JPMorgan U.S. Quality Factor 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 U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — 99.8% | ||
Aerospace & Defense — 0.5% | ||
Lockheed Martin Corp. | 41,717 | 17,913,697 |
Automobiles & Parts — 0.2% | ||
Gentex Corp. | 53,451 | 1,770,832 |
LKQ Corp. | 99,686 | 4,652,345 |
6,423,177 | ||
Banks — 0.1% | ||
Commerce Bancshares, Inc. | 96,838 | 5,047,204 |
Beverages — 0.8% | ||
Coca-Cola Co. (The) | 467,675 | 27,821,986 |
Chemicals — 1.3% | ||
CF Industries Holdings, Inc. | 81,252 | 6,135,338 |
Linde plc | 77,501 | 31,374,730 |
Olin Corp. | 87,795 | 4,571,486 |
42,081,554 | ||
Construction & Materials — 1.1% | ||
A O Smith Corp. | 56,890 | 4,415,233 |
Acuity Brands, Inc. | 14,365 | 3,421,169 |
Advanced Drainage Systems, Inc. | 40,131 | 5,233,885 |
Builders FirstSource, Inc. * | 38,766 | 6,734,817 |
Eagle Materials, Inc. | 19,178 | 4,339,598 |
Fortune Brands Innovations, Inc. | 70,365 | 5,459,620 |
Watsco, Inc. (a) | 18,693 | 7,308,589 |
36,912,911 | ||
Consumer Services — 1.3% | ||
Copart, Inc. * | 239,384 | 11,500,007 |
eBay, Inc. | 221,201 | 9,084,725 |
Grand Canyon Education, Inc. * | 49,288 | 6,436,520 |
H&R Block, Inc. (a) | 154,278 | 7,226,382 |
Rollins, Inc. | 174,671 | 7,565,001 |
41,812,635 | ||
Electricity — 0.7% | ||
Consolidated Edison, Inc. | 99,211 | 9,018,280 |
Evergy, Inc. | 84,618 | 4,296,056 |
Hawaiian Electric Industries, Inc. | 125,715 | 1,630,523 |
IDACORP, Inc. (a) | 7,061 | 653,707 |
OGE Energy Corp. | 192,694 | 6,405,149 |
Public Service Enterprise Group, Inc. | 53,113 | 3,080,023 |
25,083,738 | ||
Electronic & Electrical Equipment — 0.9% | ||
Donaldson Co., Inc. | 80,095 | 5,173,336 |
IDEX Corp. | 32,914 | 6,961,311 |
Keysight Technologies, Inc. * | 56,924 | 8,724,172 |
Mettler-Toledo International, Inc. * | 6,744 | 8,073,850 |
28,932,669 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Finance & Credit Services — 1.5% | ||
FactSet Research Systems, Inc. | 18,864 | 8,977,755 |
Moody's Corp. | 38,009 | 14,901,049 |
S&P Global, Inc. | 57,118 | 25,608,855 |
49,487,659 | ||
Food Producers — 0.2% | ||
General Mills, Inc. | 5,105 | 331,365 |
Hershey Co. (The) | 36,864 | 7,134,659 |
7,466,024 | ||
Gas, Water & Multi-utilities — 0.6% | ||
Atmos Energy Corp. | 74,705 | 8,511,888 |
National Fuel Gas Co. | 104,803 | 4,942,509 |
WEC Energy Group, Inc. | 95,208 | 7,688,998 |
21,143,395 | ||
General Industrials — 0.7% | ||
3M Co. | 97,846 | 9,231,770 |
Illinois Tool Works, Inc. | 60,010 | 15,656,609 |
24,888,379 | ||
Health Care Providers — 0.4% | ||
Chemed Corp. | 12,945 | 7,673,667 |
DaVita, Inc. * | 48,490 | 5,244,678 |
Premier, Inc., Class A | 38,223 | 826,381 |
13,744,726 | ||
Household Goods & Home Construction — 0.6% | ||
Lennar Corp., Class A | 53,795 | 8,061,181 |
NVR, Inc. * | 1,384 | 9,792,201 |
PulteGroup, Inc. | 19,414 | 2,029,928 |
19,883,310 | ||
Industrial Engineering — 0.6% | ||
Graco, Inc. | 88,640 | 7,560,992 |
Lincoln Electric Holdings, Inc. | 35,398 | 7,866,143 |
Nordson Corp. | 15,387 | 3,873,216 |
19,300,351 | ||
Industrial Metals & Mining — 0.5% | ||
Fastenal Co. | 39,557 | 2,698,974 |
Reliance Steel & Aluminum Co. | 27,984 | 7,987,193 |
Southern Copper Corp. (Mexico) | 73,145 | 6,005,205 |
16,691,372 | ||
Industrial Support Services — 7.1% | ||
Accenture plc, Class A | 97,414 | 35,447,006 |
Automatic Data Processing, Inc. | 72,828 | 17,899,666 |
Cintas Corp. | 22,752 | 13,755,177 |
Jack Henry & Associates, Inc. | 30,604 | 5,075,061 |
Mastercard, Inc., Class A | 126,016 | 56,610,168 |
MSC Industrial Direct Co., Inc., Class A | 50,347 | 4,968,242 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Industrial Support Services — continued | ||
Paychex, Inc. | 93,471 | 11,378,225 |
Verisk Analytics, Inc. | 44,812 | 10,823,442 |
Visa, Inc., Class A (a) | 237,504 | 64,900,343 |
Western Union Co. (The) | 444,393 | 5,586,020 |
WW Grainger, Inc. | 13,084 | 11,718,554 |
238,161,904 | ||
Industrial Transportation — 1.7% | ||
Allison Transmission Holdings, Inc. | 76,256 | 4,616,538 |
CH Robinson Worldwide, Inc. (a) | 77,468 | 6,514,284 |
Expeditors International of Washington, Inc. | 71,734 | 9,062,156 |
Landstar System, Inc. | 40,226 | 7,712,129 |
Union Pacific Corp. | 105,595 | 25,757,789 |
United Parcel Service, Inc., Class B | 11,129 | 1,579,205 |
55,242,101 | ||
Investment Banking & Brokerage Services — 4.2% | ||
Ameriprise Financial, Inc. | 25,121 | 9,717,556 |
Berkshire Hathaway, Inc., Class B * | 165,373 | 63,460,235 |
BlackRock, Inc. | 23,191 | 17,957,023 |
Broadridge Financial Solutions, Inc. | 47,650 | 9,730,130 |
Cboe Global Markets, Inc. | 39,915 | 7,338,373 |
Intercontinental Exchange, Inc. | 93,282 | 11,877,597 |
MarketAxess Holdings, Inc. | 9,287 | 2,094,311 |
Nasdaq, Inc. | 145,003 | 8,376,823 |
SEI Investments Co. | 117,861 | 7,453,530 |
Virtu Financial, Inc., Class A | 77,250 | 1,297,028 |
139,302,606 | ||
Leisure Goods — 0.7% | ||
Electronic Arts, Inc. | 81,516 | 11,214,971 |
Pool Corp. | 22,512 | 8,357,580 |
YETI Holdings, Inc. * (a) | 96,535 | 4,244,644 |
23,817,195 | ||
Life Insurance — 0.6% | ||
Aflac, Inc. | 154,426 | 13,024,289 |
Globe Life, Inc. | 56,125 | 6,893,272 |
Principal Financial Group, Inc. | 4,380 | 346,458 |
20,264,019 | ||
Media — 0.1% | ||
Sirius XM Holdings, Inc. (a) | 941,154 | 4,790,474 |
Medical Equipment & Services — 1.6% | ||
Abbott Laboratories | 185,342 | 20,971,447 |
Agilent Technologies, Inc. | 29,643 | 3,856,554 |
Bio-Techne Corp. | 17,923 | 1,260,345 |
Edwards Lifesciences Corp. * | 138,050 | 10,832,784 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Medical Equipment & Services — continued | ||
Hologic, Inc. * | 92,374 | 6,876,321 |
IDEXX Laboratories, Inc. * | 21,439 | 11,042,800 |
54,840,251 | ||
Non-life Insurance — 3.5% | ||
American Financial Group, Inc. | 34,024 | 4,096,490 |
Aon plc, Class A | 45,638 | 13,619,748 |
Arch Capital Group Ltd. * | 123,439 | 10,175,077 |
Arthur J Gallagher & Co. | 53,484 | 12,416,845 |
Brown & Brown, Inc. | 116,019 | 8,998,434 |
Chubb Ltd. | 58,314 | 14,286,930 |
Fidelity National Financial, Inc. | 116,415 | 5,824,242 |
Marsh & McLennan Cos., Inc. | 97,769 | 18,951,543 |
Progressive Corp. (The) | 34,155 | 6,088,129 |
Travelers Cos., Inc. (The) | 60,595 | 12,807,359 |
WR Berkley Corp. | 108,742 | 8,903,795 |
116,168,592 | ||
Non-Renewable Energy — 3.8% | ||
Antero Midstream Corp. | 81,389 | 996,201 |
APA Corp. | 136,620 | 4,280,305 |
Chevron Corp. | 217,972 | 32,135,612 |
ConocoPhillips | 125,650 | 14,056,465 |
Coterra Energy, Inc. | 322,525 | 8,024,422 |
EOG Resources, Inc. (a) | 99,463 | 11,317,895 |
Exxon Mobil Corp. | 404,023 | 41,537,605 |
Marathon Petroleum Corp. | 10,839 | 1,794,938 |
Pioneer Natural Resources Co. | 36,848 | 8,468,776 |
Texas Pacific Land Corp. (a) | 2,507 | 3,663,554 |
126,275,773 | ||
Personal Care, Drug & Grocery Stores — 3.2% | ||
Church & Dwight Co., Inc. | 53,724 | 5,364,341 |
Clorox Co. (The) | 56,900 | 8,264,725 |
Colgate-Palmolive Co. | 176,743 | 14,881,761 |
Kimberly-Clark Corp. | 94,493 | 11,430,818 |
McKesson Corp. | 31,558 | 15,775,529 |
Procter & Gamble Co. (The) | 332,026 | 52,174,566 |
107,891,740 | ||
Personal Goods — 0.8% | ||
Carter's, Inc. | 89,926 | 6,802,003 |
Deckers Outdoor Corp. * | 12,633 | 9,521,871 |
Skechers U.S.A., Inc., Class A * | 68,958 | 4,305,737 |
Tapestry, Inc. | 145,187 | 5,631,804 |
26,261,415 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 10.3% | ||
AbbVie, Inc. | 279,307 | 45,918,071 |
Amgen, Inc. | 91,752 | 28,833,984 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — continued | ||
Bristol-Myers Squibb Co. | 396,702 | 19,386,827 |
Eli Lilly & Co. | 106,899 | 69,015,063 |
Gilead Sciences, Inc. | 247,432 | 19,364,028 |
Incyte Corp. * | 122,492 | 7,198,855 |
Johnson & Johnson | 279,853 | 44,468,642 |
Medpace Holdings, Inc. * | 25,825 | 7,530,053 |
Merck & Co., Inc. | 387,520 | 46,804,666 |
Regeneron Pharmaceuticals, Inc. * | 16,909 | 15,941,467 |
Vertex Pharmaceuticals, Inc. * | 51,853 | 22,472,053 |
Zoetis, Inc. (a) | 84,224 | 15,818,109 |
342,751,818 | ||
Precious Metals & Mining — 0.0% ^ | ||
Newmont Corp. | 32,914 | 1,135,862 |
Real Estate Investment & Services — 0.2% | ||
CoStar Group, Inc. * | 89,002 | 7,429,887 |
Real Estate Investment Trusts — 2.5% | ||
Camden Property Trust | 34,019 | 3,192,343 |
Crown Castle, Inc. | 46,045 | 4,984,371 |
CubeSmart | 43,898 | 1,897,271 |
Equity LifeStyle Properties, Inc. | 76,120 | 5,152,563 |
Equity Residential | 45,451 | 2,735,696 |
Extra Space Storage, Inc. | 60,260 | 8,703,954 |
Gaming and Leisure Properties, Inc. | 51,000 | 2,328,150 |
Host Hotels & Resorts, Inc. | 446,195 | 8,575,868 |
Lamar Advertising Co., Class A | 71,390 | 7,473,105 |
Mid-America Apartment Communities, Inc. | 54,084 | 6,835,136 |
Public Storage | 44,409 | 12,576,185 |
Simon Property Group, Inc. | 62,442 | 8,655,086 |
Weyerhaeuser Co. | 269,747 | 8,839,609 |
81,949,337 | ||
Retailers — 6.0% | ||
AutoZone, Inc. * | 4,726 | 13,053,826 |
Best Buy Co., Inc. | 63,377 | 4,594,199 |
Costco Wholesale Corp. | 69,684 | 48,422,018 |
Dick's Sporting Goods, Inc. (a) | 32,879 | 4,901,273 |
Home Depot, Inc. (The) | 153,178 | 54,065,707 |
O'Reilly Automotive, Inc. * | 14,278 | 14,607,108 |
Ross Stores, Inc. | 92,134 | 12,924,557 |
TJX Cos., Inc. (The) | 224,024 | 21,262,118 |
Tractor Supply Co. (a) | 15,717 | 3,530,038 |
Ulta Beauty, Inc. * | 15,744 | 7,904,275 |
Walmart, Inc. | 33,622 | 5,556,035 |
Williams-Sonoma, Inc. (a) | 40,363 | 7,805,801 |
198,626,955 | ||
Software & Computer Services — 20.3% | ||
Adobe, Inc. * | 71,377 | 44,095,283 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Software & Computer Services — continued | ||
Akamai Technologies, Inc. * | 73,683 | 9,079,956 |
Alphabet, Inc., Class A * | 473,535 | 66,342,254 |
Amdocs Ltd. | 88,847 | 8,145,493 |
ANSYS, Inc. * | 20,389 | 6,684,126 |
Aspen Technology, Inc. * | 8,675 | 1,665,513 |
Atlassian Corp., Class A * | 52,721 | 13,168,124 |
Autodesk, Inc. * | 56,422 | 14,320,468 |
Bentley Systems, Inc., Class B | 84,531 | 4,260,362 |
Cadence Design Systems, Inc. * | 59,201 | 17,077,121 |
Cognizant Technology Solutions Corp., Class A | 155,066 | 11,958,690 |
Crowdstrike Holdings, Inc., Class A * | 55,088 | 16,113,240 |
Datadog, Inc., Class A * | 89,149 | 11,093,702 |
DocuSign, Inc. * | 162,938 | 9,926,183 |
Dolby Laboratories, Inc., Class A | 79,539 | 6,616,054 |
DoorDash, Inc., Class A * | 105,550 | 10,998,310 |
DoubleVerify Holdings, Inc. * | 110,129 | 4,406,261 |
Dropbox, Inc., Class A * (a) | 251,829 | 7,977,943 |
Dynatrace, Inc. * | 145,835 | 8,312,595 |
EPAM Systems, Inc. * | 20,789 | 5,781,629 |
F5, Inc. * | 44,142 | 8,108,885 |
Fortinet, Inc. * | 206,763 | 13,334,146 |
Gartner, Inc. * | 24,380 | 11,152,387 |
GoDaddy, Inc., Class A * | 80,956 | 8,634,767 |
HubSpot, Inc. * | 18,195 | 11,117,145 |
Intuit, Inc. | 47,374 | 29,908,627 |
Manhattan Associates, Inc. * | 35,595 | 8,633,923 |
Meta Platforms, Inc., Class A * | 192,238 | 74,999,733 |
Microsoft Corp. | 166,712 | 66,281,357 |
Palantir Technologies, Inc., Class A * | 424,648 | 6,832,586 |
Palo Alto Networks, Inc. * | 61,998 | 20,986,943 |
Paycom Software, Inc. | 40,565 | 7,717,086 |
Pinterest, Inc., Class A * | 191,185 | 7,163,702 |
RingCentral, Inc., Class A * | 200,294 | 6,787,964 |
Salesforce, Inc. * | 150,495 | 42,302,640 |
Science Applications International Corp. | 48,458 | 6,186,148 |
ServiceNow, Inc. * | 36,238 | 27,736,565 |
Splunk, Inc. * | 62,077 | 9,520,750 |
Synopsys, Inc. * | 31,745 | 16,931,196 |
Teradata Corp. * | 143,852 | 6,643,085 |
VeriSign, Inc. * | 40,581 | 8,070,749 |
677,073,691 | ||
Technology Hardware & Equipment — 12.7% | ||
Amphenol Corp., Class A | 145,564 | 14,716,520 |
Analog Devices, Inc. | 100,655 | 19,361,996 |
Apple, Inc. | 326,501 | 60,206,784 |
Applied Materials, Inc. | 152,857 | 25,114,405 |
Broadcom, Inc. | 64,334 | 75,914,120 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Technology Hardware & Equipment — continued | ||
CDW Corp. | 33,394 | 7,571,088 |
Cirrus Logic, Inc. * | 11,039 | 852,211 |
IPG Photonics Corp. * | 44,206 | 4,327,325 |
Jabil, Inc. | 45,975 | 5,760,208 |
KLA Corp. | 29,713 | 17,650,711 |
Lam Research Corp. | 26,241 | 21,653,286 |
Lattice Semiconductor Corp. * | 121,965 | 7,422,790 |
Microchip Technology, Inc. | 145,707 | 12,411,322 |
NetApp, Inc. | 67,833 | 5,915,038 |
NVIDIA Corp. | 133,523 | 82,152,696 |
Pure Storage, Inc., Class A * | 226,644 | 9,063,494 |
Qorvo, Inc. * | 67,569 | 6,739,332 |
QUALCOMM, Inc. | 197,238 | 29,291,815 |
Skyworks Solutions, Inc. | 84,927 | 8,871,474 |
Teradyne, Inc. | 87,198 | 8,422,455 |
423,419,070 | ||
Telecommunications Equipment — 1.2% | ||
Cisco Systems, Inc. | 670,713 | 33,656,378 |
Motorola Solutions, Inc. | 19,823 | 6,333,449 |
39,989,827 | ||
Telecommunications Service Providers — 1.0% | ||
AT&T, Inc. | 546,564 | 9,668,717 |
Verizon Communications, Inc. | 553,467 | 23,439,328 |
33,108,045 | ||
Tobacco — 0.5% | ||
Altria Group, Inc. | 378,674 | 15,192,401 |
Travel & Leisure — 4.7% | ||
Airbnb, Inc., Class A * | 84,510 | 12,181,271 |
Booking Holdings, Inc. * | 6,744 | 23,654,378 |
Boyd Gaming Corp. | 56,066 | 3,559,630 |
Choice Hotels International, Inc. (a) | 47,109 | 5,705,842 |
Darden Restaurants, Inc. | 51,567 | 8,383,763 |
Expedia Group, Inc. * | 61,882 | 9,178,957 |
Live Nation Entertainment, Inc. * | 76,245 | 6,774,368 |
Madison Square Garden Sports Corp. * | 33,847 | 6,265,080 |
Marriott International, Inc., Class A | 61,920 | 14,844,082 |
McDonald's Corp. | 116,941 | 34,230,969 |
Starbucks Corp. | 209,208 | 19,462,620 |
Wyndham Hotels & Resorts, Inc. | 40,087 | 3,123,980 |
Yum! Brands, Inc. | 79,238 | 10,260,529 |
157,625,469 | ||
Waste & Disposal Services — 1.1% | ||
Clean Harbors, Inc. * | 44,196 | 7,423,160 |
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Waste & Disposal Services — continued | ||
Republic Services, Inc. | 65,724 | 11,246,691 |
Waste Management, Inc. | 90,275 | 16,757,748 |
35,427,599 | ||
Total Common Stocks (Cost $2,993,795,812) | 3,331,380,818 | |
Short-Term Investments — 3.3% | ||
Investment Companies — 0.1% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c)(Cost $3,378,882) | 3,378,882 | 3,378,882 |
Investment of Cash Collateral from Securities Loaned — 3.2% | ||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.51% (b) (c) | 92,397,957 | 92,434,916 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c) | 13,788,264 | 13,788,264 |
Total Investment of Cash Collateral from Securities Loaned (Cost $106,214,096) | 106,223,180 | |
Total Short-Term Investments (Cost $109,592,978) | 109,602,062 | |
Total Investments — 103.1% (Cost $3,103,388,790) | 3,440,982,880 | |
Liabilities in Excess of Other Assets — (3.1)% | (103,746,749 ) | |
NET ASSETS — 100.0% | 3,337,236,131 |
Percentages indicated are based on net assets. |
^ | Amount rounds to less than 0.1% of net assets. | |
* | 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 $102,297,257. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of January 31, 2024. |
Futures contracts outstanding as of January 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 E-Mini Index | 16 | 03/15/2024 | USD | 3,895,200 | 139,828 |
Abbreviations | |
USD | United States Dollar |
JPMorgan U.S. Quality Factor 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.
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.
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) | $3,440,982,880 | $— | $— | $3,440,982,880 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $139,828 | $— | $— | $139,828 |
(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. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (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 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 Securities Lending Money Market Fund Agency SL Class Shares, 5.51% (a) (b) | $84,512,218 | $66,000,000 | $58,093,601 | $3,417 | $12,882 | $92,434,916 | 92,397,956 | $1,157,540 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | 10,755,358 | 42,581,102 | 39,548,196 | — | — | 13,788,264 | 13,788,264 | 148,548 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | 1,995,808 | 23,614,044 | 22,230,970 | — | — | 3,378,882 | 3,378,882 | 84,335 | — |
Total | $97,263,384 | $132,195,146 | $119,872,767 | $3,417 | $12,882 | $109,602,062 | $1,390,423 | $— |
(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 January 31, 2024. |