Fund
|
Ticker
|
Listing
Exchange
|
JPMorgan
International Research Enhanced Equity ETF |
JIRE |
NYSE
Arca, Inc.
|
|
|
1 | |
2 | |
5 | |
10 | |
16 | |
18 | |
28 | |
29 | |
33 | |
35 | |
36 | |
37 | |
40 |
|
"The
strong performance of financial
markets
in 2023 created wider
differences
in equity valuations that
may
provide attractive opportunities
for
investors. Additionally, interest
rate
reductions next year could
benefit
high-quality fixed income
investments.”
—
Brian S. Shlissel
|
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
1
|
REPORTING
PERIOD RETURN: |
|
Net
Asset Value * |
17.17% |
Market
Price ** |
17.54% |
MSCI
EAFE Index (net total return) |
14.40% |
Net
Assets as of 10/31/2023 |
$5,086,537,039 |
Fund
Ticker |
JIRE |
2
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
TOP
TEN HOLDINGS OF THE
PORTFOLIO
AS OF October
31, 2023 |
PERCENT
OF
TOTAL
INVESTMENTS | |
1. |
Novo
Nordisk A/S, Class B (Denmark) |
2.8
% |
2. |
Nestle
SA (Registered) |
2.5 |
3. |
ASML
Holding NV (Netherlands) |
2.2 |
4. |
Shell
plc (Netherlands) |
2.0 |
5. |
LVMH
Moet Hennessy Louis Vuitton SE
(France) |
1.9 |
6. |
AstraZeneca
plc (United Kingdom) |
1.8 |
7. |
Roche
Holding AG |
1.7 |
8. |
BP
plc (United Kingdom) |
1.5 |
9. |
Allianz
SE (Registered) (Germany) |
1.4 |
10. |
Air
Liquide SA (France) |
1.4 |
PORTFOLIO
COMPOSITION BY COUNTRY
AS
OF October
31, 2023 |
PERCENT
OF
TOTAL
INVESTMENTS |
Japan |
22.8% |
United
Kingdom |
13.1 |
France |
12.2 |
United
States |
7.9 |
Germany |
7.7 |
Australia |
6.5 |
Netherlands |
6.1 |
Switzerland |
5.1 |
Denmark |
3.4 |
Sweden |
2.5 |
Hong
Kong |
2.1 |
Spain |
2.0 |
Singapore |
1.1 |
Italy |
1.0 |
Others
(each less than 1.0%) |
2.6 |
Short-Term
Investments |
3.9 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
3
|
|
INCEPTION
DATE |
1
YEAR |
5
YEAR |
10
YEAR |
JPMorgan
International Research Enhanced Equity ETF |
|
|
| |
Net
Asset Value |
October
28, 1992* |
17.17
% |
4.60
% |
3.27
% |
Market
Price |
|
17.54 |
4.67 |
3.31 |
| |
* |
Inception
date for Class R6 Shares of the Predecessor Fund (as defined
below). |
4
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
INVESTMENTS |
SHARES |
VALUE($) |
Common
Stocks — 95.6% | ||
Australia
— 6.5% | ||
ANZ
Group Holdings Ltd. |
453,413 |
7,149,860 |
Aurizon
Holdings Ltd. |
963,063 |
2,097,661 |
BHP
Group Ltd. |
2,023,820 |
57,289,238 |
Brambles
Ltd. |
571,227 |
4,767,321 |
Commonwealth
Bank of Australia |
396,748 |
24,406,312 |
Dexus,
REIT |
791,837 |
3,270,437 |
Glencore
plc |
817,695 |
4,331,192 |
Goodman
Group, REIT |
1,628,257 |
21,544,949 |
GPT
Group (The), REIT |
1,375,238 |
3,173,814 |
Insurance
Australia Group Ltd. |
1,505,097 |
5,429,695 |
Macquarie
Group Ltd. |
184,459 |
18,960,536 |
Medibank
Pvt Ltd. |
3,930,089 |
8,576,550 |
Mirvac
Group, REIT |
4,473,733 |
5,190,666 |
National
Australia Bank Ltd. |
639,934 |
11,463,941 |
Newcrest
Mining Ltd. |
266,969 |
4,001,331 |
QBE
Insurance Group Ltd. |
1,430,270 |
14,182,710 |
Rio
Tinto Ltd. |
591,354 |
44,173,019 |
Rio
Tinto plc |
300,522 |
19,173,460 |
Santos
Ltd. |
3,154,615 |
15,392,815 |
Wesfarmers
Ltd. |
258,734 |
8,324,464 |
Westpac
Banking Corp. |
1,809,425 |
23,760,975 |
Woodside
Energy Group Ltd. |
237,452 |
5,171,658 |
Woolworths
Group Ltd. |
791,675 |
17,721,463 |
|
|
329,554,067 |
Belgium
— 0.5% | ||
KBC
Group NV |
417,645 |
22,985,031 |
China
— 0.5% | ||
BOC
Hong Kong Holdings Ltd. |
3,575,000 |
9,454,231 |
Prosus
NV * |
602,298 |
16,843,615 |
Xinyi
Glass Holdings Ltd. |
1,389,300 |
1,596,334 |
|
|
27,894,180 |
Denmark
— 3.3% | ||
Carlsberg
A/S, Class B |
203,822 |
24,290,123 |
Genmab
A/S * |
16,676 |
4,714,020 |
Novo
Nordisk A/S, Class B |
1,459,280 |
140,785,842 |
|
|
169,789,985 |
Finland
— 0.9% | ||
Nokia
OYJ |
1,988,288 |
6,622,356 |
Nordea
Bank Abp |
3,933,065 |
41,423,898 |
|
|
48,046,254 |
France
— 12.2% | ||
Air
Liquide SA |
400,140 |
68,564,891 |
INVESTMENTS |
SHARES |
VALUE($) |
| ||
France
— continued | ||
Airbus
SE |
270,090 |
36,212,645 |
AXA
SA |
256,349 |
7,595,730 |
BNP
Paribas SA |
657,886 |
37,831,094 |
Capgemini
SE |
236,446 |
41,786,816 |
Engie
SA |
2,287,732 |
36,386,122 |
Kering
SA |
26,099 |
10,614,507 |
Legrand
SA |
387,689 |
33,537,573 |
L'Oreal
SA |
149,795 |
62,963,440 |
LVMH
Moet Hennessy Louis Vuitton SE |
137,853 |
98,693,178 |
Orange
SA |
1,998,876 |
23,510,876 |
Pernod
Ricard SA |
64,410 |
11,437,697 |
Safran
SA |
249,248 |
38,937,410 |
Societe
Generale SA |
824,591 |
18,530,018 |
TotalEnergies
SE |
549,403 |
36,731,702 |
Vinci
SA |
501,753 |
55,481,037 |
|
|
618,814,736 |
Germany
— 7.7% | ||
adidas
AG |
72,036 |
12,808,563 |
Allianz
SE (Registered) |
294,400 |
68,961,006 |
BASF
SE |
62,244 |
2,876,118 |
Bayer
AG (Registered) |
249,107 |
10,763,556 |
Brenntag
SE |
78,391 |
5,829,282 |
Deutsche
Post AG |
751,026 |
29,322,679 |
Deutsche
Telekom AG (Registered) |
1,935,148 |
41,999,805 |
Dr
Ing hc F Porsche AG (Preference) (a) |
132,013 |
11,570,286 |
Infineon
Technologies AG |
1,106,405 |
32,318,334 |
Mercedes-Benz
Group AG |
137,900 |
8,113,246 |
Merck
KGaA |
46,558 |
7,032,046 |
Muenchener
Rueckversicherungs-
Gesellschaft
AG (Registered) |
81,795 |
32,824,979 |
RWE
AG |
1,020,274 |
39,041,222 |
SAP
SE |
348,079 |
46,688,649 |
Siemens
AG (Registered) |
253,186 |
33,597,495 |
Symrise
AG |
26,338 |
2,691,461 |
Zalando
SE *
(b) |
226,554 |
5,299,207 |
|
|
391,737,934 |
Hong
Kong — 2.0% | ||
AIA
Group Ltd. |
4,294,800 |
37,295,219 |
CK
Asset Holdings Ltd. |
1,566,848 |
7,831,615 |
CLP
Holdings Ltd. |
341,500 |
2,499,364 |
Hong
Kong Exchanges & Clearing Ltd. |
557,200 |
19,492,335 |
Link,
REIT |
617,300 |
2,832,878 |
Prudential
plc |
1,367,128 |
14,295,222 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
5
|
INVESTMENTS |
SHARES |
VALUE($) |
Common
Stocks — continued | ||
Hong
Kong — continued | ||
Sun
Hung Kai Properties Ltd. |
659,000 |
6,767,077 |
Techtronic
Industries Co. Ltd. |
1,396,000 |
12,744,817 |
|
|
103,758,527 |
Ireland
— 0.4% | ||
Kingspan
Group plc |
333,689 |
22,456,882 |
Italy
— 1.0% | ||
Enel
SpA |
993,343 |
6,305,324 |
FinecoBank
Banca Fineco SpA |
1,337,784 |
15,781,364 |
UniCredit
SpA |
1,167,377 |
29,265,693 |
|
|
51,352,381 |
Japan
— 22.7% | ||
AGC,
Inc. |
193,100 |
6,569,087 |
Ajinomoto
Co., Inc. |
717,000 |
26,186,766 |
Asahi
Group Holdings Ltd. |
712,100 |
25,756,952 |
Asahi
Kasei Corp. |
1,077,300 |
6,623,009 |
Bridgestone
Corp. |
689,500 |
26,094,271 |
Central
Japan Railway Co. |
1,099,700 |
24,752,501 |
Daiichi
Sankyo Co. Ltd. |
1,261,400 |
32,524,183 |
Daikin
Industries Ltd. |
169,383 |
24,421,461 |
Daiwa
House Industry Co. Ltd. |
882,600 |
24,276,508 |
Denso
Corp. |
1,664,500 |
24,578,562 |
Dentsu
Group, Inc. |
801,500 |
23,280,361 |
Fast
Retailing Co. Ltd. |
31,700 |
7,018,266 |
Fuji
Electric Co. Ltd. |
337,100 |
12,834,958 |
Hitachi
Ltd. |
638,700 |
40,485,039 |
Honda
Motor Co. Ltd. |
2,810,616 |
28,805,365 |
Hoya
Corp. |
309,600 |
29,804,765 |
ITOCHU
Corp. |
994,000 |
35,804,905 |
Japan
Airlines Co. Ltd. |
219,000 |
4,026,049 |
Keyence
Corp. |
106,300 |
41,150,720 |
Komatsu
Ltd. |
97,500 |
2,240,199 |
Konami
Group Corp. |
233,100 |
12,075,068 |
Kyowa
Kirin Co. Ltd. |
915,800 |
14,363,677 |
Mitsubishi
Corp. |
977,100 |
45,548,064 |
Mitsubishi
UFJ Financial Group, Inc. |
2,204,350 |
18,492,616 |
Mitsui
Fudosan Co. Ltd. |
1,113,900 |
24,143,629 |
Murata
Manufacturing Co. Ltd. |
1,350,500 |
23,133,226 |
NIDEC
Corp. |
98,700 |
3,620,419 |
Nintendo
Co. Ltd. |
234,300 |
9,679,977 |
Nippon
Paint Holdings Co. Ltd. |
464,700 |
3,124,230 |
Nippon
Steel Corp. |
181,400 |
3,912,591 |
Nippon
Telegraph & Telephone Corp. |
28,872,500 |
33,976,455 |
Nomura
Research Institute Ltd. |
548,300 |
14,392,850 |
INVESTMENTS |
SHARES |
VALUE($) |
| ||
Japan
— continued | ||
ORIX
Corp. |
1,178,700 |
21,436,253 |
Osaka
Gas Co. Ltd. |
328,000 |
6,185,354 |
Otsuka
Corp. |
494,400 |
19,822,782 |
Recruit
Holdings Co. Ltd. |
407,200 |
11,675,527 |
Renesas
Electronics Corp. * |
631,200 |
8,291,203 |
Seven
& i Holdings Co. Ltd. |
358,200 |
13,123,986 |
Shimadzu
Corp. |
243,500 |
5,757,872 |
Shin-Etsu
Chemical Co. Ltd. |
1,418,700 |
42,423,923 |
Shionogi
& Co. Ltd. |
265,300 |
12,353,597 |
Shiseido
Co. Ltd. |
445,000 |
14,113,385 |
SoftBank
Group Corp. |
157,200 |
6,437,980 |
Sony
Group Corp. |
606,515 |
50,424,982 |
Sumitomo
Electric Industries Ltd. |
1,285,300 |
13,493,378 |
Sumitomo
Metal Mining Co. Ltd. |
520,200 |
14,613,437 |
Sumitomo
Mitsui Financial Group, Inc. |
960,400 |
46,298,943 |
Suzuki
Motor Corp. |
571,100 |
22,165,540 |
T&D
Holdings, Inc. |
1,478,200 |
26,369,942 |
Takeda
Pharmaceutical Co. Ltd. |
128,900 |
3,498,958 |
Terumo
Corp. |
931,000 |
25,470,475 |
Tokio
Marine Holdings, Inc. |
1,426,700 |
31,918,469 |
Tokyo
Electron Ltd. |
289,100 |
38,201,007 |
Toyota
Motor Corp. |
2,991,200 |
52,327,303 |
Yamato
Holdings Co. Ltd. |
869,700 |
14,485,741 |
|
|
1,154,586,766 |
Macau
— 0.1% | ||
Sands
China Ltd. * |
2,223,200 |
5,984,965 |
Netherlands
— 6.1% | ||
Adyen
NV *
(b) |
8,298 |
5,596,885 |
ASML
Holding NV |
185,729 |
111,645,494 |
Koninklijke
Ahold Delhaize NV |
499,507 |
14,791,295 |
Koninklijke
KPN NV |
7,764,562 |
26,098,084 |
NN
Group NV |
762,466 |
24,454,102 |
Shell
plc |
3,207,870 |
103,379,556 |
Wolters
Kluwer NV |
176,704 |
22,672,181 |
|
|
308,637,597 |
Singapore
— 1.1% | ||
DBS
Group Holdings Ltd. |
1,282,065 |
30,799,474 |
Oversea-Chinese
Banking Corp. Ltd. |
708,900 |
6,572,294 |
Sea
Ltd., ADR * |
124,989 |
5,212,041 |
United
Overseas Bank Ltd. |
607,400 |
11,980,783 |
|
|
54,564,592 |
South
Korea — 0.1% | ||
Delivery
Hero SE *
(b) |
111,406 |
2,847,104 |
6
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
INVESTMENTS |
SHARES |
VALUE($) |
Common
Stocks — continued | ||
Spain
— 2.0% | ||
Banco
Bilbao Vizcaya Argentaria SA |
1,668,902 |
13,129,644 |
Banco
Santander SA |
2,630,696 |
9,675,530 |
Iberdrola
SA |
4,852,842 |
53,973,395 |
Industria
de Diseno Textil SA (c) |
761,201 |
26,275,118 |
|
|
103,053,687 |
Sweden
— 2.5% | ||
Atlas
Copco AB, Class A |
3,578,710 |
46,340,793 |
Sandvik
AB |
706,107 |
12,027,134 |
Skandinaviska
Enskilda Banken AB, Class A |
2,222,234 |
24,799,054 |
Volvo
AB, Class B |
2,251,737 |
44,618,609 |
|
|
127,785,590 |
Switzerland
— 5.0% | ||
Cie
Financiere Richemont SA (Registered) |
236,266 |
27,873,603 |
DSM-Firmenich
AG |
127,042 |
11,517,093 |
Givaudan
SA (Registered) |
1,830 |
6,091,197 |
Julius
Baer Group Ltd. |
159,683 |
9,463,086 |
Lonza
Group AG (Registered) |
84,362 |
29,543,909 |
Novartis
AG (Registered) |
707,561 |
66,241,555 |
Sandoz
Group AG * |
141,508 |
3,679,068 |
SGS
SA (Registered) |
235,659 |
19,246,432 |
Sika
AG (Registered) |
124,826 |
29,872,060 |
UBS
Group AG (Registered) |
736,637 |
17,308,349 |
Zurich
Insurance Group AG |
74,442 |
35,359,394 |
|
|
256,195,746 |
United
Kingdom — 13.1% | ||
3i
Group plc |
2,042,764 |
48,163,453 |
AstraZeneca
plc |
713,897 |
89,382,584 |
Barclays
plc |
14,653,805 |
23,520,056 |
Berkeley
Group Holdings plc |
471,419 |
23,173,384 |
BP
plc |
12,401,039 |
75,720,988 |
British
American Tobacco plc |
571,586 |
17,074,673 |
Centrica
plc |
4,001,071 |
7,659,248 |
DCC
plc |
139,131 |
7,729,292 |
Diageo
plc |
1,355,069 |
51,243,324 |
HSBC
Holdings plc |
4,347,533 |
31,391,038 |
InterContinental
Hotels Group plc |
416,548 |
29,517,659 |
Intertek
Group plc |
66,727 |
3,107,719 |
Lloyds
Banking Group plc |
53,748,684 |
26,159,483 |
London
Stock Exchange Group plc |
149,832 |
15,117,314 |
National
Grid plc |
643,551 |
7,673,044 |
Reckitt
Benckiser Group plc |
367,015 |
24,555,859 |
RELX
plc |
1,737,325 |
60,680,794 |
SSE
plc |
1,550,553 |
30,815,023 |
INVESTMENTS |
SHARES |
VALUE($) |
| ||
United
Kingdom — continued | ||
Standard
Chartered plc |
4,057,387 |
31,109,360 |
Taylor
Wimpey plc |
4,741,754 |
6,404,424 |
Tesco
plc |
7,967,994 |
26,147,470 |
Unilever
plc |
600,913 |
28,425,795 |
|
|
664,771,984 |
United
States — 7.9% | ||
CSL
Ltd. |
163,858 |
24,216,922 |
GSK
plc |
2,178,822 |
38,841,369 |
Nestle
SA (Registered) |
1,177,669 |
126,998,389 |
Roche
Holding AG |
342,964 |
88,385,129 |
Sanofi
SA |
175,946 |
15,976,991 |
Schneider
Electric SE |
352,660 |
54,259,307 |
Stellantis
NV |
2,754,428 |
51,459,177 |
|
|
400,137,284 |
Total
Common Stocks
(Cost
$4,597,931,676) |
|
4,864,955,292 |
Short-Term
Investments — 3.9% | ||
Investment
Companies — 3.6% | ||
JPMorgan
Prime Money Market Fund
Class
IM Shares, 5.49% (d)
(e)(Cost
$182,499,052) |
182,460,687 |
182,533,672 |
Investment
of Cash Collateral from Securities Loaned — 0.3% | ||
JPMorgan
Securities Lending Money Market
Fund
Agency SL Class Shares, 5.53% (d)
(e) |
11,997,600 |
12,000,000 |
JPMorgan
U.S. Government Money Market
Fund
Class IM Shares, 5.29% (d)
(e) |
1,828,971 |
1,828,971 |
Total
Investment of Cash Collateral from
Securities
Loaned
(Cost
$13,828,971) |
|
13,828,971 |
Total
Short-Term Investments
(Cost
$196,328,023) |
|
196,362,643 |
Total
Investments — 99.5%
(Cost
$4,794,259,699) |
|
5,061,317,935 |
Other
Assets Less Liabilities — 0.5% |
|
25,219,104 |
NET
ASSETS — 100.0% |
|
5,086,537,039 |
Percentages
indicated are based on net
assets. |
Abbreviations |
|
ADR |
American
Depositary Receipt |
OYJ |
Public
Limited Company |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
7
|
Preference |
A
special type of equity investment that shares in the earnings of
the
company, has limited voting rights, and may have a dividend
preference.
Preference shares may also have liquidation
preference. |
REIT |
Real
Estate Investment Trust |
* |
Non-income
producing security.
|
(a) |
Securities
exempt from registration under Rule 144A or section
4(a)(2),
of the Securities Act of 1933, as amended. |
(b) |
Security
exempt from registration pursuant to Regulation S under
the
Securities Act of 1933, as amended. Regulation S applies to
securities
offerings that are made outside of the United States and
do
not involve direct selling efforts in the United States and as
such
may have restrictions on resale. |
(c) |
The
security or a portion of this security is on loan at October 31,
2023.
The total value of securities on loan at October 31, 2023 is
$12,944,241. |
(d) |
Investment
in an affiliated fund, which is registered under the
Investment
Company Act of 1940, as amended, and is advised by
J.P.
Morgan Investment Management Inc. |
(e) |
The
rate shown is the current yield as of October 31,
2023. |
INDUSTRY
October
31, 2023 |
PERCENT
OF
TOTAL
INVESTMENTS |
Pharmaceuticals |
10.3
% |
Banks |
10.2 |
Insurance |
6.1 |
Oil,
Gas & Consumable Fuels |
4.7 |
Semiconductors
& Semiconductor Equipment |
3.8 |
Automobiles |
3.4 |
Chemicals |
3.4 |
Food
Products |
3.0 |
Textiles,
Apparel & Luxury Goods |
3.0 |
Metals
& Mining |
2.9 |
Capital
Markets |
2.5 |
Diversified
Telecommunication Services |
2.5 |
Machinery |
2.3 |
Professional
Services |
2.3 |
Beverages |
2.2 |
Personal
Care Products |
2.1 |
Electrical
Equipment |
2.1 |
Electric
Utilities |
1.8 |
Trading
Companies & Distributors |
1.7 |
Industrial
Conglomerates |
1.6 |
Household
Durables |
1.6 |
IT
Services |
1.5 |
Aerospace
& Defense |
1.5 |
Consumer
Staples Distribution & Retail |
1.4 |
Electronic
Equipment, Instruments & Components |
1.4 |
Automobile
Components |
1.3 |
Real
Estate Management & Development |
1.2 |
Construction
& Engineering |
1.1 |
Health
Care Equipment & Supplies |
1.1 |
Building
Products |
1.1 |
Multi-Utilities |
1.0 |
Others
(each less than 1.0%) |
10.0 |
Short-Term
Investments |
3.9 |
8
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
DESCRIPTION |
NUMBER
OF
CONTRACTS |
EXPIRATION
DATE |
TRADING
CURRENCY |
NOTIONAL
AMOUNT
($) |
VALUE
AND
UNREALIZED
APPRECIATION
(DEPRECIATION)
($) |
Long
Contracts |
|
|
|
|
|
MSCI
EAFE E-Mini Index |
671 |
12/15/2023 |
USD |
66,227,700 |
(2,440,099
) |
SPI
200 Index |
938 |
12/21/2023 |
AUD |
101,421,210 |
(6,753,321
) |
|
|
|
|
|
(9,193,420
) |
Abbreviations |
|
AUD |
Australian
Dollar |
EAFE |
Europe,
Australasia and Far East |
MSCI |
Morgan
Stanley Capital International |
SPI |
Australian
Securities Exchange |
USD |
United
States Dollar |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
9
|
|
JPMorgan
International
Research
Enhanced
Equity
ETF |
ASSETS: |
|
Investments
in non-affiliates, at value |
$4,864,955,292 |
Investments
in affiliates, at value |
182,533,672 |
Investments
of cash collateral received from securities loaned, at value (See
Note 2.C.) |
13,828,971 |
Cash |
951,587 |
Foreign
currency, at value |
2,234,728 |
Deposits
at broker for futures contracts |
10,805,066 |
Receivables: |
|
Dividends
from non-affiliates |
10,912,690 |
Dividends
from affiliates |
27,333 |
Tax
reclaims |
15,357,574 |
Securities
lending income (See
Note 2.C.) |
747 |
Variation
margin on futures contracts |
737,729 |
Total
Assets |
5,102,345,389 |
LIABILITIES: |
|
Payables: |
|
Investment
securities purchased |
820,596 |
Collateral
received on securities loaned (See
Note 2.C.) |
13,828,971 |
Accrued
liabilities: |
|
Investment
advisory fees |
619,689 |
Administration
fees |
327,495 |
Printing
and mailing costs |
35,491 |
Custodian
and accounting fees |
120,754 |
Trustees’
and Chief Compliance Officer’s fees |
26 |
Other |
55,328 |
Total
Liabilities |
15,808,350 |
Net
Assets |
$5,086,537,039 |
NET
ASSETS: |
|
Paid-in-Capital |
$5,171,202,489 |
Total
distributable earnings (loss) |
(84,665,450
) |
Total
Net Assets |
$5,086,537,039 |
Outstanding
number of shares
(unlimited
number of shares authorized - par value $0.0001) |
96,277,892 |
Net
asset value, per share |
$52.83 |
Cost
of investments in non-affiliates |
$4,597,931,676 |
Cost
of investments in affiliates |
182,499,052 |
Cost
of foreign currency |
2,229,822 |
Investment
securities on loan, at value (See
Note 2.C.) |
12,944,241 |
Cost
of investment of cash collateral (See
Note 2.C.) |
13,828,971 |
10
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
JPMorgan
International
Research
Enhanced
Equity
ETF
|
INVESTMENT
INCOME: |
|
Interest
income from non-affiliates |
$681,561 |
Interest
income from affiliates |
27,079 |
Dividend
income from non-affiliates |
170,893,980 |
Dividend
income from affiliates |
7,060,618 |
Income
from securities lending (net) (See
Note 2.C.) |
884,632 |
Foreign
taxes withheld (net) |
(15,361,583
) |
Total
investment income |
164,186,287 |
EXPENSES: |
|
Investment
advisory fees |
10,725,375 |
Administration
fees |
4,021,991 |
Custodian
and accounting fees |
648,638 |
Interest
expense to non-affiliates |
18,676 |
Interest
expense to affiliates |
13,124 |
Professional
fees |
98,621 |
Trustees’
and Chief Compliance Officer’s fees |
39,135 |
Printing
and mailing costs |
93,753 |
Registration
and filing fees |
49,810 |
Other |
44,527 |
Total
expenses |
15,753,650 |
Less
fees waived |
(180,035
) |
Less
expense reimbursements |
(2,853,566
) |
Net
expenses |
12,720,049 |
Net
investment income (loss) |
151,466,238 |
REALIZED/UNREALIZED
GAINS (LOSSES): |
|
Net
realized gain (loss) on transactions from: |
|
Investments
in non-affiliates |
(95,922,745
) |
Investments
in affiliates |
(9,658
) |
In-kind
redemptions of investments in non-affiliates (See
Note 4) |
361,193,647 |
Futures
contracts |
7,082,856 |
Foreign
currency transactions |
(115,566
) |
Net
realized gain (loss) |
272,228,534 |
Change
in net unrealized appreciation/depreciation on: |
|
Investments
in non-affiliates |
404,961,989 |
Investments
in affiliates |
52,215 |
Futures
contracts |
(6,907,576
) |
Foreign
currency translations |
622,149 |
Change
in net unrealized appreciation/depreciation |
398,728,777 |
Net
realized/unrealized gains (losses) |
670,957,311 |
Change
in net assets resulting from operations |
$822,423,549 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
11
|
|
JPMorgan
International Research
Enhanced
Equity ETF | |
|
Year
Ended
October
31, 2023
|
Year
Ended October
31, 2022 (a) |
CHANGE
IN NET ASSETS RESULTING FROM OPERATIONS: |
|
|
Net
investment income (loss) |
$151,466,238 |
$136,000,947 |
Net
realized gain (loss) |
272,228,534 |
1,261,823 |
Change
in net unrealized appreciation/depreciation |
398,728,777 |
(1,400,778,956
) |
Change
in net assets resulting from operations |
822,423,549 |
(1,263,516,186
) |
Total
distributions to shareholders |
(129,393,763
) |
(199,297,281
) |
CAPITAL
TRANSACTIONS: |
|
|
Change
in net assets resulting from capital transactions |
(632,681,089
) |
1,493,159,833 |
NET
ASSETS: |
|
|
Change
in net assets |
60,348,697 |
30,346,366 |
Beginning
of period |
5,026,188,342 |
4,995,841,976 |
End
of period |
$5,086,537,039 |
$5,026,188,342 |
12
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
JPMorgan
International Research
Enhanced
Equity ETF | |
|
Year
Ended
October
31, 2023 |
Year
Ended October
31, 2022(a) |
CAPITAL
TRANSACTIONS: (b) |
|
|
Proceeds
from shares issued |
$626,324,597 |
$1,621,509,655 |
Distributions
reinvested |
— |
181,165,628 |
Cost
of shares redeemed |
(1,259,005,686
) |
(432,128,313
) |
Change
in net assets resulting from capital transactions |
(632,681,089
) |
1,370,546,970 |
Class
A |
|
|
Proceeds
from shares issued |
— |
801,584 |
Distributions
reinvested |
— |
1,641,891 |
Cost
of shares redeemed |
— |
(13,072,328
) |
Change
in net assets resulting from Class A capital
transactions |
— |
(10,628,853
) |
Class
I |
|
|
Proceeds
from shares issued |
— |
239,601,698 |
Distributions
reinvested |
— |
15,288,160 |
Cost
of shares redeemed |
— |
(121,648,142
) |
Change
in net assets resulting from Class I capital
transactions |
— |
133,241,716 |
Total
change in net assets resulting from capital
transactions |
$(632,681,089
) |
$1,493,159,833 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
13
|
|
JPMorgan
International Research
Enhanced
Equity ETF | |
|
Year
Ended
October
31, 2023 |
Year
Ended October
31, 2022(a) |
SHARES
TRANSACTIONS: (b) |
|
|
Issued |
11,400,000 |
30,420,358 |
Reinvested |
— |
3,138,911 |
Redeemed |
(23,750,000
) |
(8,018,891
) |
Change
in Shares |
(12,350,000
) |
25,540,378 |
Class
A |
|
|
Issued |
— |
14,139 |
Reinvested |
— |
28,424 |
Redeemed |
— |
(244,325
) |
Change
in Class A Shares |
— |
(201,762
) |
Class
I |
|
|
Issued |
— |
4,451,971 |
Reinvested |
— |
264,675 |
Redeemed |
— |
(2,163,040
) |
Change
in Class I Shares |
— |
2,553,606 |
14
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Per
share operating performance (a) | ||||
|
|
Investment
operations |
Distributions | ||
|
Net
asset
value
beginning
of
period |
Net
investment
income
(loss)(b) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
JPMorgan
International Research Enhanced Equity ETF
(e) |
|
|
|
|
|
Year
Ended October
31, 2023 |
$46.27 |
$1.54 |
$6.33 |
$7.87 |
$(1.31
) |
Year
Ended October
31, 2022 |
61.89 |
1.39 |
(14.54
) |
(13.15
) |
(2.47
) |
Year
Ended October
31, 2021 |
46.43 |
1.42
(f) |
15.11 |
16.53 |
(1.07
) |
Year
Ended October
31, 2020 |
52.55 |
1.13 |
(5.63
) |
(4.50
) |
(1.62
) |
Year
Ended October
31, 2019 |
49.24 |
1.65 |
3.37 |
5.02 |
(1.71
) |
| |
(a) |
Per
share amounts reflect the conversion of the Predecessor Fund into the Fund
as of the close of business on June 10, 2022. See Note
1. |
(b) |
Calculated
based upon average shares outstanding. |
(c) |
Includes
adjustments in accordance with accounting principles generally accepted in
the United States of America and as such, the net asset values for
financial
reporting
purposes and the returns based upon those net asset values may differ from
the net asset values and returns for shareholder
transactions. |
(d) |
JPMorgan
International Research Enhanced Equity ETF acquired all of the assets and
liabilities of the JPMorgan International Research Enhanced Equity Fund
(“Predecessor
Fund”) in a reorganization that occurred as of the close of business on
June 10, 2022. Market price returns are calculated using the official
closing
price
of the JPMorgan International Research Enhanced Equity ETF on the listing
exchange as of the time that the JPMorgan International Research Enhanced
Equity
ETF's NAV is calculated. Prior to the JPMorgan International Research
Enhanced Equity ETF's listing on June 13, 2022, the NAV performance of the
Class R6
Shares
of the Predecessor Fund are used as proxy market price
returns.
|
(e) |
JPMorgan
International Research Enhanced Equity ETF (the “Fund”) acquired all of
the assets and liabilities of the JPMorgan International Research Enhanced
Equity
Fund (“Predecessor Fund”) in a reorganization that occurred as of the
close of business on June 10, 2022. Performance and financial history of
the
Predecessor
Fund’s Class R6 Shares have been adopted by the Fund and will be used
going forward. As a result, the financial highlight information reflects
that of
the
Predecessor Fund’s Class R6 Shares for the period November 1, 2018 up
through the reorganization.
|
(f) |
Reflects
income from foreign withholding tax claims, including related interest
income. Had the Fund not received these proceeds, the net investment
income
(loss)
per share would have remained the same and the net investment income
(loss) ratio would have been
2.44%. |
16
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Ratios/Supplemental
data
| |||||||
|
|
|
|
|
Ratios
to average net assets
| |||
Net
asset
value,
end
of
period |
Market
price,
end
of
period |
Total
Return(c) |
Market
price
total
return(d) |
Net
assets,
end
of
period |
Net
expenses |
Net
investment
income
(loss) |
Expenses
without
waivers
and
reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
$52.83 |
$53.01 |
17.17
% |
17.54
% |
$5,086,537,039 |
0.24
% |
2.82
% |
0.29
% |
16
% |
46.27 |
46.28 |
(22.04
) |
(22.03
) |
5,026,188,342 |
0.24 |
2.66 |
0.30 |
16 |
61.89 |
61.89 |
35.93 |
35.93 |
4,562,266,369 |
0.25 |
2.46
(f) |
0.31 |
20 |
46.43 |
46.43 |
(8.96
) |
(8.96
) |
4,337,775,495 |
0.24 |
2.35 |
0.30 |
52 |
52.55 |
52.55 |
10.78 |
10.78 |
4,435,538,473 |
0.25 |
3.37 |
0.31 |
22 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
17
|
18
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
|
| ||
|
Level
1
Quoted
prices |
Level
2
Other
significant
observable
inputs |
Level
3
Significant
unobservable
inputs |
Total |
Investments
in Securities |
|
|
|
|
Common
Stocks |
|
|
|
|
Australia |
$— |
$329,554,067 |
$— |
$329,554,067 |
Belgium |
— |
22,985,031 |
— |
22,985,031 |
China |
16,843,615 |
11,050,565 |
— |
27,894,180 |
Denmark |
— |
169,789,985 |
— |
169,789,985 |
Finland |
— |
48,046,254 |
— |
48,046,254 |
France |
— |
618,814,736 |
— |
618,814,736 |
Germany |
— |
391,737,934 |
— |
391,737,934 |
Hong
Kong |
— |
103,758,527 |
— |
103,758,527 |
Ireland |
— |
22,456,882 |
— |
22,456,882 |
Italy |
— |
51,352,381 |
— |
51,352,381 |
Japan |
— |
1,154,586,766 |
— |
1,154,586,766 |
Macau |
— |
5,984,965 |
— |
5,984,965 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
19
|
(continued) |
|
| ||
|
Level
1
Quoted
prices |
Level
2
Other
significant
observable
inputs |
Level
3
Significant
unobservable
inputs |
Total |
Netherlands |
$— |
$308,637,597 |
$— |
$308,637,597 |
Singapore |
5,212,041 |
49,352,551 |
— |
54,564,592 |
South
Korea |
— |
2,847,104 |
— |
2,847,104 |
Spain |
— |
103,053,687 |
— |
103,053,687 |
Sweden |
— |
127,785,590 |
— |
127,785,590 |
Switzerland |
3,679,068 |
252,516,678 |
— |
256,195,746 |
United
Kingdom |
— |
664,771,984 |
— |
664,771,984 |
United
States |
— |
400,137,284 |
— |
400,137,284 |
Total
Common Stocks |
25,734,724 |
4,839,220,568 |
— |
4,864,955,292 |
Short-Term
Investments |
|
|
|
|
Investment
Companies |
182,533,672 |
— |
— |
182,533,672 |
Investment
of Cash Collateral from Securities
Loaned |
13,828,971 |
— |
— |
13,828,971 |
Total
Short-Term Investments |
196,362,643 |
— |
— |
196,362,643 |
Total
Investments in Securities |
$222,097,367 |
$4,839,220,568 |
$— |
$5,061,317,935 |
Depreciation
in Other Financial Instruments |
|
|
|
|
Futures
Contracts |
$(9,193,420
) |
$— |
$— |
$(9,193,420
) |
20
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Investment
Securities
on
Loan, at value,
Presented
on the
Statement
of Assets
and
Liabilities |
Cash
Collateral
Posted
by Borrower* |
Net
Amount Due
to
Counterparty
(not
less than zero) |
|
$12,944,241 |
$(12,944,241
) |
$— |
| |
* |
Collateral
posted reflects the value of securities on loan and does not include any
additional amounts received from the
borrower. |
|
$9,055 |
| |||||||||
For
the year ended October 31, 2023 | |||||||||
Security
Description |
Value
at
October
31,
2022 |
Purchases
at
Cost |
Proceeds
from
Sales |
Net
Realized
Gain
(Loss) |
Change
in
Unrealized
Appreciation/
(Depreciation) |
Value
at
October
31,
2023 |
Shares
at
October
31,
2023 |
Dividend
Income |
Capital
Gain
Distributions |
JPMorgan
Prime
Money
Market Fund
Class
IM Shares,
5.49%
(a)
(b) |
$124,239,979 |
$440,324,250 |
$382,073,017 |
$(9,658
) |
$52,118 |
$182,533,672 |
182,460,687 |
$7,060,618 |
$— |
JPMorgan
Securities
Lending
Money
Market
Fund Agency
SL
Class Shares,
5.53%
(a)
(b) |
56,261,418 |
663,000,001 |
707,265,926 |
4,410
* |
97 |
12,000,000 |
11,997,600 |
1,608,529
* |
— |
JPMorgan
U.S.
Government
Money
Market Fund
Class
IM Shares,
5.29%
(a)
(b) |
7,523,073 |
458,520,479 |
464,214,581 |
— |
— |
1,828,971 |
1,828,971 |
300,914
* |
— |
Total |
$188,024,470 |
$1,561,844,730 |
$1,553,553,524 |
$(5,248
) |
$52,215 |
$196,362,643 |
|
$8,970,061 |
$— |
| |
(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 October 31,
2023. |
* |
Amount
is included on the Statement of Operations as Income from securities
lending (net) (after payments of rebates and Citibank’s
fee). |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
21
|
|
|
Futures
Contracts: |
|
Average
Notional Balance Long |
$126,614,435 |
Ending
Notional Balance Long |
167,648,910 |
22
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Paid-in-Capital |
Accumulated
undistributed
(distributions
in
excess
of)
net
investment
income |
Accumulated
net
realized
gains
(losses) |
|
$329,762,806 |
$16,865,083 |
$(346,627,889
) |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
23
|
|
|
|
Contractual
Reimbursements |
|
$2,851,163 |
24
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Purchases
(excluding
U.S.
Government) |
Sales
(excluding
U.S.
Government) |
|
$842,118,347 |
$899,238,975 |
|
In-Kind
Purchases |
In-Kind
Sales |
|
$587,422,409 |
$1,204,331,340 |
|
Aggregate
Cost |
Gross
Unrealized
Appreciation |
Gross
Unrealized
Depreciation |
Net
Unrealized
Appreciation
(Depreciation) |
|
$4,870,766,460 |
$569,336,336 |
$387,978,281 |
$181,358,055 |
|
Ordinary
Income* |
Total
Distributions
Paid |
|
$129,393,763 |
$129,393,763 |
| |
* |
Short-term
gain distributions are treated as ordinary income for income tax
purposes. |
|
Ordinary
Income* |
Total
Distributions
Paid |
|
$199,297,281 |
$199,297,281 |
| |
* |
Short-term
gain distributions are treated as ordinary income for income tax
purposes. |
|
Current
Distributable
Ordinary
Income |
Current
Distributable
Long-Term
Capital
Gain
(Tax
Basis Capital
Loss
Carryover) |
Unrealized
Appreciation
(Depreciation) |
|
$155,491,641 |
$(421,123,416
) |
$181,037,534 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
25
|
|
Capital
Loss Carryforward Character
| |
|
Short-Term |
Long-Term |
|
$66,324,084 |
$354,799,332 |
26
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
J.P.
Morgan
Investor
Funds |
JPMorgan
SmartRetirement
Funds |
|
19.1
% |
56.1
% |
France |
12.3
% |
Japan |
22.9 |
United
Kingdom |
13.2 |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
27
|
28
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
Name
(Year of Birth);
Positions
With
the
Funds (1) |
Principal
Occupation
During
Past 5 Years |
Number
of
Funds
in Fund
Complex
Overseen
by
Trustee (2) |
Other
Directorships Held
During
the Past 5 Years |
Independent
Trustees |
| ||
John
F. Finn (1947); Chair
since
2020; Trustee since
1998. |
Chairman,
Gardner, Inc. (supply chain
management
company serving industrial and
consumer
markets) (serving in various roles
1974-present). |
170 |
Director,
Greif, Inc. (GEF) (industrial
package
products and services)
(2007-present);
Trustee, Columbus
Association
for the Performing Arts
(1988-present). |
Stephen
P. Fisher (1959);
Trustee
since 2018. |
Retired;
Chairman and Chief Executive Officer,
NYLIFE
Distributors LLC (registered
broker-dealer)
(serving in various roles
2008-2013);
Chairman, NYLIM Service
Company
LLC (transfer agent) (2008-2017);
New
York Life Investment Management LLC
(registered
investment adviser) (serving in
various
roles 2005-2017); Chairman, IndexIQ
Advisors
LLC (registered investment adviser
for
ETFs) (2014-2017); President, MainStay VP
Funds
Trust (2007-2017), MainStay
DefinedTerm
Municipal Opportunities Fund
(2011-2017)
and MainStay Funds Trust
(2007-2017)
(registered investment
companies). |
170 |
Honors
Program Advisory Board
Member,
The Zicklin School of Business,
Baruch
College, The City University of
New
York (2017-present). |
Gary
L. French (1951);
Trustee
since 2014. |
Real
Estate Investor (2011-2020); Investment
management
industry Consultant and Expert
Witness
(2011-present); Senior Consultant for
The
Regulatory Fundamentals Group LLC
(2011-2017). |
170 |
Independent
Trustee, The China Fund,
Inc.
(2013-2019); Exchange Traded
Concepts
Trust II (2012-2014); Exchange
Traded
Concepts Trust I (2011-2014). |
Kathleen
M. Gallagher (1958);
Trustee
since 2018. |
Retired;
Chief Investment Officer — Benefit
Plans,
Ford Motor Company (serving in various
roles
1985-2016). |
170 |
Non-
Executive Director, Legal &
General
Investment Management
(Holdings)
(2018-present);
Non-Executive
Director, Legal &
General
Investment Management
America
(U.S. Holdings) (financial
services
and insurance) (2017-present);
Advisory
Board Member, State Street
Global
Advisors Total Portfolio
Solutions
(2017-present); Member,
Client
Advisory Council, Financial
Engines,
LLC (registered investment
adviser)
(2011-2016); Director, Ford
Pension
Funds Investment
Management
Ltd. (2007-2016). |
Robert
J. Grassi (1957);
Trustee
since 2014. |
Sole
Proprietor, Academy Hills Advisors LLC
(2012-present);
Pension Director, Corning
Incorporated
(2002-2012). |
170 |
None |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
29
|
Name
(Year of Birth);
Positions
With
the
Funds (1) |
Principal
Occupation
During
Past 5 Years |
Number
of
Funds
in Fund
Complex
Overseen
by
Trustee (2) |
Other
Directorships Held
During
the Past 5 Years |
Independent
Trustees (continued) |
| ||
Frankie
D. Hughes (1952);
Trustee
since 2008. |
President,
Ashland Hughes Properties
(property
management) (2014-present);
President
and Chief Investment Officer,
Hughes
Capital Management, Inc. (fixed
income
asset management) (1993-2014). |
170 |
None |
Raymond
Kanner (1953);
Trustee
since 2017. |
Retired;
Managing Director and Chief
Investment
Officer, IBM Retirement Funds
(2007-2016). |
170 |
Advisory
Board Member, Penso
Advisors,
LLC (2020-present); Advisory
Board
Member, Los Angeles Capital
(2018-present);
Advisory Board
Member,
State Street Global Advisors
Total
Portfolio Solutions (2017-
present);
Acting Executive Director,
Committee
on Investment of Employee
Benefit
Assets (CIEBA) (2016-2017);
Advisory
Board Member, Betterment
for
Business (robo advisor) (2016-
2017);
Advisory Board Member,
BlueStar
Indexes (index creator)
(2013-2017);
Director, Emerging
Markets
Growth Fund (registered
investment
company) (1997-2016);
Member,
Russell Index Client Advisory
Board
(2001-2015). |
Thomas
P. Lemke (1954);
Trustee
since 2014. |
Retired
since 2013. |
170 |
(1)
Independent Trustee of Advisors’
Inner
Circle III fund platform, consisting
of
the following: (i) the Advisors’ Inner
Circle
Fund III, (ii) the Gallery Trust, (iii)
the
Schroder Series Trust, (iv) the
Delaware
Wilshire Private Markets Fund
(since
2020), (v) Chiron Capital
Allocation
Fund Ltd., and (vi) formerly
the
Winton Diversified Opportunities
Fund
(2014-2018); and (2) Independent
Trustee
of the Symmetry Panoramic
Trust
(since 2018). |
Lawrence
R. Maffia (1950);
Trustee
since 2014. |
Retired;
Director and President, ICI Mutual
Insurance
Company (2006-2013). |
170 |
Director,
ICI Mutual Insurance Company
(1999-2013). |
Mary
E. Martinez (1960); Vice
Chair
since 2021; Trustee
since
2013. |
Associate,
Special Properties, a Christie’s
International
Real Estate Affiliate
(2010-present);
Managing Director, Bank of
America
(asset management) (2007-2008);
Chief
Operating Officer, U.S. Trust Asset
Management,
U.S. Trust Company (asset
management)
(2003-2007); President,
Excelsior
Funds (registered investment
companies)
(2004-2005). |
170 |
None |
Marilyn
McCoy (1948);
Trustee
since 1999. |
Retired;
Vice President of Administration and
Planning,
Northwestern University
(1985-2023). |
170 |
None |
30
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
Name
(Year of Birth);
Positions
With
the
Funds (1) |
Principal
Occupation
During
Past 5 Years |
Number
of
Funds
in Fund
Complex
Overseen
by
Trustee (2) |
Other
Directorships Held
During
the Past 5 Years |
Independent
Trustees (continued) |
| ||
Dr.
Robert A. Oden, Jr.
(1946);
Trustee
since
1997. |
Retired;
President, Carleton College
(2002-2010);
President, Kenyon College
(1995-2002). |
170 |
Trustee,
The Coldwater Conservation
Fund
(2017-present); Trustee, American
Museum
of Fly Fishing (2013-present);
Trustee
and Vice Chair, Trout Unlimited
(2017-2021);
Trustee, Dartmouth-
Hitchcock
Medical Center (2011-2020). |
Marian
U. Pardo* (1946);
Trustee
since 2013. |
Managing
Director and Founder, Virtual
Capital
Management LLC (investment
consulting)
(2007-present); Managing Director,
Credit
Suisse Asset Management (portfolio
manager)
(2003-2006). |
170 |
Board
Chair and Member, Board of
Governors,
Columbus Citizens
Foundation
(not-for-profit supporting
philanthropic
and cultural programs)
(2006-present). |
Emily
A. Youssouf (1951);
Trustee
since 2014. |
Adjunct
Professor (2011-present) and Clinical
Professor
(2009-2011), NYU Schack Institute of
Real
Estate; Board Member and Member of the
Audit
Committee (2013–present), Chair of
Finance
Committee (2019-present), Member of
Related
Parties Committee (2013-2018) and
Member
of the Enterprise Risk Committee
(2015-2018),
PennyMac Financial Services, Inc.;
Board
Member (2005-2018), Chair of Capital
Committee
(2006-2016), Chair of Audit
Committee
(2005-2018), Member of Finance
Committee
(2005-2018) and Chair of IT
Committee
(2016-2018), NYC Health and
Hospitals
Corporation. |
170 |
Trustee,
NYC School Construction
Authority
(2009-present); Board
Member,
NYS Job Development
Authority
(2008-present); Trustee and
Chair
of the Audit Committee of the
Transit
Center Foundation (2015-2019). |
Interested
Trustees |
| ||
Robert
F. Deutsch** (1957);
Trustee
since 2014. |
Retired;
Head of ETF Business for JPMorgan
Asset
Management (2013-2017); Head of
Global
Liquidity Business for JPMorgan Asset
Management
(2003-2013). |
170 |
Treasurer
and Director of the JUST
Capital
Foundation (2017-present). |
Nina
O. Shenker** (1957);
Trustee
since 2022. |
Vice
Chair (2017-2021), General Counsel and
Managing
Director (2008-2016), Associate
General
Counsel and Managing Director
(2004-2008),
J.P. Morgan Asset & Wealth
Management. |
170 |
Director
and Member of Legal and
Human
Resources Subcommittees,
American
Jewish Joint Distribution
Committee
(2018-present). |
| |||
(1) |
The
year shown is the first year in which a Trustee became a member of any of
the following: the JPMorgan Mutual Fund Board, the JPMorgan
ETF
Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual
Funds. Trustees serve an indefinite term, until resignation,
retirement,
removal or death. The Board's current retirement policy sets retirement at
the end of the calendar year in which the Trustee attains
the
age of 75, provided that any Board member who was a member of the JPMorgan
Mutual Fund Board prior to January 1, 2022 and was born
prior
to January 1, 1950 shall retire from the Board at the end of the calendar
year in which the Trustee attains the age of 78. | ||
(2) |
A
Fund Complex means two or more registered investment companies that hold
themselves out to investors as related companies for purposes
of
investment and investor services or have a common investment adviser or
have an investment adviser that is an affiliated person of the
investment
adviser of any of the other registered investment companies. The J.P.
Morgan Funds Complex for which the Board of Trustees serves
currently
includes nine registered investment companies (170 J.P. Morgan
Funds). | ||
* |
In
connection with prior employment with JPMorgan Chase, Ms. Pardo was the
recipient of non-qualified pension plan payments from JPMorgan
Chase
in the amount of approximately $2,055 per month, which she irrevocably
waived effective January 1, 2013, and deferred compensation
payments
from JPMorgan Chase in the amount of approximately $7,294 per year, which
ended in January 2013. In addition, Ms. Pardo receives
payments
from a fully-funded qualified plan, which is not an obligation of JPMorgan
Chase. |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
31
|
** |
Designation
as an “Interested Trustee” is based on prior employment by the Adviser or
an affiliate of the Adviser or interests in a control person
of
the Adviser. | ||
|
The
contact address for each of the Trustees is 277 Park Avenue, New York, NY
10172. |
32
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
Name
(Year of Birth),
Positions
Held with
the
Trust (Since) |
Principal
Occupations During Past 5 Years |
Brian
S. Shlissel (1964),
President
and Principal Executive
Officer
(2021) |
Managing
Director and Chief Administrative Officer for J.P. Morgan pooled vehicles,
J.P. Morgan Investment
Management
Inc. since 2014. |
Timothy
J. Clemens (1975),
Treasurer
and Principal Financial
Officer
(2020) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with
J.P. Morgan
Investment
Management Inc. since 2013. |
Gregory
S. Samuels (1980),
Secretary
(2022) (formerly
Assistant
Secretary
2014-2022) |
Managing
Director and Assistant General Counsel, JPMorgan Chase & Co. Mr.
Samuels has been with
JPMorgan
Chase & Co. since 2010. |
Stephen
M. Ungerman (1953),
Chief
Compliance Officer (2014) |
Managing
Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan
Chase & Co. since 2000. |
Kiesha
Astwood-Smith (1973),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase & Co. since
June 2021; Senior Director and
Counsel,
Equitable Financial Life Insurance Company (formerly, AXA Equitable Life
Insurance Company) from
September
2015 through June 2021. |
Matthew
Beck (1988),
Assistant
Secretary (2021)* |
Vice
President and Assistant General Counsel, JPMorgan Chase & Co. since
May 2021; Senior Legal Counsel,
Ultimus
Fund Solutions from May 2018 through May 2021; General Counsel, The
Nottingham Company from
April
2014 through May 2018. |
Elizabeth
A. Davin (1964),
Assistant
Secretary (2022)
(formerly
Secretary 2018-2022)* |
Executive
Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin
has been with JPMorgan
Chase
& Co. (formerly Bank One Corporation) since
2004. |
Jessica
K. Ditullio (1962),
Assistant
Secretary (2014)* |
Executive
Director and Assistant General Counsel, JPMorgan Chase & Co. Ms.
Ditullio has been with JPMorgan
Chase
& Co. (formerly Bank One Corporation) since
1990. |
Anthony
Geron (1971),
Assistant
Secretary (2019) |
Vice
President and Assistant General Counsel, JPMorgan Chase & Co. since
September 2018; Lead Director
and
Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior
Director and Counsel, AXA
Equitable
Life Insurance Company from 2014 to 2015. |
Carmine
Lekstutis (1980),
Assistant
Secretary (2014) |
Executive
Director and Assistant General Counsel, JPMorgan Chase & Co. Mr.
Lekstutis has been with
JPMorgan
Chase & Co. since 2011. |
Max
Vogel (1990),
Assistant
Secretary (2021) |
Vice
President and Assistant General Counsel, JPMorgan Chase & Co. since
June 2021; Associate, Proskauer
Rose
LLP (law firm) from March 2017 to June 2021. |
Zachary
E. Vonnegut-Gabovitch
(1986),
Assistant
Secretary (2017) |
Executive
Director and Assistant General Counsel, JPMorgan Chase & Co. Mr.
Vonnegut-Gabovitch has been
with
JPMorgan Chase & Co. since September 2016.
|
Frederick
J. Cavaliere (1978),
Assistant
Treasurer (2015)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been
with JPMorgan Chase &
Co.
since May 2006. |
Michael
M. D’Ambrosio (1969),
Assistant
Treasurer (2014) |
Managing
Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been
with J.P. Morgan
Investment
Management Inc. since 2012. |
Aleksandr
Fleytekh (1972),
Assistant
Treasurer (2023) |
Executive
Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been
with J.P. Morgan
Investment
Management Inc. since February 2012. |
Shannon
Gaines (1977),
Assistant
Treasurer (2019)* |
Executive
Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with
J.P. Morgan Investment
Management
Inc. since January 2014. |
Jeffrey
D. House (1972),
Assistant
Treasurer (2023)* |
Vice
President, J.P. Morgan Investment Management Inc. Mr. House has been with
J.P. Morgan Investment
Management
Inc. since July 2006. |
Michael
Mannarino (1985),
Assistant
Treasurer (2023) |
Vice
President, J.P. Morgan Investment Management Inc. Mr. Mannarino has been
with J.P. Morgan Investment
Management
Inc. since 2014. |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
33
|
Nektarios
E. Manolakakis (1972),
Assistant
Treasurer (2020) |
Executive
Director, J.P. Morgan Investment Management Inc. since February 2021,
formerly Vice President, J.P.
Morgan
Investment Management Inc. since 2014; Vice President, J.P. Morgan
Corporate & Investment Bank
2010-2014. |
Todd
McEwen (1981),
Assistant
Treasurer (2020)* |
Vice
President, J.P. Morgan Investment Management Inc. Mr. McEwen has been with
J.P. Morgan Investment
Management
Inc. since 2010. |
Joseph
Parascondola (1963),
Assistant
Treasurer (2023)** |
Executive
Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been
with J.P. Morgan
Investment
Management Inc. since 2006. |
Gillian
I. Sands (1969),
Assistant
Treasurer (2023) |
Executive
Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with
J.P. Morgan Investment
Management
Inc. since September 2012. |
| |
The
contact address for each of the officers, unless otherwise noted, is 277
Park Avenue, New York, NY 10172. | |
* |
The
contact address for the officer is 1111 Polaris Parkway, Columbus, OH
43240. |
** |
The
contact address for the officer is 575 Washington Boulevard, Jersey City,
NJ 07310.
|
34
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
|
Beginning
Account
Value
May
1, 2023 |
Ending
Account
Value
October
31, 2023 |
Expenses
Paid
During
the
Period*
|
Annualized
Expense
Ratio |
JPMorgan
International Research Enhanced Equity ETF |
|
|
|
|
Actual |
$1,000.00 |
$929.90 |
$1.17 |
0.24
% |
Hypothetical |
1,000.00 |
1,024.00 |
1.22 |
0.24 |
| |
* |
Expenses
are equal to Fund’s annualized net expense ratio, multiplied by the
average account value over the period, multiplied by 184/365 (to
reflect
the one-half year
period). |
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
35
|
36
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
37
|
38
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|
October
31, 2023
|
J.P.
Morgan Exchange-Traded Funds
|
39
|
40
|
J.P.
Morgan Exchange-Traded Funds
|
October
31, 2023
|