JPMorgan Diversified Return U.S. Small Cap Equity ETF
Schedule of Portfolio Investments as of July 31, 2023
(Unaudited)
THE “UNAUDITED EXCHANGE-TRADED FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. |
JPMorgan Asset Management is the marketing name for the asset management business of J.P. Morgan Chase & Co. |
J.P. Morgan Distribution Services, Inc., member FINRA. |
© J.P. Morgan Chase & Co., 2023. |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — 99.8% | ||
Aerospace & Defense — 0.1% | ||
Moog, Inc., Class A | 2,320 | 244,621 |
National Presto Industries, Inc. | 2,685 | 210,262 |
454,883 | ||
Automobiles & Parts — 0.4% | ||
Dorman Products, Inc. * | 8,471 | 717,409 |
Gentherm, Inc. * | 16,971 | 1,014,357 |
1,731,766 | ||
Banks — 5.4% | ||
1st Source Corp. | 4,829 | 226,480 |
Ameris Bancorp | 18,995 | 829,132 |
Atlantic Union Bankshares Corp. (a) | 11,819 | 377,972 |
Axos Financial, Inc. * | 14,549 | 683,803 |
BancFirst Corp. | 5,056 | 505,094 |
Bancorp, Inc. (The) * | 10,426 | 395,145 |
Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 27,724 | 890,772 |
Banner Corp. | 7,128 | 339,364 |
Brookline Bancorp, Inc. | 921 | 9,836 |
Capital City Bank Group, Inc. | 1,777 | 57,628 |
Cathay General Bancorp | 18,120 | 689,285 |
City Holding Co. | 2,154 | 213,052 |
Community Trust Bancorp, Inc. | 4,837 | 185,644 |
Enterprise Financial Services Corp. | 5,981 | 245,221 |
First BanCorp (Puerto Rico) | 33,563 | 498,411 |
First Busey Corp. | 9,359 | 202,716 |
First Commonwealth Financial Corp. | 17,848 | 257,725 |
First Financial Bancorp | 18,817 | 434,484 |
First Financial Corp. | 3,042 | 116,235 |
First Merchants Corp. | 6,025 | 193,523 |
Fulton Financial Corp. | 33,043 | 472,515 |
Hancock Whitney Corp. | 11,679 | 513,993 |
Hilltop Holdings, Inc. | 36,661 | 1,133,925 |
Home BancShares, Inc. | 33,986 | 826,200 |
Hope Bancorp, Inc. | 56,295 | 611,364 |
Independent Bank Group, Inc. | 3,655 | 164,000 |
International Bancshares Corp. | 9,664 | 479,721 |
Lakeland Financial Corp. | 4,382 | 242,938 |
NBT Bancorp, Inc. | 14,834 | 551,825 |
Northwest Bancshares, Inc. | 52,769 | 652,225 |
OceanFirst Financial Corp. | 32,935 | 613,579 |
OFG Bancorp (Puerto Rico) | 25,655 | 859,186 |
Old National Bancorp | 65,217 | 1,110,645 |
Pathward Financial, Inc. | 5,123 | 266,191 |
Renasant Corp. | 20,975 | 648,966 |
Republic Bancorp, Inc., Class A | 3,479 | 159,443 |
Simmons First National Corp., Class A | 29,139 | 588,316 |
TrustCo Bank Corp. | 9,462 | 287,550 |
Trustmark Corp. | 22,862 | 600,356 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Banks — continued | ||
UMB Financial Corp. | 11,201 | 795,271 |
United Bankshares, Inc. (a) | 29,716 | 993,703 |
United Community Banks, Inc. | 16,661 | 484,335 |
Valley National Bancorp (a) | 95,607 | 980,928 |
Washington Federal, Inc. | 27,116 | 841,681 |
WesBanco, Inc. | 18,075 | 506,281 |
22,736,659 | ||
Beverages — 1.2% | ||
BRC, Inc., Class A * (a) | 3,951 | 18,095 |
Coca-Cola Consolidated, Inc. | 1,782 | 1,128,736 |
Duckhorn Portfolio, Inc. (The) * | 37,398 | 470,467 |
MGP Ingredients, Inc. | 11,768 | 1,341,670 |
National Beverage Corp. * | 24,188 | 1,278,336 |
Primo Water Corp. | 68,240 | 966,961 |
5,204,265 | ||
Chemicals — 3.4% | ||
AdvanSix, Inc. | 22,860 | 916,915 |
American Vanguard Corp. | 31,073 | 561,178 |
Avient Corp. | 26,513 | 1,074,572 |
Balchem Corp. | 8,781 | 1,183,152 |
Cabot Corp. | 14,831 | 1,053,001 |
Ecovyst, Inc. * | 28,461 | 349,786 |
Ingevity Corp. * | 14,654 | 938,149 |
Innospec, Inc. | 11,070 | 1,186,040 |
Intrepid Potash, Inc. * | 17,732 | 487,630 |
Livent Corp. * (a) | 34,396 | 846,829 |
LSB Industries, Inc. * | 82,748 | 924,295 |
Orion SA (Germany) | 46,724 | 1,024,190 |
Quaker Chemical Corp. | 3,944 | 790,299 |
Rayonier Advanced Materials, Inc. * | 75,500 | 357,115 |
Sensient Technologies Corp. | 15,218 | 974,561 |
Stepan Co. | 9,264 | 887,676 |
Tronox Holdings plc | 64,540 | 857,737 |
14,413,125 | ||
Construction & Materials — 1.9% | ||
BlueLinx Holdings, Inc. * | 2,608 | 245,778 |
Comfort Systems USA, Inc. | 7,598 | 1,321,824 |
Exponent, Inc. | 8,132 | 728,465 |
GMS, Inc. * | 12,114 | 892,681 |
Griffon Corp. | 7,872 | 328,420 |
Installed Building Products, Inc. | 5,328 | 788,650 |
Masonite International Corp. * | 5,400 | 564,570 |
Mueller Water Products, Inc., Class A | 7,321 | 117,795 |
Patrick Industries, Inc. | 9,359 | 810,021 |
Quanex Building Products Corp. | 7,401 | 208,264 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Construction & Materials — continued | ||
Simpson Manufacturing Co., Inc. | 9,275 | 1,465,450 |
Sterling Infrastructure, Inc. * | 6,740 | 404,333 |
7,876,251 | ||
Consumer Services — 1.0% | ||
Carriage Services, Inc. | 3,919 | 126,858 |
Cars.com, Inc. * | 12,672 | 289,048 |
Laureate Education, Inc., Class A | 87,412 | 1,120,622 |
Perdoceo Education Corp. * | 57,541 | 768,172 |
PROG Holdings, Inc. * | 10,840 | 439,887 |
Strategic Education, Inc. | 8,214 | 616,872 |
Upbound Group, Inc. | 23,006 | 796,698 |
4,158,157 | ||
Electricity — 1.5% | ||
ALLETE, Inc. | 19,513 | 1,120,632 |
MGE Energy, Inc. | 10,460 | 839,310 |
NorthWestern Corp. | 20,261 | 1,144,139 |
Ormat Technologies, Inc. | 10,981 | 892,755 |
PNM Resources, Inc. | 25,873 | 1,159,628 |
Portland General Electric Co. | 24,232 | 1,155,139 |
6,311,603 | ||
Electronic & Electrical Equipment — 1.5% | ||
Atkore, Inc. * | 7,448 | 1,181,774 |
AZZ, Inc. | 8,138 | 360,757 |
Badger Meter, Inc. | 7,854 | 1,293,083 |
Belden, Inc. | 8,007 | 773,796 |
Encore Wire Corp. | 6,030 | 1,029,261 |
EnerSys | 4,896 | 530,335 |
Watts Water Technologies, Inc., Class A | 6,891 | 1,285,378 |
6,454,384 | ||
Finance & Credit Services — 1.9% | ||
Enact Holdings, Inc. | 8,326 | 226,467 |
Encore Capital Group, Inc. * | 8,769 | 469,142 |
Enova International, Inc. * | 15,636 | 861,387 |
Federal Agricultural Mortgage Corp., Class C | 3,230 | 519,222 |
FirstCash Holdings, Inc. | 4,562 | 434,667 |
Mr. Cooper Group, Inc. * | 24,477 | 1,418,932 |
Navient Corp. | 61,304 | 1,167,228 |
Nelnet, Inc., Class A | 4,653 | 459,158 |
PennyMac Financial Services, Inc. | 18,160 | 1,366,177 |
Radian Group, Inc. | 45,528 | 1,226,069 |
8,148,449 | ||
Food Producers — 3.8% | ||
Andersons, Inc. (The) | 24,385 | 1,190,476 |
B&G Foods, Inc. (a) | 49,179 | 652,114 |
BellRing Brands, Inc. * | 33,366 | 1,199,508 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Food Producers — continued | ||
Cal-Maine Foods, Inc. | 22,358 | 1,032,716 |
Fresh Del Monte Produce, Inc. | 32,067 | 852,341 |
GrowGeneration Corp. * | 83,375 | 331,832 |
Hostess Brands, Inc. * | 45,612 | 1,096,512 |
J & J Snack Foods Corp. | 7,122 | 1,141,799 |
John B Sanfilippo & Son, Inc. | 9,719 | 1,058,496 |
Lancaster Colony Corp. | 6,011 | 1,157,899 |
Medifast, Inc. | 7,810 | 795,761 |
Nature's Sunshine Products, Inc. * | 10,619 | 148,135 |
Simply Good Foods Co. (The) * | 33,401 | 1,292,953 |
Sovos Brands, Inc. * | 26,008 | 462,942 |
SunOpta, Inc. (Canada) * | 66,243 | 439,191 |
Tootsie Roll Industries, Inc. | 1 | 35 |
TreeHouse Foods, Inc. * | 23,921 | 1,234,563 |
USANA Health Sciences, Inc. * | 10,765 | 698,756 |
Utz Brands, Inc. (a) | 61,537 | 1,030,745 |
15,816,774 | ||
Gas, Water & Multi-utilities — 3.2% | ||
American States Water Co. | 13,214 | 1,168,250 |
Aris Water Solutions, Inc., Class A (a) | 26,404 | 288,596 |
Avista Corp. | 25,809 | 997,260 |
Black Hills Corp. | 18,050 | 1,088,956 |
Brookfield Infrastructure Corp., Class A (Canada) | 25,044 | 1,170,056 |
California Water Service Group | 21,261 | 1,127,258 |
Chesapeake Utilities Corp. | 7,420 | 877,341 |
Excelerate Energy, Inc., Class A | 21,751 | 461,556 |
Middlesex Water Co. | 8,162 | 656,388 |
New Jersey Resources Corp. | 24,095 | 1,077,046 |
Northwest Natural Holding Co. | 18,635 | 800,746 |
ONE Gas, Inc. | 14,595 | 1,154,902 |
SJW Group | 15,858 | 1,117,355 |
Southwest Gas Holdings, Inc. | 3,453 | 227,691 |
Spire, Inc. | 18,120 | 1,151,888 |
13,365,289 | ||
General Industrials — 1.4% | ||
Apogee Enterprises, Inc. | 8,772 | 434,477 |
Barnes Group, Inc. | 5,061 | 198,897 |
CSW Industrials, Inc. | 3,178 | 573,788 |
Greif, Inc., Class A | 11,374 | 841,335 |
HB Fuller Co. | 15,739 | 1,165,158 |
Kronos Worldwide, Inc. (a) | 31,114 | 290,916 |
Myers Industries, Inc. | 10,767 | 211,141 |
Otter Tail Corp. | 15,386 | 1,246,420 |
Standex International Corp. | 5,280 | 784,450 |
TriMas Corp. | 3,442 | 88,666 |
Trinseo plc | 12,252 | 215,880 |
6,051,128 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Health Care Providers — 2.6% | ||
Addus HomeCare Corp. * | 8,035 | 735,765 |
Apollo Medical Holdings, Inc. * | 21,215 | 777,105 |
Computer Programs and Systems, Inc. * | 10,922 | 286,375 |
CorVel Corp. * | 4,985 | 1,019,732 |
Ensign Group, Inc. (The) | 12,932 | 1,252,723 |
Healthcare Services Group, Inc. | 16,830 | 212,226 |
HealthEquity, Inc. * | 11,610 | 788,783 |
ModivCare, Inc. * | 2,031 | 88,836 |
NextGen Healthcare, Inc. * | 35,746 | 594,456 |
Omnicell, Inc. * | 8,213 | 518,651 |
Option Care Health, Inc. * | 35,238 | 1,190,340 |
Pennant Group, Inc. (The) * | 11,807 | 135,544 |
RadNet, Inc. * | 12,238 | 404,833 |
Select Medical Holdings Corp. | 40,714 | 1,221,827 |
Surgery Partners, Inc. * | 28,496 | 1,100,801 |
US Physical Therapy, Inc. | 6,125 | 712,154 |
11,040,151 | ||
Household Goods & Home Construction — 3.0% | ||
Beazer Homes USA, Inc. * | 15,702 | 528,058 |
Central Garden & Pet Co., Class A * | 15,184 | 580,333 |
Century Communities, Inc. | 5,643 | 435,752 |
CompX International, Inc. (a) | 2,859 | 64,728 |
Ethan Allen Interiors, Inc. | 35,990 | 1,132,605 |
Green Brick Partners, Inc. * | 13,513 | 763,755 |
HNI Corp. | 19,092 | 555,386 |
Interface, Inc. | 41,267 | 403,179 |
KB Home | 16,271 | 878,146 |
La-Z-Boy, Inc. | 32,800 | 1,028,936 |
LGI Homes, Inc. * | 2,156 | 299,145 |
M/I Homes, Inc. * | 13,487 | 1,348,700 |
MDC Holdings, Inc. | 17,897 | 917,758 |
Meritage Homes Corp. | 6,135 | 913,808 |
MillerKnoll, Inc. | 20,386 | 398,954 |
Sleep Number Corp. * | 2,992 | 82,849 |
Steelcase, Inc., Class A | 30,598 | 262,225 |
Taylor Morrison Home Corp. * | 25,639 | 1,241,440 |
Tri Pointe Homes, Inc. * | 24,467 | 780,008 |
12,615,765 | ||
Industrial Engineering — 1.1% | ||
Albany International Corp., Class A | 5,813 | 559,675 |
Astec Industries, Inc. | 607 | 29,986 |
Columbus McKinnon Corp. | 10,220 | 432,715 |
EnPro Industries, Inc. | 6,140 | 852,109 |
Franklin Electric Co., Inc. | 12,073 | 1,193,054 |
Hillenbrand, Inc. | 21,347 | 1,108,763 |
John Bean Technologies Corp. | 1,752 | 216,565 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Industrial Engineering — continued | ||
Tennant Co. | 241 | 19,338 |
Titan Machinery, Inc. * | 5,471 | 174,634 |
4,586,839 | ||
Industrial Materials — 2.1% | ||
Boise Cascade Co. | 15,366 | 1,590,227 |
Clearwater Paper Corp. * | 20,836 | 671,544 |
Koppers Holdings, Inc. | 21,076 | 806,368 |
Materion Corp. | 10,461 | 1,246,324 |
Mativ Holdings, Inc. | 46,332 | 729,266 |
Minerals Technologies, Inc. | 16,830 | 1,032,521 |
Sylvamo Corp. | 24,067 | 1,180,968 |
Tredegar Corp. | 19,694 | 136,282 |
UFP Industries, Inc. | 13,565 | 1,393,939 |
8,787,439 | ||
Industrial Metals & Mining — 3.6% | ||
Arconic Corp. * | 27,282 | 815,459 |
Carpenter Technology Corp. | 22,974 | 1,375,224 |
Commercial Metals Co. | 22,728 | 1,300,496 |
Compass Minerals International, Inc. | 22,846 | 865,178 |
Constellium SE * | 54,503 | 1,040,462 |
GrafTech International Ltd. | 152,935 | 807,497 |
Haynes International, Inc. | 11,674 | 585,568 |
Kaiser Aluminum Corp. | 3,254 | 264,225 |
Mueller Industries, Inc. | 14,345 | 1,162,806 |
Olympic Steel, Inc. | 11,230 | 626,522 |
Piedmont Lithium, Inc. * | 15,954 | 875,236 |
Ryerson Holding Corp. | 23,987 | 1,019,207 |
Schnitzer Steel Industries, Inc., Class A | 21,756 | 787,785 |
TimkenSteel Corp. * | 45,202 | 1,053,206 |
US Silica Holdings, Inc. * | 68,370 | 889,494 |
Worthington Industries, Inc. | 19,449 | 1,451,284 |
14,919,649 | ||
Industrial Support Services — 2.4% | ||
ABM Industries, Inc. | 16,045 | 742,563 |
Applied Industrial Technologies, Inc. | 8,495 | 1,231,690 |
ASGN, Inc. * | 7,017 | 535,537 |
CoreCivic, Inc., REIT * | 59,319 | 575,394 |
CRA International, Inc. | 5,653 | 565,809 |
Cross Country Healthcare, Inc. * | 14,144 | 364,915 |
Donnelley Financial Solutions, Inc. * | 4,551 | 215,262 |
DXP Enterprises, Inc. * | 1,573 | 59,743 |
EVERTEC, Inc. (Puerto Rico) | 13,928 | 547,788 |
ExlService Holdings, Inc. * | 6,712 | 946,056 |
Forrester Research, Inc. * | 3,023 | 96,343 |
Heidrick & Struggles International, Inc. | 7,340 | 200,162 |
Insperity, Inc. | 5,707 | 671,429 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Industrial Support Services — continued | ||
Korn Ferry | 8,732 | 460,002 |
Maximus, Inc. | 14,215 | 1,190,648 |
Pitney Bowes, Inc. | 59,756 | 235,439 |
Resources Connection, Inc. | 7,835 | 125,203 |
Target Hospitality Corp. * (a) | 15,393 | 196,569 |
TriNet Group, Inc. * | 8,580 | 902,873 |
TrueBlue, Inc. * | 5,394 | 80,640 |
UniFirst Corp. | 105 | 17,042 |
9,961,107 | ||
Industrial Transportation — 3.3% | ||
ArcBest Corp. | 9,412 | 1,094,804 |
Ardmore Shipping Corp. (Ireland) | 22,591 | 318,081 |
Costamare, Inc. (Monaco) | 26,126 | 291,827 |
DHT Holdings, Inc. | 103,902 | 1,023,435 |
Dorian LPG Ltd. | 19,847 | 590,250 |
Federal Signal Corp. | 10,336 | 631,426 |
FLEX LNG Ltd. (Norway) | 11,045 | 351,452 |
Forward Air Corp. | 7,148 | 849,468 |
GATX Corp. | 6,835 | 856,836 |
Genco Shipping & Trading Ltd. | 25,106 | 364,037 |
Hub Group, Inc., Class A * | 2,799 | 252,274 |
International Seaways, Inc. | 17,654 | 757,180 |
Matson, Inc. | 13,787 | 1,288,533 |
McGrath RentCorp | 5,768 | 555,920 |
Nordic American Tankers Ltd. | 64,375 | 282,606 |
Scorpio Tankers, Inc. (Monaco) | 17,632 | 829,409 |
Teekay Tankers Ltd., Class A (Canada) | 14,532 | 633,741 |
Textainer Group Holdings Ltd. (China) | 7,643 | 314,127 |
Tingo Group, Inc. * (a) | 666,264 | 939,432 |
Triton International Ltd. (Bermuda) | 14,383 | 1,212,631 |
Wabash National Corp. | 20,858 | 493,918 |
13,931,387 | ||
Investment Banking & Brokerage Services — 1.2% | ||
Artisan Partners Asset Management, Inc., Class A | 28,337 | 1,175,702 |
Avantax, Inc. * | 9,517 | 246,300 |
Brightsphere Investment Group, Inc. | 24,334 | 517,828 |
Cannae Holdings, Inc. * | 14,448 | 294,450 |
Cohen & Steers, Inc. | 3,522 | 226,500 |
Hamilton Lane, Inc., Class A | 5,684 | 502,636 |
Moelis & Co., Class A (a) | 17,397 | 849,496 |
StoneX Group, Inc. * | 2,829 | 260,296 |
Victory Capital Holdings, Inc., Class A | 9,448 | 313,296 |
Virtus Investment Partners, Inc. | 1,473 | 303,040 |
WisdomTree, Inc. | 36,817 | 256,246 |
4,945,790 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Leisure Goods — 1.2% | ||
Camping World Holdings, Inc., Class A (a) | 33,225 | 1,064,197 |
Fox Factory Holding Corp. * | 712 | 79,673 |
LCI Industries | 5,134 | 699,610 |
Smith & Wesson Brands, Inc. | 80,480 | 1,024,510 |
Sturm Ruger & Co., Inc. | 21,761 | 1,152,245 |
Winnebago Industries, Inc. | 12,030 | 827,664 |
4,847,899 | ||
Life Insurance — 1.2% | ||
American Equity Investment Life Holding Co. | 28,100 | 1,508,127 |
CNO Financial Group, Inc. | 47,896 | 1,231,885 |
Genworth Financial, Inc., Class A * | 201,589 | 1,181,312 |
Jackson Financial, Inc., Class A | 28,109 | 928,159 |
National Western Life Group, Inc., Class A | 891 | 375,708 |
5,225,191 | ||
Media — 0.4% | ||
Gray Television, Inc. | 27,995 | 265,112 |
QuinStreet, Inc. * | 7,138 | 63,385 |
Scholastic Corp. | 5,988 | 258,622 |
TEGNA, Inc. | 67,123 | 1,134,379 |
1,721,498 | ||
Medical Equipment & Services — 3.0% | ||
AdaptHealth Corp. * | 34,428 | 473,041 |
Anika Therapeutics, Inc. * | 4,035 | 94,137 |
AtriCure, Inc. * | 15,319 | 847,907 |
Atrion Corp. | 355 | 199,016 |
Avanos Medical, Inc. * | 11,540 | 282,384 |
CONMED Corp. | 9,048 | 1,095,260 |
Fulgent Genetics, Inc. * | 20,210 | 784,754 |
Haemonetics Corp. * | 10,929 | 1,008,091 |
Integer Holdings Corp. * | 12,689 | 1,173,479 |
Lantheus Holdings, Inc. * | 13,937 | 1,205,411 |
Merit Medical Systems, Inc. * | 14,317 | 1,069,050 |
NeoGenomics, Inc. * | 40,313 | 698,624 |
OraSure Technologies, Inc. * | 81,226 | 383,387 |
Owens & Minor, Inc. * | 31,817 | 612,159 |
Patterson Cos., Inc. | 22,921 | 753,872 |
STAAR Surgical Co. * | 4,843 | 265,251 |
Surmodics, Inc. * | 2,219 | 71,163 |
UFP Technologies, Inc. * | 2,678 | 521,313 |
Varex Imaging Corp. * | 33,522 | 780,727 |
Zynex, Inc. * (a) | 21,989 | 214,613 |
12,533,639 | ||
Mortgage Real Estate Investment Trusts — 1.9% | ||
Apollo Commercial Real Estate Finance, Inc. (a) | 75,356 | 889,201 |
Arbor Realty Trust, Inc. (a) | 56,124 | 949,057 |
Dynex Capital, Inc. | 44,666 | 582,891 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Mortgage Real Estate Investment Trusts — continued | ||
Ellington Financial, Inc. (a) | 63,150 | 853,788 |
KKR Real Estate Finance Trust, Inc. | 38,750 | 482,825 |
Ladder Capital Corp. | 67,594 | 742,858 |
MFA Financial, Inc. | 70,059 | 788,864 |
New York Mortgage Trust, Inc. | 49,784 | 505,308 |
PennyMac Mortgage Investment Trust | 36,021 | 460,348 |
Ready Capital Corp. (a) | 72,277 | 836,245 |
Redwood Trust, Inc. | 67,407 | 507,575 |
TPG RE Finance Trust, Inc. | 14,759 | 115,120 |
Two Harbors Investment Corp. (a) | 33,295 | 446,486 |
8,160,566 | ||
Nonequity Investment Instruments — 0.0% ^ | ||
OmniAb, Inc. * | 9,240 | 50,820 |
OmniAb, Inc. ‡ * | 1,382 | — |
50,820 | ||
Non-life Insurance — 1.1% | ||
Employers Holdings, Inc. | 14,738 | 569,329 |
Essent Group Ltd. | 17,074 | 846,870 |
Horace Mann Educators Corp. | 9,766 | 294,250 |
NMI Holdings, Inc., Class A * | 10,330 | 275,914 |
Safety Insurance Group, Inc. | 5,062 | 364,464 |
Selective Insurance Group, Inc. | 10,279 | 1,060,690 |
Stewart Information Services Corp. | 24,461 | 1,152,847 |
4,564,364 | ||
Non-Renewable Energy — 6.1% | ||
Alpha Metallurgical Resources, Inc. | 5,320 | 921,530 |
Arch Resources, Inc. (a) | 5,444 | 699,227 |
Archrock, Inc. | 104,363 | 1,216,873 |
Berry Corp. | 55,184 | 430,435 |
Cactus, Inc., Class A | 18,515 | 940,192 |
ChampionX Corp. | 28,644 | 1,019,726 |
Chord Energy Corp. | 5,926 | 929,434 |
Civitas Resources, Inc. | 16,754 | 1,254,204 |
CNX Resources Corp. * | 50,770 | 1,035,708 |
Comstock Resources, Inc. (a) | 62,778 | 800,420 |
CONSOL Energy, Inc. | 14,672 | 1,093,357 |
CVR Energy, Inc. (a) | 22,430 | 824,078 |
Delek US Holdings, Inc. | 23,251 | 641,495 |
DMC Global, Inc. * | 7,330 | 138,244 |
Helix Energy Solutions Group, Inc. * | 100,737 | 967,075 |
Magnolia Oil & Gas Corp., Class A | 41,603 | 921,506 |
Matador Resources Co. | 16,475 | 916,504 |
MRC Global, Inc. * | 27,886 | 314,833 |
Nabors Industries Ltd. * | 3,921 | 480,283 |
Newpark Resources, Inc. * | 5,481 | 30,255 |
Northern Oil and Gas, Inc. | 13,915 | 547,834 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Non-Renewable Energy — continued | ||
NOW, Inc. * | 41,607 | 473,904 |
Par Pacific Holdings, Inc. * | 28,261 | 889,656 |
Patterson-UTI Energy, Inc. | 58,531 | 927,131 |
PBF Energy, Inc., Class A | 24,522 | 1,163,324 |
Permian Resources Corp. | 101,440 | 1,185,834 |
ProPetro Holding Corp. * | 9,665 | 100,903 |
RPC, Inc. | 27,764 | 230,996 |
SandRidge Energy, Inc. | 35,326 | 603,368 |
SM Energy Co. | 22,741 | 825,271 |
Solaris Oilfield Infrastructure, Inc., Class A | 50,419 | 551,080 |
SunCoke Energy, Inc. | 92,841 | 824,428 |
Warrior Met Coal, Inc. | 21,990 | 973,058 |
World Kinect Corp. | 35,975 | 810,877 |
25,683,043 | ||
Personal Care, Drug & Grocery Stores — 2.5% | ||
ACCO Brands Corp. | 88,008 | 535,969 |
Chefs' Warehouse, Inc. (The) * | 19,448 | 706,740 |
Edgewell Personal Care Co. | 28,324 | 1,116,249 |
Energizer Holdings, Inc. | 29,450 | 1,051,365 |
Ingles Markets, Inc., Class A | 12,084 | 1,024,723 |
Nu Skin Enterprises, Inc., Class A | 21,103 | 620,217 |
PetMed Express, Inc. (a) | 47,757 | 699,640 |
SpartanNash Co. | 34,004 | 763,050 |
Sprouts Farmers Market, Inc. * | 35,207 | 1,381,875 |
United Natural Foods, Inc. * | 35,196 | 732,077 |
WD-40 Co. (a) | 5,533 | 1,269,823 |
Weis Markets, Inc. | 7,191 | 477,051 |
10,378,779 | ||
Personal Goods — 1.2% | ||
elf Beauty, Inc. * | 7,618 | 889,173 |
Inter Parfums, Inc. | 3,764 | 562,944 |
Movado Group, Inc. | 17,506 | 502,422 |
Oxford Industries, Inc. | 9,799 | 1,056,822 |
Signet Jewelers Ltd. | 18,199 | 1,464,838 |
Steven Madden Ltd. | 18,851 | 629,246 |
5,105,445 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.4% | ||
Amphastar Pharmaceuticals, Inc. * | 25,465 | 1,545,471 |
ANI Pharmaceuticals, Inc. * | 7,403 | 389,028 |
Castle Biosciences, Inc. * | 14,101 | 237,602 |
Catalyst Pharmaceuticals, Inc. * | 86,056 | 1,190,154 |
Collegium Pharmaceutical, Inc. * | 33,474 | 761,868 |
Corcept Therapeutics, Inc. * | 46,330 | 1,180,488 |
Dynavax Technologies Corp. * | 70,909 | 992,017 |
Eagle Pharmaceuticals, Inc. * | 2,024 | 42,018 |
Harmony Biosciences Holdings, Inc. * | 13,747 | 486,231 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — continued | ||
Innoviva, Inc. * | 66,402 | 899,747 |
Ironwood Pharmaceuticals, Inc. * | 104,628 | 1,160,324 |
Ligand Pharmaceuticals, Inc. * | 8,421 | 563,618 |
Myriad Genetics, Inc. * | 16,271 | 363,657 |
OmniAb Operations, Inc. ‡ * | 1,382 | — |
Pacira BioSciences, Inc. * | 5,182 | 188,366 |
PDL BioPharma, Inc. ‡ * | 22,361 | 31,810 |
Prestige Consumer Healthcare, Inc. * | 20,703 | 1,350,043 |
Prothena Corp. plc (Ireland) * | 17,177 | 1,182,980 |
Supernus Pharmaceuticals, Inc. * | 28,811 | 884,210 |
Vanda Pharmaceuticals, Inc. * | 32,006 | 184,995 |
Vir Biotechnology, Inc. * | 33,374 | 469,906 |
Xencor, Inc. * | 13,156 | 319,559 |
14,424,092 | ||
Precious Metals & Mining — 0.3% | ||
Hecla Mining Co. | 187,517 | 1,080,098 |
Real Estate Investment & Services — 1.9% | ||
Anywhere Real Estate, Inc. * | 28,834 | 241,629 |
Douglas Elliman, Inc. | 84,913 | 187,658 |
eXp World Holdings, Inc. (a) | 38,249 | 953,930 |
Kennedy-Wilson Holdings, Inc. | 46,246 | 763,059 |
Marcus & Millichap, Inc. | 15,353 | 563,148 |
Newmark Group, Inc., Class A | 113,496 | 785,392 |
Opendoor Technologies, Inc. * (a) | 330,945 | 1,691,129 |
Radius Global Infrastructure, Inc. * | 27,911 | 416,153 |
Redfin Corp. * (a) | 76,102 | 1,140,008 |
St. Joe Co. (The) | 17,437 | 1,106,901 |
7,849,007 | ||
Real Estate Investment Trusts — 10.3% | ||
Acadia Realty Trust | 19,402 | 304,805 |
Alexander & Baldwin, Inc. | 28,453 | 546,298 |
American Assets Trust, Inc. | 20,631 | 464,198 |
Apartment Investment and Management Co., Class A | 102,445 | 853,367 |
Apple Hospitality REIT, Inc. | 74,408 | 1,153,324 |
Ares Commercial Real Estate Corp. (a) | 82,249 | 876,774 |
Brandywine Realty Trust | 121,218 | 612,151 |
Broadstone Net Lease, Inc. | 61,584 | 1,003,819 |
CareTrust REIT, Inc. | 60,391 | 1,255,529 |
Community Healthcare Trust, Inc. | 12,619 | 444,694 |
Corporate Office Properties Trust | 49,734 | 1,293,084 |
DiamondRock Hospitality Co. | 95,092 | 808,282 |
Douglas Emmett, Inc. (a) | 62,803 | 923,204 |
Easterly Government Properties, Inc. (a) | 48,395 | 714,310 |
Empire State Realty Trust, Inc., Class A (a) | 34,100 | 305,195 |
Equity Commonwealth | 42,153 | 825,777 |
Essential Properties Realty Trust, Inc. | 39,304 | 964,913 |
Four Corners Property Trust, Inc. | 45,394 | 1,193,862 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Real Estate Investment Trusts — continued | ||
GEO Group, Inc. (The) * (a) | 145,167 | 1,084,398 |
Getty Realty Corp. | 22,605 | 730,594 |
Global Net Lease, Inc. (a) | 75,919 | 811,574 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 20,028 | 522,931 |
Independence Realty Trust, Inc. | 55,150 | 939,756 |
Innovative Industrial Properties, Inc. | 11,187 | 886,346 |
Kite Realty Group Trust | 57,024 | 1,304,709 |
LTC Properties, Inc. (a) | 35,536 | 1,192,588 |
LXP Industrial Trust | 77,689 | 782,328 |
Macerich Co. (The) | 70,523 | 899,168 |
National Health Investors, Inc. | 22,635 | 1,242,888 |
NETSTREIT Corp. | 14,146 | 253,072 |
NexPoint Residential Trust, Inc. | 298 | 12,385 |
Office Properties Income Trust | 17,239 | 132,740 |
Outfront Media, Inc. | 52,165 | 806,471 |
Paramount Group, Inc. | 45,606 | 238,976 |
Pebblebrook Hotel Trust | 55,500 | 857,475 |
Phillips Edison & Co., Inc. (a) | 35,342 | 1,247,926 |
Physicians Realty Trust | 83,600 | 1,232,264 |
Piedmont Office Realty Trust, Inc., Class A | 64,161 | 477,358 |
PotlatchDeltic Corp. | 24,909 | 1,335,870 |
Retail Opportunity Investments Corp. | 55,510 | 817,662 |
RLJ Lodging Trust | 72,811 | 749,953 |
RPT Realty | 67,716 | 736,073 |
Ryman Hospitality Properties, Inc. | 12,553 | 1,196,175 |
Sabra Health Care REIT, Inc. | 101,971 | 1,324,603 |
Service Properties Trust | 26,362 | 223,813 |
SITE Centers Corp. | 70,543 | 991,129 |
Star Holdings * | 8,225 | 128,228 |
Summit Hotel Properties, Inc. | 38,376 | 247,142 |
Sunstone Hotel Investors, Inc. | 112,128 | 1,142,584 |
Tanger Factory Outlet Centers, Inc. (a) | 54,274 | 1,270,554 |
Terreno Realty Corp. | 20,471 | 1,214,749 |
Urban Edge Properties | 46,359 | 788,567 |
Whitestone | 35,914 | 370,633 |
Xenia Hotels & Resorts, Inc. | 22,197 | 281,902 |
43,019,170 | ||
Renewable Energy — 0.4% | ||
Arcosa, Inc. | 16,325 | 1,259,963 |
REX American Resources Corp. * | 12,176 | 450,756 |
1,710,719 | ||
Retailers — 2.6% | ||
Abercrombie & Fitch Co., Class A * | 727 | 28,796 |
Academy Sports & Outdoors, Inc. | 15,729 | 940,437 |
America's Car-Mart, Inc. * | 2,781 | 331,273 |
Asbury Automotive Group, Inc. * | 1,879 | 423,902 |
Big 5 Sporting Goods Corp. (a) | 57,688 | 552,074 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Retailers — continued | ||
Buckle, Inc. (The) | 29,907 | 1,093,400 |
Caleres, Inc. | 2,846 | 76,956 |
Dillard's, Inc., Class A (a) | 2,941 | 1,008,881 |
Genesco, Inc. * | 8,758 | 247,063 |
Global Industrial Co. | 2,310 | 65,835 |
Group 1 Automotive, Inc. | 4,980 | 1,287,479 |
Haverty Furniture Cos., Inc. | 25,552 | 909,651 |
Hibbett, Inc. | 11,810 | 547,984 |
ODP Corp. (The) * | 18,012 | 898,439 |
PriceSmart, Inc. | 2,838 | 220,598 |
Shoe Carnival, Inc. | 32,869 | 874,644 |
Urban Outfitters, Inc. * | 22,142 | 805,305 |
Zumiez, Inc. * | 30,228 | 570,100 |
10,882,817 | ||
Software & Computer Services — 2.8% | ||
A10 Networks, Inc. | 23,205 | 360,142 |
Agilysys, Inc. * | 11,889 | 875,387 |
Appfolio, Inc., Class A * | 3,561 | 643,081 |
Avid Technology, Inc. * | 6,059 | 144,446 |
Cerence, Inc. * | 8,672 | 241,168 |
Consensus Cloud Solutions, Inc. * | 5,021 | 162,731 |
CSG Systems International, Inc. | 12,628 | 651,478 |
Mitek Systems, Inc. * | 19,670 | 200,831 |
NetScout Systems, Inc. * | 27,501 | 768,653 |
OneSpan, Inc. * | 13,667 | 187,785 |
Perficient, Inc. * | 5,168 | 329,667 |
Progress Software Corp. | 19,948 | 1,198,077 |
Qualys, Inc. * | 8,240 | 1,143,712 |
Shutterstock, Inc. | 15,334 | 788,934 |
Simulations Plus, Inc. | 12,656 | 630,269 |
SPS Commerce, Inc. * | 6,979 | 1,258,942 |
Veradigm, Inc. * | 52,252 | 706,447 |
Verint Systems, Inc. * | 7,817 | 292,121 |
Workiva, Inc. * | 11,981 | 1,261,479 |
11,845,350 | ||
Technology Hardware & Equipment — 6.9% | ||
Adeia, Inc. | 70,066 | 842,193 |
Advanced Energy Industries, Inc. | 11,386 | 1,425,299 |
Alpha & Omega Semiconductor Ltd. * | 15,457 | 508,226 |
Amkor Technology, Inc. | 44,847 | 1,304,599 |
Axcelis Technologies, Inc. * | 6,950 | 1,393,336 |
Benchmark Electronics, Inc. | 15,265 | 404,675 |
CEVA, Inc. * | 4,993 | 135,610 |
Cohu, Inc. * | 30,972 | 1,351,928 |
CTS Corp. | 18,101 | 807,848 |
Diodes, Inc. * | 13,080 | 1,235,929 |
Fabrinet (Thailand) * | 10,191 | 1,260,015 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Technology Hardware & Equipment — continued | ||
FormFactor, Inc. * | 26,893 | 999,344 |
Ichor Holdings Ltd. * | 12,312 | 476,721 |
Insight Enterprises, Inc. * | 8,300 | 1,217,527 |
Kulicke & Soffa Industries, Inc. (Singapore) | 21,010 | 1,258,079 |
MaxLinear, Inc. * | 24,380 | 601,455 |
Methode Electronics, Inc. | 18,195 | 612,080 |
Novanta, Inc. * | 7,153 | 1,265,366 |
Onto Innovation, Inc. * | 10,891 | 1,353,969 |
PC Connection, Inc. | 5,548 | 268,579 |
Photronics, Inc. * | 49,043 | 1,297,187 |
Plexus Corp. * | 9,902 | 975,248 |
Power Integrations, Inc. | 12,954 | 1,258,352 |
Rambus, Inc. * | 18,885 | 1,182,390 |
Sanmina Corp. * | 13,175 | 809,735 |
ScanSource, Inc. * | 7,179 | 216,016 |
Super Micro Computer, Inc. * | 3,825 | 1,263,283 |
Synaptics, Inc. * | 2,110 | 190,554 |
TTM Technologies, Inc. * | 54,078 | 776,560 |
Ultra Clean Holdings, Inc. * | 31,752 | 1,209,751 |
Vishay Intertechnology, Inc. | 43,721 | 1,230,746 |
29,132,600 | ||
Telecommunications Equipment — 2.8% | ||
ADTRAN Holdings, Inc. | 51,624 | 502,302 |
Aviat Networks, Inc. * | 15,989 | 488,784 |
Calix, Inc. * | 17,151 | 773,682 |
Cambium Networks Corp. * (a) | 32,844 | 532,073 |
Clearfield, Inc. * (a) | 14,811 | 692,266 |
CommScope Holding Co., Inc. * | 70,065 | 315,293 |
Comtech Telecommunications Corp. | 33,581 | 341,183 |
Digi International, Inc. * | 21,300 | 893,109 |
EchoStar Corp., Class A * | 52,802 | 1,025,943 |
Extreme Networks, Inc. * | 51,395 | 1,366,593 |
Harmonic, Inc. * | 66,258 | 988,569 |
Infinera Corp. * (a) | 174,643 | 785,893 |
InterDigital, Inc. | 13,503 | 1,251,593 |
Lightwave Logic, Inc. * (a) | 52,788 | 354,735 |
NETGEAR, Inc. * | 24,636 | 336,035 |
Ribbon Communications, Inc. * | 1,005 | 3,196 |
Viavi Solutions, Inc. * | 95,098 | 1,033,715 |
11,684,964 | ||
Telecommunications Service Providers — 2.2% | ||
8x8, Inc. * | 61,799 | 292,927 |
Anterix, Inc. * | 1,754 | 49,235 |
Cogent Communications Holdings, Inc. | 19,039 | 1,165,948 |
Consolidated Communications Holdings, Inc. * | 96,001 | 343,683 |
fuboTV, Inc. * (a) | 331,727 | 1,117,920 |
Globalstar, Inc. * | 674,620 | 728,589 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Telecommunications Service Providers — continued | ||
Gogo, Inc. * | 61,245 | 922,962 |
IDT Corp., Class B * | 41,233 | 978,047 |
Liberty Latin America Ltd., Class C (Puerto Rico) * | 103,396 | 860,255 |
Lumen Technologies, Inc. (a) | 438,568 | 785,037 |
Shenandoah Telecommunications Co. | 39,193 | 731,733 |
Telephone and Data Systems, Inc. | 105,683 | 847,578 |
WideOpenWest, Inc. * | 29,478 | 242,899 |
Xperi, Inc. * | 28,189 | 369,840 |
9,436,653 | ||
Tobacco — 0.7% | ||
Turning Point Brands, Inc. | 30,030 | 716,215 |
Universal Corp. | 17,584 | 889,223 |
Vector Group Ltd. | 90,918 | 1,192,844 |
2,798,282 | ||
Travel & Leisure — 0.5% | ||
Biglari Holdings, Inc., Class B * | 274 | 55,666 |
Bloomin' Brands, Inc. | 33,671 | 904,740 |
Chuy's Holdings, Inc. * | 2,916 | 121,277 |
El Pollo Loco Holdings, Inc. | 6,428 | 68,458 |
International Game Technology plc | 25,821 | 873,524 |
2,023,665 | ||
Waste & Disposal Services — 0.4% | ||
Casella Waste Systems, Inc., Class A * | 12,976 | 1,047,033 |
Vertex Energy, Inc. * (a) | 87,461 | 460,920 |
1,507,953 | ||
Total Common Stocks (Cost $397,466,865) | 419,177,474 | |
NO. OF RIGHTS | ||
Rights—0.0% ^ | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 0.0% ^ | ||
Achillion Pharmaceuticals, Inc. ‡ *(Cost $—) | 12,757 | 6,379 |
SHARES | ||
Short-Term Investments — 6.3% | ||
Investment Companies — 0.2% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)(Cost $571,901) | 571,901 | 571,901 |
Investment of Cash Collateral from Securities Loaned — 6.1% | ||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.52% (b) (c) | 22,643,533 | 22,648,061 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Short-Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c) | 3,105,580 | 3,105,580 |
Total Investment of Cash Collateral from Securities Loaned (Cost $25,753,041) | 25,753,641 | |
Total Short-Term Investments (Cost $26,324,942) | 26,325,542 | |
Total Investments — 106.1% (Cost $423,791,807) | 445,509,395 | |
Liabilities in Excess of Other Assets — (6.1)% | (25,745,894 ) | |
NET ASSETS — 100.0% | 419,763,501 |
Percentages indicated are based on net assets. |
Abbreviations | |
REIT | Real Estate Investment Trust |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | The security or a portion of this security is on loan at July 31, 2023. The total value of securities on loan at July 31, 2023 is $25,373,154. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of July 31, 2023. |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Russell 2000 E-Mini Index | 2 | 09/15/2023 | USD | 201,340 | 17,886 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (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.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAVs 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.
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
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 | |
Investments in Securities | ||||
Common Stocks | ||||
Aerospace & Defense | $454,883 | $— | $— | $454,883 |
Automobiles & Parts | 1,731,766 | — | — | 1,731,766 |
Banks | 22,736,659 | — | — | 22,736,659 |
Beverages | 5,204,265 | — | — | 5,204,265 |
Chemicals | 14,413,125 | — | — | 14,413,125 |
Construction & Materials | 7,876,251 | — | — | 7,876,251 |
Consumer Services | 4,158,157 | — | — | 4,158,157 |
Electricity | 6,311,603 | — | — | 6,311,603 |
Electronic & Electrical Equipment | 6,454,384 | — | — | 6,454,384 |
Finance & Credit Services | 8,148,449 | — | — | 8,148,449 |
Food Producers | 15,816,774 | — | — | 15,816,774 |
Gas, Water & Multi-utilities | 13,365,289 | — | — | 13,365,289 |
General Industrials | 6,051,128 | — | — | 6,051,128 |
Health Care Providers | 11,040,151 | — | — | 11,040,151 |
Household Goods & Home Construction | 12,615,765 | — | — | 12,615,765 |
Industrial Engineering | 4,586,839 | — | — | 4,586,839 |
Industrial Materials | 8,787,439 | — | — | 8,787,439 |
Industrial Metals & Mining | 14,919,649 | — | — | 14,919,649 |
Industrial Support Services | 9,961,107 | — | — | 9,961,107 |
Industrial Transportation | 13,931,387 | — | — | 13,931,387 |
Investment Banking & Brokerage Services | 4,945,790 | — | — | 4,945,790 |
Leisure Goods | 4,847,899 | — | — | 4,847,899 |
Life Insurance | 5,225,191 | — | — | 5,225,191 |
Media | 1,721,498 | — | — | 1,721,498 |
Medical Equipment & Services | 12,533,639 | — | — | 12,533,639 |
Mortgage Real Estate Investment Trusts | 8,160,566 | — | — | 8,160,566 |
Nonequity Investment Instruments | 50,820 | — | — | 50,820 |
Non-life Insurance | 4,564,364 | — | — | 4,564,364 |
Non-Renewable Energy | 25,683,043 | — | — | 25,683,043 |
Personal Care, Drug & Grocery Stores | 10,378,779 | — | — | 10,378,779 |
Personal Goods | 5,105,445 | — | — | 5,105,445 |
Pharmaceuticals, Biotechnology & Marijuana Producers | 14,392,282 | — | 31,810 | 14,424,092 |
Precious Metals & Mining | 1,080,098 | — | — | 1,080,098 |
Real Estate Investment & Services | 7,849,007 | — | — | 7,849,007 |
Real Estate Investment Trusts | 43,019,170 | — | — | 43,019,170 |
Renewable Energy | 1,710,719 | — | — | 1,710,719 |
Retailers | 10,882,817 | — | — | 10,882,817 |
Software & Computer Services | 11,845,350 | — | — | 11,845,350 |
Technology Hardware & Equipment | 29,132,600 | — | — | 29,132,600 |
Telecommunications Equipment | 11,684,964 | — | — | 11,684,964 |
Telecommunications Service Providers | 9,436,653 | — | — | 9,436,653 |
Tobacco | 2,798,282 | — | — | 2,798,282 |
Travel & Leisure | 2,023,665 | — | — | 2,023,665 |
JPMorgan Diversified Return U.S. Small Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Waste & Disposal Services | $1,507,953 | $— | $— | $1,507,953 |
Total Common Stocks | 419,145,664 | — | 31,810 | 419,177,474 |
Rights | — | — | 6,379 | 6,379 |
Short-Term Investments | ||||
Investment Companies | 571,901 | — | — | 571,901 |
Investment of Cash Collateral from Securities Loaned | 25,753,641 | — | — | 25,753,641 |
Total Short-Term Investments | 26,325,542 | — | — | 26,325,542 |
Total Investments in Securities | $445,471,206 | $— | $38,189 | $445,509,395 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $17,886 | $— | $— | $17,886 |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended July 31, 2023 | |||||||||
Security Description | Value at October 31, 2022 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at July 31, 2023 | Shares at July 31, 2023 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.52% (a) (b) | $19,342,762 | $66,000,000 | $62,700,000 | $7,338 | $(2,039 ) | $22,648,061 | 22,643,533 | $580,449 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 2,902,497 | 90,535,293 | 90,332,210 | — | — | 3,105,580 | 3,105,580 | 102,101 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 325,140 | 16,366,859 | 16,120,098 | — | — | 571,901 | 571,901 | 35,033 | — |
Total | $22,570,399 | $172,902,152 | $169,152,308 | $7,338 | $(2,039 ) | $26,325,542 | $717,583 | $— |
(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, 2023. |