JPMorgan Equity Premium Income ETF
Schedule of Portfolio Investments as of March 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 Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — 85.6% | ||
Aerospace & Defense — 1.2% | ||
General Dynamics Corp. | 137,908 | 38,957,631 |
RTX Corp. | 1,774,768 | 173,093,123 |
Textron, Inc. | 1,992,060 | 191,098,316 |
403,149,070 | ||
Air Freight & Logistics — 1.4% | ||
FedEx Corp. | 471,672 | 136,662,246 |
United Parcel Service, Inc., Class B | 2,164,329 | 321,684,219 |
458,346,465 | ||
Banks — 0.5% | ||
US Bancorp | 4,166,511 | 186,243,042 |
Beverages — 2.8% | ||
Coca-Cola Co. (The) | 4,977,488 | 304,522,716 |
Monster Beverage Corp. * | 3,702,835 | 219,504,059 |
PepsiCo, Inc. | 2,443,779 | 427,685,762 |
951,712,537 | ||
Biotechnology — 4.1% | ||
AbbVie, Inc. | 2,851,602 | 519,276,724 |
Biogen, Inc. * | 129,269 | 27,874,274 |
Regeneron Pharmaceuticals, Inc. * | 417,726 | 402,057,098 |
Vertex Pharmaceuticals, Inc. * | 1,044,674 | 436,684,179 |
1,385,892,275 | ||
Broadline Retail — 1.7% | ||
Amazon.com, Inc. * | 3,248,051 | 585,883,439 |
Building Products — 1.8% | ||
Carrier Global Corp. | 799,247 | 46,460,228 |
Trane Technologies plc | 1,902,804 | 571,221,761 |
617,681,989 | ||
Capital Markets — 2.0% | ||
Ameriprise Financial, Inc. | 144,010 | 63,139,744 |
CME Group, Inc. | 1,505,875 | 324,199,829 |
Intercontinental Exchange, Inc. | 1,428,872 | 196,369,879 |
S&P Global, Inc. | 248,727 | 105,820,902 |
689,530,354 | ||
Chemicals — 2.1% | ||
Dow, Inc. | 3,140,258 | 181,915,146 |
Linde plc | 919,715 | 427,042,069 |
LyondellBasell Industries NV, Class A | 960,877 | 98,278,499 |
707,235,714 | ||
Commercial Services & Supplies — 0.1% | ||
Veralto Corp. | 226,032 | 20,039,997 |
Communications Equipment — 0.2% | ||
Motorola Solutions, Inc. | 217,093 | 77,063,673 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Consumer Finance — 0.5% | ||
American Express Co. | 791,672 | 180,255,798 |
Consumer Staples Distribution & Retail — 1.9% | ||
Costco Wholesale Corp. | 647,964 | 474,717,865 |
Walmart, Inc. | 2,856,500 | 171,875,605 |
646,593,470 | ||
Electric Utilities — 2.4% | ||
NextEra Energy, Inc. | 4,085,689 | 261,116,384 |
PG&E Corp. | 6,270,319 | 105,090,547 |
Southern Co. (The) | 6,373,260 | 457,217,672 |
823,424,603 | ||
Electrical Equipment — 1.5% | ||
AMETEK, Inc. | 326,127 | 59,648,628 |
Eaton Corp. plc | 1,388,906 | 434,283,128 |
493,931,756 | ||
Electronic Equipment, Instruments & Components — 0.6% | ||
Keysight Technologies, Inc. * | 1,192,424 | 186,471,265 |
Financial Services — 5.8% | ||
Berkshire Hathaway, Inc., Class B * | 585,607 | 246,259,456 |
Corpay, Inc. * | 848,167 | 261,693,446 |
Fiserv, Inc. * | 1,571,726 | 251,193,249 |
Jack Henry & Associates, Inc. | 1,020,767 | 177,337,851 |
Mastercard, Inc., Class A | 1,125,166 | 541,846,191 |
Visa, Inc., Class A | 1,760,513 | 491,323,968 |
1,969,654,161 | ||
Food Products — 1.2% | ||
Mondelez International, Inc., Class A | 6,038,960 | 422,727,200 |
Ground Transportation — 2.3% | ||
CSX Corp. | 5,712,413 | 211,759,150 |
Norfolk Southern Corp. | 923,391 | 235,344,664 |
Old Dominion Freight Line, Inc. | 1,004,608 | 220,320,580 |
Union Pacific Corp. | 420,093 | 103,313,472 |
770,737,866 | ||
Health Care Equipment & Supplies — 1.0% | ||
Becton Dickinson & Co. | 71,548 | 17,704,553 |
Boston Scientific Corp. * | 2,469,263 | 169,119,823 |
Medtronic plc | 1,773,742 | 154,581,615 |
341,405,991 | ||
Health Care Providers & Services — 2.2% | ||
Centene Corp. * | 932,927 | 73,216,111 |
Elevance Health, Inc. | 319,386 | 165,614,417 |
Humana, Inc. | 315,364 | 109,343,006 |
UnitedHealth Group, Inc. | 802,103 | 396,800,354 |
744,973,888 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Health Care REITs — 0.1% | ||
Welltower, Inc. | 207,903 | 19,426,456 |
Hotels, Restaurants & Leisure — 3.3% | ||
Booking Holdings, Inc. | 55,868 | 202,682,400 |
Chipotle Mexican Grill, Inc. * | 145,093 | 421,751,979 |
McDonald's Corp. | 146,331 | 41,258,025 |
Yum! Brands, Inc. | 3,188,161 | 442,038,523 |
1,107,730,927 | ||
Household Products — 2.7% | ||
Church & Dwight Co., Inc. | 2,187,976 | 228,227,777 |
Colgate-Palmolive Co. | 1,586,368 | 142,852,438 |
Kimberly-Clark Corp. | 696,659 | 90,112,842 |
Procter & Gamble Co. (The) | 2,745,649 | 445,481,550 |
906,674,607 | ||
Industrial Conglomerates — 1.3% | ||
Honeywell International, Inc. | 2,145,933 | 440,452,748 |
Industrial REITs — 0.8% | ||
Prologis, Inc. | 2,051,967 | 267,207,143 |
Insurance — 4.0% | ||
Chubb Ltd. | 828,812 | 214,770,054 |
Globe Life, Inc. | 162,155 | 18,869,977 |
MetLife, Inc. | 939,168 | 69,601,741 |
Progressive Corp. (The) | 2,809,981 | 581,160,270 |
Travelers Cos., Inc. (The) | 2,012,642 | 463,189,430 |
1,347,591,472 | ||
Interactive Media & Services — 2.9% | ||
Alphabet, Inc., Class A * | 2,933,661 | 442,777,455 |
Meta Platforms, Inc., Class A | 1,118,796 | 543,264,961 |
986,042,416 | ||
IT Services — 2.3% | ||
Accenture plc, Class A | 1,296,242 | 449,290,440 |
Cognizant Technology Solutions Corp., Class A | 3,921,328 | 287,394,129 |
VeriSign, Inc. * | 263,771 | 49,987,242 |
786,671,811 | ||
Life Sciences Tools & Services — 1.1% | ||
Danaher Corp. | 620,297 | 154,900,567 |
Thermo Fisher Scientific, Inc. | 402,576 | 233,981,197 |
388,881,764 | ||
Machinery — 2.6% | ||
Deere & Co. | 569,898 | 234,079,905 |
Dover Corp. | 1,228,167 | 217,618,911 |
Ingersoll Rand, Inc. | 1,247,290 | 118,430,185 |
Otis Worldwide Corp. | 3,193,000 | 316,969,110 |
887,098,111 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Media — 1.3% | ||
Comcast Corp., Class A | 10,159,628 | 440,419,874 |
Multi-Utilities — 1.7% | ||
CMS Energy Corp. | 2,969,269 | 179,165,691 |
Dominion Energy, Inc. | 680,798 | 33,488,454 |
DTE Energy Co. | 131,452 | 14,741,027 |
Public Service Enterprise Group, Inc. | 4,995,082 | 333,571,576 |
560,966,748 | ||
Oil, Gas & Consumable Fuels — 3.2% | ||
ConocoPhillips | 2,316,963 | 294,903,051 |
EOG Resources, Inc. | 2,456,794 | 314,076,545 |
Exxon Mobil Corp. | 4,107,263 | 477,428,251 |
1,086,407,847 | ||
Personal Care Products — 0.2% | ||
Kenvue, Inc. | 3,435,370 | 73,723,040 |
Pharmaceuticals — 3.5% | ||
Bristol-Myers Squibb Co. | 6,539,998 | 354,664,091 |
Eli Lilly & Co. | 500,360 | 389,260,066 |
Johnson & Johnson | 858,317 | 135,777,166 |
Merck & Co., Inc. | 2,417,078 | 318,933,442 |
1,198,634,765 | ||
Professional Services — 0.2% | ||
Leidos Holdings, Inc. | 520,446 | 68,225,266 |
Semiconductors & Semiconductor Equipment — 4.5% | ||
Analog Devices, Inc. | 1,724,002 | 340,990,356 |
ASML Holding NV (Registered), NYRS (Netherlands) | 226,353 | 219,668,796 |
NVIDIA Corp. | 154,323 | 139,440,090 |
NXP Semiconductors NV (China) | 1,753,773 | 434,532,336 |
Texas Instruments, Inc. | 2,172,029 | 378,389,172 |
1,513,020,750 | ||
Software — 6.5% | ||
Adobe, Inc. * | 512,235 | 258,473,781 |
Cadence Design Systems, Inc. * | 563,188 | 175,309,161 |
Intuit, Inc. | 815,316 | 529,955,400 |
Microsoft Corp. | 1,335,519 | 561,879,554 |
Salesforce, Inc. | 385,073 | 115,976,286 |
ServiceNow, Inc. * | 519,878 | 396,354,987 |
Synopsys, Inc. * | 268,687 | 153,554,620 |
2,191,503,789 | ||
Specialized REITs — 1.8% | ||
American Tower Corp. | 400,124 | 79,060,501 |
Equinix, Inc. | 333,479 | 275,230,223 |
SBA Communications Corp. | 1,140,218 | 247,085,241 |
601,375,965 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE($) |
Common Stocks — continued | ||
Specialty Retail — 3.4% | ||
AutoZone, Inc. * | 104,195 | 328,386,172 |
Lowe's Cos., Inc. | 1,650,255 | 420,369,456 |
O'Reilly Automotive, Inc. * | 30,126 | 34,008,639 |
TJX Cos., Inc. (The) | 3,511,060 | 356,091,705 |
1,138,855,972 | ||
Technology Hardware, Storage & Peripherals — 0.5% | ||
Apple, Inc. | 472,473 | 81,019,670 |
Seagate Technology Holdings plc | 1,098,152 | 102,183,044 |
183,202,714 | ||
Tobacco — 0.3% | ||
Altria Group, Inc. | 986,971 | 43,051,675 |
Philip Morris International, Inc. | 806,390 | 73,881,452 |
116,933,127 | ||
Trading Companies & Distributors — 0.1% | ||
WW Grainger, Inc. | 32,223 | 32,780,458 |
Total Common Stocks (Cost $23,738,126,636) | 29,006,782,323 | |
PRINCIPAL AMOUNT($) | ||
Equity-Linked Notes — 13.3% | ||
Bank of Nova Scotia, ELN, 48.33%, 4/12/2024, (linked to S&P 500 Index) (Canada) (a) | 61,631 | 296,215,843 |
Barclays Bank PLC, ELN, 42.25%, 4/9/2024, (linked to S&P 500 Index) (United Kingdom) (a) | 59,455 | 292,660,103 |
Barclays Bank PLC, ELN, 44.20%, 4/19/2024, (linked to S&P 500 Index) (United Kingdom) (a) | 60,479 | 312,305,694 |
BNP Paribas, ELN, 42.30%, 5/6/2024, (linked to S&P 500 Index) (a) | 55,825 | 293,385,496 |
BNP Paribas, ELN, 42.53%, 4/8/2024, (linked to S&P 500 Index) (a) | 59,766 | 286,194,870 |
BNP Paribas, ELN, 46.95%, 4/23/2024, (linked to S&P 500 Index) (a) | 58,829 | 299,004,864 |
BofA Finance LLC, ELN, 45.70%, 4/26/2024, (linked to S&P 500 Index) (a) | 58,511 | 301,302,394 |
BofA Finance LLC, ELN, 51.45%, 4/16/2024, (linked to S&P 500 Index) (a) | 60,690 | 311,666,212 |
GS Finance Corp., ELN, 42.01%, 4/5/2024, (linked to S&P 500 Index) (a) | 59,667 | 288,321,087 |
GS Finance Corp., ELN, 45.20%, 4/22/2024, (linked to S&P 500 Index) (a) | 58,660 | 300,461,799 |
National Bank of Canada, ELN, 42.25%, 4/29/2024, (linked to S&P 500 Index) (a) | 56,080 | 294,979,118 |
Royal Bank of Canada, ELN, 41.55%, 4/30/2024, (linked to S&P 500 Index) (Canada) (a) | 55,900 | 295,505,288 |
Royal Bank of Canada, ELN, 42.46%, 5/3/2024, (linked to S&P 500 Index) (Canada) (a) | 56,307 | 290,098,732 |
Royal Bank of Canada, ELN, 50.28%, 4/15/2024, (linked to S&P 500 Index) (Canada) (a) | 61,315 | 302,376,149 |
Societe Generale, ELN, 41.96%, 5/7/2024, (linked to S&P 500 Index) (a) | 61,853 | 324,997,310 |
Total Equity-Linked Notes (Cost $4,566,978,677) | 4,489,474,959 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued) INVESTMENTS | SHARES | VALUE($) |
Short-Term Investments — 0.8% | ||
Investment Companies — 0.8% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) (Cost $271,089,301) | 271,089,301 | 271,089,301 |
Total Investments — 99.7% (Cost $28,576,194,614) | 33,767,346,583 | |
Other Assets Less Liabilities — 0.3% | 105,820,256 | |
NET ASSETS — 100.0% | 33,873,166,839 |
Percentages indicated are based on net assets. |
Abbreviations | |
ELN | Equity-Linked Note |
NYRS | New York Registry Shares |
REIT | Real Estate Investment Trust |
* | Non-income producing security. |
(a) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
(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 March 31, 2024. |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 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.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
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.
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:
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $29,006,782,323 | $— | $— | $29,006,782,323 |
Equity Linked Notes | — | 4,489,474,959 | — | 4,489,474,959 |
JPMorgan Equity Premium Income ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF March 31, 2024 (Unaudited) (continued)Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Investment Companies | $271,089,301 | $— | $— | $271,089,301 |
Total Investments in Securities | $29,277,871,624 | $4,489,474,959 | $— | $33,767,346,583 |
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 March 31, 2024 | |||||||||
Security Description | Value at June 30, 2023 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at March 31, 2024 | Shares at March 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.48% (a) (b) | $334,966,807 | $776,000,000 | $1,111,094,674 | $110,272 | $17,595 | $— | — | $10,609,989 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 47,208,090 | 358,373,600 | 405,581,690 | — | — | — | — | 1,223,613 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 224,743,189 | 4,427,665,348 | 4,381,319,236 | — | — | 271,089,301 | 271,089,301 | 11,036,336 | — |
Total | $606,918,086 | $5,562,038,948 | $5,897,995,600 | $110,272 | $17,595 | $271,089,301 | $22,869,938 | $— |
(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 March 31, 2024. |