NPORT-EX 2 JPMUSQFETF.htm EDGAR HTML
JPMorgan U.S. Quality Factor 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 U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited)
 
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — 99.8%
Aerospace & Defense — 0.6%
Lockheed Martin Corp.
52,709
28,564,061
Automobiles & Parts — 0.0% ^
Gentex Corp.
69,098
2,146,184
Banks — 0.2%
Commerce Bancshares, Inc.
128,630
8,323,647
Beverages — 0.9%
Coca-Cola Co. (The)
598,113
39,918,062
Chemicals — 1.2%
CF Industries Holdings, Inc.
109,269
8,347,059
Linde plc
93,032
42,190,012
Olin Corp.
117,405
5,354,842
 
55,891,913
Construction & Materials — 1.1%
A O Smith Corp.
71,893
6,113,781
Acuity Brands, Inc.
18,574
4,668,575
Advanced Drainage Systems, Inc.
51,543
9,125,173
Builders FirstSource, Inc. *
51,383
8,599,973
Eagle Materials, Inc.
24,579
6,692,862
Fortune Brands Innovations, Inc.
29,145
2,355,207
Watsco, Inc. (a)
23,387
11,447,702
 
49,003,273
Consumer Services — 1.4%
Copart, Inc. *
298,260
15,607,946
eBay, Inc.
246,698
13,718,875
Grand Canyon Education, Inc. *
64,424
10,046,923
H&R Block, Inc.
194,735
11,282,946
Rollins, Inc.
207,511
9,941,852
 
60,598,542
Electricity — 0.7%
Consolidated Edison, Inc.
112,520
10,972,950
Evergy, Inc.
111,686
6,477,788
OGE Energy Corp.
251,190
9,738,636
Public Service Enterprise Group, Inc.
70,133
5,594,510
 
32,783,884
Electronic & Electrical Equipment — 0.9%
Donaldson Co., Inc.
102,656
7,680,722
IDEX Corp.
42,942
8,952,548
Keysight Technologies, Inc. *
71,708
10,008,285
Mettler-Toledo International, Inc. *
8,089
12,303,612
 
38,945,167
Finance & Credit Services — 1.3%
FactSet Research Systems, Inc.
23,958
9,896,810
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Finance & Credit Services — continued
Moody's Corp.
46,262
21,117,678
S&P Global, Inc.
51,877
25,146,338
 
56,160,826
Gas, Water & Multi-utilities — 0.8%
Atmos Energy Corp. (a)
94,049
12,026,986
National Fuel Gas Co.
138,935
8,140,202
UGI Corp.
151,293
3,749,040
WEC Energy Group, Inc.
123,314
10,612,403
 
34,528,631
General Industrials — 1.0%
3M Co.
122,700
15,650,385
Carlisle Cos., Inc.
20,872
8,736,602
Illinois Tool Works, Inc.
78,671
19,453,765
 
43,840,752
Health Care Providers — 0.8%
Centene Corp. *
122,041
9,387,394
Chemed Corp.
17,330
9,880,873
DaVita, Inc. *
63,876
8,726,739
Molina Healthcare, Inc. *
24,777
8,455,647
Premier, Inc., Class A
50,433
1,058,084
 
37,508,737
Household Goods & Home Construction — 0.7%
Lennar Corp., Class A
68,751
12,164,114
NVR, Inc. *
1,614
13,892,473
PulteGroup, Inc.
24,574
3,243,768
 
29,300,355
Industrial Engineering — 0.5%
Graco, Inc. (a)
113,579
9,659,894
Lincoln Electric Holdings, Inc.
47,573
9,771,970
Nordson Corp.
19,904
4,982,568
 
24,414,432
Industrial Metals & Mining — 0.4%
Fastenal Co.
52,271
3,698,173
Reliance, Inc.
9,511
2,896,670
Southern Copper Corp. (Mexico) (a)
95,368
10,167,183
 
16,762,026
Industrial Support Services — 6.7%
Accenture plc, Class A (Ireland)
118,974
39,335,184
Automatic Data Processing, Inc.
93,235
24,485,376
Cintas Corp.
26,159
19,983,906
Core & Main, Inc., Class A *
129,888
6,945,111
Jack Henry & Associates, Inc.
39,869
6,836,736
Mastercard, Inc., Class A
150,146
69,624,202
MSC Industrial Direct Co., Inc., Class A
72,552
6,453,500
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Industrial Support Services — continued
Paychex, Inc.
116,388
14,899,992
Verisk Analytics, Inc.
54,048
14,147,064
Visa, Inc., Class A (a)
281,124
74,686,213
Western Union Co. (The)
592,111
7,040,200
WW Grainger, Inc.
16,463
16,081,223
 
300,518,707
Industrial Transportation — 1.7%
Allison Transmission Holdings, Inc.
100,540
8,906,839
CH Robinson Worldwide, Inc.
101,343
9,024,594
Expeditors International of Washington, Inc.
87,755
10,953,579
Landstar System, Inc.
52,534
9,994,593
Union Pacific Corp.
135,560
33,446,719
United Parcel Service, Inc., Class B
14,429
1,881,109
 
74,207,433
Investment Banking & Brokerage Services — 4.4%
Ameriprise Financial, Inc.
32,325
13,902,013
Berkshire Hathaway, Inc., Class B *
214,272
93,958,272
BlackRock, Inc.
29,223
25,613,959
Broadridge Financial Solutions, Inc.
61,701
13,204,014
Cboe Global Markets, Inc.
53,216
9,765,668
Intercontinental Exchange, Inc.
115,927
17,569,896
Nasdaq, Inc.
182,848
12,375,153
SEI Investments Co.
150,869
10,234,953
Virtu Financial, Inc., Class A
21,838
596,614
 
197,220,542
Leisure Goods — 0.7%
Electronic Arts, Inc.
99,443
15,009,926
Pool Corp.
29,861
11,169,209
YETI Holdings, Inc. *
123,189
5,093,865
 
31,273,000
Life Insurance — 0.5%
Aflac, Inc.
190,231
18,144,233
Primerica, Inc.
13,109
3,300,453
 
21,444,686
Media — 0.1%
Sirius XM Holdings, Inc. (a)
1,329,331
4,586,192
Medical Equipment & Services — 2.1%
Abbott Laboratories
230,363
24,404,656
Agilent Technologies, Inc.
113,205
16,007,187
Bio-Techne Corp.
22,784
1,858,946
Edwards Lifesciences Corp. *
172,372
10,868,055
Hologic, Inc. *
157,579
12,860,022
IDEXX Laboratories, Inc. *
28,816
13,719,874
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Medical Equipment & Services — continued
ResMed, Inc.
64,031
13,654,611
Solventum Corp. *
33,609
1,978,898
 
95,352,249
Non-life Insurance — 4.0%
American Financial Group, Inc.
47,869
6,268,924
Aon plc, Class A
55,104
18,102,215
Arch Capital Group Ltd. *
146,341
14,016,541
Arthur J Gallagher & Co.
66,226
18,774,409
Brown & Brown, Inc.
134,152
13,338,733
Chubb Ltd.
84,194
23,208,918
Fidelity National Financial, Inc.
153,561
8,508,815
Hartford Financial Services Group, Inc. (The)
92,554
10,266,090
Marsh & McLennan Cos., Inc.
119,530
26,603,792
Progressive Corp. (The)
45,043
9,644,607
RLI Corp.
19,764
2,976,261
Travelers Cos., Inc. (The)
78,320
16,951,581
WR Berkley Corp.
216,618
11,942,150
 
180,603,036
Non-Renewable Energy — 3.8%
Antero Midstream Corp.
103,969
1,492,995
Chevron Corp.
214,299
34,388,561
ConocoPhillips
166,157
18,476,658
Coterra Energy, Inc.
430,253
11,100,527
EOG Resources, Inc.
130,149
16,502,893
Exxon Mobil Corp.
677,271
80,317,568
Marathon Petroleum Corp.
24,988
4,423,376
Texas Pacific Land Corp.
3,882
3,279,902
 
169,982,480
Personal Care, Drug & Grocery Stores — 2.9%
Church & Dwight Co., Inc.
67,309
6,596,955
Clorox Co. (The)
71,064
9,375,474
Colgate-Palmolive Co.
218,986
21,721,221
Kimberly-Clark Corp.
112,196
15,152,070
McKesson Corp.
17,774
10,966,913
Procter & Gamble Co. (The)
413,204
66,426,675
 
130,239,308
Personal Goods — 0.8%
Carter's, Inc.
122,113
7,393,942
Deckers Outdoor Corp. *
12,552
11,580,852
NIKE, Inc., Class B
64,728
4,845,538
Skechers U.S.A., Inc., Class A *
85,452
5,565,489
Tapestry, Inc.
191,978
7,696,398
 
37,082,219
Pharmaceuticals, Biotechnology & Marijuana Producers — 8.3%
AbbVie, Inc.
331,580
61,448,406
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Pharmaceuticals, Biotechnology & Marijuana Producers — continued
Amgen, Inc.
113,875
37,860,021
Bristol-Myers Squibb Co.
516,912
24,584,335
Gilead Sciences, Inc.
329,694
25,076,526
Incyte Corp. *
141,791
9,226,340
Jazz Pharmaceuticals plc *
36,978
4,076,824
Johnson & Johnson
440,998
69,611,534
Medpace Holdings, Inc. *
25,261
9,662,838
Merck & Co., Inc.
467,904
52,933,980
Regeneron Pharmaceuticals, Inc. *
24,901
26,872,910
Vertex Pharmaceuticals, Inc. *
58,931
29,213,275
Zoetis, Inc.
109,724
19,754,709
 
370,321,698
Real Estate Investment & Services — 0.1%
CoStar Group, Inc. *
42,418
3,309,452
Real Estate Investment Trusts — 2.4%
Camden Property Trust
40,250
4,457,688
Crown Castle, Inc.
59,545
6,554,714
CubeSmart
53,043
2,523,786
Equity LifeStyle Properties, Inc.
96,774
6,646,438
Equity Residential
55,451
3,861,053
Extra Space Storage, Inc.
69,016
11,016,334
Gaming and Leisure Properties, Inc.
66,792
3,352,958
Host Hotels & Resorts, Inc.
542,961
9,507,247
Lamar Advertising Co., Class A
89,591
10,738,377
Mid-America Apartment Communities, Inc.
64,553
9,022,573
Public Storage
54,248
16,053,068
Simon Property Group, Inc.
79,377
12,179,607
Weyerhaeuser Co.
346,448
11,003,189
 
106,917,032
Retailers — 5.9%
AutoZone, Inc. *
5,681
17,802,493
Best Buy Co., Inc.
80,814
6,992,027
Costco Wholesale Corp.
80,220
65,940,840
Dick's Sporting Goods, Inc.
42,904
9,282,280
Home Depot, Inc. (The)
181,843
66,947,319
O'Reilly Automotive, Inc. *
17,220
19,395,575
Ross Stores, Inc.
110,055
15,763,178
TJX Cos., Inc. (The)
259,191
29,293,767
Tractor Supply Co.
20,300
5,345,396
Ulta Beauty, Inc. *
19,929
7,271,893
Walmart, Inc.
124,733
8,561,673
Williams-Sonoma, Inc.
77,756
12,027,298
 
264,623,739
Software & Computer Services — 22.2%
Adobe, Inc. *
77,851
42,946,504
Akamai Technologies, Inc. *
96,860
9,519,401
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Alphabet, Inc., Class A
491,718
84,349,306
Amdocs Ltd.
117,990
10,320,585
ANSYS, Inc. *
26,088
8,181,979
AppLovin Corp., Class A *
153,567
11,840,016
Aspen Technology, Inc. *
21,533
4,047,127
Atlassian Corp., Class A *
64,557
11,398,830
Autodesk, Inc. *
62,210
15,398,219
Bentley Systems, Inc., Class B
107,301
5,229,851
Cadence Design Systems, Inc. *
67,681
18,115,496
CCC Intelligent Solutions Holdings, Inc. *
210,717
2,161,956
Cognizant Technology Solutions Corp., Class A
202,195
15,302,118
Crowdstrike Holdings, Inc., Class A *
52,220
12,112,951
Datadog, Inc., Class A *
106,044
12,347,763
DocuSign, Inc. *
203,046
11,264,992
Dolby Laboratories, Inc., Class A
102,310
8,057,936
DoorDash, Inc., Class A *
119,604
13,242,555
DoubleVerify Holdings, Inc. *
253,389
5,351,576
Dropbox, Inc., Class A *
433,568
10,370,947
DXC Technology Co. *
269,746
5,486,634
Dynatrace, Inc. *
185,223
8,134,994
EPAM Systems, Inc. *
32,526
6,997,318
F5, Inc. *
55,201
11,241,132
Fortinet, Inc. *
228,539
13,264,404
Gartner, Inc. *
30,579
15,325,889
Gen Digital, Inc.
259,664
6,748,667
Guidewire Software, Inc. *
29,536
4,432,468
Hewlett Packard Enterprise Co.
389,088
7,746,742
International Business Machines Corp.
158,603
30,473,980
Intuit, Inc.
57,496
37,220,036
Leidos Holdings, Inc.
49,765
7,186,066
Manhattan Associates, Inc. *
42,521
10,859,013
Match Group, Inc. *
176,073
6,715,424
Meta Platforms, Inc., Class A
172,434
81,876,836
Microsoft Corp.
196,371
82,151,808
Nutanix, Inc., Class A *
115,635
5,840,724
Okta, Inc. *
70,803
6,651,234
Oracle Corp.
259,027
36,121,315
Palantir Technologies, Inc., Class A *
496,242
13,343,947
Palo Alto Networks, Inc. *
74,620
24,231,353
Paycom Software, Inc.
51,321
8,559,830
Pegasystems, Inc.
82,024
5,718,713
Pinterest, Inc., Class A *
232,284
7,421,474
Procore Technologies, Inc. *
83,230
5,911,827
RingCentral, Inc., Class A *
297,929
10,442,411
Roper Technologies, Inc.
23,374
12,732,987
Salesforce, Inc.
185,675
48,052,690
Science Applications International Corp.
72,155
8,976,082
ServiceNow, Inc. *
41,088
33,461,656
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Software & Computer Services — continued
Smartsheet, Inc., Class A *
122,381
5,869,393
Snowflake, Inc., Class A *
79,958
10,424,924
SS&C Technologies Holdings, Inc.
83,254
6,073,379
Synopsys, Inc. *
36,877
20,589,167
Teradata Corp. *
239,091
7,751,330
Toast, Inc., Class A *
255,506
6,684,037
Twilio, Inc., Class A *
105,331
6,228,222
Tyler Technologies, Inc. *
15,344
8,717,080
UiPath, Inc., Class A *
432,926
5,268,709
VeriSign, Inc. *
58,207
10,885,291
Workday, Inc., Class A *
51,402
11,674,422
Zoom Video Communications, Inc., Class A *
111,353
6,725,721
ZoomInfo Technologies, Inc. *
396,228
4,501,150
Zscaler, Inc. *
36,842
6,607,613
 
992,888,200
Technology Hardware & Equipment — 13.1%
Amphenol Corp., Class A
313,967
20,175,519
Analog Devices, Inc.
115,909
26,819,024
Apple, Inc.
409,257
90,887,795
Applied Materials, Inc.
166,516
35,334,695
Broadcom, Inc.
482,759
77,569,716
CDW Corp.
41,939
9,147,315
Cirrus Logic, Inc. *
49,803
6,498,295
Dell Technologies, Inc., Class C
68,070
7,738,198
Entegris, Inc.
54,267
6,419,243
HP, Inc.
264,020
9,528,482
IPG Photonics Corp. *
56,190
4,517,676
Jabil, Inc.
56,566
6,373,291
KLA Corp.
31,820
26,190,087
Lam Research Corp.
28,158
25,940,276
Lattice Semiconductor Corp. *
165,845
8,789,785
MACOM Technology Solutions Holdings, Inc. *
48,503
4,894,923
Marvell Technology, Inc.
183,444
12,287,079
Microchip Technology, Inc.
178,925
15,884,962
Monolithic Power Systems, Inc.
12,180
10,512,436
NetApp, Inc.
70,616
8,966,820
NVIDIA Corp.
659,391
77,161,935
Pure Storage, Inc., Class A *
174,153
10,436,989
Qorvo, Inc. *
71,542
8,570,732
QUALCOMM, Inc.
216,870
39,242,627
Skyworks Solutions, Inc.
97,472
11,074,769
TD SYNNEX Corp.
44,361
5,286,500
Teradyne, Inc.
84,057
11,024,916
Vertiv Holdings Co., Class A
99,354
7,819,160
 
585,093,245
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Common Stocks — continued
Telecommunications Equipment — 1.1%
Cisco Systems, Inc.
831,121
40,267,812
Motorola Solutions, Inc.
25,154
10,034,434
 
50,302,246
Telecommunications Service Providers — 0.8%
AT&T, Inc.
709,011
13,648,462
Verizon Communications, Inc.
553,897
22,443,906
 
36,092,368
Tobacco — 0.5%
Altria Group, Inc.
467,741
22,923,987
Travel & Leisure — 4.1%
Airbnb, Inc., Class A *
104,255
14,549,828
Booking Holdings, Inc.
7,647
28,408,682
Boyd Gaming Corp.
71,688
4,363,649
Choice Hotels International, Inc. (a)
59,511
7,584,677
Darden Restaurants, Inc.
65,397
9,566,927
Expedia Group, Inc. *
70,657
9,020,779
Live Nation Entertainment, Inc. *
82,585
7,943,851
Madison Square Garden Sports Corp. *
33,804
6,774,660
Marriott International, Inc., Class A
73,291
16,659,044
McDonald's Corp.
148,151
39,319,275
Starbucks Corp.
270,618
21,094,673
Wyndham Hotels & Resorts, Inc.
49,950
3,782,214
Yum! Brands, Inc.
101,018
13,418,221
 
182,486,480
Waste & Disposal Services — 1.1%
Clean Harbors, Inc. *
47,486
11,336,333
Republic Services, Inc.
78,452
15,244,792
Waste Management, Inc.
106,051
21,492,296
 
48,073,421
Total Common Stocks
(Cost $3,998,472,383)
4,464,232,212
Short-Term Investments — 0.9%
Investment Companies — 0.2%
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)(Cost $6,536,775)
6,536,775
6,536,775
Investment of Cash Collateral from Securities Loaned — 0.7%
JPMorgan Securities Lending Money Market Fund Class Agency SL Shares, 5.40% (b) (c)
29,394,960
29,397,900
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
INVESTMENTS
SHARES
VALUE ($)
Short-Term Investments — continued
Investment of Cash Collateral from Securities Loaned — continued
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c)
3,536,694
3,536,694
Total Investment of Cash Collateral from Securities Loaned
(Cost $32,933,394)
32,934,594
Total Short-Term Investments
(Cost $39,470,169)
39,471,369
Total Investments — 100.7%
(Cost $4,037,942,552)
4,503,703,581
Liabilities in Excess of Other Assets — (0.7)%
(29,621,779
)
NET ASSETS — 100.0%
4,474,081,802
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
*
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 $32,067,072.
 
(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
30
09/20/2024
USD
8,337,375
86,181
 
Abbreviations
 
USD
United States Dollar
JPMorgan U.S. Quality Factor 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.
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.
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)
$4,503,703,581
$—
$—
$4,503,703,581
Appreciation in Other Financial Instruments
Futures Contracts (a)
$86,181
$—
$—
$86,181
 
 
(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.
JPMorgan U.S. Quality Factor ETF
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF July 31, 2024 (Unaudited) (continued)
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)
$84,512,218
$167,000,001
$222,100,299
$(19,019
)
$4,999
$29,397,900
29,394,960
$2,915,925
$—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.25%  (a) (b)
10,755,358
111,578,983
118,797,647
—
—
3,536,694
3,536,694
371,186
—
JPMorgan U.S. Government
Money Market Fund Class IM
Shares, 5.25%  (a) (b)
1,995,808
66,043,458
61,502,491
—
—
6,536,775
6,536,775
256,473
—
Total
$97,263,384
$344,622,442
$402,400,437
$(19,019
)
$4,999
$39,471,369
$3,543,584
$—
 
 
(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.