NPORT-EX 2 HG_USD_ETF.htm HTML

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited)

 

Investments

    Shares      Value ($)  

COMMON STOCKS — 99.6%

 

Aerospace & Defense — 0.5%

 

Lockheed Martin Corp.

      450        167,251  
     

 

 

  

Automobiles & Parts — 0.3%

      

Genuine Parts Co.

      955        121,209  
     

 

 

  

Banks — 2.2%

      

Comerica, Inc.

      1,061        72,848  

First Horizon Corp.

      5,957        92,036  

FNB Corp.

      1,976        22,645  

Huntington Bancshares, Inc.

      9,297        130,902  

New York Community Bancorp, Inc.

      14,366        169,231  

PacWest Bancorp

      3,750        149,325  

People’s United Financial, Inc.

      9,387        147,376  
     

 

 

  
        784,363  
     

 

 

  

Beverages — 2.8%

      

Brown-Forman Corp., Class B

      601        42,623  

Coca-Cola Co. (The)

      3,780        215,573  

Constellation Brands, Inc., Class A

      789        177,004  

Keurig Dr Pepper, Inc.

      5,226        184,008  

Molson Coors Beverage Co., Class B*

      2,944        143,932  

PepsiCo, Inc.

      1,459        228,990  
     

 

 

  
        992,130  
     

 

 

  

Chemicals — 4.6%

      

Celanese Corp.

      516        80,377  

CF Industries Holdings, Inc.

      4,103        193,867  

Chemours Co. (The)

      5,969        198,469  

Dow, Inc.

      3,250        202,020  

Eastman Chemical Co.

      1,755        197,824  

Huntsman Corp.

      6,097        161,022  

LyondellBasell Industries NV, Class A

      1,930        191,707  

NewMarket Corp.

      44        13,900  

Olin Corp.

      5,954        280,017  

Scotts Miracle-Gro Co. (The)

      212        37,515  

Valvoline, Inc.

      1,759        53,966  

WR Grace & Co.

      513        35,705  
     

 

 

  
        1,646,389  
     

 

 

  

Construction & Materials — 0.5%

      

MDU Resources Group, Inc.

      5,767        182,929  
     

 

 

  

Consumer Services — 0.3%

      

H&R Block, Inc.

      4,008        98,396  
     

 

 

  

Electricity — 12.8%

      

AES Corp. (The)

      7,598        180,073  

Alliant Energy Corp.

      3,374        197,480  

American Electric Power Co., Inc.

      2,247        198,006  

Avangrid, Inc.

      2,532        132,019  

CMS Energy Corp.

      3,151        194,700  

Consolidated Edison, Inc.

      2,469        182,138  

Dominion Energy, Inc.

      2,498        187,025  

DTE Energy Co.

      1,407        165,069  

Edison International

      3,155        171,948  

Entergy Corp.

      1,833        188,652  

Evergy, Inc.

      3,258        212,487  

Eversource Energy

      2,209        190,571  

Exelon Corp.

      4,518        211,442  

FirstEnergy Corp.

      5,695        218,232  

Hawaiian Electric Industries, Inc.

      3,007        130,323  

IDACORP, Inc.

      1,122        118,315  

NextEra Energy, Inc.

      2,499        194,672  

NRG Energy, Inc.

      4,932        203,396  

OGE Energy Corp.

      5,157        174,049  

Pinnacle West Capital Corp.

      2,111        176,374  

PPL Corp.

      6,237        176,944  

Public Service Enterprise Group, Inc.

      3,267        203,305  

Southern Co. (The)

      3,169        202,404  

Vistra Corp.

      9,814        187,938  

Xcel Energy, Inc.

      2,632        179,634  
     

 

 

  
        4,577,196  
     

 

 

  

Electronic & Electrical Equipment — 1.3%

      

Emerson Electric Co.

      2,236        225,590  

Hubbell, Inc.

      1,148        230,128  
     

 

 

  
        455,718  
     

 

 

  

Finance & Credit Services — 0.2%

      

OneMain Holdings, Inc.

      1,398        85,278  
     

 

 

  

Food Producers — 7.7%

      

Archer-Daniels-Midland Co.

      2,968        177,249  

Bunge Ltd.

      2,165        168,069  

Campbell Soup Co.

      3,965        173,350  

Conagra Brands, Inc.

      4,899        164,067  

Corteva, Inc.

      4,108        175,740  

Flowers Foods, Inc.

      6,369        150,054  

General Mills, Inc.

      3,007        176,992  

Hershey Co. (The)

      1,047        187,287  

Hormel Foods Corp.

      3,749        173,879  

Ingredion, Inc.

      801        70,336  

JM Smucker Co. (The)

      1,342        175,949  

Kellogg Co.

      2,844        180,196  

Kraft Heinz Co. (The)

      4,924        189,426  

Lamb Weston Holdings, Inc.

      945        63,098  

McCormick & Co., Inc. (Non-Voting)

      2,059        173,306  

Mondelez International, Inc., Class A

      3,149        199,206  

Tyson Foods, Inc., Class A

      2,364        168,931  
     

 

 

  
        2,767,135  
     

 

 

  

Gas, Water & Multi-utilities — 4.8%

      

Ameren Corp.

      2,132        178,917  

Atmos Energy Corp.

      1,437        141,674  

CenterPoint Energy, Inc.

      7,877        200,548  

Duke Energy Corp.

      2,105        221,257  

Essential Utilities, Inc.

      1,325        65,084  

National Fuel Gas Co.

      2,519        129,552  

NiSource, Inc.

      7,702        190,779  

Sempra Energy

      1,358        177,423  

UGI Corp.

      4,492        206,587  

WEC Energy Group, Inc.

      2,022        190,351  
     

 

 

  
        1,702,172  
     

 

 

  

General Industrials — 3.1%

      

3M Co.

      1,065        210,806  

Amcor plc

      4,888        56,505  

Eaton Corp. plc

      1,488        235,179  

Packaging Corp. of America

      1,464        207,156  

RPM International, Inc.

      766        66,328  

Sonoco Products Co.

      2,662        169,809  

WestRock Co.

      3,692        181,683  
     

 

 

  
        1,127,466  
     

 

 

  

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Health Care Providers — 1.1%

 

Encompass Health Corp.

      1,872        155,844  

UnitedHealth Group, Inc.

      560        230,843  
     

 

 

  
        386,687  
     

 

 

  

Household Goods & Home Construction — 1.0%

      

Leggett & Platt, Inc.

      2,652        127,375  

Newell Brands, Inc.

      5,655        139,961  

Whirlpool Corp.

      492        108,998  
     

 

 

  
        376,334  
     

 

 

  

Industrial Engineering — 0.8%

      

Caterpillar, Inc.

      529        109,371  

Cummins, Inc.

      788        182,895  
     

 

 

  
        292,266  
     

 

 

  

Industrial Materials — 0.6%

      

International Paper Co.

      3,469        200,369  
     

 

 

  

Industrial Metals & Mining — 2.5%

      

Fastenal Co.

      1,703        93,273  

Nucor Corp.

      2,060        214,281  

Reliance Steel & Aluminum Co.

      890        139,864  

Southern Copper Corp. (Peru)

      2,405        157,864  

Steel Dynamics, Inc.

      3,395        218,808  

Timken Co. (The)

      954        75,843  
     

 

 

  
        899,933  
     

 

 

  

Industrial Support Services — 0.7%

      

Paychex, Inc.

      1,973        224,567  

Western Union Co. (The)

      885        20,541  
     

 

 

  
        245,108  
     

 

 

  

Industrial Transportation — 0.9%

      

Ryder System, Inc.

      1,697        129,227  

United Parcel Service, Inc., Class B

      1,090        208,582  
     

 

 

  
        337,809  
     

 

 

  

Investment Banking & Brokerage Services — 1.3%

      

Apollo Global Management, Inc.

      1,183        69,631  

Brookfield Asset Management, Inc., Class A (Canada)

      257        13,862  

Franklin Resources, Inc.

      2,627        77,628  

Invesco Ltd.

      7,534        183,679  

Lazard Ltd., Class A

      2,821        133,151  
     

 

 

  
        477,951  
     

 

 

  

Leisure Goods — 0.7%

      

Garmin Ltd.

      686        107,839  

Harley-Davidson, Inc.

      2,364        93,662  

Hasbro, Inc.

      659        65,531  
     

 

 

  
        267,032  
     

 

 

  

Life Insurance — 0.9%

      

Principal Financial Group, Inc.

      1,271        78,967  

Prudential Financial, Inc.

      1,901        190,633  

Unum Group

      2,048        56,115  
     

 

 

  
        325,715  
     

 

 

  

Media — 0.1%

      

Nielsen Holdings plc

      1,368        32,408  
     

 

 

  

Medical Equipment & Services — 2.3%

      

Abbott Laboratories

      1,758        212,683  

Becton Dickinson and Co.

      685        175,189  

Medtronic plc

      1,790        235,045  

Quest Diagnostics, Inc.

      1,398        198,236  
     

 

 

  
        821,153  
     

 

 

  

Mortgage Real Estate Investment Trusts — 2.1%

      

AGNC Investment Corp.

      12,463        197,788  

Annaly Capital Management, Inc.

      22,457        190,660  

New Residential Investment Corp.

      17,030        166,213  

Starwood Property Trust, Inc.

      7,489        194,938  
     

 

 

  
        749,599  
     

 

 

  

Non-life Insurance — 1.1%

      

Old Republic International Corp.

      7,500        184,950  

Progressive Corp. (The)

      2,031        193,270  
     

 

 

  
        378,220  
     

 

 

  

Non-Renewable Energy — 4.7%

      

Antero Midstream Corp.

      19,363        183,949  

Chevron Corp.

      1,965        200,057  

DT Midstream, Inc.*

      703        29,807  

Exxon Mobil Corp.

      3,534        203,452  

HollyFrontier Corp.

      2,011        59,123  

Kinder Morgan, Inc.

      11,539        200,548  

ONEOK, Inc.

      3,919        203,670  

Phillips 66

      1,147        84,224  

Targa Resources Corp.

      4,151        174,799  

Valero Energy Corp.

      2,251        150,750  

Williams Cos., Inc. (The)

      7,705        193,010  
     

 

 

  
        1,683,389  
     

 

 

  

Personal Care, Drug & Grocery Stores — 6.0%

      

AmerisourceBergen Corp.

      1,526        186,431  

Casey’s General Stores, Inc.

      221        43,694  

Church & Dwight Co., Inc.

      2,160        187,013  

Clorox Co. (The)

      1,045        189,030  

Colgate-Palmolive Co.

      2,295        182,452  

CVS Health Corp.

      2,539        209,112  

Kimberly-Clark Corp.

      1,411        191,501  

Kroger Co. (The)

      4,727        192,389  

McKesson Corp.

      797        162,453  

Procter & Gamble Co. (The)

      1,650        234,679  

Spectrum Brands Holdings, Inc.

      459        40,094  

Sysco Corp.

      2,291        169,992  

Walgreens Boots Alliance, Inc.

      3,425        161,489  
     

 

 

  
        2,150,329  
     

 

 

  

Personal Goods — 0.4%

      

Coty, Inc., Class A*

      3,279        28,626  

Hanesbrands, Inc.

      6,289        114,837  
     

 

 

  
        143,463  
     

 

 

  

Pharmaceuticals, Biotechnology & Marijuana Producers — 5.4%

      

AbbVie, Inc.

      1,922        223,529  

Amgen, Inc.

      763        184,295  

Bristol-Myers Squibb Co.

      3,201        217,252  

Cardinal Health, Inc.

      2,570        152,607  

Eli Lilly & Co.

      948        230,838  

Gilead Sciences, Inc.

      2,653        181,173  

Johnson & Johnson

      1,353        232,986  

Merck & Co., Inc.

      2,418        185,872  

Perrigo Co. plc

      2,145        103,024  

Pfizer, Inc.

      4,933        211,182  
     

 

 

  
        1,922,758  
     

 

 

  

Real Estate Investment Trusts — 8.3%

      

Brixmor Property Group, Inc.

      5,877        135,289  

EPR Properties

      3,118        156,835  

Gaming and Leisure Properties, Inc.

      3,836        181,596  

Healthcare Trust of America, Inc., Class A

      2,049        58,581  

Healthpeak Properties, Inc.

      5,259        194,425  

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

Investments

    Shares      Value ($)  

Highwoods Properties, Inc.

      455        21,699  

Iron Mountain, Inc.

      4,615        201,952  

Kimco Realty Corp.

      7,630        162,748  

Medical Properties Trust, Inc.

      7,435        156,358  

National Retail Properties, Inc.

      3,369        164,643  

Omega Healthcare Investors, Inc.

      4,845        175,777  

Park Hotels & Resorts, Inc.*

      9,176        169,756  

Rayonier, Inc.

      3,634        137,038  

Simon Property Group, Inc.

      1,527        193,196  

SL Green Realty Corp.

      581        43,261  

Spirit Realty Capital, Inc.

      3,361        168,790  

Ventas, Inc.

      831        49,677  

VEREIT, Inc.

      3,556        174,137  

Vornado Realty Trust

      1,725        75,038  

Welltower, Inc.

      1,776        154,263  

WP Carey, Inc.

      2,424        195,593  
     

 

 

  
        2,970,652  
     

 

 

  

Retailers — 1.0%

      

Foot Locker, Inc.

      1,037        59,171  

Gap, Inc. (The)

      1,441        42,034  

Kohl’s Corp.

      1,355        68,834  

L Brands, Inc.

      1,887        151,092  

Nordstrom, Inc.*

      588        19,463  
     

 

 

  
        340,594  
     

 

 

  

Software & Computer Services — 1.1%

      

DXC Technology Co.*

      67        2,679  

Hewlett Packard Enterprise Co.

      13,780        199,810  

International Business Machines Corp.

      1,309        184,516  
     

 

 

  
        387,005  
     

 

 

  

Technology Hardware & Equipment — 4.8%

      

Analog Devices, Inc.

      1,311        219,488  

Broadcom, Inc.

      81        39,317  

HP, Inc.

      6,646        191,870  

Intel Corp.

      3,189        171,313  

KLA Corp.

      684        238,141  

Maxim Integrated Products, Inc.*

      2,130        212,808  

Microchip Technology, Inc.

      389        55,674  

NetApp, Inc.

      1,167        92,882  

QUALCOMM, Inc.

      1,445        216,461  

Xerox Holdings Corp.

      6,859        165,508  

Xilinx, Inc.

      662        99,194  
     

 

 

  
        1,702,656  
     

 

 

  

Telecommunications Equipment — 2.6%

      

Arista Networks, Inc.*

      456        173,458  

Ciena Corp.*

      1,070        62,210  

Cisco Systems, Inc.

      3,947        218,545  

Juniper Networks, Inc.

      6,377        179,449  

Lumentum Holdings, Inc.*

      1,455        122,206  

Motorola Solutions, Inc.

      610        136,591  

Ubiquiti, Inc.

      94        29,431  

ViaSat, Inc.*

      527        26,160  
     

 

 

  
        948,050  
     

 

 

  

Telecommunications Service Providers — 5.4%

      

Altice USA, Inc., Class A*

      3,940        121,076  

AT&T, Inc.

      6,912        193,882  

Cable One, Inc.

      27        50,976  

Charter Communications, Inc., Class A*

      285        212,054  

Comcast Corp., Class A

      3,567        209,847  

DISH Network Corp., Class A*

      4,286        179,541  

Liberty Broadband Corp., Class C*

      1,076        190,979  

Lumen Technologies, Inc.

      13,703        170,876  

Roku, Inc.*

      484        207,302  

T-Mobile US, Inc.*

      1,357        195,435  

Verizon Communications, Inc.

      3,477        193,947  
     

 

 

  
        1,925,915  
     

 

 

  

Tobacco — 1.2%

      

Altria Group, Inc.

      3,944        189,470  

Philip Morris International, Inc.

      2,233        223,501  
     

 

 

  
        412,971  
     

 

 

  

Travel & Leisure — 1.0%

      

Copa Holdings SA, Class A (Panama)*

      1,275        90,410  

Darden Restaurants, Inc.

      360        52,517  

Six Flags Entertainment Corp.*

      3,707        154,026  

Travel + Leisure Co.

      1,316        68,169  
     

 

 

  
        365,122  
     

 

 

  

Waste & Disposal Services — 0.5%

      

Waste Management, Inc.

      1,303        193,183  
     

 

 

  

TOTAL COMMON STOCKS
(Cost $34,077,461)

 

      35,644,303  
     

 

 

  

PREFERRED STOCKS — 0.0%(a)

      

Real Estate Investment & Services — 0.0%(a)

      

Brookfield Property Preferred LP, 6.25%, 7/26/2081 ($25 par value)
(Cost $4,495)

      185        4,609  
     

 

 

  

SHORT-TERM INVESTMENTS — 0.1%

      

INVESTMENT COMPANIES — 0.1%

      

JPMorgan U.S. Government Money Market Fund Class IM Shares,
0.03%(b)(c)(Cost $43,691)

      43,691        43,691  
     

 

 

  

Total Investments — 99.7%
(Cost $34,125,647)

 

      35,692,603  

Other Assets Less Liabilities — 0.3%

 

      94,327  
     

 

 

  

Net Assets — 100.0%

 

      35,786,930  
     

 

 

  

 

Percentages indicated are based on net assets.

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (Unaudited) (continued)

 

(a)    Amount rounds to less than 0.1% of net assets.
(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, 2021.
*    Non-income producing security.

Futures contracts outstanding as of July 31, 2021:

Description

    Number of
Contracts		      Expiration
Date		      Trading Currency      Notional Amount
($)		      Value and
Unrealized
Appreciation
(Depreciation) ($)		  

Long Contracts

 

Micro E-Mini S&P 500 Index

      4        09/2021        USD        87,780        1,292  
              

 

 

  

Abbreviations

 

USD    United States Dollar

JPMorgan U.S. Dividend ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JULY 31, 2021 (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.

J.P. Morgan Investment Management Inc. (the “Administrator”) has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This 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 values (“NAV”) of the Fund are 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)

    $ 35,692,603      $ —        $ —        $ 35,692,603  
  

 

 

     

 

 

     

 

 

     

 

 

  

Appreciation in Other Financial Instruments

 

Futures Contracts(a)

    $ 1,292      $ —        $ —        $ 1,292  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(a)

Please refer to the SOI for specifics of portfolio holdings.

B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds, which are 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. 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, 2021

  

Security Description

    Value at
October 31,
2020		      Purchases at
Cost		      Proceeds from
Sales		      Net Realized
Gain (Loss)		     Change in
Unrealized
Appreciation/
(Depreciation)		      Value at
July 31, 2021		      Shares at
July 31,
2021		      Dividend
Income		      Capital Gain
Distributions		  

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares(a)

    $ 399,910      $ —        $ 399,910      $ (60 )    $ 60      $ —          —        $ 87      $ —    

JPMorgan U.S. Government Money Market Fund Class IM Shares,
0.03%(a)(b)

      —          382,929        339,238        —         —          43,691        43,691        3        —    

JPMorgan U.S. Government Money Market Fund Class IM Shares(a)

      218,497        1,601,017        1,819,514        —         —          —          —          11        —    

JPMorgan U.S. Government Money Market Fund Class Institutional Shares(a)

      83,190        1,029,560        1,112,750        —         —          —          —          6        —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

Total

    $ 701,597      $ 3,013,506      $ 3,671,412      $ (60 )    $ 60      $ 43,691         $ 107      $ —    
  

 

 

     

 

 

     

 

 

     

 

 

    

 

 

     

 

 

        

 

 

     

 

 

  

 

(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, 2021.