JPMorgan U.S. Momentum 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. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — 99.9% | ||
Aerospace & Defense — 2.2% | ||
Axon Enterprise, Inc. * | 4,354 | 1,084,407 |
Boeing Co. (The) * | 2,489 | 525,279 |
BWX Technologies, Inc. | 4,220 | 343,846 |
Curtiss-Wright Corp. | 2,489 | 553,977 |
General Dynamics Corp. | 6,774 | 1,795,042 |
HEICO Corp. | 2,243 | 402,820 |
Howmet Aerospace, Inc. | 20,206 | 1,136,789 |
Huntington Ingalls Industries, Inc. | 1,742 | 451,039 |
Textron, Inc. | 9,830 | 832,699 |
TransDigm Group, Inc. | 1,619 | 1,769,049 |
8,894,947 | ||
Automobiles & Parts — 0.2% | ||
BorgWarner, Inc. | 17,244 | 584,572 |
Gentex Corp. | 5,200 | 172,276 |
LKQ Corp. | 1,175 | 54,837 |
Phinia, Inc. | 3,383 | 102,302 |
913,987 | ||
Banks — 0.3% | ||
Bank OZK | 6,215 | 280,359 |
First Citizens BancShares, Inc., Class A | 670 | 1,011,700 |
1,292,059 | ||
Beverages — 1.5% | ||
Celsius Holdings, Inc. * | 13,161 | 656,734 |
Coca-Cola Co. (The) | 13,253 | 788,421 |
Constellation Brands, Inc., Class A | 3,267 | 800,676 |
Molson Coors Beverage Co., Class B | 12,444 | 768,915 |
Monster Beverage Corp. * | 25,245 | 1,388,980 |
PepsiCo, Inc. | 8,331 | 1,404,023 |
5,807,749 | ||
Chemicals — 0.7% | ||
Ecolab, Inc. | 2,127 | 421,614 |
Linde plc | 1,734 | 701,975 |
Olin Corp. | 3,401 | 177,090 |
Valvoline, Inc. * | 20,056 | 731,844 |
Westlake Corp. | 5,398 | 746,813 |
2,779,336 | ||
Construction & Materials — 2.3% | ||
Acuity Brands, Inc. | 133 | 31,675 |
AECOM | 9,427 | 831,367 |
AZEK Co., Inc. (The) * | 10,547 | 406,692 |
Builders FirstSource, Inc. * | 7,329 | 1,273,267 |
Eagle Materials, Inc. | 4,289 | 970,515 |
EMCOR Group, Inc. | 4,019 | 916,774 |
Lennox International, Inc. | 2,013 | 861,886 |
Louisiana-Pacific Corp. | 5,012 | 333,549 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Construction & Materials — continued | ||
MDU Resources Group, Inc. | 897 | 17,500 |
Owens Corning | 6,801 | 1,030,555 |
Quanta Services, Inc. | 5,811 | 1,127,625 |
TopBuild Corp. * | 1,974 | 728,663 |
Watsco, Inc. | 1,722 | 673,268 |
9,203,336 | ||
Consumer Services — 1.6% | ||
Avis Budget Group, Inc. (a) | 2,875 | 470,666 |
Copart, Inc. * | 28,591 | 1,373,512 |
Grand Canyon Education, Inc. * | 3,873 | 505,775 |
H&R Block, Inc. | 8,499 | 398,093 |
Rollins, Inc. | 15,675 | 678,884 |
Uber Technologies, Inc. * | 41,625 | 2,716,864 |
U-Haul Holding Co. * | 359 | 23,787 |
6,167,581 | ||
Electricity — 1.2% | ||
Consolidated Edison, Inc. | 13,130 | 1,193,517 |
Exelon Corp. | 25,168 | 876,098 |
FirstEnergy Corp. | 13,599 | 498,811 |
OGE Energy Corp. | 5,589 | 185,779 |
Southern Co. (The) | 10,860 | 754,987 |
Vistra Corp. | 26,437 | 1,084,710 |
4,593,902 | ||
Electronic & Electrical Equipment — 0.7% | ||
Crane NXT Co. | 6,163 | 359,179 |
Hubbell, Inc. | 3,110 | 1,043,623 |
nVent Electric plc | 15,507 | 931,040 |
Pentair plc | 2,847 | 208,315 |
Veralto Corp. | 4,410 | 338,203 |
2,880,360 | ||
Finance & Credit Services — 0.3% | ||
Morningstar, Inc. | 12 | 3,352 |
NU Holdings Ltd. * | 127,452 | 1,097,361 |
SLM Corp. | 6,308 | 125,403 |
1,226,116 | ||
Food Producers — 1.5% | ||
Bunge Global SA | 218 | 19,204 |
Freshpet, Inc. * | 5,010 | 431,361 |
Ingredion, Inc. | 6,597 | 709,639 |
Lamb Weston Holdings, Inc. | 9,742 | 997,970 |
Mondelez International, Inc., Class A | 32,158 | 2,420,533 |
Post Holdings, Inc. * | 8,600 | 798,682 |
US Foods Holding Corp. * | 16,343 | 751,941 |
6,129,330 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Gas, Water & Multi-utilities — 0.5% | ||
CenterPoint Energy, Inc. | 31,666 | 884,748 |
NiSource, Inc. | 29,369 | 762,713 |
Sempra | 3,880 | 277,653 |
1,925,114 | ||
General Industrials — 1.9% | ||
Eaton Corp. plc | 9,543 | 2,348,341 |
General Electric Co. | 23,319 | 3,087,902 |
Parker-Hannifin Corp. | 3,731 | 1,733,050 |
RPM International, Inc. | 4,553 | 485,623 |
7,654,916 | ||
Health Care Providers — 2.5% | ||
Acadia Healthcare Co., Inc. * | 675 | 55,444 |
Encompass Health Corp. | 3,743 | 265,903 |
HCA Healthcare, Inc. | 2,831 | 863,172 |
Humana, Inc. | 1,763 | 666,520 |
IQVIA Holdings, Inc. * | 5,878 | 1,223,976 |
Tenet Healthcare Corp. * | 12,163 | 1,006,367 |
UnitedHealth Group, Inc. | 11,476 | 5,872,728 |
9,954,110 | ||
Household Goods & Home Construction — 1.0% | ||
DR Horton, Inc. | 5,073 | 724,983 |
PulteGroup, Inc. | 11,640 | 1,217,078 |
Tempur Sealy International, Inc. | 17,472 | 871,678 |
Toll Brothers, Inc. | 10,242 | 1,017,543 |
3,831,282 | ||
Industrial Engineering — 0.9% | ||
Caterpillar, Inc. | 10,207 | 3,065,264 |
Lincoln Electric Holdings, Inc. | 2,770 | 615,550 |
3,680,814 | ||
Industrial Materials — 0.1% | ||
Hexcel Corp. | 3,868 | 256,797 |
Industrial Metals & Mining — 1.1% | ||
Nucor Corp. | 7,638 | 1,427,771 |
Reliance Steel & Aluminum Co. | 3,516 | 1,003,537 |
Southern Copper Corp. (Mexico) | 8,490 | 697,029 |
Steel Dynamics, Inc. | 7,501 | 905,296 |
Timken Co. (The) | 3,558 | 291,436 |
4,325,069 | ||
Industrial Support Services — 2.2% | ||
American Express Co. | 7,163 | 1,437,901 |
Booz Allen Hamilton Holding Corp. | 7,893 | 1,111,097 |
Cintas Corp. | 2,718 | 1,643,221 |
Core & Main, Inc., Class A * | 16,284 | 672,692 |
Fair Isaac Corp. * | 1,048 | 1,256,374 |
FTI Consulting, Inc. * | 2,475 | 474,235 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Industrial Support Services — continued | ||
Verisk Analytics, Inc. | 1,802 | 435,237 |
Vestis Corp. | 9,312 | 199,277 |
Vontier Corp. | 5,755 | 199,065 |
WW Grainger, Inc. | 1,639 | 1,467,954 |
8,897,053 | ||
Industrial Transportation — 2.5% | ||
Allison Transmission Holdings, Inc. | 10,683 | 646,749 |
FedEx Corp. | 6,520 | 1,573,211 |
JB Hunt Transport Services, Inc. | 4,983 | 1,001,483 |
Old Dominion Freight Line, Inc. | 3,195 | 1,249,309 |
PACCAR, Inc. * | 16,188 | 1,625,113 |
Ryder System, Inc. | 5,487 | 623,159 |
Saia, Inc. * | 1,994 | 898,456 |
United Rentals, Inc. | 2,150 | 1,344,610 |
XPO, Inc. * | 9,998 | 854,229 |
9,816,319 | ||
Investment Banking & Brokerage Services — 4.3% | ||
Ameriprise Financial, Inc. | 3,615 | 1,398,390 |
Apollo Global Management, Inc. | 16,372 | 1,643,749 |
Ares Management Corp. | 9,300 | 1,129,764 |
Berkshire Hathaway, Inc., Class B * | 19,641 | 7,537,037 |
Cboe Global Markets, Inc. | 5,833 | 1,072,397 |
Coinbase Global, Inc., Class A * | 8,292 | 1,063,034 |
Evercore, Inc., Class A | 1,887 | 324,055 |
Interactive Brokers Group, Inc., Class A | 6,498 | 576,698 |
Jefferies Financial Group, Inc. | 20,441 | 833,175 |
LPL Financial Holdings, Inc. | 3,945 | 943,605 |
Tradeweb Markets, Inc., Class A | 5,026 | 479,430 |
17,001,334 | ||
Life Insurance — 1.0% | ||
Aflac, Inc. | 15,920 | 1,342,693 |
Globe Life, Inc. | 6,415 | 787,890 |
Primerica, Inc. | 3,623 | 848,362 |
Unum Group | 18,145 | 877,129 |
3,856,074 | ||
Media — 2.0% | ||
Interpublic Group of Cos., Inc. (The) | 23,848 | 786,745 |
Liberty Media Corp-Liberty Formula One, Class C * | 12,056 | 810,766 |
Netflix, Inc. * | 5,253 | 2,963,270 |
Omnicom Group, Inc. | 10,507 | 949,623 |
Spotify Technology SA * | 6,379 | 1,373,718 |
Trade Desk, Inc. (The), Class A * | 15,826 | 1,082,973 |
7,967,095 | ||
Medical Equipment & Services — 3.9% | ||
Agilent Technologies, Inc. | 9,549 | 1,242,325 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Medical Equipment & Services — continued | ||
Boston Scientific Corp. * | 36,564 | 2,313,039 |
Danaher Corp. | 13,117 | 3,146,899 |
Dexcom, Inc. * | 10,279 | 1,247,357 |
Penumbra, Inc. * | 2,746 | 692,514 |
Quest Diagnostics, Inc. | 6,699 | 860,352 |
Repligen Corp. * | 402 | 76,139 |
Stryker Corp. | 1,534 | 514,626 |
Thermo Fisher Scientific, Inc. | 7,612 | 4,102,716 |
West Pharmaceutical Services, Inc. | 3,313 | 1,235,848 |
15,431,815 | ||
Non-life Insurance — 4.0% | ||
American Financial Group, Inc. | 1,685 | 202,874 |
Aon plc, Class A | 5,441 | 1,623,758 |
Arch Capital Group Ltd. * | 14,764 | 1,216,996 |
Arthur J Gallagher & Co. | 6,391 | 1,483,735 |
Assured Guaranty Ltd. | 3,653 | 296,368 |
Brown & Brown, Inc. | 6,710 | 520,428 |
Chubb Ltd. | 9,718 | 2,380,910 |
Everest Group Ltd. | 2,332 | 897,750 |
Marsh & McLennan Cos., Inc. | 11,653 | 2,258,817 |
Old Republic International Corp. | 16,764 | 470,063 |
Progressive Corp. (The) | 13,888 | 2,475,536 |
Reinsurance Group of America, Inc. | 5,580 | 970,306 |
RenaissanceRe Holdings Ltd. (Bermuda) | 3,289 | 752,622 |
Ryan Specialty Holdings, Inc. * | 8,960 | 388,147 |
15,938,310 | ||
Non-Renewable Energy — 3.6% | ||
Antero Midstream Corp. | 15,708 | 192,266 |
Baker Hughes Co. | 21,999 | 626,971 |
Cheniere Energy, Inc. | 7,813 | 1,281,254 |
ConocoPhillips | 24,121 | 2,698,416 |
Exxon Mobil Corp. | 6,485 | 666,723 |
Hess Corp. | 7,485 | 1,051,867 |
HF Sinclair Corp. | 13,248 | 748,380 |
Marathon Petroleum Corp. | 10,977 | 1,817,791 |
Phillips 66 | 12,847 | 1,853,951 |
Schlumberger NV | 12,897 | 628,084 |
Targa Resources Corp. | 11,842 | 1,006,096 |
TechnipFMC plc (United Kingdom) | 42,642 | 824,696 |
Valero Energy Corp. | 7,508 | 1,042,861 |
14,439,356 | ||
Personal Care, Drug & Grocery Stores — 1.8% | ||
Casey's General Stores, Inc. | 1,556 | 422,236 |
Cencora, Inc. | 6,245 | 1,453,087 |
Church & Dwight Co., Inc. | 11,746 | 1,172,838 |
GCI Liberty, Inc. ‡ * | 3,962 | — |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Personal Care, Drug & Grocery Stores — continued | ||
Kroger Co. (The) | 21,018 | 969,770 |
McKesson Corp. | 3,764 | 1,881,586 |
Procter & Gamble Co. (The) | 6,112 | 960,440 |
Spectrum Brands Holdings, Inc. | 5,945 | 467,396 |
7,327,353 | ||
Personal Goods — 0.5% | ||
Deckers Outdoor Corp. * | 1,497 | 1,128,334 |
Tapestry, Inc. | 18,076 | 701,168 |
1,829,502 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 5.3% | ||
AbbVie, Inc. | 33,250 | 5,466,300 |
Cardinal Health, Inc. | 10,924 | 1,192,792 |
Eli Lilly & Co. | 12,746 | 8,228,945 |
Exact Sciences Corp. * | 11,101 | 726,005 |
Karuna Therapeutics, Inc. * | 353 | 110,637 |
Merck & Co., Inc. | 9,397 | 1,134,970 |
Roivant Sciences Ltd. * | 80,783 | 807,830 |
United Therapeutics Corp. * | 3,058 | 656,797 |
Vertex Pharmaceuticals, Inc. * | 6,226 | 2,698,224 |
21,022,500 | ||
Real Estate Investment & Services — 0.5% | ||
CBRE Group, Inc., Class A * | 12,642 | 1,091,131 |
Zillow Group, Inc., Class C * | 15,738 | 894,548 |
1,985,679 | ||
Real Estate Investment Trusts — 2.2% | ||
CubeSmart | 12,391 | 535,539 |
Equinix, Inc. | 1,124 | 932,661 |
Gaming and Leisure Properties, Inc. | 9,609 | 438,651 |
Invitation Homes, Inc. | 22,317 | 734,899 |
Iron Mountain, Inc. | 16,055 | 1,084,034 |
NET Lease Office Properties | 145 | 3,593 |
Prologis, Inc. | 18,339 | 2,323,368 |
STAG Industrial, Inc. | 8,524 | 314,876 |
VICI Properties, Inc. | 25,049 | 754,476 |
Welltower, Inc. | 8,599 | 743,899 |
Weyerhaeuser Co. | 31,010 | 1,016,198 |
8,882,194 | ||
Renewable Energy — 0.2% | ||
First Solar, Inc. * | 5,444 | 796,457 |
Retailers — 5.8% | ||
AutoNation, Inc. * | 4,929 | 688,384 |
AutoZone, Inc. * | 561 | 1,549,555 |
Costco Wholesale Corp. | 8,312 | 5,775,843 |
Dick's Sporting Goods, Inc. | 5,576 | 831,214 |
Home Depot, Inc. (The) | 17,796 | 6,281,276 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Retailers — continued | ||
Lowe's Cos., Inc. | 6,529 | 1,389,632 |
O'Reilly Automotive, Inc. * | 1,703 | 1,742,254 |
Penske Automotive Group, Inc. | 4,645 | 689,179 |
TJX Cos., Inc. (The) | 26,472 | 2,512,458 |
Tractor Supply Co. | 2,669 | 599,457 |
Ulta Beauty, Inc. * | 1,969 | 988,537 |
23,047,789 | ||
Software & Computer Services — 18.8% | ||
Adobe, Inc. * | 8,520 | 5,263,486 |
Amdocs Ltd. | 2,924 | 268,072 |
ANSYS, Inc. * | 3,570 | 1,170,353 |
AppLovin Corp., Class A * | 22,676 | 932,664 |
Bentley Systems, Inc., Class B | 13,656 | 688,262 |
CACI International, Inc., Class A * | 2,560 | 879,949 |
Cadence Design Systems, Inc. * | 7,065 | 2,037,970 |
Ceridian HCM Holding, Inc. * | 505 | 35,108 |
Cloudflare, Inc., Class A * | 14,139 | 1,117,688 |
Crowdstrike Holdings, Inc., Class A * | 6,576 | 1,923,480 |
Dolby Laboratories, Inc., Class A | 4,214 | 350,521 |
DoorDash, Inc., Class A * | 12,627 | 1,315,733 |
DoubleVerify Holdings, Inc. * | 11,624 | 465,076 |
Dynatrace, Inc. * | 17,213 | 981,141 |
Gartner, Inc. * | 2,917 | 1,334,352 |
GoDaddy, Inc., Class A * | 182 | 19,412 |
Guidewire Software, Inc. * | 4,020 | 448,954 |
Hewlett Packard Enterprise Co. | 60,227 | 920,871 |
HubSpot, Inc. * | 2,178 | 1,330,758 |
International Business Machines Corp. | 19,088 | 3,505,702 |
Intuit, Inc. | 5,656 | 3,570,802 |
Kyndryl Holdings, Inc. * | 15,988 | 328,074 |
Manhattan Associates, Inc. * | 4,223 | 1,024,331 |
Meta Platforms, Inc., Class A * | 22,921 | 8,942,399 |
Microsoft Corp. | 19,880 | 7,903,890 |
MongoDB, Inc. * | 2,787 | 1,116,249 |
Nutanix, Inc., Class A * | 20,380 | 1,145,356 |
Oracle Corp. | 30,895 | 3,450,972 |
Palantir Technologies, Inc., Class A * | 67,330 | 1,083,340 |
Palo Alto Networks, Inc. * | 7,392 | 2,502,266 |
Pinterest, Inc., Class A * | 7,475 | 280,088 |
Procore Technologies, Inc. * | 10,173 | 726,250 |
PTC, Inc. * | 6,524 | 1,178,561 |
Roper Technologies, Inc. | 3,064 | 1,645,368 |
Salesforce, Inc. * | 17,962 | 5,048,939 |
Science Applications International Corp. | 7,058 | 901,024 |
ServiceNow, Inc. * | 4,329 | 3,313,417 |
Splunk, Inc. * | 7,424 | 1,138,619 |
Synopsys, Inc. * | 3,779 | 2,015,530 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Software & Computer Services — continued | ||
VeriSign, Inc. * | 3,540 | 704,035 |
Workday, Inc., Class A * | 5,934 | 1,727,209 |
74,736,271 | ||
Technology Hardware & Equipment — 14.0% | ||
Advanced Micro Devices, Inc. * | 13,996 | 2,346,989 |
Allegro MicroSystems, Inc. (Japan) * | 10,295 | 267,052 |
Amphenol Corp., Class A | 17,376 | 1,756,714 |
Analog Devices, Inc. | 12,014 | 2,311,013 |
Apple, Inc. | 38,935 | 7,179,614 |
Applied Materials, Inc. | 18,202 | 2,990,589 |
Avnet, Inc. | 16,009 | 725,208 |
Broadcom, Inc. | 7,669 | 9,049,420 |
CDW Corp. | 5,646 | 1,280,061 |
Cirrus Logic, Inc. * | 7,179 | 554,219 |
Intel Corp. | 84,372 | 3,634,746 |
Jabil, Inc. | 8,393 | 1,051,559 |
KLA Corp. | 3,543 | 2,104,684 |
Lam Research Corp. | 3,121 | 2,575,355 |
Marvell Technology, Inc. | 27,406 | 1,855,386 |
Microchip Technology, Inc. | 16,549 | 1,409,644 |
Monolithic Power Systems, Inc. | 2,067 | 1,245,822 |
NetApp, Inc. | 11,576 | 1,009,427 |
NVIDIA Corp. | 15,920 | 9,795,098 |
Pure Storage, Inc., Class A * | 23,609 | 944,124 |
TD SYNNEX Corp. | 1,701 | 170,066 |
Universal Display Corp. | 2,378 | 403,713 |
Vertiv Holdings Co., Class A | 22,057 | 1,242,471 |
55,902,974 | ||
Telecommunications Equipment — 1.9% | ||
Arista Networks, Inc. * | 7,437 | 1,923,803 |
Cisco Systems, Inc. | 58,364 | 2,928,706 |
Juniper Networks, Inc. | 27,154 | 1,003,612 |
Motorola Solutions, Inc. | 4,928 | 1,574,496 |
7,430,617 | ||
Telecommunications Service Providers — 0.4% | ||
AT&T, Inc. | 55,609 | 983,723 |
T-Mobile US, Inc. | 3,531 | 569,303 |
1,553,026 | ||
Travel & Leisure — 3.7% | ||
Aramark | 19,101 | 555,457 |
Booking Holdings, Inc. * | 728 | 2,553,438 |
Boyd Gaming Corp. | 10,843 | 688,422 |
Chipotle Mexican Grill, Inc. * | 776 | 1,869,206 |
Choice Hotels International, Inc. | 362 | 43,845 |
DraftKings, Inc., Class A * | 25,593 | 999,407 |
Hilton Worldwide Holdings, Inc. | 8,340 | 1,592,606 |
JPMorgan U.S. Momentum Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Travel & Leisure — continued | ||
Hyatt Hotels Corp., Class A | 5,131 | 658,666 |
Las Vegas Sands Corp. | 4,265 | 208,644 |
McDonald's Corp. | 10,959 | 3,207,919 |
Royal Caribbean Cruises Ltd. * | 10,486 | 1,336,965 |
Wingstop, Inc. | 3,526 | 991,194 |
14,705,769 | ||
Waste & Disposal Services — 0.8% | ||
Republic Services, Inc. | 7,854 | 1,343,977 |
Waste Management, Inc. | 10,770 | 1,999,235 |
3,343,212 | ||
Total Common Stocks (Cost $328,835,789) | 397,427,504 | |
Short-Term Investments — 0.1% | ||
Investment Companies — 0.1% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c)(Cost $352,952) | 352,952 | 352,952 |
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c)(Cost $66,500) | 66,500 | 66,500 |
Total Short-Term Investments (Cost $419,452) | 419,452 | |
Total Investments — 100.0% (Cost $329,255,241) | 397,846,956 | |
Assets in Excess of Other Liabilities — 0.0% ^ | 65,676 | |
NET ASSETS — 100.0% | 397,912,632 |
Percentages indicated are based on net assets. |
^ | 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 $62,210. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of January 31, 2024. |
Futures contracts outstanding as of January 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 Micro E-Mini Index | 16 | 03/15/2024 | USD | 389,520 | 8,571 |
Abbreviations | |
USD | United States Dollar |
JPMorgan U.S. Momentum 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.
A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”), or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value (“NAV”) of the Fund is calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.
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.
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Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
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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.
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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 U.S. Momentum Factor 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 (“SOI”):
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $397,846,956 | $— | $— (b) | $397,846,956 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $8,571 | $— | $— | $8,571 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
(b) | Value is zero. |
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
For the period ended 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 U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | $571,988 | $1,423,673 | $1,929,161 | $— | $— | $66,500 | 66,500 | $3,042 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (a) (b) | 154,302 | 4,720,729 | 4,522,079 | — | — | 352,952 | 352,952 | 9,297 | — |
Total | $726,290 | $6,144,402 | $6,451,240 | $— | $— | $419,452 | $12,339 | $— |
(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. |