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.

 

		“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,

 

Brian S. Shlissel

President, J.P. Morgan Funds

J.P. Morgan Asset Management

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

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.

 

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.

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.

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.

 

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.

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.

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.

 

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

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.

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

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

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

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