cash must be deposited in an amount equal to the sum of the cash amount plus at least 105% for the Funds 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 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, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement 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. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended April 30, 2024.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2024.
Effective May 31, 2024, the Funds are no longer part of the Credit Facility.
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.
| J.P. Morgan Exchange-Traded Funds | |
As of April 30, 2024, the Adviser owned shares representing more than 10% of net assets of the following Funds:
| |
Climate Change Solutions 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 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.
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 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, 2024, the following Fund had non-U.S. country allocations representing greater than 10% of total investments as follows:
| 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.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, 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. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Funds' ability to buy and sell securities.
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. Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to 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 or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event 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, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
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, 2023 | Ending Account Value April 30, 2024 | | |
JPMorgan Climate Change Solutions ETF | | | | |
| | | | |
| | | | |
JPMorgan Sustainable Infrastructure ETF | | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (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.1
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, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (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.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| 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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
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., 2024. All rights reserved. April 2024.
SAN-SUS-ETF-424
Semi-Annual Report
J.P. Morgan Exchange-Traded Funds
April 30, 2024 (Unaudited)
| | |
JPMorgan International Research Enhanced Equity ETF | | |
CONTENTS
Investments in the 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 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 LetterJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
|
“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
|
The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
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 COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
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MSCI EAFE Index (net total return) | |
Net Assets as of 4/30/2024 | |
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INVESTMENT OBJECTIVE***
The JPMorgan International Research Enhanced Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.
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.
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six months. However, prices for developed market equities fell in April 2024, while prices for emerging markets equities rose slightly.
By the start of November 2023, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in
late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,200 points in late March 2024.
The Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in 2024 and the remaining five companies accounted for 74% of the Index’ return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed other countries. Equity prices in China recovered somewhat as the government adopted new economic stimulus measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund underperformed the Benchmark for the six months ended April 30, 2024.
By sector, the Fund’s security selection in the consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the pharmaceuticals/medical technology sector and the technology - semiconductors & hardware sector was a leading contributor to relative performance.
By region, the Fund’s overweight allocation to the Pacific, excluding Japan, was a modest detractor from performance
| 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 $60.75 as of April 30, 2024.
**
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 the 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, Inc. As of April 30, 2024, the closing price was $60.85.
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
relative to the Benchmark, while the Fund’s security selection in Europe and Japan was a leading contributor to 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.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
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| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| AstraZeneca plc (United Kingdom) | |
| Toyota Motor Corp. (Japan) | |
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| Allianz SE (Registered) (Germany) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | 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 COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
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 (4/30/14 TO 4/30/24)
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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 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, 2014 to April 30, 2024. 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, Australasia, 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.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
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|
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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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Novo Nordisk A/S, Class B | | |
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Cie Generale des Etablissements Michelin SCA | | |
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LVMH Moet Hennessy Louis Vuitton SE | | |
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Deutsche Telekom AG (Registered) | | |
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Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
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 Paint Holdings Co. Ltd. | | |
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Nippon Telegraph & Telephone Corp. | | |
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Nomura Research Institute Ltd. | | |
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Pan Pacific International Holdings Corp. | | |
Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. | | |
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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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Oversea-Chinese Banking Corp. Ltd. | | |
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United Overseas Bank Ltd. | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
Delivery Hero SE * (a) (b) | | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
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Industria de Diseno Textil SA (a) | | |
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Skandinaviska Enskilda Banken AB, Class 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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Berkeley Group Holdings plc | | |
British American Tobacco plc | | |
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InterContinental Hotels Group plc | | |
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London Stock Exchange Group plc | | |
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Reckitt Benckiser Group plc | | |
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United Kingdom — continued |
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Total Common Stocks
(Cost $4,972,123,080) | | |
Short-Term Investments — 4.1% |
Investment Companies — 1.6% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (c) (d)(Cost $96,920,379) | | |
Investment of Cash Collateral from Securities Loaned — 2.5% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $150,284,887) | | |
Total Short-Term Investments
(Cost $247,205,266) | | |
Total Investments — 101.6%
(Cost $5,219,328,346) | | |
Liabilities in Excess of Other Assets — (1.6)% | | |
| | |
Percentages indicated are based on net assets. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan International Research Enhanced Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| |
| American Depositary Receipt |
| |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $136,756,447. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Semiconductors & Semiconductor Equipment | |
Oil, Gas & Consumable Fuels | |
| |
Textiles, Apparel & Luxury Goods | |
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Diversified Telecommunication Services | |
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Trading Companies & Distributors | |
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Electronic Equipment, Instruments & Components | |
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Health Care Equipment & Supplies | |
Consumer Staples Distribution & Retail | |
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Construction & Engineering | |
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Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of April 30, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
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| |
| Australian Securities Exchange |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
STATEMENT OF ASSETS AND LIABILITIESAS OF April 30, 2024 (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 | |
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Investment securities sold | |
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Dividends from non-affiliates | |
Dividends from affiliates | |
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Securities lending income (See Note 2.C.) | |
Variation margin on futures contracts | |
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Collateral received on securities loaned (See Note 2.C.) | |
Collateral upon return of deposit securities | |
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Printing and mailing costs | |
Custodian and accounting fees | |
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Total distributable earnings (loss) | |
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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 OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (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 | |
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Trustees’ and Chief Compliance Officer’s fees | |
Printing and mailing costs | |
Registration and filing fees | |
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Less expense reimbursements | |
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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) | |
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Foreign currency transactions | |
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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 ASSETSFOR THE PERIODS INDICATED
| JPMorgan International Research
Enhanced Equity ETF |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
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 | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR 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, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| 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, 2018 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%. |
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 | Portfolio
turnover
rate (d) |
| | | | | | | | |
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SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (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, 2024.
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, Inc. 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 STATEMENTSAS OF April 30, 2024 (Unaudited) (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 | | | | |
Depreciation 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, 2024, 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, 2024.
| 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, 2024, JPMIM waived fees associated with the Fund's investment in the JPMorgan U.S. Government Money Market Fund. The amount of this waiver was $1,379
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 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, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (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, 2024. |
| Amount is included on the Statement 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 STATEMENTSAS OF April 30, 2024 (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, 2024:
| |
| |
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, 2024, 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, 2024, 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 administration fees payable to JPMIM.
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 services (effective as of the Closing Date) 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 STATEMENTSAS OF April 30, 2024 (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.
The expense limitation agreement was in effect for the six months ended April 30, 2024 and the contractual expense limitation is in place until at least June 30, 2025.
For the six months ended April 30, 2024, 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, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. 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, 2024 was $83,058.
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, 2024, the amount of this reimbursement was $380.
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, 2024, 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, 2024, in-kind transactions associated with creations and redemptions were as follows:
During the six months ended April 30, 2024, 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, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
At October 31, 2023, the Fund had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
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 Statements 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 the 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.
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, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement 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. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
Effective August 8, 2023, the Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into an existing joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. Although the Trust is effectively part of the Credit Facility as of August 8, 2023, it is not eligible to draw on the Credit Facility, and will not incur costs associated with being a part of the Credit Facility, until on or about May 28, 2024.
This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which
| J.P. Morgan Exchange-Traded Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or the one-month Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility has been amended and restated for a term of 364 days, unless extended.
The Fund did not utilize the Credit Facility during the six months ended April 30, 2024.
Effective May 31, 2024, the Fund is no longer part of the Credit Facility.
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.
As of April 30, 2024, 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 year. 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, 2024, 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. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Fund invests. The effects of any future pandemic or other global event to 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 or other global event that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The ultimate impact of any pandemic or other global event 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, including investment advisory fees, administration fees, and other fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the 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, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
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, 2023 | Ending Account Value April 30, 2024 | | |
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 182/366 (to reflect the one-half year period). |
| J.P. Morgan Exchange-Traded Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM(Unaudited)
The JPMorgan International Research Enhanced Equity ETF (the “Fund”) 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 of the 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.1
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, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (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 the 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 Adminis
trator in assessing whether the Program has been adequately and effectively implemented with respect to the 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 the 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 the Fund (other than an In-Kind ETF) and the procedures for monitoring any HLIM; (5) whether the 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 the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| 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.
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.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
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., 2024. All rights reserved. April 2024.
SAN-CONV-ETF-424
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 2, 2024 |
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 2, 2024 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | July 2, 2024 |
