JPMorgan U.S. Value Factor 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 U.S. Value Factor 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 — 99.9% | ||
Aerospace & Defense — 1.3% | ||
General Dynamics Corp. | 9,455 | 2,113,949 |
Huntington Ingalls Industries, Inc. | 4,168 | 957,265 |
L3Harris Technologies, Inc. | 9,019 | 1,709,010 |
RTX Corp. | 29,487 | 2,592,792 |
Textron, Inc. | 16,276 | 1,265,784 |
8,638,800 | ||
Automobiles & Parts — 2.0% | ||
BorgWarner, Inc. | 32,148 | 1,494,882 |
Ford Motor Co. | 176,901 | 2,336,862 |
General Motors Co. | 65,736 | 2,522,290 |
Gentex Corp. | 49,046 | 1,646,965 |
Genuine Parts Co. | 11,343 | 1,766,332 |
Lear Corp. | 9,712 | 1,503,029 |
LKQ Corp. | 29,335 | 1,607,265 |
Phinia, Inc. * | 6,341 | 179,894 |
13,057,519 | ||
Banks — 4.6% | ||
Bank OZK (a) | 14,295 | 625,120 |
BOK Financial Corp. | 6,670 | 594,164 |
Citigroup, Inc. | 78,955 | 3,762,995 |
Citizens Financial Group, Inc. | 42,713 | 1,377,921 |
Columbia Banking System, Inc. | 30,047 | 671,551 |
Comerica, Inc. | 18,062 | 974,626 |
Fifth Third Bancorp | 51,955 | 1,511,891 |
First Hawaiian, Inc. (a) | 36,118 | 747,281 |
First Horizon Corp. | 66,599 | 907,744 |
FNB Corp. | 94,626 | 1,210,267 |
Huntington Bancshares, Inc. | 122,217 | 1,495,936 |
KeyCorp | 87,420 | 1,076,140 |
M&T Bank Corp. | 9,112 | 1,274,404 |
New York Community Bancorp, Inc. | 132,976 | 1,844,377 |
PNC Financial Services Group, Inc. (The) | 3,657 | 500,607 |
Popular, Inc. (Puerto Rico) | 18,990 | 1,377,725 |
Prosperity Bancshares, Inc. | 7,072 | 447,799 |
Regions Financial Corp. | 79,382 | 1,617,011 |
Synovus Financial Corp. | 31,487 | 1,067,409 |
Truist Financial Corp. | 65,129 | 2,163,585 |
US Bancorp | 61,596 | 2,444,129 |
Webster Financial Corp. | 17,583 | 832,028 |
Western Alliance Bancorp | 18,639 | 968,296 |
Zions Bancorp NA | 23,763 | 908,935 |
30,401,941 | ||
Beverages — 0.4% | ||
Keurig Dr Pepper, Inc. | 26,871 | 913,883 |
Molson Coors Beverage Co., Class B | 23,547 | 1,642,874 |
2,556,757 |
JPMorgan U.S. Value Factor 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 — 1.0% | ||
Chemours Co. (The) | 10,047 | 371,538 |
Dow, Inc. | 36,914 | 2,084,534 |
Huntsman Corp. | 46,421 | 1,381,953 |
LyondellBasell Industries NV, Class A | 19,937 | 1,970,972 |
Mosaic Co. (The) | 13,561 | 552,746 |
6,361,743 | ||
Construction & Materials — 1.2% | ||
Acuity Brands, Inc. | 4,668 | 771,340 |
Builders FirstSource, Inc. * | 13,214 | 1,908,498 |
Fortune Brands Innovations, Inc. | 12,908 | 917,372 |
Louisiana-Pacific Corp. | 20,352 | 1,549,398 |
MDU Resources Group, Inc. | 36,869 | 815,542 |
Owens Corning | 12,980 | 1,817,070 |
7,779,220 | ||
Consumer Services — 0.8% | ||
eBay, Inc. | 41,826 | 1,861,675 |
Grand Canyon Education, Inc. * | 3,687 | 400,224 |
H&R Block, Inc. | 38,283 | 1,286,692 |
Service Corp. International | 23,042 | 1,535,749 |
U-Haul Holding Co. (a) | 3,210 | 195,361 |
5,279,701 | ||
Electricity — 2.0% | ||
Avangrid, Inc. (a) | 17,450 | 647,046 |
Consolidated Edison, Inc. | 20,308 | 1,926,417 |
Dominion Energy, Inc. | 6,932 | 371,209 |
Evergy, Inc. | 18,963 | 1,137,211 |
Exelon Corp. | 17,945 | 751,178 |
Hawaiian Electric Industries, Inc. | 23,850 | 915,602 |
NRG Energy, Inc. | 21,983 | 835,134 |
OGE Energy Corp. | 38,376 | 1,387,292 |
Pinnacle West Capital Corp. | 18,516 | 1,533,495 |
PPL Corp. | 63,977 | 1,761,287 |
Southern Co. (The) | 28,722 | 2,077,749 |
13,343,620 | ||
Electronic & Electrical Equipment — 1.9% | ||
Crane Co. | 8,261 | 773,973 |
Crane NXT Co. | 11,530 | 682,000 |
Emerson Electric Co. | 24,854 | 2,270,413 |
Hubbell, Inc. | 5,588 | 1,743,456 |
Johnson Controls International plc | 34,048 | 2,368,038 |
MKS Instruments, Inc. | 11,690 | 1,276,197 |
nVent Electric plc | 30,393 | 1,607,182 |
Pentair plc | 23,663 | 1,644,579 |
12,365,838 |
JPMorgan U.S. Value Factor 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 ($) |
Common Stocks — continued | ||
Finance & Credit Services — 0.6% | ||
Ally Financial, Inc. | 49,870 | 1,523,030 |
MGIC Investment Corp. | 86,168 | 1,442,452 |
OneMain Holdings, Inc. | 29,430 | 1,338,477 |
4,303,959 | ||
Food Producers — 2.4% | ||
Archer-Daniels-Midland Co. | 30,220 | 2,567,491 |
Bunge Ltd. | 4,543 | 493,688 |
Campbell Soup Co. | 32,241 | 1,477,282 |
Conagra Brands, Inc. | 49,375 | 1,619,994 |
General Mills, Inc. | 31,562 | 2,358,944 |
Ingredion, Inc. | 8,337 | 927,575 |
J M Smucker Co. (The) | 11,103 | 1,672,667 |
Kellogg Co. | 16,544 | 1,106,628 |
Kraft Heinz Co. (The) | 55,788 | 2,018,410 |
Post Holdings, Inc. * | 7,165 | 611,174 |
Tyson Foods, Inc., Class A | 25,550 | 1,423,646 |
16,277,499 | ||
Gas, Water & Multi-utilities — 0.7% | ||
Duke Energy Corp. | 34,029 | 3,185,795 |
National Fuel Gas Co. | 12,066 | 640,825 |
UGI Corp. | 35,107 | 947,538 |
4,774,158 | ||
General Industrials — 2.8% | ||
3M Co. | 20,212 | 2,253,638 |
Amcor plc | 91,512 | 938,913 |
Berry Global Group, Inc. | 13,332 | 874,179 |
Dover Corp. | 11,038 | 1,611,217 |
DuPont de Nemours, Inc. | 30,876 | 2,396,904 |
Eaton Corp. plc | 17,834 | 3,661,677 |
Packaging Corp. of America | 11,477 | 1,759,998 |
Parker-Hannifin Corp. | 6,908 | 2,832,349 |
Silgan Holdings, Inc. | 23,134 | 1,014,426 |
WestRock Co. | 43,795 | 1,457,935 |
18,801,236 | ||
Health Care Providers — 4.1% | ||
Centene Corp. * | 23,201 | 1,579,756 |
Cigna Group (The) | 12,776 | 3,770,198 |
Elevance Health, Inc. | 9,362 | 4,415,400 |
Encompass Health Corp. | 10,246 | 676,543 |
Humana, Inc. | 5,659 | 2,585,201 |
Premier, Inc., Class A | 27,860 | 773,115 |
UnitedHealth Group, Inc. | 24,179 | 12,243,520 |
Universal Health Services, Inc., Class B | 10,246 | 1,423,784 |
27,467,517 |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Household Goods & Home Construction — 2.0% | ||
DR Horton, Inc. | 19,623 | 2,492,513 |
Leggett & Platt, Inc. | 39,960 | 1,169,230 |
Lennar Corp., Class A | 17,844 | 2,263,155 |
Newell Brands, Inc. | 100,952 | 1,126,624 |
NVR, Inc. * | 183 | 1,154,079 |
PulteGroup, Inc. | 23,402 | 1,974,895 |
Toll Brothers, Inc. | 19,747 | 1,586,276 |
Whirlpool Corp. | 9,677 | 1,396,004 |
13,162,776 | ||
Industrial Engineering — 1.7% | ||
AGCO Corp. | 9,708 | 1,292,135 |
Brunswick Corp. | 9,901 | 854,555 |
Caterpillar, Inc. | 16,896 | 4,480,313 |
Cummins, Inc. | 7,764 | 2,024,851 |
Snap-on, Inc. | 6,087 | 1,658,342 |
Stanley Black & Decker, Inc. | 10,012 | 993,891 |
11,304,087 | ||
Industrial Materials — 0.2% | ||
International Paper Co. | 36,158 | 1,303,857 |
Industrial Metals & Mining — 0.9% | ||
Cleveland-Cliffs, Inc. * | 44,530 | 785,955 |
Nucor Corp. | 13,901 | 2,392,223 |
Reliance Steel & Aluminum Co. | 6,499 | 1,903,297 |
United States Steel Corp. | 34,468 | 878,934 |
5,960,409 | ||
Industrial Support Services — 1.4% | ||
ADT, Inc. (a) | 83,688 | 533,929 |
Capital One Financial Corp. | 21,780 | 2,548,695 |
Fidelity National Information Services, Inc. | 11,402 | 688,453 |
ManpowerGroup, Inc. | 15,055 | 1,187,538 |
MSC Industrial Direct Co., Inc., Class A | 13,891 | 1,401,880 |
Robert Half, Inc. | 7,525 | 557,979 |
Synchrony Financial | 45,354 | 1,566,527 |
Western Union Co. (The) | 95,509 | 1,163,300 |
9,648,301 | ||
Industrial Transportation — 2.7% | ||
Allison Transmission Holdings, Inc. | 25,862 | 1,517,841 |
FedEx Corp. | 12,077 | 3,260,186 |
Knight-Swift Transportation Holdings, Inc. | 26,464 | 1,607,688 |
Norfolk Southern Corp. | 10,503 | 2,453,396 |
Oshkosh Corp. | 6,414 | 590,537 |
PACCAR, Inc. | 26,714 | 2,300,877 |
Ryder System, Inc. | 14,323 | 1,463,094 |
JPMorgan U.S. Value Factor 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 Transportation — continued | ||
Schneider National, Inc., Class B | 26,427 | 814,216 |
Union Pacific Corp. | 16,718 | 3,878,910 |
17,886,745 | ||
Investment Banking & Brokerage Services — 1.5% | ||
Bank of New York Mellon Corp. (The) | 43,698 | 1,982,141 |
Carlyle Group, Inc. (The) (a) | 39,278 | 1,400,261 |
Franklin Resources, Inc. | 48,074 | 1,405,684 |
Invesco Ltd. | 75,072 | 1,261,210 |
Janus Henderson Group plc (a) | 33,955 | 996,579 |
Jefferies Financial Group, Inc. | 39,297 | 1,445,737 |
State Street Corp. | 23,269 | 1,685,606 |
10,177,218 | ||
Leisure Goods — 1.6% | ||
Activision Blizzard, Inc. * | 36,911 | 3,423,864 |
Garmin Ltd. | 16,074 | 1,702,076 |
Harley-Davidson, Inc. | 29,071 | 1,122,431 |
Hasbro, Inc. | 18,228 | 1,176,800 |
Polaris, Inc. (a) | 6,702 | 910,400 |
Pool Corp. | 2,873 | 1,105,358 |
Thor Industries, Inc. | 13,179 | 1,522,043 |
10,962,972 | ||
Life Insurance — 0.9% | ||
Corebridge Financial, Inc. | 23,202 | 434,109 |
Principal Financial Group, Inc. | 20,529 | 1,639,651 |
Prudential Financial, Inc. | 22,430 | 2,164,271 |
Unum Group | 32,695 | 1,589,304 |
5,827,335 | ||
Media — 1.6% | ||
Fox Corp., Class A | 43,069 | 1,440,658 |
Interpublic Group of Cos., Inc. (The) (a) | 42,036 | 1,438,892 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 35,206 | 1,120,607 |
News Corp., Class A | 75,118 | 1,488,839 |
Nexstar Media Group, Inc. | 7,508 | 1,401,894 |
Omnicom Group, Inc. | 18,641 | 1,577,401 |
Paramount Global, Class B (a) | 72,443 | 1,161,261 |
Sirius XM Holdings, Inc. (a) | 178,959 | 912,691 |
10,542,243 | ||
Medical Equipment & Services — 1.6% | ||
Becton Dickinson & Co. | 2,070 | 576,744 |
Laboratory Corp. of America Holdings | 4,911 | 1,050,610 |
Medtronic plc | 48,749 | 4,278,212 |
Quest Diagnostics, Inc. | 11,928 | 1,612,785 |
QuidelOrtho Corp. * | 8,816 | 770,166 |
JPMorgan U.S. Value Factor 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 | ||
Medical Equipment & Services — continued | ||
Revvity, Inc. | 7,939 | 976,100 |
Zimmer Biomet Holdings, Inc. | 8,902 | 1,229,811 |
10,494,428 | ||
Mortgage Real Estate Investment Trusts — 0.8% | ||
AGNC Investment Corp. (a) | 97,020 | 988,634 |
Annaly Capital Management, Inc. | 73,889 | 1,484,430 |
Rithm Capital Corp. | 143,310 | 1,444,565 |
Starwood Property Trust, Inc. (a) | 69,550 | 1,442,467 |
5,360,096 | ||
Non-life Insurance — 1.5% | ||
American International Group, Inc. | 41,640 | 2,510,059 |
Assured Guaranty Ltd. | 21,841 | 1,305,655 |
Axis Capital Holdings Ltd. | 13,299 | 733,041 |
Fidelity National Financial, Inc. | 40,586 | 1,589,754 |
First American Financial Corp. | 24,800 | 1,571,824 |
Old Republic International Corp. | 56,457 | 1,556,519 |
Reinsurance Group of America, Inc. | 7,309 | 1,025,818 |
10,292,670 | ||
Non-Renewable Energy — 4.4% | ||
Antero Midstream Corp. | 30,575 | 365,066 |
Antero Resources Corp. * | 54,281 | 1,452,017 |
Chesapeake Energy Corp. | 18,060 | 1,523,180 |
Chevron Corp. | 28,781 | 4,710,298 |
Coterra Energy, Inc. | 69,788 | 1,921,962 |
Diamondback Energy, Inc. | 10,802 | 1,591,351 |
HF Sinclair Corp. | 25,752 | 1,341,422 |
Kinder Morgan, Inc. | 118,552 | 2,099,556 |
Marathon Oil Corp. | 64,724 | 1,700,300 |
Marathon Petroleum Corp. (a) | 22,211 | 2,954,507 |
Ovintiv, Inc. | 31,448 | 1,449,438 |
PDC Energy, Inc. | 14,388 | 1,091,905 |
Phillips 66 | 24,926 | 2,780,495 |
Pioneer Natural Resources Co. | 12,585 | 2,840,057 |
Valero Energy Corp. | 12,106 | 1,560,584 |
29,382,138 | ||
Personal Care, Drug & Grocery Stores — 1.3% | ||
Albertsons Cos., Inc., Class A | 66,109 | 1,436,549 |
CVS Health Corp. | 53,388 | 3,987,550 |
Kroger Co. (The) | 36,613 | 1,780,856 |
Walgreens Boots Alliance, Inc. | 52,190 | 1,564,134 |
8,769,089 | ||
Personal Goods — 1.1% | ||
Carter's, Inc. (a) | 17,092 | 1,282,071 |
Columbia Sportswear Co. | 8,933 | 702,223 |
PVH Corp. | 16,908 | 1,515,633 |
JPMorgan U.S. Value Factor 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 | ||
Personal Goods — continued | ||
Ralph Lauren Corp. | 11,055 | 1,451,853 |
Tapestry, Inc. | 34,316 | 1,480,736 |
VF Corp. | 30,730 | 608,761 |
7,041,277 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 6.5% | ||
Amgen, Inc. | 16,937 | 3,965,799 |
Biogen, Inc. * | 4,634 | 1,252,060 |
Bristol-Myers Squibb Co. | 70,561 | 4,388,189 |
Fortrea Holdings, Inc. * (a) | 4,911 | 156,956 |
Gilead Sciences, Inc. | 46,092 | 3,509,445 |
Johnson & Johnson | 63,000 | 10,554,390 |
Merck & Co., Inc. | 82,993 | 8,851,203 |
Perrigo Co. plc | 8,105 | 296,967 |
Pfizer, Inc. | 182,805 | 6,591,948 |
Syneos Health, Inc. * | 21,359 | 905,835 |
United Therapeutics Corp. * | 5,375 | 1,304,620 |
Viatris, Inc. | 142,361 | 1,499,061 |
43,276,473 | ||
Real Estate Investment & Services — 0.1% | ||
Jones Lang LaSalle, Inc. * | 5,316 | 885,380 |
Real Estate Investment Trusts — 2.7% | ||
Brixmor Property Group, Inc. | 1,911 | 43,456 |
Cousins Properties, Inc. | 32,588 | 796,125 |
EPR Properties | 28,798 | 1,285,543 |
Equity Residential | 16,592 | 1,094,076 |
Gaming and Leisure Properties, Inc. | 16,902 | 802,169 |
Highwoods Properties, Inc. | 41,987 | 1,061,012 |
Kilroy Realty Corp. | 24,741 | 883,254 |
Kimco Realty Corp. | 74,004 | 1,499,321 |
Medical Properties Trust, Inc. (a) | 127,408 | 1,285,547 |
NNN REIT, Inc. | 19,854 | 847,369 |
Omega Healthcare Investors, Inc. (a) | 46,326 | 1,477,799 |
Park Hotels & Resorts, Inc. | 50,128 | 683,245 |
Regency Centers Corp. | 13,851 | 907,656 |
Simon Property Group, Inc. | 14,964 | 1,864,514 |
VICI Properties, Inc. | 23,176 | 729,580 |
Vornado Realty Trust | 45,710 | 1,027,561 |
Welltower, Inc. | 7,800 | 640,770 |
Weyerhaeuser Co. | 14,056 | 478,747 |
WP Carey, Inc. | 11,963 | 807,861 |
18,215,605 | ||
Retailers — 3.6% | ||
Advance Auto Parts, Inc. | 12,878 | 957,994 |
AutoNation, Inc. * | 9,465 | 1,523,676 |
Bath & Body Works, Inc. | 20,533 | 760,953 |
Best Buy Co., Inc. | 20,986 | 1,742,887 |
JPMorgan U.S. Value Factor 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 | ||
Capri Holdings Ltd. * | 19,844 | 732,442 |
CarMax, Inc. * (a) | 12,596 | 1,040,556 |
Dick's Sporting Goods, Inc. | 10,769 | 1,518,429 |
Gap, Inc. (The) (a) | 80,592 | 830,098 |
Home Depot, Inc. (The) | 17,060 | 5,695,310 |
Kohl's Corp. (a) | 41,468 | 1,179,765 |
Lithia Motors, Inc., Class A | 5,047 | 1,567,245 |
Macy's, Inc. | 57,034 | 946,194 |
Murphy USA, Inc. | 2,733 | 839,113 |
Nordstrom, Inc. (a) | 53,573 | 1,238,072 |
Penske Automotive Group, Inc. (a) | 8,840 | 1,426,953 |
Victoria's Secret & Co. * (a) | 36,215 | 742,045 |
Williams-Sonoma, Inc. | 11,431 | 1,584,794 |
24,326,526 | ||
Software & Computer Services — 15.6% | ||
Adobe, Inc. * | 5,284 | 2,885,962 |
Akamai Technologies, Inc. * | 12,964 | 1,225,098 |
Alphabet, Inc., Class A * | 101,428 | 13,461,524 |
Amdocs Ltd. | 16,463 | 1,541,595 |
ANSYS, Inc. * | 4,164 | 1,424,504 |
AppLovin Corp., Class A * | 33,189 | 1,042,135 |
Black Knight, Inc. * | 15,901 | 1,118,158 |
CACI International, Inc., Class A * | 4,553 | 1,595,553 |
Clarivate plc * (a) | 78,737 | 748,789 |
Cognizant Technology Solutions Corp., Class A | 34,258 | 2,262,056 |
Concentrix Corp. | 11,257 | 937,033 |
Dolby Laboratories, Inc., Class A | 16,694 | 1,479,255 |
Dropbox, Inc., Class A * | 32,533 | 876,764 |
Dun & Bradstreet Holdings, Inc. | 78,903 | 932,633 |
DXC Technology Co. * | 50,101 | 1,385,293 |
EPAM Systems, Inc. * | 4,351 | 1,030,360 |
F5, Inc. * | 6,340 | 1,003,242 |
Gen Digital, Inc. | 52,402 | 1,019,219 |
GoDaddy, Inc., Class A * | 12,561 | 968,328 |
Hewlett Packard Enterprise Co. | 114,343 | 1,987,281 |
International Business Machines Corp. | 34,920 | 5,034,766 |
Intuit, Inc. | 9,244 | 4,730,155 |
KBR, Inc. | 15,114 | 929,360 |
Leidos Holdings, Inc. | 16,563 | 1,549,137 |
Meta Platforms, Inc., Class A * | 46,808 | 14,913,029 |
Microsoft Corp. | 37,941 | 12,745,141 |
NCR Corp. * | 27,788 | 746,941 |
Oracle Corp. | 54,352 | 6,371,685 |
PTC, Inc. * | 9,237 | 1,346,847 |
Roper Technologies, Inc. | 4,805 | 2,369,105 |
Salesforce, Inc. * | 29,150 | 6,559,042 |
Science Applications International Corp. | 12,531 | 1,520,512 |
JPMorgan U.S. Value Factor 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 | ||
Software & Computer Services — continued | ||
SS&C Technologies Holdings, Inc. | 28,090 | 1,636,243 |
Teradata Corp. * | 25,998 | 1,477,986 |
VMware, Inc., Class A * | 10,106 | 1,593,009 |
Zoom Video Communications, Inc., Class A * | 15,560 | 1,141,326 |
ZoomInfo Technologies, Inc. * | 31,669 | 809,776 |
104,398,842 | ||
Technology Hardware & Equipment — 15.4% | ||
Amphenol Corp., Class A | 25,069 | 2,213,843 |
Analog Devices, Inc. | 21,035 | 4,197,114 |
Apple, Inc. | 68,619 | 13,480,203 |
Applied Materials, Inc. | 33,052 | 5,010,353 |
Arrow Electronics, Inc. * | 10,818 | 1,541,998 |
Avnet, Inc. | 28,921 | 1,402,669 |
Broadcom, Inc. | 13,071 | 11,746,254 |
CDW Corp. | 10,664 | 1,994,914 |
Cirrus Logic, Inc. * | 11,760 | 950,208 |
Coherent Corp. * | 18,970 | 898,419 |
Corning, Inc. | 56,251 | 1,909,159 |
Entegris, Inc. | 14,900 | 1,634,679 |
GLOBALFOUNDRIES, Inc. * (a) | 12,446 | 792,686 |
HP, Inc. | 65,841 | 2,161,560 |
Intel Corp. | 157,804 | 5,644,649 |
IPG Photonics Corp. * | 7,529 | 989,687 |
Jabil, Inc. | 16,732 | 1,851,730 |
KLA Corp. | 6,562 | 3,372,540 |
Lam Research Corp. | 5,843 | 4,198,137 |
Marvell Technology, Inc. | 42,635 | 2,776,818 |
Microchip Technology, Inc. | 30,442 | 2,859,721 |
Micron Technology, Inc. | 49,701 | 3,548,154 |
Monolithic Power Systems, Inc. | 2,419 | 1,353,406 |
National Instruments Corp. | 20,992 | 1,238,528 |
NetApp, Inc. | 23,743 | 1,852,191 |
ON Semiconductor Corp. * | 26,050 | 2,806,887 |
Pure Storage, Inc., Class A * | 24,735 | 914,948 |
Qorvo, Inc. * | 11,547 | 1,270,401 |
QUALCOMM, Inc. | 42,024 | 5,554,312 |
Skyworks Solutions, Inc. | 16,215 | 1,854,510 |
TD SYNNEX Corp. | 13,725 | 1,354,795 |
Teradyne, Inc. | 15,273 | 1,724,933 |
Texas Instruments, Inc. | 32,976 | 5,935,680 |
Universal Display Corp. | 6,927 | 1,010,511 |
Vertiv Holdings Co. | 37,536 | 976,311 |
103,022,908 | ||
Telecommunications Equipment — 0.9% | ||
Cisco Systems, Inc. | 116,907 | 6,083,840 |
Telecommunications Service Providers — 1.2% | ||
AT&T, Inc. | 242,231 | 3,517,194 |
JPMorgan U.S. Value Factor 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 | ||
Comcast Corp., Class A | 87,220 | 3,947,577 |
DISH Network Corp., Class A * (a) | 45,688 | 362,306 |
Verizon Communications, Inc. | 11,745 | 400,270 |
8,227,347 | ||
Tobacco — 1.0% | ||
Altria Group, Inc. | 68,304 | 3,102,368 |
Philip Morris International, Inc. | 34,710 | 3,461,281 |
6,563,649 | ||
Travel & Leisure — 1.9% | ||
Boyd Gaming Corp. | 20,134 | 1,375,555 |
Darden Restaurants, Inc. | 11,047 | 1,866,059 |
Marriott Vacations Worldwide Corp. | 9,190 | 1,181,007 |
MGM Resorts International | 36,662 | 1,861,330 |
Penn Entertainment, Inc. * (a) | 34,253 | 900,511 |
Travel + Leisure Co. | 29,422 | 1,198,358 |
United Airlines Holdings, Inc. * | 20,706 | 1,124,543 |
Vail Resorts, Inc. | 3,607 | 849,412 |
Wendy's Co. (The) (a) | 60,256 | 1,294,902 |
Wyndham Hotels & Resorts, Inc. | 11,379 | 886,652 |
12,538,329 | ||
Total Common Stocks (Cost $650,888,348) | 667,064,048 | |
Short-Term Investments — 2.9% | ||
Investment Companies — 0.1% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c)(Cost $525,428) | 525,428 | 525,428 |
Investment of Cash Collateral from Securities Loaned — 2.8% | ||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.52% (b) (c) | 16,287,376 | 16,290,634 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (b) (c) | 2,732,576 | 2,732,576 |
Total Investment of Cash Collateral from Securities Loaned (Cost $19,022,981) | 19,023,210 | |
Total Short-Term Investments (Cost $19,548,409) | 19,548,638 | |
Total Investments — 102.8% (Cost $670,436,757) | 686,612,686 | |
Liabilities in Excess of Other Assets — (2.8)% | (18,418,007 ) | |
NET ASSETS — 100.0% | 668,194,679 |
Percentages indicated are based on net assets. |
* | 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 $18,606,111. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of July 31, 2023. |
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
Futures contracts outstanding as of July 31, 2023:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 E-Mini Index | 3 | 09/15/2023 | USD | 692,400 | 28,181 |
Abbreviations | |
USD | United States Dollar |
JPMorgan U.S. Value Factor 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.
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) | $686,612,686 | $— | $— | $686,612,686 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $28,181 | $— | $— | $28,181 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
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.
JPMorgan U.S. Value Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2023 (Unaudited) (continued)
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) | $297,072 | $166,994,901 | $150,995,401 | $(5,959 ) | $21 | $16,290,634 | 16,287,376 | $414,357 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 623,020 | 94,795,194 | 92,685,638 | — | — | 2,732,576 | 2,732,576 | 90,854 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.27% (a) (b) | 377,263 | 24,074,050 | 23,925,885 | — | — | 525,428 | 525,428 | 35,649 | — |
Total | $1,297,355 | $285,864,145 | $267,606,924 | $(5,959 ) | $21 | $19,548,638 | $540,860 | $— |
(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. |