JPMorgan BetaBuilders U.S. Equity ETF
Schedule of Portfolio Investments as of January 31, 2024
(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., 2024. |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 99.4% | ||
Aerospace & Defense — 1.5% | ||
Boeing Co. (The) * | 39,792 | 8,397,704 |
General Dynamics Corp. | 15,785 | 4,182,867 |
HEICO Corp. | 2,780 | 499,260 |
HEICO Corp., Class A | 4,996 | 706,784 |
Howmet Aerospace, Inc. | 25,594 | 1,439,918 |
Huntington Ingalls Industries, Inc. | 2,609 | 675,522 |
L3Harris Technologies, Inc. | 11,784 | 2,456,021 |
Lockheed Martin Corp. | 14,499 | 6,226,016 |
Northrop Grumman Corp. | 9,921 | 4,432,306 |
RTX Corp. | 94,705 | 8,629,520 |
Textron, Inc. | 12,890 | 1,091,912 |
TransDigm Group, Inc. | 3,468 | 3,789,414 |
42,527,244 | ||
Air Freight & Logistics — 0.4% | ||
CH Robinson Worldwide, Inc. | 7,651 | 643,373 |
Expeditors International of Washington, Inc. | 9,510 | 1,201,398 |
FedEx Corp. | 15,523 | 3,745,545 |
United Parcel Service, Inc., Class B | 47,638 | 6,759,832 |
12,350,148 | ||
Automobile Components — 0.1% | ||
Aptiv plc * | 18,587 | 1,511,681 |
BorgWarner, Inc. | 15,429 | 523,043 |
Lear Corp. | 3,833 | 509,405 |
2,544,129 | ||
Automobiles — 1.5% | ||
Ford Motor Co. | 258,700 | 3,031,964 |
General Motors Co. | 90,091 | 3,495,531 |
Lucid Group, Inc. * (a) | 56,692 | 191,619 |
Rivian Automotive, Inc., Class A * (a) | 44,279 | 677,912 |
Tesla, Inc. * | 182,143 | 34,113,562 |
41,510,588 | ||
Banks — 3.2% | ||
Bank of America Corp. | 452,909 | 15,403,435 |
Citigroup, Inc. | 125,926 | 7,073,264 |
Citizens Financial Group, Inc. | 29,352 | 959,810 |
East West Bancorp, Inc. | 9,250 | 673,493 |
Fifth Third Bancorp | 41,809 | 1,431,540 |
First Citizens BancShares, Inc., Class A | 774 | 1,168,740 |
Huntington Bancshares, Inc. | 91,077 | 1,159,410 |
JPMorgan Chase & Co. (b) | 190,215 | 33,165,888 |
KeyCorp | 61,606 | 895,135 |
M&T Bank Corp. | 10,916 | 1,507,500 |
PNC Financial Services Group, Inc. (The) | 26,179 | 3,958,527 |
Regions Financial Corp. | 61,190 | 1,142,417 |
Truist Financial Corp. | 87,751 | 3,252,052 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Banks — continued | ||
US Bancorp | 102,345 | 4,251,411 |
Wells Fargo & Co. | 239,163 | 12,001,199 |
88,043,821 | ||
Beverages — 1.4% | ||
Brown-Forman Corp., Class A | 3,199 | 180,328 |
Brown-Forman Corp., Class B | 20,026 | 1,099,427 |
Coca-Cola Co. (The) | 258,243 | 15,362,876 |
Constellation Brands, Inc., Class A | 10,266 | 2,515,991 |
Keurig Dr Pepper, Inc. | 63,460 | 1,995,182 |
Molson Coors Beverage Co., Class B | 11,716 | 723,932 |
Monster Beverage Corp. * | 51,244 | 2,819,445 |
PepsiCo, Inc. | 90,543 | 15,259,212 |
39,956,393 | ||
Biotechnology — 2.2% | ||
AbbVie, Inc. | 116,263 | 19,113,637 |
Alnylam Pharmaceuticals, Inc. * | 8,018 | 1,386,392 |
Amgen, Inc. | 35,238 | 11,073,894 |
Biogen, Inc. * | 9,538 | 2,352,643 |
BioMarin Pharmaceutical, Inc. * | 12,371 | 1,089,638 |
Exact Sciences Corp. * | 11,906 | 778,653 |
Gilead Sciences, Inc. | 82,066 | 6,422,485 |
Incyte Corp. * | 12,160 | 714,643 |
Moderna, Inc. * | 21,139 | 2,136,096 |
Neurocrine Biosciences, Inc. * | 6,448 | 901,237 |
Regeneron Pharmaceuticals, Inc. * | 7,040 | 6,637,171 |
Vertex Pharmaceuticals, Inc. * | 16,962 | 7,350,992 |
59,957,481 | ||
Broadline Retail — 3.7% | ||
Amazon.com, Inc. * | 614,570 | 95,381,264 |
Coupang, Inc. (South Korea) * | 77,120 | 1,079,680 |
eBay, Inc. | 34,188 | 1,404,101 |
Etsy, Inc. * (a) | 7,862 | 523,295 |
MercadoLibre, Inc. (Brazil) * | 3,212 | 5,498,334 |
103,886,674 | ||
Building Products — 0.5% | ||
Allegion plc | 5,774 | 715,341 |
Carrier Global Corp. | 55,264 | 3,023,493 |
Johnson Controls International plc | 44,797 | 2,360,354 |
Lennox International, Inc. | 2,122 | 908,556 |
Masco Corp. | 14,766 | 993,604 |
Owens Corning | 5,838 | 884,632 |
Trane Technologies plc | 14,960 | 3,770,668 |
12,656,648 | ||
Capital Markets — 3.0% | ||
Ameriprise Financial, Inc. | 6,648 | 2,571,646 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Capital Markets — continued | ||
Ares Management Corp. | 10,970 | 1,332,636 |
Bank of New York Mellon Corp. (The) | 50,540 | 2,802,948 |
BlackRock, Inc. | 9,448 | 7,315,681 |
Blackstone, Inc. | 46,740 | 5,816,793 |
Carlyle Group, Inc. (The) | 13,492 | 539,950 |
Charles Schwab Corp. (The) | 94,502 | 5,946,066 |
CME Group, Inc. | 23,680 | 4,874,291 |
Coinbase Global, Inc., Class A * (a) | 11,289 | 1,447,250 |
FactSet Research Systems, Inc. | 2,503 | 1,191,228 |
Franklin Resources, Inc. | 19,277 | 513,346 |
Goldman Sachs Group, Inc. (The) | 21,484 | 8,250,071 |
Intercontinental Exchange, Inc. | 37,655 | 4,794,611 |
KKR & Co., Inc. | 43,643 | 3,778,611 |
LPL Financial Holdings, Inc. | 4,975 | 1,189,970 |
MarketAxess Holdings, Inc. | 2,491 | 561,745 |
Moody's Corp. | 10,417 | 4,083,881 |
Morgan Stanley | 83,448 | 7,280,004 |
MSCI, Inc. | 5,205 | 3,115,817 |
Nasdaq, Inc. | 26,325 | 1,520,795 |
Northern Trust Corp. | 13,586 | 1,081,989 |
Raymond James Financial, Inc. | 12,421 | 1,368,546 |
S&P Global, Inc. | 20,870 | 9,357,064 |
State Street Corp. | 20,286 | 1,498,527 |
T. Rowe Price Group, Inc. | 14,616 | 1,585,105 |
83,818,571 | ||
Chemicals — 1.5% | ||
Air Products and Chemicals, Inc. | 14,635 | 3,742,316 |
Albemarle Corp. (a) | 7,711 | 884,760 |
Celanese Corp. | 6,818 | 997,405 |
CF Industries Holdings, Inc. | 11,693 | 882,938 |
Corteva, Inc. | 46,371 | 2,108,953 |
Dow, Inc. | 46,136 | 2,472,890 |
DuPont de Nemours, Inc. | 28,284 | 1,747,951 |
Eastman Chemical Co. | 7,784 | 650,353 |
Ecolab, Inc. | 16,364 | 3,243,672 |
International Flavors & Fragrances, Inc. | 16,803 | 1,355,666 |
Linde plc | 31,869 | 12,901,527 |
LyondellBasell Industries NV, Class A | 17,032 | 1,603,052 |
Mosaic Co. (The) | 21,488 | 659,897 |
PPG Industries, Inc. | 15,521 | 2,189,082 |
Sherwin-Williams Co. (The) | 15,550 | 4,733,109 |
Westlake Corp. | 2,225 | 307,829 |
40,481,400 | ||
Commercial Services & Supplies — 0.5% | ||
Cintas Corp. | 5,761 | 3,482,928 |
Copart, Inc. * | 54,766 | 2,630,959 |
Republic Services, Inc. | 13,486 | 2,307,724 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Commercial Services & Supplies — continued | ||
Rollins, Inc. | 19,372 | 839,001 |
Veralto Corp. | 15,249 | 1,169,446 |
Waste Management, Inc. | 24,192 | 4,490,761 |
14,920,819 | ||
Communications Equipment — 0.8% | ||
Arista Networks, Inc. * | 16,752 | 4,333,407 |
Cisco Systems, Inc. | 267,611 | 13,428,720 |
F5, Inc. * | 3,799 | 697,876 |
Juniper Networks, Inc. | 20,960 | 774,682 |
Motorola Solutions, Inc. | 10,927 | 3,491,177 |
22,725,862 | ||
Construction & Engineering — 0.1% | ||
Quanta Services, Inc. | 9,559 | 1,854,924 |
Construction Materials — 0.1% | ||
Martin Marietta Materials, Inc. | 4,058 | 2,063,168 |
Vulcan Materials Co. | 8,447 | 1,909,107 |
3,972,275 | ||
Consumer Finance — 0.5% | ||
American Express Co. | 38,158 | 7,659,837 |
Capital One Financial Corp. | 24,204 | 3,275,285 |
Discover Financial Services | 16,456 | 1,736,437 |
Synchrony Financial | 25,924 | 1,007,666 |
13,679,225 | ||
Consumer Staples Distribution & Retail — 1.8% | ||
Albertsons Cos., Inc., Class A | 27,457 | 582,638 |
Costco Wholesale Corp. | 29,163 | 20,264,785 |
Dollar General Corp. | 14,447 | 1,908,015 |
Dollar Tree, Inc. * | 13,567 | 1,772,122 |
Kroger Co. (The) | 44,007 | 2,030,483 |
Sysco Corp. | 33,214 | 2,688,009 |
Target Corp. | 30,381 | 4,225,390 |
Walgreens Boots Alliance, Inc. | 47,111 | 1,063,295 |
Walmart, Inc. | 95,544 | 15,788,646 |
50,323,383 | ||
Containers & Packaging — 0.2% | ||
Amcor plc | 95,086 | 896,661 |
Avery Dennison Corp. | 5,271 | 1,051,301 |
Ball Corp. | 19,808 | 1,098,353 |
Crown Holdings, Inc. | 7,919 | 700,831 |
International Paper Co. | 21,671 | 776,472 |
Packaging Corp. of America | 5,635 | 934,734 |
WestRock Co. | 16,172 | 651,085 |
6,109,437 | ||
Distributors — 0.1% | ||
Genuine Parts Co. | 9,213 | 1,291,939 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Distributors — continued | ||
LKQ Corp. | 17,580 | 820,459 |
Pool Corp. (a) | 2,486 | 922,927 |
3,035,325 | ||
Diversified REITs — 0.0% ^ | ||
WP Carey, Inc. | 14,290 | 885,408 |
Diversified Telecommunication Services — 0.7% | ||
AT&T, Inc. | 470,883 | 8,329,920 |
Verizon Communications, Inc. | 276,883 | 11,725,995 |
20,055,915 | ||
Electric Utilities — 1.4% | ||
Alliant Energy Corp. | 16,781 | 816,563 |
American Electric Power Co., Inc. | 34,625 | 2,705,598 |
Avangrid, Inc. (a) | 4,679 | 142,148 |
Constellation Energy Corp. | 20,199 | 2,464,278 |
Duke Energy Corp. | 50,765 | 4,864,810 |
Edison International | 25,269 | 1,705,152 |
Entergy Corp. | 13,890 | 1,385,666 |
Evergy, Inc. | 14,528 | 737,587 |
Eversource Energy | 23,003 | 1,247,223 |
Exelon Corp. | 65,560 | 2,282,144 |
FirstEnergy Corp. | 33,893 | 1,243,195 |
NextEra Energy, Inc. | 134,989 | 7,914,405 |
NRG Energy, Inc. | 14,832 | 786,689 |
PG&E Corp. | 139,881 | 2,359,792 |
Pinnacle West Capital Corp. | 7,475 | 515,028 |
PPL Corp. | 48,541 | 1,271,774 |
Southern Co. (The) | 69,017 | 4,798,062 |
Xcel Energy, Inc. | 36,340 | 2,175,676 |
39,415,790 | ||
Electrical Equipment — 0.6% | ||
AMETEK, Inc. | 15,174 | 2,458,947 |
Eaton Corp. plc | 26,291 | 6,469,689 |
Emerson Electric Co. | 37,511 | 3,440,884 |
Hubbell, Inc. | 3,240 | 1,087,247 |
Rockwell Automation, Inc. | 7,555 | 1,913,530 |
15,370,297 | ||
Electronic Equipment, Instruments & Components — 0.6% | ||
Amphenol Corp., Class A | 38,184 | 3,860,402 |
CDW Corp. | 8,817 | 1,998,990 |
Corning, Inc. | 50,909 | 1,654,033 |
Flex Ltd. * | 28,492 | 676,400 |
Keysight Technologies, Inc. * | 11,641 | 1,784,100 |
TE Connectivity Ltd. | 19,771 | 2,811,239 |
Teledyne Technologies, Inc. * | 3,092 | 1,293,909 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Electronic Equipment, Instruments & Components — continued | ||
Trimble, Inc. * | 15,735 | 800,282 |
Zebra Technologies Corp., Class A * | 3,359 | 804,649 |
15,684,004 | ||
Energy Equipment & Services — 0.3% | ||
Baker Hughes Co. | 66,268 | 1,888,638 |
Halliburton Co. | 58,877 | 2,098,965 |
Schlumberger NV | 93,969 | 4,576,290 |
8,563,893 | ||
Entertainment — 1.3% | ||
Electronic Arts, Inc. | 16,061 | 2,209,672 |
Liberty Media Corp-Liberty Formula One, Class A * | 1,506 | 92,002 |
Liberty Media Corp-Liberty Formula One, Class C * | 13,511 | 908,615 |
Live Nation Entertainment, Inc. * | 9,255 | 822,307 |
Netflix, Inc. * | 28,819 | 16,257,086 |
ROBLOX Corp., Class A * | 31,498 | 1,222,437 |
Take-Two Interactive Software, Inc. * | 10,408 | 1,716,591 |
Walt Disney Co. (The) | 120,536 | 11,577,483 |
34,806,193 | ||
Financial Services — 4.4% | ||
Apollo Global Management, Inc. | 26,163 | 2,626,765 |
Berkshire Hathaway, Inc., Class B * | 119,380 | 45,810,881 |
Block, Inc. * | 36,417 | 2,367,469 |
Corebridge Financial, Inc. | 10,222 | 247,066 |
Equitable Holdings, Inc. | 20,719 | 677,304 |
Fidelity National Information Services, Inc. | 38,976 | 2,426,646 |
Fiserv, Inc. * | 36,058 | 5,115,548 |
FleetCor Technologies, Inc. * | 4,479 | 1,298,597 |
Global Payments, Inc. | 15,766 | 2,100,504 |
Jack Henry & Associates, Inc. | 4,784 | 793,331 |
Mastercard, Inc., Class A | 54,802 | 24,618,702 |
PayPal Holdings, Inc. * | 70,925 | 4,351,249 |
Visa, Inc., Class A (a) | 104,091 | 28,443,907 |
120,877,969 | ||
Food Products — 0.8% | ||
Archer-Daniels-Midland Co. | 34,989 | 1,944,689 |
Bunge Global SA | 9,540 | 840,378 |
Campbell Soup Co. (a) | 13,104 | 584,831 |
Conagra Brands, Inc. | 29,966 | 873,509 |
General Mills, Inc. | 38,243 | 2,482,353 |
Hershey Co. (The) | 9,850 | 1,906,369 |
Hormel Foods Corp. | 19,076 | 579,338 |
J M Smucker Co. (The) | 6,983 | 918,614 |
Kellanova | 17,342 | 949,648 |
Kraft Heinz Co. (The) | 52,674 | 1,955,786 |
Lamb Weston Holdings, Inc. | 9,527 | 975,946 |
McCormick & Co., Inc. (Non-Voting) | 16,550 | 1,128,048 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Food Products — continued | ||
Mondelez International, Inc., Class A | 89,633 | 6,746,676 |
Tyson Foods, Inc., Class A | 17,737 | 971,278 |
22,857,463 | ||
Gas Utilities — 0.0% ^ | ||
Atmos Energy Corp. | 9,753 | 1,111,257 |
Ground Transportation — 1.1% | ||
CSX Corp. | 130,137 | 4,645,891 |
JB Hunt Transport Services, Inc. | 5,193 | 1,043,689 |
Norfolk Southern Corp. | 14,884 | 3,501,312 |
Old Dominion Freight Line, Inc. | 6,256 | 2,446,221 |
Uber Technologies, Inc. * | 130,646 | 8,527,264 |
Union Pacific Corp. | 40,108 | 9,783,545 |
29,947,922 | ||
Health Care Equipment & Supplies — 2.5% | ||
Abbott Laboratories | 114,212 | 12,923,088 |
Align Technology, Inc. * | 5,017 | 1,341,144 |
Baxter International, Inc. | 33,369 | 1,291,047 |
Becton Dickinson & Co. | 18,217 | 4,350,402 |
Boston Scientific Corp. * | 96,378 | 6,096,872 |
Cooper Cos., Inc. (The) | 3,256 | 1,214,586 |
Dexcom, Inc. * | 25,077 | 3,043,094 |
Edwards Lifesciences Corp. * | 39,619 | 3,108,903 |
GE HealthCare Technologies, Inc. | 24,854 | 1,823,289 |
Hologic, Inc. * | 15,780 | 1,174,663 |
IDEXX Laboratories, Inc. * | 5,414 | 2,788,643 |
Insulet Corp. * | 4,589 | 875,902 |
Intuitive Surgical, Inc. * | 21,925 | 8,292,474 |
Medtronic plc | 87,591 | 7,667,716 |
ResMed, Inc. | 9,673 | 1,839,805 |
STERIS plc | 6,496 | 1,422,299 |
Stryker Corp. | 22,918 | 7,688,531 |
Teleflex, Inc. | 2,973 | 721,934 |
Zimmer Biomet Holdings, Inc. | 13,179 | 1,655,282 |
69,319,674 | ||
Health Care Providers & Services — 2.6% | ||
Cardinal Health, Inc. | 16,205 | 1,769,424 |
Cencora, Inc. | 10,331 | 2,403,817 |
Centene Corp. * | 35,075 | 2,641,498 |
Cigna Group (The) | 18,388 | 5,533,869 |
CVS Health Corp. | 84,670 | 6,296,908 |
Elevance Health, Inc. | 14,699 | 7,253,075 |
HCA Healthcare, Inc. | 13,107 | 3,996,324 |
Henry Schein, Inc. * | 7,964 | 596,026 |
Humana, Inc. | 7,638 | 2,887,622 |
Laboratory Corp. of America Holdings | 5,591 | 1,242,879 |
McKesson Corp. | 8,765 | 4,381,536 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Health Care Providers & Services — continued | ||
Molina Healthcare, Inc. * | 3,584 | 1,277,481 |
Quest Diagnostics, Inc. | 7,399 | 950,254 |
UnitedHealth Group, Inc. | 60,841 | 31,134,773 |
Universal Health Services, Inc., Class B | 3,867 | 614,118 |
72,979,604 | ||
Health Care REITs — 0.2% | ||
Healthpeak Properties, Inc. | 35,982 | 665,667 |
Ventas, Inc. | 25,212 | 1,169,585 |
Welltower, Inc. | 36,445 | 3,152,857 |
4,988,109 | ||
Health Care Technology — 0.1% | ||
Veeva Systems, Inc., Class A * | 9,605 | 1,992,173 |
Hotel & Resort REITs — 0.0% ^ | ||
Host Hotels & Resorts, Inc. | 43,816 | 842,144 |
Hotels, Restaurants & Leisure — 2.1% | ||
Airbnb, Inc., Class A * | 27,036 | 3,896,969 |
Booking Holdings, Inc. * | 2,200 | 7,716,434 |
Caesars Entertainment, Inc. * | 13,629 | 597,904 |
Carnival Corp. * | 62,515 | 1,036,499 |
Chipotle Mexican Grill, Inc. * | 1,656 | 3,988,923 |
Darden Restaurants, Inc. | 7,914 | 1,286,658 |
Domino's Pizza, Inc. | 2,295 | 978,175 |
DoorDash, Inc., Class A * | 18,201 | 1,896,544 |
Expedia Group, Inc. * | 8,760 | 1,299,371 |
Hilton Worldwide Holdings, Inc. | 15,577 | 2,974,584 |
Las Vegas Sands Corp. | 20,050 | 980,846 |
Marriott International, Inc., Class A | 16,408 | 3,933,490 |
McDonald's Corp. | 47,770 | 13,983,234 |
MGM Resorts International * | 18,339 | 795,363 |
Royal Caribbean Cruises Ltd. * | 15,468 | 1,972,170 |
Starbucks Corp. | 74,777 | 6,956,504 |
Vail Resorts, Inc. | 2,382 | 528,804 |
Wynn Resorts Ltd. | 6,332 | 597,931 |
Yum! Brands, Inc. | 18,461 | 2,390,515 |
57,810,918 | ||
Household Durables — 0.3% | ||
DR Horton, Inc. | 20,258 | 2,895,071 |
Garmin Ltd. | 10,121 | 1,209,358 |
Lennar Corp., Class A | 16,462 | 2,466,831 |
Lennar Corp., Class B (a) | 763 | 105,866 |
NVR, Inc. * | 195 | 1,379,682 |
PulteGroup, Inc. | 14,165 | 1,481,092 |
9,537,900 | ||
Household Products — 1.2% | ||
Church & Dwight Co., Inc. | 16,215 | 1,619,068 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Household Products — continued | ||
Clorox Co. (The) | 8,166 | 1,186,111 |
Colgate-Palmolive Co. | 54,223 | 4,565,577 |
Kimberly-Clark Corp. | 22,215 | 2,687,348 |
Procter & Gamble Co. (The) | 155,228 | 24,392,528 |
34,450,632 | ||
Independent Power and Renewable Electricity Producers — 0.1% | ||
AES Corp. (The) | 44,010 | 734,087 |
Vistra Corp. | 21,845 | 896,300 |
1,630,387 | ||
Industrial Conglomerates — 0.8% | ||
3M Co. | 36,372 | 3,431,698 |
General Electric Co. | 69,019 | 9,139,496 |
Honeywell International, Inc. | 43,413 | 8,780,714 |
21,351,908 | ||
Industrial REITs — 0.3% | ||
Prologis, Inc. | 60,839 | 7,707,693 |
Insurance — 2.1% | ||
Aflac, Inc. | 35,060 | 2,956,960 |
Allstate Corp. (The) | 17,216 | 2,672,784 |
American Financial Group, Inc. | 4,666 | 561,786 |
American International Group, Inc. | 44,482 | 3,091,944 |
Aon plc, Class A | 13,155 | 3,925,847 |
Arch Capital Group Ltd. * | 24,516 | 2,020,854 |
Arthur J Gallagher & Co. | 14,130 | 3,280,421 |
Brown & Brown, Inc. | 15,348 | 1,190,391 |
Chubb Ltd. | 25,009 | 6,127,205 |
Cincinnati Financial Corp. | 10,199 | 1,130,049 |
Everest Group Ltd. | 2,811 | 1,082,151 |
Fidelity National Financial, Inc. | 16,966 | 848,809 |
Globe Life, Inc. | 6,199 | 761,361 |
Hartford Financial Services Group, Inc. (The) | 18,347 | 1,595,455 |
Loews Corp. | 12,058 | 878,546 |
Markel Group, Inc. * | 785 | 1,175,483 |
Marsh & McLennan Cos., Inc. | 32,473 | 6,294,566 |
MetLife, Inc. | 40,895 | 2,834,841 |
Principal Financial Group, Inc. | 15,611 | 1,234,830 |
Progressive Corp. (The) | 38,479 | 6,858,882 |
Prudential Financial, Inc. | 23,744 | 2,491,458 |
Reinsurance Group of America, Inc. | 4,186 | 727,904 |
Travelers Cos., Inc. (The) | 15,022 | 3,175,050 |
Willis Towers Watson plc | 6,795 | 1,673,608 |
WR Berkley Corp. | 13,513 | 1,106,444 |
59,697,629 | ||
Interactive Media & Services — 5.8% | ||
Alphabet, Inc., Class A * | 389,753 | 54,604,395 |
Alphabet, Inc., Class C * | 327,638 | 46,459,068 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Interactive Media & Services — continued | ||
Match Group, Inc. * | 17,237 | 661,556 |
Meta Platforms, Inc., Class A * | 146,168 | 57,025,984 |
Pinterest, Inc., Class A * | 36,336 | 1,361,510 |
Snap, Inc., Class A * | 67,108 | 1,066,346 |
161,178,859 | ||
IT Services — 1.6% | ||
Accenture plc, Class A | 41,296 | 15,026,788 |
Akamai Technologies, Inc. * | 9,933 | 1,224,044 |
Cloudflare, Inc., Class A * (a) | 19,478 | 1,539,736 |
Cognizant Technology Solutions Corp., Class A | 33,026 | 2,546,965 |
EPAM Systems, Inc. * | 3,797 | 1,055,984 |
Gartner, Inc. * | 4,989 | 2,282,168 |
GoDaddy, Inc., Class A * | 8,613 | 918,663 |
International Business Machines Corp. | 60,127 | 11,042,925 |
MongoDB, Inc. * | 4,368 | 1,749,471 |
Okta, Inc. * | 10,309 | 852,039 |
Snowflake, Inc., Class A * | 20,179 | 3,947,819 |
Twilio, Inc., Class A * | 11,079 | 779,186 |
VeriSign, Inc. * | 5,826 | 1,158,675 |
44,124,463 | ||
Life Sciences Tools & Services — 1.4% | ||
Agilent Technologies, Inc. | 18,479 | 2,404,118 |
Avantor, Inc. * | 42,890 | 986,041 |
Bio-Rad Laboratories, Inc., Class A * | 1,398 | 448,604 |
Bio-Techne Corp. | 10,397 | 731,117 |
Charles River Laboratories International, Inc. * | 3,209 | 694,043 |
Danaher Corp. | 44,483 | 10,671,917 |
Illumina, Inc. * | 10,429 | 1,491,451 |
IQVIA Holdings, Inc. * | 12,022 | 2,503,341 |
Mettler-Toledo International, Inc. * | 1,423 | 1,703,601 |
Revvity, Inc. | 8,133 | 871,695 |
Thermo Fisher Scientific, Inc. | 25,447 | 13,715,424 |
Waters Corp. * | 3,891 | 1,236,210 |
West Pharmaceutical Services, Inc. | 4,679 | 1,745,407 |
39,202,969 | ||
Machinery — 1.7% | ||
Caterpillar, Inc. | 33,536 | 10,071,196 |
CNH Industrial NV | 62,523 | 750,276 |
Cummins, Inc. | 8,951 | 2,141,974 |
Deere & Co. | 17,423 | 6,857,344 |
Dover Corp. | 9,193 | 1,376,928 |
Fortive Corp. | 23,115 | 1,807,131 |
IDEX Corp. | 4,779 | 1,010,759 |
Illinois Tool Works, Inc. | 19,756 | 5,154,340 |
Ingersoll Rand, Inc. | 24,898 | 1,988,354 |
Otis Worldwide Corp. | 26,946 | 2,383,104 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Machinery — continued | ||
PACCAR, Inc. * | 33,860 | 3,399,205 |
Parker-Hannifin Corp. | 8,128 | 3,775,456 |
Pentair plc | 10,874 | 795,651 |
Snap-on, Inc. | 3,455 | 1,001,708 |
Stanley Black & Decker, Inc. | 10,071 | 939,624 |
Westinghouse Air Brake Technologies Corp. | 11,719 | 1,541,869 |
Xylem, Inc. | 15,863 | 1,783,636 |
46,778,555 | ||
Media — 0.8% | ||
Charter Communications, Inc., Class A * | 6,653 | 2,466,334 |
Comcast Corp., Class A | 264,459 | 12,307,922 |
Fox Corp., Class A | 16,238 | 524,487 |
Fox Corp., Class B | 8,786 | 263,668 |
Interpublic Group of Cos., Inc. (The) | 25,209 | 831,645 |
Liberty Broadband Corp., Class A * | 1,124 | 87,470 |
Liberty Broadband Corp., Class C * | 7,448 | 584,295 |
Liberty Media Corp-Liberty SiriusXM * | 10,488 | 318,416 |
Liberty Media Corp-Liberty SiriusXM, Class A * | 5,130 | 155,901 |
News Corp., Class A | 24,920 | 614,029 |
News Corp., Class B (a) | 6,884 | 176,024 |
Omnicom Group, Inc. | 12,585 | 1,137,432 |
Sirius XM Holdings, Inc. (a) | 41,461 | 211,036 |
Trade Desk, Inc. (The), Class A * | 29,330 | 2,007,052 |
21,685,711 | ||
Metals & Mining — 0.4% | ||
Freeport-McMoRan, Inc. | 94,433 | 3,748,046 |
Newmont Corp. | 73,464 | 2,535,243 |
Nucor Corp. | 16,134 | 3,015,929 |
Southern Copper Corp. (Mexico) | 5,655 | 464,275 |
Steel Dynamics, Inc. | 10,311 | 1,244,434 |
11,007,927 | ||
Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^ | ||
Annaly Capital Management, Inc. | 32,878 | 630,929 |
Multi-Utilities — 0.6% | ||
Ameren Corp. | 16,355 | 1,137,817 |
CenterPoint Energy, Inc. | 41,525 | 1,160,209 |
CMS Energy Corp. | 19,174 | 1,095,986 |
Consolidated Edison, Inc. | 22,743 | 2,067,339 |
Dominion Energy, Inc. | 55,098 | 2,519,081 |
DTE Energy Co. | 13,563 | 1,429,811 |
NiSource, Inc. | 27,206 | 706,540 |
Public Service Enterprise Group, Inc. | 32,775 | 1,900,622 |
Sempra | 41,445 | 2,965,804 |
WEC Energy Group, Inc. | 20,763 | 1,676,820 |
16,660,029 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Office REITs — 0.1% | ||
Alexandria Real Estate Equities, Inc. (a) | 11,324 | 1,369,072 |
Boston Properties, Inc. | 10,311 | 685,681 |
2,054,753 | ||
Oil, Gas & Consumable Fuels — 3.5% | ||
APA Corp. | 20,168 | 631,863 |
Cheniere Energy, Inc. | 15,669 | 2,569,559 |
Chevron Corp. | 116,827 | 17,223,805 |
ConocoPhillips | 78,131 | 8,740,515 |
Coterra Energy, Inc. | 49,091 | 1,221,384 |
Devon Energy Corp. | 42,109 | 1,769,420 |
Diamondback Energy, Inc. | 11,265 | 1,731,881 |
EOG Resources, Inc. | 38,325 | 4,361,002 |
EQT Corp. | 25,308 | 895,903 |
Exxon Mobil Corp. | 262,962 | 27,035,123 |
Hess Corp. | 18,333 | 2,576,337 |
Kinder Morgan, Inc. | 129,404 | 2,189,516 |
Marathon Oil Corp. | 38,495 | 879,611 |
Marathon Petroleum Corp. | 24,976 | 4,136,026 |
Occidental Petroleum Corp. | 43,725 | 2,517,248 |
ONEOK, Inc. | 38,319 | 2,615,272 |
Phillips 66 | 28,908 | 4,171,713 |
Pioneer Natural Resources Co. | 15,348 | 3,527,431 |
Targa Resources Corp. | 14,570 | 1,237,867 |
Texas Pacific Land Corp. | 419 | 612,297 |
Valero Energy Corp. | 22,352 | 3,104,693 |
Williams Cos., Inc. (The) | 79,999 | 2,772,765 |
96,521,231 | ||
Passenger Airlines — 0.1% | ||
Delta Air Lines, Inc. | 42,243 | 1,653,391 |
Southwest Airlines Co. | 39,093 | 1,168,490 |
United Airlines Holdings, Inc. * | 21,521 | 890,539 |
3,712,420 | ||
Personal Care Products — 0.2% | ||
Estee Lauder Cos., Inc. (The), Class A | 15,269 | 2,015,355 |
Kenvue, Inc. | 114,127 | 2,369,277 |
4,384,632 | ||
Pharmaceuticals — 3.8% | ||
Bristol-Myers Squibb Co. | 133,997 | 6,548,433 |
Eli Lilly & Co. | 55,634 | 35,917,867 |
Jazz Pharmaceuticals plc * | 4,127 | 506,465 |
Johnson & Johnson | 158,542 | 25,192,324 |
Merck & Co., Inc. | 166,887 | 20,156,612 |
Pfizer, Inc. | 371,868 | 10,070,185 |
Royalty Pharma plc, Class A | 25,363 | 720,056 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Pharmaceuticals — continued | ||
Viatris, Inc. | 75,770 | 891,813 |
Zoetis, Inc. | 30,226 | 5,676,745 |
105,680,500 | ||
Professional Services — 0.8% | ||
Automatic Data Processing, Inc. | 27,050 | 6,648,349 |
Booz Allen Hamilton Holding Corp. | 7,857 | 1,106,030 |
Broadridge Financial Solutions, Inc. | 7,468 | 1,524,966 |
Ceridian HCM Holding, Inc. * (a) | 9,800 | 681,296 |
Equifax, Inc. | 8,113 | 1,982,330 |
Jacobs Solutions, Inc. | 8,291 | 1,117,378 |
Leidos Holdings, Inc. | 8,522 | 941,425 |
Paychex, Inc. | 21,305 | 2,593,458 |
Paycom Software, Inc. | 3,258 | 619,802 |
Paylocity Holding Corp. * | 2,863 | 453,528 |
SS&C Technologies Holdings, Inc. | 14,176 | 865,019 |
TransUnion | 12,266 | 848,685 |
Verisk Analytics, Inc. | 9,549 | 2,306,370 |
21,688,636 | ||
Real Estate Management & Development — 0.2% | ||
CBRE Group, Inc., Class A * | 20,003 | 1,726,459 |
CoStar Group, Inc. * | 25,547 | 2,132,663 |
Zillow Group, Inc., Class A * | 3,373 | 185,819 |
Zillow Group, Inc., Class C * | 10,437 | 593,239 |
4,638,180 | ||
Residential REITs — 0.3% | ||
AvalonBay Communities, Inc. | 8,742 | 1,564,905 |
Camden Property Trust | 7,011 | 657,912 |
Equity LifeStyle Properties, Inc. | 11,276 | 763,273 |
Equity Residential | 24,568 | 1,478,748 |
Essex Property Trust, Inc. | 4,029 | 939,845 |
Invitation Homes, Inc. | 38,929 | 1,281,932 |
Mid-America Apartment Communities, Inc. | 7,669 | 969,208 |
Sun Communities, Inc. | 7,860 | 985,251 |
UDR, Inc. | 21,558 | 776,519 |
9,417,593 | ||
Retail REITs — 0.3% | ||
Federal Realty Investment Trust | 5,308 | 539,983 |
Kimco Realty Corp. | 40,822 | 824,604 |
Realty Income Corp. | 54,764 | 2,978,614 |
Regency Centers Corp. | 10,983 | 688,305 |
Simon Property Group, Inc. | 21,471 | 2,976,095 |
8,007,601 | ||
Semiconductors & Semiconductor Equipment — 8.4% | ||
Advanced Micro Devices, Inc. * | 106,188 | 17,806,666 |
Analog Devices, Inc. | 32,676 | 6,285,555 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
Applied Materials, Inc. | 55,028 | 9,041,100 |
Broadcom, Inc. | 29,000 | 34,220,000 |
Enphase Energy, Inc. * | 8,990 | 936,129 |
Entegris, Inc. | 9,334 | 1,098,612 |
First Solar, Inc. * | 6,687 | 978,308 |
Intel Corp. | 277,661 | 11,961,636 |
KLA Corp. | 8,951 | 5,317,252 |
Lam Research Corp. | 8,680 | 7,162,476 |
Marvell Technology, Inc. | 54,668 | 3,701,024 |
Microchip Technology, Inc. | 34,958 | 2,977,722 |
Micron Technology, Inc. | 72,233 | 6,193,980 |
Monolithic Power Systems, Inc. | 2,962 | 1,785,257 |
NVIDIA Corp. | 156,810 | 96,480,489 |
NXP Semiconductors NV (China) | 16,984 | 3,576,321 |
ON Semiconductor Corp. * | 28,326 | 2,014,828 |
Qorvo, Inc. * | 6,397 | 638,037 |
QUALCOMM, Inc. | 73,299 | 10,885,634 |
Skyworks Solutions, Inc. | 10,512 | 1,098,083 |
Teradyne, Inc. | 10,063 | 971,985 |
Texas Instruments, Inc. | 59,757 | 9,568,291 |
234,699,385 | ||
Software — 11.6% | ||
Adobe, Inc. * | 29,984 | 18,523,516 |
ANSYS, Inc. * | 5,722 | 1,875,843 |
Aspen Technology, Inc. * | 1,832 | 351,726 |
Atlassian Corp., Class A * | 9,408 | 2,349,836 |
Autodesk, Inc. * | 14,062 | 3,569,076 |
Bentley Systems, Inc., Class B | 14,771 | 744,458 |
Bill Holdings, Inc. * (a) | 6,458 | 504,047 |
Cadence Design Systems, Inc. * | 17,880 | 5,157,665 |
Crowdstrike Holdings, Inc., Class A * | 14,907 | 4,360,297 |
Datadog, Inc., Class A * | 17,927 | 2,230,836 |
DocuSign, Inc. * | 13,370 | 814,500 |
Dynatrace, Inc. * | 14,620 | 833,340 |
Fair Isaac Corp. * | 1,607 | 1,926,520 |
Fortinet, Inc. * | 42,830 | 2,762,107 |
Gen Digital, Inc. | 38,863 | 912,503 |
HubSpot, Inc. * | 3,179 | 1,942,369 |
Intuit, Inc. | 17,561 | 11,086,786 |
Microsoft Corp. | 489,466 | 194,601,892 |
Oracle Corp. | 104,632 | 11,687,394 |
Palantir Technologies, Inc., Class A * | 121,968 | 1,962,465 |
Palo Alto Networks, Inc. * | 20,711 | 7,010,881 |
PTC, Inc. * | 7,838 | 1,415,935 |
Roper Technologies, Inc. | 6,496 | 3,488,352 |
Salesforce, Inc. * | 64,089 | 18,014,777 |
ServiceNow, Inc. * | 12,839 | 9,826,971 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Software — continued | ||
Splunk, Inc. * | 9,801 | 1,503,179 |
Synopsys, Inc. * | 9,688 | 5,167,095 |
Tyler Technologies, Inc. * | 2,670 | 1,128,743 |
Unity Software, Inc. * (a) | 15,845 | 513,378 |
Workday, Inc., Class A * | 13,711 | 3,990,861 |
Zoom Video Communications, Inc., Class A * | 15,427 | 996,738 |
Zscaler, Inc. * | 5,979 | 1,409,071 |
322,663,157 | ||
Specialized REITs — 1.0% | ||
American Tower Corp. | 30,696 | 6,005,672 |
Crown Castle, Inc. | 28,511 | 3,086,316 |
Digital Realty Trust, Inc. | 19,938 | 2,800,491 |
Equinix, Inc. | 6,190 | 5,136,276 |
Extra Space Storage, Inc. | 13,452 | 1,943,007 |
Iron Mountain, Inc. | 19,226 | 1,298,139 |
Public Storage | 10,414 | 2,949,141 |
SBA Communications Corp. | 7,095 | 1,588,287 |
VICI Properties, Inc. | 68,133 | 2,052,166 |
Weyerhaeuser Co. | 45,101 | 1,477,960 |
28,337,455 | ||
Specialty Retail — 1.9% | ||
AutoZone, Inc. * | 1,164 | 3,215,119 |
Best Buy Co., Inc. | 12,236 | 886,988 |
Burlington Stores, Inc. * | 3,956 | 756,189 |
CarMax, Inc. * (a) | 10,400 | 740,272 |
Home Depot, Inc. (The) | 65,485 | 23,113,586 |
Lowe's Cos., Inc. | 37,858 | 8,057,697 |
O'Reilly Automotive, Inc. * | 3,860 | 3,948,973 |
Ross Stores, Inc. | 20,577 | 2,886,541 |
TJX Cos., Inc. (The) | 74,989 | 7,117,206 |
Tractor Supply Co. (a) | 7,109 | 1,596,681 |
Ulta Beauty, Inc. * | 3,134 | 1,573,425 |
53,892,677 | ||
Technology Hardware, Storage & Peripherals — 6.7% | ||
Apple, Inc. | 963,842 | 177,732,465 |
Dell Technologies, Inc., Class C | 15,275 | 1,265,992 |
Hewlett Packard Enterprise Co. | 84,496 | 1,291,944 |
HP, Inc. | 56,988 | 1,636,126 |
NetApp, Inc. | 13,760 | 1,199,872 |
Seagate Technology Holdings plc | 13,696 | 1,173,473 |
Western Digital Corp. * | 19,773 | 1,132,004 |
185,431,876 | ||
Textiles, Apparel & Luxury Goods — 0.4% | ||
Lululemon Athletica, Inc. * | 7,283 | 3,305,171 |
NIKE, Inc., Class B | 80,055 | 8,127,984 |
11,433,155 |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Tobacco — 0.5% | ||
Altria Group, Inc. | 116,483 | 4,673,298 |
Philip Morris International, Inc. | 102,129 | 9,278,420 |
13,951,718 | ||
Trading Companies & Distributors — 0.4% | ||
Fastenal Co. | 37,606 | 2,565,857 |
Ferguson plc | 13,392 | 2,515,821 |
United Rentals, Inc. | 4,455 | 2,786,157 |
Watsco, Inc. | 2,219 | 867,585 |
WW Grainger, Inc. | 2,979 | 2,668,112 |
11,403,532 | ||
Water Utilities — 0.1% | ||
American Water Works Co., Inc. | 12,820 | 1,589,936 |
Wireless Telecommunication Services — 0.2% | ||
T-Mobile US, Inc. | 31,910 | 5,144,849 |
Total Common Stocks (Cost $2,406,960,401) | 2,762,161,957 | |
NO. OF RIGHTS | ||
Rights — 0.0% ^ | ||
Health Care Equipment & Supplies — 0.0% ^ | ||
ABIOMED, Inc., CVR ‡ * (Cost $1,765) | 1,730 | 1,765 |
SHARES | ||
Short-Term Investments — 1.7% | ||
Investment Companies — 0.5% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (c) (d) (Cost $14,272,988) | 14,272,988 | 14,272,988 |
Investment of Cash Collateral from Securities Loaned — 1.2% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (c) (d) | 29,994,101 | 30,006,098 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (c) (d) | 3,938,370 | 3,938,370 |
Total Investment of Cash Collateral from Securities Loaned (Cost $33,941,768) | 33,944,468 | |
Total Short-Term Investments (Cost $48,214,756) | 48,217,456 | |
Total Investments — 101.1% (Cost $2,455,176,922) | 2,810,381,178 | |
Liabilities in Excess of Other Assets — (1.1)% | (31,337,824 ) | |
NET ASSETS — 100.0% | 2,779,043,354 |
Percentages indicated are based on net assets. |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)Abbreviations | |
CVR | Contingent Value Rights |
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 January 31, 2024. The total value of securities on loan at January 31, 2024 is $32,748,464. | |
(b) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. | |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(d) | The rate shown is the current yield as of January 31, 2024. |
Futures contracts outstanding as of January 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 E-Mini Index | 65 | 03/15/2024 | USD | 15,824,250 | 528,612 |
Abbreviations | |
USD | United States Dollar |
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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 NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
JPMorgan BetaBuilders U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)The following table represents each valuation input as presented on the Schedule of Portfolio Investments:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $2,762,161,957 | $— | $— | $2,762,161,957 |
Rights | — | — | 1,765 | 1,765 |
Short-Term Investments | ||||
Investment Companies | 14,272,988 | — | — | 14,272,988 |
Investment of Cash Collateral from Securities Loaned | 33,944,468 | — | — | 33,944,468 |
Total Short-Term Investments | 48,217,456 | — | — | 48,217,456 |
Total Investments in Securities | $2,810,379,413 | $— | $1,765 | $2,810,381,178 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $528,612 | $— | $— | $528,612 |
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 January 31, 2024 | |||||||||
Security Description | Value at October 31, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at January 31, 2024 | Shares at January 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Chase & Co. (a) | $23,749,501 | $3,154,610 | $— | $— | $6,261,777 | $33,165,888 | 190,215 | $193,761 | $— |
JPMorgan Prime Money Market Fund Class IM Shares, 5.47% | — | — | — | — | — | — | — | 1,107 | — |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (b) (c) | 39,998,200 | 25,000,000 | 35,000,000 | 3,898 | 4,000 | 30,006,098 | 29,994,101 | 526,987 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c) | 4,560,264 | 38,534,514 | 39,156,408 | — | — | 3,938,370 | 3,938,370 | 74,315 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c) | 15,413,521 | 16,752,708 | 17,893,241 | — | — | 14,272,988 | 14,272,988 | 216,233 | — |
Total | $83,721,486 | $83,441,832 | $92,049,649 | $3,898 | $6,265,777 | $81,383,344 | $1,012,403 | $— |
(a) | Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks. |
(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 January 31, 2024. |