JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS — 99.8% |
| |||||||
Aerospace & Defense — 0.6% |
| |||||||
Lockheed Martin Corp. | 5,412 | 2,011,478 | ||||||
|
| |||||||
Automobiles & Parts — 0.4% |
| |||||||
Gentex Corp. | 24,286 | 826,452 | ||||||
Genuine Parts Co. | 5,064 | 642,723 | ||||||
|
| |||||||
1,469,175 | ||||||||
|
| |||||||
Banks — 0.8% |
| |||||||
Bank of Hawaii Corp.(a) | 6,289 | 526,452 | ||||||
Commerce Bancshares, Inc. | 10,322 | 730,075 | ||||||
US Bancorp | 30,443 | 1,690,804 | ||||||
|
| |||||||
2,947,331 | ||||||||
|
| |||||||
Beverages — 0.5% |
| |||||||
Brown-Forman Corp., Class B | 9,366 | 664,237 | ||||||
Monster Beverage Corp.* | 13,265 | 1,251,155 | ||||||
|
| |||||||
1,915,392 | ||||||||
|
| |||||||
Chemicals — 0.8% |
| |||||||
Air Products and Chemicals, Inc. | 4,238 | 1,233,385 | ||||||
Celanese Corp. | 5,891 | 917,641 | ||||||
CF Industries Holdings, Inc. | 8,843 | 417,832 | ||||||
NewMarket Corp. | 1,199 | 378,776 | ||||||
|
| |||||||
2,947,634 | ||||||||
|
| |||||||
Construction & Materials — 0.8% |
| |||||||
Acuity Brands, Inc. | 3,112 | 545,783 | ||||||
AO Smith Corp. | 8,190 | 576,003 | ||||||
Lennox International, Inc. | 1,704 | 561,349 | ||||||
Louisiana-Pacific Corp. | 4,412 | 244,601 | ||||||
Watsco, Inc. | 2,978 | 841,106 | ||||||
|
| |||||||
2,768,842 | ||||||||
|
| |||||||
Consumer Services — 1.2% |
| |||||||
Copart, Inc.* | 8,896 | 1,307,712 | ||||||
eBay, Inc. | 20,135 | 1,373,408 | ||||||
Frontdoor, Inc.* | 6,947 | 339,986 | ||||||
Grand Canyon Education, Inc.* | 4,538 | 419,175 | ||||||
Rollins, Inc. | 23,366 | 895,619 | ||||||
|
| |||||||
4,335,900 | ||||||||
|
| |||||||
Electricity — 1.3% |
| |||||||
AES Corp. (The) | 11,864 | 281,177 | ||||||
Evergy, Inc. | 8,409 | 548,435 | ||||||
Hawaiian Electric Industries, Inc. | 6,398 | 277,290 | ||||||
IDACORP, Inc. | 5,207 | 549,078 | ||||||
NextEra Energy, Inc. | 35,828 | 2,791,001 | ||||||
Pinnacle West Capital Corp. | 311 | 25,984 | ||||||
Vistra Corp. | 21,395 | 409,714 | ||||||
|
| |||||||
4,882,679 | ||||||||
|
| |||||||
Electronic & Electrical Equipment — 2.0% |
| |||||||
Allegion plc | 6,310 | 861,946 | ||||||
Donaldson Co., Inc. | 8,965 | 593,393 | ||||||
IDEX Corp. | 4,401 | 997,663 | ||||||
Keysight Technologies, Inc.* | 7,439 | 1,224,087 | ||||||
Mettler-Toledo International, Inc.* | 888 | 1,308,655 | ||||||
Rockwell Automation, Inc. | 3,944 | 1,212,465 | ||||||
Waters Corp.* | 3,045 | 1,186,971 | ||||||
|
| |||||||
7,385,180 | ||||||||
|
| |||||||
Finance & Credit Services — 1.5% |
| |||||||
FactSet Research Systems, Inc. | 2,730 | 975,375 | ||||||
Moody’s Corp. | 4,437 | 1,668,312 | ||||||
Morningstar, Inc. | 1,213 | 306,440 | ||||||
Rocket Cos., Inc., Class A(a) | 12,789 | 220,482 | ||||||
S&P Global, Inc. | 5,547 | 2,378,110 | ||||||
|
| |||||||
5,548,719 | ||||||||
|
| |||||||
Food Producers — 0.4% |
| |||||||
Flowers Foods, Inc. | 9,745 | 229,592 | ||||||
General Mills, Inc. | 4,226 | 248,743 | ||||||
Hershey Co. (The) | 4,892 | 875,081 | ||||||
|
| |||||||
1,353,416 | ||||||||
|
| |||||||
Gas, Water & Multi-utilities — 0.5% |
| |||||||
Ameren Corp. | 23 | 1,930 | ||||||
National Fuel Gas Co. | 9,564 | 491,876 | ||||||
UGI Corp. | 6,904 | 317,515 | ||||||
WEC Energy Group, Inc. | 10,590 | 996,943 | ||||||
|
| |||||||
1,808,264 | ||||||||
|
| |||||||
General Industrials — 1.3% |
| |||||||
3M Co. | 12,388 | 2,452,081 | ||||||
Honeywell International, Inc. | 1,581 | 369,622 | ||||||
Illinois Tool Works, Inc. | 7,848 | 1,778,906 | ||||||
|
| |||||||
4,600,609 | ||||||||
|
| |||||||
Health Care Providers — 1.2% |
| |||||||
Cerner Corp. | 10,999 | 884,210 | ||||||
Chemed Corp. | 1,704 | 811,138 | ||||||
DaVita, Inc.* | 6,650 | 799,662 | ||||||
HCA Healthcare, Inc. | 5,672 | 1,407,790 | ||||||
Premier, Inc., Class A | 4,202 | 149,759 | ||||||
Universal Health Services, Inc., Class B | 3,233 | 518,606 | ||||||
|
| |||||||
4,571,165 | ||||||||
|
| |||||||
Industrial Engineering — 1.0% |
| |||||||
Brunswick Corp. | 5,520 | 576,288 | ||||||
Cummins, Inc. | 4,910 | 1,139,611 | ||||||
Graco, Inc. | 12,212 | 953,513 | ||||||
Lincoln Electric Holdings, Inc. | 5,585 | 778,716 | ||||||
Toro Co. (The) | 3,220 | 366,243 | ||||||
|
| |||||||
3,814,371 | ||||||||
|
| |||||||
Industrial Metals & Mining — 0.2% |
| |||||||
Reliance Steel & Aluminum Co. | 3,133 | 492,351 | ||||||
Southern Copper Corp. (Peru) | 5,347 | 350,977 | ||||||
|
| |||||||
843,328 | ||||||||
|
| |||||||
Industrial Support Services — 7.2% |
| |||||||
Accenture plc, Class A | 12,385 | 3,934,467 | ||||||
Automatic Data Processing, Inc. | 10,151 | 2,127,954 | ||||||
Cintas Corp. | 3,039 | 1,197,913 | ||||||
Jack Henry & Associates, Inc.(a) | 4,145 | 721,603 | ||||||
Mastercard, Inc., Class A | 15,618 | 6,027,611 | ||||||
MSC Industrial Direct Co., Inc., Class A | 5,450 | 485,977 | ||||||
Paychex, Inc. | 11,317 | 1,288,101 | ||||||
Robert Half International, Inc. | 9,465 | 929,558 | ||||||
Verisk Analytics, Inc. | 5,666 | 1,076,200 | ||||||
Visa, Inc., Class A | 27,339 | 6,736,056 | ||||||
Vontier Corp. | 11,486 | 371,572 | ||||||
Western Union Co. (The) | 28,082 | 651,783 | ||||||
WW Grainger, Inc. | 2,162 | 961,182 | ||||||
|
| |||||||
26,509,977 | ||||||||
|
|
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Industrial Transportation — 1.2% |
| |||||||
Allison Transmission Holdings, Inc. | 12,855 | 513,043 | ||||||
Landstar System, Inc. | 4,875 | 765,375 | ||||||
Union Pacific Corp. | 13,524 | 2,958,510 | ||||||
United Parcel Service, Inc., Class B | 1,396 | 267,139 | ||||||
|
| |||||||
4,504,067 | ||||||||
|
| |||||||
Investment Banking & Brokerage Services — 3.8% |
| |||||||
Berkshire Hathaway, Inc., Class B* | 17,554 | 4,885,103 | ||||||
BlackRock, Inc. | 2,588 | 2,244,236 | ||||||
Broadridge Financial Solutions, Inc. | 6,154 | 1,067,657 | ||||||
Brookfield Asset Management, Inc., Class A (Canada) | 506 | 27,309 | ||||||
Cboe Global Markets, Inc. | 4,628 | 548,279 | ||||||
Intercontinental Exchange, Inc. | 10,860 | 1,301,354 | ||||||
MarketAxess Holdings, Inc. | 1,267 | 602,040 | ||||||
Nasdaq, Inc. | 5,853 | 1,092,931 | ||||||
SEI Investments Co. | 10,062 | 611,770 | ||||||
T. Rowe Price Group, Inc. | 5,995 | 1,223,939 | ||||||
Virtu Financial, Inc., Class A | 13,240 | 340,798 | ||||||
|
| |||||||
13,945,416 | ||||||||
|
| |||||||
Leisure Goods — 1.1% |
| |||||||
Electronic Arts, Inc. | 9,128 | 1,314,067 | ||||||
Polaris, Inc. | 3,421 | 448,391 | ||||||
Pool Corp. | 2,242 | 1,071,272 | ||||||
Take-Two Interactive Software, Inc.* | 2,273 | 394,184 | ||||||
YETI Holdings, Inc.* | 8,728 | 840,768 | ||||||
|
| |||||||
4,068,682 | ||||||||
|
| |||||||
Life Insurance — 0.5% |
| |||||||
Aflac, Inc. | 19,976 | 1,098,680 | ||||||
Globe Life, Inc. | 6,849 | 637,710 | ||||||
|
| |||||||
1,736,390 | ||||||||
|
| |||||||
Media — 0.8% |
| |||||||
Interpublic Group of Cos., Inc. (The) | 26,689 | 943,723 | ||||||
Omnicom Group, Inc. | 8,998 | 655,234 | ||||||
Sirius XM Holdings, Inc.(a) | 108,482 | 701,879 | ||||||
World Wrestling Entertainment, Inc., Class A(a) | 9,849 | 486,344 | ||||||
|
| |||||||
2,787,180 | ||||||||
|
| |||||||
Medical Equipment & Services — 1.8% |
| |||||||
Bio-Techne Corp. | 2,197 | 1,059,481 | ||||||
Edwards Lifesciences Corp.* | 16,610 | 1,864,805 | ||||||
IDEXX Laboratories, Inc.* | 2,504 | 1,699,039 | ||||||
Quidel Corp.* | 4,331 | 612,707 | ||||||
ResMed, Inc. | 5,238 | 1,423,688 | ||||||
|
| |||||||
6,659,720 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts — 0.1% |
| |||||||
AGNC Investment Corp. | 32,835 | 521,091 | ||||||
|
| |||||||
Non-life Insurance — 3.8% |
| |||||||
Allstate Corp. (The) | 9,935 | 1,292,047 | ||||||
Aon plc, Class A | 6,293 | 1,636,369 | ||||||
Arch Capital Group Ltd.* | 16,924 | 660,036 | ||||||
Arthur J Gallagher & Co. | 8,061 | 1,122,978 | ||||||
Brown & Brown, Inc. | 17,053 | 927,683 | ||||||
Chubb Ltd. | 7,234 | 1,220,665 | ||||||
Erie Indemnity Co., Class A | 3,042 | 562,435 | ||||||
Fidelity National Financial, Inc. | 12,410 | 553,610 | ||||||
Hanover Insurance Group, Inc. (The) | 1,733 | 235,515 | ||||||
Marsh & McLennan Cos., Inc. | 12,968 | 1,909,149 | ||||||
Progressive Corp. (The) | 16,603 | 1,579,942 | ||||||
RenaissanceRe Holdings Ltd. (Bermuda) | 2,783 | 424,936 | ||||||
Travelers Cos., Inc. (The) | 6,874 | 1,023,676 | ||||||
White Mountains Insurance Group Ltd. | 167 | 188,972 | ||||||
WR Berkley Corp. | 9,301 | 680,554 | ||||||
|
| |||||||
14,018,567 | ||||||||
|
| |||||||
Non-Renewable Energy — 2.4% |
| |||||||
Antero Midstream Corp. | 26,785 | 254,458 | ||||||
Cabot Oil & Gas Corp.(a) | 46,768 | 748,288 | ||||||
Chevron Corp. | 28,600 | 2,911,766 | ||||||
Cimarex Energy Co. | 11,382 | 742,106 | ||||||
EOG Resources, Inc. | 17,304 | 1,260,769 | ||||||
Kinder Morgan, Inc. | 45,109 | 783,994 | ||||||
NOV, Inc.* | 33,757 | 466,184 | ||||||
Schlumberger NV | 19,430 | 560,167 | ||||||
Targa Resources Corp. | 11,977 | 504,352 | ||||||
Texas Pacific Land Corp. | 421 | 628,364 | ||||||
|
| |||||||
8,860,448 | ||||||||
|
| |||||||
Personal Care, Drug & Grocery Stores — 3.0% |
| |||||||
Albertsons Cos., Inc., Class A | 9,631 | 208,030 | ||||||
Church & Dwight Co., Inc. | 7,201 | 623,463 | ||||||
Clorox Co. (The) | 5,117 | 925,614 | ||||||
Colgate-Palmolive Co. | 20,907 | 1,662,106 | ||||||
Kimberly-Clark Corp. | 2,351 | 319,078 | ||||||
McKesson Corp. | 5,815 | 1,185,271 | ||||||
Procter & Gamble Co. (The) | 43,323 | 6,161,830 | ||||||
|
| |||||||
11,085,392 | ||||||||
|
| |||||||
Personal Goods — 1.3% |
| |||||||
Carter’s, Inc. | 7,496 | 732,659 | ||||||
Deckers Outdoor Corp.* | 2,069 | 850,049 | ||||||
Estee Lauder Cos., Inc. (The), Class A | 4,932 | 1,646,449 | ||||||
NIKE, Inc., Class B | 9,823 | 1,645,451 | ||||||
|
| |||||||
4,874,608 | ||||||||
|
| |||||||
Pharmaceuticals, Biotechnology & Marijuana Producers — 9.7% |
| |||||||
AbbVie, Inc. | 28,123 | 3,270,705 | ||||||
Amgen, Inc. | 11,489 | 2,775,053 | ||||||
Biogen, Inc.* | 3,177 | 1,038,021 | ||||||
Eli Lilly & Co. | 14,694 | 3,577,989 | ||||||
Gilead Sciences, Inc. | 25,489 | 1,740,644 | ||||||
Illumina, Inc.* | 3,527 | 1,748,510 | ||||||
Jazz Pharmaceuticals plc* | 4,360 | 739,107 | ||||||
Johnson & Johnson | 38,289 | 6,593,366 | ||||||
Merck & Co., Inc. | 47,798 | 3,674,232 | ||||||
Moderna, Inc.* | 6,435 | 2,275,416 | ||||||
Pfizer, Inc. | 75,044 | 3,212,634 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,931 | 1,109,572 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,399 | 1,491,490 | ||||||
Zoetis, Inc. | 11,267 | 2,283,821 | ||||||
|
| |||||||
35,530,560 | ||||||||
|
| |||||||
Precious Metals & Mining — 0.5% |
| |||||||
Newmont Corp. | 18,374 | 1,154,255 | ||||||
Royal Gold, Inc. | 5,466 | 664,228 | ||||||
|
| |||||||
1,818,483 | ||||||||
|
| |||||||
Real Estate Investment & Services — 0.3% |
| |||||||
CBRE Group, Inc., Class A* | 12,313 | 1,187,712 | ||||||
|
| |||||||
Real Estate Investment Trusts — 3.0% |
| |||||||
American Tower Corp. | 9,647 | 2,728,172 | ||||||
Apartment Income REIT Corp. | 1,088 | 57,272 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Camden Property Trust | 3,278 | 489,700 | ||||||
CoreSite Realty Corp. | 4,288 | 592,645 | ||||||
Equity LifeStyle Properties, Inc. | 9,949 | 833,726 | ||||||
Equity Residential | 6,214 | 522,784 | ||||||
Extra Space Storage, Inc. | 6,308 | 1,098,475 | ||||||
Gaming and Leisure Properties, Inc. | 8,157 | 386,152 | ||||||
Lamar Advertising Co., Class A | 7,886 | 840,648 | ||||||
Life Storage, Inc. | 4,346 | 510,047 | ||||||
Public Storage | 4,726 | 1,476,780 | ||||||
Simon Property Group, Inc. | 7,431 | 940,170 | ||||||
Weyerhaeuser Co. | 18,415 | 621,138 | ||||||
|
| |||||||
11,097,709 | ||||||||
|
| |||||||
Renewable Energy — 0.1% |
| |||||||
Shoals Technologies Group, Inc., Class A* | 12,419 | 361,269 | ||||||
|
| |||||||
Retailers — 9.3% |
| |||||||
Amazon.com, Inc.* | 1,029 | 3,424,090 | ||||||
AutoZone, Inc.* | 821 | 1,332,951 | ||||||
Best Buy Co., Inc. | 10,031 | 1,126,983 | ||||||
Costco Wholesale Corp. | 8,726 | 3,749,737 | ||||||
Dick’s Sporting Goods, Inc.(a) | 7,998 | 832,912 | ||||||
Dollar General Corp. | 7,083 | 1,647,789 | ||||||
Etsy, Inc.* | 6,208 | 1,139,230 | ||||||
Foot Locker, Inc. | 12,613 | 719,698 | ||||||
Home Depot, Inc. (The) | 19,090 | 6,265,147 | ||||||
Kohl’s Corp. | 1,695 | 86,106 | ||||||
Lowe’s Cos., Inc. | 14,861 | 2,863,566 | ||||||
Ollie’s Bargain Outlet Holdings, Inc.*(a) | 7,969 | 741,914 | ||||||
O’Reilly Automotive, Inc.* | 2,403 | 1,451,027 | ||||||
Ross Stores, Inc. | 11,329 | 1,389,955 | ||||||
Target Corp. | 10,776 | 2,813,075 | ||||||
TJX Cos., Inc. (The) | 29,468 | 2,027,693 | ||||||
Tractor Supply Co. | 5,647 | 1,021,712 | ||||||
Walmart, Inc. | 5,617 | 800,703 | ||||||
Williams-Sonoma, Inc. | 5,350 | 811,595 | ||||||
|
| |||||||
34,245,883 | ||||||||
|
| |||||||
Software & Computer Services — 17.2% |
| |||||||
Adobe, Inc.* | 8,487 | 5,275,774 | ||||||
Akamai Technologies, Inc.* | 7,572 | 908,034 | ||||||
Alphabet, Inc., Class A* | 2,899 | 7,811,442 | ||||||
Amdocs Ltd. | 6,573 | 506,844 | ||||||
Aspen Technology, Inc.* | 5,248 | 767,572 | ||||||
Autodesk, Inc.* | 5,960 | 1,913,935 | ||||||
Cadence Design Systems, Inc.* | 9,360 | 1,382,004 | ||||||
CDK Global, Inc. | 5,234 | 251,180 | ||||||
Citrix Systems, Inc. | 5,518 | 555,939 | ||||||
Cognizant Technology Solutions Corp., Class A | 16,469 | 1,210,966 | ||||||
Crowdstrike Holdings, Inc., Class A* | 4,877 | 1,236,856 | ||||||
Dolby Laboratories, Inc., Class A | 8,048 | 781,461 | ||||||
Dropbox, Inc., Class A* | 16,254 | 511,838 | ||||||
EPAM Systems, Inc.* | 2,221 | 1,243,316 | ||||||
Facebook, Inc., Class A* | 21,099 | 7,517,574 | ||||||
Fortinet, Inc.* | 5,154 | 1,403,125 | ||||||
Gartner, Inc.* | 4,186 | 1,108,160 | ||||||
International Business Machines Corp. | 17,571 | 2,476,808 | ||||||
Intuit, Inc. | 5,281 | 2,798,772 | ||||||
Manhattan Associates, Inc.* | 5,856 | 934,793 | ||||||
Match Group, Inc.* | 5,263 | 838,238 | ||||||
Microsoft Corp. | 26,840 | 7,646,984 | ||||||
Oracle Corp. | 35,626 | 3,104,450 | ||||||
Palo Alto Networks, Inc.* | 3,399 | 1,356,371 | ||||||
Paycom Software, Inc.* | 1,999 | 799,600 | ||||||
Proofpoint, Inc.* | 3,487 | 609,039 | ||||||
ServiceNow, Inc.* | 3,318 | 1,950,619 | ||||||
SS&C Technologies Holdings, Inc. | 8,025 | 629,080 | ||||||
Synopsys, Inc.* | 5,096 | 1,467,597 | ||||||
Tyler Technologies, Inc.* | 1,652 | 813,841 | ||||||
VeriSign, Inc.* | 4,421 | 956,572 | ||||||
VMware, Inc., Class A*(a) | 5,530 | 850,182 | ||||||
Zoom Video Communications, Inc., Class A* | 3,935 | 1,487,823 | ||||||
|
| |||||||
63,106,789 | ||||||||
|
| |||||||
Technology Hardware & Equipment — 11.1% |
| |||||||
Amphenol Corp., Class A | 7,567 | 548,532 | ||||||
Analog Devices, Inc. | 8,222 | 1,376,527 | ||||||
Apple, Inc. | 45,282 | 6,604,832 | ||||||
Applied Materials, Inc. | 18,499 | 2,588,565 | ||||||
Broadcom, Inc. | 4,086 | 1,983,344 | ||||||
CDW Corp. | 4,051 | 742,751 | ||||||
Intel Corp. | 69,215 | 3,718,230 | ||||||
IPG Photonics Corp.* | 2,135 | 465,772 | ||||||
KLA Corp. | 4,261 | 1,483,510 | ||||||
Maxim Integrated Products, Inc.* | 10,953 | 1,094,314 | ||||||
NetApp, Inc. | 8,224 | 654,548 | ||||||
NVIDIA Corp. | 39,029 | 7,610,265 | ||||||
Qorvo, Inc.* | 5,529 | 1,048,243 | ||||||
QUALCOMM, Inc. | 22,792 | 3,414,242 | ||||||
Skyworks Solutions, Inc. | 4,956 | 914,431 | ||||||
SYNNEX Corp. | 4,305 | 514,620 | ||||||
Teradyne, Inc. | 8,083 | 1,026,541 | ||||||
Texas Instruments, Inc. | 18,132 | 3,456,322 | ||||||
Xilinx, Inc. | 8,828 | 1,322,787 | ||||||
|
| |||||||
40,568,376 | ||||||||
|
| |||||||
Telecommunications Equipment — 1.8% |
| |||||||
Cisco Systems, Inc. | 78,305 | 4,335,748 | ||||||
Lumentum Holdings, Inc.*(a) | 5,242 | 440,275 | ||||||
Motorola Solutions, Inc. | 4,577 | 1,024,882 | ||||||
Ubiquiti, Inc.(a) | 2,007 | 628,392 | ||||||
|
| |||||||
6,429,297 | ||||||||
|
| |||||||
Telecommunications Service Providers — 1.4% |
| |||||||
AT&T, Inc. | 9,792 | 274,666 | ||||||
Cable One, Inc. | 277 | 522,973 | ||||||
Verizon Communications, Inc. | 76,013 | 4,240,005 | ||||||
|
| |||||||
5,037,644 | ||||||||
|
| |||||||
Tobacco — 1.0% |
| |||||||
Altria Group, Inc. | 42,964 | 2,063,991 | ||||||
Philip Morris International, Inc. | 14,590 | 1,460,313 | ||||||
|
| |||||||
3,524,304 | ||||||||
|
| |||||||
Travel & Leisure — 2.0% |
| |||||||
Copa Holdings SA, Class A (Panama)*(a) | 5,520 | 391,423 | ||||||
Hilton Worldwide Holdings, Inc.* | 9,254 | 1,216,438 | ||||||
Marriott International, Inc., Class A* | 6,000 | 875,880 | ||||||
McDonald’s Corp. | 13,857 | 3,363,233 | ||||||
Yum! Brands, Inc. | 10,513 | 1,381,303 | ||||||
|
| |||||||
7,228,277 | ||||||||
|
|
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Investments | Shares | Value ($) | ||||||
Waste & Disposal Services — 0.9% |
| |||||||
Clean Harbors, Inc.* | 2,535 | 240,825 | ||||||
Republic Services, Inc. | 9,683 | 1,146,080 | ||||||
Stericycle, Inc.* | 2,791 | 196,905 | ||||||
Waste Management, Inc. | 10,530 | 1,561,178 | ||||||
|
| |||||||
3,144,988 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS |
| 366,056,312 | ||||||
|
| |||||||
PREFERRED STOCKS — 0.0%(b) |
| |||||||
Real Estate Investment & Services — 0.0%(b) |
| |||||||
Brookfield Property Preferred LP, 6.25%, 7/26/2081 ($25 par value) | 364 | 9,081 | ||||||
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SHORT-TERM INVESTMENTS — 1.7% |
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INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED — 1.7% |
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JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.08%(c)(d) | 5,249,325 | 5,249,325 | ||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03%(c)(d) | 874,135 | 874,135 | ||||||
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TOTAL INVESTMENT OF CASH COLLATERAL FROM SECURITIES LOANED |
| 6,123,460 | ||||||
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TOTAL SHORT-TERM INVESTMENTS | 6,123,460 | |||||||
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Total Investments — 101.5% |
| 372,188,853 | ||||||
Liabilities in Excess of |
| (5,540,789 | ) | |||||
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Net Assets — 100.0% |
| 366,648,064 | ||||||
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Percentages indicated are based on net assets.
Abbreviations
REIT | Real Estate Investment Trust |
(a) | The security or a portion of this security is on loan at July 31, 2021. The total value of securities on loan at July 31, 2021 is $5,936,220. |
(b) | Amount rounds to less than 0.1% of net assets. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of July 31, 2021. |
* | Non-income producing security. |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2021: |
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Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||
Long Contracts |
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Micro E-Mini S&P 500 Index | 16 | 09/2021 | USD | 351,120 | 11,024 | |||||||||||||
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Abbreviations | ||
USD | United States Dollar |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF JULY 31, 2021 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund’s valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund’s investments are summarized into the three broad levels listed below.
• | Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments. |
• | Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs. |
• | Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund’s assumptions in determining the fair value of investments). |
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |||||||||||||
Total Investments in Securities(a) | $ | 372,188,853 | $ | — | $ | — | $ | 372,188,853 | ||||||||
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Appreciation in Other Financial Instruments |
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Futures Contracts(a) | $ | 11,024 | $ | — | $ | — | $ | 11,024 | ||||||||
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(a) | Please refer to the SOI for specifics of portfolio holdings. |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 2021 | ||||||||||||||||||||||||||||||||||||
Security Description | Value at October 31, 2020 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2021 | Shares at July 31, 2021 | Dividend Income | Capital Gain Distributions | |||||||||||||||||||||||||||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, | $ | 2,749,650 | $ | 17,500,000 | $ | 15,000,000 | $ | (450 | ) | $ | 125 | $ | 5,249,325 | 5,249,325 | $ | 2,428 | $ | — | ||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | — | 1,781,132 | 1,781,132 | — | — | — | — | 14 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class IM Shares, | 530,051 | 36,835,979 | 36,491,895 | — | — | 874,135 | 874,135 | 255 | — | |||||||||||||||||||||||||||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a) | 104,552 | 7,992,202 | 8,096,754 | — | — | — | — | 101 | — | |||||||||||||||||||||||||||
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Total | $ | 3,384,253 | $ | 64,109,313 | $ | 61,369,781 | $ | (450 | ) | $ | 125 | $ | 6,123,460 | $ | 2,798 | $ | — | |||||||||||||||||||
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(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of July 31, 2021. |