JPMorgan BetaBuilders U.S. Mid 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. Mid 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 — 99.7% | ||
Aerospace & Defense — 0.1% | ||
Textron, Inc. | 5,971 | 464,365 |
Automobiles & Parts — 0.7% | ||
BorgWarner, Inc. | 14,343 | 666,949 |
Gentex Corp. | 40,494 | 1,359,788 |
LKQ Corp. | 4,540 | 248,747 |
Phinia, Inc. * | 2,869 | 81,394 |
2,356,878 | ||
Banks — 2.4% | ||
Citizens Financial Group, Inc. | 9,306 | 300,212 |
Comerica, Inc. | 4,028 | 217,351 |
Discover Financial Services | 7,506 | 792,258 |
Fifth Third Bancorp | 15,831 | 460,682 |
First Citizens BancShares, Inc., Class A | 777 | 1,112,120 |
First Horizon Corp. | 15,538 | 211,783 |
FNB Corp. | 16,597 | 212,276 |
Huntington Bancshares, Inc. | 85,958 | 1,052,126 |
KeyCorp | 18,891 | 232,548 |
M&T Bank Corp. | 5,575 | 779,719 |
New York Community Bancorp, Inc. | 91,019 | 1,262,434 |
Popular, Inc. (Puerto Rico) | 12,229 | 887,214 |
Prosperity Bancshares, Inc. | 3,124 | 197,812 |
Regions Financial Corp. | 25,360 | 516,583 |
Zions Bancorp NA | 6,145 | 235,046 |
8,470,164 | ||
Beverages — 1.1% | ||
Brown-Forman Corp., Class B | 20,659 | 1,458,525 |
Celsius Holdings, Inc. * | 7,160 | 1,036,052 |
Molson Coors Beverage Co., Class B | 20,189 | 1,408,587 |
3,903,164 | ||
Chemicals — 5.2% | ||
Albemarle Corp. | 2,551 | 541,526 |
Ashland, Inc. | 13,659 | 1,247,886 |
Celanese Corp. | 8,292 | 1,039,734 |
CF Industries Holdings, Inc. | 15,167 | 1,244,907 |
Chemours Co. (The) | 32,426 | 1,199,114 |
Eastman Chemical Co. | 12,435 | 1,064,187 |
Element Solutions, Inc. | 65,055 | 1,363,553 |
FMC Corp. | 11,077 | 1,065,940 |
Huntsman Corp. | 44,861 | 1,335,512 |
LyondellBasell Industries NV, Class A | 14,284 | 1,412,116 |
Mosaic Co. (The) | 28,434 | 1,158,970 |
NewMarket Corp. | 856 | 386,655 |
Olin Corp. | 21,998 | 1,268,845 |
Univar Solutions, Inc. * | 37,504 | 1,355,395 |
JPMorgan Diversified Return U.S. Mid 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 | ||
Chemicals — continued | ||
Valvoline, Inc. | 36,088 | 1,370,261 |
Westlake Corp. | 10,794 | 1,484,175 |
18,538,776 | ||
Construction & Materials — 2.7% | ||
A O Smith Corp. | 15,601 | 1,133,101 |
Builders FirstSource, Inc. * | 10,987 | 1,586,852 |
Eagle Materials, Inc. | 2,728 | 502,961 |
Fortune Brands Innovations, Inc. | 8,928 | 634,513 |
Louisiana-Pacific Corp. | 20,495 | 1,560,284 |
Masco Corp. | 16,704 | 1,013,599 |
Owens Corning | 11,341 | 1,587,627 |
Quanta Services, Inc. | 7,281 | 1,467,995 |
9,486,932 | ||
Consumer Services — 0.5% | ||
H&R Block, Inc. | 23,641 | 794,574 |
Service Corp. International | 16,023 | 1,067,933 |
1,862,507 | ||
Electricity — 7.0% | ||
AES Corp. (The) | 42,421 | 917,566 |
Alliant Energy Corp. | 19,091 | 1,025,950 |
Avangrid, Inc. | 22,335 | 828,182 |
Brookfield Renewable Corp. | 8,606 | 268,249 |
Consolidated Edison, Inc. | 14,264 | 1,353,083 |
Constellation Energy Corp. | 12,386 | 1,197,107 |
DTE Energy Co. | 10,687 | 1,221,524 |
Edison International | 19,638 | 1,413,150 |
Entergy Corp. | 10,185 | 1,045,999 |
Evergy, Inc. | 22,382 | 1,342,249 |
Eversource Energy | 10,482 | 758,163 |
FirstEnergy Corp. | 34,393 | 1,354,740 |
Hawaiian Electric Industries, Inc. | 24,165 | 927,694 |
IDACORP, Inc. | 12,556 | 1,291,008 |
NRG Energy, Inc. | 18,758 | 712,616 |
OGE Energy Corp. | 36,640 | 1,324,536 |
PG&E Corp. * | 66,673 | 1,174,112 |
Pinnacle West Capital Corp. | 16,446 | 1,362,058 |
PPL Corp. | 49,621 | 1,366,066 |
Public Service Enterprise Group, Inc. | 21,363 | 1,348,433 |
Vistra Corp. | 53,531 | 1,502,080 |
Xcel Energy, Inc. | 19,809 | 1,242,619 |
24,977,184 | ||
Electronic & Electrical Equipment — 1.8% | ||
AMETEK, Inc. | 8,953 | 1,419,946 |
Crane Co. | 3,522 | 329,976 |
Crane NXT Co. | 3,604 | 213,176 |
Hubbell, Inc. | 4,372 | 1,364,064 |
JPMorgan Diversified Return U.S. Mid 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 | ||
Electronic & Electrical Equipment — continued | ||
IDEX Corp. | 5,879 | 1,327,537 |
Keysight Technologies, Inc. * | 8,259 | 1,330,360 |
nVent Electric plc | 9,511 | 502,942 |
6,488,001 | ||
Finance & Credit Services — 0.5% | ||
Ally Financial, Inc. | 13,432 | 410,214 |
MGIC Investment Corp. | 24,749 | 414,298 |
OneMain Holdings, Inc. | 19,719 | 896,820 |
1,721,332 | ||
Food Producers — 5.1% | ||
Bunge Ltd. | 12,218 | 1,327,730 |
Campbell Soup Co. | 28,902 | 1,324,290 |
Conagra Brands, Inc. | 38,689 | 1,269,386 |
Corteva, Inc. | 21,795 | 1,229,892 |
Darling Ingredients, Inc. * | 18,734 | 1,297,330 |
Flowers Foods, Inc. | 51,219 | 1,265,621 |
Hormel Foods Corp. | 32,523 | 1,329,540 |
Ingredion, Inc. | 12,427 | 1,382,628 |
J M Smucker Co. (The) | 8,657 | 1,304,177 |
Kellogg Co. | 19,809 | 1,325,024 |
Lamb Weston Holdings, Inc. | 11,700 | 1,212,471 |
Pilgrim's Pride Corp. * | 39,867 | 987,506 |
Post Holdings, Inc. * | 15,217 | 1,298,010 |
Tyson Foods, Inc., Class A | 6,784 | 378,004 |
US Foods Holding Corp. * | 23,944 | 1,023,127 |
17,954,736 | ||
Gas, Water & Multi-utilities — 2.5% | ||
Ameren Corp. | 14,907 | 1,277,083 |
Atmos Energy Corp. | 11,337 | 1,379,826 |
CenterPoint Energy, Inc. | 45,082 | 1,356,518 |
National Fuel Gas Co. | 23,745 | 1,261,097 |
NiSource, Inc. | 49,061 | 1,365,858 |
UGI Corp. | 36,506 | 985,297 |
WEC Energy Group, Inc. | 14,819 | 1,331,635 |
8,957,314 | ||
General Industrials — 1.7% | ||
AptarGroup, Inc. | 231 | 28,057 |
Carlisle Cos., Inc. | 1,292 | 358,142 |
ITT, Inc. | 4,232 | 421,507 |
Packaging Corp. of America | 7,071 | 1,084,338 |
Parker-Hannifin Corp. | 3,324 | 1,362,873 |
RPM International, Inc. | 13,282 | 1,372,164 |
Silgan Holdings, Inc. | 12,361 | 542,030 |
Sonoco Products Co. | 10,500 | 615,720 |
WestRock Co. | 5,975 | 198,908 |
5,983,739 |
JPMorgan Diversified Return U.S. Mid 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 — 3.3% | ||
Acadia Healthcare Co., Inc. * | 16,706 | 1,320,275 |
Chemed Corp. | 2,491 | 1,298,035 |
DaVita, Inc. * | 11,188 | 1,141,064 |
Encompass Health Corp. | 19,412 | 1,281,774 |
IQVIA Holdings, Inc. * | 5,575 | 1,247,462 |
Molina Healthcare, Inc. * | 4,022 | 1,224,659 |
Premier, Inc., Class A | 25,816 | 716,394 |
Tenet Healthcare Corp. * | 16,490 | 1,232,298 |
Universal Health Services, Inc., Class B | 8,291 | 1,152,117 |
Veeva Systems, Inc., Class A * | 5,558 | 1,135,055 |
11,749,133 | ||
Household Goods & Home Construction — 2.1% | ||
DR Horton, Inc. | 8,794 | 1,117,014 |
Leggett & Platt, Inc. | 13,126 | 384,067 |
Lennar Corp., Class A | 11,763 | 1,491,901 |
NVR, Inc. * | 172 | 1,084,708 |
PulteGroup, Inc. | 13,868 | 1,170,320 |
Toll Brothers, Inc. | 18,033 | 1,448,591 |
Whirlpool Corp. | 5,809 | 838,006 |
7,534,607 | ||
Industrial Engineering — 1.8% | ||
Cummins, Inc. | 4,999 | 1,303,739 |
Graco, Inc. | 16,254 | 1,289,430 |
Lincoln Electric Holdings, Inc. | 5,157 | 1,035,061 |
Nordson Corp. | 895 | 225,191 |
Snap-on, Inc. | 5,015 | 1,366,287 |
Toro Co. (The) | 10,783 | 1,096,092 |
6,315,800 | ||
Industrial Materials — 0.6% | ||
Avery Dennison Corp. | 2,265 | 416,783 |
Hexcel Corp. | 14,030 | 991,640 |
International Paper Co. | 24,078 | 868,253 |
2,276,676 | ||
Industrial Metals & Mining — 2.5% | ||
Cleveland-Cliffs, Inc. * | 54,923 | 969,391 |
Fastenal Co. | 23,946 | 1,403,475 |
MP Materials Corp. * (a) | 4,543 | 108,351 |
Nucor Corp. | 7,372 | 1,268,647 |
Reliance Steel & Aluminum Co. | 5,217 | 1,527,851 |
Steel Dynamics, Inc. | 10,063 | 1,072,514 |
Timken Co. (The) | 14,081 | 1,307,562 |
United States Steel Corp. | 44,566 | 1,136,433 |
8,794,224 | ||
Industrial Support Services — 1.6% | ||
ADT, Inc. | 14,128 | 90,137 |
JPMorgan Diversified Return U.S. Mid 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 | ||
Booz Allen Hamilton Holding Corp. | 3,764 | 455,745 |
FTI Consulting, Inc. * | 2,378 | 416,530 |
MSC Industrial Direct Co., Inc., Class A | 9,524 | 961,162 |
Paychex, Inc. | 7,668 | 962,104 |
Robert Half, Inc. | 3,853 | 285,700 |
Synchrony Financial | 27,844 | 961,732 |
Western Union Co. (The) | 13,307 | 162,079 |
WW Grainger, Inc. | 1,889 | 1,395,008 |
5,690,197 | ||
Industrial Transportation — 1.9% | ||
Allison Transmission Holdings, Inc. | 19,876 | 1,166,522 |
Expeditors International of Washington, Inc. | 7,616 | 969,517 |
Landstar System, Inc. | 6,728 | 1,369,753 |
Old Dominion Freight Line, Inc. | 4,136 | 1,735,011 |
PACCAR, Inc. | 5,352 | 460,968 |
Ryder System, Inc. | 6,260 | 639,459 |
Schneider National, Inc., Class B | 8,664 | 266,938 |
6,608,168 | ||
Investment Banking & Brokerage Services — 2.1% | ||
Ameriprise Financial, Inc. | 3,599 | 1,254,071 |
Invesco Ltd. | 53,827 | 904,294 |
Jefferies Financial Group, Inc. | 36,571 | 1,345,447 |
LPL Financial Holdings, Inc. | 5,384 | 1,234,874 |
Nasdaq, Inc. | 13,075 | 660,157 |
Raymond James Financial, Inc. | 7,580 | 834,331 |
State Street Corp. | 14,728 | 1,066,896 |
Virtu Financial, Inc., Class A | 14,222 | 263,960 |
7,564,030 | ||
Leisure Goods — 0.8% | ||
Garmin Ltd. | 8,876 | 939,880 |
Harley-Davidson, Inc. | 2,424 | 93,591 |
Polaris, Inc. | 4,784 | 649,858 |
Pool Corp. | 1,405 | 540,560 |
Thor Industries, Inc. | 4,903 | 566,247 |
2,790,136 | ||
Life Insurance — 1.2% | ||
Aflac, Inc. | 17,860 | 1,291,993 |
Primerica, Inc. | 1,402 | 298,205 |
Principal Financial Group, Inc. | 15,131 | 1,208,513 |
Unum Group | 29,449 | 1,431,516 |
4,230,227 | ||
Media — 1.1% | ||
Interpublic Group of Cos., Inc. (The) | 33,870 | 1,159,370 |
Liberty Media Corp.-Liberty SiriusXM, Class A * | 13,161 | 417,204 |
JPMorgan Diversified Return U.S. Mid 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 | ||
Media — continued | ||
Nexstar Media Group, Inc. | 6,933 | 1,294,530 |
Omnicom Group, Inc. | 10,571 | 894,518 |
3,765,622 | ||
Medical Equipment & Services — 4.9% | ||
Agilent Technologies, Inc. | 8,962 | 1,091,303 |
Bio-Techne Corp. | 3,420 | 285,228 |
Bruker Corp. | 15,182 | 1,043,307 |
Cooper Cos., Inc. (The) | 2,366 | 925,721 |
Dentsply Sirona, Inc. | 20,494 | 850,911 |
Envista Holdings Corp. * | 8,589 | 295,547 |
Henry Schein, Inc. * | 17,749 | 1,398,444 |
Hologic, Inc. * | 17,267 | 1,371,345 |
Integra LifeSciences Holdings Corp. * | 4,950 | 225,076 |
Laboratory Corp. of America Holdings | 5,232 | 1,119,282 |
QIAGEN NV * | 24,369 | 1,140,957 |
Quest Diagnostics, Inc. | 9,884 | 1,336,416 |
QuidelOrtho Corp. * | 11,755 | 1,026,917 |
ResMed, Inc. | 5,370 | 1,194,019 |
Revvity, Inc. | 8,604 | 1,057,862 |
STERIS plc | 6,269 | 1,413,973 |
Teleflex, Inc. | 860 | 216,006 |
West Pharmaceutical Services, Inc. | 3,372 | 1,241,031 |
17,233,345 | ||
Mortgage Real Estate Investment Trusts — 0.6% | ||
Annaly Capital Management, Inc. | 11,261 | 226,233 |
Rithm Capital Corp. | 91,736 | 924,699 |
Starwood Property Trust, Inc. (a) | 48,208 | 999,834 |
2,150,766 | ||
Non-life Insurance — 2.9% | ||
American Financial Group, Inc. | 9,169 | 1,115,042 |
Arch Capital Group Ltd. * | 3,695 | 287,065 |
Arthur J Gallagher & Co. | 6,460 | 1,387,608 |
Assured Guaranty Ltd. | 7,300 | 436,394 |
Axis Capital Holdings Ltd. | 6,562 | 361,697 |
Brown & Brown, Inc. | 6,263 | 441,228 |
CNA Financial Corp. | 203 | 7,950 |
Everest Group Ltd. | 1,960 | 706,600 |
Fidelity National Financial, Inc. | 11,666 | 456,957 |
First American Financial Corp. | 6,445 | 408,484 |
Hanover Insurance Group, Inc. (The) | 2,581 | 292,892 |
Hartford Financial Services Group, Inc. (The) | 17,913 | 1,287,586 |
Old Republic International Corp. | 52,454 | 1,446,157 |
Reinsurance Group of America, Inc. | 6,910 | 969,819 |
White Mountains Insurance Group Ltd. | 263 | 406,866 |
WR Berkley Corp. | 4,442 | 274,027 |
10,286,372 |
JPMorgan Diversified Return U.S. Mid 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 — 6.5% | ||
Antero Midstream Corp. | 119,665 | 1,428,800 |
Antero Resources Corp. * | 37,952 | 1,015,216 |
APA Corp. | 21,421 | 867,336 |
Cheniere Energy, Inc. | 6,839 | 1,106,961 |
Chesapeake Energy Corp. | 12,830 | 1,082,082 |
Coterra Energy, Inc. | 51,894 | 1,429,161 |
Devon Energy Corp. | 17,995 | 971,730 |
Diamondback Energy, Inc. | 9,170 | 1,350,924 |
DT Midstream, Inc. | 4,826 | 258,288 |
EQT Corp. | 34,798 | 1,467,780 |
Halliburton Co. | 31,022 | 1,212,340 |
Hess Corp. | 7,354 | 1,115,822 |
HF Sinclair Corp. | 24,347 | 1,268,235 |
Marathon Oil Corp. | 42,864 | 1,126,037 |
ONEOK, Inc. | 16,722 | 1,121,043 |
PDC Energy, Inc. | 10,640 | 807,470 |
Phillips 66 | 12,572 | 1,402,407 |
Range Resources Corp. | 14,817 | 465,698 |
Targa Resources Corp. | 17,672 | 1,448,927 |
Texas Pacific Land Corp. | 521 | 784,782 |
Williams Cos., Inc. (The) | 37,725 | 1,299,626 |
23,030,665 | ||
Personal Care, Drug & Grocery Stores — 3.1% | ||
Albertsons Cos., Inc., Class A | 63,840 | 1,387,243 |
AmerisourceBergen Corp. | 7,544 | 1,409,973 |
Casey's General Stores, Inc. | 6,089 | 1,538,447 |
Church & Dwight Co., Inc. | 14,273 | 1,365,498 |
Clorox Co. (The) | 8,495 | 1,286,823 |
GNC Holdings, Inc.,Escrow ‡ * | 8,086 | — |
Grocery Outlet Holding Corp. * | 14,425 | 482,516 |
Kroger Co. (The) | 28,872 | 1,404,334 |
Olaplex Holdings, Inc. * | 66,023 | 237,683 |
Performance Food Group Co. * | 18,054 | 1,078,907 |
Reynolds Consumer Products, Inc. | 23,751 | 657,428 |
Spectrum Brands Holdings, Inc. | 2,778 | 217,823 |
11,066,675 | ||
Personal Goods — 0.7% | ||
Carter's, Inc. | 2,796 | 209,728 |
Crocs, Inc. * | 8,576 | 929,210 |
Tapestry, Inc. | 30,367 | 1,310,336 |
2,449,274 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 3.0% | ||
Biogen, Inc. * | 1,047 | 282,889 |
Cardinal Health, Inc. | 15,475 | 1,415,498 |
Exelixis, Inc. * | 27,398 | 540,015 |
Fortrea Holdings, Inc. * | 5,232 | 167,215 |
JPMorgan Diversified Return U.S. Mid 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 | ||
Horizon Therapeutics plc * | 13,350 | 1,338,604 |
Incyte Corp. * | 14,695 | 936,365 |
Jazz Pharmaceuticals plc * | 8,941 | 1,166,085 |
Maravai LifeSciences Holdings, Inc., Class A * | 20,144 | 227,829 |
Neurocrine Biosciences, Inc. * | 5,411 | 551,327 |
Royalty Pharma plc | 33,469 | 1,050,257 |
Syneos Health, Inc. * | 8,368 | 354,887 |
United Therapeutics Corp. * | 5,324 | 1,292,241 |
Viatris, Inc. | 126,464 | 1,331,666 |
10,654,878 | ||
Precious Metals & Mining — 0.2% | ||
SSR Mining, Inc. (Canada) | 35,863 | 522,165 |
Real Estate Investment & Services — 1.3% | ||
CBRE Group, Inc., Class A * | 15,973 | 1,330,710 |
CoStar Group, Inc. * | 12,501 | 1,049,709 |
Jones Lang LaSalle, Inc. * | 6,313 | 1,051,430 |
Zillow Group, Inc., Class C * | 22,229 | 1,203,923 |
4,635,772 | ||
Real Estate Investment Trusts — 9.1% | ||
Agree Realty Corp. | 6,697 | 433,832 |
American Homes 4 Rent, Class A | 17,914 | 671,417 |
Brixmor Property Group, Inc. | 49,610 | 1,128,131 |
Camden Property Trust | 7,209 | 786,430 |
CubeSmart | 24,382 | 1,057,203 |
EastGroup Properties, Inc. | 2,530 | 448,265 |
EPR Properties | 17,339 | 774,013 |
Extra Space Storage, Inc. | 16,121 | 2,250,008 |
First Industrial Realty Trust, Inc. | 19,390 | 1,002,463 |
Gaming and Leisure Properties, Inc. | 25,522 | 1,211,274 |
Highwoods Properties, Inc. | 10,526 | 265,992 |
Host Hotels & Resorts, Inc. | 71,446 | 1,314,606 |
Iron Mountain, Inc. | 23,936 | 1,469,670 |
Kimco Realty Corp. | 60,330 | 1,222,286 |
Lamar Advertising Co., Class A | 13,115 | 1,294,450 |
Medical Properties Trust, Inc. (a) | 50,208 | 506,599 |
Mid-America Apartment Communities, Inc. | 6,857 | 1,026,219 |
NNN REIT, Inc. | 23,167 | 988,768 |
Omega Healthcare Investors, Inc. | 42,693 | 1,361,907 |
Park Hotels & Resorts, Inc. | 46,736 | 637,012 |
Rayonier, Inc. | 26,498 | 877,614 |
Realty Income Corp. | 4,974 | 303,265 |
Regency Centers Corp. | 19,030 | 1,247,036 |
Rexford Industrial Realty, Inc. | 18,446 | 1,016,190 |
Simon Property Group, Inc. | 10,060 | 1,253,476 |
Spirit Realty Capital, Inc. | 25,176 | 1,015,348 |
STAG Industrial, Inc. | 16,984 | 616,519 |
Ventas, Inc. | 20,318 | 985,829 |
JPMorgan Diversified Return U.S. Mid 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 | ||
VICI Properties, Inc. | 40,534 | 1,276,010 |
Welltower, Inc. | 15,297 | 1,256,649 |
Weyerhaeuser Co. | 42,885 | 1,460,663 |
WP Carey, Inc. | 17,155 | 1,158,477 |
32,317,621 | ||
Renewable Energy — 0.2% | ||
Enphase Energy, Inc. * (a) | 5,597 | 849,793 |
Retailers — 2.8% | ||
AutoNation, Inc. * | 9,428 | 1,517,720 |
Bath & Body Works, Inc. | 3,520 | 130,451 |
Best Buy Co., Inc. | 13,265 | 1,101,658 |
Dick's Sporting Goods, Inc. | 9,782 | 1,379,262 |
Kohl's Corp. | 1,720 | 48,934 |
Macy's, Inc. | 37,460 | 621,461 |
Penske Automotive Group, Inc. | 8,936 | 1,442,449 |
Ross Stores, Inc. | 9,704 | 1,112,467 |
Tractor Supply Co. | 6,057 | 1,356,707 |
Williams-Sonoma, Inc. | 7,564 | 1,048,673 |
9,759,782 | ||
Software & Computer Services — 4.3% | ||
Akamai Technologies, Inc. * | 4,975 | 470,137 |
Amdocs Ltd. | 14,216 | 1,331,186 |
ANSYS, Inc. * | 4,097 | 1,401,584 |
CACI International, Inc., Class A * | 3,769 | 1,320,808 |
Concentrix Corp. | 5,803 | 483,042 |
Dolby Laboratories, Inc., Class A | 11,726 | 1,039,041 |
EPAM Systems, Inc. * | 3,358 | 795,208 |
Gartner, Inc. * | 3,866 | 1,366,979 |
Gen Digital, Inc. | 15,055 | 292,820 |
Hewlett Packard Enterprise Co. | 67,997 | 1,181,788 |
Leidos Holdings, Inc. | 10,022 | 937,358 |
Manhattan Associates, Inc. * | 7,154 | 1,363,695 |
Paycom Software, Inc. | 582 | 214,618 |
Science Applications International Corp. | 7,961 | 965,988 |
SS&C Technologies Holdings, Inc. | 19,291 | 1,123,701 |
Tyler Technologies, Inc. * | 2,591 | 1,027,668 |
15,315,621 | ||
Technology Hardware & Equipment — 4.6% | ||
Amphenol Corp., Class A | 17,178 | 1,516,989 |
CDW Corp. | 7,222 | 1,351,019 |
Cirrus Logic, Inc. * | 11,179 | 903,263 |
Corning, Inc. | 26,991 | 916,074 |
HP, Inc. | 29,653 | 973,508 |
Jabil, Inc. | 14,165 | 1,567,641 |
Microchip Technology, Inc. | 10,839 | 1,018,216 |
Monolithic Power Systems, Inc. | 2,656 | 1,486,005 |
JPMorgan Diversified Return U.S. Mid 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 | ||
National Instruments Corp. | 2,641 | 155,819 |
NetApp, Inc. | 13,377 | 1,043,540 |
ON Semiconductor Corp. * | 14,984 | 1,614,526 |
Qorvo, Inc. * | 8,530 | 938,471 |
Skyworks Solutions, Inc. | 8,015 | 916,676 |
TD SYNNEX Corp. | 8,497 | 838,739 |
Teradyne, Inc. | 10,304 | 1,163,734 |
16,404,220 | ||
Telecommunications Equipment — 1.3% | ||
Ciena Corp. * | 24,095 | 1,016,809 |
Juniper Networks, Inc. | 44,011 | 1,223,506 |
Lumentum Holdings, Inc. * | 19,501 | 1,021,072 |
Ubiquiti, Inc. | 4,414 | 784,147 |
Viasat, Inc. * | 20,560 | 636,127 |
4,681,661 | ||
Telecommunications Service Providers — 1.5% | ||
Cable One, Inc. | 1,917 | 1,387,793 |
DISH Network Corp., Class A * | 151,962 | 1,205,059 |
Frontier Communications Parent, Inc. * | 59,491 | 1,083,331 |
Iridium Communications, Inc. | 6,273 | 329,646 |
Liberty Broadband Corp., Class C * | 13,499 | 1,203,166 |
5,208,995 | ||
Travel & Leisure — 1.6% | ||
Boyd Gaming Corp. | 15,928 | 1,088,201 |
Choice Hotels International, Inc. | 3,024 | 395,388 |
Darden Restaurants, Inc. | 6,168 | 1,041,899 |
MGM Resorts International | 24,137 | 1,225,436 |
Texas Roadhouse, Inc. | 9,222 | 1,028,714 |
Travel + Leisure Co. | 5,691 | 231,794 |
Wendy's Co. (The) | 29,306 | 629,786 |
5,641,218 | ||
Waste & Disposal Services — 0.8% | ||
Clean Harbors, Inc. * | 8,569 | 1,424,682 |
Republic Services, Inc. | 9,333 | 1,410,309 |
Stericycle, Inc. * | 2,877 | 122,244 |
2,957,235 | ||
Total Common Stocks (Cost $330,372,785) | 353,649,970 | |
Short-Term Investments — 0.7% | ||
Investment Companies — 0.2% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)(Cost $714,385) | 714,385 | 714,385 |
JPMorgan Diversified Return U.S. Mid Cap Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Short-Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — 0.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)(Cost $1,687,077) | 1,687,077 | 1,687,077 |
Total Short-Term Investments (Cost $2,401,462) | 2,401,462 | |
Total Investments — 100.4% (Cost $332,774,247) | 356,051,432 | |
Liabilities in Excess of Other Assets — (0.4)% | (1,445,796 ) | |
NET ASSETS — 100.0% | 354,605,636 |
Percentages indicated are based on 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 $1,625,080. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of July 31, 2023. |
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P MidCap 400 E-Mini Index | 3 | 09/15/2023 | USD | 822,930 | 37,154 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Diversified Return U.S. Mid 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.
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.
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) | $356,051,432 | $— | $— (b) | $356,051,432 |
JPMorgan Diversified Return U.S. Mid 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 | |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $37,154 | $— | $— | $37,154 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
(b) | Value is zero. |
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 U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | $— | $16,305,123 | $14,618,046 | $— | $— | $1,687,077 | 1,687,077 | $28,652 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 414,054 | 9,955,599 | 9,655,268 | — | — | 714,385 | 714,385 | 20,175 | — |
Total | $414,054 | $26,260,722 | $24,273,314 | $— | $— | $2,401,462 | $48,827 | $— |
(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. |