JPMorgan Diversified Return U.S. Equity ETF
Schedule of Portfolio Investments as of July 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 Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — 99.8% | ||
Aerospace & Defense — 0.8% | ||
General Dynamics Corp. | 5,581 | 1,667,100 |
Lockheed Martin Corp. | 3,215 | 1,742,273 |
3,409,373 | ||
Automobiles & Parts — 0.5% | ||
Ford Motor Co. | 72,894 | 788,713 |
Gentex Corp. | 41,896 | 1,301,290 |
2,090,003 | ||
Banks — 2.0% | ||
Bank of America Corp. | 29,521 | 1,189,992 |
Citizens Financial Group, Inc. | 6,417 | 273,813 |
Discover Financial Services | 3,249 | 467,824 |
Fifth Third Bancorp | 29,000 | 1,227,860 |
First Citizens BancShares, Inc., Class A | 998 | 2,083,515 |
Huntington Bancshares, Inc. | 83,978 | 1,255,471 |
KeyCorp | 12,989 | 209,513 |
Popular, Inc. (Puerto Rico) | 9,591 | 984,324 |
Regions Financial Corp. | 16,128 | 360,783 |
US Bancorp | 9,538 | 428,065 |
8,481,160 | ||
Beverages — 2.7% | ||
Boston Beer Co., Inc. (The), Class A * | 3,217 | 901,435 |
Celsius Holdings, Inc. * | 27,155 | 1,271,669 |
Coca-Cola Co. (The) | 26,035 | 1,737,576 |
Coca-Cola Consolidated, Inc. | 447 | 512,213 |
Constellation Brands, Inc., Class A | 6,273 | 1,537,889 |
Keurig Dr Pepper, Inc. | 22,408 | 768,146 |
Molson Coors Beverage Co., Class B | 32,874 | 1,737,391 |
Monster Beverage Corp. * | 29,183 | 1,501,465 |
PepsiCo, Inc. | 9,992 | 1,725,319 |
11,693,103 | ||
Chemicals — 3.8% | ||
Ashland, Inc. | 7,857 | 759,379 |
Celanese Corp. | 11,681 | 1,648,773 |
CF Industries Holdings, Inc. | 16,669 | 1,273,345 |
Chemours Co. (The) | 2,975 | 71,906 |
Eastman Chemical Co. | 12,321 | 1,273,129 |
Ecolab, Inc. | 5,087 | 1,173,520 |
Element Solutions, Inc. | 46,276 | 1,247,138 |
Huntsman Corp. | 50,616 | 1,211,241 |
Linde plc | 2,649 | 1,201,321 |
LyondellBasell Industries NV, Class A | 16,642 | 1,655,213 |
Mosaic Co. (The) | 26,349 | 784,410 |
NewMarket Corp. | 1,465 | 821,675 |
Olin Corp. | 27,168 | 1,239,132 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Chemicals — continued | ||
Valvoline, Inc. * | 10,729 | 498,899 |
Westlake Corp. | 10,867 | 1,606,795 |
16,465,876 | ||
Construction & Materials — 2.2% | ||
A O Smith Corp. | 17,455 | 1,484,373 |
Builders FirstSource, Inc. * | 8,542 | 1,429,675 |
Carrier Global Corp. | 5,232 | 356,352 |
Eagle Materials, Inc. | 2,954 | 804,374 |
Fortune Brands Innovations, Inc. | 7,140 | 576,984 |
Louisiana-Pacific Corp. | 3,357 | 329,523 |
Masco Corp. | 16,865 | 1,312,940 |
Owens Corning | 7,606 | 1,417,606 |
Quanta Services, Inc. | 5,958 | 1,581,134 |
9,292,961 | ||
Consumer Services — 0.7% | ||
Grand Canyon Education, Inc. * | 2,401 | 374,436 |
H&R Block, Inc. | 32,325 | 1,872,910 |
Service Corp. International | 9,738 | 778,164 |
3,025,510 | ||
Electricity — 6.8% | ||
Brookfield Renewable Corp. | 8,559 | 240,508 |
Clearway Energy, Inc., Class C | 8,485 | 226,380 |
CMS Energy Corp. | 19,153 | 1,241,114 |
Consolidated Edison, Inc. | 16,886 | 1,646,723 |
Constellation Energy Corp. | 7,623 | 1,446,845 |
Dominion Energy, Inc. | 28,445 | 1,520,670 |
DTE Energy Co. | 11,473 | 1,382,841 |
Edison International | 22,241 | 1,779,502 |
Entergy Corp. | 15,189 | 1,761,468 |
Evergy, Inc. | 25,888 | 1,501,504 |
Exelon Corp. | 38,339 | 1,426,211 |
FirstEnergy Corp. | 38,962 | 1,632,897 |
IDACORP, Inc. | 3,823 | 373,698 |
OGE Energy Corp. | 40,011 | 1,551,226 |
PG&E Corp. | 85,988 | 1,569,281 |
Pinnacle West Capital Corp. | 20,485 | 1,753,311 |
PPL Corp. | 56,637 | 1,683,252 |
Public Service Enterprise Group, Inc. | 22,548 | 1,798,654 |
Southern Co. (The) | 20,703 | 1,729,115 |
Vistra Corp. | 18,699 | 1,481,335 |
Xcel Energy, Inc. | 25,331 | 1,476,291 |
29,222,826 | ||
Electronic & Electrical Equipment — 0.6% | ||
AMETEK, Inc. | 6,009 | 1,042,441 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Electronic & Electrical Equipment — continued | ||
Hubbell, Inc. | 3,395 | 1,343,232 |
Veralto Corp. | 1,746 | 186,054 |
2,571,727 | ||
Finance & Credit Services — 1.0% | ||
Ally Financial, Inc. | 28,299 | 1,273,738 |
MGIC Investment Corp. | 63,589 | 1,579,551 |
OneMain Holdings, Inc. | 16,907 | 883,560 |
SLM Corp. | 18,751 | 425,460 |
4,162,309 | ||
Food Producers — 5.9% | ||
Archer-Daniels-Midland Co. | 27,521 | 1,706,577 |
BellRing Brands, Inc. * | 8,750 | 448,700 |
Bunge Global SA | 15,924 | 1,675,683 |
Campbell Soup Co. | 36,851 | 1,726,838 |
Conagra Brands, Inc. | 57,802 | 1,752,557 |
Corteva, Inc. | 23,861 | 1,338,602 |
Flowers Foods, Inc. | 44,439 | 1,000,766 |
General Mills, Inc. | 23,651 | 1,587,928 |
Hormel Foods Corp. | 40,065 | 1,286,487 |
Ingredion, Inc. | 14,050 | 1,747,398 |
J M Smucker Co. (The) | 9,337 | 1,101,299 |
Kellanova | 28,308 | 1,646,110 |
Kraft Heinz Co. (The) | 50,285 | 1,770,535 |
Lamb Weston Holdings, Inc. | 1,025 | 61,521 |
Mondelez International, Inc., Class A | 24,726 | 1,690,022 |
Pilgrim's Pride Corp. * | 9,477 | 390,737 |
Post Holdings, Inc. * | 16,170 | 1,768,351 |
Tyson Foods, Inc., Class A | 21,368 | 1,301,311 |
US Foods Holding Corp. * | 31,563 | 1,716,712 |
25,718,134 | ||
Gas, Water & Multi-utilities — 2.4% | ||
Ameren Corp. | 580 | 45,977 |
Atmos Energy Corp. | 4,971 | 635,692 |
CenterPoint Energy, Inc. | 48,446 | 1,344,377 |
Duke Energy Corp. | 13,331 | 1,456,678 |
National Fuel Gas Co. | 23,016 | 1,348,507 |
NiSource, Inc. | 54,632 | 1,707,250 |
Sempra | 19,088 | 1,528,185 |
UGI Corp. | 44,162 | 1,094,334 |
WEC Energy Group, Inc. | 16,612 | 1,429,629 |
10,590,629 | ||
General Industrials — 2.2% | ||
Carlisle Cos., Inc. | 1,600 | 669,728 |
Dow, Inc. | 25,687 | 1,399,171 |
Eaton Corp. plc | 5,135 | 1,565,097 |
Illinois Tool Works, Inc. | 5,518 | 1,364,491 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
General Industrials — continued | ||
ITT, Inc. | 6,762 | 956,552 |
Packaging Corp. of America | 5,726 | 1,144,456 |
Parker-Hannifin Corp. | 2,486 | 1,395,044 |
RPM International, Inc. | 9,692 | 1,177,190 |
Sonoco Products Co. | 836 | 45,077 |
9,716,806 | ||
Health Care Providers — 2.8% | ||
Chemed Corp. | 1,320 | 752,611 |
Cigna Group (The) | 4,805 | 1,675,359 |
DaVita, Inc. * | 11,131 | 1,520,717 |
Elevance Health, Inc. | 2,890 | 1,537,567 |
HCA Healthcare, Inc. | 4,825 | 1,751,716 |
Humana, Inc. | 581 | 210,095 |
Molina Healthcare, Inc. * | 1,984 | 677,080 |
Tenet Healthcare Corp. * | 5,379 | 805,236 |
UnitedHealth Group, Inc. | 2,723 | 1,568,884 |
Universal Health Services, Inc., Class B | 8,243 | 1,762,024 |
12,261,289 | ||
Household Goods & Home Construction — 2.2% | ||
DR Horton, Inc. | 10,766 | 1,937,126 |
Leggett & Platt, Inc. | 12,161 | 160,160 |
Lennar Corp., Class A | 10,202 | 1,805,040 |
NVR, Inc. * | 210 | 1,807,571 |
PulteGroup, Inc. | 14,343 | 1,893,276 |
Toll Brothers, Inc. | 13,672 | 1,951,131 |
9,554,304 | ||
Industrial Engineering — 0.7% | ||
Caterpillar, Inc. | 3,072 | 1,063,526 |
Cummins, Inc. | 5,091 | 1,485,554 |
Otis Worldwide Corp. | 3,132 | 295,974 |
2,845,054 | ||
Industrial Materials — 0.5% | ||
Avery Dennison Corp. | 3,124 | 677,377 |
International Paper Co. | 31,551 | 1,466,490 |
2,143,867 | ||
Industrial Metals & Mining — 2.8% | ||
Cleveland-Cliffs, Inc. * | 63,787 | 979,131 |
Fastenal Co. | 21,279 | 1,505,489 |
Freeport-McMoRan, Inc. | 23,874 | 1,084,118 |
Nucor Corp. | 8,626 | 1,405,520 |
Reliance, Inc. | 5,386 | 1,640,360 |
Southern Copper Corp. (Mexico) | 15,403 | 1,642,114 |
Steel Dynamics, Inc. | 12,042 | 1,604,235 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Industrial Metals & Mining — continued | ||
Timken Co. (The) | 11,145 | 969,058 |
United States Steel Corp. | 35,255 | 1,448,628 |
12,278,653 | ||
Industrial Support Services — 2.6% | ||
Accenture plc, Class A (Ireland) | 4,106 | 1,357,526 |
Booz Allen Hamilton Holding Corp. | 9,292 | 1,331,636 |
Capital One Financial Corp. | 10,917 | 1,652,834 |
Core & Main, Inc., Class A * | 18,475 | 987,858 |
MSC Industrial Direct Co., Inc., Class A | 12,977 | 1,154,304 |
Robert Half, Inc. | 12,009 | 770,858 |
Synchrony Financial | 35,224 | 1,789,027 |
Western Union Co. (The) | 49,230 | 585,345 |
WW Grainger, Inc. | 1,657 | 1,618,574 |
11,247,962 | ||
Industrial Transportation — 1.0% | ||
Allison Transmission Holdings, Inc. | 15,387 | 1,363,134 |
CSX Corp. | 16,543 | 580,659 |
Landstar System, Inc. | 1,026 | 195,197 |
PACCAR, Inc. | 2,198 | 216,855 |
Ryder System, Inc. | 4,494 | 629,879 |
Union Pacific Corp. | 5,201 | 1,283,243 |
4,268,967 | ||
Investment Banking & Brokerage Services — 1.7% | ||
Ameriprise Financial, Inc. | 2,287 | 983,570 |
Apollo Global Management, Inc. | 6,146 | 770,155 |
Berkshire Hathaway, Inc., Class B * | 3,997 | 1,752,685 |
Cboe Global Markets, Inc. | 6,206 | 1,138,863 |
Jefferies Financial Group, Inc. | 18,183 | 1,063,160 |
State Street Corp. | 6,120 | 520,016 |
Virtu Financial, Inc., Class A | 16,730 | 457,064 |
XP, Inc., Class A (Brazil) | 45,358 | 776,075 |
7,461,588 | ||
Leisure Goods — 0.6% | ||
Electronic Arts, Inc. | 4,944 | 746,247 |
Garmin Ltd. | 9,493 | 1,625,676 |
Harley-Davidson, Inc. | 4,167 | 156,263 |
2,528,186 | ||
Life Insurance — 1.0% | ||
Aflac, Inc. | 16,399 | 1,564,136 |
Principal Financial Group, Inc. | 5,486 | 447,164 |
Prudential Financial, Inc. | 3,360 | 421,075 |
Unum Group | 32,841 | 1,889,343 |
4,321,718 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Media — 0.6% | ||
Interpublic Group of Cos., Inc. (The) | 21,956 | 706,324 |
Nexstar Media Group, Inc. | 9,420 | 1,740,722 |
2,447,046 | ||
Medical Equipment & Services — 3.5% | ||
Abbott Laboratories | 12,744 | 1,350,099 |
Becton Dickinson & Co. | 3,752 | 904,457 |
Danaher Corp. | 5,305 | 1,469,910 |
GE HealthCare Technologies, Inc. | 12,135 | 1,026,985 |
Hologic, Inc. * | 16,900 | 1,379,209 |
Labcorp Holdings, Inc. | 5,238 | 1,128,475 |
Medtronic plc | 12,554 | 1,008,337 |
Quest Diagnostics, Inc. | 10,203 | 1,451,887 |
Revvity, Inc. | 8,616 | 1,082,256 |
STERIS plc | 5,237 | 1,250,386 |
Stryker Corp. | 3,420 | 1,119,879 |
Thermo Fisher Scientific, Inc. | 1,312 | 804,702 |
West Pharmaceutical Services, Inc. | 3,524 | 1,078,943 |
15,055,525 | ||
Mortgage Real Estate Investment Trusts — 0.5% | ||
Rithm Capital Corp. | 129,346 | 1,501,707 |
Starwood Property Trust, Inc. | 40,372 | 805,421 |
2,307,128 | ||
Non-life Insurance — 3.1% | ||
American Financial Group, Inc. | 1,955 | 256,027 |
Arch Capital Group Ltd. * | 14,080 | 1,348,582 |
Assured Guaranty Ltd. | 2,253 | 185,580 |
Chubb Ltd. | 4,480 | 1,234,957 |
Everest Group Ltd. | 3,473 | 1,364,438 |
Fidelity National Financial, Inc. | 26,491 | 1,467,866 |
Hartford Financial Services Group, Inc. (The) | 16,469 | 1,826,741 |
Marsh & McLennan Cos., Inc. | 7,233 | 1,609,849 |
Old Republic International Corp. | 36,969 | 1,279,867 |
Progressive Corp. (The) | 8,033 | 1,720,026 |
Reinsurance Group of America, Inc. | 3,294 | 742,566 |
WR Berkley Corp. | 8,982 | 495,178 |
13,531,677 | ||
Non-Renewable Energy — 6.2% | ||
Antero Midstream Corp. | 112,121 | 1,610,058 |
Cheniere Energy, Inc. | 7,304 | 1,334,003 |
Chesapeake Energy Corp. (a) | 5,647 | 431,035 |
Chevron Corp. | 9,570 | 1,535,698 |
ConocoPhillips | 10,821 | 1,203,295 |
Coterra Energy, Inc. | 60,109 | 1,550,812 |
Diamondback Energy, Inc. | 7,614 | 1,540,388 |
DT Midstream, Inc. | 2,966 | 223,518 |
EOG Resources, Inc. | 9,864 | 1,250,755 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Non-Renewable Energy — continued | ||
EQT Corp. | 35,274 | 1,217,306 |
Exxon Mobil Corp. | 15,017 | 1,780,866 |
HF Sinclair Corp. | 23,381 | 1,203,420 |
Kinder Morgan, Inc. | 68,351 | 1,444,257 |
Marathon Oil Corp. | 47,351 | 1,328,196 |
Marathon Petroleum Corp. | 9,525 | 1,686,115 |
Occidental Petroleum Corp. | 7,947 | 483,337 |
Phillips 66 | 11,449 | 1,665,600 |
Range Resources Corp. | 7,384 | 230,602 |
Targa Resources Corp. | 13,759 | 1,861,317 |
Valero Energy Corp. | 10,323 | 1,669,436 |
Williams Cos., Inc. (The) | 33,273 | 1,428,743 |
26,678,757 | ||
Personal Care, Drug & Grocery Stores — 5.4% | ||
Albertsons Cos., Inc., Class A | 71,267 | 1,413,225 |
Casey's General Stores, Inc. | 4,377 | 1,697,576 |
Cencora, Inc. | 7,002 | 1,665,636 |
Church & Dwight Co., Inc. | 15,118 | 1,481,715 |
Clorox Co. (The) | 10,280 | 1,356,240 |
Colgate-Palmolive Co. | 17,312 | 1,717,177 |
CVS Health Corp. | 20,280 | 1,223,492 |
GCI Liberty, Inc. ‡ * | 2,678 | — |
Grocery Outlet Holding Corp. * | 3,672 | 71,824 |
Kenvue, Inc. | 77,285 | 1,429,000 |
Kimberly-Clark Corp. | 11,673 | 1,576,439 |
Kroger Co. (The) | 32,432 | 1,767,544 |
McKesson Corp. | 2,760 | 1,702,975 |
Performance Food Group Co. * | 24,029 | 1,658,001 |
Procter & Gamble Co. (The) | 9,765 | 1,569,821 |
Spectrum Brands Holdings, Inc. | 12,989 | 1,098,999 |
Sysco Corp. | 23,033 | 1,765,480 |
23,195,144 | ||
Personal Goods — 0.1% | ||
Carter's, Inc. | 2,125 | 128,669 |
NIKE, Inc., Class B | 3,657 | 273,763 |
402,432 | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — 4.4% | ||
AbbVie, Inc. | 8,495 | 1,574,293 |
Amgen, Inc. | 5,457 | 1,814,289 |
Bristol-Myers Squibb Co. | 19,649 | 934,506 |
Cardinal Health, Inc. | 13,542 | 1,365,440 |
Eli Lilly & Co. | 1,865 | 1,499,963 |
Fortrea Holdings, Inc. * | 5,366 | 148,048 |
Gilead Sciences, Inc. | 17,411 | 1,324,281 |
Medpace Holdings, Inc. * | 2,519 | 963,568 |
Merck & Co., Inc. | 12,135 | 1,372,833 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Pharmaceuticals, Biotechnology & Marijuana Producers — continued | ||
Pfizer, Inc. | 34,009 | 1,038,635 |
Regeneron Pharmaceuticals, Inc. * | 1,529 | 1,650,081 |
United Therapeutics Corp. * | 4,730 | 1,481,862 |
Vertex Pharmaceuticals, Inc. * | 3,408 | 1,689,414 |
Viatris, Inc. | 80,574 | 971,722 |
Zoetis, Inc. | 7,455 | 1,342,198 |
19,171,133 | ||
Precious Metals & Mining — 0.2% | ||
Newmont Corp. | 19,209 | 942,586 |
Real Estate Investment & Services — 0.6% | ||
CBRE Group, Inc., Class A * | 1,748 | 197,017 |
CoStar Group, Inc. * | 4,559 | 355,693 |
Jones Lang LaSalle, Inc. * | 7,768 | 1,948,991 |
2,501,701 | ||
Real Estate Investment Trusts — 9.1% | ||
AvalonBay Communities, Inc. | 6,384 | 1,308,209 |
Brixmor Property Group, Inc. | 60,247 | 1,534,491 |
Camden Property Trust | 6,450 | 714,337 |
Crown Castle, Inc. | 7,301 | 803,694 |
CubeSmart | 34,666 | 1,649,408 |
EastGroup Properties, Inc. | 1,671 | 312,460 |
EPR Properties | 17,770 | 799,650 |
Equinix, Inc. | 1,684 | 1,330,764 |
Equity Residential | 12,756 | 888,200 |
Essex Property Trust, Inc. | 5,622 | 1,564,940 |
Federal Realty Investment Trust | 3,610 | 403,056 |
First Industrial Realty Trust, Inc. | 13,501 | 738,775 |
Gaming and Leisure Properties, Inc. | 32,083 | 1,610,567 |
Highwoods Properties, Inc. | 20,973 | 649,534 |
Host Hotels & Resorts, Inc. | 91,371 | 1,599,906 |
Iron Mountain, Inc. | 18,080 | 1,854,285 |
Kilroy Realty Corp. | 18,807 | 695,295 |
Kimco Realty Corp. | 62,942 | 1,367,730 |
Lamar Advertising Co., Class A | 14,234 | 1,706,087 |
Mid-America Apartment Communities, Inc. | 6,058 | 846,727 |
NNN REIT, Inc. | 18,647 | 837,064 |
Omega Healthcare Investors, Inc. | 48,200 | 1,754,480 |
Park Hotels & Resorts, Inc. | 67,082 | 1,010,255 |
Prologis, Inc. | 7,152 | 901,510 |
Public Storage | 4,740 | 1,402,661 |
Regency Centers Corp. | 24,219 | 1,630,907 |
Simon Property Group, Inc. | 10,940 | 1,678,634 |
STAG Industrial, Inc. | 29,255 | 1,193,897 |
Ventas, Inc. | 18,475 | 1,005,779 |
VICI Properties, Inc. | 48,774 | 1,524,675 |
Welltower, Inc. | 14,453 | 1,607,896 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Real Estate Investment Trusts — continued | ||
Weyerhaeuser Co. | 47,312 | 1,502,629 |
WP Carey, Inc. | 18,197 | 1,051,969 |
39,480,471 | ||
Retailers — 4.0% | ||
AutoZone, Inc. * | 511 | 1,601,316 |
Best Buy Co., Inc. | 11,631 | 1,006,314 |
Dick's Sporting Goods, Inc. | 7,528 | 1,628,683 |
Gap, Inc. (The) | 37,164 | 872,611 |
Kohl's Corp. | 1,893 | 41,002 |
Lowe's Cos., Inc. | 6,123 | 1,503,258 |
Macy's, Inc. | 51,038 | 881,937 |
O'Reilly Automotive, Inc. * | 1,400 | 1,576,876 |
Penske Automotive Group, Inc. | 8,916 | 1,552,365 |
Ross Stores, Inc. | 7,533 | 1,078,952 |
Target Corp. | 7,018 | 1,055,577 |
TJX Cos., Inc. (The) | 13,024 | 1,471,972 |
Tractor Supply Co. | 5,810 | 1,529,889 |
Williams-Sonoma, Inc. | 10,796 | 1,669,925 |
17,470,677 | ||
Software & Computer Services — 3.5% | ||
Adobe, Inc. * | 414 | 228,383 |
Alphabet, Inc., Class A | 2,743 | 470,534 |
Amdocs Ltd. | 12,809 | 1,120,403 |
CACI International, Inc., Class A * | 1,250 | 576,850 |
Cadence Design Systems, Inc. * | 4,624 | 1,237,660 |
Cognizant Technology Solutions Corp., Class A | 20,983 | 1,587,993 |
Dolby Laboratories, Inc., Class A | 3,681 | 289,916 |
Gartner, Inc. * | 2,704 | 1,355,218 |
Gen Digital, Inc. | 9,115 | 236,899 |
Hewlett Packard Enterprise Co. | 59,996 | 1,194,520 |
International Business Machines Corp. | 2,376 | 456,525 |
Intuit, Inc. | 2,307 | 1,493,437 |
Meta Platforms, Inc., Class A | 3,251 | 1,543,672 |
Microsoft Corp. | 3,594 | 1,503,550 |
Oracle Corp. | 10,234 | 1,427,131 |
Science Applications International Corp. | 3,000 | 373,200 |
SS&C Technologies Holdings, Inc. | 2,535 | 184,928 |
15,280,819 | ||
Technology Hardware & Equipment — 3.8% | ||
Amphenol Corp., Class A | 23,994 | 1,541,855 |
Analog Devices, Inc. | 7,085 | 1,639,327 |
Apple, Inc. | 7,073 | 1,570,772 |
Applied Materials, Inc. | 6,897 | 1,463,543 |
Broadcom, Inc. | 8,700 | 1,397,916 |
KLA Corp. | 1,986 | 1,634,617 |
Lam Research Corp. | 1,457 | 1,342,247 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Common Stocks — continued | ||
Technology Hardware & Equipment — continued | ||
NetApp, Inc. | 11,507 | 1,461,159 |
NVIDIA Corp. | 12,445 | 1,456,314 |
QUALCOMM, Inc. | 5,672 | 1,026,348 |
Skyworks Solutions, Inc. | 6,984 | 793,522 |
TD SYNNEX Corp. | 8,840 | 1,053,463 |
16,381,083 | ||
Telecommunications Equipment — 2.0% | ||
Arista Networks, Inc. * | 4,985 | 1,727,552 |
Ciena Corp. * | 26,868 | 1,417,018 |
Cisco Systems, Inc. | 31,268 | 1,514,935 |
Juniper Networks, Inc. | 46,189 | 1,740,863 |
Motorola Solutions, Inc. | 4,363 | 1,740,488 |
Ubiquiti, Inc. | 2,201 | 408,440 |
8,549,296 | ||
Telecommunications Service Providers — 2.9% | ||
AT&T, Inc. | 92,838 | 1,787,131 |
Charter Communications, Inc., Class A * | 4,420 | 1,678,362 |
Comcast Corp., Class A | 43,489 | 1,794,791 |
Frontier Communications Parent, Inc. * | 62,784 | 1,839,571 |
Iridium Communications, Inc. | 11,011 | 316,016 |
Liberty Broadband Corp., Class C * | 2,507 | 168,947 |
Liberty Global Ltd., Class C (Belgium) * | 22,520 | 452,877 |
Roku, Inc. * | 22,403 | 1,304,079 |
T-Mobile US, Inc. | 9,308 | 1,696,662 |
Verizon Communications, Inc. | 41,288 | 1,672,990 |
12,711,426 | ||
Tobacco — 0.8% | ||
Altria Group, Inc. | 36,954 | 1,811,116 |
Philip Morris International, Inc. | 15,933 | 1,834,844 |
3,645,960 | ||
Travel & Leisure — 0.4% | ||
Booking Holdings, Inc. | 156 | 579,542 |
Darden Restaurants, Inc. | 6,677 | 976,778 |
Travel + Leisure Co. | 5,458 | 251,559 |
1,807,879 | ||
Waste & Disposal Services — 1.2% | ||
Clean Harbors, Inc. * | 7,369 | 1,759,201 |
Republic Services, Inc. | 8,544 | 1,660,270 |
Waste Management, Inc. | 8,037 | 1,628,779 |
5,048,250 | ||
Total Common Stocks (Cost $352,202,089) | 431,960,995 | |
Short-Term Investments — 0.1% | ||
Investment Companies — 0.1% | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $384,270) | 384,270 | 384,270 |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)INVESTMENTS | SHARES | VALUE ($) |
Short-Term Investments — continued | ||
Investment of Cash Collateral from Securities Loaned — 0.0% ^ | ||
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.40% (b) (c) | 3,848 | 3,848 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | 35,800 | 35,800 |
Total Investment of Cash Collateral from Securities Loaned (Cost $39,648) | 39,648 | |
Total Short-Term Investments (Cost $423,918) | 423,918 | |
Total Investments — 99.9% (Cost $352,626,007) | 432,384,913 | |
Assets in Excess of Other Liabilities — 0.1% | 393,227 | |
NET ASSETS — 100.0% | 432,778,140 |
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 July 31, 2024. The total value of securities on loan at July 31, 2024 is $39,768. | |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(c) | The rate shown is the current yield as of July 31, 2024. |
Futures contracts outstanding as of July 31, 2024:
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
S&P 500 E-Mini Index | 2 | 09/20/2024 | USD | 555,825 | 8,758 |
Abbreviations | |
USD | United States Dollar |
JPMorgan Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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 Fund 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 Fund. 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 an approved Pricing Service. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is 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.
•
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 Diversified Return U.S. Equity ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 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) | $432,384,913 | $— | $— (b) | $432,384,913 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts (a) | $8,758 | $— | $— | $8,758 |
(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 July 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 July 31, 2024 | Shares at July 31, 2024 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.40% (a) (b) | $16,999,600 | $25,000,000 | $42,000,000 | $4,048 | $200 | $3,848 | 3,848 | $242,841 | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 3,440,270 | 26,124,157 | 29,528,627 | — | — | 35,800 | 35,800 | 52,911 | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (b) | 306,480 | 13,944,452 | 13,866,662 | — | — | 384,270 | 384,270 | 32,939 | — |
Total | $20,746,350 | $65,068,609 | $85,395,289 | $4,048 | $200 | $423,918 | $328,691 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of July 31, 2024. |