0001485894 jpeft:C000141386Member country:CN 2024-10-31
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
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
1905 Avenue of the Americas
New York, NY 10036 |
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report 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 Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Active China ETF
Ticker: JCHI - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Active China ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Active China ETF | $70 | 0.65% |
How did the Fund Perform?
The JPMorgan Active China ETF returned 15.31% for the year ended October 31, 2024. The MSCI China All Shares Index (net total return) returned 18.47% for the year ended October 31, 2024.
The Fund's stock selection in the communication services and industrials sectors detracted from relative performance.
The Fund's stock selection in the real estate and consumer staples sectors contributed positively to the overall performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Active China ETF - Net Asset Value | March 15, 2023 | 15.31 | % | (1.51 | )% |
| MSCI China All Shares Index (net total return) | | 18.47 | | 2.38 | |
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.
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 October 31, 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.
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)
| Fund net assets | $11,916,262 | |
| Total number of portfolio holdings | 49 | |
| Portfolio turnover rate | 42 | % |
| Total advisory fees paid | $69,207 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan ActiveBuilders Emerging Markets Equity ETF
Ticker: JEMA - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan ActiveBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | $37 | 0.34% |
How did the Fund Perform?
The JPMorgan ActiveBuilders Emerging Markets Equity ETF returned 20.67% for the year ended October 31, 2024. The MSCI Emerging Markets Index (net total return) (the "Index") returned 25.32% for the year ended October 31, 2024.
The Fund's holdings in China detracted from performance relative to the Index.
Stock selection in India also detracted from performance relative to the Index.
The Fund's stock selection in South Africa contributed to performance relative to the Index.
Exposure to Argentina also added to the Fund’s positive performance, reflecting favorable market conditions and investment decisions.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF - Net Asset Value | March 10, 2021 | 20.67 | % | (3.52 | )% |
| MSCI Emerging Markets Index (net total return) | | 25.32 | | (2.01 | ) |
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.
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 October 31, 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 benchmark, 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)
| Fund net assets | $1,050,643,348 | |
| Total number of portfolio holdings | 511 | |
| Portfolio turnover rate | 50 | % |
| Total advisory fees paid | $3,293,123 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Active Developing Markets Equity ETF
Ticker: JADE - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Active Developing Markets Equity ETF (the "Fund") for the period of May 16, 2024 (fund inception) to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
| JPMorgan Active Developing Markets Equity ETF | $30 | 0.65% |
| * | This charge is annualized. |
How did the Fund Perform?
The JPMorgan Active Developing Markets Equity ETF returned 0.23% for the period from Fund inception to October 31, 2024. The MSCI Emerging Markets Index (net total return) (the "Index") returned 3.25% for the period.
The Fund's holdings in China detracted from performance relative to the Index.
Stock selection in Taiwan also detracted from relative performance.
The Fund's stock selection in South Africa contributed to performance relative to the Index.
Stock selection in Brazil also aided performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | SINCE
INCEPTION* | |
| JPMorgan Active Developing Markets Equity ETF - Net Asset Value | May 16, 2024 | 0.23 | % |
| MSCI Emerging Markets Index (net total return) | | 3.25 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Developing Markets Equity ETF and the MSCI Emerging Markets Index (net total return) from May 16, 2024 to October 31, 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 benchmark, 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)
| Fund net assets | $14,433,132 | |
| Total number of portfolio holdings | 129 | |
| Portfolio turnover rate | 15 | % |
| Total advisory fees paid | $41,907 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders Canada ETF
Ticker: BBCA - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Canada ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders Canada ETF | $22 | 0.19% |
How did the Fund Perform?
The JPMorgan BetaBuilders Canada ETF returned 31.51% for the year ended October 31, 2024. The Morningstar® Canada Target Market Exposure IndexSM (net total return) (the "Index") returned 31.31% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the Index’s valuation calculations and the timing of foreign exchange rate calculations, as well as operating expenses, fees and tax management of the Fund’s portfolio.
On an absolute basis, the Fund’s largest contributors to returns were its allocations to the financials and information technology sectors, while the sole detractor from returns was its allocation to the health care sector.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders Canada ETF - Net Asset Value | August 7, 2018 | 31.51 | % | 10.05 | % | 8.64 | % |
| Morningstar® Canada Target Market Exposure IndexSM (net total return) | | 31.31 | | 9.79 | | 8.37 | |
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.
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 October 31, 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 Canadian 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.
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.
| Fund net assets | $7,177,674,131 | |
| Total number of portfolio holdings | 80 | |
| Portfolio turnover rate | 3 | % |
| Total advisory fees paid | $13,050,370 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
Ticker: BBAX - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF | $21 | 0.19% |
How did the Fund Perform?
The JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF returned 21.92% for the year ended October 31, 2024. The Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) (the "Index") returned 22.76% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
From a sector perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to the financials and real estate sectors, while its largest detractors from returns were its allocations to the energy and consumer staples sectors.
From a country perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to Australia and Singapore, while its exposures to New Zealand and Hong Kong were the smallest contributors. No country detracted from absolute performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF - Net Asset Value | August 7, 2018 | 21.92 | % | 4.56 | % | 4.39 | % |
| Morningstar® Developed Asia Pacific ex-Japan Target Market Exposure IndexSM (net total return) | | 22.76 | | 4.65 | | 4.51 | |
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.
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 October 31, 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.
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.
| Fund net assets | $4,650,001,759 | |
| Total number of portfolio holdings | 112 | |
| Portfolio turnover rate | 4 | % |
| Total advisory fees paid | $8,521,830 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders Emerging Markets Equity ETF
Ticker: BBEM - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | $17 | 0.15% |
How did the Fund Perform?
The JPMorgan BetaBuilders Emerging Markets Equity ETF returned 22.84% for the year ended October 31, 2024. The Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) (the "Index") returned 25.04% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
From a sector perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to the information technology and financials sectors, while its exposures to the real estate and consumer staples sectors were the smallest contributors. No sector detracted from absolute performance.
From a country perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to Taiwan and India, while its exposures to the Czech Republic and Egypt were the smallest contributors. No country detracted from absolute performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders Emerging Markets Equity ETF - Net Asset Value | May 10, 2023 | 22.84 | % | 11.12 | % |
| Morningstar® Emerging Markets Target Market Exposure IndexSM (net total return) | | 25.04 | | 12.65 | |
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.
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 October 31, 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.
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.
| Fund net assets | $610,935,381 | |
| Total number of portfolio holdings | 1,105 | |
| Portfolio turnover rate | 14 | % |
| Total advisory fees paid | $868,580 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders Europe ETF
Ticker: BBEU - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Europe ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders Europe ETF | $10 | 0.09% |
How did the Fund Perform?
The JPMorgan BetaBuilders Europe ETF returned 22.93% for the year ended October 31, 2024. The Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) (the "Index") returned 22.72% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
From a sector perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to the financials and industrials sectors, while the sole detractor from returns was its allocation to the energy sector.
From a country perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to Germany and the United Kingdom, while the sole detractor from returns was its allocation to Portugal.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders Europe ETF - Net Asset Value | June 15, 2018 | 22.93 | % | 7.33 | % | 5.98 | % |
| Morningstar® Developed Europe Target Market Exposure IndexSM (net total return) | | 22.72 | | 7.08 | | 5.78 | |
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.
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 October 31, 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.
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.
| Fund net assets | $6,676,826,411 | |
| Total number of portfolio holdings | 426 | |
| Portfolio turnover rate | 7 | % |
| Total advisory fees paid | $6,333,098 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Industrials Sector Risk” disclosure to its summary prospectus as of March 1, 2024. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders International Equity ETF
Ticker: BBIN - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders International Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders International Equity ETF | $8 | 0.07% |
How did the Fund Perform?
The JPMorgan BetaBuilders International Equity ETF returned 21.88% for the year ended October 31, 2024. The Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) (the "Index") returned 22.65% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
From a sector perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to the financials and industrials sectors, while the sole detractor from returns was its allocation to the energy sector.
From a country perspective on an absolute basis, the Fund’s largest contributors to returns were its allocations to Japan and Germany, while the sole detractor from returns was its allocation to Portugal.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders International Equity ETF - Net Asset Value | December 3, 2019 | 21.88 | % | 6.51 | % |
| Morningstar® Developed Markets ex-North America Target Market Exposure IndexSM (net total return) | | 22.65 | | 6.37 | |
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.
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 October 31, 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. 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.
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.
| Fund net assets | $4,768,017,540 | |
| Total number of portfolio holdings | 768 | |
| Portfolio turnover rate | 5 | % |
| Total advisory fees paid | $2,908,845 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders Japan ETF
Ticker: BBJP - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders Japan ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders Japan ETF | $21 | 0.19% |
How did the Fund Perform?
The JPMorgan BetaBuilders Japan ETF returned 18.79% for the year ended October 31, 2024. The Morningstar® Japan Target Market Exposure IndexSM (net total return) (the "Index") returned 22.13% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
On an absolute basis, the Fund’s largest contributors to returns were its allocations to the industrials and financials sectors, while its exposures to the utilities and energy sectors were the smallest contributors. No sector detracted from absolute performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders Japan ETF - Net Asset Value | June 15, 2018 | 18.79 | % | 4.95 | % | 3.80 | % |
| Morningstar® Japan Target Market Exposure IndexSM (net total return) | | 22.13 | | 5.12 | | 3.98 | |
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.
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 October 31, 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.
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.
| Fund net assets | $11,774,922,485 | |
| Total number of portfolio holdings | 226 | |
| Portfolio turnover rate | 5 | % |
| Total advisory fees paid | $21,274,025 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders U.S. Equity ETF
Ticker: BBUS - Cboe BZX Exchange, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders U.S. Equity ETF | $2 | 0.02% |
How did the Fund Perform?
The JPMorgan BetaBuilders U.S. Equity ETF returned 38.35% for the year ended October 31, 2024. The Morningstar® US Target Market Exposure IndexSM (the "Index") returned 38.35% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
On an absolute basis, the Fund’s largest contributors to returns were its allocations to the information technology and financials sectors, while its exposures to the energy and materials sectors were the smallest contributors. No sector detracted from absolute performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders U.S. Equity ETF - Net Asset Value | March 12, 2019 | 38.35 | % | 15.16 | % | 15.26 | % |
| Morningstar® US Target Market Exposure IndexSM | | 38.35 | | 15.19 | | 15.30 | |
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.
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 October 31, 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.
| Fund net assets | $4,014,252,721 | |
| Total number of portfolio holdings | 558 | |
| Portfolio turnover rate | 3 | % |
| Total advisory fees paid | $612,905 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders U.S. Mid Cap Equity ETF
Ticker: BBMC - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | $8 | 0.07% |
How did the Fund Perform?
The JPMorgan BetaBuilders U.S. Mid Cap Equity ETF returned 34.43% for the year ended October 31, 2024. The Morningstar® US Market IndexSM returned 38.09% and the Morningstar® US Mid Cap Target Market Exposure Extended IndexSM (the "Index") returned 34.49% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
On an absolute basis, the Fund’s largest contributors to returns were its allocations to the industrials and financials sectors, while its sole detractor from returns was its allocation to the energy sector.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF - Net Asset Value | April 14, 2020 | 34.43 | % | 15.95 | % |
| Morningstar® US Market IndexSM | | 38.09 | | 18.26 | |
| Morningstar® US Mid Cap Target Market Exposure Extended IndexSM | | 34.49 | | 15.99 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Mid Cap Equity ETF, Morningstar® US Market IndexSM and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM from April 14, 2020 to October 31, 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 Market IndexSM and Morningstar® US Mid Cap Target Market Exposure Extended IndexSM do 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 Market IndexSM is a float market capitalization-weighted index designed to provide exposure to large- , mid- and small- cap U.S. stocks representing the top 97% of the investable universe by market capitalization. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Morningstar® US Market IndexSM, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $1,763,249,803 | |
| Total number of portfolio holdings | 595 | |
| Portfolio turnover rate | 13 | % |
| Total advisory fees paid | $1,148,824 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Material changes to the Fund during the period
The Fund added “Consumer Discretionary Sector Risk” disclosure to its summary prospectus as of March 1, 2024. This disclosure was added in light of larger concentrations of portfolio securities in this sector.
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-844-457-6383.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan BetaBuilders U.S. Small Cap Equity ETF
Ticker: BBSC - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan BetaBuilders U.S. Small Cap Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | $11 | 0.09% |
How did the Fund Perform?
The JPMorgan BetaBuilders U.S. Small Cap Equity ETF returned 36.40% for the year ended October 31, 2024. The Morningstar® US Market IndexSM returned 38.35% and the Morningstar® US Small Cap Target Market Exposure Extended IndexSM (the "Index") returned 36.40% for the year ended October 31, 2024.
The Fund performed in line with the Index, before considering the effects of operating expenses, fees and tax management of the Fund’s portfolio.
On an absolute basis, the Fund’s largest contributors to returns were its allocations to the financials and industrials sectors, while the sole detractor from returns was its allocation to the energy sector.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF - Net Asset Value | November 16, 2020 | 36.40 | % | 8.16 | % |
| Morningstar® US Market IndexSM | | 38.35 | | 13.41 | |
| Morningstar® US Small Cap Target Market Exposure Extended IndexSM | | 36.40 | | 8.15 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan BetaBuilders U.S. Small Cap Equity ETF, Morningstar® US Market IndexSM and Morningstar® US Small Cap Target Market Exposure Extended IndexSM from November 16, 2020 to October 31, 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 Market IndexSM and Morningstar® US Small Cap Target Market Exposure Extended IndexSM do 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 Market IndexSM is a float market capitalization-weighted index designed to provide exposure to large- , mid- and small- cap U.S. stocks representing the top 97% of the investable universe by market capitalization. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Morningstar® US Market IndexSM, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $511,426,837 | |
| Total number of portfolio holdings | 786 | |
| Portfolio turnover rate | 20 | % |
| Total advisory fees paid | $516,569 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Carbon Transition U.S. Equity ETF
Ticker: JCTR - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Carbon Transition U.S. Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Carbon Transition U.S. Equity ETF | $18 | 0.15% |
How did the Fund Perform?
The JPMorgan Carbon Transition U.S. Equity ETF returned 37.71% for the year ended October 31, 2024. The Russell 1000 Index returned 38.07% and the JPMorgan Asset Management Carbon Transition U.S. Equity Index (the "Index") returned 37.80% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 1000 Index, the Fund’s largest contributor to returns was its security selection within the industrials and health care sectors, while its security selection within the utilities and consumer staples sectors was the largest detractor.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Carbon Transition U.S. Equity ETF - Net Asset Value | December 9, 2020 | 37.71 | % | 13.65 | % |
| Russell 1000 Index | | 38.07 | | 12.81 | |
| JPMorgan Asset Management Carbon Transition U.S. Equity Index | | 37.80 | | 13.80 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Carbon Transition U.S. Equity ETF, the Russell 1000 Index and the JPMorgan Asset Management Carbon Transition U.S. Equity Index from December 9, 2020 to October 31 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 Russell 1000 Index and JPMorgan Asset Management Carbon Transition U.S. Equity 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 Russell 1000 Index is a market capitalization weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $7,673,782 | |
| Total number of portfolio holdings | 435 | |
| Portfolio turnover rate | 16 | % |
| Total advisory fees paid | $8,064 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
| (a) | Amount rounds to less than 0.1%. |
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Climate Change Solutions ETF
Ticker: TEMP - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Climate Change Solutions ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Climate Change Solutions ETF | $59 | 0.49% |
How did the Fund Perform?
The JPMorgan Climate Change Solutions ETF returned 39.65% for the year ended October 31, 2024. The MSCI ACWI Index (net total return) (the "Index") returned 32.79% for the year ended October 31, 2024.
The Fund’s security selection in the industrials sector contributed to performance relative to the Index.
The Fund’s security selection in the information technology sector detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Climate Change Solutions ETF - Net Asset Value | December 13, 2021 | 39.65 | % | 0.23 | % |
| MSCI ACWI Index (net total return) | | 32.79 | | 5.93 | |
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.
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 October 31, 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)
| Fund net assets | $15,353,300 | |
| Total number of portfolio holdings | 63 | |
| Portfolio turnover rate | 51 | % |
| Total advisory fees paid | $104,577 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Material changes to the Fund during the period
Effective December 13, 2024, the Fund was classified as a diversified investment company rather than a non-diversified investment company.
This is a summary of certain changes to the Fund since November 1, 2023. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds/com/funddocuments or upon request at 1-844-457-6383.
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Diversified Return Emerging Markets Equity ETF
Ticker: JPEM - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return Emerging Markets Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Diversified Return Emerging Markets Equity ETF | $48 | 0.44% |
How did the Fund Perform?
The JPMorgan Diversified Return Emerging Markets Equity ETF returned 16.71% for the year ended October 31, 2024. The FTSE Emerging Index (net total return) returned 27.71% and the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) (the "Index") returned 18.13% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund generated a positive absolute return for the twelve months ended October 31, 2024, and differences in net asset value calculations and foreign exchange pricing between the Index and the Fund, and fees and operating expenses incurred by the Fund were responsible for the performance variance.
On a relative basis to the FTSE Emerging Index, the Fund’s and the Index's largest detractors from returns were their underweight positions in the information technology sector and its multi-factor security selection within Asia Pacific ex-China, while their largest contributors to returns were their underweight positions in China and its security selection within Latin America.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Diversified Return Emerging Markets Equity ETF - Net Asset Value | January 7, 2015 | 16.71 | % | 4.02 | % | 4.14 | % |
| FTSE Emerging Index (net total return) | | 27.71 | | 5.00 | | 4.82 | |
| JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) | | 18.13 | | 4.69 | | 4.96 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return Emerging Markets Equity ETF, the FTSE Emerging Index and the JP Morgan Diversified Factor Emerging Markets Equity Index (net total return) from January 7, 2015 to October 31, 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 FTSE Emerging Index (net total return) and the JP Morgan Diversified Factor Emerging Markets Equity 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). 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. 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the FTSE Emerging Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $322,419,915 | |
| Total number of portfolio holdings | 543 | |
| Portfolio turnover rate | 28 | % |
| Total advisory fees paid | $1,378,704 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Diversified Return International Equity ETF
Ticker: JPIN - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return International Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Diversified Return International Equity ETF | $41 | 0.37% |
How did the Fund Perform?
The JPMorgan Diversified Return International Equity ETF returned 20.93% for the year ended October 31, 2024. The FTSE Developed ex North America Index (net total return) returned 22.21% and the JP Morgan Diversified Factor International Equity Index (net total return) (the "Index") returned 22.12% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering the effects of differences in the Fund’s net asset value calculations versus the 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.
On a relative basis to the FTSE Developed ex-North America Index, the Fund’s and the Index's largest contributor to returns was their multi-factor security selection in Asia Pacific ex-Japan and within the consumer discretionary sector, while their largest detractors from returns were an underweight position in the financials sector and their multi-factor security selection within Europe ex-United Kingdom.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Diversified Return International Equity ETF - Net Asset Value | November 5, 2014 | 20.93 | % | 4.68 | % | 4.47 | % |
| FTSE Developed ex North America Index (net total return) | | 22.21 | | 6.08 | | 5.30 | |
| JP Morgan Diversified Factor International Equity Index (net total return) | | 22.12 | | 4.97 | | 4.81 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return International Equity ETF, the FTSE Developed ex North America Index (net total return) and the JP Morgan Diversified Factor International Equity Index (net total return) from November 5, 2014 to October 31, 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 FTSE Developed ex North America Index (net total return) and the JP Morgan Diversified Factor International Equity 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). 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. 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the FTSE Developed ex North America Index (net total return), a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $339,399,985 | |
| Total number of portfolio holdings | 466 | |
| Portfolio turnover rate | 26 | % |
| Total advisory fees paid | $1,361,735 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Diversified Return U.S. Equity ETF
Ticker: JPUS - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Diversified Return U.S. Equity ETF | $21 | 0.18% |
How did the Fund Perform?
The JPMorgan Diversified Return U.S. Equity ETF returned 31.24% for the year ended October 31, 2024. The Russell 1000 Index returned 38.07% and the JP Morgan Diversified Factor US Equity Index (the "Index") returned 31.48% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 1000 Index, the Fund’s and the Index's largest detractors from returns were their underweight positions in the information technology sector and an overweight position in the consumer staples sector, while their largest contributor to returns was their multi-factor security selection within the consumer discretionary and real estate sectors.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Diversified Return U.S. Equity ETF - Net Asset Value | September 29, 2015 | 31.24 | % | 11.37 | % | 11.91 | % |
| Russell 1000 Index | | 38.07 | | 15.00 | | 14.74 | |
| JP Morgan Diversified Factor US Equity Index | | 31.48 | | 11.52 | | 12.15 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Equity ETF, the Russell 1000 Index and the JP Morgan Diversified Factor US Equity Index from September 29, 2015 to October 31, 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 Russell 1000 Index and the JP Morgan Diversified Factor US Equity 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. 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. 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $436,820,675 | |
| Total number of portfolio holdings | 365 | |
| Portfolio turnover rate | 25 | % |
| Total advisory fees paid | $780,507 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
Ticker: JPME - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Mid Cap Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF | $28 | 0.24% |
How did the Fund Perform?
The JPMorgan Diversified Return U.S. Mid Cap Equity ETF returned 30.59% for the year ended October 31, 2024. The Russell 3000 Index returned 37.86%, the JP Morgan Diversified Factor US Mid Cap Equity Index (the "Index") returned 30.93%, and the Russell Midcap Index returned 35.39% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell Midcap Index, the Fund’s and the Index's largest detractors from returns were their overweight positions in the consumer staples sector and its multi-factor security selection within the financials sector, while their largest contributor to returns was their multi-factor security selection within the consumer discretionary and health care sectors.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Diversified Return U.S. Mid Cap Equity ETF - Net Asset Value | May 11, 2016 | 30.59 | % | 10.95 | % | 10.72 | % |
| Russell 3000 Index | | 37.86 | | 14.60 | | 14.26 | |
| JP Morgan Diversified Factor US Mid Cap Equity Index | | 30.93 | | 11.20 | | 11.00 | |
| Russell Midcap Index | | 35.39 | | 10.94 | | 11.25 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Mid Cap Equity ETF, the Russell 3000 Index, JP Morgan Diversified Factor US Mid Cap Equity Index and the Russell Midcap Index from May 11, 2016 to October 31, 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 Russell 3000 Index, 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 Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental 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.
| Fund net assets | $407,691,100 | |
| Total number of portfolio holdings | 352 | |
| Portfolio turnover rate | 25 | % |
| Total advisory fees paid | $901,421 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Diversified Return U.S. Small Cap Equity ETF
Ticker: JPSE - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Diversified Return U.S. Small Cap Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF | $33 | 0.29% |
How did the Fund Perform?
The JPMorgan Diversified Return U.S. Small Cap Equity ETF returned 27.56% for the year ended October 31, 2024. The Russell 3000 Index returned 37.86%, the JP Morgan Diversified Factor US Small Cap Equity Index (the "Index") returned 27.92%, and the Russell 2000 Index returned 34.07% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 2000 Index, the Fund’s and the Index's largest detractor from returns was their multi-factor security selection within the industrials and basic materials sectors, while their largest contributors to returns were their multi-factor security selection within the energy sector and an overweight position in the telecommunications sector.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan Diversified Return U.S. Small Cap Equity ETF - Net Asset Value | November 15, 2016 | 27.56 | % | 10.39 | % | 9.64 | % |
| Russell 3000 Index | | 37.86 | | 14.60 | | 14.16 | |
| JP Morgan Diversified Factor US Small Cap Equity Index | | 27.92 | | 10.57 | | 9.86 | |
| Russell 2000 Index | | 34.07 | | 8.50 | | 8.24 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Diversified Return U.S. Small Cap Equity ETF, the Russell 3000 Index, the JP Morgan Diversified Factor US Small Cap Equity Index and the Russell 2000 Index from November 15, 2016 to October 31, 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 Russell 3000 Index, 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 Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental 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.
| Fund net assets | $497,805,298 | |
| Total number of portfolio holdings | 558 | |
| Portfolio turnover rate | 28 | % |
| Total advisory fees paid | $1,370,591 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Dividend Leaders ETF
Ticker: JDIV - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Dividend Leaders ETF (the "Fund") for the period of September 25, 2024 (fund inception) to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
| JPMorgan Dividend Leaders ETF | $5 | 0.47% |
| * | This charge is annualized. |
How did the Fund Perform?
The JPMorgan Dividend Leaders ETF returned -1.88% for the period from Fund inception to October 31, 2024. The MSCI ACWI Index (net total return) (the "Index") returned -1.24% for the period.
The Fund’s security selection in the automobile and consumer staples sectors detracted from performance relative to the Index.
The Fund’s security selection in the financial services and pharmaceuticals/medical technology sectors contributed to performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | SINCE
INCEPTION* | |
| JPMorgan Dividend Leaders ETF - Net Asset Value | September 25, 2024 | (1.88 | )% |
| MSCI ACWI Index (net total return) | | (1.24 | ) |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Dividend Leaders ETF and the MSCI ACWI Index (net total return) from September 25, 2024 to October 31, 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 approximates the minimum possible dividend reinvestment of these securities included in the benchmark, 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)
| Fund net assets | $5,887,482 | |
| Total number of portfolio holdings | 77 | |
| Portfolio turnover rate | 7 | % |
| Total advisory fees paid | $2,672 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Global Select Equity ETF
Ticker: JGLO - The NASDAQ Stock Market® LLC
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Select Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Global Select Equity ETF | $55 | 0.47% |
How did the Fund Perform?
The JPMorgan Global Select Equity ETF returned 33.57% for the year ended October 31, 2024. The MSCI World Index (net total return) (the "Index") returned 33.68% for the year ended October 31, 2024.
The Fund’s security selection in the retail and industrial cyclical sectors detracted from performance relative to the Index.
The Fund’s security selection in the technology (semiconductors & hardware) and media sectors contributed to performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Global Select Equity ETF - Net Asset Value | September 13, 2023 | 33.57 | % | 24.52 | % |
| MSCI World Index (net total return) | | 33.68 | | 22.15 | |
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.
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 October 31, 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)
| Fund net assets | $4,857,897,209 | |
| Total number of portfolio holdings | 79 | |
| Portfolio turnover rate | 103 | % |
| Total advisory fees paid | $12,263,749 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Healthcare Leaders ETF
Ticker: JDOC - The NASDAQ Stock Market® LLC
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Healthcare Leaders ETF (the "Fund") for the period of November 1, 2023 (fund inception) to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment* |
| JPMorgan Healthcare Leaders ETF | $71 | 0.65% |
| * | This charge is annualized. |
How did the Fund Perform?
The JPMorgan Healthcare Leaders ETF returned 20.51% for the period from Fund inception to October 31, 2024. The MSCI World Index (net total return) returned 32.30% and the MSCI World Healthcare Index (net total return) (the "Index") returned 19.36% for the period.
The Fund’s security selection in the pharmaceuticals and medical technology sectors contributed to performance relative to the Index.
The Fund’s security selection in the health care services sector detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | SINCE
INCEPTION* | |
| JPMorgan Healthcare Leaders ETF - Net Asset Value | November 1, 2023 | 20.51 | % |
| MSCI World Index (net total return) | | 32.30 | |
| MSCI World Healthcare Index (net total return) | | 19.36 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Healthcare Leaders ETF, the MSCI World Index (net total return) and the MSCI World Healthcare Index (net total return) from November 1, 2023 to October 31, 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) and the MSCI World Healthcare 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 benchmarks, 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. 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI World Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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)
| Fund net assets | $7,220,835 | |
| Total number of portfolio holdings | 57 | |
| Portfolio turnover rate | 55 | % |
| Total advisory fees paid | $56,397 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Hedged Equity Laddered Overlay ETF
Ticker: HELO - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Hedged Equity Laddered Overlay ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Hedged Equity Laddered Overlay ETF | $56 | 0.50% |
How did the Fund Perform?
The JPMorgan Hedged Equity Laddered Overlay ETF returned 24.45% for the year ended October 31, 2024. The S&P 500 Index returned 38.02% and the ICE BofA 3-Month US Treasury Bill Index (the "Index") returned 5.39% for the year ended October 31, 2024.
The Fund captured 64% of the Index’s positive return with 50% of its volatility during the period.
The Fund’s security selection in the basic materials and telecommunications sectors detracted from performance, relative to the Index.
The Fund’s security selection in the hardware & semiconductors and pharmaceutical/medical technology sectors contributed to performance relative to the Index.
The technology - hardware & semiconductors and pharmaceutical/medical technology sectors added the most value.
The basic materials and telecommunications sectors weighed the most on performance.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Hedged Equity Laddered Overlay ETF - Net Asset Value | September 28, 2023 | 24.45 | % | 20.60 | % |
| S&P 500 Index | | 38.02 | | 31.51 | |
| ICE BofA 3-Month US Treasury Bill Index | | 5.39 | | 5.41 | |
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.
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 October 31, 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.
| Fund net assets | $1,842,881,793 | |
| Total number of portfolio holdings | 174 | |
| Portfolio turnover rate | 30 | % |
| Total advisory fees paid | $3,606,722 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan International Growth ETF
Ticker: JIG - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Growth ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan International Growth ETF | $62 | 0.55% |
How did the Fund Perform?
The JPMorgan International Growth ETF returned 25.64% for the year ended October 31, 2024. The MSCI ACWI ex USA Index (net total return) returned 24.33% and the MSCI ACWI ex USA Growth Index (net total return) (the "Index") returned 25.18% for the year ended October 31, 2024.
The Fund’s security selection in the information technology and financials sectors contributed to performance relative to the Index.
The Fund’s security selection in the consumer discretionary and utilities sectors detracted from performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan International Growth ETF - Net Asset Value | May 20, 2020 | 25.64 | % | 5.95 | % |
| MSCI ACWI ex USA Index (net total return) | | 24.33 | | 9.70 | |
| MSCI ACWI ex USA Growth Index (net total return) | | 25.18 | | 6.76 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan International Growth ETF, the MSCI ACWI ex USA Index (net total return) and the MSCI ACWI ex USA Growth Index (net total return) from May 20, 2020 to October 31, 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 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 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 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI ex USA Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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)
| Fund net assets | $107,863,453 | |
| Total number of portfolio holdings | 78 | |
| Portfolio turnover rate | 51 | % |
| Total advisory fees paid | $492,619 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan International Research Enhanced Equity ETF
Ticker: JIRE - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Research Enhanced Equity ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan International Research Enhanced Equity ETF | $26 | 0.24% |
How did the Fund Perform?
The JPMorgan International Research Enhanced Equity ETF returned 21.10% for the year ended October 31, 2024. The MSCI EAFE Index (net total return) (the "Index") returned 22.97% for the year ended October 31, 2024.
The Fund’s security selection in the consumer staples and technology-software sectors detracted from performance relative to the Index.
The Fund’s security selection in the basic industries and consumer cyclical & services sectors contributed to performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | 10 YEAR | |
| JPMorgan International Research Enhanced Equity ETF - Net Asset Value | October 28, 1992* | 21.10 | % | 6.48 | % | 5.28 | % |
| MSCI EAFE Index (net total return) | | 22.97 | | 6.24 | | 5.27 | |
| * | Inception date for Class R6 Shares of the Predecessor Fund (as defined below). |
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 October 31, 2014 to October 31, 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 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 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)
| Fund net assets | $6,503,810,493 | |
| Total number of portfolio holdings | 198 | |
| Portfolio turnover rate | 19 | % |
| Total advisory fees paid | $12,387,024 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan International Value ETF
Ticker: JIVE - The NASDAQ Stock Market® LLC
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan International Value ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan International Value ETF | $62 | 0.55% |
How did the Fund Perform?
The JPMorgan International Value ETF returned 25.35% for the year ended October 31, 2024. The MSCI ACWI ex USA Index (net total return) returned 24.33% and the MSCI ACWI ex USA Value Index (net total return) (the "Index") returned 23.56% for the year ended October 31, 2024.
The Fund’s security selection in the banks and insurance sectors contributed to performance relative to the Index.
The Fund’s security selection in the energy sector and no exposure to the software & services sector detracted from performance relative to the Index.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan International Value ETF - Net Asset Value | September 13, 2023 | 25.35 | % | 17.61 | % |
| MSCI ACWI ex USA Index (net total return) | | 24.33 | | 14.54 | |
| MSCI ACWI ex USA Value Index (net total return) | | 23.56 | | 14.67 | |
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.
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 October 31, 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. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the MSCI ACWI ex USA Index (net total return), a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the 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)
| Fund net assets | $103,038,901 | |
| Total number of portfolio holdings | 329 | |
| Portfolio turnover rate | 55 | % |
| Total advisory fees paid | $198,365 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan Sustainable Infrastructure ETF
Ticker: BLLD - The NASDAQ Stock Market® LLC
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Sustainable Infrastructure ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan Sustainable Infrastructure ETF | $55 | 0.49% |
How did the Fund Perform?
The JPMorgan Sustainable Infrastructure ETF returned 24.78% for the year ended October 31, 2024. The MSCI ACWI Index (net total return) (the "Index") returned 32.79% for the year ended October 31, 2024.
The Fund’s security selection in the utilities and information technology sectors detracted from performance relative to the Index.
The Fund’s security selection in the health care and energy sectors contributed to performance relative to the Index.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | SINCE
INCEPTION | |
| JPMorgan Sustainable Infrastructure ETF - Net Asset Value | September 7, 2022 | 24.78 | % | 4.98 | % |
| MSCI ACWI Index (net total return) | | 32.79 | | 17.69 | |
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.
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 October 31, 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)
| Fund net assets | $22,111,123 | |
| Total number of portfolio holdings | 62 | |
| Portfolio turnover rate | 51 | % |
| Total advisory fees paid | $122,083 | |
PORTFOLIO COMPOSITION - COUNTRY
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan U.S. Momentum Factor ETF
Ticker: JMOM - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Momentum Factor ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan U.S. Momentum Factor ETF | $15 | 0.12% |
How did the Fund Perform?
The JPMorgan U.S. Momentum Factor ETF returned 43.86% for the year ended October 31, 2024. The Russell 1000 Index returned 38.07%, the JP Morgan US Momentum Factor Index (the "Index") returned 43.93%, and the Russell 1000 Growth Index returned 43.77% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 1000 Index, the Fund’s and the Index's largest contributor to returns was their security selection within the industrials and consumer discretionary sectors, while their largest detractor from returns was their security selection within the financials and information technology sectors.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan U.S. Momentum Factor ETF - Net Asset Value | November 8, 2017 | 43.86 | % | 15.67 | % | 13.79 | % |
| Russell 1000 Index | | 38.07 | | 15.00 | | 13.63 | |
| JP Morgan US Momentum Factor Index | | 43.93 | | 15.80 | | 13.93 | |
| Russell 1000 Growth Index | | 43.77 | | 19.00 | | 17.38 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Momentum Factor ETF, the Russell 1000 Index, the JP Morgan US Momentum Factor Index and the Russell 1000 Growth Index from November 8, 2017 to October 31, 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 Russell 1000 Index, JP Morgan US Momentum Factor Index and Russell 1000 Growth 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 Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental 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.
| Fund net assets | $1,159,170,843 | |
| Total number of portfolio holdings | 280 | |
| Portfolio turnover rate | 40 | % |
| Total advisory fees paid | $949,805 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan U.S. Quality Factor ETF
Ticker: JQUA - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Quality Factor ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan U.S. Quality Factor ETF | $14 | 0.12% |
How did the Fund Perform?
The JPMorgan U.S. Quality Factor ETF returned 34.23% for the year ended October 31, 2024. The Russell 1000 Index returned 38.07% and the JP Morgan US Quality Factor Index (the "Index") returned 34.21% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 1000 Index, the Fund’s and the Index's largest detractor from returns was their security selection within the financials and industrials sectors, while their largest contributor to returns was their security selection within the consumer staples and health care sectors.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan U.S. Quality Factor ETF - Net Asset Value | November 8, 2017 | 34.23 | % | 15.14 | % | 14.02 | % |
| Russell 1000 Index | | 38.07 | | 15.00 | | 13.63 | |
| JP Morgan US Quality Factor Index | | 34.21 | | 15.22 | | 14.14 | |
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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Quality Factor ETF, the Russell 1000 Index and the JP Morgan US Quality Factor Index from November 8, 2017 to October 31, 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 Russell 1000 Index and JP Morgan US Quality Factor 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 Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index and the 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.
| Fund net assets | $5,024,521,643 | |
| Total number of portfolio holdings | 284 | |
| Portfolio turnover rate | 21 | % |
| Total advisory fees paid | $4,813,488 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ANNUAL SHAREHOLDER REPORT | October 31, 2024 (Unaudited)
JPMorgan U.S. Value Factor ETF
Ticker: JVAL - NYSE Arca, Inc.
ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan U.S. Value Factor ETF (the "Fund") for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-844-457-6383 or by sending an e-mail request to jpm.xf@jpmorgan.com or by asking any financial intermediary that offers shares of the Fund.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund | Costs of a
$10,000 investment | Costs paid as a percentage
of a $10,000 investment |
| JPMorgan U.S. Value Factor ETF | $14 | 0.12% |
How did the Fund Perform?
The JPMorgan U.S. Value Factor ETF returned 32.01% for the year ended October 31, 2024. The Russell 1000 Index returned 38.07%, the JP Morgan US Value Factor Index (the "Index") returned 32.01%, and the Russell 1000 Value Index returned 30.98% for the year ended October 31, 2024.
The Fund seeks investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund performed in line with the Index, before considering operating expenses, fees and tax management of the Fund’s portfolio.
On a relative basis to the Russell 1000 Index, the Fund’s and the Index's largest detractor from returns was their security selection within the technology and health care sectors, while their largest contributor to returns was their security selection within the financials and real estate sectors.
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION
DATE | 1 YEAR | | 5 YEAR | | SINCE
INCEPTION | |
| JPMorgan U.S. Value Factor ETF - Net Asset Value | November 8, 2017 | 32.01 | % | 12.31 | % | 10.80 | % |
| Russell 1000 Index | | 38.07 | | 15.00 | | 13.63 | |
| JP Morgan US Value Factor Index | | 32.01 | | 12.42 | | 11.02 | |
| Russell 1000 Value Index | | 30.98 | | 10.14 | | 9.23 | |
The performance quoted is past performance and is not a guarantee o f 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.
The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan U.S. Value Factor ETF, the Russell 1000 Index, the JP Morgan US Value Factor Index and the Russell 1000 Value Index from November 8, 2017 to October 31, 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 Russell 1000 Index, JP Morgan US Value Factor Index and Russell 1000 Value Index does not reflect the deduction of expenses associated with an exchange-traded fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the index, if applicable. The Fund’s adviser is a sponsor of the JP Morgan US Value Factor Index and developed the proprietary factors on which the index is based. FTSE International Limited, the benchmark administrator, administers, calculates and governs the JP Morgan US Value Factor Index. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The 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. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund’s regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund’s performance, the tables in this section include performance of the new regulatory index, the Index and an additional supplemental 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.
| Fund net assets | $676,817,043 | |
| Total number of portfolio holdings | 374 | |
| Portfolio turnover rate | 26 | % |
| Total advisory fees paid | $893,468 | |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
Prospectus
Financial information
Fund holdings
Proxy voting information
You can also request this information by contacting us at 1-844-457-6383.
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Lawrence R. Maffia, each of whom is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
|
AUDIT FEES 2024 – $949,926 2023 – $863,957 |
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
AUDIT-RELATED FEES |
2024 – $226,308 |
2023 – $220,032 |
Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
TAX FEES 2024 – $336,340 2023 – $331,063 |
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2024 and 2023, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
|
ALL OTHER FEES |
2024 – $0 |
| 2023 – $0 |
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the
“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
| | | | |
2023 – $35.5 million 2022 – $32.2 million | | | | |
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must
provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
| | (1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
| | (2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
| | (3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
| | (4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
| | (5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. 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. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Annual Financial Statements
J.P. Morgan Exchange-Traded Funds
October 31, 2024
| | |
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’ 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.
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF October 31, 2024
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Aerospace & Defense — 0.3% |
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Automobile Components — 0.5% |
Magna International, Inc. | | |
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Bank of Nova Scotia (The) | | |
Canadian Imperial Bank of Commerce (a) | | |
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Toronto-Dominion Bank (The) | | |
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Canadian Tire Corp. Ltd., Class A (a) | | |
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Brookfield Asset Management Ltd., Class A | | |
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| | |
Commercial Services & Supplies — 3.4% |
| | |
| | |
| | |
| | |
Construction & Engineering — 1.5% |
| | |
| | |
| | |
Consumer Staples Distribution & Retail — 3.8% |
Alimentation Couche-Tard, Inc. | | |
| | |
| | |
| | |
| | |
Containers & Packaging — 0.4% |
CCL Industries, Inc., Class B | | |
| | |
|
Diversified Telecommunication Services — 0.5% |
| | |
| | |
| | |
Electric Utilities — 2.0% |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Ground Transportation — 6.7% |
Canadian National Railway Co. | | |
Canadian Pacific Kansas City Ltd. | | |
| | |
| | |
Hotels, Restaurants & Leisure — 1.0% |
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 * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Canada ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF October 31, 2024 (continued)
| | |
Common Stocks — continued |
Metals & Mining — continued |
| | |
Teck Resources Ltd., Class B | | |
Wheaton Precious Metals Corp. | | |
| | |
|
Canadian Utilities Ltd., Class A | | |
Oil, Gas & Consumable Fuels — 17.5% |
| | |
| | |
Canadian Natural Resources Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Paper & Forest Products — 0.2% |
West Fraser Timber Co. Ltd. | | |
Passenger Airlines — 0.1% |
| | |
Professional Services — 1.1% |
| | |
Real Estate Management & Development — 0.4% |
| | |
|
Canadian Apartment Properties | | |
|
Constellation Software, Inc. | | |
| | |
| | |
Textiles, Apparel & Luxury Goods — 0.4% |
| | |
Trading Companies & Distributors — 0.2% |
Finning International, Inc. | | |
| | |
|
Wireless Telecommunication Services — 0.6% |
Rogers Communications, Inc., Class B (a) | | |
Total Common Stocks
(Cost $5,487,417,829) | | |
| | |
|
|
Constellation Software, Inc., Zero Coupon, 3/31/2040 ‡ *
(Cost $-) | | |
| | |
Short-Term Investments — 3.2% |
Investment of Cash Collateral from Securities Loaned — 3.2% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.85% (c) (d)(Cost $227,654,452) | | |
Total Investments — 102.3%
(Cost $5,715,072,281) | | |
Liabilities in Excess of Other Assets — (2.3)% | | |
| | |
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 October 31, 2024. The total value of securities on loan at October 31, 2024 is $214,630,911. | |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of October 31, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
Futures contracts outstanding as of October 31, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF October 31, 2024
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
| | |
| | |
Insurance Australia Group Ltd. | | |
| | |
| | |
| | |
Mineral Resources Ltd. (a) | | |
| | |
National Australia Bank Ltd. | | |
Northern Star Resources Ltd. | | |
| | |
| | |
Pilbara Minerals Ltd. * (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Seven Group Holdings Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
Washington H Soul Pattinson & Co. Ltd. (a) | | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
Budweiser Brewing Co. APAC Ltd. (b) | | |
| | |
Wharf Holdings Ltd. (The) (a) | | |
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 | | |
| | |
Techtronic Industries Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
| | |
Common Stocks — continued |
|
| | |
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. | | |
| | |
| | |
| | |
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 $4,541,173,014) | | |
| | |
Short-Term Investments — 0.7% |
Investment of Cash Collateral from Securities Loaned — 0.7% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 4.85% (c) (d)(Cost $35,199,421) | | |
Total Investments — 100.2%
(Cost $4,576,372,435) | | |
Liabilities in Excess of Other Assets — (0.2)% | | |
| | |
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 October 31, 2024. The total value of securities on loan at October 31, 2024 is $33,015,720. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of October 31, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF October 31, 2024 (continued)
Summary of Investments by Industry, October 31, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
Real Estate Management & Development | |
Hotels, Restaurants & Leisure | |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Consumer Staples Distribution & Retail | |
| |
Diversified Telecommunication Services | |
Transportation Infrastructure | |
| |
Health Care Equipment & Supplies | |
| |
| |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of October 31, 2024:
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| 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 October 31, 2024
| | |
|
|
Yancoal Australia Ltd. (a) | | |
|
| | |
| | |
B3 SA - Brasil Bolsa Balcao | | |
| | |
Banco Bradesco SA (Preference) | | |
| | |
| | |
Banco Santander Brasil SA | | |
BB Seguridade Participacoes SA | | |
Caixa Seguridade Participacoes S/A | | |
| | |
Centrais Eletricas Brasileiras SA | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP | | |
Cia Energetica de Minas Gerais | | |
Cia Energetica de Minas Gerais (Preference) | | |
Cia Paranaense de Energia - Copel | | |
Cia Paranaense de Energia - Copel (Preference) | | |
Cia Siderurgica Nacional SA | | |
| | |
| | |
| | |
| | |
| | |
| | |
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 * | | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Banco de Credito e Inversiones SA | | |
| | |
| | |
Cia Sud Americana de Vapores 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 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 | | |
Anhui Jianghuai Automobile Group Corp. Ltd., Class A | | |
Anjoy Foods Group Co. Ltd., Class A | | |
ANTA Sports Products Ltd. | | |
APT Medical, Inc., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Exchange-Traded Funds | |
JPMorgan BetaBuilders Emerging Markets Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF October 31, 2024 (continued)
| | |
Common Stocks — continued |
|
Asymchem Laboratories Tianjin Co. Ltd., Class A | | |
Atour Lifestyle Holdings Ltd., ADR | | |
Avary Holding Shenzhen Co. Ltd., Class A | | |
BAIC BluePark New Energy Technology 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 Hangzhou Co. Ltd., Class A | | |
Bank of Jiangsu Co. Ltd., Class A | | |
Bank of Nanjing Co. Ltd., Class A | | |
Bank of Ningbo Co. Ltd., Class A | | |
Bank of Shanghai Co. Ltd., Class A | | |
Baoshan Iron & Steel Co. Ltd., Class A |
