NPORT-EX 2 JPMHEDEQOVETF.htm NPORT PART F EDGAR HTML
JPMorgan Hedged Equity Laddered Overlay 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 Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited)
 
INVESTMENTS
SHARES
VALUE($)
Common Stocks — 100.2%
Aerospace & Defense — 1.5%
Howmet Aerospace, Inc.
15,912
895,209
RTX Corp.
20,754
1,891,104
Textron, Inc.
12,842
1,087,846
 
3,874,159
Air Freight & Logistics — 1.0%
FedEx Corp.
3,057
737,624
United Parcel Service, Inc., Class B
13,177
1,869,816
 
2,607,440
Automobile Components — 0.2%
Aptiv plc *
5,754
467,973
BorgWarner, Inc.
1,497
50,748
 
518,721
Automobiles — 1.2%
Tesla, Inc. * (a)
16,423
3,075,864
Banks — 3.5%
Bank of America Corp. (a)
93,954
3,195,376
Fifth Third Bancorp
28,815
986,626
Truist Financial Corp.
39,318
1,457,125
US Bancorp
33,686
1,399,316
Wells Fargo & Co. (a)
43,724
2,194,070
 
9,232,513
Beverages — 1.9%
Coca-Cola Co. (The) (a)
41,229
2,452,713
Constellation Brands, Inc., Class A
4
980
Monster Beverage Corp. *
5,754
316,585
PepsiCo, Inc. (a)
13,516
2,277,852
 
5,048,130
Biotechnology — 3.1%
AbbVie, Inc. (a)
20,612
3,388,613
Biogen, Inc. *
3,172
782,405
BioMarin Pharmaceutical, Inc. *
2,499
220,112
Neurocrine Biosciences, Inc. *
1,349
188,550
Regeneron Pharmaceuticals, Inc. *
1,830
1,725,287
Sarepta Therapeutics, Inc. *
972
115,658
Vertex Pharmaceuticals, Inc. *
4,044
1,752,589
 
8,173,214
Broadline Retail — 4.1%
Amazon.com, Inc. * (a)
69,590
10,800,368
Building Products — 1.0%
Masco Corp.
10,100
679,629
Trane Technologies plc
7,803
1,966,746
 
2,646,375
Capital Markets — 2.5%
Blackstone, Inc.
1,920
238,944
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Capital Markets — continued
Charles Schwab Corp. (The)
17,606
1,107,770
CME Group, Inc.
4,697
966,830
Goldman Sachs Group, Inc. (The)
1,872
718,867
Intercontinental Exchange, Inc.
11,000
1,400,630
Morgan Stanley
9,925
865,857
S&P Global, Inc.
2,332
1,045,552
State Street Corp.
3,239
239,265
 
6,583,715
Chemicals — 2.0%
Air Products and Chemicals, Inc.
1,620
414,250
Dow, Inc.
23,295
1,248,612
Eastman Chemical Co.
7,530
629,132
Linde plc
4,533
1,835,094
LyondellBasell Industries NV, Class A
7,298
686,888
PPG Industries, Inc.
2,681
378,128
 
5,192,104
Commercial Services & Supplies — 0.1%
Cintas Corp.
441
266,615
Communications Equipment — 0.2%
Motorola Solutions, Inc.
1,508
481,806
Consumer Finance — 0.2%
Capital One Financial Corp.
3,063
414,485
Consumer Staples Distribution & Retail — 2.1%
Costco Wholesale Corp. (a)
3,863
2,684,321
Dollar Tree, Inc. *
2,340
305,651
Target Corp.
8,511
1,183,710
Walmart, Inc.
8,715
1,440,154
 
5,613,836
Containers & Packaging — 0.0% ^
International Paper Co.
2,078
74,455
Distributors — 0.1%
LKQ Corp.
4,537
211,742
Electric Utilities — 1.9%
Constellation Energy Corp.
2,912
355,264
NextEra Energy, Inc. (a)
25,908
1,518,986
PG&E Corp.
82,845
1,397,595
Southern Co. (The)
24,564
1,707,689
 
4,979,534
Electrical Equipment — 0.6%
Eaton Corp. plc
6,938
1,707,303
Electronic Equipment, Instruments & Components — 0.3%
Corning, Inc.
8,210
266,743
Keysight Technologies, Inc. *
4,302
659,324
 
926,067
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Energy Equipment & Services — 0.1%
Baker Hughes Co.
9,453
269,410
Entertainment — 0.6%
Netflix, Inc. *
2,571
1,450,327
Warner Bros Discovery, Inc. *
18,181
182,173
 
1,632,500
Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B * (a)
9,780
3,752,977
Block, Inc. *
1,688
109,737
Fiserv, Inc. *
2,846
403,762
FleetCor Technologies, Inc. *
3,617
1,048,677
Mastercard, Inc., Class A (a)
9,702
4,358,430
Visa, Inc., Class A (a)
12,417
3,393,069
 
13,066,652
Food Products — 0.8%
Mondelez International, Inc., Class A (a)
28,729
2,162,432
Ground Transportation — 1.2%
CSX Corp.
15,505
553,528
Norfolk Southern Corp.
2,882
677,962
Uber Technologies, Inc. *
16,741
1,092,685
Union Pacific Corp.
3,116
760,086
 
3,084,261
Health Care Equipment & Supplies — 2.5%
Baxter International, Inc.
10,221
395,450
Becton Dickinson & Co.
1,823
435,351
Boston Scientific Corp. * (a)
31,646
2,001,926
Dexcom, Inc. *
2,498
303,132
Intuitive Surgical, Inc. *
1,580
597,588
Medtronic plc
17,255
1,510,503
Stryker Corp.
4,099
1,375,132
 
6,619,082
Health Care Providers & Services — 2.7%
Centene Corp. *
10,493
790,228
CVS Health Corp.
4,719
350,952
Elevance Health, Inc.
2,462
1,214,849
Humana, Inc.
1,337
505,466
McKesson Corp.
840
419,908
UnitedHealth Group, Inc. (a)
7,862
4,023,300
 
7,304,703
Health Care REITs — 0.5%
Ventas, Inc.
18,219
845,180
Welltower, Inc.
5,283
457,032
 
1,302,212
Hotels, Restaurants & Leisure — 2.7%
Booking Holdings, Inc. *
533
1,869,482
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Hotels, Restaurants & Leisure — continued
Chipotle Mexican Grill, Inc. *
668
1,609,058
Expedia Group, Inc. *
7,208
1,069,163
Marriott International, Inc., Class A
3,184
763,300
Royal Caribbean Cruises Ltd. *
6,177
787,568
Yum! Brands, Inc.
8,650
1,120,088
 
7,218,659
Household Durables — 0.3%
Lennar Corp., Class A
2,476
371,028
Toll Brothers, Inc.
3,091
307,091
 
678,119
Household Products — 0.9%
Church & Dwight Co., Inc.
6,703
669,294
Procter & Gamble Co. (The)
10,785
1,694,755
 
2,364,049
Industrial Conglomerates — 1.0%
Honeywell International, Inc. (a)
13,422
2,714,734
Industrial REITs — 0.7%
Prologis, Inc.
15,072
1,909,472
Insurance — 2.3%
Aflac, Inc.
7,720
651,105
Chubb Ltd.
3,733
914,585
Globe Life, Inc.
4,646
570,622
MetLife, Inc.
8,980
622,494
Progressive Corp. (The)
9,902
1,765,031
Travelers Cos., Inc. (The)
7,728
1,633,390
 
6,157,227
Interactive Media & Services — 6.0%
Alphabet, Inc., Class A * (a)
38,736
5,426,913
Alphabet, Inc., Class C * (a)
26,957
3,822,503
Meta Platforms, Inc., Class A * (a)
17,155
6,692,852
 
15,942,268
IT Services — 1.3%
Accenture plc, Class A
6,238
2,269,884
Cognizant Technology Solutions Corp., Class A
15,819
1,219,961
 
3,489,845
Life Sciences Tools & Services — 1.3%
Danaher Corp.
7,168
1,719,675
Thermo Fisher Scientific, Inc.
3,302
1,779,712
 
3,499,387
Machinery — 1.7%
Deere & Co. (a)
5,748
2,262,298
Dover Corp.
3,915
586,389
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Machinery — continued
Ingersoll Rand, Inc.
2,746
219,295
Otis Worldwide Corp.
15,677
1,386,474
 
4,454,456
Media — 1.3%
Charter Communications, Inc., Class A *
2,672
990,537
Comcast Corp., Class A (a)
51,021
2,374,517
Liberty Media Corp-Liberty SiriusXM, Class A *
6,391
194,223
 
3,559,277
Metals & Mining — 0.2%
Nucor Corp.
2,365
442,089
Multi-Utilities — 0.4%
DTE Energy Co.
1,177
124,079
Public Service Enterprise Group, Inc.
16,242
941,874
 
1,065,953
Oil, Gas & Consumable Fuels — 3.8%
Chevron Corp.
7,296
1,075,649
ConocoPhillips (a)
15,332
1,715,191
Diamondback Energy, Inc.
6,973
1,072,029
EOG Resources, Inc. (a)
14,712
1,674,079
Exxon Mobil Corp. (a)
40,441
4,157,739
Marathon Oil Corp.
7,345
167,833
Pioneer Natural Resources Co.
483
111,008
 
9,973,528
Passenger Airlines — 0.1%
Delta Air Lines, Inc.
9,469
370,617
Personal Care Products — 0.2%
Kenvue, Inc.
32,521
675,136
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co.
36,552
1,786,296
Eli Lilly & Co. (a)
4,693
3,029,848
Johnson & Johnson (a)
12,084
1,920,148
Merck & Co., Inc.
14,131
1,706,742
 
8,443,034
Professional Services — 0.2%
Leidos Holdings, Inc.
5,571
615,428
Residential REITs — 0.3%
Equity LifeStyle Properties, Inc.
6,528
441,881
Sun Communities, Inc.
2,303
288,681
UDR, Inc.
2,414
86,952
 
817,514
Semiconductors & Semiconductor Equipment — 9.6%
Advanced Micro Devices, Inc. * (a)
15,598
2,615,629
Analog Devices, Inc. (a)
10,293
1,979,961
Broadcom, Inc.
1,252
1,477,360
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE($)
Common Stocks — continued
Semiconductors & Semiconductor Equipment — continued
Lam Research Corp. (a)
2,813
2,321,203
Micron Technology, Inc.
7,193
616,800
NVIDIA Corp. (a)
17,965
11,053,326
NXP Semiconductors NV (China) (a)
10,417
2,193,508
Qorvo, Inc. *
3,678
366,844
Teradyne, Inc.
5,678
548,438
Texas Instruments, Inc. (a)
14,879
2,382,425
 
25,555,494
Software — 11.1%
Adobe, Inc. * (a)
4,843
2,991,909
Cadence Design Systems, Inc. *
1,790
516,343
Intuit, Inc.
3,214
2,029,095
Microsoft Corp. (a)
52,887
21,026,813
Oracle Corp.
7,829
874,499
ServiceNow, Inc. *
2,519
1,928,043
 
29,366,702
Specialized REITs — 0.7%
Digital Realty Trust, Inc.
7,014
985,187
SBA Communications Corp.
3,642
815,298
 
1,800,485
Specialty Retail — 2.6%
AutoNation, Inc. *
2,772
387,137
AutoZone, Inc. *
636
1,756,715
Best Buy Co., Inc.
10,478
759,550
Burlington Stores, Inc. *
2,843
543,439
Lowe's Cos., Inc. (a)
11,458
2,438,721
O'Reilly Automotive, Inc. *
155
158,573
TJX Cos., Inc. (The)
8,781
833,405
 
6,877,540
Technology Hardware, Storage & Peripherals — 6.8%
Apple, Inc. (a)
91,812
16,930,133
Seagate Technology Holdings plc
13,054
1,118,467
Western Digital Corp. *
2,101
120,282
 
18,168,882
Tobacco — 0.3%
Altria Group, Inc.
6,912
277,309
Philip Morris International, Inc.
7,177
652,031
 
929,340
Trading Companies & Distributors — 0.2%
United Rentals, Inc.
813
508,450
Wireless Telecommunication Services — 0.2%
T-Mobile US, Inc.
2,695
434,515
Total Common Stocks
(Cost $248,708,248)
265,901,898
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
 INVESTMENTS
NO. OF
CONTRACTS
VALUE($)
Options Purchased — 0.5%
Put Options Purchased — 0.5%
SPDR S&P 500 ETF Trust
2/29/2024 at USD 431.00 , American Style
Notional Amount: USD 90,974,592
Counterparty: Exchange-Traded *
1,884
74,418
3/28/2024 at USD 450.00 , American Style
Notional Amount: USD 89,912,256
Counterparty: Exchange-Traded *
1,862
407,778
4/30/2024 at USD 458.00 , American Style
Notional Amount: USD 85,469,760
Counterparty: Exchange-Traded *
1,770
784,995
Total Put Options Purchased
(Cost $2,108,796)
1,267,191
 
SHARES
Short-Term Investments — 0.5%
Investment Companies — 0.5%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.26% (b) (c)
(Cost $1,456,724)
1,456,724
1,456,724
Total Investments — 101.2%
(Cost $252,273,768)
268,625,813
Liabilities in Excess of Other Assets — (1.2)%
(3,240,675
)
NET ASSETS — 100.0%
265,385,138
 
Percentages indicated are based on net assets.
 
Abbreviations
 
ETF
Exchange Traded Fund
REIT
Real Estate Investment Trust
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
All or a portion of the security is segregated for options written.
 
(b)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
(c)
The rate shown is the current yield as of January 31, 2024.
 
Futures contracts outstanding as of January 31, 2024:
 
DESCRIPTION
NUMBER OF
CONTRACTS
EXPIRATION DATE
TRADING CURRENCY
NOTIONAL
AMOUNT ($)
VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
Long Contracts
S&P 500 E-Mini Index
6
03/15/2024
USD
1,460,700
14,475
 
Abbreviations
 
USD
United States Dollar
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024  (Unaudited) (continued)
Written Call Options Contracts as of January 31, 2024
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,884
USD
90,974,592
USD
480.00
2/29/2024
(1,833,132
)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,862
USD
89,912,256
USD
500.00
3/28/2024
(636,804
)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,770
USD
85,469,760
USD
509.00
4/30/2024
(618,615
)
 
(3,088,551
)
Written Put Options Contracts as of January 31, 2024 
 
DESCRIPTION
COUNTERPARTY
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
EXERCISE
PRICE
EXPIRATION
DATE
VALUE ($)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,884
USD
90,974,592
USD
365.00
2/29/2024
(22,608
)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,862
USD
89,912,256
USD
380.00
3/28/2024
(74,480
)
SPDR S&P 500 ETF Trust
Exchange-Traded
1,770
USD
85,469,760
USD
385.00
4/30/2024
(149,565
)
 
 
 
 
(246,653
)
Total Written Options Contracts (Premiums Received $2,471,979)
(3,335,204
)
 
Abbreviations
 
ETF
Exchange Traded Fund
SPDR
Standard & Poor's Depositary Receipt
USD
United States Dollar
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
A. Valuation of Investments — Investments are valued in accordance with U.S. generally accepted accounting principles (“GAAP”) and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the “Board”), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the Investment Company Act of 1940, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. 
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset value ("NAV") of the Fund is calculated on a valuation date.  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 and options 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)
$268,625,813
$—
$—
$268,625,813
Appreciation in Other Financial Instruments
Futures Contracts (a)
$14,475
$—
$—
$14,475
Depreciation in Other Financial Instruments
Options Written (a)
Call Options Written
(3,088,551
)
—
—
(3,088,551
)
JPMorgan Hedged Equity Laddered Overlay ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF January 31, 2024 (Unaudited) (continued)
 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Put Options Written
$(246,653
)
$—
$—
$(246,653
)
Total Net Appreciation/ Depreciation in Other
Financial Instruments
$(3,320,729
)
$—
$—
$(3,320,729
)
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Investment Transactions with Affiliates — The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. The Fund assumes the issuers listed in the table below to be affiliated issuers. 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)
$451,185
$3,815,690
$2,810,151
$—
$—
$1,456,724
1,456,724
$6,904
$—
 
 
(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.