Table of Contents

Semi-Annual Report

J.P. Morgan Exchange-Traded Funds

December 31, 2021 (Unaudited)

 

   Ticker    Listing Exchange   
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF    JUSA    NYSE Arca   
JPMorgan Active Value ETF    JAVA    NYSE Arca   
JPMorgan Equity Premium Income ETF    JEPI    NYSE Arca   

 

 

     LOGO  


Table of Contents

CONTENTS

 

President’s Letter        1  
Market Overview        2  
Fund Commentaries:     

JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

       3  

JPMorgan Active Value ETF

       6  

JPMorgan Equity Premium Income ETF

       9  
Schedule of Portfolio Investments        12  
Financial Statements        22  
Financial Highlights        26  
Notes to Financial Statements        28  
Schedule of Shareholder Expenses        36  
Board Approval of Initial Management Agreements        37  
Board Approval of Management Agreement        39  
Special Shareholder Meeting Results        42  

Investments in a Fund are not bank deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Exchange-Traded Funds at (844) 457-6383 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

Shares are bought and sold throughout the day on an exchange at market price (not at net asset value) through a brokerage account, and are not individually subscribed and redeemed from a Fund. Shares may only be subscribed and redeemed directly from a Fund by Authorized Participants, in very large creation/redemption units. Brokerage commissions will reduce returns.


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PRESIDENT’S LETTER

FEBRUARY 8, 2022 (Unaudited)

 

Dear Shareholder,

U.S. equity markets largely outperformed other financial markets during the second half of 2021 on the back of continued monetary and fiscal policy support, record corporate earnings and a boom in U.S. consumer wealth. While a resurgence in the pandemic late last year contributed to increased volatility in financial markets, we believe the overall impact on the U.S. economy appeared to be muted.

 

LOGO   

 

“While the path of the pandemic, inflationary pressure and central bank policies are likely to significantly impact financial market performance in the months ahead, the U.S. economy is forecast to continue expanding through 2022, which we believe should support both corporate earnings and consumer spending.”

– Brian S. Shlissel

During the second half of 2021, J.P. Morgan Exchange-Traded Funds expanded its suite of investment solutions with the launch of its Active Value ETF (JAVA) and ActiveBuilders U.S. Large Cap Equity ETF (JUSA). JAVA invests in companies whose securities are, in the portfolio managers’ opinion, undervalued when purchased, but which have the potential to increase the intrinsic per-share value and employs a bottom-up approach to security selection, focusing on company fundamentals, quantitative screening and proprietary fundamental analysis. Meanwhile, JUSA serves as a key component of our ActiveBuilders ETFs suite, which engages the expertise of the J.P. Morgan Global Equities platform’s qualitative and quantitative insights while seeking to improve investor returns and better manage risk. Both JAVA and JUSA incorporate environmental, social and governance factors within a transparent ETF structure. By the end of 2021, the complete suite of JPMorgan ETFs included 39 funds with combined assets of $70.05 billion.1

As we look forward, certain of the issues that had focused investors’ attention toward the end of last year remain. While the path of the pandemic, inflationary pressure and central bank policies are likely to significantly impact financial market performance in the months ahead, the U.S. economy is forecast to continue expanding through 2022, which we believe should support both corporate earnings and consumer spending. Against this backdrop, we seek to continue to provide investors with an array of diversified innovative investment solutions that can provide the tools for building durable portfolios and meeting their financial goals.

Sincerely,

 

LOGO

Brian S. Shlissel

President, J.P. Morgan Funds

J.P. Morgan Asset Management

1-844-4JPM-ETF or jpmorgan.com/etfs for more information

1

J.P. Morgan Asset Management, December 31, 2021.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         1


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MARKET OVERVIEW

Six Months Ended December 31, 2021

 

Overall, U.S. equity markets generated positive returns in the second half of 2021, bolstered by continued monetary and fiscal support as well as strong consumer spending and record high corporate profits. Despite historically high equity valuations in the U.S., the S&P 500 Index posted at least one new record closing high each month during the period. U.S. fixed income markets largely underperformed U.S. equity markets amid historically low interest rates on U.S. Treasury securities and accelerating inflation.

Notably, the emergence of the omicron variant of COVID-19 in the final months of 2021 led to higher volatility in financial markets and briefly pulled oil prices lower.

The first months of the period saw strong upward momentum in U.S. equity prices after second quarter 2021 results showed record high earnings and revenue from U.S. companies. However, equity markets ended the month of September lower amid investor concerns about global supply chain disruptions, inflationary pressure and the ongoing pandemic.

In October, equity markets resumed their broad upward trajectory only to stall again in November and then ended December with higher returns. The global resurgence in pandemic infections in late 2021 raised investor concerns about the reimposition of social restrictions and their potential impact on specific industries and companies. However, the U.S. economic backdrop remained positive overall, with a strong labor market, surging corporate profits and a boom in U.S. consumer wealth.

Within U.S. equity, large cap stocks generally outperformed mid cap stocks and small cap stock prices largely declined over the second half of 2021.

 

 
2         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


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JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN:        
JPMorgan ActiveBuilders U.S. Large Cap Equity ETF   
Net Asset Value*      9.63%  
Market Price**      9.71%  
S&P 500 Index      10.09%  
Net Assets as of 12/31/2021    $ 29,387,547  
Fund Ticker      JUSA  

 

INVESTMENT OBJECTIVE***

The JPMorgan ActiveBuilders U.S. Large Cap Equity ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in equity securities of large, well-established companies located in the U.S. The Fund allocates to a variety of securities selected from across the adviser’s actively managed U.S. equity strategies and seeks to outperform the S&P 500 Index (the “Index”) over time while maintaining similar risk characteristics, including sector risks.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the period from inception on July 7, 2021 to December 31, 2021, the Fund underperformed the Index. The Fund’s security selection in the semiconductors & semiconductor equipment sector and the technology hardware & equipment sector were leading detractors from performance relative to the Index, while the Fund’s security selection in the capital goods and software & services sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Analog Devices Inc. and Biogen Inc., and its underweight position in Pfizer Inc.

Shares of Analog Devices, a semiconductor manufacturer, fell

amid investor concerns about the company’s ability to meet surging demand. Shares of Biogen, a pharmaceuticals developer, fell amid investor concerns about the company’s treatment for Alzheimer’s disease. Shares of Pfizer, a pharmaceutical manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval for the company’s COVID-19 pill.

Leading individual contributors to relative performance included the Fund’s overweight positions in Lowes Cos. and Eaton Corp., and its underweight position in Intel Corp. Shares of Lowe’s, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021, issued a better-than-expected forecast for fiscal 2022 and announced a $13 billion share repurchase plan. Shares of Eaton, a provider of industrial power systems, rose after the company reported better-than-expected earnings for the third quarter of 2021. Shares of Intel, a semiconductor manufacturer, fell after the company issued a weaker-than-expected earnings forecast with its third quarter 2021 results.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s largest overweight allocations relative to the Index were to the diversified financials and banks sectors and its largest underweight allocations were to the technology hardware & equipment and software & services sectors.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         3


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JPMorgan ActiveBuilders U.S. Large Cap Equity ETF

FUND COMMENTARY

FOR THE PERIOD JULY 7, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited) (continued)

 

 

TOP TEN EQUITY HOLDINGS OF
THE PORTFOLIO AS OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
  1.      Microsoft Corp.     
6.7

  2.      Apple, Inc.     
5.3
 
  3.      Amazon.com, Inc.     
3.5
 
  4.      Alphabet, Inc., Class A     
2.8
 
  5.      Alphabet, Inc., Class C     
2.3
 
  6.      Tesla, Inc.     
1.9
 
  7.      Wells Fargo & Co.     
1.6
 
  8.      AbbVie, Inc.     
1.5
 
  9.      Lowe’s Cos., Inc.     
1.5
 
  10.      Eaton Corp. plc     
1.4
 

 

PORTFOLIO COMPOSITION BY SECTOR AS
OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
Information Technology     
24.5

Consumer Discretionary     
14.8

Financials     
14.7

Health Care     
13.4

Industrials     
10.2

Communication Services     
8.7

Consumer Staples     
3.3

Materials     
2.9

Utilities     
2.8

Real Estate     
2.3

Energy     
2.2

Short-Term Investments     
0.2
 

*   The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $53.43 as of December 31, 2021.
**   Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2021, the closing price was $53.47.
***   The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

 

 
4         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


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TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)

 
     INCEPTION DATE      CUMULATIVE
SINCE
INCEPTION
 

Net Asset Value

     July 7, 2021        9.63

Market Price

        9.71

LIFE OF FUND PERFORMANCE (07/07/21 TO 12/31/21)

 

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on July 7, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan ActiveBuilders U.S. Large Cap Equity ETF and the S&P 500 Index from July 7, 2021 to December 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index does not

reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend reinvestment of the securities included in the Index, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         5


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JPMorgan Active Value ETF

FUND COMMENTARY

FOR THE PERIOD OCTOBER 4, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN:        
JPMorgan Active Value ETF   
Net Asset Value*      6.22%  
Market Price**      6.28%  
Russell 1000 Value Index      6.94%  
Net Assets as of 12/31/2021    $ 27,466,348  
Fund Ticker      JAVA  

 

INVESTMENT OBJECTIVE***

The JPMorgan Active Value ETF (the “Fund”) seeks to provide long-term capital appreciation.

INVESTMENT APPROACH

The Fund invests primarily in large- and mid-cap equity securities that are attractively valued based on their growth potential over the long-term. The Fund employs a bottom-up approach to stock selection, focusing on company fundamentals, quantitative screening and proprietary fundamental analysis.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

For the period from inception on October 4, 2021 to December 31, 2021, the Fund underperformed the Russell 1000 Value Index (the “Index”).

The Fund’s security selection in the financials sector and its underweight position and security selection in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the materials sector and underweight position in the communication services sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight position in Royal Caribbean Cruises Ltd. and Zimmer Biomet Holdings Inc. and its underweight position in Pfizer Inc. Shares of Royal Caribbean Cruises, a cruise ship operator, fell amid investor concerns that the emergence of the omicron variant of COVID-19 would hurt the travel and hospitality sectors. Shares of Zimmer Biomet Holdings, a medical device manufacturer, fell amid investor expectations that the resurgence of the pandemic in late 2021 may

reduce demand for elective surgeries. Shares of Pfizer, a pharmaceutical and vaccines manufacturer, rose amid a resurgence in the pandemic in late 2021 and the U.S. Food and Drug Administration’s approval for the company’s COVID-19 pill.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Seagate Technology Holdings PLC, its underweight position in JPMorgan Chase & Co. and its overweight position in Centene Corp. Shares of Seagate Technology Holdings, a data storage products manufacturer, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from owning because of JPMorgan Chase’s affiliation with the Fund adviser, fell after the company reported rising consumer debt delinquencies. Shares of Centene, a health insurance provider, rose after the company issued a better-than-expected forecast for earnings and revenue for fiscal year 2022.

HOW WAS THE FUND POSITIONED?

During the period, the Fund’s portfolio managers employed a bottom-up approach to stock selection, based on company fundamentals, quantitative screening and proprietary fundamental analysis. As a result of this process, the Fund’s largest sector allocations were to the financials and health care sectors and its smallest allocations were to the real estate and utilities sector.

 

 
6         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


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TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
  1.      Wells Fargo & Co.     
3.1

  2.      Bank of America Corp.     
3.0
 
  3.      Chevron Corp.     
2.2
 
  4.      Bristol-Myers Squibb Co.     
2.1
 
  5.      Centene Corp.     
1.8
 
  6.      Royal Caribbean Cruises Ltd.     
1.7
 
  7.      Truist Financial Corp.     
1.7
 
  8.      US Foods Holding Corp.     
1.7
 
  9.      Parker-Hannifin Corp.     
1.6
 
  10.      Raytheon Technologies Corp.     
1.5
 

 

PORTFOLIO COMPOSITION BY SECTOR AS
OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
Financials     
23.9

Health Care     
17.3

Industrials     
12.1

Consumer Discretionary     
10.1

Consumer Staples     
7.1

Energy     
6.9

Materials     
6.5

Information Technology     
5.6

Communication Services     
4.0

Utilities     
2.9

Real Estate     
2.0

Short-Term Investments     
1.6
 

*   The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $52.32 as of December 31, 2021.
**   Market price return was calculated assuming an initial investment made at the inception date net asset value, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2021, the closing price was $52.35.
***   The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         7


Table of Contents

JPMorgan Active Value ETF

FUND COMMENTARY

FOR THE PERIOD OCTOBER 4, 2021 (INCEPTION DATE) THROUGH DECEMBER 31, 2021 (Unaudited) (continued)

 

TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)

 
     INCEPTION DATE      CUMULATIVE
SINCE
INCEPTION
 

Net Asset Value

     October 4, 2021        6.22

Market Price

        6.28

LIFE OF FUND PERFORMANCE (10/04/21 TO 12/31/21)

 

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on October 4, 2021.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Active Value ETF and the Russell 1000 Value Index from October 4, 2021 to December 31, 2021.

The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The Russell 1000 Value Index does not reflect the deduction of expenses associated

with an exchange-traded fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the Index, if applicable. The Russell 1000 Value Index is an unmanaged index measuring the performance of those Russell 1000 companies with lower price to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 
8         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


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JPMorgan Equity Premium Income ETF

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

 

REPORTING PERIOD RETURN:        
JPMorgan Equity Premium Income ETF   
Net Asset Value*      8.82%  
Market Price**      8.74%  
S&P 500 Index      11.67%  
ICE BofAML 3-Month US Treasury Bill Index      0.02%  
Net Assets as of 12/31/2021    $ 5,879,914,577  
Fund Ticker      JEPI  

 

INVESTMENT OBJECTIVE***

The JPMorgan Equity Premium Income ETF (the “Fund”) seeks current income while maintaining prospects for capital appreciation.

INVESTMENT APPROACH

The Fund generates income by investing in a combination of options-based equity-linked notes and U.S. large cap stocks, seeking to deliver a monthly distributions at a relatively stable level. The Fund uses a proprietary research process designed to identify over- and undervalued stocks with attractive risk/return characteristics.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund underperformed the S&P 500 Index (the “Benchmark”) and outperformed the ICE BofAML 3-Month US Treasury Bill Index for the six months ended December 31, 2021.

The Fund’s use of options-based equity-linked notes allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 75% of the Benchmark’s total return with about 66% of the Benchmark’s volatility during the reporting period, resulting in income of $X.XX per share.

The Fund’s underweight position in the information technology sector and its security selection in the consumer discretionary sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the industrials and financials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight positions in Tesla Inc., Apple Inc. and Nvidia Inc. Shares of Tesla, a producer of electric vehicles and battery systems that was not held in the Fund, rose after the

company reported better-than-expected production and deliveries during the period. Shares of Apple, a provider of computers, mobile devices and related services, rose amid consecutive quarter of record earnings and strong demand for mobile devices. Shares of Nvidia, a semiconductor maker not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2021 amid growth in sales to the data center and gaming industries.

Leading individual contributors to relative performance included the Fund’s overweight position in Old Dominion Freight Line Inc. and its underweight positions in PayPal Holdings Inc. and Amazon.com Inc. Shares of Old Dominion Freight Inc., a trucking and transport provider, rose after the company reported better-than-expected earnings and revenue for the third quarter amid a surge in demand for its services. Shares of PayPal Holdings, a digital payments platform provider not held in the Fund, fell after the company issued a lower-than-expected earnings forecast for the third quarter of 2021 and amid general weakness in financial technology stocks. Shares of Amazon.com, an online retailer and services provider not held in the Fund, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2021 and issued a lower-than-expected forecast for the fourth quarter of 2021.

HOW WAS THE FUND POSITIONED?

During the reporting period, the Fund’s portfolio managers maintained a defensive equity portfolio, investing primarily in common stocks of large cap U.S. companies, with reduced volatility compared with the Benchmark, while using index options-based equity-linked notes in a consistent and disciplined manner. The combination of the diversified portfolio of equity securities and income from index options-based equity-linked notes provided the Fund with a portion of the returns associated with equity market investments, less risk compared with the equity market, and a stream of distributable monthly income.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         9


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JPMorgan Equity Premium Income ETF

FUND COMMENTARY

SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited) (continued)

 

 

TOP TEN EQUITY HOLDINGS OF THE
PORTFOLIO AS OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
  1.      UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland)     
2.1

  2.      Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom)     
1.8
 
  3.      Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada)     
1.7
 
  4.      Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland)     
1.7
 
  5.      Accenture plc, Class A     
1.7
 
  6.      Old Dominion Freight Line, Inc.     
1.6
 
  7.      Microsoft Corp.     
1.6
 
  8.      DTE Energy Co.     
1.6
 
  9.      Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada)     
1.6
 
  10.      Eli Lilly & Co.     
1.6
 

 

PORTFOLIO COMPOSITION BY SECTOR AS
OF DECEMBER 31, 2021
   PERCENT OF
TOTAL
INVESTMENTS
 
Health Care     
12.1

Information Technology     
12.0

Industrials     
11.8

Consumer Staples     
10.9

Financials     
8.8

Consumer Discretionary     
7.6

Utilities     
7.3

Communication Services     
6.0

Materials     
3.4

Real Estate     
3.1

Energy     
0.7
 
Other****     
16.2
 
Short-Term Investments     
0.1
 

*   The return shown is based on net asset value and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset value in accordance with accounting principles generally accepted in the United States of America. The net asset value was $63.16 as of December 31, 2021.
**   Market price return was calculated assuming an initial investment made at the market price at the beginning of the reporting period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return was the closing price on the NYSE Arca. As of December 31, 2021, the closing price was $63.19.
***   The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
****   Equity-Linked Notes that are linked to the S&P 500 Index.

 

ELN   Equity-Linked Note

 

 
10         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


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AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2021 (Unaudited)

 
     INCEPTION DATE      SIX MONTHS*     1 YEAR     SINCE
INCEPTION
 
Net Asset Value      May 20, 2020        8.82     21.61     25.23
Market Price         8.74     21.50     25.25

*

Not annualized.

LIFE OF FUND PERFORMANCE (5/20/20 TO 12/31/21)

 

 

 

LOGO

 

The performance quoted is past performance and is not a guarantee of future results. Exchange-traded funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call 1-844-457-6383.

Fund commenced operations on May 20, 2020.

The graph illustrates comparative performance for $10,000 invested in shares of the JPMorgan Equity Premium Income ETF, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from May 20, 2020 to December 31, 2021. The performance of the Fund reflects the deduction of Fund expenses and assumes reinvestment of all dividends and capital gain distributions, if any. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses associated with an exchange-traded fund and approximates the minimum possible dividend

reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML

3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the ICE BofAML 3-Month US Treasury Bill Index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

Performance shown in this section does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         11


Table of Contents

JPMorgan ActiveBuilders U. S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — 99.7%

         

Aerospace & Defense — 1.7%

 

General Dynamics Corp.

       468          97,564  

Northrop Grumman Corp.

       641          248,112  

Raytheon Technologies Corp.

       1,682          144,753  
         

 

 

 
            490,429  
         

 

 

 

Air Freight & Logistics — 0.6%

 

FedEx Corp.

       119          30,778  

United Parcel Service, Inc., Class B

       633          135,677  
         

 

 

 
            166,455  
         

 

 

 

Airlines — 0.2%

 

Southwest Airlines Co. *

       1,670          71,543  
         

 

 

 

Auto Components — 0.1%

 

Aptiv plc *

       55          9,072  

Magna International, Inc. (Canada)

       194          15,703  
         

 

 

 
            24,775  
         

 

 

 

Automobiles — 2.2%

 

General Motors Co. *

       347          20,345  

Rivian Automotive, Inc., Class A *

       460          47,697  

Tesla, Inc. *

       535          565,377  
         

 

 

 
            633,419  
         

 

 

 

Banks — 5.9%

 

Bank of America Corp.

       4,428          197,002  

Citigroup, Inc.

       2,836          171,266  

Citizens Financial Group, Inc.

       651          30,760  

Fifth Third Bancorp

       612          26,653  

M&T Bank Corp.

       259          39,777  

PNC Financial Services Group, Inc. (The)

       467          93,643  

Regions Financial Corp.

       1,178          25,680  

SVBFinancial Group *

       130          88,171  

Truist Financial Corp.

       5,638          330,105  

US Bancorp

       4,706          264,336  

Wells Fargo & Co.

       9,703          465,550  
         

 

 

 
            1,732,943  
         

 

 

 

Beverages — 1.1%

 

Coca-Cola Co. (The)

       3,312          196,103  

Constellation Brands, Inc., Class A

       127          31,873  

Monster Beverage Corp. *

       573          55,031  

PepsiCo, Inc.

       218          37,869  
         

 

 

 
            320,876  
         

 

 

 

Biotechnology — 3.2%

 

AbbVie, Inc.

       3,255          440,727  

Amgen, Inc.

       151          33,970  

Biogen, Inc. *

       451          108,204  

Exact Sciences Corp. *

       93          7,238  

Moderna, Inc. *

       70          17,779  

Regeneron Pharmaceuticals, Inc. *

       350          221,032  

Seagen, Inc. *

       278          42,979  

Vertex Pharmaceuticals, Inc. *

       344          75,542  
         

 

 

 
            947,471  
         

 

 

 
INVESTMENTS      SHARES        VALUE ($)  
         

Building Products — 1.0%

 

Johnson Controls International plc

       442          35,939  

Masco Corp.

       285          20,013  

Trane Technologies plc

       1,164          235,163  
         

 

 

 
            291,115  
         

 

 

 

Capital Markets — 5.4%

 

Ameriprise Financial, Inc.

       393          118,552  

BlackRock, Inc.

       179          163,885  

Blackstone, Inc.

       999          129,261  

Charles Schwab Corp. (The)

       2,101          176,694  

Goldman Sachs Group, Inc. (The)

       328          125,476  

Intercontinental Exchange, Inc.

       204          27,901  

Morgan Stanley

       3,650          358,284  

MSCI, Inc.

       37          22,670  

S&P Global, Inc.

       628          296,372  

State Street Corp.

       555          51,615  

T. Rowe Price Group, Inc.

       668          131,356  
         

 

 

 
            1,602,066  
         

 

 

 

Chemicals — 2.3%

 

Air Products and Chemicals, Inc.

       335          101,927  

Axalta Coating Systems Ltd. *

       3,167          104,891  

Celanese Corp.

       77          12,941  

DuPont de Nemours, Inc.

       605          48,872  

Eastman Chemical Co.

       756          91,408  

Linde plc (United Kingdom)

       82          28,407  

PPG Industries, Inc.

       1,283          221,241  

Sherwin-Williams Co. (The)

       177          62,332  
         

 

 

 
            672,019  
         

 

 

 

Commercial Services & Supplies — 0.2%

 

Cintas Corp.

       23          10,193  

Republic Services, Inc.

       335          46,716  
         

 

 

 
            56,909  
         

 

 

 

Communications Equipment — 0.1%

 

Cisco Systems, Inc.

       295          18,694  
         

 

 

 

Construction Materials — 0.2%

 

Vulcan Materials Co.

       335          69,539  
         

 

 

 

Consumer Finance — 0.7%

 

American Express Co.

       440          71,984  

Capital One Financial Corp.

       973          141,173  
         

 

 

 
            213,157  
         

 

 

 

Containers & Packaging — 0.2%

 

Avery Dennison Corp.

       73          15,810  

Ball Corp.

       212          20,409  

Westrock Co.

       235          10,424  
         

 

 

 
            46,643  
         

 

 

 

Diversified Financial Services — 0.9%

 

Berkshire Hathaway, Inc., Class B *

       874          261,326  
         

 

 

 

Diversified Telecommunication Services — 0.1%

 

Verizon Communications, Inc.

       537          27,903  
         

 

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
12         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents

 

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — continued

         

Electric Utilities — 2.2%

 

Edison International

       256          17,472  

Entergy Corp.

       380          42,807  

Evergy, Inc.

       314          21,544  

FirstEnergy Corp.

       785          32,648  

NextEra Energy, Inc.

       4,265          398,180  

Xcel Energy, Inc.

       2,098          142,035  
         

 

 

 
            654,686  
         

 

 

 

Electrical Equipment — 1.7%

 

Eaton Corp. plc

       2,455          424,273  

Rockwell Automation, Inc.

       213          74,305  
         

 

 

 
            498,578  
         

 

 

 

Electronic Equipment, Instruments & Components — 0.2%

 

Amphenol Corp., Class A

       617          53,963  
         

 

 

 

Entertainment — 0.7%

 

Netflix, Inc. *

       251          151,213  

Walt Disney Co. (The)*

       379          58,703  
         

 

 

 
            209,916  
         

 

 

 

Equity Real Estate Investment Trusts (REITs) — 2.2%

 

AvalonBay Communities, Inc.

       109          27,532  

Camden Property Trust

       157          28,053  

Equinix, Inc.

       33          27,913  

Equity LifeStyle Properties, Inc.

       208          18,233  

Host Hotels & Resorts, Inc. *

       2,700          46,953  

Kimco Realty Corp.

       593          14,617  

Prologis, Inc.

       2,315          389,753  

SBA Communications Corp.

       43          16,728  

Sun Communities, Inc.

       113          23,727  

Ventas, Inc.

       1,024          52,347  

Vornado Realty Trust

       382          15,991  
         

 

 

 
            661,847  
         

 

 

 

Food & Staples Retailing — 0.2%

 

Walmart, Inc.

       415          60,046  
         

 

 

 

Food Products — 0.3%

 

Mondelez International, Inc., Class A

       1,560          103,444  
         

 

 

 

Health Care Equipment & Supplies — 3.0%

 

Abbott Laboratories

       446          62,770  

ABIOMED, Inc. *

       42          15,085  

Align Technology, Inc. *

       124          81,491  

Baxter International, Inc.

       111          9,528  

Becton Dickinson and Co.

       370          93,048  

Boston Scientific Corp. *

       4,113          174,720  

Dexcom, Inc. *

       94          50,473  

Intuitive Surgical, Inc. *

       463          166,356  

Medtronic plc

       1,489          154,037  

Zimmer Biomet Holdings, Inc.

       624          79,273  
         

 

 

 
            886,781  
         

 

 

 

Health Care Providers & Services — 3.0%

 

Anthem, Inc.

       242          112,177  

Centene Corp. *

       1,985          163,564  

Cigna Corp.

       359          82,437  

HCA Healthcare, Inc.

       352          90,436  
INVESTMENTS      SHARES        VALUE ($)  
         

Health Care Providers & Services — continued

 

Humana, Inc.

       152          70,507  

McKesson Corp.

       325          80,785  

UnitedHealth Group, Inc.

       590          296,262  
         

 

 

 
            896,168  
         

 

 

 

Hotels, Restaurants & Leisure — 2.8%

 

Booking Holdings, Inc. *

       57          136,756  

Chipotle Mexican Grill, Inc. *

       49          85,664  

Hilton Worldwide Holdings, Inc. *

       168          26,206  

Marriott International, Inc., Class A *

       1,159          191,513  

McDonald’s Corp.

       1,121          300,507  

Yum! Brands, Inc.

       631          87,621  
         

 

 

 
            828,267  
         

 

 

 

Household Durables — 0.3%

 

Lennar Corp., Class A

       366          42,515  

Newell Brands, Inc.

       1,177          25,706  

Toll Brothers, Inc.

       178          12,885  
         

 

 

 
            81,106  
         

 

 

 

Household Products — 0.8%

 

Kimberly-Clark Corp.

       199          28,441  

Procter & Gamble Co. (The)

       1,184          193,679  
         

 

 

 
            222,120  
         

 

 

 

Industrial Conglomerates — 0.1%

 

Honeywell International, Inc.

       120          25,021  
         

 

 

 

Insurance — 1.7%

 

Chubb Ltd.

       578          111,733  

Hartford Financial Services Group, Inc. (The)

       1,463          101,005  

Loews Corp.

       493          28,476  

Marsh & McLennan Cos., Inc.

       188          32,678  

MetLife, Inc.

       797          49,805  

Progressive Corp. (The)

       1,182          121,332  

Prudential Financial, Inc.

       452          48,924  

Travelers Cos., Inc. (The)

       55          8,604  
         

 

 

 
            502,557  
         

 

 

 

Interactive Media & Services — 6.8%

 

Alphabet, Inc., Class A *

       285          825,656  

Alphabet, Inc., Class C *

       231          668,419  

Match Group, Inc. *

       215          28,434  

Meta Platforms, Inc., Class A *

       1,117          375,703  

Snap, Inc., Class A *

       1,765          83,008  

ZoomInfo Technologies, Inc., Class A *

       210          13,482  
         

 

 

 
            1,994,702  
         

 

 

 

Internet & Direct Marketing Retail — 3.7%

 

Amazon.com, Inc. *

       312          1,040,314  

Etsy, Inc. *

       176          38,533  
         

 

 

 
            1,078,847  
         

 

 

 

IT Services — 3.3%

 

Accenture plc, Class A

       297          123,121  

Affirm Holdings, Inc. *

       224          22,525  

Block, Inc., Class A *

       156          25,195  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         13


Table of Contents

JPMorgan ActiveBuilders U. S. Large Cap Equity ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — continued

         

IT Services — continued

 

Fidelity National Information Services, Inc.

       318          34,710  

FleetCor Technologies, Inc. *

       277          62,004  

International Business Machines Corp.

       304          40,633  

Mastercard, Inc., Class A

       1,173          421,482  

MongoDB, Inc. *

       39          20,645  

PayPal Holdings, Inc. *

       205          38,659  

Shopify, Inc., Class A (Canada) *

       54          74,379  

Visa, Inc., Class A

       455          98,603  
         

 

 

 
            961,956  
         

 

 

 

Life Sciences Tools & Services — 0.6%

 

Danaher Corp.

       85          27,966  

Illumina, Inc. *

       31          11,793  

Thermo Fisher Scientific, Inc.

       187          124,774  
         

 

 

 
            164,533  
         

 

 

 

Machinery — 2.8%

 

Deere & Co.

       1,006          344,947  

Dover Corp.

       636          115,498  

Ingersoll Rand, Inc.

       244          15,096  

Otis Worldwide Corp.

       541          47,105  

Parker-Hannifin Corp.

       457          145,381  

Stanley Black & Decker, Inc.

       815          153,725  
         

 

 

 
            821,752  
         

 

 

 

Media — 0.8%

 

Charter Communications, Inc., Class A *

       51          33,251  

Comcast Corp., Class A

       3,777          190,096  
         

 

 

 
            223,347  
         

 

 

 

Metals & Mining — 0.3%

 

Freeport-McMoRan, Inc.

       1,827          76,241  
         

 

 

 

Multiline Retail — 0.4%

 

Dollar General Corp.

       301          70,985  

Dollar Tree, Inc. *

       74          10,398  

Target Corp.

       177          40,965  
         

 

 

 
            122,348  
         

 

 

 

Multi-Utilities — 0.5%

 

CenterPoint Energy, Inc.

       1,264          35,278  

CMS Energy Corp.

       1,152          74,938  

DTE Energy Co.

       149          17,812  

Public Service Enterprise Group, Inc.

       347          23,155  
         

 

 

 
            151,183  
         

 

 

 

Oil, Gas & Consumable Fuels — 2.2%

 

Cheniere Energy, Inc.

       105          10,649  

Chevron Corp.

       1,302          152,790  

ConocoPhillips

       3,091          223,108  

Diamondback Energy, Inc.

       324          34,944  

EOG Resources, Inc.

       1,276          113,347  

Pioneer Natural Resources Co.

       357          64,931  

Valero Energy Corp.

       358          26,889  

Williams Cos., Inc. (The)

       522          13,593  
         

 

 

 
            640,251  
         

 

 

 
INVESTMENTS      SHARES        VALUE ($)  
         

Personal Products — 0.3%

 

Estee Lauder Cos., Inc. (The), Class A

       261          96,622  
         

 

 

 

Pharmaceuticals — 3.6%

 

Bristol-Myers Squibb Co.

       5,983          373,040  

Eli Lilly & Co.

       1,259          347,761  

Johnson & Johnson

       1,167          199,639  

Merck & Co., Inc.

       775          59,396  

Pfizer, Inc.

       1,203          71,037  
         

 

 

 
            1,050,873  
         

 

 

 

Professional Services — 0.6%

 

Booz Allen Hamilton Holding Corp.

       123          10,429  

Equifax, Inc.

       124          36,306  

Leidos Holdings, Inc.

       1,032          91,745  

Verisk Analytics, Inc.

       167          38,198  
         

 

 

 
            176,678  
         

 

 

 

Road & Rail — 1.3%

 

CSX Corp.

       2,106          79,185  

Lyft, Inc., Class A *

       234          9,999  

Norfolk Southern Corp.

       918          273,298  

Union Pacific Corp.

       131          33,003  
         

 

 

 
            395,485  
         

 

 

 

Semiconductors & Semiconductor Equipment — 7.0%

 

Advanced Micro Devices, Inc. *

       2,714          390,545  

Analog Devices, Inc.

       2,211          388,627  

Applied Materials, Inc.

       415          65,304  

ASML Holding NV (Registered), NYRS (Netherlands)

       97          77,226  

Enphase Energy, Inc. *

       53          9,696  

Intel Corp.

       193          9,940  

Lam Research Corp.

       215          154,617  

Microchip Technology, Inc.

       201          17,499  

Micron Technology, Inc.

       94          8,756  

NVIDIA Corp.

       948          278,816  

NXP Semiconductors NV (China)

       1,748          398,159  

QUALCOMM, Inc.

       99          18,104  

Texas Instruments, Inc.

       1,342          252,927  
         

 

 

 
            2,070,216  
         

 

 

 

Software — 8.5%

 

Ceridian HCM Holding, Inc. *

       433          45,231  

Fortinet, Inc. *

       29          10,422  

HubSpot, Inc. *

       38          25,048  

Intuit, Inc.

       308          198,112  

Microsoft Corp.

       5,868          1,973,526  

Oracle Corp.

       1,189          103,693  

salesforce.com, Inc. *

       129          32,783  

Synopsys, Inc. *

       167          61,539  

Workday, Inc., Class A *

       140          38,245  
         

 

 

 
            2,488,599  
         

 

 

 

Specialty Retail — 4.2%

 

AutoZone, Inc. *

       83          174,000  

Best Buy Co., Inc.

       324          32,919  

Carvana Co. *

       139          32,219  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
14         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents
INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — continued

         

Specialty Retail — continued

 

Gap, Inc. (The)

       1,462          25,804  

Home Depot, Inc. (The)

       399          165,589  

Lowe’s Cos., Inc.

       1,650          426,492  

O’Reilly Automotive, Inc. *

       249          175,851  

Ross Stores, Inc.

       852          97,367  

TJX Cos., Inc. (The)

       1,538          116,765  
         

 

 

 
            1,247,006  
         

 

 

 

Technology Hardware, Storage & Peripherals — 5.5%

 

Apple, Inc.

       8,807          1,563,859  

Seagate Technology Holdings plc

       408          46,096  
         

 

 

 
            1,609,955  
         

 

 

 

Textiles, Apparel & Luxury Goods — 1.1%

 

NIKE, Inc., Class B

       1,627          271,172  

Tapestry, Inc.

       1,193          48,436  
         

 

 

 
            319,608  
         

 

 

 

Tobacco — 0.6%

 

Altria Group, Inc.

       810          38,386  

Philip Morris International, Inc.

       1,421          134,995  
         

 

 

 
            173,381  
         

 

 

 

Wireless Telecommunication Services — 0.3%

 

T-Mobile US, Inc. *

       832          96,495  
         

 

 

 

Total Common Stocks
(Cost $26,802,793)

            29,291,860  
         

 

 

 
INVESTMENTS      SHARES        VALUE ($)  

Short-Term Investments — 0.2%

 

Investment Companies — 0.2%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)
(Cost $64,327)

       64,327          64,327  
         

 

 

 

Total Investments — 99.9%
(Cost $26,867,120)

 

       29,356,187  

Other Assets Less Liabilities — 0.1%

 

       31,360  
    

 

 

 

NET ASSETS — 100.0%

 

       29,387,547  
    

 

 

 

Percentages indicated are based on net assets.

Abbreviations

 

NYRS  

    New York Registry Shares

(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 December 31, 2021.

*  

    Non-income producing security.

 

Futures contracts outstanding as of December 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      2        03/2022          USD          47,598          579  
                        

 

 

 

Abbreviations

 

USD  

    United States Dollar

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         15


Table of Contents

JPMorgan Active Value ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — 98.4%

         

Aerospace & Defense — 3.5%

 

Boeing Co. (The) *

       959          193,066  

General Dynamics Corp.

       899          187,414  

Northrop Grumman Corp.

       416          161,021  

Raytheon Technologies Corp.

       4,929          424,190  
         

 

 

 
            965,691  
         

 

 

 

Air Freight & Logistics — 1.2%

 

FedEx Corp.

       807          208,722  

United Parcel Service, Inc., Class B

       614          131,605  
         

 

 

 
            340,327  
         

 

 

 

Airlines — 0.9%

 

Delta Air Lines, Inc. *

       1,875          73,275  

Southwest Airlines Co. *

       4,032          172,731  
         

 

 

 
            246,006  
         

 

 

 

Auto Components — 0.4%

 

Lear Corp.

       566          103,550  
         

 

 

 

Automobiles — 1.1%

 

General Motors Co. *

       5,009          293,678  
         

 

 

 

Banks — 11.7%

 

Bank of America Corp.

       18,396          818,438  

Citigroup, Inc.

       6,108          368,862  

Citizens Financial Group, Inc.

       1,285          60,716  

M&T Bank Corp.

       506          77,712  

People’s United Financial, Inc.

       14,899          265,500  

PNC Financial Services Group, Inc. (The)

       918          184,077  

Truist Financial Corp.

       8,125          475,719  

US Bancorp

       1,685          94,647  

Wells Fargo & Co.

       17,890          858,362  
         

 

 

 
            3,204,033  
         

 

 

 

Beverages — 1.3%

 

Coca-Cola Co. (The)

       4,740          280,655  

PepsiCo, Inc.

       419          72,785  
         

 

 

 
            353,440  
         

 

 

 

Biotechnology — 4.7%

 

AbbVie, Inc.

       2,953          399,836  

Amgen, Inc.

       294          66,141  

Biogen, Inc. *

       369          88,531  

BioMarin Pharmaceutical, Inc. *

       464          40,994  

Neurocrine Biosciences, Inc. *

       906          77,164  

Regeneron Pharmaceuticals, Inc. *

       430          271,554  

Vertex Pharmaceuticals, Inc. *

       1,549          340,160  
         

 

 

 
            1,284,380  
         

 

 

 

Building Products — 0.4%

 

Trane Technologies plc

       536          108,288  
         

 

 

 

Capital Markets — 6.3%

 

BlackRock, Inc.

       351          321,362  

Charles Schwab Corp. (The)

       1,817          152,810  

Goldman Sachs Group, Inc. (The)

       412          157,611  

Intercontinental Exchange, Inc.

       1,347          184,229  

Morgan Stanley

       2,651          260,222  

S&P Global, Inc.

       214          100,993  
INVESTMENTS      SHARES        VALUE ($)  
         

Capital Markets — continued

 

State Street Corp.

       4,089          380,277  

T. Rowe Price Group, Inc.

       877          172,453  
         

 

 

 
            1,729,957  
         

 

 

 

Chemicals — 3.5%

 

Air Products and Chemicals, Inc.

       566          172,211  

Axalta Coating Systems Ltd. *

       6,240          206,669  

Celanese Corp.

       1,001          168,228  

DuPont de Nemours, Inc.

       527          42,571  

Eastman Chemical Co.

       1,150          139,046  

FMC Corp.

       2,040          224,176  
         

 

 

 
            952,901  
         

 

 

 

Commercial Services & Supplies — 0.3%

 

Republic Services, Inc.

       645          89,945  
         

 

 

 

Construction Materials — 0.5%

 

Vulcan Materials Co.

       653          135,550  
         

 

 

 

Consumer Finance — 1.0%

 

American Express Co.

       881          144,132  

Capital One Financial Corp.

       981          142,333  
         

 

 

 
            286,465  
         

 

 

 

Containers & Packaging — 0.3%

 

Ball Corp.

       416          40,048  

Sealed Air Corp.

       815          54,988  
         

 

 

 
            95,036  
         

 

 

 

Diversified Financial Services — 1.2%

 

Berkshire Hathaway, Inc., Class B *

       1,139          340,561  
         

 

 

 

Electric Utilities — 1.7%

 

Edison International

       2,507          171,103  

Entergy Corp.

       403          45,398  

FirstEnergy Corp.

       1,476          61,387  

NextEra Energy, Inc.

       1,369          127,810  

Xcel Energy, Inc.

       1,012          68,512  
         

 

 

 
            474,210  
         

 

 

 

Electrical Equipment — 1.1%

 

Eaton Corp. plc

       1,776          306,928  
         

 

 

 

Entertainment — 1.5%

 

Activision Blizzard, Inc.

       3,385          225,204  

Electronic Arts, Inc.

       836          110,268  

Walt Disney Co. (The) *

       518          80,233  
         

 

 

 
            415,705  
         

 

 

 

Equity Real Estate Investment Trusts (REITs) — 2.0%

 

AvalonBay Communities, Inc.

       212          53,549  

Host Hotels & Resorts, Inc. *

       18,043          313,768  

Ventas, Inc.

       1,117          57,101  

Vornado Realty Trust

       2,315          96,906  

Weyerhaeuser Co.

       852          35,085  
         

 

 

 
            556,409  
         

 

 

 

Food & Staples Retailing — 2.7%

 

BJ’s Wholesale Club Holdings, Inc. *

       1,346          90,142  

Performance Food Group Co. *

       940          43,137  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
16         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents

 

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — continued

         

Food & Staples Retailing — continued

 

US Foods Holding Corp. *

       13,393          466,478  

Walmart, Inc.

       996          144,111  
         

 

 

 
            743,868  
         

 

 

 

Food Products — 1.9%

 

Bunge Ltd.

       299          27,915  

Lamb Weston Holdings, Inc.

       6,079          385,287  

Mondelez International, Inc., Class A

       1,687          111,865  
         

 

 

 
            525,067  
         

 

 

 

Health Care Equipment & Supplies — 2.5%

 

Becton Dickinson and Co.

       541          136,051  

Medtronic plc

       1,861          192,520  

Zimmer Biomet Holdings, Inc.

       2,751          349,487  
         

 

 

 
            678,058  
         

 

 

 

Health Care Providers & Services — 5.7%

 

Anthem, Inc.

       190          88,072  

Centene Corp. *

       5,947          490,033  

Cigna Corp.

       1,802          413,793  

Humana, Inc.

       217          100,658  

McKesson Corp.

       624          155,108  

UnitedHealth Group, Inc.

       634          318,357  
         

 

 

 
            1,566,021  
         

 

 

 

Hotels, Restaurants & Leisure — 3.2%

 

Booking Holdings, Inc. *

       111          266,314  

McDonald’s Corp.

       485          130,014  

Royal Caribbean Cruises Ltd. *

       6,201          476,857  
         

 

 

 
            873,185  
         

 

 

 

Household Durables — 0.5%

 

Newell Brands, Inc.

       6,617          144,515  
         

 

 

 

Household Products — 0.6%

 

Procter & Gamble Co. (The)

       962          157,364  
         

 

 

 

Industrial Conglomerates — 0.5%

 

Honeywell International, Inc.

       641          133,655  
         

 

 

 

Insurance — 3.7%

 

Allstate Corp. (The)

       375          44,119  

American International Group, Inc.

       3,823          217,376  

Chubb Ltd.

       1,039          200,849  

Hartford Financial Services Group, Inc. (The)

       1,812          125,100  

Loews Corp.

       966          55,796  

Marsh & McLennan Cos., Inc.

       368          63,966  

MetLife, Inc.

       1,566          97,859  

Prudential Financial, Inc.

       1,130          122,311  

Travelers Cos., Inc. (The)

       523          81,813  
         

 

 

 
            1,009,189  
         

 

 

 

Interactive Media & Services — 0.9%

 

Alphabet, Inc., Class C *

       81          234,381  
         

 

 

 

IT Services — 0.7%

 

Fidelity National Information Services, Inc.

       610          66,582  

International Business Machines Corp.

       596          79,661  

Sabre Corp. *

       6,538          56,161  
         

 

 

 
            202,404  
         

 

 

 
INVESTMENTS      SHARES        VALUE ($)  
         

Machinery — 2.9%

 

Dover Corp.

       1,245          226,092  

Parker-Hannifin Corp.

       1,395          443,777  

Stanley Black & Decker, Inc.

       245          46,212  

Terex Corp.

       601          26,414  

Timken Co. (The)

       738          51,136  
         

 

 

 
            793,631  
         

 

 

 

Media — 1.3%

 

Comcast Corp., Class A

       7,000          352,310  
         

 

 

 

Metals & Mining — 2.2%

 

Alcoa Corp.

       3,728          222,114  

Freeport-McMoRan, Inc.

       8,294          346,109  

Rio Tinto plc, ADR (Australia)

       522          34,943  
         

 

 

 
            603,166  
         

 

 

 

Multiline Retail — 0.7%

 

Dollar General Corp.

       511          120,509  

Kohl’s Corp.

       1,506          74,381  
         

 

 

 
            194,890  
         

 

 

 

Multi-Utilities — 1.2%

 

CenterPoint Energy, Inc.

       4,795          133,829  

CMS Energy Corp.

       2,222          144,541  

Public Service Enterprise Group, Inc.

       680          45,376  
         

 

 

 
            323,746  
         

 

 

 

Oil, Gas & Consumable Fuels — 6.9%

 

Chevron Corp.

       5,100          598,485  

ConocoPhillips

       4,557          328,924  

Diamondback Energy, Inc.

       2,315          249,673  

EOG Resources, Inc.

       2,083          185,033  

Hess Corp.

       1,683          124,592  

Occidental Petroleum Corp.

       3,708          107,495  

Pioneer Natural Resources Co.

       1,294          235,353  

Valero Energy Corp.

       717          53,854  
         

 

 

 
            1,883,409  
         

 

 

 

Pharmaceuticals — 4.5%

 

Bristol-Myers Squibb Co.

       9,247          576,551  

Eli Lilly & Co.

       581          160,484  

Johnson & Johnson

       1,803          308,439  

Merck & Co., Inc.

       596          45,677  

Organon & Co.

       1,493          45,462  

Pfizer, Inc.

       1,634          96,488  
         

 

 

 
            1,233,101  
         

 

 

 

Road & Rail — 1.2%

 

CSX Corp.

       4,087          153,671  

Norfolk Southern Corp.

       486          144,687  

Union Pacific Corp.

       145          36,530  
         

 

 

 
            334,888  
         

 

 

 

Semiconductors & Semiconductor Equipment — 2.5%

 

Analog Devices, Inc.

       1,254          220,416  

Lam Research Corp.

       81          58,251  

NXP Semiconductors NV (China)

       743          169,240  

Texas Instruments, Inc.

       1,223          230,499  
         

 

 

 
            678,406  
         

 

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         17


Table of Contents

JPMorgan Active Value ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

INVESTMENTS      SHARES        VALUE ($)  

Common Stocks — continued

         

Software — 0.8%

 

Microsoft Corp.

       654          219,953  
         

 

 

 

Specialty Retail — 2.9%

 

AutoZone, Inc. *

       80          167,711  

Gap, Inc. (The)

       2,857          50,426  

Home Depot, Inc. (The)

       456          189,245  

Lowe’s Cos., Inc.

       627          162,067  

O’Reilly Automotive, Inc. *

       98          69,211  

TJX Cos., Inc. (The)

       2,107          159,963  
         

 

 

 
            798,623  
         

 

 

 

Technology Hardware, Storage & Peripherals — 1.6%

 

Apple, Inc.

       449          79,729  

Seagate Technology Holdings plc

       3,222          364,022  
         

 

 

 
            443,751  
         

 

 

 

Textiles, Apparel & Luxury Goods — 1.3%

 

Kontoor Brands, Inc.

       966          49,508  

NIKE, Inc., Class B

       1,023          170,503  

Tapestry, Inc.

       3,335          135,401  
         

 

 

 
            355,412  
         

 

 

 

Tobacco — 0.6%

 

Philip Morris International, Inc.

       1,796          170,620  
         

 

 

 

Wireless Telecommunication Services — 0.3%

 

T-Mobile US, Inc. *

       760          88,145  
         

 

 

 

Total Common Stocks
(Cost $25,534,721)

            27,024,818  
         

 

 

 
INVESTMENTS      SHARES        VALUE ($)  

Short-Term Investments — 1.6%

 

Investment Companies — 1.6%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (a) (b)
(Cost $429,866)

       429,866          429,866  
         

 

 

 

Total Investments — 100.0%
(Cost $25,964,587)

 

       27,454,684  

Other Assets Less Liabilities — 0.0% (c)

 

       11,664  
    

 

 

 

NET ASSETS — 100.0%

 

       27,466,348  
    

 

 

 

Percentages indicated are based on net assets.

Abbreviations

 

ADR  

    American Depositary Receipt

(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 December 31, 2021.

(c)  

    Amount rounds to less than 0.1% of net assets.

*  

    Non-income producing security.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
18         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents

JPMorgan Equity Premium Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF DECEMBER 31, 2021 (Unaudited)

 

INVESTMENTS          
SHARES
       VALUE ($)  

Common Stocks — 82.6%

         

Aerospace & Defense — 0.4%

 

Northrop Grumman Corp.

       59,502          23,031,439  
         

 

 

 

Air Freight & Logistics — 1.3%

 

United Parcel Service, Inc., Class B

       358,119          76,759,226  
         

 

 

 

Banks — 1.6%

 

US Bancorp

       1,092,686          61,376,173  

Wells Fargo & Co.

       664,346          31,875,321  
         

 

 

 
            93,251,494  
         

 

 

 

Beverages — 3.2%

 

Coca-Cola Co. (The)

       1,295,541          76,708,983  

Constellation Brands, Inc., Class A

       124,263          31,186,285  

PepsiCo, Inc.

       443,755          77,084,681  
         

 

 

 
            184,979,949  
         

 

 

 

Biotechnology — 2.7%

 

AbbVie, Inc.

       622,609          84,301,259  

Regeneron Pharmaceuticals, Inc. *

       53,544          33,814,107  

Vertex Pharmaceuticals, Inc. *

       183,431          40,281,447  
         

 

 

 
            158,396,813  
         

 

 

 

Building Products — 1.4%

 

Trane Technologies plc

       403,642          81,547,793  
         

 

 

 

Capital Markets — 2.2%

 

Intercontinental Exchange, Inc.

       397,800          54,407,106  

S&P Global, Inc.

       152,905          72,160,457  
         

 

 

 
            126,567,563  
         

 

 

 

Chemicals — 2.7%

 

Air Products and Chemicals, Inc.

       105,719          32,166,063  

Corteva, Inc.

       755,329          35,711,955  

Linde plc (United Kingdom)

       117,909          40,847,215  

PPG Industries, Inc.

       289,747          49,963,973  
         

 

 

 
            158,689,206  
         

 

 

 

Containers & Packaging — 0.6%

 

Avery Dennison Corp.

       174,414          37,772,840  
         

 

 

 

Diversified Financial Services — 0.9%

 

Berkshire Hathaway, Inc., Class B*

       185,925          55,591,575  
         

 

 

 

Diversified Telecommunication Services — 1.1%

 

Verizon Communications, Inc.

       1,241,027          64,483,763  
         

 

 

 

Electric Utilities — 4.2%

 

Alliant Energy Corp.

       751,648          46,203,802  

Duke Energy Corp.

       446,769          46,866,068  

Evergy, Inc.

       508,429          34,883,314  

FirstEnergy Corp.

       719,139          29,908,991  

NextEra Energy, Inc.

       825,906          77,106,584  

Xcel Energy, Inc.

       197,164          13,348,003  
         

 

 

 
            248,316,762  
         

 

 

 

Electrical Equipment — 1.0%

 

Eaton Corp. plc

       342,251          59,147,818  
         

 

 

 
INVESTMENTS          
SHARES
       VALUE ($)  
         

Entertainment — 0.4%

 

Netflix, Inc. *

       42,507          25,607,917  
         

 

 

 

Equity Real Estate Investment Trusts (REITs) — 3.0%

 

Camden Property Trust

       57,982          10,360,224  

Equinix, Inc.

       46,103          38,995,761  

Prologis, Inc.

       310,971          52,355,078  

Public Storage

       114,470          42,875,883  

Sun Communities, Inc.

       163,209          34,268,994  
         

 

 

 
            178,855,940  
         

 

 

 

Food & Staples Retailing — 1.7%

 

Costco Wholesale Corp.

       85,439          48,503,720  

Walmart, Inc.

       340,188          49,221,802  
         

 

 

 
            97,725,522  
         

 

 

 

Food Products — 2.5%

 

Hershey Co. (The)

       376,920          72,922,712  

Mondelez International, Inc., Class A

       1,118,929          74,196,182  
         

 

 

 
            147,118,894  
         

 

 

 

Health Care Equipment & Supplies — 1.2%

 

Abbott Laboratories

       174,563          24,567,997  

Boston Scientific Corp. *

       356,060          15,125,429  

Medtronic plc

       290,808          30,084,087  
         

 

 

 
            69,777,513  
         

 

 

 

Health Care Providers & Services — 1.9%

 

Anthem, Inc.

       68,267          31,644,485  

UnitedHealth Group, Inc.

       163,401          82,050,178  
         

 

 

 
            113,694,663  
         

 

 

 

Hotels, Restaurants & Leisure — 0.8%

 

McDonald’s Corp.

       173,190          46,427,043  
         

 

 

 

Household Products — 2.4%

 

Kimberly-Clark Corp.

       439,793          62,855,216  

Procter & Gamble Co. (The)

       483,507          79,092,075  
         

 

 

 
            141,947,291  
         

 

 

 

Insurance — 4.0%

 

Arthur J Gallagher & Co.

       399,185          67,729,719  

Chubb Ltd.

       339,578          65,643,823  

Hartford Financial Services Group, Inc. (The)

       335,180          23,140,828  

Progressive Corp. (The)

       777,171          79,776,603  
         

 

 

 
            236,290,973  
         

 

 

 

Interactive Media & Services — 1.5%

 

Alphabet, Inc., Class A*

       30,868          89,425,831  
         

 

 

 

Internet & Direct Marketing Retail — 1.3%

 

Amazon.com, Inc. *

       21,990          73,322,137  
         

 

 

 

IT Services — 6.0%

 

Accenture plc, Class A

       239,239          99,176,528  

Automatic Data Processing, Inc.

       107,478          26,501,925  

International Business Machines Corp.

       287,578          38,437,676  

Jack Henry & Associates, Inc.

       270,122          45,107,673  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         19


Table of Contents

JPMorgan Equity Premium Income ETF

SCHEDULE OF PORTFOLIO INVESTMENTS

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

 

INVESTMENTS          
SHARES
       VALUE ($)  

Common Stocks — continued

         

IT Services — continued

 

Mastercard, Inc., Class A

       221,879          79,725,562  

Visa, Inc., Class A

       306,809          66,488,578  
         

 

 

 
            355,437,942  
         

 

 

 

Life Sciences Tools & Services — 1.5%

 

Thermo Fisher Scientific, Inc.

       131,321          87,622,624  
         

 

 

 

Machinery — 2.8%

 

Deere & Co.

       169,336          58,063,621  

Otis Worldwide Corp.

       440,245          38,332,132  

Stanley Black & Decker, Inc.

       358,181          67,560,100  
         

 

 

 
            163,955,853  
         

 

 

 

Media — 2.0%

 

Charter Communications, Inc., Class A * (a)

       56,159          36,613,983  

Comcast Corp., Class A

       1,558,078          78,418,066  
         

 

 

 
            115,032,049  
         

 

 

 

Multiline Retail — 1.3%

 

Target Corp.

       336,942          77,981,856  
         

 

 

 

Multi-Utilities — 3.0%

 

CenterPoint Energy, Inc.

       1,388,032          38,739,973  

DTE Energy Co.

       760,976          90,967,071  

WEC Energy Group, Inc.

       449,218          43,605,591  
         

 

 

 
            173,312,635  
         

 

 

 

Oil, Gas & Consumable Fuels — 0.7%

 

TC Energy Corp. (Canada)

       863,059          40,166,766  
         

 

 

 

Personal Products — 0.1%

 

Estee Lauder Cos., Inc. (The), Class A

       21,594          7,994,099  
         

 

 

 

Pharmaceuticals — 4.7%

 

Bristol-Myers Squibb Co.

       1,217,664          75,921,351  

Eli Lilly & Co.

       325,977          90,041,367  

Johnson & Johnson

       336,347          57,538,881  

Merck & Co., Inc.

       653,188          50,060,328  
         

 

 

 
            273,561,927  
         

 

 

 

Professional Services — 0.5%

 

Booz Allen Hamilton Holding Corp.

       365,795          31,015,758  
         

 

 

 

Road & Rail — 4.3%

 

Norfolk Southern Corp.

       273,234          81,344,494  

Old Dominion Freight Line, Inc.

       263,502          94,433,847  

Union Pacific Corp.

       295,649          74,482,852  
         

 

 

 
            250,261,193  
         

 

 

 

Semiconductors & Semiconductor Equipment — 1.7%

 

Analog Devices, Inc.

       163,618          28,759,136  

Texas Instruments, Inc.

       381,106          71,827,048  
         

 

 

 
            100,586,184  
         

 

 

 

Software — 3.1%

 

Intuit, Inc.

       138,120          88,841,546  

Microsoft Corp.

       279,177          93,892,809  
         

 

 

 
            182,734,355  
         

 

 

 
INVESTMENTS          
SHARES
       VALUE ($)  
         

Specialty Retail — 3.2%

 

Best Buy Co., Inc.

       198,698          20,187,717  

Lowe’s Cos., Inc.

       325,769          84,204,771  

O’Reilly Automotive, Inc. *

       114,409          80,799,068  
         

 

 

 
            185,191,556  
         

 

 

 

Technology Hardware, Storage & Peripherals — 1.0%

 

Apple, Inc.

       167,931          29,819,508  

Seagate Technology Holdings plc

       247,439          27,955,658  
         

 

 

 
            57,775,166  
         

 

 

 

Textiles, Apparel & Luxury Goods — 1.0%

 

NIKE, Inc., Class B

       352,990          58,832,843  
         

 

 

 

Tobacco — 0.8%

 

Altria Group, Inc.

       474,895          22,505,274  

Philip Morris International, Inc.

       281,666          26,758,270  
         

 

 

 
            49,263,544  
         

 

 

 

Wireless Telecommunication Services — 0.9%

 

T-Mobile US, Inc. *

       465,110          53,943,458  
         

 

 

 

Total Common Stocks
(Cost $4,431,912,856)

            4,853,399,773  
    

 

 

 
        PRINCIPAL
AMOUNT($)
           

Equity-Linked Notes — 16.0%

 

Bank of Montreal, ELN, 47.00%, 1/18/2022, (linked to S&P 500 Index) (Canada) (b)

       21,271          101,001,641  

Barclays Bank plc, ELN, 48.30%, 1/14/2022, (linked to S&P 500 Index) (United Kingdom) (c)

       22,404          105,556,623  

BNP Paribas, ELN, 48.00%, 1/21/2022, (linked to S&P 500 Index) (b)

       16,832          76,406,225  

Credit Suisse AG, ELN, 42.00%, 2/4/2022, (linked to S&P 500 Index) (Switzerland) (b)

       20,892          100,953,567  

GS Finance Corp., ELN, 50.02%, 1/31/2022, (linked to S&P 500 Index) (b)

       19,163          89,911,088  

GS Finance Corp., ELN, 60.43%, 1/28/2022, (linked to S&P 500 Index) (b)

       18,927          86,467,628  

Royal Bank of Canada, ELN, 40.85%, 1/24/2022, (linked to S&P 500 Index) (Canada) (b)

       16,986          80,525,127  

Royal Bank of Canada, ELN, 55.31%, 1/7/2022, (linked to S&P 500 Index) (Canada) (b)

       20,802          90,873,727  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
20         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents

 

 

INVESTMENTS      PRINCIPAL
AMOUNT($)
       VALUE ($)  

Equity-Linked Notes — continued

         

UBS AG, ELN, 40.24%, 2/7/2022, (linked to S&P 500 Index) (Switzerland) (b)

       25,036          120,714,654  

UBS AG, ELN, 62.75%, 1/10/2022, (linked to S&P 500 Index) (Switzerland) (b)

       21,493          87,714,868  
         

 

 

 

Total Equity-Linked Notes
(Cost $952,997,032)

            940,125,148  
         

 

 

 
        SHARES            

Short-Term Investments — 0.1%

 

Investment of Cash Collateral from Securities Loaned — 0.1%

 

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.03% (d) (e)
(Cost $7,798,093)

       7,798,093          7,798,093  
         

 

 

 

Total Investments — 98.7%
(Cost $5,392,707,981)

 

       5,801,323,014  

Other Assets Less Liabilities — 1.3%

 

       78,591,563  
    

 

 

 

NET ASSETS — 100.0%

 

       5,879,914,577  
    

 

 

 

Percentages indicated are based on net assets.

Abbreviations

 

ELN  

    Equity-Linked Note

(a)  

    The security or a portion of this security is on loan at December 31, 2021. The total value of securities on loan at December 31, 2021 is $7,583,715.

(b)  

    Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

(c)  

    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.

(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 December 31, 2021.

*  

    Non-income producing security.

 

 

Futures contracts outstanding as of December 31, 2021:

 
DESCRIPTION      NUMBER OF
CONTRACTS
     EXPIRATION
DATE
       TRADING
CURRENCY
       NOTIONAL
AMOUNT ($)
       VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)
 

Long Contracts

 

S&P 500 E-Mini Index      115        03/2022          USD          27,359,938          197,554  
                        

 

 

 

Abbreviations

 

USD  

    United States Dollar

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         21


Table of Contents

STATEMENTS OF ASSETS AND LIABILITIES

AS OF DECEMBER 31, 2021 (Unaudited)

 

            
    
JPMorgan
ActiveBuilders
U. S. Large Cap
Equity ETF
       JPMorgan
Active Value
ETF
       JPMorgan
Equity Premium
Income ETF
 

ASSETS:

 

Investments in non-affiliates, at value

     $ 29,291,860        $ 27,024,818        $ 5,793,524,921  

Investments in affiliates, at value

       64,327          429,866           

Investments of cash collateral received from securities loaned, at value (See Note 2.C.)

                         7,798,093  

Cash

       4          11          74,405,892  

Deposits at broker for futures contracts

       19,000                   1,332,500  

Receivables:

              

Investment securities sold

                         140,928,830  

Fund shares sold

                         39,410,450  

Interest from non-affiliates

                         20,969,846  

Dividends from non-affiliates

       16,840          21,669          5,929,547  

Securities lending income (See Note 2.C.)

                         164  

Other assets

                         82,519  
    

 

 

      

 

 

      

 

 

 

Total Assets

       29,392,031          27,476,364          6,084,382,762  
    

 

 

      

 

 

      

 

 

 

LIABILITIES:

 

Payables:

              

Distributions

                         42,306,773  

Investment securities purchased

                         152,734,530  

Collateral received on securities loaned (See Note 2.C.)

                         7,798,093  

Variation margin on futures contracts

       125                   80,472  

Accrued liabilities:

              

Management fees (See Note 3.A.)

       4,174          10,016          1,548,317  

Other

       185                    
    

 

 

      

 

 

      

 

 

 

Total Liabilities

       4,484          10,016          204,468,185  
    

 

 

      

 

 

      

 

 

 

Net Assets

     $ 29,387,547        $ 27,466,348        $ 5,879,914,577  
    

 

 

      

 

 

      

 

 

 

NET ASSETS:

 

Paid-in-Capital

     $ 26,962,153        $ 25,998,786        $ 5,610,383,749  

Total distributable earnings (loss)

       2,425,394          1,467,562          269,530,828  
    

 

 

      

 

 

      

 

 

 

Total Net Assets

     $ 29,387,547        $ 27,466,348        $ 5,879,914,577  
    

 

 

      

 

 

      

 

 

 

Outstanding number of shares
(unlimited number of shares authorized — par value $0.0001)

       550,000          525,000          93,100,000  
    

 

 

      

 

 

      

 

 

 

Net asset value, per share

     $ 53.43        $ 52.32        $ 63.16  
    

 

 

      

 

 

      

 

 

 

Cost of investments in non-affiliates

     $ 26,802,793        $ 25,534,721        $ 5,384,909,888  

Cost of investments in affiliates

       64,327          429,866           

Investment securities on loan, at value (See Note 2.C.)

                         7,583,715  

Cost of investment of cash collateral (See Note 2.C.)

                         7,798,093  

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
22         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED DECEMBER 31, 2021 (Unaudited)

 

            
    
JPMorgan
ActiveBuilders
U. S. Large Cap
Equity ETF
       JPMorgan
Active Value
ETF
       JPMorgan
Equity Premium
Income ETF
 

INVESTMENT INCOME:

 

Interest income from non-affiliates

     $        $        $ 130,489,792  

Dividend income from non-affiliates

       178,874          120,129          28,246,278  

Dividend income from affiliates

       36          28          6,811  

Income from securities lending (net) (See Note 2.C.)

                         164  
    

 

 

      

 

 

      

 

 

 

Total investment income

       178,910          120,157          158,743,045  
    

 

 

      

 

 

      

 

 

 

EXPENSES:

 

Management fees (See Note 3.A.)

       22,907          28,435          6,752,105  

Interest expense to non-affiliates

                         625  

Other

       226                   25,044  
    

 

 

      

 

 

      

 

 

 

Total expenses

       23,133          28,435          6,777,774  
    

 

 

      

 

 

      

 

 

 

Net investment income (loss)

       155,777          91,722          151,965,271  
    

 

 

      

 

 

      

 

 

 

REALIZED/UNREALIZED GAINS (LOSSES):

              

Net realized gain (loss) on transactions from:

 

Investments in non-affiliates

       (76,769        17,645          (141,182,468

In-kind redemptions of investments in non-affiliates (See Note 4)

                         18,481,417  

Futures contracts

       11,598                   (4,861,969
    

 

 

      

 

 

      

 

 

 

Net realized gain (loss)

       (65,171        17,645          (127,563,020
    

 

 

      

 

 

      

 

 

 

Change in net unrealized appreciation/depreciation on:

              

Investments in non-affiliates

       2,489,067          1,490,097          317,902,084  

Futures contracts

       579                   218,563  
    

 

 

      

 

 

      

 

 

 

Change in net unrealized appreciation/depreciation

       2,489,646          1,490,097          318,120,647  
    

 

 

      

 

 

      

 

 

 

Net realized/unrealized gains (losses)

       2,424,475          1,507,742          190,557,627  
    

 

 

      

 

 

      

 

 

 

Change in net assets resulting from operations

     $ 2,580,252        $ 1,599,464        $ 342,522,898  
    

 

 

      

 

 

      

 

 

 

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
DECEMBER 31, 2021   J.P. MORGAN EXCHANGE-TRADED FUNDS         23


Table of Contents

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (Unaudited)

 

       JPMorgan ActiveBuilders
U. S. Large Cap
Equity ETF
       JPMorgan Active
Value ETF
 
        Period Ended
December 31, 2021
(Unaudited) 
(a)
       Period Ended
December 31, 2021
(Unaudited) 
(b)
 

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:

 

Net investment income (loss)

     $ 155,777        $ 91,722  

Net realized gain (loss)

       (65,171        17,645  

Change in net unrealized appreciation/depreciation

       2,489,646          1,490,097  
    

 

 

      

 

 

 

Change in net assets resulting from operations

       2,580,252          1,599,464  
    

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS:

Total distributions to shareholders

       (154,858        (131,902
    

 

 

      

 

 

 

CAPITAL TRANSACTIONS:

 

Change in net assets resulting from capital transactions

       26,962,153          25,998,786  
    

 

 

      

 

 

 

NET ASSETS:

 

Change in net assets

       29,387,547          27,466,348  

Beginning of period

                 
    

 

 

      

 

 

 

End of period

     $ 29,387,547        $ 27,466,348  
    

 

 

      

 

 

 

CAPITAL TRANSACTIONS:

         

Proceeds from shares issued

     $ 26,962,153        $ 25,998,786  

Cost of shares redeemed

                 
    

 

 

      

 

 

 

Total change in net assets resulting from capital transactions

     $ 26,962,153        $ 25,998,786  
    

 

 

      

 

 

 

SHARE TRANSACTIONS:

 

Issued

       550,000          525,000  

Redeemed

                 
    

 

 

      

 

 

 

Net increase in shares from share transactions

       550,000          525,000  
    

 

 

      

 

 

 

(a)

Commencement of operations was July 7, 2021.

(b)

Commencement of operations was October 4, 2021.

 

SEE NOTES TO FINANCIAL STATEMENTS.

 

 
24         J.P. MORGAN EXCHANGE-TRADED FUNDS   DECEMBER 31, 2021


Table of Contents
           
    
JPMorgan Equity Premium Income ETF
 
        Six Months Ended
December 31, 2021
(Unaudited)
       Year Ended
June 30, 2021
 

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:

 

Net investment income (loss)

     $ 151,965,271        $ 43,088,958  

Net realized gain (loss)

       (127,563,020        (10,834,458

Change in net unrealized appreciation/depreciation

       318,120,647          90,353,453  
    

 

 

      

 

 

 

Change in net assets resulting from operations

       342,522,898          122,607,953  
    

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS:

 

Total distributions to shareholders

       (164,864,757        (30,358,853
    

 

 

      

 

 

 

CAPITAL TRANSACTIONS:

 

Change in net assets resulting from capital transactions

       3,785,837,349          1,796,253,401